Platform Group SE & Co. KGaA · XETR:TPG0
Platform Group SE & Co. KGaA — fashionette — FY2021 Earnings Presentation
33 slides from Platform Group SE & Co. KGaA's earnings presentation, Mar 31, 2022
Slide 1: Preliminary FY 2021 Results Presentation
Preliminary FY 2021 Results Presentation March 31, 2022 1
Slide 2: Our Vision
OUR VISION Becoming the number one European data-driven e-commerce group for premium and luxury fashion accessories 2
Slide 3: fashionette at a Glance
FASHIONETTE AT A GLANCE OUR ADDRESSABLE MARKET OUR BUSINESS MODEL ACHIEVEMENTS IN 2021 … is highly resilient … is focused on profitable Strong foundation for future growth growth: … is growing and … is supported by strong unit … beauty launch … we are expanding it economics … own brand strength … re
Slide 4: Our market is resilient and continues to grow
OUR MARKET IS RESILIENT AND CONTINUES TO GROW QUICK REBOUND IN 2021… …AND GROWING ONLINE PENETRATION € bn | % CAGR `21-`25 € bn Global personal luxury goods market Online penetration (%) 12% 22% 28 - 30% 7% … ARE THE KEY INDICATORS OF AN ~100% +83% 1% ACCELERATED MIDTERM GROWTH 370 ~110 29% +29% 305
Slide 5: We have a large and expanding TAM opportunity
WE HAVE A LARGE AND EXPANDING TAM 1 OPPORTUNITY European Luxury & Accessories market >€ 160bn Active market2 for fashionette >€ 40bn ~€ 20bn online beauty Active market2 online market in Europe4 for fashionette >€ 5bn 17%3 CAGR from ’20-’23 We are unlocking large, multi-billion-euro TAMs 1 Sources:
Slide 6: Strengthening our key categories
STRENGTHENING OUR KEY CATEGORIES Order Value YoY Jewelry +78% +22% 2020 2021 Accessories & Other 2020 2021 Beauty Launched in Q4 2021 +9% Handbags 2020 2021 Shoes +43% 2020 2021 We have methodically worked on bringing more choice and variety to our customers, thereby growing sales (H1 2021 vs. H1 20
Slide 7: Beauty is our new growth pillar
BEAUTY IS OUR NEW GROWTH PILLAR Germany has the In 2021, beauty launched with >100 brands and >3,000 SKUs highest revenue in the skin In 2022: 2x Brands and 2x SKUs care segment2, in With ~60% in Skin Care Europe The online share of Customer insights the beauty market is expected to grow by 9% Beaut
Slide 8: Our Business Model
OUR BUSINESS MODEL Powered by strong unit economics and customer insights In order to give a better picture of the group profile going forward and in line with our previous reporting, we will be presenting Pro Forma numbers that are: Including Brandfield from 1 January 2021 onwards 8 fashionette FY
Slide 9: Our growth flywheel allows us to scale and be profitable
OUR GROWTH FLYWHEEL ALLOWS US TO SCALE AND BE PROFITABLE >300 Brands and 25,000 SKUs in 2021 12% Own Brand share with +155% YoY Growing number of categories and SKUs Lower cost Lower average order value (AOV) EUR 13.82 cost per order2 structure … but higher no. of orders +31% in orders 174 EUR AOV w
Slide 10: Own Brand Development
OWN BRAND DEVELOPMENT 12% Own Brand share in 21% of revenue1 done via 2021 IsabelBernard.com >50% higher AOV on +155% growth YoY IsabelBernard.com than on other channels Strategic importance of own brand and what is ahead of us… • Drives improved margin over time • First diamond collection of Isabel
Slide 11: Strong unit economics support profitability
STRONG UNIT ECONOMICS SUPPORT PROFITABILITY OUR AVERAGE ORDER VALUE* IS ONE OF …WHILE CUSTOMER ACQUISITION DIVERSIFIED PORTFOLIO THAT THE HIGHEST IN THE SECTOR… COSTS** ARE WELL IN LINE RESONATES WITH OUR CUSTOMERS in € in € ~600 86% of returning customers1 bought products from ≥2 Brands 244 fashion
