Jumia Technologies AG (NYSE: JMIA) ("Jumia" or the "Company") announced today its financial results for the quarter ended September 30, 2020.
Results highlights
"We are making significant progress on our path to profitability with Adjusted EBITDA loss in the third quarter of 2020 decreasing by 50% year-over-year", commented Jeremy Hodara and Sacha Poignonnec, Co-Chief Executive Officers of Jumia.
"Having established Jumia as the leading pan-African e-commerce platform, we have focused over the past 12 months on firmly advancing towards breakeven. The significant progress achieved was mostly attributable to the thorough work we have done on the fundamentals of our business, with limited support from external factors such as COVID-19. The business mix rebalancing initiated late last year has increased our exposure to everyday product categories and, combined with enhanced promotional discipline, supported unit economics. In addition, we made multiple enhancements across our logistics and marketing operations that led to a decrease in fulfillment and marketing expenses for the third quarter of 2020 by 20% and 55% respectively, on a year-over-year basis. The portfolio optimization completed last year, along with overhead rationalization, contributed to a decrease in G&A costs excluding share-based compensation of 24% year-over-year in the third quarter of 2020. Lastly, we continued to drive robust growth of JumiaPay by more than doubling the penetration of JumiaPay TPV to over 25% of GMV in the third quarter of 2020, a clear sign of our ability to drive pre-payment adoption on our platform efficiently. We believe the fundamentals of our business have never been stronger, setting a robust foundation for the long term, profitable growth of Jumia."
THIRD QUARTER 2020 ? SELECTED BUSINESS HIGHLIGHTS
Brand momentum
Cost efficiencies
JumiaPay development
Commitment to community
SELECTED OPERATIONAL KPIs
1. Marketplace KPIs
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For the three months ended |
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For the nine months ended |
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September 30, |
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YoY |
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September 30, |
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YoY |
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2019 |
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2020 |
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Change |
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2019 |
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2020 |
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Change |
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Annual Active Consumers (mm) |
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5.5 |
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6.7 |
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22.8 |
% |
5.5 |
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6.7 |
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22.8 |
% |
Orders (mm) |
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7.0 |
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6.6 |
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(5.0) |
% |
18.3 |
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19.8 |
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8.6 |
% |
GMV (? mm) |
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261.1 |
(1) |
187.3 |
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(28.3) |
% |
738.1 |
(1) |
605.3 |
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(18.0) |
% |
(1) Adjusted for perimeter changes: exit of Cameroon, Rwanda, Tanzania and the travel activities and improper sales practices.
2. JumiaPay KPIs
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For the three months ended |
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For the nine months ended |
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September 30, |
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YoY |
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September 30, |
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YoY |
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2019 |
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2020 |
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Change |
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2019 |
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2020 |
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Change |
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TPV (? million) |
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32.0 |
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48.0 |
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50.3 |
% |
78.7 |
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137.1 |
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74.3 |
% |
JumiaPay Transactions (million) |
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2.1 |
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2.3 |
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5.9 |
% |
5.2 |
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6.9 |
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34.0 |
% |
SELECTED FINANCIAL INFORMATION
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For the three months ended |
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For the nine months ended |
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September 30, |
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YoY |
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September 30, |
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YoY |
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(? million) |
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2019 |
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2020 |
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Change |
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2019 |
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2020 |
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Change |
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Revenue |
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40.9 |
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33.7 |
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(17.7) |
% |
111.1 |
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97.9 |
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(11.9) |
% |
Marketplace revenue |
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19.7 |
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23.4 |
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18.9 |
% |
52.4 |
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66.1 |
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26.1 |
% |
Commissions |
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6.1 |
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8.7 |
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43.2 |
% |
16.6 |
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24.7 |
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48.6 |
% |
Fulfillment |
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7.3 |
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8.3 |
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13.0 |
% |
18.0 |
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22.3 |
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24.1 |
% |
Marketing & Advertising |
