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Maisons du Monde S.A. (0RHL.L)

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  • Globe Newswire

    MAISONS DU MONDE: AVAILABILITY OF THE 2020 HALF-YEAR FINANCIAL REPORT

    PRESS RELEASEMAISONS DU MONDE:AVAILABILITY OF THE 2020 HALF-YEAR FINANCIAL REPORTNANTES – 5 August 2020, 17:45 CEST – Maisons du Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader in affordable and inspirational household decoration and furniture, today announces that it has made available to the public its 2020 Half-Year Financial Report.The 2020 Half-Year Financial Report is available for consultation under the “Regulated information” section on the Group’s website at https://corporate.maisonsdumonde.com/en.The 2020 Half-Year Financial Report includes: * The half-year activity report; * The condensed consolidated interim financial statements; * The statutory auditors’ review report on the half-year financial information.***About Maisons du MondeMaisons du Monde is a creator of inspirational lifestyle universes in the homeware industry, offering distinctive and affordable decoration and furniture collections that showcase multiple styles. The Group develops its business through an integrated and complementary omnichannel approach, leveraging its international network of stores, its websites and its catalogues. The Group was founded in France in 1996 and has expanded profitably across Europe since 2003, reporting sales of €1,225 million and EBITDA of €259 million in 2019. At 31 December 2019, the Group operated 376 stores in 9 countries including France, Belgium, Germany, Italy, Luxembourg, Portugal, Spain,  Switzerland and the United States, and derived 45% of its sales outside France. The Group has also built a successful complementary and comprehensive ecommerce platform, whose sales grew by over 30% per year on average between 2010 and 2019. This platform, which accounted for 25% of the Group's sales in 2019, is available in the countries where it operates stores plus Austria, the Netherlands and the United Kingdom. In 2018, the Group acquired a majority stake in Modani, a furniture chain present in the United States through its stores and ecommerce business. Modani, founded in 2007, is an aspirational lifestyle brand, offering high-quality proprietary modern, contemporary and mid-century furniture at affordable price points, with a nationwide presence through a network of 18 showrooms.corporate.maisonsdumonde.com***ContactsInvestor RelationsPress Relations Christopher Welton – +33 7 85 70 71 41Clémentine Prat – +33 2 51 79 54 08 cwelton@maisonsdumonde.comcprat@maisonsdumonde.com Attachment * 2020 08 05 MDM RFS VA vDEF

  • Globe Newswire

    MAISONS DU MONDE: FIRST-HALF 2020 RESULTS

    PRESS RELEASEMAISONS DU MONDE: FIRST-HALF 2020 RESULTSNANTES – 28 July  2020, 17:45 CEST – Maisons du Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader in affordable and inspirational household decoration and furniture, today publishes the Group's unaudited1 consolidated results for the six-month period ended 30 June 2020. * Sales1 reflect Covid-19 impact: €489 million (-13.3%), with a better-than-expected performance in 2Q thanks to: * Excellent online dynamics: +51% * Strong post-lockdown momentum at store level: +18% * Resilient EBITDA1: €69 million (margin: 14.1% vs 17.2% 1H19), enabled by the full delivery of the Group’s cost-cutting plans, including temporary unemployment measures * Strong cash position at 30 June: €437 million, resulting from active cash management program * RCF drawdowns: €150 million * State-guaranteed term loan: €150 million * Free cash flow: € 43 million * Maintaining investments in strategic priorities while remaining cautious on 2H20 performance given the highly uncertain environment  Julie Walbaum, Chief Executive Officer of Maisons du Monde, commented:“Maisons du Monde’s first-half performance reflects the comprehensive COVID-19 action plan we swiftly implemented to mitigate the effects of the pandemic on EBITDA and free cash flow. The adaptability and resilience of our omnichannel model led to a better than expected Q2 performance, allowing us to contain our total sales drop to 13% in the first half. This performance is the result of our heightened focus on our