SRP Groupe SA · EURONEXT:SRP
SRP Groupe SA — Showroomprivé Group — FY2023 Earnings Presentation
20 slides from SRP Groupe SA's earnings presentation, Mar 15, 2024
Slide 1: FY 2023 Results
FY 2023 Results 15th March 2024
Slide 2: Agenda
Executive Summary FY 2023 Financial results Agenda 2024 Outlook 2
Slide 3: Key business highlights
Key business highlights Strong resilience START A CHALLENGING of the Group OF THEamidst a challenging YEAR AMID market MARKET ENVIRONMENT A DETERIORATED €1bn GMV Acceleration of the ACE roadmap Successful launch of ShowroomBy: 26 campaigns, 34m impressions, +44K followers +6% growth y-o-y Rejuvinate
Slide 4: Agenda
Executive Summary FY 2023 Financial results Agenda 2024 Outlook 4
Slide 5: Key financial highlights
Key financial highlights Gross merchandise value (€m, % Growth) EBITDA IFRS (€m, % Margin) 13.1% 3.1% (4.8)% 6.3% (5.1)% 6.0% 6.7% 3.0% 3.5% 48.2 1,005 42.0 961 993 945 23.6 19.5 851 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 (31.4) Net Revenue IFRS (€m, % Growth) Adjusted1 Net Results (€m, %
Slide 6: French market overview: Challenging environment for E-commerce
French market overview : Challenging environment for E-commerce Evolution of the sales 2023 vs 2022 Aggressive acquisition marketing strategy from +5% Beauty Chinese new competitors and growing appeal of secondhand have -1.8% contributed to incumbent of growth over -1% Home & Deco e-retailers losing
Slide 7: Net Revenue IFRS by geographies
Net Revenue IFRS by geographies France (€m, % Growth) International (€m, % Growth) Total (€m, % Growth) (10.5)% 10.1% 4.1% (5.9)% (3.6)% 0.7% (2.9)% 17.1% 6.9% 6.2% 10.1% 9.8% (9.2)% 12.3% 5.3% (3.5)% (0.5)% 3.0% 677.2 657.3 12.0 7.5 532.3 536.2 117.5 129.0 206.2 163.9 139.6 109.5 532.3 536.2 175.6
Slide 8: Key operational metrics on Showroomprive Group full perimeter
Key operational metrics on Showroomprive Group full perimeter Average revenue per buyer – By geography (€, % Growth) Number of buyers – By Geography (m) (0.2)% 1.1% 3.73 3.72 Total 177 104 111 106 113 179 (1.9)% 3.11 3.05 8.3% 190 195 0.62 0.67 174 175 FY 2022 FY 2023 Average basket size (€) 116 118
Slide 9: 2023 performance by platform
2023 performance by platform FY2023 revenues of €677m, representing a 3.0% y-o-y (0.5% L-f-L) Internet sales (1.0)% vs. 2022 (5.8)% vs. 2022 76% vs. 2022 9
Slide 10: Strong performance from our Growth levers
Strong performance from our Growth levers SRP Services Travel Marketplace +15% growth y-o-y +12% GMV growth y-o-y +85% GMV growth y-o-y • +Strong resilience from SRP • Strong resilience from our Leisure • €33m GMV achieved in 2023 Media in a challenging activity environment • Continued ramp-up with
Slide 11: An adaptative sales mix over time
An adaptative sales mix over time REVENUE BREAKDOWN FY FY FY 2021 2022 2023 FIRM SALE DELIVERY IN 24 -48 HOURS TO OUR CUSTOMERS SHORT DELIVERY TIME SRP OW N INVENTORY Speedy execution and satisfying customer service 28% 34% 38% DROP & SALE DELIVERY IN 24 - 48 HO URS AS ST O CK READI LY AV AIL A BL E
Slide 12: Strict cost control enabled an increased in profitability
Strict cost control enabled an increased in profitability Reaping the rewards on our strong focus on profitability and financial structure robustness Rationalisation of our logistics network in order to optimise our stockage capabilities as well as the utilisation of Astrolab Closure of 3 extern
Slide 13: Rationalisation of our logistic network
Rationalisation of our logistic network FY 2022 logistic network FY 2023 logistic network 8 locations – 3 PL 5 locations – 3 PL Kuehne Jevaso Deret DISPEO DISPEO Kuehne Jevaso Deret DISPEO DISPEO + Nagel Spain Saran Beauvais Houpelines + Nagel Spain Saran Beauvais Houpelines BP BP 2023 rationalizati
Slide 14: P&L Overview
P&L Overview 22-23 19-23 1 Revenue growth of 3% driven by the strong momentum € in millions FY 2021A FY 2022A FY 2023 % Growth CAGR at The Bradery 1 Net Revenues 723.8 657.4 677.2 3.0% 2.4% 2 Improved gross margin driven by: Cost of Goods Sold (435.8) (412.7) (418.3) 1.4% (0.6%) Strong growth fr
Slide 15: Cash Flow, Net Debt and inventory position
Cash Flow, Net Debt and inventory position Cash Flow Statement Net Debt position €m 2021 2022 2023 €m Dec-22 Jun-23 Dec-23 EBITDA 48.2 19.5 23.6 Change in Working Capital (5.1) 5.8 (9.4) Gross Cash 83.5 74.6 70.6 Taxes (5.3) (4.8) 2.5 Gross Debt 58.0 56.8 42.3 Interests (1.1) (0.9) (1.9) Net Debt /
Slide 16: Agenda
Executive Summary FY 2023 Financial results Agenda 2024 Outlook 16
Slide 17: Challenging market environment
Challenging market environment Consumer Confidence – France Inflation (%) – France 100 10.0% Estimates FY24 FY25 FY26 HCPI (%) 2.7% 2.0% 2.1% 95 8.0% 90 6.0% 4.1% 85 4.0% 3.9% 80 2.0% 75 0.0% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 janv-22 juil-22 janv-23 juil-23 dec-23 E-commerce 23
Slide 18: Further rationalisation of our logistic network
Further rationalisation of our logistic network FY 2023 logistic network FY 2024-2025 logistic network 3 PL 3 PL 2024 rationalization Cost savings Further rationalisation effort initiated end 2023 as an opportunity to seize a building juxtaposed to Astrolab has Total of 5 locations Total of 3 loca
Slide 19: Acceleration of our ACE roadmap over 2024
Acceleration of our ACE roadmap over 2024 ADAPT CONSOLIDATE EXPAND Leverage key assets to meet Strengthens Operational New Territories customers expectations excellency Gain shares in growing Enhance customer Further monetize our verticals (travel, beauty, etc.) experience to boost value unique memb
Slide 20: Showroomprivé
SHOWROOM @ PRIVE