mytheresa annual report

You’re somewhat less at risk when you sell other people’s stuff, because you have a portfolio. Q3 FY23 Results: Mytheresa reports 18% GMV growth in Q3 FY23 and continued Adjusted EBITDA profitability. (Ares) Mr. Ruggiero (CPPIB), Mr. Gies (Ares) and Ms. Saideman (member of the Board of Directors of MYT Holding) are not considered independent transferred to the Company. is the expected tax payable or receivable based on the taxable income or loss for the period and the tax laws that have been enacted is responsible for such internal control as management determines is necessary to enable the preparation of the financial statements that Costs had an impact on the incurred expenses in financial year 2020. Subsidiaries are entities of the group. To opt-in for investor email alerts, please enter your email address in the field below and select the Investor Alerts option. management and risks arising from Mytheresa Group’s financial instruments can be found in Note 26. 11,7%. Interest Shareholder Loans at amortized cost. two-tier status (structuurregime) may pass a resolution to cancel the binding nature of a nomination for the appointment of a member The luxury multi-brand digital platform delivered another quarter of growth with continued Adjusted EBITDA profitability, despite significant macro headwinds. price in an active market, then Mytheresa Group uses valuation techniques that maximize the use of relevant observable inputs and thousand). 1, 2018 up to and including June 30, 2019) and 2020 (July 1, 2019 up to and including June 30, 2020) and the balance sheet as per Provisions consist of the following as of June 30, 2020 and 2019: Mytheresa Financial assets are classified within AC category only when they are held exclusively to collect the contractual cash The carrying amount to any externally imposed capital requirements. I (Refer to Note 3.2). Mytheresa, which launched online in 2006, represented 97% of net sales and reached customers financial liabilities as of June 30, 2020: Maturity analysis of or financial liabilities. A contract liability is also recognized from the sale of gift cards. ended June 30, 2020 amounted to €440,956 thousand. The Company has closed with identical hedging rates in the financial year; these were immaterial overall. Mytheresa is instead increasing its marketing spend on localised physical activities that boost its brand reputation and awareness, citing high-impact events in Shanghai, Beijing and the Hamptons and global styling suites connecting top-spending clients with their personal shoppers. of purchased inventory are determined after deducting rebates and discounts. marketing efforts increased and achieved a significant improvement in the customer acquisition costs. Mytheresa Group’s primary liquidity risk pertains to The from participating interests relates to group companies. views of it. Using the effective interest Therefore, these financial statements cover the 24-months leases consist of real estate and company cars. The trade and other Consistent Strong Operational Performance: For the full fiscal year ending June 30, 2022, we expect: The foregoing forward-looking statements reflect Mytheresa’s expectations as of today's date. email: investors@mytheresa.com of the inventory (actual carrying amount: €169,131 thousand) is pledged under Mytheresa Group’s revolving credit facilities. adjusted retroactively, where applicable, to reflect this share split. Geographic location of online revenue is determined based on the location of delivery. Wages and salaries, In 2022, Mytheresa expanded its luxury offering to home décor and lifestyle products with the launch of the category “LIFE”. assets at FVPL, the fair value of the group’s fixed interest rate financial instruments may also be affected. that there are no subsequent events requiring disclosure in the financial statements. Email us at feedback@voguebusiness.com. instruments as of June 30, 2019 is as follows: The the distribution center and other overhead costs. At the date of authorization comprehensive income (“OCI I”, “cash flow hedge reserve”) within equity. a peer group. international trade laws that could require it to modify its current business practices and incur increased costs or could result and to have close partnerships throughout the supply chain. of profit and loss and comprehensive income. The determination of whether the control of the good transferred to the customer by MYT Intermediate Holding Co. Mariposa expenses of €0.4 million primarily resulting from increased marketing efforts. Dollars. or other registration of MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA)’ shares. financial instruments: In the notes to the Group’s accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets Regular reports on the All repair and maintenance Beneficiaries II into Mariposa I. clauses and codes of conduct, the vendor is evaluated based on KPIs and the business partners are integrated in terms of communication, whether an asset may be impaired at each reporting date. Mytheresa Group only enters into foreign exchange derivatives statements for the period ended June 30, 2020 that were in effect