Financial structure maintained
- Shareholders' equity of €152 million;
- Value of stock almost halved to €48 million at 31 December 2019;
- Gross cash and cash equivalents of €49.0 million;
- Net financial debt of €29.3 million (of which €23.3 million due to impact of application of IFRS 16);
- Reclassification of all non-IFRS financial debt to short term. Advanced discussions with banks for the renewal of financing lines.
Path to improved EBITDA margin underlined in H2, despite a downturn of activity in Q4
- Strong reduction in EBITDA loss between the first and second semester (-8.3 million euros vs -23.2 million euros);
- EBITDA for the second half of the year at equilibrium excluding exceptional depreciations of stocks;
- First effects of the reduction in operating costs.
Outlook
- Actions initiated concerning product offering, designed to improve the business trend;
- Continuation of the plan with the aim of reducing operating costs with a strong focus on logistics and G&A expenses;
- New growth drivers developed, especially in SRP Media.
Primary statements at 31 December 2019 have been approved by the Board of Directors, which convened that day. The certification report will be issued once the procedures for publishing the annual financial report have been finalised. The group's consolidated accounts for the financial year ended 31 December 2019 will be settled and available on the Showroomprivé website (https://www.showroomprivegroup.com/) by 30 April 2020 at the latest.
1 EBITDA: Current Operating Income before expenses for amortization - EBITDA [-31.4] : current Operating Income [-46.7] before expenses for amortization [+15.3].
1
(€ million) | 2018 | 2019 | Change | H2 2018 | H2 2019 | Change |
Net revenues | 672.2 | 615.6 | -8.4% | 356.8 | 313.5 | -12.1% |
Total Internet revenues | 658.5 | 605.8 | -8.0% | 351.5 | 307.1 | -12.6% |
Gross margin | 243.8 | 187.5 | -23.1% | 133.4 | 98.8 | -25.9% |
as % of revenues | 36.3% | 30.5% | -5.8 pt | 37.4% | 31.5% | -5.9 pt |
Current operating expenses | -249.4 | -234.3 | -6.1% | -132.8 | -114.6 | -13.7% |
as % of revenues | 37.1% | 38.1% | +1.0 pt | 37.2% | 36.5% | -0.7 pt |
EBITDA | 5.1 | -31.4 | N.A | 5.9 | -8.3 | N.A |
Net results | -4.4 | -70.5 | N.A | 2.1 | -29.0 | N.A |
Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan, said:
"2019 has been a difficult year and an intense one too. It was instrumental in shaping our Group for the coming years. After several years of strong growth, we had to make significant changes to the way the Group works - especially its purchasing model - to adapt to market changes.
So, we restructured much of our business and made changes to our inventory, which had grown too large and consequently had a very bad knock-on effect on our figures.
At the same time, we sought to optimise all processes and reduce costs. These plans are all well underway today. They've even improved EBITDA, which is now almost at equilibrium when excluding non-recurring inventory impairment in the second half of 2019, marking a clear improvement compared to the first half.
Our priority in 2020 will be to continue on this path to improved profitability by pursuing our optimisation actions with considerable potential identified in logistics management and inventory-streamlining.
One of our challenges will also be to make our internet business more stable, though this online business will still be in decline in the first half of this year. The commercial team will be strengthened, actions taken in regard to brands and new offers, will help us reach this goal, especially given that our customer base again proved resilient in 2019.
This roadmap will be pursued with support from our financial partners, with whom we are currently discussing bank financing with an extended maturity adapted to our trajectory.
We'll share a new progress report with you at the end of the first half of 2020."
Revenues
(€ million) | 2018 | 2019 | Change |
Internet revenues | |||
France | 546.2 | 506.8 | -7.2% |
International | 112.3 | 99.0 | -11.9% |
International (like-for-like1) | 107.3 | 98.8 | -8.0% |
Total Internet revenues | 658.5 | 605.8 | -8.0% |
Other revenues | 13.7 | 9.8 | -28.8% |
Net revenues | 672.2 | 615.6 | -8.4% |
* Restated for closures of Polish, German and multi-currency sites
2
The Group's 2019 revenues were down 8.4% at €615.6 million, after this trend accelerated at the end of the half-year. A sluggish economic environment all year long explains this downturn, as do certain strategic decisions:
- greater focus on higher-margin business and a gradual shift from the firm purchase model (20.3% of sales in 2019, down 5.3 points) towards conditional purchases and sales by dropshipping2 , reducing de facto the number of products on offer;
- Streamlining of worldwide business, involving the closure of certain country branches and sites, combined with a significant reduction in marketing investments, leading to a drop in online platform traffic.
