Cazoo Announces First Half 2021 Financial Results
Record performance with
Summary Results |
||||||
|
H1 2021
|
H1 2020
|
Change |
|||
Vehicles Sold |
20,454 |
4,084 |
+ |
|||
Retail |
16,557 |
3,234 |
+ |
|||
Wholesale |
3,897 |
850 |
+ |
|||
Revenue (£m)1 |
248 |
40 |
+ |
|||
Retail (£m) |
208 |
37 |
+ |
|||
Wholesale (£m) |
13 |
2 |
+ |
|||
Other (£m) |
27 |
1 |
+5, |
|||
Retail GPU (£)2 |
315 |
(355) |
+670 |
|||
Gross Profit (£m) |
11 |
(1) |
12 |
|||
Gross Margin (%) |
|
( |
+ |
|||
Adj. EBITDA (£m)3 |
(69) |
(27) |
(42) |
|||
Adj. EBITDA Margin (%)3 |
( |
( |
+ |
|||
Net Income (£m) |
(102) |
(31) |
(71) |
1 ‘Retail revenue’ excludes
2 Retail GPU (Gross Profit per Unit) is derived from retail and ancillary product revenues, divided by retail units sold (net of returns).
3 Adjusted EBITDA is defined as loss for the period adjusted for tax credits, finance income/expense, depreciation and amortization, share based payment expense and exceptional costs.
H1 2021 Financial highlights
-
Revenue increased
521% to£248 million in H1, driven by strong retail sales growth -
Vehicles sold up
401% to 20,454 in H1 as strong demand for proposition continues -
Retail GPU at
£315 in H1, up by£670 YoY due to continued operational efficiencies -
Gross profit at
£11 million and gross margin up9% pts YoY due to increased scale
H1 2021 Strategic highlights
- Successfully completed 3 acquisitions during H1 to accelerate growth strategy
-
Brought
UK reconditioning in-house giving full control of refurbishment operations -
Scaled buying and operations in
Germany &France ahead of launch later this year -
Launched car subscription service in
UK offering all-inclusive single monthly payment
Since the end of the period
-
Completed business combination with Ajax I and listing on
New York Stock Exchange - Successfully launched ‘car buying’ service, purchasing vehicles directly from consumers
- Acquired leading automotive data insights platform, Cazana, enhancing data capabilities
- Acquired SMH, one of the UK’s leading vehicle preparation, logistics & storage businesses
Alex Chesterman OBE, Founder & CEO of
“Following our acquisition of SFS in Q1 we brought vehicle reconditioning fully in-house in the
“Since the end of the period we completed our listing on the NYSE, raising proceeds of approximately
About
Our mission is to transform the car buying and selling experience across the
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of
Non-IFRS Financial Measures
In addition to Cazoo’s results determined in accordance with IFRS, the Company believe that Adjusted EBITDA provides useful information for management and investors to assess the underlying performance of the business as it removes the effect of certain non-cash items and certain charges that are not indicative of Cazoo’s core operating performance or results of operations.
Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other IFRS financial measures, such as net loss. Some of the limitations of Adjusted EBITDA include that it does not reflect the impact of working capital requirements or capital expenditures and other companies in Cazoo’s industry may calculate Adjusted EBITDA differently, or use a different accounting standard such as
Adjusted EBITDA is defined as loss for the period adjusted for tax credits, finance income/expense, depreciation and amortization, share based payment expense and exceptional costs.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
|
||||||
|
||||||
|
|
Jun-21
|
|
Jun-20
|
Change
|
|
Revenue1 |
248 |
40 |
208 |
|||
Cost of sales |
(237) |
(41) |
(196) |
|||
Gross profit/(loss) |
11 |
(1) |
12 |
|||
|
||||||
Marketing expenses |
(29) |
(10) |
(19) |
|||
Selling and distribution expenses |
(20) |
(5) |
(15) |
|||
Administrative expenses |
(70) |
(14) |
(56) |
|||
Loss from operations |
(108) |
(30) |
(78) |
|||
|
||||||
Net finance expense |
(1) |
(1) |
- |
|||
|
||||||
Loss before tax |
(109) |
(31) |
(78) |
|||
|
||||||
Tax credit |
7 |
- |
7 |
|||
|
||||||
Loss for the period |
(102) |
(31) |
(71) |
1 Revenue excludes
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||
|
||||
|
|
Jun-21
|
|
Dec-20
|
Assets |
|
|||
Non‑current assets |
|
|||
Property, plant and equipment |
|
183 |
86 |
|
Intangible assets |
|
155 |
26 |
|
Trade and other receivables |
|
9 |
7 |
|
|
347 |
119 |
||
Current assets |
|
|||
Inventory |
|
127 |
115 |
|
Trade and other receivables |
|
39 |
29 |
|
Cash and cash equivalents |
|
60 |
244 |
|
|
226 |
388 |
||
|
|
|
|
|
Total assets |
|
573 |
507 |
|
|
||||
Liabilities |
|
|||
Current liabilities |
|
|||
Trade and other payables |
|
77 |
35 |
|
Loans, borrowings and warrants |
|
137 |
95 |
|
|
214 |
130 |
||
Non-current liabilities |
|
|||
Provisions |
|
4 |
3 |
|
Loans and borrowings |
|
49 |
44 |
|
|
53 |
47 |
||
|
||||
Total liabilities |
|
267 |
177 |
|
|
||||
Net assets |
|
306 |
330 |
|
|
||||
Equity |
|
|
|
|
Share capital |
|
- |
- |
|
Share premium |
|
331 |
266 |
|
Merger reserve |
|
181 |
181 |
|
Retained earnings |
|
(206) |
(117) |
|
|
||||
Total equity |
|
306 |
330 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||
|
|
Jun-21
|
|
Jun-20
|
Cash flows from operating activities |
||||
Loss for the period |
(102) |
(31) |
||
|
||||
Adjustments for: |
||||
Depreciation and amortization |
15 |
3 |
||
Net finance expense |
1 |
1 |
||
Share‑based payment expense |
13 |
- |
||
Tax credit |
(7) |
- |
||
|
(80) |
(27) |
||
|
||||
Working capital movements |
25 |
(4) |
||
|
||||
Net cash used in operating activities |
(55) |
(31) |
||
|
||||
Cash flows from investing activities |
||||
Purchases of property, plant and equipment |
(35) |
(1) |
||
Purchases and development of intangible fixed assets |
(5) |
(1) |
||
Acquisition of subsidiaries, net of cash acquired |
(80) |
- |
||
|
|
|
|
|
Net cash used in investing activities |
(120) |
(2) |
||
|
||||
Cash flows from financing activities |
||||
Proceeds from issue of shares |
- |
125 |
||
Proceeds from stocking loans |
217 |
49 |
||
Repayment of stocking loans |
(218) |
(49) |
||
Repayment of mortgages and lease payments |
(6) |
(3) |
||
Interest paid |
(2) |
(1) |
||
|
||||
Net cash used in financing activities |
(9) |
121 |
||
|
||||
Net cash increase/(decrease) in cash and cash equivalents |
(184) |
88 |
||
Cash and cash equivalents at the beginning of the period |
244 |
35 |
||
|
||||
Cash and cash equivalents at the end of the period |
60 |
123 |
EBITDA RECONCILIATION |
|||
Reconciliation of loss for the period to adjusted EBITDA |
|||
|
|
Jun-21
|
Jun-20
|
Loss for the period |
|
(102) |
(31) |
|
|||
Adjustments: |
|
||
Tax credit |
|
(7) |
- |
Net finance expense |
|
1 |
1 |
Depreciation and amortization |
|
15 |
3 |
Share-based payment expense |
|
13 |
- |
Exceptional costs |
|
11 |
- |
Total adjustments |
|
33 |
4 |
|
|||
Adjusted EBITDA |
|
(69) |
(27) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210928005597/en/
Investor Relations:
ICR: cazoo@icrinc.com
Media:
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