34 slides from Platform Group Se & Co. Kgaa's earnings presentation, Aug 23, 2024
Slide 1: H1 Results 2024
H1 Results 2024 23 August, 2024 1
Slide 2: Executive Summary: Highlights H1 2024
EXECUTIVE SUMMARY Highlights H1 2024 ▪ >20% Growth in GMV (€442,5 m) and revenue (€ 231,5 m) H1 results demonstrates strong position and profitability ▪ EBITDA with €17,6 m – highest H1-profitability In company history ▪ Midterm margin-target of 7% achieved in H1 2024: EBITDA adj. EBITDA-Margin targ
Slide 3: The Platform Group Key Facts
1 THE PLATFORM GROUP Key Facts 3
Slide 4: Our Management Structure
OUR MANAGEMENT STRUCTURE Supervisory Board Stefan Schütze ▪ Jens Wasel ▪ Dominik Barton (Chairman) ▪ Florian Müller ▪ Dr. Olaf Hoppelshäuser Management Board CFO Dr. Dominik Benner Laura Vogelsang Reinhard Hetkamp CEO Board Member CFO TPG AG ▪ TPG since 2012 ▪ TPG since 2018 ▪ >20 years experience ▪
Slide 5: Latest Developments (3 Month)
LATEST DEVELOPMENTS (3 MONTH) Acquisition of Acquisition of Acquisition of OEGE GROUP Winkelstraat B.V. Aplanta GmbH (B2B platform company) (platform for luxury fashion) (platform for flowers) 5
Slide 6: Latest Developments (3 Month)
LATEST DEVELOPMENTS (3 MONTH) Acquisition of Acquisition of Wehrmann Maschinen Bond 2024/2028 with Jungherz GmbH (platform for wood €30m / 8,875% (bike parts platform) machines) 6
Slide 7: With TPG Software Our Partners Get Access to Global eCommerce
WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 22 INDUSTRIES COVERED Software-solutions for B2B + B2C small- & medium-sized customers business partners Source: Company. Overview of subsidiaries/brands. 2024 acquired: Hood.de and Avocadostore 7
Slide 8: Financials
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Slide 9: Overview H1 Report 2024 (vs. H1 2023 Pro-Forma)
OVERVIEW H1 REPORT 2024 (VS. H1 2023 PRO-FORMA) CONTINUING OPERATIONS H1 2024 H1 2023 Takeaways GMV € 442.5m € 367.3m Net revenue (EUR m) € 231.5m € 187.5m H1 2024 with better results than internally calculated Other revenues (EUR m) € 16.4m € 12.8m GMV Growth +20.5% / Revenue Growth +23.5%: both Gr
Slide 10: Overview H1 Report 2024 (vs. H1 2023 Pro-Forma)
OVERVIEW H1 REPORT 2024 (VS. H1 2023 PRO-FORMA) CONTINUING OPERATIONS H1 2024 H1 2023 Takeaways Net profit (EUR m), continuing operations € 21.7m € 16.4m Earnings per share with € 1.09 and growth of +33% Net profit (EUR m), not-continuing € -2.8m € -2.8m (continuing operations): above internal forec
Slide 11: Strong GMV and Revenue Growth
STRONG GMV AND REVENUE GROWTH CONTINUING OPERATIONS GMV Growth 6M Revenue Growth 6M € 442.5 m +21% € 231.5 m +24% € 367.3 m YoY YoY € 187.5 m 06/2023 06/2024 06/2023 06/2024 PRO-FORMA PRO-FORMA 11
Slide 12: Profitability as a Key for Sustainable Growth
PROFITABILITY AS A KEY FOR SUSTAINABLE GROWTH CONTINUING OPERATIONS EBITDA adj. 6M EBITDA reported 6M € 30.0 m € 17.6 m +33% +26% YoY € 23.9 m YoY € 13.2 m 06/2023 06/2024 06/2023 06/2024 PRO-FORMA PRO-FORMA 12
Slide 13: From EBITDA Adjusted to EBITDA Reported
FROM EBITDA ADJUSTED TO EBITDA REPORTED €1.0m Deferred tax & consolidation effects EBITDA €11.9m €30.0m Reported Adjustments €0.55m Purchase Price Allocation EBITDA Results Adjusted €17.6m H1 2024 results, continuing operations. PPA-Results due to IFRS3 and deferred tax & consolidation effects. 13
Slide 14: The Platform Group: Non-Financial KPI
THE PLATFORM GROUP: NON-FINANCIAL KPI H1 2024 H1 2023 Takeaways Number of Orders 3.749.858 3.250.763 Positive development: More partners (12.547) bring more Average order value (EUR) 118 114 products. More products bring more customers (4.8m), more customers bring more orders (H1: 3.7m). Active Cust
Slide 15: Our Guidance 2024
OUR GUIDANCE 2024 Developments H1 2024 Better H1 2024 results than internal forecast Higher profitability / strong EBITDA development due to cost efficiency program (2023-2024) INCREASE OF GUIDANCE 2024 by 29 May 2024 (“Guidance 05/2024”) Positive market tailwinds: B2B + B2C spending grow CONFIRMATI
Slide 16: Guidance 05/2024
GUIDANCE 05/2024 CONTINUING OPERATIONS GMV Guidance FY 2024 Revenue Guidance FY 2024 € 840-870 m € 480-500 m € 760-800 m € 460-470m GUIDANCE GUIDANCE GUIDANCE GUIDANCE 01/2024 05/2024 01/2024 05/2024 16
Slide 17: Guidance 05/2024
GUIDANCE 05/2024 CONTINUING OPERATIONS EBITDA adj. Guidance FY 2024 Partners >12.800 € 26-30 m 11.987 € 24-28 m GUIDANCE GUIDANCE 03/2024 GUIDANCE 01/2024 05/2024 31.12.2024 17
