UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2024
Commission File Number: 001-39880
MYT NETHERLANDS
PARENT B.V.
(Exact Name of Registrant as Specified in its Charter)
Einsteinring 9
85609 Aschheim/Munich
Germany
+49 89 127695-614
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
On September 12, 2024, MYT Netherlands Parent B.V. will hold
a conference call regarding its audited financial results for the fourth fiscal quarter and year-end June 30, 2024.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
MYT Netherlands Parent B.V. |
| |
|
|
| |
By: |
/s/ Martin Beer |
| |
Name: |
Dr. Martin Beer |
| |
Title: |
Chief Financial Officer |
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|
|
| Date: September 12, 2024 |
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Exhibit 99.1
Strong Full FY24 results
for Mytheresa driven by +14% Net Sales growth in H2 compared to last year and continued profitability with 4% Adj. EBITDA margin in H2
FY24
| · | Double-digit
Net Sales Growth in H2 of FY24 with +14% and +10% for Q4 FY24 compared to prior year
periods |
| · | Continued
US Market Growth with +25% in full FY24 and Net Sales share of the US further expanding
to 20% |
| · | Exceptional
Customer Economics through strong increase in average GMV per Top Customers by +4.6%
as well as continued growth of Top Customer base with +3.4% in Q4 FY24 |
| · | Significantly
Increased Profitability levels in H2 of FY24 with adjusted EBITDA margin of 4.3% vs.
1.7% in H1 of FY24 and vs. 2.3% in H2 of FY23 |
| · | Strong
Customer Satisfaction with industry-leading Net Promoter Score of 83.0% in Q4 of FY24 |
| · | Strong
Increase of Average Order Value (AOV) to a new record of €703 in full FY24 |
MUNICH,
Germany (September 12, 2024) – MYT Netherlands Parent B.V. (NYSE: MYTE) (“Mytheresa” or the
“Company”) today announced financial results for its fourth quarter and full fiscal year 2024 ended June 30, 2024. The
luxury multi-brand digital platform reported strong financial performance for the fourth quarter, driving significant improvement in
the second-half year, delivering double-digit revenue growth and almost doubling of adjusted profitability despite ongoing uncertainties
in the macro environment.
Mytheresa fourth quarter highlights include accelerated
strong profitability on adjusted EBITDA compared to previous year, continued US market growth, a record high AOV, excellent customer
satisfaction scores and highly impactful Top Customer events around the globe.
Michael
Kliger, Chief Executive Officer of Mytheresa, said, “We are very pleased with our performance in the fourth quarter
as it drove the continued very positive momentum for Mytheresa in H2 of fiscal year 2024 with double-digit growth and almost doubling
of profitability compared to prior year. We are very pleased with our full fiscal year 2024 results.”
Kliger continued, “With our record AOV, high customer satisfaction scores, strong growth in our Top Customer revenues and
many extraordinary Top Customer activations together with brands we have strongly reaffirmed our position as the best high-end luxury
digital platform. Mytheresa builds a community for luxury enthusiasts. We create desirability through digital and physical experiences.”
FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER
AND H2 FY24 ENDED JUNE 30, 2024
| · | Net
Sales increase of 13.8% in H2 and 9.7% in Q4 of FY 24 compared to prior year periods |
| · | GMV growth of
11.4% in H2 and 7.8% in Q4 of FY24 compared to prior year periods |
| · | Gross Profit margin
of 47.4% in Q4 with further improved slippage of only 150bps compared to Q4 of FY23 |
| · | Significant increase
in profitability in H2 of FY24 with adjusted EBITDA margin of 4.3% vs. 1.7% in H1 of FY24
and vs. 2.3% in H2 of FY23 |
FINANCIAL HIGHLIGHTS FOR THE TWELVE MONTHS
ENDED JUNE 30, 2024
| · | Net
sales increase to €840.9 million, a 9.8% growth from €766.0 in fiscal year 2023 |
| · | GMV growth of
7.1% to €913.6 million, compared to €853.2 million in fiscal year 2023 |
| · | Gross Profit margin
of 45.7% compared to 49.6% in the prior year |
| · | Adjusted EBITDA
of €25.8 million with an adjusted EBITDA margin of 3.1% |
| · | Positive profitability
also at Adjusted operating income and Adjusted net income with €10.6 million and €7.7
million respectively |
Q4 FY24 KEY BUSINESS HIGHLIGHTS
| · | Highly
impactful Top Customer events around the globe with several multi-day “money-can´t
buy” experiences in partnership with luxury brands, including a 2-day Italian experience
with Brunello Cucinelli at Lago d´Orta, a 2-day Italian summer experience with Dolce&Gabbana
in Capri and a 2-day yacht cruise experience with Valentino in Nice |
| · | Launch
of exclusive capsule collections and pre-launches in collaboration with Valentino, Brunello
Cucinelli, Bottega Veneta, Saint Laurent, Loewe, Gucci and many more |
| · | Pop
Up shopping experience of Mytheresa x Flamingo Estate in East Hampton in the United States
attracting over 6,000 registered guests over eight weeks, building a community for luxury
enthusiasts |
| · | Successful
ramp-up of operations at Leipzig warehouse with more than 80% of all customer orders processed
at the end of July; decision taken to close warehouse in Heimstetten to further improve customer
satisfaction and increase efficiencies |
For the full fiscal year ending June 30,
2025, we expect:
| · | GMV
and Net Sales growth in the range of 7% to 13% |
| · | Adjusted
EBITDA margin in the range of 3% and 5% |
The foregoing forward-looking statements reflect
Mytheresa’s expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual
results may differ materially. Mytheresa does not intend to update its forward-looking statements until its next quarterly results announcement,
other than in publicly available statements.
CONFERENCE CALL AND WEBCAST INFORMATION
Mytheresa
will host a conference call to discuss its fourth quarter and full fiscal year 2024 financial results on September 12, 2024 at 8:00am
Eastern Time. Those wishing to participate via webcast should access the call through Mytheresa’s Investor Relations website at
https://investors.mytheresa.com. Those wishing to participate via the telephone may dial in at +1 (800) 715-9871 (USA).
The participant access code will be 7531135. The conference call replay will be available via webcast through Mytheresa’s Investor
Relations website. The telephone replay will be available from 11:00am Eastern Time on September 12, 2024, through September 19,
2024, by dialing +1 (800) 770-2030 (USA). The replay passcode will be 7531135. For specific international dial-ins please see here.
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements relating to the impact of the COVID-19 global pandemic; the impact of restrictions
on use of identifiers for advertisers (IDFA); future sales, expenses, and profitability; future development and expected growth of our
business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing
capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital
spending. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,”
“plan,” “potential,” “predict,” “project,” “should,” “will,”
“would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain
these words. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these
forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
We undertake no obligation to update any forward-looking
statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information
or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered
by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by
the forward-looking statements we make.
You should not rely upon forward-looking statements
as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date
such statements are made.
Further
information on these and other factors that could affect our financial results is included in filings we make with the U.S. Securities
and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” included in the
form 20-F filed on September 14, 2022 under Rule 424(b)(4) of the Securities Act. These documents are available on the
SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at:
https://investors.mytheresa.com.
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING
METRICS
Our non-IFRS financial measures include:
| · | Adjusted
EBITDA is a non-IFRS financial measure that we calculate as net income before finance
expense (net), taxes, and depreciation and amortization, adjusted to exclude Other transaction-related,
certain legal and other expenses and Share-based compensation expense. Adjusted EBITDA Margin
is a non-IFRS financial measure which is calculated in relation to net sales. |
| · | Adjusted
Operating Income is a non-IFRS financial measure that we calculate as operating income,
adjusted to exclude Other transaction-related, certain legal and other expenses and Share-based
compensation expense. Adjusted Operating Income Margin is a non-IFRS financial measure which
is calculated in relation to net sales. |
| · | Adjusted
Net Income is a non-IFRS financial measure that we calculate as net income, adjusted
to exclude Other transaction-related, certain legal and other expenses and Share-based compensation
expense. Adjusted Net Income Margin is a non-IFRS financial measure which is calculated in
relation to net sales. |
We are not able to forecast net income (loss)
on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect
net income (loss), including, but not limited to, Income taxes and Interest expense and, as a result, are unable to provide a reconciliation
to forecasted Adjusted EBITDA.
