isr presentation · isr presentation 2019. strategy. fnac darty omnichannel leader in europe
TRANSCRIPT
1
ISR
PRESENTATION
2019
STRATEGY
FNAC DARTY OMNICHANNEL LEADER IN EUROPE
€7.5bn revenue – 25,000 employees
Top 3 European Omnichannel Retailer
780+ multiformat stores in 12 countries
2nd largest e-commerce retailer in France(1)
19% of Group sales
81 million transactions
No. 1 after-sales service in France(2)
8 million loyalty program members
49% of online sales are omnichannel
3
France &
Switzerland 78%
Iberian
Peninsula 9%
Benelux 13%
2018 Turnover €7.5bn
Technical products
51%
Editorial products
17%
White goods
22%
Other products and
services (3)
10%
2018 Turnover €7.5bn
0%
1%
3%
5%
6%
7%
9%
11%
15%
19%
22%
28%
32%34%
51%
0% 10% 20% 30% 40% 50% 60%
What brand do you think best embodies the success of the omnichannel transition?4th barometer Oliver Wyman – October 2017
1 Source: FEVAD, 20182 Internal customer studies3 Include: Ticketing, B2B, after sales service, membership fees, franchise fees, insurance, consumer credit
Strict rules and audit procedures with our suppliers:
Distribution of the "Supplier CSR Charter" to our third-party suppliers
Integration of CSR dimension in processes and documents framing the supplier relationship and execution of audits on manufacturing facilities of our own-brand product suppliers
2921
31
26
44
28 2726
27
1921
16 16 18
TOTAL CE IT Telecom SDA MDA Book Audio/video/gaming
Fnac Darty market share in Premium segments: 3rd and 4th quartile1
Fnac Darty market share (total market)1
LEADING POSITIONS IMPLYING RESPONSABILITY…
4
1 Source: GFK - 2018 FY data – France
#1 in all our markets, specifically on high-end products
43.5%
25%
41%
28%
19%
Supplier #1 Supplier #2 Supplier #3 Supplier #4 Supplier #5
client for key suppliers, in share of wallet
Source: GFK YTD Sept. 2017 - Fnac Darty - France
audited plants
CSR check points
unsatisfactory CSR audit
Audits carried out in 2018 on manufacturing facilities of our own-brand product suppliers
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99
18
#1
CONFIANCE +: FNAC DARTY STRATEGIC PLAN
5
Customers are agnostic
OMNI-CHANNEL
Growth driver Targeting new markets to find new opportunities
DIVERSIFICATION
Differentiating asset
LOYALTY
Further gains in market share
BELIEFS Ecosystem cornerstone
SERVICESFRANCHISE
200+ openings Kitchen plan:
100+ new stores
Shop-in-Shops
rollout
Launch of
Smart Home
Subscription programsMarketplace x3
Logistics open to third parties
UX Program
Self-checkout
Operating margin mid-term objective: 4.5-5%
CONFIANCE + ROLL-OUT BASED ON TWO ICONIC BRANDS
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Give access to culture
Independent vendors to give best advice for an educated purchase
INDEPENDENT EXPERTISE
AND CUSTOMERS’ ADVICE
RESPONSIBLE PRODUCTS
AND SERVICES
Strong services offer for repair, reuse and product recycling
#1 after-sales service
launch of Fnac Labo launch of Darty
« contrat de confiance »1972 1973
CONFIANCE + ROLL-OUT BASED ON OUR HUMAN CAPITAL25,000 EMPLOYEES: A KEY DIFFERENTIATING ASSET
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Figures as at 31/12/2018
Turnover
Absenteeismsickness
SeniorityFrequency rate
Accidents at work
Women
Senior
38.6%
19.7%Average age
40.4YEARS OLD
38.5
35
37
28
Retail: 10-15%
12.6%
4.6%
25.4
12.7YEARS
National: 4.9 %*
National: 33.8**
50+
4.3%Disability
France -Switzerland;
71%
Iberica16%
Benelux13%
Salesforce by geographic region
FNAC DARTY: A RECOGNIZED RESPONSIBLE COMPANY
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FNAC and DARTY are identified by customers as more responsible brands than AMAZONResults of the customers survey conducted in December 2017
“Could you please rate from 1 to 10 the social commitment of the following brands?”
