Srp Groupe Sa · EURONEXT:SRP

Srp Groupe Sa — Investor Presentation (January 2019)

41 slides from Srp Groupe Sa's investor presentation, January 2019

  1. Slide 1: Investor presentation

    Investor presentation January 2019

  2. Slide 2: A new development phase in our growth journey

    A NEW DEVELOPMENT PHASE IN OUR GROWTH JOURNEY € 655 540 443 350 257 187 2012 2013 2014 2015 2016 2017 2018E Medium-Term

  3. Slide 3: We have a leading business model to sustain our new roadmap

    WE HAVE A LEADING BUSINESS MODEL TO SUSTAIN OUR NEW ROADMAP • • • • •

  4. Slide 4: Our latest milestone: successful capital increase to enhance our platform

    OUR LATEST MILESTONE: SUCCESSFUL CAPITAL INCREASE TO ENHANCE OUR PLATFORM AND REACH OUR FULL POTENTIAL AND RESTORE OUR PROFITABILITY € • • • • • • • • • • • • •

  5. Slide 5: Business update

    Business update

  6. Slide 6: Founder-led company supported by a seasoned management team

    FOUNDER-LED COMPANY SUPPORTED BY A SEASONED MANAGEMENT TEAM            

  7. Slide 7: SRP: a leading pan-European e-commerce player

    SRP: A LEADING PAN-EUROPEAN E-COMMERCE PLAYER 66m 8.0m 39.0m €655m 18% c. 82%

  8. Slide 8: A powerful digital platform

    A POWERFUL DIGITAL PLATFORM showroomprive.com #1 digital platform FOR FASHION & 4 BEAUTY GENERATIONS in France OF DIGITAL Mediametrie WOMEN Jan. to Aug. 2018 95% of free traffic No dependency to Google and Facebook 2.2M >30M 83% MEMBERS of prompted brand visits per day in 2017 / >20M in France aware

  9. Slide 9: Sustained customer engagement

    SUSTAINED CUSTOMER ENGAGEMENT +1.2 M 78 % 68 % +4 Pts

  10. Slide 10: A holistic solution to our brand partners

    A HOLISTIC SOLUTION TO OUR BRAND PARTNERS MANAGE EXCESS INVENTORY Media booster / INCREASE awareness Brand content Customer insights and social media International DRIVE traffic in store and online reach • •

  11. Slide 11: Long term and successful relationships with our brand partners

    LONG TERM AND SUCCESSFUL RELATIONSHIPS WITH OUR BRAND PARTNERS 16% of revenues Top 20 in Worked with Worked with STRONG BRANDS LOYALTY 87% Brand A 2018 #1 us in 2017 Oui us in 2016 Non Brand B #2 Non Non Brand C #3 Oui Oui Brand D #4 Oui Oui Brand E #5 Oui Oui Brand F #6 Oui Oui Brand G #7 Oui Oui B

  12. Slide 12: Leading market positions

    LEADING MARKET POSITIONS 4th 4th 4th 3rd 2nd E-commerce player E-commerce player Most visited e-shop E-commerce player E-commerce player on beauty in France in France on fashion in France in France in France1 with Beautéprivée 2.5% 4.8% 15% 5%

  13. Slide 13: Pan European platform with critical size

    PAN EUROPEAN PLATFORM WITH CRITICAL SIZE     € 

  14. Slide 14: A track record of fast growth and profitability

    A TRACK RECORD OF FAST GROWTH AND PROFITABILITY € € +36% +27% +22% +21% 4.8% 4.4% 5.4% 5.2% 2.0% 655 28.3 111 25.7 540 23.7 72 443 63 350 15.5 315 53 54 12.4 257 544 13.1 38 468 380 297 262 219 3.7 2013 2014 2015 2016 2017 H1-2018 (0.8) 2013 2014 2015 2016 2017 H1-2018 France International Group EBI

