China and other European countries as growth drivers, continuation of profitability orientation in the German-speaking region (DACH)

EUR 26.8 million were generated in the third quarter of 2017 in China, an increase of 27.8% compared to the same period of the previous year (Q3 2016: EUR 20.9 million). Overall, the China business continues to contribute around half of Group revenues.
Sales in other European countries amounted to EUR 16.3 million in the third quarter. Compared to the same quarter of the previous year, this represents an increase of 23.6% (Q3 2016: EUR 13.2 million). The growing online penetration continues to be a key driver of this development in European markets. Constant revenues compared to the s

Improvement in adjusted EBIT margin

The adjusted EBIT margin improved to -10.3% in the third quarter of the current year after -14.5% in the same period of the previous year (-16.6% including discontinued Shopping Clubs segment) and -10.5% in the second quarter 2017. The EBIT margin for the period January to September 2017 was -11.6% (9M 2016: -14.1% and -15.7% including discontinued Shopping Clubs segment).
The respective expenses for marketing and fulfillment were reduced in both absolute and relative terms (in relation to revenues). The operating contribution margin (the difference between gross profit and expenses

Local warehouse in China and integration preparation Bebitus increase net working capital

As of September 30, 2017, net working capital stood at EUR 9.5 million after EUR 4.3 million as of June 30, 2017. The increase is attributable to two significant factors. On the one hand, the company has built up stock at its local warehouse in China, which is supplied in a time-consuming way by sea; on the other hand, buffer stock was built up prior to integrating Bebitus. Cash and cash equivalents (including time deposits and restricted cash) amounted to EUR 31 million as of the reporting date, September 30, 2017. This position was EUR 11.3 million lower than at the end of the second quar