AI assistant
ABOUT YOU Holding AG — Call Transcript 2022
Jul 7, 2022
728_ip_2022-07-07_cc83ccec-e8db-48bc-889c-9a422aa16b47.pdf
Call Transcript
Open in viewerOpens in your device viewer
Q1 2022/2023 Earnings Call Presentation 7 July 2022
It's ABOUT YOU | aboutyou.com
Agenda conference call Q1 22/23
| 1 | Highlights | |
|---|---|---|
| 2 | Business update | |
| 3 | Financial update | |
| 4 | Outlook | |
| Q&A | Co-Founder & Co-CEO, Operations & Finance |
Today's speaker: Hannes Wiese
Q1 22/23 highlights
| 1 | Top-line growth of +19.4% YoY to EUR 504.1m in Q1 22/23, against the backdrop of worsening macroeconomic conditions and consumer sentiment effects from the Russia-Ukraine conflict |
|---|---|
| 2 | Group adj. EBITDA1 of EUR -28.8m (margin: -5.7%) caused by continued investments into strategic growth initiatives, negatively affected unit economics, and one-off effects |
| 3 | Growth in customers and frequency, normalising AOV: +27.7% YoY active customers to 11.8 million LTM2 in Q1 22/23, AOF3: 3.0x (+5.4% YoY) and AOV4: EUR 56.8 (-2.2% YoY), as normalisation of return rates is offsetting price increases |
| 4 | Commerce segments with solid revenue growth (DACH: +9.6% YoY, Rest of Europe: +23.3% YoY), but profitability under pressure – DACH adj. EBITDA margin decreased to 4.1% (-3.8pp YoY), RoE to -20.1% (-2.1%pp YoY) |
| 5 | Segment Tech, Media, and Enabling (TME) with continued high revenue growth (+45.2% YoY) regardless of tough comparatives, driven by expansion of SCAYLE – adj. EBITDA margin improved to 14.0% (+0.4pp YoY) |
| 6 | Guidance for FY 22/23 reiterated: +25.0 to 35.0% Group revenue growth YoY (EUR 2,165 to 2,338m), adj. EBITDA5 of EUR -70 to -50m (margin: -3.2 to -2.1%), supported by comprehensive bottom-line measures on path to profitability |
1. EBITDA adjusted for (i) equity-settled share-based compensation expenses, (ii) restructuring costs, and (iii) one-time effects; 2. LTM: last twelve months; 3. AOF: average order frequency; 4. AOV: average order value; 5. Excluding potential M&A activities
Continued market share gains in a volatile market
AY growth levers Selected growth investments Q1 22/23
1 ABOUT YOU Awards in Milan
Big Bang campaign in Norway
Branding campaign in Southern Europe
10m extraordinary costs in Q1 22/23
Unit economics are worsening, but from a high base
- Defined as revenue less COGS less fulfilment costs, in Germany, based on predicted returns as per end of June 2022
Countermeasures in place to deliver on path to profitability
Path to profitability for the Group
Adjusted marketing steering (increased ROI targets)
Reduced growth investments into new markets
Operating efficiency programs targeting key cost lines
Key
measures
| Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 |
|---|
1 priority to achieve Group adjusted EBITDA breakeven in FY 23/24
Strong growth in all segments despite market volatility
Revenue1 (EUR m) – % growth YoY
Note: Q1 22/23 ending in May; financials based on IFRS accounting with reconciliation from segment to Group 1. Reconciliation from segment to Group revenue of EUR -14.5m for Q1 22/23, and EUR -16.7m for Q1 21/22
Strong customer metrics drive commerce revenues
AY Commerce (AY DACH+AY RoE), Q1 22/23 Last Twelve Months (LTM)
- Defined as customers who made at least one purchase through our apps and websites within the last 12 months 2. Defined as the total number of all orders divided by the total number of all active customers 3. Defined as the value of all merchandise sold to customers in the Commerce business after cancellations and returns and including VAT, divided by the number of orders
Commerce EBITDA under pressure, TME with further uplift
Adj. EBITDA1 (EUR m) – % margin
Note: Q1 22/23 ending in May; financials based on IFRS accounting with reconciliation from segment to Group
- Reconciliation from segment to Group adj. EBITDA of EUR 0.4m for Q1 22/23, and EUR -1.0m for Q1 21/22; EBITDA adjusted for (i) equity-settled share-based compensation expenses (Q1 22/23: EUR 2.5m; Q1 21/22: EUR 1.6m) (ii) restructuring costs and one-time effects (Q1 22/23: EUR 0.0m; Q1 21/22: EUR 4.7m)
