HelloFresh SE — Interim / Quarterly Report 2022

Apr 28, 2022

HelloFresh at a Glance

Key Figures	3 months ended 31-Mar-22	3 months ended 31-Mar-21	YoY growth
Group
Active customers (in millions)	8.52	7.28	17.0%
Number of orders (in millions)	34.57	29.28	18.1%
Orders per customer	4.0	4.0	—%
Meals (in millions)	287.3	239.1	20.2%
Average order value (EUR)	55.1	49.3	11.8%
Average order value constant currency (EUR)	52.5	49.3	6.5%
USA
Active customers (in millions)	4.25	3.69	15.2%
Number of orders (in millions)	17.44	15.10	15.5%
Orders per customer	4.1	4.1	—%
Meals (in millions)	135.9	113.9	19.3%
Average order value (EUR)	63.1	53.1	18.8%
Average order value constant currency (EUR)	58.7	53.1	10.5%
International
Active customers (in millions)	4.27	3.59	18.9%
Number of orders (in millions)	17.13	14.20	20.6%
Orders per customer	4.0	4.0	—%
Meals (in millions)	151.4	125.1	21.0%
Average order value (EUR)	47.0	45.2	4.0%
Average order value constant currency (EUR)	46.2	45.2	2.2%

	3 months ended	3 months ended
Key Figures	31-Mar-22	31-Mar-21	YoY growth
Results of operations
Group
Revenue (in MEUR)	1,915.4	1,442.9	32.7%
Revenue constant currency (in MEUR)	1,824.2	1,442.9	26.4%
Contribution margin (in MEUR)*	482.7	406.6	18.7%
Contribution margin (in % of Revenue)*	25.2%	28.2%	(3.0 pp)
AEBITDA (in MEUR)	99.3	159.2	(37.6%)
AEBITDA (in % of Revenue)	5.2%	11.0%	(5.8 pp)
USA
Revenue (in MEUR)	1,100.0	802.4	37.1%
Revenue constant currency (in MEUR)	1,023.9	802.4	27.6%
Contribution margin (in MEUR)*	300.0	233.6	28.4%
Contribution margin (in % of Revenue)*	27.2%	29.1%	(1.9 pp)
AEBITDA (in MEUR)	83.3	92.5	(9.9%)
AEBITDA (in % of Revenue)	7.5%	11.5%	(4.0 pp)
International
Revenue (in MEUR)	815.3	640.4	27.3%
Revenue constant currency (in MEUR)	800.3	640.4	25.0%
Contribution margin (in MEUR)*	190.0	177.9	6.8%
Contribution margin (in % of Revenue)*	23.2%	27.6%	(4.4 pp)
AEBITDA (in MEUR)	45.1	85.3	(47.1%)
AEBITDA (in % of Revenue)	5.5%	13.3%	(7.8 pp)
Group Financial Position
Net working capital (in MEUR)	(419.9)	(319.3)
Cash flow from operating activities (in MEUR)	198.2	208.7
Cash and cash equivalents (in MEUR)	795.7	876.3
Free cash flow (in MEUR)	120.7	171.9
*excluding share-based compensation expenses

HelloFresh delivers strong performance in Q1 across both segments:

• Continued solid growth in number of active customers increasing to 8.52m, a 17.0% growth compared to the first quarter 2021.
• Continued strong customer engagement, with a stable average orders per customer in Q1 2022.
• Average order value up year-on-year to EUR 55.1, mainly driven by the US segment.
• Q1 2022 revenue of MEUR 1,915.4, a year-on-year growth of 32.7% on a euro basis; and 26.4% on a constant currency basis. Both segments contributed meaningfully to this growth. The International segment shows a growth in revenue of 25.0%; and the US a growth of 27.6%, both on a constant currency basis.
• Absolute contribution margin of MEUR 482.7 in Q1 2022, up from MEUR 406.6 in Q1 2021. As as percentage of revenue 25.2% in Q1 2022 compared to 28.2% Q1 2021, primarily driven by an increase in COGS due to ingredient price inflation, continued capacity, and new business ramp-up, all as previously communicated.
• AEBITDA for Q1 2022 of MEUR 99.3 compared to MEUR 159.2 in the prior year period, reflecting primarily the contribution margin development, and a return to a more normalized seasonal marketing activity.
• Both operating segments delivered a strong quarter of positive AEBITDA margin for 2022: International with 5.5% and US with 7.5% of revenue.
• Cash on balance sheet remained at a very healthy MEUR 795.7 at end of Q1 2022, despite the company executing during the quarter a MEUR 125.1 share buyback, and paying MEUR 24.8 for the first tranche of the earn-out payment from the Factor75 acquisition.

