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BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter

EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/9 Month figures
BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter
10.11.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter

  • Group revenues increase by 12.9% to EUR 72.6 million in the third quarter

  • Internationalization strategy takes effect: Localized markets Spain, France and Italy with combined growth of 209%

  • Active customer base increases by 14% to record level of 914 thousand

  • Full-year 2022 guidance confirmed

Dresden, November 10, 2022. In the third quarter 2022, BIKE24 recorded a strong growth momentum in a challenging environment. Revenues of the European e-commerce platform grew by 12.9% to EUR 72.6 million. This development was again driven by the localized markets Spain, France and Italy, which grew by an average of 209% in the third quarter and generated around 11% of total revenues (Q3 2021: 4%). Easing supply chain challenges led to a jump of 64% in full-bike sales in the third quarter.   

"We have once again succeeded in responding to current challenges with high agility and further expanding our customer base in a challenging environment," says Andrés Martin-Birner, founder and CEO of BIKE24. "Regarding the implementation of our expansion strategy, we have made progress in all areas in recent months, which is now reflected in the significant growth in our localized markets and the full-bike categories."

BIKE24 generated revenues of EUR 201.4 million in the first nine months of 2022. Compared to the same period of the previous year, this corresponds to an increase of 5.1% (9M 2021: EUR 191.7 million; Q3 2022: +12.9% to EUR 72.6 million). Revenues of EUR 18.5 million (9M 2021: EUR 7.8 million) were generated in the localized markets Spain, France and Italy, an increase of 139% (Q3: +209% to EUR 8.1 million).

The gross margin decreased by 4.8pp to 27.5% in the nine-month period, partly because of unusual high comparables in the previous year and increased promotional activities during this quarter (Q3: 24.8% after 30.6%).

Personnel expenses increased by 19.7% to EUR 20.0 million (9M 2021: EUR 16.7 million), due to already communicated investments in the second management level in the second half of 2021 as well as one-off expenses for additional temporary staff to compensate for the high level of sick leave in the first half of 2022. In the third quarter, personnel expenses amounted to EUR 6.8 million after EUR 5.8 million, an increase of 18.3%.

Other operating expenses decreased slightly by -0.8% from EUR 26.6 million to EUR 26.4 million in the reporting period (Q3: +18.2% from EUR 8.2 million to EUR 9.7 million). In the previous year, other operating expenses included transaction costs related to the IPO of Bike24 Holding AG. These non-recurring costs were almost completely offset by increased marketing and selling expenses.

Adjusted for extraordinary expenses of EUR 2.3 million (Q3: 885 thousand), which mainly relate to expenses for the share option program, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) amounted to EUR 11.5 million compared to EUR 26.1 million in the same period last year (Q3: EUR 2.4 million after EUR 7.1 million). This corresponds to an adjusted EBITDA margin of 5.7% for the nine-month period (Q3: 3.3%).

Timm Armbrust, CFO of BIKE24 comments: "We are satisfied with the results generated in the third quarter and proud to have continued growing so significantly in a difficult economic environment. Nevertheless, we have started to initiate cost-control measures in various areas over the past weeks in order to be prepared for the upcoming challenging market environment and ongoing depressed consumer sentiment."

The set-up of the Southern European logistics center in the Barcelona area is almost complete, and first orders are expected to be shipped in the current year as part of a pilot. The webshop localization for the Netherlands, Belgium, and Luxembourg, which is expected to be implemented in the first half of the next year, is progressing according to plan.

For the financial year 2022, management confirms the guidance adjusted in July with sales growth of -5% to +5% and an adjusted EBITDA margin of between 3% and 6%.

 

Unaudited condensed consolidated P&L (adjusted view)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in k€

 Q3 2022 

 Q3 2021 

Delta

 

 9M 2022 

 9M 2021 

Delta

Revenue and other income

 

 

 

 

 

 

 

DACH markets

        48,530

        43,573

11%

 

      133,989

      130,531

3%

Spain (localized)

          2,396

          1,092

119%

 

          5,981

          3,035

97%

Italy (localized)

          2,033

             686

196%

 

          4,559

          2,272

101%

France (localized)

          3,710

             854

334%

 

          7,932

          2,447

224%

Rest of EEA

        11,011

        12,545

-12%

 

        34,305

        38,103

-10%

Rest of World

          4,937

          5,542

-11%

 

