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Aramis Group: 2021 objectives achieved and 2022 objectives upgraded

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·20 min read
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PRESS RELEASE

Arcueil, 9 December 2021

2021 Annual Results
Objectives achieved and continuation of profitable growth strategy
Upgrade of 2022 objectives

Fiscal year ended 30th September 2021

  • Strong growth in 2021 with pro forma1 revenue2 of 1.361 billion euros, up +25.9%; the Group now generates more than 50% of its revenue outside France

  • Revenue growth of +53.5% on a reported basis with the acquisition of CarSupermarket in the UK in March 2021

  • Excellent momentum in refurbished car sales, up +37.4% in volume, reflecting the Group's growth strategy focused on customer experience and satisfaction, illustrated by an average Net Promoter Score (NPS) of 64 in 2021

  • Growth of the Group supported by its increased marketing investments, the development of its technology platform, the diversification of its sourcing and its increased refurbishment capacity

  • High and market-leading margin per vehicle (GPU) of 2,292 euros and gross margin of 13.5%, above the announced objectives (respectively > 2,150 euros and > 13%) thanks to the Group's vertically integrated business model

  • Pro forma adjusted EBITDA margin of 2.7% in line with objectives, in a context of sustained marketing investments to drive growth

  • Strengthened financial capabilities to support the Group's development with more than 100 million euros of available cash at year-end and significant credit facilities, including an undrawn RCF of 200 million euros

  • 2022 growth objectives revised upwards with an increase in refurbished car sales superior to +45% (initially >30%) and revenues above 1.6 billion euros (initially >1.5 billion euros). Adjusted EBITDA margin objective of c.1.5%.

Aramis Group [Ticker: ARAMI - ISIN: FR0014003U94], a European leader in the online sale of used cars to private individuals, which includes the Aramisauto, Cardoen, Clicars and CarSupermarket brands in France, Belgium, Spain and the United Kingdom respectively, today published its annual results for financial year ended 30 September 2021.

Nicolas Chartier and Guillaume Paoli, co-founders3 of Aramis Group, say:

"In 2021, Aramis Group achieved an exceptional performance, despite the pandemic and the automotive market context, largely exceeding its growth objectives set at the time of the IPO. The Group has accelerated its investments to offer innovative, accessible and more virtuous mobility solutions to meet the expectations of its growing number of customers. The excellent performance of its refurbished used car business has enabled it to record strong growth in all its geographies. The Group's investments in marketing and in its technological platform have also paid off, with more than 73 million visits recorded this year on its websites. 2021 was also marked by the Group's continued European expansion with the acquisition in March of CarSupermarket in the United Kingdom. In an automotive market affected by significant pressure on new vehicles in Europe, the Group has demonstrated its agility in vehicles supply, which it has been able to increase and diversify in all its geographies. In 2022, this dynamic will accelerate further, driven by the development of refurbishment capacities with the planned opening of two new centres, in addition to the recent opening of the Antwerp centre. Aramis Group is therefore looking forward to 2022 with confidence, convinced that it is perfectly positioned to seize all growth opportunities and thus be the preferred platform for Europeans looking for a refurbished used vehicle.

PROFITS & LOSSES

In M€

On a pro forma basis

On a reported basis

FY 2021

FY 2020

Variation

FY 2021

FY 2020

Variation

Revenue

1,361.2

1,081.5

+25.9%

1,256.3

818.5

+53.5%

Gross margin

185.3

154.2

+20.2%

173.0

125.6

+37.7%

Gross margin per vehicle sold (in euros)

2,292

2,322

-1.3%

2,307

2,509

-8.1%

SG&A

(148.0)

(106.6)

+38,8%

(140.4)

(87.3)

+60.8%

Adjusted EBITDA

37.2

47.6

-21.8%

32.6

38.3

-14.9%

Adjusted EBITDA margin

2.7%

4.4%

-1.7 bps

2.6%

4.7%

-2.1 bps

Operating profit

(7.5)

9.9

N/A

(9.7)

9.3

N/A

Financial result

(4.6)

(4.1)

N/A

(3.1)

(2.0)

N/A

Income tax

(3.3)

(9.2)

N/A

(2.8)

(8.4)

N/A

Net result

(15.5)

(3.4)

N/A

(15.7)

(1.1)

N/A


The Group's pro forma revenue reached 1.361 billion euros in 2021, up by +279.7 million euros, or +25.9% compared to 2020. This solid performance is driven by very strong growth in the refurbished vehicles segment, in line with the Group's strategy.

