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    HFG   DE000A161408

HELLOFRESH SE

(HFG)
  Report
Delayed Quote. Delayed Xetra - 04/16 11:35:24 am
73.64 EUR   +3.28%
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PRESS RELEASE : HelloFresh ends strong FY 2020 with record fourth quarter results

03/02/2021 | 12:30am EDT
DGAP-News: HelloFresh SE / Key word(s): Annual Report/Annual Results 
HelloFresh ends strong FY 2020 with record fourth quarter results 
2021-03-02 / 06:27 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
HelloFresh ends strong FY 2020 with record fourth quarter results 
- In 2020, HelloFresh SE delivered more than 600 million meals to customers in 14 markets 
- Revenue for the FY 2020 more than doubled y-o-y, reaching EUR3.75 billion (+111% y-o-y in constant currency). 
- Adjusted EBITDA for the FY 2020 grew more than tenfold y-o-y, exceeding EUR500 million. 
- Active customer base in Q4 2020 saw 78% y-o-y increase, reaching 5.3 million. 
- Guidance for FY 2021: HelloFresh SE expects revenue growth of approximately 20-25% on a constant currency basis and 
an adjusted EBITDA margin between 9-12%. 
Berlin, 2nd March, 2021 - HelloFresh SE, the world's leading meal kit company, ended 2020 with a very strong 
performance, delivering more than 600 million meals to customers around the world. Group revenue for the full year 2020 
amounted to EUR3.75 billion (+111% y-o-y in constant currency, FY 2019: EUR1.8 billion), supported by strong customer 
growth in both operating segments (the US segment and the International segment) throughout the year. Despite capacity 
constraints in the US and in some International markets, both segments saw revenue growth north of 100% y-o-y. On an 
adjusted EBITDA basis, HelloFresh SE reached EUR505.2 million for the FY 2020. With an adjusted EBITDA margin for the FY 
2020 at 13.5%, the company is in line with the upper end of the revised guidance. 
The fourth quarter of 2020 marked the strongest quarter yet, with revenue exceeding EUR1.1 billion (+126% y-o-y in 
constant currency, Q4 2019: EUR 511.8 million) and an adjusted EBITDA of EUR173.8 million (Q4 2019: EUR38.6 million). This 
was driven by sequential growth in the number of active customers, reaching 5.3 million at the end of the fourth 
quarter, as well as strong order rates and an increase in average order value. 
"2020 was without a doubt marked by unprecedented events. On the basis of our robust infrastructure, we managed to 
scale up our operations quickly to accommodate the rising demand. I am very proud of the team for this incredible 
achievement of delivering over 600 million meals to our customers in the safe space of their homes," says Dominik 
Richter, CEO and co-founder of HelloFresh. He continues: "Preparing and eating food at home has taken on a whole new 
meaning. As the pandemic hopefully winds down over the course of 2021, we expect consumers to continue to rely on 
e-commerce solutions to shop for food, as many have experienced the superior value proposition that we can offer in 
terms of price, variety and convenience." 
HelloFresh SE continued to generate strong free cash flow of EUR137.3 million in the fourth quarter (excluding purchase 
price payments for the acquisition of Factor75), reaching EUR499 million in FY2020. At the end of the full year 2020 and 
after the acquisition of Factor75, the cash on balance sheet amounted to EUR729 million. 
On track to become the leading integrated food solutions group 
Despite facing ongoing challenges due to the pandemic, HelloFresh continued to successfully invest in growth 
initiatives. These included the acquisition of Factor75, a ready-to-eat meal company based in Chicago, launching 
operations in Denmark as well as introducing the US-born value brand Every Plate to Australia. In addition, HelloFresh 
continued to invest in capacity expansion and further built out its product offering. In December, the company 
announced its mid-term growth strategy, including its ambition to scale the business over the next few years. 
Dominik Richter explains: "As we have scaled the business, our customer value proposition has also become a lot better. 
Today, we're able to delight a lot more diverse customer groups than a few years ago. Our investments into a larger 
menu, better service levels and better affordability have really paid off. Going forward, we want to further expand our 
offering and become the leading food solutions group globally". 
Outlook for FY 2021 
For the full year 2021 HelloFresh Group indicatively expects revenue growth on a constant currency basis between 20% 
and 25% and an adjusted EBITDA margin between 9% and 12%. This outlook takes the expected financial impact of the 
acquisition of Factor75 into consideration. 
HelloFresh will present its 2020 Sustainability Report on March 16th, 2021. 
Key Performance Indicators 
Group 
                      Q4 2020 Q4 2019 Y-o-Y  FY 2020 FY 2019 Y-o-Y 
Active customers (m)   5.29    2.97   78.3% 
Number of orders (m)   22.00   10.54  108.8%  74.30   37.45  98.4% 
Meals delivered (m)    179.0   79.6   125.0%  601.2   281.1  113.9% 

U.S.

