DGAP-News: home24 SE / Key word(s): Preliminary Results/Annual Results
home24 grows its revenue by 50% in Q4 2020 and by 42% in full-year 2020 to EUR 492 million and achieves adjusted EBITDA break-even at +3% margin
Berlin, 9 February 2021 - home24 SE ("home24", the "Company") reports another strong growth quarter in Q4 2020. Currency-adjusted order intake growth to 58% year-over-year, bringing full-year order intake growth to 46% at constant currency. In Q1 2021, the momentum remains positive with currency-adjusted growth of the order intake for January above 70% year-over-year.
The strong order intake laid the foundation for a successful year 2020, despite significant spill-over of revenue realisation to Q1 2021 linked to the currently longer delivery times in the industry. Based on preliminary, unaudited full-year financials, the Company's revenues of 2020 amounted to EUR 492 million (previous year: EUR 372 million). This represents a significant currency-adjusted increase in revenue growth for the full-year of 42% which is at the upper end of latest guidance that was upgraded on 11 November 2020. Even including currency effects due to the further depreciation of the Brazilian Real, 2020 revenues increased by 32%.
Looking at Q4 2020 separately, the Company generated revenues of EUR 152 million (previous year: EUR 109 million), representing a currency-adjusted increase of 50% compared to the same period of the previous year. Including currency effects, the Group's revenues of Q4 2020 were 40% higher than in Q4 2019.
Adjusted EBITDA margin remained at a high level of 4% in Q4 2020, despite part of order intake translating only into Q1 2021 revenues linked to structurally longer delivery times in the industry at the moment. With an adjusted full-year EBITDA of EUR 17 million and thus an adjusted EBITDA margin of 3%, home24 has shown a significant improvement of EUR 45 million compared to the previous year. The increase of its profitability of 11%-points year-over-year underlines the ability of the Company to combine significant profitability improvements with continued strong growth ambitions.
At the end of 2020, cash and cash equivalents of home24 amounted to EUR 103 million. Even excluding the EUR 46 million generated in the capital increase in December, home24 reported a positive cash flow in 2020, primarily driven by operating cash flow. Also, home24 SE will receive additional cash of up to EUR 24 million as a result of the successful listing of its Brazilian subsidiary Mobly, as reported last week. In addition, Mobly S.A. raised about EUR 121 million from its IPO, providing both segments in Europe and Brazil now with each more than EUR 100 million to continue their profitable growth path and explore the huge market opportunity in a very favorable market environment.
"We have secured the basis for long-term, sustainable growth by achieving a full-year EBITDA and cash flow break-even in 2020. The capital increase in Europe and the IPO of Mobly in Brazil were crucial steppingstones: we now have ample firepower to step up our growth ambitions and continue to gain market share in the uniquely attractive and long-term growth opportunity of home & living e-commerce.", says Marc Appelhoff, CEO of home24.
To best reflect strategic growth initiatives following the capital measures in both Europe and Brazil and pandemic related uncertainty, home24 will communicate its guidance for 2021 with the publication of audited financials on 31 March 2021.
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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.
09.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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