DGAP-News: windeln.de SE / Key word(s): Annual Report 
windeln.de SE: windeln.de publishes final financial results for full year and fourth quarter of 202 
2021-03-25 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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- FY 2020 revenues EUR 76.1 million (+8.4% compared to EUR 70.1 million 2019) and adj. EBIT EUR -8.6 million (-11.3% 
margin) compared to EUR -10.3 million (-14.7% margin) 2019 
- Q4 2020 revenues EUR 17.3 million (-14.8% compared to EUR 20.3 million Q4 2019) and adj. EBIT EUR -3.1 million 
(-17.9% margin) after EUR -1.0 million Q4 2019 (-5.0% margin) 
- Total cash available EUR 8.5 million Dec. 31, 2020; current cash level approx. EUR 5 million 
- After six years Management Board member and CFO Dr. Nikolaus Weinberger is leaving windeln.de at his own request on 
March 31, 2021 to take on new professional challenges 
Munich, March 25, 2021: windeln.de SE ("windeln.de", "Group" or "Company"; ISIN DE000WNDL201 and DE000WNDL128) today 
reported financial results for the full year (FY) and the fourth quarter (Q4) 2020. For the full year 2020, revenues 
increased by 8.4% to EUR 76.0 million (FY 2019: EUR 70.1 million). Adjusted (adj.) EBIT improved to EUR -8.6 million in 
2020 (-11.3% as a percentage of revenues) compared to -10.3 million EUR for the full year 2019 (-14.7% as a percentage 
of revenues). In the fourth quarter of 2020, the Company achieved revenues of EUR 17.3 million, which corresponds to a 
decrease of -14.8% compared to the 4th quarter of the previous year (EUR 20.3 million) for its continued operations 
(i.e. excluding the Bebitus business which is reported as "discontinued operation"). Adjusted EBIT amounted to EUR -3.1 
million in the 4th quarter of 2020 compared to EUR -1.0 million in the 4th quarter of 2019. 
China, DACH and Bebitus revenues increased in 2020 compared to previous year; however, China fourth quarter revenues 
below target 
Revenues for the full year 2020 in China amounted to EUR 56.0 million compared to EUR 51.3 million in FY 2019, which 
corresponds to an increase of +9.1%. China accounts for 74% of total revenues (FY 2019: 73%). In the 4th quarter of 
2020, revenues of EUR 12.4 million were achieved in China, a decrease of -20.0% compared to the previous year (4th 
quarter of 2019: EUR 15.6 million). This development is mainly due to insufficient product availability in the fourth 
quarter which means that customer demand could not be fully met. The market in China has changed structurally and the 
platform business is becoming more attractive. For this reason, windeln.de launched a shop on the Chinese platform 
JD.com in December 2020 and started the WeChat mini program early 2021, which - along with the launch of windeln.de 
shops on further platforms - should contribute to revenue growth in 2021. In addition, the channel for duty paid 
deliveries from Germany to China was adjusted last year and re-launched in December 2020 after it had been inactive for 
several months due to new regulatory and technical requirements from Chinese customs. 
In Europe (excluding Bebitus), revenues for 2020 amounted to EUR 20.0 million compared to EUR 18.8 million in the same 
period of the previous year, an increase of +6.5% with a strong focus on profitable revenues. Revenues in the 4th 
quarter of 2020 amounted to EUR 4.9 million. Compared to the same quarter of the previous year, this represents an 
increase of +2.4% (Q4 2019: EUR 4.8 million). Revenues in the DACH region account for 26% of Company revenues in FY 
2020 (27% in FY 2019). 
The reported consolidated revenues do not include the Bebitus business in Spain, Portugal and France, which is reported 
as discontinued operations due to the ongoing divestiture process. Bebitus revenues in 2020 amounted to EUR 12.6 
million, which corresponds to a growth rate of +3.3% compared to the previous year (FY 2019: EUR 12.2 million). In the 
fourth quarter, revenues rose by +9.3% to EUR 2.9 million (Q4 2019: EUR 2.7 million). 
Improved adjusted EBIT for the Company in the Full Year 2020 compared to 2019 
On a full-year basis, the gross profit margin fell to 21.3% in FY 2020 from 25.6% in FY 2019 due to a higher share of 
revenues from business customers. The gross profit margin in the 4th quarter of 2020 was 17.4% (28.1% in the 4th 
quarter of 2019) as a result of numerous promotion events such as 11.11., 12.12. and the Black Week in China. Marketing 
costs amounted to EUR 2.6 million in FY 2020 (FY 2019 EUR 2.8 million) and EUR 0.9 million in Q4 2020 (5.4% of 
revenues) compared to EUR 0.7 million in the same quarter of the previous year (3.3% of revenues). Fulfillment costs 
fell to EUR 5.8 million on a full-year basis (FY 2019: EUR 9.3 million) due to the increased share of business 
customers. For the same reason, the fulfillment costs in Q4 2020 fell to EUR 1.5 million (8.5% of revenues) compared to 
EUR 2.0 million (10.1% of revenues) in the same quarter of the previous year. The move to the new warehouse is 
currently being implemented. After a transition period, the new warehouse will be fully operational in the first half 
of 2021 and will contribute to further cost savings in the long term. 
