Annual Report 2012 Key Figures
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Annual Report 2012 Key figures Total sales and EBITDA 2007-2012 Total sales EBITDA in EUR m in EUR m 336 300 257 12.0 9.0 200 194 129 6.0 85 100 55 3.9 3.0 1.2 1.1 -100 -0.8 -3.0 -1.8 -6.0 -200 -9.0 -6.8 Total sales EBITDA 2007 2008 2009 2010 2011 2012 Total sales and EBITDA Q1-Q4 / 2012 Total sales EBITDA in EUR m in EUR m 97.8 85.5 80 73.6 78.7 9.0 60 6.0 40 3.0 20 0.4 0.3 -20 -3.0 -40 -0.9 -1.6 -6.0 Total sales EBITDA Q1 Q2 Q3 Q4 Sales origin in % 21 79 29 71 36 64 46 54 53 47 60 40 Germany International 2007 2008 2009 2010 2011 2012 Total customer accounts in thousand 5,848 5,000 4,287 4,000 3,000 3,074 2,000 2,085 1,379 1,000 907 2007 2008 2009 2010 2011 2012 New customer acquisition performance in thousand 101 201 209 263 344 362 522 467 730 483 991 570 Germany International 2007 2008 2009 2010 2011 2012 5 year performance overview 2007 2008 2009 2010 2 011 2012 Total sales in EUR m 55.4 85.1 129.1 193.6 257.1 335.6 Sales in EUR m 52.5 80.3 122.6 177.8 244.8 319.2 Gross profit in EUR m 22.5 35.1 51.9 84.1 100.0 121.3 Gross margin in % 40.6 41.2 40.2 43.4 38.9 36.2 EBITDA in EUR m 1.2 1.1 -0.8 3.9 -6.8 -1.8 Consolidated net result in EUR m 0.6 5.8 -1.5 2.0 -6.0 -2.1 EPS – Earnings per share in EUR / share 0.38 2.41 -0.61 0.38 -1.07 -0.35 Balance sheet total in EUR m 11.6 22.7 30.5 58.4 75.1 65.4 Inventories in EUR m 3.3 9 12.5 20.6 25.5 32.3 Equity in EUR m 4 9.9 9.5 21.2 35.5 33.9 Equity ratio in % 34.5 43.6 31.1 36.3 47.3 51.9 Employees number 51 79 108 143 191 217 New customers accounts in thousand 302 472 706 989 1,213 1,561 1 undiluted and starting in 2010 taking into account the capital increase from company funds carried out in 2011 Statement of comprehensive income Q1-Q4 / 2012 Q1 / 2012 Q2 / 2012 Q3 / 2012 Q4 / 2012 Total sales in EUR m 73.6 78.7 85.5 97.8 Sales in EUR m 70.3 75.2 81.3 92.4 EBITDA in EUR m 0.4 -0.9 -1.6 0.3 Consolidated net result in EUR m 0.1 -0.7 -1.3 -0.1 Highlights Total sales up 30 % to EUR 336 m – substantial acceleration of quarterly growth rates 1.6 million new customer accounts acquired – greatly improved customer acquisition efficiency Underlying earnings boosted by significant economies of scale accross all key operating areas Positive operating result (EBITDA) of EUR 0.3 m in Q4 2012 zooplus at a glance Customers Company Market • Present in 23 European countries • Clear and dominant online • EUR 22 bn total European pet • Convincing USPs from a customer market leader by a substantial supplies market volume perspective: Convenience, selection margin over other competitors • Steadily growing overall market and price • Highest standards and benchmarks with stable margin structures • Constantly improving product and in terms of product quality and • Strongly expanding online retail service range business performance market segment • At least EUR 500 m total sales until year end 2014 zooplus AG company profile zooplus AG was founded in 1999 and ranks as Europe’s leading internet retailer for pet supplies. The company retails over 8,000 products for all major types of pets. Its product range most notably includes pet food (wet and dry food, food supplements) as well as accessories (such as scratching posts, dog baskets and toys) across all value ranges. In addition to a huge product range and the option of fast and free delivery, zooplus customers also benefit from a variety of interactive content and community features, such as veterinary advice and discussion forums. zooplus AG’s business model has been successfully introduced in 23 European countries to date. During 2012, the company generated total sales of around EUR 336 m, which represents a more than four-fold increase since the beginning of 2008. Pet supplies are a key market segment within the European retail landscape. In 2011, sales of around EUR 22 bn were generated within the European pet supplies industry. The ongoing “humanization” of pets in key industrialized countries indicates that pet owners’ purchasing behavior is undergoing profound changes and moving towards healthcare, wellness and other premium offerings. In addition, continued strong growth is expected for internet retailing in Europe overall. zooplus AG is therefore anticipating a continuously dynamic development on the back of these trends. In 2013, the company is targeting total sales in excess of EUR 400 m, with this figure climbing to over EUR 500 m for the following year 2014. Table of contents zooplus