Slide 1: Q2 2021 Results
Q2 2021 Results Munich, August 12, 2021
Slide 2: Disclaimer | Forward looking statements
Disclaimer | Forward looking statements Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made and are subject to significant risks and uncertainties. You should not re
Slide 3: Our mission: To inspire and make every home a beautiful home
Quote Our mission Place To inspire yourand statement make every here.home a beautiful home.
Slide 4: Agenda
AGENDA • Business Update • Financial Update • Summary & Q&A • Appendix 4
Slide 5: Business Update
ANA EV Business Update
Slide 6: Summary
Summary GROWTH EUR 132m Revenue, at 19% revenue growth on top of strong previous year 91% growth baseline Q2 2021 PROFITABILITY EUR 11m Adj EBITDA at 8.1% Adj EBITDA margin RESULTS FREE CASH FLOW EUR 7m of Free Cash Flow; LTM Free Cash Flow at EUR 44m and 8% LTM Free Cash Flow margin CUSTOMERS Loyal
Slide 7: COVID-19 continues to impact the world
COVID-19 continues to impact the world – Health and safety of our employees, customers, partners remain our top priority Westwing warehouses and photo studios continue to operate with highest hygiene standards, social distancing measures, etc. We take comprehensive safety measures to minimize the ri
Slide 8: Topline level shift confirmed
Topline level shift confirmed, continued growth on top of last year’s extraordinary baseline GMV (in EUR m) Active Customers LTM (in k) +113% +90% +8% +47% +97% 139 1,730 128 +30% 1,178 909 65 Q2 2019 Q2 2020 Q2 2021 Q2 2019 Q2 2020 Q2 2021 Note: Unaudited. 8
Slide 9: Global supply chain situation remains challenging
Global supply chain situation remains challenging; associated profitability and offering risks are limited Current status • Global cargo disruptions cause increasing freight rates and capacity issues, predictability of capacity and prices is extremely difficult; challenges expected to remain well in
Slide 10: Westwing Customer Experience 2.0 will guide our path to 2024/25
Westwing Customer Experience 2.0 will guide our path to 2024/25 Westwing Customer Experience 2.0 Double down on our Set the next level of Scale up Creative & inspirational core Order & post-order experience Business model & platform • Westwing Collection • Westwing Delivery Service • Supplier partne
Slide 11: Launch of two exclusive Westwing Collections
Highlights Westwing Customer Experience 2.0 Launch of two exclusive Westwing Collections in recent months 11
Slide 12: 80,000 sqm new warehouse building project started
Highlights Westwing Customer Experience 2.0 80,000 sqm new warehouse building project started Together with a developer we have started the construction on a new warehouse to create additional capacity for our growth strategy towards EUR 1bn in sales Size 80,000 sqm (+option to expand by another 30,
Slide 13: Technology investments are fueling our growth strategy
Highlights Westwing Customer Experience 2.0 Technology investments are fueling our growth strategy Technology investments are critical FTE in Technology [#] enabler of our ambitious growth strategy c. 300 Selected investment areas Mobile front-end and App experience 205 Platform scale-up 153 Augment
Slide 14: ESG ratings from ISS ESG and MSCI
Highlights Westwing Customer Experience 2.0 ISS ESG scored Westwing within the top 30% of our industry Decile rank as of June 2021 Top 3 C- We are only at the 10 9 8 7 6 5 4 3 2 1 beginning. We are committed to deeply embed Sustainability into our operating model, MSCI as of April 2021 ESG Ratings A
Slide 15: Targets 2024/25
Targets 2024/25: European Home & Living eCommerce consumer love brand at EUR 1 billion revenue Growth Growth Become a EUR 1 billion company and increase market share from c. 0.4% to c. 0.8% Brand Be the most desirable TARGETS consumer Home & Living Profitability brand for Home Enthusiasts Highly pro
Slide 16: Financial Update
Financial Update |
Slide 17: Revenue Growth at 19% in Q2 2021
Revenue Growth at 19% in Q2 2021 Group Revenue (in EUR m) DACH Segment Revenue (in EUR m) +51% +58% 270 +49% +25% 154 +87% 97 75 65 60 32 +50% 179 57% H1 2019 H1 2020 H1 2021 Q2 2019 Q2 2020 Q2 2021 +19% +91% 132 119 55% 111 International Segment Revenue (in EUR m) 55% 57% 54% 58 55% +43% +50% +96%
Slide 18: Income statement details
Income statement details Delta Delta H1 2019 H1 2020 H1 2021 Q2 2019 Q2 2020 Q2 2021 [in % of revenue] 20 vs 21 20 vs 21 Westwing Collection Gross margin 42.9% 47.9% 50.1% +2.2%pts 43.4% 48.6% 49.5% +0.9%pts share gain Fulfilment ratio -24.3% -20.9% -19.9% +0.9%pts -24.9% -19.9% -20.5% -0.6%pts Cont
Slide 19: Group profitability at 8% Adj EBITDA margin in Q2 2021