FNAC DARTY: A RESPONSIBLE RETAILER RECOGNIZED BY ESG RATING AGENCIES
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Information rate: 72%
Sector average: 53%
Rank in Sector: 16/71
Rank in Region: 698/1349
Rank in Universe: 1310/4660
Overall ESG scrore Relative position
6138out of
136
A 6-PILLAR CSR POLICY TO MEET EXEMPLARY OBJECTIVES AND BUSINESS OPPORTUNITIES
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CSR LEVERAGES EXEMPLARY OBJECTIVES
11
As a leader, Fnac Darty must be best in class
Transforming
Fnac Darty
while developing
employer’s
responsibility
Being
flawless
to limit risks
Limiting the
environmental
impacts of our
activities
to reduce risks
and costs
SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET
12
TARGETS
ACTIONS
Build 1 Group with 2 brands
Promote a common culture
Voluntary Redundancy Scheme
Centralisation of headquarters
Harmonisation of the statutes
FNAC DARTY INTEGRATION
SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET
13
A GLOBAL BUSINESS UNIT DEDICATED TO PEOPLE DEVELOPMENT
2017 – 2018 PROJECT MANAGER 2020
Implementation of a 24-month diploma training programme for Operating Managers
Develop the “Manager Coach” approach
Nearly 600 managers trained from several business lines
Significant participation rate (94% attendance at face-to-face sessions)
2018 – 2019 PROJECT CLIENT EXCELLENCE
Implementation of a "CUSTOMER EXCELLENCE" training programme, for a period of 12 to 18 months
Anticipate the evolution of business lines, facilitate mobility and develop the employees’ employability in stores
Develop customers’ relations and sales skills in all business lines
Vendors
56%
Services, Cash
registers and Logistics
42%
Deliverers
1%
Call Center
Consultants
1%
DEVELOPPING PEOPLE
STRATEGIC PROGRAMS
« FNAC DARTY ACADEMY »
1
2
Client excellence: trained employees breakdown
SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET
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Digital, short and monthly survey to c.15,000 employees with results immediately available to managers
Instill a culture based on listening & proximity, agility & innovation
Manage employees’ engagement
Implemented in France and abroad with matching contributions up to 700€ and a 20% discount on the subscription price
Strengthen the sense of belonging to Fnac Darty through value-sharing schemes
An overall subscription rate of 18.13%
4,500 subscriptions and an average subscription amount of 1,500€
Capital increase on 90,558 shares at a price of €73.72
COMMITTING PEOPLE
FNAC-DARTY EMPLOYEE STOCK PURCHASE PLAN
FNAC DARTY FACESETHICAL REQUIREMENTS
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New 2017-2018 laws
Themes
Governance
Actions carried
out in 2018
Respect for human rights,
environmental, labour and
fundamental freedoms
Privacy by design, profiling,
right to erase and portability,
notification of data leaks
Prevention, settlement
agreements, repressive and
preventive aspects
Data Privacy OfficerGroup CSR Manager Internal Audit Director
ETHICAL COMMITTEE
Duty of care RGPDSapin II
Risk mapping
Due diligence subcontractors, suppliers, subsidiaries, stakeholders
Alert and reporting systems
System for monitoring and evaluating
the measures implemented
Communication and integration of
customers policies into contracts
Training and employee awareness
FNAC DARTY RAISES AWARENESS TO REDUCE CONSUMPTION AND LIMIT ENVIRONMENTAL IMPACTS
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Ecoguide implemented
in Fnac Darty stores in France
First Fnac Darty Carbon audit conducted in 2017
Action to be strengthened: click & collect
This carbon footprint concerns scopes 1 and 2 (direct emissions). The emissions caused
by the life of the products are 9 times larger. Our leverage to reduce this impact is to
extend the life of these products, as described in the circular economy pillar.
