windeln.de SE / Key word(s): Change in Forecast
Munich, February 01, 2021: Based on preliminary financials for 2020 windeln.de SE ("windeln.de", "Group" or "Company"; ISIN DE000WNDL201 and DE000WNDL128) revenues (continued operations) for 2020 grew from EUR 70.1 million in 2019 to EUR 76.1 million in 2020. This equals +8.6% revenues growth year over year and is therefore lower than the targeted double-digit growth. Growth has been lower given that market conditions in China - also in the 4th quarter 2020 - were less favorable than expected and building up new distribution channels takes more time. Based on preliminary financials, the Company's revenues in China grew from EUR 51.3 million in 2019 to EUR 56.0 million in 2020 (+9.2% growth year over year). Financial performance in China in January this year has been promising and the Company expects significant revenue growth for the Group for the full year 2021.
Based on preliminary financials adj. EBIT (i.e. EBIT adjusted for non-recurring/extraordinary expenses and income if applicable in the reporting period) has improved modestly in 2020 compared to 2019 which is in line with the announced target communicated earlier. As the execution of growth plans in China takes more time the target of adj. EBIT break-even in early 2021 cannot be reached. The Company has ambitious growth plans and now targets to reach adj. EBIT break-even on Group level in the full year 2022. This will be supported by measures that improve the Company's cost base and that will be completed this year, amongst others, the central warehouse move, the IT Shop Outsourcing and further reduction of SG&A expenses.
Cash and cash equivalents were EUR 8.5 million as of December 31, 2020. The Company continues to explore further financing options, including further financing in/from China.
Financial statements for 2020 are in the process of being finalized and will be reported on March 18, 2021.
01-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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