|
The Netherlands
(State or other jurisdiction of incorporation or organization) |
| |
5961
(Primary Standard Industrial Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer Identification No.) |
|
|
Christopher Bartoli
Roger W. Bivans Baker & McKenzie LLP 300 E Randolph St Chicago, Illinois 60601 (312) 861-8000 |
| |
Christoph Wolf
Baker & McKenzie Partnerschaft von Rechtsanwälten und Steuerberatern mbB Bethmannstrasse 50-54 60311 Frankfurt am Main Germany + 49 69 2 99 08 245 |
| |
Marc D. Jaffe
Adam J. Gelardi Latham & Watkins LLP 885 Third Avenue New York, New York 10022 (212) 906-1200 |
| |
Oliver Seiler
Latham & Watkins LLP Reuterweg 20, 60323 Frankfurt am Main Germany +49 69 6062 6000 |
|
|
CALCULATION OF REGISTRATION FEE
|
| ||||||||
|
Title of Each Class of Securities
to be Registered(1) |
| | |
Proposed Maximum
Aggregate Offering Price(2)(3) |
| | |
Amount of
Registration Fee |
|
|
Ordinary shares, nominal value €1.00 per share
|
| | |
$150,000,000
|
| | |
$16,365
|
|
| | |
Page
|
| |||
| | | | ii | | | |
| | | | iii | | | |
| | | | v | | | |
| | | | 1 | | | |
| | | | 13 | | | |
| | | | 15 | | | |
| | | | 20 | | | |
| | | | 63 | | | |
| | | | 65 | | | |
| | | | 66 | | | |
CAPITALIZATION | | | | | 67 | | |
DILUTION | | | | | 68 | | |
| | | | 70 | | | |
| | | | 73 | | | |
BUSINESS | | | | | 96 | | |
| | |
Page
|
| |||
MANAGEMENT | | | | | 112 | | |
| | | | 131 | | | |
| | | | 133 | | | |
| | | | 135 | | | |
| | | | 137 | | | |
| | | | 151 | | | |
| | | | 159 | | | |
| | | | 161 | | | |
| | | | 162 | | | |
UNDERWRITERS | | | | | 180 | | |
| | | | 187 | | | |
| | | | 187 | | | |
EXPERTS | | | | | 187 | | |
| | | | 187 | | | |
| | | | 188 | | | |
| | | | F-1 | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands, except share and per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Consolidated Statement of Operations Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | € | 303,520 | | | | | € | 379,086 | | | | | € | 449,487 | | | | | $ | 505,089 | | | | | € | 99,112 | | | | | € | 126,359 | | | | | $ | 148,130 | | |
Cost of sales, exclusive of depreciation and amortization
|
| | | | (160,469) | | | | | | (201,410) | | | | | | (239,546) | | | | | | (269,178) | | | | | | (52,766) | | | | | | (67,678) | | | | | | (79,339) | | |
Gross profit
|
| | | | 143,051 | | | | | | 177,676 | | | | | | 209,941 | | | | | | 235,911 | | | | | | 46,346 | | | | | | 58,681 | | | | | | 68,791 | | |
Shipping and payment costs
|
| | | | (36,163) | | | | | | (44,104) | | | | | | (52,857) | | | | | | (59,395) | | | | | | (13,141) | | | | | | (14,833) | | | | | | (17,389) | | |
Marketing expenses
|
| | | | (47,671) | | | | | | (55,767) | | | | | | (62,507) | | | | | | (70,239) | | | | | | (15,816) | | | | | | (17,441) | | | | | | (20,446) | | |
Selling, general and administrative expenses
|
| | | | (40,114) | | | | | | (52,038) | | | | | | (66,427) | | | | | | (74,644) | | | | | | (13,955) | | | | | | (15,556) | | | | | | (18,236) | | |
Depreciation and amortization
|
| | | | (6,796) | | | | | | (7,686) | | | | | | (7,885) | | | | | | (8,860) | | | | | | (1,877) | | | | | | (2,021) | | | | | | (2,369) | | |
Other income (expense), net
|
| | | | 1,499 | | | | | | 995 | | | | | | 645 | | | | | | 725 | | | | | | (40) | | | | | | (621) | | | | | | (728) | | |
Operating income
|
| | | | 13,806 | | | | | | 19,076 | | | | | | 20,910 | | | | | | 23,498 | | | | | | 1,517 | | | | | | 8,209 | | | | | | 9,623 | | |
Finance (expense) income,
net |
| | | | (4,835) | | | | | | (13,986) | | | | | | (11,119) | | | | | | (12,494) | | | | | | (9,373) | | | | | | 5,182 | | | | | | 6,075 | | |
Income (loss) before income taxes
|
| | | | 8,971 | | | | | | 5,090 | | | | | | 9,791 | | | | | | 11,004 | | | | | | (7,856) | | | | | | 13,391 | | | | | | 15,698 | | |
Income tax (expense) benefit
|
| | | | (3,468) | | | | | | (3,439) | | | | | | (3,441) | | | | | | (3,867) | | | | | | (3,545) | | | | | | (3,762) | | | | | | (4,410) | | |
Net income (loss)
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | $ | 7,137 | | | | | € | (4,311) | | | | | € | 9,629 | | | | | $ | 11,288 | | |
Basic and diluted earnings (loss) per ordinary share
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | $ | 7,137 | | | | | € | (4,311) | | | | | € | 9,629 | | | | | $ | 11,288 | | |
Weighted average ordinary shares outstanding (basic and diluted):
|
| | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands, except share and per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Pro forma statement of operations data
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma net income (unaudited)
|
| | | | | | | | | | | | | | | € | | | | | $ | | | | | | | | | | | € | | | | | $ | | | ||||
Pro forma basic and diluted earnings per share (unaudited)
|
| | | | | | | | | | | | | | | € | | | | | $ | | | | | | | | | | | € | | | | | $ | | | ||||
Pro forma weighted average
ordinary shares outstanding (unaudited)(1): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Cash
Flow Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (outflow) inflow from
operating activities |
| | | € | (4,862) | | | | | € | 2,367 | | | | | € | 10,559 | | | | | $ | 11,865 | | | | | € | (21,996) | | | | | € | (33,378) | | | | | $ | (39,129) | | |
Net cash (outflow) from investing activities
|
| | | | (5,431) | | | | | | (1,845) | | | | | | (2,420) | | | | | | (2,719) | | | | | | (619) | | | | | | (904) | | | | | | (1,060) | | |
Net cash (outflow) inflow from
financing activities |
| | | | (4,410) | | | | | | (2,092) | | | | | | (878) | | | | | | (987) | | | | | | 25,127 | | | | | | 30,834 | | | | | | 36,147 | | |
| | |
As of September 30, 2020
|
| |||||||||||||||||||||
| | |
Actual
(unaudited) |
| |
Actual
(unaudited) |
| |
Pro
Forma as Adjusted(2) |
| |
Pro
Forma as Adjusted(2) |
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Consolidated Statement of Financial Position Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-current assets
|
| | | € | 182,424 | | | | | $ | 213,856 | | | | | € | | | | | $ | | | ||
Total current assets
|
| | | | 231,114 | | | | | | 270,935 | | | | | | | | | | | | | | |
Total assets
|
| | | | 413,538 | | | | | | 484,791 | | | | | | | | | | | | | | |
Total current liabilities
|
| | | | 124,568 | | | | | | 146,031 | | | | | | | | | | | | | | |
Total non-current liabilities
|
| | | | 214,328 | | | | | | 251,257 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 338,896 | | | | | | 397,288 | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (18,605) | | | | | | (21,811) | | | | | | | | | | | | | | |
Total shareholders’ equity
|
| | | € | 74,642 | | | | | $ | 87,503 | | | | | € | | | | | $ | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands, except average order value, average selling price)
|
| |||||||||||||||||||||||||||||||||||||||
Active customers(1)
|
| | | | 299 | | | | | | 400 | | | | | | 486 | | | | | | N/A | | | | | | 420 | | | | | | 522 | | | | | | N/A | | |
Average order value(2)
|
| | | € | 632 | | | | | € | 614 | | | | | € | 600 | | | | | $ | 674 | | | | | € | 614 | | | | | € | 594 | | | | | $ | 696 | | |
Total orders shipped(3)
|
| | | | 704 | | | | | | 905 | | | | | | 1,092 | | | | | | N/A | | | | | | 955 | | | | | | 1,168 | | | | | | N/A | | |
Adjusted EBITDA(4)
|
| | | € | 20,922 | | | | | € | 30,513 | | | | | € | 35,400 | | | | | $ | 39,780 | | | | | € | 4,359 | | | | | € | 10,438 | | | | | $ | 12,236 | | |
Adjusted Operating
Income(4) |
| | | € | 14,126 | | | | | € | 22,827 | | | | | € | 27,515 | | | | | $ | 30,920 | | | | | € | 2,482 | | | | | € | 8,417 | | | | | $ | 9,867 | | |
Adjusted Net Income(4)
|
| | | € | 9,068 | | | | | € | 15,810 | | | | | € | 19,294 | | | | | $ | 21,682 | | | | | € | 3,520 | | | | | € | 5,438 | | | | | $ | 6,375 | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net income
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | $ | 7,137 | | | | | € | (4,311) | | | | | € | 9,629 | | | | | $ | 11,288 | | |
Finance expenses, net
|
| | | | 4,835 | | | | | | 13,986 | | | | | | 11,119 | | | | | | 12,494 | | | | | | 9,373 | | | | | | (5,182) | | | | | | (6,075) | | |
Income tax expense
|
| | | | 3,468 | | | | | | 3,439 | | | | | | 3,441 | | | | | | 3,867 | | | | | | (3,545) | | | | | | 3,762 | | | | | | 4,410 | | |
Depreciation and amortization
|
| | | | 6,796 | | | | | | 7,686 | | | | | | 7,885 | | | | | | 8,860 | | | | | | 1,877 | | | | | | 2,021 | | | | | | 2,369 | | |
thereof depreciation of right-of use
assets(a) |
| | | | 5,143 | | | | | | 5,133 | | | | | | 5,116 | | | | | | 5,749 | | | | | | 1,201 | | | | | | 1,308 | | | | | | 1,533 | | |
EBITDA
|
| | | | 20,602 | | | | | | 26,762 | | | | | | 28,795 | | | | | | 32,358 | | | | | | 3,394 | | | | | | 10,230 | | | | | | 11,992 | | |
U.S. sales tax(b)
|
| | | | — | | | | | | 1,540 | | | | | | 1,334 | | | | | | 1,499 | | | | | | 936 | | | | | | — | | | | | | — | | |
Strategic investor sale preparation costs(c)
|
| | | | — | | | | | | 2,059 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IPO preparation and transaction costs(d)
|
| | | | — | | | | | | — | | | | | | 5,206 | | | | | | 5,850 | | | | | | — | | | | | | 201 | | | | | | 236 | | |
Share-based compensation expense(e)
|
| | | | 320 | | | | | | 152 | | | | | | 65 | | | | | | 73 | | | | | | 29 | | | | | | 7 | | | | | | 8 | | |
Adjusted EBITDA
|
| | | € | 20,922 | | | | | € | 30,513 | | | | | € | 35,400 | | | | | $ | 39,780 | | | | | € | 4,359 | | | | | € | 10,438 | | | | | $ | 12,236 | | |
|
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Operating income
|
| | | € | 13,806 | | | | | € | 19,076 | | | | | € | 20,910 | | | | | $ | 23,498 | | | | | € | 1,517 | | | | | € | 8,209 | | | | | $ | 9,623 | | |
U.S. sales tax(b)
|
| | | | — | | | | | | 1,540 | | | | | | 1,334 | | | | | | 1,499 | | | | | | 936 | | | | | | — | | | | | | — | | |
Strategic investor sale preparation costs(c)
|
| | | | — | | | | | | 2,059 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IPO preparation and transaction costs(d)
|
| | | | — | | | | | | — | | | | | | 5,206 | | | | | | 5,850 | | | | | | — | | | | | | 201 | | | | | | 236 | | |
Share-based compensation expense(e)
|
| | | | 320 | | | | | | 152 | | | | | | 65 | | | | | | 73 | | | | | | 29 | | | | | | 7 | | | | | | 8 | | |
Adjusted Operating Income
|
| | | € | 14,126 | | | | | € | 22,827 | | | | | € | 27,515 | | | | | $ | 30,920 | | | | | € | 2,482 | | | | | € | 8,417 | | | | | $ | 9,867 | | |
|
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net income
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | $ | 7,137 | | | | | € | (4,311) | | | | | € | 9,629 | | | | | $ | 11,288 | | |
U.S. sales tax(b)
|
| | | | — | | | | | | 1,540 | | | | | | 1,334 | | | | | | 1,499 | | | | | | 936 | | | | | | — | | | | | | — | | |
Strategic investor sale preparation costs(c)
|
| | | | — | | | | | | 2,059 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
IPO preparation and transaction costs(d)
|
| | | | — | | | | | | — | | | | | | 5,206 | | | | | | 5,850 | | | | | | — | | | | | | 201 | | | | | | 236 | | |
Share-based compensation
expense(e) |
| | | | 320 | | | | | | 152 | | | | | | 65 | | | | | | 73 | | | | | | 29 | | | | | | 7 | | | | | | 8 | | |
Finance expenses on
loans(f) |
| | | | 4,247 | | | | | | 13,315 | | | | | | 9,645 | | | | | | 10,838 | | | | | | 9,215 | | | | | | (5,450) | | | | | | (6,389) | | |
Income tax effect(g)
|
| | | | (1,002) | | | | | | (2,907) | | | | | | (3,306) | | | | | | (3,715) | | | | | | (2,349) | | | | | | 1,051 | | | | | | 1,232 | | |
Adjusted Net Income
|
| | | € | 9,068 | | | | | € | 15,810 | | | | | € | 19,294 | | | | | $ | 21,682 | | | | | € | 3,520 | | | | | € | 5,438 | | | | | $ | 6,375 | | |
| | |
As of September 30, 2020
|
| |||||||||
| | |
Actual
(unaudited) |
| |
As Adjusted(2)
(unaudited) |
| ||||||
| | |
(in thousands)
|
| |||||||||
Cash and cash equivalents
|
| | | € | 5,900 | | | | | € | | | |
Total debt, including current portion(1)
|
| | | € | 228,186 | | | | | € | | | |
Shareholders’ equity:
|
| | | | | | | | | | | | |
Subscribed capital
|
| | | € | 1 | | | | | € | | | |
Capital reserve
|
| | | | 91,015 | | | |
|
| |||
Accumulated deficit
|
| | | | (18,605) | | | |
|
| |||
Other comprehensive loss
|
| | | | 2,231 | | | | | | | | |
Total shareholders’ equity
|
| | | € | 74,642 | | | | | € | | | |
Total Capitalization
|
| | | € | 302,828 | | | | | € | | |
|
Assumed initial public offering price
|
| | | | | | | | | $ | | | |
|
Pro forma net tangible book value per ADS
|
| | | $ | | | | | | | | | |
|
Increase in pro forma net tangible book value per ADS attributable to this offering
|
| | | $ | | | | | | | | | |
| As adjusted net tangible book value per ADS | | | | | | | | | |||||
|
Dilution in pro forma net tangible book value per ADS to new investors
|
| | | | | | | | | $ | | | |
| | |
ADSs Purchased
|
| |
Ordinary Shares
Purchased |
| |
Total
Consideration |
| |
Average
Price per Share |
| |
Average
Price Per ADS |
| ||||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |||||||||||||||||||||
Existing shareholders
|
| |
|
| | | | % | | | |
|
| | | | % | | | |
|
| | | | % | | | | | $ | | | | | $ | | | ||
New investors
|
| | | | | | | % | | | | | | | | | % | | | | | | | | | % | | | | | | | | | | | | | | |
Total | | | | | | | | 100% | | | | | | | | | 100% | | | | | | | | | 100% | | | | | $ | | | | | $ | | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||||||||
| | |
(in thousands, except share and per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | € | 303,520 | | | | | € | 379,086 | | | | | € | 449,487 | | | | | $ | 505,089 | | | | | € | 99,112 | | | | | € | 126,359 | | | | | $ | 148,130 | | |
Cost of sales, exclusive of depreciation and amortization
|
| | | | (160,469) | | | | | | (201,410) | | | | | | (239,546) | | | | | | (269,178) | | | | | | (52,766) | | | | | | (67,678) | | | | | | (79,339) | | |
Gross profit
|
| | | | 143,051 | | | | | | 177,676 | | | | | | 209,941 | | | | | | 235,911 | | | | | | 46,346 | | | | | | 58,681 | | | | | | 68,791 | | |
Shipping and payment costs
|
| | | | (36,163) | | | | | | (44,104) | | | | | | (52,857) | | | | | | (59,395) | | | | | | (13,141) | | | | | | (14,833) | | | | | | (17,389) | | |
Marketing expenses
|
| | | | (47,671) | | | | | | (55,767) | | | | | | (62,507) | | | | | | (70,239) | | | | | | (15,816) | | | | | | (17,441) | | | | | | (20,446) | | |
Selling, general and administrative expenses
|
| | | | (40,114) | | | | | | (52,038) | | | | | | (66,427) | | | | | | (74,644) | | | | | | (13,955) | | | | | | (15,556) | | | | | | (18,236) | | |
Depreciation and amortization
|
| | | | (6,796) | | | | | | (7,686) | | | | | | (7,885) | | | | | | (8,860) | | | | | | (1,877) | | | | | | (2,021) | | | | | | (2,369) | | |
Other income (expense), net
|
| | | | 1,499 | | | | | | 995 | | | | | | 645 | | | | | | 725 | | | | | | (40) | | | | | | (621) | | | | | | (728) | | |
Operating income
