Platform Group Se & Co. Kgaa · XETR:TPG0
Platform Group Se & Co. Kgaa — The Platform Group — Münchener Kapitalmarkt Konferenz 2024
36 slides from Platform Group Se & Co. Kgaa's conference presentation, Apr 25, 2024
Slide 1: Münchener Kapitalmarkt Konferenz
Münchener Kapitalmarkt Konferenz 25. April 2024 1
Slide 2: The Platform Group Key Facts
1 THE PLATFORM GROUP Key Facts 2
Slide 3: Our Management Structure
OUR MANAGEMENT STRUCTURE Supervisory Board Stefan Schütze ▪ Jens Wasel ▪ Dominik Barton (Chairman) ▪ Florian Müller Management Board CFO Dr. Dominik Benner Laura Vogelsang Reinhard Hetkamp CEO Mgmt. Board CFO TPG AG ▪ TPG since 2012 ▪ TPG since 2018 ▪ >20 years experience ▪ 5th generation family ▪ >
Slide 4: TPG Guidance 2024: Record Year to Be Expected
TPG GUIDANCE 2024: RECORD YEAR TO BE EXPECTED CONTINUING OPERATIONS 2024 FY Mid-term (2025) Adj. EBITDA Revenue Adj. EBITDA GMV Leverage GMV Margin €460-470m €24-28m €760-800m 1.5 – 2.3x €1bn 7-10% 4
Slide 5: TPG Stock Performance
TPG STOCK PERFORMANCE FIRST TPG-LISTING Q4 2023 First Listing TPG/opening ceremony +26% 5
Slide 6: TPG Stock Performance
TPG STOCK PERFORMANCE PERFORMANCE SINCE ACQUISITION OF FORMER FASHIONETTE AG, DECEMBER 2022 Acquisition of former fashionette AG: Dec 2022 +71% 6
Slide 7: TPG Stock Performance Year Performance / Peers
TPG STOCK PERFORMANCE 1 YEAR PERFORMANCE / PEERS +73% 7
Slide 8: With TPG Software Our Partners Get Access to Global eCommerce
WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 20 INDUSTRIES COVERED CONSUMER GOODS FREIGHT GOODS Software-solutions for B2B + B2C small- & medium-sized customers business partners INDUSTRIAL GOODS SERVICE & RETAIL 10 local GOODS Stores Source: Company. Overview of subsidiaries/bran
Slide 9: Financials
2 Financials (unaudited, preliminary) 9
Slide 10: Overview Pro-Forma FY 2023/FY 2022
OVERVIEW PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS 2022 2023 Guidance / market expectation GMV € 591m € 705m Net revenue (EUR m) € 387.4m € 440.8m GMV-Guidance: € 700m → Achieved / outperformed. Other revenues (EUR m) € 29.0m €32.8m Gross Margin 34.8% 31.1% Revenue-Guidance: € 440m → Achieved
Slide 11: Overview Pro-Forma FY 2023/FY 2022
OVERVIEW PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS 2022 2023 Guidance / market expectation Net profit (EUR m), continuing operations € 24.8m € 33.3m Net profit (EUR m), not-continuing Earnings per share (FY 2023) above expectations. operations € -3.3m € -6.4m Net profit (EUR m), total € 21.5m
Slide 12: Pro-Forma GMV Development
THE PLATFORM GROUP: PRO-FORMA GMV DEVELOPMENT € 760-800 m € 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. 12
Slide 13: Pro-Forma Revenue Development
THE PLATFORM GROUP: PRO-FORMA REVENUE DEVELOPMENT € 460-470 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. 13
Slide 14: Pro-Forma Adjusted EBITDA Development
THE PLATFORM GROUP: PRO-FORMA ADJUSTED EBITDA DEVELOPMENT € 24-28 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. 14
Slide 15: Pro-Forma Net Profit Development
THE PLATFORM GROUP: PRO-FORMA NETPROFIT DEVELOPMENT € 33.3 m € 24.8 m € 1.8 m 2021 2022 2023 Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 15
Slide 16: Segment Overview
THE PLATFORM GROUP: SEGMENT OVERVIEW Consumer Goods Freight Goods Revenues by Segment (FY 2023) (in m€, pro-forma, 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 f
Slide 17: Non-Financial KPI
THE PLATFORM GROUP: NON-FINANCIAL KPI 2022 2023 Key takeaways Number of Orders 5.437.475 6.185.869 Positive development: More partners (5.520) bring more Average order value (EUR) 109 114 products. More products bring more customers (4.05m), more customers bring more orders (6.2m). Active Customers
Slide 18: Debt Situation
DEBT SITUATION 31.12.2023 Cash + Cash equivalents € 7.6m Long term Debt (bank loans) € 32.3m Short term Debt (bank loans) € 35.3m Net Debt € 60.0m LTM EBITDA € 22.6m Leverage 2.65 x Target Leverage 1.5 – 2.3x LTM EBITDA Pro-Forma figures for FY 2023, continuing operations. 18
Slide 19: Pro-Forma Consolidated Cash Flow
