DJ Showroomprive.com: First half 2019 results - DECREASING EBITDA IN ACCORDANCE WITH end of June ESTIMATES
Showroomprive.com
Showroomprive.com: First half 2019 results - DECREASING EBITDA IN ACCORDANCE
WITH end of June ESTIMATES
25-Jul-2019 / 17:49 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
First half 2019 results
DECREASING EBITDA IN ACCORDANCE WITH end of June ESTIMATES
La Plaine Saint Denis, 25 July 2019 - Showroomprivé, a leading European
online retailer specialising in fashion for the Digital Woman, has published
its results for the first half of 2019, ended 30 June.
Results significantly impacted by non-recurring items
Revenues down -4.3% (-3.0% for Internet activities)
· -2.7 points from identified and non-recurring causes:
· 0.7 point due to the announced international
rationalisation
· 0.8 point from consequence of a non-renewed SRP media
operation in the first half despite a favourable underlying
trend
· 1.2 point due to physical wholesale impact on a weak
overall market
· -1.6 point related to a sluggish economic environment and
the optimization of marketing expenses, partially offset by
the resilience of our repeat buyers' base
EBITDA loss of -23.2 million euros, in line with expectations at
the end of June
· -12 million euros EBITDA, essentially impacted by revenues
decline, additional logistical costs and non-recurring mainly
non-cash items, masking gross margin improvement (+1.6 million
euros) and the progress of the cost optimization plan of
around 3 million euros
· -1 3 million euros of stocks depreciation with no impact on
cash
· +1,6 million euros from the entry into force of IFRS 16 on
January 1, 2019
Net result of -41.4 million euros including:
· -12.8 million euros of non-recurring expenses including
restructuring charges, discontinuation of a project that has
ceased to be of strategic value, consulting fees and
provisions for risks, and various other expenses, mainly
without cash impact in the first half
· +2.6 million of tax income
A solid financial structure
· Gross cash and cash equivalents: 41 million euros
· Net cash of 0.5 million euros[1] and shareholders' equity of
181 million euros
· Unused credit lines of more than 10 million euros
Return to profit expected in the second half of 2019
· Seasonality of the main activity
· More favorable financial position (inventories in
particular)
· Positive impact of cost optimisation efforts (decrease in
headcount, even if logistics costs will still weigh on the
profitability of the period)
· Opening of our new logistics warehouse (internalisation,
growth and better control over commercial flows)
New members of management
François de Castelnau has joined the Group as Chief Financial
Officer, bringing with him extensive financial experience in the
distribution sector.
Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan
commented: "The first half clearly didn't live up to our expectations - we
faced logistics issues and difficulties managing surplus inventories, in an
increasingly demanding environment. However, this disappointing performance,
composed of endogenous and exogenous elements, doesn't jeopardise the
strategic focus of our 2018-2020 performance plan, nor the suitability of
the value proposition for our clients. We plan to continue our actions by
first building on the resilience of orders placed by our loyal buyers' base,
who continue to demonstrate their strong attachment to the brand. Genuine
advances in operational optimisation have been made under our transformation
plan, with already positive effects at gross margin and cost savings levels.
We will continue to reap the benefits in the second half. We intend also to
step up and extend our logistics optimisation efforts, which present a major
challenge for the coming months. Our sights remain set on our goal to turn
our performance around".
KEY FIGURES
(EUR million) H1 2018 H1 2019 Growth
Net revenues 315.5 302.0 -4.3%
Total Internet revenues 307.0 298.0 -3.0%
Gross margin 110.4 88.7 -19.6%
as % of revenues 35.0% 29.4% -5.6pts
Current operating expenses -116.7 -119.8 2.7%
as % of revenues 37.0% 39.7% 2.7pts
EBITDA -0.8 -23.2
Net results -6.5 -41.4
The first half of 2019 was marked by a deviation of the Group's economic
performance from the trajectory of the "Performance 2018-2020" plan. The
Group has been impacted by economic factors affecting its business,
significant logistics overruns - particularly relating to returns handling -
and by a more challenging surplus inventory rundown, which led the Group to
record significant impairment on inventories.
These factors have masked the tangible results obtained under the
"Performance 2018-2020" plan. The Group is however starting the second half
of 2019 on more solid footing and intends to return to profitability during
the second half.
