windeln.de SE — AGM Information 2020

Jun 24, 2020

Hauptversammlung windeln.de SE X

Strategische Zielsetzung

Matthias Peuckert

2020 ist ein weiteres Jahr der Transformation

Wir arbeiten an wesentlichen Projekten um unsere Profitabilität zu stärken und Wachstum zu erzielen

• Einführung automatisiertes Sourcing Tool
• Verlagerung IT Shop Entwicklung Rumänien
• Umzug Büro München
• Umzug Warenlager in Deutschland
• Prüfung Verkauf Bebitus

• Outsourcing IT Shop Platform und PIM

• Aufbau Kapazitäten und Kompetenz in China

• Erweiterung Geschäftsmodell (Import aus China)

April 2020: Verkauf von Schutzartikeln i.H.v. 7,1 Mio. Euro

• Umsatzsteuer Erstattung
• Erweiterung Produktpalette
• Erweiterung Verkaufskanäle
• Prüfung Finanzierung Nettoumlaufvermögen

China Fokus

Wir haben eine starken Fokus auf unser attraktives chinesisches Geschäft, welches 70% des Umsatzes ausmacht

Signifikantes Umsatzwachstum in 2020…

…welches Kapital benötigt

Wesentliche Entwicklungen in 2019

Matthias Peuckert

Umsatz DACH

In 2019 lag der Schwerpunkt in der DACH-Region auf Margen- und Kostenverbesserungen

Weitere Themen
Verbesserung des Einkaufs erlebnisses	• Neue Startseite mit Verbesserungen, insbesondere Navigation und Kategorisierung • Neues Retourenportal	Neue Zahlungsmethode und Zahlungsanbieter	• Express-Kaufabwicklung über Amazon • Neuer Zahlungsanbieter für Kauf auf Rechnung

In 2019 lag der Fokus im übrigen Europa (Bebitus) ebenfalls auf Margenverbesserungen

Other topics
Efficiency/cost improvements	• Pricing Tool Omnia eingeführt • Reduzierung der Anzahl der Mitarbeiter		windeln.de App	•	Roll-out der App auf Frankreich und Portugal

Prüfung Veräußerung des Bebitus Geschäfts

Umsatz China

In 2019 konnten die Umsätze in China stabilisiert werden (jedoch unter den ursprünglichen Zielen)

Zollager II	• Go-Live am 4. November 2020 • Deutlich kürzere Lieferzeiten • Geringere Lieferkosten
Einführung der China iOS App	• Verfügbar seit dem 1. August • Neue Tools: Navigation in speziellen Kategorien, Sortierfunktion und Promotion Funktionen
Local China Team	• Neue Investoren im März 2019 • Local Team Auf- und Abbau in China

Stabilisiert, aber höhere Ziele:

• Ziele New Business Development nicht erreicht
• Verzögerte Eröffnung der BWH II
• Geringeres Einkaufsvolumen aus Liquiditätsgründen

Wechsel im Vorstand für "New Business" in China: Sean Wei trat dem Vorstand bei, Charles Yan verließ den Vorstand

Finanzielle Entwicklung und Ausblick

Dr. Nikolaus Weinberger

Umsatz Gruppe

Umsatzerlöse in 2019 spiegeln den anhaltenden Fokus auf Margen- und Kostenverbesserungen wider

Profitabilität

Über Zeit Verbesserungen bei Deckungsbeitrag, Kosten, EBIT und Mittelabfluss erzielt

Erfolgreiche Kapitalerhöhung zur Finanzierung des weiteren Ausbaus des Unternehmens

Aktienkurs

Anstieg des Aktienkurses seit Kapitalerhöhung

Juni 2020

Disclaimer: The shareholder structure pictured above is based on the published voting rights announcements and company information. windeln.de SE assumes no responsibility for the correctness, completeness or currentness of the figures. Total number of shares: 8,160,245 Free Float (<3%): 19.43%

* Based on percentage ownership from last notification of voting rights.

Lagerbestände höher um China Wachstum zu ermöglichen

Anmerkung: Nettoumlaufvermögen. Definiert als Vorräte, Vorauszahlungen auf Vorräte, Forderungen aus Lieferungen und Leistungen, abgegrenzte Werbekostenzuschüsse, debitorische Kreditoren, Nettoumsatzsteuerforderungen bzw. -verbindlichkeit abzüglich Verbindlichkeiten aus Lieferungen und Leistungen und erhaltene Anzahlungen. Zahlen einschließlich Bebitus Gruppe

Liquidität

Liquidität durch Kapitalerhöhung gestärkt aber in Aufbau Lagerbestand re-investiert