online operations throughout the lockdown period, from marketing to supply chain optimization, and the strong momentum we observed in our stores at reopening, demonstrating the strength and appeal of our brand. The exceptional cash preservation and cost cutting measures we rigorously implemented produced the planned effects, as we ended the first half with a strong cash position of €437 million.While maintaining financial discipline, we continued our investments in our two strategic priorities, namely the development of our marketplace and of our second warehouse, in order to support our mid- and long-term growth. Given the highly uncertain environment and the challenges posed by this year’s exceptional context, we believe it is not appropriate to provide guidance for the rest of the year. However, even if our second-half performance should show an improvement over the first six months, we currently expect it to be below its 2H19 level. Nevertheless, our performance in this major crisis strengthens the confidence we have in our fundamentals and the relevance of our omnichannel and international strategy.”First-Half 2020 ActivitySalesThe Group’s first-half 2020 sales totaled €489 million, down only 13.3% year-on-year (yoy)(-17.5% LFL), due to a better than expected 2Q20 performance following the COVID-19 lockdown period, which saw the entire store network closed for 8 weeks from mid-March to mid-May. Maisons du Monde sales were down only 14% to €468 million (-17.3% LFL) while Modani’s sales of €19.7 million were roughly unchanged (-2.8%). Rhinov added €1.3 million.Online sales performed particularly well, posting +25% growth (+51% in the 2nd quarter) to reach €186 million, representing 38% of total Group sales. Total 1st half store sales decreased 27% to €303 million, supported by high growth (+18%) in store sales post COVID-19 lockdown. Sales in France were €252 million, while international sales totaled €237 million and represented 48% of total sales (45% in 1H 2019).In terms of sales split by product category, furniture sales represented 51.5% of total 1st half sales, gaining 2.2 points in the mix.  Summary of sales (in € million)1H201H19% Change2Q202Q19% Change Sales488.9564.0-13.3%245.2283.7-13.6%  % like-for-like change-17.5%+4.4% -16.2%+6.5%    Maisons du Monde467.9543.8-14.0%236.2272.4-13.3%   % like-for-like change-17.3%+4.4% -15.3%+6.5%    Modani19.720.3-2.8%8.411.4-26.1%   Rhinov1.3- 0.6-          Sales by distribution channel       Stores302.9415.1-27.0%129.4207.0-37.5% Online185.9148.9+24.9%115.876.7+50.9%         Stores (%)62.0%73.6% 52.8%73.0%  Online (%)38.0%26.4% 47.2%27.0%          Sales by geography       France252.1307.5-18.0%124.7151.2-17.5% International236.8256.6-7.7%120.5132.5-9.1%         France (%)51.6%54.5% 50.8%53.3%  International (%)48.4%45.5% 49.2%46.7%          Sales by product category       Decoration237.0285.8-17.1%111.0136.6-18.7% Furniture251.9278.2-9.5%134.2147.1-8.8%         Decoration (%)48.5%50.7% 45.3%48.1%  Furniture (%)51.5%49.3% 54.7%51.9%  Store NetworkMaisons du Monde’s European stores gradually reopened from 11 May through 1 June. The two Maisons du Monde stores in Florida were closed permanently on 31 May.Modani stores progressively reopened beginning 11 May, and 15 stores (out of 18) were open as of 30 June. The situation in the US remains complicated, especially concerning the evolution of the COVID-19 pandemic in different states. At 30 June 2020, Maisons du Monde’s global store network stood at 366 stores, a net decrease of 10 stores compared to the end of 2019 as the Group optimizes its footprint. During the first half of 2020, Maisons du Monde opened 2 stores in France (Strasbourg and Paris), while Modani opened 1 store in the state of New York. During the same period, 8 stores were closed in France, 1 in Belgium,1 in Germany and 3 in the United States (1 Modani store in Texas and Maisons du Monde’s 2 stores in Florida).Online ActivityOnline traffic increased by more than 30% in the first half of 2020 (+65% post-lockdown). Growth in certain countries was especially high (Germany +55%; Belgium +74%; Switzerland +87%). The average order value also improved over the period. Online order intake was up by +57% in the 2nd quarter, and whilst the order backlog at 30 June 2020 was