Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Showroomprivé’s 2016 Annual Results : Strong Performance with a Clear Roadmap to Double Revenues by 2020


News provided by

showroomprive.com

27 Feb, 2017, 18:50 GMT

Share this article

Share toX

Share this article

Share toX

This image opens in the lightbox
showroomprive.com logo (PRNewsFoto/showroomprive.com) (PRNewsFoto/showroomprive.com)

LA PLAINE SAINT-DENIS, France, February 27, 2017 /PRNewswire/ --

Showroomprivé, a leading European online fashion retailer, focusing on Digital Woman, has published its results for the fiscal year 2016, ended 31 December.

  • Solid growth with resilient margins and cash flow generation
    • Net sales of €540m, up 21.9% vs. 2015 with an acceleration of growth in Q4
    • €28.3m EBITDA
    • EBITDA margin stable at 5.4% excluding Saldi Privati (5.2% reported)
    • €35.5m of free cash flow generation, up 36% vs 2015
  • Group's international strategy: a successful acceleration
    • Rebound of organic growth of international operations in second semester: +8.6%, to reach over €105m in revenues1
    • Massive investment in senior local teams: 43% of international brands
    • Acquisition of Saldi Privati, #2 flash sales player in Italy
  • More than ever a mobile first company
    • Record-high rates from mobile platforms:  traffic 77% and sales 55%
    • More than 10 million app downloads
    • Showroomprivé ranked 6th among French e-commerce platforms in terms of audience2
  • Accelerating growth: doubling revenues by FY2020
    • 2017: Revenues between €690m and €720m
    • 2020: c. €1.1Bn in revenues by 2020 with an EBITDA margin exceeding 7.5%
  • Reinforcement of our proposition to digital women: agreement for acquisition of Beauteprivee
    • French leading flash sales player in the Beauty segment with close to €20m revenues in 2016

1 On a pro-forma basis, including 12-month Saldi Privati contribution in 2016
2 Source: Mediamétrie rankings - November 2016

KEY FIGURES FOR 2016

    (EUR million)               2015     2016   %Growth
    Net revenues               442.8    539.7    21.9%
    Total Internet revenues    433.2    525.4    21.3%
    EBITDA                      23.7     28.3    19.1%
    EBITDA as % of revenues     5.4%   5.2%**   -19bps
    Adjusted net income*         9.2     13.0    42.0%

*Net income adjusted for costs related to the free share allocation programme as part of the IPO

** 5.4% excluding Saldi Privati

Commenting on these results, Thierry Petit and David Dayan, co-founders and co-CEOs of Showroomprivé stated: "We are proud to report very strong results for this first full fiscal year as a listed company. We have successfully sustained a 20%+ growth rate thanks to our continued focus on offering our members and brand partners the best platform through innovation and leading customer experience. We have delivered resilient margins with significant investments in delivery, pricing, marketing and staffing, all of which support today's growth and will fuel tomorrow's revenues. Following Saldi Privati's acquisition and the reinforcement of local teams, the Group is entering 2017 with a strengthened international structure and a clear roadmap to pursue its development. This very strong performance allows us to set new ambitious financial targets for 2017 and beyond, with the objective to double our revenues and reach over €1Bn by 2020."

2017-2020: MORE AMBITION ON A NEW MEDIUM ROADMAP…

Showroomprivé has defined a new medium term roadmap and growth trajectory for 2020. The group targets to generate c. €1.1Bn in revenues by 2020 with a new trajectory aiming at accelerating its topline growth, and maximizing EBITDA growth in absolute terms.

This new trajectory is consistent with Showroomprivé's drive to secure the success of its international expansion.