Fulfilment and marketing costs put pressure on profitability
Key margin and cost lines AY Group
| Q1 | |||
|---|---|---|---|
| % of revenue | 21/22 | 22/23 | YoY Delta |
| Gross margin1 | 41.8% | 42.6% | 0.9pp |
| (-) Fulfilment costs1 |
19.2% | 21.9% | 2.7pp |
| (-) Marketing costs1 | 19.8% | 20.8% | 1.0pp |
| (-) Admin & other costs1 | 5.6% | 5.7% | 0.0pp |
| Adj. EBITDA margin | (2.9)% | (5.7)% | (2.8)pp |
- Defined as Alternative Performance Measures (APM) and not recognised under IFRS
Negative NWC and limited CAPEX in Q1 22/23
- Net working capital defined as: inventories plus receivables (includes trade receivables and other current assets) minus liabilities (includes trade payables, other payables and provisions for returns) 2. Includes acquisition of intangible assets and PPE (Q1 22/23 EUR 8.4m; Q1 21/22 EUR 4.4m), acquisition of company shares (Q1 22/23 EUR 0.0m; Q1 21/22 EUR 0.5m) and working capital loans for holdings in influencer brands and incubators (Q1 22/23 EUR 4.7m; Q1 21/22 EUR 6m)
Solid cash position to execute on path to profitability
- Not adjusted for private placement expenses
Guidance for FY 22/23 and medium-term goals confirmed
- Excluding potential M&A activities
Check out the ABOUT YOU app experience via our product demo
Stay up-to-date with the AY Media Board
Group key performance metrics
| EUR m / % | Q1 19/20 | Q2 19/20 | Q3 19/20 | Q4 19/20 | FY 19/20 | Q1 20/21 | Q2 20/21 | Q3 20/21 | Q4 20/21 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue1 | 153.0 | 154.3 | 228.0 | 208.1 | 743.4 | 255.1 | 258.0 | 346.2 | 307.1 | 1,166.5 | 422.1 | 395.6 | 512.5 | 401.4 | 1,731.6 | 504.1 |
| growth % y-o-y |
66.5% | 67.2% | 54.6% | 60.6% | 61.2% | 66.8% | 67.2% | 51.9% | 47.6% | 56.9% | 65.5% | 53.3% | 48.0% | 30.7% | 48.5% | 19.4% |
| Cost of sales2 | (88.6) | (96.4) | (126.8) | (113.2) | (425.0) | (150.9) | (169.4) | (205.3) | (167.8) | (693.3) | (245.8) | (241.4) | (313.2) | (227.5) | (1,028.0) | (289.3) |
| Gross profit | 64.3 | 57.9 | 101.1 | 95.0 | 318.4 | 104.2 | 88.7 | 140.9 | 139.3 | 473.1 | 176.3 | 154.2 | 199.3 | 173.9 | 703.7 | 214.8 |
| margin % |
42.1% | 37.5% | 44.4% | 45.6% | 42.8% | 40.9% | 34.4% | 40.7% | 45.4% | 40.6% | 41.8% | 39.0% | 38.9% | 43.3% | 40.6% | 42.6% |
| Fulfilment costs2 | (32.8) | (31.9) | (43.4) | (48.9) | (157.0) | (53.9) | (53.6) | (66.0) | (60.2) | (233.7) | (81.1) | (80.4) | (96.3) | (89.6) | (347.4) | (110.2) |
| of % revenue |
(21.4)% | (20.7)% | (19.0)% | (23.5)% | (21.1)% | (21.1)% | (20.8)% | (19.1)% | (19.6)% | (20.0)% | (19.2)% | (20.3)% | (18.8)% | (22.3)% | (20.1)% | (21.9)% |
| Marketing costs2 | (39.6) | (40.2) | (54.3) | (32.6) | (166.7) | (44.5) | (33.9) | (66.9) | (45.1) | (190.3) | (83.7) | (67.0) | (108.7) | (69.1) | (328.5) | (104.9) |
| of % revenue |
(25.9)% | (26.0)% | (23.8)% | (15.7)% | (22.4)% | (17.4)% | (13.1)% | (19.3)% | (14.7)% | (16.3)% | (19.8)% | (16.9)% | (21.2)% | (17.2)% | (19.0)% | (20.8)% |
| Admin & other costs2 | (13.2) | (16.5) | (15.6) | (19.2) | (64.6) | (16.6) | (14.0) | (22.3) | (31.6) | (84.6) | (23.8) | (20.0) | (24.7) | (26.2) | (94.7) | (28.5) |
| of % revenue |
(8.7)% | (10.7)% | (6.8)% | (9.2)% | (8.7)% | (6.5)% | (5.4)% | (6.4)% | (10.3)% | (7.3)% | (5.6)% | (5.0)% | (4.8)% | (6.5)% | (5.5)% | (5.7)% |
| Adj. EBITDA3 | (21.3) | (30.7) | (12.2) | (5.7) | (69.9) | (10.7) | (12.9) | (14.3) | 2.4 | (35.5) | (12.3) | (13.1) | (30.5) | (11.0) | (66.9) | (28.8) |
| margin % |
(13.9)% | (19.9)% | (5.3)% | (2.7)% | (9.4)% | (4.2)% | (5.0)% | (4.1)% | 0.8% | (3.0)% | (2.9)% | (3.3)% | (6.0)% | (2.7)% | (3.9)% | (5.7)% |
| Adjustments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (8.5) | (8.5) | (6.3) | (16.7) | (0.2) | (4.8) | (28.1) | (2.5) |
| EBITDA | (21.3) | (30.7) | (12.2) | (5.7) | (69.9) | (10.7) | (12.9) | (14.3) | (6.1) | (44.0) | (18.6) | (29.8) | (30.7) | (15.8) | (95.0) | (31.3) |
| margin % |