Financial Performance of the Group

Consolidated income statement for the first quarter 2022 ended 31 March

	3 months ended
In MEUR	31-Mar-22	31-Mar-21	YoY
Revenue	1,915.4	1,442.9	32.7%
Procurement Expenses	(661.3)	(487.3)	(35.7%)
% of revenue	(34.5%)	(33.8%)	(0.7 pp)
Fulfilment Expenses	(777.6)	(553.1)	(40.6%)
% of revenue	(40.6%)	(38.3%)	(2.3 pp)
Contribution margin	476.5	402.6	18.4%
Contribution margin (excl. SBC)	482.7	406.6	18.7%
% of revenue	25.2%	28.2%	(3.0 pp)
Marketing Expenses	(339.1)	(218.0)	(55.6%)
% of revenue	(17.7%)	(15.1%)	(2.6 pp)
Marketing Expenses (excl. SBC)	(336.7)	(217.8)	(54.6%)
% of revenue	(17.6%)	(15.1%)	(2.5 pp)
General and Administrative Expenses, Other Income and Expenses	(92.6)	(50.7)	(82.6%)
% of revenue	(4.8%)	(3.5%)	(1.3 pp)
General and Administrative Expenses, Other Income and Expenses (excl. SBC)	(83.9)	(47.7)	(75.9%)
% of revenue	(4.4%)	(3.3%)	(1.1 pp)
EBIT	44.8	133.9	(66.5%)
% of revenue	2.3%	9.3%	(7.0 pp)
Depreciation and Amortization	32.1	15.6	(105.8%)
EBITDA	76.9	149.5	(48.6%)
% of revenue	4.0%	10.4%	(6.4 pp)
Special Items*	5.1	2.5	(104.0%)
Share-based Compensation Expenses	17.3	7.1	(143.7%)
AEBITDA	99.3	159.2	(37.6%)
% of revenue	5.2%	11.0%	(5.8 pp)
AEBIT	67.2	143.6	(53.2%)
% of revenue	3.5%	10.0%	(6.5 pp)

*Special items consist of share-based compensation expenses and other special items of a nonrecurring nature, which include expenses related to legal and other services incurred in connection with M&A-transactions, one-off costs related to reorganizations and restructurings and prior period related effects. Special items do not adjust for any potential impact that the COVID pandemic may have had on the results of the Group. These remain within normal operating result.

HelloFresh continued to deliver strong growth in revenue in the first quarter 2022 compared to the first quarter 2021 with 32.7% revenue growth on a euro basis, and 26.4% on a constant currency basis. As a result, the Group revenue increased from MEUR 1,442.9 in the first quarter 2021 to MEUR 1,915.4 in this quarter. The revenue growth was driven by (i) a year-on-year increase in active customers by 17.0%, which reached 8.52m compared to 7.28m in the same period last year and (ii) an increase in average order value, primarily driven by our US segment.

Contribution margin (excluding share-based compensation expenses) as percentage of revenue has decreased to 25.2% in the first quarter 2022 compared to 28.2% in the first quarter 2021. This temporary margin compression is primarily the result of higher procurement expenses, and higher fulfilment expenses. Procurement expenses as percentage of revenue have increased for the Group to 34.5% in Q1 2022 compared to 33.8% as result of meaningful ingredient price inflation across most categories. Fulfilment expenses as percentage of revenue has increased to 40.6% in the first quarter of 2022 compared to 38.3% in 2021. This year-on-year increase is primarily driven by (i) a continued rapid expansion of our fulfilment capacity, and associated launch and ramp-up costs, (ii) ramp-up of new businesses and geographies, (iii) certain increases in production-related wages implemented primarily in Q4 2021, and (iv) somewhat rising logistic costs on the back of higher fuel expenses. Despite the year-on-year increase in fulfilment expenses, sequentially vs. Q4 2021, fulfilment expenses as percentage of revenue have started to decrease, as productivity in recently launched fulfilment centers starts to improve.

Marketing expenses (excluding share-based compensation expenses) as percentage of revenue have increased by 2.5pp to 17.6% in this period compared to 15.1% in the previous year's period. While Q1 2021 was still impacted by the COVID pandemic and capacity constraints, we have returned in Q1 2022 to a normal marketing pattern, which usually is seasonally highest in Q1. Customer acquisition expenses have remained at a largely stable level compared to H2 2021, but are up from the still COVID-impacted Q1 2021.

