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home24 SE
Quarterly Report • Nov 15, 2022
211_10-q_2022-11-15_7462f988-b6b8-4052-bf0d-50dec503a223.pdf
Quarterly Report
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Quarterly Statement Q3 2022
| Non-financial KPIs | Unit | 9M 2022 | 9M 2021 | Change | Q3 2022 | Q3 2021 | Change |
|---|---|---|---|---|---|---|---|
| Gross merchandise value | in EURm | 592.0 | 667.3 | –11% | 194.6 | 183.1 | 6% |
| Gross merchandise value online | in EURm | 504.1 | 637.0 | – 21% | 158.5 | 170.9 | – 7% |
| Gross merchandise value offline | in EURm | 87.9 | 30.3 | >100% | 36.0 | 12.2 | >100% |
| Gross merchandise value growth at constant currency |
in % | – 14% | 28% | – 42pp | 3% | 2% | 1pp |
| Number of orders online | in k | 1,830 | 2,368 | –23% | 598 | 640 | – 7% |
| Average order value online | in EUR | 275 | 269 | 2% | 265 | 267 | – 1% |
| Number of active customers online (as of September 30) |
in k | 2,036 | 2,300 | –11% | 2,036 | 2,300 | – 11% |
| Employees (as of September 30) | number | 2,835 | 1,977 | 43% | 2,835 | 1,977 | 43% |
| Financial KPIs | Unit | 9M 2022 | 9M 2021 | Change | Q3 2022 | Q3 2021 | Change |
|---|---|---|---|---|---|---|---|
| Revenue | in EURm | 428.1 | 463.7 | – 8% | 136.0 | 138.6 | – 2% |
| Revenue growth at constant currency | in % | –10% | 40% | –50pp | –5% | 17% | – 22pp |
| Gross profit margin | in % | 45% | 44% | 2pp | 48% | 42% | 6pp |
| Profit contribution margin | in % | 30% | 27% | 3pp | 33% | 25% | 8pp |
| Adjusted EBITDA margin | in % | – 1% | 0% | –1pp | 1% | –2% | 3pp |
| Earnings per share | in EUR | –1.19 | –0.74 | 61% | – 0.40 | –0.36 | 11% |
| Cash flow from operating activities | in EURm | –8.9 | – 74.1 | – 88% | 6.6 | –25.5 | >–100% |
| thereof from change in net working capital |
in EURm | –4.3 | –73.2 | –94% | 6.4 | – 23.7 | >–100% |
| Cash flow from investing activities | in EURm | – 45.0 | – 12.9 | >100% | –3.5 | –6.9 | – 49% |
| Cash flow from financing activities | in EURm | – 21.1 | 112.8 | >–100% | –6.9 | –3.3 | >100% |
| Cash and cash equivalents (as of September 30) |
in EURm | 63.2 | 130.1 | –51% | 63.2 | 130.1 | – 51% |
| Content | |
|---|---|
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| Selected Financial Information ����������������������������������������������������������������������������������������08 | |
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Report on economic position
AS OF SEPTEMBER 30, 2022
Financial Performance of the Group
Simplified Income Statement
| In EURm | 9M 2022 |
9M | 2021 Change | Change in % |
|---|---|---|---|---|
| Revenue | 428.1 | 463.7 | –35.6 | – 8% |
| Cost of sales | – 233.8 | – 261.7 | 27.9 | –11% |
| Gross profit | 194.4 | 202.0 | –7.6 | –4% |
| Gross profit margin | 45% | 44% | 2pp | |
| Selling and distribution costs | – 190.3 | – 186.1 | –4.2 | 2% |
| Impairment losses on financial assets |
– 1.5 | – 2.1 | 0.6 | – 29% |
| Administrative expenses | – 46.9 | –40.0 | –6.9 | 17% |
| Other operating income | 5.0 | 3.0 | 2.0 | 68% |
| Other operating expenses | – 2.9 | – 1.1 | –1.8 | >100% |
| Operating result (EBIT) | –42.3 | –24.3 | –18.0 | 74% |
| Amortization of intangible assets and depreciation of property and equipment and right-of-use assets |
37.6 | 19.6 | 18.0 | 92% |
| EBITDA | –4.7 | –4.7 | 0.0 | 1% |
| Share-based payment | 1.1 | 6.4 | –5.3 | –83% |
| Expenses related to the takeover offer |
0.5 | 0.0 | 0.5 | n/a |
| Expenses relating to the acquisition of the Butlers Group |
0.6 | 0.0 | 0.6 | n/a |
| Costs related to the IPO of Mobly S.A. |
0.0 | 0.2 | – 0.2 | –100% |
| Adjusted EBITDA | –2.6 | 1.9 | –4.5 | >–100% |
| Adjusted EBITDA margin | –1% | 0% | –1pp |
In the first nine months of financial year 2022, consolidated revenue came to EUR 428.1m, a decline of –8% y-o-y. At constant currency, revenue fell by – 10% y-o-y. The positive trend observed over the course of the year was reaffirmed by a further improvement in the third quarter, when revenue only fell by – 2% (at constant currency: –5%) despite the challenging consumer environment. Gross merchandise value even grew by +6% (at constant currency: +3%) in the third quarter, a result driven by factors including the successful development of the marketplace. As the marketplace's business consists of commission revenues, this positive performance in order intake is not fully reflected in revenues but is instead evident in the operating result.
