Investor & Analyst Presentation€¦ · customer business sales, not from existing customer...

Investor & Analyst PresentationCapital Markets DayLondon, March 22nd, 2018

Dr. Cornelius Patt, CEOAndreas Grandinger, CFO

Investor & Analyst Presentation - Annual Report 2017 | page 2

This document includes supplemental financial measures that are or may be non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation as alternatives to measures of zooplus’ financial condition, results of operations or cash flows as presented in accordance with IFRS in its Consolidated Financial Statements. Other companies that report or describe similarly titled financial measures may calculate them differently.

This document contains statements related to our future business and financial performance and future events or developments involving zooplus that may constitute forward-looking statements. We may also make forward-looking statements in other reports, in presentations, in material delivered to stockholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of zooplus’ management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond zooplus’ control, affect zooplus’ operations, performance, business strategy and results and could cause the actual results, performance or achievements of zooplus to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. Further information about risks and uncertainties affecting zooplus is included throughout our most recent annual and interim reports, which are available on the zooplus website, www.zooplus.de. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of zooplus may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. zooplus neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Safe Harbor Statement


Your presenters today

Management owns around 5% of the shares of the company

Dr. Cornelius PattCEO, Founder

Andreas GrandingerCFO

» Previously with Roland Berger Strategy Consultants

» Previously with Parfümerie Douglas

» Corporate Management» Business Development &

System Development» IT» HR» Logistics and Supply Chain

Management

» Finance» Controlling» Legal» Internal Audit» Investor Relations» Sourcing


Annual results 2017Capital Markets DayLondon, March 22nd, 2018



zooplus’ profitable sales growth continued in 2017

» Sales increased by 22% to € 1,111m

− European market leader position in online retailing sustained

− Double-digit growth rates in all 30 European markets

» Customer loyalty with 93% sales retention

− High loyalty of existing customers as major sales driver

» Acceleration of registered new customer growth in H2 2017

− Registered new customer count increased by 26%, H2 by 36% with even better quality

» Positive result before tax (EBT) of € 4.1 m

− Stronger investment in 2017: competitive prices, marketing, logistics and personnel

» Operating cash flow of € 3.3 m

− Further improvement in working capital from 6.3% to 5.1% of sales


zooplus continues to put sales growth and customer retention first

Sales 2011-2017 (€ m)

1) in local currencies2014

543

2013

407

2012

319

2011

245

+88+74

+136

2017

1,111

2016

909

2015

711

+198

+202

+168

79%85%

91%

94%93%1

92%94%1

28%31%33%28%30%38%Sales growth vs. PY

Repeat customer sales

New customer sales (1st year)

22%

93%93%1


Sales of over € 1.1bn in 2017

909

1,111

2016 2017

24%

15%

Food Non-Food

+ 22%FX adjusted + 23%

Sales (€ m) Sales growth by category


Sales development by quarter vs. prior year

Q1 2017 Q2 2017 Q3 2017 Q4 2017

24%22%

18%

25% 18% 23%

25%

25%

26%

20%24% 25%

Q1 2017 Q2 2017 Q3 2017 Q4 2017

Sales (€ m) Sales growth by category

11%8%

17%23%

Q1 2017 Q2 2017 Q3 2017 Q4 2017

Non-Food

Food

FX adjusted


Retention of existing customer business continues on record high level

94% 94% 94% 93%

Q1 2017 Q2 2017 Q3 2017 Q4 2017

Sales retention rate (exchange rate adjusted)

» Sales retention rate on continuously high levels in all four quarters

» Lower sales growth rate in Q2 resulting from reduced newcustomer business sales, not from existing customer business

» Continued focus on strong loyalty of existing customers


New customer intake in Q4 again higher than in previous quarters

23%

9%

34%38%

Q1 2017 Q2 2017 Q3 2017 Q4 2017

Registered new customer growth vs. PY

» Significantly improved new customer intake in Q3 and Q4

» More focused approach of new customer acquisition- Stronger focus on registering- Google bidding- Accessories

» Growth of new customer intake supported by higher marketing acquisition costs and competitive price positioning

» Improved new customer intake across all countries


New customers acquired in H2 2017 show a goodquality

New customer retention (56 days)

» Customer retention 56 days after first purchase in H2 above H1 level

» New customers acquired in H2 have so far at least the same quality than prior new customers

28.7%29.2%

H1 2017 H2 2017New customer retention (56 days): Share of new customers who did a repurchase 56 days after their first purchase. New customer is accounted for the respective period of his first purchase. 56 days repurchase is a good predictor for repurchases after 182 days


Sales 2017

HU

Source: zooplus sales, unaudited data, growth rates compared to 2016; market shares based on Euromonitor 2016 market data and zooplus estimation

96m

Total market 201723bnSales zooplus

in 2017

DK, SE, FI, NO

D,A,CHCZ, SK, HU, RO, SI, HR, BG, TR, GR, LV. LT, EE

ES, PT

zooplus is the online market leader in all geographies of Europe – with the widest possible base for further growth

NL, BE, LU

+27%

+27% (fx-adj.)

+25%

+21%

+22%

+37%

+18%

+22%

70m

124m

335m

62m

187m

66m

90m

1,111m

zooplus market share in 2017

6.2%

2.4%

5.1%

3.9%

3.7%

4.5%

7.0%

4.5%

4.9%

» Sales 2017: € 1,111m, sales growth rate +22%

» Double-digit sales growth rates in all countries

UK, IE

IT

FR, MC

Sales growth in 2017

80m12.2%

+41%

PL


Customer loyalty – the winning factor of the business model – is at very high levels

Retention rates – Cohort analysis – Sales (€ m)

Reading example: 2011 a = sales of 2011’s new customers in 2011 1) in local currencies

90 86 85 86 89 91 9255 46 45 44 46 46 47

100 62 56 55 56 56 56125 87 79 78 77 77

135 105 95 91 88

174 145 127 119

202 167 144

253217

271

2011 2012 2013 2014 2015 2016 2017

100%

84% 98%

62% 90%

70%

<=2009

2010 a+1

2011 a

2012 a

Ø 79%

Ø 85%

Ø 91%

2013 a

2014 a

91%

2015 a

78%

99%99%

101%

83%

Ø 94%Ø 93%1)

90%

99%

102%104%

104%

245319

407

543

711

2016 a

94%

83%

88%

96%

99%

100%101%

102%

909

86%

86%

94%

97%

99%

100%101%

100%

2017 a

Ø 93%Ø 93%1)