General and Administrative expenses and Other Operating income and expenses (including share-based compensation expense) as percentage of revenue have increased from 3.5% in Q1 2021 to 4.8% in Q1 2022. In absolute terms, these expenses increased from MEUR 50.7 in the Q1 2021 to MEUR 92.6 in the first quarter 2022. General and Administrative expenses and Other Operating income and expenses (excluding share-based compensation expense) as percentage of revenue have increased slightly from 3.3% in Q1 2021 to 4.4% in Q1 2022. Key driver for the increase is further build out of key functions, especially of our tech and data teams, as previously announced.

Reported EBIT amounts to MEUR 44.8 in Q1 2022, a positive margin of 2.3% compared to a positive margin in Q1 2021 of 9.3%. This is a result of the factors described above.

Share-based Compensation expenses increased by MEUR 10.2 in first quarter of 2022 as compared to first quarter of 2021. The increase is mainly caused by (i) a change in the program, resulting in recognition of expenses as per graded vesting schedule compared to the linear vesting that is still used for programs granted in previous years; and (ii) an increased number of participants in the program. Special items for first quarter 2022 mainly relates to a write down of a tax credit, and the management incentive programs that are in place for Factor75 and YouFoodz.

AEBITDA amounts to MEUR 99.3, a positive margin of 5.2%, compared to MEUR 159.2 in Q1 2021 .

AEBIT amounts to MEUR 67.2, a positive margin of 3.5%, compared to MEUR 143.6 in Q1 2021.

Financial Performance of US Segment

	3 months ended
In MEUR	31-Mar-22	31-Mar-21	YoY
Revenue (total)	1,103.4	804.0	37.2%
Revenue (external)	1,100.0	802.4	37.1%
Procurement Expenses	(334.5)	(234.1)	(42.9%)
% of revenue	(30.3%)	(29.1%)	(1.2 pp)
Fulfilment Expenses	(473.8)	(338.6)	(39.9%)
% of revenue	(42.9%)	(42.1%)	(0.8 pp)
Contribution margin	295.1	231.3	27.6%
Contribution margin (excl. SBC)	300.0	233.6	28.4%
% of revenue	27.2%	29.1%	(1.9 pp)
Marketing Expenses	(203.0)	(131.8)	(54.0%)
% of revenue	(18.4%)	(16.4%)	(2.0 pp)
Marketing Expenses (excl. SBC)	(201.6)	(131.6)	(53.2%)
% of revenue	(18.3%)	(16.4%)	(1.9 pp)
General and Administrative Expenses, Other Income and Expenses	(75.1)	(70.2)	(7.0%)
% of revenue	(6.8%)	(8.7%)	1.9 pp
Thereof Holding fee	(39.7)	(52.0)	23.7%
General and Administrative Expenses, Other Income and Expenses (excl. SBC and holding fee*)	(32.9)	(17.5)	(88.0%)
% of revenue	(3.0%)	(2.2%)	(0.8 pp)
EBIT	17.0	29.3	(42.0%)
% of revenue	1.5%	3.6%	(2.1 pp)
EBIT (excluding holding fee*)	56.7	81.2	(30.2)%
% of revenue	5.1%	10.1%	(5.0 pp)
Depreciation and Amortization	13.6	5.9	(130.5%)
EBITDA (excluding holding fee*)	70.3	87.2	(19.4%)
% of revenue	6.4 %	10.8 %	(4.4 pp)
Special items**	4.1	2.0	(105.0%)
Share-based compensation expenses	8.9	3.3	(169.7%)
AEBITDA	83.3	92.5	(9.9%)
% of revenue	7.5%	11.5%	(4.0 pp)
AEBIT	69.7	86.5	(19.4%)
% of revenue	6.3%	10.8%	(4.5 pp)

*holding fees represent a remuneration for high value-adding services performed by the holding, and for using the HelloFresh intellectual property rights. **Special items consist of share-based compensation expenses and other special items of a nonrecurring nature, which include expenses related to legal and other services incurred in connection with M&A-transactions, one-off costs related to reorganizations and restructurings and prior period related effects. Special items do not adjust for any potential impact that the COVID pandemic may have had on the results of the Group. These remain within normal operating result.

External revenue of the US Segment significantly increased by 37.1 % from MEUR 802.4 in the first quarter 2021 to MEUR 1,100.0 in the first quarter 2022. On a constant currency basis, this represents a 27.6% growth rate, driven by (i) an increase in active customers by 15.2% from 3.69m in the first quarter 2021 to 4.25m in the first quarter 2022, and (ii) an increase in average order value in constant currency by 10.5%, all compared to the first quarter 2021. Total meals delivered by our US segment increased by 19.3%, from 113.9m in first quarter of 2021 to 135.9m in first quarter of 2022.

The contribution margin (excluding share-based compensation expenses) as a percentage of revenue decreased by 1.9 pp to 27.2% for Q1 2022 compared to 29.1% in the same period 2021. This is driven by the trends described earlier for the Group.