(13.9)% | (19.9)% | (5.3)% | (2.7)% | (9.4)% | (4.2)% | (5.0)% | (4.1)% | (2.0)% | (3.8)% | (4.4)% | (7.5)% | (6.0)% | (3.9)% | (5.5)% | (6.2)% |
| Depreciation & amortisation |
(2.3) | (2.1) | (1.9) | (3.2) | (9.5) | (2.7) | (2.7) | (2.8) | (3.2) | (11.4) | (3.8) | (3.9) | (7.7) | (9.6) | (25.0) | (11.6) |
| EBIT | (23.6) | (32.8) | (14.1) | (8.9) | (79.4) | (13.4) | (15.6) | (17.2) | (9.3) | (55.5) | (22.4) | (33.7) | (38.5) | (25.4) | (119.9) | (43.0) |
| % margin |
(15.4)% | (21.2)% | (6.2)% | (4.3)% | (10.7)% | (5.2)% | (6.0)% | (5.0)% | (3.0)% | (4.8)% | (5.3)% | (8.5)% | (7.5)% | (6.3)% | (6.9)% | (8.5)% |
-
Reconciliation from segment to Group revenue of EUR -14.5m for Q1 22/23, and EUR -16.7m for Q1 21/22
-
Defined as Alternative Performance Measure (APM) and not recognised under IFRS
-
Reconciliation from segment to Group adj. EBITDA of EUR 0.4m for Q1 22/23, and EUR -1.0m for Q1 21/22; EBITDA adjusted for (i) equity-settled share-based compensation expenses (Q1 22/23: EUR 2.5m; Q1 21/22: EUR 1.6m) (ii) restructuring costs and one-time effects (Q1 22/23: EUR 0.0m; Q1 21/22: EUR 4.7m)
Segment information
| EUR m / % | Q1 19/20 | Q2 19/20 | Q3 19/20 | Q4 19/20 | FY 19/20 | Q1 20/21 | Q2 20/21 | Q3 20/21 | Q4 20/21 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 153.0 | 154.3 | 228.0 | 208.1 | 743.4 | 255.1 | 258.0 | 346.2 | 307.1 | 1,166.5 | 422.1 | 395.6 | 512.5 | 401.4 | 1,731.6 | 504.1 |
| DACH | 117.3 | 109.5 | 156.9 | 126.1 | 509.9 | 171.6 | 138.7 | 195.6 | 154.1 | 660.0 | 218.2 | 197.4 | 248.4 | 175.9 | 839.9 | 239.0 |
| RoE | 24.9 | 37.2 | 63.1 | 63.8 | 188.9 | 85.0 | 108.5 | 142.8 | 127.2 | 463.5 | 186.1 | 162.9 | 239.6 | 179.1 | 767.7 | 229.5 |
| TME | 12.0 | 9.9 | 13.7 | 16.3 | 52.0 | 14.6 | 14.1 | 23.3 | 31.5 | 83.5 | 34.5 | 39.5 | 48.7 | 44.7 | 167.4 | 50.0 |
| Reconciliation | (1.2) | (2.3) | (5.8) | 2.0 | (7.4) | (16.1) | (3.2) | (15.6) | (5.7) | (40.6) | (16.7) | (4.2) | (24.2) | 1.8 | (43.3) | (14.5) |
| Revenue growth YoY | 66.5% | 67.2% | 54.6% | 60.6% | 61.2% | 66.8% | 67.2% | 51.9% | 47.6% | 56.9% | 65.5% | 53.3% | 48.0% | 30.7% | 48.5% | 19.4% |
| DACH | 40.8% | 39.8% | 32.3% | 32.3% | 35.8% | 46.2% | 26.6% | 24.7% | 22.2% | 29.4% | 27.2% | 42.4% | 27.0% | 14.2% | 27.3% | 9.6% |
| RoE | 229.1% | 224.7% | 148.6% | 152.0% | 171.1% | 241.7% | 191.6% | 126.4% | 99.5% | 145.3% | 119.1% | 50.1% | 67.7% | 40.8% | 65.6% | 23.3% |
| TME | 191.6% | 71.7% | 110.7% | 62.6% | 96.5% | 22.0% | 41.4% | 69.7% | 93.2% | 60.6% | 135.8% | 181.0% | 109.1% | 41.6% | 100.4% | 45.2% |
| Adj. EBITDA | (21.3) | (30.7) | (12.2) | (5.7) | (69.9) | (10.7) | (12.9) | (14.3) | 2.4 | (35.5) | (12.3) | (13.1) | (30.5) | (11.0) | (66.9) | (28.8) |
| DACH | (2.2) | (4.0) | 7.4 | (0.7) | 0.4 | 7.4 | 8.6 | 15.8 | 5.0 | 36.8 | 17.3 | 7.8 | 13.6 | 16.7 | 55.5 | 9.9 |
| RoE | (7.5) | (16.8) | (16.4) | (14.5) | (55.2) | (17.7) | (17.6) | (29.7) | (18.3) | (83.3) | (33.3) | (24.4) | (50.5) | (36.8) | (145.1) | (46.0) |
| TME | (8.0) | (9.7) | (5.0) | 5.3 | (17.4) | 0.6 | (1.1) | 1.0 | 9.6 | 10.1 | 4.7 | 6.1 | 7.1 | 11.1 | 29.0 | 7.0 |
| Reconciliation | (3.6) | (0.1) | 1.9 | 4.3 | 2.4 | (1.1) | (2.8) | (1.5) | 6.2 | 0.8 | (1.0) | (2.5) | (0.7) | (2.0) | (6.3) | 0.4 |
| Adj. EBITDA margin | (13.9)% | (19.9)% | (5.3)% | (2.7)% | (9.4)% | (4.2)% | (5.0)% | (4.1)% | 0.8% | (3.0)% | (2.9)% | (3.3)% | (6.0)% | (2.7)% | (3.9)% | (5.7)% |
| DACH | (1.9)% | (3.7)% | 4.7% | (0.6)% | 0.1% | 4.3% | 6.2% | 8.1% | 3.2% | 5.6% | 7.9% | 3.9% | 5.5% | 9.5% | 6.6% | 4.1% |
| RoE | (30.0)% | (45.1)% | (26.1)% | (22.8)% | (29.2)% | (20.9)% | (16.2)% | (20.8)% | (14.4)% | (18.0)% | (17.9)% | (15.0)% | (21.1)% | (20.6)% | (18.9)% | (20.1)% |
| TME | (66.5)% | (98.1)% | (36.1)% | 32.2% | (33.5)% | 4.3% | (8.1)% | 4.3% | 30.4% | 12.0% | 13.6% | 15.4% | 14.6% | 24.9% | 17.3% | 14.0% |
- EBITDA adjusted for (i) equity-settled share-based compensation expenses (Q1 22/23: EUR 2.5m; Q1 21/22: EUR 1.6m) (ii) restructuring costs and one-time effects (Q1 22/23: EUR 0.0m; Q1 21/22: EUR 4.7m)
Customer metrics
