DGAP-News

windeln.de maintains strategic goals despite challenges - Seite 2

The Management Board had forecast strong sales growth for fiscal 2021. However, business with intermediaries and corporate customers could not be further expanded as planned in Q2, and revenues via the new sales channels also did not develop as expected. These factors led to a significant decline in revenues in the first half of 2021, which reached EUR 33.3 million according to preliminary calculations (H1 2020: EUR 50.0 million). Nevertheless, the Management Board expects to make up for these effects in the second half of the year and to record slight growth for the year as a whole.

An increase in the average order value has also been forecast for fiscal 2021. Due to a higher proportion of direct deliveries from our Chinese warehouses, the average order value in the first half of 2021 went down slightly to a preliminary EUR 86.94 (H1 2020: EUR 93.03). The Management Board now also expects a slight decline for the full year 2021.

A significant improvement in the operating contribution margin was expected for the financial year 2021. However, according to preliminary calculations, this figure will only amount to EUR 0.5 million in the first half of 2021 (H1 2020: EUR 6.5 million), which is mainly due to the decline in sales in the China segment in Q2. For the full year 2021, the Management Board now expects a significant deterioration in the contribution margin compared to fiscal year 2020. Similarly, according to the preliminary figures, the operating contribution margin as a percentage of sales is expected to have deteriorated in the first half of 2021 compared to the same period of the previous year (1.3 % versus 13.1 % in H1 2020). A sharp deterioration is expected for this key figure for the full year 2021.

According to the forecast, adjusted EBIT as a % of sales should improve strongly; according to preliminary figures, it amounts to only EUR -8.1 million in the first half of 2021 (H1 2020: EUR -3.8 million). This expected deterioration is also attributable to the decline in sales in the China segment in Q2. In relation to the full year 2021, a strong deterioration is now predicted.

The expected cash outflow from operating activities in the first half of 2021 is provisionally EUR -7.3 million (H1 2020: EUR -7.1 million). For the full year 2021, it has so far been forecast in the mid-single-digit million range. Due to low net working capital, cash outflow from operating activities is now expected to be in the double-digit million range. In 2021 as a whole, cash outflow should be significantly reduced; only a slight improvement was visible in the first half of the year. However, due to the low level of net working capital, the cash outflow at the reporting date for the half-year figures will be significantly higher than in the previous year.