SHOWROOMPRIVÉ'S NEW STRATEGIC ROADMAP YIELDS TO THE FOLLOWING GUIDANCE:

  • 2017 MILESTONES
    • Revenues between €690m and €720m (+28% to 33% growth)
    • EBITDA margin above 6% excluding Saldi Privati
    • Cash flow conversion higher than 100%
  • 2020 TARGETS
    • Doubling revenues to reach c. €1.1bn
    • EBITDA margin exceeding 7.5%
    • Cash flow conversion higher than 100%

…WITH A STRONG AND CLEAR STRATEGY

Showroomprivé is confident in its ability to leverage its assets and built its strategy on four pillars:

#1 ATTRACTIVE VALUE PROPOSITION: offer the best deals to members and holistic solutions to brand partners to continue to recruit and drive engagement of brands and members.

#2 OPERATIONAL EXCELLENCE: further improve the shopping experience, delivery time and quality of service to boost loyalty.

#3 UNPARALLELED INNOVATION: keep on developing innovative solutions and features such as personnalisation, loyalty program or drop shipment, to differentiate from competition and lead the industry.

#4 INTERNATIONAL DEVELOPMENT: pursue the successful multi-local strategy with a double focus on adapting the offering to local needs and reinforcing the local teams to lay the ground for future growth.

2016: AGAIN OUTPERFORMING THE E-COMMERCE MARKET

In 2016, 10 years after its creation, Showroomprivé continued to significantly outperform the e-commerce market with over 20% of growth and resilient margins, whilst keeping on investing to fuel tomorrow's growth and reinforcing its international platform. The acquisition of Italy's #2 flash sales player Saldi Privati also contributed to strengthen the Group's international profile.

#1 STRONG SUCCESS IN RECRUITING AND DRIVING LOYALTY OF MEMBERS AND BUYERS

A  fast growth of the members' community with over 3.7m new members and 1.2m new buyers. This shows the attractiveness of Showroomprivé's value proposition and its strong ability to convert members into buyers by stimulating purchase intents. Showroomprivé also benefited from an increasingly engaged and loyal community, as recurring buyers represented 75% of total revenues and the average revenue per buyer was up 5.8% to circa €160.

#2 STRENGTHENED OFFERING TO SERVE THE DIGITAL WOMAN

The Group continued to develop its offering by recruiting new brands and boosting business with its existing brand partners, in order to offer always more attractive deals and a wider assortment to its customers: over 700 new brand partners in 2016 and a 14% increase in business volumes with its recurring brand partners. Showroomprivé reinforced its fashion positioning through several initiatives in 2016 such as the creation of a dedicated team for its private label brand #CollectionIRL.

The group also expanded its offering through the sales of dematerialized services, which represent an important growth driver. In addition, Showroomprivé launched a new ticketing section, in partnership with France Billet, France's leading ticket sales network for shows, sports and leisure events, and reinforced its travel offering.

Last, Showroomprivé signed an agreement for the acquisition of Beauteprivee. With revenues close to €20m in 2016, and an EBITDA margin close to 7%, Beauteprivee is the French leader in online flash sales of beauty and well-being products. This transaction, which remains subject to usual conditions and is expected to close by the end of Q1 2017, would further expand the Group's offering to the Digital Woman.

#3 PURSUED INNOVATION TO FURTHER IMPROVE THE COMMUNITY ENGAGEMENT

In September, Showroomprivé successfully launched a new version of its website and mobile apps to offer members and brand partners an even more intuitive and attractive interface, to access Showroomprivé's sales events.

Moreover, the Group introduced a product recommendation function, which suggests to members articles most likely to be of interest to them. It also launched Apple Pay in France, after having been the first and only French
e-commerce platform to offer the Android Pay service in the UK, and a search engine earlier in H1.

#4 MORE THAN EVER A MOBILE FIRST COMPANY

With an app ranked #6 amongst French e-tailers, and over 10 million downloads (+2.2 million vs. last year), Showroomprivé's growth continues to be increasingly supported by the mobile segment: 77% of traffic and 55% of total revenues vs. 48% in 2015. Leveraging on this trend, Showroomprivé benefits from a higher engagement rate of its buyers who generate on average 50% more orders on mobile than on desktop.