Overall, gross merchandise value dropped by –11% in the first nine months of financial year 2022, with the more-than 100% growth in gross merchandise value offline remaining disproportionately strong as a result of the Butlers acquisition in April 2022. The decline in gross merchandise value online (– 21%) is primarily attributable to the fall in orders intake (– 23%), while the average order value rose slightly (+2%) due to factors including price increases and exchange rate effects. As of September 30, 2022, home24 had a total of 2.0m active customers online, compared to 2.3m as of September 30, 2021.
Revenue less cost of sales results in gross profit. In the first nine months of 2022, the Group posted a gross profit of EUR 194.4m compared with EUR 202.0m in the first nine months of 2021 (– 4%). The gross profit margin rose by +2 percentage points to 45% y-o-y. As a result, the gross profit margin trend remained clearly positive for the fourth successive quarter. Among other things, the introduction of delivery charges for end customers contributed to the gross profit margin of +48% achieved in the third quarter of 2022.
Selling and distribution costs comprise the following:
| 9M 2022 |
9M | Change in % |
|
|---|---|---|---|
| –65.8 | –75.7 | 9.9 | – 13% |
| – 61.4 | –74.6 | 13.2 | –18% |
| –63.1 | – 35.8 | – 27.3 | 76% |
| –190.3 | –186.1 | –4.2 | 2% |
| – 15% | – 16% | 1pp | |
| – 14% | – 16% | 2pp | |
| 2021 Change |
Despite inflationary pressures, the logistics cost ratio improved by 1 percentage point y-o-y. The decline of 2 percentage points in the marketing expenses ratio continues to demonstrate home24's excellent scalability and cost discipline in a significantly more challenging overall market environment compared to the previous year, with the offline business's higher share of revenue also having a positive effect. The disproportionate increase in other selling and distribution costs is attributable to several factors: they are fixed costs to a large extent, the Butlers acquisition triggered a higher level of depreciation of right-of-use assets, and offline staff costs were included as well.
Administrative expenses amounted to EUR 46.9m in the first nine months of 2022, up 17% compared to the same period in 2021. This increase is primarily attributable to the newly consolidated Butlers Group.
The adjusted EBITDA margin for the first nine months of 2022 was 1 percentage point down on the previous year's level at –1%, with the second and third quarter already seeing a clear turnaround with an adjusted EBITDA margin of +1% even before the fourth quarter, the seasonally strongest period of the year. Overall, the adjusted EBITDA figure of EUR – 2.6m was EUR – 4.5m lower than in the prior-year period. In the third quarter of 2022, EUR 0.5m was attributable to legal fees associated with the takeover offer from the bidder consortium as well as additional expenses totaling EUR 0.5m from the fair value measurement of liabilities arising from share price guarantees that were recognized as part of the consideration granted in relation to the Butlers acquisition. These expenses are not included in adjusted EBITDA.
The absolute profit contribution towards covering fixed costs was down y-o-y due to the decline in revenue. As previously communicated, home24 began reacting to the challenging market environment during the second quarter by significantly reducing its cost base on the one hand, while the profit contributions from the Butlers business had a positive impact on comprehensive income on the other. home24 therefore remains on track to achieving an adjusted EBITDA margin within its target corridor of +1% to +5% in 2022.