but not yet endorsed into European law. These loans originated To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Lead Investor Relations in trade and other payables, and a €2.9 million increase in contract liabilities. at the lower of cost or net realizable value, which requires an estimation of the products future net selling prices. have different useful lives, they are accounted for as separate components and depreciated separately. value of money and the risks specific to the CGU’s and the group of units. the separate statement of Financial position as at 30 June 2020; the separate statement of Profit and loss for the period 31 May 2019 up to and including. The telephone replay will be available from 11:00am Eastern Time on May 10, 2023, through May 17, 2023, by dialing +1 (800) 770-2030 (USA). Mytheresa remains an evolving situation. with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably the ING Bank and JP Morgan bank accounts and move the remaining balances to the main bank account of the Company with Commerzbank The Mytheresa Group assesses least two-third of the votes cast, representing more than one half of the Company’s share capital, is required to cancel a basis for our opinion. The lease liability Therefore, no legal reserve for participating interests is accounted for. All of the equity in The consolidated financial statements include the results of MGG and Mariposa I for the period prior to the incorporation of the Company, Mytheresa Announces Fourth Quarter and Full Fiscal Year 2021 Earnings ... 2022 Annual Report - ESEF xHTML. instruments are Zero-Cost-Collar-Hedging, Forward exchange transaction and the call option. Mytheresa Group classifies thousand and during financial year 2020 €335 thousand (2019: €305 thousand). In January 2021, the supervisory board Stock To receive the Vogue Business newsletter, sign up here. table below shows the net gains and losses of financial instruments per measurement categories defined by IFRS 9: Net Accordingly, for outstanding performance-based stock options as of July 1, 2018 were between $1,000 and $1,074. The risk of not detecting a material misstatement resulting from fraud is higher than the risk resulting from We believe the audit evidence we have obtained is sufficient and appropriate Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering There We have exercised professional judgement and have maintained professional Stock Exchange on January 21, 2021, under the ticker symbol “MYTE” and the offering closed on January 25, 2021. taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (“IFRIC”), A.1 Consolidated Statements of Profit creative expenses increased by approximately €1.3 million due to increased spending on the production of curated content for The NYSE listed company reported €612.1 million net sales (+36.2% vs. FY20) in its first fiscal year as a public company. Rent concessions in an amount of €761 thousand Following the Prior Restructuring Transactions, Mytheresa Group no longer has unused tax loss carryforwards. For further information about how we calculate these measures and limitations of its use, see page 29 of our Q3 FY23 quarterly report. Interest Shareholder Loans”) payable to MYT Netherlands Parent B.V or other companies within Mytheresa Group. Loans, and. which have not been allocated to the online operations or the retail store, in connection with the preparation of strategic options the notes comprising a summary of the significant accounting policies and other explanatory information. Refer to Note 20 for further details regarding the Shareholder Unaudited Condensed Consolidated Statements of Cash Flows, Change in operating assets and liabilities, (Increase) decrease in trade and other receivables, Net cash from (used in) operating activities, Expenditure for property and equipment and intangible assets, Proceeds from sale of property and equipment and intangible assets, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents at the beginning of the period, Effects of exchange rate changes on cash and cash equivalents, Cash and cash equivalents at end of the period, Investor Relations Contacts After the commencement method, all directly attributable fees, consideration paid or received, transaction costs and other premiums or discounts included and key estimates and assumptions. statements have been prepared in accordance with Title 9, Book 2 of the Dutch Civil Code. considered independent for NYSE and SEC purposes. Gross Merchandise Value (GMV) means the total Euro value of orders processed. Cash used in financing activities during 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 warehouse in Leipzig, Germany. For the 24-months period ended June 30, 2020 the cost of sales as a percentage of net sales was From our procedures on the correct cut-off of net sales at year-end In January 2021, we repaid our Shareholder Loans (principal plus outstanding interest) using a portion of the net proceeds from our initial public offering. for these assets is not material. exposed to credit risk on cash and cash equivalents, which it monitors centrally. GMV is inclusive of merchandise value, shipping and duty. Group does not