HelloFresh : FY 2019 Results Presentation

This document has been prepared by HelloFresh SE (the "Company" and, together with its subsidiaries, the "Group"). All material contained in this document and information presented is for information purposes only and must not be relied upon for any purpose, and does not purport to be a full or complete description of the Company or the Group. This document does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

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This document includes certain financial measures not presented in accordance with IFRS, including, but not limited to, AEBITDA. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to result for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.

		Q4 18	Q4 19
Active Customers (m)		1.09	1.78
Average Order Rate		3.5	3.4
Average Order Value (€)		50.6	49.1
Average Order Value constant currency (€)		50.6	47.6
%	YoY revenue growth	25.7%	45.5%	CC4
Revenue1		29.6%	50.1%	€
(€m)

YoY revenue growth1

Contribution	%	Revenue	31.3%	29.2%
margin2
(€m)
Revenue
AEBITDA3	%	Revenue	(0.5)%	6.2 %

(€m) Revenue

1. Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year
2. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses
3. AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue
4. Based on constant currency

		Q4 18	Q4 19
Active Customers (m)		0.95	1.18
Average Order Rate		3.8	3.9
Average Order Value (€)		46.4	48.0
Average Order Value constant currency (€)		46.4	48.0
%	YoY revenue growth	63.6%	31.6%	CC4
Revenue1		63.1%	31.4%	€
(€m)

YoY revenue growth1

Contribution	%	Revenue	27.4%	29.2%
margin2
(€m)
Revenue
AEBITDA3	%	Revenue	5.7%	14.8%

(€m) Revenue

1. Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year
2. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses
3. AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue
4. Based on constant currency

		Q4 18	Q4 19
Active Customers (m)		2.04	2.97
Average Order Rate		3.6	3.6
Average Order Value (€)		48.6	48.6
Average Order Value constant currency (€)		48.6	47.8
%	YoY revenue growth	41.0%	39.1%	CC4
Revenue1		43.1%	41.5%	€
(€m)

YoY revenue growth1

Contribution	%	Revenue	29.2%	29.1%
margin2
(€m)
Revenue
AEBITDA3	%	Revenue	(0.8)%	7.5 %

(€m) Revenue

1. Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year
2. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation expenses
3. AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses; AEBITDA margin is defined as % of revenue
4. Based on constant currency

(€m)		Q4 2018		Q4 2019	FY 2018		FY 2019
Revenue		361.7		511.8		1,279.2		1,809.0
% YoY growth		59%		41.5%		43.1%		41.4%
Cost of goods sold1		(130.2)		(178.3)		(475.6)		(640.5)
Gross profit		231.5		333.5		803.6		1168.5
Margin (% of revenue)		64%		65%		63%		65%
Fulfilment expenses1		(125.8)		(185.4)		(454.3)		(652.0)
Marketing expenses1		(86.6)		(92.0)		(329.2)		(405.2)
G&A1		(29.4)		(43.8)		(96.9)		(137.1)
Other operating income & expenses		0.1		(2.2)		(5.1)		(4.3)
EBIT		(10.2)		12.3		(82.8)		(25.8)
Margin (% of revenue)		(2.8)%		2.4%		(6.5)%		(1.4)%
Financial result		5.1		4.2		4.2		20.5
EBT		(5.1)		16.5		(78.6)		(5.3)
Income tax (expense) benefit		0.9		0.7		(4.2)		(4.8)
Net income / (loss)		(4.2)		17.2		(82.8)		(10.1)
Reconciliation starting at EBIT
EBIT		(10.2)		12.3		(82.8)		(25.8)
D&A		3.8		11.6		13.3		41.5
EBITDA		((6.4)		24.0		(69.5)		15.7
SBC		3.3		4.6		13.4		18.8
Special Items		0.1		10.1		1.6		12.0
AEBITDA2		(2.9)		38.6		(54.5)		46.5
Margin (% of revenue)		(0.8)%		7.5%		(4.3)%		2.6%

1. Including share-based compensation expenses

2. AEBITDA is calculated by adjusting EBITDA for special items and share-based compensation expenses

(€m)

		FY 2018
Assets
Non - current Assets		143.7
Current Assets*		252.4
*of which cash		193.9
Total assets		396.1
Equity and liabilities
Equity		237.2
Non - current liabilities		14.5
Current liabilities		144.9
Total equity and liabilities		396.1

		FY 2017
Cash flow used in operating activities		(50.2)
Cash flow used in investing activities		(66.9)
*of which M&A		(39.9)
Cash flow from financing activities		(29.1)

FY 2019

288.7

281.5

193.6

570.2

246.1

111.1

213.8

570.2

FY 2019

(42.2)

(29.0)

-

(14.8)

Types of share	Ordinary shares
Stock exchange	Frankfurt Stock Exchange
Market Segment	Regulated Market (Prime Standard)
Number of shares issued	164,621,699
Number of shares outstanding	164,312,648

Employee incentive	Options		RSU		Total
plan
Vested1 (m)	10.6	0.2	10.8
Unvested (m)	4.4	0.7	5.1
Outstanding (m)	15.0	0.8	15.8
WAEP2 (€)	5.1

1. Thereof exercisable 8.7M options

2. Weighted average exercise price

Financial calendar

	2	3				4	5		6
March	9	10				11	12		13
16	17				18	19		20
	23	24				25	26		27
	30	31				1	2		3
April	6	7				8	9		10
13	14				15	16		17
	20	21				22	23		24
	27		28				29	30		1

3.3.2020

4.3-5.3.2020

10.3-11.3.2020

28.04.2020

•	Publication of Annual Report 2019 and Earnings Call	24.3.2020	•	Conference BHL, Baden Baden
•	Roadshow Frankfurt
		25.3.2020	•	Conference CS, London

• Roadshow London
• Roadshow New York

•	General Shareholders Meeting

May

4	5
11	12
18	19

25 26

6	7	8
13	14	15
20	21	22

27

28

29

05.05.2020

19.05.2020

27.05.2020

•	Publication of Q1 2020 Financial Results
•	Berenberg US Conference 2020 (Tarrytown)
•	Cowen's 48th Annual Technology, Media & Telecom Conference (New York)

June

1	2
8	9

15

16

3	4	5
10	11	12

17 18 19

03.06.2020

15.06.2020

•	DB Access Conference in Berlin
•	Barclays EU Internet Day

22

23

24

25

26