Annual Report Konzernanhang 2017 Key Figures
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Letter from the Management Board Report of the Supervisory Board Corporate Governance Report Group business model The zooplus AG share To the shareholders To Konzernlagebericht Konzernjahresabschluss Annual report Konzernanhang 2017 Key figures Sales and EBT 2012–2017 in EUR m 1,110.6 908.6 711.3 543.1 17.9 407.0 12.7 319.2 8.8 3.8 4.1 –2.6 Sales EBT 2012 2013 2014 2015 2016 2017 Sales by region in % 60 40 65 35 69 31 72 28 74 26 75 25 Germany International 2012 2013 2014 2015 2016 2017 Active customers(1) New customers in k 5,817 in k 2,674 4,826 2,347 4,024 2,037 1,762 3,342 1,561 1,429 2,503 2,694 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 Sales per customer(2) Sales retention rate in EUR in % 188 191 94% 92% 93% 177 85% 91% 151 162 79% 128 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 Number of orders Average shopping basket(2) in m in EUR 20.3 16.3 12.7 56 56 55 10.0 50 53 54 6.3 7.7 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 (1) incl. new customers / one-time purchase (2) net Multi-year performance 2012 2013 2014 2015 2016 2017 Sales in EUR m 319.2 407.0 543.1 711. 3 908.6 1,110.6 Other income in EUR m 16.3 19.9 27.8 31.3 43.4 52.8 Cost of materials in EUR m – 214.2 – 279.8 – 393.0 – 518.2 – 681.6 – 839.6 Gross margin in % 32.9 % 31.3 % 27.6 % 27.1 % 25.0 % 24.4 % EBITDA in EUR m – 1.8 4.9 9.9 15.4 19.7 8.8 EBT in EUR m – 2.6 3.8 8.8 12.7 17.9 4.1 EPS - Earnings per share (1) in EUR – 0.35 0.29 0.83 1.13 1.63 0.27 Employees number 217 253 267 313 386 512 Total assets in EUR m 65.4 83.7 138.6 165.3 207.6 239.5 Inventories in EUR m 32.3 43.7 65.0 74.5 78.8 104.5 Equity in EUR m 33.9 36.7 86.2 93.2 107.9 111.4 Equity ratio in % 51.9 % 43.9 % 62.2 % 56.4 % 52.0 % 46.5 % (1) Basic EPS Statement of income Q1–Q4 / 2017 Q1 / 2017 Q2 / 2017 Q3 / 2017 Q4 / 2017 Sales in EUR m 256.9 259.8 277.8 316.1 Cost of materials in EUR m – 191.8 – 198.4 – 210.8 – 238.6 Gross margin in % 25.3 % 23.6 % 24.1 % 24.5 % EBITDA in EUR m 4.5 2.8 0.3 1.2 EBT in EUR m 3.4 1.7 – 0.9 – 0.1 Highlights 2017 Sales rise 22 % to EUR 1,111 m Leading market position in online retailing further strengthened; double-digit sales growth in all 30 local markets Growth accelerates in the second half of 2017 Sales retention rate remains at very high level of 93 %; strong increase in new business in the second half of 2017 Continued expansion of logistics infrastructure New fulfillment centers in Coventry (UK), Mühldorf (GER) and Boleslawiec (PL) successfully integrated into the zooplus logistics network Positive earnings before taxes (EBT) of EUR 4.1 m Earnings affected by additional investment in competitive attractiveness, marketing, logistics and personnel Positive operating cash flow of EUR 3.3 m Strong growth almost entirely financed by further improvement in working capital Company profile zooplus AG zooplus AG, founded in 1999, has been operating for more than 18 years and is today’s leading online retailer in Europe for pet supplies. zooplus already ranks as the second largest retailer in terms of sales in the overall European market, which includes both bricks-and-mortar and online sales of pet supplies. The company sells around 8,000 products for the most popular types of pets. The product range includes pet food (dry and wet food and food supplements) and accessories, such as scratching posts, dog beds and baskets and toys in all price categories. zooplus customers not only enjoy an extensive product range and fast and free delivery but also benefit from a variety of interactive content and community offers. zooplus AG has already successfully launched its business model in 30 European countries. This makes zooplus AG the only genuinely pan-European online retailer for pet supplies. Since its initial public offering in 2008, the company’s sales have risen from EUR 80 m to a total of EUR 1,111 m in the 2017 financial year. Pet supplies are a major market segment in the European retail landscape. In 2017, gross sales of pet supplies and accessories in Europe amounted to around EUR 26 bn. Because of the higher population and progressive humanization the shareholders To of pets in a majority of countries, the growth of the overall market is expected to continue in the years ahead. Additionally, Europe is expected to continue to see considerable growth in the area of online retailing. zooplus AG expects these trends