| Q1 19/20 | Q2 19/20 | Q3 19/20 | Q4 19/20 | FY 19/20 | Q1 20/21 | Q2 20/21 | Q3 20/21 | Q4 20/21 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Customer reach metrics | ||||||||||||||||
| User sessions per month (m)1 |
34.3 | 38.4 | 46.2 | 54.6 | 54.6 | 64.0 | 72.4 | 81.4 | 89.5 | 89.5 | 102.1 | 111.1 | 124.0 | 135.7 | 135.7 | 143.3 |
| Mobile sessions (% of user sessions)2 |
75.3% | 77.5% | 80.2% | 81.9% | 81.9% | 82.9% | 83.5% | 83.4% | 83.4% | 83.4% | 83.6% | 83.5% | 84.6% | 85.4% | 85.4% | 86.1% |
| Customer engagement metrics LTM3 |
||||||||||||||||
| Active customers (m)4 | 4.4 | 4.8 | 5.3 | 5.8 | 5.8 | 6.5 | 7.2 | 8.0 | 8.4 | 8.4 | 9.2 | 9.7 | 10.7 | 11.4 | 11.4 | 11.8 |
| Average order frequency (#)5 |
2.4 | 2.5 | 2.5 | 2.6 | 2.6 | 2.6 | 2.7 | 2.7 | 2.7 | 2.7 | 2.8 | 2.9 | 2.9 | 2.9 | 2.9 | 3.0 |
| Total number of orders (m)6 |
10.7 | 11.8 | 13.3 | 14.9 | 14.9 | 17.2 | 19.4 | 21.7 | 23.2 | 23.2 | 25.9 | 28.0 | 30.8 | 32.9 | 32.9 | 34.9 |
| Average order value (EUR)7 |
54.7 | 55.1 | 55.8 | 55.3 | 55.3 | 55.8 | 55.6 | 56.1 | 57.1 | 57.1 | 58.1 | 58.5 | 58.8 | 57.8 | 57.8 | 56.8 |
| Customer engagement metrics |
||||||||||||||||
| Total number of orders (m) |
3.0 | 3.3 | 4.3 | 4.3 | 14.9 | 5.3 | 5.5 | 6.6 | 5.8 | 23.2 | 8.0 | 7.5 | 9.5 | 7.9 | 32.9 | 9.9 |
-
Defined as all sessions across all countries excluding sessions without interaction
-
Defined as all session via a mobile device, e.g. a smartphone
-
Last twelve months (LTM)
-
Defined as customers who made at least one purchase through our apps and websites within the last 12 months
-
Defined as the total number of all orders divided by the total number of all active customers
-
Defined as the number of customer orders placed within the last 12 months
-
Defined as the value of all merchandise sold to customers in the Commerce business after cancellations and returns and including VAT, divided by the number of orders
Short profit & loss statement
| EUR m / % | FY 19/20 | Q1 20/21 | Q2 20/21 | Q3 20/21 | Q4 20/21 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue1 | 743.4 | 255.1 | 258.0 | 346.2 | 307.1 | 1,166.5 | 422.1 | 395.6 | 512.5 | 401.4 | 1,731.6 | 504.1 |
| growth % y-o-y |
61.2% | 66.8% | 67.2% | 51.9% | 47.6% | 56.9% | 65.5% | 53.3% | 48.0% | 30.7% | 48.5% | 19.4% |
| Cost of materials | (422.5) | (150.3) | (169.0) | (204.4) | (167.8) | (691.5) | (244.3) | (239.7) | (311.7) | (227.6) | (1,023.3) | (286.6) |
| Personnel expenses | (34.9) | (10.5) | (11.7) | (13.0) | (24.6) | (59.8) | (17.0) | (24.5) | (19.0) | (25.4) | (86.0) | (24.4) |
| Other operating expenses |
(367.5) | (107.5) | (93.8) | (147.4) | (129.2) | (477.8) | (184.0) | (165.7) | (221.7) | (172.7) | (744.1) | (232.9) |
| Other operating income |
2.1 | 0.2 | 0.8 | 1.0 | 1.3 | 3.2 | 0.7 | 0.7 | 1.3 | 0.4 | 3.1 | 0.7 |
| Own work capitalized | 9.5 | 2.2 | 2.8 | 3.3 | 7.1 | 15.4 | 3.8 | 3.8 | 8.0 | 8.1 | 23.8 | 7.8 |
| EBITDA | (69.9) | (10.7) | (12.9) | (14.3) | (6.1) | (44.0) | (18.6) | (29.8) | (30.7) | (15.8) | (95.0) | (31.3) |
| % margin |
(9.4)% | (4.2)% | (5.0)% | (4.1)% | (2.0)% | (3.8)% | (4.4)% | (7.5)% | (6.0)% | (3.9)% | (5.5)% | (6.2)% |
| Depreciation & amortisation |
(9.5) | (2.7) | (2.7) | (2.8) | (3.2) | (11.4) | (3.8) | (3.9) | (7.7) | (9.6) | (25.0) | (11.6) |
| EBIT | (79.4) | (13.4) | (15.6) | (17.2) | (9.3) | (55.5) | (22.4) | (33.7) | (38.5) | (25.4) | (119.9) | (43.0) |
| margin % |
(10.7)% | (5.2)% | (6.0)% | (5.0)% | (3.0)% | (4.8)% | (5.3)% | (8.5)% | (7.5)% | (6.3)% | (6.9)% | (8.5)% |
| Net interest result | (0.9) | (0.6) | 0.3 | (0.4) | (0.9) | (1.6) | (1.1) | (1.2) | (0.5) | 0.1 | (2.7) | (1.1) |
| EBT | (80.2) | (14.0) | (15.3) | (17.6) | (10.2) | (57.1) | (23.5) | (34.9) | (39.0) | (25.2) | (122.6) | (44.1) |
| Income taxes | 0.4 | (0.1) | (0.1) | (0.1) | (2.5) | (2.8) | (0.0) | (0.1) | (0.9) | (0.8) | (1.8) | (0.3) |
| Profit / (loss) for the period (EAT) |
(79.8) | (14.1) | (15.4) | (17.7) | (12.7) | (59.9) | (23.5) | (35.0) | (39.9) | (26.0) | (124.4) | (44.4) |
- Reconciliation from segment to Group adj. EBITDA of EUR 0.4m for Q1 22/23, and EUR -1.0m for Q1 21/22