Gross Merchandise Value (GMV) is an operative
measure and means the total Euro value of orders processed. GMV is inclusive of merchandise value, shipping and duty. It is net of returns,
value added taxes and cancellations. GMV does not represent revenue earned by us. We use GMV as an indicator for the usage of our platform
that is not influenced by the mix of direct sales and commission sales. The indicators we use to monitor usage of our platform include,
among others, active customers, total orders shipped and GMV.
ABOUT MYTHERESA
Mytheresa is one of the leading luxury multi-brand
digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear,
shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit
of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana,
Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus
on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality
service operations. The NYSE listed company reported €913.6 million GMV in fiscal year 2024 (+7% vs. FY23).
For more information
and updated Mytheresa campaign imagery, please visit https://investors.mytheresa.com.
Investor
Relations Contacts
Mytheresa.com GmbH
Stefanie Muenz
phone: +49 89 127695-1919
email:
investors@mytheresa.com |
|
| |
|
Media Contacts for public relations
Mytheresa.com GmbH
Sandra Romano
mobile: +49 152 54725178
email: sandra.romano@mytheresa.com |
Media Contacts for business press
Mytheresa.com GmbH
Lisa Schulz
mobile: +49 151 11216490
email: lisa.schulz@mytheresa.com |
Source: MYT Netherlands Parent B.V.
MYT Netherlands Parent B.V.
Financial Results and Key Operating Metrics
(Amounts in € millions)
| | |
Three
Months Ended | | |
Twelve
months Ended | |
| | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % / BPs | | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % / BPs | |
| (in millions) | |
| | |
| | |
| | |
| | |
| | |
| |
| Gross
Merchandise Value (GMV) (1) | |
€ | 221.9 | | |
€ | 239.3 | | |
| 7.8 | % | |
€ | 853.2 | | |
€ | 913.6 | | |
| 7.1 | % |
| Active
customer (LTM in thousands) (2) | |
| 856 | | |
| 852 | | |
| (0.5 | )% | |
| 856 | | |
| 852 | | |
| (0.5 | )% |
| Total
orders shipped (LTM in thousands) (2) | |
| 2,012 | | |
| 2,090 | | |
| 3.9 | % | |
| 2,012 | | |
| 2,090 | | |
| 3.9 | % |
| Average
order value (LTM) (2) | |
| 654 | | |
| 703 | | |
| 7.4 | % | |
| 654 | | |
| 703 | | |
| 7.4 | % |
| Net sales | |
€ | 203.4 | | |
€ | 223.2 | | |
| 9.7 | % | |
€ | 766.0 | | |
€ | 840.9 | | |
| 9.8 | % |
| Gross profit | |
€ | 99.5 | | |
€ | 105.8 | | |
| 6.3 | % | |
€ | 380.0 | | |
€ | 384.5 | | |
| 1.2 | % |
| Gross profit margin | |
| 48.9 | % | |
| 47.4 | % | |
| (150 | )BPs | |
| 49.6 | % | |
| 45.7 | % | |
| (390 | )BPs |
| Operating Income (loss) | |
€ | (2.6 | ) | |
€ | (1.6 | ) | |
| (39.5 | )% | |
€ | (8.7 | ) | |
€ | (22.0 | ) | |
| 152.9 | % |
| Operating Income (loss) margin | |
| (1.3 | )% | |
| (0.7 | )% | |
| 60 | BPs | |
| (1.1 | )% | |
| (2.6 | )% | |
| (150 | )BPs |
| Net loss | |
€ | (5.4 | ) | |
€ | (3.6 | ) | |
| (32.7 | )% | |
€ | (17.0 | ) | |
€ | (24.9 | ) | |
| 46.4 | % |
| Net loss margin | |
| (2.6 | )% | |
| (1.6 | )% | |
| 100
| BPs | |
| (2.2 | )% | |
| (3.0 | )% | |
| (80 | )BPs |
| Adjusted
EBITDA(3) | |
€ | 7.0 | | |
€ | 10.6 | | |
| 50.7 | % | |
€ | 38.4 | | |
€ | 25.8 | | |
| (32.8 | )% |
| Adjusted
EBITDA margin(3) | |
| 3.5 | % | |
| 4.7 | % | |
| 120
| BPs | |
| 5.0 | % | |
| 3.1 | % | |
| (190 | )BPs |
| Adjusted
Operating Income(3) | |
€ | 3.9 | | |
€ | 6.5 | | |
| 68.9 | % | |
€ | 26.8 | | |
€ | 10.6 | | |
| (60.3 | )% |
| Adjusted
Operating Income margin(3) | |
| 1.9 | % | |
| 2.9 | % | |
| 100
| BPs | |
| 3.5 | % | |
| 1.3 | % | |
| (220 | )BPs |
| Adjusted