Decline in revenue in an unfavourable environment
(EUR million) H1 2018 H1 2019 Growth (%)
Internet revenues
France 253.4 248.9 -1.8%
International 53.6 49.1 -8.5%
International (like-for-like1)
Total Internet revenues 307.0 298.0 -3.0%
Other revenues 8.5 4.1 -51.7%
Net revenues 315.5 302.0 -4.3%
1 Retreated from closures of Polish,
German and multicurrency websites
First half revenues were down 4.3% to 302 million euros, due to a sluggish
global economic environment over the first six months of the year, and the
mechanical decline in revenues expected in International business.
Internet sales in France held up well, posting an economic decline of just
1.8%, in a context of optimisation of around a third of marketing
investments. These costs have been redirected towards promoting loyalty
amongst repeat buyers, rather than recruiting new ones. Nevertheless, the
appeal of the Showroomprivé brand has attracted 360,000 new buyers over the
first half. SRP Media, one of the key pillars of the Group's strategy,
suffered from an unfavourable comparison base with the lack of one major
advertising campaign, such as the one realised in H1 2018 which contributed
over EUR2.5 million. Adjusted for this operation, SRP Media's business was
up 8% in line with the strategy, which aims to more effectively monetise the
Group's assets.
Internationally, the decline in revenues can be attributed in equal part to
i) closures in certain countries and ii) a refocusing of the offer,
particularly at Saldi Privati in Italy, in order to concentrate on the most
profitable business opportunities and return to profitability in the first
half. The second quarter shows a better dynamic and marks a rebound which
nevertheless was unable to offset the decline of sales in the first quarter.
Other revenues, including non-internet sales, fell sharply. The Group
offered considerable discounts in an attempt to run down surplus inventories
via its non-internet sales channel, due to a sluggish inventory clearance
physical market over the first six months of the year. Logistics
difficulties in the handling of returns also weighed on business.
Key performance indicators*
H1 2018 H1 2019 Growth
buyers (in millions)** 2.3 2.2 -4.4%
of which loyal buyers 78.3% 83.2% 4.9pts
Revenue per buyer (EUR) 126.7 126.3 -0.3%
Number of orders (in millions) 7.0 6.7 -4.2%
Average Number of orders** 3.1 3.1 0.2%
Average Basket size (EUR)** 41.0 40.8 -0.6%
31/12/2018 30/06/2019 Growth
Cumulative buyers*** (millions) 9.0 9.4 0.4
* Excluding Beauteprivee
** IFRS
*** "Cumulative buyers" are all buyers who have made at
least one purchase on the Group platform since its launch
The Group's performance indicators are resilient in the context of a
downturn in activity in the first half of the year and the optimization of
marketing investments, confirming the solidity of the model.
Revenue per buyer is thus almost at equilibrium given the decline in the
number of buyers (particularly new ones), a change directly linked to the
optimisation of marketing costs, which have been redirected towards
engagement, loyalty and brand preference.
The number of repeat buyers has thus increased over the first half,
representing 83% of buyers and generating 88% of revenues, up three points
over the previous year. This increase reflects the efforts made to
reactivate its customer base and is in line with its strategy to reduce
acquisition expenses, while boosting revenues from repeat buyers.
However, Showroomprivé continued to attract more than 360,000 new buyers
during the first half, while drastically reducing the related marketing
costs.
The mobile continues its rise with a contribution that continues to strongly
support the activity. It represents 84% ??of the traffic and 69% of the
revenues, up by 3 and 7 points respectively.
Operational performance
(EUR million) H1 2018 H1 2019 Growth
Net revenues 315.5 302.0 -4.3%
Cost of goods sold -205.1 -213.3 4.0%
(MORE TO FOLLOW) Dow Jones Newswires
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DJ Showroomprive.com: First half 2019 results - -2-
Gross margin 110.4 88.7 -19.6%
as % of revenues 35.0% 29.4% -5.6pts
Marketing1 -13.3 -12.1 -9.2%
as % of revenues 4.2% 4.0% -0.2pt
Logistics and order processing -74.7 -77.4 3.6%
as % of revenues 23.7% 25.6% 1.9pt
General and administrative expenses -28.7 -30.3 5.8%
as % of revenues 9.1% 10.0% 0.9pt
Total of current operational expenses -116.7 -119.8 2.7%
as % of revenues 37.0% 39 .7% 2.7pts
Operating income before cost of -6.3 -31.1
share-based payments and other operating
income and expenses
EBITDA -0.8 -23.2
of which France 3.7 -19.5
of which International -4.4 -3.7
In accordance with AMF recommendations, the amortisation of intangible
assets recognised during a business combination is presented under
"underlying EBIT", as marketing costs.
