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home24 SE
Investor Presentation • Mar 31, 2022
211_ip_2022-03-31_9f504dc8-221e-4051-9136-0e74f5df7fcc.pdf
Investor Presentation
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home24 company presentation
March 2022
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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 |
|---|---|
| home24 footprint2 Home & Living market |
> €110bn |
| home24 footprint2 Online Home & Living market |
> €11bn |
€0.5bn3 (~4-5% mkt. share)
Huge addressable market with low online penetration
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 pure-play 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
- 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
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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predefined ranges
investments
● Profitability on Adj. EBITDA level well on track with expectations and within
● Strong Balance Sheet with sufficient Cash levels complemented by growth
Successful performance over last years underpinned by strong unit economics within a volatile market environment
| FY 2019 | FY 2020 | FY 2021 | |
|---|---|---|---|
| Revenue, EURm | 372 | 492 | 615 |
| Revenue growth YoY in CC | 20% | 42% | 27% |
| Gross Margin | 44% | 46% | 43% |
| Profit Contribution margin | 25% | 29% | 26% |
| Adjusted EBITDA, EURm | -28 | 16 | 1 |
| Adjusted EBITDA margin | -8% | 3% | 0% |
| Δ Working Capital, EURm | -6 | 21 | -63 |
| Cash flow from investing activities, EURm |
-22 | -11 | -20 |
| Cash EoP, EURm | 46 | 103 | 131 |
Growth
Continued strong growth trajectory ahead of underlying market growth
Margins
Healthy margin profile despite recent headwinds through supply chain disruptions and inflation
Profitability
Core profitability level achieved and sustained with focus on reinvesting additional profitability gains in further growth
Investments
Investments in inventory, IT and warehouse infrastructure will further strengthen market position
Cash
Strong balance sheet with sufficient cash levels to complement growth strategy
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home24 has multi-dimensional drivers for sustainable long-term growth
| STRUCTURAL GROW |
+ | MARKET PENETRATION |
+ | PLATFORM DEVELOPMENT | + | 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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The Butlers acquisition adds massive strategic potential – on top of home24's core profitable 2021 EUR 615m revenue base
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Butlers is one of the most renowned branded retailers of home accessories in continental Europe
All figures preliminary and unaudited
- Based on Local GAAP, not normalized for store closures and customer access restrictions in 2021 2. Including VAT, Retail and Online respectively
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We will strengthen our 3rd party product assortment with the introduction of a marketplace solution
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The home24 platform provides unique benefits for marketplace partners
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2022 to focus on the integration of Butlers and the development of a curated marketplace for third-party sellers
REVENUE GROWTH IN CC
+2% to +17% YoY
mostly driven by H2 2022
ADJ. EBITDA MARGIN
+1% to +5% improvements driven by Butlers acquisition
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
- home24 expects a challenging market environment for 2022 with increased volatility. Target achievement to depend on the development of factors such inflation, geopolitical tensions, supply chains and consumer climate
- Increased emphasis on maintaining core profitability over sales growth, while continuing its current approach to customer acquisition
- Concentration on factors that can be influenced unlike market demand - such as the integration of Butlers and the development of a curated marketplace for third-party sellers
- Broad guidance ranges due to uncertainty about demand trends as well as noticeably lower market demand in Q1 2022 with double-digit YoY decline in revenue