Profit contribution as a key performance indicator comprises gross profit, fulfillment costs and impairment losses on financial assets. In the first nine months of financial year 2022, the Group generated a profit contribution of EUR 127.0m and a profit contribution margin of 30%, an increase of 3 percentage points compared to the prior-year period. The third quarter even saw a y-o-y improvement of 8 percentage points.
Financial Performance of the Segments
Financial Performance, Europe
| 9M 2022 |
9M | Change in % |
|
|---|---|---|---|
| 341.4 | 379.5 | –38.1 | – 10% |
| – 181.2 | – 210.8 | 29.6 | – 14% |
| 160.2 | 168.7 | –8.5 | –5% |
| 47% | 44% | 3pp | |
| – 55.3 | – 64.3 | 9.0 | – 14% |
| –16% | – 17% | 1pp | |
| 103.3 | 102.5 | 0.8 | 1% |
| 30% | 27% | 3pp | |
| – 52.1 | – 64.1 | 12.0 | – 19 % |
| – 15% | –17% | 2pp | |
| 0.7 | 3.4 | –2.7 | –79% |
| 0% | 1% | –1pp | |
| 2021 Change |
Financial Performance, LatAm
| In EURm | 9M 2022 |
9M 2021 |
Change | Change in % |
|---|---|---|---|---|
| Revenue | 86.9 | 84.3 | 2.6 | 3% |
| Cost of sales | –52.5 | –50.9 | – 1.6 | 3% |
| Gross profit | 34.3 | 33.4 | 0.9 | 3% |
| Gross profit margin | 39% | 40% | –1pp | |
| Fulfillment expenses | – 10.5 | –11.4 | 0.9 | –8% |
| Fulfillment expenses ratio | – 12% | – 14% | 1pp | |
| Profit contribution | 23.8 | 21.7 | 2.1 | 10% |
| Profit contribution margin | 27% | 26% | 1pp | |
| Marketing expenses | – 9.2 | –10.5 | 1.3 | – 12% |
| Marketing expenses ratio | –11% | – 12% | 1pp | |
| Adjusted EBITDA | –3.3 | –1.5 | –1.8 | >100% |
| Adjusted EBITDA margin | –4% | –2% | –2pp |
Non-financial key performance indicators, Europe
| 9M 2022 |
9M | 2021 Change | Change in % |
|
|---|---|---|---|---|
| Gross merchandise value (in EURm) |
473.6 | 548.7 | –75.1 | –14% |
| Gross merchandise value online (in EURm) |
419.3 | 535.7 | –117.0 | – 21.8% |
| Gross merchandise value offline (in EURm) |
54.3 | 13.0 | 41.3 | >100% |
| Gross merchandise value growth (in %) |
–14% | 33% | –47pp | |
| Number of orders online (in k) |
1,275 | 1,506 | – 231 | –15% |
| Average order value online (in EUR) |
329 | 356 | – 27 | –8% |
| Number of active customers online (as of September 30) (in k) |
1,413 | 1,421 | –8 | – 1% |
Non-financial key performance indicators, LatAm
| 9M 2022 |
9M | 2021 Change | Change in % |
|
|---|---|---|---|---|
| Gross merchandise value (in EURm) |
118.3 | 118.6 | –0.3 | 0% |
| Gross merchandise value online (in EURm) |
84.7 | 101.3 | –16.0 | –15.8% |
| Gross merchandise value offline (in EURm) |
33.6 | 17.3 | 16.3 | 94.2% |
| Gross merchandise value growth at constant currency (in %) |
– 15% | 13% | –28pp | |
| Number of orders online (in k) | 555 | 861 | – 306 | – 36% |
| Average order value online (in EUR) |
153 | 118 | 35 | 30% |
| Number of active customers online (as of September 30) (in k) |
622 | 878 | – 256 | –29% |
Bolstered by the consolidation of the Butlers Group since April 2022, revenue in the Europe segment amounted to EUR 341.4m in the first nine months of 2022 (previous year: EUR 379.5m), representing 80% of Group revenue. Revenue accordingly fell by –10% compared to the previous year. The non-financial key performance indicators show a clear and considerable increase in gross merchandise value offline as a result of the Butlers acquisition compared to the decline in gross merchandise value online. Despite price increases, the average order value in Europe fell marginally since the launch of the marketplace due to the larger share of small items within the product range.
