Srp Groupe Sa · EURONEXT:SRP
Srp Groupe Sa — H1 2024 Earnings Presentation
24 slides from Srp Groupe Sa's earnings presentation, Jul 26, 2024
Slide 1: H1 results presentation
H1 results presentation 1
Slide 2: Agenda
Agenda 1. H1 results presentation 2. Update on ACE and H2 Key focus areas 2
Slide 3: Update on the market environment
Update on the market environment Macroeconomic E-commerce sales growth context over the period vs Y-1 23-27 Household confidence index T1 April May CAGR 110 100 Fashion -2.3% +4.2% -7.2% 0.5% p.a. 90 80 70 Home & Deco -3.2% -3.0% -5.4% 5.8% p.a. Beauty +12.5% +14.1% +3.9% 6.0% p.a. Household consump
Slide 4: Key Financials
Key Financials H1 Gross Merchandise Value (€m, % Growth) H1 Net Revenues (€m) 15.2% 0.1% 8.5% (4.0)% 499 499 331 441 318 305 H1 2022 H1 2023 H1 2024 H1 2022 H1 2023 H1 2024 Actuals Actuals H1 EBITDA (€m, % margin) Net results (€m, % margin) 3.7% 2.4% 0.5% 0.4% n.a n.a 11.2 9.3 1.3 (2.7) (8.3) ( 12.4
Slide 5: Key Business Highlights
Key Business Highlights 1 Implementation of a new Commercial organization enabling significant new 2 Finalization of SRP Logistic network strategic accounts signed rationalization 3 Implementation of a new 4 Launch of the Media Mix front Model and the Attribution Model 5
Slide 6: Key operationnal metrics on SRP Group
Key operationnal metrics on SRP Group Average revenue per buyer – By geography (€m, % Growth) Number of buyers – By geography (m) (3.5)% -% 2.39 2.30 (6.0)% Total 1.96 1.84 136 105 110 136 7.9% 0.43 0.46 H1 2023 H1 2024 145 147 Average Basket size (€) 134 133 116 0.6% 110 109 104 53.7 54.0 55.4 56.5
Slide 7: Net Revenue IFRS by Geographies
Net Revenue IFRS by Geographies France (€m, % Growth) International (€m, % Growth) Total (€m, % Growth) 7.7% (4.6)% (8.7)% (6.8)% 12.2% 12.9% 8.3% 11.2% 8.5% (2.0)% (5.8)% (4.0)% 331.3 318.1 6.9 4.8 60.2 264.2 67.0 246.3 165.5 127.3 264.2 246.3 60.2 67.0 152.6 119.0 35.6 31.3 H1 2023 Q1 Q2 H1 2024 H
Slide 8: H1 2024 Performance by platform
H1 2024 Performance by platform H1 2024 revenues of €318m, representing a 4.0% decline y-o-y Internet sales (7.5)% vs. 2023 0.3% vs. 2023 50.1% vs. 2023
Slide 9: … mitigated by strong performance from our growth levers
… mitigated by strong performance from our growth levers International Travel Marketplace +11% growth y-o-y +12% GMV growth y-o-y +63% GMV growth y-o-y • Strong growth in our international • €43m GMV achieved as of 30-Jun- • €23m GMV achieved as of 30-Jun- market despite relatively low 24 24 marketi
Slide 10: The firm sale is continuing to increase
The firm sale is continuing to increase REVENUE BREAKDOWN FY H1 FY H1 2022 2023 2023 2024 FIRM SALE DELIVERY IN 24 -48 HOURS TO OUR CUSTOMERS SHORT DELIVERY TIME SRP OWN INVENTORY Speedy execution and satisfying customer service 34% 37% 38% 43% DROP & SALE DELIVERY IN 24 -48 HOU RS AS STOCK READILY
Slide 11: H1 2024 reflects investments for our transformation
H1 2024 reflects investments for our transformation Evolution of EBITDA (€m, % margin) The drivers of future EBITDA growth 2.3% 8.5% 3.7% 2.8% 0.5% Drivers 2024 2025 impact The year of transition expected 33.0 New commercial organisation focused on prospection +++ Gross sales increase New website fr
Slide 12: H1 2024 P&L Overview
H1 2024 P&L Overview 23-24 1 Net revenue decline of 4% y-o-y driven by challenging € in millions H1 2022 H1 2023 H1 2024 % Growth market environment and transformation underway that 1 Net Revenues 305.4 331.3 318.1 (4.0%) temporarily weigh on performance Cost of Goods Sold (186.0) (203.4) (196.1) (
Slide 13: Cash flow, Net Debt and inventory position