#5 INTERNATIONAL: DEPLOYMENT AND FIRST POSITIVE RESULTS FROM THE MULTI-LOCAL STRATEGY

This year marked a turning point in Showroomprivé's international development. The Group successfully delivered on its plan to become closer to customers' needs in each market, and strengthen their engagement and loyalty. In line with its multi local strategy, the Group opened local sourcing offices in Spain, Italy and Germany and launched Infinity and the Single Basket feature in Spain and Portugal. Additionally, Showroomprivé boosted its marketing investments in its international markets in H2.

This strategy has already borne fruit with a strong rebound of growth at the end of the year: international revenues increased organically by +8.6% in H2 and were stable over the year.

The acquisition of Italy's #2 flash sales player Saldi Privati (completed in Q4) also contributed to the Group's development strategy, enabling it to record pro-forma international revenues of more than €105m[1], which represent more than 18%1 of pro-forma total revenues.

[1] Including 12-month Saldi Privati contribution in 2016 

DETAILED COMMENTARY

Revenues

    (EUR million)         2015      2016     %Growth
    Internet revenues
      France              370.0     453.7     22.6%
      International        63.2      71.7     13.4%
    Total Internet
    revenues              433.2     525.4     21.3%
      Other revenues        9.6      14.3     48.9%
    Net revenues          442.8     539.7     21.9%
     (EUR million)       Q4 2015   Q4 2016   % Growth
    Net revenues          153.1     194.6     27.1%

The 21.9% increase in Group revenues to €540m was mainly driven by France, where net internet revenues rose by 22.6%, largely outperforming growth in the e-commerce (c. 2x growth of France e-commerce market) and retail sectors.

International revenues were up by 13.4%, thanks to the contribution of Saldi Privati in the last 2 months of the year (€8.4m). Net sales on a comparable perimeter would be stable, with the solid organic growth in H2 offsetting the decrease in H1 that was due to the transitional phase that the Group experienced over this period.

In the fourth quarter, the Group had revenues of €194.6m, representing a growth of 27.1% compared to 2015 (+21.6% excluding Saldi Privati). This acceleration was driven by both France and our international operations, and is the result of all the initiatives we launched during the year in all our geographies.

KEY PERFORMANCE INDICATORS1

                                        2015     2016    %Growth
    Total Members (in millions)         24.6     28.3     15.1%
    Cumulative Buyers (in millions)      5.5      6.8     22.5%
    Buyers (in millions)                 2.9      3.2     12.8%
    Number of Orders (in millions)      11.7     13.6     15.8%
    Revenue per Buyer                  151.1    159.9      5.8%
      Average Number of Orders per Buyer 4.1      4.2      2.7%
      Average Basket Size               36.9     38.0      3.0%
    Share of Revenues from Mobile        48%      55%

1 Excluding Saldi Privati

Revenues growth in 2016 was driven by both an increase in the number of buyers and the average revenue per buyer.

The Group continued to experience a strong momentum for attracting new members and converting them to buyers, with 3.7 million new members and 1.2 million new buyers in 2016.

The number of buyers in 2016 exceeded 3.2 million, an increase of close to 13% vs. last year.

Average revenue per buyer continued to significantly increase (+6%) to reach €160. This was driven by both a 3% rise in the average basket size, taking it to over €38 and 3% increase of the average number of orders per buyer (4.2x vs. 4.1x last year). These trends demonstrate the attractiveness of the Group's offering and the growing loyalty of its members, as well as the positive impact of initiatives such as Infinity and the single basket.

The Group's growth remains underpinned by the mobile segment, which now accounts for 77% of traffic and 55% of net revenues, which represents an increase of 7 points vs. 48% last year. Buyers on the mobile platforms generate on average 50% more orders as those on desktop (approximately 5 orders per year).

