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  Communiqué de la société SHOWROOMPRIVE du 11/03/2021

  11/03/2021 - 17:45

2020 ANNUAL RESULTS - SUCCESS OF THE PERFORMANCE PLAN AND BUSINESS MODEL TRANSFORMATION - PROFITABLE GROWTH FORECAST FOR 2021


PRESS RELEASE
11 March 2021

2020 ANNUAL RESULTS 

SUCCESS OF THE PERFORMANCE PLAN AND BUSINESS MODEL TRANSFORMATION

PROFITABLE GROWTH FORECAST FOR 2021

RECORD PERFORMANCE - Revenues: €697.5 million; EBITDA: €42.0 million; NET INCOME: €13.9 million; STRONG GENERATION OF CASH

La Plaine Saint Denis, 11 March 2021 – Showroomprivé (SRP Groupe), a leading European online retailer for the Digital Woman, has published annual results up sharply for the year ended 31 December 2020.

 
Positive growth momentum since the second quarter amid a more favourable environment for
e-commerce


Strong growth of 13.3% for the full year (+14.1% for internet sales) and growth of 25.9% in the second half
  • Confirmation of the success of strategic initiatives: brand repositioning, offer diversification, increased appeal through new prime partner brands (+1,000 new brands in 2020);
  • Sustained growth of the repeat customer base thanks to a favourable environment for e-commerce and successful advertising campaigns;
  • Outstanding performance by core business activities – internet sales from Fashion, Home and Beauty - which continued to drive growth in 2020. Negative impact of the health crisis on the Ticketing/Travel segment.
 
The Group is reaping the rewards of its strategic choices and the completion of the 2018-2020 Performance Plan leading to improvements throughout its financial and economic structure.

Record EBITDA of €42.0 million compared to €31.4 million EBITDA loss in 2019
  • Sharp increase in the gross margin to 39.1% (from 30.5% in 2019) thanks to the effectiveness of the strategic measures (increased selectivity of business, continued transition away from the firm purchase model towards dropshipping, improved returns to suppliers management and inventory management);
  • Success of the 2018-2020 Performance Plan: leverage effect on growth and profitability through optimisation and control of operating expenses (marketing, logistics, administrative) and closer monitoring of margins through greater offer selection.
 
Return to positive net income of €13.9 million compared to €70.5 million net loss in 2019

Reinforced financial structure
  • Shareholders' equity of €177.0 million, strengthened by a capital increase of around €10 million carried out in July-August 2020;
  • Gross cash and cash equivalents of €130.8 million with positive free cash flow of €31.4 million thanks to the good cash generation;
  • Net cash of €11.0 million as at 31 December 2020 (€30.8 million net cash excluding IFRS 16 lease liabilities).
 
Target a sustainable and profitable growth for 2021
 
  • Capitalise on our sustainable strong business assets: A unique base of about 25 million members;
  • Capture the long-term benefits of the e-commerce market penetration's acceleration;
  • Continue to broaden our brand portfolio whilst maintaining a high level of selectivity;
  • Accelerate the development of growth drivers such as SRP Media, the new Marketplace and SRP Studio;
  • Maintain a strict control over costs and continue to optimise operating expenses.

2020 key figures

 (€ million) 2019 2020 Change H2 2019 H2 2020 Change
Net revenues 615.6 697.5 +13.3% 313.5 394.8 +25.9%
Total Internet revenues 603.1 688.1 +14.1% 304.7 389.9 +28.0%
Gross margin 187.5 273.0 +45.6% 98.8 160.6 +62.5%
as % of revenues 30.5% 39.1% +8.6 pts 31.5% 40.7% +9.2 pts
Operating expenses -234.3 -247.6 +5.7% -114.6 -133.6 +16.6%
as % of revenues 38.1% 35.5% -2.6 pts 36.5% 33.8% -2.7 pts
EBITDA -31.4 42.0 N.A -8.3 35.0 N.A
Net income/(loss) -70.5 13.9 N.A -29.0 20.5 N.A

Audit procedure have been performed. The SRP Group Board of Directors met on March 11, 2021 and approved the consolidated financial statements for the 2020 financial year. The audit certification report will be issued in the coming days.

Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan said:

  •  

First of all, we were able to take advantage of the transition towards online consumption due to the health crisis through the intense work undertaken on our offering over the last several quarters, renewing it and increasing its appeal with new premium brands.