|
| | | | 13,806 | | | | | | 19,076 | | | | | | 20,910 | | | | | | 23,498 | | | | | | 1,517 | | | | | | 8,209 | | | | | | 9,623 | | |
Finance (expense) income, net
|
| | | | (4,835) | | | | | | (13,986) | | | | | | (11,119) | | | | | | (12,494) | | | | | | (9,373) | | | | | | 5,182 | | | | | | 6,075 | | |
Income (loss) before income taxes
|
| | | | 8,971 | | | | | | 5,090 | | | | | | 9,791 | | | | | | 11,004 | | | | | | (7,856) | | | | | | 13,391 | | | | | | 15,698 | | |
Income tax (expense) benefit
|
| | | | (3,468) | | | | | | (3,439) | | | | | | (3,441) | | | | | | (3,867) | | | | | | 3,545 | | | | | | (3,762) | | | | | | (4,410) | | |
Net income (loss)
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | $ | 7,137 | | | | | € | (4,311) | | | | | € | 9,629 | | | | | $ | 11,288 | | |
Basic and diluted earnings (loss) per ordinary share
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | $ | 7,137 | | | | | € | (4,311) | | | | | € | 9,629 | | | | | $ | 11,288 | | |
Weighted average ordinary shares outstanding (basic and diluted):
|
| | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
Pro forma statement of operations data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma net income (unaudited)
|
| | | | | | | | | | | | | | | € | | | | | $ | | | | | | | | | | | € | | | | | $ | | | ||||
Pro forma basic and diluted earnings per share (unaudited)
|
| | | | | | | | | | | | | | | € | | | | | $ | | | | | | | | | | | € | | | | | $ | | | ||||
Pro forma weighted average ordinary shares outstanding (unaudited)(1):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (outflow) inflow from operating activities
|
| | | € | (4,862) | | | | | € | 2,367 | | | | | € | 10,559 | | | | | $ | 11,865 | | | | | € | (21,996) | | | | | € | (33,378) | | | | | $ | (39,129) | | |
Net cash (outflow) from investing activities
|
| | | | (5,431) | | | | | | (1,845) | | | | | | (2,420) | | | | | | (2,719) | | | | | | (619) | | | | | | (904) | | | | | | (1,060) | | |
Net cash (outflow) inflow from financing
activities |
| | | | (4,410) | | | | | | (2,092) | | | | | | (878) | | | | | | (987) | | | | | | 25,127 | | | | | | 30,834 | | | | | | 36,147 | | |
| | |
As of June 30,
|
| |
As of September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| |
2020
(unaudited) |
| ||||||||||||||||||
| | | | | | | | | | | | | | |
(in thousands)
|
| | | | | | | | | | | | | |||||||||
Consolidated Statement of Financial Position Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-current assets
|
| | | € | 188,525 | | | | | € | 182,907 | | | | | € | 183,537 | | | | | $ | 206,241 | | | | | € | 182,424 | | | | | $ | 213,856 | | |
Total current assets
|
| | | | 125,029 | | | | | | 152,242 | | | | | | 202,263 | | | | | | 227,283 | | | | | | 231,114 | | | | | | 270,935 | | |
Total assets
|
| | | | 313,554 | | | | | | 335,149 | | | | | | 385,800 | | | | | | 433,524 | | | | | | 413,538 | | | | | | 484,791 | | |
Total current liabilities
|
| | | | 61,008 | | | | | | 73,611 | | | | | | 104,831 | | | | | | 117,799 | | | | | | 124,568 | | | | | | 146,031 | | |
Total non-current liabilities
|
| | | | 144,435 | | | | | | 150,218 | | | | | | 216,592 | | | | | | 243,384 | | | | | | 214,328 | | | | | | 251,257 | | |
Total liabilities
|
| | | | 205,443 | | | | | | 223,829 | | | | | | 321,423 | | | | | | 361,183 | | | | | | 338,896 | | | | | | 397,288 | | |
Accumulated deficit
|
| | | | (36,235) | | | | | | (34,584) | | | | | | (28,234) | | | | | | (31,727) | | | | | | (18,605) | | | | | | (21,811) | | |
Total shareholders’ equity
|
| | | € | 108,111 | | | | | € | 111,320 | | | | | € | 64,377 | | | | | $ | 72,341 | | | | | € | 74,642 | | | | | $ | 87,503 | | |
| | |
As of and for the
Years Ended June 30, |
| |
As of and for the
Three Months Ended September 30, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2019
(unaudited) |
| |
2020
(unaudited) |
| |||||||||||||||
| | |
(in thousands, except average order value, average selling price)
|
| |||||||||||||||||||||||||||
Active customers(1)
|
| | | | 299 | | | | | | 400 | | | | | | 486 | | | | | | 420 | | | | | | 522 | | |
Average order value(1)
|
| | | € | 632 | | | | | € | 614 | | | | | € | 600 | | | | | € | 614 | | | | | € | 594 | | |
Total orders shipped(2)
|
| | | | 704 | | | | | | 905 | | | | | | 1,092 | | | | | | 955 | | | | | | 1,168 | | |
Adjusted EBITDA(2)
|
| | | € | 20,922 | | | | | € | 30,513 | | | | | € | 35,400 | | | | | € | 4,359 | | | | | € | 10,438 | | |
Adjusted Operating Income(2)
|
| | | € | 14,126 | | | | | € | 22,827 | | | | | € | 27,515 | | | | | € | 2,482 | | | | | € | 8,417 | | |
Adjusted Net Income(5)
|
| | | € | 9,068 | | | | | € | 15,810 | | | | | € | 19,294 | | | | | € | 3,520 | | | | | € | 5,438 | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30
|
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2019
(Unaudited) |
| |
2020
(Unaudited) |
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net sales
|
| | | € | 303,520 | | | | | € | 379,086 | | | | | € | 449,487 | | | | | € | 99,112 | | | | | € | 126,359 | | |
Cost of sales, exclusive of depreciation
and amortization |
| | | | (160,469) | | | | | | (201,410) | | | | | | (239,546) | | | | | | (52,766) | | | | | | (67,678) | | |
Gross profit
|
| | | | 143,051 | | | | | | 177,676 | | | | | | 209,941 | | | | | | 46,346 | | | | | | 58,681 | | |
Shipping and payment costs
|
| | | | (36,163) | | | | | | (44,104) | | | | | | (52,857) | | | | | | (13,141) | | | | | | (14,833) | | |
Marketing expenses
|
| | | | (47,671) | | | | | | (55,767) | | | | | | (62,507) | | | | | | (15,816) | | | | | | (17,441) | | |
Selling, general and administrative expenses
|
| | | | (40,114) | | | | | | (52,038) | | | | | | (66,427) | | | | | | (13,955) | | | | | | (15,556) | | |
Depreciation and amortization
|
| | | | (6,796) | | | | | | (7,686) | | | | | | (7,885) | | | | | | (1,877) | | | | | | (2,021) | | |
Other income (expense), net
|
| | | | 1,499 | | | | | | 995 | | | | | | 645 | | | | | | (40) | | | | | | (621) | | |
Operating income
|
| | | | 13,806 | | | | | | 19,076 | | | | | | 20,910 | | | | | | 1,517 | | | | | | 8,209 | | |
Finance (expense) income, net
|
| | | | (4,835) | | | | | | (13,986) | | | | | | (11,119) | | | | | | (9,373) | | | | | | 5,182 | | |
Income (loss) before income taxes
|
| | | | 8,971 | | | | | | 5,090 | | | | | | 9,791 | | | | | | (7,856) | | | | | | 13,391 | | |
Income tax (expense) benefit
|
| | | | (3,468) | | | | | | (3,439) | | | | | | (3,441) | | | | | | 3,545 | | | | | | (3,762) | | |
|
| | |
Years Ended June 30,
|
| |
Three Months Ended
September 30 |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2019
(Unaudited) |
| |
2020
(Unaudited) |
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net income (loss)
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | | | | € | 4,311 | | | | | € | 9,629 | | |
|
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30
|
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2019
(Unaudited) |
| |
2020
(Unaudited) |
| |||||||||||||||
Net sales
|
| | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | |
Cost of sales, exclusive of depreciation and amortization
|
| | | | (52.9) | | | | | | (53.1) | | | | | | (53.3) | | | | | | (53.2) | | | | | | (53.6) | | |
Gross profit
|
| | | | 47.1 | | | | | | 46.9 | | | | | | 46.7 | | | | | | 46.8 | | | | | | 46.4 | | |
Shipping and payment costs
|
| | | | (11.9) | | | | | | (11.6) | | | | | | (11.8) | | | | | | (13.3) | | | | | | (11.7) | | |
Marketing expenses
|
| | | | (15.7) | | | | | | (14.7) | | | | | | (13.9) | | | | | | (16.0) | | | | | | (13.8) | | |
Selling, general and administrative expenses
|
| | | | (13.2) | | | | | | (13.7) | | | | | | (14.8) | | | | | | (14.1) | | | | | | (12.3) | | |
Depreciation and amortization
|
| | | | (2.2) | | | | | | (2.0) | | | | | | (1.8) | | | | | | (1.9) | | | | | | (1.6) | | |
Other income (expense), net
|
| | | | 0.5 | | | | | | 0.3 | | | | | | 0.1 | | | | | | (0.0) | | | | | | (0.5) | | |
Operating income
|
| | | | 4.5 | | | | | | 5.0 | | | | | | 4.7 | | | | | | 1.5 | | | | | | 6.5 | | |
Finance (expense) income, net
|
| | | | (1.6) | | | | | | (3.7) | | | | | | (2.5) | | | | | | (9.5) | | | | | | 4.1 | | |
Income (loss) before income taxes
|
| | | | 3.0 | | | | | | 1.3 | | | | | | 2.2 | | | | | | (7.9) | | | | | | 10.6 | | |
Income tax (expense) benefit
|
| | | | (1.1) | | | | | | (0.9) | | | | | | (0.8) | | | | | | 3.6 | | | | | | (3.0) | | |
Net income (loss)
|
| | | | 1.8% | | | | | | 0.4% | | | | | | 1.4% | | | | | | (4.3)% | | | | | | 7.6% | | |
| | |
Three months ended September 30,
|
| | | | | | | | | | | | | |||||||||||||||||||||
| | |
2019
|
| |
% of
Net sales |
| |
2020
|
| |
% of
Net sales |
| |
Change
|
| |
% Change
|
| ||||||||||||||||||
Personnel expenses
|
| | | € | (11,188) | | | | | | (11.3)% | | | | | € | (12,684) | | | | | | (10.0)% | | | | | € | (1,496) | | | | | | 13.4% | | |
thereof fulfilment personnel expenses
|
| | | | (2,196) | | | | | | (2.2) | | | | | | (2,913) | | | | | | (2.3) | | | | | | (717) | | | | | | 32.7 | | |
General and administrative expenses
|
| | | | (2,787) | | | | | | (2.8) | | | | | | (2,872) | | | | | | (2.3) | | | | | | (105) | | | | | | 3.8 | | |
Total
|
| | | € | (13,975) | | | | | | (14.1)% | | | | | € | (15,556) | | | | | | (12.3)% | | | | | € | (1,601) | | | | | | 11.5% | | |
| | |
Years ended June 30,
|
| | | | | | | | | | | | | |||||||||||||||||||||
| | |
2019
|
| |
% of
Net sales |
| |
2020
|
| |
% of
Net sales |
| |
Change
|
| |
% Change
|
| ||||||||||||||||||
Personnel expenses
|
| | | € | (41,601) | | | | | | (11.0)% | | | | | € | (50,910) | | | | | | (11.3)% | | | | | € | (9,309) | | | | | | 22.4% | | |
thereof fulfilment personnel expenses
|
| | | | (7,976) | | | | | | (2.1) | | | | | | (10,149) | | | | | | (2.3) | | | | | | (2,173) | | | | | | 27.2 | | |
General and administrative expenses
|
| | | | (10,437) | | | | | | (2.8) | | | | | | (15,517) | | | | | | (3.5) | | | | | | (5,080) | | | | | | 48.7 | | |
Total
|
| | | € | (52,038) | | | | | | (13.7)% | | | | | € | (66,427) | | | | | | (14.8)% | | | | | € | (14.389) | | | | | | 27.7% | | |
| | |
Years Ended June 30,
|
| | | | | | | | | | | | | |||||||||||||||||||||
| | |
2018
|
| |
% of
Net sales |
| |
2019
|
| |
% of
Net sales |
| |
Change
|
| |
%
Change |
| ||||||||||||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | |||||||||||||||||||||
Personnel-related expenses
|
| | | € | (33,590) | | | | | | (11.1)% | | | | | € | (41,601) | | | | | | (11.0)% | | | | | € | (8,011) | | | | | | 23.8% | | |
thereof fulfilment personnel
expenses |
| | | | (6,243) | | | | | | (2.1) | | | | | | (7,976) | | | | | | (2.1) | | | | | | (1,733) | | | | | | 27.8% | | |
Other general and administrative
expenses |
| | | | (6,524) | | | | | | (2.1) | | | | | | (10,437) | | | | | | (2.8) | | | | | | (3,913) | | | | | | 60.0% | | |
Total
|
| | | € | (40,114) | | | | | | (13.2)% | | | | | € | (52,038) | | | | | | (13.7)% | | | | | € | (11,924) | | | | | | 29.7% | | |
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
September 30,
2020 |
| |||||||||||||||||||||||||||
| | |
(unaudited, in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
| | | € | 79,791 | | | | | € | 98,885 | | | | | € | 99,215 | | | | | € | 101,195 | | | | | € | 99,112 | | | | | € | 119,369 | | | | | € | 111,735 | | | | | € | 119,271 | | | | | € | 126,359 | | |
Cost of sales
|
| | | | (43,862) | | | | | | (50,863) | | | | | | (53,729) | | | | | | (52,956) | | | | | | (52,766) | | | | | | (60,989) | | | | | | (61,798) | | | | | | (63,993) | | | | | | (67,678) | | |
Gross profit
|
| | |
|
35,929
|
| | | |
|
48,022
|
| | | |
|
45,486
|
| | | |
|
48,239
|
| | | | | 46,346 | | | | | | 58,380 | | | | | | 49,937 | | | | | | 55,278 | | | | | | 58,681 | | |
Shipping and payment costs
|
| | | | (9,111) | | | | | | (11,359) | | | | | | (11,387) | | | | | | (12,247) | | | | | | (13,141) | | | | | | (14,204) | | | | | | (13,129) | | | | | | (12,383) | | | | | | (14,833) | | |
Marketing expenses
|
| | | | (13,239) | | | | | | (12,420) | | | | | | (14,424) | | | | | | (15,684) | | | | | | (15,816) | | | | | | (17,294) | | | | | | (16,199) | | | | | | (13,198) | | | | | | (17,441) | | |
Selling, general and administrative expenses
|
| | | | (10,940) | | | | | | 12,205 | | | | | | (14,488) | | | | | | (14,405) | | | | | | (13,955) | | | | | | (17,839) | | | | | | (20,001) | | | | | | (14,632) | | | | | | (15,556) | | |
Depreciation and amortization
|
| | | | (1,855) | | | | | | (2,192) | | | | | | (1,809) | | | | | | (1,830) | | | | | | (1,877) | | | | | | (1,987) | | | | | | (1,881) | | | | | | (2,140) | | | | | | (2,021) | | |
Other income, net
|
| | | | 39 | | | | | | 467 | | | | | | (121) | | | | | | 610 | | | | | | (40) | | | | | | 284 | | | | | | (124) | | | | | | 525 | | | | | | (621) | | |
Operating Income
|
| | |
|
823
|
| | | |
|
10,313
|
| | | |
|
3,257
|
| | | |
|
4,683
|
| | | | | 1,517 | | | | | | 7,340 | | | | | | (1,397) | | | | | | 13,450 | | | | | | 8,209 | | |
Finance expenses, net
|
| | | | (3,108) | | | | | | (4,740) | | | | | | (5,761) | | | | | | (377) | | | | | | (9,373) | | | | | | 3,389 | | | | | | (5,522) | | | | | | 387 | | | | | | 5,182 | | |
Income before income taxes
|
| | |
|
(2,285)
|
| | | |
|
5,573
|
| | | |
|
(2,504)
|
| | | |
|
(4,306)
|
| | | | | (7,856) | | | | | | 10,729 | | | | | | (6,919) | | | | | | 13,837 | | | | | | 13,391 | | |
Income tax expense
|
| | | | 1,329 | | | | | | (2,932) | | | | | | 558 | | | | | | (2,393) | | | | | | 3,545 | | | | | | (4,398) | | | | | | 189 | | | | | | (2,777) | | | | | | (3,762) | | |
Net income
|
| | | € | (954) | | | | | € | 2,640 | | | | | € | (1,945) | | | | | € | 1,910 | | | | | € | (4,311) | | | | |
€
|
6,331
|
| | | |
€
|
(6,730)
|
| | | |
€
|
11,060
|
| | | |
€
|
9,629
|
| |
|
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
September 30,
2020 |
| |||||||||||||||||||||||||||
Net sales
|
| | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | |
Cost of sales
|
| | | | (55.0) | | | | | | (51.4) | | | | | | (54.2) | | | | | | (52.3) | | | | | | (53.2) | | | | | | (51.1) | | | | | | (55.3) | | | | | | (53.7) | | | | | | (53.6) | | |
Gross profit
|
| | | | 45.0 | | | | | | 48.6 | | | | | | 45.8 | | | | | | 47.7 | | | | | | 46.8 | | | | | | 48.9 | | | | | | 44.7 | | | | | | 46.3 | | | | | | 46.4 | | |
Shipping and payment costs
|
| | | | (11.4) | | | | | | (11.5) | | | | | | (11.5) | | | | | | (12.1) | | | | | | (13.3) | | | | | | (11.9) | | | | | | (11.8) | | | | | | (10.4) | | | | | | (11.7) | | |
Marketing expenses
|
| | | | (16.6) | | | | | | (12.6) | | | | | | (14.5) | | | | | | (15.5) | | | | | | (16.0) | | | | | | (14.5) | | | | | | (14.5) | | | | | | (11.1) | | | | | | (13.8) | | |
Selling, general and administrative expenses
|
| | | | (13.7) | | | | | | (12.3) | | | | | | (14.6) | | | | | | (14.2) | | | | | | (14.1) | | | | | | (14.9) | | | | | | (17.9) | | | | | | (12.3) | | | | | | (12.3) | | |