Pro forma revenue in the refurbished cars segment is up +42.1% for the year ended 30 September 2021, to 712.7 million euros, representing 50,125 units delivered, up +37.4% versus 2020. This excellent performance is mainly driven by the marketing investments made in all geographies, the increase in the supply of vehicles coming from private individuals and the increase in capacity at the Group's refurbishment centres.

Throughout the year, and in order to cope with a constrained market context in terms of supply, the Group developed its vehicle trade-in business from private individuals in all its geographies. In Q4, on a pro forma basis, sales of refurbished cars from this supply channel thus increased by +42.6% compared to Q4 2020.

Revenue for the pre-registered car segment for the year ended September 30, 2021, amounts to 470.2 million euros, up +4.0% compared to 2020. This activity increase is achieved in a market context marked by a sharp decline in new car production.

Pro forma revenue for the B2C segment as a whole – corresponding to sales of refurbished and pre-registered cars – amounting to 1.183 billion euros in 2021, up +24.0% compared to 2020, representing 86.9% of Group revenue.

Pro forma revenue from Services rise by +49.7% in 2021, to 71.2 million euros, with an increase in the penetration rate of financing solutions in all geographies.

Pro forma revenue for the B2B segment amount to 107.0 million euros, or +33.7% compared to 2020. This strong growth reflects the increase in the sourcing of vehicles coming from private individuals, part of which is resold to professionals.

Further details, including a breakdown of 2021 revenue and volumes by geography, can be found in the Group's publication dated 9 November 2021.

Adjusted EBITDA

On a pro forma basis, gross margin reaches 185.3 million euros, up +20.1% compared to 2020, an increase of +31.1 million euros, to reach 13.5% of sales, compared to 14.2% in 2020.

Gross margin per vehicle sold is 2,292 euros on a pro forma basis, a high level and among the best in the market, comparable to the level achieved in 2020. In line with its growth strategy, the Group has significantly increased its marketing and sales expenses in all geographies, as well as its workforce.

As a result, SG&A expenses amount to 148.0 million euros in 2021 on a pro forma basis, an increase of +41.4 million euros compared to 2020. This investment has enabled the Group to consolidate awareness of its brands in Europe, particularly in Belgium and in France where brands reached levels of aided awareness of over 65%4.

As a result of these investments to accelerate growth, the Group has achieved an adjusted EBITDA on a pro forma basis of 37.2 million euros in 2021 compared to 47.6 million euros in 2020 and thus records an adjusted EBITDA margin of 2.7% in 2021, as anticipated and previously communicated.

Operating profit

On a pro forma basis, acquisition-related personnel expenses amount to 20.0 million euros in 2021, compared to 21.2 million euros in 2020.

Expenses related to operations (IPO and acquisitions) amount to 7.1 million euros in 2021, compared to 0.4 million euros in 2020 on a pro forma basis. 6.6 million euros of these expenses are related to the preparation and execution of the IPO, for the part of the costs that cannot be charged to the share premium.

Depreciation expenses amount to 17.5 million euros in 2021 on a pro forma basis, slightly higher than in 2020, in line with the Group's increased capital expenditure.

As a result, the Group's operating result for the year 2021 is -7.5 million euros on a pro forma basis.

Financial result

On a pro forma basis, the financial result amounts to -4.6 million euros in 2021 at a level comparable to 2020. On a pro forma basis, the Group's net cost of debt is -2.5 million euros in 2021, compared to -1.8 million euros in 2020.

Net result

On a pro forma basis, the Group's income tax expense decreases by -5.9 million euros from 9.2 million euros in 2020 to 3.3 million euros in 2021.

The Group recorded a net loss of -15.5 million euros in 2021, which includes a charge of -6.6 million euros related to the IPO.

STATEMENT OF FINANCIAL POSITION & CASH FLOW (reported)

In M€

FY 2021

FY 2020

Variation

Stocks

173.8

69.1

+104.7

Trade receivables

23.7

21.9

+1.8

Trade payables

46.6

22.8

+23.8

Stocks amount to 173.8 million euros on 30 September 2021, including the impact of the integration of CarSupermarket in the perimeter on 1 March 2021 for an amount of 28.6 million euros. Excluding the scope effect, the increase in the stock level amounts to +76.1 million euros, reflecting the strong growth in business in 2021 within a more constrained supply environment. The level of operating working capital5 stood at 34 days, in line with the revised guidance communicated to the market in September 2021.