Furthermore, with the success of our 2018-2020 Performance Plan, we were able to transform this strong growth into a high level of profitability, as shown by a full year EBITDA of around €42 million.

We made progress on all fronts and, by restructuring the balance sheet, we were able to significantly strengthen our financial position, posting gross cash of almost €131 million and a return to a net cash position of €11 million.

Our ambition in 2021 will be to maintain this trajectory, both in terms of business volumes and profitability, by continuing to leverage our unique assets, our platform, our member base, an offering comprising over 3,000 brands and a renowned customer service. Our investments in the development of our growth drivers such as SRP Media and the Marketplace will further fuel the increase in turnover for this new financial year.”

DETAILED COMMENTS BY TYPE OF INDICATOR

Revenues

(€ thousand) 2019 2020 Change
Internet revenues      
France 504.1 581.7 +15.4%
International 99.0 106.4 +7.5%
Total Internet revenues 603.1 688.1 +14.1%
Other revenues 12.4 9.4 -24.6%
Net revenues 615.6 697.5 +13.3%

2020 revenues totalled €697.5 million, up 13.3% compared to 2019.

This performance was built from the second quarter onwards, amid a health crisis that has led to a lasting increase in the e-commerce market penetration rate (3-year gain compared to rates recorded in recent years) among consumers with long-term effects on consumption patterns. This trend was confirmed over the second half with a strong fourth quarter (€232.8 million, +23.5%).

Showroomprivé has been able to capture this momentum through a series of decisive strategic decisions:

  • A more attractive offer, through greater diversity and higher quality, as evidenced by the arrival of new prime brands, particularly in the Fashion, Home (Home Decoration and Household Appliances) and Beauty segments. Around 3,000 partner brands entrusted the Group in 2020, entailing over 50% growth compared to 2019 and a very strong retention rate;
  • Rapid adaptation of sale and delivery conditions to the health crisis;
  • Targeted advertising campaigns to attract and retain new buyers.

The 2020 performance is all the more impressive given that the Ticketing / Travel sector continues to be impacted by the restrictions brought about by the ongoing health crisis.

In detail, internet sales in France amounted to €581.7 million, up 15.4% year-on-year, benefiting from excellent momentum in the core business internet sales and the ramp-up of growth drivers such as SRP Media.

International revenues rose 7.5% to €106.4 million, with a return to a favourable logistics environment in the second half which made it possible to recover much of the non-recurring decline of the first half. Saldi Privati returned to pre-crisis business volumes during the second part of the year, despite the implementation of measures to increase selectivity of offers and marketing investments.

Other non-strategic revenues, including non-internet sales, were down by 24.6% year-on-year. This decrease is mainly due to a volume effect, the switch from a firm purchasing model to conditional purchases and dropshipping, results in fewer products sold through the physical sales channel (wholesale). Moreover, Showroomprivé significantly improved the clearance of returns through its digital platform, also reducing the residual volumes available for the physical channel.

Key performance indicators

  2019 2020 Change
Gross Merchandise Volume[1] 851.1 962.6 +13.1%
Cumulative buyers* (millions) [2] 9.8 10.6 +8.7%
Buyers** (millions) 2 3.2 3.3 +5.1%
of which repeat buyers*** 2.4 2.5 +2.8%
as % of total buyers 76.2% 74.5% -1.7 pts
Number of orders (millions) 2 13.4 14.1 +5.7%
Revenue per buyer (IFRS) 2 175.2 188.1 +7.4%
Average number of orders per buyer 4.2 4.3 +0.6%
Average basket value 41.4 44.2 +6.7%

* All buyers who have made at least one purchase on the Group's platform since its launch

** Member making at least one order during the year

*** Member making at least one order during the year and at least one order in prior years

The number of buyers grew 5.1% in 2020. In particular, the conversion rate from new member to new buyer was faster in 2020 compared to recent years. The positive momentum significantly accelerated in the fourth quarter.

The policy of increased selectivity of the offering launched in 2019, followed by its gradual enhancement with new premium brand partner throughout the year, led to an increase of around €3 in the average basket price to €44.2.The number of orders per buyer remaining stable over the period, revenue per buyer increased from €175.2 to €188.1.

