DGAP-Ad hoc: windeln.de SE

Munich, Germany, February 6, 2018: Today, the management board and supervisory board of windeln.de SE (the "Company") approved several measures in the context of the upcoming management change to increase efficiency and reduce costs. The approved measures include the reorganization and reduction of headquarter costs in Germany, the exploration of the sale of the Feedo Group, the closing of the local Italian operations and further streamlining of the Southern European business "Bebitus". The move of the central warehouse to Eastern Europe has been set on hold due to completion of these measures.

The Company expects that the implementation of the intended measures will lead to a workforce reduction at group level from 387 active FTE employees (including Feedo) as of December 31, 2017 to approx. 250 FTE employees (excluding Feedo) by yearend 2018. The Company further anticipates the related costs to amount to approx. EUR 1.5 million, which will be recognized in fiscal year 2018, and the overall cost reduction from the initiated measures to amount to EUR 10 million compared to 2017 financials.

Additionally, the Company's management board and supervisory board resolved today to increase the Company's share capital from authorized capital against cash contributions from EUR 28.472.420,00 by a nominal amount of up to EUR 2,628,323.00 (corresponding to approximately 10% of the share capital at the time of authorization) to up to EUR 31,100,743 by issuing up to 2,628,323 new ordinary shares (the "New Shares"). The pre-emptive rights of the Company's existing shareholders have been cancelled. The New Shares are entitled to dividends as of January 1, 2018.

Certain existing shareholders, a new investor group around the entrepreneur Clemens Jakopitsch, all members of the Company's management board including founders and the designated CEO Matthias Peuckert, who will take up office on May 1, 2018, will participate in the capital increase. The final placement volume, placement price and the proceeds from the capital increase will be announced later today.

The Company intends to use the net proceeds from the capital increase in connection with the contemplated efficiency-enhancing measures and the further development of the Company's business.

Preliminary fiscal year financials for 2017 amounted to EUR 211 to 213 million revenues (+8 to +10% growth year over year), adjusted EBIT at EUR (26) to (24) million ((13) to (11)% margin) and yearend liquidity of EUR 29.2 million (EUR 25.7 million net excluding EUR 3.5 million drawn borrowing base facility). Revenues in the fourth quarter were EUR 52 to 53 million and (10) to (8)% lower than in the fourth quarter 2016 due to continued profitability focus in Germany and temporary integration effects at Bebitus. Adjusted EBIT was EUR (7) to (6) million ((13) to (11)% margin) and change in net liquidity was EUR 4.9 million in the fourth quarter 2017 and therefore improved to the previous year period.

In connection with the contemplated efficiency-enhancing and cost reduction measures management sets the adjusted EBIT break-even target to early 2019.

 

Contact:
Corporate Communications
Judith Buchholz
Phone: +49 (89) 41 61 71 52 65
Email: presse@windeln.de