  15. Slide 15: 2018: a year of transition and execution

    2018: A YEAR OF TRANSITION AND EXECUTION  1st growth plateau after 11 years of dynamic growth  “Performance 2018-2020” plan • Announced in March 2018  Some execution issues in 2017 • Management attention focused on strategic • Currently under deployment, operations with first results already • So

  16. Slide 16: Performance 2018-2020 plan

    “PERFORMANCE 2018-2020” PLAN SHORT TERM MEDIUM TERM

  17. Slide 17: First effects of our performance plan started to materialize in H1-2018

    FIRST EFFECTS OF OUR PERFORMANCE PLAN STARTED TO MATERIALIZE IN H1-2018 +9% -16% 0% +8% -12% +30% -6% +5% • • • • Reinforce Adjust our Commercial Marketing approach approach Increase customer More engagement detailed business monitoring +4 points -18 M€ -3% 0% -33% • • • •

  18. Slide 18: Positive signals in Q2-2018 and Q3-2018 also confirmed in October and November

    POSITIVE SIGNALS IN Q2-2018 AND Q3-2018 ALSO CONFIRMED IN OCTOBER AND NOVEMBER € • 215 195 165 154 151 152 134 137 123 117 105 Q1 Q2 Q3 Q4 2016 2017 2018

  19. Slide 19: Our vision

    Our vision

  20. Slide 20: Strong underlying market fundamentals

    STRONG UNDERLYING MARKET FUNDAMENTALS € 56 22% 38 16% 20 7% 6 2% Fashion Consumer Home and Beauty and Consumer Fashion Home and Beauty and appliances/ garden personal care appliances/ garden personal care electronics electronics € 99 16% 83 66 9% 56 9% 8% 4% 3% 38 4% 2014A 2015A 2016A 2017A 2018E

  21. Slide 21: Tangible levers to outgrow e-commerce market

    TANGIBLE LEVERS TO OUTGROW E-COMMERCE MARKET BUSINESS EXPANSION SUPERIOR VALUE PROPOSITION ATTRACTIVE Medium- MARKET DRIVERS term € 2017

  22. Slide 22: Focus on four strategic pillars

    FOCUS ON FOUR STRATEGIC PILLARS • • • • • • • • • • • € • • •

  23. Slide 23: Monetize our data and launch media offerings

    MONETIZE OUR DATA AND LAUNCH MEDIA OFFERINGS • • • • • • • • • • TRAFFIC AUDIENCE EXTENSION SAMPLING MEDIA OFFERINGS DATA RETARGETTING TRADE MARKETING MEDIA LOOK ALIKE

  24. Slide 24: Our roadmap to bring profitability and cash generation back to historical levels

    OUR ROADMAP TO BRING PROFITABILITY AND CASH GENERATION BACK TO HISTORICAL LEVELS • • • • • € € • € • • • • •

  25. Slide 25: Capital increase

    Capital increase

  26. Slide 26: Objectives of the capital increase

    OBJECTIVES OF THE CAPITAL INCREASE • • • € • € • • € • • € •

  27. Slide 27: Pro-forma capital structure

    PRO-FORMA CAPITAL STRUCTURE €m Current Pro-forma Bank loans 18 18 Drawn portion of RCF 10 10 Finance lease 2 2 Debt related to the acquisition of the remaining 40% of Beautéprivée 22 22 Total debt 51 51 Cash (29) [(59) - (69)] Net debt 22 [(8) - (18)]

  28. Slide 28: Appendix

    Appendix

  29. Slide 29: Rights issue benefits from strong shareholders support

    RIGHTS ISSUE BENEFITS FROM STRONG SHAREHOLDERS SUPPORT • • € • • • • • • €

  30. Slide 30: Key terms of Showroomprivé's €40M rights offering

    KEY TERMS OF SHOWROOMPRIVÉ’S €40M RIGHTS OFFERING  €   €         

  31. Slide 31: Transaction calendar

    TRANSACTION CALENDAR          

  32. Slide 32: Pre-operation shareholding structure

    PRE-OPERATION SHAREHOLDING STRUCTURE # shares (1) % # voting rights (1) % Ancelle SARL (2) 3,429,802 9.9% 6,859,604 16.0% Victoire Investissement SARL (3) 2,335,460 6.7% 4,670,920 10.9% Cambon Financière SARL (4) 2,079,930 6.0% 4,159,860 9.7% Thierry Petit / TP Invest SARL (5) 1,557,866 4.5% 1,557,8

