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home24 SE
Investor Presentation • May 11, 2022
211_ip_2022-05-11_8c08e7af-c2c8-412a-8f25-2e2c6f5dfc2d.pdf
Investor Presentation
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home24 Q1 2022 Trading Update
May 11th 2022
1
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Management Summary Q1 2022
Progressing well on key strategic projects in a weak consumer sentiment environment
Order Intake Revenue
- Negatively influenced by consumer sentiment
- ~20% LFL1 GOV decline in Q1 2022 versus strong PY comparables of +72%
- Q1 still excluding Butlers figures
- Revenue in Q1 at EUR 140m, -14% YoY (vs comp of +64% in Q1 2021 ) supported by efficient supply chain execution and linked to marketing spend discipline (EUR -6m vs Q1 21)
- Q1 revenue represents 2Y growth rate of +42% and 3Y growth rate of +61%
Profitability
- Adj. EBITDA margin in Q1 2022 at -4% due to lower revenue base and temporary pressure on margins due to inflation
- Q1 seasonal investment quarter compared to overall annual profitability
- Q1 cash consumption largely linked to WC of ~ EUR 18m, reflecting higher inventory position and earlier seasonal transition effects from peak to low season
- EUR 27m purchase price tranche paid for Butlers in April, plus debt and WC financing
- Butlers acquisition to drive YoY growth and profitability. Closing as of April 1st, with first synergetic initiatives kicked off
- Marketplace soft-launch planned May 2022
- Efficiency focus to drive profitability and manage working capital
Cashflow Key Strategic Projects Current Trading & Outlook
- Current trading remains in line with second half of Q1 as negative consumer sentiment persists
- 2022 guidance remains valid:
- Revenue growth at 2% to 17% (in CC)
- Adj. EBITDA margin at +1% to +5%
home24 at a glance
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Our mission:
to be the online destination in Home & Living for everyday people
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| Global Home & Living market1 |
> €560bn | |
|---|---|---|
| Huge addressable | home24 footprint2 Home & Living market |
> €110bn |
| market with low online penetration |
home24 footprint2 Online Home & Living market |
> €11bn |
€0.5bn3 (~4-5% mkt. share)
Source: Euromonitor International
-
Home & Living market defined as Euromonitor Passport: Home and Garden categories "homewares" and "home furnishings" (2019).
-
home24 markets consist of Germany, France, Italy, the Netherlands, Belgium, Austria, Switzerland and Brazil
-
home24 revenue 2020
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Demographics, changes in consumer habits and technology boost online penetration further
Source: Euromonitor International (2019); Management Estimates
- Consists of home24's target markets Germany, France, Italy, the Netherlands, Austria, Belgium, Switzerland and Brazil.
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We are a leading online Home & Living e-commerce platform in continental Europe and Brazil
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Home & Living mass market has category specific challenges which we have mastered, creating significant barriers to entry
- Products with high basket size / AOV and without established consumer brands in mass market
- 2
- Identify and source relevant assortment in a market with no brands and abundant product variety
- Inventory management: make bulky and high value items available at short delivery times and still remain working capital neutral 3 has cracked the code
- 4
- Scalable online demand largely in short tail generic search without brands
Extremely complex logistics and delivery for multi-component and heavy/bulky products
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We have built the best-in-class platform to drive profitable growth
behaviour
Against a negative growth in the retail market in DE, continued high double digit growth on back of strong 2020 comparables
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home24 has multi-dimensional drivers for sustainable long-term growth
| STRUCTURAL GROW |
+ | MARKET PENETRATION |
+ | PLATFORM DEVELOPMENT, INCL. MARKETPLACE | + | MARKET EXPANSION |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| Benefit from increasing online penetration in mass market |
Accelerate through further international roll-out of "go-to-market" approach |
Enhance product offering in existing categories |
Introduce new categories e.g. to drive purchase frequency |
Enhance shopping journey to increase brand loyalty |
Adopt new technologies to foster competitive advantage |
Expand into new geographies and capitalize on high market fragmentation |
||||
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Well positioned to develop our business further even in the face of current market tensions to exploit massive market opportunity
Business Update
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Demand influenced by consumer sentiment and inflation
- Post-Omicron normalization expected to be delayed due to Ukraine war and inflationary pressure on energy, food etc.
- Discretionary spendings likely to be postponed as result of uncertainty - online and offline
- Higher-ticket potentially more affected by negative customer sentiment
- Business focus for home24 in this market environment on profitability and efficiency of business model
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The home24 marketplace solution will strengthen our long-tail 3rd party product offering and increase scalability at high efficiency
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The home24 platform provides unique benefits for marketplace partners
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home24 marketplace on track for soft launch in May/June
Dedicated marketplace team hired, technical setup almost complete, testing ongoing.