Outlook 2020: profitables Umsatzwachstum

Appendix

Key performance indicators quarter over quarter

Excl. pannolini and Feedo	Q1 '18	Q2 '18	Q3 '18	Q4'18	Q1' 19	Q2 ' 19	Q3' 19	Q4'19
Site Visits (in thousand) ¹ 4	12,255	9,127	9,907	10,073	10.485	10,075	9,710	9,005
Mobile Visit Share (in % of Site Visits) 2	72.3%	71.8%	70.3%	75,3%	78.8%	73.6%	76.9%	85.4%
Mobile Orders (in % of Number of Orders) 3	53.3%	55.2%	55.1%	58,7%	61.3%	60.4%	62.7%	60.3%
Active Customers (in thousand) 4	742	681	615	544	493	455	438	404
Number of Orders (in thousand) 5	330	283	244	258	201	179	187	172
Average Orders per Active Customer (in number of Orders) 6	2.0	2.2	2.1	2,1	2.0	1.9	1.9	1.8
Orders from Repeat Customers (in thousand) 7	302	233	192	195	145	131	133	124
Share of Repeat Customer Orders (in % of Number of Orders) 7	87.1%	74.9%	79.8%	82.6%	74.2%	73.0%	72.0%	71.4%
Gross Order Intake (in kEUR) 8	29,774	25,514	21,916	23,655	17.821	16.376	16,210	16,514
Average Order Value (in EUR) 9	90.17	90.01	89.96	91.84	88.81	91.69	86.72	95.87
Returns (in % of Gross Revenues from orders) 10	3.4%	3.6%	4.3%	3.1%	3.4%	2.6%	2.9%	2.3%

Definitions of key performance indicators

• 1) We define site visits as the number of series of page requests from the same device and source in the measurement period and include visits to our online magazine. A visit is considered ended when no requests have been recorded in more than 30 minutes. The number of site visits depends on a number of factors including the availability of the offered products, the effectiveness of our marketing campaigns and the popularity of our online shops. Measured by Google Analytics.
• 2) We define mobile visit share (as % of site visits) as the number of visits via mobile devices (smartphones and tablets) to our mobile optimized websites and mobile apps divided by the total number of site visits in the measurement period. Site visits of our online magazine are excluded. Additionally, we excluded visits from China until end of 2016, because the most common online translation services on which most of our customers who order for delivery to China rely to translate our website content are not able to do so from their mobile devices. Therefore, only few Chinese customers ordered via their mobile devices. Due to the launch of our website in Chinese language in December 2016, site visits from China are included since Q1 2017. Measured by Google Analytics.
• 3) We define mobile orders (as % of number of orders) as the number of orders via mobile devices to our mobile optimized websites and mobile apps divided by the total number of orders in the measurement period. Since Q1 2017, orders from China are included. Measured by Google Analytics.
• 4) We define active customers as the number of unique customers placing at least one order in one of our shops in the 12 months preceding the end of the measurement period, irrespective of returns..
• 5) We define number of orders as the number of customer orders placed in the measurement period irrespective of returns. An order is counted on the day the customer places the order. Orders placed and orders delivered may differ due to orders that are in transit at the end of the measurement period or have been cancelled. Every order which has been placed, but for which the products in the order have not been shipped (e. g., the products are not available or the customer cancels the order), is considered ''cancelled''. Cancellations are deducted from the number of orders.
• 6) We define average orders per active customer as number of orders divided by the number of active customers in the last 12 months.
• 7) We define orders from repeat customers as the number of orders from customers who have placed at least one previous order, irrespective of returns. The share of repeat customer orders represents the number of orders from repeat customers in the last twelve months divided by the number of orders in the last twelve months.
• 8) We define gross order intake as the aggregate Euro amount of customer orders placed in the measurement period minus cancellations. The Euro amount includes value added tax and excludes marketing rebates.
• 9) We define average order value as gross order intake divided by the number of orders in the measurement period..
• 10) We define returns (as % of gross revenues from orders) as the returned amount in Euro divided by gross revenues from orders in the measurement period. Since Q2 2016 including Bebitus returns. Gross revenues from orders are defined as the total aggregated Euro amount spent by our customers minus cancellations but irrespective of returns. The Euro amount does not include value added tax.Until Q1 2017 returns were calculated in relation to the net merchandise value. As the gross revenues from orders do not exclude returns and include all marketing rebatesdiscounts, it is more reasonable to use this KPI for the return rate calculation than the net merchandise value. The change of the calculation logic has no material impact on the reported return rate. The new calculation method is applied from Q2 2017 onwards.

Note: Adjusted continuing operations shown (i.e. excluding discontinued operation Feedo Group).

• 1 The adjustments of gross profit relate to income expenses of the shop pannolini.it until the shops closure, and expenses for share-based compensation.
• 2 Fulfilment costs consist of logistics and warehouse rental expenses which are recognized within selling and distribution expenses in the consolidated statement of profit and loss. Fulfilment expenses incurred in the shop pannolini.it are adjusted until the shops closure.
• 3 Marketing costs mainly consist of advertising expenses, including search engine marketing, online display and other marketing channel expenses, as well as costs for the marketing tools of the Group. Marketing expenses incurred in the shop pannolini.it are adjusted until the shops closure.
• 4 Other selling, general and administration expenses (other SG&A expenses) consist of selling and distribution expenses, excluding marketing costs and fulfilment costs, and administrative expenses as well as other operating income and expenses. Adjusted other SG&A expenses exclude expenses from share-based compensation, reorganization measures, acquisitions, the warehouse move, impairments of purchased intangible assets (if applicable in the reporting period) and income and expenses incurred in the shop pannolini.it until the shop's closure.
• 5 Adjusted for expenses and income in connection with share-based compensation, reorganization measures, acquisitions, the warehouse move, impairments of purchased intangible assets (if applicable in the reporting period) and income and expenses of the closed shop pannolini.it.

