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home24 SE: home24 reports successful third quarter in difficult market environment: positive operating result with stable revenue compared to the previous year

EQS-News: home24 SE / Key word(s): 9 Month figures/Quarterly / Interim Statement
home24 SE: home24 reports successful third quarter in difficult market environment: positive operating result with stable revenue compared to the previous year
15.11.2022 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

 home24 reports successful third quarter in difficult market environment: positive operating result with stable revenue compared to the previous year

  • Despite continued weak consumer sentiment, home24 reports positive adjusted EBITDA of EUR 2 million in Q3 2022 (Q3 2021: EUR -3 million).  EBITDA margin remains positive like in Q2.

  • Revenue in the third quarter was 136 million euros (Q3 2021: 139 million euros).

  • Operating cash flow improves significantly and is positive at +7 million euros (Q3 2021: -26 million euros).

  • Guidance for fiscal 2022 confirmed: Revenue growth expected of -7% to +3% (currency adjusted, specified at the half-year), with adjusted EBITDA margin of +1% to +5%.

BERLIN, NOVEMBER 15, 2022 - Despite the persistently difficult consumer sentiment, home24 SE ("home24", "the company") reports almost constant year-on-year revenues in the third quarter of 2022 and generated positive adjusted EBITDA. Operating cash flow was also positive in the third quarter.

Q3 revenues amounted to 136.0 million euros (Q3 2021: 138.6), representing a change of -2% (-5% adjusted for currency effects). In Europe, home24 generated revenue of 105.0 million euros (Q3 2021: 108.0 million euros), while Latin America contributed 31.0 million euros. In the first nine months of the fiscal year, revenue totaled 428.1 million euros (previous year: 463.7 million euros), a decline of 8% (10% adjusted for currency effects). Europe accounted for 341.4 million euros (previous year: 379.5 million euros, -10%), and Latin America for 86.9 million euros (previous year: 84.3 million euros, +3%).

Adjusted EBITDA developed positively in Q3, at +1.9 million euros (previous year: -2.8 million euros) despite the challenging market environment, in line with the previous quarter. Key drivers for this were the disciplined marketing measures and further efficiency improvements initiated earlier in the year. In the period from January to September, adjusted EBITDA was -2.6 million euros (previous year: +1.9 million euros). In Europe, the favorable earnings trend continued, resulting in adjusted EBITDA of EUR 0.7 million in the first nine months (previous year: EUR 3.4 million). In the third quarter of 2022 alone, Europe generated adjusted EBITDA of EUR 2.3 million. Also excluding Butlers, adjusted EBITDA in Europe would have been EUR 1.6 million in Q3. Adjusted EBITDA in Latin America in the first nine months was -3.3 million euros (previous year: -1.5 million euros).

Operating cash flow was positive again in Q3 at 6.6 million euros, the second quarter in a row. Overall, Q2 and Q3 of the current fiscal year show a positive operating cash flow of 15.0 million euros. In the first nine months, operating cash flow improved significantly to -8.9 million euros (previous year: -74.1 million euros).

As of September 30, home24 had cash and cash equivalents of 63.2 million euros, close to the level of the previous quarter (6/30/2022: 65.7 million euros).

"It is a reaffirming success that we have posted a positive operating result in the third quarter, with the strong expected revenues in the fourth quarter still ahead of us," says CEO Marc Appelhoff. "We are prevailing against the industry trend and are enhancing our competitive position, despite the difficult economic environment. This is a great achievement by all colleagues at home24, whom we would like to thank explicitly for their performance in this challenging year."

home24 confirms the outlook for the full year, with expected constant currency revenue growth of -7% to +3% (specified at the half-year) as well as adjusted EBITDA margin of +1% to +5%.


KEY FIGURES AT A GLANCE

Non-financial KPIs

 

Unit

 

9M 2022

 

9M 2021

 

Change

 

Q3 2022

 

Q3 2021

 

Change

Gross merchandise value

 

in EURm

 

592.0

 

667.3

 

-11%

 

194.6

 

183.1

 

6%

Gross merchandise value online

 

in EURm

 

504.1

 

637.0

 

-21%

 

158.5

 

170.9

 

-7%

Gross merchandise value offline

 

in EURm

 

87.9

 

30.3

 

>100%

 

36.0

 

12.2

 

>100%

Gross merchandise value growth at constant currency

 

in %

 

-14%

 

28%

 

-42pp

 

3%

 

2%

 

1pp

Number of orders online

 

in k

 

1,830

 

2,368

 

-23%

 

598

 

640

 

-7%

Average order value online

 

in EUR

 

275

 

269

 

2%

 

265

 

267

 

-1%

Number of active customers online (as of Sep 30)

 

in k

 

2,036

 

2,300

 

-11%

 

2,036

 

2,300

 

-11%

Employees (as of Sep 30)

 

number

 

2,835

 

1,977

 

43%

 

2,835

 

1,977

 

43%

 

Financial KPIs

 

Unit

 

9M 2022

 

9M 2021

 

Change

 

Q3 2022

 

Q3 2021

 

Change

Revenue

 

in EURm

 

428.1

 

463.7

 

-8%

 

136.0

 

138.6

 

-2%

Revenue growth at constant currency

 

in %

 

-10%

 

40%

 

-50pp

 

-5%

 

17%

 

-22pp

Gross profit margin

 

in %

 

45%

 

44%

 

2pp

 

48%

 

42%

 

6pp

Profit contribution margin

 

in %

 

30%

 

27%

 

3pp

 

33%

 

25%

 

8pp

Adjusted EBITDA margin

 

in %

 

-1%

 

0%

 

-1pp

 

1%

 

-2%

 

3pp

Earnings per share

 

in EUR

 

-1.19

 

-0.74

 

61%

 

-0.40

 

-0.36

 

11%

Cash flow from operating activities

 

in EURm

 

-8.9

 

-74.1

 

-88%

 

6.6

 

-25.5

 

>-100%

thereof changes in net working capital

 

in EURm

 

-4.3

 

-73.2

 

-94%

 

6.4

 

-23.7

 

>-100%

Cash flow from investing activities

 

in EURm

 

-45.0

 

-12.9

 

>100%

 

-3.5

 

-6.9

 

-49%

Cash flow from financing activities

 

in EURm

 

-21.1

 

112.8

 

>-100%

 

-6.9

 

-3.3

 

>100%

Cash and cash equivalents (as of Sep 30)

 

in EURm

 

63.2

 

130.1

 

-51%

 

63.2

 

130.1

 

-51%

 

ABOUT HOME24

home24 is a leading pure-play home & living e-commerce platform in Continental Europe and Brazil. With over 250,000 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 around 2,800 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. The group also includes the lifestyle brand Butlers with 100 stores in the DACH region and additional 25 in the rest of Europe. 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.

PRESS Contact:

communications@home24.de

INVESTOR Contact:

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.


15.11.2022 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:

home24 SE

Otto-Ostrowski-Str. 3

10249 Berlin

Germany

Phone:

+49 30 - 609880019

Fax:

+49 30 - 2016329499

E-mail:

ir@home24.de

Internet:

www.home24.com

ISIN:

DE000A14KEB5

WKN:

A14KEB

Listed:

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

EQS News ID:

1487611


 

End of News

EQS News Service

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