In line with the trend on Group level, US Marketing expenses (excluding share-based compensation expenses) as a percentage of revenue increased from 16.4 % in first quarter 2021 to 18.3 % in this quarter, resulting in an increase of 1.9pp. Partially during 2021, our marketing activities in the US were limited during the height of the pandemic in order to limit incremental demand for our services from new customers due to capacity constraints. Since COVID-related

restrictions have eased across the country, and we are well on track to expand our production capacity, we increased our marketing activities back to a seasonally normal level.

General and Administrative expenses and Other income and expenses (excluding share-based compensation expenses and holding fee) expressed in terms of revenue increased by 0.8pp from 2.2 % in first quarter 2021 to 3.0% in first quarter 2022.

Reported EBIT, excluding holding fee, decreased to MEUR 56.7 in Q1 2022, a positive margin of 5.1%, compared to a positive margin of 10.1% in the first quarter of 2021. This is a result of the factors described above.

AEBITDA amounts to MEUR 83.3, reflecting a positive margin of 7.5%, compared to MEUR 92.5 in Q1 2021.

AEBIT amounts to MEUR 69.7, reflecting a positive margin of 6.3%, compared to MEUR 86.5 in Q1 2021.

Financial Performance of International Segment

	3 months ended
In MEUR	31-Mar-22	31-Mar-21	YoY
Revenue (total)	819.9	643.5	27.4%
Revenue (external)	815.3	640.4	27.3%
Procurement Expenses	(326.9)	(252.9)	(29.3%)
% of revenue	(39.9%)	(39.3%)	(0.6 pp)
Fulfilment Expenses	(303.8)	(213.4)	(42.4%)
% of revenue	(37.1%)	(33.2%)	(3.9%)
Contribution margin	189.1	177.2	6.7%
Contribution margin (excl. SBC)	190.0	177.9	6.8%
% of revenue	23.2%	27.6%	(4.4 pp)
Marketing Expenses	(133.0)	(84.6)	(57.2%)
% of revenue	(16.2%)	(13.2%)	(3.0 pp)
Marketing Expenses (excl. SBC)	(132.6)	(84.9)	(56.2%)
% of revenue	(16.2%)	(13.2%)	(3.0 pp)
General and Administrative Expenses, Other Income and Expenses	(51.6)	(59.6)	13.4%
% of revenue	(6.3%)	(9.3%)	3.0 pp
Thereof Holding fee	(21.8)	(42.6)	48.8%
General and Administrative Expenses, Other Income and Expenses (excl. SBC and holding fee*)	(28.9)	(16.6)	(74.1%)
% of revenue	(3.5%)	(2.6%)	(0.9 pp)
EBIT	4.5	33.0	(86.4%)
% of revenue	0.6%	5.1%	(4.5 pp)
EBIT (excluding holding fee*)	26.3	75.6	(65.2%)
% of revenue	3.2%	11.8%	(8.6 pp)
Depreciation and Amortization	15.6	8.4	(85.7%)
EBITDA (excluding holding fee*)	41.9	84.0	(50.1)%
% of revenue	5.1%	13.1%	(8.0 pp)
Special items**	0.9	0.4	(125.0%)
Share-based compensation expenses	2.3	0.9	(155.6%)
AEBITDA	45.1	85.3	(47.1)%
% of revenue	5.5%	13.3%	(7.8 pp)
AEBIT	29.5	76.9	(61.6)%
% of revenue	3.6%	12.0%	(8.4 pp)

*holding fees represent a remuneration for high value-adding services performed by the holding, and for using the HelloFresh intellectual property rights. **Special items consist of share-based compensation expenses and other special items of a nonrecurring nature, which include expenses related to legal and other services incurred in connection with M&A-transactions, one-off costs related to reorganizations and restructurings and prior period related effects. Special items do not adjust for any potential impact that the COVID pandemic may have had on the results of the Group. These remain within normal operating result.

External revenue of our International Segment increased by 27.3 % from MEUR 640.4 in the first quarter 2021 to MEUR 815.3 in the first quarter 2022. On a constant currency basis, this represents a 25.0% growth rate. This was mainly driven by (i) growth in active customers by 18.9%, from 3.59m in the first quarter 2021 to 4.27m in the first quarter 2022 and (ii) an increase in average order value in constant currency by 2.2%, all compared to the first quarter 2021. In addition, expansion to new markets: Australia (YouFoodz), Norway, Italy, Japan, and the UK (Green Chef) contributed to our revenue growth during the first quarter 2022, in comparison to the first quarter 2021. Total meals delivered by our International Segment in first quarter of 2022 increased by 21.0%, from 125.1m in first quarter of 2021 to 151.4m.