still higher than last year, it has been progressively normalizing. It should be noted that the high level of online activity in general led to the gradual saturation of the parcel delivery network in France and other EU countries. We are actively working with our specific partners to address our bottlenecks. Sales at Rhinov grew 23% yoy to €1.3 million due to traffic uplift and a higher average basket size.COVID-19 impactDuring the COVID-19 lockdown (17 March – 10 May in France), sales declined by 54%. The Group estimates that for the entire first half, the net decline in sales was approximately €110 million: store sales were down approximately by €130 million (€40 million in the 1st quarter and €90 million in the 2nd quarter), which was partially compensated by an increase in online sales of around €20 million in the second quarter.In terms of operating and finance costs on a full year basis, the Group estimates that it will have spent approximately €2 million related to the implementation of social distancing measures in its stores. The extra charges associated with the precautionary finance steps taken by the Group in response to the COVID-19 (drawdown of the revolving credit lines in the amount of €150 million, as well as the French state-guaranteed term loan of €150 million) are estimated to be around €1.4 million in the financial year.The pandemic also impacted the Group’s supply chain: * Chinese suppliers were essentially closed down for most of the first quarter, delaying inventory restocking; * In response to the lockdown in Europe and in order to preserve cash in an uncertain environment, the Group froze most supply orders from mid-March to early May. Orders were selectively restarted thereafter. However, due to the large increase in consumer demand for online shopping and better than expected post-lockdown activity, inventories were drawn down to sub-optimal levels. This latter issue is being addressed, although it will likely have an impact on product availability in the third and possibly fourth quarters, particularly in furniture.First-Half 2020 Financial PerformanceEarningsFirst half 2020 gross margin amounted to €313 million, down 13% due to reduced sales volume. Gross margin as a percentage of sales was broadly stable at 64.1%, despite an unfavorable product mix (higher-margin decoration items are mostly sold via the store network). This was offset by a favorable exchange rate effect and lower promotions.Trade margin2 was €223 million and showed a 3.4-point decrease yoy due to additional costs related to the French docker strike and COVID-19 in H1 and less efficient absorption of fixed costs due to lower sales.Total operating costs (stores, central and marketing) were down €25 million yoy (a 14.1% decrease), surpassing the -10% target the Group set for itself in March. Store operating and central costs were down 15.7% yoy as a result of strict cost management. Advertising costs declined 3.3% yoy due to online marketing optimization. Negotiated one-off rental payment reductions booked in H1 totaled €5 million.EBITDA was €69 million, down 29% yoy, resulting in a resilient EBITDA margin of 14.1%. The lower sales volume impact was partially offset by the reduction in operating expenses, primarily staffing costs. Expenses related to depreciation, amortization and allowance for provisions increased yoy as 2019 was a record year in gross store openings (41 at Group level). As a result, EBIT was €(7) million (margin -1.5%).Gross margin, Trade margin, EBITDA, EBIT (in € million)    1H201H19% change Sales488.9564.0-13.3%   Cost of goods sold(175.5)(203.3)-13.7% Gross margin313.4360.7-13.1%   As a % of Sales64.1%64.0%  Trade margin223.3276.9-19.4%   As a % of Sales45.7%49.1%    Store operating and central costs(132.1)(156.7)-15.7%   Advertising costs(22.4)(23.1)-3.0% Operating Costs(154.5)(179.8)-14.1% EBITDA68.897.1-29.1%   As a % of Sales14.1%17.2%    Depreciation, amortization and allowance for provisions(76.2)(66.9)13.9% EBIT(7.4)30.2nm   As a % of Sales-1.5%5.4%  Net financial expense amounted to €(9.6) million compared to €(10.8) million for the first half of 2019. The increase in interest expense related to the €150 million drawdown of the Group’s revolving credit facilities in March 2020 was more than offset by foreign