10.11.2022 07:30:36

EQS-News: BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter

EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/9 Month figures
BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter

10.11.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter

  • Group revenues increase by 12.9% to EUR 72.6 million in the third quarter
  • Internationalization strategy takes effect: Localized markets Spain, France and Italy with combined growth of 209%
  • Active customer base increases by 14% to record level of 914 thousand
  • Full-year 2022 guidance confirmed

Dresden, November 10, 2022. In the third quarter 2022, BIKE24 recorded a strong growth momentum in a challenging environment. Revenues of the European e-commerce platform grew by 12.9% to EUR 72.6 million. This development was again driven by the localized markets Spain, France and Italy, which grew by an average of 209% in the third quarter and generated around 11% of total revenues (Q3 2021: 4%). Easing supply chain challenges led to a jump of 64% in full-bike sales in the third quarter.   

"We have once again succeeded in responding to current challenges with high agility and further expanding our customer base in a challenging environment," says Andrés Martin-Birner, founder and CEO of BIKE24. "Regarding the implementation of our expansion strategy, we have made progress in all areas in recent months, which is now reflected in the significant growth in our localized markets and the full-bike categories."

BIKE24 generated revenues of EUR 201.4 million in the first nine months of 2022. Compared to the same period of the previous year, this corresponds to an increase of 5.1% (9M 2021: EUR 191.7 million; Q3 2022: +12.9% to EUR 72.6 million). Revenues of EUR 18.5 million (9M 2021: EUR 7.8 million) were generated in the localized markets Spain, France and Italy, an increase of 139% (Q3: +209% to EUR 8.1 million).

The gross margin decreased by 4.8pp to 27.5% in the nine-month period, partly because of unusual high comparables in the previous year and increased promotional activities during this quarter (Q3: 24.8% after 30.6%).

Personnel expenses increased by 19.7% to EUR 20.0 million (9M 2021: EUR 16.7 million), due to already communicated investments in the second management level in the second half of 2021 as well as one-off expenses for additional temporary staff to compensate for the high level of sick leave in the first half of 2022. In the third quarter, personnel expenses amounted to EUR 6.8 million after EUR 5.8 million, an increase of 18.3%.

Other operating expenses decreased slightly by -0.8% from EUR 26.6 million to EUR 26.4 million in the reporting period (Q3: +18.2% from EUR 8.2 million to EUR 9.7 million). In the previous year, other operating expenses included transaction costs related to the IPO of Bike24 Holding AG. These non-recurring costs were almost completely offset by increased marketing and selling expenses.

Adjusted for extraordinary expenses of EUR 2.3 million (Q3: 885 thousand), which mainly relate to expenses for the share option program, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) amounted to EUR 11.5 million compared to EUR 26.1 million in the same period last year (Q3: EUR 2.4 million after EUR 7.1 million). This corresponds to an adjusted EBITDA margin of 5.7% for the nine-month period (Q3: 3.3%).

Timm Armbrust, CFO of BIKE24 comments: "We are satisfied with the results generated in the third quarter and proud to have continued growing so significantly in a difficult economic environment. Nevertheless, we have started to initiate cost-control measures in various areas over the past weeks in order to be prepared for the upcoming challenging market environment and ongoing depressed consumer sentiment."

The set-up of the Southern European logistics center in the Barcelona area is almost complete, and first orders are expected to be shipped in the current year as part of a pilot. The webshop localization for the Netherlands, Belgium, and Luxembourg, which is expected to be implemented in the first half of the next year, is progressing according to plan.

For the financial year 2022, management confirms the guidance adjusted in July with sales growth of -5% to +5% and an adjusted EBITDA margin of between 3% and 6%.