Slide 18: The Platform Group: GMV Development
THE PLATFORM GROUP: GMV DEVELOPMENT € 840-870m € 705 m € 591 m € 504 m 2021 2022 2023 2024e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 18
Slide 19: The Platform Group: Revenue Development
THE PLATFORM GROUP: REVENUE DEVELOPMENT € 480-500 m € 441 m € 387 m € 241 m 2021 2022 2023 2024e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 19
Slide 20: The Platform Group: Adjusted EBITDA Development
THE PLATFORM GROUP: ADJUSTED EBITDA DEVELOPMENT € 26-30 m € 23 m € 12 m € 12 m 2021 2022 2023 2024e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 20
Slide 21: Balance Sheet
BALANCE SHEET (TEUR) ASSETS 30.06.2024 31.12.2023 Takeaways Non-current assets 128.532 120.178 Reduction of inventory by - €27m (due to Current assets 130.474 159.550 car sale activities Cluno/ViveLaCar) Total Assets 259.006 284.340 Increase of cash to €15m, strong reduction of liabilities in H1 202
Slide 22: Debt Situation
DEBT SITUATION (€m) 30.06.2024 31.12.2024 FC Cash + Cash equivalents € 15.1m € 11.3m Long term Debt (bank loans) € 36.2m € 33.1m Short term Debt (bank loans) € 32.1m € 27.9m Bond € 0m € 30.0m Net Debt € 53.2m € 79,7m LTM EBITDA € 28.4m € 30.0m Leverage 1.87 x 2.65 x Target Leverage 2025 1.5 – 2.3x L
Slide 23: Cash Flow
CASH FLOW (€m) 30.06.2024 Cash flow from operating activities € 21.4m Cash flow from investing activities - € 15.1m Cash flow from financing activities € 1.4m Cash at the beginning of the period € 7.5m Change in cash in period + € 7.6m Cash at the end of the period € 15.1m 23
Slide 24: Segment Development
3 Segment Development 24
Slide 25: The Platform Group: Segment Overview
THE PLATFORM GROUP: SEGMENT OVERVIEW Consumer Goods Freight Goods Revenues by Segment (H1 2024) (in m€, continuing operations) Products with simple Products with complex logistics and focus on transport, logistics and consumer goods delivery processes in the Sustainable Products area of freight logi
Slide 26: Segment Report Pro-Forma: Consumer Goods
SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS Consumer Goods H1 2023 H1 2024 Key takeaways GMV €217.1 m € 268.0m Positive development of higher revenues due to (1) Net revenue (EUR m) € 102.1m € 126.1m more partners and (2) more products. EBITDA adjusted (EUR m) € 7.8m
Slide 27: Segment Report Pro-Forma: Freight Goods
SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS Freight Goods H1 2023 H1 2024 Key takeaways GMV € 60.8m € 68.1m Positive development of higher revenues due to (1) Net revenue (EUR m) € 36.7m € 46.3m more partners and (2) more products. EBITDA adjusted (EUR m) € 2.5m € 4.
Slide 28: Segment Report Pro-Forma: Industrial Goods
SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS Industrial Goods H1 2023 H1 2024 Key takeaways GMV € 53.8m € 64.0m Positive development of higher revenues due to (1) Net revenue (EUR m) € 26.0m € 32.1m more partners and (2) more products. EBITDA adjusted (EUR m) € 1.2m €
Slide 29: Segment Report Pro-Forma: Service & Retail Goods
SEGMENT REPORT PRO-FORMA H1 2024 / H1 2023 (PRO-FORMA) CONTINUING OPERATIONS Service&Retail Goods H1 2023 H1 2024 Key takeaways GMV € 35.6m € 42.4m Positive development of higher revenues due to (1) Net revenue (EUR m) € 22.7m € 27.0m more partners and (2) more products. EBITDA adjusted (EUR m) € 1.
Slide 30: Outlook
4 Outlook 30
Slide 31: TPG Guidance 05/2024
TPG GUIDANCE 05/2024 CONTINUING OPERATIONS 2024 FY Mid-term (2025) Adj. EBITDA Revenue Adj. EBITDA GMV Leverage GMV Margin €480-500m €26-30m €840-870m 1.5 – 2.3x €1.1bn 7-10% 31
Slide 32: M&A Pipeline Q3 2024
M&A PIPELINE Q3 2024 B2B Forest specialist B2B eCommerce B2C Consumer goods ▪ €2m Revenue ▪ >€60m Revenue ▪ >€20m Revenue ▪ 8 employees ▪ 40 employees ▪ >100 employees ▪ Located in Germany ▪ Located in EU ▪ Located in Germany ▪ Acquisition with existing subsidiary Simon-Profi- Acquisition: Technik /
Slide 33: Our Future Strategy
OUR FUTURE STRATEGY POWER OF SCALE CONTINUED M&A GEOGRAPHICAL LEADING POSITION NEW MARKETS EXPANSION EXPANSION Becoming the No.1 Expanding into 30 3-8 Acquisitions per Increasing Platform in Europe industries by 2025 year geographical footprint outside of Organic growth Long-term goal of Germany hig
Slide 34: Thank You!
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