SRP GROUPE Public Joint Stock Company
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SRP GROUPE Public joint stock company (société anonyme) with capital of 2,026,085.60 euros Registered office: 1, rue des Blés ZAC Montjoie 93212 La Plaine Saint-Denis Cedex France Trade and Companies Register No. 524 055 613 Bobigny 2018 REGISTRATION DOCUMENT (including the Annual Financial Report) This Registration Document was filed with the French Autorité des Marchés Financiers (“AMF”) on April 19, 2019, pursuant to Article 212-13 of its General Regulation. This document may not be used in the context of any securities offering unless supplemented by a Prospectus approved by the AMF. The Registration Document has been prepared by the issuer and its signatories are responsible for its contents. Copies of this Registration Document may be obtained free of charge at SRP Groupe’s registered office at 1, rue des Blés ZAC Montjoie 93212 La Plaine Saint-Denis Cedex, France, as well as on the websites of SRP Groupe, (www.showroomprivegroup.com) and of the AMF (www.amf-france.org). GENERAL NOTES Unless otherwise specified, in this Registration Document: the terms the “Company” and “SRP Groupe” mean SRP Groupe S.A. ; the term “Group” means SRP Groupe S.A. and its consolidated subsidiaries, collectively; the term “Founders” refers to Ancelle Sàrl (controlled by David Dayan), Victoire Investissement Holding Sàrl (controlled by Eric Dayan), Cambon Financière Sàrl (controlled by Michaël Dayan), and TP Invest Holding Sàrl (controlled by Thierry Petit) and David Dayan, Eric Dayan, Michael Dayan and Thierry Petit; the term “2016 Registration Document” refers to the registration document filed with the AMF on April 27, 2017 under number R.17-028; the term “2017 Registration Document” refers to the registration document filed with the AMF on April 26, 2018 under number R.18-029. Forward-looking Statements This Registration Document contains statements regarding the prospects and growth strategies of the Group. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “plans”, “will”, “considers”, “envisages”, “thinks”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “believes”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or terminology. Forward-looking statements are not historical in nature and should not be interpreted as a guarantee of future performance. The Group’s forward-looking statements are based on data, assumptions, and estimates that the Group considers reasonable. They are subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments, including those set forth in Chapter 4 “Risk Factors”. Forward-looking statements are contained in several chapters of this Registration Document and include statements relating to the Group’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial position and liquidity. The forward- looking statements referred to in this Registration Document are only made as of the date of this Registration Document. In the absence of any applicable legal or regulatory requirement, the Group expressly disclaims any obligation to release any updates to any forward-looking statements contained in this Registration Document to reflect any change in its objectives or any change in events, conditions or circumstances, on which any forward-looking statement contained in this Registration Document is based. The Group operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results. Information on the Market and Competitive Environment This Registration Document contains, notably in Chapter 6 “Business”, information relating to the Group’s markets and to its competitive position. Some of the information contained in this Registration Document comes from publicly available information that the Group considers relevant, but which has not been verified by an independent expert, including, in particular, information and estimates relating to trends in the online sales sector, sales via mobile devices and tablets as well as trends and characteristics in the event sales industry and the excess inventory sector. The Group believes that this information is helpful in assessing the trends and primary factors affecting its markets. However, given the rapidly evolving and dynamic market in which the Group operates, and the fact that many companies in the market are private and provide limited public information on their financial condition and results 2 of operations, this third-party information may prove to be incorrect or outdated. The Group cannot guarantee that a third party using different methods to collect, analyze or compute market data would arrive at the same results. The Group does not guarantee and can give no assurance as to the accuracy of this information. Estimation of Mobile Data Figures relating to the number of visits to the Group’s platform from mobile devices and the percentage of overall platform visits generated on mobile devices are determined using a Google Analytics tool which gives an estimation of relevant mobile data based on a large sample of the activity on the Group’s platform. Risk Factors Investors should carefully consider the risk factors in Chapter 4 “Risk Factors”. The occurrence of all or any of these risks could have an adverse effect on the Group’s business, reputation, results of operation, financial position or prospects. Furthermore, other risks that have not yet been identified or that are not considered material by the Group on the filing date of this Registration Document could produce adverse effects. Glossary A glossary defining certain technical terms used in this Registration Document can be found in Annex I. 3 CONTENTS1 1. PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT ......................... 7 1.1 NAME AND POSITION OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT ........................................................................................................................... 7 1.2 CERTIFICATION OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT CONTAINING THE ANNUAL FINANCIAL REPORT ................................ 7 2. STATUTORY AUDITORS ................................................................................................... 8 2.1 STATUTORY AUDITORS ..................................................................................................... 8 2.2 ALTERNATE STATUTORY AUDITORS ............................................................................ 8 3. SELECTED FINANCIAL INFORMATION AND OTHER DATA ................................. 9 3.1 SELECTED FINANCIAL INFORMATION .......................................................................... 9 3.2 SELECTED OPERATING INFORMATION(1) .................................................................... 12 4. RISK FACTORS .................................................................................................................. 14 4.1 RISKS ASSOCIATED WITH THE BUSINESS AND THE INDUSTRY SECTOR ........... 14 4.2 REGULATORY AND LEGAL RISKS ................................................................................. 30 4.3 MARKET RISKS .................................................................................................................. 36 4.4 INSURANCE AND RISK MANAGEMENT ....................................................................... 37 5. INFORMATION ABOUT THE ISSUER .......................................................................... 41 5.1 HISTORY AND DEVELOPMENT ...................................................................................... 41 5.2 INVESTMENTS .................................................................................................................... 45 6. BUSINESS ............................................................................................................................ 48 6.1 GROUP OVERVIEW ............................................................................................................ 48 6.2 STRATEGY ........................................................................................................................... 51 6.3 INDUSTRY AND MARKET OVERVIEW .......................................................................... 55 6.4 DESCRIPTION OF THE GROUP’S ACTIVITIES .............................................................. 58 6.5 REGULATION ...................................................................................................................... 74 7. GROUP ORGANIZATION ................................................................................................ 83 7.1 GROUP ORGANIZATIONAL CHART ............................................................................... 83 7.2 SUBSIDIARIES AND EQUITY INVESTMENTS .............................................................. 83 8. PROPERTY, PLANT AND EQUIPMENT ....................................................................... 85 8.1 SIGNIFICANT EXISTING OR PLANNED PROPERTY, PLANT AND EQUIPMENT ... 85 8.2 ENVIRONMENT