Munich, August 12, 2021: windeln.de SE ("windeln.de", "Group" or "Company"; ISIN DE000WNDL201) today published its financial results for the first half year (H1) 2021. The Company generated revenues of EUR 33.3 million, a decrease of 33% compared to the first half of the previous year (EUR 50.0 million). Adjusted EBIT amounted to EUR -8.1 million in H1 2021 (H1 2020: EUR -3.8 million).

The Bebitus business had not yet been sold as of the reporting date of June 30, 2021; however, it is still intended to sell the Southern European business. The business to be divested may no longer be

Decline in sales in the target markets of Europe and China due to necessary warehouse relocation and delivery restrictions

China generated sales of EUR 20.5 million in H1 2021, down 39% year-on-year (H1 2020: EUR 33.4 million).

The significant decline in revenue is largely due to the unusually high revenue from the sale of hygiene products to corporate customers in the previous reporting period (EUR 7.0 million revenue in H1 2020, compared to EUR 765 thousand in H1 2021) as well as the VAT refunds for the China business recognized in 2020 for previous years (EUR 3.6 million). In addition, the temporary shipping constraints due to the relocation of the main warehouse as well as a low inventory level in th

Reduced sales volume in China had a negative impact on earnings

Gross profit margin decreased to EUR 5.3 million in the first half of 2021 (H1 2020: EUR 11.4 million). In the second quarter of 2020, the gross profit margin was EUR 7.0 million compared to EUR 2.4 million in the second
quarter of 2021.

Marketing costs recorded a slight increase from 3.1% of sales in the first half of 2020 to 4.5% in the current year.

The necessary warehouse relocation and the resulting increase in costs due to double stock management, combined with the reduced sales volume in the reporting period, are reflected in the fulfillment costs. These fell by

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

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 o

Successful capital increases in Q1 and Q3

In March 2021, a capital increase of EUR 1.1 million was successfully completed. On June 15, 2021, a further increase in share capital was resolved. The capital increase of EUR 4.5 million was entered in the commercial register on July 13, 2021 and is therefore not yet visible in the balance sheet as of June 30, 2021. The newly raised capital serves to secure windeln.de's
liquidity and to implement further measures to reduce costs and increase efficiency.

Matthias Peuckert, CEO of windeln.de, states: "After some special effects that positively influenced sales in the first half