CSR LEVERAGES BUSINESS OPPORTUNITIES
17
Expertise and customers’ information
Economic, social and cultural
actor
CSR LEVERAGES BUSINESS CHALLENGES & OPPORTUNITIES
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CONSUMERS’ EXPECTATIONS
AGILITY / PROXIMITY
EDUCATED CHOICE
EXPERIENCE OVER GOODS
FNAC DARTY STRATEGY
BEST IN CLASS OMNICHANNEL EXPERIENCE
A UNIQUE SERVICES PROPOSAL
UNIQUE AFTER-SALES BEST IN CLASS PRODUCTS
OFFER AND LINEUP
CSR COMMITMENTS
BEST ADVICE THROUGH FNAC LABO ENVIRONMENTAL IMPACT NOTE ON TECHNICAL PRODUCTSFNAC DARTY BAROMETER FOR PRODUCTS REPAIR
CONTRIBUTION TO THE LOCAL ECONOMY, CULTURAL AND SOCIAL LIFE THROUGH FNAC DARTY OMNICHANNEL PLATEFORM
CIRCULAR ECONOMY
Ecodesign and customers’ information
Re-use
Repair
Recycling Waste collector in France
After sales service in France
# 1
FNAC DARTY: AN ECONOMIC, SOCIAL AND CULTURAL ACTOR
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A SIGNIFICANT STORES NETWORK TO
CONTRIBUTE TO THE LOCAL ECONOMY
780 stores worldwide in 2018, of which:
WIDEN ACCESS TO CULTURE
34 Fnac in Spain
28 Fnac in Portugal
8 Fnac in Switzerland
147 stores in Benelux
(11 Fnac and 72 Darty
in Belgium;
64 Darty in the
Netherlands)
382 Darty
(220 integreted-stores
and 162 franchisees)
180 Fnac
(88 integreted-stores
and 92 franchisees)
1 Fnac in Tunisia
3 Fnac in Morocco
2 Fnac in Qatar
2 Fnac in Ivory Coast
1 Fnac in Congo
1 Fnac in Cameroon
Objective of
+60 new stores
openings
in 2019
# 1Record shop owner in France
Bookstore in France
Ticket vendor in France
1,650 free cultural events in Fnac stores in France
90,000 people participated to the Fnac LIVE festival: 30 free concerts over 3 days
10,000 people participated to the Forum Fnac Livres
3Key literary award
217 international stores
563 stores in France
SOCIAL RESPONSIBILITY HUMAN CAPITAL OUR KEY ASSET
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Since 2012Since 1972
compares the
characteristics and
performance of
technical products
1 038 tests on 492
products in 2018
ENVIRONMENTAL NOTE
indicates the
environmental impact of
TVs, Tablets, PCs and
smartphones.
2018
LAUNCH OF A
PRODUCT
REPARABILITY NOTE
PUBLICATION OF THE 1ST
AFTER-SALES BAROMETER
BY BRAND
LAUNCH OF
COMMUNAUTE.DARTY.COM,
the 1ST support community
platform for Darty users
INNOVATIVE ACTIONS THAT ONLY EXIST AT FNAC DARTY
69%of our products
in 2018
EXTENDING PRODUCTS’ LIFE SPAN IS A KEY ENGAGEMENT TO OUR CUSTOMERS…
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CIRCULAR
ECONOMY
Build robust and easy to repair products
Inform and advise customers on the proper use
of products
Fnac Darty Occasion
90 products given each day to ‘ENVIE’ for a
second life
Launch of the Smartphone roadworthiness test
2 500 000 operations processed in 2018
Launch of Darty+ in 2017
Launch of Fnac Darty barometer in 2018
Launch of the reparability indice in 2018
Wefix acquisition in 2018
+45,000t of WASTE collected and recycled in 2018
Launch of "2 for1" collecting systems in 2011: « 2 for 1 » and « 1 for 0 »
FNAC DARTY 1st REPAIRER IN FRANCE
FNAC DARTY 1st COLLECTORIN FRANCE
Re-use
Repair
Recycling
Eco
conception
… WHICH IS STRENGTHENING IN 2018 WITH 6 NEW INNOVATIONS
22
Ma
turité
EC
B2C SERVICES: HISTORICAL ACTIVITIESrepair, collect, reuse and recycle
July: Repairability Index
June: After-Sales Service Barometer
December: Customer Support Platform
1
2
3 November: WeFix
The 6 innovations launched in 2018 enable customers
to be better informed, to better use and repair their
product, and to better sell it back
4
A REWARDED ENGAGEMENT FNAC DARTY WON THE CIRCULAR ECONOMY AWARD
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CONFIANCE +: AN OPEN PLATFORM TO OFFER THE BEST IN CLASS OMNICHANNEL RESPONSIBLE EXPERIENCE
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Stores & Digital
Loyalty Programs
After-sales and delivery
Offer Products and Services
