Srp Groupe Sa · EURONEXT:SRP
Srp Groupe Sa — Showroomprivé — Investor Presentation (January 2017)
32 slides from Srp Groupe Sa's investor presentation, January 2017
Slide 1: Investor Presentation January 2017
WE ARE SHOWROOMPRIVE.CON INVESTOR Soh Le oe = fr ) a RS co eae. eee es wn C showroomprives
Slide 2: Les grandes marques en ventes privées
£5 GRANDES MAROLES EN VENTES PRIVEES
Slide 3: David Dayan and Thierry Petit, Co-Founders and Co-CEOs
David Dayan Thierry Petit Co-Founder and Co-CEO Co-Founder and Co-CEO 25 years experience 16 years experience in fashion sales in e-commerce and online Prior to founding marketing Showroomprivé, David was Prior to founding CEO of fashion wholesale Showroomprivé, company France Export Thierry
Slide 4: Curated shopping experience for digital women
Curated shopping experience for digital women 12-15 new great deals, every day, on well-known and up-and-coming brands Mobile-first France + 8 countries in Europe Strong revenue growth, profitability, and cash generation MEMBERS1 CUMULATIVE ITEMS SOLD2 NET REVENUES2 INTERNATIONAL SHARE OF BUYERS1 RE
Slide 5: Audience and buyer profile
visits / month in 2015 of which are women of 2015 buyers of free traffic in 2015 were women of these female buyers were 25-50 repurchase intent years old after first purchase2 gross revenue from repeat buyers in 2015 Notes: 1 As of 31/12/2015 2 Internal survey based on 141,429 respondents all buyers
Slide 6: Members and brands model
~12-15 NEW SALES EVENTS PER DAY MEMBERS BRANDS 81% CONSIGNMENT/ ~50-70% off retail prices 19% FIRM SALES Manage excess inventories Curated selection Protect brand image Fun, engaging and social Increase awareness Quality of service Data analytics 6
Slide 7: II
II
Slide 8: Product innovations: Infinity, search engine, Apple Pay, ticketing
Infinity Search engine Product Apple Pay Launched in Oct. 2015 Launched in March recommendation July 2016 2016 Launched in May 2016 Drives order Innovative entry Algorithm-based Payment in one frequency point by product Complementary & touch Positive impact on Addresses both frequently
Slide 9: Mobile as driver of audience, loyalty and sales
Driver for audience building(1) Driver for acquisition and conversion(2) app downloads traffic from mobile Driver for loyalty(3) Driver for sales(1) x more orders per year from mobile of gross internet sale users (5.0 vs. 3.4x for per year desktop users) Notes: (1) During H1 2016; (2) As of 30 June
Slide 10: Average revenue per buyer, active buyers, basket size
Average Revenue Per Buyer Active Buyers € million 2.0 1.8 H1-15 H1-16 Average Basket Size € 117 38.9 36.9 111 H1-15 H1-16 104 Orders Per Buyer # 3.0 3.0 H1-14 H1-15 H1-16 H1-15 H1-16 10
Slide 11: Internet revenue growth and total members
Internet Revenue Growth Average Revenue Per Buyer € million as fast as France € Ecommerce growth(1) Key Stats 2015(1) 205 119.4 Ecommerce 162 112.3 penetration 127 107.2 H1-14 H1-15 H1-16 H1-14 H1-15 H1-16 Total Members Total Buyers Ecommerce million million Users 18.0 1.7 15.0 1.4 12.6 1.2 H1-14 H1
Slide 12: International local strategy and profitability improvement
Implementation of local strategy Significant profitability improvement International EBITDA in € million H2-14 H1-15 H2-15 H1-16 Spain 0.0 -1.9 Breakeven OPENING OF LOCAL -3.7 Italy SOURCING OFFICES -5.3 Infinity – in Spain and Portugal ROLL-OUT OF INNOVATIVE Unique basket CONVERSION – Spain, Po
Slide 13: Acquisition of Saldi Privati in Italy
Consolidation of position in Italy, a market with a strong outlook Acceleration of the international expansion International to represent more than 20%(1) of the group’s sales An additional driver of value creation for the Group with a strong potential for synergies Attractive transaction
Slide 14: III
III
Slide 15: Net revenue and EBITDA margin
Net revenue & growth EBITDA margin € million 240.3 199.4 6.6% 6.2% 5.4% H1-15 H1-16 FY-15 H1-15 H1-16 15
Slide 16: Revenues breakdown
Revenues breakdown € million yoy growth 240.3 5.9 199.4 28.9 -8% 5.4 31.6 27% 205.5 162.4 H1-15 H1-16 France International Non-Internet Net Internet revenues 16
Slide 17: Gross margins and product mix evolution
