Showroomprive.com: H1 2018 RESULTS - RETURN TO GROWTH DRIVEN BY THE FIRST EFFECTS OF THE 'PERFORMANCE 2018-2020' PLAN
July 26, 2018 at 12:45 pm EDT
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Showroomprive.com: H1 2018 RESULTS - RETURN TO GROWTH DRIVEN BY THE FIRST EFFECTS OF THE 'PERFORMANCE 2018-2020' PLAN
26-Jul-2018 / 18:39 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
H1 2018 Results
RETURN TO GROWTH driven by the first effects of the "PERFORMANCE 2018-2020" plan
La Plaine Saint Denis, 26 July 2018- Showroomprivé, a leading European online retailer, specialising in fashion for the Digital Woman, has published its results for first half of 2018, ended 30 June.
The positive turnaround recorded during first half in our French and International markets attests to the effectiveness of realized adjustments
Return to growth during second quarter 2018: +8.1%
Overall growth of over 3% during first half
These first encouraging signs confirm the structural choices made, including:
The Group's focus on its two main pillars: relations with brand partners and members
Improvement of the operational efficiency: reinforcement of commercial approach; a more detailed business monitoring; rising investments in the platform and IT teams
Revisited marketing approach based on member engagement, loyalty and brand preference
The financial performance is tempered in first half with an EBITDA margin of -0.2% at -0.8 million euros, mainly impacted by:
the decline in activity during the first quarter, and increased selectivity,
the exhaustion of residual stocks built up in 2017,
the impact of growth investments made in 2017 and provided for within the framework of the "Performance 2018-2020" plan
Members are taking a positive view of the efforts deployed around the rationalization of the offering
Continuous rise in satisfaction: + 4 NPS points in the first half
Number of buyers and orders up by more than 5% in the second quarter
Three complementary levers to pursue growth in the medium term:
The effective launch of SRP media end of June, the first media agency dedicated to Digital Women
Revitalisation of the omni-channel partnership with Carrefour, via the launch of the first 600 Click-and-collect points along with several cross-marketing and media campaigns already deployed
Tangible progress in the internalization of a portion of our logistics flow and the opening of a new mechanized warehouse, as well as the development of the Group's dropshipmentoffering (direct delivery from vendor)
KEY FIGURES H1 2018
(EUR million)
H1 2017
H1 2018
%Growth
Net revenues
306.2
315.5
+3.0%
Total Internet revenues
297.6
307.0
+3.2%
EBITDA
10.9
-0.8
n.a.
EBITDA as a % of revenues
3.6%
-0.2%
n.a.
Net income
-0.2
-6.5
n.a.
Commenting on these results, Thierry Petit and David Dayan, co-founders and co-CEOs of Showroomprivé stated:"After a challenging first quarter marked by a higher standard of commercial requirement, the return to growth that we are witnessing in the second quarter of 2018 is encouraging. It confirms the relevance of the strategic choices made under our "Performance 2018-2020" plan. These last support the improvement of results and thus better prepare the end of the year, a pivotal period for the Group. We remain fully focused on the execution of our strategic plan, which will enable us to leverage the full potential of the Group."
First half HIGHLIGHTS
Following a first quarter 2018 marked by a decline in activity, Showroomprivé reported a return to growth during second quarter mainly driven by the first effects of the strategic "Performance 2018 - 2020" plan. These tangible results confirm the structural guidelines decided by the Group's management.
