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home24 SE
Investor Presentation • May 11, 2021
211_ip_2021-05-11_3f67a700-9c84-4b82-beec-440549e7ca3f.pdf
Investor Presentation
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home24 Q1 2021 Earnings Presentation
May 11th 2021
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Management Summary Q1 2021
Order Intake Growth Revenue Growth
- GOV growth accelerated further to +72% in Q1 2021
- EU: +79%
- LatAm: +48% in CC
- Q1 revenue growth increased to 64% (EU: +68%, LatAm: +47%)
- Spread between GOV and revenue growth increases → open orders revenue c. EUR 12m above regular level
Profitability
- Adj. EBITDA margin at +0.4%, significantly up from -3.4% in Q1 2020, despite high open order amount & investment quarter
-
Both segments adj. EBITDA profitable (EU EUR 0.5m, LatAm EUR 0.1m)
-
Cash at EUR 205m post Brazil IPO & capital increase
- Longer restocking lead-times with continued favorable impact, discontinuing anticipations with negative impact on Working Capital
Cashflow Current Trading Outlook
- Growth strategy momentum remains strong with GOV YoY growth >30% in April
- April 2020 being 1st strong YoY comparable (+74% YoY growth in 2020)
- 2021 guidance unchanged for now, as demand dynamics for rest of the year remain prone to uncertainty
- Revenue growth 20% to 40% (in CC)
- Adj. EBITDA margin 0% to +2%
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Q1 2021 Business Update
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GOV growth further accelerated in Q1, as we step up investments into customer acquisition
Focus on Europe
Order intake growth (GOV) continues to accelerate on the back of a continued favorable online consumer demand.
GOV is fuelled by a more aggressive customer acquisition strategy in-line with Q4 to gain market share.
GOV continues to exceed marketing expense growth in Q1, thus YoY marketing efficiency continues to improve.
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Longer delivery times lead to significant open order backlog that will translate into revenue in future quarters
Focus on Europe
Global supply chains in the industry remain volatile and lead to longer restocking and made-to-order lead-times. Together with home24's strong order intake growth this leads to longer delivery times and delayed revenue realisation.
As a result, order intake growth remains ahead of IFRS growth, and open, not yet realized orders create a record backlog. Normalized for these effects Q1 2021 revenues would be c. EUR 12m+ higher.
Most importantly, despite longer delivery times (across the industry), in-time delivery and customer satisfaction remain broadly in line with our ambition levels.
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Successful agile adoption of omnichannel retail components to adapt to ever changing covid environment
Focus on Europe
New features have been added in record speed to best adapt our omnichannel footprint of webshop, showrooms and outlets.
As a result, our Outlets continue to perform broadly on pre pandemic sales levels, despite having to deal with significant retail closures and click&meet restrictions. The negative margin impact due to lower margin sales to third party resellers is still on a controllable level.
Similarly, our Showrooms pivoted to remain an important channel for consultation and inspiration despite lockdown restrictions. By introducing innovative ways of consultation, we achieve to trade broadly at pre pandemic sales levels despite in-store sales being down by 40%.
Fast adoption of innovative sales measures prevented us from the needing to tap into subsidies or temporary short-time work programs for retail employees in Q1.
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Challenging dynamics in global supply chains put pressure on import logistics costs in 2021
Focus on Europe
● SCFI Europe Base Port (FEU) ● WCI Europe Base Port
Record container transportation cost levels end of Q4 and pre Chinese New Year in Q1 caused by high demand meeting limited, volatile supply.
Expected ease in freight rates post Chinese New Year did not materialize due to Suez-Canal incidence, with trickle on effects on available vessels and containers at least for Q2.
Cost increases only partly mitigated with yearly tendered rates and price increases on affected products.
Nevertheless, noticeable yet limited P&L impact on Gross Margins in Q1 - and likely also on Q2/3 profitability expected.
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Significant YoY profitability improvements achieved despite negative impact of extraordinary one-off impacts
Focus on Europe
| Q1 2020 Adj. EBITDA |
Q1 2021 Adj. EBITDA |
Impact Revenue Realization |
Impact Offline Retail Closure |
Impact Import Costs |
Normalized Q1 2020 Adj. EBITDA |
|
|---|---|---|---|---|---|---|
| Normalized Adj. EBITDA Bridge |
-4.1% | +0.4% | ~+2.5% | ~+0.7% - +1.0% |
~+0.2% - +0.5% |
~+4.0% - +4.5% |
Strong improvements in profitability of 4.5%-points YoY. Q1 with positive Adj. EBITDA despite Q1 being a seasonal investment quarter with significant step-up in new customer acquisition investments.