The Group posted an EBITDA loss of 23.2 million euros, i.e. a decline of 22
million euros, in line with expectations announced on 26 June. The change in
the first half was mainly due to:
· A decline in the gross margin of 21.7 million euros (29.4% of revenues,
compared to 35.0% in the first half of 2018) due to:
· a volume effect of 6.6 million euros related to the decline in
internet revenues and SRP Média's reduced contribution (important
operation in 2018 not repeated in 2019), hiding the improvement of 1.6
million euros from the increase in the margin rate;
· logistics malfunctions resulting in an exceptional writedown of
inventories and sales of surplus inventories under adverse conditions,
for a total of 16.7 million euros;
· Adjusted for the adverse and non-recurring effects of SRP Média,
clearance sales and the impairment of inventories, the gross margin
amounted to 35.5%, up 0.5 points compared to the first half of 2018.
· The 3.1 million increase in operating expenses is the result of:
· the punctual increase in logistics charges of 2.7million euros related
to the handling of returns, as well as the deployment of dropshipping,
which is currently gaining momentum and requires some adjustments;
· the 1.6 million euros increase in general and administrative expenses
related to the decrease in amortization of 0.9 million euros, the
recognition of non-recurring, mainly non-cash items of 2.4 million euros
masking the 1,4 million euros decrease related to the cost reduction
programme;
· The optimization of marketing investments allowing the reduction of
associated costs for 1.2 million euros.
Restated of all non-recurring and essentially non-cash items, EBITDA would
amount to a loss of around 8.1 million euros.
Underlying Operating income before cost of share-based payments and other
operating income and expenses amounted to a loss of 31.1 million euros,
compared to a loss of -6.3 million euros in the first half of 2018.
Net income (loss)
(EUR million) H1 2018 H1 2019 Growth (%)
Operating income before cost of -6.3 -31.1
share-based payments and other
operating income and expenses
Other operating income and expenses 0.9 -12.8
Operating income -5.3 -43.9
Cost of financial debt -0.1 -0.2
Other financial income and expenses 0.1 0.0
Profit before tax -5.4 -44.1
Income tax -1.1 2.6
Net income -6.5 -41.4
Other operating income and expenses (-12.8 million euros) composed of
non-recurring charges, as follows:
· 2.3 million euros of restructuring charges;
· 1.8 million euros in advisory fees and provisions for risks;
· 3.6 million euros relating to the termination of a project that has
ceased to be of strategic value;
· Around 5 million euros in various provisions with no impact on cash.
The Group also recognizes a tax income of 2.6 million euros.
As a result, Group net income stands at -41.4 million euros.
Cash items
(EUR million) H1 2017 H1 2018 H1 2019
Cash flows related to operating -56.0 -18.7 -28.7
activities
Cash flows related to investment -15.2 -9.9 -30.5
activities
Cash flows related to financing 15.0 -0.2 19.9
activities
Net change in cash and cash equivalents -56.2 -28.8 -39.3
The change in cash over H1 2019 amounted to a net outflow of -39.3 million
euros, due to:
· cash flow from operating activities, which amounted to an outflow of
-28.7 million euros, reflecting:
· the below-average performance recorded in the first half;
· cash flows from operating activities structurally negative over the
first half of each year (and completely or partially offset in the
second half) due to the seasonal nature of the Group's business;
· cash flow from investment activities, which amounted to an outflow of
-30.5 million euros, reflecting the payment of 22 million euros for the
acquisition of 40% of the residual share capital of Beauteprivee and capex
net from disposal of fixed assets of around 8 million euros.
· cash flow from financing activities of +19,9 million euros, of which 20
million euros drawn from short-term financing lines with repayments
expected before the end of 2019.
Ongoing strategic developments
· Internationalisation of logistics tools and direct supplier delivery
(dropshipping)
Real progress has been made in preparation for the opening of the Group's
new logistics warehouse during the period:
· Provision of building and installation of facilities
· Implementation of the mechanization tool and test phase according to
schedule
The opening of the new owned warehouse in the second half should help
promote greater efficiency in logistics processes, with increased control
over incomings and outgoings. The efficiency gains generated by this extra
internal space will result in a decrease in the cost per order on around 20
% of shipments by 2020 and will represent full-year EBITDA saving in the
order of 4 million euros.