In M€

FY 2021

FY 2020

Change in WC

-54.6

+16.4

Capex

-12.2

-7.4

Acquisition of subsidiaries

-41.7

-

Capital increase (net of expenses)

+235.1

-

Net cash (or debt) position

+102.0

-26.3

The change in working capital amounts to -54.6 million euros in the year ended 30 September 2021, mainly due to the increase in inventories, excluding the scope effect.

For the year ended 30 September 2020, the change in working capital amounted to +16.4 million euros due to the significantly lower inventory level than the normative levels, a consequence brought about by the start of the Covid-19 health crisis in fiscal year 2020.

The acquisitions of fixed assets represent 12.2 million euros in respect of the 2021 fiscal year, taking into account the Group's investments in its refurbishment capacity and in the development of its technological platform.

Acquisition-related cash outflows, net of cash acquired, amount to 41.7 million euros in the year ended 30 September 2021, and result from the acquisition of CarSupermarket.

In the context of the IPO on 18 June 2021, the Group carried out a capital increase of 235.1 million euros, net of transaction costs.

As of 30 September 2021, the Group benefits from a strong cash position and significant financial flexibility to support its accelerated growth. The Group shows a net cash position of 102 million euros as of 30 September 2021, compared to a net debt position6 of 26.3 million euros as of 30 September 2020. Furthermore, the Group has a significant financial flexibility with substantial credit facilities, in particular 200 million euros RCF put in place at the time of the IPO and undrawn to date, and credit facilities from its majority shareholder Stellantis and financial institutions. Only 4.5 million euros of the Group's credit facilities were drawn as of 30 September 2021.

OUTLOOK

In 2022, Aramis Group intends to pursue its growth strategy centred around the refurbished vehicle segment, which is experiencing excellent momentum. The pre-registered vehicle segment, on the other hand, is expected to remain significantly affected by the tensions in the new vehicle market.

The Group will continue to develop its offer in order to strengthen the customer experience which is at the heart of its strategy. The growth of the Group will also be fuelled by its marketing investments and by the sustained development of its refurbishment capacity with the opening and ramp-up of three refurbishment centres in 2022, including the one recently inaugurated in Antwerp, for which Aramis Group benefits from unique know-how and experience.

In addition, the Group will continue to strengthen its agile and multi-channel supply platform, both from private individuals and professionals as well as from Stellantis. Finally, the Group is actively working on pursuing its European expansion through acquisitions, taking advantage of its strong track-record in integrating new countries.

As a responsible and committed company, Aramis Group also intends to continue reducing its carbon footprint and reaffirms its objectives of reducing its CO2 emissions by -40% for scopes 1 and 2 by 2030. For the year 2021, CO2 emissions per vehicle sold are down by -8%7 on these scopes.
In addition, the refurbished vehicle segment, which is at the heart of the circular economy, is expected to account for more than 75% of the total number of cars sold to private customers by the Group by 2025.

In this context, the Group is upgrading its growth objectives for 2022 initially communicated at the time of the IPO in June 2021:

  • Growth superior to +45% in refurbished car deliveries (vs. growth > +30% initially)

  • Total Group revenue above 1.6 billion euros (vs. revenue >1.5 billion euros initially)

In addition, the Group has set an adjusted EBITDA margin objective of approximately 1.5% of revenue. As indicated at the time of the IPO, the adjusted EBITDA margin should continue to be impacted in 2022 by the significant investments made by the Group, particularly in marketing, in order to accelerate its growth. As part of its medium-term objectives, the Group reiterates that it is aiming at an adjusted EBITDA margin of above 3.0% in 2025.

These objectives are established on the basis of the Group's scope of activity on 30 September 2021 and do not take into consideration further deterioration of the sanitary context in the countries where the Group operates.

Status of audit procedures

At its meeting on 8 December 2021, the Board of Directors of Aramis Group approved the parent company and consolidated financial statements for the year ended 30 September 2021. With regard to the process of certification of the accounts, the statutory auditors have to date substantially completed the audit procedures.

