Platform Group SE & Co. KGaA · XETR:TPG0
Platform Group SE & Co. KGaA — The Platform Group — FY2023 Earnings Presentation
41 slides from Platform Group SE & Co. KGaA's earnings presentation, Apr 5, 2024
Slide 1: FY 2023 Presentation
FY 2023 Presentation 5th of April 2024 1
Slide 2: The Platform Group Key Facts
1 THE PLATFORM GROUP Key Facts 2
Slide 3: Our Management Structure
OUR MANAGEMENT STRUCTURE Supervisory Board Stefan Schütze ▪ Jens Wasel ▪ Dominik Barton (Chairman) ▪ Florian Müller Management Board CFO Dr. Dominik Benner Laura Vogelsang Reinhard Hetkamp CEO Mgmt. Board CFO TPG AG ▪ TPG since 2012 ▪ TPG since 2018 ▪ >20 years experience ▪ 5th generation family ▪ >
Slide 4: TPG Pro-Forma Consolidated Guidance 2023
TPG PRO-FORMA CONSOLIDATED GUIDANCE 2023 2023 FY Mid-term Adj. EBITDA Revenue Adj. EBITDA GMV Leverage GMV Margin €440m €20m €700m 1.5 – 2.3x €1bn 7-10% Source: Company. All Pro-Forma consolidated, all guidance figures of TPG for FY 2023 are published pro-forma-based, continuing operations in FY 202
Slide 5: With TPG Software Our Partners Get Access to Global Ecommerce
WITH TPG SOFTWARE OUR PARTNERS GET ACCESS TO GLOBAL ECOMMERCE – 20 INDUSTRIES COVERED CONSUMER GOODS FREIGHT GOODS Software-solutions for B2B + B2C small- & medium-sized customers business partners INDUSTRIAL GOODS SERVICE & RETAIL 10 local GOODS Stores Source: Company. Overview of subsidiaries/bran
Slide 6: Latest Developments (4 Month)
LATEST DEVELOPMENTS (4 MONTH) Acquisition of Acquisition of Acquisition of Simon-Profi-Technik GmbH Avocadostore GmbH HOOD Media GmbH and Launch of MotorProfi (platform for sustainable (platform for consumer (forest equipment) products) products) 6
Slide 7: Latest Developments (4 Month)
LATEST DEVELOPMENTS (4 MONTH) Reduction of minority Reduction of minority Reduction of minority shareholders: shareholders: shareholders: Möbelfirst GmbH ViveLaCar Group Lott Carparts (new: 100%) (new: 100%) (new: 100%) 7
Slide 8: Introduction to FY2023 / FY2022
INTRODUCTION TO FY2023 / FY2022 Reverse acquisition → IFRS 3 Continuing operations gains control Acquiree Acquirer Former Former Former Fashionette AG The Platform Group Fashionette AG GmbH & Co. KG Announced to close and sell two not-profitable business units, sell-off by April 2024 Fashionette Bra
Slide 9: Financials
2 Financials (unaudited, preliminary) 9
Slide 10: Overview Pro-Forma FY 2023/FY 2022
OVERVIEW PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS 2022 2023 Guidance / market expectation GMV € 591m € 705m Net revenue (EUR m) € 387.4m € 440.8m GMV-Guidance: € 700m → Achieved / outperformed. Other revenues (EUR m) € 29.0m €32.8m Gross Margin 34.8% 31.1% Revenue-Guidance: € 440m → Achieved
Slide 11: Overview Pro-Forma FY 2023/FY 2022
OVERVIEW PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS 2022 2023 Guidance / market expectation Net profit (EUR m), continuing operations € 24.8m € 33.3m Net profit (EUR m), not-continuing Earnings per share (FY 2023) above expectations. operations € -3.3m € -6.4m Net profit (EUR m), total € 21.5m
Slide 12: The Platform Group: Pro-Forma GMV Development
THE PLATFORM GROUP: PRO-FORMA GMV DEVELOPMENT € 760-800 m € 705 m € 591 m € 504 m 2021 2022 2023 2024e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 12
Slide 13: The Platform Group: Pro-Forma Revenue Development
THE PLATFORM GROUP: PRO-FORMA REVENUE DEVELOPMENT € 460-470 m € 441 m € 387 m € 241 m 2021 2022 2023 2024e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 13
Slide 14: The Platform Group: Pro-Forma Adjusted EBITDA Development
THE PLATFORM GROUP: PRO-FORMA ADJUSTED EBITDA DEVELOPMENT € 24-28 m € 23 m € 12 m € 12 m 2021 2022 2023 2024e Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 14
Slide 15: The Platform Group: Pro-Forma Net Profit Development