Net Income(3) | |
€ | 1.1 | | |
€ | 4.5 | | |
| 295.3 | % | |
€ | 18.4 | | |
€ | 7.7 | | |
| (58.4 | )% |
| Adjusted
Net Income margin(3) | |
| 0.6 | % | |
| 2.0 | % | |
| 140
| BPs | |
| 2.4 | % | |
| 0.9 | % | |
| (150 | )BPs |
| (1) | Gross
Merchandise Value (“GMV”) is an operative measure and means the total Euro value
of orders processed, either as principal or as agent. GMV is inclusive of product value,
shipping and duty. It is net of returns, value added taxes, applicable sales taxes and cancellations.
GMV does not represent revenue earned by us. |
| (2) | Active
customers, total orders shipped and average order value are calculated based on the GMV of
orders shipped from our sites during the last twelve months (LTM) ended on the last day of
the period presented. |
| (3) | Adjusted
EBITDA, Adjusted Operating Income and Adjusted Net Income, and their corresponding margins
as a percentage of net sales, are measures that are not defined under IFRS. We use these
financial measures to evaluate the performance of our business. We present Adjusted EBITDA,
Adjusted Operating Income and Adjusted Net Income, and their corresponding margins, because
they are used by our management and frequently used by analysts, investors and other interested
parties to evaluate companies in our industry. Further, we believe these measures are helpful
in highlighting trends in our operating results, because they exclude the impact of items,
that are outside the control of management or not reflective of our ongoing core operations
and performance. Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income have
limitations, because they exclude certain types of expenses. Furthermore, other companies
in our industry may calculate similarly titled measures differently than we do, limiting
their usefulness as comparative measures. We use Adjusted EBITDA, Adjusted Operating Income
and Adjusted Net Income, and their corresponding margins, as supplemental information only.
You are encouraged to evaluate each adjustment and the reasons we consider it appropriate
for supplemental analysis. Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income
in the current and prior periods presented have been changed to reflect our updated methodology
in adjusting for share-based compensation. |
MYT Netherlands Parent B.V.
Financial Results and Key Operating Metrics
(Amounts in € millions)
The following tables set forth the reconciliations
of net income (loss) to EBITDA and adjusted EBITDA, operating income (loss) to adjusted operating income and net income (loss) to adjusted
net income and their corresponding margins as a percentage of net sales:
| | |
Three
Months Ended | | |
Twelve
months Ended | |
| | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % | | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % | |
| (in millions) | |
| | |
| | |
| | |
| | |
| | |
| |
| Net loss | |
€ | (5.4 | ) | |
€ | (3.6 | ) | |
| (32.7 | )% | |
€ | (17.0 | ) | |
€ | (24.9 | ) | |
| 46.4 | % |
| Finance (income) expenses, net | |
€ | 1.0 | | |
€ | 1.3 | | |
| 33.9 | % | |
€ | 2.5 | | |
€ | 4.8 | | |
| 94.0 | % |
| Income tax expense | |
€ | 1.8 | | |
€ | 0.7 | | |
| (58.8 | )% | |
€ | 5.9 | | |
€ | (1.8 | ) | |
| (130.9 | )% |
| Depreciation and amortization | |
€ | 3.2 | | |
€ | 4.1 | | |
| 28.6 | % | |
€ | 11.7 | | |
€ | 15.2 | | |
| 30.5 | % |
| thereof depreciation of right-of
use assets | |
€ | 2.4 | | |
€ | 2.4 | | |
| 0.4 | % | |
€ | 8.5 | | |
€ | 9.5 | | |
| 11.8 | % |
| EBITDA | |
€ | 0.5 | | |
€ | 2.5 | | |
| 365.1 | % | |
€ | 3.0 | | |
€ | (6.7 | ) | |
| (327.1 | )% |
| Other
transaction-related, certain legal and other expenses (3) | |
€ | 1.8 | | |
€ | 3.9 | | |