0.8 million new buyers were captured in 2020, confirming the Group's ability to attract and convert new customers on a sustainable basis, in particular by taking advantage of targeted advertising opportunities at competitive cost, due to particularly attractive pricing conditions during the lockdown periods.

The Group confirmed its high level of customer satisfaction and quality of delivery during this period, helping the strengthening of its repeat customer base (NPS[3] of 44%, up from 35% in 2019). For the second year in a row, the Group obtained the Best Customer Service award, highlighting the importance that Showroomprivé places on customer satisfaction.

Operating profit

(€ million) 2019 2020 Change H2 2019 H2 2020 Change
Net revenues 615.6 697.5 +13.3% 313.5 394.8 +25.9%
Cost of goods sold -428.0 -424.5 -0.8% -214.7 -234.1 +9.1%
Gross margin 187.5 273.0 45.6% 98.8 160.6 +62.5%
as % of revenues 30.5% 39.1% +8.6 pts 31.5% 40.7% +9.2 pts
Marketing* -24.7 -22.8 -7.6% -12.6 -15.1 +19.9%
as % of revenues 4.0% 3.3% -0.7 pts 4.0% 3.8% -0.2 pts
Logistics and order processing -152.4 -162.6 +6.7% -75.0 -86.6 +15.5%
as % of revenues 24.8% 23.3% -1.4 pts 23.9% 21.9% -2.0 pts
General and administrative expenses -57.2 -62.1 +8.6% -26.9 -31.8 +18.2%
as % of revenues 9.3% 8.9% -0.4 pts 8.6% 8.1% -0.5 pts
Total Opex -234.3 -247.6 +5.7% -114.6 -133.6 +16.6%
as % of revenues 38.1% 35.5% -2.6 pts 36.5% 3 3.8% -2.7 pts
Current operating income -46.8 25.4 N.A -15.7 27.1 N.A
             
EBITDA -31.4 42.0 N.A -8.3 35.0 N.A
o/w France -24.6 40.1 N.A -5.1 33.1 N.A
o/w International -6.9 1.9 N.A -3.2 1.9 N.A

* In accordance with AMF recommendations, the amortisation of intangible assets recognised during a business combination is presented under ‘Current operating profit' as marketing expenditure.

The 2020 gross margin was €273 million, up by €85.5 million, representing 39.1% of Net revenues compared to 30.5% the previous year. Adjusted for the one-off stock depreciation and reversal, the 2020 adjusted gross margin stands at €269 million compared to €208 million in 2019, representing respectively 38.6% and 33.7% as percentage of net revenues. This growth was due to:

  • inventory cleanse in 2019 and more efficient management of returns;
  • the increase in the internet sales gross margin due to greater business selectivity and the shift away from a firm purchasing model towards dropshipping;
  • the ramp-up of SRP Media;
  • improved sales conditions in the wholesale (fewer inventories from firm purchases).

This robust gross margin trend in 2020 vindicates the strategic decisions implemented by the Group since 2018. Nonetheless, this performance was impacted by the sharp decline in the Ticketing/Travel business due to market conditions.

Operating expenses represented 35.5% of revenues, down from 38.1% a year earlier, meeting one of the key objectives of the Performance Plan. This optimisation includes:

  • a €1.9 million reduction in marketing expenditures, due to decreased marketing pressure at the beginning of the year and access to particularly attractive advertising rates from the second quarter, enabling a successful resumption of marketing expenditure in the second half;
  • a 1.4 percentage point reduction in the logistics cost. New delivery conditions and gradual streamlining of the logistics chain (warehouses and subcontractors) enabled the Group to control expenditures despite the additional costs linked to health crisis (home delivery during lockdowns, the use of temporary work during the exercise to cope with the intense flow of orders during periods of confinement) and to a sharp increase in sales. Moreover, the ramp-up of the new automated warehouse should lead to further cost reductions in this area in 2021;
  • a 0.4 percentage point reduction in general and administrative expenses, demonstrating the effectiveness of the headcount and salaries management measures implemented over the past year, as illustrated by a virtually unchanged headcount in 2020.

The growth operating leverage cumulated with the full impact of the 2018-2020 Performance Plan enabled the Group to post a record EBITDA of €42.0 million in 2020, compared to a €31.4 million EBITDA loss in 2019, confirming the appropriateness of all measures and action plans implemented by the Group during the period.