THE PLATFORM GROUP: PRO-FORMA NETPROFIT DEVELOPMENT € 33.3 m € 24.8 m € 1.8 m 2021 2022 2023 Pro-Forma figures for FY 2022, 2023. FY 2022 and FY 2023 continued operations. 2024e according to guidance. 2021 TPG/Fashionette combined. 15
Slide 16: The Platform Group: Segment Overview
THE PLATFORM GROUP: SEGMENT OVERVIEW Consumer Goods Freight Goods Revenues by Segment (FY 2023) (in m€, pro-forma, continuing operations) Products with simple Products with complex logistics and focus on transport, logistics and consumer goods delivery processes in the Sustainable Products area of f
Slide 17: The Platform Group: Non-Financial KPI
THE PLATFORM GROUP: NON-FINANCIAL KPI 2022 2023 Key takeaways Number of Orders 5.437.475 6.185.869 Positive development: More partners (5.520) bring more Average order value (EUR) 109 114 products. More products bring more customers (4.05m), more customers bring more orders (6.2m). Active Customers
Slide 18: Segment Report Pro-Forma FY 2023/FY 2022: Consumer Goods
SEGMENT REPORT PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS Consumer Goods 2022 2023 Key takeaways GMV € 400.8m € 440.5m Positive development of higher revenues due to (1) Net revenue (EUR m) € 234.1m € 251.7m more partners and (2) more products. EBITDA adjusted (EUR m) € 9.8m €14.6m EBITDA adj.
Slide 19: Segment Report Pro-Forma FY 2023/FY 2022: Freight Goods
SEGMENT REPORT PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS Freight Goods 2022 2023 Key takeaways GMV € 76.0m € 106.1m Positive development of higher revenues due to (1) Net revenue (EUR m) € 66.6m € 69.1m more partners and (2) more products. EBITDA adjusted (EUR m) € 4.3m € 4.9m EBITDA adj. marg
Slide 20: Segment Report Pro-Forma FY 2023/FY 2022: Industrial Goods
SEGMENT REPORT PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS Industrial Goods 2022 2023 Key takeaways GMV € 73.7m € 84.0m Positive development of higher revenues due to (1) Net revenue (EUR m) € 54.6m € 60.9m more partners and (2) more products. EBITDA adjusted (EUR m) € 1.4m € 1.6m EBITDA adj. ma
Slide 21: Segment Report Pro-Forma FY 2023/FY 2022: Service&Retail Goods
SEGMENT REPORT PRO-FORMA FY 2023/FY 2022 CONTINUING OPERATIONS Service&Retail Goods 2022 2023 Key takeaways GMV € 40.4m € 74.5m Positive development of higher revenues due to (1) Net revenue (EUR m) € 32.1m € 59.1m more partners and (2) more products. EBITDA adjusted (EUR m) € 1.3m €1.4m EBITDA adj.
Slide 22: Debt Situation
DEBT SITUATION 31.12.2023 Cash + Cash equivalents € 7.6m Long term Debt (bank loans) € 32.3m Short term Debt (bank loans) € 35.3m Net Debt € 60.0m LTM EBITDA € 22.6m Leverage 2.65 x Target Leverage 1.5 – 2.3x LTM EBITDA Pro-Forma figures for FY 2023, continuing operations. 22
Slide 23: Pro-Forma Consolidated Balance Sheet
PRO-FORMA CONSOLIDATED BALANCE SHEET Pro-Forma - Consolidated balance sheet - Assets 31.12.2023 31.12.2022 Pro-Forma - Consolidated balance sheet - Liability 2023 2022 in TEUR in TEUR Financial Assets Equity Property, plant and equipment 9.715 7.805 Subscribed capital 17.855 17.855 Intangible assets
Slide 24: Pro-Forma Consolidated Cash Flow
Consolidated cash flow statement 2023 PRO-FORMA Period result 26.932.008 CONSOLIDATED Result from discontinued operations Earnings before taxes from continuing operations 6.381.032 33.313.040 CASH FLOW Adjustments for STATEMENT Profit from business acquisitions (25.274.443) Depreciation (+) / write-
Slide 25: From EBITDA Adjusted to EBITDA Reported
FROM EBITDA ADJUSTED TO EBITDA REPORTED EBITDA €47.4m Reported €25.5m EBITDA Adjusted €22.6m Adjustments €2.1m €2.8m Purchase Price Deferred tax & Allocation consolidation Results effects Pro-Forma figures for FY 2023/FY 2022, continuing operations. PPA-Results due to IFRS3 and deferred tax & consol
Slide 26: How we achieve value for our shareholders
3 How we achieve value for our shareholders 26
