HelloFresh SE — Interim / Quarterly Report 2016

Sep 22, 2016

in mEUR	30 June 2016 (unaudited)	31 December 2015 (unaudited)
Assets
Non-current assets
Property, plant and equipment	15,4	5,8
Intangible assets	0,8	0,1
Goodwill	4,6	4,6
Other financial assets	12,5	9,2
Other non-financial assets	1,6	1,0
Deferred income tax assets	0,4	0,4
Total non-current assets	35,3	21,1
Current assets
Inventories	6,9	5,6
Trade receivables	13,3	11,5
Other financial assets	1,1	1,7
Other non-financial assets	8,5	9,5
Cash and cash equivalents	132,6	109,2
Total current assets	162,4	137,5
Total Assets	197,7	158,6
Equity and Liabilities
Equity
Share capital	127,0	125,0
Treasury shares	(10,0)	(10,0)
Capital reserves	113,4	93,9
Other reserves	25,1	21,8
Accumulated losses	(195,3)	(142,4)
Other comprehensive (loss) income	(1,0)	(0,7)
Equity attributable to the Company's shareholders	59,2	87,6
Non-controlling interests	-	-
Total equity	59,2	87,6
Non-current liabilities
Share-based payment liabilities	8,3	9,0
Interest-bearing loans and borrowings	44,4	-
Other non-financial liabilities	7,3	1,2
Total non-current liabilities	60,0	10,2
Current liabilities
Trade payables	56,4	45,6
Other financial liabilities	0,7	0,2
Provisions	3,3	2,5
Other non-financial liabilities	18,1	12,5
Income tax liabilities	-	-
Total current liabilities	78,5	60,8
Total equity and liabilities	197,7	158,6

6-month period ended 30 June

in mEUR	2016 (unaudited)	2015 (unaudited)
Revenue	291,5	112,5
Cost of goods sold	(127,0)	(52,8)
Gross profit	164,5	59,7
Fulfilment expenses	(117,6)	(37,6)
Marketing expenses	(80,5)	(37,7)
General and administrative expenses	(14,8)	(12,3)
Other operating income	0,2	-
Other operating expense	(2,7)	(0,6)
Operating loss	(50,9)	(28,5)
Financial income	0,5	-
Financial expense	(2,5)	-
Loss before income tax	(52,9)	(28,5)
Income tax (expense) benefit	-	-
Loss for the period	(52,9)	(28,5)
Loss attributable to:
Owners of the company	(52,9)	(27,4)
Non-controlling interests	-	(1,1)
Other comprehensive income:
Items that may be subsequently reclassified to profit and loss
Exchange differences on translation to presentation currency	3,7	(1,2)
Exchange differences on net investments in foreign operations	(4,0)	1,4
Other comprehensive income for the period	(0,3)	0,2
Total comprehensive income for the period	(53,2)	(28,3)
Total comprehensive income attributable to:
Owners of the company	(53,2)	(27,2)
Non-controlling interest	0,0	(1,1)
EBIT	(50,9)	(28,5)
Depreciation/amortization	1,8	0,2
EBITDA	(49,1)	(28,4)
Share based compensation	2,6	6,9
Special items	0,8	0,5
Adjusted EBITDA	(45,7)	(21,0)
Adjusted EBITDAM	33,5	16,3

6-month period ended 30 June

in mEUR	2016 (unaudited)	2015 (unaudited)
Cashflow from operating activities
Loss for the period	(52,9)	(28,5)
Adjustments for:
Finance income	(0,5)	-
Finance expense	2,5	-
Depreciation of property, plant and equipment	1,7	0,2
Amortisation of intangible assets	0,1	-
Share based payment expense (equity-settled)	3,3	6,9
Other non-cash transactions	-	0,3
Change in provisions	0,8	-
Changes in working capital related to operating activities
(Increase)/decrease in trade receivables and other assets	(1,2)	(2,5)
(Increase)/decrease in inventories	(1,3)	(2,7)
Increase/(decrease) in trade payables	10,9	18,5
Change in non-current financial assets	0,4	-
Change in financial liabilities, excl. accrued interest	(0,2)	0,1
Change in non-financial assets	0,4	(3,9)
Change in non-financial liabilities	11,7	2,4
Increase/(decrease) in share-based payment liabilities	(0,7)	(0,3)
Net cash from operating activities	(25,0)	(9,5)
Cashflow from investing activities
Purchase of property, plant and equipment	(11,5)	(1,1)
Software development expenditures	(0,8)	-
Transfer of cash into restricted cash accounts and long-term deposits	(3,7)	(0,1)
Net cash from investing activities	(16,0)	(1,2)
Cashflow from financing activities
Proceeds from the issuance of share capital	21,4	109,6
Net proceeds from issuance of long term debt	44,4	-
Net cash from financing activities	65,8	109,6
Cash and cash equivalents at the beginning of the period	109,2	19,8
Effects of exchange rate changes on cash and cash equivalents	(1,4)	0,1
Cash and cash equivalents at the end of the period	132,6	118,8