Ø 92%Ø 94%1)

1,111


Development of further business KPIs

Active customers (m)

2.5 2.7 3.34.0

4.85.8

2012 2013 2014 2015 2016 2017

Reg. new customers (m)

1.3 1.1 1.2 1.31.8

2.3

2012 2013 2014 2015 2016 2017

Orders (m)

6.3 7.710.0

12.716.3

20.3

2012 2013 2014 2015 2016 2017

Basket size (€)

2012 2013 2014 2015 2016 2017

128151 162 177 188 191

2012 2013 2014 2015 2016 2017

Sales per account (€)

79%85%

91% 93% 94% 93%

2012 2013 2014 2015 2016 2017

Sales retention

1 in local currencies

1 11

50 53 54 56 56 55


2016 2017

Markets continue to be price competitive – zooplusprepared to defend it’s strategic position

2016 2017

» Continued focus on sustainable dog/cat food customers for higher lifetime value

» Ongoing price competition in the markets

» zooplus will defend it’s high customer retention

- 0.6%p

25.0% 24.4%

in % of sales

1 Share of food and cat litteron sales

+ 1.1%p

82.4% 83.5%

2016 2017

in % of sales

- 0.6%p

29.8% 29.2%

3 Gross margin + other income on sales2 Sales - CoGS

Total margin 3Gross margin 2Product mix 1


3.2% 3.2%2.7% 3.0%

19.4% 19.8%

1.4% 1.7%

2016 2017

28.8%

Cost leadership position in 2017 sustained but reflects stronger investment focus

Total margin1

1 Gross margin + other income on sales

» Stronger growth and investment focus reflected in cost ratio development

» Logistics costs impacted by increased share of faster interim purchases resulting in a lower value per parcel

» IT/Admin impacted by higher depreciation

IT/Admin/ (incl. depreciation & interest)

Advertising/Marketing

Logistics2 Personnel3

1.1% 1.0%

Payment

27.8%

29.2%29.8%

+ 1.0%p

Total margin & Cost structure (in % of sales)

2 € 2.4 m logistics costs of 2017 reclassifiedto depreciation according to IAS 17 (finance lease)

3 all in, including LTI & SOP


1

Four main pillars of investment focus for speeding up growth and improve zooplus overall product quality

» Continued focus on price leading position» Defending high loyalty of existing customers» Lower basket size

» Increase in new customer acquisition costs» Stronger focus on registered repeat customers» Continuously high customer lifetime value

» More software developers – from 90 in Q4 2016 to 160 in Q4 2017» Fourth internal software development location in Vienna » Focus: mobile/app, new functions, service aspects, internal algorithms

» Faster delivery» Ramp-up costs new logistics centers» Additional earlier capacity expansion

Competitive pricing

Marketing costs

IT product development

Logistics

2

3

4


5.0% 3.9% 3.5% 3.2% 3.2%

5.6%2.9% 3.5% 2.7% 3.0%

24.0%

21.2% 20.1%19.4%

19.8%

6.1%

1.8% 1.5%1.4% 1.7%

2011 2014 2015 2016 2017

28.8%

zooplus will continue it’s strong effort to further improve cost leadership position in the category

31.6% 29.8%32.8% Total margin1

…

40.9%

1.7%1.3% 1.1% 1.1%

42.4%

29.8%27.8%

31.1%

1 gross margin + other income on sales 3 all in, including LTI & SOP

1.0%

29.2%



Logistics2 Personnel3Payment


2 € 2.4 m logistics costs of 2017 reclassified to depreciation according to IAS 17

-1.2%p -1.8%p -0.6%p vs. prior year


zooplus earnings before tax (EBT) in 2017 reflects investment in marketing, IT and logistics infrastructure

19.7

8.8

2016 2017

17.9

4.1

2016 2017

- 10.9 -13.8

in % of sales 2.2 % 0.8 % in % of sales 2.0 % 0.4 %

EBITDA (€ m) EBT (€ m)

€ 2.4 m logistics costs of reclassified to depreciation according to IAS 17


Strong profitability of repeat customers business invested to grow the business with long-term perspective

Repeat customer and new customer contribution (€ m)

253 28% - 5 - 2%656 72% 23 + 4%

New customers(sales in the year of acquisition)

Repeat customers(consecutive year’s sales)

2016

Sales % oftotal z+

EBT EBT-margin

Sales % oftotal z+

EBT EBT-margin

271 24% - 17 - 6%840 76% 21 + 3%2017

Reduction of profit margins in 2017 resulting from deliberate decision of stronger investment focus to improve overall zooplus strategic position and long-term valuation .


UK market continued to negatively impact zooplusfrom a P&L perspective in 2017

» One of three biggest markets in Europe

» Highly competitive market in particular with amazon and ocado

» Around 10% of zooplus’ sales are generated in the UK

» Currently one of highest growth rates of major zooplus countries

» Local purchasing will be further strengthened

zooplus will continue to strongly develop it’s business in the UK

Overall negative impact on zooplus P&L in 2017 due to fx-changes: EUR 7.1 m

Focus on long-term development, taking into account short term market disruptions and profit impact


Cash flow fromoperatingactivities

Cash flow frominvesting activities

Free cash flow

Operating cash flow continues to be positive in 2017 although sales growth of more than 200m EUR

1.3 % 1.1 %Cash flow from

operatingactivities

Cash flow frominvesting activities

Free cash flow

2016 2017

3.312.5

-7.4 -4.1

- 3.68.9

Operating and free cash flow (€ m)


Working Capital has been further improved in 2017

Working capital in % sales

9.5%

8.1%

6.3%

5.1%

2014 2015 2016 2017

» Increase in inventory turnover

» More efficient replenishment process

» Improvement in payment days

» Total working capital savings from 2014 to 2017 of EUR 49m

Working Capital = inventory + prepayments + receivables - liabilitiesAverage of quarters Q1 – Q4


zooplus shows a strong balance sheet at end of 2017

» Positive cash balance of 51 m EUR at 12/31/2017

» Equity ratio of 47%

» No financial debt

» Credit lines of EUR 50 m – until end 2020 without guarantees

Solid foundation for further growth


2017 results

Q & A


Strategy & OutlookCapital Markets DayLondon, March 22nd, 2018



zooplus investment hypothesis

Strong historic development to No. 1 specialist online pet retailer and No. 2 in total market online and offline

High moat through loyal customer base, cost leadership position and dedicated logistics operations and IT infrastructure