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1.6 |
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1.5 |
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(2.2) |
% |
3.8 |
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4.7 |
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24.6 |
% |
Value Added Services |
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4.7 |
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4.9 |
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3.6 |
% |
14.0 |
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14.4 |
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2.3 |
% |
First Party revenue |
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21.0 |
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9.8 |
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(53.3) |
% |
58.1 |
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30.7 |
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(47.2) |
% |
Platform revenue |
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40.7 |
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33.2 |
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(18.4) |
% |
110.6 |
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96.8 |
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(12.5) |
% |
Non-Platform revenue |
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0.3 |
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0.5 |
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88.3 |
% |
0.6 |
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1.1 |
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86.1 |
% |
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Gross Profit |
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19.0 |
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23.2 |
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22.5 |
% |
51.1 |
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64.9 |
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27.1 |
% |
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Fulfillment expense |
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(20.7) |
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(16.6) |
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(19.7) |
% |
(53.5) |
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(49.8) |
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(6.9) |
% |
Sales & Advertising expense |
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(13.8) |
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(6.2) |
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(55.1) |
% |
(40.5) |
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(22.3) |
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(45.0) |
% |
Technology and Content expense |
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(7.0) |
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(6.3) |
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(9.6) |
% |
(19.5) |
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(20.5) |
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5.1 |
% |
General and Administrative expense ("G&A") |
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(32.7) |
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(22.7) |
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(30.4) |
% |
(105.3) |
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(84.2) |
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(20.1) |
% |
of which Share Based Compensation ("SBC") |
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(7.1) |
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(3.4) |
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(51.9) |
% |
(31.9) |
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(12.0) |
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(62.4) |
% |
G&A expense, excluding SBC |
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(25.6) |
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(19.3) |
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(24.5) |
% |
(73.4) |
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(72.2) |
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(1.6) |
% |
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Adjusted EBITDA |
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(45.4) |
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(22.7) |
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(50.1) |
% |
(129.3) |
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(91.2) |
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(29.5) |
% |
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Operating loss |
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(54.6) |
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(28.0) |
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(48.8) |
% |
(166.8) |
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(109.3) |
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(34.5) |
% |
Revenue
Gross Profit
Gross profit increased by 22% to ?23.2 million in the third quarter of 2020 from ?19.0 million in the third quarter of 2019 as a result of the increase in Marketplace revenue.
Fulfillment Expense
Sales & Advertising Expense
General and Administrative Expense
General & Administrative expense, excluding SBC, reached ?19.3 million, down 24% on a year-over-year basis. This was partly a result of staff costs reductions and professional fees savings, largely attributable to the portfolio optimization and cost rationalization initiatives undertaken in late 2019.
Operating loss
Operating loss was ?28.0 million in the third quarter of 2020 while Adjusted EBITDA loss was ?22.7 million, decreasing by 49% and 50% on a year-over-year basis respectively, demonstrating meaningful progress on our path to profitability.
Cash Position
At the end of September 30, 2020, we had ?147.1 million of cash on our balance sheet. During the third quarter of 2020, cash utilization was ?27.2 million due to a net decrease in Cash & Cash equivalents of ?22.1 million, down 52% year-over-year, and effects of exchange rate changes on Cash & Cash equivalents of ?5.1 million largely attributable to translation effects on cash held in USD.
GUIDANCE
Our focus continues to be on making further progress towards breakeven and we remain committed to reducing our Adjusted EBITDA loss in absolute terms in the fourth quarter of 2020 compared to the fourth quarter of 2019.
The ongoing COVID-19 pandemic as well as the ensuing economic challenges result in substantial uncertainty concerning our operating environment and financial outlook. This may be further exacerbated by instances of social protests, as experienced in Nigeria over the course of October as part of the End SARS campaign.
These external factors, combined with continued focus on cost efficiency and, to a lesser extent, the continued effects of the business mix rebalancing, are likely to drive continued volatility across some of our key performance indicators.
CONFERENCE CALL AND WEBCAST INFORMATION
Jumia will host a conference call today, November 10, 2020 at 8:30 a.m. U.S. Eastern Time to discuss Jumia's results. Details of the conference call are as follows:
Participant Dial in (Toll Free): 1-844-750-4870
Participant International Dial in: 1-412-317-6016
Canada Toll Free: 1-855-669-9657
UK Toll Free: 0800-279-9489
A live webcast of the earnings conference call can be accessed on the Jumia Investor Relations website: https://investor.jumia.com/
An archived webcast will be available following the call.
