Showroomprive.com: 2018 ANNUAL RESULTS - SHOWROOMPRIVE CONFIRMS ITS GROWTH AND RECOVERS ITS PROFITABILITY

Showroomprive.com Showroomprive.com: 2018 ANNUAL RESULTS - SHOWROOMPRIVE CONFIRMS ITS GROWTH AND RECOVERS ITS PROFITABILITY 18-March-2019 / 23:30 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.           2018 ANNUAL RESULTS SHOWROOMPRIVEconfirmSITS GROWTH AND RECOVERS ITS PROFITABILITY La Plaine Saint Denis, 13th March 2019 - Showroomprivé,a leading European online retailer specializing in fashion for the Digital Woman, publishes its annual resultsfor the fiscal yearending 31 December 2018.     By means of a more selective approach, Showroomprivé pursues its strategy of sustainable growth.  Continued growth since the 2ndquarter, with revenues increasing year-on-year by 3% (+3% in the 4th quarter).   5% growth over the year in internet activity, its core business (+8% in the 4thquarter).   Net recovery of profitability in the 2ndsemester, led by a gross margin that increased by 1.7 points to 37.4% and a strengthened control on operational expenditures.    The Group is focused on the execution of the "Performance 2018-2020" plan, the first effects of which are materializing one quarter after the other, this notwithstanding a year-end that exhibits a lacklustre consumer climate.    These actions all fall within a context of increasing loyalty of the members and of the partner brands of the Group, which confirm the relevance of the model.    Speedy and important progress has been achieved in the framework of the development of the partnership with Carrefour and will ambitiously continue onward in 2019.   In 2019, the priority of the Group remains that of pursuing its strategy of selective growth and renewal with profitability more in line with historical levels.       KEY FIGURES2018  (EUR millions) 2017 2018 % Growth H2 2017 H2 2018 % Growth               Net revenues 655.0 672.2 2.6% 348.8 356.8 2.3% Total Internet revenues 629.9 658.5 4.5% 332.3 351.5 5.8% EBITDA 13.1 5.1 -60.8% 2.2 5.9 172.1% EBITDA as % of revenues 2.0% 0.8% -1.2 pt 0.6% 1.7% 1.1 pt Net income -5.2 -4.4 16.8% -5.0 2.1       When commenting on these results, Thierry Petit and David Dayan, Co-foundersand Co-CEO's of Showroomprivé have declared: "The year 2018 has been a pivotal year for Showroomprivé, since, in line with our strategic plan launched in the first half of the year, we have decided to clearly refocus our expansion around two main areas: a selective growth that is strengthened by focusing on an improved operational efficiency and the long-term reinforcement of our profitability, with an overall control of our cost structure and the significant upturn of our gross margin. Being henceforth backed up by enhanced capital, thanks to the complete success of the increase in capital supported by the reference shareholders, amongst which Carrefour, and completed at year end, Showroomprivé takes on 2019 with confidence and ambition.A new chapter is being written. We are very determined to carry the business to the utmost of its wonderful potential".     2018 HIGHLIGHTS The year 2018 has been fully dedicated to a refocusing on operational priorities through the execution of the "Performance 2018-2020"plan, the effects of which, ongoing since the 2nd quarter, confirm the diagnosis carried out by the management of the Group.   Some first effects of the "Performance 2018-2020"plan which are already visible over the year: The businesshas been able to move forward,in parallel, along two major axes: Improvement of its margin, and Pursuit of a solid and lasting growthsince the end of the first quarterof 2018   The improvement of the margin has been ongoing notwithstanding a higher degree of commercial selectivity, a reduction in firm sales, and a financial context at year end disrupted by social unrest which affected the French economic performance of the lastquarter. The SRP Group has nonetheless maintained an overall growthover the year of close to 3%, and even5% for its internet business, its core business, thanks to the dynamics launched in the second quarterof 2018. Net reboundof the gross margin in the 2ndsemester, with an increase of 1.7 points when comparedto the same period of last year and of 2.4 points when compared to the 1stsemester. Control of operating expenseswith general and administrative expensesdeclining by close to half a million euros in the 2ndsemestercompared to the 1stsemester. Almost6 million euros in EBITDA generated in the 2ndsemester.   