| 120.4 | % | |
€ | 5.4 | | |
€ | 14.1 | | |
| 158.6 | % |
| Share-based compensation(4) | |
€ | 4.7 | | |
€ | 4.2 | | |
| (11.2 | )% | |
€ | 30.0 | | |
€ | 18.5 | | |
| (38.4 | )% |
| Adjusted EBITDA | |
€ | 7.0 | | |
€ | 10.6 | | |
| 50.7 | % | |
€ | 38.4 | | |
€ | 25.8 | | |
| (32.8 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Reconciliation to Adjusted EBITDA
Margin | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Sales | |
€ | 203.4 | | |
€ | 223.2 | | |
| 9.7 | % | |
€ | 766.0 | | |
€ | 840.9 | | |
| 9.8 | % |
| Adjusted EBITDA margin | |
| 3.5 | % | |
| 4.7 | % | |
| 120 | BPs | |
| 5.0 | % | |
| 3.1 | % | |
| (190 | )BPs |
| | |
Three
Months Ended | | |
Twelve
months Ended | |
| | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % | | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % | |
| (in millions) | |
| | |
| | |
| | |
| | |
| | |
| |
| Operating Income (loss) | |
€ | (2.6 | ) | |
€ | (1.6 | ) | |
| (39.5 | )% | |
€ | (8.7 | ) | |
€ | (22.0 | ) | |
| 152.9 | % |
| Other
transaction-related, certain legal and other expenses (1) | |
€ | 1.8 | | |
€ | 3.9 | | |
| 120.4 | % | |
€ | 5.4 | | |
€ | 14.1 | | |
| 158.6 | % |
| Share-based compensation(2) | |
€ | 4.7 | | |
€ | 4.2 | | |
| (11.2 | )% | |
€ | 30.0 | | |
€ | 18.5 | | |
| (38.4 | )% |
| Adjusted Operating Income | |
€ | 3.9 | | |
€ | 6.5 | | |
| 68.9 | % | |
€ | 26.8 | | |
€ | 10.6 | | |
| (60.3 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Reconciliation to Adjusted Operating
Income Margin | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Sales | |
€ | 203.4 | | |
€ | 223.2 | | |
| 9.7 | % | |
€ | 766.0 | | |
€ | 840.9 | | |
| 9.8 | % |
| Adjusted Operating Income margin | |
| 1.9 | % | |
| 2.9 | % | |
| 100 | BPs | |
| 3.5 | % | |
| 1.3 | % | |
| (220 | )BPs |
| | |
Three
Months Ended | | |
Twelve
months Ended | |
| | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % | | |
June 30,
2023 | | |
June 30,
2024 | | |
Change
in % | |
| (in millions) | |
| | |
| | |
| | |
| | |
| | |
| |
| Net loss | |
€ | (5.4 | ) | |
€ | (3.6 | ) | |
| (32.7 | )% | |
€ | (17.0 | ) | |
€ | (24.9 | ) | |
| 46.4 | % |
| Other transaction-related,
certain legal and other expenses (1) | |
€ | 1.8 | | |
€ | 3.9 | | |
| 120.4 | % | |
€ | 5.4 | | |
€ | 14.1 | | |
| 158.6 | % |
| Share-based
compensation(2) | |
€ | 4.7 | | |
€ | 4.2 | | |
| (11.2 | )% | |
€ | 30.0 | | |
€ | 18.5 | | |
| (38.4 | )% |
| Adjusted Net Income | |
€ | 1.1 | | |
€ | 4.5 | | |
| 295.3 | % | |
€ | 18.4 | | |
€ | 7.7 | | |
| (58.4 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Reconciliation to Adjusted Net
Income Margin | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Sales | |
€ | 203.4 | | |
€ | 223.2 | | |
| 9.7 | % | |
€ | 766.0 | | |
€ | 840.9 | | |
| 9.8 | % |
| Adjusted Net Income margin | |
| 0.6 | % | |
| 2.0 | % | |
| 140 | BPs | |
| 2.4 | % | |
| 0.9 | % | |
| (150 | )BPs |
| (1) | Other
transaction-related, certain legal and other expenses represent (i) professional fees,
including advisory and accounting fees, related to potential transactions, (ii) certain
legal and other expenses incurred outside the ordinary course of our business and (iii) other
non-recurring expenses incurred in connection with the costs of establishing our new central
distribution center in Leipzig, Germany. |
| (2) | Certain
members of management and supervisory board members have been granted share-based compensation
for which the share-based compensation expense will be recognized upon defined vesting schedules
in the future periods. We do not consider share-based compensation expense to be indicative
of our core operating performance. |
MYT Netherlands Parent B.V.