Seller portal (landing page) live
115 sellers signed and shops already created
More than 30K curated products ready to go-live with the soft launch
Strong focus on complementary assortment (Accessories ~60 seller, Home Textiles ~30 sellers), but also complementary offerings in seasonal Garden (~30 sellers) and Furniture (~40 sellers)
French Marketplace to launch next in H2 2022, other h24 countries in 2023.
70% of current signed sellers can ship to France, ~30% to all current European home24 countries
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The Butlers acquisition adds massive strategic potential and immediate reach into large complementary target group
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BUTLERS and home24 integration is steadily progressing and gathering momentum online…
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…but also offline to take advantage of the additional customer acquisition opportunity
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Q1 2022 Financial Update
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Reduced GOV YoY as a result of strong previous year comparables and weakened consumer sentiment
GOV in EURm, Active customers and Total gross orders in k, Average order value in EUR
| Group | Q1-22 | Europe | Q1-22 | LatAm | |
|---|---|---|---|---|---|
| GOV | 199 | GOV | 162 | GOV | |
| GOV Growth CC | -25% (-20% LfL)1 | GOV Growth | -27% (-22% LfL)1 | GOV Growth CC | |
| Total Gross Orders | 707 | Total Gross Orders | 445 | Total Gross Orders | |
| Total Gross Orders Growth | -28% | Total Gross Orders Growth | -32% | Total Gross Orders Growth | |
| Average Order Value | 281 | Average Order Value | 365 | Average Order Value | |
| Average Order Value Growth | 6% | Average Order Value Growth | 7% | Average Order Value Growth | |
| Active Customers | 2.128 | Active Customers | 1.293 | Active Customers | |
| Active Customers Growth | -11% | Active Customers Growth | -6% | Active Customers Growth |
All figures preliminary and unaudited
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Revenue declined by -14% in Q1 to EUR 140m which still represents a 2y growth rate of 42%
Revenue in EURm and Growth YoY in %
Group
Q1 group revenue declined by -14% with visible positive YoY effects from faster revenue realization due to increased inventory levels
Europe
Revenue development in EU mirrors overall market environment. Ahead of Butlers acquisition the YoY revenues decline by -15% YoY
Latin America
Solid development supported by FX tailwinds vs. constant currency view
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Adj. EBITDA margin declined to -4% with Q1 being usually the seasonally weakest quarter in terms of profitability within a year
Adj. EBITDA in EURm and in % of Revenue
Group
Decline in adj. EBITDA linked to lower profit contribution of EUR 4m as a result of lower revenue and 3m higher fix cost base for overhead and opex
Europe
Adj. EBITDA mainly negatively impacted to a similar extend from lower relative contribution margins and missing operating leverage from lower revenue level
Latin America
Extension of overhead and opex costs of EUR 2m reflecting investments into additional omnichannel activities, extended warehouse setup and investments into IT capacities
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Group cash flow in EURm Cash position of EUR 101m prior to closing of Butlers acquisition
Cash development in Q1 predominantly influenced by change in net working capital:
- earlier seasonal transition effects from peak to low season
- expanded inventories (EUR 8 m) with the aim of increasing resilience to uncertainties in the supply chain and inflationary trends
Cash outflows from investing activities higher due to a loan of EUR 3m to Butlers GmbH & Co. KG pre closing to finance higher inventories.
Strict working capital management key throughout 2022.
Outlook and Q&A
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Focus remains on taking advantage of the opportunities arising from the Butlers acquisition and the marketplace launch
REVENUE GROWTH IN CC
+2% to +17% YoY driven by H2 2022 lower PY comps and Butlers
ADJ. EBITDA MARGIN
+1% to +5% driven by efficiency measures and Butlers
LOWER NET WORKING CAPITAL
decline expected as early payment of LatAm installment receivables to be reinitiated
HIGHER CASH FLOW FROM INVESTING ACTIVITIES
significant increase due to Butlers acquisition
- Market environment expected to remain challenging
- Priority to increase profitability over sales growth
