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    BIKE   DE000A3CQ7F4

BIKE24 HOLDING AG

(BIKE)
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BIKE24 with strong half-year results after IPO: Sales increase by 44%, adjusted EBITDA improves by 83% to EUR 18.9 million

08/12/2021 | 01:33am EDT

DGAP-News: BIKE24 Holding AG / Key word(s): Half Year Results/Half Year Report
BIKE24 with strong half-year results after IPO: Sales increase by 44%, adjusted EBITDA improves by 83% to EUR 18.9 million

12.08.2021 / 07:31
The issuer is solely responsible for the content of this announcement.


BIKE24 with strong half-year results after IPO: Sales increase by 44%, adjusted EBITDA improves by 83% to EUR 18.9 million

  • With an increase of 41.8% to 792,000 active customers, strong upward trajectory in new customer acquisition
  • Orders rise to 908,000 compared to 677,000 over the same period last year
  • Adjusted EBITDA margin improves from 11.7% to 14.9% during the reporting period
  • Expansion in Southern Europe is being driven forward

Dresden, Germany, 12 August 2021. All signs are once again pointing to growth for BIKE24 in the first half of 2021. The continuing high demand for equipment, spare parts, clothing and bikes meant a 44 percent increase in sales in the first six months of the year compared to the same period 2020 for the e-commerce platform. After a successful IPO, which provided Bike24 Holding AG with fresh capital, the company is now continuing to advance its expansion plans in Southern Europe. Management has made an initial preselection in the company's search for a suitable warehouse location in Spain. In addition, the team is currently working at full speed on the relaunch of its online shop, which is scheduled to go live in autumn 2021.

"We have had an eventful and very successful first half-year behind us, which culminated in the IPO at the end of June," reports Andrés Martin-Birner, co-founder and CEO of BIKE24. "Thanks to our forward-looking procurement policy, our strengthened supplier relationships and a strong team performance, we were able to master the challenges that supply bottlenecks and delays in the supply chain pose to our industry."

Tailwinds continue for bicycle market

The desire for green mobility and a high level of interest in outdoor activities continued to drive demand for bicycles and related parts, equipment and clothing in the first half of the year. BIKE24 continued to benefit from this trend thanks to its broad product portfolio and was able to record a 44% increase in sales compared to the same period 2020. At the same time, the less price-intensive competition also had a clear positive effect on the earnings situation. The number of active customers as of the reporting date of 30 June 2021 was 792,000, an increase of 41.8% compared to the same period last year. The number of orders in the reporting period increased accordingly to 908,000 after 677,000 in 2020. The share of orders from returning customers increased once again to 74.4% (H1 2020: 72.8%), which highlights the high level of customer loyalty.

Significant increases in revenues and result

BIKE24 generated revenues of EUR 127.4 million in the first half of 2021, an increase of 44% year-on year (H1 2020: EUR 88.4 million). At the same time, cost of sales grew disproportionately lower by just by 36%, from EUR 62.4 million to EUR 85.0 million. The gross margin amounted to 33.3% after 29.4% for the same period 2020. Other expenses increased to EUR 18.3 million (H1 2020: EUR 10.1 million), partly due to higher consulting costs in connection with Bike24 Holding AG's IPO.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) nevertheless improved by 51% to EUR 13.1 million (H1 2020: EUR 8.7 million). Adjusted for extraordinary expenses, earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) amounted to EUR 18.9 million compared to EUR 10.4 million in the same period 2020. This corresponds to a 3.2 percentage point increase in the adjusted EBITDA margin to 14.9% (H1 2020: 11.7%). This resulted in an operating result (EBIT) of EUR 6.2 million after EUR 1.9 million in 2020, an increase of 230%. After deduction of interest and taxes, Bike24 Holding AG generated a net result of EUR 2.8 million after EUR -0.6 million in the first half of 2020.

Expansion in Southern Europe advanced

After the successful launch of its online shop for the Spanish market last summer, BIKE24 founded a subsidiary in Spain in May 2021. The company has now shortlisted properties for a new logistics centre, which will be built in the Barcelona area. After the opening in the coming financial year, customers in Spain and other southern European countries will be supplied from this site. BIKE24 is currently planning to set up country-specific online shops for France and Italy in the coming year.

BIKE24 is also currently preparing the relaunch of its online shop. In addition to a fresh design, customers can expect an enhanced shopping experience with new functionalities that will be successively introduced over the next couple of months. These include an even more customer-friendly check-out process as well as expanded search and filter options.

