Sep 01, 2022 7:30 AM
/ Key word(s): Half Year Results/Half Year Report
fashionette AG delivers strong net revenue growth of +50.1% in the first half of 2022 – number of active customers exceeds one million for the first time
In the period from 1 January to 30 June 2022, the consolidated net revenue increased by +50.1% year-on-year to EUR 73.4 million (H1 2021: EUR 48.9 million). The total increase in net revenue of EUR 24.5 million includes EUR 20.6 million from the consolidation of Brandfield. With a net revenue share of 65.0% and growth of +14.5% to EUR 47.7 million, the DACH region (Germany, Switzerland, Austria) remained the most important geographical market segment for fashionette in the first half of 2022. The Benelux region’s (Belgium, Netherlands, Luxembourg) share of net revenue increased by 16.8 percentage points to 24.4% in H1 2022 (H1 2021: 7.6%). Total net revenue in Benelux almost quintupled to EUR 17.9 million (H1 2021: EUR 3.7 million), mainly due to the acquisition of Brandfield. In the other countries, net revenue increased by +120.2% to EUR 7.8 million (H1 2021: EUR 3.5 million), with Brandfield accounting for 41.8% of net revenue. Overall, the share of net revenue attributable to countries outside the core region DACH and the Benelux region increased from 7.2% in the previous year to 10.6% in H1 2022.
In the first half of the year, the number of new customers increased by 210 thousand to 335 thousand, partly due to the acquisition of Brandfield. The number of active customers exceeded over 1 million for the first time in company history.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), mainly adjusted for non-recurring consulting costs, expenses not attributable to operating activities and write-downs of disclosed hidden reserves in inventories, increased by 2.5% to EUR 491 thousand (H1 2021: EUR 479 thousand) with an adjusted EBITDA margin of 0.7% (H1 2021: 1.0%), mainly due to external macroeconomic influences, especially the increase in inflation and the Ukraine crisis.
Cash flow from operating activities amounted to EUR -7.1 million in the first half of 2022 (H1 2021: EUR -9.1 million), mainly driven by the associated build-up of working capital. In Q2 2022, a strong cash flow from operating activities of EUR 3.6 million was generated through working capital optimization. At the end of June 2022, the group's liquid assets amounted to EUR 9.6 million. In the view of the Management Board, fashionette AG thus has sufficient liquid assets to finance its further growth plans.
The Management Board confirms the guidance for 2022 published with the Annual Report 2021, expecting net revenue of EUR 180 million to EUR 187 million, corresponding to net revenue growth of +16% to +21% on a pro forma basis of EUR 155 million or +34% to +40% on a consolidated basis of EUR 134 million. Adjusted EBITDA is expected to reach approximately EUR 5 million to EUR 7.5 million.
The outlook is based on an assessment of the effects arising from the geopolitical situation and the state of the global economy. It currently assumes that there will be no further significant deterioration. The uncertainties arising from the development of the current geopolitical situation could have a significant impact on fashionette's operating and financial performance. Other factors to consider:
*Adjusted EBITDA is excluding extraordinary costs and share-based compensation expenses.
Figures are not audited, following IFRS standards. Adjusted EBITDA is excluding extraordinary costs and share-based compensation expenses. Rounding differences may occur.
The half-year 2022 report including the forecast for the current financial year is available at ir.fashionette.com.
A conference call/webcast will be held in English for analysts, institutional investors and representatives of the press today, 1 September 2022 at 10:00 CEST. To register, please email email@example.com.
fashionette AG is a leading European data-driven e-commerce group for premium and luxury fashion accessories. With its online platforms fashionette.com and brandfield.com, the fashionette group offers not only inspiration, but a curated assortment of premium and luxury handbags, shoes, small leather goods, sunglasses, watches, jewelry and beauty products from more than 350 brands, including own brands. Reinforcing more than ten years of fashion accessory experience, fashionette AG developed a compelling proprietary IT and data platform using cutting-edge technology and artificial intelligence to make personalized online shopping of premium and luxury fashion accessories available to all women in Europe. For more information about fashionette AG, please visit corporate.fashionette.com or the online platforms www.fashionette.com and www.brandfield.com.
01.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|EQS News ID:||1432729|
|End of News||DGAP News Service|
1432729 01.09.2022 CET/CEST