Reconciliation of adj. EBITDA to net income
| EUR m | FY 19/20 | Q1 20/21 | Q2 20/21 | Q3 20/21 | Q4 20/21 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Adj. EBITDA1 | (69.9) | (10.7) | (12.9) | (14.3) | 2.4 | (35.5) | (12.3) | (13.1) | (30.5) | (11.0) | (66.9) | (28.8) |
| Equity-settled share based compensation |
0.0 | 0.0 | 0.0 | 0.0 | (8.4) | (8.4) | (1.6) | (8.4) | (0.2) | (4.6) | (14.8) | (2.5) |
| Restructuring costs and one-time effects |
0.0 | 0.0 | 0.0 | 0.0 | (0.2) | (0.2) | (4.7) | (8.3) | 0.0 | (0.2) | (13.2) | 0.0 |
| EBITDA | (69.9) | (10.7) | (12.9) | (14.3) | (6.1) | (44.0) | (18.6) | (29.8) | (30.7) | (15.8) | (95.0) | (31.3) |
| Depreciation & amortisation |
(9.5) | (2.7) | (2.7) | (2.8) | (3.2) | (11.4) | (3.8) | (3.9) | (7.7) | (9.6) | (25.0) | (11.6) |
| Net interest result | (0.9) | (0.6) | 0.3 | (0.4) | (0.9) | (1.6) | (1.1) | (1.2) | (0.5) | 0.1 | (2.7) | (1.1) |
| Income taxes | 0.4 | (0.1) | (0.1) | (0.1) | (2.5) | (2.8) | (0.0) | (0.1) | (0.9) | (0.8) | (1.8) | (0.3) |
| Profit / (loss) for the period (EAT) |
(79.8) | (14.1) | (15.4) | (17.7) | (12.7) | (59.9) | (23.5) | (35.0) | (39.9) | (26.0) | (124.4) | (44.4) |
Balance sheet
| EUR m | FY 18/19 | FY 19/20 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 |
|---|---|---|---|---|---|---|---|---|---|
| Total non -current assets |
17.7 | 39.3 | 48.3 | 63.0 | 66.0 | 122.6 | 130.8 | 130.8 | 232.5 |
| Intangible assets | 15.2 | 23.4 | 32.6 | 34.2 | 35.8 | 41.6 | 47.3 | 47.3 | 51.3 |
| Right -of -use assets |
0.0 | 11.8 | 10.3 | 16.6 | 14.0 | 63.3 | 57.6 | 57.6 | 150.1 |
| Property, plant, and equipment | 2.5 | 2.6 | 3.5 | 3.7 | 4.1 | 4.5 | 5.8 | 5.8 | 6.1 |
| Other non -current financial assets |
0.1 | 0.1 | 2.0 | 8.5 | 12.1 | 13.1 | 20.1 | 20.1 | 25.1 |
| Deferred tax assets | 0.0 | 1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total current assets | 277.0 | 267.6 | 408.9 | 461.9 | 1,015.0 | 1,080.9 | 1,053.5 | 1,053.5 | 1,093.4 |
| Inventories | 79.0 | 94.2 | 199.6 | 192.1 | 243.5 | 302.4 | 388.4 | 388.4 | 454.8 |
| Trade receivables and and other receivables |
48.3 | 74.3 | 56.6 | 81.2 | 67.7 | 97.7 | 75.9 | 75.9 | 84.7 |
| Other financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other non -financial assets |
26.3 | 36.8 | 44.7 | 74.9 | 63.2 | 98.2 | 93.0 | 93.0 | 88.6 |
| Cash and cash equivalents | 123.3 | 62.4 | 107.9 | 113.8 | 640.6 | 582.5 | 496.2 | 496.2 | 465.2 |
| Total assets | 294.7 | 306.9 | 457.2 | 524.9 | 1,081.0 | 1,203.6 | 1,184.3 | 1,184.3 | 1,325.9 |
| Total equity | 177.1 | 102.2 | 55.4 | 33.8 | 644.6 | 604.9 | 583.5 | 583.5 | 541.7 |
| Subscribed capital | 4.2 | 4.3 | 4.3 | 157.6 | 186.2 | 186.2 | 186.2 | 186.2 | 186.2 |
| Share premium | 444.9 | 449.9 | 463.0 | 311.6 | 928.8 | 929.0 | 933.6 | 933.6 | 936.1 |
| Retained deficit | (272.1) | (351.9) | (411.8) | (435.3) | (470.4) | (510.2) | (536.2) | (536.2) | (580.6) |
| Total non -current liabilities |
1.8 | 10.2 | 87.6 | 94.8 | 15.3 | 53.1 | 53.0 | 53.0 | 136.7 |
| Non -current lease liabilities |
0.0 | 8.5 | 7.6 | 12.9 | 11.8 | 48.8 | 47.9 | 47.9 | 131.3 |
| Non -current liabilities to related parties |
0.2 | 0.0 | 76.7 | 78.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Deferred tax liabilities | 1.6 | 1.7 | 3.4 | 3.4 | 3.5 | 4.4 | 5.2 | 5.2 | 5.4 |
| Total current liabilities | 115.8 | 194.5 | 314.1 | 396.2 | 421.2 | 545.5 | 547.8 | 547.8 | 647.5 |
| Trade payables | 112.1 | 126.0 | 209.7 | 266.8 | 305.5 | 390.6 | 347.7 | 347.7 | 449.3 |
| Lease liabilities | 0.0 | 3.2 | 3.2 | 4.2 | 4.0 | 16.8 | 12.1 | 12.1 | 22.7 |
| Other financial liabilities | 3.6 | 37.8 | 52.7 | 72.9 | 50.3 | 45.1 | 108.0 | 108.0 | 120.5 |
| Other non -financial liabilities |
0.0 | 27.4 | 46.0 | 48.2 | 55.9 | 92.8 | 79.6 | 79.6 | 54.7 |
| Other provisions | 0.1 | 0.0 | 2.5 | 4.2 | 5.3 | 0.2 | 0.4 | 0.4 | 0.4 |
| Total equity and liabilities 27 |
294.7 | 306.9 | 457.2 | 524.9 | 1,081.0 | 1,203.6 | 1,184.3 | 1,184.3 | 1,325.9 |
Cash flow statement
