Looking back
Despite the challenges in 2022, we achieved a 0.6% increase in our revenue to € 2,349 million. Among other things, this was the result of our rapid revenue growth in Germany, to € 174 million. The demand for energy-saving products grew strongly and our market share increased for product categories such as washing machines and laptops in the Netherlands and Belgium. Despite a decrease in consumer electronics revenue in the Netherlands and Belgium, we outperformed the market for consumer electronics, which decreased by 2.6% in the Netherlands and by 7.8% in Belgium (GfK 2022).
Our EBITDA (*) was positive, at € 43.4 million, but not enough to compensate for the increased costs and margin pressure. This means that there is work to be done. We welcomed many new software developers and congratulated more Coolbluers than ever before on taking the next step in their career. This allowed us to implement significant efficiency improvements in our warehouse operations, delivery, and customer service.
In 2022, we invested € 45.4 million in tangible and intangible fixed assets (excluding right-of-use assets). We invested in our infrastructure, such as new stores and the mechanization of our warehouse. Additionally, we invested in the growth of our white goods subscriptions. In terms of intangible assets, we invested in the research and development of software for our website, app, and back-office systems, such as Coolblue Energy and a new warehouse management system.
Our working capital (**) of -/- € 269.9 million at the end of 2022 is in line with last year (2021: -/- € 266.9 million). We finance our growth by reinvesting our profits and optimizing our working capital. We did not pay any dividends and strengthened our equity position instead. The receivable from the shareholder is available on demand. Our shareholder Mondhoekie B.V. has a credit facility in place available until the end of 2024. Adding the net result for 2022 to equity results in a solvability (***) of 19% (2021: 20%), while the current ratio (****) remained stable at 1.0 (2021: 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
While 2022 was challenging, it excellently prepared us to make 2023 the absolute best Coolblue year ever. We will continue to capitalize on the efficiency improvements we made the year before. In 2023, we will open 5 new stores and begin the implementation of our new and improved store concept. For Germany specifically, we have high expectations for 2023, given our NPS of 80 in 2022. Customers will see improvements to our websites and app, allowing us to help them even better in choosing the best product for them. And through Coolblue Energy, we will help many more households save energy. To facilitate this growth, we will open a new head office for Coolblue Energy in Utrecht in Q1.
