Srp Groupe Sa · EURONEXT:SRP
Srp Groupe Sa — Showroomprivé — H1 2022 Earnings Presentation
20 slides from Srp Groupe Sa's earnings presentation, June 2022
Slide 1: H1 2022 Results
SHOWROOMPRIVE H1 2022 Results June 2022
Slide 2: 1. H1 2022 Results Overview
1. H1 2022 Results Overview
Slide 3: Key Business: A Challenging Start of the Year
KEY BUSINESS A CHALLENGING START OF THE YEAR AMID DETERIORATED MARKET ENVIRONMENT Acquisition of The Bradery Launch of Village de marque Highly complementary clientele mix Further developing our value proposition for our Addition of a new vertical brand partners and customers Value creat
Slide 4: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS 21-22 20-22 Group net revenues decreased by 21% to €305.4m in H1 2022 H1 2020 H1 2021 H1 2022 % Chg % Chg in line with expectation Gross Merchandise Volume* 444.1 527.7 431.9 (18.2)% (2.8)% Q2 2022 performance is in line with expectation, while slightly better Net revenu
Slide 5: Net sales IFRS by quarters
SUSTAINING Net sales IFRS – BY QUARTERS € million 1.1% (5.7)% 7.8% (21)% (21)% (22)% 388.3 302.7 305.4 302.0 209.9 178.4 184.6 166.8 138.9 154.8 147.3 118.2 Q1 Q2 H1 2019 2020 2021 2022
Slide 6: Key Business Highlights
KEY BUSINESS HIGHLIGHTS Q2 AND H1 2022 REVENUE DECREASE AS MARKET CONDITIONS WORSEN In line with expectations, the Q2 2022 performance was in line with our Q1 2022 results, albeit slightly better thanks to a l ess unfavourable comparison basis and a progressive deceleration of the activity decline
Slide 7: Focus on Customer
FOCUS ON CUSTOMER Average Revenue Per Buyer by Geography Active Buyers By Geography € € million (17.2)% +14.2% 2.31 1.91 (18.8)% 1.87 1.52 Total 128 19.5% 153 (4.4)% 146 (10.3)% 0.44 0.39 H1 2021 H1 2022 Average Basket Size 155 142 141 147 € million 131 113 9.1% 51.8 47.5 H1 2021 H1 2022 Total Order
Slide 8: Core business impacted but international fares better
CORE BUSINESS IMPACTED BUT INTERNATIONAL FARES BETTER Weakening traffic on the website and lesser conversion rate weight heavily on all segments performance despite an increase in member enrolment Member enrolment, while decreasing y-o-y by 11.9%, is growing by 5.8% vs. H1 2020 Fashion, our la
Slide 9: Net Revenue Performance
NET REVENUE PERFORMANCE – Net Sales IFRS breakdown € million Q2 2022 Net Revenue H1 2022 Net Revenue (20.5)% (21.3)% 388.3 305.4 209.9 3.1 30.9% 1.3 72.3% 4.1 166.8 2.3 322.2 (23.6)% 175.2 (24.1)% 245.9 133.0 (11.9)% (5.3)% 62.9 55.4 33.4 31.6 H1 2021 H1 2022 Q2 2021 Q2 2022 International France Oth
Slide 10: Increasing inflation and declining consumer confidence
INCREASING INFLATION AND Consumer Confidence Index – France (rebased 100 at 30-Jun-2020) CPI – France (% Growth) 115 7% Estimates FY22 FY23 FY24 HCPI (% y-o-y) 5.4% 3.3% 2.1% 110 6% 5.8% 105 5% 100 100 4% 3.5% 95 3% 90 2% 85 1% 86.3 80 0% Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-2
Slide 11: Inflationary pressure on costs is starting to materialise
INFLATIONARY PRESSURE IS INFLATIONARY PRESSURE ON COST THAT IS STARTING TO MATERIALISE Increasing inflationary tension and diminished purchasing power have resulted in a decrease in the gross margin As part of its ambition to become the Go-to platform for Smart Shopping, SRP has taken the hard s
Slide 12: An agile model able to adapt
AN AGILE MODEL ABLE TO REVENUE BREAKDOWN FY H1 FY H1 2020 2021 2021 2022 FIRM SALE DELIVERY IN 24 -48 HOURS TO OUR CUSTOMERS SHORT DELIVERY TIME 17% 21% 24% 27% SRP OWN INVENTORY Speedy execution and satisfying customer service DROP & SALE DELIVERY IN 24 -48 HOURS AS STOCK READILY AVAILABLE SHORT DE
Slide 13: Strong EBITDA margin
STRONG EBITDA MARGIN EBITDA IFRS – H1 2019 – 2022 EBITDA Evolution € million n.m 2.3% 8.5% 3.7% 33.0 11.2 7.0 1 (11.0) H1 2019 H1 2020 H1 2021 H1 2022 x Margin 1 Hors exceptionnel
Slide 14: Profitability preserved
PROFITABILITY PRESERVED Building on the 2018-2020 performance plan transformation, the company has been able to lower its hurdle rate while remaining agile While lower volumes weighted across the business, our agile structure and our tight cost control enable the company to report an acceptable
Slide 15: Building SRP future with The Bradery
BUILDING SRP FUTURE WITH Recruitment if key talents to reinforce the organisation structure The high profile and senior individuals are expected to join SRP forces over H2 2022 Following the acquisition of The Bradery on 31-May-2022, SRP will now be able to consolidate its revenue, albeit the
Slide 16: 2. H1 2022 Financial Results
2. H1 2022 Financial Results
Slide 17: 2020 – 2022 P&L
2020 – 2022 P&L € millions H1 2020 H1 2021 H1 2022 % Growth 1 Revenue declined 21% y-o-y given challenging as market conditions 1 and unfavourable comparison basis Net Revenues 302.7 388.3 305.4 (21.3%) Cost of Goods Sold (190.4) (230.7) (186.0) (19.4%) Q2 2022 in line with Q1 2022 performance as
Slide 18: Cash flow and net debt
CASH FLOW AND EBITDA to net change in cash Inventories net position € millions € millions 30-Jun-2021 72.1 Satisfactory EBITDA as profitability preserved EBITDA 11.2 thanks to the agile business model 31-Dec-2021 62.0 Increase in payables as more firm purchases were 30-Jun-2022 85.0 Change in Wo
Slide 19: 3. Outlook
3. Outlook
Slide 20: H2 2022 Profitability protection within a cost pressure environment
H2 2022 Profitability protection within a cost Continue to invest in the Company in order to be ready for the activity rebound pressure environment New corporate branding to be announced before the end of the year Launch of a new nationwide marketing campaign to promote the new platform and repo