Depreciation and amortization
|
| | | | (2.3) | | | | | | (2.2) | | | | | | (1.8) | | | | | | (1.8) | | | | | | (1.9) | | | | | | (1.7) | | | | | | (1.7) | | | | | | (1.8) | | | | | | (1.6) | | |
Other income, net
|
| | | | 0.0 | | | | | | 0.5 | | | | | | (0.1) | | | | | | 0.6 | | | | | | (0.0) | | | | | | 0.2 | | | | | | (0.1) | | | | | | 0.4 | | | | | | (0.5) | | |
Operating Income
|
| | |
|
1.0
|
| | | |
|
10.4
|
| | | |
|
3.3
|
| | | |
|
4.6
|
| | | | | 1.5 | | | | | | 6.1 | | | | | | (1.3) | | | | | | 11.3 | | | | | | 6.5 | | |
Finance expenses, net
|
| | | | (3.9) | | | | | | (4.8) | | | | | | (5.8) | | | | | | (0.4) | | | | | | (9.5) | | | | | | 2.8 | | | | | | (4.9) | | | | | | 0.3 | | | | | | 4.1 | | |
Income before income taxes
|
| | |
|
(2.9)
|
| | | |
|
5.6
|
| | | |
|
(2.5)
|
| | | |
|
4.3
|
| | | | | (7.9) | | | | | | 9.0 | | | | | | (6.2) | | | | | | 11.6 | | | | | | 10.6 | | |
Income tax expense
|
| | | | 1.7 | | | | | | (3.0) | | | | | | 0.6 | | | | | | (2.4) | | | | | | 3.6 | | | | | | (3.7) | | | | | | 0.2 | | | | | | (2.3) | | | | | | (3.0) | | |
Net income
|
| | |
|
(1.2)%
|
| | | |
|
2.7%
|
| | | |
|
(2.0)%
|
| | | |
|
1.9%
|
| | | | | (4.3)% | | | | | | 5.3% | | | | | | (6.0)% | | | | | | 9.3% | | | | | | 7.6% | | |
|
| | |
Year ended June 30,
|
| |
Three months ended September 30,
|
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| |||||||||||||||
Net Sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Online
|
| | | € | 292,030 | | | | | € | 365,558 | | | | | € | 437,448 | | | | | € | 95,386 | | | | | € | 123,288 | | |
Retail Store
|
| | | | 11,490 | | | | | | 13,528 | | | | | | 12,039 | | | | | | 3,726 | | | | | | 3,071 | | |
EBITDA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Online
|
| | | € | 20,105 | | | | | € | 26,455 | | | | | € | 32,361 | | | | | € | 2,872 | | | | | € | 9,828 | | |
Retail Store
|
| | | | 772 | | | | | | 2,634 | | | | | | 1,947 | | | | | | 698 | | | | | | 667 | | |
| | |
Years Ended June 30,
|
| |
Three Months Ended September 30,
|
| ||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Consolidated Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (outflow) inflow from operating activities
|
| | | € | (4,862) | | | | | € | 2,367 | | | | | € | 10,559 | | | | | € | (21,996) | | | | | € | (33,378) | | |
Net cash outflow from investing activities
|
| | | | (5,431) | | | | | | (1,845) | | | | | | (2,420) | | | | | | (619) | | | | | | (904) | | |
Net cash (outflow) inflow from financing activities
|
| | | | (4,410) | | | | | | (2,092) | | | | | | (878) | | | | | | 25,127 | | | | | | 30,834 | | |
| | | | | | | | |
Payments Due by Period
|
| |||||||||||||||||||||
| | |
Total
|
| |
Less than
one year |
| |
1-3 Years
|
| |
3-5 Years
|
| |
More than
5 Years |
| |||||||||||||||
Contractual obligations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities(1)
|
| | | € | 21,018 | | | | | € | 6,360 | | | | | € | 10,132 | | | | | € | 4,526 | | | | | € | — | | |
Other lease obligations(2)
|
| | | | 365 | | | | | | 157 | | | | | | 202 | | | | | | 6 | | | | | | — | | |
Revolving credit facilities(3)
|
| | | | 10,000 | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | |
Shareholder Loans(4)
|
| | | | 252,045 | | | | | | — | | | | | | — | | | | | | — | | | | | | 252,045 | | |
Total | | | | € | 283,428 | | | | | € | 16,517 | | | | | € | 10,334 | | | | | € | 4,532 | | | | | € | 252,045 | | |
| | |
As of
September 30, 2020 |
| |||
Department: | | | | | | | |
Creative, Customer Experience and Public Relations
|
| | | | 135.6 | | |
Performance Marketing, CRM and Business Development
|
| | | | 55.9 | | |
Buying, Merchandising & Planning
|
| | | | 64.8 | | |
Finance, Human Resources & Management
|
| | | | 85.2 | | |
IT & Shop Management
|
| | | | 85.4 | | |
Customer Service, Fulfillment & Logistics
|
| | | | 366.6 | | |
Other(1) | | | | | 35.1 | | |
Total | | | | | 828.5 | | |
| | |
As of
September 30, 2020 |
| |||
Geography: | | | | | | | |
Germany
|
| | | | 761.4 | | |
Italy
|
| | | | 5.0 | | |
United Kingdom
|
| | | | 16.0 | | |
Spain
|
| | | | 44.5 | | |
United States of America
|
| | | | 1.6 | | |
Total | | | | | 828.5 | | |
Location
|
| |
Type
|
| |
Square Meters
|
| |
Lease
Expiration |
| |
Right of
Renewal |
|
Aschheim, Germany
|
| |
Corporate Headquarters
|
| |
9,830
|
| |
Feb. 2025
|
| | Yes | |
Heimstetten, Germany
|
| | Fulfillment Center | | |
16,970
|
| |
Apr. 2024
|
| | Yes | |
Munich, Germany
|
| | Store | | |
1,625
|
| |
Dec. 2022
|
| | Yes | |
Munich, Germany
|
| | Store | | |
102
|
| |
Dec. 2022
|
| | Yes | |
Shanghai
|
| | Office space | | |
10
|
| |
Apr. 2021
|
| | Yes | |
Berlin
|
| | Office space | | |
250
|
| |
Sep. 2021
|
| | Yes | |
Milan
|
| | Photo Studio | | |
1,815
|
| |
Aug. 2025
|
| | Yes | |
Barcelona
|
| | Office space | | |
630
|
| |
Nov. 2024
|
| | No | |
Name
|
| |
Age
|
| |
Term Ends
|
| |
Position
|
|
Michael Kliger | | |
53
|
| | 2024 | | | Chief Executive Officer | |
Dr. Martin Beer | | |
52
|
| | 2024 | | | Chief Financial Officer | |
Name
|
| |
Age
|
| |
Term
|
| |
Position
|
|
Sebastian Dietzmann | | |
46
|
| | 2025 | | | Chief Operating Officer | |
Gareth Locke | | |
45
|
| | 2025 | | | Chief Growth Officer | |
Isabel May | | |
47
|
| | 2025 | | | Chief Customer Experience Officer | |
Name
|
| |
Age
|
| |
Term Expires
|
| |
Principal Occupation
|
|
Dennis Gies | | |
41
|
| |
2024
|
| |
Senior Advisor, Ares Management LLC
|
|
Marjorie Lao* | | |
46
|
| |
2024
|
| |
Director, Modern Times Group and Logitech
|
|
Cesare Ruggiero | | |
44
|
| |
2024
|
| | Managing Director, CPPIB | |
Susan Gail Saideman* | | |
58
|
| |
2024
|
| |
Director, Church & Dwight Co., Inc. and Prepac Manufacturing Ltd.
|
|
Sascha Zahnd* | | |
45
|
| |
2024
|
| |
Vice-Chairman, Valora Holding AG
|
|
Name of Committee
|
| |
Current Members
|
|
Audit Committee
|
| | | |
Nominating, Governance and Compensation Committee
|
| | | |
| | | | | | | | | | | | | | |
Ordinary shares beneficially
owned after the offering |
| |||||||||
| | |
Ordinary shares
beneficially owned before the offering |
| |
No exercise of
underwriters’ option to purchase additional ADSs |
| |
Full exercise of
underwriters’ option to purchase additional ADSs |
| |||||||||||||||
Shareholder
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||
MYT Holding
|
| | | | 120,000 | | | | | | 100% | | | | | | | | | | | | | | |
Members of our Supervisory Board
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Dennis Gies
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Marjorie Lao
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Cesare Ruggiero
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Susan Gail Saideman
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Sascha Zahnd
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Members of our Management Board
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Michael Kliger
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Dr. Martin Beer
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Members of our senior management
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
All members of our Supervisory Board, and
Management Board and senior management, as a group |
| | | | — | | | | | | — | | | | | | | | | | | | | | |
| | |
The Netherlands
|
| |
Delaware
|
|
Board System | | |
A Dutch B.V. may choose to have a two-tier board structure composed of the Management Board and the Supervisory Board. We have chosen this structure.
The Management Board is responsible for running the company’s affairs and representing the company in dealings with third parties.
The Supervisory Board has a supervisory and advisory function. The Supervisory Board does not actively manage the company but certain Management Board actions require the approval of the Supervisory Board. The absence of the approval of the Supervisory Board shall result in the relevant resolution being null and void, but shall not affect the powers of representation of the Management Board or its members.
|
| |
Under Delaware law, a corporation has a unitary board structure, and it is the responsibility of the board of directors to appoint and oversee the management of the corporation on behalf of and in the best interests of the stockholders of the corporation.
Management is responsible for running the corporation and overseeing its day-to-day operations.
|
|
Appointment and Number of Directors | | |
The Articles of Association of MYT Netherlands provide that there will be at least one member of the Management Board, and the actual number of the members of the Management Board will be determined by the Supervisory Board.
Management Board members are appointed by the general meeting upon a binding nomination of the Supervisory Board.
The general meeting has the right to overrule the binding nature of the nomination of the Supervisory Board by a resolution of the general meeting adopted with a two-thirds majority of the votes cast representing more than half of
|
| | Under Delaware law, a corporation must have at least one director and the number of directors shall be fixed by or in the manner provided in the bylaws. | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | |
the issued and outstanding share capital of the Company. If the binding nomination is overruled, the Supervisory Board shall draw up a new binding nomination to be voted upon in the next general meeting.
Members of the Management Board are appointed for a period of four years, provided that, unless a member of the Management Board retires sooner or upon his or her appointment a term shorter than four years has been determined, his or her term shall expire as of the moment of the closing of the annual general meeting, to be held in the fourth calendar year following the year of his or her appointment. A member of our Management Board may be re-appointed with due observance of the previous sentence.
|
| | | |
| | |
The Articles of Association of MYT Netherlands provide that the Supervisory Board must consist of at least three Supervisory Board members.
The actual number of Supervisory Board members shall be determined by the Supervisory Board.
Subject to the shareholding of MYT Holding (as further explained below), the Articles of Association provide that members of the Supervisory Board are appointed by the general meeting for a maximum term of four years provided that, unless a member of the Supervisory Board retires sooner or upon his or her appointment a term shorter than four years has been determined, his or her term shall expire at the closing of the annual a general meeting to be held in the fourth calendar year after the year of his or her appointment. From and after the
|
| | | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | | date MYT Holding directly or indirectly owns less than 25% of the issued and outstanding share capital of MYT Netherlands, MYT Netherlands will be required to file a declaration confirming such event with the Dutch Trade Register of the Chamber of Commerce and to publish a public announcement confirming such filing. Effective at the time of filing of such declaration, the terms of the members of the Supervisory Board then in office will automatically be reduced to expire at the closing of the next annual general meeting, and thereafter the term of all members of the Supervisory Board will expire each year at the closing of the annual general meeting. A member of our Supervisory Board may be reappointed with due observance of the previous two sentences. | | | | |
Removal of Directors | | |
The general meeting and the Supervisory Board are authorized to dismiss, with or without cause, a member of the Management Board from office at any time.
The general meeting and the Supervisory Board are authorized to suspend a member of the Management Board from office at any time. The general meeting may lift such suspension at any time and such suspension will automatically lapse if the general meeting does not resolve to dismiss such member of the Management Board within three months of such suspension.
The general meeting may at any time suspend or dismiss, with or without cause, any member of the Supervisory Board. The general meeting may lift such suspension at any time and such suspension will automatically lapse if the general meeting does not resolve to dismiss such member of the
|
| | Under Delaware law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise, in the case of a corporation whose board of directors is classified, stockholders may effect such removal only for cause; or (ii) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part. | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | | Supervisory Board within three months of such suspension. | | | | |
Vacancies on the Board of Directors | | |
Vacancies on the Management Board are filled by the general meeting upon a binding nomination of the Supervisory Board. In the event of the absence or inability to act of all the members of our Management Board or the sole remaining member of our Management Board, a person appointed for that purpose by the Supervisory Board shall be temporarily charged with the management of the Company.
A vacancy on the Supervisory Board does not affect the valid composition of the Supervisory Board.
|
| | Under Delaware law, vacancies and newly created directorships may be filled by a majority of the directors then in office (even though less than a quorum) or by a sole remaining director unless (i) otherwise provided in the certificate of incorporation or by-laws of the corporation or (ii) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case a majority of the other directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy. | |
Annual general meeting | | | At least once during each financial year, an annual general meeting has to be held. The annual general meeting and any extraordinary general meeting must be held in the district of Munich, or in certain other municipalities within the Federal Republic of Germany specified in our Articles of Association, as decided by the Management Board. An annual general meeting and any extraordinary general meeting may also be held in any other location if all holders of meeting rights have agreed with the location and the members of the Management Board and Supervisory Board have had the opportunity to advise the general meeting. | | | Under Delaware law, the annual meeting of stockholders shall be held at such place, on such date and at such time as may be designated from time to time by the board of directors or as provided in the certificate of incorporation or by the bylaws. | |
General meeting | | |
Under the law, extraordinary general meetings, in addition to the annual general meeting, may be called by either the Management Board or by the Supervisory Board.