Operational efficiency improvement
Reinforcement of commercial approach:
Reinforcement of teams in several product categories with the recruitment of several senior profiles (Consumer Products, Sports, Children)
Reinforcement of commercial relationship with strategic brands through a global approach, not limited to the sale of overstocks but also incorporating both media and marketing solutions
Increase and seniorisation of commercial prospecting efforts
Rationalisation of the offering with a reduction in the number of sales, down -16% in the second quarter, and an increase of the turnover per sales of nearly 30%
Optimisation of commercial planning through better coordination of commercial, marketing and operational teams, whose successful French Days - with over 40% growth compared to the same period the previous year- are the best example
A more detailed business monitoring:
Reinforced validation process for all sales opportunities
Closer inventory monitoring, stocks now reaching 97MEUR (versus EUR115M as of June 30th, 2017), with greater control over the volumetry of firm purchases, down by more than 30% over the half-year period
Deployment of the "100% Salesforce" program to boostcommercial efficiency
Rising investments in IT:
All anticipated hires throughout the first half-year period were undertaken in order to accelerate the implementation of our roadmap and to gain in terms of efficiency and scalability
Revisited marketing approach
Adjustment of the marketing approach with the establishment of a new strategy centered on member engagement, loyalty and brand preference
Reinforcement of our CRM and traffic acquisition capacities with the recruitment of two senior profiles
Traffic and total buyers up 4% and 7 % respectively over the half-year period
Thorough review of all acquisition tools, not only in terms of technical, but also strategic and human factors
New media approach with a diversification of communication channels traditionally used by the Group
Internalization of our logistics tools and development of the Group's dropshipment offering
Tangible progress during the first half with:
The pre-selection of 2 sites for the opening of the Group's new warehouse
The choice of supplier for the mechanisation technology
The securing of funding
Opening confirmed by the end of 2019 with the aim of delivering better, faster, and at lower cost.
Acceleration of delivery times, particularly as regards conditional flows, with the development of the Group's dropshipment offering, which accounts for 6.5% of revenues over the first 6 months of the year.
Development of new sources of revenues and margins for the Group with the deployment of the data and media offering via the launch of SRP Media
Several media and data campaigns already carried out in 2018 with strong brands
Substantial appetite from the Group's brand partners for reaching the Digital Woman
Digital native, decision-maker and a brand lover, the Digital Woman is the client that brands want to reach according to the innovation consulting agency NellyRodi, world-renowned leader in foresight applied to industries and services
Dynamisation of operational relations initiated with Carrefour
Both Groups are working on a daily basis on the deployment of each of the 4 identified synergy lines, namely offering, logistics, marketing and data.
In terms of logistics, 600 click-and-collect points have already been deployed and are showing excellent results both in terms of traffic and purchases generation and customer satisfaction, with an objective set at 2,800 point throughout France at the end of this year.
In terms of marketing, a number of cross-marketing campaigns have already been deployed, successfully, with both Groups' customers. Said campaigns have shown the responsiveness and great complementarity of the Groups' customer bases.
The successfully-led initiatives around data and media have showcased the enthusiasm of Showroomprivé's customers for Carrefour Group's own brands, and the quality of media solutions offered by Showroomprivé. In parallel, both Groups are reflecting on joint operations around data, of which the vision, organization and technical architecture are currently under design.
Sourcing and synergies among portfolios constitute an axis of optimization on which both Groups are working jointly.
Tempered financial performances in first half with a decreasing EBITDA, mainly impacted by the exhaustion of residual stocks built up in 2017 and the downturn in activity over the first quarter:
EBITDA margin down -0.2 % in first half 2018 at -0.8 million euros.
The downturn in activity observed in the first quarter, which can be partly attributed to increased selectivity, put pressure on the Group's margin.
The gross margin was also impacted by the exhaustion of residual stocks built up in 2017 at unfavourable commercial conditions.
Finally, the growth investments made in 2017 and those projected within the framework of the "Performance 2018-2020" plan yielded an increase in central costs during first half.
INITIATIVES for the second half
The second half of the year is to be characterized by the further deployment of the "Performance 2018-2020" plan.
Priority focus on the strategic "Performance 2018 - 2020" plan
Build on and amplify positive signals in the short-term:
-Attention maintained on the Group's main pillars, members and brands
-Increase in operational efficiency
-Deployment of the Group's new marketing approach
In the medium-term:
-Successfully carry out the opening project of a new mechanised warehouse operated by the Group
-Deploy new sources of revenue and margins through the development of SRP Media
-Develop strategic and commercial synergies with Carrefour
Anticipate and prepare an ambitious marketing and commercial plan for the end of the year and more particularly Black Friday and Christmas season
Maintain strict discipline and improve the Group's margin in the medium term
Press ahead with the same operational excellence and quality of service
GROUP TARGETS FOR 2018 and ONWARDS
On the strength of the first positive results observed in the second quarter issuing from actively pursued overhauls overs the last months within the company, the Group intends to pursue the deployment of its "Performance 2018-2020" plan, aimed at improving its operational efficiency in the short term and at developing new opportunities for growth and profitability in the medium term. Throughout this transitional period, the Group intends to confirm its return to growth and gradually improve its margins.
