Platform Group SE & Co. KGaA · XETR:TPG0
Platform Group SE & Co. KGaA — fashionette — FY2022 Earnings Presentation
23 slides from Platform Group SE & Co. KGaA's earnings presentation, Apr 28, 2023
Slide 1: 2022 Results Presentation (unaudited)
2022 Results Presentation (unaudited) April 28, 2023
Slide 2: Disclaimer and Notes
D I S C L A I M E R A N D N OT E S BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSED IN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY FASHIONETTE AG (THE "COMPANY"). This disclaimer shall apply in all respects to
Slide 3: Agenda
AGENDA 1 FASHIONETTE AT A GLANCE 2 UPDATE FY 2022 3 GUIDANCE & PRIORITIES FY 2023 | 3
Slide 4: Dominik Benner – New CEO
DOMINIK BENNER – NEW CEO EDUCATION Studies in business administration at the University of St. Gallen, (B.A., M.A.), doctorate at the University of St. Gallen (Dr. oec. HSG), doctoral fellowship at Insead, Fontainebleau. PROFESSIONAL EXPERIENCE Since 2023 fashionette AG, Düsseldorf Chairman of the M
Slide 5: fashionette at a Glance
FA S HI ONETTE AT A GLA NC E FASHIONETTE FINANCIAL INDICATORS PRIORITIES 2023 • European data-driven e- • Revenue 2022: EUR 165m • Reduce cost base commerce group for luxury • > 350 brands • Optimize product portfolio products • 264 employees • Rollout of platform model BRANDS for fashion & connect
Slide 6: Our Portfolio for Luxury Products in 2022: Handbags, Shoes and Accessories
O U R P O R T F O L I O F O R LU X U R Y P R O D U C T S I N 2022: HANDBAGS, SHOES AND ACCESSORIES Hats Sunglasses Jewelry Soft accessories Swatches Accessories & other Small leather goods Smartphone cases Handbags Shoes With our two platforms fashionette & Brandfield we have built up strong brand r
Slide 7: 2023: Leveraging Our Reach to Luxury Fashion
2023: L EVER A G I N G O U R R EA C H TO LU X U R Y FA S H I ON Hats Sunglasses Jewelry NEW IN 2023: Soft accessories LUXURY FASHION Accessories & Other Small leather goods Handbags Shoes Expanding to luxury fashion as a natural step to increase our market potential, to accelerate growth and to stre
Slide 8: Fiscal Year 2022: Update
FISCAL YEAR 2022: UP DATE 8
Slide 9: Gross Merchandise Value (GMV) in EUR m: 2020–2023e
G R O S S M E R C H A N D I S E VA L U E ( G M V ) I N E U R M : 2 0 2 0 – 2 0 2 3 E 371 347 316 • GMV: Constant growth of the Group's GMV (pro-forma 252 view) +25% +7% +9% 2020 2021 2022 2023e fashionette AG | FY 2022 - Investor presentation 9
Slide 10: Solid Net Revenue Performance Driven by Robust Demand for Luxury Products
SOLID NET REVENUE PERFORMANCE DRIVEN BY ROBUST DEMAND F O R LU X U R Y P R O D U C T S I N A C H A L L EN G I N G EN VI R O N M EN T UNAUDITED NET REVENUE IN EUR M ADJUSTED EBITDA IN EUR M 165 4.4 134 0.4 FY 2021 FY 2022 FY 2021 FY 2022 • Pro-forma revenue growth at +7.1% * • Unfavorable pricing led
Slide 11: Muted Profitability: Declining Gross Margin and Unfavorable Cost Structure in FY2022
M U T E D P R O F I TA B I L I T Y: D E C L I N I N G G R O S S M A R G I N A N D UNFAVORA BLE COST ST RUCT URE I N F Y2022 UNAUDITED GROSS PROFIT* PERSONNEL EXPENSES* OTHER EXPENSES* € 62.4m € 12.8m € 53.9 m € 51.5m € 9.9m € 42.4m FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 38.4% 37.9% 7.4% 7.8
Slide 12: Brandfield Consolidation Increases Revenue Contribution from Benelux
B R A N D F I E L D C O N S O L I D AT I O N I N C R E A S E S R E V E N U E C O N T R I B U T I O N F R O M B EN ELU X UNAUDITED REVENUE SPLIT BY REGION FY2022 REVENUE SPLIT BY REGION FY2021 DACH* DACH* +11% EUR 96.9m BENLUX** & OTHER EUR 107.7m BENLUX** & OTHER 73% +57% 65% EUR 37.2m EUR 57.9m 35%