EBITDA

    (EUR million)                     2015     2016    %Growth
    France                            30.9     35.1     13.8%
      EBITDA France as % of revenues  8.1%     7.5%     -63pt
    International                     -7.2     -6.9      3.8%
      EBITDA International as % of
    revenues                        -11.3%    -9.6%    +172pt
    Total EBITDA                      23.7     28.3     19.1%
    Total EBITDA as % of revenues     5.4%     5.2%     -19pt

EBITDA increased by 19.1% to reach 28.3 million euros. Excluding Saldi Privati, it grew more than revenues to reach 28.8 million euros (+21.5% vs. 2015) with an EBITDA margin of 5.4%, while in parallel we significantly invested during the year in delivery, pricing and teams to boost engagement of our members and support our future growth.

Profitability in France reached 7.5% in 2016. In other markets, it improved significantly as a percentage of sales but remains negative due to significant marketing and pricing investments, creation of local sourcing teams and Saldi Privati integration.

Cost structure 

    (EUR million)                     2015     2016    %Growth
    Net revenues                      442.8   539.7     21.9%
      Cost of goods sold             -263.7  -332.0     25.9%
    Gross margin                      179.2   207.7     15.9%
        Gross margin as % of revenues 40.5%   38.5%
      Marketing                       -26.9   -25.7     -4.5%
      As % of revenues                 6.1%    4.8%
      Logistics & fulfilment         -102.7   122.1     18.9%
      As % of revenues                23.2%   22.6%
      General & administrative
      expenses                        -29.9   -36.9     23.5%
      As % of revenues                 6.7%    6.8%
      Total Opex                     -159.4  -184.7     15.8%
      As % of revenues                36.0%   34.2%
     Current operating profit          19.7    23.0     16.6%

Gross margin went up by 16% to reach 207.7 million euros, representing 38.5% of net revenues compared to 40.5% in 2015.

The gross margin was negatively impacted by product mix evolution (c. 35bps) and consolidation of Saldi Privati (c.15bps).

In addition, it was also impacted by the rebalancing of part of the marketing budget into conversion and loyalty initiatives such as: (i) the roll-out of Infinity program and the single basket (c. 100bps impact), and some price investments (c. 50bps). These investments designed to fuel the Group's future growth totaled c.150bps at gross margin level and were almost entirely offset by lower marketing expenditures.

Retreated from those latter impacts, the Group's gross margin would actually have reached 40%, roughly in line with last year performance.

Control of the operating costs allowed offsetting the lower growth margin rate. Thanks to a strong discipline, they fell from 36.0% to 34.2% as a percentage of revenues. In more details:

  • Marketing expenditure as a percentage of revenues decreased by 130bps resulting from targeted efforts in France where the Group's brand awareness is already at high levels, a temporary slowdown of marketing investments in international markets in H1 and the rebalancing of part of the marketing budget towards price investments and delivery initiatives.
  • Logistics & fulfillment costs also decreased as a percentage of revenues by 60bps despite significant investments to strengthen teams, develop infrastructures and improve quality of service: for instance, the Group inaugurated a new 2,000m2 center of sales production in Roubaix (North of France) in March 2016.
  • Last, general & administrative expenses remained roughly stable as a percentage of revenues as economies of scale were partially offset by (i) the strengthening of the sourcing teams, (ii) an increase in IT spending and (iii) the strengthening of support functions. These additional costs are mainly fixed and allow us to shape our structure to support our future needs.

Other financial information

    (EUR million)                     2015     2016    %Growth
    Current operating profit          19.7     23.0     16.6%
      Amortisation of intangible
      assets recognized
      upon business reorganisation    -0.8     -0.8      2.7%
      Other operating income and
      expenses                        -8.1    -19.6    142.0%
    Operating profit                  10.9      2.6    -76.0%
      Net finance costs               -0.1     -0.7
      Other financial income and
      expenses                        -0.1      0.6
    Profit before tax                 10.6      2.5    -76.5%
      Income taxes                    -5.5     -2.7    -50.9%
    Adjusted net income*               9.2     13.0     42.0%
    Net income                         5.1     -0.3   -104.9%

*Net income adjusted for costs related to the free share allocation programme as part of the IPO

Other operating income and expenses (€19.6 m) can be broken down as follows:

  • €6.3m in non-recurrent charges corresponding mostly to residual costs related to the IPO, restructuring costs, advisory costs and costs related to the acquisition and integration of Saldi Privati
  • €13.3m in costs relating to the free share allocation programmes as part of the IPO. These charges had a limited impact on the Group's cash (of around €2.5m).

