DGAP-News

fashionette AG publishes annual report 2020 - Growth targets exceeded and further revenue increase of 49% to 58% expected in 2021 - Seite 2

fashionette increased its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) by +24.5% to EUR 8.9 million, which corresponds to an adjusted EBITDA margin of 9.4%. The one-off expenses mainly relate to costs for the IPO.

The operating cash flow tripled to EUR 5.2 million compared to the previous year, despite the strong growth. Liabilities to banks were repaid in full. With financial resources of EUR 31.8 million, fashionette AG has sufficient capital to finance further growth plans.

"2020 has been an extraordinary year in every respect. Despite many challenges, we managed to achieve record turnover and results. We are continuously optimising our offer and improving our platform to meet the high demands of our customers. This is due to the passionate commitment of our team. At the same time, we will not lose sight of our goal: To expand our position as the leading European data-driven online platform for premium and luxury fashion accessories. Therefore, it is now important to build on this great success and use the tailwind for the tasks ahead," says Daniel Raab, CEO of fashionette.

Forecast 2021

In the wake of the acquisition of Brandfield announced yesterday (execution expected for 1 July), the Executive Board now expects net revenue growth for the current financial year to exceed the forecast published in the Annual Report 2020 by around 49% to 58% to approximately EUR 141 million to EUR 150 million (organic, as communicated in the Annual Report 25% to 30% to EUR 118 million to EUR 123 million). With investments in further growth, especially for marketing expenses, an adjusted operating profit before interest, taxes, depreciation and amortisation (EBITDA) of around EUR 5.0 million to EUR 6.9 million is expected, with an adjusted EBITDA margin of between 3.5% and 4.6%.

Key financial figures

		2020		2019		Δ
Net revenue (in EUR k)		94,812		73,160		29.6%
Gross profit (in EUR k)		37,514		29,894		25.5%
Gross margin (share in percent)		39.6%		40.9%		-1.3 PP
EBITDA reported (in EUR k)		5,881		6,771		-13.1%
EBITDA-margin reported (share in percent)		6.2%		9.3%		-3.1 PP
Adjusted EBITDA (in EUR k)		8.894		7,146		24.5%
Adjusted EBITDA-margin (share in percent)		9.4%		9.8%		-0.4 PP
Cash flow from operating activities (in EUR k)		5,241		1,843		>100%
Cash and cash equivalents at the end of the period (in EUR k)		31,829		-6,273		>100%

 

Detailed financial information