Munich, May 16, 2022

windeln.de SE ("windeln.de", "Group" or "Company"; ISIN DE000WNDL201 and DE000WNDL128) today publishes the annual financial statements and consolidated financial statements for the full year (FY) 2021, which have not yet been audited by the auditor and approved by the Supervisory Board, and the quarterly statement for the first quarter (Q1) 2022.

The publication is made irrespective of the still ongoing discussions with the auditor of the Company regarding the evidence for the assumption of going concern for accounting purposes in the annual financial statements and consolidated financial statements for FY 2021. The Company currently assumes that the audit of the financial statements can only be completed after the implementation of the
subscription rights capital increase resolved by the Annual General Meeting on January 28, 2022. The subscription period runs until June 8, 2022. The delays in the implementation of the capital

First quarter (Q1) 2022

In the first quarter, the company generated revenues of EUR 12.8 million, which corresponds to a decrease of 13% compared to the previous year (Q1 2021: EUR 14.6 million). In China, revenues in Q1 2022 were at a constant level compared to the same quarter of the previous year, with a decrease of EUR 0.1 million to EUR 10.1 million (Q1 2022: EUR 10.2 million). Revenues in the Europe segment (continuing operations only) amounted to EUR 2.7 million in Q1 2022 compared to EUR 4.4 million in the same quarter of the previous year, a decrease of EUR 1.7 million or 40%. On the one hand, the revenue

Fiscal year 2021: Decline in revenues in China and Europe due to non-recurring special effects, but successful cost reduction through discontinuation of unprofitable business areas and further cost-saving measures

In fiscal year 2021, windeln.de recorded total revenues of EUR 52.1 million, down from EUR 76.1 million in the previous year. This decrease is attributable to both the China segment and the Europe segment. Revenues of the China segment decreased by EUR 18.2 million or 32% to EUR 37.9 million in 2021 (2020: EUR 56.0 million), representing 73% of the company's revenues in FY 2021 (FY 2020: 74%). Negative effects on revenues resulted in particular from the lack of availability of certain products, due to non-recurring special effects. Furthermore, necessary measures were taken to preserve liqu

Earnings development in FY 2021 significantly influenced by decline in revenues in target market China

In fiscal year 2021, the gross profit margin recorded a slight decrease from 21.3% in the previous year to 19.6%. This development is mainly attributable to revenues in the financial year 2020 in the amount of EUR 3.9 million due to VAT adjustments in the China segment. This special effect did not recur in 2021. Marketing costs were reduced by EUR 0.7 million to EUR 1.9 million in the reporting period through the targeted use of selected marketing tools. Fulfillment costs decreased by 29% year-on-year to EUR 4.1 million (FY 2020: EUR 5.8 million). In FY 2021, the operating contribution marg

Positive outlook for 2022 due to cost-saving measures to date

The Management Board expects very strong revenue growth in fiscal year 2022. The economic focus will remain on achieving profitability and securing liquidity. Furthermore, a significant improvement in operating contribution margin as a percentage of revenues and a strong improvement in adjusted EBIT as a percentage of revenues are targeted for the financial year 2022. Furthermore, a cash outflow from operating activities in the mid-single-digit million range is expected for fiscal year 2022. Assuming a favorable business performance, the Management Board believes it is possible to achieve p

Publication of audited annual and consolidated financial statements scheduled for end of June 2022

The date for publication of the audited annual and consolidated financial statements approved by the Supervisory Board has been postponed to the end of June 2022 following a further extension of the subscription period for the current subscription offer as part of the ordinary rights issue resolved by the Annual General Meeting on January 28, 2022. The Company currently assumes that the audit of the financial statements can only be completed after implementation of the capital increase and that the auditor will issue the auditor’s report.