Marley Spoon : 2021 Annual Report

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APPENDIX 4E

PRELIMINARY FINAL REPORT 2021

ABN 625 684 068

IMPORTANT INFORMATION:

Marley Spoon AG, a German stock corporation (Aktiengesellschaft) with its headquarters in Berlin, Germany, registered with the Commercial Register of the local court (Amtsgericht) Berlin Charlottenburg under HRB195994 B, is registered as a foreign company under the Corporations Act 2001 (Cth) (ARBN 625 684 068).

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Reporting period

Report for the twelve months ended 31 December 2021. The comparative period is the twelve months ended 31 December 2020.

Results for announcement to the market

Marley Spoon AG's ("Marley Spoon" or "the Company") and its subsidiaries' (together "the Group") consolidated results for announcement to the market are detailed below:

	2021	2020		Change		Change
		EUR thousands		EUR thousands		EUR thousands	%
Revenue		322,393		254,033		68.4		26.9%
Net profit / (loss) after tax	(46,207)	(86,239)	39.8	(46.1%)
attributable to members

Dividends

The Group has not recognized or authorized any dividends during the presented periods.

Explanation of results

In 2021 revenue increased by EUR 68.4 million or 27% to EUR 322.4 million compared with the 2020 financial year (EUR 254 million). The year-over-year growth was driven by all regions with Australia leading at +37.0% growth (+30.7% on a constant currency basis), Europe at +35.3% growth, and the US +17.5% growth (+21.3% on a constant currency basis), compared to 2020. The business delivered nearly 60 million meals in FY 2021, a 26% increase compared to 2020.

The Company maintained contribution margin consistent with the previous corresponding period (PCP) at 28.5%. EBIT was EUR (43.4) million in 2021, compared to EUR (7.4) million in 2020, with the loss attributed to an increase in marketing investment (+81% versus the PCP) to drive topline growth and in general & administrative expenses (+51% versus the PCP) to enhance our operational infrastructure.

Financing income and expenses, including the impact of derivative instruments, decreased from EUR (78.8) million in the PCP to EUR (3.0) million in 2021, primarily driven by the conversion of two convertible bonds in 2020 and the remainder in 2021. Net loss after tax attributable to members for the period decreased accordingly, from EUR (86.4) million in 2020 to EUR (46.6) million in 2021.

Statement of Comprehensive Income

Please refer to the Statement of Comprehensive Income, and the accompanying notes to the statement, in the attached Financial Statements.

Statement of Financial Position

Please refer to the Statement of Financial Position, and the accompanying notes to the statement, in the attached Financial Statements.

Statement of Cash Flows

Please refer to the Statement of Cash Flows, and the accompanying notes to the statement, in the attached Financial Statements.

Statement of Changes in Equity

Please refer to the Statement of Changes in Equity, and the accompanying notes to the statement, in the attached Financial Statements.

Dividends or distributions

The Group has not recognized or authorized any dividends during the presented periods.

Dividend or distribution reinvestment plans

There are no dividend or distribution reinvestment plans in operation.

Net tangible assets per security

	31 December 2021	31 December 2020
	EUR	EUR
Net tangible assets per ordinary share1	(92.8)	(12.5)

1 Chess Depositary Interests (CDIs) are publicly traded on the ASX. 1,000 CDIs are equivalent to one share in the Company

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The calculation of net tangible assets per ordinary share is based on the total number of issued shares (Aktien) as at 31 December 2021 of 284,051 shares and as at 31 December 2020 of 256,025 shares.

Details of entities over which control has been gained or lost during the period

There are no changes in control of the Company's entities in the current period.

Details of associates and joint venture entities

The Company has no associates or joint venture entities.

Other significant information

Please see Management's evaluation of the Company's performance in "Group financial position and performance" in the attached Management Report section of the Annual Report.

Applicable accounting standards

The Appendix 4E Preliminary Final Report has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) as adopted by the European Union (EU).

Commentary on results of the period

Earnings per security and the nature of any dilution aspects: please refer to note 14 in the attached Financial Statements.

Returns to shareholders including distributions and buy-backs: not applicable.

Significant features of operating performance: please refer to the "Group financial position and performance" in the attached Management Report section of the Annual Report.

The results of segments that are significant to an understanding of the business: please refer to note 2 in the attached Financial Statements.

Discussion of trends in performance: please refer to the "Group financial position and performance" in the attached Management Report section of the Annual Report.

Any other factors which have affected the results in the period, or which are likely to affect results in the future, including those where the effect could not be quantified: not applicable.

Audited information

This preliminary financial report under ASX Listing Rule 4.3A covers Marley Spoon and its controlled entities and is based on the consolidated financial statements and financial report which have been audited by Ernst & Young. An unqualified opinion has been issued by the auditors.

Date: 24/02/2022

Fabian Siegel, Chief Executive Officer,

Chairman of the Management Board and Founder

Date: 24/02/2022

Jennifer Bernstein, Chief Financial Officer

Member of the Management Board

Date: 24/02/2022

Rolf Weber, Chief Operating Officer

Member of the Management Board

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