After depreciation, amortisation and provisions, operating income before cost of share-based payments and other operating income and expenses amounted to €25.4 million, up €72.2 million from 2019.

Net income/(loss)

(€ million) 2019 2020 Change
Operating income before cost of share-based payments and other operating income and expenses -46.8 25.4 +72.2
Other operating income and expenses -21.6 -3.7 +17.9
Operating income -68.4 21.7 +90.1
Cost of financial debt -0.6 -0.9 -0.3
Other financial income and expenses -0.1 0 +0.1
Profit before tax -69.1 20.8 +89.9
Income tax -1.3 -6.9 -5.6
Net income/(loss) -70.5 13.9 +84.4

Other operating income and expenses (€3.7 million net expense) comprise sundry non-recurring expenses totalling €2.3 million (disputes, restructuring, fees, and impairment loss linked to the discontinuation of a project) and €1.4 million in costs of share-based payments.

Financial expenses remained under control at €0.9 million and the Group recorded a tax charge of €6.9 million. Accordingly, the Group posted a net income of €13.9 million, entailing an improvement of over €84 million compared to 2019.

Cash items

(€ million) 2019 2020
Cash flows related to operating activities -26.0 +40.3
Cash flows related to investment activities -36.2 -8.8
Cash flows related to financing activities 30.8 +50.4
Net change in cash and cash equivalents -31.4 +81.8

Cash flow from operating activities rose sharply to €40.3 million, compared to a €26.0 million outflow in 2019, as a result of improved operating earnings and a solid EBITDA cash conversion ratio.

These cash flows largely financed net cash outflows on capital expenditure, which were limited to an amount of €8.8 million for the period. As such, the Group generated a free cash flow of €31,4 million, which strengthen its cash position.

Cash flow from financing activities amounted to € 50.4 million, including refinancing of existing debt, the issuance of a 90% government guaranteed loan (PGE) issued by CAIDF (Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Île-de-France) for 35 million euros, and nearly 10 million euros as a result of the capital increase during the summer 2020.

Balance sheet

ASSETS (€ million) 31/12/2019 31/12/2020   EQUITY & LIABILITIES
(€ million)
31/12/2019 31/12/2020
Total non-current assets 224.3 215.1   Total shareholders' equity 152.2 177.0
Total current assets 164.1 265.7   Total non-current liabilities 20.8 80.9
o/w Inventory and WIP 48.4 60.9   o/w Financial debt 20.3 80.3
o/w Cash and cash equivalents 49.0 130.8   Total current liabilities 215.4 222.9
        o/w Financial debt 58.1 39.6
Total assets 388.4 480.8   Total equity and liabilities 388.4 480.8

Shareholders' equity stood at €177.0 million as at 31 December 2020.

The Group had gross cash and cash equivalents of €130.8 million as at 31 December 2020, bolstered by a good performance in 2020 and the proceeds of the capital increase and the refinancing, enabling it to post net debt of €-11.0 million as at 31 December 2020 and €-30.8 million excluding IFRS 16 lease liabilities, compared to net debt of €29.4 million as at 31 December 2019 and €31.6 million excluding IFRS 16.

First repayment of the gross financial debt is due in more than one year, reflecting the new financing arrangements and extension of maturities obtained from banking partners under the agreement signed in April 2020. The repayment terms of the state-guaranteed PGE loan should be established during the first half of 2021.

The Group successfully led a capital increase in July-August 2020 reinforcing its equity and was an integral part of the agreement signed with the creditors in April 2020.

The Group is in a solid, healthy and comfortable financial position that allows it to embark on the next stages of its road map with confidence.

OUTLOOK

Showroomprivé is targeting another year of profitable growth in 2021, based on:

  • the strength of its platform supported by a solid base of about 25 million members;
  • the positioning of leader in the “Beauty” segment and the growth dynamic of Beautéprivée; helping to capture the long-term impact of the strong dynamic of the e-commerce;
  • the continuation of its initiatives to improve operational excellence, maintaining and gradually expanding relationships with major brands, particularly in the internet sales business, in order to increase market share whilst controlling gross margin;
  • transition of the purchasing model towards dropshipping;
  • the continuous development of its growth drivers, such as SRP Media, the new Marketplace, SRP Studio and the potential recovery of Ticketing and Travel if the health situation improves;
  • The strict control and continuous optimisation of operating expenses. The Group will focus on inventory management, the continued rationalisation of logistics, as well as the ramp-up of its new automated warehouse. It will also continue to optimise general and administrative expenses through new control processes and tools.