Detailed comments per indicator type
Revenues
(EUR millions)
H1 2017
H1 2018
%Growth
Internet revenue
France
243.5
253.4
+4.1%
International
54.1
53.6
-0.9%
Total Internet Revenues
297.6
307.0
+3.2%
Other revenues
8.6
8.5
-1.9%
Net revenues
306.2
315.5
+3.0%
(EUR millions)
Q2 2017
Q2 2018
%Growth
Net revenues
152.4
164.7
+8.1%
Following a challenging first quarter and a 2% decline in activity, the second quarter is showing signs of a sharp rebound reaching almost 165 million euros with growth registered at more than 8%, driven both by France and International.
Over first half, the Group's revenues registered in total a 3% growth (+0.2% organic), at over 315 million euros.
Internet sales in France increased by more than 4% to reach 253 million euros, this due to significant contribution of the return to growth materialized during the second quarter.
Following a strong growth in 2017 (+34% organic), and despite a positive performance during the second quarter having helped to offset the difficult conditions of the year's first few months, international Internet sales were slightly lower over the half-year period (-0.9%).
Key performance indicators
(In millions)
H1 2017
H1 2018
%Growth
Buyers over the half-year period (in millions)
2.3
2.3
+0.1%
Number of Orders (in millions)
7.1
7.0
-1.8%
Revenue per Buyer
128.0
126.7
-1.0%
Average Number of Orders per Buyer
3.1
3,1
-1.9%
Average Basket Size
40.6
41.0
+0.9%
Share of Revenues from Mobile
62%
67%
+5pts
31/12/2017
31/12/2018
%Growth
Cumulative Buyers (in millions)
7.9
8.5
6.6%
Q2 2017
Q2 2018
%Growth
Buyers over the quarter (in millions)
1.5
1.5
+5.2%
Number of Orders (in millions)
3.5
3.6
+5.4%
Revenue per Buyer
97.3
97.8
+0.5%
Average Number of Orders per Buyer
2.4
2.4
+0.2%
Average Basket Size
40.9
41.0
0.3%
Share of Revenues from Mobile
62%
68%
+6pts
All KPIs exclude Beauteprivee
The Group's performance indicators were impacted by the decline in activity over the first quarter, followed by an upturn in trend over the second quarter thanks to the "Performance 2018-2020" plan, the first effects of which enabled an improvement on all of the indicators.
Over the first half, the number of total buyers continued to rise (up 6.6%), with the recruitment of over 500,000 new buyers over the period.
The number of buyers reached 2.3 million, up slightly (+0.1%) from the same period a year earlier.
The average revenue per buyer is slightly down from the same period in 2017 at 127EUR (-1.0%). This is attributable to a slight drop in the number of orders per buyer (-1.9%) partly offset by the rise in the average basket size (0.9%) compared to H1 2017, totaling 41.0EUR.
Indicators are climbing over the second quarter with, in particular, buyers and orders rising by more than 5% and revenues per buyer up 0.5%.
The mobile has continued to sustain the activity with a contribution that has kept growing to 67% of net revenues, up 5 points from last year.
EBITDA
(EUR million)
H1 2017
H1 2018
%Growth
France
17.1
3.7
-78.5%
EBITDA France as % of revenues
6.8%
1.4%
International
-6.2
-4.4
n.a.
EBITDA International as % of revenues
-11.4%
-8.3%
Total EBITDA
10.9
-0.8
n.a.
Total EBITDA as % of revenues
3.6%
-0.2%
The Group's EBITDA over the first half is down -0.8 million euros.
The EBITDA was mainly affected by:
the decline in activity during the first quarter,
the decline of the gross margin due to the exhaustion of residual firm purchases made in 2017 under unfavourable commercial conditions,
the effect of growth investments made in 2017 (reinforcement of international teams and establishment of the SRP Media team),
the projected and realized reinforcements during first half within the framework of the "Performance 2018-2020" plan, with recruitments namely in IT and within the commercial teams
Profitability in France reached 1,4% in H1 2018.
International activities incurred EUR4,4 million inlosses, aclose to EUR2 million gain compared with the same period last year, a gain to which Saldi Privati made a large contribution by cutting its losses in half during the first six months of the year.