 

Unaudited condensed consolidated P&L (adjusted view)              
               
in k  Q3 2022   Q3 2021  Delta    9M 2022   9M 2021  Delta
Revenue and other income              
DACH markets         48,530         43,573 11%         133,989       130,531 3%
Spain (localized)           2,396           1,092 119%             5,981           3,035 97%
Italy (localized)           2,033              686 196%             4,559           2,272 101%
France (localized)           3,710              854 334%             7,932           2,447 224%
Rest of EEA         11,011         12,545 -12%           34,305         38,103 -10%
Rest of World           4,937           5,542 -11%           14,613         15,292 -4%
Revenue         72,616         64,294 13%         201,380       191,680 5%
Other income                26 -                9 -399%                176                82 114%
Total income         72,642         64,285 13%         201,555       191,762 5%
COGS (Merchandise, consumables & supplies) -       54,633 -       44,637 22%   -     145,948 -     129,658 13%
Gross profit         18,009         19,648 -8%           55,607         62,104 -10%
Gross margin 24.8% 30.6% -5.8pp   27.6% 32.4% -4.8pp
Performance marketing costs -            852 -            363 135%   -         2,614 -            887 195%
Selling expenses1 -         6,468 -         5,649 15%   -       17,099 -       15,733 9%
Personnel expenses -         6,811 -         5,759 18%   -       19,994 -       16,703 20%
Miscellaneous expenses -         2,377 -         2,195 8%   -         6,671 -         9,977 -33%
EBITDA           1,501           5,682 -74%             9,228         18,805 -51%
EBITDA margin 2.1% 8.8% -6.8pp   4.6% 9.8% -5.2pp
Adjustments              885           1,467 -40%             2,275           7,319 -69%
Adjusted EBITDA           2,386           7,149 -67%           11,504         26,125 -56%
Adjusted EBITDA margin 3.3% 11.1% -7.8pp   5.7% 13.6% -7.9pp
Depreciation/ amortization (excl. goodwill-like items) -         1,347 -         1,058 27%   -         3,817 -         3,055 25%
Adjusted EBIT           1,039           6,091 -83%             7,686         23,070 -67%
Adjusted EBIT margin 1.4% 9.5% -8.0pp   3.8% 12.0% -8.2pp
Amortization of goodwill-like items -         2,489 -         2,484 0%   -         7,453 -         7,453 0%
Adjustments -            885 -         1,467 -40%   -         2,275 -         7,319 -69%
Earnings before interest and taxes (EBIT) -         2,335           2,140 -209%   -         2,042           8,297 -125%
EBIT margin -3.2% 3.3% -6.5pp   -1.0% 4.3% -5.3pp
Finance expense, net -            415 -            137 202%   -         1,146 -         2,090 -45%
Profit / (loss) before tax -         2,749           2,002 -237%   -         3,188           6,207 -151%
Income tax expense              649 -            619 -205%                684 -         1,985 -134%
Result for the period -         2,100           1,383 -252%   -         2,505           4,222 -159%
               
Rounding differences may arise.              
1Including impairment loss on trade receivables.              
               
Customer KPIs              
Active customers (LTM)       914,125       799,057 14%         914,125       799,057 14%
Number of orders       527,777       475,141 11%      1,418,483    1,383,228 3%
Average order value (AOV)              138              133 4%                142              138 3%
Orders returning customers 68.4% 76.2% -7.8pp   71.3% 75.0% -3.7pp
Return rate 17.6% 19.7% -2.1pp   17.5% 18.4% -1.0pp

The full quarterly report including the consolidated financial statements can be found here:

https://ir.bike24.com/websites/bike24/English/3000/publications.html

 

BIKE24's Q3 2022 earnings call for analysts and investors will take place today at 3pm CET. The link below will take you to the live webcast:

https://www.c-meeting.com/web3/join/M83CVPWDCR7BJD

Dial-in details will be available after registration.

 

Press contact:

Bettina Fries
E-Mail: presse@bike24.net
+49 172 297 6243

Investor contact:

Moritz Verleger
E-Mail: ir@bike24.net
+49 151 2414 0166

 

About BIKE24

BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of cycling enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading cycling companies as well as a globally active online retailer in this fast-growing market. The web shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with five local web shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr) and Italy (bike24.it) in continental Europe. In addition, the international shop (bike24.com) serves customers all over the world.



10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: BIKE24 Holding AG
Breitscheidstr. 40
01237 Dresden
Germany
ISIN: DE000A3CQ7F4
WKN: A3CQ7F
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1483357

 
End of News EQS News Service

1483357  10.11.2022 CET/CEST

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