02.11.2023 BIKE24 Holding AG  DE000A3CQ7F4

EQS-News: Bike24 Holding AG: Margin improvement initiatives continue to show positive development during third quarter of 2023


 

EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/9 Month figures
Bike24 Holding AG: Margin improvement initiatives continue to show positive development during third quarter of 2023

02.11.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


Bike24 Holding AG: Margin improvement initiatives continue to show positive development during third quarter of 2023

  • Total sales were down -16 percent to EUR 61.1 million in the third quarter due to persistently poor consumer sentiment in the core market DACH
  • Localized markets and full-bike segment continue to grow strongly and well above market average with +9 and +26 percent respectively
  • EBITDA margin (adjusted) of 3.9 percent shows a continuous improvement versus the first and second quarters as well as the prior year quarter
  • Inventories were reduced to EUR 84.8 million and cash and cash equivalents increased to EUR 16.9 million versus prior quarter
  • Sales guidance for FY 2023 adjusted from previously -10 to -5 percent to -16 to -11 percent, guidance for adjusted EBITDA margin remains unchanged

Dresden, November 2, 2023. In the third quarter of 2023, Bike24 Holding AG (BIKE24) recorded a decline in sales of -16 percent due to persistently poor consumer sentiment in the core market DACH. In the full-bike segment, sales increased by +26 percent due to the expanded brand portfolio. Adjustments in the pricing strategy resulted in a gross margin of 27.1 percent, a significant increase compared to the prior-year quarter (24.8 percent).

Despite the ongoing macroeconomic challenges, BIKE24 remains confident about the long-term megatrends in the outdoor and cycling markets. Andrés Martin-Birner, founder and CEO of BIKE24, emphasizes: "Even though market conditions are currently difficult, we are firmly convinced that the megatrends surrounding cycling are only temporarily interrupted. The strong growth in the full-bike segment confirms our previous statements that the market has by far not peaked yet."

Ongoing strong growth in full-bike segment

BIKE24 reports a -16 percent decline in revenues to EUR 61.1 million for Q3 2023 (Q3 2022: EUR 72.6 million, 9M 2023: -11 percent to EUR 179.3 million), which is entirely attributable to lower revenues (-23%) in the PAC segment (parts, accessories and clothing). This segment comprises a higher share of discretionary products and is therefore disproportionately affected by the current market situation. A total of EUR 11.5 million (Q3 2022: EUR 10.5 million) was generated in the localized markets which corresponds to +9% growth, mainly due to the above-average performance in the Benelux markets. The six localized countries thus account for 19 percent of total sales (Q3 2022: 15 percent). Sales in the full-bike segment increased by +26 percent to EUR 12.6 million due to the expanded brand portfolio and now account for 21 percent of total sales (Q3 2022: 14 percent).

Significant increase in gross margin due to new pricing strategy

Gross margin increased by 2.3 percentage points to 27.1 percent in the third quarter (9M: 24.9 percent compared to 27.5 percent in the prior-year period) due to adjustments in the pricing strategy.

Adjusted for extraordinary expenses of EUR 573 thousand (9M: EUR 2.8 million), which mainly relate to expenses for the share option program and the planned SAP implementation, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) amounted to EUR 2.4 million, the same as in the prior-year quarter (9M: EUR 0.4 million compared to EUR 11.5 million in the prior-year period). This corresponds to an adjusted EBITDA margin of 3.9 percent for the third quarter (Q3 2022: 3.3 percent).

Due to the proactive realignment of the procurement policy, inventories were reduced to EUR 84.8 million (June 2023: EUR 90.5 million, September 2022: EUR 96.1 million) and are thus on track to reach a comfortable level by the end of the year. Cash and cash equivalents were increased to EUR 16.9 million (June 2023: EUR 13.3 million) due to disciplined cost control and the sell-out of inventories.

Timm Armbrust, CFO of BIKE24 comments: "We are pleased with the results generated in the third quarter and proud to have improved key items such as inventories and liquidity to a healthy level in a market environment that remains challenging. Even though sales fell short of our initial expectations, selected promotional activities led to inventory reductions and a detailed profitability analysis resulted in significantly better margins."

Sales guidance adjusted to reflect current market environment

As the expected easing of market overcapacities is expected to be delayed further, the management of BIKE24 has adjusted the sales guidance for the financial year 2023. Instead of a revenue decline of -10 to -5 percent, a development of -16 to -11 percent is now expected. Despite the adjusted revenue expectations, the initiatives to increase profitability will continue to be driven forward, so that the forecast of -1 to 1 percent for the adjusted EBITDA margin will be maintained.