Income statement (continuing operations)

kEUR	FY 2018	FY 2019	Q4 2018	Q4 2019
Revenues	104,818	82,344	26,269	22,979
Cost of sales	-79,151	-61,878	-18,984	-16,737
Gross profit	25,667	20,466	7,285	6,242
% margin	24.5%	24.9%	27.7%	27.2%
Selling and distribution expenses	-44,751	-27,060	-15,178	-6,585
Administrative expenses	-8,626	-8,646	-2,017	-2,357
Other operating income	954	775	181	202
Other operating expenses	-806	-121	-167	-14
EBIT	-27,562	-14,586	-9,896	-2,512
% margin	-26.3%	-17.7%	-37.7%	-10.9%
Financial result	-3	-62	12	-3
EBT	-27,565	-14,648	-9,884	-2,515
% margin	-26.3%	-17.8%	-37.6%	-10.9%
Income taxes	446	-7	462	-
Profit or loss from continuing operations	-27,119	-14,655	-9,422	-2,515
% margin	-25.9%	-17.8%	-35.9%	-10.9%
Profit or loss after taxes from discontinued operations	-10,573	43	2	-6
Profit or loss for the period	-37,692	-14,612	-9,420	-2,521
EBIT	-27,562	-14,586	-9,896	-2,512
Share-based compensation	-321	38	2	11
Acquisition, integration and expansion costs	-	45	-	-3
Reorganization	1,584	20	357	34
Intangible assets	6,991	644	6,991	644
Warehouse move	-	31	-	31
Closure pannolini.it	778	-	7	-
Adjusted EBIT	-18,530	-13,808	-2,539	-1,795
% margin	-17.8%	-16.8%	-9.7%	-7.8%

Balance sheet and cash flow statement

Consolidated statement of financial position		Consolidated statement of cash flows
kEUR	December 31, 2018	December 31, 2019	FY FY kEUR 2018 2019 2018
Total non-current assets	5,345	3,641	Net cash flows from/used in
Inventories	6,820	7,339	-18,729 -11,567 -1,468 operating activities
Prepayments	-	1	Net cash flows from/used in
Trade receivables	1,417	838	1,846 257 investing activities
Miscellaneous other current assets1	5,254	4,613	Net cash flows from/used in
Cash and cash equivalents	11,136	8,377	1,543 8,547 financing activities
Total current assets	24,627	21,168
Total assets	29,972	24,809	Cash and cash equivalents at 26,465 11,136 12,135 the beginning of the period
Issued capital	31,136	2,989	Net increase/decrease in -15,340 -2,763 -1,002 cash and cash equivalents
Share premium	170,391	172,904
Accumulated loss	-181,119	-160,734	Cash and cash equivalents 11,136 8,377 11,136
Cumulated other comprehensive income	186	200	at the end of the period
Total equity	20,594	15,359
Total non-current liabilities	38	101
Other provisions	235	288
Financial liabilities	39	519
Trade payables	4,573	3,639
Deferred revenue	1,581	2,287
Miscellaneous current liabilities2	2,912	2,616	1 Miscellaneous other current assets include income tax receivables, other current financial assets
Total current liabilities	9,340	9,349	and other current non-financial assets. 2 Miscellaneous other current liabilities include income tax payables, other current financial liabilities
Total equity & liabilities	29,972	and other current non-financial liabilities.

kEUR	FY 2018	FY 2019	Q4 2018	Q4 2019
Net cash flows from/used in operating activities	-18,729	-11,567	-1,468	-887
Net cash flows from/used in investing activities	1,846	257	475	-100
Net cash flows from/used in financing activities	1,543	8,547	-9	-319
Cash and cash equivalents at the beginning of the period	26,465	11,136	12,135	9,683
Net increase/decrease in cash and cash equivalents	-15,340	-2,763	-1,002	-1,306
Cash and cash equivalents at the end of the period	11,136	8,377	11,136	8,377

1 Miscellaneous other current assets include income tax receivables, other current financial assets and other current non-financial assets.

2 Miscellaneous other current liabilities include income tax payables, other current financial liabilities and other current non-financial liabilities.

Disclaimer

This document and its related communication ("Presentation") have been issued by windeln.de SE and its subsidiaries ( "Company") and do not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in the U.S.A. or in any other country, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company. Nothing in this Presentation constitutes tax, legal or accounting advice; investors and prospective investors should seek such advice from their own advisors. Third parties whose data is cited herein are neither registered broker-dealers nor financial advisors and the use of any market research data does not constitute financial advice or recommendations. Securities may not be offered or sold in the U.S.A. absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended; neither this Presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, to the U.S.A., its territories or possessions or to any US person.

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