Large, non-cyclical and growing market with ample room for further growth

Solid financial base with room for further scale and cash flow optimization

Fast growing business with recurring revenues model through kind of subscription

Founder driven business with long-term perspective and focus on shareholder value

1 4

2 5

3 6


Main takeaways from todays presentation about zooplus’ strategic perspective

» Sales target of minimum € 2 billion in 2020 confirmed

» Working towards market leadership in the total market

» Sales growth stays top priority

» Investment mode in 2018 to further improve strategic position

» Sales growth as key driver for increasing future profitability

» Repeat customer EBT in 2020 of more than € 60m

» Laying the foundation for further growth after 2020

Lower profit level today makes zooplus more valuable in future


zooplus is Europe’s leading online retailer for pet supplies

Sales (€ m) Key figures 2017

18 Years of online experience

8,000 SKUs

30 Active countries

5.8 m Active customers

1.4 bn Website impressions

60 m Unique visitors

20 m Orders

25 m Parcels shipped

11 European warehouses

500 Employees in 8 offices 2 28

178245

319407

543

711

909

1,111

2000 2005 2010 2011 2012 2013 2014 2015 2016 2017……

Average sales growth 2010-2017+ 30 % p.a.

Sales (€ m)


Overall around 90m EUR has been invested into zooplusfor a market capitalization of around 1,300m EUR

Capital injection from shareholders since inception of the company in 1999

Net sales in 2017 –cumulated > 4.7bn EUR since 1999

Market capitalization at mid March 2018

€ ~90m

€ 1,111m

€ ~1,300m


Primary target of the company development

Secure future prospects of the company

Sales growth and absolute size of the company

Main tasks for zooplus

Main value driver

Target of zooplus

Reach strategic dominance in the European pet market

Maximize valuation of the company


The core drivers of zooplus business development

» Online by a wide margin and the strongest player in the overall market online and offline

» Recurring revenue model built on consumption cycle and customer loyalty

» Scaling and specialization – built to purpose

» Superior product experience

» Critical size in all markets

Financials and metrics

Sales

Costs

Suppliers

Market leadership

Most efficient operator

» National champions/ Multinationals/Niche brands

Best partner for premium brands


zooplus key priorities for 2018 and beyond

Sales growth1

Retention rate2

New customer intake3

Efficiency and scale focus4

Private label growth5

Market place for services6


Key drivers for sales growth

Offering and availability of assortment

Delivery capacity and speed

Pricing towards customers

Digital experience

(mobile)

Customer retentionand

new customer acquisition

Market & Competition


European pet supplies market is a very attractive market

Pet supplies market in Europe 2005-2020e (gross sales € bn)

» Ownership of pets is on the rise in Europe

» Humanization of pets drives spending

» Market is resilient through economic cycles

» Consumables recurring revenue – subscription like

» No technology and fashion obsolescence risk

» Low product return rates

20 20 21 22 23 23 2425 26 26

29

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 … 2020e

Source: Euromonitor 2016 and zooplus estimation

CAGR +3% p.a.


The pet population continues to grow in Europe

No. of dogs and cats in Europe 2010-2016 (in mio.)

74 75 81 87

2010 2012 2014 2016

Source: Statista 2018

Dogs

85 9099 103

2010 2012 2014 2016

Cats

+ 2.7% p.a. + 3.3% p.a.


Pet supplies is very attractive for online distribution from a consumer perspective, however only 8-10% online today

Pet supplies online market penetration Pet supplies – online attractiveness

Source: 2016 European market in € bn - Euromonitor and zooplus estimation

98-99%

26

2010 2017

21

24

8-10%

Consumable products

Repeat purchase pattern

Projectable consumption, low seasonality

Standardized products

Well-known brands

Attractive prices

Product information very important

Convenience aspect (heavy & bulky)

1

2

3

4

5

6

7

8

90-92%

1-2%

Offline share

Online share

zooplus assumes that in the long run more than 50% of the market goes online


Online market penetration of pet supplies in Europe still leaves a lot of growth potential – the best still to come

Online penetration per category - Europe

» All categories still growing in online share

» No signs of saturation of online market in pet supplies

» Next step of online market penetration to 15-20% market share

» Online as leading distribution channel expected long-term

1-2%

8-10%

> 20%

> 25%

> 50%

Food

Pet supplies

Fashion

Electronics

Books

Source: 2016 Statista, zooplus estimation


In a large and fragmented market zooplus dominates online – and is rapidly catching up with the offline leaders

Market share zooplus and competitors 2017

Source: Euromonitor; company information, zooplus estimation

2017: € 1.1 bn (+22%)

Total pet supplies market Europe (incl. VAT):

~ € 26 bn (~ € 23 bn net)

CAGR: 2011-17: +3%

Net sales 2017 : ~ € 1.7 bn (+ 6%)

Online: ~ € 0.06 bn(+ 20% vs. PY)

Net sales 2017:

Online: ~ € 0.05 bn

Net sales

Other onliners:

Fressnapf

Net sales

~ € 1.0 bn (+7%)

Pets at Home

2017: n/a

~ 50% market share zooplus online~ 5% market share online and offline


zooplus reached No. 2 position in Europe in 2017 and is well on its way towards market leadership

Net sales and growth 2017 – European market (EUR bn)

Strategic goal

Close the gap towards the current number 1 in Europe

Working towards market leadership online and offline

Benefitting from all the advantages of size and market leadershipSource: Company data for 2017 figures; zooplus assumptions

n/a

1.0

1.1

1.7+ 6%

+22%

+7%

Online ~0.06

Online ~0.05

1

23 2)

1) Net sales estimated from gross sales 2) Includes services 3) amazon international growth rate

4 3) +22%

(+100 EUR m)

(+202 EUR m)

(+65 EUR m)

1)


zooplus is the only real pan-European pet retailer in Europe

» Is more than 10 bigger than the No. 2 online specialist in Europe

» Is the only true pan-European pet retailer

» Is the only pet specialist with a pan-European logistics infrastructure

» Is the only retailer with a European-wide customer service (400 agents)

online

offline

local international


However, competition continues to be strong but zooplus is prepared to defend its position

» Entering Spain and Italy with full pet supplies assortment in Q3 2017» Strong growth of pet category

A good market segment is also a populated segment (examples):

» Multi-channel approach» Start in French market in summer 2017, FR store closed in Q1 2018 again

» zooplus strategy pays off - more than double growth at zooplus» Store openings with higher margins do not compensate losses in online