Shareholders who individually or together with other shareholders represent at least 1% of issued share capital may submit a
|
| | Under Delaware law, special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | | written request that a general meeting be convened, provided that such request contains a detailed description of the items to be addressed at said general meeting. The Management Board and the Supervisory Board must take the necessary steps to ensure that a general meeting is held within four weeks of its receipt of such request, unless this would conflict with a substantial interest of MYT Netherlands. If such general meeting has not been convened within four weeks following such shareholder’s request, the shareholders making such request may, upon their request, be authorized by the court in summary proceedings to convene a general meeting. | | | | |
Notice of General meetings | | | Under applicable Dutch law, unless a longer period is otherwise provided for in the articles of association or applies because of registration requirements stipulated in the articles of association, the shareholders must be given at least eight days’ advance notice of the general meeting. Such notices must at least specify the name of the company, and the location, date and time of the general meeting. In addition, the notice must contain the agenda items as well. | | | Under Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting and shall specify the place, date, hour, and purpose or purposes of the meeting. | |
Proxy | | |
A shareholder may designate another person to attend, speak and vote at a general meeting of the company on such shareholder’s behalf by written proxy.
With respect to Management Board meetings, a Management Board member may participate in voting by issuing a written vote via another Management Board member entitled to attend the Management Board meeting.
|
| | Under Delaware law, at any meeting of stockholders, a stockholder may designate another person to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A director of a Delaware corporation may not issue a proxy representing the director’s voting rights as a director. | |
| | | With respect to Supervisory Board meetings, a Supervisory | | | | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | | Board member may participate in voting by issuing a written vote to another Supervisory Board member entitled to attend the Supervisory Board meeting. | | | | |
Preemptive Rights | | | Under Dutch law, every shareholder is generally entitled to subscription rights (commonly known as preemptive rights) to any new shares issued in proportion to the number of shares he or she holds in the company’s existing share capital. Under our Articles of Association, any pre-emptive rights of shareholders are fully excluded and no shareholder has any pre-emptive right on any further share issue or any grant of rights to subscribe for shares. | | | Under Delaware law, stockholders have no preemptive rights to subscribe to additional issues of stock or to any security convertible into such stock unless, and except to the extent that, such rights are expressly provided for in the certificate of incorporation. | |
Authority to Allot | | | Under Dutch law and the Articles of Association of MYT Netherlands, the general meeting is authorized to issue shares. The general meeting may delegate its powers in this respect to another corporate body of MYT Netherlands and may revoke such delegation. On September 17, 2020, the general meeting resolved to delegate the authority to issue shares to the Management Board for a period of five years. The authority to issue shares is unlimited. A share issue is effective as of the moment of the execution of a notarial deed of issuance of shares before a Dutch notary. | | | Under Delaware law, if the corporation’s certificate of incorporation so provides, the board of directors has the power to authorize the issuance of stock. It may authorize capital stock to be issued for consideration consisting of cash, any tangible or intangible property or any benefit to the corporation or any combination thereof. It may determine the amount of such consideration by approving a formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the value of such consideration is conclusive. | |
Liability of Directors and Officers | | | Under Dutch law, any provision, whether contained in the company’s articles of association or any contract or otherwise, that purports to exempt a Management or Supervisory Board member from any liability that would otherwise attach to such board member in connection with any negligence, default, breach of duty or breach of trust in relation to the company may not be enforceable. | | |
Under Delaware law, a corporation’s certificate of incorporation may include a provision eliminating or limiting the personal liability of a director to the corporation and its stockholders for damages arising from a breach of fiduciary duty as a director. However, no provision can limit the liability of a director for:
•
any breach of the director’s duty of loyalty to the
|
|
| | |
The Netherlands
|
| |
Delaware
|
|
| | | Under Dutch law, under special circumstances, members of both the Management Board and members of the Supervisory Board may be held liable to the company, to third parties or shareholders, for any damage caused to them due to serious negligence (ernstig verwijt). Apart from insolvency or special circumstances, only the company has the right to claim damages from members of either board. It is customary for the company to waive such claims against the members of the management and supervisory boards in the course of the adoption of the annual accounts. Such waiver only covers events that are reflected in the annual accounts. | | |
corporation or its stockholders;
•
acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
•
intentional or negligent payment of unlawful dividends or stock purchases or redemptions; or
•
any transaction from which the director derives an improper personal benefit.
|
|
Voting Rights | | | Each ordinary share is entitled to one vote. | | | Delaware law provides that, unless otherwise provided in the certificate of incorporation, each stockholder is entitled to one vote for each share of capital stock held by such stockholder. | |
Shareholder Vote on Certain Transactions | | |
In principle, the adoption of any resolution by the general meeting, including resolutions approving any merger, consolidation, sale, lease or exchange of all or substantially all of the assets of MYT Netherlands or dissolution, requires the affirmative vote of a simple majority of the votes permitted to be cast by persons present and voting at a general meeting at which a quorum is present.
Resolutions may also be adopted outside a meeting, subject to the requirements set out in Dutch law, including that all persons with meeting rights consent to such method of decision-making.
|
| |
Generally, under Delaware law, unless the certificate of incorporation provides for a greater vote, any merger, consolidation, sale, lease or exchange of all or substantially all of a corporation’s assets or dissolution requires:
•
the approval of the board of directors; and
•
approval by the vote of the holders of a majority of the outstanding shares entitled to vote thereof and, if the certificate of incorporation provides for a separate vote of any class or series of stock, the approval by the holders of a majority of the outstanding shares of such class or series of stock of a corporation entitled to vote on the matter.
|
|
Standard of Conduct for Directors | | | Members of the Management Board have a general duty to | | | Delaware law does not contain specific provisions setting forth | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | |
exercise care and skill towards the Company, according to which each member of the Management Board should properly perform his duties. The standard that applies is that of a capable member of the Management Board who exercises his or her tasks meticulously.
The Management Board is charged with managing the Company. Dutch law does not describe what is meant by “managing”; the scope of what is considered to be part of managing the Company depends on the type of enterprise being managed, its articles of association and its activities.
In any case, Dutch law explicitly includes the following duties:
(i)
keeping records of the Company’s financial position and of everything concerning its activities, as well as keeping the Company’s books, records and other databases (including the shareholders’ register) in such a manner that the Company’s rights and obligations can be ascertained from them at all times;
(ii)
preparing and filing the Company’s annual accounts with the Trade Register on time;
(iii)
registering the Company with the Trade Register and keeping the registered information up to date;
(iv)
preparing general meetings; and
(v)
representing the Company.
|
| |
the standard of conduct of a director. The scope of the fiduciary duties of directors is generally determined by the courts of the State of Delaware. In general, directors have a duty to act without self-interest, on a well-informed basis and in a manner they reasonably believe to be in the best interest of the stockholders.
Directors of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its stockholders. The duty of care generally requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. In general, but subject to certain exceptions, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation who take any action designed to defeat a threatened change in control of the corporation.
|
|
| | | The Supervisory Board’s duty is to supervise the policy of the Management Board, the general course of affairs of the Company | | | In addition, under Delaware law, when the board of directors of a Delaware corporation approves the sale or break-up of a | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | | and of the enterprise connected with it and to advise the Management Board. The standard that applies is that of a capable member of the Management Board who exercises his or her tasks meticulously. | | | corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders. | |
| | | Under Dutch law, the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. | | | ||
Stockholder Actions | | |
Under Dutch law, generally, the company, rather than its shareholders, is the proper claimant in an action with respect to a wrong committed against the company, or in cases where there is an irregularity in the company’s internal management or supervision. Therefore, such claims may only be raised by the company represented by its Management Board. In the case of a wrong committed by a member of the Management Board, the other members of the Management Board may raise such claim on behalf of the Company. This does not preclude claims from third parties against such Management Board Member that has committed a wrong.
|
| |
Under Delaware law, a stockholder may initiate a derivative action to enforce a right of a corporation if the corporation fails to enforce the right itself. The complaint must:
•
state that the plaintiff was a stockholder at the time of the transaction of which the plaintiff complains or that the plaintiffs shares thereafter devolved on the plaintiff by operation of law; and
•
either (i) allege with particularity the efforts made by the plaintiff to obtain the action the plaintiff desires from the directors and the reasons for the plaintiff’s failure to obtain the action, or (ii) or state the reasons for not making the effort.
|
|
| | | The Management Board, or, if a claim is against a member of the Management Board, the Supervisory Board, is obliged to pursue the company’s claims against the designated individuals if so resolved by a simple majority of votes cast during a general meeting provided this is specified in the company’s articles of association. With a simple majority of votes, shareholders can request that a representative pursues the claim on behalf of the company. | | |
Additionally, the plaintiff must remain a stockholder through the duration of the derivative suit. The action will not be dismissed or compromised without the approval of the Delaware Court of Chancery.
|
|
| | |
If the company is unable to fulfill
|
| | | |
| | |
The Netherlands
|
| |
Delaware
|
|
| | | its third-party obligations, the company’s creditors may pursue the company’s damage claims against members of the Management Board for certain wrongdoings if such members acted unlawfully towards those third parties. | | | | |
|
Persons depositing or withdrawing shares or
ADS holders must pay: |
| |
For:
|
|
| $5.00 (or less) per 100 ADSs (or portion of ADSs) | | | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
| | | | Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
| $0.05 (or less) per ADS | | | Any cash distribution to ADS holders | |
| | | | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
| $0.05 (or less) per ADS per calendar year | | | Depositary services | |
| Registration or transfer fees | | | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
| Expenses of the depositary | | | Cable and facsimile transmissions (when expressly provided in the deposit agreement) | |
| | | | Converting foreign currency to U.S. Dollars | |
| Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
| Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
Underwriters
|
| |
Number of ADSs
|
| |||
Morgan Stanley & Co. LLC
|
| | | | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
Credit Suisse Securities (USA) LLC
|
| | | | | | |
UBS Securities LLC
|
| | | | | | |
Jefferies LLC
|
| | | | | | |
Cowen and Company, LLC
|
| | | | | | |
Total
|
| | | | | |
| | | | | | | | |
Total
|
| |||||||||
| | |
Per Share
|
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions to be paid by us
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | | |
Expenses
|
| |
Amount
|
| |||
U.S. Securities and Exchange Commission registration fee
|
| | | $ | * | | |
FINRA filing fee
|
| | | | * | | |
NYSE listing fee
|
| | | | * | | |
Printing and engraving expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Depositary expenses
|
| | | | * | | |
Miscellaneous costs
|
| | | | * | | |
Total
|
| | | $ | * | | |
| | |
Page
|
| |||
Consolidated Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Interim Condensed Consolidated Financial Statements (unaudited) | | | | | | | |
| | | | F-44 | | | |
| | | | F-45 | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | |
| | | | | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
Note
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Net sales
|
| |
7,8
|
| | | | 303,520 | | | | | | 379,086 | | | | | | 449,487 | | |
Cost of sales, exclusive of depreciation and amortization
|
| |
16
|
| | | | (160,469) | | | | | | (201,410) | | | | | | (239,546) | | |
Gross profit | | | | | | | | 143,051 | | | | | | 177,676 | | | | | | 209,941 | | |
Shipping and payment cost
|
| | | | | | | (36,163) | | | | | | (44,104) | | | | | | (52,857) | | |
Marketing expenses
|
| | | | | | | (47,671) | | | | | | (55,767) | | | | | | (62,507) | | |
Selling, general and administrative expenses
|
| |
9
|
| | | | (40,114) | | | | | | (52,038) | | | | | | (66,427) | | |
Depreciation and amortization
|
| |
13,14,15
|
| | | | (6,796) | | | | | | (7,686) | | | | | | (7,885) | | |
Other income, net