Confirmation of the attractiveness of the valueof the Group The community of Showroomprivé members is ever more numerous and loyal: Continuation of good recruitment dynamics with 1.1 million new buyers for 2018 Ever stronger commitmentof our members, with 82% of revenue generated by regular buyers (+4 points vs. 2017) and a revenue per buyer increasing by close to 4% Sustained satisfaction with a repeat purchase intention rate of close to 90%   A long-term relationship with partner brands: 89% of revenues generated by the loyal brands of the Group A distribution channel which is growing, borne by the satisfaction of our partners (revenues generated by the Top 20 increasing by59% in 2018)   Major progress in the framework of the partnership with Carrefour Click-and-collect:confirmation of a preferential rate of EUR1.99 for the year; close to 2000 points were open at year-end 2018; with an objective of 3000 points for year-end 2019 Progress in the advancement of our cross-marketing initiatives Launch of the first common data campaigns are foreseen in the first half-year of 2019,in the framework of the increase in power of SRP Media Continuation of consideration relating to sourcing (development of the offering of wines & spirits using dropshipments, considerations surrounding Carrefour's own brands)   The success of the share capital increase, by a net amount of 39.5 millioneuros,confirms the renewed confidence of the shareholders,in particular of Carrefour, and allows for the increase in the financial flexibility of the Groupin the framework of implementation of the "Performance 2018-2020" plan. The increase in capital has also permitted financing of the purchase of 40% of the capital of the company Beautéprivée which is not yet held by Showroomprivé,in view of reinforcing the leadership position of the Groupin the beauty and well-being field, with a strong potential forgrowth and complementary to the fashion sector which is the traditional mooring of the Group.   This increase has moreover allowed the financing of the remaining part of the logistics investment announced in March 2018, allowing for the partial insourcing of logistics and thus the generation ofgains in productivity. The appreciation expected of this logistics plan is estimated at approximately 4 million euros in EBITDA in2020.     PERSPECTIVES FOR2019 The Groupreaffirms its desire toprioritise the pursuit of solid growththat is both sustainable and profitable, particularly by leveraging its partnerships with brands and its members. Thisrests on the pursuit for reinforcement of operational efficiency and the development of new growth opportunities,initiatedwithin the framework of the "Performance 2018 - 2020" plan.   Strong levers for improvement of profitability The Groupthereby confirms the priority given to a speedy renewal with levels of profitability more in line with historic levels, by acting on the following levers: Improvement of gross margin Selectivity and maintained requirements as regards purchase conditions Operational improvement of the processing of returns Developmentof SRP Media Optimisationof firm purchases   Concentration of efforts on key geographic areas Closing of B2C business in Germany, Poland and multi-currency sites   Plan for savings and productivitygains of between 8 and 10 million euros by 2020. Strict control of operating expenses Simplification of the organisation and productivitygains