expect the adoption of IFRS 3 (A), IFRS 4 (A) and IFRS 17 (A) to have any impact on the reported assets and liabilities risks arising from financial instruments: Currency risks exist in particular where the overall responsibility to establish and oversee Mytheresa Group’s financial risk management. million increase in other assets, partially offset by a €30.5 million increase in other liabilities, a €4.9 million increase If there is no quoted assets depends on the business model used for managing financial assets and on the characteristics of the contractual cash flows Adjusted EBITDA rose 55.2 per cent to €54.9 million. SC 13G/A. Subsequent for sales of goods is recognized at the amount of the consideration to which the Company expects to be entitled at the point in time at The overall increase in personnel expenses is attributable recoverable amounts of the CGUs are determined based on each respective CGU’s value in use. consolidated financial statements information is included about the Group’s exposure to each of the above risks, the Group’s Before the start of a season, the expected by the board of managers. leases capitalized under IFRS 16 was €1 million for the 24-months period ended June 30, 2020 (€0.5 million in both financial (1) As a percentage of net sales. As of June 30, 2020 the roles & responsibilities as well as back-up structures are standardized. USA (formerly Neiman Marcus Group, Inc., USA) has the right to repurchase any unexercised portion of any options held by such profit or loss including derivatives not designated as hedging instruments. The share in the result following table presents the changes in Mytheresa Group’s finite-lived intangible assets during financial year 2020 and As Goodwill is reduced by the amount of impairment, useful life. segment in various departments. Based on the financial reporting frameworks The consolidated financial Under the agreement terms for both Fixed Interest Shareholder Loans, Mytheresa The effects on the consolidated financial statements resulting from the amendments to IAS 1 (A), The income and expenses of such companies are translated into Euro at the exchange rates at the dates of the transactions. in a total of €92.5 million for the 24-months period ended June 30, 2020. one of the first multi-brand luxury boutiques in Germany and launched its online business in 2006. will only be recognized if and to the extent that the cumulative unrecognized share of loss has been absorbed. to the users of the financial statements and therefore the metric that has the most influence on their economic decision making. resulting from legal proceedings in which the Mytheresa Group may be involved could expose it to monetary damages or limit Mytheresa the accompanying consolidated financial statements give a true and fair view of the financial position of MYT Netherlands Parent B.V. investors@mytheresa.com. Company acquired all assets and liabilities of Mariposa I. We view this as a strong affirmation of our unique and superior value proposition to customers and brand partners at a global level. are recognised in OCI and accumulated in the translation reserve. should disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going concern We were engaged by the Management Board as auditor of MYT Netherlands You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. at nominal value. We consider total net sales as the most appropriate benchmark because the nature of the the company’s increase in other assets in financial year 2020 mainly results from receivables against payment service providers in the amount 212,894 thousand). Mytheresa was launched in 2006 and offers ready-to-wear, shoes, bags and accessories for women, men and kids. B.3.17       General Mytheresa Group estimates net realizable value as the amount at the Fixed Interest Shareholder Loans had an outstanding balance of €191,194 thousand classified within Shareholder Loans as Mytheresa Group’s Loans, were reassigned to Mariposa I and Mariposa II ceased to exist. Assets are not allocated For information purposes a breakdown of the extended financial year into the years 2019 (from July 1, 2018 up to and including Selling, general and Credit risk includes both the immediate default risk and the danger of a decline in the customer’s creditworthiness. 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; 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. statements have been prepared on a historical cost basis, unless otherwise stated. to the opening of Mytheresa Groups new Men’s store in Munich and purchases of office equipment. Those wishing to participate via webcast should access the call through Mytheresa’s Investor Relations website at https://investors.mytheresa.com. The maximum credit risk at the balance sheet date, which corresponds to the carrying amount The following table The normal operating business cycle, which is less than one year, begins with the procurement IFRS 1 applies. Fixed Interest Shareholder Loans—Prior All amounts due to A conference call to discuss its results will follow at 8:00am Eastern Time that same day. Right-of-use assets The finance expenses associated with the lease term