- Going beyond 2022, we remain focused on best exploiting the decade+ growth opportunity without jeopardizing profitability
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Well positioned to develop our business further even in the face of current market tensions to exploit massive market opportunity
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Further GOV growth of 18% like for like in 2021 signals robust online demand even in normalizing market environment
GOV in EURm, Active customers and Total gross orders in k, Average order value in EUR
| Group | FY-21 | Europe | FY-21 | LatAm | |
|---|---|---|---|---|---|
| GOV | 861 | GOV | 706 | GOV | |
| GOV Growth CC | 15% (18% LfL)1 | GOV Growth | 17% (21% LfL)1 | GOV Growth CC | |
| Total Gross Orders | 3,298 | Total Gross Orders | 2,002 | Total Gross Orders | |
| Total Gross Orders Growth | 2% | Total Gross Orders Growth | 14% | Total Gross Orders Growth | |
| Average Order Value | 261 | Average Order Value | 353 | Average Order Value | |
| Average Order Value Growth | 11% | Average Order Value Growth | 3% | Average Order Value Growth | |
| Active Customers | 2,276 | Active Customers | 1,383 | Active Customers | |
| Active Customers Growth | 5% | Active Customers Growth | 16% | Active Customers Growth |
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Growth of +27% brings FY 2021 revenue to EUR 615m, a 79% or EUR 244m increase compared to FY 2019 pre covid level
Revenue in EURm and Growth YoY in %
Group
Q4 group revenues kept on previous year record level despite normalized/non-Covid supported market environment
Europe
EU alone with FY 2021 revenues > EUR 0.5bn and FY growth rate of +29% gaining significant market share compared to ~-7% retail market decline (in DE)1
Latin America
Solid Q4 in weak market environment bringing FY growth rate to +21%, while overall market was growing around inflation levels2
Group & LatAm growth numbers displayed in constant currency
1 Based on the Federal Statistical Office of Germany data for economic sector "Retail sale of home furniture" ("Einzelhandel mit Wohnmöbeln")
2 Based on the Brazilian Institute of Geography and Statistics data for furniture retail market
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Adj. EBITDA margin remains positive and in line with guidance confirming strategy of profitable investments into sustained growth
Adj. EBITDA in EURm and in % of Revenue
Group
Overall broadly stable EBITDA margin throughout 2021 apart keeping FY adj. EBITDA margin in envisaged corridor of 0-2%
Europe
Structural profitability intact despite pressure on Gross Margin supported by low return rates, strong delivery performance and high customer satisfaction levels
Latin America
Profitability affected by post IPO investments, such as the new warehouse, but also due to pressure on Gross Margins
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Cash position of EUR 131m significantly improved versus prior year
Group cash flow in EURm
Including the Mobly IPO proceeds the Group cash position increased to EUR 131m in 2021.
On back of the strong cash position we discontinued the anticipation of receivables from installment purchases in the LatAm segment (but can re-initiate at any time), leading to a one time Working Capital increase.
Q4 increased the cash position slightly compared to Q3 mainly through a positive cash flow from operating activities of EUR 10m.
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Summary of the financial performance - Group
In EURm and % of Revenue
| Q3-20 | Q3-21 | Q4-20 | Q4-21 | FY-20 | FY-21 | |
|---|---|---|---|---|---|---|
| Revenue | 117,8 | 138,6 | 152,4 | 151,7 | 491,8 | 615,5 |
| Revenue growth CC | 54% | 17% | 50% | -1% | 42% | 27% |
| Cost of sales | 62,6 | 80,1 | 82,0 | 87,2 | 264,4 | 348,9 |
| Gross profit | 55,2 | 58,5 | 70,4 | 64,6 | 227,5 | 266,6 |
| Gross profit margin | 47% | 42% | 46% | 43% | 46% | 43% |
| Fulfillment expenses1 | 20,6 | 24,0 | 26,2 | 25,7 | 85,9 | 103,6 |
| Fulfillment expenses ratio | 18% | 17% | 17% | 17% | 17% | 17% |
| Profit contribution | 34,5 | 34,5 | 44,2 | 38,8 | 141,5 | 163 |
| Profit contribution margin | 29% | 25% | 29% | 26% | 29% | 26% |
| Marketing expenses | 16,8 | 21,0 | 23,3 | 23,0 | 71,5 | 97,7 |
