Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Entity Registrant Name | MYT NETHERLANDS PARENT B.V. |
Document Period End Date | Jun. 30, 2021 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39880 |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Einsteinring 9 |
Entity Address, Address Line Two | Munich |
Entity Address, City or Town | Aschheim |
Entity Address, Postal Zip Code | 85609 |
Entity Address, Country | DE |
Title of 12(b) Security | American Depositary Shares, each representing one ordinary share, nominal value €0.000015 per share |
Trading Symbol | MYTE |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001831907 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 84,491,814 |
Amendment Flag | false |
ICFR Auditor Attestation Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Einsteinring 9 |
Entity Address, Address Line Two | Munich |
Entity Address, City or Town | Aschheim |
Entity Address, Postal Zip Code | 85609 |
Entity Address, Country | DE |
Contact Personnel Name | Charlotte Schwichtenberg |
Contact Personnel Email Address | Investors@mytheresa.com |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated Statements of Profit or Loss and Comprehensive Income | |||
Net sales | € 612,096 | € 449,487 | € 379,086 |
Cost of sales, exclusive of depreciation and amortization | (325,053) | (239,546) | (201,410) |
Gross profit | 287,043 | 209,941 | 177,676 |
Shipping and payment cost | (71,466) | (52,857) | (44,104) |
Marketing expenses | (81,558) | (62,507) | (55,767) |
Selling, general and administrative expenses | (157,151) | (66,427) | (52,038) |
Depreciation and amortization | (8,232) | (7,885) | (7,686) |
Other income (loss), net | (799) | 645 | 995 |
Operating income | (32,162) | 20,910 | 19,076 |
Finance income | 22,416 | 56 | 1 |
Finance costs | (7,325) | (11,175) | (13,987) |
Finance income (costs), net | 15,091 | (11,119) | (13,986) |
Income before income taxes | (17,070) | 9,791 | 5,090 |
Income tax expense | (15,534) | (3,441) | (3,439) |
Net income (loss) | (32,604) | 6,350 | 1,651 |
Foreign currency translation | 4,730 | 1,406 | |
Other comprehensive income | 4,730 | 1,406 | |
Comprehensive income (loss) | € (32,604) | € 11,080 | € 3,057 |
Basic earnings per share | € (0.42) | € 0.09 | € 0.02 |
Diluted earnings per share | € (0.42) | € 0.09 | € 0.02 |
Weighted average ordinary shares outstanding (basic) | 77,360,088 | 70,190,687 | 70,190,687 |
Weighted average ordinary shares outstanding (diluted) | 77,360,088 | 70,190,687 | 70,190,687 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Non-current assets | ||
Intangible assets and goodwill | € 155,611 | € 154,966 |
Property and equipment | 8,810 | 9,570 |
Right-of-use assets | 14,009 | 19,001 |
Total non-current assets | 178,430 | 183,537 |
Current assets | ||
Inventories | 247,054 | 169,131 |
Trade and other receivables | 5,030 | 4,815 |
Other assets | 14,667 | 18,950 |
Cash and cash equivalents | 76,760 | 9,367 |
Total current assets | 343,510 | 202,263 |
Total assets | 521,941 | 385,800 |
Shareholders' equity and liabilities | ||
Subscribed capital | 1 | 1 |
Capital reserve | 444,951 | 91,008 |
Accumulated Deficit | (60,837) | (28,234) |
Accumulated other comprehensive income | 1,602 | 1,602 |
Total shareholders' equity | 385,718 | 64,377 |
Non-current liabilities | ||
Shareholder Loans | 191,194 | |
Other liabilities | 5,905 | |
Provisions | 717 | 582 |
Lease liabilities | 8,786 | 13,928 |
Deferred income tax liabilities | 2,308 | 1,130 |
Total non-current liabilities | 11,811 | 212,739 |
Current liabilities | ||
Liabilities to banks | 10,000 | |
Tax liabilities | 14,293 | 3,853 |
Lease liabilities | 5,361 | 5,787 |
Contract liabilities | 10,975 | 6,758 |
Trade and other payables | 43,558 | 36,158 |
Other liabilities | 50,225 | 46,128 |
Total current liabilities | 124,412 | 108,684 |
Total liabilities | 136,223 | 321,423 |
Total shareholders' equity and liabilities | € 521,941 | € 385,800 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Thousands | Subscribed capital | Capital reserve | Accumulated deficit | Foreign currency translation reserve | Total |
Equity at beginning of period at Jun. 30, 2018 | € 72 | € 148,808 | € (36,235) | € (4,534) | € 108,111 |
Net income (loss) | 1,651 | 1,651 | |||
Other comprehensive income | 1,406 | 1,406 | |||
Comprehensive income (loss) | 1,651 | 1,406 | 3,057 | ||
Share-based compensation | 152 | 152 | |||
Equity at end of period at Jun. 30, 2019 | 72 | 148,960 | (34,584) | (3,128) | 111,320 |
Net income (loss) | 6,350 | 6,350 | |||
Other comprehensive income | 4,730 | 4,730 | |||
Comprehensive income (loss) | 6,350 | 4,730 | 11,080 | ||
Legal Reorganization | (71) | 36,252 | 36,180 | ||
Distribution | (191,207) | (191,207) | |||
Contribution | 96,938 | 96,938 | |||
Share-based compensation | 65 | 65 | |||
Equity at end of period at Jun. 30, 2020 | 1 | 91,008 | (28,234) | 1,602 | 64,377 |
Net income (loss) | (32,604) | (32,604) | |||
Comprehensive income (loss) | (32,604) | (32,604) | |||
Capital increase - initial public offering | 283,224 | 283,224 | |||
IPO related transaction costs | (4,550) | (4,550) | |||
Share-based compensation | 75,270 | 75,270 | |||
Equity at end of period at Jun. 30, 2021 | € 1 | € 444,951 | € (60,837) | € 1,602 | € 385,718 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated Statements of Cash Flows | |||
Net income (loss) | € (32,604) | € 6,350 | € 1,651 |
Adjustments for | |||
Depreciation and amortization | 8,232 | 7,885 | 7,686 |
Finance (income) costs, net | (15,091) | 11,119 | 13,986 |
Share-based compensation | 75,270 | 65 | 152 |
Income tax expense | 15,534 | 3,441 | 3,439 |
Change in operating assets and liabilities | |||
(Decrease) increase in provisions | 135 | (200) | 1 |
Increase in inventories | (77,922) | (33,097) | (29,319) |
(Increase) decrease in trade and other receivables | (215) | 833 | (88) |
Decrease (increase) in other assets | 4,281 | (10,510) | 624 |
(Decrease) increase in other liabilities | (1,809) | 17,894 | 12,642 |
Increase in contract liabilities | 4,217 | 2,210 | 690 |
Increase (decrease) in trade and other payables | 7,400 | 6,745 | (1,867) |
Income taxes paid | (3,915) | (2,176) | (7,230) |
Net cash provided by (used in) operating activities | (16,486) | 10,559 | 2,367 |
Expenditure for property and equipment and intangible assets | (2,934) | (2,420) | (1,845) |