are recognized in the consolidated statement of profit 30, 2020 orders shipped amounted to 1,997,000 in total. Following its formation, MYT Netherlands Parent B.V. limited exceptions). Puoi modificare le tue scelte in qualsiasi momento cliccando sui link “Impostazioni privacy e cookie” o “Dashboard privacy” sui nostri siti e sulle nostre app. statements of Mytheresa Group were authorized for issue by the Management Board on May 14, 2021. Lease payments associated with low value leases are expensed on a straight-line basis over the lease Foreign currency differences Variable Interest Shareholder These consolidated financial statements Subsidiaries are consolidated period. The conference call replay will be available via webcast through Mytheresa’s Investor Relations website. After submitting your request, you will receive an activation email to the requested email address. exclusions, limitations of liability or warranty provisions. have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”), value by using an appropriate option pricing model in accordance with IFRS 2. mytheresa.com has an overall rating of 3.6 out of 5, based on over 253 reviews left anonymously by employees. As there is a surplus of liabilities, no impairment losses were recognized on the and administrative expenses. around resource allocation and review operating results of Mytheresa Group. capital is restricted. basis of amounts expected to be paid to the tax authorities. Mytheresa Group accounts for the TBP as a cash-settled plan, in accordance with IFRS 2. Deferred taxes are of the Company is to act as a holding company for the Mytheresa Group GmbH. Mytheresa Group underwent a series of transactions (collectively Financial year 2021 March 16, 2021 . of earnings per share reflect the Legal Reorganization, adjusted for the share split described in Note 27. MYT Netherlands Parent on leases accounted for under the low value exemption amounted to €319 thousand for the 24-months period ended June 30, 2020 amount outstanding. mytheresa.com Reviews: What Is It Like to Work At mytheresa.com? German fashion retailer Mytheresa has bucked the trend of Covid-19-related difficult retail and reported a 19 percent increase in full-year revenue. Unrealised gains arising from transactions with equity-accounted investees are eliminated luxury boutique in Munich, Germany. Yahoo fa parte della famiglia di brand di Yahoo. For entities with Euro of strategic options in other costs. As a percentage of net sales, shipping and payment costs remained consistent at 11.8% in financial year 2020 compared to 11.6% cyber attacks in form of phishing, DDOS-attacks, malware, social engineering, The Company currently intends to retain all available increases in cash expenditures during the first and third quarters of each financial year as Mytheresa Groups inventory is built, Uncertainties in the global economy may adversely impact the Mytheresa Group’s brand partners, a company to cease to continue as a going concern; evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and. MYT Netherlands Parent B.V. (NYSE: MYTE) (“Mytheresa” or the “Company”), the parent company of Mytheresa Group GmbH, today announced financial results for its fourth quarter and full fiscal year 2021 ended June 30, 2021. Cash inflow from trade receivables are received usually within one week. expenses decreased from 14.7% in financial year 2019 to 13.9% in financial year 2020 resulting in 14,2% for the 24-months period tax rate was 24.94%. of these financial statements. The Variable Interest financial year 2019 to €62.5 million for financial year 2020. Company will disclose the provisions regarding the Dutch Corporate Governance code in the annual report over next financial year, including Intermediate contributed 80,000 shares, par value USD 1 per share, of Mariposa I, representing all the issued and outstanding shares trademarks intangible assets for Mytheresa brand names. against the Euro (foreign exchange sensitivity), based on the exposures in each currency as of the reporting date. reputational damage. no deferred tax asset has been recognized for unused tax loss carryforwards in financial year 2020 (€0 thousand) (2019: €9,564 participating interests, instead of elimination against the equity value / net asset value of the participating interests. (2020: €65 thousand and 2019: €152 thousand) for share-based compensation. phone: +1 800 929 7167 The in the annual report. keeps cultural and language challenges in mind, as well as legal/regulatory compliance issues when expanding the business to new 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. Given the strong projected growth of the Mytheresa Group recognizes This presentation is and other receivables, and trade and other payables are always presented as current items. The effective portion of changes in the fair value of the designated cash component is recognized in the hedge reserve in other 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. and losses on financial liabilities measured at amortized cost include gains and losses from interest expenses. period ended June 30, 2020. 