Slide 12: Customer profitability is reached in the first 6 months
CUSTOMER PROFITABILITY IS REACHED IN THE FIRST 6 MONTHS CUSTOMER ACQUISITION COSTS (CAC) AND CUSTOMER LIFETIME VALUE (CLV) Customer is profitable in the first 6 months 1 fashionette only CAC CLV 180 Days based on full year numbers 2 CLV for every cohort grows >10% every year CAC: Significant step up
Slide 13: Fiscal Year 2021: Update
FISCAL YEAR 2021 : UPDATE Strong foundation for future growth in 2022 In order to give a better picture of the group profile going forward and in line with our previous reporting, we will be presenting Pro Forma numbers that are: Including Brandfield from 1 January 2021 onwards 13 fashionette FY 202
Slide 14: Germany, Netherlands and own brands drive sales in 2021
GERMANY, NETHERLANDS AND OWN BRANDS DRIVE SALES IN 2021 Pro Forma view TOTAL NET REVENUE TOTAL NET REVENUE BY REGION (FY) DACH* +18% +21.0% € 154.8m € 128.0m OTHERS +25% 10% 65% 26% BENELUX** +26% KEY HIGHLIGHTS • DACH was supported by strong performance in Germany, with +17% in 2021 FY 2020 FY 2021
Slide 15: Reaching ~1 million active customers in 2021
REACHING ~1 MILLION ACTIVE CUSTOMERS IN 2021 Pro Forma view NEW CUSTOMERS ACTIVE CUSTOMERS +26.7% +32.4% 760.2k 975.9k 600.2k 736.8k FY 2020 FY 2021 FY 2020 FY 2021 Growing our active customer base to ~1 million customers, supported by strong new customer acquisition throughout the year Pro Forma vi
Slide 16: Balancing investments into marketing in H2 2021
BALANCING INVESTMENTS INTO MARKETING IN H2 2021 Pro Forma view CUSTOMER ACQUISITION COSTS (CAC) fashionette has deliberately increased marketing spend in H1 to stay top of the mind with consumers in an already receding COVID-19 environment Marketing expense (€m) +28.7% 31.1 € Higher 24.1 € Marketing
Slide 17: Financial Performance FY 2021
FINANCIAL PERFORMANCE FY 2021 Full year details Strategic choices in 2021, set the basis for our continuous profitable growth in the future Pro Forma FY 2020 FY 2021 YoY FY 2021 HGB HGB IFRS Gross Margin Roughly flat, with growing own brand share Returns 37.3% 37.0% -27 bps 37.0% offsetting some of
Slide 18: Strong Q4 leads to +41% or €134m for FY 2021
Guidance view STRONG Q4 LEADS TO +41% OR €134M FOR FY 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Net Revenue growth (%) +60% +32% +42% +19% Q1: Last quarter of widely spread COVID-19 measures Q3: Negatively impacted by the change to the new logistics service provider. First quarter of consolidation of Bra
Slide 19: Outlook for 2021 is successfully reached
OUTLOOK FOR 2021 IS SUCCESSFULLY REACHED GROWTH (TOTAL NET REVENUE) CONSOLIDATED GUIDANCE FY 2021 FY 2021 2021: Guidance view Pro Forma HGB € 133.8m HGB € 154.8m € 133m – € 143m IFRS € 133.8m IFRS € 154.8m Consolidation on 1.07.2021 Consolidation on 1.01.2021 PROFITABILITY (ADJUSTED EBITDA) CONSOLID
Slide 20: Sustainable and profitable growth to continue in 2022
SUSTAINABLE AND PROFITABLE GROWTH TO CONTINUE IN 2022 IFRS view GROWTH Challenges (TOTAL NET FY 2021 FY 2021 FY 2022 REVENUE) Consolidated Pro Forma Outlook • Consumer sentiment challenged by macro-economic conditions € 133.8m € 154.8m • Inflationary environment putting additional strain on + 16 to
Slide 21: Strongly positioned to drive long-term profitable growth
STRONGLY POSITIONED TO DRIVE LONG-TERM PROFITABLE GROWTH Attractive business with strong unit economics in attractive markets (DACH and Benelux) Large and expanding TAM opportunity A platform with multiple growth levers to drive growth organically and inorganically Multiple profitability drivers, in