» zooplus strategy pays off - more than double growth at zooplus

» Price reductions in stores to support growth» Acknowledging that customer proposition also encompasses attractive pricing

» Continued losses, closed Spanish shop in Q1 2018


Category

Full local assortment

Additional pet content

Pricing

Logistics

Sales 2017

Start of category

Pet specialist

30 countries

Pet specific content

Competitive

Specialized logistics

€ 1,111 m

1999

Generalist

UK, DE, FR, IT, ES

None

Competitive

Non pet specific

Less than half of zooplus

2005

Private label 11% of salesNone

amazon is not new to the category but is and will stay the main competitor in the category

Supply chain > 99% Direct (control of supply chain)Direct + Marketplace


Market and competition

Q & A

Differentiation towards the competition


IT infrastructure & resources

Differentiation towards competition

Loyal customer baseEuropean online market leadership

Distribution channels Focus on mobile

Private label brands Pet related services


Pan-European logistics infrastructure

The following pillars determine zooplus’ differentiation towards the competition:

1

3

5

7

9

2

4

6

8

European online market leadership


online market

position

zooplus is by far the European market leader in online pet supplies

zooplus sales 2017 (€ m) and market share of total market

growth rate

% of total net sales

62

66

70

80

90

96

124

187

335

Other EE

ES, PT

DK, SE, FI, NO

PL

IT

UK, IE

NL, BE, LU

FR

D, A, CH 30%

17%

11%

9%

8%

7%

6%

6%

6%

18%

22%

22%

27%

21%

41%

25%

27%

37%

6.2%

5.1%

7.0%

2.4%

3.7%

12.2%

4.5%

3.9%

4.5%

Source: market shares zooplus estimation, UK: fx-adjusted growth figures

absolute growth

50 m

33 m

22 m

21 m

15 m

23 m

14 m

14 m

17 m

1

1

1

2

1

1

1

1

1


Sales 2017

HU

Source: zooplus sales, unaudited data, growth rates compared to 2016; market shares based on Euromonitor 2016 market data and zooplus estimation

96m

Total market 201723bnSales zooplus

in 2017

DK, SE, FI, NO

D,A,CHCZ, SK, HU, RO, SI, HR, BG, TR, GR, LV. LT, EE

ES, PT

zooplus is the online market leader in all geographies of Europe – with the widest possible base for further growth

NL, BE, LU

+27%

+27% (fx-adj.)

+25%

+21%

+22%

+37%

+18%

+22%

70m

124m

335m

62m

187m

66m

90m

1,111m

zooplus market share in 2017

6.2%

2.4%

5.1%

3.9%

3.7%

4.5%

7.0%

4.5%

4.9%

» Sales 2017: € 1,111m, sales growth rate +22%

» Double-digit sales growth rates in all countries

UK, IE

IT

FR, MC

Sales growth in 2017

80m12.2%

+41%

PL


zooplus offers by far the biggest selling space in Europe for pet suppliers

Advantages for brands to work with zooplus on a European level

zooplus can offer:

» Access to 30 country markets in Europe via one retailer

» Pet specific environment

» Strong sales growth perspective across Europe

» One European purchasing/category management organization

» Only very few delivery points (fulfillment centers)

» No European-wide distribution and on-field sales organization necessary

» Detailed customer data on customer behaviour


zooplus is the No. 1 sourcing partner of branded pet food products in Europe

Multinationals + regionals

Multinational groups

Regional and local champions (selection)

Building partnerships for brand development and customer satisfaction

Improving terms & conditions

Loyal customer base


Key drivers for the attractiveness of the zooplus business model from a shopper perspective

USP and differentiation towards competition

1Convenience

2Completeness

» Emotional band through pet focus and value adding free services

» All relevant brands/ products(8,000 SKUs)

» Dedicated specialistsapproach

3Performance

» Customer centricity

» Reach across Europe (30 countries - 25 local language)

» Reliable 1-2 days delivery1)

» European-wide customer service

4Content

» Detailed product descriptions & videos

» >1 million product ratings from shoppers (peer-to-peer)

» Other services (Vet search)

1) Workings days in core countries

» Weight and bulkiness

» 97% delivery to preferred address


The zooplus customer

Key facts 2017

Around 6 Mio. active customers

70% women

Spent per year around 250 EUR

Average age: 40

Both rural and city

Average basket 55 EUR


Loyal customers are the core base of zooplus growth path

Sales 2011-2017 (€ m)

1) in local currencies2014

543

2013

407

2012

319

2011

245

+88+74

+136

2017

1,111

2016

909

2015

711

+198

+202

+168

79%85%

91%

94%93%1

92%94%1

28%31%33%28%30%38%Sales growth vs. PY

Repeat customer sales

New customer sales (1st year)

22%

93%93%1


Customer loyalty – the winning factor of the business model – is at very high levels

Retention rates – Cohort analysis – Sales (€ m)

Reading example: 2011 a = sales of 2011’s new customers in 2011 1) in local currencies

90 86 85 86 89 91 9255 46 45 44 46 46 47

100 62 56 55 56 56 56125 87 79 78 77 77

135 105 95 91 88

174 145 127 119

202 167 144

253217

271

2011 2012 2013 2014 2015 2016 2017

100%

84% 98%

62% 90%

70%

<=2009

2010 a+1

2011 a

2012 a

Ø 79%

Ø 85%

Ø 91%

2013 a

2014 a

91%

2015 a

78%

99%99%

101%

83%

Ø 94%Ø 93%1)

90%

99%

102%104%

104%

245319

407

543

711

2016 a

94%

83%

88%

96%

99%

100%101%

102%

909

86%

86%

94%

97%

99%

100%101%

100%

2017 a

Ø 93%Ø 93%1)

Ø 92%Ø 94%1)

1,111


The strong zooplus loyalty model works in all countries

Sales retention Top 10 zooplus country shops 2017

Sales retention 2016 and 2017 in local currencies

95% 95% 94% 96% 92%103%

94% 90%96%

DE FR UK NL IT PL ES CZ CH

95%2016 95% 91% 92% 92% 105% 95% 91% 92%


Account value and customer account retention increase with length of customer life

191

244270 285 291 290 295 312 331 345 360

a a+1 a+2 a+3 a+4 a+5 a+6 a+7 a+8 a+9 a+10

Projected sales per active account out of 2017 (in €)

Cumulated sales per account created over a+10 years: € 1,730

100%1) 79% 64% 57% 53% 50% 40%

Account survival rate2)

a: year of acquisition = 2017

1) customers with at least one consecutive purchase after first transaction2) Projected rate based on account retention rate of respective cohort3) Average projected share of remaining accounts based on account survival rate