Cost structure
(EUR million)
H1 2017
H1 2018
%Growth
Net revenues
306.2
315.5
+3.0%
Cost of goods sold
-191.8
-205.1
+6.9%
Gross margin
114.4
110.4
-3.5%
Gross margin as % of revenues
37.4%
35.0%
Marketing
-12.3
-12.8
+3.6%
as % of revenues
4.0%
4.0%
Logistics & fulfilment
-70.9
-74.7
+5.4%
As % of revenues
23.1%
23.7%
General & administrative expenses
-24.6
-28.7
+16.7%
As % of revenues
8.0%
9.1%
Total Opex
-107.7
-116.1
+7.8%
As % of revenues
35.2%
36.8%
Current operating income1
6.7
-5.7
n.a.
1 Excluding Amortisation of intangible assets recognised upon business reorganisation
Gross margin reached EUR110.4 million (-3.5%), representing 35.0% of net revenues, down 0.7 point compared to the one recorded in H2 2017, and 2.4 points compared to the one recorded in H1 2017.
The exhaustion of residual firm purchases made in 2017 in significant volumes and under less favourable commercial conditions has had a negative impact on the gross margin in the first half of the year.
Operating costs are up from 35.2% to 36.8% of revenues mainly due to:
Marketing expenses, which are up 3.6% over first half at 12.8 million euros and remain stable compared to the previous year at 4.0% of revenues.
Logistics and fulfilment expenses are up by 5.4% and reflect the Group's growth in first half. They represent 23.7% of revenues compared to 23.1% the previous year. Excluding the impact of Saldi Privati, whose logistics contract will be terminated at the end of the year due to unfavourable financial conditions, logistics expenses remain stable at 23.2% of revenues.
Finally, general & administrative expenses increased by 4.1 million euros, although by only 1.8 million euros in the first semester 2018, the difference corresponding to the effects of growth investments made in 2017 (reinforcement of international teams and establishment of an SRP media team) and to the increase in D&A (+0.7 million euros). The 1.8 million euros increase in 2018 stems from the recruitments made within the framework of the "Performance 2018-2020" plan and from the full year effect of 2017 hires.
Other financial items
(EUR million)
H1 2017
H1 2018
%Growth
Current operating income1
6.7
-5.7
n.a.
Amortization of intangible assets recognized
upon business reorganization
-0.8
-0.6
-25%
Other operating income and expenses
-5.2
0.9
n.a.
Operating profit
0.7
-5.3
n.a.
Cost of financial debt
-0.2
-0.1
-63%
Other financial income and expenses
0.1
0.1
-13%
Profit before tax
0.5
-5.4
n.a.
Income taxes
-0.7
-1.1
53%
Net income
-0.2
-6.5
n.a.
1 Excluding Amortisation of intangible assets recognised upon business reorganisation
Other operating income and expenses (EUR0.9 million) can be broken down as follows:
EUR5.4 million in income related to the global agreement entered into with ePrice as part of the Saldi Privati acquisition. This agreement covers:
recovery of a portion of the acquisition price for not satisfying the performance criteria (EUR2.5 million)
early release as at 30 June 2018 of a logistics contract entered into with ePrice at the time of the Saldi Privati acquisition, generating the takeover of an onerous contract provision forEUR4.9 million and payment of a EUR2 million release indemnity
EUR2.6 million in non-recurrent charges corresponding mostly to internal reorganization costs and to advisory fees
EUR1.7 million in costs linked to the free share allocation mainly at the time of the Group's initial public offering at the end of 2015.
The Group's tax charge increasedby 53% to EUR1.1million.
As a result, net income, Group share was EUR-6.5million.
Cash flow items
(EUR million)
H1 2016
H1 2017
H1 2018
Cash flows from
operating activities
-13.5
-56.0
-13.5
Cash flows from
investment activities
-3.6
-15.2
-14.5
Cash flows from
financing activities
0.3
15.0
-0.5
Net change in cash flow
-16.8
-56.2
-28.5
The net change in cash flow for H1 2018 was -EUR28.5million due to:
Cash flow linked to operating activities, structurally negative in the first half of each financial year (and totally or partially offset in the second half) given the cyclical nature of the Group's business;
A drop in profitability posted in the second half (-EUR12 million vs. H1 2017);
Payment of a EUR2 million earn-out for Beauteprivee acquisition;
Professional and advisoryfees of EUR1 million
Restated to include these last two items, it was -EUR25,5million, close to the variation during the same period the prior year, which was -EUR14million, as restated for the non-recurring increase in firm purchases achieved that year (EUR42 million). The residual difference can be explained by the decrease in profitability posted during the half year.