The earnings call will take place today at 12 p.m. and can be followed via the following link:

https://montegaconnect.de/event/jxqeuyoz0rn5js9pah68sdtx4pdbjfoi
 

Unaudited condensed consolidated P&L (adjusted view)              
               
in k€  Q3 2023   Q3 2022  Delta    9M 2023   9M 2022  Delta
Revenue and other income              
DACH markets        41,134        48,530 -15%         117,262       133,989 -12%
Localized markets (PY adjusted)        11,539        10,538 9%           34,603         26,558 30%
Rest of EEA (PY adjusted)          6,090          8,612 -29%           19,465         26,221 -26%
Rest of World          2,355          4,937 -52%             7,952         14,613 -46%
Revenue         61,118         72,616 -16%         179,282       201,380 -11%
Other income                36                26 39%                111              176 -37%
Total income         61,154         72,642 -16%         179,393       201,555 -11%
COGS (Merchandise, consumables & supplies) -       44,554 -       54,633 -18%   -     134,600 -     145,948 -8%
Gross profit         16,600         18,009 -8%           44,793         55,607 -19%
Gross margin 27.1% 24.8% 2.3pp   24.9% 27.5% -2.6pp
Performance marketing costs -            861 -            852 1%   -         2,487 -         2,614 -5%
Selling expenses1 -         5,406 -         6,468 -16%   -       16,750 -       17,061 -2%
Personnel expenses -         6,248 -         6,811 -8%   -       19,628 -       19,994 -2%
Miscellaneous expenses -         2,254 -         2,377 -5%   -         8,363 -         6,709 25%
EBITDA           1,831           1,501 22%   -         2,435           9,228 -126%
EBITDA margin 3.0% 2.1% 0.9pp   -1.4% 4.6% -5.9pp
Adjustments              573              885 -35%             2,837           2,275 25%
Adjusted EBITDA           2,404           2,386 1%                403         11,504 -96%
Adjusted EBITDA margin 3.9% 3.3% 0.6pp   0.2% 5.7% -5.5pp
Depreciation/ amortization (excl. goodwill-like items) -         1,460 -         1,347 8%   -         4,323 -         3,817 13%
Adjusted EBIT              943           1,039 -9%   -         3,920           7,686 n/a
Adjusted EBIT margin 1.5% 1.4% 0.1pp   -2.2% 3.8% -6.0pp
Amortization of goodwill-like items -         2,484 -         2,489 0%   -         7,453 -         7,453 0%
Adjustments -            573 -            885 -35%   -         2,837 -         2,275 25%
Earnings before interest and taxes (EBIT) -         2,114 -         2,335 -9%   -       14,211 -         2,042 596%
EBIT margin -3.5% -3.2% -0.2pp   -7.9% -1.0% -6.9pp
Finance expense, net -         1,090 -            415 163%   -         5,174 -         1,146 351%
Profit / (loss) before tax -         3,204 -         2,749 n/a   -       19,386 -         3,188 n/a
Income tax income / (expense)           1,008              649 55%             4,375              684 540%
Result for the period -         2,196 -         2,100 n/a   -       15,011 -         2,505 n/a
Rounding differences may arise.              
1Including impairment loss on trade receivables.              
               
Customer KPIs              
Active customers (LTM)       950,893       914,125 4%         950,893       914,125 4%
Number of orders (#)       432,650       527,777 -18%      1,296,379    1,418,483 -9%
Average order value (in €)              136              138 -1%                137              142 -4%
Orders returning customers (#) 69.7% 68.4% 1.3pp   70.0% 71.3% -1.3pp
Return rate 17.3% 17.6% -0.2pp   17.0% 17.5% -0.5pp
 

Press Relations:
Olga de Gast
E-mail: [email protected]
+49 151 2705 3924

Investor Relations:
Moritz Verleger
E-mail: [email protected]
+49 151 2414 0166

 

About BIKE24

BIKE24 is one of the leading e-commerce cycling platforms in continental Europe. Focusing on the premium segment, the online retailer is the one-stop shop for the fast-growing community of bike enthusiasts, promoting green mobility. Founded in 2002, it has become a leading e-commerce company in continental Europe and a global player in this fast-growing market. Led by CEO and co-founder Andrés Martin-Birner, the online store now offers customers 77,000 items from more than 800 brands. This gives BIKE24 the broadest range of branded products in the market in continental Europe. The online bike platform has a presence with eight local online shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr), Italy (bike24.it), the Netherlands (bike24.nl), Belgium (bike24.be) and Luxembourg (bike24.lu). In addition, the international shop (bike24.com) supplies customers all over the world.



02.11.2023 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: 1763005

 
End of News EQS News Service

1763005  02.11.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 103,63 118,66 137,10 199,15 250,16 261,52 223,00
EBITDA1,2 11,25 12,66 15,24 23,97 20,34 7,21 -1,15
EBITDA-Marge3 10,86 10,67 11,12 12,04 8,13 2,76
EBIT1,4 7,55 3,15 6,33 10,33 6,11 -7,78 -75,00
EBIT-Marge5 7,29 2,65 4,62 5,19 2,44 -2,98 -33,63
Jahresüberschuss1 2,62 -9,07 -4,08 0,56 2,23 -6,63 -77,00
Netto-Marge6 2,53 -7,64 -2,98 0,28 0,89 -2,54 -34,53
Cashflow1,7 2,19 -1,03 3,46 21,10 -9,54 -11,88 0,00
Ergebnis je Aktie8 0,06 -0,21 -0,09 0,01 0,05 -0,15 -1,70
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Bike24 Holding
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A3CQ7F 1,524 Halten 67,31
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
25,40 0,00 0,00 -42,33
KBV KCV KUV EV/EBITDA
0,84 - 0,26 15,30
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 14.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
02.05.2024 08.08.2024 06.11.2024 22.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-14,72% -28,98% 3,96% -58,07%
    
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E-Commerce , A3CQ7F , BIKE , XETR:BIKE