home24 SE

  • WKN: A14KEB
  • ISIN: DE000A14KEB5
  • Land: Deutschland

Nachricht vom 31.03.2021 | 08:00

home24 SE: home24 posts record 2020, sets guidance for 2021 to revenue growth of 20% to 40% and a positive adjusted EBITDA margin up to 2%

DGAP-News: home24 SE / Key word(s): Annual Report/Forecast
31.03.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

home24 posts record 2020, sets guidance for 2021 to revenue growth
of 20% to 40% and a positive adjusted EBITDA margin up to 2%

  • Preliminary financial figures for 2020 confirmed with annual report publication:
  • Significant annual revenue growth of 42% at constant currency to EUR 492 million.
  • Adjusted EBITDA break-even with margin of 3%, a profitability improvement of 11%-points year-over-year.
  • Positive annual cash flow even excluding capital increase.
  • In Q1 2021, the trading momentum remains strong with currency-adjusted growth of the order intake of c. 73% year-over-year.
  • Post capital increase in Europe in December 2020 and the IPO of the Brazilian subsidiary in February 2021, both segments are able to accelerate growth without losing core profitability.
  • Outlook 2021: revenue growth rates in constant currency in the range of 20% to 40% and up to 2% adjusted EBITDA margin. This initial guidance for 2021 reflects both Q1 2021 trading and uncertainty related to the COVID-19 pandemic and will be further detailed throughout the year.

Berlin, 31 March 2021 - home24 SE ("home24", the "Company") publishes its 2020 annual report today and reports a strong Q1 2021 trading, with continued positive order intake momentum. Order intake grew by c. 73% year-over-year in constant currency, driven by both segments with c. 80% in Europe and c. 48% in Brazil. As a significant part of the orders received in Q1 2021 will be delivered in the following months, this will also have a positive impact on revenues in the following quarter.

Financial Outlook

In the past year, home24 has gained many new customers who had the chance to convince themselves for the first time of the advantages and convenience of buying home & living products online. We expect that - as has already happened in other areas of retail and services - an already existing trend of demand shifting from offline to online has now been accelerated for furniture, too. In this respect, we expect growth to continue in a long-term perspective. The pandemic will continue to be an unpredictable element of uncertainty in 2021, as customer behavior is difficult to anticipate and supply chains remain in a volatile and fragile state. In view of the uncertain market situation and including all the current information linked to COVID-19, home24 is planning for the 2021 financial year with revenue growth rates in constant currency in the range of +20% to +40%. As home24 is focussing on gaining market share rapidly and expanding its market position as one of the online leaders, we are planning to re-invest a huge part of incremental contribution margin into growth. Still, home24 is aiming for a positive adjusted EBITDA margin of up to 2%.

Publication of the annual report: full-year figures for 2020 confirmed

With a strong start to the year 2021, home24 continued the successful development of 2020. In its annual report, the Company confirms its preliminary financial figures as reported in the trading update on February 9, 2020: In the last year, home24 grew its revenues to EUR 492 million, accelerating its growth to 42% year-over-year driven by a significant order intake growth of 46% year-over-year and a strong increase of active customers to 2.2 million. With an adjusted EBITDA margin of 3%, the Company achieved an adjusted EBITDA break-even for the first time on an annual basis. The profit improvement by 11%-points year-over-year in 2020 is proof of the inherent profitability of the home24 platform that was built over the last years with significant operational leverage potential. As a consequence of the positive trading, the cash flow was positive on an annual basis, even excluding the effect of the capital increase. At the end of 2020, the cash balance of home24 amounted to EUR 103 million. Following the capital increase in Europe and the IPO in Brazil conducted in February 2021, the available cash position for both home24 segments is expected to provide ample financial flexibility to further expand the strong competitive position in the attractive, albeit still highly fragmented, home & living e-commerce market without losing core profitability.

"We look back on a challenging but also very successful 2020, in which we have tackled the challenges of the COVID-19 pandemic effects as a team - such as the temporary closures of the offline retail activities or interrupted supply chains - always with the priority to keep our colleagues, partners and customers safe. The investment projects we have successfully completed in recent years combined with an outstanding team spirit enabled us to meet the unexpectedly strong demand and to keep customer satisfaction on the high level of the previous years. In 2020, we won more active customers and delivered more home & living products than ever before. Our full-year results not only highlight the attractiveness of the home24 value proposition to our customers but are also proof that our business is sustainably scalable.", says Marc Appelhoff, CEO of home24. "We are continuing to see a substantially elevated consumer demand online leading to an increased online penetration and we expect this elevated level to prevail. This confirms us on our path to establish home24 as a leading online destination for home & living and to continue to gain market share over many years to come.".

