Slide 1: FY 2022 Results Presentation
SHOWROOMPRIVE FY 2022 Results Presentation March 2023
Slide 2: Key Business
KEY BUSINESS A CHALLENGING START OF THE YEAR AMID DETERIORATED MARKET ENVIRONMENT Acquisition of The Bradery Team restructuring across all levels and divisions Highly complementary clientele mix Renewed and strengthened Comex since Q4 2022 Addition of a new vertical Team strengthening in
Slide 3: FY 2022 Financial Results
© FY 2022 Financial Results
Slide 4: Focus on Market Share and Connexion
FOCUS ON MARKET SHARE AND CONNEXION MARKET SHARE IN VALUE1 MONTHLY CONNECTING MEMBERS ON SHOWROOMPRIVE.COM2 0% 70% 59.6% 59.3% 58.5% 60% 56.0% 57.2% 56.3% 57.3% 57.3% 56.2% 56.1% (5%) 53.5% 51.9% (8%) 50% (10%) (11%) (12%) 40% SRP Groupe (15%) (14%) (16%) (16%) (17%) 25.1% (18%) 30% (17%) 22.0% (18%
Slide 5: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Group net revenues decreased by 9.2% to €657.4m in 2022 2019 2020 2021 2022 % Chg. amid a very challenging environment GMV* 851.1 962.6 992.6 932.6 6.0% Strong decline over H1 2021 (-21.3%) as expected due to a very Net revenues (in m)** 615.6 697.5 723.8 657.4 (9.2)% un
Slide 6: Focus on Customer
FOCUS ON CUSTOMER Average Revenue Per Buyer by Geography Active Buyers By Geography € € million (8.8)% (2.0)% 3.25 2.97 3.00 203 107 119 113 120 199 (10.2)% Total 2.00 2.62 2.36 1.00 (2.9)% 206 0.63 0.61 200 - 192 193 FY 2021 FY 2022 Average Basket Size € million 116 120 119 121 114 109 108 7.0% 99
Slide 7: Challenging Year Marked by Macro Headwinds
CHALLENGING YEAR MARKED BY Consumer Confidence Index – France (rebased 100 at 31-Dec-2020) CPI – France (% Growth) 115 7% Estimates FY22 FY23 FY24 HPCI (% y-o-y) 5.9% 5.2% 2.3% 110 6% 5.9% 105 5% 4.9% 100 95 4% 90 3% 85 84.4 2% 80 1% 75 70 0% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 D
Slide 8: A Dichotomic Year Proving Resilience
… WITH A DICHOTOMIC YEAR PROVING Net sales IFRS EBITDA € million € million (22.1)% (21.3)% +7.5% +3.1% (9.2)% 6.7% +3.0% 723.8 657.4 48.2 207.2 144.7 19.5 166.8 8.5 138.6 11.0 2021 Q1 Q2 Q3 Q4 2022 2021 H1 H2 2022 H1 2022 WAS HEAVILY IMPACTED BY THE CHALLENGING MARKET CONFIRMATION OF SRP ABILITY TO
Slide 9: Successful Turnaround Enabled
SUCCESSFUL TURNAROUND ENABLED Net sales IFRS evolution € million, % EBITDA Margin 6.8% 800 10.0% (9.2)% 6.7% 6.0% 700 5.0% 3.0% 2.0% 0.8% 723.8 600 697.5 0.0% 672.2 614.8 655.0 657.4 500 (5.0%) 2017 2018 2019 2020 2021 2022 (5.1%) FY EBITDA Margin
Slide 10: Net Revenue Performance
NET REVENUE PERFORMANCE – Net Sales IFRS breakdown € million H2 2022 Net Revenue FY 2022 Net Revenue 4.9% (9.2)% 724 7.6 657 352 7.5 336 3.4 4.5 595.2 532.3 (10.6)% 273.0 4.9% 286.5 121.0 117.5 58.1 6.8% 62.1 (2.9)% H2 2021 H2 2022 FY 2021 FY 2022 International France Other Revenue Total Internet re
Slide 11: Overview of Revenue Performance
OVERVIEW OF Market driven difficulties over the Core Business but Showroomprivé’s growth levers continue to fulfil their promises and expectations Showroomprivé’s 2022 FY revenues comes to €657.4m, representing a decline of 9.2%(-11.4% L-f-L) vs. 2021 but +6.8% growth vs. 2019 (pre-pandemic) The
Slide 12: Agile Model Able to Adapt
AGILE MODEL ABLE TO REVENUE BREAKDOWN FY FY FY 2020 2021 2022 FIRM SALE DELIVERY IN 24 -48 HOURS TO OUR CUSTOMERS SHORT DELIVERY TIME SRP OWN INVENTORY Speedy execution and satisfying customer service 24% 28% 34% DROP & SALE DELIVERY IN 24 -48 HOURS AS STOCK READILY AVAILABLE SHORT DELIVERY TIME NO