| Marketing expenses ratio | 14% | 15% | 15% | 15% | 15% | 16% |
| Adjusted EBITDA | 4,9 | -2,8 | 5,2 | -0,5 | 15,8 | 1,4 |
| Adjusted EBITDA margin | 4% | -2% | 3% | 0% | 3% | 0% |
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Summary of the financial performance - Europe
In EURm and % of Revenue
| Q3-20 | Q3-21 | Q4-20 | Q4-21 | FY-20 | FY-21 | |
|---|---|---|---|---|---|---|
| Revenue | 88,9 | 108,0 | 123,8 | 121,8 | 389,2 | 501,4 |
| Revenue growth | 42% | 22% | 53% | -2% | 40% | 29% |
| Cost of sales | 45,9 | 61,5 | 64,2 | 69,5 | 203,0 | 280,3 |
| Gross profit | 43,0 | 46,5 | 59,6 | 52,3 | 186,2 | 221,0 |
| Gross profit margin | 48% | 43% | 48% | 43% | 48% | 44% |
| Fulfillment expenses1 | 16,0 | 19,9 | 21,8 | 21,8 | 69,1 | 88,0 |
| Fulfillment expenses ratio | 18% | 18% | 18% | 18% | 18% | 18% |
| Profit contribution | 27,0 | 26,6 | 37,8 | 30,5 | 117,1 | 133,0 |
| Profit contribution margin | 30% | 25% | 31% | 25% | 30% | 27% |
| Marketing expenses | 14,3 | 17,1 | 20,0 | 19,7 | 61,7 | 83,8 |
| Marketing expenses ratio | 16% | 16% | 16% | 16% | 16% | 17% |
| Adjusted EBITDA | 2,8 | -1,7 | 6,5 | -0,8 | 14,9 | 2,6 |
| Adjusted EBITDA margin | 3% | -2% | 5% | -1% | 4% | 1% |
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Summary of the financial performance - LatAm
In EURm and % of Revenue
| Q3-20 | Q3-21 | Q4-20 | Q4-21 | FY-20 | FY-21 | |
|---|---|---|---|---|---|---|
| Revenue | 29,0 | 30,7 | 28,6 | 30 | 102,7 | 114,3 |
| Revenue growth CC | 88% | 4% | 43% | 4% | 47% | 21% |
| Cost of sales | 16,7 | 18,6 | 17,8 | 17,7 | 61,5 | 68,6 |
| Gross profit | 12,2 | 12,1 | 10,8 | 12,3 | 41,2 | 45,7 |
| Gross profit margin | 42% | 39% | 38% | 41% | 40% | 40% |
| Fulfillment expenses1 | 4,7 | 4,1 | 4,3 | 3,9 | 16,8 | 15,6 |
| Fulfillment expenses ratio | 16% | 13% | 15% | 13% | 16% | 14% |
| Profit contribution | 7,5 | 8,0 | 6,5 | 8,4 | 24,4 | 30,1 |
| Profit contribution margin | 26% | 26% | 23% | 28% | 24% | 26% |
| Marketing expenses | 2,5 | 3,9 | 3,2 | 3,4 | 9,8 | 13,8 |
| Marketing expenses ratio | 9% | 13% | 11% | 11% | 10% | 12% |
| Adjusted EBITDA | 2,1 | -1,1 | -1,2 | 0,3 | 0,9 | -1,2 |
| Adjusted EBITDA margin | 7% | -3% | -4% | 1% | 1% | -1% |
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Cashflow breakdown by segments
In EURm
| Group | FY-21 |
|---|---|
| Cash BOP | 103,1 |
| Adjusted EBITDA | 1,4 |
| Change in Net Working Capital | -62,7 |
| Others | -1,8 |
| Cash Flow from operating activities | -63,1 |
| Cash Flow from investing activities | -20,0 |
| Leasing payments | -11,4 |
| Other | 121,8 |
| Cash Flow from financing activities | 110,5 |
| Effect of exchange rate changes on cash and cash equivalents |
0,7 |
| Cash EOP | 131,1 |
| Europe | FY-21 |
|---|---|
| Cash BOP | 99,4 |
| Adjusted EBITDA | 2,6 |
| Change in Net Working Capital | -14,2 |
| Others | -0,1 |
| Cash Flow from operating activities | -11,7 |
| Cash Flow from investing activities | 9,7 |
| Leasing payments | -9,2 |
| Other | -0,1 |
| Cash Flow from financing activities | -9,3 |
| Effect of exchange rate changes on cash and cash equivalents |
0,0 |
| Cash EOP | 88,1 |
| LatAm | FY-21 |
|---|---|
| Cash BOP | 3,7 |
| Adjusted EBITDA | -1,2 |
| Change in Net Working Capital | -48,7 |
| Others | -1,7 |
| Cash Flow from operating activities | -51,6 |
| Cash Flow from investing activities | -13,4 |
| Leasing payments | -2,1 |
| Other | 105,7 |
| Cash Flow from financing activities | 103,6 |
| Effect of exchange rate changes on cash and cash equivalents |
0,8 |
| Cash EOP | 43,0 |
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Financial calendar
Upcoming events
| DATE | EVENT |
|---|---|
| May 11th | Publication quarterly financial report (call-date Q1) |
| May 23rd | Equity Forum - German Spring Conference 2022 |
| June 14th | Annual General Meeting |
| August 16th | Publication half-yearly financial report |
| 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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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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RGB: (255,255,255)
HEX: #ffffff
HEX: #f05643 RGB: (240, 86, 67)
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)
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.