        14,613

        15,292

-4%

Revenue

        72,616

        64,294

13%

 

      201,380

      191,680

5%

Other income

               26

-                9

-399%

 

             176

               82

114%

Total income

        72,642

        64,285

13%

 

      201,555

      191,762

5%

COGS (Merchandise, consumables & supplies)

-       54,633

-       44,637

22%

 

-     145,948

-     129,658

13%

Gross profit

        18,009

        19,648

-8%

 

        55,607

        62,104

-10%

Gross margin

24.8%

30.6%

-5.8pp

 

27.6%

32.4%

-4.8pp

Performance marketing costs

-            852

-            363

135%

 

-         2,614

-            887

195%

Selling expenses1

-         6,468

-         5,649

15%

 

-       17,099

-       15,733

9%

Personnel expenses

-         6,811

-         5,759

18%

 

-       19,994

-       16,703

20%

Miscellaneous expenses

-         2,377

-         2,195

8%

 

-         6,671

-         9,977

-33%

EBITDA

          1,501

          5,682

-74%

 

          9,228

        18,805

-51%

EBITDA margin

2.1%

8.8%

-6.8pp

 

4.6%

9.8%

-5.2pp

Adjustments

             885

          1,467

-40%

 

          2,275

          7,319

-69%

Adjusted EBITDA

          2,386

          7,149

-67%

 

        11,504

        26,125

-56%

Adjusted EBITDA margin

3.3%

11.1%

-7.8pp

 

5.7%

13.6%

-7.9pp

Depreciation/ amortization (excl. goodwill-like items)

-         1,347

-         1,058

27%

 

-         3,817

-         3,055

25%

Adjusted EBIT

          1,039

          6,091

-83%

 

          7,686

        23,070

-67%

Adjusted EBIT margin

1.4%

9.5%

-8.0pp

 

3.8%

12.0%

-8.2pp

Amortization of goodwill-like items

-         2,489

-         2,484

0%

 

-         7,453

-         7,453

0%

Adjustments

-            885

-         1,467

-40%

 

-         2,275

-         7,319

-69%

Earnings before interest and taxes (EBIT)

-         2,335

          2,140

-209%

 

-         2,042

          8,297

-125%

EBIT margin

-3.2%

3.3%

-6.5pp

 

-1.0%

4.3%

-5.3pp

Finance expense, net

-            415

-            137

202%

 

-         1,146

-         2,090

-45%

Profit / (loss) before tax

-         2,749

          2,002

-237%

 

-         3,188

          6,207

-151%

Income tax expense

             649

-            619

-205%

 

             684

-         1,985

-134%

Result for the period

-         2,100

          1,383

-252%

 

-         2,505

          4,222

-159%

 

 

 

 

 

 

 

 

Rounding differences may arise.

 

 

 

 

 

 

 

1Including impairment loss on trade receivables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer KPIs

 

 

 

 

 

 

 

Active customers (LTM)

      914,125

      799,057

14%

 

      914,125

      799,057

14%

Number of orders

      527,777

      475,141

11%

 

   1,418,483

   1,383,228

3%

Average order value (AOV)

             138

             133

4%

 

             142

             138

3%

Orders returning customers

68.4%

76.2%

-7.8pp

 

71.3%

75.0%

-3.7pp

Return rate

17.6%

19.7%

-2.1pp

 

17.5%

18.4%

-1.0pp

The full quarterly report including the consolidated financial statements can be found here:

https://ir.bike24.com/websites/bike24/English/3000/publications.html

 

BIKE24's Q3 2022 earnings call for analysts and investors will take place today at 3pm CET. The link below will take you to the live webcast:

https://www.c-meeting.com/web3/join/M83CVPWDCR7BJD

Dial-in details will be available after registration.

 

Press contact:

Bettina Fries
E-Mail: presse@bike24.net
+49 172 297 6243

Investor contact:

Moritz Verleger
E-Mail: ir@bike24.net
+49 151 2414 0166

 

About BIKE24

BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of cycling enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading cycling companies as well as a globally active online retailer in this fast-growing market. The web shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with five local web shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr) and Italy (bike24.it) in continental Europe. In addition, the international shop (bike24.com) serves customers all over the world.


10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

Language:

English

Company:

BIKE24 Holding AG

Breitscheidstr. 40

01237 Dresden

Germany

ISIN:

DE000A3CQ7F4

WKN:

A3CQ7F

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1483357


 

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