DGAP-News: mymuesli GmbH
/ Key word(s): Annual Results
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mymuesli reports strong and profitable growth in 2020. Digital-first strategy boosts growth during COVID-19 pandemic
Passau, 11 June 2021 - mymuesli GmbH ("mymuesli"), Europe's digitally native cereal brand, today announced its results for the financial year ended 31 December 2020, demonstrating continued growth and significant improvements in profitability. Benefitting from its digital-first strategy and the continued shift from offline to online, mymuesli reported a 15.7 % increase in sales revenues to € 80.3 million (FY 2019: € 69.4 million) and a 369% increase in adjusted EBITDA to € 5.0 million (FY 2019: € 1.1 million).
The strong growth and profitability at mymuesli was driven primarily by continued gains in the company's dominant online sales channel, where sales revenues rose 33.2% year-over-year from € 43.9 million in 2019 to € 58.4 million in 2020, representing 72.8% of group sales revenues. In 2020, mymuesli's customer base included 989 thousand active online customers (up 27.9% from a year earlier). mymuesli's B2B/Retail sales channel, which accounted for 19.5% of group sales revenues in 2020, generated sales revenues of € 15.7 million. Impacted by the effects of the COVID-19 pandemic, sales revenues from mymuesli's store sales channel declined by 33.9% to € 6.2 million in 2020.
Hubertus Bessau, managing director and co-founder of mymuesli: "The strong online performance in 2020 underlines the enormous potential of our unique business model. We have refocused our business to pursue a clear online-first strategy and the results we are reporting today show that we are on the right track. Online penetration in the food market is still at an early stage, and this is where we see great opportunities for us."
Expecting that the trend from offline to online purchases will continue to grow, mymuesli decided in February 2021 to fully focus on its online strategy and to almost completely exit its store sales channel, keeping three stores in Passau, Munich and Geislingen, Germany.
mymuesli believes it operates with a unique business model in the the global food market, which is the largest market for consumer spending. Within this market, the estimated size of the global breakfast cereals market amounts to € 62,196 million in 2021. While breakfast cereals remain the main product category with 83% sales revenues share in 2020, mymuesli over the years expanded its product range based on its direct-to-consumer ("DTC") and food customization approach.
The producer of organic foods has complemented its core cereals offering with additional categories around breakfast and healthy snacking, tea under our brand "Tree of Tea" and plant-based milk alternatives under our brand "Nilk". In 2020, 36.7% of mymuesli's online sales revenues were generated by product innovations that were launched in the previous twelve months (including updated and improved products), providing significant growth potential in the future.
Franky Das, CFO of mymuesli: "We believe mymuesli to be one of the pioneers of food customization. Based on our data-driven, costumer-focused approach, we will continue to focus on enabling customers to determine their own nutrition and aim to become the leading DTC hub for a wide variety of customized food."
While the international online business posted disproportionately strong growth in 2020, from a geographical perspective the core markets of Germany, Austria, and Switzerland (DACH region) accounted for 92.4% of sales revenues. In addition, mymuesli is active in six other European countries.
Sailerwöhr 16, 94032 Passau, Germany
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Certain statements contained herein may constitute "forward-looking statements". Forward-looking statements are based on the current views, expectations, assumptions and information of the management of the company. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this release or the underlying assumptions. The company does not assume any obligations to update any forward-looking statements. Moreover, it should be noted that all forward looking statements only speak as of the date of this release and that the company assumes no obligation, except as required by law, to update any forward looking statement or to conform any such statement to actual events or developments.
Certain financial information (including percentages) in this release has been rounded in accordance with generally accepted accounting principles. As a result, certain amounts (including percentages) in this release may have been calculated based on the underlying unrounded financial information.
 Defined as as the number of customers that placed at least one order in the measurement period. Cancelled orders are not included.
11.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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