Slide 13: Key 2022 Margin Takeaways
KEY 2022 Inflationary environment and declining consumer confidence called for drastic operational decisions which impacted margins Aggressive pricing strategy implemented from June 2022 onwards as a results of: Increasing stock level; and Lower sales impacted gross margins Strict stock mana
Slide 14: Key Takeaway on Profitability
KEY TAKEAWAY ON Reaping the rewards on our strong focus on profitability and financial structure robustness Under-utilisation of our logistics capacity as a results of lower than expected business weighted on profitability and the operating leverage hurdle was barely met Reorganisation of the ou
Slide 15: 2019 – 2022 P&L
2019 – 2022 P&L 21 - 22 19-22 € in millions FY 2019A FY 2020A FY 2021A FY 2022A % Growth % Growth 1 Revenue of €657m driven by strong decline over H1 2022 but a slight rebound during the H2 2022 as rectification measures have been 1 Net Revenues 615.6 697.5 723.8 657.4 (9.2%) 6.8% taken Cost of Goo
Slide 16: Cash Flow
CASH FLOW Net change in cash by semester Inventories position € millions € millions 31-Dec-2021 62.6 99.6 83.5 (26.6) 10.5 30-Jun-2022 85.0 31-Dec-2022 78.7 FY 2021 H1 2021 H2 2021 FY 2022 2021 – 2022 Net cash evolution Net debt position € millions € millions Net Change in cash of €(16.1)m € million
Slide 17: EBITDA to Net Change in Cash
EBITDA TO EBITDA to net change in cash € millions 2021 2022 EBITDA 48.2 19.5 Lower cash flow related to the end of the tailwind related to Covid Positive change in working capital despite increase in stock position as we Change in Working Capital (5.1) 5.6 have tightened payment conditions with
Slide 18: 2023 Outlook ACE Roadmap
SHOWROOMPRIVE 2023 Outlook ACE Roadmap
Slide 19: Optimistic on Our Ability
OPTIMISTIC ON OUR ABILITY We expect another very uncertain year in 2023 but we believe our business model will remain relevant in this context While stabilisation can be foreseen, inflation remains high and a number of contracts are being renegotiated to that effect YTD activity has set off we
Slide 20: Adapt, Consolidate, Expand
SRP’S AMBITIONS RELY ON 3 KEY FUNDAMENTALS: Based on solid financial health, SRP has identified its key strategic ambition for the medium-to-long term and named it: ACE ADAPT CONSOLIDATE EXPAND Leverage key assets to meet Strengthens Operational New customers expectations Excellency Territories
Slide 21: Adapt
ADAPT: Enhance customer experience to boost value proposition Reinforce permanent offer Rejuvenate SRP image Strengthens RSE strategy initiated with Move Forward
Slide 22: Consolidate
CONSOLIDATE: Further monetize our unique member base Consolidate our brand partners portfolio Focus on a lean, efficient and monitored business Attract, retain and develop our talents Innovation-centric
Slide 23: Expand
EXPAND: Gain shares in growing verticals (travel, beauty, etc.) Create more value with profitable B2B services (Media, Studio, Logistics) Develop international presence in dynamic markets Enhance our offer via the marketplace acceleration
Slide 24: Rejuvenated Executive Committee
REJUVINATED EXECUTIVE COMMITTEE Hakim Stephan Frederic Brian Elodie David Dayan Benmakhlouf Ploujoux Delale Beunet Richard Founder / CEO Operation Commerce IT / DSI Salesfactory SRP Media New Comex Additions Francois de Castelnau Julien Adrien Olivia Albert Anne-Charlotte Sylvie Deputy CEO Helbecque
Slide 25: Thank you
; Thank you = y ay