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Appendix 4E, Directors' Report & Financial Report

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Appendix 4E, Directors' Report & Financial Report APPENDIX 4E REPORT AND FULL YEAR UPDATE • RB Group confirms key information provided with its Appendix 4C announcement on 30 July 2019 • FY2019 RB Group delivered Operating EBITDA of $3.8 million, the first since IPO, demonstrating operating leverage • FY2019 RB Group Marketplace Revenue grew by 41% year-on-year (“YoY”) • Strategic investments delivering results and propelling marketplace fundamentals • Driving towards a long term milestone of $1 billion in sales Melbourne, Australia; 28 August 2019: Redbubble Limited (ASX: RBL), which owns and operates Redbubble and TeePublic, the leading global marketplace for independent artists, today lodged its Full Year Report (Appendix 4E) for the year ended 30 June 2019. In conjunction with the Appendix 4E lodgment, the Redbubble Group (RB Group) is providing a summary of its Income Statement down to net loss after tax as well as a review of the full year including a strategic initiative update (supplementing the Investor Presentation released 30 July 2019). FY2019 Financial Performance RB Group reported its full year results (pre-auditor review) with its Appendix 4C on 30 July 2019. Following audit review, Redbubble has reported the same key results however there has been one change to the other operating expenses, which is detailed below. This change does not impact cash, gross profit or operating EBITDA figures previously reported. These are shown below, with the addition of the net loss after tax line: Key financial measures for FY2019 (with year on year (“YoY”) growth rates, where applicable) are: • Marketplace Revenue of $257 million, up 41% (up 34% on a constant currency basis). • Gross profit of $95 million, up 48% (up 41% on a constant currency basis). • Gross profit margin up 1.8pp to 36.8% (based on Marketplace Revenue). • Cash operating expenses of $64 million, up 25% (up 20% on a constant currency basis). • Operating EBITDA profit of $3.8 million, an improvement of $7.7 million from a FY2018 loss of $3.8 million. • EBITDA loss of $4.7 million, an improvement of $2.7 million from a FY2018 loss of $7.4 million. • Income tax expense of $15.2 million resulting predominantly from Management’s position to write off the deferred tax asset as communicated at the time of the 4C. • Net loss after tax of $27.7 million compared to $10.0 million in FY2018, mainly due to the write off of the deferred tax asset. Level 3, 271 Collins Street, Melbourne VIC 3000 PO Box 274, Flinders Lane VIC 8009 Ph: +61 3 9650 0138 Redbubble Limited ABN 11 119 200 592 There has only been one change to the financial results post the July market release. Other Operating Expenses have increased as the Group has changed the way in which it recognises the amortisation of share based payments, bringing forward $1.2m of expense from future years. FY2019 Cashflows The total cash balance for FY2019 increased by $7.8 million compared to a $6.6 million decrease in FY2018. The closing cash balance at 30 June 2019 was $29.0 million. Aggregate operating and investing cash outflow (negative free cash flow) was $3.1 million in FY2019, improved by 56% compared to $6.9 million in FY2018. The RB Group has no debt. Business Update As reported with the Appendix 4C release, the RB Group continues to make progress in areas of strategic investment that are critical to long term marketplace growth and profitability. FY2019 metrics are reported below and outlined in the July Investor Presentation: • Product revenue1 from authentic sellers2 at Redbubble grew by 39% and represented 76% of Redbubble product revenue • Marketplace revenue from members grew by 109%, equating to 29% of Redbubble marketplace revenue • The RB Group has on-boarded a total of 48 brands, with 25 new brands in 4Q FY2019. In addition, licensed content increase 46% from 3Q totaling 350,000 works • Five new products were launched resulting from re-platforming work enabling efficient and fast new product launches • 140% growth in marketplace revenue from the iOS app. Work has commenced on the development of the Android app 1. Product revenue is the portion of Marketplace revenue derived from Product sales. It excludes Shipping revenue. 