to continue to propel the company’s strong sales momentum. In the year 2018, sales are expected to increase again by 21 % to 23 %. Konzernlagebericht zooplus at a glance Konzernjahresabschluss Customer Company Market • Present in 30 European • European-wide online • Gross volume of European countries market leader with a pet supply market currently • Compelling USPs for definite edge over the at a solid EUR 26 bn customers include competition • Growing, stable overall Konzernanhang attractive pricing, broad • Excellent international market selection and high-quality logistics network for fast • Robust growth in online delivery delivery throughout Europe retailing in the pet supply • A specialist for pet food and • Highly efficient and sector accessories scalable cost structures Table of contents To the shareholders 4 Consolidated 86 financial statements Letter from the Management Board 6 Report of the Supervisory Board 9 Consolidated balance sheet 88 Consolidated statement of Corporate Governance Report 14 90 comprehensive income Group business model 28 Consolidated statement of cash flows 91 The zooplus AG share 40 Consolidated statement of changes in equity 93 Group management report 48 Notes 94 Business report 50 Notes to the consolidated financial statements 96 Subsequent events 64 Declaration of the legal representatives 146 Report on outlook, risks, and opportunities 64 Independent auditor's report 147 Key features of the internal control system Imprint 154 and risk management system 72 Remuneration report 73 Takeover-related information 80 Statement on corporate governance 85 General statement 85 Letter from the Management Board 6 Report of the Supervisory Board 9 Corporate Governance Report 14 Group business model 28 The zooplus AG share 40 To the shareholders 6 Letter from the Management Board Report of the Supervisory Board Corporate Governance Report Group business model The zooplus AG share Letter from the Management Board f.l.t.r.: Andreas Grandinger, Dr. Cornelius Patt, Andrea Skersies Dear Ladies and Gentlemen, Dear Shareholders, The Management Board of zooplus AG is pleased to report the successful continuation of the company’s growth in the 2017 financial year. The company was able to further strengthen its market position in 2017 and profit from the growing importance of online retailing of pet supplies. Last year almost 6 million customers enjoyed the convenience and advantage of purchasing pet products online at zooplus. In the overall growing market for pet supplies, zooplus increased sales for the first time by more than EUR 200 m in 2017 reaching a total of EUR 1,111 m for an increase of 22 % compared to the prior year. On a currency-adjusted basis, excluding mainly the British pound, sales grew even 23 %. In the fourth quarter of 2017, zooplus achieved sales of more than EUR 300 m for the first time ever in a single quarter, again marking impressive record growth. Overall sales in 2017 were slightly below our original target of at least EUR 1,125 m. This was mainly the result of slower sales growth in the new customer business in the first half of 2017, particularly in the second quarter. After making the appropriate changes, new customer business in the second half-year saw a significant pickup, resulting in accelerated sales growth and a marked increase in the number of new customers acquired. Letter from the Management Board 7 Report of the Supervisory Board Corporate Governance Report Group business model The zooplus AG share In September 2017, the Management Board of zooplus AG revised its expectations for earnings before taxes for the 2017 financial year from a range of EUR 17 m to EUR 22 m to a single-digit-million amount. Faced with a consistently competitive market, the zooplus AG Management Board placed even more emphasis on continuing its strong sales growth, expanding its excellent market position and increasing its investment in the areas of marketing, logistics and IT. The Management Board is firmly convinced that these measures are the most effective means of ensuring the company’s long-term value appreciation. In the 2017 financial year, earnings before taxes (EBT) reached a level of EUR 4.1 m. The ongoing improvement in working capital in the 2017 financial year meant that the high level of growth could once again largely be financed To the shareholders To internally, despite lower earnings. Operating cash flow for the financial year amounted to a positive EUR 3.3 m.