Consolidated cash flow statement 2023 PRO-FORMA Period result 26.932.008 CONSOLIDATED Result from discontinued operations Earnings before taxes from continuing operations 6.381.032 33.313.040 CASH FLOW Adjustments for STATEMENT Profit from business acquisitions (25.274.443) Depreciation (+) / write-
Slide 20: From EBITDA Adjusted to EBITDA Reported
FROM EBITDA ADJUSTED TO EBITDA REPORTED EBITDA €47.4m Reported €25.5m EBITDA Adjusted €22.6m Adjustments €2.1m €2.8m Purchase Price Deferred tax & Allocation consolidation Results effects Pro-Forma figures for FY 2023/FY 2022, continuing operations. PPA-Results due to IFRS3 and deferred tax & consol
Slide 21: How we achieve value for our shareholders
3 How we achieve value for our shareholders 21
Slide 22: Our Statement on Value Creation
OUR STATEMENT ON VALUE CREATION “We do not accept cash burning. Our company never did.” “We have to acquire companies for fair values, meaning badwill is not an exception. And we develop their value over time.” “Our TPG-approach gives us the opportunity to buy highly attractive online-players in nic
Slide 23: Our Core Competencies
OUR CORE COMPETENCIES Our CORE Competencies Software Interfaces Marketing 23
Slide 24: SaaS-Models
SAAS-MODELS Why do we NOT make SaaS-Revenues? Control Value creation Replaceability We want to have full control on the When we would offer only SAAS-solutions to eCommerce Value Chain. Means: Not just external parties, we would have nice offering software, we make A-Z as a full %margins, but after
Slide 25: Our Decision Funnel for New Industries
OUR DECISION FUNNEL FOR NEW INDUSTRIES TPG decision funnel for entering new industries Value Creation: Control Selection of Industry: Entering Industry: ▪ Our holding is not a financial holding, ▪ Classic make or buy decision we are an operative holding with more ▪ Are more than 150 potential ▪ If t
Slide 26: How We Acquire Companies
HOW WE ACQUIRE COMPANIES Our Requirements for new M&A Targets Revenue & Status of the Profitability & Strategy & Customers Company Debt IT Revenue range Sufficient Platform Diversified €3-100m No early phase management strategy (or High IT/ERP Customer base investments, levels, no risk of EBITDA adj
Slide 27: How We Achieve Value: The Case of Gindumac
HOW WE ACHIEVE VALUE How we achieve VALUE: The case of GINDUMAC Revenue in € EBITDA in € number of machines Cost reduktion: HR on platform and G&A cost ratio €25m in relation to revenue €0,7m 5.900 22% 13% €6m 2.340 €0,1m 2020 2024e 2020 2024e 2020 1/2024 2020 2024e 27
Slide 28: How We Achieve Value: The Case of Gindumac
HOW WE ACHIEVE VALUE How we achieve VALUE: The case of GINDUMAC Strong focus on Successful cost Centralized share Entry in new Platform reduction services markets technology With our TPG reduces Entry to Closing of software we We quit external Marketing, US market cost ratios: HR, Full integration A
Slide 29: How We Acquire Companies
HOW WE ACQUIRE COMPANIES “We have to acquire companies for fair values, meaning badwill is not an exception. And we develop their value over time.” 29
Slide 30: Outlook
4 Outlook 30
Slide 31: TPG Guidance 2024: Record Year to Be Expected
TPG GUIDANCE 2024: RECORD YEAR TO BE EXPECTED CONTINUING OPERATIONS 2024 FY Revenue Adj. EBITDA GMV €460-470m €24-28m €760-800m 31
Slide 32: Scalability: Interaction of Growth Drivers 2024E
SCALABILITY: INTERACTION OF GROWTH DRIVERS 2024E # PARTNERS # ACTIVE CUSTOMERS Leads to more products and this to more 11.800 4m GMV Leads to Leads to more higher € 760-800m Source: Company / Guidance 2024. 32
Slide 33: Our Partner Growth in 2024
OUR PARTNER GROWTH IN 2024 How we achieve more value: partners and their value for TPG # of Partners 2023-2024 11.800 Acquisition of hood.de +4.900 partners + 3 Mio. SKU‘s Acquisition of Avocadostore 5.500 +1.400 partners 2023 2024e 33
Slide 34: 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 35: Key Takeaways
KEY TAKEAWAYS We expect a revenue of €460-470m and adj. EBITDA €24-28m for FY 2024 Positive operating cash flow & stable liquidity in FY 2024 3-8 acquisitions in 2024, perfect buying conditions in M&A market Strong cost-efficiency program continues in 2024, adjusting costs and risk, especially in ma
Slide 36: Thank You!
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The Platform Group — Münchener Kapitalmarkt Konferenz 2024 on 6ix