Cash flows from operating activities amounted to -EUR13.5million, a level near that of the preceding year flows, restated for the EUR42 million in additional firm purchases achieved that year.
Cash flows from investing activities amounted to -EUR14.5million. Excluding the EUR2 million impact of the payment of Beauteprivee earn-out,these totaled-EUR12.5million.
With no substantial financing activity during the half year, cash flows from financing activities were almost nil (-EUR0.5million).
*
**
The Board of Directors of SRP Group, meeting on July 26, 2018, reviewed and approved the audited half-yearly consolidated financial statements of the Group as of June 30, 2018. The half-yearly consolidated financial statements underwent the usual limited review by the auditors; their report on the certification is currently being issued.
Analyst and investor conference (in French and English)
Speakers:
Thierry Petit, Chief Executive Officer
David Rayan, Deputy Chief Executive
Thomas Kienzi, Deputy Chief Financial Officer
Date: 26 July 2018
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 (in English) to listen live and for the replay:
In English (simultaneous translation of the Conference in French)
From France: +33 (0)1 76 77 22 57
From the UK: +44 (0)330 336 9411
Access code: 3399031
FORWARD-LOOKING STATEMENTS
This press release contains only summary information and does not purport to be comprehensive.
This press release 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 considers that the expectations reflected in such forward-looking statements are reasonable, investors and shareholders of the Group 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, this forward-looking information and these 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 (particularly those detailed in chapter 4 of the Group's annual report). 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
Results for the 3rd quarter 2018: October 2018
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 more than 2,000 brand partners on its mobile apps or online in France and eight of its 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 900 million euros in 2017, corresponding to net sales of 655 million euros, up 21% versus the previous year. The company employs more than 1,150 people.
For more information: http://showroomprivegroup.com
CONTACTS
Showroomprivé
Damien Fornier de Violet, Investor Relations
investor.relations@showroomprive.net
Adeline Pastor, Director of Communications
+33 1 76 21 19 46
adeline.pastor@showroomprive.net
APPENDICES
PROFIT AND LOSS Statement
(EUR thousand)
2017
H1-17
H1-18
% Growth
Net revenue
654,971
306,173
315,477
3.0%
Cost of goods sold
-416,003
-191,765
-205,075
6.9%
Gross margin
238,967
114,408
110,402
-3.5%
Gross margin as a % of revenue
36.5%
37.4%
35.0%
Marketing
-33,048
-12,310
-12,759
3.6%
as a % of revenue
5.0%
4.0%
4.0%
Logistics & order processing
-150,497
-70,855
-74,673
5.4%
as a % of revenue
23.0%
23.1%
23.7%
General & administrative expenses
-50,802
-24,558
-28,657
16.7%
as a % of revenue
7.8%
8.0%
9.1%
Amortisation of intangible assets recognised upon business reorganisation
-1,372
-753
-567
-24.7%
Total Opex
-235,719
-108,476
-116,656
7.8%
as a % of revenue
36.0%
35.4%
37.0%
Current operating income
3,249
5,932
-6,254
n.a.
Other operating income and expenses
-10,586
-5,243
915
n.a.
Operating profit
-7,337
689
-5,339
n.a.
Finance costs
-178
-249
-93
-62.6%
Other financial income and expenses
-408
90
78
-13.4%
Profit before tax
-7,923
530
-5,354
n.a.
Income taxes
2,689
-740
-1,129
52.6%
Net income
-5,234
-210
-6,483
n.a.
EBITDA
13,063
10,897
-773
n.a.