The Group's tax charge fell by 50.9% to €2.7m. As a result, net income adjusted for costs relating to free share allocations rose by 42% to €13m for the period.

Cash flow items

    (EUR million)                     2015    2016
      Cash flows from operating
      activities                      13.9    32.8
      Net cash flows from investing
      activities                      -6.4   -39.9
      Net cash flows from financing
      activities                      47.7     1.1
    Net change in cash                55.3    -6.0

    Recurring cash from operating
    activities after capex and
    before tax(1)                     26.1    35.5

1Cash flow from operating activities after capex and before tax retreated from non-recurring operating elements excluding employee non-cash share-based payments

Recurring cash after capex and before tax reached €35.5m (corresponding to 126% of EBITDA) demonstrating the Group's repeated ability to generate more cash than EBITDA.

Cash flows from operating activities increased sharply from €13.9m to €32.8m driven by the EBITDA growth and a €13.6m cash inflow from the change in working capital.

Net cash flows from investing activities decreased from €-6.4m to €-39.9m due mainly to the acquisition of Saldi Privati (€31m). Capital expenditures increased from €6.4m to €8.4m and remained relatively stable as a percentage of sales.

As a result, the Group cash position went down by €6m in 2016 and reached €97.0m as of 31/12/2016.

* 

*  *

The Board of Directors of SRP Groupe held on February 27th, 2017, reviewed and approved the audited consolidated financial statements of the Group as of December 31st, 2016.

Analyst and investor conference (in English)

Speakers:
David Dayan, Chief Executive Officer
Thierry Petit, Deputy Chief Executive
Nicolas Woussen, Chief Financial Officer
Thomas Kienzi, Deputy Chief Financial Officer

Date: Monday 27 February 2017

18:30 Paris time - 17:30 London time - 12:30 New York time

Journalists will only be able to listen to the conference

Webcast link to listen live and for the replay:

https://pgi.webcasts.com/starthere.jsp?ei=1133269

Dial-in to listen to the conference LIVE

From France:       +33 (0)1 76 77 22 74

From the UK:       +44 (0)330 336 9105

Access code:       1087287

FORWARD-LOOKING STATEMENTS

This document 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, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target" or similar expressions. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of the Group's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in filings with the Autorité des Marchés Financiers made or to be made by the Group.  The Group undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

UPCOMING PUBLICATIONS

Revenues for the 1st quarter 2016: 24th April 2017 (after market close)

ABOUT SHOWROOMPRIVE.COM

Showroomprive.com is an innovative European player in the online private sales industry, specialized in fashion. Showroomprivé offers a daily selection of close to 2 000 brand partners on its mobile app or online. It has over 28 million members in France and in eight of its European country markets. Since its launch in 2006, the company has enjoyed quick and profitable growth.

Showroomprivé is listed on the Euronext Paris (code: SRP), and reported gross turnover of over 750 million euros in 2016, corresponding to net sales of 540 million euros, up 22% versus the previous year. The company employs close to 1 000 people.