Proceeds from sale of property and equipment | 40 | ||
Net cash (used in) investing activities | (2,894) | (2,420) | (1,845) |
Interest paid | (4,257) | (2,973) | (671) |
Proceeds from bank liabilities | 64,990 | 90,750 | 25,649 |
Repayment of liabilities from banks | (74,990) | (84,399) | (22,000) |
Repayment of Shareholder loan | (171,827) | ||
Proceeds from capital increase - initial public offering | 283,224 | ||
IPO preparation and transaction costs | (4,550) | ||
Lease payments | (5,800) | (4,256) | (5,070) |
Net cash (used in) provided by financing activities | 86,790 | (878) | (2,092) |
Net increase (decrease) in cash and cash equivalents | 67,411 | 7,261 | (1,570) |
Cash and cash equivalents at the beginning of the period | 9,367 | 2,120 | 3,690 |
Effects of exchange rate changes on cash and cash equivalents | (18) | (14) | |
Cash and cash equivalents at end of the period | € 76,760 | € 9,367 | € 2,120 |
Corporate information
Corporate information | 12 Months Ended |
Jun. 30, 2021 | |
Corporate information | |
Corporate information | 1. Corporate information MYT Netherlands Parent B.V. (the “Company”, together with its subsidiaries, “Mytheresa Group”) is a public company with limited liability, incorporated by MYT Holding LLC under the laws of the Netherlands on May 31, 2019. The statutory seat of the Company is in Amsterdam, the Netherlands. The registered office address of the Company is at Einsteinring 9, 85609 Aschheim, Germany. The Company is registered at the trade register of the German Chamber of Commerce under number 261084. As of June 30, 2021, 76.9% of the shares of the Company were held by MYT Holding LLC, USA. The Company is a holding company. Through its subsidiary Mytheresa Group GmbH (“MGG”), Mytheresa Group operates a digital platform for the global luxury fashion consumer, in addition to its flagship retail store and men’s location in Munich. Mytheresa Group started as one of the first multi-brand luxury boutiques in Germany and launched its online business in 2006. Mytheresa Group provides customers with a highly curated selection of products, access to exclusive capsule collections, in-house produced content, and a personalized, memorable shopping experience. Except where the context otherwise requires or where otherwise indicated, references to the MYT Netherlands Parent B.V. or the Company includes the predecessor Mariposa I. S.à.r.l. (“Mariposa I”). The consolidated financial statements of Mytheresa Group were authorized for issue by the Management Board on October 14, 2021. |
Related Party Financing and Pri
Related Party Financing and Prior Restructuring Transactions | 12 Months Ended |
Jun. 30, 2021 | |
Related party financing and prior restructuring transactions | |
Related party financing and prior restructuring transactions | 2. Related Party Financing and Prior Restructuring Transactions 2.1. Following the acquisition by Neiman Marcus in 2014, Mytheresa Group had a series of related party financing arrangements with its shareholders (collectively, the “Shareholder Loans”). These financing arrangements consisted of the following: ● Convertible Preferred Equity Certificate — MYT Intermediate Holding Co., the direct parent of Mytheresa Group, held two Convertible Preferred Equity Certificates (“CPEC”) due from Mariposa I. The CPEC, which had a combined carrying amount of €36,095 thousand on June 30, 2019 and were classified within Shareholder Loans, are no longer outstanding following the Prior Restructuring Transactions (defined below) in July 2019. ● Variable Interest Shareholder Loans — Through its former subsidiary Mariposa Luxembourg II S.a.r.l. (“Mariposa II”), Mytheresa Group was party to two related party U.S. Dollar denominated loans (“Variable Interest Shareholder Loans”) payable to MYT Intermediate Holding Co. These loans, which had a combined carrying amount of €89,984 thousand on June 30, 2019 and were classified within Shareholder Loans, were cancelled in February 2020 and are no longer outstanding following the Prior Restructuring Transactions. ● Fixed Interest Shareholder Loans — Prior to February 28, 2020, MGG, an indirect subsidiary of Mariposa I, was party to two intercompany shareholder loans (“Fixed Interest Shareholder Loans”) payable to MYT Netherlands Parent B.V. (and formerly to other companies in the Mytheresa Group). As part of the Prior Restructuring Transactions, these previously intercompany loans were re-assigned to MYT Intermediate Holding Co, the direct shareholder of Mytheresa Group. As of June 30, 2021, Mytheresa Group’s long-term borrowings related to two US Dollar denominated loans from MYT Note Holdco Inc. (the “Fixed Interest Shareholder Loans”) have been fully repaid using a portion of the net proceeds from our initial public offering. Mytheresa Group did not receive any cash proceeds under these financing arrangements. Refer to Note 21 for further details regarding the Shareholder Loans. 2.2. Prior to fiscal 2020, Mytheresa Group was a consolidated group of legal entities with Mariposa I as its parent. Mytheresa Group underwent a series of transactions (collectively the “Prior Restructuring Transactions”), which resulted in MYT Netherlands Parent B.V. becoming the parent of Mytheresa Group. ● On May 31, 2019, MYT Netherlands Parent B.V. was formed by MYT Intermediate Holding Co. as a holding company with 1,000 ordinary shares and initial share capital of USD 1,000 . Following its formation, MYT Netherlands Parent B.V. became a direct subsidiary of MYT Intermediate Holding Co. On July 24, 2019, MYT Intermediate Holding Co. contributed its shares held in Mariposa I and the CPEC receivable from Mariposa I to MYT Netherlands Parent B.V., whereby MYT Netherlands Parent B.V. became the direct parent of Mariposa I (the “Legal Reorganization”). This transaction was treated as a legal reorganization, which resulted in a decrease to share capital, with an offsetting increase to capital reserve. At this time, the CPEC receivable and payable became intercompany balances eliminated in consolidation. The Legal Reorganization, including the CPEC reassignment, resulted in a net increase of shareholders’ equity of €36,181 thousand. On August 28, 2019, Mariposa II then merged into Mariposa I. Following the merger, the net assets of Mariposa