|
| |
10
|
| | | | 1,499 | | | | | | 995 | | | | | | 645 | | |
Operating income
|
| | | | | | | 13,806 | | | | | | 19,076 | | | | | | 20,910 | | |
Finance expenses, net
|
| |
11
|
| | | | (4,835) | | | | | | (13,986) | | | | | | (11,119) | | |
Income before income taxes
|
| | | | | | | 8,971 | | | | | | 5,090 | | | | | | 9,791 | | |
Income tax expense
|
| |
12
|
| | | | (3,468) | | | | | | (3,439) | | | | | | (3,441) | | |
Net income
|
| | | | | | | 5,503 | | | | | | 1,651 | | | | | | 6,350 | | |
Other comprehensive income
|
| | | | | | | (1,244) | | | | | | 1,406 | | | | | | 4,730 | | |
Comprehensive income
|
| | | | | | | 4,259 | | | | | | 3,057 | | | | | | 11,080 | | |
Basic and diluted earnings per share
|
| |
5.2
|
| | | € | 5,503 | | | | | € | 1,651 | | | | | € | 6,350 | | |
Weighted average ordinary shares outstanding (basic and diluted)
|
| | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
(in € thousands)
|
| |
Note
|
| |
July 1, 2017
|
| |
June 30, 2018
|
| |
June 30, 2019
|
| |
June 30, 2020
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intangible assets and goodwill
|
| |
13
|
| | | | 154,968 | | | | | | 155,066 | | | | | | 155,208 | | | | | | 154,966 | | |
Property and equipment, net
|
| |
14
|
| | | | 6,973 | | | | | | 10,654 | | | | | | 9,804 | | | | | | 9,570 | | |
Right-of-use assets
|
| |
15
|
| | | | 24,831 | | | | | | 22,740 | | | | | | 17,711 | | | | | | 19,001 | | |
Prepayment option
|
| |
26
|
| | | | 13 | | | | | | 65 | | | | | | 184 | | | | | | — | | |
Total non-current assets
|
| | | | | | | 186,785 | | | | | | 188,525 | | | | | | 182,907 | | | | | | 183,537 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories
|
| |
16
|
| | | | 71,870 | | | | | | 106,715 | | | | | | 136,034 | | | | | | 169,131 | | |
Trade and other receivables
|
| |
17
|
| | | | 3,686 | | | | | | 5,560 | | | | | | 5,648 | | | | | | 4,815 | | |
Other assets
|
| |
18
|
| | | | 5,518 | | | | | | 9,064 | | | | | | 8,440 | | | | | | 18,950 | | |
Cash and cash equivalents
|
| | | | | | | 18,393 | | | | | | 3,690 | | | | | | 2,120 | | | | | | 9,367 | | |
Total current assets
|
| | | | | | | 99,467 | | | | | | 125,029 | | | | | | 152,242 | | | | | | 202,263 | | |
Total assets
|
| | | | | | | 286,252 | | | | | | 313,554 | | | | | | 335,149 | | | | | | 385,800 | | |
Shareholders’ equity and liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subscribed capital
|
| |
19
|
| | | | 72 | | | | | | 72 | | | | | | 72 | | | | | | 1 | | |
Capital reserve
|
| |
19
|
| | | | 148,488 | | | | | | 148,808 | | | | | | 148,960 | | | | | | 91,008 | | |
Accumulated Deficit
|
| | | | | | | (41,738) | | | | | | (36,235) | | | | | | (34,584) | | | | | | (28,234) | | |
Accumulated other comprehensive income
|
| | | | | | | (3,290) | | | | | | (4,534) | | | | | | (3,128) | | | | | | 1,602 | | |
Total shareholders’ equity
|
| | | | | | | 103,532 | | | | | | 108,111 | | | | | | 111,320 | | | | | | 64,377 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| |
20
|
| | | | 108,722 | | | | | | 114,208 | | | | | | 126,079 | | | | | | 191,194 | | |
Other liabilities
|
| |
23
|
| | | | — | | | | | | 1,121 | | | | | | 3,515 | | | | | | 5,905 | | |
Tax liabilities
|
| |
21
|
| | | | 3,216 | | | | | | 4,666 | | | | | | 975 | | | | | | 3,853 | | |
Provisions
|
| |
22
|
| | | | 778 | | | | | | 781 | | | | | | 782 | | | | | | 582 | | |
Lease liabilities
|
| |
15
|
| | | | 20,297 | | | | | | 18,344 | | | | | | 13,675 | | | | | | 13,928 | | |
Deferred income tax liabilities, net
|
| |
12,24
|
| | | | 5,454 | | | | | | 5,315 | | | | | | 5,192 | | | | | | 1,130 | | |
Total non-current liabilities
|
| | | | | | | 138,467 | | | | | | 144,435 | | | | | | 150,218 | | | | | | 216,592 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities to banks
|
| |
20
|
| | | | — | | | | | | — | | | | | | 3,649 | | | | | | 10,000 | | |
Lease liabilities
|
| |
15
|
| | | | 3,803 | | | | | | 4,986 | | | | | | 4,689 | | | | | | 5,787 | | |
Contract liabilities
|
| |
8
|
| | | | 2,042 | | | | | | 3,858 | | | | | | 4,548 | | | | | | 6,758 | | |
Trade and other payables
|
| | | | | | | 22,442 | | | | | | 31,280 | | | | | | 29,413 | | | | | | 36,158 | | |
Other liabilities
|
| |
23
|
| | | | 15,966 | | | | | | 20,884 | | | | | | 31,312 | | | | | | 46,128 | | |
Total current liabilities
|
| | | | | | | 44,253 | | | | | | 61,008 | | | | | | 73,611 | | | | | | 104,831 | | |
Total liabilities
|
| | | | | | | 182,720 | | | | | | 205,443 | | | | | | 223,829 | | | | | | 321,423 | | |
Total shareholders’ equity and liabilities
|
| | | | | | | 286,252 | | | | | | 313,554 | | | | | | 335,149 | | | | | | 385,800 | | |
(in € thousands)
|
| |
Subscribed
capital |
| |
Capital
reserve |
| |
Accumulated
deficit |
| |
Foreign
currency translation reserve |
| |
Total
shareholders’ equity |
| |||||||||||||||
Balance as of July 1, 2017
|
| | | | 72 | | | | | | 148,488 | | | | | | (41,738) | | | | | | (3,290) | | | | | | 103,532 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 5,503 | | | | | | — | | | | | | 5,503 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,244) | | | | | | (1,244) | | |
Comprehensive income
|
| | | | — | | | | | | — | | | | | | 5,503 | | | | | | (1,244) | | | | | | 4,259 | | |
Share-based compensation
|
| | |
|
—
|
| | | | | 320 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 320 | | |
Balance as of June 30, 2018
|
| | | | 72 | | | | | | 148,808 | | | | | | (36,235) | | | | | | (4,534) | | | | | | 108,111 | | |
Balance as of July 1, 2018
|
| | | | 72 | | | | | | 148,808 | | | | | | (36,235) | | | | | | (4,534) | | | | | | 108,111 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 1,651 | | | | | | — | | | | | | 1,651 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,406 | | | | | | 1,406 | | |
Comprehensive income
|
| | | | — | | | | | | — | | | | | | 1,651 | | | | | | 1,406 | | | | | | 3,057 | | |
Share-based compensation
|
| | |
|
—
|
| | | | | 152 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 152 | | |
Balance as of June 30, 2019
|
| | | | 72 | | | | | | 148,960 | | | | | | (34,584) | | | | | | (3,128) | | | | | | 111,320 | | |
Balance as of July 1, 2019
|
| | | | 72 | | | | | | 148,960 | | | | | | (34,584) | | | | | | (3,128) | | | | | | 111,320 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 6,350 | | | | | | — | | | | | | 6,350 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,730 | | | | | | 4,730 | | |
Comprehensive income
|
| | | | — | | | | | | — | | | | | | 6,350 | | | | | | 4,730 | | | | | | 11,080 | | |
Legal Reorganization
|
| | | | (71) | | | | | | 36,252 | | | | | | | | | | | | — | | | | | | 36,181 | | |
Distribution | | | | | — | | | | | | (191,207) | | | | | | — | | | | | | — | | | | | | (191,207) | | |
Contribution | | | | | — | | | | | | 96,938 | | | | | | — | | | | | | — | | | | | | 96,938 | | |
Share-based compensation
|
| | | | — | | | | | | 65 | | | | | | — | | | | | | — | | | | | | 65 | | |
Balance as of June 30, 2020
|
| | | | 1 | | | | | | 91,008 | | | | | | (28,234) | | | | | | 1,602 | | | | | | 64,377 | | |
| | | | | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
Note
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Net income
|
| | | | | | | 5,503 | | | | | | 1,651 | | | | | | 6,350 | | |
Non-Cash items | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
13,14,15
|
| | | | 6,796 | | | | | | 7,686 | | | | | | 7,885 | | |
Finance expenses, net
|
| |
11
|
| | | | 4,835 | | | | | | 13,986 | | | | | | 11,119 | | |
Share-based compensation
|
| |
25
|
| | | | 320 | | | | | | 152 | | | | | | 65 | | |
Income tax expense
|
| |
12
|
| | | | 3,468 | | | | | | 3,439 | | | | | | 3,441 | | |
Change in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in provisions
|
| |
22
|
| | | | 3 | | | | | | 1 | | | | | | (200) | | |
Increase in inventories
|
| |
16
|
| | | | (34,845) | | | | | | (29,319) | | | | | | (33,097) | | |
(Increase) decrease in trade and other receivables
|
| | | | | | | (1,874) | | | | | | (88) | | | | | | 833 | | |
(Increase) decrease in other assets
|
| |
18
|
| | | | (3,546) | | | | | | 624 | | | | | | (10,510) | | |
Increase in other liabilities
|
| |
23
|
| | | | 5,988 | | | | | | 12,642 | | | | | | 17,894 | | |
Increase in contract liabilities
|
| | | | | | | 1,816 | | | | | | 690 | | | | | | 2,210 | | |
Increase (decrease) in trade and other payables
|
| | | | | | | 8,838 | | | | | | (1,867) | | | | | | 6,745 | | |
Income taxes paid
|
| | | | | | | (2,164) | | | | | | (7,230) | | | | | | (2,176) | | |
Net cash (used in) provided by operating activities
|
| | | | | | | (4,862) | | | | | | 2,367 | | | | | | 10,559 | | |
Expenditure for property and equipment and intangible assets
|
| | | | | | | (5,495) | | | | | | (1,845) | | | | | | (2,420) | | |
Proceeds from sale of property and equipment
|
| | | | | | | 64 | | | | | | — | | | | | | — | | |
Net cash (used in) investing activities
|
| | | | | | | (5,431) | | | | | | (1,845) | | | | | | (2,420) | | |
Proceeds from bank liabilities
|
| |
20
|
| | | | 4,500 | | | | | | 25,649 | | | | | | 90,750 | | |
Repayment of liabilities from banks
|
| |
20
|
| | | | (4,500) | | | | | | (22,000) | | | | | | (84,399) | | |
Lease payments
|
| | | | | | | (3,822) | | | | | | (5,070) | | | | | | (4,256) | | |
Interest paid
|
| |
11
|
| | | | (588) | | | | | | (671) | | | | | | (2,973) | | |
Net cash (used in) provided by financing activities
|
| | | | | | | (4,410) | | | | | | (2,092) | | | | | | (878) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | | | | (14,703) | | | | | | (1,570) | | | | | | 7,261 | | |
Cash and cash equivalents at the beginning of the period
|
| | | | | | | 18,393 | | | | | | 3,690 | | | | | | 2,120 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | | | | — | | | | | | — | | | | | | (14) | | |
Cash and cash equivalents at end of the period
|
| | | | | | | 3,690 | | | | | | 2,120 | | | | | | 9,367 | | |
Subsidiary
|
| |
Location
|
| |
Percentage of
ownership |
| |||
Mariposa II S.à.r.l.(1)
|
| |
Luxembourg, Luxembourg
|
| | | | 100% | | |
Mytheresa Group GmbH
|
| | Munich, Germany | | | | | 100% | | |
Mytheresa SE(2)
|
| | Munich, Germany | | | | | 100% | | |
Theresa Warenvertrieb GmbH
|
| | Munich, Germany | | | | | 100% | | |
mytheresa.com GmbH
|
| | Munich, Germany | | | | | 100% | | |
mytheresa.com Service GmbH
|
| | Munich, Germany | | | | | 100% | | |
mytheresa Business Information Consulting Co Ltd.(3)
|
| | Shanghai, China | | | | | 100% | | |
Asset type
|
| |
Estimated useful life
|
|
Leasehold improvements
|
| |
over the period of the lease
|
|
Other fixed assets and office equipment
|
| |
3 – 15 years
|
|
New or revised standard
|
| |
Effective date
|
|
IFRS 4(A) Insurance Contracts – deferral of IFRS 9
|
| |
January 1, 2021
|
|
IFRS 17(A) Insurance Contracts
|
| |
January 1, 2023
|
|
IAS 1(A) Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
|
| |
January 1, 2023
|
|
IAS 1(A) and IAS 8(A) Definition of Material
|
| |
January 1, 2020
|
|
IFRS 3(A) Business Combinations
|
| |
January 1, 2022
|
|
IFRS 9(A), IAS 39(A) and IFRS 7(A) Interest Rate Benchmark Reform
|
| |
January 1, 2020
|
|
IAS 16(A) Property, Plant and Equipment
|
| |
January 1, 2022
|
|
IAS 37(A) Provisions, Contingent Liabilities and Contingent Assets
|
| |
January 1, 2022
|
|
Annual Improvements 2018-2020
|
| |
January 1, 2022
|
|
| | |
June 30, 2018
|
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Online
|
| |
Retail Store
|
| |
Segments total
|
| |
Reconciliation(1)
|
| |
IFRS consolidated
|
| |||||||||||||||
Net Sales
|
| | | | 292,030 | | | | | | 11,490 | | | | | | 303,520 | | | | | | — | | | | | | 303,520 | | |
EBITDA | | | | | 20,105 | | | | | | 772 | | | | | | 20,877 | | | | | | (275) | | | | | | 20,602 | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,796) | | |
Finance expenses, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,835) | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,468) | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,503 | | |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Online
|
| |
Retail Store
|
| |
Segments total
|
| |
Reconciliation(1)
|
| |
IFRS consolidated
|
| |||||||||||||||
Net Sales
|
| | | | 365,558 | | | | | | 13,528 | | | | | | 379,086 | | | | | | — | | | | | | 379,086 | | |
EBITDA | | | | | 26,455 | | | | | | 2,634 | | | | | | 29,089 | | | | | | (2,327) | | | | | | 26,762 | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (7,686) | | |
Finance expenses, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (13,986) | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,439) | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,651 | | |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Online
|
| |
Retail Store
|
| |
Segments total
|
| |
Reconciliation(1)
|
| |
IFRS consolidated
|
| |||||||||||||||
Net Sales
|
| | | | 437,448 | | | | | | 12,039 | | | | | | 449,487 | | | | | | — | | | | | | 449,487 | | |
EBITDA | | | | | 32,361 | | | | | | 1,947 | | | | | | 34,308 | | | | | | (5,513) | | | | | | 28,795 | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (7,885) | | |
Finance expenses, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (11,119) | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,441) | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,350 | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Germany
|
| | | | 69,714 | | | | | | 84,534 | | | | | | 88,866 | | |
United States
|
| | | | 31,910 | | | | | | 38,559 | | | | | | 46,328 | | |
Europe (excluding Germany)(1)
|
| | | | 108,383 | | | | | | 141,951 | | | | | | 178,747 | | |
Rest of the world(1)
|
| | | | 93,513 | | | | | | 114,042 | | | | | | 135,546 | | |
| | | | | 303,520 | | | | | | 379,086 | | | | | | 449,487 | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Personnel-related expenses
|
| | | | (33,590) | | | | | | (41,601) | | | | | | (50,910) | | |
Rental and other facility-related expenses
|
| | | | (1,728) | | | | | | (1,786) | | | | | | (932) | | |
IT expenses
|
| | | | (1,782) | | | | | | (2,733) | | | | | | (4,567) | | |
Other
|
| | | | (3,014) | | | | | | (5,918) | | | | | | (10,018) | | |
| | | | | (40,114) | | | | | | (52,038) | | | | | | (66,427) | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Other income | | | | | | | | | | | | | | | | | | | |
Other income
|
| | | | 1,735 | | | | | | 2,021 | | | | | | 2,062 | | |
Foreign exchange gains, net
|
| | | | 542 | | | | | | — | | | | | | 65 | | |
Subleasing income
|
| | | | — | | | | | | 478 | | | | | | — | | |
| | | | | 2,277 | | | | | | 2,499 | | | | | | 2,127 | | |
Other expenses | | | | | | | | | | | | | | | | | | | |
Foreign exchange losses, net
|
| | | | (308) | | | | | | (704) | | | | | | — | | |
Other operational expenses
|
| | | | (470) | | | | | | (800) | | | | | | (1,482) | | |
| | | | | (778) | | | | | | (1,504) | | | | | | (1,482) | | |
| | | | | 1,499 | | | | | | 995 | | | | | | 645 | | |
|
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Finance expenses | | | | | | | | | | | | | | | | | | | |
Interest expenses from Shareholder Loans
|
| | | | (8,069) | | | | | | (8,634) | | | | | | (7,492) | | |
Foreign exchange losses from Shareholder Loans, net
|
| | | | — | | | | | | (4,682) | | | | | | (2,209) | | |
Interest expenses on revolving credit facility
|
| | | | (53) | | | | | | (185) | | | | | | (951) | | |
Interest expenses on leases
|
| | | | (535) | | | | | | (486) | | | | | | (523) | | |
| | | | | (8,657) | | | | | | (13,987) | | | | | | (11,175) | | |
Finance income | | | | | | | | | | | | | | | | | | | |