Optimisation of the marketing expenditures   Finalisation of the logistics investment (allowing for the partial insourcing of logistics and to thus generate productivity gains and cost savings, with a positive impact on the EBITDA of approximately 4 million euros by2020)   New opportunities for growthand margin in the medium term, supported by the strategic priorities of the Group The Groupwill pursue the developmentof its three strategic medium term axes which were divulged in the framework of the "Performance 2018-2020" plan Continuation of SRP Media developmentand strong acceleration of Data monetisation Partnershipwith Carrefour that is rich in future achievements and projects On-time start-up of the mechanised warehouse in Q3 2019 allowing for the insourcing of a part of the logistics flows of the Group.   Thomas Kienzi, CFO,has shared his decision to pursue other projects and to leave the businessfollowing the publication of 2018annual results. SRPGroup and its founders thank him for the quality of the work accomplished and for his total commitment over the last four years. A recruitment process is presently underway for the position of Chief Financial Officer.Arnaud Delmotte, Director of Group Management Control, will guarantee the transition.       DETAILED commentSPER indicator TYPE Revenues (EUR millions) 2017 2018 % Growth Internet revenue       France 518.7 546.2 5.3% International 111.2 112.3 1.0% Total Internet revenues 629.9 658.5 4.5% Other revenues 25.1 13.7 -45.4% Net revenues 655.0 672.2 2.6%         (EUR millions) Q4 2017 Q4 2018 % Growth Net revenues 214.5 220.0 2.6%   Therevenueof the Grouphas progressed by close to 3%,to672million euros, borne by France,where sales have increased by 5%, and in a lesser measure by the business of the Groupinternationally, which shows a growthof1%.Therevenueon a like for like basis, results in a growth of 1.3% when compared to 2017. Annual growth is rising despite a difficult consumer environment in November and December. In the fourth quarter, the Group posted growth of 2.6%.     Key performance indicators1   2017 2018 % Growth Cumulative buyers (in millions) 7.9 9.0 13.6% Buyers (in millions) 3.6 3.5 -2.1% Number of orders (in millions) 15.7 15.1 -3.8% Revenueper buyer 169.9 176.0 3.6% Average number of orders per buyer 4.4 4.3 -1.8% Average basket size 38.5 40.6 5.5% Share of Revenues from Mobile 62% 68% 6pts 1Excluding Beautéprivée   Thegrowthof the revenuein 2018 is stimulated by the increase in the average revenueper buyer, which itself is borne by an increase in the average basket size. The Grouphas continued to expand its base of single buyers, with the recruiting of 1.1 million new buyers in2018,and registered 3.5 million buyers over the year (vs 3.6 million in 2017). The average revenueper buyer has continued to grow (+4%),reaching EUR176,proving the growing commitmentof the buyers of the Group. It was borne by a growth of the average basket size of close to 6%, which largely compensates for the slight reduction in the number of orders per buyer (-2%). The growthof the Groupis still supported by Mobile, which now generates 85% of the traffic and more than two thirds of the net revenue(68%), which is to say an increase of 6 points in comparison to last year (62%).   EBITDA (EURmillions) 2017 2018 %Growth H2 2017 H2 2018 %Growth   France 25.7 15.7 -38.8% 8.6 12.1 40.1% EBITDA France as % of revenues 4.7% 2.8% -1.9 pt 3.0% 4.0% 1.1pt International -12.7 -10.6 16.1% -6.4 -6.2 -4.3% EBITDA International in % of revenues -11.4% -9.5% 1.9pts -11.3% -10.5% 0.8pt Total EBITDA 13.1 5.1 -60.8% 2.2 5.9 172.1% Total EBITDAas % ofrevenues 2.0% 0.8% -1.2pt 0.6% 1.7% 1.1pt                     The EBITDA of the Groupforfiscal year 2018 amounts to 5.1million euros, despite an EBITDA of -0.8 million euros in the first half, driven by the rebound in profitability in the second half with an EBITDA of 5.9million euros up nearly 4 million euros compared to the second half 2017. This rebound in profitability attests to the positive effects of the 2018-2019 performance plan that are beginning to materialize.   