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    Adjusted other selling and administrative expenses represented 25.8% of sales in the first half of the year (H1 2020: 20.7 %) and thus amounted to EUR 8.6 million (H1 2020: EUR 10.4 million). The percentage increase in adjusted other selling and administrative expenses is mainly attributable to the decline in sales volumes in the reporting period. 

    The Group's reported EBIT declined to EUR -8.1 million (-24.5% margin) in the first half of 2021 compared to EUR -3.8 million (-7.7% margin) in the first half of 2020. In the second quarter of 2021, EBIT amounted to EUR -4.1 million (Q2 2020: EUR -472 thousand). 

    Negative net result for the period characterizes the first half of the year 
    In the first half of the year, a cash outflow of EUR -7.3 million was recorded, which was mainly influenced by the negative result for the period. Net working capital decreased by EUR 788 thousand to EUR 1.4 million in the first half of 2021 (December 31, 2020: EUR 2.2 million; June 30, 2020: EUR 10.1 million). The reason for this is primarily a decrease in inventories and advance payments made.

    The target of achieving break-even on the basis of adjusted EBIT in 2022 is still considered realistic. A prerequisite for achieving break-even on the basis of adjusted EBIT 2022 is additional liquidity to finance the build-up of inventories. 

    Adjusted forecast for 2021
    Due to the significant decline in sales in the first half of the year, the Management Board is adjusting some of the forecasts made in the 2020 Annual Report. 

    The Management Board forecasts to recover part of the sales losses in the second half of the year and expects slight growth for the full year 2021. The slight increase in the average order value originally forecast is corrected due to the higher share of direct deliveries from the local Chinese storage locations. From now on, a slight decline is assumed for the full year. Furthermore, contrary to the original forecast, a significant year-on-year deterioration in the contribution margin is expected due to the decline in sales in the China segment, with the result that the contribution margin as a percentage of total sales will also deteriorate noticeably in 2021. The decline in sales in the China segment also impacts the original forecast of a strong improvement in adjusted EBIT as a % of sales, so a significant deterioration is expected for the second half of the year. Cash outflow should be significantly reduced overall in 2021, but the low level of net working capital as of June 30, 2021, means that cash outflow for the full year 2021 is forecast to be significantly higher in the double-digit million range. 
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    DGAP-News windeln.de optimizes warehouse logistics and successfully carries out capital increase - Seite 3 DGAP-News: windeln.de SE / Key word(s): Half Year Report/Capital Increase windeln.de optimizes warehouse logistics and successfully carries out capital increase 12.08.2021 / 07:00 The issuer is solely responsible for the content of this …