Interest income from Shareholder Loans
|
| | | | — | | | | | | 1 | | | | | | 56 | | |
Foreign exchange gains from Shareholder Loans, net
|
| | | | 3,822 | | | | | | — | | | | | | — | | |
| | | | | 3,822 | | | | | | 1 | | | | | | 56 | | |
Finance expenses, net
|
| | | | (4,835) | | | | | | (13,986) | | | | | | (11,119) | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Current tax
|
| | | | (3,607) | | | | | | (3,562) | | | | | | (5,185) | | |
Deferred tax
|
| | | | 139 | | | | | | 123 | | | | | | 1,744 | | |
Income tax expense
|
| | | | (3,468) | | | | | | (3,439) | | | | | | (3,441) | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Income before tax
|
| | | | 8,971 | | | | | | 5,090 | | | | | | 9,791 | | |
Tax at the expected group tax rate (27.8%)
|
| | | | (2,494) | | | | | | (1,415) | | | | | | (2,722) | | |
Tax effects of: | | | | | | | | | | | | | | | | | | | |
Non-deductible interest expenses from interest cap
|
| | | | (867) | | | | | | (1,103) | | | | | | (1,042) | | |
Recognition of deferred tax assets on prior period interest carry-forward
|
| | | | — | | | | | | — | | | | | | 1,400 | | |
Trade tax add-backs and deductions
|
| | | | (269) | | | | | | (331) | | | | | | (233) | | |
Other non-deductible expenses
|
| | | | (625) | | | | | | (778) | | | | | | (874) | | |
Tax free income
|
| | | | 1,438 | | | | | | 1,297 | | | | | | 108 | | |
Tax rate difference between group and local tax rates
|
| | | | 54 | | | | | | 32 | | | | | | 57 | | |
Prior year adjustments
|
| | | | — | | | | | | — | | | | | | (85) | | |
Non-recognition on deferred tax assets on loss carryforwards
|
| | | | (583) | | | | | | (1,062) | | | | | | (18) | | |
Others
|
| | | | (122) | | | | | | (79) | | | | | | (32) | | |
Income tax expense
|
| | | | (3,468) | | | | | | (3,439) | | | | | | (3,441) | | |
Effective total income tax rate (%)
|
| | | | 38.7% | | | | | | 67.6% | | | | | | 35.1% | | |
| | |
As of June 30,
|
| |||||||||||||||||||||
(in € thousands)
|
| |
July 1, 2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
Intangible assets with finite life | | | | | | | | | | | | | | | | | | | | | | | | | |
Software and license
|
| | | | 491 | | | | | | 589 | | | | | | 731 | | | | | | 489 | | |
Intangible assets with indefinite life
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Trademark
|
| | | | 15,585 | | | | | | 15,585 | | | | | | 15,585 | | | | | | 15,585 | | |
Goodwill
|
| | | | 138,892 | | | | | | 138,892 | | | | | | 138,892 | | | | | | 138,892 | | |
| | | | | 154,968 | | | | | | 155,066 | | | | | | 155,208 | | | | | | 154,966 | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Cost | | | | | | | | | | | | | | | | | | | |
Beginning of fiscal year
|
| | | | 1,996 | | | | | | 2,571 | | | | | | 3,146 | | |
Additions
|
| | | | 575 | | | | | | 575 | | | | | | 220 | | |
End of fiscal year
|
| | | | 2,571 | | | | | | 3,146 | | | | | | 3,366 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | |
Beginning of fiscal year
|
| | | | 1,504 | | | | | | 1,982 | | | | | | 2,415 | | |
Amortization charge of the year
|
| | | | 478 | | | | | | 433 | | | | | | 462 | | |
End of fiscal year
|
| | | | 1,982 | | | | | | 2,415 | | | | | | 2,877 | | |
Carrying amount at end of year
|
| | | | 589 | | | | | | 731 | | | | | | 489 | | |
| | |
Fiscal Year
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Discount rate
|
| | | | 8.2% | | | | | | 7.7% | | | | | | 7.1% | | |
Royalty rate
|
| | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | |
Terminal revenue growth rate
|
| | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | |
| | |
Fiscal Year
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Online | | | | | | | | | | | | | | | | | | | |
Terminal growth rate
|
| | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | |
Discount rate
|
| | | | 10.8% | | | | | | 10.0% | | | | | | 9.2% | | |
Retail store | | | | | | | | | | | | | | | | | | | |
Terminal growth rate
|
| | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | |
Discount rate
|
| | | | 10.7% | | | | | | 9.7% | | | | | | 8.7% | | |
(in € thousands)
|
| |
Leasehold
improvements |
| |
Other fixed assets and
office equipment |
| |
Total property and
equipment |
| |||||||||
Cost | | | | | | | | | | | | | | | | | | | |
As of July 1, 2017
|
| | | | 6,592 | | | | | | 5,790 | | | | | | 12,382 | | |
Additions
|
| | | | 2,717 | | | | | | 2,203 | | | | | | 4,920 | | |
Disposals
|
| | | | (183) | | | | | | — | | | | | | (183) | | |
As of June 30, 2018
|
| | | | 9,126 | | | | | | 7,993 | | | | | | 17,119 | | |
Accumulated depreciation and impairment | | | | | | | | | | | | | | | | | | | |
As of July 1, 2017
|
| | | | 1,852 | | | | | | 3,557 | | | | | | 5,409 | | |
Depreciation charge of the year
|
| | | | 339 | | | | | | 836 | | | | | | 1,175 | | |
Disposals
|
| | | | (119) | | | | | | — | | | | | | (119) | | |
As of June 30, 2018
|
| | | | 2,072 | | | | | | 4,393 | | | | | | 6,465 | | |
Carrying amount
|
| | | | | | | | | | | | | | | | | | |
As of July 1, 2017
|
| | | | 4,740 | | | | | | 2,233 | | | | | | 6,973 | | |
As of June 30, 2018
|
| | | | 7,054 | | | | | | 3,600 | | | | | | 10,654 | | |
Cost | | | | | | | | | | | | | | | | | | | |
As of July 1, 2018
|
| | | | 9,126 | | | | | | 7,993 | | | | | | 17,119 | | |
Additions
|
| | | | 373 | | | | | | 897 | | | | | | 1,270 | | |
As of June 30, 2019
|
| | | | 9,499 | | | | | | 8,890 | | | | | | 18,389 | | |
Accumulated depreciation and impairment | | | | | | | | | | | | | | | | | | | |
As of July 1, 2018
|
| | | | 2,072 | | | | | | 4,393 | | | | | | 6,465 | | |
Depreciation charge of the year
|
| | | | 1,054 | | | | | | 1,066 | | | | | | 2,120 | | |
As of June 30, 2019
|
| | | | 3,126 | | | | | | 5,459 | | | | | | 8,585 | | |
Carrying amount
|
| | | | | | | | | | | | | | | | | | |
As of July 1, 2018
|
| | | | 7,054 | | | | | | 3,600 | | | | | | 10,654 | | |
As of June 30, 2019
|
| | | | 6,373 | | | | | | 3,431 | | | | | | 9,804 | | |
Cost | | | | | | | | | | | | | | | | | | | |
As of July 1, 2019
|
| | | | 9,499 | | | | | | 8,890 | | | | | | 18,389 | | |
Additions
|
| | | | 214 | | | | | | 1,859 | | | | | | 2,073 | | |
As of June 30, 2020
|
| | | | 9,713 | | | | | | 10,749 | | | | | | 20,462 | | |
Accumulated depreciation and impairment | | | | | | | | | | | | | | | | | | | |
(in € thousands)
|
| |
Leasehold
improvements |
| |
Other fixed assets and
office equipment |
| |
Total property and
equipment |
| |||||||||
As of July 1, 2019
|
| | | | 3,126 | | | | | | 5,459 | | | | | | 8,585 | | |
Depreciation charge of the year
|
| | | | 954 | | | | | | 1,353 | | | | | | 2,307 | | |
As of June 30, 2020
|
| | | | 4,080 | | | | | | 6,812 | | | | | | 10,892 | | |
Carrying amount
|
| | | | | | | | | | | | | | | | | | |
As of July 1, 2019
|
| | | | 6,373 | | | | | | 3,431 | | | | | | 9,804 | | |
As of June 30, 2020
|
| | | | 5,633 | | | | | | 3,937 | | | | | | 9,570 | | |
(in € thousands)
|
| |
Land and
buildings |
| |
Company
Cars |
| |
Total right-of-
use assets |
| |||||||||
Cost | | | | | | | | | | | | | | | | | | | |
As of July 1, 2017
|
| | | | 24,801 | | | | | | 30 | | | | | | 24,831 | | |
Additions
|
| | | | 3,052 | | | | | | — | | | | | | 3,052 | | |
As of June 30, 2018
|
| | | | 27,853 | | | | | | 30 | | | | | | 27,883 | | |
Accumulated depreciation and impairment | | | | | | | | | | | | | | | | | | | |
As of July 1, 2017
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | |
Depreciation Charge of the year
|
| | | | 5,130 | | | | | | 13 | | | | | | 5,143 | | |
As of June 30, 2018
|
| | | | 5,130 | | | | | | 13 | | | | | | 5,143 | | |
Carrying Amount | | | | | | | | | | | | | | | | | | | |
As of July 1, 2017
|
| | | | 24,801 | | | | | | 30 | | | | | | 24,831 | | |
As of June 30, 2018
|
| | | | 22,723 | | | | | | 17 | | | | | | 22,740 | | |
Cost | | | | | | | | | | | | | | | | | | | |
As of July 1, 2018
|
| | | | 27,853 | | | | | | 30 | | | | | | 27,883 | | |
Additions
|
| | | | 100 | | | | | | 4 | | | | | | 104 | | |
As of June 30, 2019
|
| | | | 27,953 | | | | | | 34 | | | | | | 27,987 | | |
Accumulated depreciation and impairment | | | | | | | | | | | | | | | | | | | |
As of July 1, 2018
|
| | | | 5,130 | | | | | | 13 | | | | | | 5,143 | | |
Depreciation Charge of the year
|
| | | | 5,120 | | | | | | 13 | | | | | | 5,133 | | |
As of June 30, 2019
|
| | | | 10,250 | | | | | | 26 | | | | | | 10,276 | | |
Carrying Amount | | | | | | | | | | | | | | | | | | | |
(in € thousands)
|
| |
Land and
buildings |
| |
Company
Cars |
| |
Total right-of-
use assets |
| |||||||||
As of July 1, 2018
|
| | | | 22,723 | | | | | | 17 | | | | | | 22,740 | | |
As of June 30, 2019
|
| | | | 17,703 | | | | | | 8 | | | | | | 17,711 | | |
Cost | | | | | | | | | | | | | | | | | | | |
As of July 1, 2019
|
| | | | 27,953 | | | | | | 34 | | | | | | 27,987 | | |
Additions
|
| | | | 6,364 | | | | | | 42 | | | | | | 6,406 | | |
As of June 30, 2020
|
| | | | 34,317 | | | | | | 76 | | | | | | 34,393 | | |
Accumulated Depreciation and Impairment | | | | | | | | | | | | | | | | | | | |
As of July 1, 2019
|
| | | | 10,250 | | | | | | 26 | | | | | | 10,276 | | |
Depreciation Charge of the year
|
| | | | 5,104 | | | | | | 12 | | | | | | 5,116 | | |
As of June 30, 2020
|
| | | | 15,354 | | | | | | 38 | | | | | | 15,392 | | |
Carrying Amount | | | | | | | | | | | | | | | | | | | |
As of July 1, 2019
|
| | | | 17,703 | | | | | | 8 | | | | | | 17,711 | | |
As of June 30, 2020
|
| | | | 18,963 | | | | | | 38 | | | | | | 19,001 | | |
| | |
As of June 30,
|
| |||||||||||||||||||||
(in € thousands)
|
| |
July 1, 2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
Right of return asset
|
| | | | 2,591 | | | | | | 3,261 | | | | | | 4,784 | | | | | | 5,075 | | |
IPO preparation costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,312 | | |
Other assets
|
| | | | 1,265 | | | | | | 3,585 | | | | | | 1,172 | | | | | | 7,746 | | |
Prepaid expenses
|
| | | | 1,651 | | | | | | 2,205 | | | | | | 2,394 | | | | | | 2,012 | | |
Deposits
|
| | | | 11 | | | | | | 13 | | | | | | 90 | | | | | | 1,805 | | |
| | | | | 5,518 | | | | | | 9,064 | | | | | | 8,440 | | | | | | 18,950 | | |
Instrument
|
| |
Origination Date
|
| |
Original Principal
|
| |
Fixed Interest Rate
|
| |
Maturity Date
|
| |||
CPEC I
|
| |
December 18, 2014
|
| |
USD 45.0 million
|
| | | | 5.825% | | | |
December 18, 2044
|
|
CPEC II
|
| |
December 19, 2014
|
| |
USD 39.5 million
|
| | | | 5.825% | | | |
December 19, 2043
|
|
| | |
July 1,
|
| |
As of June 30,
|
| ||||||||||||||||||
(in € thousands)
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
Shareholder Loans | | | | | | | | | | | | | | | | | | | | | | | | | |
Variable Interest Shareholder Loan(1)
|
| | | | 77,639 | | | | | | 80,807 | | | | | | 88,425 | | | | | | — | | |
Variable Interest Shareholder Loan(1)
|
| | | | 1,268 | | | | | | 1,322 | | | | | | 1,559 | | | | | | — | | |
CPEC I(2)
|
| | | | 15,697 | | | | | | 16,875 | | | | | | 19,057 | | | | | | — | | |
CPEC II(2)
|
| | | | 14,118 | | | | | | 15,204 | | | | | | 17,038 | | | | | | — | | |
Fixed Interest Shareholder Loan(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 57,380 | | |
Fixed Interest Shareholder Loan(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 133,814 | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
(in € thousands)
|
| | | | | | | | | | | | | | | | | | |
Beginning of fiscal year
|
| | | | 3,216 | | | | | | 4,666 | | | | | | 975 | | |
Additions
|
| | | | 2,378 | | | | | | 683 | | | | | | 3,673 | | |
Releases
|
| | | | — | | | | | | — | | | | | | — | | |
Utilizations
|
| | | | (928) | | | | | | (4,374) | | | | | | (795) | | |
End of fiscal year
|
| | | | 4,666 | | | | | | 975 | | | | | | 3,853 | | |
| | |
Dismantling
|
| |
Other
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||||||||||||||||||||
Beginning of fiscal year
|
| | | | 731 | | | | | | 721 | | | | | | 737 | | | | | | 47 | | | | | | 60 | | | | | | 45 | | | | | | 778 | | | | | | 781 | | | | | | 782 | | |
Additions
|
| | | | 15 | | | | | | 16 | | | | | | 34 | | | | | | 25 | | | | | | — | | | | | | 43 | | | | | | 40 | | | | | | 16 | | | | | | 77 | | |
Releases
|
| | | | (2) | | | | | | — | | | | | | (277) | | | | | | — | | | | | | (6) | | | | | | — | | | | | | (2) | | | | | | (6) | | | | | | (277) | | |
Utilizations
|
| | | | (23) | | | | | | — | | | | | | — | | | | | | (12) | | | | | | (9) | | | | | | — | | | | | | (35) | | | | | | (9) | | | | | | — | | |
End of fiscal year
|
| | | | 721 | | | | | | 737 | | | | | | 494 | | | | | | 60 | | | | | | 45 | | | | | | 88 | | | | | | 781 | | | | | | 782 | | | | | | 582 | | |
| | |
As of June 30,
|
| |||||||||||||||||||||
(in € thousands)
|
| |
July 1, 2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
Personnel-related liabilities
|
| | | | 2,240 | | | | | | 1,940 | | | | | | 1,584 | | | | | | 1,758 | | |
Customer returns
|
| | | | 4,011 | | | | | | 5,534 | | | | | | 8,012 | | | | | | 8,607 | | |
Accrued expenses
|
| | | | 3,599 | | | | | | 5,297 | | | | | | 14,455 | | | | | | 24,989 | | |
Other accrued expenses
|
| | | | 261 | | | | | | 156 | | | | | | 222 | | | | | | 78 | | |
Liabilities from sales tax
|
| | | | 3,407 | | | | | | 2,746 | | | | | | 4,906 | | | | | | 4,143 | | |
Other liabilities
|
| | | | 2,448 | | | | | | 5,211 | | | | | | 2,133 | | | | | | 6,553 | | |
| | | | | 15,966 | | | | | | 20,884 | | | | | | 31,312 | | | | | | 46,128 | | |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Deferred tax liabilities, net | | | | | | | | | | | | | | | | | | | |
Beginning of fiscal year
|
| | | | (5,454) | | | | | | (5,315) | | | | | | (5,192) | | |
Recognized through equity(1)
|
| | | | — | | | | | | — | | | | | | 2,318 | | |
Recognized through profit or loss
|
| | | | 139 | | | | | | 123 | | | | | | 1,744 | | |
End of fiscal year
|
| | | | (5,315) | | | | | | (5,192) | | | | | | (1,130) | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||||||||||||||||||||
| | |
Deferred tax
|
| |
Deferred tax
|
| |
Deferred tax
|
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Assets
|
| |
Liabilities
|
| |
Assets
|
| |
Liabilities
|
| |
Assets
|
| |
Liabilities
|
| ||||||||||||||||||
Intangible assets and goodwill
|
| | | | 455 | | | | | | (4,333) | | | | | | 415 | | | | | | (4,333) | | | | | | 375 | | | | | | (4,333) | | |
Property and equipment
|
| | | | 167 | | | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Inventory
|
| | | | 1,988 | | | | | | (1,872) | | | | | | 2,353 | | | | | | (2,538) | | | | | | — | | | | | | (1,722) | | |
Receivables
|
| | | | — | | | | | | (155) | | | | | | — | | | | | | (164) | | | | | | — | | | | | | (175) | | |
Right-of-Use asset, contract asset and other
assets |
| | | | — | | | | | | (7,228) | | | | | | — | | | | | | (6,253) | | | | | | — | | | | | | (7,335) | | |
Lease liabilities, contract liabilities and other
liabilities |
| | | | 7,545 | | | | | | (2,032) | | | | | | 7,306 | | | | | | (2,103) | | | | | | 10,531 | | | | | | (2,209) | | |
Shareholder Loans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,200 | | | | | | | | |
Provisions
|
| | | | 200 | | | | |
|
(50)
|
| | | | | 206 | | | | | | (81) | | | | | | 136 | | | | | | — | | |
Interest carry forward
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,400 | | | | | | — | | |
Total Gross
|
| | | | 10,355 | | | | | | (15,670) | | | | | | 10,280 | | | | | | (15,472) | | | | | | 14,643 | | | | | | (15,773) | | |
Thereof non-current
|
| | | | 6,234 | | | | | | (10,706) | | | | | | 5,399 | | | | | | (9,337) | | | | | | 8,797 | | | | | | 9,626 | | |