For more information: http://showroomprivegroup.com

APPENDIX

PROFIT AND LOSS STATEMENT

    (EUR thousands)                     2015     2016   %Growth  H2-15    H2-16   %Growth
    Net revenues                       442,832  539,704   21.9%  243,414  299,373    23.0%
      Cost of goods sold              -263,679 -332,027   25.9% -145,180 -187,202    28.9%
    Gross margin                       179,153  207,676   15.9%   98,234  112,171    14.2%
        Gross margin as % of revenues    40.5%    38.5%   -4.9%    40.4%    37.5%    -7.2%
      Marketing                        -26,897  -25,683   -4.5%  -19,099  -17,312    -9.4%
      As % of revenues                    6.1%     4.8%  -21.7%     7.8%     5.8%   -26.3%
      Logistics & fulfilment          -102,650 -122,084   18.9%  -55,545  -66,094    19.0%
      As % of revenues                   23.2%    22.6%   -2.4%    22.8%    22.1%    -3.3%
      General & administrative
      expenses                         -29,861  -36,887   23.5%  -14,312  -19,178    34.0%
      As % of revenues                    6.7%     6.8%    1.4%     5.9%     6.4%     9.0%
    Total Opex                        -159,408 -184,654   15.8%  -88,956 -102,584    15.3%
    As % of revenues                     36.0%    34.2%   -5.0%    36.5%    34.3%    -6.2%
    Current operating profit            19,745   23,022   16.6%    9,278    9,587     3.3%
      Amortisation of intangible
      assets recognised upon
      business reorganisation             -783     -804    2.7%     -392     -413     5.4%
      Other operating income and
      expenses                          -8,106  -19,617  142.0%   -7,417   -9,603    29.5%
    Operating profit                    10,856    2,601  -76.0%    1,469     -429  -129.2%
      Net finance costs                   -137     -690  403.6%       16     -456 -2950.0%
      Other financial income and
      expenses                            -106      580 -647.2%     -169      396  -334.3%
    Profit before tax                   10,613    2,491  -76.5%    1,316     -489  -137.1%
      Income taxes                      -5,470   -2,741  -49.9%   -1,230     -467   -62.1%
    Net income                           5,143     -250 -104,9%       85     -956
    EBITDA                              23,723   28,251   19.1%   11,412   12,509     9.6%
      EBITDA as % of revenues             5.4%     5.2%             4.7%     4.2%

KEY PERFORMANCE INDICATORS1

                                       2015   2016 %Growth  H2-15 H2-16  %Growth
    CUSTOMERS METRICS
    Total Members (in thousands)     24,568 28,282   15.1% 24,568 28,282   15.1%
      France                         16,787 19,553   16.5% 16,787 19,553   16.5%
      International                   7,781  8,729   12.2%  7,781  8,729   12.2%
    Cumulative Buyers (in thousands)  5,517  6,757   22.5%  5,517  6,757   22.5%
      France                          4,520  5,562   23.0%  4,520  5,562   23.0%
      International                     997  1,195   19.9%    997  1,195   19.9%
    Buyers (in thousands)             2,867  3,234   12.8%  2,119  2,369   11.8%
      France                          2,389  2,767   15.9%  1,805  2,050   13.5%
      International                     479    466   -2.6%    314    319    1.7%
    Revenue per Buyers                151.1  159.9    5.8%  112.9  119.3    5.7%
      France                          154.9  164.0    5.8%  115.0  121.1    5.3%
      International                   132.1  135.7    2.8%  100.9  107.7    6.7%

    ORDERS
    Total orders (in thousands)      11,748 13,605   15.8%  6,489  7,578   16.8%
      France                         10,043 11,945   18.9%  5,649  6,678   18.2%
      International                   1,705  1,660   -2.6%    841    900    7.1%
    Average Orders per Buyer            4.1    4.2    2.7%    3.1    3.2    4.5%
    (in number of orders)
      France                            4.2    4.3    2.7%    3.1    3.3    4.1%
      International                     3.6    3.6    0.0%    2.7    2.8    5.3%
    Average Basket Size                36.9   38.0    3.0%   36.9   37.3    1.1%
      France                           36.8   38.0    3.1%   36.8   37.2    1.1%
      International                    37.1   38.1    2.8%   37.7   38.2    1.4%