Contribution margin (excluding share-based compensation expenses) of the international segment as percentage of revenue decreased in the first quarter 2022 by (4.4 pp) to 23.2% from 27.6% in the first quarter 2021. This was primarily driven by the trends described earlier for the Group, and certain geographic mix effect within the segment.

Marketing expenses (excluding share-based compensation expenses) as a percentage of revenue have increased from 13.2 % in the first quarter of 2021 to 16.2 % in the first quarter 2022, driven by the factors described on Group level.

General and Administrative Expenses and Other Operating Income and Expenses (excluding share-based compensation expenses and holding fee) as a percentage of revenue increased to 3.5 % compared to 2.6 % in the first quarter 2021.

Reported EBIT, excluding holding fee, amounts to MEUR 26.3 in Q1 2022, reflecting a positive margin of 3.2% compared to 11.8% in Q1 2021. This is a result of the factors described above.

AEBITDA amounts to MEUR 45.1, reflecting a margin of 5.5%, compared to MEUR 85.3 in Q1 2021.

AEBIT amounts to MEUR 29.5, reflecting a positive margin of 3.6%, compared to MEUR 76.9 in Q1 2021.

Share-Based Compensation Expenses

The Group operates share-based compensation plans, under which Group companies receive services from directors and employees as consideration for equity instruments of the Company, or one of its subsidiaries. In Q1 2022, the share based compensation program for grants after 2021 to employees (excluding the management board) was amended to (i) allowing beneficiaries more flexibility choosing between RSUs and VSOPs, and (ii) aligning the vesting period for both programs to quarterly over three years. The segment expense is summarized below:

In MEUR	3 months ended
	31-Mar-22	31-Mar-21
USA	8.9	3.3
International	2.3	0.9
Holding	6.1	3.0
Total	17.3	7.1

Share-based compensation expenses have increased year-on-year in comparison to the first quarter 2021. The increase is driven by (i) a change in the program, resulting in recognition of expenses as per graded vesting schedule compared to the linear vesting that is still used for programs granted in previous years; and (ii) an increased number of participants in the program.

A breakdown of the vested and unvested share awards is shown in the table below:

Employee Incentive Plan	Options	RSU	Total
Vested (in mn)	6.5	0.2	6.7
WAEP (in EUR) - vested shares	12.87	—	12.58
Unvested (in mn)	3.2	0.9	4.1
WAEP (in EUR) - unvested shares	44.02	—	34.56
Outstanding (in mn)	9.8	1.0	10.8
WAEP (in EUR)	23.15	—	20.94

EBIT to AEBITDA

	3 months ended	3 months ended
In MEUR	31-Mar-22	31-Mar-21	YoY growth
EBIT	44.8	133.9	(66.5 %)
Depreciation and Amortization	32.1	15.6
EBITDA	76.9	149.5	(48.6 %)
Special items*	5.1	2.5
Share-based compensation	17.3	7.1
AEBITDA	99.3	159.2	(37.6 %)
AEBITDA margin	5.2%	11.0%	(5.8 pp)
AEBIT	67.2	143.6	(53.2 %)
AEBIT margin	3.5%	10.0%	(6.5 pp)

*Special items consist of share-based compensation expenses and other special items of a nonrecurring nature, which include expenses related to legal and other services incurred in connection with M&A-transactions, one-off costs related to reorganizations and restructurings and prior period related effects. Special items do not adjust for any potential impact that the COVID pandemic may have had on the results of the Group. These remain within normal operating result.

Cash Flow

	3 months ended	3 months ended
In MEUR	31-Mar-22	31-Mar-21
Cash and cash equivalents at the beginning of the period	827.1	729.0
Net Cash flows from operating activities	198.2	208.7
Net Cash flows from investing activities	(93.3)	(26.8)
Net Cash flows from financing activities	(146.6)	(48.1)
Effects of exchange rate changes and other changes on cash and cash equivalents	10.3	13.5
Cash and cash equivalents at the end of the period	795.7	876.3

Cash flow from operating activities in the Q1 2022 amounts to MEUR 198.2 as compared to MEUR 208.7 in the first quarter 2021. Mainly driven by the profit for the period, which amounts to MEUR 27.0 in the first quarter of 2022 as compared to MEUR 101.6 in the first quarter of 2021, increased by positive inflow from change in the working capital amounting to MEUR 123.0.

Cash flow from investing activities represents a cash outflow of MEUR 93.3 in the Q1 2022. The outflow increased mainly due to expenditure for property, plant and equipment of MEUR 59.0, and due to the first tranche of the earn-out payment for the Factor acquisition of MEUR 24.8. Key geographies for capital expenditure in Q1 2022 were the US, Germany, Canada and the UK.