Consolidated Statements of Profit or Loss and
Comprehensive Loss
(Amounts in € thousands, except share
and per share data)
| |
|
Three Months
Ended |
|
|
Twelve
months Ended |
|
| (in € thousands) |
|
June 30,
2023 |
|
|
June 30,
2024 |
|
|
June 30,
2023 |
|
|
June 30,
2024 |
|
| Net sales |
|
|
203,401 |
|
|
|
223,188 |
|
|
|
766,003 |
|
|
|
840,852 |
|
| Cost of sales, exclusive
of depreciation and amortization |
|
|
(103,870 |
) |
|
|
(117,357 |
) |
|
|
(386,027 |
) |
|
|
(456,320 |
) |
| Gross profit |
|
|
99,531 |
|
|
|
105,831 |
|
|
|
379,976 |
|
|
|
384,532 |
|
| Shipping and payment cost |
|
|
(30,975 |
) |
|
|
(35,426 |
) |
|
|
(114,785 |
) |
|
|
(135,547 |
) |
| Marketing expenses |
|
|
(32,116 |
) |
|
|
(26,461 |
) |
|
|
(112,001 |
) |
|
|
(96,708 |
) |
| Selling, general and administrative expenses |
|
|
(34,769 |
) |
|
|
(41,728 |
) |
|
|
(147,691 |
) |
|
|
(159,292 |
) |
| Depreciation and amortization |
|
|
(3,173 |
) |
|
|
(4,081 |
) |
|
|
(11,653 |
) |
|
|
(15,205 |
) |
| Other income (loss),
net |
|
|
(1,137 |
) |
|
|
268 |
|
|
|
(2,527 |
) |
|
|
267 |
|
| Operating income (loss) |
|
|
(2,639 |
) |
|
|
(1,598 |
) |
|
|
(8,682 |
) |
|
|
(21,953 |
) |
| Finance income |
|
|
13 |
|
|
|
1 |
|
|
|
358 |
|
|
|
5 |
|
| Finance costs |
|
|
(972 |
) |
|
|
(1,285 |
) |
|
|
(2,818 |
) |
|
|
(4,777 |
) |
| Finance income
(costs), net |
|
|
(959 |
) |
|
|
(1,284 |
) |
|
|
(2,460 |
) |
|
|
(4,772 |
) |
| Income before income taxes |
|
|
(3,598 |
) |
|
|
(2,881 |
) |
|
|
(11,142 |
) |
|
|
(26,725 |
) |
| Income
tax expense |
|
|
(1,755 |
) |
|
|
(722 |
) |
|
|
(5,877 |
) |
|
|
1,814 |
|
| Net loss |
|
|
(5,353 |
) |
|
|
(3,604 |
) |
|
|
(17,019 |
) |
|
|
(24,911 |
) |
| Foreign currency translation |
|
|
(35 |
) |
|
|
(0 |
) |
|
|
(19 |
) |
|
|
(13 |
) |
| Other comprehensive income (loss) |
|
|
(793 |
) |
|
|
347 |
|
|
|
(19 |
) |
|
|
(13 |
) |
| Comprehensive loss |
|
|
(6,146 |
) |
|
|
(3,257 |
) |
|
|
(17,038 |
) |
|
|
(24,923 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted
earnings per share |
|
€ |
(0.06 |
) |
|
€ |
(0.04 |
) |
|
€ |
(0.20 |
) |
|
€ |
(0.29 |
) |
| Weighted
average ordinary shares outstanding (basic and diluted) – in millions (1) |
|
|
86.6 |
|
|
|
86.8 |
|
|
|
86.6 |
|
|
|
86.8 |
|
| (1) | In accordance with IAS 33, includes
contingently issuable shares that are fully vested and can be converted at any time for no
consideration. For further details, refer to note 27 in our annual report. |
MYT Netherlands Parent B.V.