For FY 2020, the operating contribution margin (gross profit less marketing and fulfillment costs) rose to EUR 7.8 
million (10.2% of revenues) compared to EUR 5.9 million (8.4% of revenues) in FY 2019. In the fourth quarter of 2020, 
the operating contribution margin amounted to EUR 0.6 million (3.5% of revenues) after EUR 3.0 million in Q4 2019. The 
business in China made significant impact to this development. FY 2020 operating contribution margin in China rose to 
EUR 8.2 million (FY 2019: EUR 7.6 million) but fell to EUR 0.7 million in the fourth quarter of 2020 (EUR 3.6 million 
in Q4 2019) due to the lower gross margin. In the segment Europe (excluding Bebitus), the contribution margin improved 
to EUR -0.4 million in FY 2020 (FY 2019: EUR -1.7 million) and amounted to EUR -0.0 million in the 4th quarter of 2020 
(-0.8% of revenues) which represents a strong improvement compared to the fourth quarter of the previous year to (-0.6 
million EUR; -13.0% of revenues). The contribution margin for Bebitus rose to a positive EUR 0.3 million for the full 
year 2020 from EUR -0.1 million in 2019. In Q4 2020, the contribution margin for Bebitus improved to a positive 0.1 
million EUR in the 4th quarter of 2020 of EUR -0.1 million in the previous year. 
For the full year 2020, the Company's other revenues and administration costs amounted to EUR 16.4 million (FY 2019: 
EUR 16.2 million) due to the establishment of the local team in China. The other revenues and administration costs fell 
to EUR 3.7 million in the fourth quarter of 2020 compared to EUR 3.8 million in the third quarter of 2020. 
In 2020 on a full year basis, the Company's adj. EBIT improved to EUR -8.6 million (-11.3% of revenues) compared to EUR 
-10.3 million for 2019 (-14.7% of revenues). The Company's adj. EBIT fell in Q4 2020 to EUR -3.1 million (-17.9% 
margin) after EUR -1.0 million (-5.0% margin) in the same period of the previous year, which is a result of the 
development in China. 
Cash inflow in Q4 2020 of EUR 3.1 million after capital increase; successful completion of further 10% capital increase 
in March 2021 with gross issue proceeds of EUR 1.4 million 
In the 4th quarter of 2020, the inflow of funds amounted to EUR 3.1 million (including Bebitus), which is the result of 
the successful capital increase in October 2020. As of December 31, 2020, The Group's total cash available was EUR 8.5 
million. The net working capital including Bebitus amounted to EUR 2.2 million as of December 31, 2020 and thus 
decreased significantly compared to EUR 6.2 million on September 30, 2020 due to the sale of goods after promotion 
campaigns in Q4 2020, especially in China. The cash outflow from operating activities was significantly improved in FY 
2020 (FY 2020: EUR -7.1 million; FY 2019: EUR -11.6 million). The reduction in net working capital and the improvement 
in the operative result for the period from EUR -14.6 million in FY 2019 to EUR -13.7 million in FY 2020 contributed to 
this. 
In March 2021, the Company successfully completed another capital increase with existing investors. The placement of 
1,098,207 new no-par value bearer shares with a pro rata amount in the share capital of EUR 1.00 each and dividend 
entitlement from January 1, 2020 ("New Shares") resulted in gross issue proceeds of EUR 1,427,669.10 based on the 
subscription price of EUR 1.30 per New Share. The current cash level amounts to approximately EUR 5 million (including 
gross issue proceeds) mainly due the built up of inventory to support the growth of the Chinese business. 
Positive outlook for 2021 with very strong revenue growth and improved profitability 
The Company expects very strong sales growth and a very significant improvement in the operating contribution margin 
for the financial year 2021. Adjusted EBIT as a percentage of revenues should also improve strongly in 2021. The Group 
plans to reduce the cash outflow from operating activities to a mid-single-digit million range in the 2021 financial 
year. 
Matthias Peuckert, CEO of windeln.de, comments: "We were able to increase revenues in 2020 by 8% compared to the 
previous year. However, the increase was less pronounced than targeted, as the end customer business in China fell 
short of our expectations in the fourth quarter. Our European business continued to develop positively in the fourth 
quarter, especially with regard to margin development. With the recently implemented 10% capital increase, we have 
secured further funds to support our growth and profitability projects for 2021. This development is to be continued 
and will gradually lead us to adjusted EBIT break-even for the 2022 financial year, which we will continue to strive 
for with full commitment." 
Changes in the Management Board of windeln.de

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