In retail, internet sales in France were at €506.8 million, down 7.2% over the year. They were not only affected by the factors previously mentioned but also by the absence of any major operation from the entity SRP Media. SRP Media's 2019 revenues, restated with these sales, are growing.
Worldwide, revenues were down 11.9%. Excluding the impact of the Polish, German and multi-currency site closures, they were down 8.0%. Saldi Privati posted a slight decline in 2019 due to greater selectiveness of product offering.
Other revenues, including non-internet sales were down 28.8% over the year. This drop was mainly due to a pricing effect as the Group had decided to massively run-down surplus inventories online (stock left over from difficulties in the handling stocks and unsold internet items) at slashed prices in a fiercely competitive physical clearance market. This strategy aims to clear stock with the purpose of reducing the related logistical costs.
Key performance indicators*
2018 | 2019 | Change | |
Cumulative buyers** (millions) | 9.0 | 9.8 | +8.3% |
buyers (in millions) | 3.5 | 3.2 | -9.2% |
of which loyal buyers | 2.4 | 2.4 | -1.1% |
in % of total buyers | 69.9% | 76.2% | +6.2 pts |
Number of orders (in millions) | 15.1 | 13.4 | -11.4% |
Revenue per buyer*** | 176.0 | 176.0 | 0.0% |
Average Number of orders | 4.3 | 4.2 | -2.4% |
Average Basket size (€) | 40.6 | 41.6 | +2.5% |
- Other than Beauteprivee
- 'Cumulative buyers' are all buyers who have made at least one purchase on the group's platform since its launch
- IFRS
The optimisation of marketing expenditure combined with the sluggish economic context led to a 9% fall in the number of buyers over the year, which brought about an almost automatic 11% fall in the number of orders.
Still, the concentration of marketing efforts on the base of repeat buyers helped consolidate this base at 2.4 million people, in line with measures aimed at boosting engagement, loyalty and brand preference. This base now represents 76% of the total number of buyers, up 6.2 points over the year, and generated 85.5% of the Group's revenues.
Furthermore, the brand's appeal is intact, which helped the Group carry on widening its base of first-time buyers, with 0.8 million new buyers on board in 2019, while keeping revenues stable at €176 per buyer.
Cost structure
(€ million) | 2018 | 2019 | Variation | H1 2019 | H2 2019 | Change | |
Net revenues | 672.2 | 615.6 | -8.4% | 302.0 | 313.5 | +3.8% | |
Cost of goods sold | -428.5 | -428.0 | -0.1% | -213.3 | -214.7 | +0.6% | |
Gross margin | 243.8 | 187.5 | -23.1% | 88.7 | 98.8 | +11.4% | |
as % of revenues | 36.3% | 30.5% | -5.8 pt | 29.4% | 31.5% | +2.1 pt | |
Marketing* | -34.6 | -24.7 | -28.5 % | -12.1 | -12.6 | +4.2% | |
as % of revenues | 5.1% | 4.0% | -1.1 pt | 4.0% | 4.0% | -0.0 pt | |
Logistics and order processing | -157.9 | -152.4 | -3.5% | -77.4 | -75.0 | -3.0% | |
as % of revenues | 23.5% | 24.8% | +1.3 pt | 25.6% | 23.9% | -1.7 pt | |
General and administrative expenses | -57.0 | -57.2 | +0.5% | -30.3 | -26.9 | -11.1% | |
as % of revenues | 8.5% | 9.3% | +0.8 pt | 10.0% | 8.6% | -1.4 pt | |
Total of current operational expenses | -249.4 | -234.3 | -6.1% | -119.8 | -114.6 | -4.4% | |
as % of revenues | 37.1% | 38.1% | +1.0 pt | 39.7% | 36.5% | -3.1 pt |
2 Direct delivery from suppliers
3
Operating income before cost of share- | ||||||
based payments and other operating | -5.7 | -46.8 | N.A | -31.1 | -15.7 | -49.4% |
income and expenses | ||||||
EBITDA | 5.1 | -31.4 | N.A | -23.2 | -8.3 | -64.0% |
of which France | 15.7 | -24.6 | N.A | -19.5 | -5.0 | -74.4% |
of which International | -10.6 | -6.9 | -35.4% | -3.7 | -3.2 | -12.5% |
*In accordance with AMF recommendations, the amortisation of intangible assets recognised during a business combination is presented under "underlying EBIT", as marketing costs.