Share of remaining accounts3)47% 45% 43% 42%

100%1) 79% 81% 89% 93% 94% 95% 95% 96% 96% 95%

191 192 173 163 154 144 142140 142 144 144 Sales per account created


19

97

164

Customer lifetime value is strongly positive

Customer acquisitioncosts2

CM cumulative 5 yearsplus acquisition year

CM cumulative 10 yearsplus acquisition year

1 Only accounts with repurchasing activity based on cohort specific retention rate (incl. fx-effects)2 Traffic acquisition costs per new account with repurchasing activity3 CM = contribution margin = net sales – all variable costs (excl. acquisition costs) = 9.5%

2017a+5

projecteda+10

projected

1,017 1,7301912017 net sales per account in EUR (cum.)1

(2016) (206) (1,049) (1,812)

(100) (172)(15)(2016)


Today’s sales growth and retention determine future net sales tremendously

“Locked-in sales” over next five years (€ m)

4,492

3,790

2,875

2,06091 %

93 %

94 %

93 %

543

711

909

1,111

2014

2015

2016

2017

Net salesof year

Retention rate (local currencies)

Locked-in sales for next 5 years from 2014 customer base and a retention rate of 91 %




253 28% - 5 - 2%656 72% 23 + 4%



2016

Sales % oftotal z+

EBT EBT-margin

Sales % oftotal z+

EBT EBT-margin

271 24% - 17 - 6%840 76% 21 + 3%2017

2020e > 450 22% tbd tbd> 1,550 78% > 60 + 4%

… …

Distribution channels


Differentiated shop portfolio with further room for specialization

Discount oriented pet retailer

with focused product portfolio for price sensitive

customers

Pet specialist with broad profile

of covered product segments & brands

Vet diets & antiparasitics

Specialistpet food & accessories

Pet food all channelbrands

Additional specialized concept under development- Specialization- Service and advice for specific brands- More possibilities for targeted marketing

Pet specialist zooplus brand is and will stay no. 1 priority of the company

Closing relevant segments of the market for the competition


Around 90% of total sales come from the zooplusbrand shops

396 515

663

829

1,001

2013 2014 2015 2016 2017

Development of net sales zooplus shops 2013-17 (€ m)

» Pet specialist concept with a pet DNA

» Around 8,000 SKUs» 30 local language webshops» Low threshold for free

delivery» Bonus points» Savings plan» Pet related additional

content» Extensive social media

content


Around 10% of total sales come from the bitibabrand shops

11

28

48

79

110

2013 2014 2015 2016 2017

Development of net sales bitiba shops 2013-17 (€ m)

» Focused concept for price sensitive customers

» Reduced number of SKUs» 14 local language webshops» Higher threshold for free delivery» No bonus points and savings plan» Uses same infrastructure as

zooplus» Slightly lower levels of customer

and sales retention» Contribution on similar level as

for zooplus customers


zooplus focuses on easy-to-use product presentation in the shop

Example zooplus vs. amazon

Clear product shelf / no market place, almost 100% control of supply chain

Speedy and reliable delivery without Prime / practically no shipping fee


Pet profile

New features will be continuously added for more personalization and differentiation

» Updated in summer 2017» More than 200,000 pet profiles

from registered customers within 6 months

» Additional customer insights for personalization and marketing initiatives (birthday mail, etc.)

» Differentiation towards competition

» Retention driver


Subscription will offer additional convenience for regulars

Subscription

» Live in Germany since end Q3 2017» Flexible options for delivery

frequency» Large range of brands available for

subscription» One additional option for zooplus

customers to facilitate purchasing» Too early to communicate specific

KPIs» Further roll-out planned

Focus on mobile


zooplus is a digital multi-channel retailer

» Mobile share of orders around 30% and growing

» Mobile will be the dominant channel in future

» Full responsive frontend for all devices

» Own zooplus smartphone Apps (iOS and Android)

» Significant investment in mobile channel

» More technical features and optimized UX to come in future

» Online activities adapted to mobile usage


Mobile channel has considerably increased its share and is continuing to grow

Visits64 m+49%

Sales share

6% App

Orders4.4 m+67%

Note: TY 2017 figures, growth: 2017 vs. 2016Mobile: traffic by mobile phones (incl. app).

Mobile business zooplus 2017

Clear focus on mobile in all activities


2015 2016 2017

2015 2016 2017

2015 2016 2017

2015 2016 2017

Development of channels across main markets- Mobile share in % of orders

Germany UK

Fast growing share of mobile driven sales across all key markets

France Netherlands

23%29%

22%28%

21%29%

17%23%

Mobile: traffic by mobile phones (incl. app).

15% 16%

10% 14%


Mobile Desktop

KPIs – Mobile vs. desktop

Major KPIs (2017)

Mobile Desktop

47%53%

Mobile Desktop

26%

74%

17%

7%

Conversion rateVisits Orders

Mobile: traffic by mobile phones (incl. app).


Mobile - App - Competition overview

Distribution of apps in the pet category

zooplus

Fressnapf

zooroyal

Pets at Home

Tiendanimal

Arcaplanet

medicanimal

amazon

Benchmark for zooplus app is outside the category

» App version available for all zooplus shops

» Clear and intuitive design

» Responsive design

» Future focus on stronger personalization

Private label


Privatelabel

zooplus offers all the relevant categories that customers expect from a pet specialist

Grocerybrands Accessories Anti-

parasitics

Specialtrends/

grain free

Specialtybrands/Super

Premiumbrands

Vet/Dietary


13%Share of

total food

1.5Growth index

private label / food

5%Share of

first order sales

Online private label business gets build up over time byconverting the existing customer base to own label brands

Further significant increase in private label share until 2020


The private label portfolio of zooplus has a clearfocus on valuable premium brands

Dog

» Various brands with different positioning within the different categories» Focus on dog and cat brands

VET

GRO

CERY

SPEC

IALT

Y

Cat Dog & Cat Other


The single private label brands are designed for dedicatedtarget groups and reflect latest nutritional trends

Segment description:Dry food, wet food and snacks

Positioning: Wild and Free! Wolf of Wilderness has beenformulated to mimic the wild wolf´s diet.

