DGAP-News: home24 SE
/ Key word(s): Annual Results
HOME24 PUBLISHES ANNUAL REPORT FOR THE YEAR 2019:
Berlin, 7 April 2020 - In its annual report published today, home24 SE ("home24", the "Company") confirms that there are no changes for the full year 2019 financials compared to the trading update published on February 11, 2019: 2019 revenues amounted to EUR 372 million representing a growth of 20% at constant currency compared to the previous year, as well as achieving the break-even in Q4 2019 on the basis of adjusted EBITDA of EUR 2.6 million at (+2 % adj. EBITDA margin), with full year of 2019 ending at adjusted EBITDA of -8%. At the end of 2019, the cash balance of home24 amounted to EUR 46 million, with cash flow from operating activities turning positive in H2 2019. The available cash position is expected to leave ample headroom for 2020, given the core profitability has been reached and crucial sizable investment projects are completed.
"We look back on a successful year-end of 2019. We have outgrown the home & living industry once again and reached our core profitability for the first time in Q4 2019, having completed important transformative investment projects. This gives us a solid basis to tackle the severe challenges of the COVID-19 pandemic. COVID-19 pandemic adds uncertainty to the business development in 2020 and is a serious challenge to our society and economy. However, with the impact we have seen for now on our business, we are cautiously confident to continue on our growth trajectory while improving profitability. We still see a substantial catch-up potential for the online home & living market and expect an acceleration of a shift to online, especially in light of consumers spending a lot of time in and on their home.", says Marc Appelhoff, CEO of home24.
In the first quarter of 2020, the COVID-19 pandemic has created an element of uncertainty for further business development in 2020. The majority of home24's employees outside of logistics processes and retail organization are working from home. Supply chains of our suppliers in Europe, Brazil and China are affected. Our bricks-and-mortar retail stores are temporarily closed. Customer demand is more difficult to forecast and more volatile. We have initiated immediate measures at our sites in Asia, Europe and Brazil in response to the situation. However, at the time of publication of the Annual Report, the consequences for the global economy and thus also for home24 are virtually impossible to predict. With our team and our partners, we remain a reliable partner for our customers as long as the supply chains do not come to a standstill.
In view of the uncertain market situation, home24 is planning for the 2020 financial year with revenue growth rates in constant currency in the range of +10% to +20%. In addition, home24 is aiming for an adjusted EBITDA margin in the range of +2% to -2% for the financial year 2020. This outlook includes the current information on the COVID-19 pandemic but does not take into account any significant additional adverse impact on revenues and adjusted EBITDA. Such significant adverse impact could arise, for example, as a result of a deep global recession or broad restrictions on the business activities of home24, which go beyond moderate delays in the supply chain and the potential, anticipated closures of the offline retail activities until May.
Most relevant financial figures at a glance
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 500 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). For more information, please visit the Company's website at www.home24.com.
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.
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