In addition, dropshipping continued to grow in the Group's offering mix to
account for 11.8% of gross Internet sales in the first half, up 5 points
compared to the first half of 2018.
· Continuation of the operational partnership with Carrefour
The two Groups have made progress in the roll-out of the four synergy
priorities identified:
· 1.2 million orders already collected at Carrefour stores over the
period, at a preferential rate of 1.99 euros. With a penetration rate
between 30% and 40% of the out-of-home flow of Showroomprivé, the two
Groups are on track to reach a target of 2.5 million packages over the
year;
· Progress in the supply of Carrefour's outlet offer, with an initial
clearance test run approved for the end of the period;
· Strong momentum recorded in marketing thanks to a full calendar of
upcoming operations;
· Launch of the first data campaign postponed to the end of Q3 / start of
Q4 2019.
· Updates to the online platform
The Group continued its developments over the first half through enhancing
the services and features of its online selling platform. The redesigned
homepage, the offers' geolocation, a notification centre, a new IT system to
manage all travel business and a supplier portal for the dropshipping offer
were set up in the first half of the year.
· Appointment of a new Chief Financial Officer
Showroomprivé's management team has appointed François de Castelnau Group
Chief Financial Officer, who brings with him extensive experience in the
distribution sector. His first assignment will be to return the company to
profitability under the "Performance 2018-2020" plan.
RETURN TO PROFITABILITY EXPECTED IN THE SECOND HALF
The Group will start the second half of the year on a sound and solid basis
and aims to see a return to profitability over this period, without being
able to compensate for the delay in the first semester. This turnaround will
be driven by:
· The solid engagement of a total of some nine million customers, despite
cost optimisation efforts;
· Strong positions in the French e-commerce fashion (No. 4) and beauty
(No. 2) markets[2];
· Ongoing, long-standing relations with supplier brands, still won over by
the strong distribution capabilities of the Showroomprivé brand;
· The efforts made to optimise the gross margin rate,
· the visible benefits of savings already achieved;
· streamlined inventories
The Board of Directors of SRP Groupe met on July 25, 2019, examined and
approved the half-year consolidated financial statements of the Group as of
June 30, 2019. The half-year consolidated financial statements were the
subject of the usual limited review by the statutory auditors; their
certification report is in the process of being issued.
Analyst & Investor Conference on July 25, 2019 at 6:30 pm Paris time (in
French)
Dial-in numbers to follow the LIVE conference
From France: +33 (0) 1 76 77 22 57
From the United Kingdom: +44 (0) 330 336 9411
Confirmation code: 2082258
Webcast
https://globalmeet.webcasts.com/starthere.jsp?ei=1252195&tp_key=11761fba45
[1]
FORWARD-LOOKING STATEMENTS
This press release solely contains summary information and is not intended
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DJ Showroomprive.com: First half 2019 results - -3-
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 forwardlooking 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
forwardlooking 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 forwardlooking
information, this whether subsequent to new information, to future events or
to any other element.
Next releases
Q3 2019 net revenues, 24 October 2019
ABOUT showroomprive.com
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 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 revenue of 672 million euros, growing by 3% over the
preceding year. The Group employs more than 1,150 people.
For more information: https://www.showroomprivegroup.com [2]
Contacts
Showroomprivé ACTUS finance &
communication
Damien Fornier de Violet, Relations Grégoire Saint-Marc,
Investisseurs Relations Investisseurs
investor.relations@showroomprive.net showroomprive@actus.fr
+33 1 53 67 36 94
Priscilla Le Minter, Communication Alexandra Prisa,
Relations Presse
priscilla.leminter@showroomprive.net aprisa@actus.fr
+33 1 76 21 50 16 +33 1 53 67 36 90
APPENDICES
INCOME STATEMENT
(EUR 2017 2018 % Growth H1-18 H1-19 % Growth
thousands)
Net 654.971 672.233 2.6% 315.477 302.043 -4.3%
revenues
Cost of -416.003 -428.465 3.0% -205.075 -213.330 4.0%
goods sold
Gross 238.967 243.769 2.0% 110.402 88.713 -19.6%
margin
Gross 36.5% 36.3% -0.2pt 35.0% 29.4% -5.6pts
margin as
% of
revenues
Marketing1 -34.420 -34.551 0.4% -13.326 -12.101 -9.2%
As % of 5.3% 5.1% 4.2% 4.0% .
revenues
Logistics -150.497 -157.895 4.9% -74.673 -77.364 3.6%
&
fulfilment
As % of 23.0% 23.5% 23.7% 25.6% .
revenues
General & -50.802 -56.976 12.2% -28.657 -30.305 5.8%
administra
tive
expenses
As % of 7.8% 8.5% 9.1% 10.0% .
revenues
Total Opex -235.719 -249.422 5.8% -116.656 -119.770 2.7%
As % of 36.0% 37.1% 1.1pt 37.0% 39.7% 2.7pts
revenues
.