The cash outflow from financing activities of MEUR 146.6 in Q1 2022 is primarily a result of the share buy back of MEUR 125.1, payout for employee share-based compensation amounting to MEUR 8.6, and lease payments (in accordance with IFRS 16) amounting to MEUR 10.5 in the first quarter 2022.

The Group's free cash flow position is below:

	3 months ended	3 months ended
In MEUR	31-Mar-22	31-Mar-21
Cash Flow from operating activities	198.2	208.7
Net Capital expenditure	(67.0)	(30.2)
Repayment of lease liability excluding interest	(10.5)	(6.6)
Free Cash Flow for the period	120.7	171.9

HelloFresh maintained a strong cash level of MEUR 795.7. In addition, the company had a MEUR 300.0 revolving credit facility in place of which MEUR 268.9 were not utilized, and available at the end of the Q1 2022. The revolving credit facility had since been further increased and extended (see "Events after the reporting period")

Outlook

For 2022, the Group will continue its strong investment into its long term growth capabilities, most notably the ongoing build out of its fulfilment infrastructure, and the strengthening of its tech and data platform. The Company will also continue to pursue and scale new geographies and brands in line with its long term growth strategy.

Against this background the Company expects revenue growth for the HelloFresh Group on a constant currency basis between 20% and 26%. We believe this growth to be driven by a continued healthy year-on-year active customer growth and by further expansion of average order value. In line with previous communication, the Company expects an adjusted EBITDA ("AEBITDA") for the HelloFresh Group for the full year 2022 between MEUR 500 and MEUR 580.

Events after the reporting period

As of 5 April 2022, the Company has increased and extended its credit facility to a new five-year revolving credit for MEUR 400.0 with maturity in 2027.

Berlin, 28 April 2022

Dominik Richter Thomas Griesel Christian Gärtner Edward Boyes Chief Executive Officer Chief Executive Officer International

Chief Financial Officer Chief Commercial

Officer

Consolidated Statements Of Financial Position

as of 31 March 2022

In MEUR	As at 31-Mar-22	As at 31-Dec-21
Assets
Non-current Assets
Property, plant and equipment	700.5	618.6
Intangible assets	88.1	82.6
Goodwill	281.8	274.1
Investments in associates accounted at equity	0.0	0.0
Other financial assets	27.4	27.0
Other non-financial assets	0.3	0.4
Deferred income tax assets	56.9	52.8
Total Non-current Assets	1,155.0	1,055.5
Current Assets
Inventories	246.1	220.4
Trade receivables	22.0	21.4
Other financial assets	11.3	11.3
Other non-financial assets	85.4	72.9
Cash and cash equivalents	795.7	827.1
Total Current Assets	1,160.5	1,153.1
Total Assets	2,315.5	2,208.6

Consolidated Statements Of Financial Position (continued)

as of 31 March 2022

In MEUR	As at 31-Mar-22	As at 31-Dec-21
Equity and Liabilities
Equity
Share capital	173.9	173.9
Treasury shares	(126.3)	(1.3)
Capital reserves	464.1	472.8
Other reserves	99.4	82.1
Accumulated gains	226.0	199.1
Other comprehensive loss	(9.0)	(30.9)
Equity attributable to the Company's shareholders	828.1	895.7
Non-controlling interests	0.6	0.9
Total Equity	828.7	896.6
Non-current Liabilities
Other financial liabilities	296.4	304.3
Deferred income tax liability	11.6	16.1
Long-term debt	156.6	155.2
Provisions	—	10.2
Other non-financial liabilities	0.9	0.9
Total Non-current Liabilities	465.5	486.7
Current Liabilities
Trade payables	567.8	440.7
Other financial liabilities	96.7	91.7
Provisions	35.6	26.2
Deferred revenue	132.5	103.7
Income tax liabilities	102.5	82.8
Other non-financial liabilities	86.2	80.2
Total Current Liabilities	1,021.3	825.3
Total Equity and Liabilities	2,315.5	2,208.6