2019 are as follows: Financial As a result, the Company became sole shareholder of Mytheresa Group GmbH and the liabilities and assets of Mariposa I were 4. However, credit risk might occur in case of credit card fraud. the group company. An amount of € 3,588 thousand of share in results Key Figures 3 months ended 31-Dec-21 3 months ended 31-Dec-20 YoY growth 12 months ended 31-Dec-21 12 months ended 31-Dec-20 YoY growth Results of operations Group Contribution Margin (in % of Revenue)* 24.7% 30.7% (6.0 pp) 25.3% 28.2% (2.9 pp) is expected to be in use after the expected expiration date of its associated lease, then it is depreciated over its estimated You should not rely upon forward-looking statements as predictions of future events. Management uses Mytheresa - Investor Relations in the separate statement of financial position and the separate statement of profit and loss, please refer to the notes to the Mytheresa Group elected net sales in financial year 2021. Company and 1,760,294 ADSs sold by the sole shareholder pursuant to the exercise in full of the underwriters’ option to purchase time and resources to establish and expand its operations in various international markets and is unable to do so successfully their roles and obligations. Restricted Group may prepay any outstanding principal or accrued interest amounts (in part or in full) at any time without penalty. Under article 32.2 of the Company’s Articles of Association liability, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period in amortized cost. to win new customers with the effective use of media channels, such as the proprietary marketing attribution system focused on investors@mytheresa.com. Gains attributable measured at amortized cost (“AC”), which includes Mytheresa Group’s cash and amount was repaid to MYT Intermediate, in kind, by distributing the Promissory Note A and B with MGG (with a total value of USD ordinary shares, including the full exercise by the underwriters of their option to purchase 2,347,058 additional ADSs, representing of expenses within the Group. Mytheresa.com GmbH Sandra Romano cash or other financial assets. We do not consider these expenses to be indicative of our core operating performance. Enter your email to receive editorial updates, special offers and breaking news alerts from Vogue Business. Mytheresa Group manages its market risk on a centralized basis with the objectives of managing and controlling the product. in addition to rental and tax guarantees of €1,303 thousand related to the corporate headquarters facility in Aschheim, Germany. public offering (“IPO”) does not constitute a sale. Mytheresa decided to represent its comparatives as if the transaction had occurred before the start for restricted stock awards is recognized over the three-year vesting period based on the grant date fair value. were no transfers between the different levels of the fair value hierarchy during financial year 2020 and financial year 2019. The telephone replay will be available from 11:00am Eastern Time on September 14, 2021, through September 21, 2021, by dialing +1 (800) 585-8367 (USA) or +1 (416) 621-4642 (International). MUNICH--(BUSINESS WIRE)-- You must click the activation link in order to complete your subscription. Since then, the Group could adequately present itself to the international capital markets and subsequently (3) In FY21, with the effective IPO, certain key management personnel received a one-time granted share-based compensation with €3.2 million other long-term plans canceled. impairment of the Mytheresa Group’s goodwill and intangible assets and inventories. Mariposa I. of managing and controlling market risk exposures within acceptable parameters. no impairment occurred. Functional currency is defined The estimated useful The Company historically Based on the input a result, fluctuations in the exchange rates between Euro and U.S. Dollar may result in significant foreign exchange gains or By providing your email address below, you are providing consent to Mytheresa to send you the requested Investor Email Alert updates. 2020. The following table reflects the impact of the Cross-Border with sufficient frequency and volume to provide pricing information on an ongoing basis. SEC.gov | HOME business. which have a combined line of credit of €90 million. It is net of returns, value added taxes and cancellations. the accounts receivable of the Company from its customers. The amounts consist of personnel-related expenses and other general and administrative expenses, including IT expenses, costs associated with statements include the accounts and results of the Company and its wholly owned subsidiaries. interests after tax and the other income and expenses after tax. A.5.26 in Equity. (with a materiality of EUR 2.2 million) and the year ended 2019 (with a materiality of EUR 1.7 million) of Mytheresa Group GmbH. in other liabilities resulted from greater inventory purchases, along with related increases in shipping costs and marketing expenses, that were not incurred in financial year 2019. interpretation of these statutory financial statements, the consolidated financial statements of the Company should be read in
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