In 2019, the gross margin of €187.5 million fell to 30.5% of revenues (down 5.8 points), including:
- stock operations for €34 million, integrating €21 million of exceptional depreciations (of which €8 million in the second semester) and massive inventory clearance in H2 at knock-down prices of unsold online items and internet returns, in a challenging BtoB market conditions, in order to drastically reduce stock volumes;
- the absence of major operations with a customer for the entity SRP Média.
Restated for these elements, the 2019 gross margin was 36.5% of total revenues, up 0.2 points in relation to 2018, in line with the strategy of greater selectiveness, the effects of which were remarkably clear in H2. The H2 margin was 37.2%, restated for exceptional elements, versus 35.5% in H1, i.e. +2.2 points.
The impact of the fall in gross margin was mitigated by a €15.1 million reduction in operating costs, of which €3.1 million from the application of IFRS 16, brought about by H2 savings of around €18.2 million that largely offset the increase of around €3.1 million in H1. This performance was illustrated by:
- the considerable reduction in marketing expenditure, down €9.8 million (-28.5%) in one year, with €8.6 million less in H2 2019 compared to H2 2018, this spending now being focused on the loyal customer base;
- logistics costs down €5.5 million compared with 2018, but the share of which in revenues was up by 1.3 points due to logistical shortcomings in H1 and adjustments required for launching dropshipping. Considerable efforts were made in H2 with a €8.2 million reduction compared to H2 2018 and a €2.4 million reduction compared to H1 2019;
- the €0.3 million increase in expenditure on general and administrative expenses related to Beauteprivee and non-cash items (increase in projects depreciation). Still, the measures introduced in 2018 to streamline staff began to bear fruit in H2 2019, with a €3.4 million drop compared to H1 2019.
As a result, the Group's 2019 EBITDA was -€31.4 million, with -€23.2 million in H1 and -€8.3 million in H2. EBITDA marked a clear improvement in the second part of the year, and emerged over this period at the equilibrium, restated from exceptional depreciation of inventories
Operating income before the cost of payments in shares and other operating income and expenses was -€46.8 million, compared with - €5.7 million at 31 December 2018.
Net income
(millions €)
Operating income before cost of share-based payments and other operating income and expenses
2018 | 2019 | Change | ||
-5.7 | -46.8 | -41.1 | ||
Other operating income and expenses | -0.7 | -21.6 | -21.0 |
Operating income | -6.3 | -68.4 | -62.1 |
Cost of financial debt | -0.2 | -0.6 | -0.4 |
Other financial income and expenses | -0.1 | -0.1 | -0.0 |
Profit before tax | -6.6 | -69.1 | -62.5 |
Income tax | 2.3 | -1.3 | -3.6 |
Net income | -4.4 | -70.5 | -66.1 |
Other income and operational expenses (-€21.6 million) were made up of non-recurring costs including:
- -€3.2million in restructuring costs;
- -€2.7million in consultancy fees and provisions for risks;
- -€3.5million in costs of discontinuing a project that no longer has strategic value;
- -€2.3million in additional price relating to the acquisition of SaldiI Privati;
- Around -€10 million in various provisions with no impact on cash flow.
4
The Group also posted €2.3 million in tax.
As a result, the Group's net income was -€70.5 million.
Cash-flow elements
(€ million) | 2018 | 2019 | H1 2019 | H2 2019 |
Cash flows related to operating activities | 6.7 | -26.0 | -28.7 | 2.7 |
Cash flows related to investment activities | -17.9 | -36.2 | -30.5 | -5.7 |
Cash flows related to financing activities | 40.7 | 30.8 | 19.9 | 10.9 |
Net change in cash and cash equivalents | 29.5 | -31.4 | -39.3 | 7.9 |
Net cash-flow variation in 2019 was -€31.4 million due to:
- Cash flows from operational business standing at -€26.0 million, including:
- A negative self-financing capacity that reflects the lower performance, at -€50.1 million o A sharp decrease in WCR relating to stock reduction for an extra €26.4 million
Cash flow relating to operational business was positive at €2.7 million in H2.