Revenue in the LatAm segment amounted to EUR 86.9m in the first nine months of 2022, up 3% on the EUR 84.3m generated in the previous year. As a result, this segment represents 20% of Group revenue. In the LatAm segment, translating the Brazilian real into the Group's currency, the euro, had a positive impact on revenue performance. This is particularly apparent from the sharp EUR 35 increase in the average order value.
The Europe segment generated positive adjusted EBITDA of EUR 0.7m after EUR 3.4m in the prior-year period. The adjusted EBITDA margin came in at 0% compared to +1% in the previous year. Again confirming the positive trend, adjusted EBITDA in the third quarter of 2022 came to EUR 2.3m, which represents an adjusted EBITDA margin of +2%. Even without taking into account the Butlers Group's earnings contribution, EBITDA in the Europe segment at EUR 1.6m was clearly in positive territory in the third quarter.
The LatAm segment generated adjusted EBITDA of EUR –3.3m after EUR –1.5m in the prior-year period. The adjusted EBITDA margin came in at –4% compared to –2% in the prior-year period, representing a decline of 2 percentage points.
Cash Flows
| In EURm | 9M 2022 |
9M | 2021 Change |
|---|---|---|---|
| Cash flow from operating activities | – 8.9 | –74.1 | 65.2 |
| thereof from change in net working capital |
–4.3 | –73.2 | 68.9 |
| Cash flow from investing activities | –45.0 | –12.9 | –32.1 |
| Cash flow from financing activities | – 21.1 | 112.8 | – 133.9 |
| Net change in cash and cash equivalents |
–74.9 | 25.8 | –100.7 |
| Cash and cash equivalents at the begin ning of the period |
131.1 | 103.1 | 28.0 |
| Effects of exchange rate changes on cash and cash equivalents |
7.0 | 1.2 | 5.8 |
| Cash and cash equivalents at the end of the period |
63.2 | 130.1 | –66.9 |
During the first nine months of 2022, the negative trend in net working capital of EUR – 4.3m had a particularly adverse impact on cash flow from operating activities. However, continuing the trend seen in the second quarter, home24 in the third quarter generated positive cash flow from operating activities of EUR 6.6m, of which EUR 6.4m was again attributable to the positive development of net working capital. All told, the Company recorded a positive cash flow from operating activities of EUR 15.0m in the second and third quarter of the current financial year, bolstered in part by a positive adjusted EBITDA as well as a reduction in net working capital.
Cash outflows from investing activities primarily relate to the payments made to date for the acquisition of the Butlers Group (EUR –25.6m). As in the previous year, other investments are largely associated with investments in internally generated and acquired software (EUR –7.8m) and investments in property and equipment (EUR –8.7m). Investments fell considerably during the third quarter due to the increased focus on costs as well as the completion of past investment projects (including the marketplace launch) and amounted to just EUR – 3.5m, which meant that cash flow from operating activities and investing activities combined was positive in the third quarter.
Cash flow from financing activities primarily resulted from principal payments on lease liabilities (EUR –19.1m). The taking out of bank and other short-term loans totaling EUR 12.5m was offset by repayments of bank and other loans amounting to EUR –14.6m. These repayments consisted of principal payments on the Butlers Group's borrowings following the business combination.
Overall, this resulted in a negative cash flow for the first nine months of 2022, reducing the Group's cash and cash equivalents by EUR – 74.9m to EUR 63.2m as of the reporting date. The liquidity position remained virtually unchanged compared to the half-year result (EUR –2.5m).