Consolidated Statements of Financial Position
(Amounts in € thousands)
| (in € thousands) | |
June 30,
2023 | | |
June 30,
2024 | |
| Assets | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Intangible assets and goodwill | |
| 155,283 | | |
| 154,951 | |
| Property and equipment | |
| 37,227 | | |
| 43,653 | |
| Right-of-use assets | |
| 54,797 | | |
| 45,468 | |
| Deferred tax assets | |
| 59 | | |
| 1,999 | |
| Other non-current
assets | |
| 6,573 | | |
| 7,572 | |
| Total non-current
assets | |
| 253,939 | | |
| 253,643 | |
| Current assets | |
| | | |
| | |
| Inventories | |
| 360,262 | | |
| 370,635 | |
| Trade and other receivables | |
| 7,521 | | |
| 11,819 | |
| Other assets | |
| 42,113 | | |
| 45,306 | |
| Cash and cash equivalents | |
| 30,136 | | |
| 15,107 | |
| Total current
assets | |
| 440,032 | | |
| 442,867 | |
| Total assets | |
| 693,970 | | |
| 696,511 | |
| | |
| | | |
| | |
| Shareholders’ equity and liabilities | |
| | | |
| | |
| Subscribed capital | |
| 1 | | |
| 1 | |
| Capital reserve | |
| 529,775 | | |
| 546,913 | |
| Accumulated Deficit | |
| (87,856 | ) | |
| (112,767 | ) |
| Accumulated other
comprehensive income | |
| 1,509 | | |
| 1,496 | |
| Total shareholders’
equity | |
| 443,429 | | |
| 435,643 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Provisions | |
| 2,646 | | |
| 2,789 | |
| Lease liabilities | |
| 49,518 | | |
| 40,483 | |
| Deferred income
tax liabilities | |
| 296 | | |
| 12 | |
| Total non-current
liabilities | |
| 52,459 | | |
| 43,284 | |
| Current liabilities | |
| | | |
| | |
| Tax liabilities | |
| 22,987 | | |
| 10,643 | |
| Lease liabilities | |
| 8,155 | | |
| 9,282 | |
| Contract liabilities | |
| 16,932 | | |
| 17,104 | |
| Trade and other payables | |
| 71,085 | | |
| 85,322 | |
| Other liabilities | |
| 78,924 | | |
| 95,235 | |
| Total current
liabilities | |
| 198,083 | | |
| 217,585 | |
| Total liabilities | |
| 250,542 | | |
| 260,867 | |
| Total shareholders’
equity and liabilities | |
| 693,970 | | |
| 696,511 | |
MYT Netherlands Parent B.V.