| EUR m | FY 19/20 | Q1 20/21 | Q2 20/21 | Q3 20/21 | Q4 20/21 | FY 20/21 | Q1 21/22 | Q2 21/22 | Q3 21/22 | Q4 21/22 | FY 21/22 | Q1 22/23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit / (loss) for the period (EAT) | (79.8) | (14.1) | (15.4) | (17.7) | (12.7) | (59.9) | (23.5) | (35.0) | (39.9) | (26.0) | (124.4) | (44.4) |
| Amortisation, depreciation and write-downs | 9.5 | 2.7 | 2.7 | 2.8 | 3.2 | 11.4 | 3.8 | 3.9 | 7.7 | 9.6 | 25.0 | 11.6 |
| Income taxes | (0.4) | 0.1 | 0.1 | 0.1 | 2.5 | 2.8 | 0.0 | 0.1 | 0.9 | 0.8 | 1.8 | 0.3 |
| Net interest result | 0.2 | 0.0 | 0.1 | 0.1 | 1.7 | 1.9 | 2.0 | 1.4 | 0.4 | 0.3 | 4.0 | 0.3 |
| Taxes paid | (0.2) | (0.1) | (0.1) | (0.1) | 0.5 | 0.2 | (0.0) | 0.0 | 0.0 | (0.0) | (0.0) | (0.0) |
| Increase / decrease in working capital | 27.0 | 36.8 | 0.6 | 11.0 | (24.5) | 23.9 | 34.9 | (1.4) | 0.4 | (56.7) | (22.7) | 28.9 |
| Increase / decrease in other assets / liabilities | (3.6) | 0.2 | 0.4 | (0.5) | 0.0 | 0.1 | (1.0) | 0.2 | (12.7) | 4.7 | (8.9) | (10.6) |
| Non-cash expenses | 4.9 | 1.2 | 0.3 | 2.3 | 9.3 | 13.1 | 1.9 | 8.4 | 0.2 | 4.6 | 15.2 | 2.5 |
| Cash flows from operating activities | (42.4) | 26.9 | (11.3) | (2.0) | (19.9) | (6.4) | 18.1 | (22.4) | (43.0) | (62.8) | (110.1) | (11.3) |
| Acquisition of intangible assets and PPE | (10.5) | (2.1) | (3.3) | (4.2) | (7.3) | (16.9) | (4.4) | (4.6) | (8.7) | (10.3) | (28.1) | (8.4) |
| Acquisition of companies | (4.2) | 0.0 | 0.0 | 0.0 | (1.9) | (1.9) | (0.6) | (0.4) | (0.0) | (2.8) | (3.8) | 0.0 |
| Payments / repayments of loans & interests received |
(0.5) | (0.1) | 0.0 | 0.0 | 0.0 | (0.1) | (6.0) | (3.2) | (0.8) | (3.9) | (13.9) | (4.7) |
| Cash flows from investing activities | (15.1) | (2.2) | (3.3) | (4.2) | (9.2) | (18.9) | (11.0) | (8.2) | (9.5) | (17.1) | (45.8) | (13.1) |
| Free cash flow | (57.6) | 24.7 | (14.6) | (6.3) | (29.1) | (25.4) | 7.1 | (30.7) | (52.5) | (79.9) | (155.9) | (24.4) |
| Proceeds from issue of share capital | 0.0 | 0.0 | 0.0 | (0.0) | 0.0 | 0.0 | 0.0 | 637.3 | 0.0 | 0.0 | 637.3 | 0.0 |
| Proceeds / payments from shareholder loans | 0.0 | 0.0 | 0.0 | 0.0 | 75.0 | 75.0 | 0.0 | (75.0) | 0.0 | 0.0 | (75.0) | 0.0 |
| Proceeds from shareholders | 13.3 | 4.1 | 4.5 | 3.8 | 2.0 | 14.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Payments to shareholders | (13.3) | (4.1) | (4.5) | (3.8) | (2.0) | (14.4) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Payments from leasing agreements | (3.3) | (1.0) | (0.9) | (1.0) | (1.0) | (3.9) | (1.3) | 0.1 | (4.9) | (6.0) | (12.1) | (6.0) |
| Interests paid | (0.2) | 0.0 | (0.1) | (0.1) | (0.1) | (0.2) | (0.1) | (5.0) | (0.6) | (0.4) | (6.1) | (0.6) |
| Cash flows from financing activities | (3.4) | (1.0) | (0.9) | (1.1) | 74.0 | 70.9 | (1.3) | 557.5 | (5.5) | (6.5) | 544.2 | (6.6) |
| Cash and cash equivalents at beginning of period |
123.3 | 62.4 | 86.0 | 70.5 | 63.1 | 62.4 | 107.9 | 113.7 | 640.6 | 582.5 | 107.9 | 496.2 |
| Net change in cash and cash equivalents | (61.0) | 23.7 | (15.6) | (7.3) | 44.8 | 45.6 | 5.8 | 526.8 | (58.0) | (86.3) | 388.3 | (31.0) |
| Effect of changes in ownership interests on cash held |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash and cash equivalents at end of period | 62.4 | 86.0 | 70.5 | 63.1 | 107.9 | 107.9 | 113.7 | 640.6 | 582.5 | 496.2 | 496.2 | 465.2 |
GMV to revenue bridge
Q1 22/23 LTM (EUR m)
- Due to rounding, calculation for GMV AY Commerce (incl. VAT) is not resulting in exact figure displayed; 2. Active customers defined as customers who made at least one purchase through our apps and websites within the last 12 months; 3. Average order frequency (AOF) defined as the sum of all orders divided by the sum of all active customers; 4. Average order value (AOV) defined as the value of all merchandise sold to customers in the Commerce business after cancellations and returns and including VAT, divided by the number of orders; 5. Including segments DACH and RoE, including all internal revenues and excluding reconciliation
Upcoming events
| Date | Event |
|---|---|