exchange gains.Income tax amounted to €(4.9) million and includes corporate income tax (effective tax rate 31%), trade tax as well as a one-off provision relating to a tax audit.Net income totaled €(20.4) million for the period.Cash FlowOperating activities generated a net cash inflow of €119 million at 30 June 2020, an increase of 67% compared to the end of June 2019. The main reason for this swing was a significant decrease in the working capital requirement (€73 million). This was mainly the combined effect of a temporary reduced inventory level, renegotiation of payment terms with suppliers and several one-off items, principally including  deferred rent payments and cash from undelivered customer orders.Capex during the 1st half 2020 was €20 million, compared to €23 million at the end of the first half 2019 as future growth initiatives were maintained. This included €4 million related to store openings, €4 million for store extensions and renovations, €6 million for IT spend and €4 million in logistics investments.As a result, free cash flow was €43 million at the end of June 2020, compared to €(12) million at the end of June 2019. Without the ad hoc renegotiations of payment terms with suppliers and the one-off items mentioned above, free cash flow would have been slightly negative in H1.Debt  The Group’s net debt was €763 million, compared to €805 million at 31 December 2019, and €830 million at 30 June 2019, and reflected: * Gross debt of €1.2 billion at 30 June 2020 (compared to €861 million at 30 June 2019) including finance leases of €662 million, a convertible bond for €184 million, an unsecured term loan for €50 million, two unsecured, revolving credit facilities drawn in March 2020 for a combined amount of €150 million and a French state-guaranteed term loan in the amount of €150 million taken out at the beginning of June 2020. * Following the successful negotiation in June 2020 of a covenant waiver on its Senior Credit Facility, the Group’s current debt structure is effectively covenant-free through the end of May 2021. * Cash and cash equivalents of €437 million at 30 June 2020 compared to €95 million at the end of 2019 and €31 million at 30 June 2019. This very strong liquidity level gives the Group additional flexibility and headroom to be able to address even the worst-case scenarios as regards the evolution of COVID-19 in the coming months.The Group’s leverage ratio3 at 30 June 2020 was 0.9x, unchanged from 31 December 2019.2020 commercial priorities, current activity and outlookCommercial and operational prioritiesFor the remainder of 2020, the Group’s commercial priorities are to: * Continue to offer our customers a quality and safe omnichannel experience * Work towards a normalized supply level by selectively rebuilding inventory * Launch the Maisons du Monde marketplace * Continue the development of our warehouse in Northern France, and * Maintain cost and cash management discipline.Current activity and outlook Virtually all Maisons du Monde and most Modani stores have been up and running since the beginning of June, and the Group has experienced strong sales since then. Third-quarter overall activity to date has been ahead of last year’s level, linked to private sales and promotions held in July in most of our markets  (vs. June in 2019). However, due to the high level of sales activity since mid-May, the Group is currently experiencing product shortages, particularly in furniture.  Product availability challenges should be resolved in Q4.In terms of store development, we currently anticipate between 4 and 8 net store closures in the full year (10 net closures in H1 2020). Given the ongoing high level of uncertainty, the Group believes it is not appropriate to provide guidance for the rest of the year. Nevertheless, although the second-half performance should show an improvement over the first six months, it is currently expected that it will be below its 2H19 level.