SRP Groupe SA · EURONEXT:SRP
SRP Groupe SA — Showroomprivé — Investor Presentation (March 2016)
24 slides from SRP Groupe SA's investor presentation, March 2016
Slide 1: Investor Presentation March 2016
WE ARE SHOWROOMPRIVE.CON INVESTOR fs: ae a . € : March 2016 showroomprives
Slide 2: We are Showroomprivé
£5 GRANDES MAROLES EN VENTES PRIVEES
Slide 3: Management team
David Dayan Thierry Petit Co-Founder and Co-CEO Co-Founder and Co-CEO 25 years experience 16 years experience in fashion sales in e-commerce and online Prior to founding marketing Showroomprivé, David was Prior to founding CEO of fashion wholesale Showroomprivé, company France Export Thierry
Slide 4: Curated shopping experience for digital women
Curated shopping experience for digital women 12-15 new great deals, every day, on well-known and up-and-coming brands Mobile-first France + 8 countries in Europe Strong revenue growth, profitability, and cash generation MEMBERS1 CUMULATIVE ITEMS SOLD2 NET REVENUES2 INTERNATIONAL SHARE OF BUYERS2 RE
Slide 5: 25m members
25m members(1) visits / month in 2015 of which are women of 2015 buyers of free traffic in 2015 were women of these female buyers were 25-50 repurchase intent years old after first purchase2 gross revenue from repeat buyers in 2015 Notes: 1 As of 31/12/2015 2 Internal survey based on 141,429 respond
Slide 6: Members and brands
~12-15 NEW SALES EVENTS PER DAY MEMBERS BRANDS 81% CONSIGNMENT/ ~50-70% off retail prices 19% FIRM SALES Manage excess inventories Curated selection Protect brand image Fun, engaging and social Increase awareness Quality of service Data analytics 6
Slide 7: Attractive economics: members have significant lifetime value
Attractive economics Our members have significant lifetime value Gross internet revenues generated from Q1 2014 member cohort (France) Conversion of members …AND into buyers within 2 years COUNTING! GROSS REVENUE/ €6,0m MARKETING SPEND €3,9m €4,3m €4,8m €6,1m €42,9m Conversion of new buyers into €4,
Slide 8: II
II
Slide 9: Net revenue, EBITDA and cash from operating activities
Recurring cash from operating Net revenue & growth EBITDA & margin activities before tax post Capex(1) € million € million € million 5.4% 4.4% OF EBITDA 442,8 26,1 23,7 22,1 349,8 15,5 FY2014 FY2015 FY2014 FY2015 FY2014 FY2015 2015 GUIDANCE 2015 MARGIN GUIDANCE 2015 CF GUIDANCE €435-450 MM 5.1%-5.3%
Slide 10: 29% net internet revenues growth in France and 20% internationally
France International MEMBERS(1) 16.8 MM (+21%) 7.8 MM (+24%) BUYERS(1) 2.4 MM (+24%) 0.5 MM (+10%) ORDERS(1) 10.0 MM (+30%) 1.7 MM (+24%) REVENUE PER BUYER(2) €155 (+4%) €132 (+9%) NET INTERNET REVENUES(2) €370 MM (+29%) €63 MM (+20%) 29% net internet revenues growth in France and 20% growth in inte
Slide 11: Evolution of gross margin driven by product mix
Gross margins Product mix evolution € million % of gross Internet revenues 42,0% 40,5% 2014 2015 23% 19% 40% 44% 179,2 146,9 77% 81% 60% 56% FY2014 FY2015 Fashion vs Firm vs Fashion vs Firm vs Non Fashion consignment Non Fashion consignment Non-fashion Firm % of net revenues Fashion-related Consignm
Slide 12: +2.2 pt efficiency gains in 2015 from operating leverage
Opex evolution Marketing costs In € million and as % of net revenues (as % of net revenues) 6,3% 6,1% FY2014 FY2015 Logistics costs 38,2% 36,0% (as % of net revenues) 24,3% 23,2% FY2014 FY2015 159,4 G&A costs 133,7 (as % of net revenues) 7,7% 6,7% FY2014 FY2015 FY2014 FY2015 +2.2%pt efficiency gains
Slide 13: +0.9 pt increase in EBITDA margin in 2015
EBITDA € million +0.9%pt Total 5.4% EBITDA margin 4.4% 23,7 15,5 30,9 19,2 (3,6) (7,2) FY2014 FY2015 France International France EBITDA margin % FY2014 FY2015 +1.7%pt France EBITDA margin 6.4% 8.1% +0.9%pt increase in EBITDA margin (+1.7%pt in France) in 2015 driven by operating leverage 13
Slide 14: III
III
Slide 15: Large online fashion market, yet under-penetrated
Large online fashion market… …yet under-penetrated Online retail spending by category in Europe (2014) Online retail penetration by category in Europe (2014) €41bn €32bn 15% 10% €13bn 5% 5% €4bn Fashion Consumer Home and Beauty and Consumer Fashion Home and Beauty and appliances/ garden personal car
Slide 16: Continue to grow, expand and disrupt apparel retail
Continue to grow, expand and disrupt apparel retail staying true to our core “fashion & innovation” DNA Disciplined and harmonious growth around our 3 pillars: Members Brands Operations A test & learn approach with minimal upfront investment that we have practiced since day 1 Continue to innovate Fo
Slide 17: Search engine, private label, drive to store
Boost engagement & loyalty Reinforce our business SEARCH ENGINE PRIVATE LABEL MORE BIG DATA DRIVE TO STORE AND PREDICTIVE OFFER ANALYSIS CONVENIENCE AND USER M&A EXPERIENCE 17
Slide 18: Our international footprint and priorities for 2016
Our international footprint today Our priorities for 2016 SPAIN POLAND Opened Jul-2010 Opened Jul-2013 ITALY UK Opened Mar-2011 Opened Mar-2011 PORTUGAL NETHERLANDS Opened Jul-2013 Opened Jul-2013 BELGIUM GERMANY Opened Jan-2013 Opened Oct-2015 Still a pilot Our assets in international markets LARGE
Slide 19: Targets by 2018
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 Ratio of cash flow from operating activities before
Slide 20: Appendix
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Slide 21: Members convert to buyers increasingly rapidly
Our members convert to buyers increasingly A significant share of first-time buyers become rapidly and in greater proportion repeat buyers…increasingly quickly Member to buyer conversion (France) First-time buyer to repeat buyer conversion (France) Q2 2013 35% Member cohort 100% Q2 2013 Q2 2011 Buye
Slide 22: Customer metrics
2013 2014 2015 %Growth CUSTOMERS METRICS Total Members (in thousands) 16,205 20,178 24,568 21.8% France 11,518 13,893 16,787 20.8% International 4,687 6,285 7,781 23.8% Cumulative Buyers (in thousands) 3,185 4,303 5,517 28.2% France 2,670 3,536 4,520 27.8% International 0,515 0,767 0,997 30.0% Buyer
Slide 23: 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 24: Thank you
THANKYOU. = @ ‘N \ Le i Xe ; mM & showroomprivescom by ty $e