***

Next financial information:

2022 Q1 Sales: 27 January 2022

About Aramis Group

Aramis Group is a leading European B2C platform to acquire a used car online and brings together four brands: Aramisauto, Cardoen, Clicars and CarSupermarket, in France, Belgium, Spain and the UK respectively. The Group is transforming the used car market and is putting digital technology at the service of customer satisfaction with a fully vertically integrated business model. For the full 2021 fiscal year, Aramis Group generated revenue of 1.361 billion euros on a pro forma basis, sold more than 80,000 B2C vehicles, and recorded more than 73 million visits on their websites. As of the end of September 2021, the Group employs 1,800 people, operates a network of 61 agencies and three industrial refurbishment sites. Aramis Group is listed on compartment A of the Euronext Paris stock exchange (Ticker: ARAMI – ISIN: FR0014003U94). For more information, visit www.aramis.group.

Investor Contact

Alexandre Leroy
Head of Investor Relations
alexandre.leroy@aramis.group

+33 (0)6 58 80 50 24

Press contacts

Brunswick
aramisgroup@brunswickgroup.com
Hugues Boëton +33 (0) 6 79 99 27 15
Alexia Gachet +33 (0) 6 33 06 55 93

Appendices

1. PROFITS & LOSSES

In € thousand

FY 2021 (12 months)

FY 2020 (12 months)

Revenue

1,263,831

830,974

Other income

-

1

Cost of goods and services sold

(1,039,850)

(683,526)

Other purchases and external expenses

(114,854)

(59,754)

Taxes other than income tax

(3,805)

(3,035)

Personnel expenses

(70,753)

(45,001)

Personnel expenses relating to share-based payments

(144)

(1,026)

Personnel expenses relating to acquisitions

(18,514)

(14,934)

Provisions and impairment loss on current assets

(2,167)

(1,194)

Transaction-related costs

(7,059)

-

Other operating income

482

556

Other operating expenses

(303)

(712)

Operating income before depreciation and amortisation

6,865

22,350

Depreciation and amortisation relating to PP&E and intangible assets

(8,400)

(6,761)

Depreciation of right-of-use assets

(8,214)

(6,256)

Operating income (expenses)

(9,749)

9,332

Cost of net debt

(1,990)

(1,117)

Interest expenses on lease liabilities

(1,227)

(912)

Other financial income

293

3

Other financial expenses

(180)

(7)

Net financial income (expenses)

(3,104)

(2,033)

Profit (loss) before tax

(12,853)

7,299

Income tax

(2,810)

(8,424)

Profit (loss)

(15,663)

(1,125)

Attributable to owners of the Company

(15,663)

(1,125)

Attributable to non-controlling interests

-

-

Effect of changes in exchange rate

380

-

Other comprehensive income

380

-

Total comprehensive income

(15,283)

(1,125)

Attributable to owners of the Company

(15,283)

(1,125)

Attributable to non-controlling interests

-

-

Earnings per share

Basic earnings per share (in euros)

(0.21)

(0.02)

Diluted earnings per share (in euros)

(0.21)

(0.02)


2. STATEMENT OF FINANCIAL POSITION

In € thousand

30/09/2021

30/09/2020

Assets

Goodwill

44,146

12,869

Other intangible assets

47,510

25,577

Property, plant and equipment

18,881

9,388

Right-of-use assets

61,437

39,932

Other non-current financial assets, including derivatives

1,182

1,122

Deferred tax assets

6,033

2,485

Non-current assets

179,189

91,373

Inventories

173,842

69,062

Trade receivables

23,729

21,921

Current tax receivables

2,065

1,012

Other current assets

25,967

20,472

Cash and cash equivalents

106,982

39,639

Current assets

332,586

152,106

Total assets

511,774

243,479

Equity and liabilities

Share capital

1,657

1,193

Additional paid-in capital

271,000

27,159

Reserves

15,349

15,781

Effect of changes in exchange rate

380

-

Profit (loss) attributable to owners of the Company

(15,663)

(1,125)