Partnerships
Marketplace
Franchise
Offer and
Product co-construction
FOR PARTNERS FOR CLIENTS
OFFER THE BEST CLIENT EXPERIENCE BEST VALUE
FOR MONEY
ENSURING REACHPROTECTING VALUE
MIDTERM OBJECTIVES:HIGHER GROWTH THAN “MARKETS”
CURRENT OPERATING MARGIN OF 4.5% TO 5%
COMMITTED TO AN EDUCATED CHOICE
Responsible choice
Best value for money
Contribution to the local,
cultural and social life
Repair and recycle
Customers’ information
and advice
Selected responsible
vendors
Ethical business
Contribution to the
local economy
Ecodesign own-brand
products
FINANCE
CONFIANCE+ RAPID PROGRESS IN 2018
26
(1) Excluding the €20m fine from the French Competition Authority
39 store openings in 9M
2018, of which 37
franchises
Close to 70 openings
expected this year
Already 25 shop-in-
shops deployed in
France and 20 Fnac
Home corners opened
in Spain
Close to 130 kitchen
corners now opened as
well as the first kitchen
stand alone store
Acquisition of a majority
stake in WeFix to
position Fnac Darty as a
key provider of
smartphone repair and
related services as well
as to offer customers an
enhanced ecosystem
1 million Fnac+
susbscribers and Darty+
ramp-up
Free premium delivery in
both banners for Fnac+
and Darty+ holders
Weight of online sales
increased to 18%
Marketplace business
volume up sharply: >25%
in Q3 2018
Close to 190 shops
digitalized
Launch of D+1 delivery,
covering 80% of France,
including bulky items
with installation
OMNI-CHANNEL
DIVERSIFICATIONLOYALTY & CONTENT
SERVICESEXPANSION &
FRANCHISE
STRONG 2018 RESULTS
Topline growth delivered
Strong increase in Current Operating Income at €296m,
up +10% vs. 2017, reflecting good operational
performance and synergies completion
Tight commercial policy
Gross margin at 30.3%, increased by +20bps, excluding the
impact of the franchise (-30bps)
Efficient cost control
Costs reduced to 26.3% of sales from 26.7% in 2017
Net income from continuing operations up +20%
High Operating Free Cash Flow at €173m1
Net cash position only two years after acquiring Darty
27
77
165203
270296
68
2014 2015 2016 2017 2018
EBIT evolution by year in €m
FNAC DARTY
2.7% of sales
3.6% of sales
4.0% of sales
2.3%
of sales
(1) Excluding the €20m fine from the French Competition Authority
2018: SUCCESSFUL INTEGRATION
A joint organization serving 2 banners
Increased organizational agility
Promote a common culture around shared
and engaging values
Our purpose: promoting “choix éclairé”
Operational agility and peerless execution
Market share gains in France1
Rapid deployment of Confiance+ initiatives
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(1) source GFK
BUILDING 1 GROUP WITH 2 BANNERS STRONG OPERATIONAL EXECUTION
AT END 2018, €131m OF SYNERGIES DEPLOYED, 1-YEAR AHEAD OF ORIGINAL PLAN
TOPLINE GROWTH AND GOOD COMMERCIAL EXECUTION
Exceptional items impacting topline growth throughout the year
Q1: weather conditions impact of -0.4pt on sales
Q2: strikes in France impacting store traffic
Q3: high comparison basis related to product launches in 2017 (LFL +5.8% in Q3 17)
Q4: “Yellow Vests” protests impact of approx. €45m of loss in sales
Growth opportunities seized to deliver topline growth for the year
Excellent Black Friday execution in Q4
International operations up +2.4% in 2018
Double-digit growth of services and diversification categories
+20% growth of marketplaces
E-commerce: 19% of Group sales (+2 pts vs 2017)
66 stores opened including 55 franchises
Tight commercial policy: gross margin up +20bp excluding the dilutive effect of franchises
Strong operating model delivering profitability growth in a tough environment
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0.6%
-1.8% -2.2%
3.4%
0.4%
Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018
Group sales evolution by
quarter(1)
30.4%30.3%
0.3 pt
30.6%
2017 2018 Impact of
franchise
dilution
2018 excl.
