HelloFresh at a Glance

Key Figures

3 months

3 months

YoY

12 months

12 months

YoY

ended

ended

ended

ended

growth

growth

31-Dec-21

31-Dec-20

31-Dec-21

31-Dec-20

Key Performance Indicators

Group

Active customers (in millions)

7.22

5.29

36.5%

Number of orders (in millions)

29.47

22.00

34.0%

117.32

74.30

57.9%

Orders per customer

4.1

4.2

(2.4%)

Meals (in millions)

243.9

179.0

36.3%

964.3

601.2

60.4%

Average order value (EUR)

53.4

50.3

6.2%

51.0

50.4

1.2%

Average order value constant currency

51.4

50.3

2.2%

51.6

50.4

2.4%

(EUR)

USA

Active customers (in millions)

3.52

2.61

34.9%

Number of orders (in millions)

14.45

10.90

32.6%

59.25

38.70

53.1%

Orders per customer

4.1

4.2

(2.4%)

Meals (in millions)

111.1

80.1

38.7%

451.5

278.0

62.4%

Average order value (EUR)

59.2

53.6

10.4%

55.6

53.5

3.9%

Average order value constant currency

56.7

53.6

5.8%

57.7

53.5

7.9%

(EUR)

International

Active customers (in millions)

3.70

2.68

38.1%

Number of orders (in millions)

15.02

11.10

35.3%

58.07

35.70

62.7%

Orders per customer

4.1

4.2

(2.4%)

Meals (in millions)

132.8

98.9

34.3%

512.8

323.2

58.7%

Average order value (EUR)

47.8

47.1

1.5%

46.4

47.0

(1.3%)

Average order value constant currency

46.3

47.1

(1.7%)

45.3

47.0

(3.6%)

(EUR)

2

Annual Report 2021

HelloFresh SE

Key Figures

3 months

3 months

YoY

12 months

12 months

YoY

ended

ended

ended

ended

growth

growth

31-Dec-21

31-Dec-20

31-Dec-21

31-Dec-20

Results of operations

Group

Revenue (in MEUR)

1,580.1

1,108.5

42.5%

5,993.4

3,749.9

59.8%

Revenue constant currency (in MEUR)

1,521.7

1,108.5

37.3%

6,057.2

3,749.9

61.5%

Contribution Margin (in MEUR)*

389.9

340.6

14.5%

1,517.7

1,056.0

43.7%

Contribution Margin (in % of Revenue)*

24.7%

30.7%

(6.0 pp)

25.3%

28.2%

(2.9 pp)

AEBITDA (in MEUR)

130.8

173.8

(24.7%)

527.6

505.2

4.4%

AEBITDA (in % of Revenue)

8.3%

15.7%

(7.4 pp)

8.8%

13.5%

(4.7 pp)

USA

Revenue (in MEUR)

855.4

584.4

46.4%

3,294.1

2,073.3

58.9%

Revenue constant currency (in MEUR)

820.0

584.4

40.3%

3,420.3

2,073.3

65.0%

Contribution Margin (in MEUR)*

216.5

184.9

17.1%

854.8

572.1

49.4%

Contribution Margin (in % of Revenue)*

25.2%

31.5%

(6.3 pp)

25.9%

27.5%

(1.6 pp)

AEBITDA (in MEUR)

77.7

93.4

(16.8%)

310.1

282.5

9.8%

AEBITDA (in % of Revenue)

9.1%

15.9%

(6.8 pp)

9.4%

13.6%

(4.2 pp)

International

Revenue (in MEUR)

724.6

524.1

38.3%

2,699.0

1,676.3

61.0%

Revenue constant currency (in MEUR)

701.7

524.1

33.9%

2,636.8

1,676.3

57.3 %

Contribution Margin (in MEUR)*

177.8

159.2

11.7%

681.2

496.5

37.2%

Contribution Margin (in % of Revenue)*

24.4%

30.3%

(5.9 pp)

25.1%

29.5%

(4.4 pp)

AEBITDA (in MEUR)