| 23/8/2022 | Annual General Meeting 2022 |
| 11/10/2022 | H1 2022/2023 Interim Financial Report |
| 10/1/2023 | Q3 2022/2023 Quarterly Statement |
| 11/5/2023 | FY 2022/2023 Annual Report |
The ABOUT YOU share
Shareholder structure Share information
Structure as of 13 January 2022
-
- Michael Otto Stiftung and Prof. Dr. Michael Otto; Otto (GmbH & Co KG) Aktieselskabet af 12.6.2018.; Anders Holch Povlsen GFH Gesellschaft für Handelsbeteiligungen m.b.H.; Benjamin Otto
-
- Tarek Müller Beteiligungsgesellschaft mbH
-
- Sebastian Betz Beteiligungsgesellschaft mbH
-
- Hannes Wiese Beteiligungsgesellschaft mbH
-
- Public float as defined by Deutsche Börse AG amounts to 19.85%
| First Day of Trading | 16 June 2021 |
|---|---|
| Issuer | ABOUT YOU Holding SE |
| Listing Venue | Frankfurt Stock Exchange |
| Market Segment | Regulated Market (Prime Standard) of Frankfurt Stock Exchange |
| Index | SDAX®, MSCI, FTSE |
| ISIN | DE000A3CNK42 |
| WKN | A3CNK4 |
| Ticker Symbol | YOU |
| Total Number of Shares Outstanding |
170,395,415 |
| Total number of Shares Issued | 186,153,487 |
| Share Capital | EUR 186,153,487 |
| Type of Shares | Ordinary bearer shares |
| Paying Agent | Deutsche Bank |
Investor relations contact
Frank Böhme Head of Investor Relations and Corporate Communications
Nora Puhala Investor Relations Manager
Sinah Brending Financial Communications Manager
Daniela Marin Investor Relations Analyst Corporate Access
Disclaimer (1/2)
IMPORTANT: Please read the following before continuing. The following applies to this document, which has been prepared by ABOUT YOU Holding AG (the "Company" and together with its consolidated subsidiaries, the "Group") for use in an oral and, if any, video presentation of the information in this document by the Company, and any material distributed in connection with this presentation (collectively, the "Information"), each of which should be considered together and not taken out of context.
The Information does not constitute a recommendation regarding any loans or securities of or investments in the Company or any other member of the Group. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and recipients should each make their own evaluation of the Company and of the relevance and adequacy of the information contained herein. This document is not, and should not be construed as, a prospectus or offering document, and has not been reviewed or approved by any regulatory or supervisory authority. The Information does not constitute or form part of, and should not be construed as an offer for sale or subscription of or a solicitation or invitation of any offer to subscribe for or purchase any loans or securities of or make an investment in the Company or any other member of the Group or any other entity in any jurisdiction, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. Any potential offer of securities of the Company or any of its affiliates would be based on a prospectus or offering circular prepared for that purpose and published by the Company in final form, which would include financial information for the Company and its affiliates, risk factors associated with investing in the Company and other material disclosures. The securities placed in connection with the IPO of the Company have already been sold as part of a private placement.
No representation, warranty or undertaking, express or implied, is made by the Company or any of the Company's affiliates or directors, officers, employees or agents ("Representatives") or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein or any other statement made or purported to be made in connection with the Company or the Group, for any purpose whatsoever, including but not limited to any investment considerations. No responsibility, obligation or liability whatsoever, whether arising in tort, contract or otherwise, is or will be accepted by the Company or any of its respective Representatives or any other person for any loss, cost or damage howsoever arising from any use of the Information, or for information or opinions or for any errors, omissions or misstatements contained therein or otherwise arising in connection therewith.