Current 3.249 -5.653 n.a. -6.254 -31.057 n.a.
operating
profit
Other -10.586 -681 -93.6% 915 -12.802 n.a.
operating
income and
expenses
Operating -7.337 -6.334 -13.7% -5.339 -43.859 n.a.
profit
Net -178 -224 25.8% -230 -210 -8.9%
finance
costs
Other -408 -77 -81.1% 214 -4 -98.0%
financial
income and
expenses
Profit -7.923 -6.636 -16.3% -5.354 -44.090 n.a.
before tax
Income 2.689 2.280 -15.2% -1.129 2.645 n.a.
taxes
Net income -5.234 -4.356 -16.8% -6.483 -41.446 n.a.
EBITDA 13.063 5.120 -60.8% -773 -23.164 n.a.
EBITDA as 2.0% 0.8% -1.2pt -0.2% -7.7% -7.4pts
% of
revenues
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
PERFORMANCE INDICATORS1
2017 2018 % Growth H1-18 H1-19 % Growth
CUSTOMERS METRICS
Cumulative buyers 7.947 9.031 13.6% 8.474 9.394
(in thousands)
France 6.442 7.200 11.8% 6.793 7.462
International 1.505 1.831 21.7% 1.682 1.932
Buyers (in 3.555 3.481 -2.1% 2.266 2.166 -4.4%
thousands)
France 2.817 2.783 -1.2% 1.823 1.747 -4.2%
International 738 698 -5.4% 443 420 -5.4%
Revenue per Buyers 169.9 176.0 3.6% 126.7 126.3 -0.3%
(EUR)
France 175.2 180.3 2.9% 128.4 128.9 0.3%
International 149.7 159.1 6.3% 119.5 115.4 -3.5%
ORDERS
Total orders (in 15.687 15.085 -3.8% 7.001 6.708 -4.2%
thousands)
France 12.921 12.232 -5.3% 5.636 5.443 -3.4%
International 2.766 2.854 3.2% 1.365 1.266 -7.3%
Average Orders per 4.4 4.3 -1.8% 3.1 3.1 0.2%
Buyer (in number of
orders)
France 4.6 4.4 -4.2% 3.1 3.1 0.8%
International 3.7 4.1 9.1% 3.1 3.0 -2.0%
Average Basket Size 38.5 40.6 5.5% 41.0 40.8 -0.6%
France 38.2 41.0 7.4% 41.5 41.4 -0.4%
International 40.0 38.9 -2.6% 38.8 38.2 -1.5%
1 Other than Beautéprivée
SEGMENTAL INFORMATION
Revenues
(EUR 2017 2018 % Growth H1-18 H1-19 % Growth
thousands)
INTERNET
REVENUES
France 518.712 546.223 5.3% 253.416 248.888 -1.8%
International 111.169 112.302 1.0% 53.603 49.070 -8.5%
Total 629.882 658.526 4.5% 307.018 297.958 -3.0%
Internet
revenues
Other 25.089 13.708 -45.4% 8.458 4.085 -51.7%
revenues
Net revenues 654.971 672.233 2.6% 315.477 302.043 -4.3%
EBITDA
(EUR 2017 2018 % Growth H1-18 H1-19 % Growth
thousands)
France 25.722 15.739 -38.8% 3.674 -19.503 n.a.
France EBITDA 4.7% 2.8% -1.9pt 1.4% -7.7% -9.1pts
as % of
revenues
International -12.659 -10.619 16.1% -4.447 -3.661 -17.7%
International -11.4% -9.5% 1.9pt -8.3% -7.5% 0.8pt
EBITDA as % of
revenues
Total EBITDA 13.063 5.120 -60.8% -773 -23.164 n.a.
Total EBITDA 2.0% 0.8% -1.2pt -0.2% -7.7% -7.4pts
as % of
revenues
BALANCE SHEET
(EUR thousands) 2017 2018 H1-18 H1-19
NON-CURRENT ASSETS
Goodwill 123.685 123.685 123.685 123.685
Other intangible assets 49.789 53.271 51.558 55.566
Tangible assets 16.606 20.762 16.899 39.742
Other non-current assets 6.906 6.813 4.529 8.695
Total non-current assets 196.991 204.531 196.671 227.688
CURRENT ASSETS . . . .