Slide 27: Our Statement on Value Creation
OUR STATEMENT ON VALUE CREATION “We do not accept cash burning. Our company never did.” “We have to acquire companies for fair values, meaning badwill is not an exception. And we develop their value over time.” “Our TPG-approach gives us the opportunity to buy highly attractive online-players in nic
Slide 28: Our Core Competencies
OUR CORE COMPETENCIES Our CORE Competencies Software Interfaces Marketing 28
Slide 29: SaaS-Models
SAAS-MODELS Why do we NOT make SaaS-Revenues? Control Value creation Replaceability We want to have full control on the When we would offer only SAAS-solutions to eCommerce Value Chain. Means: Not just external parties, we would have nice offering software, we make A-Z as a full %margins, but after
Slide 30: Our Decision Funnel for New Industries
OUR DECISION FUNNEL FOR NEW INDUSTRIES TPG decision funnel for entering new industries Value Creation: Control Selection of Industry: Entering Industry: ▪ Our holding is not a financial holding, ▪ Classic make or buy decision we are an operative holding with more ▪ Are more than 150 potential ▪ If t
Slide 31: How We Acquire Companies
HOW WE ACQUIRE COMPANIES Our Requirements for new M&A Targets Revenue & Status of the Profitability & Strategy & Customers Company Debt IT Revenue range Sufficient Platform Diversified €3-100m No early phase management strategy (or High IT/ERP Customer base investments, levels, no risk of EBITDA adj
Slide 32: How We Achieve Value: The Case of GINDUMAC
HOW WE ACHIEVE VALUE How we achieve VALUE: The case of GINDUMAC Revenue in € EBITDA in € number of machines Cost reduktion: HR on platform and G&A cost ratio €25m in relation to revenue €0,7m 5.900 22% 13% €6m 2.340 €0,1m 2020 2024e 2020 2024e 2020 1/2024 2020 2024e 32
Slide 33: How We Achieve Value: The Case of GINDUMAC
HOW WE ACHIEVE VALUE How we achieve VALUE: The case of GINDUMAC Strong focus on Successful cost Centralized share Entry in new Platform reduction services markets technology With our TPG reduces Entry to Closing of software we We quit external Marketing, US market cost ratios: HR, Full integration A
Slide 34: How We Acquire Companies
HOW WE ACQUIRE COMPANIES “We have to acquire companies for fair values, meaning badwill is not an exception. And we develop their value over time.” 34
Slide 35: Outlook
4 Outlook 35
Slide 36: TPG Guidance 2024: Record Year to Be Expected
TPG GUIDANCE 2024: RECORD YEAR TO BE EXPECTED CONTINUING OPERATIONS 2024 FY Revenue Adj. EBITDA GMV €460-470m €24-28m €760-800m 36
Slide 37: Scalability: Interaction of Growth Drivers 2024E
SCALABILITY: INTERACTION OF GROWTH DRIVERS 2024E # PARTNERS # ACTIVE CUSTOMERS Leads to more products and this to more 11.800 4m GMV Leads to Leads to more higher € 760-800m Source: Company / Guidance 2024. 37
Slide 38: Our Partner Growth in 2024
OUR PARTNER GROWTH IN 2024 How we achieve more value: partners and their value for TPG # of Partners 2023-2024 11.800 Acquisition of hood.de +4.900 partners + 3 Mio. SKU‘s Acquisition of Avocadostore 5.500 +1.400 partners 2023 2024e 38
Slide 39: Our Future Strategy
OUR FUTURE STRATEGY POWER OF SCALE CONTINUED M&A GEOGRAPHICAL LEADING POSITION NEW MARKETS EXPANSION EXPANSION Becoming the No.1 Expanding into 30 3-8 Acquisitions per Increasing Platform in Europe industries by 2025 year geographical footprint outside of Organic growth Long-term goal of Germany hig
Slide 40: Key Takeaways
KEY TAKEAWAYS We expect a revenue of €460-470m and adj. EBITDA €24-28m for FY 2024 Positive operating cash flow & stable liquidity in FY 2024 3-8 acquisitions in 2024, perfect buying conditions in M&A market Strong cost-efficiency program continues in 2024, adjusting costs and risk, especially in ma
Slide 41: Thank You!
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