HelloFresh SE: Q2 2018: HelloFresh approaches break-even and invests in further expanding its global leadership position
DGAP-News: HelloFresh SE / Key word(s): Quarterly / Interim Statement/Half Year Results
Q2 2018: HelloFresh approaches break-even and invests in further expanding its global leadership position
- Revenues increased by 39% to EUR319.7 million year over year (up by 48% on constant currency from Q2 2017: EUR230.1 million)
- Contribution margin improved to 28%, exceeding expectations
- AEBITDA margin (ex. Green Chef) strongly expanded towards break-even
- Comprehensive investments announced for the second half of 2018 to support further growth
- Full-year 2018 outlook for constant-currency revenue growth raised from 30% - 35% to 32% - 37% due to planned investments in sustainable growth
The strong performance is reflected across all financial indicators. HelloFresh grew its revenues by 39% year over year to EUR319.7 million (up by 48% on constant currency from Q2 2017: EUR230.1 million) and generated an outstanding contribution margin of about 28% (Q2 2017: 22.1%). Thanks to this strong performance, HelloFresh has reached an AEBITDA margin of (0.0)% on the group level in Q2 2018 excluding Green Chef and (1.2)% including Green Chef. This development is also reflected in the two segments - US and International - both of which reached AEBITDA profitability in Q2 2018. The US segment achieved an AEBITDA margin of 2.0% (ex. Green Chef). The AEBITDA margin of the International segment was even higher at 4.1%.
New products, new target groups, new geographies
Building on its excellent market position, HelloFresh intends to capitalize on this momentum and support further growth with targeted investments over the second half of 2018 - in the meal kit segment and beyond. Particularly in the US, the world market leader is increasingly investing in further differentiating its product offering and pricing structure to reach out to even more customer groups with varying demand patterns. The recent launch of the EveryPlate brand already enables the company to gain a strong foothold in the value segment whereas the integration of Green Chef secures a successful position in the premium segment. At the same time, HelloFresh is exploring promising cooperations with new retail partners worldwide.
"The strong first half of this year has proven that we can exceed our own expectations. Our strong margins provide the necessary tailwind for systematically capitalizing on additional opportunities in the market. In view of the growing demand in the meal kit market and beyond, we want to establish ourselves as the best provider across all customer and price segments," said Dominik Richter, CEO and co-founder of HelloFresh SE.
Selected key performance indicators
Key operating indicators
HelloFresh is the world's leading meal kit company and operates in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland and Canada. HelloFresh delivered 48.9 million meals to 1.84 million active customers worldwide in the three-month period between April 1, 2018 and June 30, 2018. HelloFresh was founded in Berlin in November 2011 and went public on the Frankfurt Stock Exchange in November 2017. HelloFresh has offices in New York, Berlin, London, Amsterdam, Zurich, Sidney and Toronto.
This document contains forward-looking statements relating to the business, financial performance and results of HelloFresh SE (the "Company"), the HelloFresh group or the industry in which the HelloFresh group operates. These statements may be identified by words such as "expect", "belief", "estimate", "plan", "target" or "forecast" and similar expressions, or by their context. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; growth for products and services in new markets; industry trends; and the impact of regulatory initiatives. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. No obligation is assumed to update any forward-looking statements. Regarding the definitions of Alternative Performance Measures, the Company refers to the relevant definitions in its Annual Report 2017, which is published on the Company's website.
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