franchise
effect
Gross margin evolution
(1) Reported growth
FRANCE AND SWITZERLAND IN 2018
Stable sales on a LFL basis in a consumption climate
impacted by multiple exceptional effects (weather in Q1,
strikes in Q2 and “Yellow Vests” protests in Q4)
Strong execution in Q4 driven by success of Black Friday
offsetting the impact of Yellow Vest protests
Market share gains
Operational agility, synergies completion and efficient cost
control leading to strong growth in operating margin
Strong increase in current operating income, at +13%,
despite decline in revenue
62 store openings
30
-0.1%
-2.4% -2.9%
2.6%
-0.3%
Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018
2018 sales evolution (2)
(1) Like-for-like: excluding FX, perimeter and expansion effects(2) At comparable scope of consolidation and at constant forex
€m 2017 2018 % Change
Revenues 5,856 5,835 -0.4%
Like-for-like(1) -0.1%
Current operating
income234 265 +13%
Operating margin 4.0% 4.5% +50bp
IBERIAN PENINSULA IN 2018
Strong sales growth throughout the year
Growth in Spain despite still tense political climate
Continuing strong growth in Portugal
Continuing expansion (3 openings in 2018)
Double-digit growth of web sales and services in both
countries
Expanding network of small domestic appliances corners
(approx.30 at end 2018)
Improving profitability in both countries, driven by gross
margin control despite negative mix effect and opex
increase related to expansion
31
3.4%
6.0%
2.6%
4.5% 4.1%
Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018
2018 sales evolution (2)
(1) Like-for-like: excluding FX, perimeter and expansion effects(2) At comparable scope of consolidation and at constant forex
€m 2017 2018 % Change
Revenues 676 703 +4.1%
Like-for-like(1) +1.4%
Current operating
income24 25 +8%
Operating margin 3.5% 3.6% +10bp
BENELUX IN 2018
Good sales performance in very competitive markets
Both Belgium and Netherlands delivering sales growth
Excellent Q4 performance with market share gains
Solid performance in Belgium
Growth at BCC despite store closures
Digital acceleration via first effects of the Wehkamp partnership
7 stores closed at BCC in 2018
BCC current operating income negatively impacted by:
Management fees accounting
Continuing network restructuration
Wehkamp partnership implementation costs
32
4.2%
-2.2% -1.6%
6.8%
2.1%
Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018
2018 sales evolution (2)
(1) Like-for-like: excluding FX, perimeter and expansion effects(2) At comparable scope of consolidation and at constant forex
€m 2017 2018 % Change
Revenues 917 936 +2.1%
Like-for-like(1) +2.1%
Current operating
income12 5 -€7m
Operating margin 1.3% 0.6% -70bp
€m 2017 2018 % Change
Revenues 7,448 7,475 +0.4%
Gross Margin% Revenues
2,26130.4%
2,26530.3% -10bp
Total costs% Revenues
-1,991 -26.7%
-1,969 -26.3%
-40bp
Current operating
income270 296 +10%
% Revenues 3.6% 4.0% +40pb
2018 GROUP CURRENT OPERATING INCOME
Growth of sales despite tough markets
Strong control of gross margin, up +20bp
excluding the dilutive impact of franchises
Costs down, reflecting:
Fnac Darty synergies
Success of performance plans
Current operating income up +10%
Current operating margin up +40bp, at 4.0%,
from 2.7% two years ago
33
€m 2017 2018
Current operating Income 270 296
Non-current operating income and expenses
-53 -39
Operating income 217 257
Financial charges -44 -43
o/w cost of net indebtedness -34 -36
o/w other financial charges (net) -10 -7
Tax charges -48 -65
Net income from continuingoperations
125 150
Discontinued operations -87 0
GROUP REPORTED FINANCIAL RESULTS
Strong current operating income growth
reflecting operational agility
Non-current items mainly reflecting cost of
implementation of synergies, and €20m fine from
Competition Authority
Financial charges reflecting cost of debt and
cost of consumer credit
Financial result impacted by one-off non-cash expenses of €6m, following the renegotiation of bank debt
€7m reflecting cost of consumer credit
2018 effective tax rate of 30% vs normative tax
rate of approx.40% including CVAE
Net income from continuing operations up +20%
34
€m 2017 2018
EBITDA 370 399
Non-recurring cash elements(1) -17 -38
Cash flow from operations before tax,
dividends and interest(1) 353 361
Change in working capital 56 1
CAPEX(2) -112 -118
Tax -98 -72
Operating Free Cash flow(1) 199 173
STRONG FREE CASH FLOW GENERATION IN 2018
Cash impact of 2017 non-recurring elements
due to integration rollout
Working capital impact is positive despite high
comps in 2017 due to alignment of payment
terms between Fnac and Darty
Capex under control
35
(1) Excluding the impact of the €20m fine from the Competition Authority(2) Net of property disposals
A STRONG LIQUIDITY POSITION
Return to a net cash position, only two years after the acquisition of Darty
Successful bank debt renegotiation in H1 2018, with improved terms and 2y maturity gain
100 million credit agreement signed with the European Investment Bank (EIB) with a maximum maturity of 9 years, at very attractive financing terms
Positive outlook granted by S&P in April 2018 and BBB- rating issued by Scope Ratings