- Cash flows from investment activities stood at -€36.2 million, reflecting the €22.3 million payment for acquiring 40% of the share capital of Beauteprivee not yet held and capex net from disposal of fixed assets representing €13.8 million (including €7.2 million of investment in the new logistics warehouse).
- Cash flow relating to financing operations stood at €30.8 million (including a €3.0 million impact from IFRS 16), which came from the issuing of short-term lines of credit.
Balance sheet
ASSETS (€ million) | 2018 | 2019 |
Total non-current assets | 204.5 | 224.3 |
Total current assets | 253.7 | 164.1 |
LIABILITIES (€ million) | 2018 | 2019 |
Total shareholders' equity | 223.2 | 152.2 |
Total non-current liabilities | 25.3 | 20.8 |
o/w Inventory | 99.1 | 48.4 | o/w financial debt | 19.5 | 20.3 | |||||||||
o/w Cash and cash | 80.4 | 49.0 | Total current liabilities | 209.7 | 215.4 | |||||||||
equivalents | ||||||||||||||
o/w financial debt | 22.7 | 58.1 | ||||||||||||
Total Assets | 458.3 | 388.4 | Total liabilities and | 458.2 | 388.4 | |||||||||
shareholders' equity | ||||||||||||||
Shareholder equity amounted to €152.2 million at 31 December 2019, incorporating the year's net income of -€70.5 million.
The group's net financial debt reached €29.4 million (6.0 million euros without IFRS 16), including a gross financial debt of €78.4 million (55.1 million euros without IFRS 16) and an available cash flow of €49 million.
Given the losses posted, the Group anticipate an automatic breach of its banking agreements, the consequence of which was an accounts reclassification of all non-IFRS financial debt to under a year, being specified that the banks declined making the debt during the time of the negotiations.
The Group is currently at an advanced stage of discussions with its banking partners to renew its lines of credit, including a pushed-back maturity date in line with its medium-term financing needs.
5
- Group stock halved
Logistical malfunctions adversely affected the firm's inventory and the rate at which it was sold. Remaining stock, especially that from inefficient handling of returns, generated many additional logistical costs and led to considerable depreciations in value. The Group has also decided to accelerate sales of unsold stock and returned items at knock down prices, against the backdrop of a persistently depressed wholesale market. In this way, at 31 December 2019, the Group held stock and outstanding items at a value of €4 8 million, compared with €99 million at 31 December 2018, which is in line with current market conditions.
- Shifting towards a model of conditional purchases
To reduce inventory risk, the Group has continued to shift its model towards conditional purchases and "dropshipping". The portion of firm sales therefore fell 5.3 points compared to 2018, at 20.3% of revenues, but was offset by a 5.6 points growth in dropshipping, at 13.8%. This shifting created very few new stocks.
- Logistical tool internalised
The opening of a new mechanized warehouse in the Group in Q4 2019 should help boost efficiency in logistical processes and improve control of logistical flows. Efficiency gains generated by the Group's extra internal capacity will help decrease the cost per order on around 20% of shipments by 2020 and will make savings in EBITDA of around €4 million over a full year.
- Updates to the online platform
Throughout the year, the Group continued to develop by enhancing the services and features of its online retail platform. In 2019, the home page was redesigned, a feature for geolocating offers was rolled out, a notification centre was set up, a new information system for managing the whole travel business line was implemented and a supplier portal designed for dropshipping was introduced.
The SRP Group will start 2020 with the ambition of continuing the gradual upward trend and increase its EBITDA margin.
SRP will be pursuing its strategy of selectiveness in purchases, focusing on the most profitable business, and will continue to favour conditional purchases and dropshipping over firm purchases. To offset the mechanical decline in revenues brought about by this strategy, the Group has been pursuing actions to strengthen its offering and widen its number of brand partners by using its positions of strength and its strike force of ten million buyers. The Group also plans to speed up development of SRP Media with new data offers.
This strategy should carry on having a favourable impact on the gross margin, which should no longer be impacted, like in 2019, by major non-recurring inventory transactions.