- Next to profitability, focus on opportunities arising from the Butlers acquisition and the launch of the curated marketplace for third-party sellers
- Current trading remains in line with second half of Q1 as negative consumer sentiment persists
- Butlers acquisition closed on April 1st will drive YoY growth and profitability from Q2
- Reiterating 2022 guidance:
- Revenue growth at 2% to 17% (in CC)
- Adj. EBITDA margin at +1% to +5%
- Strict working capital management throughout 2022
- Beyond 2022, remain focused on best exploiting the decade+ growth opportunity without jeopardizing profitability
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Summary of the financial performance - Group
In EURm and % of Revenue
| Q4-20 | Q4-21 | Q1-21 | Q1-22 | FY-20 | FY-21 | |
|---|---|---|---|---|---|---|
| Revenue | 152,4 | 151,7 | 159,0 | 140,2 | 491,8 | 615,5 |
| Revenue growth CC | 50% | -1% | 64% | -14% | 42% | 27% |
| Cost of sales | 82,0 | 87,2 | 86,7 | 80,1 | 264,4 | 348,9 |
| Gross profit | 70,4 | 64,6 | 72,4 | 60,2 | 227,5 | 266,6 |
| Gross profit margin | 46% | 43% | 46% | 43% | 46% | 43% |
| Fulfillment expenses1 | 26,2 | 25,7 | 26,5 | 24,0 | 85,9 | 103,6 |
| Fulfillment expenses ratio | 17% | 17% | 17% | 17% | 17% | 17% |
| Profit contribution | 44,2 | 38,8 | 45,8 | 36,2 | 141,5 | 163,0 |
| Profit contribution margin | 29% | 26% | 29% | 26% | 29% | 26% |
| Marketing expenses | 23,3 | 23,0 | 30,1 | 24,4 | 71,5 | 97,7 |
| Marketing expenses ratio | 15% | 15% | 19% | 17% | 15% | 16% |
| Adjusted EBITDA | 5,2 | -0,5 | 0,6 | -6,1 | 15,8 | 1,4 |
| Adjusted EBITDA margin | 3% | 0% | 0% | -4% | 3% | 0% |
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Summary of the financial performance - Europe
In EURm and % of Revenue
| Q4-20 | Q4-21 | Q1-21 | Q1-22 | FY-20 | FY-21 | |
|---|---|---|---|---|---|---|
| Revenue | 123,8 | 121,8 | 133,3 | 113,5 | 389,2 | 501,4 |
| Revenue growth | 53% | -2% | 68% | -15% | 40% | 29% |
| Cost of sales | 64,2 | 69,5 | 71,7 | 63,8 | 203,0 | 280,3 |
| Gross profit | 59,6 | 52,3 | 61,6 | 49,7 | 186,2 | 221,0 |
| Gross profit margin | 48% | 43% | 46% | 44% | 48% | 44% |
| Fulfillment expenses1 | 21,8 | 21,8 | 22,8 | 20,7 | 69,1 | 88,0 |
| Fulfillment expenses ratio | 18% | 18% | 17% | 18% | 18% | 18% |
| Profit contribution | 37,8 | 30,5 | 38,8 | 29,0 | 117,1 | 133,0 |
| Profit contribution margin | 31% | 25% | 29% | 26% | 30% | 27% |
| Marketing expenses | 20,0 | 19,7 | 26,9 | 21,7 | 61,7 | 83,8 |
| Marketing expenses ratio | 16% | 16% | 20% | 19% | 16% | 17% |
| Adjusted EBITDA | 6,5 | -0,8 | 0,5 | -5,0 | 14,9 | 2,6 |
| Adjusted EBITDA margin | 5% | -1% | 0% | -4% | 4% | 1% |
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Summary of the financial performance - LatAm
In EURm and % of Revenue
| Q4-20 | Q4-21 | Q1-21 | Q1-22 | FY-20 | FY-21 | |
|---|---|---|---|---|---|---|
| Revenue | 28,6 | 30,0 | 25,8 | 26,7 | 102,7 | 114,3 |
| Revenue growth CC | 43% | 4% | 47% | -8% | 47% | 21% |
| Cost of sales | 17,8 | 17,7 | 15,0 | 16,2 | 61,5 | 68,6 |
| Gross profit | 10,8 | 12,3 | 10,8 | 10,5 | 41,2 | 45,7 |
| Gross profit margin | 38% | 41% | 42% | 39% | 40% | 40% |
| Fulfillment expenses1 | 4,3 | 3,9 | 3,8 | 3,3 | 16,8 | 15,6 |
| Fulfillment expenses ratio | 15% | 13% | 15% | 12% | 16% | 14% |
| Profit contribution | 6,5 | 8,4 | 7,0 | 7,2 | 24,4 | 30,1 |
| Profit contribution margin | 23% | 28% | 27% | 27% | 24% | 26% |
| Marketing expenses | 3,2 | 3,4 | 3,2 | 2,6 | 9,8 | 13,8 |
| Marketing expenses ratio | 11% | 11% | 12% | 10% | 10% | 12% |
| Adjusted EBITDA | -1,2 | 0,3 | 0,1 | -1,1 | 0,9 | -1,2 |
| Adjusted EBITDA margin | -4% | 1% | 0% | -4% | 1% | -1% |
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RGB: (255,255,255)
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HEX: #f8b5aa RGB: (248, 181, 170)
HEX: #ffd5c4 RGB: (255, 213, 196)
HEX: #4fe3d7 RGB: (79, 227, 215)
HEX: #1dabbc RGB: (29, 171, 188)
HEX: #2c6675 RGB: (44, 102, 117)
Cashflow breakdown by segments
In EURm
| Group | Q1-22 |
|---|---|
| Cash BOP | 131,1 |
| Adjusted EBITDA | -6,1 |
| Change in Net Working Capital | -17,8 |
| Others | 0,0 |
| Cash Flow from operating activities | -23,8 |
| Cash Flow from investing activities | -9,3 |
| Leasing payments | -3,3 |
| Other | 0,0 |
| Cash Flow from financing activities | -3,3 |
| Effect of exchange rate changes on cash and cash equivalents |
6,6 |
| Cash EOP | 101,3 |
| Europe | Q1-22 |
|---|---|
| Cash BOP | 88,1 |
| Adjusted EBITDA | -5,0 |
| Change in Net Working Capital | -12,4 |
| Others | -0,1 |
| Cash Flow from operating activities | -17,5 |
| Cash Flow from investing activities | -5,9 |
| Leasing payments | -2,2 |
| Other | 0,0 |
| Cash Flow from financing activities | -2,2 |
