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home24 SE: home24 grows revenues 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

2021-02-09 07:45:02

DGAP-News: home24 SE / Key word(s): Preliminary Results/Annual Results
09.02.2021 / 07:45
The issuer is solely responsible for the content of this announcement.

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

  • Currency-adjusted order intake growth accelerated in Q4 2020 to 58% year-over-year. Full-year 2020 order intake growth of 46% at constant currency.
  • Q4 2020 has shown a currency-adjusted revenue growth of 50% to EUR 152 million compared to Q4 2019.
  • Significant revenue growth in FY 2020 of 42% at constant currency to EUR 492 million compared to 2019.
  • In Q4 2020 adjusted EBITDA at EUR 6 million and margin of 4%. Full-year adjusted EBITDA margin of 3% and thus 2020 profitability improved by 11%-points compared to 2019.
  • FY 2020 cash flow positive also excluding the effect of capital increase in December. At the end of 2020, cash and cash equivalents of home24 amounted to EUR 103 million.
  • Following the capital increase in Europe and the successful IPO in Brazil, both home24 segments have more than EUR 100 million funds available to invest in accelerated growth.

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.

 

About home24
home24 is a leading pure-play home & living e-commerce platform in Continental Europe and Brazil. With over 100,000 articles sourced from more than 1,000 manufacturers, 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.



09.02.2021 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.

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