Global Fashion Group S.a. · XETR:GFG
Global Fashion — Q1 2022 Earnings Presentation
20 slides from Global Fashion's earnings presentation, Apr 26, 2022
Slide 1: Fashion and Lifestyle Destination in Growth Markets – Q1 2022 Results
#1 FASHION AND LIFESTYLE DESTINATION IN GROWTH MARKETS Q1 2022 RESULTS PRESENTATION 26 April 2022
Slide 2: 23% NMV Growth and Improving Gross Margin
23% NMV GROWTH AND IMPROVING GROSS MARGIN €543.2m 45.1% (3.2)% NMV GROSS PROFIT MARGIN ADJ. EBITDA MARGIN +22.9% yoy1 +1.0ppt yoy +0.6ppt yoy 16.8m 10.3m 2.9 ACTIVE CUSTOMERS ORDERS ORDER FREQUENCY +0.3% yoy +5.1% yoy +8.4% yoy Note: KPI definitions are included in the Appendix. (1) Constant currenc
Slide 3: KPIs
KPIS 3 Q1 2022 RESULTS PRESENTATION
Slide 4: Strong Growth Driven by Average Order Value
STRONG GROWTH DRIVEN BY AVERAGE ORDER VALUE NMV Retail Marketplace ORDERS AVERAGE ORDER VALUE (€M) (M) (€) +22.9%1 5.1% +17.0%1 543.2 52.9 10.3 9.8 46.0 449.9 39.2% 35.9% Q1/21 Q1/22 Q1/21 Q1/22 Q1/21 Q1/22 Note: KPI definitions are included in the Appendix. (1) Constant currency growth rate. Bars a
Slide 5: Order Value and Frequency Driving NMV / Active Customer
ORDER VALUE AND FREQUENCY DRIVING NMV / ACTIVE CUSTOMER ACTIVE CUSTOMERS AVERAGE ORDER FREQUENCY NMV/ACTIVE CUSTOMER (M) (X) (€) +0.3% +8.4% +22.5%1 148.2 16.8 2.9 16.7 2.7 121.9 Q1/21 Q1/22 Q1/21 Q1/22 Q1/21 Q1/22 Note: KPI definitions are included in the Appendix. (1) Constant currency growth rate
Slide 6: Group Delivered Strong NMV Growth
GROUP DELIVERED STRONG NMV GROWTH NMV ACTIVE CUSTOMERS2 NMV/ACTIVE CUSTOMER2 (€M) (M) (€) Q1/21 Q1/22 ∆ (%) 1 Q1/21 Q1/22 ∆ (%) Q1/21 Q1/22 ∆ (%)1 GROUP 449.9 543.2 22.9 16.7 16.8 0.3 121.9 148.2 22.5 LATAM 108.8 109.5 (6.4) 8.0 7.5 (6.2) 72.1 77.7 9.7 CIS 159.2 216.4 50.5 3.7 3.7 1.0 193.5 249.1 32
Slide 7: Financials
FINANCIALS 7 Q1 2022 RESULTS PRESENTATION
Slide 8: Q1 Gross Profit Improvement Partly Offset by Additional Costs
Q1 GROSS PROFIT IMPROVEMENT PARTLY OFFSET BY ADDITIONAL COSTS REVENUE GROSS PROFIT / MARGIN ADJUSTED EBITDA / MARGIN (€M) (€M) (€M) +17.9%¹ +1.0ppt Q1/21 Q1/22 157.4 349.2 132.9 (3.8)% 301.3 (3.2)% 44.1% 45.1% (11.5) (11.3) 0.6ppt Q1/21 Q1/22 Q1/21 Q1/22 Note: KPI definitions are included in the App
Slide 9: Gross Margin Improvements from Marketplace Growth and Stable Retail Margin
GROSS MARGIN IMPROVEMENTS FROM MARKETPLACE GROWTH AND STABLE RETAIL MARGIN REVENUE GROSS MARGIN (€M) (%) Q1/21 Q1/22 ∆ (%)1 Q1/21 Q1/22 ∆ (pp) GROUP 301.3 349.2 17.9 44.1 45.1 1.0 LATAM 67.0 68.1 (5.7) 44.0 43.7 (0.3) CIS 98.6 127.2 42.7 47.2 49.0 1.8 SEA 64.3 64.8 (3.8) 35.6 36.9 1.3 ANZ 71.4 89.5
Slide 10: Strong Quarter-End Cash
STRONG QUARTER-END CASH (€M) 642 (11) 552 (48) (19) (8) (2) (2) Pro forma net cash of €136m2 Pro-forma Adj. Working Capex Cash Lease Convertible Bond Other¹ Pro-forma Cash Opening Cash EBITDA Capital Cost Coupon Payment Mar-22 Jan-22 (1) Other includes: movement in provisions, net proceeds from borr
Slide 11: Outlook
OUTLOOK 11 Q1 2022 RESULTS PRESENTATION
Slide 12: Guidance: Geopolitical Uncertainty Continues
GUIDANCE: GEOPOLITICAL UNCERTAINTY CONTINUES FY2021 NMV • Demand environment from H2 2021 has continued into H1 2022, expect it to progressively €1,528m improve into H2 2022 LATAM, SEA & ANZ c. 2/3 of Group • Continuing to execute the LATAM investment plan • Investing in H1 to optimise ANZ fulfilmen
Slide 13: Q&A
Q&A 13 Q1 2022 RESULTS PRESENTATION
Slide 14: Appendix
APPENDIX 14 Q1 2022 RESULTS PRESENTATION
Slide 15: FX Sensitivity
FX SENSITIVITY CURRENCY ∆ Q1/22 vs. Q1/21 NMV IMPACT REVENUE IMPACT ADJ. EBITDA IMPACT (%) (€M) (€M) (€M) RUB (9.7)% (23.3) (13.0) (2.9) BRL 13.0% 7.6 5.0 (0.6) OTHER 0.4% 1.9 1.9 0.2 IMPACT ON Q1/22 AT Q1/21 FX RATES (1.8)% (13.8) (6.1) (3.3) 15 Q1 2022 RESULTS PRESENTATION
Slide 16: Issued Share Capital
ISSUED SHARE CAPITAL SHARE INFORMATION EMPLOYEE SHARE OPTION PROGRAMME Weighted average exercise price Outstanding call options2 Common shares in dematerialised Type of Share form with a nominal value of €0.01 €0.01 183,468 €6.00 2,648,218 Stock Exchange Frankfurt Stock Exchange €10.32 3,190,934 €30
Slide 17: Convertible Bond 2021
CONVERTIBLE BOND 2021 PRICING TERMS Issue Size €375 million Status Senior Unsecured Maturity 7 Years Issuer Call After Year 4 at 130% Trigger Reference Share Price €12.60 Denomination €100,000 per bond (“Principal Amount”) Issue Price 100% of the Principal Amount Redemption Price 100% of the Princip
Slide 18: 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 payments, impairment of goodwill, Group recharges, IAS
Slide 19: Financial Calendar – Upcoming Events
FINANCIAL CALENDAR – UPCOMING EVENTS DATE EVENT LOCATION 28 April 2022 HSBC European E-Commerce Series Virtual 17 May 2022 BAML Consumer E-Commerce Virtual Field Trip Virtual 15 June 2022 Annual General Meeting Luxembourg 18 August 2022 Q2 & H1 Results 2022 Virtual 19 Q1 2022 RESULTS PRESENTATION
Slide 20: 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