PRESS RELEASE : windeln.de maintains strategic goals despite challenges

DGAP-News: windeln.de SE / Key word(s): Change in Forecast 
windeln.de maintains strategic goals despite challenges 
2021-08-09 / 18:18 
The issuer is solely responsible for the content of this announcement. 
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windeln.de maintains strategic goals despite challenges 
  . Development in China segment in H1 2021 noticeably below original expectations 
  . Strategic projects to improve profitability further advanced 
  . Catch-up effects expected for H2 2021, 2022 target unchanged 
  . Forecast of key figures adjusted 
  . Successful capital increases and expansion of new distribution channels create good conditions for future growth 
Munich, August 09, 2021: windeln.de SE ("windeln.de", "Group" or "Company"; ISIN DE000WNDL201) partially adjusts its 
guidance for the full year 2021 based on preliminary figures for the first half of 2021 on the basis of preliminary 
financial data. The main strategic goal to achieve profitable and sustainable growth remains. Due to a combination of 
non-recurring effects and delays in the implementation of individual measures especially in the second quarter of 2021, 
the forecast for the current fiscal year has to be adjusted. The Management Board continues to regard as realistic the 
target of breaking even on the basis of adjusted EBIT in 2022, thus implementing an important strategic goal. 
Matthias Peuckert, CEO of windeln.de, adds: "We had expected a significantly stronger contribution from the new sales 
channels and from business with intermediaries and corporate customers in China for the first half of 2021. At the same 
time, the relocation of the main warehouse proved more disruptive than originally planned. Nevertheless, strategic 
projects of this kind are important and the right thing to do: the relocation will enable cost savings to be realized 
on a lasting basis, and new distribution channels in China will put growth there on a broader footing. We expect to be 
able to make up some ground in the second half of the year and are also sticking to our medium-term targets." 
The Management Board had forecast strong sales growth for fiscal 2021. However, business with intermediaries and 
corporate customers could not be further expanded as planned in Q2, and revenues via the new sales channels also did 
not develop as expected. These factors led to a significant decline in revenues in the first half of 2021, which 
reached EUR 33.3 million according to preliminary calculations (H1 2020: EUR 50.0 million). Nevertheless, the 
Management Board expects to make up for these effects in the second half of the year and to record slight growth for 
the year as a whole. 
An increase in the average order value has also been forecast for fiscal 2021. Due to a higher proportion of direct 
deliveries from our Chinese warehouses, the average order value in the first half of 2021 went down slightly to a 
preliminary EUR 86.94 (H1 2020: EUR 93.03). The Management Board now also expects a slight decline for the full year 
2021. 
A significant improvement in the operating contribution margin was expected for the financial year 2021. However, 
according to preliminary calculations, this figure will only amount to EUR 0.5 million in the first half of 2021 (H1 
2020: EUR 6.5 million), which is mainly due to the decline in sales in the China segment in Q2. For the full year 2021, 
the Management Board now expects a significant deterioration in the contribution margin compared to fiscal year 2020. 
Similarly, according to the preliminary figures, the operating contribution margin as a percentage of sales is expected 
to have deteriorated in the first half of 2021 compared to the same period of the previous year (1.3 % versus 13.1 % in 
H1 2020). A sharp deterioration is expected for this key figure for the full year 2021. 
According to the forecast, adjusted EBIT as a % of sales should improve strongly; according to preliminary figures, it 
amounts to only EUR -8.1 million in the first half of 2021 (H1 2020: EUR -3.8 million). This expected deterioration is 
also attributable to the decline in sales in the China segment in Q2. In relation to the full year 2021, a strong 
deterioration is now predicted. 
The expected cash outflow from operating activities in the first half of 2021 is provisionally EUR -7.3 million (H1 
2020: EUR -7.1 million). For the full year 2021, it has so far been forecast in the mid-single-digit million range. Due 
to low net working capital, cash outflow from operating activities is now expected to be in the double-digit million 
range. In 2021 as a whole, cash outflow should be significantly reduced; only a slight improvement was visible in the 
first half of the year. However, due to the low level of net working capital, the cash outflow at the reporting date 
for the half-year figures will be significantly higher than in the previous year. 
According to preliminary calculations, net working capital will amount to EUR 1.4 million as of June 30, 2021 (June 30, 
2020: EUR 10.1 million). As of December 31, 2021, it should decrease significantly compared to the previous year's 
figure. The Management Board continues to regard this forecast as accurate. 
Corporate Communications 
Daniela Simonsen 
Phone: [phone] - 35 
E-mail: [e-mail] 
About windeln.de 
windeln.de is one of the leading online retailers for family products in Europe. The Group also operates a successful 
e-commerce business with products for babies and toddlers for customers in China. The broad product portfolio includes 
everything from diapers, baby food, children's furniture, toys, clothes and strollers to child car seats. windeln.de 
was founded in 2010. The Company has been listed in the Prime Standard of the Frankfurt Stock Exchange since May 6, 
2015. For more information, go to https://corporate.windeln.de/en/home/. 
Our shops: www.windeln.de, www.windeln.ch, www.bebitus.es, www.bebitus.pt, www.bebitus.fr, www.windeln.com.cn, 
windeln.jd.hk, windelnde.tmall.hk 
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2021-08-09 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 
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Language:     English 
Company:      windeln.de SE 
              Stefan-George-Ring 23 
              81929 Munich 
              Germany 
Phone:        [phone] 
Fax:          089 / 416 17 15-11 
E-mail:       [e-mail] 
Internet:     www.windeln.de 
ISIN:         DE000WNDL201 
WKN:          WNDL20 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1225120 
 
End of News   DGAP News Service 
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1225120 2021-08-09

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August 09, 2021 12:18 ET (16:18 GMT)