II, including the Variable Interest Shareholder Loans, were reassigned to Mariposa I and Mariposa II ceased to exist. The merger had no impact on the consolidated financial results of Mytheresa Group. Effective August 28, 2019, Mariposa I, entered into a cross-border merger with the MYT Netherlands B.V. Following the merger, the net assets of Mariposa I, including the Variable Interest Shareholder Loans, were reassigned to MYT Netherlands B.V. and Mariposa I ceased to exist. The cross-border merger had no impact on the consolidated financial results of Mytheresa Group. ● In February 2020, the Variable Interest Shareholder Loans were forgiven by MYT Intermediate Holding Co. The loan forgiveness was treated as a capital contribution and resulted in a €96,938 thousand increase to capital reserve with an offsetting decrease to Shareholder Loans. ● In February 2020, the Fixed Interest Shareholder Loans payable by MGG, which were previously payable to MYT Netherlands Parent B.V. and eliminated in consolidation, were reassigned to MYT Intermediate Holding Co. Following the reassignment, the Fixed Interest Shareholder loans are no longer eliminated in consolidation. The loan re-assignment to MYT Intermediate Holding Co. was treated as a capital distribution by the Company. The loan reassignments collectively resulted in a net decrease to shareholders’ equity of €191,207 thousand, net of taxes of €2,318 thousand. ● On December 5, 2019, MYT Netherlands Parent B.V. acquired all issued and outstanding shares of Mytheresa SE, a shell company founded on January 17, 2019, with cash and cash equivalents and shareholders’ equity of €120 thousand each, for total consideration of €136 thousand. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Jun. 30, 2021 | |
Basis of presentation | |
Basis of presentation | 3. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), taking into account the interpretations of the International Financial Reporting Standards Interpretations Committee (“IFRIC”). The accounting principles set out below, unless stated otherwise, have been applied consistently for all periods presented in the consolidated financial statements. Mytheresa Group’s fiscal year ends June 30. All intercompany transactions are eliminated during the preparation of the consolidated financial statements. The functional and presentation currency of the Mytheresa Group is the Euro (“EUR”). Due to changes in the financing structure of MYT Netherlands Parent B.V. and the related change in currency that influences the entity’s underlying transactions, the functional currency changed from the USD to EUR as of July 1, 2020. The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated. All amounts presented are rounded to the nearest thousand except when otherwise indicated. Due to rounding, differences may arise when individual amounts or percentages are added together. The consolidated financial statements are prepared under the assumption that the business will continue as a going concern. Management believes that Mytheresa Group has adequate resources to continue operations for the foreseeable future. |
Impacts to the consolidated fin
Impacts to the consolidated financial statements due to Covid-19 pandemic | 12 Months Ended |
Jun. 30, 2021 | |
Impacts to the consolidated financial statements due to Covid-19 pandemic | |
Impacts to the consolidated financial statements due to Covid-19 pandemic | 4. Impacts to the consolidated financial statements due to Covid-19 pandemic Although the persistent COVID-19 pandemic has had a substantial impact on the global economy, Mytheresa Group has not yet experienced material declines in revenue, deterioration in net assets, or other adverse effects from the pandemic. To date, Mytheresa Group has incurred no significant supply chain or logistics disruptions with its brand partners, shipping providers, or our in-house operations and also no significant adverse effect of inflation. In response to the pandemic and in coordination with local government requirements, Mytheresa Group temporarily closed certain corporate and administrative offices, including its corporate headquarters in Munich, with affected employees working remotely. These closures were limited to administrative offices and retail stores, with its warehouse and logistics functions remaining in operation throughout the pandemic. Mytheresa Group also implemented safe work and social distancing measures for all employees, including personnel in its central warehouse facility in Heimstetten, Germany. In fiscal year 2021 in response to the pandemic and in coordination with local government requirements, Mytheresa Group temporarily closed its retail stores from mid-December to end of February, with its warehouse and logistics functions and its corporate headquarters in Munich remaining in operation throughout the pandemic in fiscal 2021. Mytheresa Group also implemented safe work and social distancing measures for all employees, including personnel in its central warehouse facility in Heimstetten, Germany. Due to government restrictions to contain the coronavirus, Mytheresa stores had to close from mid-December 2020 to end of February 2021 and reopening of the stores in fiscal year 2021 with total number of customer limits restrictions. Short-term work allowance has been applied to store employees for the same period. The COVID-19 pandemic remains an evolving situation. Uncertainties in the global economy may adversely impact the Mytheresa Group’s brand partners, customers, and other business partners, which may interrupt its supply chain, impact future sales, and require other changes to our operations. With a global or regional recovery from the COVID-19 pandemic the Mytheresa Group stores may suffer from reduced online demand and therefore slower revenue growth. These uncertainties may also lead to increased asset recovery and valuation risks, such as potential impairment of goodwill and intangible assets and inventories. However, management does not currently anticipate any long-term adverse effects from the pandemic. Overall inflation will be reflected in customer price increases as the Mytheresa Group takes expected increases in recommended retail prices from its suppliers into consideration when deciding on its own price increase. In addition, most cost elements that are currently prone to price increases, e.g. energy, steel, food do not play a major role in Mytheresa Group’s P&L. Mytheresa Group’s forecast remains positive both mid and long-term for our store operations. Management will continue to closely monitor the effects of the pandemic, including its impact on inventories and other significant estimates. |