USP: High fresh meat content, grain-free, species

Target customer: Premium focused dog owners who look fornatural products with holistic concepts (grainless, berries etc.) and strong emotional messages

Price Positioning: Premium

Number of SKUs: 65


Development of brand & product concept

• General Positioning• Brand name• Selection of supplier

Product developmenttogether with supplier

• Declaration & Ingredients

• Acceptance Tests• Sizes & calculation

Development of design & packaging

• Logo & Packaging• Complete product range• Texts & translations

Production of packaging & product

• Packaging• Product

Launch in zooplus shops

• New shop articles• Launch campaign

CRM• Trial offers

Feb 2014

March 2015

Brand positioning, product development and successful visuals determine the own label development process


Marketing initiatives

Focus brand Wolf of Wilderness – comprehensive marketing initiatives ongoing to achieve sales growth

New Sub-Ranges

Printed advertising:

Pet fair: Samplings:

as present for new customers

„The Taste of“:

„Soft & Strong“:


Wolf of wilderness shop

WoW webshop

» Separate webshop

» Multi-language shop

» Additional support for brand building


Private label brand: Purizon

Segment description: Dry food

Positioning: High Premium nutrition made taking inspiration from the natural, carnivorous diet

USP: 70% meat content, high protein content, grain-free

Target customer: Health experts who buy brands with special nutritional concepts (grain-free, high share of meat, single protein, fresh meat)

Price Positioning: Super Premium

Number of SKUs: 47


Private label brand: Concept for Life

Segment description: Dry and wet food for cats and dogs

Positioning:A unique and scientific-based nutritional concept, which focuses on your pet´s individual well-being and dietary requirements at different life stages.

USP:Tailored nutrition for your pet

Target customer: Brand believers who normally feed standard life stage brands


Number of SKUs: 85


Private label brand: Wild Freedom

Segment description: Dry and wet food for cats

Positioning: Wild and Free! Wild Freedom has been formulated to mimic the wild cat´s diet.

USP: High content of fresh meat, grain-free, low carb

Target customer: Premium focused cat owners who look for natural products with species-appropriate concepts (grain-free, protein-rich etc.) and strong emotional messages


Number of SKUs: 21

Pet related services


Stronger focus on additional services for more differentiation

Building additional services around a zooplus market place for people with pets – No.1 pet world in Europe

Veterinarians Other pet relatedservices/shops

Grooming services Insurances

» Differentiation as pet specialist» Potential future additional contribution margin

zooplus owns by far the biggest dedicated pet owner customer base in Europe with already today around 6 Mio. active accounts


Vet search as a first step to integrate additional services on the zooplus platform

Vet search

» Live in Germany since end Q2 2017» More than 13,000 vets integrated» Search for vets with opening hours

and driving directions» Rating of vets by registered zooplus

customers» Access for vets to update their data» Further roll-out planned

Pan-European logistics infrastructure


» New FC Birmingham (UK) since 03/2017, new FC in Mühldorf (DE) since 09/2017

» New FC in Boleslawice (PL) from 11/2017 on; additional capacity in Wroclaw (PL) since 10/2017

» All centers managed as one integrated pan-European network

» All FCs operated by partners; no capex for zooplus

» SKU allocation, replenishment, order routing and packing algorithms intellectual property of zooplus

2013

2015

Fulfillment center (FC)

2009

2015

2016

2017

2000/2011

zooplus is the only specialist player in the category with a pan-European logistics network

2017

2017


zooplus fulfillment centers

Capex per center: € 20 – 35 m1) provided by partners

Tilburg (NL) Hörselgau (DE) Wroclaw (PL) Chalon (FR) Antwerp (BE)

34,000 sqm7-8,000 SKUs

Rhenus

30,000 sqm7-8,000 SKUs

Rhenus

29,000 sqm5-7,000 SKUs

Dirks

21,000 sqm5-6,000 SKUs

Rhenus

16,000 sqm5-6,000 SKUs

Katoen Natie

Additional medium FCs: Strasbourg (FR), Birmingham (UK), Mühldorf (DE), Boleslawice (PL)

1) Including facility / building for big zooplus fulfillment center

Additional small FCs: Jirikov (CZ), Istanbul (TR)


zooplus logistics structure is tailor-made for heavy and bulky products in inbound and outbound logistics

zoopluslogistics

Antwerp, Belgium Antwerp, Belgium

Tilburg, Netherlands Tilburg, Netherlands

Antwerp: 16,000 sqm

Logistics partner: Katoen Natie

Source: zooplus


Outbound preparation & loadingPicking & packing

zooplus fulfillment process

Inbound logistics Warehousing


Distribution to the customer with the leading local last mile providers

» Last mile distribution with external partners (DSPs)

» zooplus operates approx. 60 relations of line hauls (trunk) and direct DSP connections

» At least two DSPs for every country offered for better customer service

» Management of parcel allocation to FCs and DSPs by zooplus owned algorithms

» Focus on delivery speed and efficiency

2013

2015

Fulfillment center (FC)

2009

2015

2016

2017

Hubs (DSP) - shown are selected relations from FC to Hub of DSPs

2000/2011

2017

2017


Example Cat‘s Best (cat litter): article flow between fulfillment centers and country of destination for a period of three months

zooplus logistics system is an intelligent network solution between fulfillment centers and destination countries

Country ofdestination

Criteria for choice of logistics center1:

» No. of products in parcel

» Top seller/long-tail

WRO

HOE

TIL

CHA

PL

DE

IT

FR

NL

ES

ANR

BHX

SXBGB

Fulfillment center

» DSP chosen

» Available stock

1 selective


Logistics cost differ by countries – overall unit economics will further improve in logistics

Logistics costs1) 2017

1) Inbound & outbound logistics, line haul, distribution, packaging as a percentage of sales

20.2%18.4%

12.2% 13.4%15.5%

23.2%20.7%

zoopluslogistics

all-in

zoopluslogistics

only variable

PL CZ DE ES IT

best-in-class

(19.4%) (17.6%) (12.6%) (13.3%) (14.9%) (21.5%)2016 in % of sales(19.5%)

Higher logistics cost ratios due to lower basket – unit costs further improved


2013

2015

2009

2000/2011

2015

2016

2017

Further logistics expansion and key priorities

Three major focus points:» Set up sufficient capacity for

expected growth in next years» Improve customer experience

in terms of delivery speed» Increase efficiency

Structural points:» Continue collaboration with

external partners» Potentially integrate part of

external assets for new fulfillment centers over next five years

» Keep focus on asset light approach

Fulfillment center (FC) Potential FC under investigation

2017

2017

IT infrastructure and resources


Technology environment specifically designed for zooplus business model

» One central platform

» Inhouse developed systems and standard systems

» SAP Finance for Accounting since 01/2017

» Central data warehouse on SAP Hana

» Inhouse developed algorithms for:• Google bidding

• Replenishment

• Pricing

• Order routing

• Parcel building

• Other

zooplus specific/scalable - differentiation factor

OperationsSales Channel Sales OrderProcessing

Business Analytics

Customer Relationship Management

Catalog ManagementSupplier and Article

Management

Finance


IT: ramp up and productivity of additional software development capacities

» Significant IT development capacity built-up since 2017 will continue during 2018