(UNAUDITED)
Interim condensed consolidated statement of comprehensive income as of September 30, 2019 and 2020
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For the three months ended |
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For the nine months ended |
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September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
In thousands of EUR |
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2019 |
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2020 |
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2019 |
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2020 |
Revenue |
|
40,916 |
|
33,672 |
|
111,132 |
|
97,863 |
Cost of revenue |
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21,937 |
|
10,425 |
|
60,066 |
|
32,952 |
Gross profit |
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18,979 |
|
23,247 |
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51,066 |
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64,911 |
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Fulfillment expense |
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20,707 |
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16,623 |
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53,512 |
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49,818 |
Sale and advertising expense |
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13,775 |
|
6,190 |
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40,529 |
|
22,284 |
Technology and content expense |
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6,984 |
|
6,312 |
|
19,544 |
|
20,540 |
General and administrative expense |
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32,660 |
|
22,724 |
|
105,325 |
|
84,186 |
Other operating income |
|
713 |
|
648 |
|
1,392 |
|
2,801 |
Other operating expense |
|
177 |
|
1 |
|
308 |
|
154 |
Operating loss |
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(54,611) |
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(27,955) |
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(166,760) |
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(109,270) |
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Finance income |
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4,390 |
|
1,036 |
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4,912 |
|
2,969 |
Finance costs, net |
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(103) |
|
4,674 |
|
1,573 |
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6,339 |
Loss before Income tax |
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(50,118) |
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(31,593) |
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(163,421) |
|
(112,640) |
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|
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|
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Income tax expense |
|
(208) |
|
793 |
|
53 |
|
1,387 |
Loss for the period |
|
(49,910) |
|
(32,386) |
|
(163,474) |
|
(114,027) |
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|
Attributable to: |
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Equity holders of the Company |
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(49,817) |
|
(32,323) |
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(163,228) |
|
(113,845) |
Non-controlling interests |
|
(93) |
|
(63) |
|
(246) |
|
(182) |
Loss for the period |
|
(49,910) |
|
(32,386) |
|
(163,474) |
|
(114,027) |
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|
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|
|
Other comprehensive income/loss to be classified to profit or loss in subsequent periods |
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations - net of tax |
|
(19,772) |
|
18,197 |
|
(30,279) |
|
48,049 |
Other comprehensive income / (loss) on net investment in foreign operations - net of tax |
|
20,525 |
|
(18,665) |
|
31,310 |
|
(49,154) |
Other comprehensive income / (loss) |
|
753 |
|
(468) |
|
1,031 |
|
(1,105) |
Total comprehensive loss for the period |
|
(49,157) |
|
(32,854) |
|
(162,443) |
|
(115,132) |
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|
|
|
|
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|
|
Attributable to: |
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
(49,064) |
|
(32,794) |
|
(162,197) |
|
(114,950) |
Non-controlling interests |
|
(93) |
|
(60) |
|
(246) |
|
(182) |
Total comprehensive loss for the period |
|
(49,157) |
|
(32,854) |
|
(162,443) |
|
(115,132) |
(UNAUDITED)
Interim condensed consolidated statement of financial position as of December 31, 2019 and September 30, 2020
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As of |
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|
|
December 31, |
|
September 30, |
In thousands of EUR |
|
2019 |
|
2020 |
Assets |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property and equipment |
|
17,434 |
|
15,509 |
Intangible assets |
|
47 |
|
507 |
Deferred tax assets |
|
109 |
|
102 |
Other non-current assets |
|
1,508 |
|
1,352 |
Total Non-current assets |
|
19,098 |
|
17,470 |
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
9,996 |
|
7,688 |
Trade and other receivables |
|
16,936 |
|
10,070 |
Income tax receivables |
|
725 |
|
938 |
Other taxes receivables |
|
5,395 |
|
5,255 |
Prepaid expenses |
|
12,593 |
|
5,995 |
Term deposits and other current assets |
|
62,418 |
|
1,039 |
Cash and cash equivalents |
|
170,021 |
|
147,149 |
Total Current assets |
|
278,084 |
|
178,134 |
Total Assets |
|
297,182 |
|
195,604 |
|
|
|
|
|
Equity and Liabilities |
