AI assistant
home24 SE Investor Presentation 2021
211_ip_2021-03-31_c664ff34-7aed-471f-a6c4-cc1e34cd872c.pdf
Investor Presentation
Open in viewerOpens in your device viewer
Secondary Chart Colours
home24 Q4 & FY 2020 Audited Results
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
31 March 2021
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
FY 2020 Management summary
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
Secondary Chart Colours
Order intake growth accelerated to 58% in Q4 2020, raising FY 2020 growth to 46% YoY. Q1 QTD trading with continued strong momentum in order intake of +73% YoY (EU: +80% YoY, LatAm: +48% YoY, all in CC).
Q4 revenue growth of 50% brings FY 2020 to 42% and thus upper end of guidance range (in CC, last upgraded Nov 11th). Q4 adj. EBITDA at 3% or EUR 5m, leading to FY adj. EBITDA of 3% or EUR 16m (significant improvement of 11pp or EUR 44m YoY).
Financial year 2020 cash flow positive, also excluding capital increase of EUR 46m. Cash and cash equivalents at the end of 2020 at EUR 103m (pre Mobly IPO).
Public listing of our Brazilian business Mobly on February 5, to make growth financing more independent from home24. Gross proceeds of c. EUR 121m to Mobly, and EUR 24m to home24. Pricing of BRL 21 per share at c. 4x LTM Q3 2020 Sales (in BRL).
Post capital measures, both EU and Latam segments of home24 have more than EUR 100m funds available to invest in accelerated growth, having reached core profitability in 2020.
home24 anticipates revenue growth of +20% and +40% (in CC) in 2021 and an adjusted EBITDA margin of 0% and +2%. The outlook considers a strong first quarter as well as the strong PY comparison and the possibility of increased volatility in consumer demand from Q2 onwards.
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
Q4 2020 order intake growth accelerated to 58%, bringing FY 2020 growth to 46% (all CC)
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
Secondary Chart Colours
GOV in EURm, Active customers and Total gross orders in k, Average order value in EUR
- home24 further accelerates growth at 58% YoY GOV in Q4 2020.
- ▪ Milestone of +2m active customers surpassed with now 2.2m active customers.
- ▪ Further FX impact due to decrease in BRL/EUR weighing on real currency basket size and growth rate.
Q4 revenue growth of +50% (in CC) brings FY with +42% at upper end of latest guidance, despite significant spillover to Q1 in EU
Revenue in EURm and Growth YoY in %
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
- Both segments broadly contributed in a similar way to FY growth of +42% in CC.
- In Europe, spillover of Q4 order intake into Q1 or even Q2 revenue due to significantly longer delivery times (GOV growth: +66%, IFRS growth: +53%).
- In LatAm, stronger revenue realization due to strong sales campaigns focusing on available warehouse stock (GOV growth: +35%, IFRS growth: +43%, all CC).
Secondary Chart Colours
Q4 adj. EBITDA at 3% or EUR 5m, leading to FY adj. EBITDA of EUR 15m, an improvement of EUR 44m compared to prior year
Adj. EBITDA in EURm and in % of Revenue
0 0 0
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours 255 255 255
242 242 242
34 133 168
34 133 168
244 83 52
192 192 192
153 213 234
101 192 224
77 77 77
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
- Another strong quarter with adj. EBITDA margin of 3%.
- Strong >40% FY revenue growth paired with 11pp adj. EBITDA margin improvement lead to EUR 44m profitability increase.
- Improvements in all P&L line items:
- -2pp COGS
- -2pp Fulfillment Expenses
- -3pp Marketing Expenses
- -4pp SG&A
- Q4 20 in LatAm influenced by tax contingencies of ~EUR1m related to a recent tax ruling.