Cash Flows of the Segments
Cash Flows, Europe
| In EURm | 9M 2022 |
9M | 2021 Change |
|---|---|---|---|
| Cash flow from operating activities | – 11.9 | – 27.3 | 15.4 |
| thereof from change in net working capital |
– 10.8 | –30.1 | 19.3 |
| Cash flow from investing activities | – 37.5 | 11.3 | – 48.8 |
| Cash flow from financing activities | – 17.2 | – 7.4 | –9.8 |
| Net change in cash and cash equivalents |
–66.6 | –23.4 | –43.2 |
| Cash and cash equivalents at the beginning of the period |
88.1 | 99.4 | –11.3 |
| Cash and cash equivalents at the end of the period |
21.5 | 76.0 | –54.5 |
Cash Flows, LatAm
| In EURm | 9M 2022 |
9M | 2021 Change |
|---|---|---|---|
| Cash flow from operating activities | 3.0 | –46.8 | 49.8 |
| thereof from change in net working capital |
6.5 | –43.2 | 49.7 |
| Cash flow from investing activities | –7.5 | –8.0 | 0.5 |
| Cash flow from financing activities | – 3.8 | 104.0 | – 107.8 |
| Net change in cash and cash equivalents |
–8.3 | 49.2 | –57.5 |
| Cash and cash equivalents at the beginning of the period |
43.0 | 3.7 | 39.3 |
| Effect of exchange rate changes on cash and cash equivalents |
7.0 | 1.2 | 5.8 |
| Cash and cash equivalents at the end of the period |
41.7 | 54.1 | –12.4 |
Of the EUR 63.2m in cash and cash equivalents reported in the Group as of September 30, 2022, EUR 21.5m relates to the Europe segment and EUR 41.7m to the LatAm segment.
The negative cash flow from operating activities in the Europe segment is due to the change in net working capital (see explanations on the Group's cash flows). The positive trend in the first nine months of 2022 is worth highlighting. While cash flow from operating activities was still EUR –17.5m in the first quarter of 2022, positive adjusted EBITDA and an improvement in net working capital generated an increase of EUR 5.6m in the second and third quarter of 2022. Cash flow from investing activities primarily consists of payments for the acquisition of the Butlers Group (EUR –25.6m). As in the Group as a whole, cash flow from financing activities mainly consists of principal payments on lease liabilities (EUR –15.3m) and the taking out (EUR +12.5m) and repayment (EUR –14.6m) of borrowings.
Cash flow from operating activities in the LatAm segment also improved in the first nine months of 2022. Although the figure for the first quarter of 2022 was still EUR –6.4m, the improvement in net working capital in the second and third quarter generated an increase of EUR 9.4m. Cash flow from investing activities in the LatAm segment primarily consists of investments in property and equipment in the warehousing and retail area (EUR – 4.5m) and investments in intangible assets (EUR – 3.3m). Cash flow from financing activities mainly concerns principal payments on lease liabilities (EUR – 3.9m).
Financial Position
| In EURm | Septem ber 30, 2022 |
Decem ber 31, |
2021 Change | Change in % |
|---|---|---|---|---|
| Non-current assets | 312.9 | 136.5 | 176.4 | >100% |
| Current assets | 212.4 | 253.7 | – 41.3 | – 16% |
| Total assets | 525.3 | 390.2 | 135.1 | 35% |
| In EURm | Septem ber 30, 2022 |
Decem ber 31, |
2021 Change | Change in % |
|---|---|---|---|---|
| Equity | 207.2 | 220.4 | – 13.1 | – 6% |
| Non-current liabilities | 171.8 | 55.6 | 116.1 | >100% |
| Current liabilities | 146.3 | 114.2 | 32.1 | 28% |
| Total equity and liabilities | 525.3 | 390.2 | 135.1 | 35% |
The change in the Group's assets and equity and liabilities compared to December 31, 2021 is mainly attributable to the business combination between home24 and the Butlers Group on April 1, 2022.
The increase in non-current assets mainly was due to EUR 98.7m higher right-of-use assets. Most of these increased right-of-use assets resulted from the business combination with the Butlers Group, which operates retail outlets across the DACH region. The remaining rise in right-of-use assets is based on the right-of-use asset for the new home24 headquarters in Berlin. Intangible assets rose by EUR 58.0m. The increase primarily relates to the recognition of the BUTLERS brand as part of the provisional purchase price allocation as well as acquired goodwill.
Current assets declined due in particular to the reduction in cash and cash equivalents (EUR –67.9m). Changes in cash and cash equivalents are discussed in the "Cash Flows" section. The increase in inventories had an offsetting effect on current assets. Inventories rose by EUR 29.5m to EUR 90.2m primarily because of the business combination with the Butlers Group.
