Global Fashion Group S.a. · XETR:GFG
Global Fashion — Investor Day (March 2023)
60 slides from Global Fashion's investor day presentation, Mar 15, 2023
Slide 1: #1 Fashion & Lifestyle Destination in LATAM, SEA & ANZ
#1 FASHION & LIFESTYLE DESTINATION IN LATAM, SEA & ANZ Capital Markets Day 15 March 2023
Slide 2: Agenda
AGENDA WHO WE ARE 3 HOW WE WIN 8 BEST-IN-CLASS CUSTOMER EXPERIENCE 10 PARTNER OF CHOICE FOR BRANDS 16 PEOPLE & PLANET POSITIVE 24 OUR REGIONAL BUSINESSES 28 ANZ 31 SEA 34 LATAM 38 OUR FINANCIALS 42 Q&A 53 APPENDIX 54 2 CAPITAL MARKETS DAY: AGENDA
Slide 3: Who We Are
WHO WE ARE 3 CAPITAL MARKETS DAY: WHO WE ARE
Slide 4: Our vision is to be the #1 fashion and lifestyle destination
OUR VISION IS TO BE THE #1 FASHION AND LIFESTYLE DESTINATION IN LATAM, SEA & ANZ OUR PURPOSE IS TO ENABLE TRUE SELF-EXPRESSION 4 CAPITAL MARKETS DAY: WHO WE ARE
Slide 5: Established leading positions across our markets
ESTABLISHED LEADING POSITIONS ACROSS OUR MARKETS GROUP LATAM SEA ANZ NMV GROWTH & MARKETPLACE EXPANSION NMV (€M) FY22 +49%1 1,615 NMV (€M) 1,615 556 412 646 1,178 ADJ. EBITDA MARGIN (3.7)% (5.8)% 0.7% 2.4% 2019 2022 MARKETPLACE SHARE OF NMV +15 ppt ORDERS (M) 27.9 12.6 8.7 6.7 34% 19% ACTIVE CUSTOME
Slide 6: Online adoption will continue to drive long-term growth
ONLINE ADOPTION WILL CONTINUE TO DRIVE LONG-TERM GROWTH Long-term SUBSTANTIAL OPPORTUNITY TO GROW ONLINE ~50% OUR MARKETS HAVE VARYING DISPOSABLE INCOME LEVELS FASHION & LIFESTYLE ONLINE PENETRATION ANNUAL PER CAPITA FASHION & LIFESTYLE SPEND Weighted to GFG’s 2022 NMV By Country ~30% LATE MARKET GR
Slide 7: We are only at the beginning of reaching our full market potential
WE ARE ONLY AT THE BEGINNING OF REACHING OUR FULL MARKET POTENTIAL 50% ONLINE PENETRATION 40% All markets benefit from ongoing growth in online penetration 30% ANZ ORDER 20% FREQUENCY SEA A key opportunity to grow by increasing breadth of 10% LATAM offering and improving customer experience 0% – 1.0
Slide 8: How We Win
HOW WE WIN 8 CAPITAL MARKETS DAY: HOW WE WIN
Slide 9: How We Win
HOW WE WIN TRUE LOCAL EXPERT BEST-IN-CLASS PARTNER OF CUSTOMER CHOICE FOR EXPERIENCE BRANDS CONNECTING CUSTOMERS AND BRANDS THROUGH OUR PLATFORM MODEL 9 CAPITAL MARKETS DAY: HOW WE WIN
Slide 10: Best-in-class customer experience
HOW WE WIN BEST-IN-CLASS CUSTOMER EXPERIENCE BROAD & RELEVANT ASSORTMENT INSPIRING & SEAMLESS DIGITAL EXPERIENCE FAST & CONVENIENT DELIVERY 10 CAPITAL MARKETS DAY: HOW WE WIN
Slide 11: Broad and relevant assortment
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE BROAD AND RELEVANT ASSORTMENT APPAREL FOOTWEAR SPORT ACCESSORIES OTHER 37% 14% 26% 12% 11% 10,000 + FASHION & LIFESTYLE OWN BRANDS EXCLUSIVE BROAD SEGMENTS global and local brands categories enrich the assortment
Slide 12: Our curated content offers fashion inspiration
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE OUR CURATED CONTENT OFFERS FASHION INSPIRATION ~50M SOCIAL MEDIA FOLLOWERS1 ~150M MONTHLY VISITS ADVANCED INTERFACE FEATURES Browsing history Wish lists Follow the brand Tailored feeds Virtual try-on Wear it with