Consolidated Statements of Changes in Equity
(Amounts in € thousands)
| (in € thousands) | |
Subscribed
capital | | |
Capital
reserve | | |
Accumulated
deficit | | |
Foreign
currency
translation
reserve | | |
Total
shareholders’
equity | |
| Balance as of July 1, 2022 | |
| 1 | | |
| 498,872 | | |
| (70,837 | ) | |
| 1,528 | | |
| 429,564 | |
| Net loss | |
| - | | |
| - | | |
| (17,019 | ) | |
| - | | |
| (17,019 | ) |
| Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (19 | ) | |
| (19 | ) |
| Comprehensive
loss | |
| - | | |
| - | | |
| (17,019 | ) | |
| (19 | ) | |
| (17,038 | ) |
| Share options exercised | |
| - | | |
| 1,077 | | |
| - | | |
| - | | |
| 1,077 | |
| Share-based compensation | |
| - | | |
| 29,882 | | |
| - | | |
| - | | |
| 29,882 | |
| Reclassification
due to cash-settlement of Share-based compensation | |
| - | | |
| (57 | ) | |
| | | |
| | | |
| (57 | ) |
| Balance as of June 30, 2023 | |
| 1 | | |
| 529,775 | | |
| (87,856 | ) | |
| 1,509 | | |
| 443,429 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance as of July 1, 2023 | |
| 1 | | |
| 529,775 | | |
| (87,856 | ) | |
| 1,509 | | |
| 443,429 | |
| Net loss | |
| - | | |
| - | | |
| (24,911 | ) | |
| - | | |
| (24,911 | ) |
| Other comprehensive
loss | |
| - | | |
| - | | |
| - | | |
| (13 | ) | |
| (13 | ) |
| Comprehensive loss | |
| - | | |
| - | | |
| (24,911 | ) | |
| (13 | ) | |
| (24,923 | ) |
| Share-based compensation | |
| - | | |
| 18,508 | | |
| - | | |
| - | | |
| 18,508 | |
| Reclassification
due to cash-settlement of Share-based compensation | |
| | | |
| (1,370 | ) | |
| | | |
| | | |
| (1,370 | ) |
| Balance as of June 30, 2024 | |
| 1 | | |
| 546,913 | | |
| (112,767 | ) | |
| 1,496 | | |
| 435,643 | |
MYT Netherlands Parent B.V.
Consolidated Statements of Cash Flows
(Amounts in € thousands)
| (in € thousands) | |
2023 | | |
2024 | |
| Net loss | |
| (17,019 | ) | |
| (24,911 | ) |
| Adjustments for | |
| | | |
| | |
| Depreciation and amortization | |
| 11,653 | | |
| 15,205 | |
| Finance (income) costs,
net | |
| 2,460 | | |
| 4,772 | |
| Share-based compensation | |
| 29,963 | | |
| 18,370 | |
| Income tax expense | |
| 5,877 | | |
| (1,814 | ) |
| Change in operating assets and liabilities | |
| | | |
| | |
| (Increase) decrease
in inventories | |
| (130,118 | ) | |
| (10,374 | ) |
| (Increase) decrease
in trade and other receivables | |
| 755 | | |
| (4,293 | ) |
| Decrease (increase)
in other assets | |
| 14,077 | | |
| (3,609 | ) |
| (Decrease) increase
in other liabilities | |
| 4,047 | | |
| 15,022 | |
| Increase (decrease)
in contract liabilities | |
| 3,287 | | |
| 172 | |
| Increase (decrease)
in trade and other payables | |
| 25,886 | | |
| 14,233 | |
| Income taxes paid | |
| (5,918 | ) | |
| (12,758 | ) |
| Net cash provided
by (used in) operating activities | |
| (55,050 | ) | |
| 10,015 | |
| Expenditure for property and equipment
and intangible assets | |
| (22,760 | ) | |
| (11,809 | ) |
| Proceeds from sale
of property and equipment | |
| 2 | | |
| - | |
| Net cash provided
by (used in) investing activities | |
| (22,758 | ) | |
| (11,809 | ) |
| Interest paid | |
| (2,460 | ) | |
| (5,352 | ) |
| Proceeds from exercise of option awards | |
| 1,077 | | |
| - | |
| Lease payments | |
| (4,059 | ) | |
| (7,925 | ) |
| Net cash provided
by (used in) financing activities | |
| (5,442 | ) | |
| (13,277 | ) |
| Net increase
(decrease) in cash and cash equivalents | |
| (83,250 | ) | |
| (15,071 | ) |
| Cash and
cash equivalents at the beginning of the period | |
| 113,507 | | |
| 30,136 | |
| Effects of
exchange rate changes on cash and cash equivalents | |
| (122 | ) | |
| 42 | |
| Cash and
cash equivalents at end of the period | |
| 30,135 | | |
| 15,107 | |
Grafico Azioni MYT Netherlands Parent BV (NYSE:MYTE)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni MYT Netherlands Parent BV (NYSE:MYTE)
Storico
Da Gen 2024 a Gen 2025