| Effect of exchange rate changes on cash and cash equivalents |
0,0 |
| Cash EOP | 62,5 |
| LatAm | Q1-22 |
|---|---|
| Cash BOP | 43,0 |
| Adjusted EBITDA | -1,1 |
| Change in Net Working Capital | -5,4 |
| Others | 0,1 |
| Cash Flow from operating activities | -6,4 |
| Cash Flow from investing activities | -3,5 |
| Leasing payments | -1,1 |
| Other | 0,0 |
| Cash Flow from financing activities | -1,0 |
| Effect of exchange rate changes on cash and cash equivalents |
6,6 |
| Cash EOP | 38,8 |
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HEX: #4fe3d7 RGB: (79, 227, 215)
HEX: #1dabbc RGB: (29, 171, 188)
HEX: #2c6675 RGB: (44, 102, 117)
Financial calendar
Upcoming events
| DATE | EVENT |
|---|---|
| May 23rd | Equity Forum - German Spring Conference 2022 |
| June 14h | Annual General Meeting |
| August 16th | Publication half-yearly financial report |
| August 24th | HIT (Hamburger Investorentag) |
| September 5th | Equity Forum - German Fall Conference 2022 |
| November 15th | Publication quarterly financial report (call-date Q3) |
| November 16th | GBC Münchener Kapitalmarkt Konferenz |
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HEX: #4fe3d7 RGB: (79, 227, 215)
HEX: #1dabbc RGB: (29, 171, 188)
HEX: #2c6675 RGB: (44, 102, 117)
KPI definitions
| KPI | DEFINITION |
|---|---|
| Gross order value [in EUR] | Defined as the aggregated gross order value of the orders placed in the respective period, including VAT and without factoring in cancellations and returns as well as subsequent discounts and vouchers |
| Number of active customers [#] | Defined as the number of customers that have placed at least one non-canceled order in the 12 months prior to the respective date, without factoring in returns |
| Total gross orders | Defined as the number of orders placed in the relevant period, regardless of cancellations or returns |
| Average order value [in EUR] | Defined as the aggregated gross order value of the orders placed in the respective period, including VAT, divided by the number of orders, without factoring in cancellations and returns as well as subsequent discounts and vouchers |
| Growth at constant currency (CC) | Defined as growth using constant BRL/EUR exchange rates from the previous year |
| Adjusted EBITDA [in EUR] | EBITDA defined as the sum of operating result (EBIT) and depreciation and amortization. Adjusted for share-based compensation expenses and costs incurred in connection with the listing of existing shares and other one-off expenses, mainly service fees for legal and other consulting services associated with the IPO |
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HEX: #ffd5c4 RGB: (255, 213, 196)
HEX: #4fe3d7 RGB: (79, 227, 215)
HEX: #1dabbc RGB: (29, 171, 188)
HEX: #2c6675 RGB: (44, 102, 117)
Disclaimer
This presentation has been prepared by home24 SE (the "Company"). All material contained in this document and the information presented is for information purposes only and does not purport to be a full or complete description of the Company and its affiliated entities. This presentation must not be relied on for any purpose.
This presentation contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of the Company. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements.
This presentation contains certain financial measures that are not calculated in accordance with IFRS and are therefore considered "non-IFRS financial measures". The management of the Company believes that these non-IFRS financial measures used by the Company, when considered in conjunction with, but not in lieu of, other measures that are computed in accordance with IFRS, enhance an understanding of the Company's results of operations, financial position and cash flows. A number of these non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of other companies with which the Company competes. These non-IFRS financial measures should not be considered in isolation as a measure of the Company's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, income data or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with the use of non-IFRS financial measures, including the limitations inherent in determination of each of the relevant adjustments. The non-IFRS financial measures used by the Company may differ from, and not be comparable to, similarly-titled measures used by other companies.
Certain numerical data, financial information and market data, including percentages, in this presentation have been rounded according to established commercial standards. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.