                      Q4 2020 Q4 2019 Y-o-Y FY 2020 FY 2019 Y-o-Y 
Active customers (m)   2.61    1.78   46.4% 
Number of orders (m)   10.90   5.98   82.4%  38.70   20.74  86.6% 
Meals delivered (m)    80.1    40.5   97.9%  278.0   138.2  101.2% 

International

                      Q4 2020 Q4 2019 Y-o-Y  FY 2020 FY 2019 Y-o-Y 
Active customers (m)   2.68    1.18   126.4% 
Number of orders (m)   11.10   4.56   143.4%  35.70   16.71  113.6% 
Meals delivered (m)    98.9    39.1   153.0%  323.2   142.9  126.2% 

Results of Operations

Group

                                      Q4 2020 Q4 2019 Y-o-Y  FY 2020 FY 2019 Y-o-Y 
Revenue (in mEUR)                     1,108.5  511.8  116.6% 3,749.9 1,809.0 107.3% 
Revenue growth in constant currency   125.9%                 111.2% 
Contribution Margin (in mEUR)*         340.6   148.7  129.1% 1,056.0  518.5  103.7% 
Contribution Margin (in % of Revenue)  30.7%   29.1%  1.6pp   28.2%   28.7%  (0.5pp) 
AEBITDA (mEUR)                         173.8   38.6   350.3%  505.2   46.5   986.5% 
AEBITDA (in % of Revenue)              15.7%   7.5%   8.2pp   13.5%   2.6%   10.9pp 

U.S.

                                      Q4 2020 Q4 2019 Y-o-Y  FY 2020 FY 2019 Y-o-Y 
Revenue (in mEUR)                      584.4   293.2  99.3%  2,073.3 1,024.8 102.3% 
Revenue growth in constant currency   114.8%                 107.1% 
Contribution Margin (in mEUR)*         184.9   85.6   116.0%  572.1   302.4   89.2% 
Contribution Margin (in % of Revenue)  31.5%   29.2%  2.3pp   27.5%   29.5%  (2.0pp) 
AEBITDA (mEUR)                         93.4    18.1   416.0%  282.5    8.9     nm 
AEBITDA (in % of Revenue)              15.9%   6.2%   9.7pp   13.6%   0.9%   12.7pp 

International

                                      Q4 2020 Q4 2019 Y-o-Y  FY 2020 FY 2019 Y-o-Y 
Revenue (in mEUR)                      524.1   218.5  139.9% 1,676.3  784.2  113.8% 
Revenue growth in constant currency   141.0%                 116.5% 
Contribution Margin (in mEUR)*         159.2   63.7   149.9%  496.5   218.6  127.1% 
Contribution Margin (in % of Revenue)  30.3%   29.2%  1.1pp   29.5%   27.8%  1.7pp 
AEBITDA (mEUR)                         95.0    32.3   194.1%  275.5   83.2   231.1% 
AEBITDA (in % of Revenue)              18.1%   14.8%  3.3pp   16.4%   10.6%  5.8pp 

*Net of share-based compensation expenses

Group Financial Position

                                        Q4 2020 Q4 2019   FY 2020 FY 2019 
Net working capital                     (211.2) (94.4)    (211.2) (94.4) 
Cash flow used in operating activities   185.1   15.8      601.5   42.2 
Cash and Cash equivalents                729.0   193.6     729.0   193.6 
Free Cash Flow (in mEUR)                 137.3   (2.0)     499.0  (11.8) 

About HelloFresh HelloFresh SE is the world's leading meal-kit company and operates in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada, New Zealand, Sweden, France and Denmark. In 2020, HelloFresh delivered over 600 million meals and reached close to 5.3 million active customers. HelloFresh was founded in Berlin in November 2011 and went public on the Frankfurt Stock Exchange in November 2017. HelloFresh has offices in New York, Berlin, London, Amsterdam, Sydney, Toronto, Auckland, Paris and Copenhagen.

Press contact                            +49 (0) 174 72 35 961 
Saskia Leisewitz                         sl@hellofresh.com 
Senior Corporate Communications Manager  www.hellofreshgroup.com 
HelloFresh Group ----------------------------------------------------------------------------------------------------------------------- 

2021-03-02 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      HelloFresh SE 
              Saarbrücker Straße 37a 
              10405 Berlin 
              Germany 
E-mail:       ir@hellofresh.com 
Internet:     www.hellofreshgroup.com 
ISIN:         DE000A161408 
WKN:          A16140 
Indices:      MDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1172248 
 
End of News   DGAP News Service 
=------------ 

1172248 2021-03-02

(END) Dow Jones Newswires

March 02, 2021 00:29 ET (05:29 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
HELLOFRESH SE 3.28% 73.64 Delayed Quote.16.52%
MDAX 0.78% 33263.21 Delayed Quote.8.01%
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Financials
Sales 2021 4 932 M 5 910 M 5 910 M
Net income 2021 314 M 376 M 376 M
Net cash 2021 726 M 870 M 870 M
P/E ratio 2021 41,4x
Yield 2021 -
Capitalization 12 781 M 15 310 M 15 314 M
EV / Sales 2021 2,44x
EV / Sales 2022 2,09x
Nbr of Employees 6 434
Free-Float 92,0%
Chart HELLOFRESH SE
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Technical analysis trends HELLOFRESH SE
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 80,64 €
Last Close Price 73,64 €
Spread / Highest target 56,2%
Spread / Average Target 9,51%
Spread / Lowest Target -30,7%
EPS Revisions
Managers and Directors
NameTitle
Dominik S. Richter Chief Executive Officer
Christian Gärtner Chief Financial Officer
Jeffrey Lieberman Chairman-Supervisory Board
Thomas W. Griesel Chief Operating Officer & CEO-International
Ursula Radeke-Pietsch Deputy Chairman-Supervisory Board
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