Slide 13: App drives growth in engagement and sales
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE APP DRIVES GROWTH IN ENGAGEMENT AND SALES APP IS GAINING NMV SHARE HIGHER ENGAGEMENT ON THE APP TOP SPENDERS BUY ON THE APP % SEA EXAMPLE: APP VS. WEBSITE ANZ EXAMPLE: APP NMV % BY SPEND TIER2 +12ppt 53% 56% 57%
Slide 14: Well-invested infrastructure enables fast deliveries
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE WELL-INVESTED INFRASTRUCTURE ENABLES FAST DELIVERIES LATAM SEA FAST DELIVERY AT LARGE SCALE 4 FULFILMENT CENTRES 3 FULFILMENT CENTRES Elevates customer experience Brazil Chile Colombia Argentina Malaysia Indonesi
Slide 15: Compelling delivery and returns offer
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE COMPELLING DELIVERY AND RETURNS OFFER FREE STANDARD RETURNS DELIVERY PROPOSITION RETURN PROPOSITION AND RATES3 AVERAGE AVERAGE REGION SAME DAY NEXT DAY STANDARD DELIVERY TIME1 2019 2022 FUTURE TREND RETURN TIME4
Slide 16: Partner of choice for brands
HOW WE WIN PARTNER OF CHOICE FOR BRANDS UNLOCKING COMPLEX MARKETS OFFERING FLEXIBLE BUSINESS MODELS UNRIVALLED PLATFORM SERVICES 16 CAPITAL MARKETS DAY: HOW WE WIN
Slide 17: Our markets can be more complex for brands to address alone
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE OUR MARKETS CAN BE MORE COMPLEX FOR BRANDS TO ADDRESS ALONE GFG EXPERTISE TO SUPPORT BRANDS… …WITH REGIONAL COMPLEXITIES Underdeveloped infrastructure and ecommerce INFRASTRUCTURE solution providers Population lo
Slide 18: Flexible business models tailored to brands' needs
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE FLEXIBLE BUSINESS MODELS TAILORED TO BRANDS’ NEEDS 66% NMV 34% NMV MARKETPLACE Brand retains ownership of stock RETAIL FULFILLED BY CROSS-DOCKING DROP SHIPMENT GFG holds stock and fulfils orders Brand holds stock
Slide 19: Global and local brand partners are embracing hybrid models
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE OUR GLOBAL AND LOCAL BRAND PARTNERS ARE EMBRACING HYBRID MODELS TOP 30 BRANDS / BRAND GROUPS BY NMV 2022 CORNERSTONE OF OUR BRAND PORTFOLIO TOP 30 BRANDS / BRAND GROUPS BY NMV IN 20221 39% of Group NMV 83% of bra
Slide 20: Platform services drive stronger brand relationships
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE PLATFORM SERVICES DRIVE STRONGER BRAND RELATIONSHIPS MARKETPLACE BRAND.COM BENEFITS PLATFORM SERVICES • Increase stickiness of our Global Fashion Platform, for brands and customers OPERATIONS BY GFG MARKETING BY
Slide 21: Marketplace & platform services – the flywheel
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE MARKETPLACE & PLATFORM SERVICES – THE FLYWHEEL MARKETPLACE PLATFORM SERVICES SEA SHARE OF NMV SEA SHARE OF REVENUE +2.5x 43% +4.5x 9% BUILDING 25% Operations 17% LONGSTANDING TOP 50 BRANDS 75% Marketing 2% PARTNE
Slide 22: Our progress as a platform business