Scope of Consolidation and Summ
Scope of Consolidation and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2021 | |
Scope of Consolidation and Summary of Significant Accounting Policies | |
Scope of Consolidation and Summary of Significant Accounting Policies | 5. Scope of Consolidation and Summary of Significant Accounting Policies 5.1. Scope of consolidation The consolidated financial statements include the accounts and results of the Company and its wholly owned subsidiaries. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control commences until the date on which control ceases. Besides MYT Netherlands Parent B.V. the following subsidiaries are included in the scope of consolidation: Percentage of Subsidiary Location ownership Mariposa II S.à.r.l. (1) Luxembourg, Luxembourg 100 % Mytheresa Group GmbH Munich, Germany 100 % Mytheresa SE Munich, Germany 100 % Theresa Warenvertrieb GmbH Munich, Germany 100 % mytheresa.com GmbH Munich, Germany 100 % mytheresa.com Service GmbH Munich, Germany 100 % mytheresa Business Information Consulting Co Ltd. Shanghai, China 100 % Mytheresa US Services Inc. (2) Delaware, United States 100 % (1) Mariposa II S.à.r.l was merged into Mariposa I S.à.r.l, which subsequently was merged into MYT Netherlands Parent B.V. in August 2019. (2) Mytheresa US Service Inc. was founded on July 1, 2020. 5.2. Summary of significant accounting policies a) Current versus non-current classification Mytheresa Group classifies assets and liabilities by maturity. They are regarded as current if they mature within one year or within the normal operating business cycle of Mytheresa Group. The normal operating business cycle, which is less than one year, begins with the procurement of inventory and ends with the receipt of cash or cash equivalents as consideration for the sale of inventory. Inventories, trade and other receivables, and trade and other payables are always presented as current items. b) Foreign currency translation Mytheresa Group’s consolidated financial statements are presented in Euro. The principal operating subsidiary of Mytheresa Group, is Mytheresa Group GmbH, whose functional and presentation currency is Euro. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which each entity operates. The assets and liabilities of entities with a functional currency other than the Euro, are translated into Euro at the exchange rates at the reporting date. The income and expenses of such companies are translated into Euro at the exchange rates at the dates of the transactions. Foreign currency translation differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. For entities with Euro as their functional currency, transactions denominated in foreign currencies are translated at the exchange rates prevailing on the date of transaction. Balance sheet items denominated in currencies other than Euro, including the U.S. Dollar denominated Shareholder Loans, are translated at the closing rate for each reporting period, with resulting translation differences recognized within finance expenses, net. The Company historically had intercompany Shareholder Loans payable by MGG, denominated in USD. The foreign currency gains and losses incurred by MGG associated with these intercompany loans were classified within finance expenses, net and are not eliminated in consolidation. c) Revenue recognition All revenue generated by Mytheresa Group is included within net sales on the consolidated statement of profit and comprehensive income. Under IFRS 15, Mytheresa Group recognizes revenue when it transfers control of merchandise to a customer, which occurs upon delivery. Management applies the following five step model when determining the timing and amount of revenue recognition: 1. Identifying the contracts with customers; 2. Identifying the separate performance obligations; 3. Determining the transaction price; 4. Allocating the transaction price to separate performance obligations; and 5. Recognizing revenue when each performance obligation is satisfied. All revenues of Mytheresa Group qualify as contracts with customers and fall in the scope of IFRS 15. Mytheresa Group generates revenue from the sale of merchandise shipped to customers. Mytheresa Group recognizes revenues to reflect the transfer of goods or services to customers at an amount that represents the consideration the entity expects to receive including fixed amounts, variable amounts or both, such as returns, rebates and discounts. Revenue is recognized when the customer obtains control over the merchandise upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or Mytheresa Group has objective evidence that all criteria for acceptance have been satisfied. A contract liability is therefore recognized for products which have shipped, but delivery to the customer has not yet occurred. The related revenue is recognized when the customer obtains control of the product. A contract liability is also recognized from the sale of gift cards. As the entity expects to be entitled to a breakage amount, it recognizes the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. The expected breakage is based on historical data adjusted for current expectations. Mytheresa Group assesses all promised goods and services and identified performance obligations at contract inception. Contracts with customers include a No element of financing is deemed present as sales require immediate upfront payment from the customer, which is consistent with market practice. Goods sold to the customers can be returned or exchanged within 30 days of receipt of the goods. For expected returns, Mytheresa Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of sales, exclusive of depreciation and amortization, based on actual returns as of the date of authorization for issue of the financial statements as well as historical data and expected future return rates. Variable consideration might occur in form of promotional discounts. Mytheresa Group includes variable consideration estimated in accordance with IFRS 15.53 in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As the contracts include only a single performance obligation, the transaction price is allocated to that performance obligation. d) Intangible assets and goodwill Mytheresa Group’s intangible assets and goodwill primarily resulted from the acquisition of the Mytheresa operations by MGG in 2014. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of intangible assets is assessed as either finite or indefinite. Intangible assets with a finite useful life Intangible assets with a finite useful life consist of licenses and software. Intangible assets with a finite life are amortized over their estimated useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method of intangible assets with a finite useful life are reviewed at least annually, with any changes treated as changes in accounting estimates. Changes in the expected useful life or the expected pattern of consumption of the assets’ future economic benefits are considered when assessing the amortization method and useful life of the asset. Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit and comprehensive income within depreciation and amortization. The estimated useful life of licenses and software is three years. Intangible asset with indefinite life Mytheresa Group recognizes trademarks intangible assets for Mytheresa brand names. As the trademarks are core to the business and as there is no foreseeable limit to the future cash flows generated by the intangible asset, trademarks are assessed as indefinitely lived. Mytheresa Group assesses trademarks for impairment and potential changes in useful life annually in the fourth quarter, or when an event becomes known that may trigger impairment. Goodwill Mytheresa Group’s goodwill originated from the Neiman Marcus acquisition in 2014 and represents the difference between the purchase price and the net identifiable assets acquired. Goodwill is not amortized but reviewed for impairment at least annually. Mytheresa Group consists of two cash generating units (“CGU”), which represent the lowest level in which the goodwill is monitored for internal management purposes. Any potential impairment of goodwill is identified by comparing the recoverable amount of a CGU to its carrying value. Goodwill is reduced by the amount of impairment, if any. If the impairment exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU are reduced by the excess on a pro-rata basis. The Company tests goodwill for impairment annually in the fourth quarter of the year, or when an event becomes known that may trigger impairment. e) Property and equipment Property and equipment is stated at historical cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes any expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use. Property and equipment, net is depreciated on a straight-line basis over each asset’s expected useful life. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods, useful lives and residual values are reviewed at least annually and adjusted prospectively, if appropriate. Mytheresa Group applies the following useful lives when estimating depreciation of property and equipment, net: Asset type Estimated useful life Leasehold improvements over the period of the lease Other fixed assets and office equipment 3 - 15 years If a leasehold improvement is expected to be in use after the expected expiration date of its associated lease, then it is depreciated over its estimated useful life. All repair and maintenance costs are expensed when incurred. Mytheresa Group assesses property and equipment, net for impairment whenever there is an indication of potential impairment. f) Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Mytheresa Group assesses at the inception of the contract whether the contract is or contains a lease. Mytheresa Group’s leases consist of real estate and company cars. Lease terms are negotiated on an individual basis and may contain a range of different terms and conditions. Lease contracts may be negotiated for fixed periods or include extension options. To determine the lease terms, all facts and circumstances which offer economic incentives to exercise extension options are included. If it is reasonably certain that a lease term will be extended, the related extension option is included. The lease terms include fixed payments as well as variable payments that depend on an index. Extension options are included in the determination of the lease liability to the extent that it is reasonably certain that those options will be exercised by Mytheresa Group. Management of Mytheresa Group reviews forecasts, planned growth and facility capacity when determining whether an extension option is reasonably certain to be exercised. The lease liability is subsequently measured as the present value of the expected lease payments. To determine the present value, Mytheresa Group discounts the remaining lease payments with the incremental borrowing rate of the lessee. The incremental borrowing rate is the interest rate that Mytheresa Group would be required to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset as the underlying lease agreement in a similar economic environment. Mytheresa Group applied incremental borrowing rates between 0.96% and 6.21% for the periods presented. Right-of-use assets are measured at cost at the date of commencement. The cost is comprised of the initial lease liability measurement and any lease payments made before the commencement date, less any lease incentives received and estimated cost of dismantling and removing the underlying asset incurred by the lessee. After the commencement date, Mytheresa Group measures right-of-use assets at cost less accumulated depreciation and any accumulated impairment losses. For subsequent measurement, the carrying amount of the lease liability is increased to reflect the interest on the lease liability and reduced to reflect the lease payments made. The finance expenses associated with the lease term are recognized in the consolidated statement of profit and comprehensive income over the lease term. To date, no impairment losses have been identified on Mytheresa Group’s right-of-use assets. Mytheresa Group elected to apply an exemption for low