Shareholder return: launch of a share buyback program for up to 2% of share capital
36
€m 31/12/2017 31/12/2018
Shareholders’ equity 1,103 1,261
Net Debt 86 (7)
Gross debt 861 911
Cash & cashequivalents
(775) (919)
NET DEBT EVOLUTION IN 2018
37
-86
172
118
2011
48
361
7
Net cash
position at
December 31,
2017
Cash Flow from
operations
before tax,
dividend and
interest
Change in
working capital
requirement
Corporate
income tax paid
Operating
investments net
of disposals
Net financial
cost and other
items
Net cash
position at
December 31,
2018
Fine from French
Competition
Authority
Share
buyback
(1) Excluding the impact of the €20m fine from the Competition Authority
Including €38m of non-recurring cash elements
Operating Free Cash Flow: €173m(1)
VISION AND 2019 KEY FOCUS
38
Accelerating our digital transformation
Focusing on Execution
Being even more Client centric
Nurturing Responsibility
“Digital Factory” and major investments in IT
Updated marketplace platform
Test and learn process to implement shopping innovations
Leverage trust and loyalty
Offer the best market omnichannel experience
Focus on team training to bring best in class customer
experience
Search for new standards addressing new consumption
trends and customers needs
Leading omnichannel player, with a competitive spirit
After successful integration, more scope for project
implementation
Committed to constantly offering clients more “choix
éclairés”
Pioneer in the circular economy
Foster cultural and technological diversity and accessibility
Higher growth than markets and 4.5% to 5% current operating marginMid-term objectives confirmed
CONFIANCE
Building future growth
CONTACT
39
Le Flavia - 9, rue des Bateaux-Lavoirs -
94200 Ivry-sur-Seine
http://www.fnacdarty.com/
Stéphanie ConstandVP Investor Relations and FinancingDirectrice Relations Investisseurset Financement
Tel : +33 1 55 21 18 63
Mob. : +33 7 50 12 03 78
Marina LouvardInvestor Relations and Financing ManagerManager Relations Investisseurset Financement
Tel : +33 1 72 28 17 08
Mob. : +33 6 26 65 62 29
Valéria MaioGroup CSR managerResponsable RSE Groupe
Tel : +33 1 55 21 57 54
Mob. : +33 6 68 23 76 07
DISCLAIMER
IMPORTANT NOTICE: By reading this presentation, you agree to be bound by the following limitations and qualifications: Certain information
included in this release is not based on historical facts but on forward-looking statements. Such forward-looking statements speak only as of the
date of this presentation and Fnac Darty expressly disclaims any obligation or undertaking to release any update or revisions to any forward-
looking statements in this presentation to reflect any change in expectations or any change in events, conditions or circumstances (or otherwise)
on which these forward-looking statements are based. Such forward looking statements are for illustrative purposes only. Investors are cautioned
that forward-looking information and statements do not guarantee future performance and are subject to various known and unknown risks and
uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Fnac Darty, and could cause actual
results to differ materially from those expressed in, or implied or projected by, such forward-looking information and statements. These risks and
uncertainties include those discussed or identified in Chapter 6 “Facteurs de Risques” of the Fnac Darty 2018 registration document which has
been registered with the French Autorité des marchés financiers ("AMF") under n°D19-0166 on March 18th, 2019, and which is available on the
AMF's website at www.amf-france.org and on Fnac Darty’s website at www.fnacdarty.com.
This material was prepared solely for informational purposes and does not constitute and is not to be construed as a solicitation or an offer to buy
or sell any securities or related financial instruments in the United States of America or any other jurisdiction. Likewise it does not give and should not
be treated as giving investment advice. It does not reflect in any way the specific investment objectives, financial situation or particular needs of
any recipient. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the
information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed
in this material are subject to change without notice.
This material is being furnished to you solely for your information, and it may not be reproduced, redistributed or published (whether internally or
externally to your company), directly or indirectly, in whole or in part, to any other person. Failure to comply with these restrictions may result in the
violation of legal restrictions in some jurisdictions.
The distribution of, or the access to, this release in certain jurisdictions may be subject to legal or regulatory restrictions. Accordingly, any persons
coming into possession of this document are required to inform themselves about and to observe any such restrictions. Fnac Darty expressly
disclaims any liability as to the violation of such restrictions by any person.
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ISR
PRESENTATION
2019