|
|
|
|
|
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|
|
Equity |
|
|
|
|
Share capital |
|
156,816 |
|
162,162 |
Share premium |
|
1,018,276 |
|
1,018,276 |
Other reserves |
|
104,114 |
|
108,776 |
Accumulated losses |
|
(1,096,134) |
|
(1,210,421) |
Equity attributable to the equity holders of the Company |
|
183,072 |
|
78,793 |
Non-controlling interests |
|
(498) |
|
(675) |
Total Equity |
|
182,574 |
|
78,118 |
|
|
|
|
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Non-current borrowings |
|
6,127 |
|
6,786 |
Provisions for liabilities and other charges ? non-current |
|
226 |
|
308 |
Deferred income ? non-current |
|
1,201 |
|
923 |
Total Non-current liabilities |
|
7,554 |
|
8,017 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Current borrowings |
|
3,056 |
|
2,573 |
Trade and other payables |
|
56,438 |
|
52,405 |
Income tax payables |
|
10,056 |
|
10,245 |
Other taxes payable |
|
4,473 |
|
9,058 |
Provisions for liabilities and other charges |
|
27,040 |
|
30,630 |
Deferred income |
|
5,991 |
|
4,558 |
Total Current liabilities |
|
107,054 |
|
109,469 |
Total Liabilities |
|
114,608 |
|
117,486 |
Total Equity and Liabilities |
|
297,182 |
|
195,604 |
(UNAUDITED)
Interim condensed consolidated statement of cash flows as of September 30, 2019 and 2020
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|
|
|
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|
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For the three months ended |
|
For the nine months ended |
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|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
In thousands of EUR |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
Loss before Income tax |
|
(50,118) |
|
(31,593) |
|
(163,421) |
|
(112,640) |
Depreciation and amortization of tangible and intangible assets |
|
2,054 |
|
1,893 |
|
5,528 |
|
6,106 |
Impairment losses on loans, receivables and other assets |
|
559 |
|
288 |
|
2,607 |
|
3,538 |
Impairment losses on obsolete inventories |
|
374 |
|
208 |
|
727 |
|
600 |
Share-based payment expense |
|
7,100 |
|
3,418 |
|
31,934 |
|
11,998 |
Net (gain)/loss from disposal of tangible and intangible assets |
|
(5) |
|
1 |
|
(170) |
|
11 |
Net (gain)/loss from disposal of financial assets at amortized cost |
|
? |
|
? |
|
6 |
|
? |
Impairment losses on investment in subsidiaries |
|
28 |
|
? |
|
28 |
|
? |
Change in provision for other liabilities and charges |
|
1,493 |
|
(2,957) |
|
3,039 |
|
4,027 |
Lease modification (income)/expense |
|
? |
|
(57) |
|
? |
|
(57) |
Interest (income)/expenses |
|
(498) |
|
222 |
|
(302) |
|
374 |
Net unrealized foreign exchange (gain)/loss |
|
(3,910) |
|
4,292 |
|
(3,022) |
|
4,361 |
(Increase)/Decrease in trade and other receivables, prepayments and VAT receivables |
|
6,248 |
|
2,801 |
|
(6,188) |
|
9,460 |
(Increase)/Decrease in inventories |
|
3,275 |
|
1,120 |
|
(1,516) |
|
327 |
Increase/(Decrease) in trade and other payables, deferred income and VAT payables |
|
(9,136) |
|
179 |
|
390 |
|
1,396 |
Income taxes paid |
|
(145) |
|
(449) |
|
(1,271) |
|
(1,396) |
Net cash flows used in operating activities |
|
(42,681) |
|
(20,634) |
|
(131,631) |
|
(71,895) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(1,481) |
|
(436) |
|
(3,608) |
|
(1,348) |
Proceeds from disposal of property and equipment |
|
3 |
|
? |
|
12 |
|
3 |
Purchase of intangible assets |
|
(30) |
|
(487) |
|
(31) |
|
(496) |
Proceeds from sale of intangible assets |
|
3 |
|
? |
|
222 |
|
? |
Payment for acquisition of subsidiary, net of cash acquired |
|
9 |
|
? |
|
7 |
|
? |
Interest received |
|
45 |
|
524 |
|
533 |
|
651 |
Movement in other non-current assets |
|
(6) |
|
? |
|
(184) |
|
78 |
Movement in term deposits and other current assets |
|
? |
|
(392) |
|
(62,715) |
|
61,675 |
Net cash flows (used in) / from investing activities |
|
(1,457) |
|
(791) |
|
(65,764) |
|
60,563 |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Repayment of borrowings |
|
(5) |
|
? |
|
(5) |
|
? |
Interest settled - financing |
|
(78) |
|
20 |
|
(78) |
|
(27) |
Repayment of lease interest |
|
67 |
|
(323) |
|
(700) |
|
(985) |
Repayment of lease liabilities |
|
(1,210) |
|
(518) |
|
(2,547) |
|
(3,046) |
Equity transaction costs |
|
(1,109) |
|
(118) |
|
(4,856) |
|
(426) |
Capital contributions |
|
5 |
|
? |
|
329,178 |
|
? |
Proceeds from exercise of share options |
|
? |
|
260 |
|
? |
|
571 |
Net cash flows (used in) / from financing activities |
|
(2,330) |
|
(679) |
|
320,992 |
|
(3,913) |
Net decrease/increase in cash and cash equivalents |
|
(46,468) |
|
(22,104) |
|
123,597 |
|
(15,245) |
Effect of exchange rate changes on cash and cash equivalents |
|
2,145 |
|
(5,073) |
|
2,841 |
|
(7,627) |
Cash and cash equivalents at the beginning of the period |
|
271,396 |
|
174,326 |
|
100,635 |
|
170,021 |
Cash and cash equivalents at the end of the period |
|
227,073 |
|
147,149 |
|
227,073 |
|
147,149 |
Forward Looking Statements
This release includes forward-looking statements. All statements other than statements of historical facts contained in this release, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "believes," "estimates", "potential" or "continue" or the negative of these terms or other similar expressions that are intended to identify forward-looking statements. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement, including, without limitation, the risks described under Item 3. "Key Information?D. Risk Factors," in our Annual Report on Form 20-F as filed with the US Securities and Exchange Commission. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.
