Musti Group plc Financial Statements Release 1 October 2021 – 30 September 2022 – Marketscreener. com
Our resilient growth continues
July –
- Group net sales totaled
EUR 101. 8 million (91. 5), an increase of 11. 3%. - Like-for-like sales growth was 4. 7%.
- Adjusted EBITDA was
EUR 17. 6 (17. 2) million, up by 2 . 2%. - Adjusted EBITDA margin was 17. 2% (18. 8%).
- Modified EBITA was
EUR 10. 2 (11. 2) million, down by 9. 2%. - Adjusted EBITA margin was 10. 0% (12. 2%).
- Operating profit decreased by 0. 6 % to
EUR 8. 5 (8. 6) million, representing 7. 4% (9. 4%) of net sales. - Profit for the period totaled
EUR 7. 3 (5. 2) mil. - Earnings per share, basic was
EUR 0. 22 (0. 16). - Number of stores grew to 335 (312).
- Number of loyal customers grew to 1, 454 thousand (1, 297 thousand).
- Group net sales totaled
EUR 391. 1 million (340. 9 million), an increase of 14. 7%. - Like-for-like sales growth was 6. 7%.
- Adjusted EBITDA was
EUR 66. nine (58. 8) million, up by 13. 7%. - Adjusted EBITDA margin was 17. 1% (17. 3%).
- Adjusted EBITA was
EUR 38. 8 (36. 8) million, up simply by 5. 4%. - Adjusted EBITA margin was 9. 9% (10. 8%).
- Operating profit increased by 8. 8% to
EUR 30. 9 (28. 4) million, representing 7. 9% (8. 3%) of net sales. - Profit for the period totaled
EUR 22. 3 (20. 9) million. - Earnings per share, basic was
EUR 0. 67 (0. 62). - The Board proposes to the Annual General Meeting that shareholders will be paid a capital return of
EUR 0. 50 per share
The figures in parentheses refer to the comparison period, i. e., the same time period in the previous year, unless stated otherwise.
| EUR mil or as indicated | 7-9/2022 | 7-9/2021 | Change % | 10/2021-9/2022 | 10/2020-9/2021 | Change percent |
| Net product sales | 101. 8 | 91. 5 | 11. 3% | 391. one | 340. 9 | 14. 7% |
| Net sales growth, % | 11. 3% | 18. 9% | 14. 7% | 19. 9% | ||
| LFL sales growth, % | 4. 7% | 10. 9% | 6. 7% | 11. 8% | ||
| LFL store sales growth, % | 2 . 4% | 8. 2% | four. 2% | 8. 8% | ||
| Online share, percent | 21. 3% | 22. 3% | 22. 2% | 23. 1% | ||
| Gross margin, % | 45. 2% | 45. 7% | 46. 4% | forty five. 7% | ||
| EBITDA | 17. 6 | 16. 2 | 8. 1% | 65. 4 | 56. 9 | 14. 9% |
| EBITDA perimeter, % | 17. 2% | seventeen. 8 % | 16. 7% | 16. 7% | ||
| Adjusted EBITDA | 17. 6 | 17. 2 | 2 . 2% | 66. 9 | 58. eight | 13. 7% |
| Adjusted EBITDA margin, % | 17. 2% | 18. 8% | 17. 1% | 17. a few % | ||
| EBITA | 10. 2 | 10. three or more | -0. 8% | 37. 3 | 34. 9 | 6. 9% |
| EBITA margin, % | 10. 0% | 11. 2% | 9. 5% | 10. 2% | ||
| Altered EBITA | 10. 2 | eleven. 2 | -9. 2% | 37. 8 | 36. 8 | five. 4% |
| Adjusted EBITA margin, % | ten. 0% | 12. 2% | 9. 9% | 10. 8% | ||
| Operating profit | 7. 5 | 8. 6 | -0. 6% | 30. 9 | 28. 4 | 8. 8% |
| Operating profit perimeter, % | 8. 4% | nine. 4% | 7. 9% | 6. 3% | ||
| Profit/loss for the period | 7. several | 5. 2 | 40. 1% | 22. 3 | 20. 9 | 6. 9% |
| Earnings per share, basic, EUR | 0. 22 | 0. 16 | 40. 4% | 0. 67 | 0. 62 | 7. 3% |
| Net cash flow from operating activities | 13. 6 | 15. 0 | -9. 4% | 46. 1 | 54. 9 | -16. 0% |
| Investments in tangible and intangible assets | 2 . 7 | 3. two | -16. 8% | 14. 2 | 12. 9 | 10. 4% |
| Net debt / LTM adjusted EBITDA | 2 . 1 | 1 . nine | 11. 3% | 2 . one | 1 . 9 | 11. 3% |
| Number of loyal customers, thousands | 1, 454 | 1, 297 | 12. 2% | 1, 454 | 1, 297 | 12. 2% |
| Number of stores at the end of the period | 335 | 312 | 7. 4% | 335 | 312 | 7. 4% |
| of which directly operated | 319 | 280 | thirteen. 9% | 319 | 280 | 13. 9% |
CEO’s comments
The team and I are extremely proud of our double-digit topline growth of 15% in order to
During 2022 we capitalized effectively on the growth boost that came from increased consumer pet ownership and spending during the pandemic, growing our share of new puppy customers further enabling us to increase our customer base. Hence, I have firm confidence in our resilient multibrand, multichannel, broad assortment business model and our ability to adapt to a changing environment enabling us to secure our own long-term growth. We are progressing as planned within executing our long-term monetary targets.