UPCOMING INFORMATION

Q1 2021 revenues: 28th April 2021

FORWARD-LOOKING STATEMENTS

This press release solely contains summary information and is not intended 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 forward looking 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 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 Group does not take on any commitment to publish updates of the forward-looking information, this whether subsequent to new information, to future events or to any other element.

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 3,000 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 growth.

Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a gross internet business volume with all taxes included of more than 962 million euros in 2020, and net revenue of 698 million euros. The Group employs more than 950 people.

For more information: https://www.showroomprivegroup.com

Contacts

Showroomprivé ACTUS finance & communication
Sylvie Chan Diaz, Investor relations Grégoire Saint-Marc, Investor relations
investor.relations@showroomprive.net showroomprive@actus.fr
  +33 1 53 67 36 94
   
Priscilla Le Minter, Communication Manon Clairet, Press Relations
priscilla.leminter@showroomprive.net mclairet@actus.fr
+33 1 76 21 50 16
 
+33 1 53 67 36 73

APPENDICES

INCOME STATEMENT

(€ thousands) 2019 2020 %Change H2 2019 H2 2020 %Change
Net revenues 615.6 697.5 +13.3% 313.5 394.8 +25.9%
Cost of goods sold -428.0 -424.5 -0.8% -214.7 -234.1 +9.1%
Gross margin 187.5 273.0 45.6% 98.8 160.6 +62.5%
Gross margin as % of revenues 30.5% 39.1% +8.6 pts 31.5% 40.7% +9.2 pts
Marketing1 -24.7 -22.8 -7.6% -12.6 -15.1 +19.9%
As % of revenues 4.0% 3.3% -0.7 pts 4.0% 3.8% -2.0 pts
Logistics & fulfilment -152.4 -162.6 +6.7% -75.0 -86.6 +15.5%
As % of revenues 24.8% 23.3% -1.4 pts 23.9% 21.9% -2.0 pts
General & administrative expenses -57.2 -62.1 +8.6% -26.9 -31.8 +18.2%
As % of revenues 9.3% 8.9% -0.4 pts 8.6% 8.1% -0.5 pts
Total Opex -234.3 -247.6 +5.7% -114.6 -133.6 +16.6%
As % of revenues 38.1% 35.5% -2.6 pts 36.5% 33.8% -2.7 pts
             
Current operating profit -46.8 25.4 N.A -15.7 27.1 N.A
Other operating income and expenses -21.6 -3.7 -82.7% -8.8 0 -99.9%
Operating profit -68.4 21.7 N.A -24.6 27.1 N.A
Net finance costs -0.6 -0.9 +53.2% -0.4 -0.6 +44.6%
Other financial income and expenses -0.1 0 N.A -0.1 0 N.A
Profit before tax -69.1 20.8 N.A -25.1 26.5 N.A
Income taxes -1.3 -6.9 +419.2% -4.0 -6.0 +51.5%
Net income -70.5 13.9 N.A -29.0 20.5 N.A
EBITDA -31.4 42.0 N.A -8.3 35.0 N.A
EBITDA as % of revenues -5.1% 6.0% +11.1 pts -2.6% +8.9% +11.5 pts

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

  2019 2020 %Change H2 2019 H2 2020 %Change
CUSTOMERS METRICS            
Cumulative buyers (in thousands) 9,785 10,632 8.7% 9,785 10,632 8.7%
France 7,749 8,396 8.3% 7,749 8,396 8.3%
International 2,035 2,235 9.8% 2,035 2,235 9.8%
Buyers (in thousands) 3,162 3,322 5.1% 2,352 2,427 3.2%
France 2,533 2,693 6.3% 1,898 1,987 4.7%
International 629 629 -0.1% 453 440 -2.9%
Revenue per Buyers (€) 175.2 188.1 7.4% 119.0 146.1 22.8%
France 180.1 193.0 7.2% 121.5 148.1 22.0%
International 155.3 167.1 7.6% 108.7 136.9 25.9%
             