Total equity attributable to owners of the Company

272,723

43,008

Non-controlling interests

-

-

Total Equity

272,723

43,008

Non-current financial liabilities

12,538

28,860

Non-current lease liabilities

52,852

34,389

Non-current provisions

878

803

Deferred tax liabilities

9,000

3,799

Non-current personnel liabilities associated with acquisitions

2,790

16,958

Other non-current liabilities

872

876

Non-current liabilities

78,931

85,685

Current financial liabilities

7,295

37,679

Current lease liabilities

9,670

6,359

Current provisions

2,703

1,395

Trade payables

46,645

22,776

Current tax liabilities

1,174

1,018

Current personnel liabilities associated with acquisitions

32,676

-

Other current liabilities

59,958

45,558

Current liabilities

160,121

114,786

Total Equity and liabilities

511,774

243,479


3. CASH FLOW STATEMENT

In € thousand

FY 2021 (12 months)

FY 2020 (12 months)

Profit (loss) for the period

(15,663)

(1,125)

Depreciation, amortisation and provisions

17,549

13,745

Income tax

2,810

8,424

Net financial income and expenses

3,104

2,033

Items reclassifed under cash from investing activities

(15)

37

Expenses relating to share-based payments

144

1,026

Other non-cash items

82

-

Change in personnel expenses relating to acquisitions

18,514

14,934

Change in working capital

(54,597)

16,360

Income tax paid

(5,070)

(8,406)

Net cash from (used in) operating activities

(33,141)

47,029

Acquisition of property, plant and equipment and intangible assets

(12,442)

(7,748)

Proceeds from disposals of assets

288

349

Change in loans and other financial assets

(58)

5

Acquisition of subsidiaries, net of cash acquired

(41,707)

-

Net cash from (used in) investing activities

(53,919)

(7,394)

Increase (decrease) in capital

242,158

-

Proceeds from borrowings

64,968

36,231

Repayment of borrowings

(150,430)

(46,888)

Purchase/sale of own shares

979

-

Interest paid

(4,083)

(1,395)

Other financial expenses paid and income received

58

(2)

Net cash from (used in) financing activities

153,650

(12,054)

Effect of changes in exchange rate

100

-

Net change in cash

66,690

27,580

Cash and cash equivalents at opening

39,618

12,037

Cash and cash equivalents at close

106,307

39,618


4. BREAKDOWN OF REVENUE BY PRODUCTS AND SERVICES

In € million

On a pro forma basis

FY 2021

FY 2020

Var. %

Q4 2021

Q4 2020

Var. %

Refurbished

712.7

501.6

+42.1%

210.6

164.4

+28.1%

Pre-registered

470.2

452.3

+4.0%

127.8

140.5

-9.0%

Total B2C

1,182.9

953.9

+24.0%

338.4

304.9

+11.0%

Total B2B

107.0

80.1

+33.7%

32.6

28.1

+16.0%

Total Services

71.2

47.6

+49.7%

20.0

15.0

+33.1%

Total revenue excl. trading

1,361.2

1,081.5

+25.9%

390.9

347.9

+12.4%

Total revenue incl. trading

1,368.7

1,094.0

+25.1%

391.7

351.3

+11.5%


In € million

On a reported basis

FY 2021

FY 2020

Var. %

Q4 2021

Q4 2020

Var. %

Refurbished

629.0

277.4

+126.7%

210.6

96.4

+118.6%

Pre-registered

470.2

452.3

+4.0%

127.8

140.4

-9.0%

Total B2C

1,099.2

729.7

+50.6%

338.4

236.8

+42.9%

Total B2B

92.9

52.4

+77.1%

32.6

18.2

+79.1%

Total Services

64.2

36.4

+76.6%

20.0

11.1

+80.3%

Total revenue excl. trading

1,256.3

818.5

+53.5%

390.9

266.1

+46.9%

Total revenue incl. trading

1,263.8

831.0

+52.1%

391.7

269.4

+45.4%


5. GROSS MARGIN PER VEHICLE SOLD TRANSITION TABLE

In € million

Pro forma financial year ended 30 September 2021

Pro forma financial year ended 30 September 2020

Financial year ended 30 September 2021

Financial year ended 30 September 2020

Revenue

1,368.7

1,094.0

1,263.8

831.0

Cost of goods and services sold

(1,125.4)

(903.9)

(1,039.8)

(683.5)

Gross margin - Consolidated Data

243.2

190.2

224.0

147.5

Cost of transport and refurbishing

(57.9)

(35.7)

(51.1)

(21.6)

Others

0.0

(0.2)

0.0

(0.2)

Gross margin - including Trading in Belgium

185.3

154.2

172.9

125.6

Deduction of Trading in Belgium

(0.9)

(0.4)

(0.9)

(0.4)

