SRP Groupe SA · EURONEXT:SRP
SRP Groupe SA — Showroomprivé — H1 2016 Earnings Presentation
27 slides from SRP Groupe SA's earnings presentation, Jul 28, 2016
Slide 1: Showroomprivé H1 2016 Results
WE ARE SHOWROOMPRIVE.CON H1 2016 fs: € July, 28" 2016 showroomprives
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Slide 3: Results Highlights and Business Update
I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE Recurring cash from operating Net revenue & growth EBITDA margin activities before tax post Capex(1) € million € million 240.3 -7.5 199.4 -10.8 6.6% 6.2% 5.4% H1-15 H1-16 FY-15 H1-15 H1-16 H1-15 H1-16 Note: (1) Excluding non recurring items (€1.4MM cash impa
Slide 4: Results Highlights and Business Update: product launches
I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE Infinity Search engine Product Apple Pay Launched in Oct. 2015 Launched in March recommendation(1) July 2016 2016 Launched in May 2016 Drives order Innovative entry Algorithm-based Payment in one frequency point by product Complementary & touch P
Slide 5: Results Highlights and Business Update: mobile
Driver for audience building(1) Driver for acquisition and conversion(2) I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE 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) Not
Slide 6: Results Highlights and Business Update: buyer metrics
I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE 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 6
Slide 7: Results Highlights and Business Update: internet revenue and members
I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE 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
Slide 8: Results Highlights and Business Update: local strategy
I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE Implementation of local strategy in h1 16 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 O
Slide 9: Results Highlights and Business Update: logistics
I. RESULTS HIGHLIGHTS AND BUSINESS UPDATE Head of Head of Quality Delivery Return in Roubaix Operation Logistics of Service Time Process in Q1 2016 9
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Slide 11: Financial Update H1 2016: Revenues breakdown
II. FINANCIAL UPDATE H1 2016 Revenues breakdown € million Net Revenue Q2 2016 €123m (+19%) 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 11
Slide 12: Financial Update H1 2016: Gross margins and product mix
II. FINANCIAL UPDATE H1 2016 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 r
Slide 13: Financial Update H1 2016: Opex evolution
II. FINANCIAL UPDATE H1 2016 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
Slide 14: Financial Update H1 2016: EBITDA
II. FINANCIAL UPDATE H1 2016 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% 14
Slide 15: Financial Update H1 2016: cash flow
II. FINANCIAL UPDATE H1 2016 ( € million) H1-15 H1-16 EBITDA 12.3 15.7 Impact of change in working capital -17.2 -25.0 Capex -2.2 -3.6 Other elements 0.2 2.1 R ecurring ca s h fl ow from op era ting a ctivities b efore ta x a fter ca p ex -7.6 -10.8 Income taxes paid -2.5 -2.8 (1) Non recurring item
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Slide 17: Outlook: Our Initiatives for H2
Ill. OUTLOOK OUR INITIATIVES FOR H2 li CONTINUE TO ENHANCE BUILD LOCAL CUSTOMER SOURCING TEAMS EXPERIENCE ON DESKTOP AND MOBILE showroomprive- 10-YEAR ANNIVERSARY OF SHOWROOMPRIVE STRENGTHENING OF DELIVERY CAPABILITIES
Slide 18: Outlook
III. OUTLOOK c. €750m NET REVENUES €525-555m by 2018 (y-o-y growth) (+19% – +25%) o/w 25% from international 5.8 - 6.2% 7.5 - 8.0% EBITDA MARGIN by 2018 c. 8.5% in France c. 9.5% in France 100%+ CASH CONVERSION(1) CASH FLOW 1.3 - 1.5% Capex AS % NET REVENUES 1 Excluding exceptional items 18
Slide 19: Appendix
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Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: Gross internet sales to net revenues
(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 26: 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 27: Investor Relations contact
Investor.relations@showroomprive.com