***  Consolidated financial statementsConsolidated income statement (in € million – IFRS 16)        1H20 1H19 % change Sales 488.9 564.0 -13.3% Other revenue 21.1 18.6   Total revenue 509.9 582.6 -12.5% Cost of sales (175.5) (203.3) -13.7%   Gross Margin4 313.4 360.7 -13.1%   As a % of Sales 64.1% 64.0%   Personnel expenses (94.4) (112.4) -16.0% External expenses (175.8) (175.8) nc Depreciation, amortization and allowance for provisions (76.2) (66.9) 13.9% Fair value – derivative financial instruments 9.9 4.6 nm Other income/(expenses) from operations (1.7) (2.7) nm Current operating profit (3.7) 26.1 nm Other operating income and expenses (2.2) (3.1) -29.9% Operating profit / (loss) (5.8) 23.0 nm Cost of net debt (3.8) (3.3) 16.3% Cost of lease debt (6.6) (6.1) 8.1% Financial income 2.3 0.8 nm Financial expense (1.5) (2.2) -29.9% Financial profit / (loss) (9.6) (10.8) -10.6% Share of profit / (loss) of equity-accounted investees - -   Profit / (loss) before income tax (15.5) 12.2 nm Income tax (4.9) (6.8) -34.5% Profit / (loss) for the period (20.4) 5.4 nm Attributable to:       ·Owners of the parent (18.6) 6.2 nm ·Non-controlling interests (1.8) (0.8) nm Diluted EPS (0.35) 0.15 nm Consolidated balance sheet     (in € million – IFRS 16) 30 June 2020 30 June 2019  ASSETS        Goodwill 375.4 368.7  Other intangible assets 250.0 241.2  Property, plant and equipment 159.3 154.1  Right-of-use assets related to lease contracts 668.2 657.9  Other non-current financial assets 15.8 19.8  Deferred income tax assets 5.0 3.8  Derivative financial instruments 3.3 3.8  Other non-current assets - -  NON-CURRENT ASSETS 1,477.1 1,449.3  Inventory 173.6 215.8  Trade receivables and other current receivables 121.0 102.1  Other current financial assets (0.0) 0.9  Current income tax assets 15.0 15.1  Derivative financial instruments 15.9 14.6  Cash and cash equivalents 437.4 30.7  CURRENT ASSETS 763.0 379.3  TOTAL ASSETS 2,240.1 1,828.7         EQUITY AND LIABILITIES       TOTAL EQUITY 607.3 578.8  Non-current borrowings 151.4   50.0  Non-current convertible bonds 184.4 180.2  Medium and long-term lease liability 544.3 534.9  Deferred income tax liabilities 53.0 61.8  Post-employment benefits 11.6 10.4  Provisions 14.0 14.2  Derivative financial instruments - -  Other non-current liabilities 23.5 24.7  NON-CURRENT LIABILITIES 982.2 876.2  Current borrowings and convertible bonds 201.8 0.2  Short-term lease liability 118.1 94.9  Trade payables and other current payables 319.3 275.2  Provisions 3.6 1.8  Current income tax liabilities 7.4 1.6  CURRENT LIABILITIES 650.6 373.7  TOTAL LIABILITIES 1,632.8 1,249.8  TOTAL EQUITY AND LIABILITIES 2,240.1 1,828.7  Consolidated cash flow statement  (in € million – IFRS 16)       30 June 2020 30 June 2019 Profit/(loss) before income tax (15.5) 12.2 Adjustments for:     ·Depreciation, amortization, and allowance for provisions 74.3 69.5 ·Net gain/(loss) on disposals 3.3 1.6 ·Fair value – derivative financial instruments (9.9) (4.6) ·Share-based payments (0.4) 1.3 ·Cost of net financial debt 3.8 3.3 ·Cost of lease debt 6.6 6.1 Change in operating working capital requirement:     ·(Increase)/decrease in inventory 37.4 25.5 ·(Increase)/decrease in trade and other receivables (57.5) (30.8) ·Increase/(decrease) in trade and other payables 92.8 5.6 Income tax paid (15.7) (18.2) Net cash generated by/(used in) operating activities(a) 119.3 71.5 Acquisition of non-current assets:     ·Property, plant and equipment (12.8) (18.6) ·Intangible assets (6.9) (4.1) ·Financial assets5 (0.0) (4.2) ·Other non-current assets (0.0) (0.7) Change in debt on fixed assets (4.9) (8.0) Proceeds from sale of non-current assets 0.0 0.4 Net cash generated by/(used in) investing activities(b) (24.7) (35.2) Proceeds from issues of borrowings 301.2 - Repayment of borrowings (0.4) (10.4) Decrease of lease debt (45.4) (48.3) Acquisitions (net) of treasury shares 0.1 0.2 Interest paid (0.3) (0.8) Interest on lease debt (6.5) (3.7) Net cash generated by/(used in) financing activities(c) 248.7 (63.0) Exchange gains/(losses) on cash and cash equivalents (0.5) 0.0 Net increase/(decrease) in cash & cash equivalents(a)+(b)+(c) 342.8 (26.6)       Cash & cash equivalents at period begin 94.5 56.6 Cash & cash equivalents at period end 437.3 29.9 Free cash flow (in € million – IFRS 16)      30 June 202030 June 2019 EBITDA 68.8 97.1 Change in working capital 72.7 0.3 Change in other operating items (22.2) (25.3) Net cash generated by/(used in) operating activities 119.3 71.5 Property, plant and equipment (12.8) (18.6) Intangible assets (6.9) (4.1) Other non-current assets (0.1) (0.7) Change