None of the Company or any of its Representatives or any other person undertakes any obligation to provide the attendee or recipient with access to any additional information or to update the Information or to correct any inaccuracies in any such Information, including any financial data or forward-looking statements. The Information should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date thereof.
The Information may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time made, the Company's beliefs, intentions and current targets/aims concerning, among other things, the Company's or the Group's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; lease-up potentials; economic outlook and industry trends; developments of the Company's or the Group's markets; the impact of regulatory initiatives; and the strength of the Company's or any other member of the Group's competitors. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in the Information are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records (and those of other members of the Group) and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond the Company's control.
Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of the Company and other members of the Group or the industry to differ materially from those results expressed or implied in the Information by such forward-looking statements. No assurances can be given that the forward-looking statements will be realized. The forward-looking statements speak only as of the date of this document. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any forward-looking statements are based, except as otherwise required by law. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement.
Disclaimer (2/2)
To the extent available, the industry, market and competitive position data contained in the Information (if any) come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company or any of its Representatives has independently verified the data contained therein. You are therefore cautioned not to give undue weight to third party data. In addition, certain of the industry, market and competitive position data contained in the Information come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company and the other members of the Group operate. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Information.
The Company does not expect or intend to register any securities that it may offer under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or to conduct a public offering of any securities in the United States, and the securities of the Company have not been and will not be registered under the Securities Act and any such securities may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from it. Any public offering of such securities in the United States would require the publication of a prospectus by the Company containing detailed information about the Company and its management, as well as the Company's financial statements. Neither this document nor any copy of it may be taken or transmitted into the United States, Australia, Canada or Japan or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with these restrictions may constitute a violation of United States, Canadian, Australian or Japanese securities laws. This document is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this document comes should inform themselves about and observe any such restrictions.
Access to the Information is being given in connection with a proposed meeting with the Company. By accepting to attend the oral and, if any, video presentation and/or accessing or reading a copy of the Information you agree to be bound by the foregoing limitations and conditions and, in particular, you will be taken to have represented, warranted and undertaken that you have read, accepted and agreed to comply with the contents of this notice.