Regarding operating expenses, optimisation actions will be pursued. In 2020, the Group will enjoy the full-year effect of the reduction in general and administrative expenses. Emphasis in 2020 will mainly be on streamlining logistics and warehousing, with a gradual reduction in the number of sites and partners and the rise of the Group's new logistics warehouse.
Thus, the implementation of this strategy in 2020 should enable the next phase of Group's development from 2021 to be tackled from a sound basis.
Today, the Group's activity is not directly impacted by the various disturbances linked to the covid-19 epidemic, except for the "travel" activity, which however represents a small part of its turnover (2.4 % of turnover in 2019). However, the Group remains attentive to the evolution of the situation in Italy and the evolution of the situation of the storage / destocking strategy of partner brands, particularly in the fashion field, given the likely delay in delivering new collections to their stores.
*
* *
6
This press release solely contains summary information and is not intended to be detailed. This press release may contain forward- looking information and statements relating to the Group and its subsidiaries. These statements include financial projections and estimates and their underlying hypotheses, statements with respect to plans, to objectives and to expectations relating to operations that are still to come, to future revenues and services, and statements with respect to future performance. Forward-looking statements can be identified by the words "believe", "anticipate", "objective" or similar expressions. Even if the Group believes that the expectations reflected by such forward looking statements are reasonable, investors and shareholders of the Group are advised of the fact that the information and forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally out of the control of the Group, which could imply that the effective results and events can differ significantly and in an unfavourable manner from those that are communicated, implied or indicated by this information and these forward looking statements. These risks and uncertainties include those that are advanced or identified in the documents filed or that are to be filed with the Financial Markets Authority by the Group (in particular those detailed in chapter 4 of the reference document of the Company). The Group does not take on any commitment to publish updates of the forward-looking information, this whether subsequent to new information, to future events or to any other element.
Revenue of the 1st quarter of 2020: early May 2020
Showroomprivé.com is a European player in event-driven online sales that is innovative and specialized in fashion. Showroomprivé proposes a daily selection of more than 2,000 partner brands over its mobile applications or its Internet site in France and in six other countries. Since its creation in 2006, the company has undergone quick growth.
Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a gross business volume with all taxes included of more than 821 million euros in 2019, and net revenue of 616 million euros. The Group employs more than 950 people.
For more information :https://www.showroomprivegroup.com
Showroomprivé | ACTUS finance & communication |
François de Castelnau, CFO | Grégoire Saint-Marc, Investor relations |
investor.relations@showroomprive.net | showroomprive@actus.fr |
+33 1 53 67 36 94 | |
Priscilla Le Minter, Communication | Alexandra Prisa, Press Relations |
priscilla.leminter@showroomprive.net | aprisa@actus.fr |
+33 1 76 21 50 16 | +33 1 53 67 36 90 |
7
(€ thousands) | 2018 | 2019 | %Change | H2-18 | H2-19 | %Change | |||||||
Net revenues | 672 233 | 615 562 | -8.4% | 356 757 | 313 519 | -12.1% | |||||||