at a glance 1 Company profile zooplus AG 1 To the shareholders 5 Letter of the Management Board 6 Report of the Supervisory Board 8 Corporate Governance Report 11 Business model 18 The share 26 Group management report 29 Business report 30 Earnings position, financial position and net assets 36 Report on risks 41 Report on opportunities 43 Key features of the internal control system and the risk management system 44 Outlook 46 Remuneration report 47 Information under takeover law 47 Statement regarding Section 312 AktG 50 Other 50 Overall outlook 50 Consolidated financial statement 51 Consolidated balance sheet 52 Consolidated statement of comprehensive income 54 Group cash flow statement 55 Group statement of changes in equity 57 Notes 58 Declaration of the legal representatives 102 Auditors' opinion 103 Imprint 104 To the shareholders Letter of the Management Board 6 Report of the Supervisory Board 8 Corporate governance report 11 Business model 18 The share 26 6 Letter of the Management Board Report of the Supervisory Board Corporate Governance Report Business model The share Letter of the Management Board Dear Shareholders, 2012 was a good year for zooplus, with a dynamic acceleration of our growth as well as a highly positive earnings situation towards the end of the year. As in previous years, our primary focus in 2012 was achieving sustainable growth without neglecting our operating profitability. We believe that we succeeded in doing this, particularly during the second half of the year. We have worked hard and look forward to 2013 and beyond with optimism. We are confident of being able to further sustainably boost growth and earnings, and in doing so provide the zooplus share with significant upside momentum. zooplus is and remains the fastest-growing business and uncontested eCommerce market leader within the European pet supplies sector. We will continue to push our international expansion systematically in the future, thereby maintaining a clear advantage over potential and already active competitors from both the bricks-and- mortar and online segments. In this report, we take a detailed look back over the financial year 2012 – a year which was dominated by growth and a dynamically improving earnings situation. In the end, this resulted in positive operating earnings combined with growth of over 30 % p.a. in the fourth quarter of the financial year. We are confident of being able to continue this combination of growth and earnings in the future. Here is an overview of the most important steps accomplished during the past year from our point of view: • Total sales growth from EUR 257 m to EUR 336 m on the back of an accelerated quarterly growth rate during the year • The acquisition of over 1.6 million new customer accounts, which represents a new record in the history of our company and provides the basis for further significant growth given our continued high customer loyalty and substantially improved customer acquisition efficiency across all important European markets • Considerably improved earnings, particularly towards the end of 2012, with positive operating earnings in the fourth and final quarter of the year – a trend we are aiming to continue overall in the coming year • The further internationalization of the entire organization of the company, which is not only reflected in our group structure, but also in our employee and management teams, representing an integral part of our success story so far For the future, and in line with our overall company strategy, our aim remains to combine sustainable growth whilst increasing the profitability of the company. With this in mind, we will continue to consistently invest in employees and infrastructure in order to impress customers with a substantially superior product that stands out from the crowd. Providing a positive shopping experience for our customers is and remains the main focus of our business and the long- term platform for our success. We will give our best to continue to deliver on this commitment in the years ahead. For 2013, we are aiming to implement a clear growth-oriented strategy combined with positive operating earnings, and therefore further sustainably boost zooplus AG’s shareholder value. For 2014, we are currently anticipating another significant increase in total sales and earnings. Letter of the Management Board 7 Report of the Supervisory Board Corporate Governance Report Business model The share To the shareholders To From left to right: Florian Seubert, Dr.