» Additional fourth internal IT hub in Vienna established beginning 2018

» IT development organized into four separate product development centers (PDCs)


(software development, DevOps)

IT infrastructure incl. workplace

Data & analytics incl. business intelligence

Production systems and database operating


Strong internal IT development teams as driving force for future developments and differentiation

Strong differentiating factor towards the competition1

Munich, DE Krakow, PL

Bucarest, RO(External partner)Madrid, ES

» Four internal IT hubs plus one external hub

» More than 150 IT developers – further built-up planned

» Additionally external experts as freelancers

» Focus on internal systems, processes & algorithms and product features

Vienna, AT

1 excluding amazon


zooplus supply chain

» More than 200 suppliers

» 8,000 SKUs» 5 logistic

partners» 9 major

sourcing countries

Website Fulfillment Delivery Customer serviceInbound

» One platform» 30 countries

and 25 languages

» zooplus, bitiba

» 12 currencies

» 11 fulfillment centers

» > 80,000 parcels per day

» 2,500 logistics people

» Line hauls» Leading local

postal service providers

» Low returns (< 2% of sales)

» Around 400 customer agents

» All relevant languages

» 7 days a week


Continued focus on retention and strong sales growth as main drivers for future profitability

Retention

Sales growth

Margin & cost structure

Profitability

Strong sales growth means

» Keep the competition including amazon at a distance

» Faster reach of dominant market position

» Better purchasing terms in all areas (COGS & other services)

» More efficiency gains

» More scale in overhead


Markets continue to be price competitive – zoopluswell prepared to defend its strategic position

Gross margin & Total margin1) (% of sales)

» Continued focus on sustainable dog/cat food customers for higher lifetime value

» Margin reduction impacted by higher food share and exchange rate effects

» Ongoing price competition in the markets

» zooplus will defend its high customer retention

1) gross margin + other income on sales

35.9%

27.6% 27.2% 25.0% 24.4%

5.0%

5.2% 4.4%4.8% 4.8%

2011 2014 2015 2016 2017

40.9%

32.8% 31.6%29.8% 29.2%

Gross margin

Other income

…


Food

» Core assortment/ main driver for retention

» Focus: competitive pricing

Non-Food

» Supplementary assortment

» Focus: gross margin improvement

Private label

» Differentiating assortment

» Focus: mid-term gross margin driver

Product categories have different impact on gross margin development

Share on zooplussales 2017

83%

TargetContinued strong sales growth inall categories Gross margin drivers

17% 13%of food and cat litter


Long-term margin uplift drivers will prevail

Retention

» Price transparency

» Strong competition

» Fights for market share

» Channel shift to online

» Commoditized products

Limiting factors Driving factors

» Purchasing power

» Private label share

» Product differentiation

» Market consolidation


5.0% 3.9% 3.5% 3.2% 3.2%

5.6%2.9% 3.5% 2.7% 3.0%

24.0%

21.2% 20.1%19.4%

19.8%

6.1%

1.8% 1.5%1.4% 1.7%

2011 2014 2015 2016 2017

28.8%

zooplus will continue its strong effort to further improve cost leadership position in the category

31.6% 29.8%32.8% Total margin1

…

40.9%

1.7%1.3% 1.1% 1.1%

42.4%

29.8%27.8%

31.1%

1 gross margin + other income on sales 3 all in, including LTI & SOP

1.0%

29.2%



Logistics2 Personnel3Payment


2 € 2.4 m logistics costs of 2017 reclassified to depreciation according to IAS 17


29%

40%43% 41%

48%43%

Comparison of cost structure – significant advantage for zooplus

Cost ratio - selected competitors

Source: annual reports 2016 – Fressnapf 2015: all costs except for costs of goods sold, including depreciation and interest

Cost advantage for zooplus of more 10%-points


Over the next years zooplus will continue to drive down costs

» Slightly higher spending in 2018» Continued focus on high efficiency

» Further cost efficiency and scale in FC costs and last mile» Value per parcel important cost driver» 2018 integration of additional FCs

» Further scale expected

» Further scale expected» 2018 continued ramp-up of IT development resources and some

other major functions

Marketing

Logistics

IT / Admin

Personnel

1

2

3

4



Q & A

The way forward / outlook


Sales and EBT guidance for full year 2018

zooplus well positioned to continue the strong sales growth pathin 2018

Guidance

Profit guidance 2018 based on current FX levels.

1,111 (+22%) 4.1

EBT (€ m)Sales (€ m)

2018e

2017

+21 to +23% - 0.5 to + 0.5%of net sales


zooplus investment mode will continue in 2018 and further improve zooplus’ market position

» Defending high loyalty of existing customers» Acquisition of new customers

» New customer acquisition for high customer lifetime value» Increased investment into mobile

» Improved product and user experience» Improved internal processes and efficiencies

» Close white spots in the distribution network» Increase capacity and speed up delivery to customers

Competitive pricing

Marketing costs


Private label

Improved strategic position and driver for further growth

1

2

4

5

Logistics

3

» Expansion of private label share» Development of new brands


Outlook until 2020 – from today’s perspective- Sales

» Sales as driver for further profitability

» Laying the foundation for continued growth after 2020

Sales of more than € 2.0 bn in 2020

» Sales growth

» Customer retention

» Increasing market share

Primary target continues to be:

up from € 1,111 m in 2017


The online share is expected to continue to grow beyond 2020

Current online share and long-term hypothesis (€ bn)

90-92%

29

2017 2020e

26

24

15-20%

80-85%

8-10%

Offline share

Online share

Total market (gross)

< 50%

Long-term

> 50%

> 30

Online market opportunity

> 15

Long-term growth potential of online should leave enough growth for zooplus after 2020


Outlook until 2020 – from today’s perspective- Profit before tax (EBT)

» Sales growth priority over short term profit maximization

» Taking strategic opportunities and mid term valuation instead of short term profit improvement