Long-term growth trends unbroken

"BIKE24 has benefited from an extraordinarily high demand for bikes and equipment in the first half of 2021. In the process, we managed to generate a disproportionate increase in profitability from the growth in sales," says BIKE24 CFO Timm Armbrust. "We are now well equipped to start the second half of the year from a very high base."

BIKE24 expects consumers to adjust their leisure and spending behaviour in the aftermath of the coronavirus pandemic, which may also have an impact on the bicycle market. At the same time, it is important to continue to successfully manage persistent supply bottlenecks, especially for complete bicycles.

For the second half of the year, Bike24 Holding AG expects a double-digit increase in sales compared to the same period 2020, albeit with a lower EBITDA margin. For the full year 2021, management expects revenue growth between 23 and 30 percent and an adjusted EBITDA margin between 12 and 13 percent.

Based on long-term megatrends such as the growing demand for green mobility, increasing health awareness and the desire for premium products in online retail, BIKE24 continues to chart a profitable growth course.
 

The complete half-year report including the consolidated financial statements can be found here: https://ir.bike24.com/websites/bike24/German/3000/publikationen.html#interim
 

BIKE24's H1 2021 earnings call will take place at 1 pm today. The following participation options are available:

Webcast: https://webcast.meetyoo.de/index.html?e=Y4Z3DmD9hEsY

Conference call dial-in: (+49) 69 247 501 895 Germany local (English)
 

Media contact:
Bettina Fries
E-Mail: presse@bike24.net
+49 172 2976243

Investor Relations:
Thomas Schnorrenberg
E-Mail: ir@bike24.net
+49 151 46531317

 

About BIKE24
BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of bicycle enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading companies as well as a globally active online retailer in this fast-growing market. The online shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with three local webshops in Germany (BIKE24.de), Austria (BIKE24.at) and Spain (BIKE24.es) in continental Europe. In addition, the international shop (BIKE24.com) supplies customers all over the world.


Disclaimer
These materials may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Securities") of Bike24 Holding AG (the "Company") in the United States, Australia, Canada, Japan or any other jurisdiction in which such offer or solicitation is unlawful. The Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). There will be no public offering of the securities in the United States. The Securities have not been, and will not be, registered under the Securities Act. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan subject to certain exceptions.
This publication constitutes neither an offer to sell nor a solicitation to buy securities. No public offer will be made. An investment decision regarding securities of the Company should only be made on the basis of the securities prospectus which will be published promptly upon approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)) and will be available free of charge on the website of the Company.
In member states of the European Economic Area and the United Kingdom, any offering mentioned in this publication will only be addressed to and directed at persons who are "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129, in the case of the United Kingdom, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. In addition, in the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.), or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
Certain statements contained in this release may constitute "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by the Company that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither the Company nor any of the underwriters nor any of their respective affiliates nor any other person assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this release, whether as a result of new information, future events or otherwise, except as otherwise required by law.
This announcement also contains certain financial measures that are not recognized under International Financial Reporting Standards ("IFRS"). These non-IFRS measures are presented because the Company believes that they and similar measures are widely used in the markets in which it operates as a means of evaluating the Company's operating performance and financing structure. They may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles.
THIS DOCUMENT IS NOT A PROSPECTUS BUT AN ADVERTISEMENT AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ADVERTISEMENT EXCEPT ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS.



12.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: BIKE24 Holding AG
Breitscheidstr. 40
01237 Dresden
Germany
ISIN: DE000A3CQ7F4
WKN: A3CQ7F
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1225899

 
End of News DGAP News Service

1225899  12.08.2021 

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Financials
Sales 2021 250 M 290 M 290 M
Net income 2021 9,86 M 11,4 M 11,4 M
Net cash 2021 22,4 M 26,0 M 26,0 M
P/E ratio 2021 133x
Yield 2021 -
Capitalization 874 M 1 013 M 1 015 M
EV / Sales 2021 3,41x
EV / Sales 2022 2,71x
Nbr of Employees 332
Free-Float 79,8%
Chart BIKE24 HOLDING AG
Duration : Period :
Bike24 Holding AG Technical Analysis Chart | BIKE | DE000A3CQ7F4 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 19,79 €
Average target price 23,20 €
Spread / Average Target 17,2%
EPS Revisions
Managers and Directors
AndrÚs Martin-Birner Chief Executive Officer
Timm Armbrust Chief Financial Officer
Ralf Kindermann Chairman-Supervisory Board
Martin WŘnnenberg Chief Investment Officer
Michael Weber Deputy Chairman-Supervisory Board
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