Consolidated Statements of Comprehensive Income

for the 3 months ended as of 31 March 2022

	3 months ended
In MEUR	31-Mar-22	31-Mar-21
Revenue	1,915.4	1,442.9
Procurement expenses	(661.3)	(487.3)
Fulfilment expenses	(777.6)	(553.1)
Marketing expenses	(339.1)	(218.0)
General and administrative expenses	(83.3)	(45.8)
Other operating income	3.5	2.3
Other operating expenses	(12.8)	(7.1)
Operating Profit	44.8	133.9
Results from Investment in associates	0.0	(0.9)
Interest income	0.1	0.1
Interest expense	(5.2)	(4.3)
Other finance income	11.9	11.2
Other finance expense	(2.3)	(1.3)
Profit before income tax expense	49.3	138.7
Income tax expense	(22.3)	(37.1)
Profit for the period	27.0	101.6
attributable to:
Owners of the Company	27.3	101.6
Non-controlling interests	(0.3)	0.0
Other comprehensive income (loss) :
Items that may be subsequently reclassified to profit or loss
Exchange differences on net investments in foreign operations	(0.2)	(3.4)
Exchange differences on translation to presentation currency	7.6	8.6
Revaluation of non-controlling interests put options	14.0	0.9
Other comprehensive income (loss) for the period	21.4	6.1
Total comprehensive income for the period	48.4	107.7
Total comprehensive income attributable to:
Owners of the Company	49.0	107.7
Non-controlling interests	(0.6)	0.0
Basic earnings per share (in EUR)	0.16	0.59
Diluted earnings per share (in EUR)	0.15	0.56

Consolidated Statements of Cash Flow

for the 3 months ended as of 31 March 2022

		3 months ended
In MEUR	31-Mar-22	31-Mar-21
Cash flow from operating activities
Profit for the period	27.0	101.6
Adjustments for:
Results from investment in associates	—	0.9
Interest expense	5.2	4.3
Interest income	(0.1)	(0.1)
Other finance income	(11.9)	(11.2)
Other finance expense	2.3	1.3
Income tax	22.3	37.1
Income tax paid	(10.2)	(36.6)
Depreciation of property, plant and equipment	13.7	6.9
Depreciation of right-of-use assets	14.0	7.9
Amortization of intangible assets	4.4	0.9
Share-based payment expense (equity-settled)	17.3	7.1
Other non-cash transactions	1.5	(1.8)
Increase / (decrease) in provisions	(1.4)	1.5
Changes in working capital related to operating activities
(Increase) / decrease in trade receivables	(0.1)	14.9
(Increase) / decrease in inventories	(21.5)	(23.6)
Increase / (decrease) in trade and other payables	117.1	107.8
Increase / (decrease) in deferred revenue	26.9	(5.1)
Net change in VAT receivables/payables and similar taxes	0.6	4.6
(Increase) / decrease in other financial assets	2.0	(1.5)
(Increase) / decrease in other non-financial assets	(2.5)	(4.2)
Increase / (decrease) in other financial liabilities	2.2	2.7
Increase / (decrease) in other non-financial liabilities	(7.5)	(2.4)
Interest received	0.1	0.1
Interest received - IFRS 16	0.1	0.0
Interest paid	(1.1)	(3.1)
Interest paid – IFRS 16	(2.2)	(1.3)
Net cash from operating activities	198.2	208.7

	3 months ended
In MEUR	31-Mar-22	31-Mar-21
Cash flow from investing activities
Acquisition of subsidiary, net of cash acquired	(24.8)	—
Purchase of property, plant and equipment	(59.0)	(27.2)
Software development expenditure	(7.4)	(2.8)
Purchase of intangible assets	(0.6)	(0.2)
Lease payments received from finance leases (IFRS 16)	0.2	0.3
(Transfer) Withdrawal of cash into / from restricted cash accounts & deposits	(1.7)	3.1
Net cash from (used in) investing activities	(93.3)	(26.8)
Cash flow from financing activities
Repurchase of equity instruments due to share-based payments	(8.6)	(39.1)
Repurchase of own shares	(125.1)	—
Repurchase of shares in subsidiaries	(2.4)	(2.0)
Associate Company Loan	—	(0.2)
Repayment of long-term debt	—	(0.2)
Repayment of principal under IFRS 16	(10.5)	(6.6)
Net cash from (used in) financing activities	(146.6)	(48.1)
Effects of exchange rate changes and other changes on cash and cash equivalents	10.3	13.5
Cash and cash equivalents at the beginning of the period	827.1	729.0
Cash and cash equivalents at the end of the period	795.7	876.3