Gross margins Product mix evolution € million % of gross Internet revenues 40.5% H1 2015 H1 2016 40.6% 39.7% 19% 19% 42% 47% 179.2 81% 81% 58% 53% 80.9 95.5 FY 15 H1-15 H1-16 Fashion vs Firm vs Fashion vs Firm vs Non Fashion consignment Non Fashion consignment % of net revenues Non-fashion Firm Fash
Slide 18: Opex evolution
Opex evolution Marketing costs In € milion and as % of net revenues (as % of net revenues) 6.1% 3.9% 3.5% 36.0% FY 15 H1-15 H1-16 35.3% 34.1% Logistics costs (as % of net revenues) 23.2% 23.6% 23.3% FY 15 H1-15 H1-16 159.4 G&A costs 82.1 (as % of net revenues) 70.5 FY 15 H1-15 H1-16 6.7% 7.8% 7.4% F
Slide 19: EBITDA
EBITDA € million 23.7 15.7 12.3 30.9 14.2 15.7 (1.9) 0.0 (7.2) Breakeven of international FY 15 H1-15 H1-16 operations France International Total EBITDA margin 5.4% 6.2% 6.6% France EBITDA margin 8.1% 8.5% 7.4% 19
Slide 20: Q3 2016 key metrics
Q3 2015 Q3 2016 %Growth Net revenues (€ million) 90.3 104.8 16.0% Total Internet revenues (€ million) 88.4 102.2 15.6% Buyers (in millions) 1.1 1.2 5.7% Revenue per Buyer (€) 79.0 86.4 9.4% Number of Orders (in millions) 2.4 2.6 9.1% Average Number of Orders per Buyer 2.2 2.2 3.2% Average Basket Siz
Slide 21: IV
IV
Slide 22: 2016 outlook and 2018 targets
c. €750m NET REVENUES (1) €525-540m by 2018 (y-o-y growth) (+19% – +22%) o/w 25% from international 5.8 - 6.0% 7.5 - 8.0% EBITDA MARGIN(1) by 2018 c. 9.5% in France 100%+ CASH CONVERSION(2) CASH FLOW (1) 1.3 - 1.5% Capex AS % NET REVENUES 1 Excluding Saldi Privati 2 Excluding exceptional items 22
Slide 23: ke ¢ oc
ke 0 ¢ oc
Slide 24: Attractive economics: member lifetime value
Attractive economics Our members have significant lifetime value Gross internet revenues generated from Q1 2014 member cohort (France) Conversion of members …AND into buyers within 2 years COUNTING! GROSS REVENUE/ €6.0m MARKETING SPEND €3.9m €4.3m €4.8m €6.1m €42.9m Conversion of new buyers into €4.
Slide 25: Customer metrics
2014 2015 % Growth H1-15 H1-16 % Growth CUS TOME R S ME TR ICS Total Members (in thous ands ) 20,178 24,568 21.8% 21,940 26,143 19.2% F rance 13,893 16,787 20.8% 15,040 17,985 19.6% International 6,285 7,781 23.8% 6,900 8,158 18.2% Cumulative B uyers (in thous ands ) 4,303 5,517 28.2% 4,822 6,042 25
Slide 26: Income statement data
In c om e S tatem en t Data (€ thous ands ) 2014 2015 % Growth H1-15 H1-16 % Growth Ne t re ve nu e s 349,791 442,832 26.6% 199,419 240,330 20.5% Cos t of goods s old -202,929 -263,679 29.9% -118,499 -144,826 22.2% Gross m argin 146,862 179,153 22.0% 80,920 95,504 18.0% Gros s margin as % of 42.0% 4
Slide 27: Revenues and EBITDA
R ev en u es (€ thous ands ) 2014 2015 % Growth H1-15 H1-16 % Growth INTE R NE T R E VE NUE S F rance 285,845 370,012 29.4% 162,423 205,499 26.5% International 52,682 63,236 20.0% 31,572 28,908 -8.4% T otal Inte rne t re ve nu e s 338,527 433,248 28.0% 193,996 234,406 20.8% Other revenues 11,264 9,5
Slide 28: Cash flow statement data
Cas h flow s tatem en t data (€ thous ands ) 2014 2015 H1-15 H1-16 Net income for the period 5,870 5,143 5,058 705 Adjus tments for non-cas h items 3,956 8,640 2,333 11,211 Cash flow from ope rations be fore 9,826 13,783 7,390 11,916 finance costs and incom e tax E lim of accrued income tax expens e
Slide 29: Balance sheet data
B alan c e S h eet Data (€ thous ands ) 2014 2015 H1-15 H1-16 NON-CUR R ENT AS S ET S Goodwill 81,576 81,576 81,576 81,576 Other intangible as s ets 27,726 28,861 27,900 29,276 T angible as s ets 14,141 14,833 13,891 14,906 Other non-current as s ets 1,256 1,180 1,181 1,101 T otal non-c urrent as s
Slide 30: Gross internet sales to net revenues (IFRS)
(in € thous ands ) 2014 2015 H1-15 H1-16 T otal gross Inte rne t sale s 1 458,745 591,674 262,582 316,470 2 VAT -72,223 -93,515 -38,059 -49,098 3 R evenue rec ognition impac ts -51,647 -68,900 -32,512 -35,369 4 Non-interes t revenue and other 14,916 13,573 7,373 8,327 Ne t re ve nu e s (IF R S ) 349
Slide 31: Disclaimer
This presentation contains only summary information and does not purport to be comprehensive. This document may contain forward-looking information and statements about the Group and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, stat
Slide 32: Investor.relations@showroomprive.com
Investor.relations@showroomprive.com