Equity decreased by EUR – 13.1m due to the loss for the period. By contrast, the acquisition of the Butlers Group and currency translation effects both had a positive impact on equity.
The EUR 116.1m increase in non-current liabilities was driven by the rise in non-current lease liabilities (EUR 75.6m). This increase relates to changes in right-of-use assets within non-current assets. Non-current borrowings also grew due to the deferral of purchase price payments for the acquisition of the Butlers Group and the taking out of bank loans (EUR 21.6m). In addition, deferred tax liabilities increased by EUR 13.7m, predominantly as a result of the business combination with the Butlers Group.
EUR 20.4m of the increase in current liabilities was attributable to lease liabilities. Current borrowings rose by a total of EUR 13.1m as a result of taking out short-term loans and liabilities from outstanding purchase price payments relating to the Butlers acquisition.
The first-time recognition of the Butlers Group is provisional in relation to fair values. The finalization of the measurement may affect in particular the initial recognition of goodwill and other non-current and current assets, as well as the amount of deferred tax liabilities.
Overall, total assets increased by EUR 135.1m from EUR 390.2m to EUR 525.3m.
Overall Assessment
In the first nine months of 2022, home24 remained on the right track to bolster its market position amid a challenging environment. The Group has gradually grown its margins over the course of the year while adjusting its cost items in line with the situation in the market. As a result, profitability has steadily improved during the year with the fourth quarter – typically the strongest in seasonal terms – yet to come. Bolstered by the Butlers acquisition, home24 was also able to keep revenues fundamentally stable y-o-y. home24 will continue to focus on further improving its profitability and strengthening its liquidity position to position the Company as effectively as possible for long-term market opportunities even in a volatile market environment.
Future Performance and Outlook
Based on results achieved to date, home24 is confirming its revenue guidance updated in the half-year report (revenue growth at constant currency of –7% to +3% for financial year 2022) as well as the adjusted EBITDA margin forecast of +1% to +5% maintained since the start of the year.
Events after the Reporting Period
On October 5, 2022, home24 SE reached a Business Combination Agreement with Austrian firm XXXLutz KG and its Austrian subsidiary RAS Beteiligungs GmbH. On the same day, RAS Beteiligungs GmbH announced its decision to offer to pay shareholders of home24 SE a cash consideration of EUR 7.50 per share as part of a voluntary public takeover offer for all bearer shares of home24 SE. The Agreement stipulates that XXXLutz KG will not enter into any control or profit transfer agreement with the Company for a period of three years after this transaction is completed. XXXLutz will aim to delist the shares of home24 after completing the offer.
The share capital of home24 SE was increased by 3,046,366 no-par value shares with a notional interest of EUR 1.00 each in the Company's share capital in return for contributions in cash with effect from October 7, 2022 by utilizing Authorized Capital 2022 with shareholders' statutory preemptive rights disapplied. The share capital entered in the commercial register increased to EUR 33,526,102. RAS Beteiligungs GmbH was the sole subscriber to these new shares at a price of EUR 7.50 per new share. As a result, the gross issue proceeds from the capital increase amounted to EUR 22,847,745. The inflow of capital increased the cash holdings of home24 SE. Together with its parent company XXXLutz KG, RAS Beteiligungs GmbH has secured approximately 68.7% of the future share capital of home24 SE via the capital increase, offer agreements with the main shareholders of home24 SE, share purchases and other instruments.
On October 28, 2022, SGW-Immo-GmbH, LSW GmbH and RAS Beteiligungs GmbH announced their intention to make a joint voluntary public takeover offer. The offer still refers to the acquisition of all home24 SE shares at a price of EUR 7.50 per share. The three aforementioned companies will jointly submit an offer document to the German Federal Financial Supervisory Authority (BaFin) and, after gaining approval from BaFin to publish the offer document, will submit an offer to acquire all shares in home24 SE that they do not already hold. In this respect, RAS Beteiligungs GmbH, LSW GmbH and SGW-Immo-GmbH are forming what is known as a "subsequent bidder consortium".