in debt on fixed assets (4.9) (8.0) Proceeds from disposal of non-current assets 0.1 0.4 Reduction of lease debt (45.4) (48.3) Interest on lease debt (6.5) (3.7)  Free cash flow 42.6 (11.5) ***Net debt & leverage (in € million – IFRS 16 & IAS 17)     Net debt calculation 30 June 202031 Dec 2019 Convertible bonds (“OCEANE”) 184.4 182.1 Term loan 49.8 49.8 Revolving Credit Facilities (RCFs) 150.3 (0.4) State guaranteed term loan (PGE) 149.7 - Other debt6 3.3 1.7 Finance leases 662.4 666.2 Cash & cash equivalents (437.3) (94.5) Net debt 762.7 804.9 Less: Finance leases (657.4) (662.0) Net debt7 105.9 142.9 LTM EBITDA8 119.1 152.7 Leverage8 0.9x 0.9x Store network8 (In units)Number of stores at end of: FY181Q192Q193Q194Q19FY191Q202Q20 France221221224227233233228227 Italy4545474848484848 Spain2323242427272727 Belgium2221212224242323 Germany1010101011111110 Switzerland77889999 Luxembourg33333333 Portugal--111111 United Kingdom4444---- United States1314161720202118           Number of stores349349358364376376371366 Net openings+250+9+6+12+27-5-5           Sales area (K sqm)398.4398.6408.1416.7432.3432.3430.9428.2 Change (K sqm)+35.2+0.2+9.5+8.6+15.6+33.9-1.4-2.7 Besides the financial indicators set out in International Financial Reporting Standards (IFRS), Maisons du Monde's management uses several non-IFRS metrics to evaluate, monitor and manage its business. The non-IFRS operational and statistical information related to Group's operations included in this press release is unaudited and has been taken from internal reporting systems. Although none of these metrics are measures of financial performance under IFRS, the Group believes that they provide important insight into the operations and strength of its business. These metrics may not be comparable to similar terms used by competitors or other companies.Sales: Represent the revenue from sales of decorative items and furniture through the Group’s retail stores, websites and B2B activities. They mainly exclude: 1. customer contribution to delivery costs, 2. revenue for logistics services provided to third parties, and 3.  franchise revenue. The Group uses the metric of “Sales” rather than “Total revenue” to calculate growth at constant perimeter, like-for-like growth, gross margin, EBITDA margin and EBIT margin.Like-for-like sales growth: Represents the percentage change in sales from the Group’s retail stores, websites and B2B activities, net of product returns between one financial period (n) and the comparable preceding financial period (n-1), excluding changes in sales attributable to stores that opened or were closed during either of the comparable periods. Sales attributable to stores that closed temporarily for refurbishment during any of the periods are included.Gross margin: Is defined as sales minus cost of sales. Gross margin is also expressed as a percentage of Sales.Trade margin: Is defined as gross margin less expenses related to logistics and warehouses, deliveries to clients (net) and stores as well as packaging.EBITDA: Is defined as current operating profit, excluding: 1. depreciation, amortization, and allowance for provisions, 2. the change in the fair value of derivative financial instruments, and 3. store pre-opening expenses.The EBITDA margin is calculated as EBITDA divided by Sales.EBIT: Is defined as EBITDA minus depreciation, amortization, and allowance for provisions. The EBIT margin is calculated as EBIT divided by Sales.Net debt: Is defined as the Group’s finance leases, convertible bond (“OCEANE”), unsecured term loan, unsecured revolving credit facilities, the French state guaranteed term loan, short- and long-term rental, deposits and bank borrowings, net of cash and cash equivalents. Leverage ratio: Is defined as net debt less finance leases divided by LTM EBITDA as calculated under IAS 17.Free cash flow: Is defined as net cash from operating activities less the sum of capital expenditures (capital outlays for property, plant and equipment), intangible and other non-current assets, change in debt on fixed assets, proceeds from disposal of non-current assets and reduction of and interest on rental debt.                *** Financial calendar927 October 20203rd Quarter 2020 sales (press release after market close) ***Disclaimer: Forward Looking StatementThis press release contains certain statements that constitute "forward-looking statements," including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward- looking statements. Accordingly, no representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements included in this press release speak only as of the date hereof and will not give rise to updates or revision. For a more complete list and description of such risks and uncertainties, refer to Maisons du Monde’s filings with the French Autorité des marchés financiers.***About Maisons du MondeMaisons du Monde is a creator of inspirational lifestyle universes in the homeware industry, offering distinctive and affordable decoration and furniture collections that showcase multiple styles. The Group develops its business through an integrated and complementary omnichannel approach, leveraging its international network of stores, its websites and its catalogues. The Group was founded in France in 1996 and has expanded profitably across Europe since 2003, reporting sales of €1,225 million and EBITDA of €259 million in 2019. At 31 December 2019, the Group operated 376 stores in 9 countries including France, Belgium, Germany, Italy, Luxembourg, Portugal, Spain,  Switzerland and the United States, and derived 45% of its sales outside France. The Group has also built a successful complementary and comprehensive ecommerce platform, whose sales grew by over 30% per year on average between 2010 and 2019. This platform, which accounted for 25% of the Group's sales in 2019, is available in the countries where it operates stores plus Austria, the Netherlands and the United Kingdom. In 2018, the Group acquired a majority stake in Modani, a furniture chain present in the United States through its stores and ecommerce business. Modani, founded in 2007, is an aspirational lifestyle brand, offering high-quality proprietary modern, contemporary and mid-century furniture at affordable price points, with a nationwide presence through a network of 18 showrooms.corporate.maisonsdumonde.com ***ContactsInvestor RelationsPress Relations Christopher Welton – +33 7 85 70 71 41Clémentine Prat – +33 2 51 79 54 08 cwelton@maisonsdumonde.com cprat@maisonsdumonde.com Maisons du Monde First-Half 2020 Results Conference Call and Webcast connection details   Tuesday, 28 July 2020 at 18:00 CEST   Conference Call Dial-In Numbers Confirmation Code: 5798676 Standard International  +44 (0) 203 0095709 Toll-Free:Local Dial : France   0 800918150 Germany   0 8005889313 Spain   800098599 Italy  800987313 Switzerland   0 800828012 United Kingdom   0 8006941461 United States   +1 866- 280-1157France   +33 (0)1 70 73 82 21 Germany   +49 (0) 6924437403 Spain   +34 91 414 1434 Italy  +39 06 8750 0892 Switzerland   +41 044 580 60 84 United Kingdom +44 (0) 844 494 1461 United States   +1 646-787-1226 Replay Dial-In Numbers Available until - 04/08/2020 23:00 CEST Confirmation Code: 5798676 Standard International  +44 (0) 333 3009785 Toll-Free:Local Dial : United States   +1 (866) 616-1743    France   +33 (0)1 70 95 03 48 United Kingdom   +44 (0) 844 5718951 United States   +1 (917) 677-7532   Webcast Player URL: https://edge.media-server.com/mmc/p/5b7uyyph   * * * 1 IFRS 16; the audit of the first-half 2020 financial results is being finalized. 2 The trade margin is a non-IFRS metric and is defined as gross margin less expenses related to logistics and warehouses, deliveries to clients (net) and stores as well as packaging. 3 Defined under the Group’s Senior Debt Facility as net debt less finance leases divided by LTM EBITDA as calculated under IAS 17. 4 Gross margin: Sales less cost of sales. GM is a non-IFRS financial metric and is presented here for informational purposes only. 5 Acquisition of Rhinov 6 Including other borrowings, deposits and guarantees, and banks overdrafts. 7 Calculated under IAS 17 as per the Senior Credit Facilities Agreement dated 18 April 2016. 8 Including Modani; excluding franchise stores. 9 Indicative timetable. Attachment * 2020 07 28 1H20 Results V-ENG vDEF.2 (2020 07 28)

  • Globe Newswire

    Maisons du Monde: Liquidity Strengthened by a €150 Million Loan Guaranteed by the French State