ORDERS            
Total orders (in thousands) 13,368 14,132 5.7% 6,660 7,719 15.9%
France 10,837 11,568 6.7% 5,395 6,338 17.5%
International 2,530 2,564 1.3% 1,265 1,381 9.2%
Average Orders per Buyer (in number of orders) 4.2 4.3 0.6% 2.8 3.2 12.3%
France 4.3 4.3 0.4% 2.8 3.2 12.2%
International 4.0 4.1 1.4% 2.8 3.1 12.4%
Average Basket Size 41.4 44.2 6.7% 42.0 45.9 9.3%
France 42.1 44.9 6.7% 42.7 46.4 8.6%
International 38.6 40.9 6.1% 39.0 43.7 12.1%

1 Excluding Beautéprivée

BALANCE SHEET

(€ thousands) 31/12/2019 31/12/2020
NON-CURRENT ASSETS    
Goodwill 123,685 123,685
Other intangible assets 54,466 51,341
Tangible assets 44,849 38,805
Other non-current assets 1,348 1,272
Total non-current assets 224,348 215,102
CURRENT ASSETS    
Inventory 48,373 60,924
Accounts receivable 20,548 20,307
Deferred tax assets 4,657 1,873
Other current assets 41,443 51,772
Cash and cash equivalents 49,049 130,833
Total current assets 164,070 265,708
Total assets 388,418 480,811
     
NON-CURRENT LIABILITIES    
Long term financial debt 20,349 80,289
Obligations to personnel 65 147
Other provisions 347 439
Deferred taxes 77 0
Total non-current liabilities 20,838 80,876
Short-term financial debt 58,064 39,593
Accounts payable 110,470 132,205
Other current liabilities 46,870 51,115
Total current liabilities 215,405 222,913
Total liabilities 236,243 303,788
Total shareholders' equity 152,175 177,023
Total liabilities and shareholders' equity 388,418 480,811

CASH FLOWS

(€ thousands) 2019 2020 H2 2019 H2 2020
Net income for the period -70,462 13,911 -29,042 20,502
Adjustments for non-cash items 20,360 17,299 10,334 6,189
Cash flow from operations before finance costs and income tax -50,101 31,210 -18,707 26,691
Elim of accrued income tax expense 1,329 6,900 3,975 6,004
Elim of cost of net financial debt 591 905 381 552
Impact of change in working capital 26,385 2,706 18,559 -24,317
Cash flow from operating activities before tax -21,796 41,721 4,208 8,931
Income tax paid -4,226 -1,446 -1,526 41
Cash flow from operating activities -26,022 40,275 2,681 8,972
Impact of changes in perimeter -22,317 - - -
Acquisitions of property plant & equipment and intangible assets -16,720 -9,671 -5,885 -4,778
Changes in loans and advances -48 120 89 119
Other investing cash flows 2,898 716 64 654
Net cash flows from investing activities -36,187 -8,835 -5,732 -4,005
Capital increase -44 9,099 -44 9,099
Transaction on own shares 7 284 101 329
Increase in share capital and share premium reserves - - -2 -
Issuance of indebtedness 35,827 85,000 13,606 30,000
Repayment of borrowings -4,339 -43,212 -2,349 -31,446
Net interest expense -613 -787 -405 -445
Other flows from financing activities        
Net cash flows from financing activities 30,839 50,384 10,937 7,537
         
Net change in cash -31,356 +81,784 +7,897 +12,501

RECONCILIATION OF THE EBITDA

(€ thousand) 2019 2020
Net result 70,462 13,911
Am. of intangible assets recognized on the occasion of a business combination 1,134 1,134
Am. and dep. fixed assets 14,265 15,457
of which depreciation in Logistics and order processing 4,267 5,101
of which depreciation in General and administrative expenses 9,998 10,356
Cost of share-based payments 216 1,424
Non-recurring items 21,365 2,315
Cost of financial debt 591 905
Other financial income and expenses 122 -31
Income tax 1,329 6,900
EBITDA -31,440 42,015
     

[1] Gross Merchandise Volume (GMV) is the total amount transactions invoiced, including all taxes. It therefore includes gross online sales, including sales on the Marketplace, other services and other revenues.

[2] Excluding BeautéPrivée.

[3] Net promoter score - indicator of customer loyalty


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  Original Source : SHOWROOMPRIVE