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE OUR PROGRESS AS A PLATFORM BUSINESS MARKETPLACE FULFILLED BY GFG & CROSS-DOCKING PLATFORM SERVICES SHARE OF NMV SHARE OF MARKETPLACE SHIPPED ITEMS SHARE OF REVENUE 5-10% ~40% ~50% +1.8x +3.8x +1.5x 34% 35% 3% 19%
Slide 23: Our group technology is a power engine for fashion ecommerce
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE OUR GROUP TECHNOLOGY IS A POWER ENGINE FOR FASHION ECOMMERCE GLOBAL TEAM EXPERIENCED LEADERSHIP | 700+ EMPLOYEES | GLOBAL TALENT POOL London Berlin Indonesia Malaysia Philippines Singapore GFG TECHNOLOGY PLATFORM
Slide 24: People & Planet Positive
HOW WE WIN PEOPLE & PLANET POSITIVE CLIMATE ACTION CIRCULARITY & CONSCIOUS CONSUMPTION FAIR & ETHICAL SOURCING 24 CAPITAL MARKETS DAY: HOW WE WIN
Slide 25: Advancing climate action: 2030 targets
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE ADVANCING CLIMATE ACTION 2022 ACHIEVEMENTS 2030 60% of all NMV made from sustainable 14% 60% materials and / or eco-production methods 2030 TARGETS 85% own brand products made from environmentally 21% 85% preferr
Slide 26: Enabling circularity & conscious consumption
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE ENABLING CIRCULARITY & CONSCIOUS CONSUMPTION 2022 ACHIEVEMENTS 2030 WASTE DIVERTED FROM LANDFILL 90% of waste 91% Target exceeded and to be revised % OF WASTE IN OUR OPERATIONS diverted from landfill 92% 92% 87%
Slide 27: Prioritising fair & ethical sourcing
BEST-IN-CLASS CUSTOMER EXPERIENCE PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE PRIORITISING FAIR & ETHICAL SOURCING 2022 ACHIEVEMENTS 100% 100% 1,880 own brand factories Tier 1 factory lists workers audited against GFG’s publicly available on our in Tier 1 factories human rights standards w
Slide 28: Our Regional Businesses
OUR REGIONAL BUSINESSES 28 CAPITAL MARKETS DAY: OUR REGIONAL BUSINESSES
Slide 29: Multiple opportunities while regions are at different stages of growth
MULTIPLE OPPORTUNITIES WHILE OUR REGIONS ARE AT DIFFERENT STAGES OF THEIR GROWTH LATAM SEA ANZ 2022 FASHION & LIFESTYLE MARKET SIZE TOTAL ONLINE ~€100bn ~€8bn ~€100bn ~€15bn ~€40bn ~€10bn TOTAL POPULATION 330m 460m 30m TARGET POPULATION1 ~70m ~90m ~20m (% of total) ~20% ~20% ~80% ACTIVE CUSTOMERS 6m
Slide 30: Only local multi-brand fashion ecommerce platform of scale
WE ARE THE ONLY LOCAL MULTI-BRAND FASHION ECOMMERCE PLATFORM OF SCALE IN OUR MARKETS FASHION FOCUS Fashion Brands Adidas H&M Nike Gap Uniqlo SHEIN Zara Department Stores David Jones Myer OFFLINE Lojas Renner Riachuelo ONLINE Robinsons SM Store General Merchandisers Amazon Lazada Mercado Libre Shopee
Slide 31: Our Regional Businesses: ANZ
OUR REGIONAL BUSINESSES ANZ DIFFERENTIATED OWN BRAND OFFERING HIGH FREQUENCY AND LOYAL TOP TIER CUSTOMERS SUSTAINABILITY IS A GROWTH DRIVER 31 CAPITAL MARKETS DAY: OUR REGIONAL BUSINESSES
Slide 32: ANZ: Fashion & lifestyle platform with strong own brands