    PRESS RELEASEMAISONS DU MONDE: LIQUIDITY STRENGTHENED BY A €150 MILLION LOAN GUARANTEED BY THE FRENCH STATENANTES – 4 June 2020, 17:45 CET– Maisons du Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader in affordable and inspirational decoration and furniture homeware, announces it has further strengthened its financial structure with a €150 million loan that is 90% guaranteed by the French state.The Group’s first quarter 2020 ending cash position of €222 million (thanks notably to the drawdown of two Revolving Credit Facilities for €150 million) has just been reinforced by a Term Loan issued within the scope of the French state’s Prêt Garanti par l’Etat (PGE)1. The facility was provided by a syndicate of six banking groups (Groupe Crédit Agricole, Groupe BPCE, Groupe Société Générale [coordinator], Groupe CM-CIC, HSBC and BNP Paribas) and has a maturity of one year, with an extension option of up to 5 additional years (June 2026).Maisons du Monde has also successfully negotiated a covenant holiday for the two remaining testing periods (June 2020 and December 2020) of its €200 million senior credit facility, maturing in the second quarter of 2021.Julie Walbaum, CEO of Maisons du Monde, declared: “The state-guaranteed loan we have negotiated, combined with the covenant holiday, further strengthen us as we emerge from a two-month total lockdown in all markets in which we operate caused by the Covid-19 pandemic. In addition to the continuation of strong cost and cash control actions, this measure improves Group liquidity, and thus gives us additional flexibility and headroom to be able to address even the worst-case scenarios as regards the evolution of Covid-19 in the coming months. At the same time, our teams are fully mobilized to welcome our clients in our stores, taking all steps to ensure their health and safety while providing the best buying experience.”***  Disclaimer: Forward Looking StatementThis press release contains certain statements that constitute "forward-looking statements," including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward- looking statements. Accordingly, no representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements included in this press release speak only as of the date hereof and will not give rise to updates or revision. For a more complete list and description of such risks and uncertainties, refer to Maisons du Monde’s filings with the French Autorité des marchés financiers.***About Maisons du MondeMaisons du Monde is a creator of inspirational lifestyle universes in the homeware industry, offering distinctive and affordable decoration and furniture collections that showcase multiple styles. The Group develops its business through an integrated and complementary omnichannel approach, leveraging its international network of stores, its websites and its catalogues. The Group was founded in France in 1996 and has expanded profitably across Europe since 2003, reporting sales of €1,225 million and EBITDA of €153 million in 2019. At 31 December 2019, the Group operated 376 stores in 9 countries including France, Belgium, Germany, Italy, Luxembourg, Portugal, Spain,  Switzerland and the United States, and derived 45% of its sales outside France. The Group has also built a successful complementary and comprehensive ecommerce platform, whose sales grew by over 30% per year on average between 2010 and 2019. This platform, which accounted for 25% of the Group's sales in 2019, is available in the countries where it operates stores plus Austria, the Netherlands and the United Kingdom. In 2018, the Group acquired a majority stake in Modani, a furniture chain present in the United States through its stores and ecommerce business. Modani, founded in 2007, is an aspirational lifestyle brand, offering high-quality proprietary modern, contemporary and mid-century furniture at affordable price points, with a nationwide presence through a network of 19 showrooms.corporate.maisonsdumonde.com***ContactsInvestor Relations Press Relations Christopher Welton – +33 7 85 70 71 41 Clémentine Prat – +33 2 51 79 54 08 cwelton@maisonsdumonde.com cprat@maisonsdumonde.com         * * *  1 A program whereby the French state is guaranteeing 300 billion euros in loans granted to French businesses and professionals who are impacted by the Covid-19 health emergency.   Attachment * MDM 2020 06 04 PR PGE VA vDEF