The EBITDA margin reaches 0.8% over the year, a drop of 1.2 points when compared to 2017,but1.7% over the second half of the year increasing by 1.1point in comparison withthe same period last year.   The improvement that has been observed can be explained by the joint effect of an improvement of the gross margin, as well as a more measured increase of the costs of logistics and order processing, and of overhead (see paragraph below for more details).   The EBITDA margin in France amounts to 15.7million euros, which is to say a margin of 2.8%,declining by 1.9 point, substantially impacted in the first quarter by the start of the year drop in business and the disposal of old and obsolete remainders from firm purchases made in 2017, as well as the investments announced in the framework of the "Performance 2018-2020" plan. In the second half of 2018, the margin in France amounted to 12.1 million euros.   The international business posts a drop in the losses of more than 2 million euros, down to a loss of 10.6million euros.   Cost structure (EURmillions) 2017 2018 %Growth H2 2017 H2 2018 %Growth Net revenues 655.0 672.2 2.6% 348.8 356.8 2.3% Cost of goods sold -416.0 -428.5 3.0% -224,2 -223.4 -0.4% Gross margin 239.0 243.8 2.0% 124.6 133.4 7.1% Gross margin as % ofrevenues 36.5% 36.3% -2.4 pts 35.7% 37.4% 1.7 pt Marketing[1] -34.4 -34.6 0.4% -21.4 -21.2 -0.6% as % ofrevenues 5.3% 5.1%   6.1% 5.9%   Logistics and order processing -150.5 -157.9 4.9% -79.6 -83.2 4.5% as % ofrevenues 23.0% 23.5%   22.8% 23.3%   General and administrative expenses -50.8 -57.0 12.2% -26.2 -28.3 7.9% as % ofrevenues 7.8% 8.5%   7.5% 7.9%   Total of current operational expenses -235.7 -249.4 5.8% -127.2 -132.8 4.3% as % ofrevenues 36.0% 37.1%   36.5% 37.2%   Current operating income 3.2 -5.7   -2.7 0.6       Thegross marginreached 243.8 million euros (+2%) and represents 36.3% of the revenue, presenting a slight drop of 0.2 point when compared to 2017.   The trend of the rate of the gross margin observed can be explained by the combined effect of a drop of 2.4 points in the first semesterto 35%, impacted by the disposal of firm purchases made in 2017 at less favourable sales conditions, and a net improvement in the secondsemester(+1.7 point to 37.4%). The progress made in the second half was made possible thanks to a higher level of commercial discipline, greater selectivity, reduction ofthe weight of firm sales (25% of turnover down 4 points), andthe ramp-up of SRP Media.   Operating costs increased by 110 base points, passing from 36% to37.1% of revenue, mainly impacted by the logistics costs of Saldi Privati and the effect of the full year of growth investments carried out in the 2ndsemesterof 2017. Marketing expenses remain stable as far as value,at 5.1% of the revenue (-0.2 point) Expenses for logistics and order processing pass from 23% of the revenues in 2017 to 23.5% in 2018, impacted by the logistics contract of Saldi Privati, with unfavourable financial conditions, which came to an end in 2018. If the results were restated without these elements, they would have remained stable as a percentage of the revenue. Lastly, the general and administrative expenses have increased 6 million euros over the year,borne by the effect of the full year of the investments carried out in the 2ndsemester of 2017 (reinforcement of the sales, IT and internationalteams as well as the creation of aSRP Media team). But the primary effects of planned savings are already materialising in the 2ndsemester of 2018,with a decline of close to half a million euros in overhead when compared to the 1st semester of the year.   