Looking back
In 2023, we reaped the fruits of our efforts and investments from 2022. We achieved a revenue increase to € 2,409 million (+2.5%). Despite a decrease in market size in 2023, we have been able to increase our market share for consumer electronics by 2.3% in the Netherlands, 1.6% in Belgium and 0.2% in Germany (GfK 2023).
In Germany specifically, our revenue grew by 7.7% to € 188 million. Our record revenues are the result of strongly focusing on NPS, leading to recurring customers, which is our basis for future growth and profitability. In the Netherlands and Belgium, our consumer electronics revenue increased by 1.7%. This is in part explained by significant growth in revenue for our white goods subscription service, to € 10.2 million (+66.7%). Furthermore, our market share for specific white goods products increased, and we realized an increase in our exclusive brands sales of 33.8%. From our new Coolblue Energy office in Utrecht, we realized a growth in energy contracts of 11.4%.
To us, 2023 was the year of focusing on improving the quality and efficiency of our processes, such as our first time right. For example by further automating and mechanizing our operational processes. This resulted in an incredible NPS of 71 (+5 compared to 2022), which in turn led us to double our EBITDA(*) from € 43.4 million to € 88.3 million (+103%).
We invested € 48.1 million in both tangible and intangible assets (excluding right-of-use assets). We opened 4 new stores: 3 in Belgium: Bruges, Mechelen, and Olen, and 1 in the Netherlands, in Utrecht. These last 2 were set up according to our new store concept, in which we fully revised and enhanced the Television, Tablet, Laptop, Mobile Phones, and Washing/Drying worlds. They now allow for an even better customer experience. We continued to mechanize our Package Park, with 2 new packaging machines that tailor packaging to the exact size of the product. Lastly, we added electric vans to our delivery fleet, thus taking another step towards the electrification of our delivery service CoolblueDelivers.
For our intangible assets, we invested in the research and development of our software. With an all-time high number of over 300 developers, we further improved our website and app for our customers and launched dynamic pricing contracts and smart charging with Coolblue Energy. We also improved our internal systems, such as our stock management system and customer contact platform, and introduced our new return handling tool.
Our working capital (**) of € -/- 263.9 million at the end of 2023 is in line with last year (2022: € -/- 269.9 million). We financed our growth by reinvesting our profits and optimizing our working capital. The receivable from the shareholder is available on demand up to the unused amount of credit facility. Our shareholder Mondhoekie B.V. has credit facilities in place available until the end of 2024. We signed a term sheet with 3 banks for a new 3 year partly committed and partly uncommitted facility with an option to extend for 2 years. We expect to sign and close the facility in the second quarter of 2024. Adding the net result for 2023 to equity results in a solvability (***) of 22% (2022: 19%), while the current ratio (****) remained stable at 1.0 (2022: 1.0).
- (*) EBITDA = Operating profit + Depreciation and Amortization
- (**) Working capital = Inventory + Receivables -/- Receivable from shareholder -/- Trade and other payables
- (***) Solvability = Equity / (Equity + Liabilities)
- (****) Current Ratio = Short term liabilities / current assets
Looking ahead
2023 was a good year, with our highest NPS to date. But 2024 is going to be the absolute best Coolblue year ever. We will continue to implement many, many more larger and smaller improvements throughout our organization. One of the bigger projects is a total rebuild of our website front end, making it faster, more scalable, and easier to maintain. In our logistic processes, we will continue to optimize automation and mechanization. For our customers, we will continue to implement improvements, one of which is that we will start to accept Ecocheques as payment on our Belgian website.
Growth in Germany
We are going to heavily invest in our efforts in Germany. We will double our delivery area by opening 2 new depots, the first of which will be opened in Frankfurt on 21 February. This way, we will be able to potentially make 5 million extra customers happy with our own white goods delivery and installation services. Our number of stores in Germany will also double with the opening of 2 new locations. And we will triple our marketing efforts, thus ensuring that everyone in Germany knows we do Alles für ein Lächeln. With the launch of White Goods as a Service in Germany in Q1, we will allow German customers to rent energy efficient white goods at a fixed monthly rate.
Exclusive brands
BlueBuilt grew out to one of Coolblue’s fastest growing brands in 2023. With this success in mind, we will extend our offer of exclusive brands in 2024.
Green ambitions
In 2024, we will continue our sustainability efforts through our 3 pillars: improving our operations, helping customers save energy, and completing the product journey.
Open more stores
And next to that, we are going to open a lot of new stores in the Netherlands, Belgium, and Germany in the upcoming months. Starting off with the opening of Breda (NL) on 12 April, Hengelo (NL) on 3 May, Leeuwarden (NL) on 24 May, and Amsterdam (NL) on 14 June. Within these stores we are going to build a lot of new technology as well.