Cash flow, Net Debt and inventory position Cash Flow Statement Net Debt position €m H1 2022 H1 2023 H1 2024 €m Jun-23 Dec-23 Jun-24 EBITDA 11.2 9.3 1.6 Gross Cash 74.6 70.6 50.9 Change in Working Capital (20.0) (12.6) (2.9) Gross Debt 56.8 42.3 55.1 Taxes (3.4) 2.6 (0.3) Net Debt / (Cash) inc. IFRS
Slide 14: Agenda
Agenda 1. H1 results presentation 2. Update on ACE and H2 Key focus areas 14
Slide 15: Logistic rationalisation enabling over €7m savings (1/2)
Logistic rationalisation enabling over €7m savings (1/2) Rationalisation overview Logistic network over 2024-2025 €16m Capex investment for over 2 external warehouses €7m run-rate savings from 2026 onwards Kuehne Jevaso + Nagel Spain B1 Storage for Astrolab Single hub for Intra-site transportation i
Slide 16: Logistic rationalisation enabling over €7m savings (2/2)
Logistic rationalisation enabling over €7m savings (2/2) New logistic network going live as soon as August 2024 Warehouse Activity Transfer Date to Batiment F Termination B1 Storage for injection onto Astrolab Mid Aug-24 – End Sep-24 B2 Return Management Early Oct-24 B2 Wholesale [Oct-24] November 2
Slide 17: Transportation costs optimisation to generate €3.3m savings on a run-rate basis
Transportation costs optimisation to generate €3.3m savings on a run-rate basis Savings Theme Comments anticipated ▪ New Bat F enables savings on intra-site transport cost Optimisation of 1st Mile cost: Logistic c.€1.5m ▪ 1 single hub of collection enabling consolidation of rationalisation volumes ▪
Slide 18: Adapting our Marketing strategy and operations
Adapting our Marketing strategy and operations Key achievements Impact Implementing a new organisation structure to include the agile methodology in the new ways of working ~€70m of L4 impact extrapolated (~150% of the Q2 24 target) Structuring the personalization approach, using micro segmentation
Slide 19: Key Marketing focus over H2 2024
Key Marketing focus over H2 2024 Modernization of tracking • Implement an attribution and MMM model to improve data tracking and tools improve the understanding of the marketing performances • Deploy Brandformance campaigns Boost the traffic • Optimize SEO alongside v5 migration • Increase app downl
Slide 20: Enhancement of our UX / UI
Enhancement of our UX / UI V5 Homepage Tunnel V5 (app) Personnalised Objective Tunnel V5 Product Travel brands and (web) Page (Inter.) ranking on Newsletter Product List Page Homepage Premiumisation of the website Enhance customer May June July Aug. Sept. Oct. Q1 25 experience Algolia is a modern se
Slide 21: Enhancing the organisation for greater expansion
Enhancing the organisation for greater expansion Key achievements Impact Implementation of the new sales organization to free up more time for prospecting +18% TO / sales in June vs N-1 Implementation of SRP golden rules to improve offer quality and gain in efficiency +0.4pt vs S1 23 in % TO from ne
Slide 22: Summary Key focus for H2 2024
Summary Key focus for H2 2024 Boost performances on Core business sales, with a focus on Home, leveraging the new organization recently put in place Implement the new planning process to optimize sales strategy and enhance Sales customer loyalty Launch the Marketplace in international markets Levera
Slide 23: Profitability protection will remain the key focus of H2
Profitability protection will remain the key focus of H2 2024 Deployment of Strict cost initiatives to Deployment of IA management and guarantee initiatives Margin protection expected savings
Slide 24: Thank you
@ Thank you Sous-titre SHOWROOM @ GROUP 24