ANZ SEA LATAM FASHION & LIFESTYLE PLATFORM WITH STRONG OWN BRANDS CATEGORY BRAND SEGMENT BRAND TYPE Other PREMIUM is the fastest growing Own 9% 18% Accessories segment +140% 12% vs. 2019 Apparel 45% Global 51% Premium Sport 17% 29% 37% 11% Local Footwear Sport 16% Lifestyle 16% BUSINESS MODEL TOP 30
Slide 33: ANZ: Outpacing market growth and improving profitability
ANZ SEA LATAM OUTPACING MARKET GROWTH AND IMPROVING PROFITABILITY GROWTH & PROFITABILITY KPI EVOLUTION NMV (€M) +76%1 2019 2022 19-22 646 345 Active Customers (M) 1.6 2.1 +34% ADJ. EBITDA MARGIN Order Frequency (x) 3.0 3.1 +6% 2.6ppt 2.4% Orders (M) 4.7 6.7 +42% Average Order Value (€) 73.1 96.5 +2
Slide 34: Our Regional Businesses: SEA
OUR REGIONAL BUSINESSES SEA UNRIVALLED ASSORTMENT FASHION CENTRIC APP PROPOSITION LARGE PLATFORM SERVICES OFFERING 34 CAPITAL MARKETS DAY: OUR REGIONAL BUSINESSES
Slide 35: SEA: Well-developed marketplace with strong global brands
ANZ SEA LATAM WELL-DEVELOPED MARKETPLACE WITH STRONG GLOBAL BRANDS CATEGORY BRAND SEGMENT PREMIUM is the BRAND TYPE Own Other fastest growing 13% Apparel segment +300% 3% 29% vs. 2019 Local Accessories 26% 18% Premium 71% Global 11% 18% 29% Footwear Sport Lifestyle Sport 31% BUSINESS MODEL 19% TOP 3
Slide 36: SEA: Strong growth and profitability scale up
ANZ SEA LATAM STRONG GROWTH AND PROFITABILITY SCALE UP GROWTH & PROFITABILITY KPI EVOLUTION NMV (€M) +46%1 2019 2022 19-22 412 276 Active Customers (M) 2.6 2.9 +11% ADJ. EBITDA MARGIN Order Frequency (x) 3.0 3.1 +3% 17ppt Orders (M) 7.6 8.7 +14% 0.8% Average Order Value (€) 73.1 96.5 +28%1 (16.1)%
Slide 37: SEA transformation: the building blocks of success
ANZ SEA LATAM SEA TRANSFORMATION: THE BUILDING BLOCKS OF SUCCESS EXECUTING GFG’S GROUP STRATEGY WITH % OF REVENUE 2019 2022 19-22 PLATFORM INITIATIVES & COST DISCIPLINE THE FIRST MULTI-BRAND ECOMMERCE ADJ. EBITDA (16)% 1% +17ppt PLAYER IN SEA TO ACHIEVE PROFITABILITY • Better intake margins • Premi
Slide 38: Our Regional Businesses: LATAM
OUR REGIONAL BUSINESSES LATAM STRONG BRAND AWARENESS CURATED & RELEVANT FASHION ASSORTMENT WELL-INVESTED INFRASTRUCTURE 38 CAPITAL MARKETS DAY: OUR REGIONAL BUSINESSES
Slide 39: LATAM: Strong local presence and curated assortment
ANZ SEA LATAM STRONG LOCAL PRESENCE AND CURATED ASSORTMENT CATEGORY BRAND SEGMENT BRAND TYPE Other Own Apparel 13% 3% Accessories 25% Premium 8% 8% 37% Global Lifestyle Local 60% 19% 35% Footwear 18% Sport Sport 23% BUSINESS MODEL TOP 30 BRANDS / BRAND GROUPS1 Mainstream Marketplace 40% 87% onandbot
Slide 40: LATAM: Executing investment program to return to profitable growth
ANZ SEA LATAM EXECUTING INVESTMENT PROGRAM TO RETURN BUSINESS TO PROFITABLE GROWTH GROWTH & PROFITABILITY KPI EVOLUTION NMV (€M) +29%1 2019 2022 19-22 556 557 Active Customers (M) 5.9 6.2 +4.7% ADJ. EBITDA MARGIN Order Frequency (x) 2.0 2.0 +1.8% (8.0)ppt Orders (M) 11.8 12.6 +7% 2.8% Average Order
Slide 41: Each region executes our group strategy tailored to their market