Gross margin - excluding Trading in Belgium

184.3

153.8

172.0

125.2

Number of vehicles sold (in thousands)

80.4

66.2

74.6

49.9

Gross margin per car sold

2,292 €

2,322 €

2,307 €

2,509 €


6. ADJUSTED EBITDA RECONCILIATION

In € million

Pro forma financial year ended 30 September 2021

Pro forma financial year ended 30 September 2020

Financial year ended 30 September 2021

Financial year ended 30 September 2020

Operating income before depreciation and amortisation

10.0

25.0

6.9

22.4

Personnel expenses relating to share-based payments

0.1

1.0

0.1

1.0

Personnel expenses relating to acquisitions

20.0

21.2

18.5

14.9

Transaction-related costs

7.1

0.4

7.1

-

Adjusted EBITDA

37.2

47.6

32.6

38.3


7. OPERATING WORKING CAPITAL

In € million

Financial year ended 30 September 2021

Inventories

173,842

Trade receivables

23,729

Trade payables

(46,643)

Other current assets

25,967

Restatements relating to other current assets :

- Prepaid expenses (or advances) not corresponding to advances paid to vehicle suppliers

(2,199)

- Receivables from personnel & social organisations

(397)

- Tax receivables other than those related to VAT

(120)

- Other items not related to operating working capital

(164)

Other current liabilities

(59,958)

Restatements relating to other current liabilities :

- Social security payables

13,292

- Tax liabilities other than those related to VAT

1,146

- Payables on consolidated investments

100

-Iitems under "other liabilities" not related to conversion and environmental bonuses

564

Deferred income - non current

(653)

Total - Operating working capital requirement (A)

128,506

Revenue

1,263,831

Restatement of changes in the scope of consolidation over a full year

104,778

Adjusted revenue over 12 months (B)

1,368,609


Disclaimer

Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Aramis Group operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 3 "Risk Factors" of the registration document dated 25 May 2021, approved by the AMF under number I. 21-024 and available on the Company's website (www.aramis.group) and on the AMF website (www.amf-france.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release and Aramis Group expressly disclaims any obligation or undertaking to release any update or revision to any forward-looking statement included in this press release to reflect any change in expectations or any change in events, conditions or circumstances on which any such forward-looking statement is based. These forward-looking statements are intended for illustrative purposes only.

This press release contains summary information only and should not be regarded as complete. No assurance is given as to the accuracy or completeness of the information or statements contained in this press release.

Some of the financial information contained in this press release is not directly extracted from the accounting records or procedures of Aramis Group and is not an IFRS (International Financial Reporting Standards) accounting measure. It has not been independently reviewed or verified by Aramis Group's auditors.

The pro forma financial information included in this press release is presented for illustrative purposes only and does not represent the results that would have been produced if the Motordepot acquisition (CarSupermarket) had actually been completed on 1 October 2019 or 1 October 2020, as applicable.

This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

1 In this press release, unless otherwise stated, the Group's revenue, margin rate and margin per vehicle (GPU) are presented excluding the B2B activities of buying and selling vehicles fort export in Belgium, which the Group does not plan to continue in the medium term.
2 In order to provide financial information to understand the Group's financial position after taking into account the acquisition of CarSupermarket in the UK in March 2021, this press release contains pro forma financial information for the year ended 30 September 2021, prepared as if the Group had completed the acquisition of CarSupermarket on 1 October 2020 and pro forma financial information for the year ended 30 September 2020, prepared as if the Group had completed the acquisition of CarSupermarket on 1 October 2019.
The Group's financial information is also given in this press release on a "reported basis", i.e., for volumes and income statement items, including items relating to CarSupermarket only as of its inclusion in the Group's scope of consolidation on 1 March 2021.
3 Nicolas Chartier is Chairman and Chief Executive Officer of the Company, and Guillaume Paoli is Deputy Chief Executive Officer, on a two-year rotation basis
4 Source: Yougov, aided awareness. Survey conducted from the 25th to the 29th of November 2021 on 1029 people representative of the French national population, 2161 people representative of the British national population, 1001 people representative of the Belgian national population and 1130 people representative of the Spanish national population, all aged 18 and over.
5 See Appendix 7 for calculation of operating working capital

6 Excluding lease liabilities and liabilities on commitments to purchase minority interests (put)
7 Excluding CarSupermarket; on total vehicles sold in B2C and B2B

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