One-off effects negatively impacted Q1 profitability, esp. extended delivery times increasing open order backlog, higher import logistics costs as well as restrictions on our omnichannel retail sales (both outlets & showrooms).
In the absence of these one-off effects Q1 would have shown even stronger Adj. EBITDA in the range of of +4.0% - +4.5%, despite the investment quarter nature in Q1 and Q3. Revenue realization impact to be realized as tailwind in Q2 or even Q3.
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Q1 2021 Financial Update
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home24 further accelerates growth in Q1 2021 with order intake growth of 72 %
GOV in EURm, Active customers and Total gross orders in k, Average order value in EUR
| Group | Q1-21 | Europe | Q1-21 | GLatAm | Q1-21 |
|---|---|---|---|---|---|
| GOV | 259.9 | GOV | 223.4 | GOV | 36.5 |
| GOV Growth CC | 72% | GOV Growth | 79% | GOV Growth CC | 48% |
| Total Gross Orders | 983 | Total Gross Orders | 655 | Total Gross Orders | 328 |
| Total Gross Orders Growth | 58% | Total Gross Orders Growth 80% |
Total Gross Orders Growth | 26% | |
| Average Order Value | 264 | Average Order Value | 341 | Average Order Value | 111 |
| Average Order Value Growth | 4% | Average Order Value Growth | -1% | Average Order Value Growth | -13% |
| Active Customers | 2,397 | Active Customers | 1,370 | Active Customers | 1,027 |
| Active Customers Growth | 55% | Active Customers Growth | 60% | Active Customers Growth | 48% |
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Group revenue growth of +64% YoY represent strongest quarterly growth rate in 6 years
Revenue in EURm and Growth YoY in %
Group
Currency-adjusted growth of 64% in Q1 2020 compares to 55% growth including currency effects, reflecting Brazil fx evolution.
Europe
+68% YoY revenue growth in EU despite longer delivery times and order intake translating into Q2/Q3 revenue growth. EU now representing 84% of Group revenue.
Latin America
Stable growth trajectory despite temporary pandemic-related closures of brick-and-mortar stores (offline retail ~15% of revenue) EUR 1m positive one time impact due to favourable tax ruling.
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Adj. EBITDA margin improved 4%-points YoY in Q1 2021 and remained positive, despite growth investment ramp-up
Adj. EBITDA in EURm and in % of Revenue
Group
Improvement in adj. EBITDA profitability of 3.8%-pp year over year (-3.4% Q1 2020, +0.4% Q1 2021) despite Q1 being an investment quarter with special focus on ramp-up of new customer acquisition which is seasonally common for home24 in Q1 and Q3.
Europe
Stable Profit Contribution Margin despite increased import costs and pandemic-related lower retail outlet efficiency. Profitability increase esp. due to leverage of broadly stable fix cost base
Latin America
Positive Adj. EBITDA also for LatAm segment, positively influenced by one time tax effect
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Group cash position of more than EUR 200m post IPO of Brazilian subsidiary Mobly
Group cash flow in EURm
Including the Mobly IPO proceeds the Group cash position increased to EUR 205m in Q1 2021.
- EU EUR 121m
- Brazil EUR 84m
On back of the strong cash position we discontinued the anticipation of receivables from installment purchases in the LatAm segment (but can re-initiate at any time), leading to a one-time cash outflow as Net Working Capital increased.
Cash flow from financing activities mainly stems from proceeds of the Mobly IPO minus related transaction costs and taxes paid (EUR 133.8m net), as well as the subsequent repayment of bank loans (EUR 11.0m).
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Outlook and Q&A
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Current trading and outlook
- Growth momentum remains strong with GOV YoY growth >30% in April. Remarkable as April 2020 was the first full pandemic-related strong YoY comparable (+74% YoY growth in 2020)
- 2021 guidance for now unchanged, as demand dynamics for reminder of the year remain prone to uncertainty
- Revenue growth 20% to 40% (in CC)
- Adj. EBITDA margin 0% to +2%
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We remain uniquely positioned to exploit the vast Home & Living opportunity, even more than before the COVID pandemic
Huge market opportunity characterized by low online penetration in home24 markets with huge catch-up potential, accelerated by consumer behaviour manifested during the COVID pandemic
Scalable and automated value chain that delivers sustainable scale effects. Value-added services to deliver best customer satisfaction
Best value offering and most relevant selection brought to life in a customer centric go-to-market approach.