Other financial elements (EUR millions) 2017 2018 % Growth Current operating income 3.2 -5.7   Other operating income and expenses -10.6 -0.7 -93.6% Operating income -7.3 -6.3 13.7% Cost of financial debt -0.2 -0.2 25.8% Other financial income and expenses -0.4 -0.1 -81.1% Profit before tax -7.9 -6.6 16.3% Income tax 2.7 2.3 -15.2% Net income -5.2 -4.4 16.8%     The Other operating income and expenses (loss of EUR0.7million) are mainly made up of: 5.4 million euros of proceeds associated with a global agreement formalized in June 2018 with ePrice as part of the acquisition of Saldi Privati. This agreement covers: the recovery of part of the purchase price for non-achievement of performance criteria (2.5 million euros), the early unwinding as at 30 June 2018 of a logistics contract signed with ePrice at the time of the acquisition of Saldi Privati ??which generated the reversal of a provision for an expensive contract for 4.9 million euros, and the payment of an allowance of 2 million euros. 3.0 million euros of non-recurring expenses mainly related to internal reorganization costs and consulting fees 1.8 million euros of expenses related to the allocation of bonus shares, essentially at the time of the Group's IPO at the end of 2015. 1.3 million euros in litigation provisions.   The Group's tax benefit decreased by 15% to 2.3 million euros.   As a result, the Group's net profit came to -4.4 million euros, impacted by the losses posted in the first half. In the second half of the year, net profit amounted to 2.1 million euros.   Cash flow elements (millions EUR) 2017 2018 H1 2018 H2 2018 Cash flows related to operating activities -38.2 6.7 -18.7 25.4 Cash flows related to investment activities -20.8 -17.9 -9.9 -8.0 Cash flows related to financing activities 12.9 40.7 -0.2 40.9 Net change in cash and cash equivalents -46.1 29.5 -28.9 58.4       The net change in cash and cash equivalents increases by30million eurosover the year.   It is supported by a strong cash flow generationof 58million eurosin the 2ndsemester, which,when restated from the gross amount of the share capital increase conducted by the Group, reaches 20million euros, which is to say double that of the previous year in the same period (10 million euros).   This positive change is explained by a cash flow related to operating activities increasing by close to 8 million euros at25million euros, mainly driven byprofitability improvement.   Over the 1stsemester, it amounted in a loss of 29 million euros, mainly impacted by flows related to structurally negative operating activitiesover this period due to the cyclical nature of the business of the Group, and the reduction of profitability recorded over the 1st half of the year (a loss of 12 million euros vs. 1st half year 2017).   Over the year, cash flows related to investment activities reached a loss of 18 million euros, which,when restated for the investments associated with the opening of the future logistics warehouse of the Group (6 million euros), remain in line with 2017as apercentageof the revenue (1.8%).   The cash flows associated with the financing activities amount to 41 million euros, mainly made up of the net income of the increase in capital (38 million euros) and the draw-downs of bank debt for 4 million eurosin order to finance the first investments associated with the future logistics warehouse of the Group.   The gross cash position of the Groupas of 31/12/2018 stands at80million euros.   * ** The Board of Directors of SRP Group,which met on 13 March 2019, examined and approved the consolidated financial statements as of 31 December 2018. Analysts & Investors Conference Participants: Thierry Petit, CEO David Dayan, DeputyCEO Arnaud Delmotte, Director of Group Management Control Date:13 March 2019 06:30 PM Paris time - 05:30 PM London time The journalists can only listen to the conference. Webcast link, valid for the directfeed and for the replay:https://globalmeet.webcasts.com/starthere.jsp?ei=1233866&tp_key=78d5a0e3b9 Numbers to be called to follow the conference in DIRECT FEED France: [phone] United Kingdom: [phone] Access code:5256651   FORWARD-LOOKINGSTATEMENTS