204 234 245
Secondary Chart Colours
217 217 217
134 205 230
Cash and cash equivalents ended 2020 at above EUR 100m. FY 2020 cash flow positive also excl. capital increase of EUR 46m
Secondary Chart Colours
Cash flow FY 2020 in EURm
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
- Positive operating cash flow in all quarters 2020, with total +EUR 32m in 2020, solid basis for continuously improved cash position.
- Due to the 10% capital increase executed in Dec cash level of more than EUR 100m.
- ▪ Cash inflows from Working Capital esp. in Europe significantly increased due to low stock levels. This is expected to partly reverse in , once delivery times decrease again and growth trajectory stabilizes.
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
Profit and loss statement - Group
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
Secondary Chart Colours
In EURm and in % of Revenue
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
| 1 | |||
|---|---|---|---|
| 2 | |||
| 2 | |||
Outlook
0 0 0
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours 255 255 255
242 242 242
34 133 168
34 133 168
244 83 52
192 192 192
153 213 234
101 192 224
77 77 77
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
204 234 245
Secondary Chart Colours
217 217 217
134 205 230
- Home24 has laid the foundation of further growth with the capital increase and the Mobly IPO. With EUR >100m funds dedicated to both EU and LatAm, we will step up deliberate investments into Working Capital, customer acquisition and Capex.
- While we see our terminal margin profile of low double digit adj. EBITDA margins confirmed by recent profitability improvements (>10pp YoY FY 2020), we believe the market opportunity is attractive to accelerate growth and take market share.
- Q1 QTD trading with continued strong momentum in order intake (+73% YoY Group, +80% YoY EU, +48% YoY LatAm, all in CC). Yet, uncertainty around COVID-19 pandemic prevails both on demand and supply side.
- Backed by the active customer base of >2.2 million and the ability to step up marketing expenses having reached core break-even, we are in a good position to deliver significant IFRS growth in 2021 despite strong YoY comparables.
- home24 anticipates revenue growth of +20% and +40% (in CC) in 2021 and an adjusted EBITDA margin of 0% and +2%. The outlook considers a strong first quarter as well as the strong PY comparison and the possibility of increased volatility in consumer demand from Q2 onwards.
home24 remains uniquely positioned to exploit the vast Home & Living opportunity, even more than before the COVID pandemic
Market
0 0 0
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours 255 255 255
242 242 242
34 133 168
34 133 168
244 83 52
192 192 192
153 213 234
101 192 224
77 77 77
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
Huge market opportunity characterized by low online penetration with huge catch-up potential, accelerated by consumer behaviour during the COVID pandemic
Value chain
Scalable and automated value chain that delivers sustainable scale effects
Customer value proposition
Best value offering and most relevant selection brought to life in a customer centric go-to-market approach
Data & Technology
Pioneering technologies improve shopping experience and empower data-driven decisions
204 234 245
Secondary Chart Colours
217 217 217
134 205 230
Financial calendar – upcoming events
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours
Secondary Chart Colours
| Date | Event | |
|---|---|---|
| March 31st | Publication Annual Financial Report 2020 | |
| May 11th | Publication Quarterly Financial Report (Q1) | |
| June 17th | Annual General Meeting | |
| Aug 10th | Publication Half-yearly Financial Report (H1) | |
| November 10th | Publication Quarterly Financial Report (Q3) | |
KPI definitions
0 0 0
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours 255 255 255
242 242 242
34 133 168
34 133 168
244 83 52
192 192 192
153 213 234
101 192 224
77 77 77
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
204 234 245
Secondary Chart Colours
217 217 217
134 205 230
| 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 |
Disclaimer
0 0 0
Body Text
Background
Message Box, Table Highlight
Heading Boxes
Primary Six Chart Colours 255 255 255
242 242 242
34 133 168
34 133 168
244 83 52
192 192 192
153 213 234
101 192 224
77 77 77
ibdroot\projects\IBD-LN\bodensee2017\608697_1\Graphics\PPT\01 Home24 Template.pptx
204 234 245
Secondary Chart Colours
217 217 217
134 205 230
235 247 251
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.