Netting
|
| | | | (10,355) | | | | | | 10,355 | | | | | | (10,280) | | | | | | 10,280 | | | | | | (14,643) | | | | | | 14,643 | | |
Total net
|
| | | | — | | | | | | (5,315) | | | | | | — | | | | | | (5,192) | | | | | | — | | | | | | (1,130) | | |
|
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Classified within capital reserve (beginning of year)
|
| | | | 517 | | | | | | 837 | | | | | | 989 | | |
Expense related to: | | | | | | | | | | | | | | | | | | | |
Stock options
|
| | | | 17 | | | | | | 25 | | | | | | 28 | | |
Restricted stock
|
| | | | 303 | | | | | | 127 | | | | | | 37 | | |
Classified within capital reserve (end of year)
|
| | | | 837 | | | | | | 989 | | | | | | 1,054 | | |
| | |
Time-vested Options
|
| |
Performance-based Options
|
| | | | | | | ||||||||||||||||||
| | |
Options
|
| |
Wtd. Average
Exercise Price (USD) |
| |
Options
|
| |
Wtd. Average
Exercise Price (USD) |
| |
Restricted Stock
|
| |||||||||||||||
July 1, 2017
|
| | | | 2,902 | | | | | | 1,116 | | | | | | 2,493 | | | | | | 1,000 | | | | | | 1,627 | | |
Options forfeited
|
| | | | (697) | | | | | | 1,000 | | | | | | (673) | | | | | | 1,000 | | | | | | (260) | | |
Options exercised
|
| | | | — | | | | | | n.a. | | | | | | — | | | | | | n.a. | | | | | | (289) | | |
June 30, 2018
|
| | | | 2,205 | | | | | | 500 | | | | | | 1,820 | | | | | | 1,000 | | | | | | 1,078 | | |
Options forfeited
|
| | | | (200) | | | | | | 500 | | | | | | (200) | | | | | | 1,000 | | | | | | (65) | | |
Options exercised
|
| | | | — | | | | | | n.a. | | | | | | — | | | | | | n.a. | | | | | | (621) | | |
June 30, 2019
|
| | | | 2,005 | | | | | | 500 | | | | | | 1,620 | | | | | | 1,000 | | | | | | 392 | | |
Options forfeited
|
| | | | — | | | | | | n.a. | | | | | | — | | | | | | n.a. | | | | | | — | | |
Options exercised
|
| | | | — | | | | | | n.a. | | | | | | — | | | | | | n.a. | | | | | | (392) | | |
June 30, 2020
|
| | |
|
2,005
|
| | | |
|
500
|
| | | |
|
1,620
|
| | | |
|
1,000
|
| | | | | — | | |
| | |
July 1, 2017
|
| ||||||||||||||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
No category
in accordance with IFRS 9 |
| |
Category in
accordance with IFRS 9 |
| |
Fair
value |
| |
Fair value
hierarchy level |
| ||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets
|
| | | | 13 | | | | | | — | | | |
FVTPL
|
| | | | 13 | | | | | | Level 2 | | |
Current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 3,686 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Cash and cash equivalents
|
| | | | 18,393 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Other assets
|
| | | | 5,518 | | | | | | 2,097 | | | | | | | | | | | | | | | | | |
thereof deposits
|
| | | | 36 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
thereof other financial assets
|
| | | | 3,385 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| | | | 108,722 | | | | | | — | | | |
Amortized cost
|
| | | | 113,511 | | | | | | Level 2 | | |
Lease liabilities
|
| | | | 20,297 | | | | | | 20,297 | | | |
N/A
|
| | | | — | | | | | | — | | |
Other liabilities
|
| | | | — | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | 3,803 | | | | | | 3,803 | | | |
N/A
|
| | | | — | | | | | | — | | |
Trade and other payables
|
| | | | 22,442 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Other liabilities
|
| | | | 15,966 | | | | | | 9,507 | | | | | | | | | | | | | | | | | |
thereof other financial liabilities
|
| | | | 6,459 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
| | |
Year ended June 30, 2018
|
| |||||||||||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
No category
in accordance with IFRS 9 |
| |
Category in
accordance with IFRS 9 |
| |
Fair
value |
| |
Fair value
hierarchy level |
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets
|
| | | | 65 | | | | | | — | | | |
FVTPL
|
| | | | 65 | | | |
Level 2
|
|
Current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 5,560 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Cash and cash equivalents
|
| | | | 3,690 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Other assets
|
| | | | 9,064 | | | | | | 5,643 | | | | | | | | | | | | | | |
thereof deposits
|
| | | | 36 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
thereof other financial assets
|
| | | | 3,385 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| | | | 114,208 | | | | | | — | | | |
Amortized cost
|
| | | | 116,811 | | | |
Level 2
|
|
Lease liabilities
|
| | | | 18,344 | | | | | | 18,344 | | | |
N/A
|
| | | | — | | | |
—
|
|
Other liabilities
|
| | | | 1,121 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | 4,986 | | | | | | 4,986 | | | |
N/A
|
| | | | — | | | |
—
|
|
Trade and other payables
|
| | | | 31,280 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Other liabilities
|
| | | | 20,884 | | | | | | 10,139 | | | | | | | | | | | | | | |
thereof other financial liabilities
|
| | | | 10,745 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
| | |
Year ended June 30, 2019
|
| |||||||||||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
No category
in accordance with IFRS 9 |
| |
Category
in accordance with IFRS 9 |
| |
Fair
value |
| |
Fair value
hierarchy level |
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets
|
| | | | 184 | | | | | | — | | | |
FVTPL
|
| | | | 184 | | | |
Level 2
|
|
Current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 5,648 | | | | | | — | | | | | | | | | | | | | | |
thereof trade receivables
|
| | | | 5,617 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
thereof other receivables
|
| | | | 31 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Cash and cash equivalents
|
| | | | 2,120 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Other assets
|
| | | | 8,440 | | | | | | 7,232 | | | | | | | | | | | | | | |
thereof deposits
|
| | | | 90 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
thereof other financial assets
|
| | | | 1,118 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| | | | 126,079 | | | | | | — | | | |
Amortized cost
|
| | | | 131,168 | | | |
Level 2
|
|
Lease liabilities
|
| | | | 13,675 | | | | | | 13,675 | | | |
N/A
|
| | | | — | | | |
—
|
|
Other liabilities
|
| | | | 3,515 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities to banks
|
| | | | 3,649 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Lease liabilities
|
| | | | 4,689 | | | | | | 4,689 | | | |
N/A
|
| | | | — | | | |
—
|
|
Trade and other payables
|
| | | | 29,413 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Other liabilities
|
| | | | 31,312 | | | | | | 21,167 | | | | | | | | | | | | | | |
thereof other financial liabilities
|
| | | | 10,145 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
| | |
Year ended June 30, 2020
|
| |||||||||||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
No category
in accordance with IFRS 9 |
| |
Category in
accordance with IFRS 9 |
| |
Fair
value |
| |
Fair value
hierarchy level |
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Current financial assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 4,815 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Cash and cash equivalents
|
| | | | 9,367 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Other assets
|
| | | | 18,950 | | | | | | 8,886 | | | | | | | | | | | | | | |
thereof deposits
|
| | | | 1,805 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
thereof other financial assets
|
| | | | 8,259 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| | | | 191,194 | | | | | | — | | | |
Amortized cost
|
| | | | 192,338 | | | |
Level 2
|
|
Lease liabilities
|
| | | | 13,928 | | | | | | 13,928 | | | |
N/A
|
| | | | — | | | |
—
|
|
Other liabilities
|
| | | | 5,905 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Current financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities to banks
|
| | | | 10,000 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Lease liabilities
|
| | | | 5,787 | | | | | | 5,787 | | | |
N/A
|
| | | | — | | | |
—
|
|
Trade and other payables
|
| | | | 36,158 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
Other liabilities
|
| | | | 46,128 | | | | | | 30,968 | | | | | | | | | | | | | | |
thereof other financial liabilities
|
| | | | 15,160 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | |
—
|
|
| | |
Year ended June 30,
|
| |||||||||||||||||||||
| | |
July 1, 2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| ||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
Carrying
amount |
| |
Carrying
amount |
| |
Carrying
amount |
| ||||||||||||
Financial assets measured at Amortized cost (AC)
|
| | | | 25,500 | | | | | | 12,671 | | | | | | 8,976 | | | | | | 24,246 | | |
Financial assets measured at Fair Value through Profit or
Loss |
| | | | 13 | | | | | | 65 | | | | | | 184 | | | | | | — | | |
Financial liabilities measured at Amortized cost (AC)
|
| | | | 137,021 | | | | | | 152,580 | | | | | | 175,304 | | | | | | 245,545 | | |
(in € thousands)
|
| |
July 1, 2019
|
| |
Additions
|
| |
Reclassification
|
| |
June 30, 2020
|
| ||||||||||||
OCI 1
|
| | |
|
—
|
| | | |
|
(1,863)
|
| | | |
|
1,863
|
| | | |
|
—
|
| |
OCI 2
|
| | |
|
—
|
| | | |
|
(597)
|
| | | |
|
597
|
| | | |
|
—
|
| |
| | |
Year ended June 30,
|
| |||||||||||||||
(in € thousands)
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Financial assets measured at Amortized cost (AC)
|
| | | | 17 | | | | | | — | | | | | | — | | |
Financial liabilities measured at Amortized cost (AC)
|
| | | | (4,290) | | | | | | (13,439) | | | | | | (12,988) | | |
Financial assets and financial liabilities measured at fair value through profit or loss
|
| | | | 84 | | | | | | 32 | | | | | | 2 | | |
| | |
Year ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||||||||||||||||||||
in € thousands
|
| |
€ appreciation
+10% |
| |
€ depreciation
-10% |
| |
€ appreciation
+10% |
| |
€ depreciation
-10% |
| |
€ appreciation
+10% |
| |
€ depreciation
-10% |
| ||||||||||||||||||
€ Sensitivity
|
| | | | 15,874 | | | | | | (19,401) | | | | | | 14,565 | | | | | | (17,801) | | | | | | 16,678 | | | | | | (20,414) | | |
| | |
Year ended June 30, 2018
|
| |||||||||||||||||||||||||||
in € thousands
|
| |
<1 year
|
| |
1 - 5 years
|
| |
> 5 years
|
| |
Total
|
| |
Carrying
amount |
| |||||||||||||||
Shareholder Loans
|
| | | | — | | | | | | 96,160 | | | | | | 383,470 | | | | | | 479,630 | | | | | | 114,208 | | |
Trade and other payables
|
| | | | 31,280 | | | | | | — | | | | | | — | | | | | | 31,280 | | | | | | 31,280 | | |
Other liabilities
|
| | | | 20,884 | | | | | | 1,121 | | | | | | — | | | | | | 22,005 | | | | | | 22,005 | | |
Lease liabilities
|
| | | | 5,711 | | | | | | 17,662 | | | | | | 2,184 | | | | | | 25,557 | | | | | | 23,330 | | |
Total | | | | | 57,875 | | | | | | 114,943 | | | | | | 385,654 | | | | | | 558,472 | | | | | | 190,823 | | |
| | |
Year ended June 30, 2019
|
| |||||||||||||||||||||||||||
in € thousands
|
| |
<1 year
|
| |
1 - 5 years
|
| |
> 5 years
|
| |
Total
|
| |
Carrying
amount |
| |||||||||||||||
Shareholder Loans
|
| | | | — | | | | | | 98,722 | | | | | | 393,686 | | | | | | 492,408 | | | | | | 126,079 | | |
Trade and other payables
|
| | | | 29,413 | | | | | | — | | | | | | — | | | | | | 29,413 | | | | | | 29,413 | | |
Other liabilities
|
| | | | 31,312 | | | | | | 3,515 | | | | | | — | | | | | | 34,827 | | | | | | 34,827 | | |
Liabilities to banks
|
| | | | 3,649 | | | | | | — | | | | | | — | | | | | | 3,649 | | | | | | 3,649 | | |
Lease liabilities
|
| | | | 5,534 | | | | | | 14,348 | | | | | | 974 | | | | | | 20,856 | | | | | | 18,364 | | |
Total | | | | | 69,908 | | | | | | 116,585 | | | | | | 394,660 | | | | | | 581,153 | | | | | | 212,332 | | |
| | |
Year ended June 30, 2020
|
| |||||||||||||||||||||||||||
in € thousands
|
| |
<1 year
|
| |
1 - 5 years
|
| |
> 5 years
|
| |
Total
|
| |
Carrying
amount |
| |||||||||||||||
Shareholder Loans
|
| | | | — | | | | | | — | | | | | | 252,045 | | | | | | 252,045 | | | | | | 191,194 | | |
Trade and other payables
|
| | | | 36,158 | | | | | | — | | | | | | — | | | | | | 36,158 | | | | | | 36,158 | | |
Other liabilities
|
| | | | 46,128 | | | | | | 5,905 | | | | | | — | | | | | | 52,033 | | | | | | 52,033 | | |
Liabilities to banks
|
| | | | 10,000 | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | 10,000 | | |
Lease liabilities
|
| | | | 6,517 | | | | | | 14,866 | | | | | | — | | | | | | 21,383 | | | | | | 19,715 | | |
Total | | | | | 98,803 | | | | | | 20,771 | | | | | | 252,045 | | | | | | 371,619 | | | | | | 309,100 | | |
| | |
Year ended June 30,
|
| |||||||||||||||
in € thousands
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Rating Class 1
|
| | | | 591 | | | | | | 1,057 | | | | | | 8,416 | | |
Rating Class 2
|
| | | | 2,792 | | | | | | 934 | | | | | | 880 | | |
Rating Class 3
|
| | | | 307 | | | | | | 129 | | | | | | 71 | | |
| | |
Year ended June 30,
|
| |||||||||||||||
in € thousands
|
| |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
Beginning of fiscal year
|
| | | | 29 | | | | | | 46 | | | | | | 46 | | |
Increase/decrease loss allowance during the period
|
| | | | 17 | | | | |
|
—
|
| | | | | — | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | |
End of fiscal year
|
| | | | 46 | | | | | | 46 | | | | | | 46 | | |
| | | | | | | | |
Three months ended
September 30, |
| |||||||||
(in € thousands)
|
| |
Note
|
| |
2019
|
| |
2020
|
| |||||||||
Net sales
|
| | | | 6 | | | | | | 99,112 | | | | | | 126,359 | | |
Cost of sales, exclusive of depreciation and amortization
|
| | | | 7 | | | | | | (52,766) | | | | | | (67,678) | | |
Gross profit
|
| | | | | | | | | | 46,346 | | | | | | 58,681 | | |
Shipping and payment cost
|
| | | | | | | | | | (13,141) | | | | | | (14,833) | | |
Marketing expenses
|
| | | | | | | | | | (15,816) | | | | | | (17,441) | | |
Selling, general and administrative expenses
|
| | | | | | | | | | (13,955) | | | | | | (15,556) | | |
Depreciation and amortization
|
| | | | | | | | | | (1,877) | | | | | | (2,021) | | |
Other expense, net
|
| | | | | | | | | | (40) | | | | | | (621) | | |
Operating income
|
| | | | | | | | | | 1,517 | | | | | | 8,209 | | |
Finance (expense) income, net
|
| | | | | | | | | | (9,373) | | | | | | 5,182 | | |
(Loss) income before income taxes
|
| | | | | | | | | | (7,856) | | | | | | 13,391 | | |
Income tax benefit (expense)
|
| | | | | | | | | | 3,545 | | | | | | (3,762) | | |
Net (loss) income
|
| | | | | | | | | | (4,311) | | | | | | 9,629 | | |
Cash Flow Hedge
|
| | | | | | | | | | (1,282) | | | | | | 871 | | |
Income Taxes related to Cash Flow Hedge
|
| | | | | | | | | | 356 | | | | | | (242) | | |
Other comprehensive (loss) income
|
| | | | | | | | | | (926) | | | | | | 629 | | |
Comprehensive (loss) income
|
| | | | | | | | | | (5,237) | | | | | | 10,258 | | |
Basic and diluted earnings per share
|
| | | | | | | | | € | (4,311) | | | | | € | 9,629 | | |
Weighted average ordinary shares outstanding (basic and diluted)
|
| | | | | | | | | | 1,000 | | | | | | 1,000 | | |
(in € thousands)
|
| |
Note
|
| |
June 30,
2020 |
| |
September 30,
2020 |
| ||||||
Assets | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | |
Intangible assets and goodwill
|
| | | | | | | 154,966 | | | | | | 154,959 | | |
Property and equipment, net
|
| | | | | | | 9,570 | | | | | | 9,772 | | |
Right-of-use assets
|
| | | | | | | 19,001 | | | | | | 17,693 | | |
Total non-current assets
|
| | | | | | | 183,537 | | | | | | 182,424 | | |
Current assets | | | | | | | | | | | | | | | | |
Inventories
|
| | | | | | | 169,131 | | | | | | 202,459 | | |