This press release solely contains summary information and is not intended to be detailed. This press release may contain forward-looking information and statementsrelating 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 Groupbelieves that the expectations reflected by such forward-looking statements are reasonable,investors and shareholders of the Groupare 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 Groupdoes not take on any commitmentto publish updates of the forward-looking information, this whether subsequent to new information, to future events or to any other element.     UPCOMING information Revenueof the 1stquarter of 2019:early May 2019     ABOUT showroomprive.com Showroomprivé.com is a European player in event-driven online salesthat is innovative and specialised 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 eight other countries. Since its creation in 2006, the company has undergone quick and profitable growth.   Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a gross business volume with all taxes included of more than 900 million euros in 2018, and net revenueof 672million euros,growing by 3% over the preceding year. The Group employs more than 1,150 people.   For more information:http://showroomprivegroup.com         Contacts Showroomprivé Damien Fornier de Violet, Investor Relations [e-mail]   Adeline Pastor, Communications Director [phone] [e-mail]     APPENDICES    INCOMESTATEMENT (EUR thousands)  2017  2018 % Growth H2 2017 H2 2018 % Growth Net revenue 654,971 672,233 2.6% 348,798 356,757 2.3%   Cost of merchandise -416,003 -428,465 3.0% -224,238 -223,390 -0.4%   Gross margin 238,967 243,769 2.0% 124,559 133,367 7.1%   Gross marginas % of therevenue 36.5% 36.3% -0.2 pt 35.7% 37.4% +1.7 pt    Marketing[2] -34,420 -34,551 0.4% -21,357 -21,225 -0.6%   as % of the revenue 5.3% 5.1%   6.1% 5.9%     Logistics and order processing -150,497 -157,895 4.9% -79,642 -83,222 4.5%   as % of therevenue 23.0% 23.5%   22.8% 23.3%     General and administrative costs -50,802 -56,976 12.2% -26,244 -28,320 7.9%   as % of therevenue 7.8% 8.5%   -7.5% 7.9%     Total operating expenses -235,719 -249,422 5.8% -127,243 -132,766 4.3%   as % of therevenue 36.0% 37.1% 1.1pt 36.5% 37.2% 0.7pt                   Current operating income 3,249 -5,653   -2,684 600     Other income and operating costs -10,586 -681 -93.6% -5,343 -1,596 -70.1%   Operating income -7,337 -6,334 13.7% -8,027 -996 87.6%   Cost of financial debt -178 -224 25.8% 71 -131     Other financial income and expenses -408 -77 -81.1% -498 -155     Profit before tax -7,923 -6,636 16.3% -8,454 -1,282 84.8%   Income tax 2,689 2,280 -15.2% 3,429 3,409 -0.6%   Net income -5,234 -4,356 16.8% -5,024 2,128     EBITDA 13,063 5,120 -60.8% 2,166 5,893 172.1%   EBITDAas % of therevenue 2.0% 0.8% -1.2pt 0.6% 1.7% 1.1pt                             PERFORMANCEINDICATORS1   2017 2018 % Growth H2 2017 H2 2018 % Growth CLIENTELE INDICATORS             Cumulative buyers (in thousands) 7,947 9,031 13.6% 7,947 9,031 13.6% France 6,442 7,200 11.8% 6,442 7,200 11.8% International 1,505 1,831 21.7% 1,505 1,831 21.7% Buyers (in thousands) 3,555 3,481 -2.1% 2,539 2,499 -1.6% France 2,817 2,783 -1.2% 2,061 2,021 -1.9% International 738 698 -5.4% 479 478 -0.2% Revenueper buyer (EUR) 169.9 176.0 3.6% 123.7 130.3 5.3% France 175.2 180.3 2.9% 125.1 132.4 5.8% International 149.7 159.1 6.3% 118.0 121.6 3.1%               ORDERS             Number of orders (in thousands) 15,687 15,085 -3.8% 8,556 8,084 -5.5% France 12,921 12,232 -5.3% 7,035 6,596 -6.2% International 2,766 2,854 3.2% 1,521 1,489 -2.2% Average number of order per buyer 4.4 4.3 -1.8% 3.4 3.2 -4.0% France 4.6 4.4 -4.2% 3.4 3.3 -4.4% International 3.7 4.1 9.1% 3.2 3.1 -1.9% Average basket size (EUR) 38.5 40.6 5.5% 36.7 40.3 9.7% France 38.2 41.0 7.4% 36.6 40.6 10.7% International 40.0 38.9 -2.6% 37.1 39.0 5.1% 1ExcludingBeautéprivée     BALANCE SHEET (EUR thousands) 2017 2018 NON-CURRENT