On November 11, 2022, the three bidders RAS Beteiligungs GmbH, LSW GmbH and SGW-Immo-GmbH published the offer document for the voluntary public takeover after having received approval from BaFin. This means that the acceptance period runs from November 11 to December 9, 2022. home24 shareholders can offer their shares to the bidding consortium at a price of EUR 7.50 per share starting November 11, 2022.
Berlin, November 15, 2022
Marc Appelhoff Brigitte Wittekind Philipp Steinhäuser
Selected financial information
Consolidated Income Statement
| In EURm | 9M 2022 | 9M 2021 |
|---|---|---|
| Revenue | 428.1 | 463.7 |
| Cost of sales | –233.8 | – 261.7 |
| Gross profit | 194.4 | 202.0 |
| Selling and distribution costs | –190.3 | – 186.1 |
| Impairment losses on financial assets | –1.5 | – 2.1 |
| Administrative expenses | – 46.9 | –40.0 |
| Other operating income | 5.0 | 3.0 |
| Other operating expenses | – 2.9 | –1.1 |
| Operating result (EBIT) | –42.3 | –24.3 |
| Finance income | 5.3 | 3.9 |
| Finance costs | – 6.2 | – 4.3 |
| Loss before taxes | –43.2 | –24.7 |
| Income taxes | 1.0 | – 0.4 |
| Loss for the period | –42.2 | –25.1 |
| Thereof attributable to: | ||
| Owners of the parent company | – 35.8 | – 21.5 |
| Non-controlling interests | – 6.4 | – 3.6 |
09
Selected financial
information
Consolidated Statement of Financial Position
| In EURm | September 30, 2022 | December 31, 2021 |
|---|---|---|
| Non-current assets | ||
| Property and equipment | 33.5 | 24.8 |
| Intangible assets | 94.6 | 36.7 |
| Right-of-use assets | 155.7 | 56.9 |
| Other financial assets | 24.4 | 16.1 |
| Other non-financial assets | 4.7 | 2.0 |
| Total non-current assets | 312.9 | 136.5 |
| Current assets | ||
| Inventories | 90.2 | 60.8 |
| Advance payments on inventories | 3.2 | 4.4 |
| Trade receivables | 32.5 | 37.2 |
| Financial assets | 3.3 | 4.0 |
| Other non-financial assets | 19.9 | 16.2 |
| Cash and cash equivalents | 63.2 | 131.1 |
| Total current assets | 212.4 | 253.7 |
| Total assets | 525.3 | 390.2 |
| In EURm | September 30, 2022 | December 31, 2021 |
|---|---|---|
| Equity | ||
| Subscribed capital | 30.5 | 29.3 |
| Treasury shares | 0.0 | 0.0 |
| Capital reserves | 77.0 | 70.0 |
| Other reserves | 67.9 | 57.8 |
| Accumulated losses / retained earnings | –21.5 | 13.5 |
| Equity attributable to the owners of the parent company | 154.0 | 170.6 |
| Non-controlling interests | 53.3 | 49.8 |
| Total equity | 207.2 | 220.4 |
| Non-current liabilities | ||
| Borrowings | 21.6 | 0.0 |
| Lease liabilities | 123.2 | 47.5 |
| Other financial liabilities | 4.0 | 1.2 |
| Other non-financial liabilities | 0.1 | 0.2 |
| Provisions | 8.3 | 5.7 |
| Deferred tax liabilities | 14.7 | 1.0 |
| Total non-current liabilities | 171.8 | 55.6 |
| Current liabilities | ||
| Borrowings | 13.1 | 0.0 |
| Lease liabilities | 36.3 | 15.9 |
| Trade payables and similar liabilities | 63.5 | 67.0 |
| Contract liabilities | 15.5 | 15.8 |
| Income tax liabilities | 1.9 | 0.1 |
| Other financial liabilities | 2.9 | 3.2 |
| Other non-financial liabilities | 12.2 | 11.4 |
| Provisions | 0.8 | 0.8 |
| Total current liabilities | 146.3 | 114.2 |
| Total liabilities | 318.1 | 169.8 |
| Total equity and liabilities | 525.3 | 390.2 |
Consolidated Statement of Cash Flows
| In EURm | 9M 2022 | 9M 2021 |
|---|---|---|
| Cash flow from operating activities | ||
| Loss before taxes | – 43.2 | – 24.7 |
| Depreciation of property and equipment | 6.5 | 3.5 |
| Amortization of intangible assets | 8.3 | 6.3 |
| Depreciation of right-of-use assets | 22.7 | 9.8 |
| Share-based payment expenses | 1.1 | 6.4 |
| Share-based payment expenditures | 0.0 | – 2.3 |
| Gain/losses on sales of property and equipment | – 0.1 | 0.0 |
| Change in provisions | –0.2 | 1.7 |