EACH OF OUR REGIONS EXECUTE OUR GROUP STRATEGY TAILORED TO THEIR MARKET BEST-IN-CLASS PARTNER OF CHOICE FOR BRANDS PEOPLE & PLANET POSITIVE CUSTOMER EXPERIENCE • Broad and relevant assortment • Unlocking complex markets • Climate action • Inspiring and seamless digital experience • Offering flexible
Slide 42: Our Financials
OUR FINANCIALS 42 CAPITAL MARKETS DAY: OUR FINANCIALS
Slide 43: A clear financial strategy for profitable growth
A CLEAR FINANCIAL STRATEGY FOR PROFITABLE GROWTH BUILD & DEVELOP A IMPROVE LEVERAGE INVEST IN TECHNOLOGY VALUABLE CUSTOMER ASSET GROSS MARGIN EXISTING EFFICIENCY & FULFILMENT ASSETS Focus on disciplined customer Development of Retail, Delivering scale benefits from Drive the flywheel and acquisition
Slide 44: Our financial track record since IPO
OUR FINANCIAL TRACK RECORD SINCE IPO NMV GROWTH1… … AND STRONG MARGINS… …CREATE IMPROVEMENTS IN (€M) GROSS MARGIN (%) PROFITABILITY +55% Reflects increased ADJUSTED EBITDA MARGIN (%) 2,391 Marketplace share 1,958 Sale of CIS 45.6% 43.1% 42.5% 1,778 40.1% 1.2% 0.9% 1,615 +23% +26% +24% (2.8)% (3.7)%
Slide 45: 2022: CIS disposal and trading in a lower demand environment
2022: CIS DISPOSAL AND TRADING IN A LOWER DEMAND ENVIRONMENT CIS Sale 2021 2022 The sale impacted profits directly from the exit of the profitable region, and indirectly from the impact of scale on Incl. CIS central cost absorption CIS Margin (1.9)% Adj. EBITDA Margin 2022 Trading Environment Some G
Slide 46: We have built a large and loyal customer base
WE HAVE BUILT A LARGE AND LOYAL CUSTOMER BASE NMV BY COHORT % SHARE OF TOTAL €1.6bn €1.5bn €1.3bn 20% €1.2bn 27% €1.0bn 35% - 34% 40% 80% OF NMV FROM EXISTING CUSTOMERS 2018 2019 2020 2021 2022 2017 and prior 2018 2019 2020 2021 2022 Note: Historic data for the Group excludes CIS. 46 CAPITAL MARKETS
Slide 47: Marketplace & platform services will continue to drive gross margin
MARKETPLACE & PLATFORM SERVICES WILL CONTINUE TO DRIVE GROSS MARGIN GOAL GROSS MARGIN BREAKDOWN c.47% Retail Marketplace Platform Services RETAIL 41% 43% 43% Stable Retail margin with strong Retail discipline 39% 1% 1% 3% 4% 1% 5% 6% 6% MARKETPLACE c.0.3 ppt margin accretion per 1% NMV share Margin
Slide 48: Cost leverage expected to return as the group scales
COST LEVERAGE EXPECTED TO RETURN AS THE GROUP SCALES COSTS % OF NMV1 2019 2020 2021 2022 19-22 FUTURE TREND Scale efficiencies will be delivered at FULFILMENT 16.4% 14.9% 15.3% 16.0% 0.4ppt a higher rate over the mid-term given FC available capacity Marketing costs typically represent MARKETING 7.7
Slide 49: Well-controlled cash flow and strong funding position
WELL-CONTROLLED CASH FLOW AND STRONG FUNDING POSITION (€M) 2021 2022 PRO-FORMA CASH BALANCE Adj. EBITDA (18) (41) (€M) FUNDING OPERATIONS Cash Lease Costs (17) (20) 643 with Retail inventory to scale Working Capital (57) 7 (111) 95 13 562 TOTAL (92) (54) (78) Tech Capex (22) (32) CAPEX to invest our
Slide 50: Adj. EBITDA breakeven from cost & margin; NMV increase for FCF breakeven