 

Most relevant financial figures at a glance

Financial KPIs Unit 2020 2019 Change
Revenue in EURm 491.9 371.6 32%
Revenue growth at constant currency in % 42% 20% 22pp
Gross profit margin in % 46% 44% 2pp
Profit contribution margin in % 29% 25% 4pp
Adjusted EBITDA margin in % 3% -8% 11pp
Cash flow from operating activities in EURm 31.9 -39.2 -181%
Cash flow investing activities in EURm -11.4 -21.8 -48%
Cash flow from financing activities in EURm 37.5 -1.9 -2.074%
Cash and cash equivalents at the end of the period in EURm 103.1 45.6 126%
         
Non-financial KPIs Unit 2020 2019 Change
Number of orders in k 3,251 2,196 48%
Average order value in EUR 235 255 -8%
Number of active customers (as of December 31) in k 2,174 1,506 44%
Employees (as of December 31) number 1,759 1,633 8%
 

---END---

 

About home24
home24 is a leading pure-play home & living e-commerce platform in Continental Europe and Brazil. With over 100,000 home & living products in Europe and more than 200,000 articles in Latin America, home24 offers a unique selection of large and small furniture pieces, garden furniture, mattresses and lighting. This curated, broad assortment offers a significant value-for-money value proposition to customers. home24 is headquartered in Berlin and employs more than 1,500 people worldwide. The Company is active in seven European markets: Germany, France, Austria, the Netherlands, Switzerland, Belgium and Italy. home24 is also active in Brazil under the "Mobly" brand. In Europe, the Company delivers its products - regardless of size and weight - free of charge to the homes of its customers and also offers free returns. home24's product range consists of numerous brands, including a large number of private labels. home24 is listed on the Frankfurt Stock Exchange (ISIN DE000A14KEB5). Mobly's stock is traded on the Brazilian Novo Mercado of B3 (ISIN BRMBLYACNOR5). For more information, please visit the Company's website at www.home24.com.


Competent person for this publication:
Anne Gaida
Senior Communications Manager
+49 30 201 632 941 6

Press contact:
Anne Gaida
anne.gaida@home24.de

Investor contact:
Philipp Steinhäuser
ir@home24.de

Legal disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the Company's management. Forward-looking statements contain no guarantee for the occurrence of future results and developments and are associated with known and unknown risks and uncertainties. Due to various factors, actual future results, developments and events may differ materially from those described in these statements; neither the Company nor any other person accepts any responsibility whatsoever for the accuracy of the opinions or underlying assumptions contained in this publication. The Company assumes no obligation to update the forward-looking statements contained in this publication.



31.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

Event im Fokus

Termine 2021

10. Juni 2021:Fachkonferenz Immobilien

14./15. Juli 2021: Fachkonferenzen Beteiligungsgesellschaften & Consumer/Leisure

13./14. Oktober 2021: Fachkonferenzen Finanzdienstleistungen/Technologie

10./11. November 2021: Fachkonferenzen Software/IT & Branchenmix

„Je nach aktueller Covid-19 Situation und den bestehenden Vorschriften für Versammlungen entscheidet sich ca. 5 Wochen vor dem Termin, in welcher Form die Konferenzen stattfinden.“

GBC-Fokusbox

Kaufen: Aspermont Limited hat Turnaround abgeschlossen

Aspermont Limited ist der weltweit führende Anbieter von Business-to-Business-Medien (B2B) für den Rohstoffsektor. Mit einem neuen Management hat das Unternehmen seit 2016 den erfolgreichen Turnaround von einem traditionellen Medienunternehmen zu einem digitalen B2B-XaaS-Geschäftsmodell umgesetzt. Das Unternehmen hat diesen Turnaround im GJ 2020 abgeschlossen, als es sein erstes positives EBITDA-Ergebnis verzeichnete. Auf der Grundlage unseres DCF-Modells haben wir ein Kursziel von 0,09 AUD (0,06 Euro) pro Aktie ermittelt und vergeben das Rating KAUFEN.

News im Fokus

Vonovia SE: Deutschlands führendes Wohnungsunternehmen baut erneuerbare Energie weiter aus: Vonovia bestückt 30.000 Dächer mit Photovoltaik-Anlagen

21. September 2021, 09:58

Aktueller Webcast

Stealth BioTherapeutics

Cantor Global Healthcare Conference Fireside Chat

30. September 2021

Aktuelle Research-Studie

MPH Health Care AG

Original-Research: MPH Health Care AG (von First Berlin Equity Research GmbH): Buy

20. September 2021