Cost of goods sold | -428 465 | -428 018 | -0.1% | -223 390 | -214 688 | -3.9% | |||||||
Gross margin | 243 769 | 187 544 | -23.1% | 133 367 | 98 831 | -25.9% | |||||||
Gross margin as % of | 36.3% | 30.5% | -5.8 pt | 37.4% | 31.5% | -5.9 pt | |||||||
revenues | |||||||||||||
Marketing1 | -34 551 | -24 706 | -28.5 % | -21 225 | -12 605 | -40.6% | |||||||
As % of revenues | 5.1% | 4.0% | -1.1 pt | 5.9% | 4.0% | -1.9 pt | |||||||
Logistics & fulfilment | -157 895 | -152 373 | -3.5% | -83 222 | -75 009 | -9.9% | |||||||
As % of revenues | 23.5% | 24.8% | +1.3 pt | 23.3% | 23.9% | +0.6 pt | |||||||
General & administrative | -56 976 | -57 247 | +0.5% | -28 320 | -26 942 | -4.9% | |||||||
expenses | |||||||||||||
As % of revenues | 8.5% | 9.3% | +0.8 pt | 7.9% | 8.6% | +0.7 pt | |||||||
Total Opex | -249 422 | -234 326 | -6.1% | -132 766 | -114 556 | -13.7% | |||||||
As % of revenues | 37.1% | 38.1% | +1.0 pt | 37.2% | 36.5% | -0.7 pt | |||||||
Current operating profit | -5 653 | -46 782 | N.A | 600 | -15 725 | N.A | |||||||
Other operating income and | -681 | -21 638 | N.A | -1 596 | -8 836 | N.A | |||||||
expenses | |||||||||||||
Operating profit | -6 334 | -68 420 | N.A | -996 | -24 561 | N.A | |||||||
Net finance costs | -224 | -591 | +163.8% | -131 | -381 | +191.5% | |||||||
Other financial income and | -77 | -122 | N.A | -155 | -126 | N.A | |||||||
expenses | |||||||||||||
Profit before tax | -6 636 | -69 133 | N.A | -1 282 | -25 069 | N.A | |||||||
Income taxes | 2 280 | -1 329 | N.A | 3 409 | -3 974 | N.A | |||||||
Net income | -4 356 | -70 462 | N.A | 2 128 | -29 042 | N.A | |||||||
EBITDA | 5 120 | -31 440 | N.A | 5 893 | -8 276 | N.A | |||||||
EBITDA as % of revenues | 0.8% | N.A | N.A | 1.7% | N.A | N.A |
1 In compliance with the recommendations of the AMF, amortization of intangible assets recognized upon business combinations is indicated in the "Current Operating Income" within marketing expenses
8
2018 | 2019 | %Change | H2-2018 | H2-2019 | %Change | ||
CUSTOMERS METRICS | |||||||
Cumulative buyers (in thousands) | 9 031 | 9 785 | +8,3% | 9 031 | 9 785 | 8,3% | |
France | 7 200 | 7 749 | +7,6% | 7 200 | 7 749 | 7,6% | |
International | 1 831 | 2 035 | +11,2% | 1 831 | 2 035 | 11,2% | |
Buyers (in thousands) | 3 481 | 3 162 | -9,2% | 2 499 | 2 352 | -5,9% | |
France | 2 783 | 2 533 | -9,0% | 2 021 | 1 898 | -6,1% | |
International | 698 | 629 | -9,9% | 478 | 453 | -5,0% | |
Revenue per Buyers (€) | 176,0 | 176,0 | 0,0% | 130,3 | 120,2 | -7,7% | |
France | 180,3 | 181,2 | +0,5% | 132,4 | 123,1 | -7,0% | |
International | 159,1 | 155,3 | -2,4% | 121,6 | 108,7 | -10,6% | |
ORDERS | |||||||
Total orders (in thousands) | 15 085 | 13 368 | -11,4% | 8 084 | 6 660 | -17,6% | |
France | 12 232 | 10 837 | -11,4% | 6 596 | 5 395 | -18,2% | |
International | 2 854 | 2 530 | -11,3% | 1 489 | 1 265 | -15,0% | |
Average Orders per Buyer (in | 4,3 | 4,2 | -2,4% | 3,2 | 2,8 | -12,5% | |
number of orders) | |||||||
France | 4,4 | 4,3 | -2,6% | 3,3 | 2,8 | -12,9% | |
International | 4,1 | 4,0 | -1,6% | 3,1 | 2,8 | -10,5% | |
Average Basket Size | 40,6 | 41,6 | +2,5% | 40,3 | 42,5 | +5,5% | |
France | 41,0 | 42,3 | +3,2% | 40,6 | 43,3 | +6,8% | |
International | 38,9 | 38,6 | -0,8% | 39,0 | 39,0 | -0,1% | |
1 Hors Beauteprivee |
9
(€ thousands) | 2018 | 2019 |
NON-CURRENT ASSETS | ||
Goodwill | 123,685 | 123,685 |
Other intangible assets | 53,271 | 54,466 |
Tangible assets | 20,762 | 44,849 |
Other non-current assets | 6,813 | 1,348 |
Total non-current assets | 204,531 | 224,348 |
CURRENT ASSETS | ||
Inventory | 99,061 | 48,373 |
Accounts receivable | 32,005 | 20,548 |
Deferred tax assets | 4,938 | 4,657 |
Other current assets | 37,325 | 41,443 |
Cash and cash equivalents | 80,409 | 49,049 |