Trade and other receivables
|
| | | | | | | 4,815 | | | | | | 5,785 | | |
Other assets
|
| | | | | | | 18,950 | | | | | | 16,970 | | |
Cash and cash equivalents
|
| | | | | | | 9,367 | | | | | | 5,900 | | |
Total current assets
|
| | | | | | | 202,263 | | | | | | 231,114 | | |
Total assets
|
| | | | | | | 385,800 | | | | | | 413,538 | | |
Shareholders’ equity and liabilities | | | | | | | | | | | | | | | | |
Subscribed capital
|
| | | | | | | 1 | | | | | | 1 | | |
Capital reserve
|
| |
8
|
| | | | 91,008 | | | | | | 91,015 | | |
Accumulated Deficit
|
| | | | | | | (28,234) | | | | | | (18,605) | | |
Other comprehensive income
|
| |
9
|
| | | | 1,602 | | | | | | 2,231 | | |
Total shareholders’ equity
|
| | | | | | | 64,377 | | | | | | 74,642 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| |
8,9
|
| | | | 191,194 | | | | | | 185,376 | | |
Other liabilities
|
| | | | | | | 5,905 | | | | | | 6,651 | | |
Tax liabilities
|
| | | | | | | 3,853 | | | | | | 4,567 | | |
Provisions
|
| | | | | | | 582 | | | | | | 711 | | |
Lease liabilities
|
| | | | | | | 13,928 | | | | | | 12,602 | | |
Deferred tax liabilities, net
|
| | | | | | | 1,130 | | | | | | 4,421 | | |
Total non-current liabilities
|
| | | | | | | 216,592 | | | | | | 214,328 | | |
Current liabilities | | | | | | | | | | | | | | | | |
Liabilities to banks
|
| |
8
|
| | | | 10,000 | | | | | | 42,810 | | |
Lease liabilities
|
| | | | | | | 5,787 | | | | | | 5,514 | | |
Contract liabilities
|
| | | | | | | 6,758 | | | | | | 7,358 | | |
Trade and other payables
|
| | | | | | | 36,158 | | | | | | 21,254 | | |
Other liabilities
|
| | | | | | | 46,128 | | | | | | 47,632 | | |
Total current liabilities
|
| | | | | | | 104,831 | | | | | | 124,568 | | |
Total liabilities
|
| | | | | | | 321,423 | | | | | | 338,896 | | |
Total shareholders’ equity and liabilities
|
| | | | | | | 385,800 | | | | | | 413,538 | | |
(in € thousands)
|
| |
Subscribed
capital |
| |
Capital
reserve |
| |
Accumulated
deficit |
| |
Hedging
reserve |
| |
Foreign
currency translation reserve |
| |
Total
shareholders’ equity |
| ||||||||||||||||||
Balance as of July 1, 2019
|
| | | | 72 | | | | | | 148,960 | | | | | | (34,584) | | | | | | — | | | | | | (3,128) | | | | | | 111,320 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (4,311) | | | | | | — | | | | | | — | | | | | | (4,311) | | |
Other comprehensive loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (926) | | | | | | 3,716 | | | | | | 2,790 | | |
Comprehensive loss
|
| | | | — | | | | | | — | | | | | | (4,311) | | | | | | (926) | | | | | | 3,716 | | | | | | (1,521) | | |
Legal Reorganization
|
| | | | (71) | | | | | | 36,252 | | | | | | | | | | | | — | | | | | | — | | | | | | 36,181 | | |
Share-based compensation
|
| | | | — | | | | | | 29 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29 | | |
Balance as of September 30, 2019
|
| | | | 1 | | | | | | 185,241 | | | | | | (38,895) | | | | | | (926) | | | | | | 588 | | | | | | 146,009 | | |
Balance as of July 1, 2020
|
| | | | 1 | | | | | | 91,008 | | | | | | (28,234) | | | | | | — | | | | | | 1,602 | | | | | | 64,377 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 9,629 | | | | | | — | | | | | | — | | | | | | 9,629 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 629 | | | | | | — | | | | | | 629 | | |
Comprehensive income
|
| | | | — | | | | | | — | | | | | | 9,629 | | | | | | 629 | | | | | | — | | | | | | 10,258 | | |
Share-based compensation
|
| | | | — | | | | | | 7 | | | | |
|
—
|
| | | |
|
—
|
| | | | | | | | | | | 7 | | |
Balance as of September 30, 2020
|
| | | | 1 | | | | | | 91,015 | | | | | | (18,605) | | | | | | 629 | | | | | | 1,602 | | | | | | 74,642 | | |
| | | | | |
Three months ended
September 30, |
| |||||||||
(in € thousands)
|
| |
Note
|
| |
2019
|
| |
2020
|
| ||||||
Net (loss) income
|
| | | | | | | (4,311) | | | | | | 9,629 | | |
Non-Cash items | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | | | | 1,877 | | | | | | 2,021 | | |
Finance expense (income), net
|
| | | | | | | 9,373 | | | | | | (5,182) | | |
Share-based compensation
|
| | | | | | | 29 | | | | | | 7 | | |
Income tax (income) expense
|
| | | | | | | (3,545) | | | | | | 3,762 | | |
Change in operating assets and liabilities | | | | | | | | | | | | | | | | |
Increase in provisions
|
| | | | | | | 4 | | | | | | 129 | | |
Increase in inventories
|
| | | | | | | (16,939) | | | | | | (33,328) | | |
Decrease (increase) in trade and other receivables
|
| | | | | | | 3,662 | | | | | | (970) | | |
Decrease in other assets
|
| | | | | | | 3,261 | | | | | | 1,980 | | |
(Decrease) increase in other liabilities
|
| | | | | | | (4,473) | | | | | | 2,879 | | |
Increase in contract liabilities
|
| | | | | | | 1,020 | | | | | | 600 | | |
Decrease in trade and other payables
|
| | | | | | | (11,293) | | | | | | (14,905) | | |
Income taxes paid
|
| | | | | | | (661) | | | | | | — | | |
Net cash (outflow) from operating activities
|
| | | | | | | (21,996) | | | | | | (33,378) | | |
Expenditure for property and equipment and intangible assets
|
| | | | | | | (619) | | | | | | (904) | | |
Net cash (outflow) from investing activities
|
| | | | | | | (619) | | | | | | (904) | | |
Interest paid
|
| | | | | | | (589) | | | | | | (547) | | |
Proceeds from bank liabilities
|
| | | | | | | 29,000 | | | | | | 37,810 | | |
Repayment of liabilities from banks
|
| | | | | | | (2,057) | | | | | | (5,000) | | |
Lease payments
|
| | | | | | | (1,227) | | | | | | (1,429) | | |
Net cash inflow from financing activities
|
| | | | | | | 25,127 | | | | | | 30,834 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | | | | 2,512 | | | | | | (3,448) | | |
Cash and cash equivalents at the beginning of the period
|
| | | | | | | 2,120 | | | | | | 9,367 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | | | | — | | | | | | (19) | | |
Cash and cash equivalents at end of the period
|
| | | | | | | 4,632 | | | | | | 5,900 | | |
| | |
September 30, 2019
|
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Online
|
| |
Retail Store
|
| |
Segments total
|
| |
Reconciliation(1)
|
| |
IFRS
consolidated |
| |||||||||||||||
Net Sales
|
| | | | 95,386 | | | | | | 3,726 | | | | | | 99,112 | | | | | | — | | | | | | 99,112 | | |
EBITDA
|
| | |
|
2,872
|
| | | |
|
698
|
| | | |
|
3,570
|
| | | |
|
(176)
|
| | | |
|
3,394
|
| |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,877) | | |
Finance expenses, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,373) | | |
Income tax benefit
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,545 | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,311) | | |
|
| | |
September 30, 2020
|
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Online
|
| |
Retail Store
|
| |
Segments total
|
| |
Reconciliation(1)
|
| |
IFRS
consolidated |
| |||||||||||||||
Net Sales
|
| | | | 123,288 | | | | | | 3,071 | | | | | | 126,359 | | | | | | — | | | | | | 126,359 | | |
EBITDA | | | | | 9,828 | | | | | | 667 | | | | | | 10,495 | | | | | | (265) | | | | | | 10,230 | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,021) | | |
Finance expenses, net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,182 | | |
Income tax expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,762) | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,629 | | |
| | |
For the three months ended
September 30, |
| |||||||||
(in € thousands)
|
| |
2019
|
| |
2020
|
| ||||||
Germany
|
| | | | 21,161 | | | | | | 26,172 | | |
United States
|
| | | | 10,766 | | | | | | 15,254 | | |
Europe (excluding Germany)
|
| | | | 30,833 | | | | | | 42,537 | | |
Rest of the world
|
| | | | 36,352 | | | | | | 42,396 | | |
| | | | | 99,112 | | | | | | 126,359 | | |
| | | | | | | | | | | | | | |
Carrying amount as of,
|
| |||||||||
(in € thousands)
|
| |
Interest
rate |
| |
Origination Date
|
| |
Maturity
|
| |
June 30,
2020 |
| |
September 30,
2020 |
| |||||||||
Shareholder Loans | | | | | | | | | | | | | | | | | | | | | | | | | |
Facility 1
|
| | | | 6% | | | |
Oct. 9, 2014
|
| |
Oct. 9, 2025
|
| | | | 57,380 | | | | | | 55,543 | | |
Facility 2
|
| | | | 6% | | | |
Oct. 9, 2014
|
| |
Oct. 9, 2025
|
| | | | 133,814 | | | | | | 129,833 | | |
| | |
For the three months ended
September 30, |
| |||||||||
(in € thousands)
|
| |
2019
|
| |
2020
|
| ||||||
Shared-based compensation
|
| | | | 29 | | | | | | 7 | | |
Other long-term employee benefits
|
| | | | 561 | | | | | | 745 | | |
Total | | | | | 590 | | | | | | 752 | | |
| | |
For the three months ended
September 30, |
| |||||||||
(in € thousands)
|
| |
2019
|
| |
2020
|
| ||||||
Classified within capital reserve (beginning of year)
|
| | | | 989 | | | | | | 1,055 | | |
Expense related to: | | | | | | | | | | | | | |
Stock options
|
| | | | 7 | | | | | | 7 | | |
Restricted stock
|
| | | | 22 | | | | | | — | | |
Classified within capital reserve (end of year)
|
| | | | 1,018 | | | | | | 1,062 | | |
|
| | |
Time-vested
Options |
| |
Wtd. Average
Exercise Price (USD) |
| |
Performance-based
Options |
| |
Wtd. Average
Exercise Price (USD) |
| |
Restricted
Stock |
| |||||||||||||||||||||||||||
(in € thousands)
|
| |
Options
|
| |
Options
|
| ||||||||||||||||||||||||||||||||||||
June 30, 2019
|
| | | | 2,005 | | | | | | | | | | | | 500 | | | | | | 1,620 | | | | | | | | | | | | 1,000 | | | | | | 392 | | |
Options forfeited
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options exercised
|
| | | | — | | | | | | N/A | | | | | | | | | | | | — | | | | | | N/A | | | | | | | | | | | | — | | |
September 30, 2019
|
| | | | 2,005 | | | | | | | | | | | | 500 | | | | | | 1,620 | | | | | | | | | | | | 1,000 | | | | | | 392 | | |
June 30, 2020
|
| | | | 2,005 | | | | | | | | | | | | 500 | | | | | | 1,620 | | | | | | | | | | | | 1,000 | | | | | | — | | |
Options forfeited
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Options exercised
|
| | | | — | | | | | | N/A | | | | | | | | | | | | — | | | | | | N/A | | | | | | | | | | | | — | | |
September 30, 2020
|
| | |
|
2,005
|
| | | | | | | | | |
|
500
|
| | | |
|
1,620
|
| | | | | | | | | |
|
1,000
|
| | | | | — | | |
| | |
Year ended June 30, 2020
|
| ||||||||||||||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
No category
in accordance with IFRS 9 |
| |
Category in
accordance with IFRS 9 |
| |
Fair
value |
| |
Fair value
hierarchy level |
| ||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current financial assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 4,815 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Cash and cash equivalents
|
| | | | 9,367 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Other assets
|
| | | | 18,950 | | | | | | 8,886 | | | | | | | | | | | | | | | | | |
thereof deposits
|
| | | | 1,805 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
thereof other financial
assets |
| | | | 8,259 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| | | | 191,194 | | | | | | — | | | |
Amortized cost
|
| | | | 192,338 | | | | | | Level 2 | | |
Lease liabilities
|
| | | | 13,928 | | | | | | 13,928 | | | |
N/A
|
| | | | — | | | | | | — | | |
Other liabilities
|
| | | | 5,905 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Current financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities to banks
|
| | | | 10,000 | | | | | | | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 5,787 | | | | | | 5,787 | | | |
N/A
|
| | | | — | | | | | | — | | |
Trade and other payables
|
| | | | 36,158 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
Other liabilities
|
| | | | 46,128 | | | | | | 30,968 | | | | | | | | | | | | | | | | | |
thereof other financial
liabilities |
| | | | 15,160 | | | | | | — | | | |
Amortized cost
|
| | | | — | | | | | | — | | |
| | |
For the three months ended September 30, 2020
|
| ||||||||||||||||||||||||
(in € thousands)
|
| |
Carrying
amount |
| |
No category in
accordance with IFRS 9 |
| |
Category in
accordance with IFRS 9 |
| |
Fair
value |
| |
Fair value
hierarchy level |
| ||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current financial assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivatives (Hedge Accounting)
|
| | | | 871 | | | | | | — | | | |
N/A
|
| | | | | | | | | | Level 2 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Loans
|
| | | | 185,376 | | | | | | — | | | |
Amortized cost
|
| | | | 194,792 | | | | | | Level 2 | | |
Current financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivatives (Hedge Accounting)
|
| | | | — | | | | | | — | | | |
N/A
|
| | | | | | | | | | Level 2 | | |
| Morgan Stanley | | |
J.P. Morgan
|
|
| Credit Suisse | | |
UBS Investment Bank
|
|
| Jefferies | | |
Cowen
|
|
| 1.1* | | | Form of Underwriting Agreement. | |
| 3.1* | | | Amended and Restated Memorandum and Articles of Association of the Registrant. | |
| 3.2* | | | Rules of Procedure of the Supervisory Board of the Registrant. | |
| 3.3* | | | Rules of Procedure of the Management Board of the Registrant. | |
| 4.1* | | | Form of Deposit Agreement among the Registrant, the depositary and holders and beneficial owners of American Depositary Shares issued thereunder. | |
| 4.2* | | | Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 4.1). | |
| 5.1 | | | Opinion of Baker & McKenzie Amsterdam N.V., Dutch corporate counsel of the Registrant, as to the validity of the ordinary shares. | |
| 8.1* | | | Opinion of Baker & McKenzie LLP, U.S. tax counsel of the Registrant, as to U.S. tax matters. | |
| 8.2* | | | Opinion of Baker & McKenzie Partnerschaft von Rechtsanwälten und Steuerberatern mbB, German tax counsel to the Registration, as to German tax matters. | |
| 8.3* | | | Opinion of Baker & McKenzie Amsterdam N.V., Dutch tax counsel of the Registrant, as to Dutch tax matters. | |
| 21.1* | | | List of subsidiaries. | |
| 23.1 | | | Consent of KPMG AG Wirtschaftsprüfungsgesellschaft, independent registered public accounting firm. | |
| 23.2 | | | Consent of Baker & McKenzie Amsterdam N.V. (included in Exhibit 5.1). | |
| 23.3* | | | Consent of Baker & McKenzie LLP (included in Exhibit 8.1). | |
| 23.4* | | | Consent of Baker & McKenzie Partnerschaft von Rechtsanwälten und Steuerberatern mbB (included in Exhibit 8.2). | |
| 23.5* | | | Consent of Baker & McKenzie Amsterdam N.V. (included in Exhibit 8.3). | |
| 24.1 | | | Powers of attorney (included on signature page to the registration statement). | |
| 99.1 | | | Consent of Sebastian Dietzmann to be listed as a management board appointee. | |
| 99.2 | | | Consent of Gareth Locke to be listed as a management board appointee. | |
| 99.3 | | | Consent of Isabel May to be listed as a management board appointee. | |
|
Signature
|
| |
Title
|
|
|
/s/ Michael Kliger
Michael Kliger
|
| | Chief Executive Officer and Management Board Member (principal executive officer) | |
|
/s/ Martin Beer
Dr. Martin Beer
|
| | Chief Financial Officer and Management Board Member (principal financial officer and principal accounting officer) | |
|
/s/ Dennis Gies
Dennis Gies
|
| | Member of the Supervisory Board | |
|
/s/ Marjorie Lao
Marjorie Lao
|
| | Member of the Supervisory Board | |
|
/s/ Cesare Ruggiero
Cesare Ruggiero
|
| | Member of the Supervisory Board | |
|
/s/ Susan Gail Saideman
Susan Gail Saideman
|
| | Member of the Supervisory Board | |
|
/s/ Sascha Zahnd
Sascha Zahnd
|
| | Member of the Supervisory Board | |
| | | |
By:
/s/ Colleen A. De Vries
|
| ||||||
| | | | | | | Name: | | | Colleen A. De Vries | |
| | | | | | | Title: | | | Sr. Vice President on behalf of Cogency Global, Inc. | |