DGAP-News: Westwing Group AG / Key word(s): Annual Report 
Westwing reports strong 2020 results: EUR 433 million revenue at 62% growth and profitability of EUR 50 million Adj 
EBITDA 
2021-03-30 / 08:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Westwing reports strong 2020 results: EUR 433 million revenue at 
62% growth and profitability of EUR 50 million Adj EBITDA 
  . The fourth quarter concluded a very successful year 2020 for Westwing with revenue growing by 62% to EUR 433 
    million; revenue growth accelerated to 76% in the fourth quarter of 2020 
  . Strong profitability of EUR 50 million Adj EBITDA at 11.5% Adj EBITDA margin in 2020, based on Westwing's scalable 
    business platform and strong unit economics 
  . Based on Westwing's best-in-class cash conversion, the strong profitability resulted in EUR 40 million Free Cash 
    Flow at 9.1% Free Cash Flow margin in 2020 
  . Q1 2021: Westwing started very strong into 2021 with expected revenue growth of c. 100% in the first quarter and an 
    expected Adj EBITDA margin of around 14-15% 
  . Outlook 2021: Continued strong growth and profitability; revenue of EUR 510-550 million (18-27% growth) at EUR 
    42-55 million Adj EBITDA (8-10% Adj EBITDA margin) expected 
Munich, March 30, 2020 // Westwing, the leader in inspiration-based Home & Living eCommerce in Europe, today announced 
the results for the financial year of 2020. 
Results for 2020 
Based on an accelerated Home & Living eCommerce adoption, Westwing delivered a very successful year 2020. Westwing was 
able to leverage the accelerated Home & Living eCommerce adoption with revenues growing by 62% to EUR 433 million in 
2020 (2019: EUR 267 million). In the fourth quarter of 2020, revenue growth accelerated even further to 76% compared to 
the same quarter last year and led to the strongest quarter in Westwing's existence at EUR 156 million in revenue (Q4 
2019: EUR 88 million). This growth was driven by both existing customers with higher repurchase rates as well as a 
strong new customer acquisition. As a result, the number of Active Customers having made at least one order in the past 
twelve months increased to 1.5 million per end of 2020 compared to 0.9 million Active Customers at the end of 2019. On 
another positive note, the elevated growth levels were recorded across the whole country portfolio. The DACH segment 
reported a revenue growth of 60% in 2020, while the International segment was growing at 64%. 
Alongside this strong growth, Westwing has proven how its unique business model combines scalability, attractive 
contribution margins, and a uniquely efficient marketing model to generate very strong profitability. In 2020, Westwing 
realized an Adj EBITDA of EUR 50 million (2019: EUR -10 million) at 11.5% Adj EBITDA margin, a very strong improvement 
of 15.4% pts compared to the previous year. In the seasonally strongest fourth quarter, an Adj EBITDA of EUR 26 million 
was realized (Q4 2019: EUR 3m) corresponding to an Adj EBITDA margin of 16.5%. 
Based on this strong profitability and best-in-class cash conversion, as Westwing operates with a negative net working 
capital and low capex ratios, Westwing was able to generate substantial positive cash flows. The Free Cash Flow for 
2020 amounted to EUR 40 million (2019: EUR -22 million) resulting in a very attractive Free Cash Flow margin of 9.1% 
(2019: -8.3%). The net cash balance increased by EUR 32 million to EUR 105 million per end of 2020 (end of 2019: EUR 73 
million). 
This strong profitability and cash generation was also driven by the positive development of Westwing's strategically 
important Private Label business. The Private Label share increased to an all-time high of 28% in the fourth quarter 
(+3 percentage points year-over-year), clearly showing the path towards the strategic target of 50% Private Label 
share. 
"2020 has been a very successful year for us in which we were able to prove how well the unique business model of 
Westwing is working at scale.", says Westwing CEO and Founder Stefan Smalla. "Not only did we grow strongly by 62% to 
EUR 433 million in revenue. We are also, in a relatively early stage for an eCommerce business, now highly profitable 
and cash-generating with EUR 40m of positive Free Cash Flow in 2020. I am extremely proud of the team for this 
incredible achievement and how it helped our customers to create beautiful homes by delivering more than 4 million 
orders in those unprecedented times. At the same time, Westwing is still at the beginning and last year gave us only a 
glimpse of the massive opportunity ahead of us. The eCommerce adoption in our Home & Living market will remain dynamic 
as we continue to follow our mission: To inspire and make every home a beautiful home." 
Outlook for 2021 
Westwing realized a very strong start into 2021, with revenue expected to grow by c. 100% in 
Q1 2021 compared to Q1 2020. Also, contribution margins continue to be very healthy, resulting in an expected Adj 
EBITDA margin of around 14-15% for the first quarter. 
For the full year 2021, Westwing expects continued strong growth and profitability, with revenues of EUR 510-550 
million (18-27% growth) and EUR 42-55 million Adj EBITDA (8-10% Adj EBITDA margin). 
Westwing's Annual General Meeting will take place as a virtual event on August 5, 2021. 
For further information, please visit Westwing's investor relations website at: ir.westwing.com 
 
                                              FY 2020 FY 2019 Change 
Results of operations 
Revenue (in EUR m)                                433     267   +62% 
Adj EBITDA (in EUR m)                              50     -10    +60 
Adj EBITDA margin (in % of revenue)             11.5%   -3.8% +15 pp 
 
Key performance indicators 
Own & Private Label share (in %)                  25%     24%  +1 pp 
GMV (in EUR m)                                    502     310   +62% 
Number of orders (in k)                         4,074   2,428   +68% 
Average basket size (in EUR)                      123     128    -4% 
Active customers LTM (in k)                     1,529     949   +61% 
Average orders per active customer LTM            2.7     2.6    +4% 
Average GMV per active customer LTM (in EUR)      328     327    +0% 
Mobile visit share (in %)                         79%     76%  +3 pp

About Westwing Westwing is the leader in inspiration-based Home and Living eCommerce in Europe with EUR 433m of revenue in 2020. Through its 'shoppable magazine', Westwing inspires its loyal home enthusiast customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating more than 79% of orders from repeat customers. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. Westwing went public on the Frankfurt Stock Exchange in October 2018 and is active in eleven European countries.

Disclaimer Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these forward-looking statements as predictions of future events and the Company undertakes no obligation to update or revise these statements. The Company's actual results may differ materially and adversely from any forward-looking statements discussed in this press release due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels -----------------------------------------------------------------------------------------------------------------------

2021-03-30 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:      Westwing Group AG 
              Moosacher Straße 88 
              80809 Munich 
              Germany 
Phone:        +49 (89) 550 544 377 
Fax:          +49 (89) 550 544 445 
Internet:     www.westwing.com 
ISIN:         DE000A2N4H07 
WKN:          A2N4H0 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1179442 
 
End of News   DGAP News Service 
=------------

1179442 2021-03-30

(END) Dow Jones Newswires

March 30, 2021 02:01 ET (06:01 GMT)