ASSETS     Goodwill 123,685 123,685 Other intangible assets 49,789 53,271 Tangible assets 16,606 20,762 Other non-current assets 6,906 6,813 Total non-currentassets 196,991 204,531 CURRENT ASSETS     Inventory and under construction 92,945 99,061 Trade receivables 53,001 32,005 Tax receivables 7,934 4,938 Other current assets 45,434 37,325 Cash and cash equivalents 50,878 80,409 Total current assets 250,192 253,738 Total assets 447,183 458,270       Loans and financial debts 28,830 19,502 Commitments to personnel 52 101 Other provisions 5,368 545 Deferred taxes 9,616 5,182 Total non-current liabilities 43,866 25,333 Loans and bank debt (portion at less than a year) 1,144 22,723 Trade payables 144,246 140,316 Other current liabilities 61,184 46,647 Total current liabilities 206,574 209,686 Total liabilities 250,440 235,019 Total shareholder equity 196,743 223,250 Total of liabilities and shareholder equity 447,183 458,270       Cashflows (EUR thousands) 2017 2018 H2 2017 H2 2018 Consolidated net income -5,234 -4,355 -5,024 2,128 Adjustments 11,946 5,542 4,789 4,377 Self-financing ability after netcost of financial debtand taxes 6,712 1,187 -235 6,505 Elim, of tax charge (revenue) -2,689 -2,280 -3,429 -3,409 Elim, of cost of financial debt net 178 224 -71 131 Incidence of changein need forworking capital -37,627 5,533 25,124 21,202 Cash flows related to operating activities before taxes -33,426 4,664 21,389 24,429 Taxes paid -4,812 2,046 -3,594 1,011 Cash flows related to operating activities -38,238 6,710 17,795 25,440 Incidence of changes in the scope -8,331 0 0 0 Acquisition of tangible and intangible assets -12,474 -18,306 -6,688 -10,735 Change in loans and advances granted -32 84 21 118 Other investing cash flows 43 292 2,612 2,612 Cash flows related to investment activities -20,794 -17,930 -5,615 -8,005 Capital increase   37,978   37,978 Net disposal (acquisition) of shareholder equity -1,641 -183 -1,641 -254 Capital issued, issuance premiums and reserves 805 39 4 28 Debt issuance 22,500 21,700 7,500 21,679 Debt reimbursement -8 569 -18,595 -8,066 -18,027 Net financial interest paid -183 -202 66 -456 Cash flows related tofinancing activities 12,912 40,737 -2,137 40,948           Change in cash and cash equivalents -46,126 29,527 10,043 58,388       reconciliation of gross internet sales with the ifrs internet revenue (EUR thousands) 2017 2018 Total of gross Internet sales1 873,600 906,729 Value added tax2 -143,522 -142,575 Impact of recognition of revenue3 -105,743 -120,172 Revenue outside of Internet and other4 30,635 28,252 Revenue (IFRS) 654,970 672,233   (1) Corresponds to the total amount invoiced to buyers over the course of a given year, (2) Value added tax is applied to every sale; the applicable rate of value-added taxdepends on the country in which the buyer is established, (3) Accounting adjustments for the purpose of recognition of the revenueincluding: (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 recognised as a reduction of the revenue; and (iii) the effect of the presentationof certain sales of travel offers on a net basis when the Group as an agent, (4) The "revenueoutside of Internet and other"item corresponds mainly to revenuegenerated by off-line sales to wholesalers, including off-line reselling of articles sold online and having been the subject of a return. [1]In accordance with AMF recommendations, amortization of intangible assets booked upon business combinations are included in current operating profit within marketing expenses   [2]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 Regulatory filing PDF file Document title: CP Annual results Document: http://n.eqs.com/c/fncls.ssp?u=DNXLBGYWXC

Language:	English
Company:	Showroomprive.com
	1, rue des Blés - ZAC Montjoie
	93210 La Plaine Saint-Denis
	France
Internet:	showroomprive.com
ISIN:	FR0013006558
AMF Category:	News release on accounts, results

End of Announcement	EQS News Service

788819  18-March-2019 CET/CEST