HelloFresh SE: Publication Q3 Report

Tue, 21 Nov 2017 05:50:36

DGAP-News: HelloFresh SE / Key word(s): Quarterly / Interim Statement

21.11.2017 / 05:50
The issuer is solely responsible for the content of this announcement.

HelloFresh continues sustainable growth trajectory in Q3 2017

- Continued strong growth and increasing profitability underline success of long-term strategy

- 1.28 million active customers strengthen HelloFresh's position as global market leader

- Revenue growth year-over-year of 48% to EUR 217 million in reported currency and of 53% in constant currency

- Adjusted EBITDA margin increases year-over-year by 6 percentage points to -8.0%

- Cash Flow used in operating activities improves to EUR -3.0 million

Berlin, November 21, 2017 - HelloFresh SE, the leading global meal kit brand, has further expanded its position as global market leader in the third quarter of 2017. As of September 30, 2017, the company has served 1.28 million active customers (up by 52% from Q3 2016: 0.84 million) with
33.7 million meals (up by 52% from Q3 2016: 22.2 million). HelloFresh generated revenue of
EUR 217 million (up by 48% in reported currency (EUR) and 53% in constant currency from Q3 2016: EUR 147 million). Supported by profitable investments in marketing and customer acquisition, HelloFresh has reached an adjusted EBITDA of EUR -17.4 million. Thereby, the group continued its strong track record of margin expansion with a year-over-year improvement of 6 percentage points to -8.0% (Q3 2016: -14.0%). These recent developments once again support the group's strategic goal to balance growth and profitability to reach adjusted EBITDA break-even across the group in Q4 2018. Seven weeks into Q4 2017, HelloFresh confirms its thoroughly positive outlook for the remainder of the year.

"HelloFresh continues its dynamic path towards profitability. Even though Q3 is a seasonally softer quarter in our category, we have continued our strong growth in the U.S. and were able to significantly re-accelerate growth in our international markets, making Q3 the fastest growing quarter year-to-date on a constant currency basis," says Dominik Richter, CEO and co-founder of HelloFresh SE. "The funds raised in our successful IPO provide an additional tailwind for continued growth, and the continuous contribution margin expansion to 23.2%* shows that HelloFresh is focusing on the right levers."

Cash and cash equivalents as of September 30, 2017, were EUR 106.3 million (prior to taking into account the funds raised in the company's IPO). Cash flow used in operating activities was
EUR -3.0 million in Q3 2017 and EUR -32.4 million in the full 9-months period ending September 30, 2017, therefore once again consistently more advantageous than AEBITDA over the same periods, reflecting the beneficial working capital dynamics in HelloFresh's business model.

Strong track record throughout 9-months period

Through the 9-months period that ended on September 30, 2017, HelloFresh achieved significant improvements in year-to-date revenue, adjusted EBITDA and adjusted EBITDA margin. The company generated year-to-date revenue of EUR 652 million (9M 2016: EUR 438 million) and year-to-date adjusted EBITDA amounted to EUR -64.0 million (9M 2016: EUR -66.3 million). This corresponds to a year-to-date adjusted EBITDA margin of -9.8% (9M 2016: -15.1%). The quarterly statement for HelloFresh's third quarter 2017 is accessible on the Investor Relations website of the company
(see www.hellofreshgroup.com).

Selected key operating metrics

  Q3 2017 Q3 2016 9M 2017 9M 2016
Active customers (m) 1.28 0.84  
Orders (m) 4.6 3.0 13.5 9.2
Meals delivered (m) 33.7 22.2 98.0 66.9


Selected key financial metrics

  Q3 2017 Q3 2016 9M 2017 9M 2016
Revenue (mEUR) 217 147 652 438
Contribution margin (mEUR)* 50.3 25.6 142.8 72.5
Contribution margin in % of revenue* 23.2% 17.4% 21.9% 16.5%
Adj EBITDA (mEUR) -17.4 -20.5 -64.0 -66.3
Adj EBITDA margin -8.0% -14.0% -9.8% -15.1%
Cashflow used in operating activities (mEUR) -3.0 -18.3 -32.4 -43.1

* Excluding share based compensation expenses

Press contact

Eva Switala

Global Head of PR

HelloFresh SE
+49 (0) 160 98 082 688




About HelloFresh

HelloFresh is the world's leading meal kit company, operating in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland and Canada. HelloFresh delivered 33.7 million meals in the 3-month period from 1 July 2017 to 30 September 2017 to 1.28 million active customers. HelloFresh was founded in November 2011 in Berlin and listed in November 2017 at the German Stock Exchange in Frankfurt am Main. HelloFresh has offices in New York, Berlin, London, Amsterdam, Zurich, Sydney and Toronto.

21.11.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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