Total current assets | 253,738 | 164,070 |
Total assets | 458,270 | 388,418 |
NON-CURRENT LIABILITIES | ||
Long term financial debt | 19,503 | 20,349 |
Obligations to personnel | 101 | 65 |
Other provisions | 545 | 347 |
Deferred taxes | 5,182 | 77 |
Total non-current liabilities | 25,333 | 20,838 |
Short-term financial debt | 22,723 | 58,064 |
Accounts payable | 140,316 | 110,470 |
Other current liabilities | 46,647 | 46,870 |
Total current liabilities | 209,686 | 214,405 |
Total liabilities | 235,019 | 236,243 |
Total shareholders' equity | 223,250 | 152,175 |
Total liabilities and shareholders' equity | 458,270 | 388,418 |
10
(€ thousands) | 2018 | 2019 | H2-2018 | H2-2019 | |||||||||
Net income for the period | -4,355 | -70,462 | 2,128 | -29,042 | |||||||||
Adjustments for non-cash items | 5,542 | 20,360 | 4,377 | 10,334 | |||||||||
Cash flow from operations before finance costs and | 1,187 | -50,101 | 6,505 | -18,707 | |||||||||
income tax | |||||||||||||
Elim of accrued income tax expense | -2,280 | 1,329 | -3,409 | 3,975 | |||||||||
Elim of cost of net financial debt | 224 | 591 | 131 | 381 | |||||||||
Impact of change in working capital | 5,533 | 26,385 | 21,202 | 18,559 | |||||||||
Cash flow from operating activities before tax | 4,664 | -21,796 | 24,429 | 4,208 | |||||||||
Income tax paid | 2,046 | -4,226 | 1,011 | -1,526 | |||||||||
Cash flow from operating activities | 6,710 | -26,022 | 25,440 | 2,682 | |||||||||
Impact of changes in perimeter | 0 | -22,317 | 0 | - | |||||||||
Acquisitions of property plant & equipment and | -18,306 | -16,720 | -10,735 | -5,885 | |||||||||
intangible assets | |||||||||||||
Changes in loans and advances | 84 | -48 | 118 | 89 | |||||||||
Other investing cash flows | 292 | 2,898 | 2,612 | 64 | |||||||||
Net cash flows from investing activities | -17,930 | -36,187 | -8,005 | -5,732 | |||||||||
Capital increase | 37,978 | - | 37,978 | -44 | |||||||||
Transaction on own shares | -183 | - | -254 | 101 | |||||||||
Increase in share capital and share premium reserves | 39 | - | 28 | -2 | |||||||||
Issuance of indebtedness | 21,700 | 35,827 | 21,679 | 13,606 | |||||||||
Repayment of borrowings | -18,595 | -4,339 | -18,027 | -2,349 | |||||||||
Net interest expense | -202 | -613 | -456 | -376 | |||||||||
Net cash flows from financing activities | 40,737 | 30,839 | 40,948 | 10,936 | |||||||||
Net change in cash | 29,527 | -31,356 | 58,388 | 7,897 | |||||||||
(in k €) | 2018 | 2019 |
Total of gross Internet sales1 | 906,729 | 821,896 |
Value added tax2 | -142,575 | -128,284 |
Impact of recognition of revenue3 | -120,172 | -102,398 |
Revenue outside of Internet and other4 | 28,252 | 24,349 |
Revenue (IFRS) | 672,233 | 615,562 |
- Corresponds to the total amount invoiced to buyers over the course of a given year.
- Value added tax is applied to every sale; the applicable rate of value-added tax depends on the country in which the buyer is established.
- Accounting adjustments for the purpose of recognition of the revenue including: (i) temporal differences due to the fact that certain criteria (e.g. delivery) must be fulfilled before recognition of the revenue; (ii) the impact of reimbursement granted for cancellations and returns, which are recognized as a reduction of the revenue; and (iii) the effect of the presentation of certain sales of travel offers on a net basis when the Group as an agent.
- The "revenue outside of Internet and other" item corresponds mainly to revenue generated by off-line sales to wholesalers, including off-line reselling of articles sold online and having been the subject of a return.
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SRP Groupe SA published this content on 12 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2020 17:44:09 UTC