with 16% revenue growth in Q3 2017 and continued implementation of strategic measures to sustainably increase profitability

  • Q3 revenues of EUR 52.9 million (9M: EUR 159.4 million); increase of 15.8% over the same period of last year (9M: +15.8%)
  • China (Q3 revenue +27.8% compared to previous year) and other European countries (+23.6%) continue to drive growth
  • Adjusted EBIT margin in Q3 improved to -10.3% compared to Q3 2016 (-14.5%) and Q2 2017 (-10.5%); -11.6% in nine-month period in 2017 compared to -14.1% in 2016
  • Change of liquidity position EUR -11.3 million in Q3 due to inventory built up for local warehouse in China, Bebitus integration and acquisition related Earn Out pa

    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

Select key figures for the first nine months of 2017 and the third quarter of 2017 (excluding the discontinued Shopping Clubs segment)

9M 20179M 2016Q3 2017Q3 2016
Revenues (EUR millions)159.4137.652.945.7
Other European Countries47.736.916.313.2
Operating contribution (EUR millions)
in % of revenues 4.8%2.6%6.0%1.5%
Adjusted EBIT (EUR millions)-18.4-19.3-5.5-6.6
in % of revenues-11.6%-14.1%-10.3%-14.5%