2. Defined as those artists that tend to upload high quality, original works which resonate well with customers. Data Science work during 2018 has helped identify this critical segment at Redbubble and significant development investment has been focused on increasing the output of this group. TeePublic’s artists are yet to be segmented. Looking Forward The RB Group is targeting long term growth in a large addressable market. The priorities remain: • Grow customer base and increase loyalty through personal “creative adventures” and member experiences • Launch and sell products that artists want to design for and customers will love • Build deeper relationships with authentic artists by increasing their commercial success • Launch and expand partnerships with the world’s leading fan art brands • Maintain strong growth and synergy value of TeePublic, leveraging new product, on-boarding content partnerships and geographic growth opportunities • Persist in current discipline to improve the Group’s take rate, extract maximum value from marketing channels, and maintain operating expenses and cash discipline This strategic work will underpin reaching the milestone of $1 billion in sales. For further information please contact: Louise Lambeth – Head of Investor Relations [email protected] About Redbubble Group Founded in 2006, the Redbubble Group incorporates Redbubble Limited and its subsidiaries, including TP Apparel LLC (TeePublic). The Redbubble Group owns and operates the leading global online marketplaces hosted at Redbubble.com and TeePublic.com, powered by over one million independent artists. The Redbubble Group’s community of passionate creatives sell uncommon designs on high-quality, everyday products such as apparel, stationery, housewares, bags, wall art and so on. Through the Redbubble and TeePublic marketplaces, independent artists are able to profit from their creativity and reach a new universe of adoring fans. For customers, it’s the ultimate in self-expression. A simple but meaningful way to show the world who they are and what they care about. Forward-looking Statements This announcement includes certain forward-looking statements that are based on information and assumptions known to date and are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of RB Group. These factors may cause actual results to differ materially from those expressed in the statements contained in this announcement. Appendix 4E Redbubble Limited ABN: 11 119 200 592 Year ended 30 June 2019 (Previous corresponding period: Year ended 30 June 2018) Results for announcement to the market Year ended Year ended Movement Change Change 30 June 30 June $’m % (2) 2019 2018 $’m $’m (1) Revenue from ordinary activities 307.0 218.7 Up 88.3 40.0% Loss from ordinary activities after 27.7 10.0 Up 17.7 177.0% tax attributable to members (3) Net loss for the period 27.7 10.0 Up 17.7 177.0% attributable to members (1) On 1 July 2018, the Group adopted AASB 15 - Revenue from Contracts with Customers using the full retrospective method of adoption. Prior year comparatives have been restated to align the accounting treatment across both periods. (2) Change % calculations are based on numbers to nearest thousand dollars ($000). (3) Loss from ordinary activities after tax attributable to members for the year ended 30 June 2019 includes an operating loss of $12.5m and income tax expense of $15.2m which is resulting predominantly from Management’s decision to write off deferred tax assets (2018: an income tax benefit of $4.7m). Dividends Redbubble Limited has not paid and does not propose to pay dividends for the year ended 30 June 2019 (2018: Nil). There are no dividend or distribution reinvestment plans in operation. Control gained over entities Name of entities: TP Apparel LLC and TP Apparel Europe Ltd Date control gained: 1 November 2018 $'000 Contribution of such entity to the reporting entity's profit/(loss) from ordinary activities before income tax during 3,272 the period Net tangible assets per security 30 June 30 June 2019 2018 (cents) (1) (cents) (2) Net tangible assets per security (3.2) 0.6 (1) The deferred consideration relating to the acquisition of TP Apparel of $7.8m at 30 June 2019 has negatively impacted this calculation. Without this item included, the result would be (0.2) cents. In addition to the inclusion of the deferred consideration, the increase in unearned revenue at 30 June 2019 compared to 30 June 2018 of $2.8m has had a significant impact to this calculation. (2) On 1 July 2018, the Group adopted AASB 15 - Revenue from Contracts with Customers using the full retrospective method of adoption. Prior year comparatives have been restated to align the accounting treatment across both periods. i Appendix 4E Other information Further commentary and analysis for the year ended 30 June 2019 is contained in the Redbubble ASX release announcing the full year financial results, the review of operations in the Directors’ Report accompanying the attached Consolidated Financial Statements. A detailed presentation to investors was made available on 30 July 2019. Other information requiring disclosure to comply with Listing Rule 4.3A is contained in (including a reconciliation between the Operating EBITDA and the statutory net profit), and should be read in conjunction with, the Consolidated Financial Statements for the year ended 30 June 2019.
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