1 Excluding Saldi Privati

BALANCE SHEET

    (EUR thousands)            2015    2016
    NON-CURRENT ASSETS
      Goodwill                 81,576 102,782
      Other intangible assets  28,861  39,289
      Tangible assets          14,833  15,626
      Other non-current
      assets                    1,180   6,902
    Total non-current
    assets                    126,450 164,599
    Current assets
      Inventory                57,068  82,638
      Accounts receivable      24,014  36,612
      Deferred tax assets       3,519   3,519
      Other current assets     27,952  36,915
      Cash and cash
      equivalents             102,982  97,004
    Total current assets      256,688 256,688
    Total assets              341,524 421,287

      Long term financial
      debt                      2,962   2,038
      Obligations to
      personnel                   116      88
      Deferred taxes            9,883  11,628
    Total non-current
    liabilities                12,961  13,754
      Short-term financial
      debt                        916     966
      Accounts payable        100,108 148,504
      Other current
      liabilities              39,492  55,509
    Total current
    liabilities               140,516 204,979
    Total liabilities         153,477 218,733
    Total shareholders'
    equity                    188,047 202,554
    Total liabilities and
    shareholders' equity      341,524 421,287

CASH FLOW

    (EUR thousands)               2015     2016 H2-15   H2-16
    Net income for the period    5,143     -250     85     -955
      Adjustments for non-cash
      items                      8,640   18,228  6,308   7, 017
    Cash flow from operations
    before finance costs and
    income tax                  13,783   17,978  6,393    6,062
      Elim of accrued income tax
      expense                    5,470    2,741  1,230      467
      Elim of cost of net
      financial debt               137      690    -16      639
    Impact of change in working
    capital                       -303   13,608 16,864   38,622
    Cash flow from operating
    activities before tax       19,087   35,017 24,471   45,790
      Income tax paid           -5,141   -2,261 -2,600      503
    Cash flow operating
    activities                  13,946   32,756 21,871   46,293
    Impact of changes in
    perimeter                           -31,751         -31,751
    Acquisitions of property
    plant & equipment and
    intangible assets           -6,348   -8,400 -4,189   -4,788
    Changes in loans and
    advances                       -79      -97     -4      -97
    Disposal of fixed assets        19      368     19      334
    Net cash flows from
    investing activities        -6,408  -39,880 -4,174  -36,302
    Increase in share capital
    and share premium reserves  48,888    2,737 48,888   -1,890
    Issuance of indebtedness         0        0      0        0
    Repayment of borrowings     -1,037     -901   -472     -438
    Net interest expense          -137     -690     16     -639
    Net cash flows from
    financing activities        47,714    1,146 48,432      813

BRIDGE OF TOTAL GROSS INTERNET SALES TO IFRS NET REVENUES

    (in EUR thousands)             2015     2016    H2-15   H2-16

    Total gross Internet sales(1) 591,674  721,606  329,092 405,136
    VAT(2)                        -93,515 -113,472  -55,456 -64,374
    Revenue recognition impacts(3)-68,900  -87,497  -36,388 -52,128
    Non-interest revenue and
    other(4)                       13,573   19,067    6,163  10,740
    Net revenues (IFRS)           442,832  539,704  243,411 299,374

(1) Corresponds to the total amount billed to buyers during a given period.

(2) Value added tax is applied on every sale. The applicable value-added tax rate depends on the country where the buyer is located.

(3) Accounting adjustments for revenue recognition as described in Note 1.13 of the Group's annual consolidated financial statements, including: (i) timing differences due to the fact that certain criteria (e.g., delivery) must be fulfilled before recognizing revenue; (ii) the impact of reimbursements granted for cancellations and returns, which are recognized as a reduction of the revenue; and (iii) the effect of presenting certain travel sales on a net basis where the Group acts as an agent.

(4) "Non-internet revenue and other"; corresponds primarily to revenues generated from offline sales to wholesalers, including offline re-sales of returned internet sales items.

     (Logo: http://photos.prnewswire.com/prnh/20151124/290566LOGO )

This is a disclosure announcement from PR Newswire.

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.