The forward-looking statements included in this release are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor our advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Neither we nor our advisors undertake any obligation to update any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations, except as may be required by law. You should read this release with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.
Non-IFRS and Other Financial and Operating Metrics
Changes, percentages, ratios and aggregate amounts presented have been calculated on the basis of unrounded figures.
This release includes certain financial measures and metrics not based on IFRS, including Adjusted EBITDA, as well as operating metrics, including Annual Active Consumers, Orders and GMV. We define Annual Active Consumers, Orders, GMV, Total Payment Volume, JumiaPay Transactions and Adjusted EBITDA as follows:
Annual Active Consumers means unique consumers who placed an order for a product or a service on our platform, within the 12-month period preceding the relevant date, irrespective of cancellations or returns.
We believe that Annual Active Consumers is a useful indicator for adoption of our offering by consumers in our markets.
Orders corresponds to the total number of orders for products and services on our platform, irrespective of cancellations or returns, for the relevant period.
We believe that the number of orders is a useful indicator to measure the total usage of our platform, irrespective of the monetary value of the individual transactions.
GMV corresponds to the total value of orders for products and services, including shipping fees, value added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns for the relevant period.
We believe that GMV is a useful indicator for the value transacted on our platform that is not influenced by shifts in our sales between first-party and third-party sales or the method of payment.
We use Annual Active Consumers, Orders and GMV as some of many indicators to monitor usage of our platform.
Total Payment Volume ("TPV") corresponds to the total value of orders for products and services completed using JumiaPay including shipping fees, value-added tax, and before deductions of any discounts or vouchers, irrespective of cancellations or returns, for the relevant period.
We believe that TPV provides a useful indicator of the development, and adoption by consumers, of our payment services offerings.
JumiaPay Transactions corresponds to the total number of orders for products and service completed using JumiaPay, irrespective of cancellations or returns, for the relevant period.
We believe that JumiaPay Transactions provides a useful indicator of the development, and adoption by consumers, of our payment services offerings for orders on our platform irrespective of the monetary value of the individual transactions.
We use TPV and the number of JumiaPay Transactions to measure the development of our payment services.
Adjusted EBITDA corresponds to loss for the period, adjusted for income tax expense, finance income, finance costs, depreciation and amortization and share-based payment expense.
Adjusted EBITDA is a supplemental non-IFRS measure of our operating performance that is not required by, or presented in accordance with, IFRS. Adjusted EBITDA is not a measurement of our financial performance under IFRS and should not be considered as an alternative to loss for the period, loss before income tax or any other performance measure derived in accordance with IFRS. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate Adjusted EBITDA in the same manner. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. Management believes that investors' understanding of our performance is enhanced by including non-IFRS financial measures as a reasonable basis for comparing our ongoing results of operations. By providing this non-IFRS financial measure, together with a reconciliation to the nearest IFRS financial measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Management uses Adjusted EBITDA:
Items excluded from this non-IFRS measure are significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for analysis of our results reported in accordance with IFRS, including loss for the period. Some of the limitations are:
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these and other limitations by providing a reconciliation of Adjusted EBITDA to the most directly comparable IFRS financial measure, loss for the period.
The following table provides a reconciliation of loss for the period to Adjusted EBITDA for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
||||
|
|
September 30, |
|
September 30, |
||||
(? million) |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
Loss for the period |
|
(49.9) |
|
(32.4) |
|
(163.5) |
|
(114.0) |
Income tax expense |
|
(0.2) |
|
0.8 |
|
0.1 |
|
1.4 |
Net Finance costs / (income) |
|
(4.5) |
|
3.6 |
|
(3.3) |
|
3.4 |
Depreciation and amortization |
|
2.1 |
|
1.9 |
|
5.6 |
|
6.1 |
Share-based payment expense |
|
7.1 |
|
3.4 |
|
31.9 |
|
12.0 |
Adjusted EBITDA |
|
(45.4) |
|
(22.7) |
|
(129.3) |
|
(91.2) |
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