Consolidated Segment Statement

	3-months ended 31-March 22
In MEUR	USA	Int'l	Total segments	Holding	Conso	Group
Total revenue	1,103.4	819.9	1,923.3	138.3	(146.2)	1,915.4
Internal revenue	3.4	4.6	8.0	138.2	(146.2)	—
External revenue	1,100.0	815.3	1,915.3	0.1	—	1,915.4
Contribution Margin (excl. SBC)	300.0	190.0	490.0	134.2	(141.5)	482.7
Adjusted EBITDA	83.3	45.1	128.4	(29.4)	0.3	99.3
Special items*	(4.1)	(0.9)	(5.0)	(0.1)	—	(5.1)
Share-based compensation	(8.9)	(2.3)	(11.2)	(6.1)	—	(17.3)
EBITDA**	70.3	41.9	112.2	(35.6)	0.3	76.9
Depreciation and amortization	(13.6)	(15.6)	(29.2)	(2.9)	—	(32.1)
EBIT**	56.7	26.3	83.0	(38.5)	0.3	44.8
Holding fee	(39.7)	(21.8)	(61.5)	61.8	(0.3)	—
EBIT	17.0	4.5	21.5	23.3	—	44.8
Results from Investment in associates	—	—	—	—	—	—
Interest income	0.1	0.0	0.1	—	—	0.1
Interest expense	(1.8)	(1.1)	(2.9)	(2.3)	—	(5.2)
Other finance income***	3.8	4.3	8.1	5.4	(1.6)	11.9
Other finance expense	(1.1)	(2.3)	(3.4)	(0.5)	1.6	(2.3)
Income tax expenses	(5.7)	(6.2)	(11.9)	(10.4)	—	(22.3)
Profit for the period	12.3	(0.8)	11.5	15.5	—	27.0

*Special items consist of share-based compensation expenses and other special items of a nonrecurring nature, which include expenses related to legal and other services incurred in connection with M&A-transactions, one-off costs related to reorganisations and restructurings and prior period related effects. Special items do not adjust for any potential impact that the COVID-19 pandemic might have had on the result of the Group. These remain within normal operation result. **excluding holding fees.

***excluding intercompany dividends.

		3-months ended 31-March 21
In MEUR	USA	Int'l	Total segments	Holding	Conso	Group
Total revenue	804.0	643.5	1,447.5	141.6	(146.2)	1,442.9
Internal revenue	1.6	3.1	4.7	141.5	(146.2)	—
External revenue	802.4	640.4	1,442.8	0.1	—	1,442.9
Contribution Margin (excl. SBC)	233.6	177.9	411.5	139.0	(143.9)	406.6
Adjusted EBITDA	92.5	85.3	177.8	(18.6)	—	159.2
Special items*	(2.0)	(0.4)	(2.4)	(0.1)	—	(2.5)
Share-based compensation	(3.3)	(0.9)	(4.2)	(2.9)	—	(7.1)
EBITDA**	87.2	84.0	171.2	(21.7)	—	149.5
Depreciation and amortization	(5.9)	(8.4)	(14.3)	(1.3)	—	(15.6)
EBIT**	81.2	75.6	156.8	(22.9)	—	133.9
Holding fee	(51.9)	(42.6)	(94.5)	94.5	—	—
EBIT	29.3	33.0	62.3	71.6	—	133.9
Results from Investment in associates	—	—	—	(0.9)	—	(0.9)
Interest income	0.1	0.0	0.1	—	—	0.1
Interest expense	(1.7)	(0.6)	(2.3)	(2.0)	—	(4.3)
Other finance income***	1.5	3.6	5.0	6.9	(0.7)	11.2
Other finance expense	(0.9)	(0.9)	(1.8)	(0.2)	0.7	(1.3)
Income tax expenses	(4.8)	(5.0)	(9.8)	(27.3)	—	(37.1)
Profit for the period	23.4	30.1	53.5	48.1	—	101.6

*Special items consist of share-based compensation expenses and other special items of a nonrecurring nature, which include expenses related to legal and other services incurred in connection with M&A-transactions, one-off costs related to reorganisations and restructurings and prior period related effects. Special items do not adjust for any potential impact that the COVID-19 pandemic might have had on the result of the Group. These remain within normal operation result.

**excluding holding fees.

***excluding intercompany dividends.

Earnings per share

Basic earnings per share is calculated as follows:

	31-Mar-22	31-Mar-21
Net income for the period attributable to the shareholders of HelloFresh SE (in MEUR)	27.0	101.6
Weighted average number of ordinary shares (in millions)	172.0	173.6
Basic earning per share in EUR	0.16	0.59

Diluted earnings per share is calculated as follows:

	31-Mar-22	31-Mar-21
Net income after dilution for the period attributable to the shareholders of HelloFresh SE (in MEUR)	27.9	102.7
Weighted average number of diluted shares (in millions)	181.4	183.5
Diluted earnings per share in EUR	0.15	0.56

The basic earnings per share are determined by dividing the net income for the period attributable to the shareholders of HelloFresh SE by the basic weighted average number of shares.

The diluted earnings per share are determined by adding the post-tax interest component on convertible bonds to the net income for the period attributable to the shareholders and dividing them by diluted weighted average number of shares. The dilutive effect stems from outstanding stock options attributable to VSOP and RSUP programs, call options and the group's convertible bond.