Group profitability at 8% Adj EBITDA margin in Q2 2021 Group Adj EBITDA (in EURm and % of Revenue) DACH Segment Adj EBITDA (in % of Revenue) 16.8% 18.7% 12.4% 13.4% EUR -9m EUR 13m EUR 30m EUR -5m EUR 15m EUR 11m 13.2% 11.2% -4.3% -6.0% 7.6% 8.1% H1 2019 H1 2020 H1 2021 Q2 2019 Q2 2020 Q2 2021 Inter
Slide 20: Net Working Capital negative at EUR -3m
Net Working Capital negative at EUR -3m; CAPEX ratio remains very low at 1.8% Net Working Capital Capex ratio (in EUR m and % of LTM revenue) (in EUR m and as % of revenue) EUR 1m EUR -11m EUR -3m EUR 3m EUR 2m EUR 2m 0.6% 4.6% -0.6% 1.7% 1.8% Increase in Net Working Capital mainly driven by investm
Slide 21: EUR 7m Free Cash Flow in Q2 2021
EUR 7m Free Cash Flow in Q2 2021 resulting in a strong Net Cash position of EUR 122m; Free Cash Flow margin LTM at 8% Net Cash bridge Free Cash Flow Margin LTM (in EUR m) (in % of revenue) 8% 7 0 122 6% 116 -2 March 31 Free Cash FX Effects Financing June 30 -8% 2021 Flow Cash Flow 2021 Q2 2019 Q2 20
Slide 22: Guidance for FY 2021 confirmed
Guidance for FY 2021 confirmed Guidance FY 2021 Comments EUR 510-550m Revenue • Based on strong H1 2021, the guidance for FY (18-27% growth) 2021 is being confirmed • H2 growth rates expected to be lower than H1 in line with guided full year results; EUR 42-55m Adj EBITDA Jul/Aug GMV growth at 7-11%
Slide 23: Summary and Q&A
Summary and Q&A =
Slide 24: Q2 2021 Summary Investment highlights
Q2 2021 Summary Investment highlights The opportunity is massive Huge Home & Living market of EUR 120bn very early in eCommerce with exiting growth momentum based on a dynamic online adoption EUR 132m Revenue at 19% growth yoy Customer loyalty at the core The differentiating creative and inspiration
Slide 25: Q&A
Q&A
Slide 26: Appendix
Appendix
Slide 27: Growing Active Customer base while expanding share of wallet
Growing Active Customer base while expanding share of wallet Active Customers and GMV per Active Customer (in #k and EUR) GMV per Active Active Customers (k) Customer LTM (EUR) 1,800 1,730 400 1,600 1,400 300 1,200 1,000 200 800 600 400 100 200 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 28: Loyalty-driven business model results in exceptional repeat order rates
Loyalty-driven business model results in exceptional repeat order rates Orders and repeat order share (in #k and % of total orders) Repeat order share Number of orders (#k) (as % of total orders) 5,000 90% 4,000 60% 3,000 2,000 30% 1,000 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 Q2 2021 LTM % sha
Slide 29: KPI overview
KPI overview Group KPIs Unit Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Westwing Collection share in % of GMV 21% 22% 27% 25% 25% 22% 26% 28% 31% 32% Active customers in k 927 909 926 949 986 1,178 1,284 1,529 1,720 1,730 Number of orders in k 591 492 539 805 675
Slide 30: Consolidated income statement
Consolidated income statement EUR m, in % of revenue, unaudited H1 2020 H1 2021 Q2 2020 Q2 2021 Revenue 179 270 111 132 Cost of Sales -93 -135 -57 -66 Gross profit 86 135 54 65 Fulfilment expenses -37 -54 -22 -27 Marketing expenses -12 -23 -6 -13 General and administrative expenses -31 -41 -16 -22 O
Slide 31: Adjusted income statement
Adjusted income statement EUR m, in % of revenue, unaudited H1 2020 H1 2021 Q2 2020 Q2 2021 Revenue 179 270 111 132 Revenue Growth YoY 49.5% 51.2% 91.3% 18.6% Cost of Sales -93 -135 -57 -66 Gross Profit 86 135 54 65 Gross Margin 47.9% 50.1% 48.6% 49.5% Fulfillment expenses -37 -54 -22 -27 Contributi
Slide 32: Segment reporting
Segment reporting DACH in EUR m, unaudited H1 2020 H1 2021 Q2 2020 Q2 2021 Revenue 97.4 153.8 59.8 74.7 YoY Growth (in %) 49% 58% 87% 25% Adj. EBITDA 12.1 25.8 11.2 10.0 Adj. EBITDA Margin % 12.4% 16.8% 18.7% 13.4% International in EUR m, unaudited H1 2020 H1 2021 Q2 2020 Q2 2021 Revenue 81.3 116.4
Slide 33: Net Working Capital Bridge
Net Working Capital Bridge Net Working Capital (NWC) breakdown as of June 30, 2021 (EUR m) 13 14 41 -52 -19 -3 Inventories Prepayments Trade & other Trade & other Customer NWC on inventories receivables payables prepayments Note: Unaudited. 33
Slide 34: Issued share capital
Issued share capital Share Information as of June 30, 2021 Type of Shares Ordinary bearer shares with no-par value (Stückaktien) Stock Exchange Frankfurt Stock Exchange Market Segment Regulated Market (Prime Standard) Number of Shares issued 20,903,968 Issued Share Capital EUR 20,903,968 Treasury Sh
Slide 35: Upcoming Events
Upcoming Events Date Event September 17, 2021 Citi: Small, Mid-Cap & Growth Conference 2021 September 20, 2021 Berenberg: German Corporate Conference September 22, 2021 Baader: Investment Conference Small Cap Day November 11, 2021 Publication of Q3 2021 results November 23, 2021 Deutsches Eigenkapit