Inventory 92.945 99.061 96.871 77.237
Accounts receivable 53.001 32.005 50.788 20.386
Deferred tax assets 7.934 4.938 5.575 3.765
Other current assets 45.434 37.325 33.258 36.163
Cash and cash equivalents 50.878 80.409 22.017 41.152
Total current assets 250.192 253.738 208.509 178.704
Total assets 447.183 458.270 405.180 406.392
NON-CURRENT LIABILITIES . . . .
Long term financial debt 28.830 19.505 16.090 38.203
Obligations to personnel 52 101 52 101
Other provisions 5.368 545 0 520
Deferred taxes 9.616 5.182 9.704 1.773
Other non-current liabilities 0 0 17 0
Total non-current liabilities 43.866 25.333 25.863 40.597
CURRENT LIABILITIES . . . .
Short-term financial debt 1.144 22.723 15.184 23.212
Accounts payable 144.246 140.316 118.630 112.268
Other current liabilities 61.184 46.647 55.311 49.425
Total current liabilities 206.574 209.686 189.125 184.905
Total liabilities 250.440 235.019 214.988 225.502
Total shareholders' equity 196.743 223.250 190.192 180.890
Total liabilities and 447.183 458.270 405.180 406.392
shareholders' equity
Cash flows
(EUR thousands) 2017 2018 H1-18 H1-19
Net income for the period -5.234 -4.355 -6.483 -41.420
Adjustments for non-cash items 11.946 5.542 1.165 10.026
Cash flow from operations before 6.712 1.187 -5318 -31.394
finance costs and income tax
Elim of accrued income tax -2.689 -2.280 1.129 -2.646
expense
Elim of cost of net financial 178 224 93 210
debt
Impact of change in working -37.627 5.533 -15.669 7.826
(MORE TO FOLLOW) Dow Jones Newswires
July 25, 2019 11:50 ET (15:50 GMT)
capital
Cash flow from operating -33.426 4.664 -19.765 -26.004
activities before tax
Income tax paid -4.812 2.046 1.035 -2.700
Cash flow from operating -38.238 6.710 -18.730 -28.703
activities
Impact of changes in perimeter -8.331 0 0 -22.317
Acquisitions of property plant & -12.474 -18.306 -7.571 -10.835
equipment and intangible assets
Changes in loans and advances -32 84 -34 -137
Other investing cash flows 43 292 -2.320 2.834
Net cash flows from investing -20.794 -17.930 -9.925 -30.455
activities
Capital increase 0 37.978 0 0
Transaction on own shares -1.641 -183 71 -94
Increase in share capital and 805 39 11 2
share premium reserves
Issuance of indebtedness 22.500 21.700 21 22.221
Repayment of borrowings -8.569 -18.595 -568 -1.990
Net interest expense -183 -202 254 -237
Net cash flows from financing 12.912 40.737 -211 19.902
activities
. . . .
Net change in cash -46.126 29.527 -28.861 -39.253
=---------------------------------------------------------------------------
[1] Excluding the impact of the application of IFRS 16 as of January 1, 2019
(+19.2 million euros of debt as of June 30, 2019)
[2] Source: Kantar Worldpanel / Panel Ekommerce / CAM fin septembre 2018 vs.
A-1
Regulatory filing PDF file
Document title: PDF EN
Document: http://n.eqs.com/c/fncls.ssp?u=TKURFONKLE [3]
Language: English
Company: Showroomprive.com
1, rue des Blés - ZAC Montjoie
93210 La Plaine Saint-Denis
France
Internet: showroomprive.com
ISIN: FR0013006558
AMF Category: Inside information / News release on accounts, results
EQS News ID: 847059
End of Announcement EQS News Service
847059 25-Jul-2019 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=560b048aeadb23f5474e6cbdb2c4fe5d&application_id=847059&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=1575f39a1fd817ff679ca5f06609a822&application_id=847059&site_id=vwd&application_name=news
3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=130682d09dd92548ad7ab1ca3017ab63&application_id=847059&site_id=vwd&application_name=news
(END) Dow Jones Newswires
July 25, 2019 11:50 ET (15:50 GMT)
© 2019 Dow Jones News