Pioneering technologies improve shopping experience and empower data-driven decisions
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Summary of the financial performance - Group
In EURm and % of Revenue
| Q4-19 | Q4-20 | Q1-20 | Q1-21 | FY-19 | FY-20 | |
|---|---|---|---|---|---|---|
| Revenue | 109.1 | 152.4 | 102.6 | 159.0 | 371.6 | 491.8 |
| Revenue growth CC | 21% | 50% | 14% | 64% | 20% | 42% |
| Cost of sales | 60.0 | 82.0 | 55.4 | 86.7 | 207.8 | 264.4 |
| Gross profit | 49.2 | 70.4 | 47.2 | 72.4 | 163.8 | 227.5 |
| Gross profit margin | 45% | 46% | 46% | 46% | 44% | 46% |
| Fulfillment expenses1 | 19.9 | 26.2 | 18.3 | 26.5 | 72.6 | 85.9 |
| Fulfillment expenses ratio | 18% | 17% | 18% | 17% | 20% | 17% |
| Profit contribution | 29.3 | 44.2 | 28.9 | 45.8 | 91.2 | 141.5 |
| Profit contribution margin | 27% | 29% | 28% | 29% | 25% | 29% |
| Marketing expenses | 15.8 | 23.3 | 19.1 | 30.1 | 64.9 | 71.5 |
| Marketing expenses ratio | 14% | 15% | 18% | 19% | 17% | 15% |
| Adjusted EBITDA | 2.6 | 5.2 | - 3.5 | 0.6 | - 28.1 | 15.8 |
| Adjusted EBITDA margin | 2.4% | 3.4% | -3.4% | 0.4% | -7.6% | 3.2% |
1 Including impairment losses on financial asset
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Summary of the financial performance - Europe
In EURm and % of Revenue
| Q4-19 | Q4-20 | Q1-20 | Q1-21 | FY-19 | FY-20 | |
|---|---|---|---|---|---|---|
| Revenue | 81.0 | 123.8 | 79.1 | 133.3 | 278.4 | 389.2 |
| Revenue growth | 20% | 53% | 11% | 68% | 16% | 40% |
| Cost of sales | 43.5 | 64.2 | 41.4 | 71.7 | 152.7 | 203.0 |
| Gross profit | 37.5 | 59.6 | 37.7 | 61.6 | 125.6 | 186.2 |
| Gross profit margin | 46% | 48% | 48% | 46% | 45% | 48% |
| Fulfillment expenses1 | 15.2 | 21.8 | 14.6 | 22.8 | 57.0 | 69.1 |
| Fulfillment expenses ratio | 19% | 18% | 18% | 17% | 20% | 18% |
| Profit contribution | 22.2 | 37.8 | 23.2 | 38.8 | 68.6 | 117.1 |
| Profit contribution margin | 27% | 31% | 29% | 29% | 25% | 30% |
| Marketing expenses | 12.9 | 20.0 | 16.9 | 26.9 | 55.2 | 61.7 |
| Marketing expenses ratio | 16% | 16% | 21% | 20% | 20% | 16% |
| Adjusted EBITDA | 0.5 | 6.5 | - 3.3 | 0.5 | - 27.3 | 14.9 |
| Adjusted EBITDA margin | 0.7% | 5.2% | -4.1% | 0.4% | -9.8% | 3.8% |
1 Including impairment losses on financial asset
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Summary of the financial performance - LatAm
In EURm and % of Revenue
| Q4-19 | Q4-20 | Q1-20 | Q1-21 | FY-19 | FY-20 | |
|---|---|---|---|---|---|---|
| Revenue | 28.2 | 28.6 | 23.5 | 25.8 | 93.3 | 102.7 |
| Revenue growth CC | 24% | 43% | 21% | 47% | 31% | 47% |
| Cost of sales | 16.5 | 17.8 | 14.1 | 15.0 | 55.1 | 61.5 |
| Gross profit | 11.7 | 10.8 | 9.5 | 10.8 | 38.2 | 41.2 |
| Gross profit margin | 42% | 38% | 40% | 42% | 41% | 40% |
| Fulfillment expenses1 | 4.7 | 4.3 | 3.7 | 3.8 | 15.7 | 16.8 |
| Fulfillment expenses ratio | 16% | 15% | 16% | 15% | 17% | 16% |
| Profit contribution | 7.1 | 6.5 | 5.7 | 7.0 | 22.5 | 24.4 |
| Profit contribution margin | 25% | 23% | 24% | 27% | 24% | 24% |
| Marketing expenses | 2.9 | 3.2 | 2.0 | 3.2 | 9.7 | 9.8 |
| Marketing expenses ratio | 10% | 11% | 9% | 12% | 10% | 10% |
| Adjusted EBITDA | 2.1 | - 1.2 | - 0.2 | 0.1 | - 0.8 | 0.9 |
| Adjusted EBITDA margin | 7.4% | -4.3% | -0.9% | 0.3% | -0.9% | 0.9% |
1 Including impairment losses on financial asset
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Cashflow breakdown by segments
In EURm
| Group | Q1-21 |
|---|---|
| Cash BOP | 103.1 |
| Adjusted EBITDA | 0.6 |
| Change in Net Working Capital | - 6.6 |
| Others | - 3.6 |
| Cash Flow from operating activities | - 9.7 |
| Cash flow from investing activities | - 2.9 |
| Leasing payments | - 2.9 |
| Other | 122.6 |
| Cash flow from financing activities | 119.7 |
| Effect of exchange rate changes on cash and cash equivalents |
-4.9 |
| Cash EOP | 205.4 |
| Europe | Q1-21 |
|---|---|
| Cash BOP | 99.4 |
| Adjusted EBITDA | 0.5 |
| Change in Net Working Capital | 10.6 |
| Others | -0.8 |
| Cash Flow from operating activities | 10.3 |
| Cash flow from investing activities | 13.7 |
| Leasing payments | -2.4 |
| Other | -0.0 |
| Cash flow from financing activities | -2.4 |
| Effect of exchange rate changes on cash and cash equivalents |