ADJ. EBITDA BREAKEVEN CAN COME FROM COST & MARGIN; INCREASE NMV 40-50% FOR FCF BREAKEVEN ADJ. EBITDA MARGIN c.6% 40-50% Free Cash Flow NMV Increase Breakeven 0.9% (1.8%) Cost Benefits (1.5%) (0.4%) Gross Margin (3.7%) CIS Gross Other Removal Margin 2021 2022 GOAL 50 CAPITAL MARKETS DAY: OUR FINANCIA
Slide 51: Path to cash generation
PATH TO CASH GENERATION NMV GROSS MARGIN1 ADJ. EBITDA1 CAPEX1 €2.2-2.5bn c.47% c.6% c.3% Increase NMV 40-50% vs. FY22; Supported by: Resulting from leverage across Continue developing tech and FY23 NMV expected to grow Fulfilment, Tech & Admin costs as fulfilment infrastructure (5)-0% Marketplace de
Slide 52: The #1 fashion & lifestyle destination in LATAM, SEA & ANZ
THE #1 FASHION & LIFESTYLE DESTINATION IN LATAM, SEA & ANZ Large and growing fashion & lifestyle market with increasing online penetration in our markets Consistent growth due to a best-in-class customer experience and a dynamic, local approach for our brands Strong market position and a market lead
Slide 53: Q&A
Q&A 53 CAPITAL MARKETS DAY: Q&A
Slide 54: Appendix
APPENDIX 54 CAPITAL MARKETS DAY: APPENDIX
Slide 55: Illustration – €2.3bn NMV would imply c.€1.5bn revenue
ILLUSTRATION – €2.3BN NMV WOULD IMPLY C.€1.5BN REVENUE MARKET- PLATFORM RETAIL GFG PLACE SERVICES • Ambition is a €2.3bn NMV business NMV 1.4 0.9 - 2.3 • Marketplace participation around 40% of NMV (€BN) • Platform Services does not form part of NMV REVENUE 1.2 0.2 0.1 1.5 • Revenue illustration bas
Slide 56: Marketplace and retail comparison
MARKETPLACE AND RETAIL COMPARISON MARKETPLACE VS. RETAIL MARKETPLACE & SERVICES ARE CAPITAL-LIGHT, IMPROVING RETURNS Retail Marketplace SHARE OF NMV Marketplace INVENTORY FOR €100M NMV GROWTH • Retail inventory generally funded by 34% payables €16m • Seasonal working capital needs largely funded by
Slide 57: Contribution margin comparison
CONTRIBUTION MARGIN COMPARISON RETAIL AND MARKETPLACE HAVE SIMILAR UNDERLYING MARGINS BUT VERY DIFFERENT IFRS PRESENTATIONS AS % OF SELLING PRICE NET OF VAT1 AS % OF IFRS REVENUE Retail Marketplace Margin Margin after Fulfilment Margin Margin after Fulfilment 100% 48% 35% 34% 24% 14% 12% 13% 100% (1
Slide 58: Fulfilment centre capacity
FULFILMENT CENTRE CAPACITY REGION COUNTRY STORAGE UNIT CAPACITY (K) AUTOMATION OPENED / LAST EXPANDED Argentina 750 Low May-20 Brazil 7,100 High Sep-21 LATAM Chile 800 Low Jun-20 Colombia 1,400 Low Jul-20 Indonesia 2,500 Low Jul-20 SEA Malaysia 7,000 Low Dec-22 Philippines 1,600 Low Sep-20 ANZ Austr
Slide 59: KPI definitions
KPI DEFINITIONS Active Customers is defined as the number of customers who have purchased at least one item after ACTIVE CUSTOMERS cancellations, rejections and returns in the last twelve months Adjusted EBITDA is EBITDA adjusted for share-based payment (income) / expenses, impairment of goodwill, G
Slide 60: Disclaimer
DISCLAIMER Certain statements included in this document are forward-looking statements. Forward-looking statements can typically be identified by the use of words such as “expects”, “may”, “will”, “could”, “should”, “intends”, “plans”, “predicts”, “envisages” or “anticipates” or other words of simil