DGAP-News: home24 SE
/ Key word(s): Annual Results
home24 grows by more than 27% in 2021, thus by almost 80% in the last two years and achieves positive adjusted EBITDA as planned
Berlin, 24 January 2022 - home24 SE ("home24", the "Company") continued its profitable growth in the financial year 2021, gaining significant market share and thus expanding its competitive position. Preliminary, unaudited full-year financials show that the Company generated total revenue of EUR 615 million in 2021, representing a year-over-year growth of 27% at constant currency and two-year growth rate of c. 79%.
The positive development was driven by strong results of the European segment: In Europe, 2021 revenues totaled EUR 501 million, representing significant growth of 29% year-over-year. In 2020, the segment already grew by 40%, revenues in 2021 therefore came in 80% higher than in 2019. Thus, revenue growth of the European business is well within the forecast revenue growth of 28% to 32% for the Group in 2021. Overall, the furniture market in 2021 was characterized by consolidation. Furniture retail in Germany, for example, recorded a decline in revenues in a significant single-digit percentage range. As a result, home24 grew more than 30%-points faster than the market, thus gaining further significant market share. The European segment operated profitably as planned for the year 2021, with an adjusted EBITDA of EUR 3 million and a margin of 1%. The result is in line with the Group's guidance for 2021 to reach an adjusted EBITDA margin in the range of 0% to +2%, reflecting the 2021 strategy of reinvesting additional contribution margins in growth.
The Brazilian segment faced a more difficult consumer climate and macroeconomic challenges, particularly in H2 2021. The segment grew at a lower rate than expected in H2 2021 but nevertheless by 21% to EUR 114 million at constant currency, thus also significantly outperforming the furniture retail segment. As a result of the macroeconomic situation and taking into account planned investments following the IPO in Brazil, the adjusted EBITDA margin was -1%.
In Q4 2021, the Group generated revenues of EUR 152 million, in line with the very strong prior-year period. The effects of the very strong comparables will continue to influence growth rates well into the second quarter of 2022.
At the end of 2021, home24's cash and cash equivalents amounted to EUR 131 million, EUR 28 million above the previous year's reporting date. In Q4 2021, a positive cash flow from operations of EUR 10 million was again achieved.
"In the past two years, home24 has grown by around 80 percent on a currency-adjusted basis. We have gained more than 400,000 active customers and maintained our target of operating profitably on an adjusted EBITDA basis. The new customers are attracted by the home24 offering, which is reflected in our consistently good customer satisfaction. Our strong annual growth of another 29 percent in Europe sends a clear signal - especially since furniture retailing in Germany, for example, declined in 2021. We have once again proven that we continue to gain market share with our curated offering, our value-for-money proposition and our specialized services. With the Butlers acquisition, which we plan to close on 1st April 2022, we have an additional and important building block for further continuous, profitable growth," says Marc Appelhoff, CEO of home24.
home24 will publish its audited financial figures on 31 March 2022, including an outlook for the full-year 2022, which will then also take into account the Butlers acquisition.
home24 is a leading pure-play home & living e-commerce platform in Continental Europe and Brazil. With over 150,000 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 more than 1,900 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, home24 delivers its products above an order value of 30 euros - regardless of size and weight - free of charge to the customer's home 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.
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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.
File: 220124_home24 SE_Trading Update FY2021_EN
24.01.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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