0.0 |
| Cash EOP | 121.1 |
| Latin America | Q1-21 |
|---|---|
| Cash BOP | 3.7 |
| Adjusted EBITDA | 0.1 |
| Change in Net Working Capital | -17.2 |
| Others | -2.8 |
| Cash Flow from operating activities | -20.0 |
| Cash flow from investing activities | -0.8 |
| Leasing payments | -0.5 |
| Other | 106.9 |
| Cash flow from financing activities | 106.3 |
| Effect of exchange rate changes on cash and cash equivalents |
-4.9 |
| Cash EOP | 84.3 |
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Financial calendar
Upcoming events
| DATE | EVENT |
|---|---|
| May 17th | Equity Forum - Frühjahrskonferenz |
| May 18th | Berenberg - Conference USA 2021 |
| June 8th | Montega - Virtual Reality Investors Day |
| June 17th | Annual General Meeting |
| August 10th | Publication of Half-yearly Financial Report |
| November 10th | Publication quarterly financial report (call-date Q3) |
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KPI definitions
| KPI | DEFINITION |
|---|---|
| Gross order value [in EUR] | Defined as the aggregated gross order value of the orders placed in the respective period, including VAT and without factoring in cancellations and returns as well as subsequent discounts and vouchers |
| Number of active customers [#] | Defined as the number of customers that have placed at least one non-canceled order in the 12 months prior to the respective date, without factoring in returns |
| Total gross orders | Defined as the number of orders placed in the relevant period, regardless of cancellations or returns |
| Average order value [in EUR] | Defined as the aggregated gross order value of the orders placed in the respective period, including VAT, divided by the number of orders, without factoring in cancellations and returns as well as subsequent discounts and vouchers |
| Growth at constant currency (CC) | Defined as growth using constant BRL/EUR exchange rates from the previous year |
| Adjusted EBITDA [in EUR] | EBITDA defined as the sum of operating result (EBIT) and depreciation and amortization. Adjusted for share-based compensation expenses and costs incurred in connection with the listing of existing shares and other one-off expenses, mainly service fees for legal and other consulting services associated with the IPO |
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Disclaimer
This presentation has been prepared by home24 SE (the "Company"). All material contained in this document and the information presented is for information purposes only and does not purport to be a full or complete description of the Company and its affiliated entities. This presentation must not be relied on for any purpose.
This presentation contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of the Company. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements.
This presentation contains certain financial measures that are not calculated in accordance with IFRS and are therefore considered "non-IFRS financial measures". The management of the Company believes that these non-IFRS financial measures used by the Company, when considered in conjunction with, but not in lieu of, other measures that are computed in accordance with IFRS, enhance an understanding of the Company's results of operations, financial position and cash flows. A number of these non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of other companies with which the Company competes. These non-IFRS financial measures should not be considered in isolation as a measure of the Company's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, income data or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with the use of non-IFRS financial measures, including the limitations inherent in determination of each of the relevant adjustments. The non-IFRS financial measures used by the Company may differ from, and not be comparable to, similarly-titled measures used by other companies.
Certain numerical data, financial information and market data, including percentages, in this presentation have been rounded according to established commercial standards. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.