Slide 13: Adj. EBITDA – EBIT Bridge
A DJ . E B I T D A – E B I T B R I D G E UNAUDITED ADJ. EBITDA – EBIT BRIDGE IN EUR M EBIT – NET PROFIT BRIDGE IN EUR M Adj. Goodwill Financial Taxes & EBITDA Adjustments D&A impairment EBIT EBIT Result Others Net Profit -6.4 0.4 2.4 2.6 1.8 -6.3 1.7 1.8 -6.4 • Adjustments for non-recurring consulta
Slide 14: Improved Working Capital Leads to Positive Free Cash Flow Generation in FY 2022
I M P R O V E D W O R K I N G C A P I TA L L E A D S T O P O S I T I V E F R E E C A S H F L O W G E N E R AT I O N I N F Y 2 0 2 2 UNAUDITED FREE CASH FLOW IN EUR M 1.2 TOTAL ASSETS EQUITY RATIO EUR 87.7m 51.9% -15.4 FY 2021 FY 2022 NET DEBT CASH EUR 9.9m EUR 3.8m • Trade Working Capital reduced fr
Slide 15: Exceeding 1 Million Active Customers in 22
EXC EED I NG 1 M I LLI O N A C T I VE C U S TO M ER S I N 2022 PRO FORMA VIEW NEW CUSTOMERS ACTIVE CUSTOMERS +5.8% +10.3% 804k 1.077k 760k 976k FY 2021 FY 2022 FY 2021 FY 2022 Growing active customer base to > 1 million customers, supported by continuous customer acquisition throughout the year Pro
Slide 16: Order Growth Driven by Increasing Active Customer Base
ORDER GROW T H DRI VEN BY I NCREA SI NG A CT I VE CUSTOMER BA SE PRO FORMA VIEW NUMBER OF ORDERS AVERAGE ORDER VALUE IN EUR +10.2% +1.1% 1,538k 174 176 1,396k FY 2021 FY 2022 FY 2021 FY 2022 Growing number of orders along our customer growth. Average order value remains at a high level. Pro Forma vi
Slide 17: Summary FY 2022
SUMMARY FY 2022 Resilient business model: Solid revenue growth (+23.2% YoY, pro-forma +7.0%) despite headwinds from challenging macro environment and geopolitical tensions Profitability influenced by: Declining gross margin and unfavorable cost structure driven by external factors: Pricing, macro, i
Slide 18: Guidance & Priorities 2023
GUI DANCE & P R I O R ITIES 2023 18
Slide 19: Strategic Priorities in FY 2023
S T R AT E G I C P R I O R I T I E S I N F Y 2 0 2 3 EXECUTION OF EXPANSION TO 1 EXEXUTION: THE IMPLEMENTED COST REDUCTION AND COST REDUCTION EFFIENCY PROGRAM& EFFICIENCY 2 LUXURY FASHION VIA OUR PLATFORM APPROACH PROGRAM PRODUCT PORTFOLIO OPTIMIZATION SUBSTANTIAL MARKET POTENTIAL • Discontinuation
Slide 20: Achievements in FY 2023 So Far
ACHIEVEMENTS IN FY 2023 SO FAR EXEXUTION: EXECUTION OF EXPANSION TO 1 COSTTHE REDUCTION PROGRAM & EFFICIENCY IMPLEMENTED EFFIENCY PROGRAM COST REDUCTIONEXPANSION:LUXURY AND 2FASHION LUXURY VIA PLATFORM FASHION APPROACH APPROACH VIA OUR PLATFORM PRODUCT PORTFOLIO OPTIMIZATION TECHNOLOGY • Product cat
Slide 21: Guidance 2023: Cost Structure Optimization and Business Model Expansion
G U I D A N C E 2 0 2 3 : C O S T S T R U C T U R E O P T I M I Z AT I O N A N D B U S I N E S S M O D E L E X PA N S I O N UNAUDITEFD GROWTH Challenges (TOTAL NET REVENUE) FY 2022 FY 2023 Outlook • Consumer sentiment challenged by macro-economic conditions • Inflationary environment putting additio
Slide 22: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Q&A 22
Slide 23: KPI Definitions
KPI DEFINITIONS ACTIVE CUSTOMERS Defined as the number of customers placing at least one not cancelled order in the last twelve months on one of the Group’s websites or third-party marketplaces in the measurement period, irrespective of returns. ADJ. EBITDA Defined as earnings before interest, taxes