74.0

95.0

(22.1%)

297.5

275.5

8.0%

AEBITDA (in % of Revenue)

10.2%

18.1%

(7.9 pp)

11.0%

16.4%

(5.4 pp)

Group Financial Position

Net working capital (in MEUR)

(289.5)

(211.2)

(289.5)

(211.2)

Cash flow from operating activities (in

MEUR)

62.0

185.1

458.6

601.5

Cash and cash equivalents (in MEUR)

827.1

729.0

827.1

729.0

Free cash flow (in MEUR)

(69.2)

137.3

181.3

499.0

*Net of share based compensation expenses

3

Annual Report 2021

HelloFresh SE

Contents

A

To Our Shareholders............................................................................................................................................

5

Letter by the Management Board........................................................................................................................

5

Report of the Supervisory Board.........................................................................................................................

7

Corporate Strategy ...............................................................................................................................................

11

B

Combined Management Report .........................................................................................................................

13

1.

Fundamentals of the Group........................................................................................................................

15

2.

Performance Measurement System ..........................................................................................................

18

3.

Economic Position.......................................................................................................................................

20

4.

Position of the Group ..................................................................................................................................

23

5.

Risk and Opportunity Report......................................................................................................................

29

6.

Outlook .........................................................................................................................................................

36

7.

Supplementary Management Report to the Separate Financial Statement of HelloFresh SE ............

37

8.

Corporate Governance Statement.............................................................................................................

40

9.

Combined Non-FinancialReport................................................................................................................

41

10.

Takeover Law...............................................................................................................................................

42

C

Consolidated Financial Statements ..................................................................................................................

46

Consolidated Statement of Financial Position ..................................................................................................

47

Consolidated Statement of Comprehensive Income.........................................................................................

49

Consolidated Statement of Changes in Equity ..................................................................................................

50

Consolidated Statement of Cash Flows..............................................................................................................

51

Notes to the Consolidated Financial Statements ..............................................................................................

53

D

Further Information.............................................................................................................................................

100

Responsibility Statement by the Management Board ......................................................................................

100

Independent Auditor's Report.............................................................................................................................

101

Glossary .................................................................................................................................................................

108

Financial Calendar ................................................................................................................................................

110

Imprint ...................................................................................................................................................................

111

4

Annual Report 2021

HelloFresh SE

A. To Our Shareholders

Edward Boyes

Thomas Griesel

Dominik Richter

Christian Gaertner

Letter by the Management Board

Dear shareholders,

Marking the 10 year anniversary of our business, 2021 has been another exceptional year for the HelloFresh Group. We close the year with record business performance and robust financial strength.

This year, the world continued to grapple with the challenges brought about by the Covid-19 pandemic. Consumers are rethinking their priorities, while new technologies are transforming traditional routines. Our mission to change the way people eat forever is increasingly resonating with customers seeking convenient, sustainable, healthy and delicious solutions to their everyday food needs.

This year we were able to safely provide almost 1.0 billion healthy and easy to prepare fresh meals to our customers across seventeen markets. The physical fulfilment of this 243.0% increase over just 2 years has required a massive scaling of operational capacity. In 2021, we grew internal headcount 80.0%, and tripled capital investment in physical infrastructure to MEUR 234.5 in order to stabilise our fulfilment operations.

In addition to delivering this ongoing capacity expansion program, we have made significant progress on strategic steps towards our ambition to becoming a world leading integrated food solutions group:

  • We further expanded menu choice for customers across our markets:
    • increasing the number of recipes on offer for weekly selection;
    • tactically broadening our menu coverage of culinary preferences, be it cooking time, ingredient type, or flavour profile;
    • refining our market specific feedback and recipe graduation process;
  • We refined our insights on the HelloFresh Market test offering in Benelux, whilst also expanding the range to 500 products by the close of the year;
  • We launched HelloFresh Market in the US, offering a curated range of 100 products in our largest market;

5

Annual Report 2021

HelloFresh SE

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

HelloFresh SE published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 05:47:01 UTC.