EBITDA as a % of revenue
2.0%
3.6%
-0.2%
Key performance indicators1
2016
2017
%Growth
H1-17
H1-18
% Growth
CUSTOMER METRICS
Cumulative buyers (in thousands)
6,757
7,947
18.1%
7,256
8,474
16.8%
France
5,562
6,442
15.8%
5,950
6,793
14.2%
International
1,195
1,505
25.9%
1,306
1,682
28.7%
Buyers over the year (in thousands)
3,234
3,555
9.9%
2,264
2,266
0.1%
France
2,767
2,817
1.8%
1,815
1,823
0.4%
International
466
738
58.4%
450
443
-1.4%
Revenue per buyer (EUR)
159.9
169.9
6.3%
128.0
126.7
-1.0%
France
164.0
175.2
6.8%
129.9
128.4
-1.1%
International
135.7
149.7
10.3%
120.3
119.5
0.7%
ORDERS
Number of orders (in thousands)
13,605
15,687
15.3%
7,131
7,001
-1.8%
France
11,945
12,921
8.2%
5,887
5,636
-4.3%
International
1,660
2,766
66.6%
1,244
1,365
9.7%
Average number of orders per buyer
4.2
4.4
4.9%
3.1
3.1
-1.9%
France
4.3
4.6
6.3%
3.2
3.1
-4.7%
International
3.6
3.7
5.2%
2.8
3.1
11.2%
Average basket size (EUR)
38.0
38.5
1.3%
40.6
41.0
0.9%
France
38.0
38.2
0.5%
40.0
41.5
3.7%
International
38.1
40.0
4.8%
43.5
38.8
-10.7%
1 Excluding Beauteprivee and Saldi Privati in 2016
Balance sheet
(EUR thousand)
2016
2017
H1-17
H1-18
NON-CURRENT ASSETS
Goodwill
102,782
123,685
119,080
123,685
Other intangible assets
39,289
49,789
48,472
51,558
Property, plant and equipment
15,626
16,606
15,558
16,899
Other non-current assets
6,902
6,906
6,978
4,529
Total non-current assets
164,599
196,971
190,088
196,671
CURRENT ASSETS
Inventory and work in progress
82,638
92,945
114,555
96,871
Accounts receivable
36,612
53,001
34,839
50,788
Tax assets
3,519
7,934
4,764
5,575
Other current assets
36,915
45,434
24,220
33,258
Cash and cash equivalents
97,004
50,878
40,841
22,017
Total current assets
256,688
250,192
219,219
208,509
Total assets
421,287
447,183
409,307
405,180
Long-term financial debt
2,038
28,830
26,767
29,817
Obligations to personnel
88
52
88
52
Other provisions
5,368
Deferred taxes
11,628
9,616
14,033
9,704
Total non-current liabilities
13,754
43,866
40,888
39,590
Short-term financial debt
966
1,144
1,050
1,457
Trade receivables and accounts payable
148,504
144,246
103,359
130,972
Other current liabilities
55,509
61,184
60,016
42,969
Total current liabilities
204,979
206,574
164,425
175,398
Total liabilities
218,733
250,440
205,313
214,988
Total shareholders' equity
202,554
196,743
203,994
190,192
Total liabilities and shareholders' equity
421,287
447,183
409,307
405,180
Cash flow
(EUR thousand)
2016
2017
H1-17
H1-18
Net income for the period
-250
-5,234
-210
-6,483
Adjustments for non-cash items
18,228
11,946
7,157
1,165
Cash flow from operations before finance costs and income tax
17,978
6,712
6,947
-5,318
Elim of accrued income tax expense
2,741
-2,689
740
1,129
Elim of cost of net financial debt
690
178
249
93
Impact of change in working capital
13,608
-37,627
-62,751
-15,743
Cash flow from operating activities before tax
35,017
-33,426
-54,815
-14,521
Income tax paid
-2,261
-4,812
-1,218
1,035
Cash flow from operating activities
32,756
-38,238
-56,033
-13,486
Impact of changes in perimeter
-31,751
-8,331
-8,331
Acquisition of financial assets
-4,582
Disposals of property, plant and equipment and intangible assets
-8,400
-12,474
-5,786
-7,571
Changes in loans and advances
-97
-32
-45
-34
Other investing cash flow
368
43
-1,017
2,320
Cash flow from investing activities
-39,880
-20,794
-15,179
-14,507
Transaction on own shares
0
-1,641
71
Increase in share capital and share premium reserves
SRP Groupe S.A. specializes in the private sale of items on-line. Net sales break down by activity as follows:
- private sales on-line (98.9%): fashion items, beauty products, household appliances, decorative products, travels, etc., via the web site Showroomprive.com. 81.9% of net sales are in France;
- other (1.1%): sale of products for partner wholesalers, provision of marketing services, etc.