Slide 22: Financial Calendar and Events
FINANCIAL CALENDAR AND EVENTS FINANCIAL CALENDAR UPCOMMING EVENTS 28 Apr ’22 FY 2021 Annual Report 4-5 Apr ’22 FY Roadshow, Montega (Virtual) StockPicker summit, Hauck 19 May ’22 Q1 2022 Earnings Call 11-13 May ’22 Aufhäuser (Berlin) 24 Jun ’22 Annual General Meeting Consumer E-Commerce virtual 17 M
Slide 23: Q&A
Q&A fashionette AG 23
Slide 24: Thank You
THANK YOU fashionette AG 24
Slide 25: Our Strategic Priorities
OUR STRATEGIC PRIORITIES 1 SELECTION EXPANSION 2 REGIONAL EXPANSION 3 CONTINUED INVESTMENTS … WITHIN EXISTING CATEGORIES … WITHIN EXISTING COUNTRIES … INTO OUR IT PLATFORM … INTO ADJACENT CATEGORIES … INTO NEW GEOGRAPHIES … INTO OUR CONTENT PRODUCTION Net Revenue growth FY 2021 DACH* +17% OTHERS +33
Slide 26: KPI Overview
KPI OVERVIEW Fashionette only Non-Financial Performance Indicators Unaudited Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 3M 2020 6M 2020 9M 2020 12M 2020 3M 2021 6M 2021 9M 2021 12M 2021 Number of orders (in thousands)1 110 133 141 223 608 164 172 110 243 385 608 164 33
Slide 27: Our business model resonates with our customers
OUR BUSINESS MODEL RESONATES WITH OUR CUSTOMERS fashionette.com is one of the top 5 online suppliers for premium and luxury accessories ALL CUSTOMERS PURCHASE 24 MONTHS FIRST CHOICE *AIDED AWARENESS 2021 vs. 2021 vs. 2021 vs. 2021 vs. 2021 vs. 2021 vs. 2020 2020 2020 2020 2020 2020 Competitor 1 Comp
Slide 28: Trade Working Capital Development
TRADE WORKING CAPITAL DEVELOPMENT TRADE WORKING CAPITAL (IFRS) € 38.0m € 35.8m € 47.6m € 19.1m € 39.6m € 18.3m € 23.6m Inventory (incl. Right of Return Asset) € 18.3m € 15.3m € 17.5m Trade and other receivables (short term) € 11.4m € 11.0m Trade and other payables (short term) € -11.4m € -15.6m € -1
Slide 29: Cash Position in FY 2021
CASH POSITION IN FY 2021 CASH BRIDGE FY 2021 Cash flow details in m€ • Cash flow from operating activities is mainly Operating Cashflow driven by an increase in inventories ahead of 4.4 Q4 31.8 • Cash flow from investing activities includes 16.4 payment for the acquisition of Brandfield incl. earn-o
Slide 30: Cash Flow
CASH FLOW IFRS Consolidated Statement of cash flow for the period ended December 31st in kEUR 01.01.2021 - 31.12.2021 01.01.2020 - 31.12.2020 Profit (loss) for the period -1,700 1,825 Depreciation and amortization 2,097 1,361 Interest (income) expenses 1,425 1,466 Income taxes -237 1,221 Decrease (i
Slide 31: HGB - IFRS Conversion
HGB - IFRS CONVERSION Commentary Guidance view 2021 • Net Revenue and Gross Profit are largely not impacted Group performance • Under IFRS 16, Operating Lease expenses are being m€ 2021 HGB IFRS Impact 2021 IFRS replaced by Depreciation and Interest expenses. This was Net Revenue 133.8 -0.1 133.8 th
Slide 32: KPI Definitions
KPI DEFINITIONS ACTIVE CUSTOMERS Defined as the number of customers placing at least one not cancelled order in the last twelve months on one of the Group’s websites or third-party marketplaces in the measurement period, irrespective of returns. ADJ. EBITDA Defined as earnings before interest, taxes
Slide 33: Disclaimer and Notes
DISCLAIMER AND NOTES BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSED IN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY FASHIONETTE AG (THE "COMPANY"). This disclaimer shall apply in all respects to the entire pr