  33. Slide 33: Post-operation shareholding structure

    POST-OPERATION SHAREHOLDING STRUCTURE # shares % # voting rights % Ancelle SARL (1) 7,860,078 15.5% 11,289,880 19.1% Thierry Petit / TP Invest SARL (2) 4,473,233 8.8% 4,834,279 8.2% Victoire Investissement SARL (3) 2,335,460 4.6% 4,670,920 7.9% Cambon Financière SARL (4) 2,079,930 4.1% 4,159,860 7.0

  34. Slide 34: Deliver better, faster and at a lower cost by insourcing logistic services

    DELIVER BETTER, FASTER AND AT A LOWER COST BY INSOURCING A PART OF OUR LOGISTIC SERVICES OPENING BY THE END OF 2019 FULL LOGISTIC SERVICES PROVEN POCKET SORTER TECHNOLOGY c.20% €11M

  35. Slide 35: Leader in online sale of cosmetics and well-being products with Beautéprivée

    WE ARE THE LEADER IN ONLINE SALE OF COSMETICS AND WELL-BEING PRODUCTS WITH BEAUTÉPRIVÉE A LEADING PLATFORM WITH AN IMPRESSIVE NUMBER OF PARTNERS …WITH LARGE AND COMPLEMENTARY PRODUCT OFFER IN MARKET YET SHOWING STRONG GROWTH… TO SIGNIFICANTLY GROW ONLINE 800 AN ATTRACTIVE AND PROFITABLE VERTICAL €20

  36. Slide 36: Leverage our transforming partnership with Carrefour

    LEVERAGE OUR TRANSFORMING PARTNERSHIP WITH CARREFOUR WHICH OPENS NEW HORIZON COMMERCIAL LOGISTIC MARKETING DATA

  37. Slide 37: Profit & loss statement

    PROFIT & LOSS STATEMENT (€ thousands) 2017 H1-17 H1-18 % Growth Net revenues 654,971 306,173 315,477 3.0% Cost of goods sold -416,003 -191,765 -205,075 6.9% Gross margin 238,967 114,408 110,402 3.5% Gross margin as % of revenues 36.5% 37.4% 35.0% Marketing -33,048 -12,310 -12,759 3.6% As % of revenu

  38. Slide 38: Cash flow statement

    CASH FLOW STATEMENT (€ thousands) 2016 2017 H1-17 H1-18 Net income for the period -250 -5,234 -210 -6,483 Adjustments for non-cash items 18,228 11,946 7,157 1,165 Cash flow from operations before finance costs and income tax 17,978 6712 6,947 -5,318 Elim of accrued income tax expense 2741 -2,689 740

  39. Slide 39: Balance sheet

    BALANCE SHEET (€ thousands) 2016 2017 HI-17 H1-18 NON-CURRENT ASSETS Goodwill 102,782 123,685 119,080 123,685 Other intangible assets 39,289 49,789 48,472 51,558 Tangible assets 15,626 16,606 15,558 16,899 Other non-current assets 6,902 6,906 6,978 4,529 Total non-current assets 164,599 196,971 190,

  40. Slide 40: Disclaimer

    DISCLAIMER This presentation isnot for publication, release, or distribution diretly or indirectly in the United States, Canada, Australia or Japan, Disclaimer By attending the meeting where this presentation is made, or by reading the following presentation slides, you agree to be bound by the foll

  41. Slide 41: Thank you

    showroomprive+ Investor.relations@showroomprive.com

SRP Groupe — Investor Presentation (January 2019) on 6ix