| Change in net working capital | ||
| Change in inventories and advanced payments on inventories | 6.1 | –23.2 |
| Change in trade receivables and other assets | 6.9 | – 29.7 |
| Change in trade payables and similar liabilities as well as other liabilities | – 16.6 | –10.2 |
| Change in contract liabilities | – 0.8 | –10.1 |
| Change in other assets/liabilities | 0.5 | –1.4 |
| Income taxes paid, less reimbursements | – 0.2 | –0.2 |
| Cash flow from operating activities | –8.9 | –74.1 |
| Cash flow from investing activities | ||
| Payments to acquire property and equipment | –8.7 | – 7.2 |
| Payments to acquire intangible assets | –7.8 | – 6.1 |
| Proceeds from sale of property and equipment | 0.5 | 0.6 |
| Payments to grant loans | – 2.7 | 0.0 |
| Payments to acquire subsidiaries less cash acquired | –25.6 | 0.0 |
| Change in restricted cash and long-term deposits and collateral | –0.6 | – 0.2 |
| Cash flow from investing activities | –45.0 | –12.9 |
| Cash flow from financing activities | ||
| Proceeds from capital increases by shareholders less transaction costs | 0.0 | – 0.1 |
| Cash paid to owners and non-controlling interests | 0.0 | – 0.9 |
| Proceeds from capital increases at Mobly S.A. | 0.0 | 121.0 |
| Proceeds from the sale of shares in Mobly S.A. | 0.0 | 24.2 |
| Transaction costs paid in connection with the capital increase and sale of shares in Mobly S.A. | 0.0 | – 7.2 |
| Taxes paid on the sale of shares in Mobly S.A. | 0.0 | – 3.9 |
| Proceeds from bank loans | 7.5 | 0.5 |
| Repayment of bank loans | –9.0 | – 11.8 |
| Proceeds from short-term borrowings | 5.0 | 0.0 |
| Repayment of borrowings | –5.6 | 0.0 |
| Redemption of lease liabilities | – 19.1 | – 9.0 |
| Proceeds from subleases | 0.2 | 0.0 |
| Cash flow from financing activities | –21.1 | 112.8 |
| Net change in cash and cash equivalents | –74.9 | 25.8 |
| Cash and cash equivalents at the beginning of the period | 131.1 | 103.1 |
| Effects of exchange rate changes on cash and cash equivalents | 7.0 | 1.2 |
| Cash and cash equivalents at the end of the period | 63.2 | 130.1 |
Imprint
CONTACT
home24 SE Otto-Ostrowski-Str. 3 10249 Berlin, Germany
INVESTOR RELATIONS
Email: [email protected]
MEDIA Email: [email protected]
CONSULTING, CONCEPT & DESIGN
Silvester Group, Hamburg www.silvestergroup.com
Legal Disclaimer
This document contains forward-looking statements. These statements reflect the current view, expectations and assumptions of the management of home24 SE and are based upon information currently available to the management of home24 SE. 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 and developments to differ materially from the expectations and assumptions described in this document. These factors include, in particular, changes to the overall economic framework conditions and the general competitive environment. Besides, developments on the financial markets and changes of currency exchange rates as well as changes in national and international legislation, in particular tax legislation, and other factors have influence on the future results and developments of the Company. Neither home24 SE nor any of its affiliates assume any kind of responsibility, liability or obligations for the accuracy of the forward-looking statements and their underlying assumptions in this document. Neither home24 SE nor any of its affiliates do assume any obligation to update the statements contained in this document.
This quarterly statement has been translated into English. It is available for download in both languages at www.home24.com. If there are variances, the German version has priority over the English translation.
home24 SE
Otto-Ostrowski-Str. 3, 10249 Berlin, Germany Email: [email protected]