» Focus on absolute profit generation

» Repeat Customer EBT > € 60 m in 2020 on

repeat customer sales of >1,550

» Profit development is no linear function

» Long term target around 5% EBT on salesonce the growth opportunities are exhausted




253 28% - 5 - 2%656 72% 23 + 4%



2016

Sales % oftotal z+

EBT EBT-margin

Sales % oftotal z+

EBT EBT-margin

271 24% - 17 - 6%840 76% 21 + 3%2017

2020e > 450 22% tbd tbd> 1,550 78% > 60 + 4%

… …


The planned growth until 2020 should go with a positive operating cash flow

Working capital development in % net sales

9.5%

8.1%

6.3%5.1%

2014 2015 2016 2017

» Increase in inventory turnover

» More efficient replenishment process

» Improvement in payment days

Constant working capital in 2018 implies a further reduction to around 4.2% of sales, for 2019 to around 3.4% of sales


Main takeaways from todays presentation about zooplus strategic perspective

» Sales target of minimum € 2 billion in 2020 confirmed

» Working towards market leadership in the total market

» Sales growth stays top priority

» Investment mode in 2018 to further improve strategic position

» Sales growth as key driver for increasing future profitability

» Repeat customer EBT in 2020 of more than € 60m

» Laying the foundation for further growth after 2020

Lower profit level today makes zooplus more valuable in future


Financials and outlook

Q & A


Key Financials 2017

P&L 2017 2016 Δ abs Δ %pin € mSales 1110.6 908.6 abs. 202.0Δ in % 22.2%

52.8 43.44.8% 4.8%

-839.6 -681.6-75.6% -75.0%-219.9 -176.0

-19.8% -19.4%-11.3 -9.6

-1.0% -1.1%-19.3 -12.8

-1.7% -1.4%-35.7 -29.1

-3.2% -3.2%-28.8 -23.1

-2.6% -2.5%8.8 19.7

0.8% 2.2%-4.7 -1.8

-0.4% -0.2%4.1 17.9

0.4% 2.0%EPS in EUR (basic) 0.27 1.63Balance SheetTotal Assets 239.5 207.6 31.9

111.4 107.946.5% 52.0%

Cash FlowFree Cash Flow -4.1 8.9 -13.1

Equity (Ratio in %) 3.5

I&DA -2.9 -0.2%p

EBT -13.8 -1.6%p

G&A -5.6 0.0%p

EBITDA -10.9 -1.4%p

Customer acquisition -6.4 -0.3%p

Personnel -6.6 0.0%p

Logistics -44.0 -0.4%p

Payment -1.8 0.0%p

Other income 9.4 0.0%p

COGS -158.0 -0.6%p


Profit & Loss 2017

abs % abs %

Sales 1110.6 100.0% 908.6 100.0%

Other income 52.8 4.8% 43.4 4.8%

Cost of materials -839.6 -75.6% -681.6 -75.0%

Personnel costs -35.7 -3.2% -29.1 -3.2%

Depreciation -4.3 -0.4% -1.6 -0.2%

Other expenses -279.3 -25.1% -221.5 -24.4%

thereof logistics / fulfillment (-219.9) 19.8% (-176.0) 19.4%

thereof marketing (-19.3) 1.7% (-12.8) 1.4%

thereof payment (-11.3) 1.0% (-9.6) 1.1%

thereof other costs (-28.8) 2.6% (-23.1) 2.5%

Earnings before interest and taxes (EBIT) 4.4 0.4% 18.1 2.0%

Financial income 0.0 0.0% 0.0 0.0%

Financial expenses -0.4 0.0% -0.2 0.0%

Earnings before taxes (EBT) 4.1 0.4% 17.9 2.0%

Taxes on income -2.1 -0.2% -6.5 -0.7%

Consolidated net result 1.9 0.2% 11.4 1.3%

Differences from currency translation -0.5 0.0% -0.4 0.0%

Hedge reserve -2.0 -0.2% 1.6 0.2%

Items that may be relclassified subsequently to profit or loss -2.5 -0.2% 1.1 0.1%

Comprehensive income -0.6 -0.1% 12.5 1.4%

Earnings per share in €

basic 0.27 - 1.63 -

diluted 0.27 - 1.60 -

in € m2017 2016


Balance Sheet as of December 31st, 2017

Assets Equity and Liabilities

in € mDec. 31st.

2017Dec. 31st.

2016Δ abs

A. Non-current assets

I. PP&E 15.0 15.9 -1.0

II. Intangible assets 13.1 9.0 4.0

III. Other financial assets 0.0 0.0 0.0

IV. Deferred tax assets 0.0 0.0 0.0

Total non-current assets 28.1 25.0 3.1

B. Current assets

I. Inventories 104.5 78.8 25.8

II. Advance payments 0.6 1.6 -1.0

III. Accounts receivable 26.4 19.2 7.2

IV. Other current assets 27.5 25.6 1.8

V. Tax receivable 1.2 0.0 1.2

VI.Derivative financial instruments

0.0 2.5 -2.5

VII.Cash and cash equivalents

51.2 54.9 -3.7

Total current assets 211.4 182.6 28.8

239.5 207.6 31.9

in € mDec. 31st.

2017Dec. 31st.

2016Δ abs

A. Equity

I. Capital subscribed 7.1 7.1 0.1

II. Capital reserves 98.8 94.8 4.0

III. Other reserves -1.4 1.1 -2.5

IV.Profit and Loss carried forward

6.8 4.9 1.9

Total equity 111.4 107.9 3.5

B. Non-current liabilities 11.1 13.1 -2.1

C. Current liabilities

I. Accounts payable 78.1 48.5 29.6

IIDerivative financial instruments

0.5 0.0 0.5

III. Other current liabilities 24.6 21.4 3.2

IV. Tax liabilites 1.3 4.1 -2.7

V. Finance lease 2.1 2.2 -0.1

VI. Provisions 7.4 8.1 -0.6

VII. Deferred income 2.9 2.4 0.5

Total current liabilities 117.0 86.6 30.4

239.5 207.6 31.9


Cash flow 2017

in € m 2017 2016

EBT 4.1 17.9

Cash flow from operating activi ties 3.3 12.5

Cash flow from investing activi ties -7.4 -3.6

Free cash flow -4.1 8.9

Cash flow from financing activi ties 0.3 0.7

Net change of cash and cash equiva lents -3.7 9.4

Cash on hand, bank depos i ts 51.2 54.9

Investor & Analyst Presentation€¦ · customer business sales, not from existing customer...

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