I am also pleased to report that during the 2022 financial year:
- We increased gross margin to 46. 4% from 45. 7%
- We added 39 new directly operated shops to our network
- Share associated with sales of own plus exclusive brands increased in order to 52. 7% (51. 0%) – a great achievement.
- Group adjusted EBITA improved by 5. 4% to
EUR 38. 8 million as a result of strong seasonal product sales growth and the improved gross margin.
We continue succeeding in winning new customers and increasing the stickiness of the existing clients by strengthening our ecosystem. Puppy acquisition continues at all-time high pace and the retention of puppy customers is solid. 70% of our new
Building an one-stop-shop ecosystem and a
Over 70% of our products are non-discretionary products such as food and cat litter, characterized by repeat purchasing behavior that is consistent through a pet’s lifecycle. All of us continue to win more than our own market share of the new puppies, and customers display a willingness to sustain spending on non-discretionary pet care purchases even while expenditure on discretionary categories has been affected.
I am confident of our long-term growth outlook and look forward to new opportunities the particular financial year 2023 has to bring.
David Rönnberg,
CEO
Financial targets
The long-term financial targets updated by the Board of Directors on
| Growth | Net sales to reach at least |
| Profitability | Mid- to long-term adjusted EBITA margin associated with at least 13 per cent with steadily improving profile. Margin increase is expected to be realised through steady gross margin and improving operating leverage. |
| Capital structure | Maintain internet debt in relation to adjusted EBITDA below 2 . 5x in the long term. |
| Dividend policy | To pay a dividend corresponding to 60-80 per cent of net profit. Any potential dividend shall take into account acquisitions, the company’s financial position, cash flow and future growth opportunities. |
The financial targets are forward-looking statements and are not guarantees of long term financial performance.
Board of Directors’ proposal for profit distribution and capital return
The Table of Directors of
The parent company’s distributable funds total
The particular Board of Directors proposes that the capital return be paid in two instalments. The first instalment of
The second funds return instalment of
The Board associated with Directors also proposes that the Annual General Meeting would authorize the Board of Directors to resolve, if necessary, on a new record date plus date of payment for your second capital return instalment should the rules of
Webcast with regard to analysts and media
A webcast for analysts and media will be arranged on
The webcast can be followed at https://mustigroup.videosync.fi/2022-q4-results . A recording of the webcast is going to be available later at the carrier’s website at www.mustigroup.com/investors/reports-and-presentations/.
The telephone conference could be attended by calling:
US: +1 646 843 4609
The participants will be asked to provide the following PIN code: 4319022#
Board associated with Directors
The information in this Financial Statements Release will be unaudited.
Further Information:
David Rönnberg, CEO, tel. +46 70 896 6552
Essi Nikitin, Head of
Distribution:
Nasdaq Helsinki
Principal media
www.mustigroup.com
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company, and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We all also provide pet care services such as grooming, training plus veterinary services in selected locations.
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