value leases in accordance with IFRS 16. Low value leases are leases with contract amounts below EUR 5 thousand. Lease payments associated with low value leases are expensed on a straight-line basis over the lease term. Accordingly, no right-of-use assets or lease liabilities are recognized for low value leases. g) Inventories Inventories are measured at the lower of cost or net realizable value. Costs are assigned to individual items using the weighted average cost method. Costs of purchased inventory are determined after deducting rebates and discounts. Inventory is written down when its net realizable value is below its carrying amount. Mytheresa Group estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. The carrying amount of inventories is expensed as inventories are sold and recognized in cost of goods sold. Write-downs to net realizable value and losses are expensed in the period they occur. Any reversal of write-downs is recognized in the period the reversal occurs. h) Financial instruments—Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. These include both non-derivative financial instruments, such as trade and other receivables and payables, and derivative financial instruments, such as foreign exchange contracts. Financial instruments are recognized when Mytheresa Group becomes party to the contractual provisions of the financial instrument. Generally, purchases and sales of financial assets are initially recognized at the settlement date. Upon initial recognition, all financial assets and financial liabilities are measured at fair value plus or minus any directly attributable transaction costs, unless a financial instrument is classified at fair value through profit or loss. Mytheresa Group categorizes all financial assets and financial liabilities at initial recognition. Measurement categories Financial assets and financial liabilities are grouped into the following categories according to IFRS 9: ● measured at amortized cost (“AC”), which includes Mytheresa Group’s cash and cash equivalents, trade and other receivables and other assets, as well as trade and other payable, liabilities to banks and Shareholder Loans, and ● measured at fair value through profit or loss (“FVTPL”), which includes Mytheresa Group’s free-standing derivatives (foreign exchange options) with a positive or negative fair value. Classification of financial assets depends on the business model used for managing financial assets and on the characteristics of the contractual cash flows involved. Financial assets are classified within AC category only when they are held exclusively to collect the contractual cash flows and when their contractual terms comprise cash flows that are solely payments of principal and interest on the principal amount outstanding. With the exception of derivatives, all financial assets are classified at AC. Cash and cash equivalents consist of cash held at banks or financial institutions, with a bank license e.g. PayPal and cash on hand. Trade and other receivables are generally accounted for at AC less any impairment using the general impairment model. Deposits granted for rent which are not related to credit lines are recorded under other assets as restricted cash since they are not available for use in the operating business of Mytheresa Group. Other assets are recognized at nominal value. Financial liabilities are generally classified at amortized cost. There are some exceptions, for example financial liabilities at fair value through profit or loss including derivatives not designated as hedging instruments. Financial liabilities need to be analyzed to determine whether they contain any embedded derivative. If the embedded derivative is not closely related to the host contract, such derivatives must be separated and be accounted for separately at FVPL. Subsequent measurement Financial assets and financial liabilities in the AC category are subsequently measured using the effective interest method. Using the effective interest method, all directly attributable fees, consideration paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortized over the expected term of the financial instrument. Interest income and expenses from the application of the effective interest method are presented as finance income, net in the consolidated statement of profit and comprehensive income. Financial assets and financial liabilities in the FVTPL category are subsequently measured at fair value, with changes in value recognized in the consolidated statement of profit and comprehensive income. Impairment Under IFRS 9, Mytheresa Group assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its debt instruments measured at amortized cost. The general impairment methodology follows a three-stage approach based on the change in credit quality of financial assets since initial recognition (general approach). At initial recognition, debt instruments are assumed to have a low credit risk, for which a loss allowance for 12-months ECL is recognized (Stage 1). When there has been a significant increase in credit risk, the loss allowance is measured using lifetime ECL (Stage 2). A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. If there is objective evidence of impairment (Stage 3), Mytheresa Group also accounts for lifetime ECL and recognizes an impairment. Mytheresa Group considers that there is objective evidence of impairment if any of the following indicators are present: significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization or default or delinquency in payments. Mytheresa Group applies this general approach for cash and cash equivalents as well as other assets. These assets are considered to have a low credit risk when the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Cash and cash equivalents are only placed at banks and financial institutions with a bank license with credit ratings of investment grade or higher. Rental deposits are trust assets that, in case of a default of the counterparty, are separated from insolvency estate and are paid back primarily. Considering that, the impairment for these assets is not material. For trade and other receivables, Mytheresa Group applies the simplified approach under which lifetime ECL is recognized without monitoring the change in customers’ credit risk. Impairment losses, including reversals of impairment losses or impairment gains, are presented as other income, net in the consolidated statement of profit and comprehensive income. Hedge Accounting Mytheresa Group is exposed to currency risks as a result of participating in business activities outside the Euro zone. Mytheresa Group uses foreign currency forward contracts to hedge and thus limit currency risks from sales in foreign currencies. The sales are hedged each fiscal year so that no forward contracts are still in place at the balance sheet date. Currency risks are managed centrally within Mytheresa Group. Regular reports on the Group-wide development of risks and open positions with currency risk are made. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Mytheresa Group only enters into foreign exchange derivatives (“foreign exchange forwards”) that are all designated as hedges of the foreign currency risk associated with the cash flows of highly probable forecast sales denominated in foreign currency. There is an economic relationship between the foreign currency sales and the foreign currency derivatives, the derivatives coincide in time with the underlying transactions, and the amounts are generally offset and the hedging relationship is therefore effective. Sources of ineffectiveness are the forward exchange transactions concluded in their entirety with identical hedging rates in the fiscal year; these were immaterial overall. At the inception of a hedge relationship, Mytheresa Group documents the economic relationship between the hedging instruments and hedged items, including whether changes in the fair value of the hedged items are offset by changes in the fair value of the hedging instruments. Mytheresa Group documents its risk management objective and strategy for undertaking its hedging transactions. Detailed information on risk management and risks arising from Mytheresa Group’s financial instruments can be found in Note 28. A hedging relationship qualifies for hedge accounting only if all of the following requirements for hedge effectiveness are met: there is an economic relationship between the hedged item and the hedging instrument, the effect of the credit risk does not dominate the changes in value that result from this economic relationship, the hedging relationship is the same as that which results from the amount of the hedged item that the Company actually hedges and the amount of the hedging instrument that the Company actually uses to hedge that amount of the hedged item. Hedging instruments are expected to be highly effective in achieving offsetting changes in cash flows. Hedging instruments are reviewed on an ongoing basis to determine that they have actually been highly effective throughout the financial year for which they are designated. Mytheresa Group applies cash flow hedge accounting, whereby the spot component of the forward exchange contracts is designated as the hedging instrument. The effective portion of changes in the fair value of the designated cash component is recognized in the hedge reserve in other comprehensive income (“OCI I”, “cash flow hedge reserve”) within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. In addition, Mytheresa Group recognizes changes in fair value related to the forward element in other comprehensive income (“OCI II”, “Cost of Hedging Reserve”) within equity. Amounts accumulated in equity are reclassified in the periods in which the hedging instrument affects profit or loss. Application of hedge accounting in fiscal 2021 resulted in a €1,028 thousand increase to net sales. If hedge accounting had not been applied, the amounts would have been recognized immediately within in finance expense, net, as free-standing derivatives. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and Mytheresa Group substantially transferred all rewards and risks associated with the ownership. In the case of sales of trade receivables, essentially all rewards and risks are transferred to the buyer of the receivables. Financial liabilities are derecognized when the obligation under the liability is settled, cancelled or expired. Fair value measurement Fair value is the price that would be received to sell an asset or paid to settle or transfer a liability in an orderly transaction between market participants as of the measurement date in the principal or, in its absence, the most advantageous market to which Mytheresa Group has access at that date. The fair value of a liability reflects its non-performance risk. A number of Mytheresa Group’s accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities. Mytheresa Group measures the fair value of an instrument using the quoted price in an active market for that instrument, if such price is available. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Mytheresa Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all factors that market participants would take into account in pricing a transaction. Based on the input parameters used for valuation the fair values have to be assigned to one of the following levels of the fair value hierarchy: ● Level 1: Quoted (unadjusted) market prices in active markets for identical assets and liabilities, ● Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices), and ● Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). i) Provisions Mytheresa Group recognizes provisions when it has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The increase in provision due to the passage of time is recognized as finance expenses. j) Income taxes Current income taxes Current income tax 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 or substantively enacted as of the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes tax liabilities where appropriate on the basis of amounts expected to be paid to the tax authorities. In case of uncertainties related to income taxes, they are accounted for in accordance with IFRIC 23 and IAS 12 based on the best estimate of those uncertainties. Current income taxes are calculated based on the respective local taxable income and local tax rules for the period. In addition, current income taxes presented for the period include adjustments for uncertain tax payments or tax refunds for periods not yet finally assessed, however, excluding interest expenses and interest refunds and penalties on the underpayment of taxes. In cases for which it is probable that amounts declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized. The amount is based on the best estimate of the expected tax payment (expected value or most likely amount). Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income and are accounted for using the balance sheet-liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Current and deferred tax is charged or credited in the consolidated statement of profit and comprehensive income, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognized directly in equity. Deferred tax assets and liabilities are calculated using tax rates expected to be in place in the period of realization of the associated asset or liability, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period in the respective jurisdiction. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Mytheresa Group establishes tax liabilities on the basis of expected tax payments. Liabilities for trade taxes, corporate taxes and similar taxes on income are determined based on the taxable income of the consolidated entities less any prepayments made. Calculation of tax liabilities is based on the recent tax rates applicable in the tax jurisdiction of Mytheresa Group. k) Impairment of non-financial assets excluding Goodwill and intangible assets Mytheresa Group assesses whether an asset may be impaired at each reporting date. If any indication of impairment exists, or when annual impairment testing for such an asset is required, Mytheresa Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal or its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Mytheresa Group bases its impairment calculation on detailed budgets and forecasted cash flows, which generally cover a period of five years. Impairment losses are recognized in the consolidated statement of profit and comprehensive income in expense categories consistent with the function of the impaired asset. For assets ex |
Critical accounting judgments a
Critical accounting judgments and key estimates and assumptions | 12 Months Ended |
Jun. 30, 2021 | |
Critical accounting judgments and key estimates and assumptions | |
Critical accounting judgments and key estimates and assumptions | 6. Critical accounting judgments and key estimates and assumptions The preparation of Mytheresa Group’s consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of net sales, expenses, assets and liabilities, and the accompanying note disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. The estimates and underlying assumptions are subject to continuous review. Below is a summary of the critical measurement processes and the key assumptions used by management in applying accounting policies with regard to the future, and which could have significant effects on carrying amounts stated in the consolidated financial statements, or for which there is a risk that significant adjustments may be made to the carrying amount of assets and liabilities in subsequent years. Inventory write-downs Inventory is carried at the lower of cost or net realizable value, which requires an estimation of the products future net selling prices. When assessing the net realizable value of the inventory, Mytheresa Group considers multiple factors and assumptions including the quantity and aging of inventory on hand, anticipated sales volume, expected selling prices and selling cost, as well as historical recovery experience and risk of obsolescence from changes in economic conditions. Share-based compensation Determining the fair value of share-based compensation options at the grant date requires judgment, including estimating the expected term that options will be outstanding prior to exercise, the associated volatility, the appropriate risk-free interest rate and the expected dividend yield. Upon grant of the awards, we also estimate an amount of forfeitures that will occur prior to vesting. If actual forfeitures differ significantly from the estimates, share-based compensation expense could be impacted. For further disclosures relating to share-based payments, see Note 27. |
Segment and geographic informat
Segment and geographic information | 12 Months Ended |
Jun. 30, 2021 | |
Segment and geographic information | |
Segment and geographic information | 7. Segment and geographic information In line with the management approach, the operating segments were identified on the basis of Mytheresa Group’s internal reporting and how our chief operating decision maker (CODM) assesses the performance of the business. Mytheresa Group collectively identifies its Chief Executive Officer and Chief Financial Officer as the CODM. On this basis, Mytheresa Group identifies its operations and retail store as separate operating segments. Segment EBITDA is used to measure performance, because management believes that this information is the most relevant in evaluating the respective segments relative to other entities that operate in the retail business. Segment EBITDA is defined as operating income excluding depreciation and amortization. Assets are not allocated to the different business segments for internal reporting purposes. The following is a reconciliation of the Company’s segment EBITDA to consolidated net income. June 30, 2019 (in € thousands) Online Retail Store Segments total Reconciliation (1) IFRS consolidated Net Sales 365,558 13,528 379,086 — 379,086 EBITDA 26,455 2,634 29,089 (2,327) 26,762 Depreciation and amortization (7,686) Finance expenses, net (13,986) Income tax expense (3,439) Net income 1,651 (1) Reconciliation relates to corporate administrative expenses, which have not been allocated to the online operations or the retail stores of €2,327 thousand in fiscal 2019. June 30, 2020 (in € thousands) Online Retail Store Segments total Reconciliation (1) IFRS consolidated Net Sales 437,448 12,039 449,487 — 449,487 EBITDA 32,361 1,947 34,308 (5,513) 28,795 Depreciation and amortization (7,885) Finance expenses, net (11,119) Income tax expense (3,441) Net income 6,350 (1) Reconciliation relates to corporate administrative expenses, which have not been allocated to the online operations or the retail stores, including €5,206 thousand related to IPO preparation and transaction costs and share-based compensation of €65 thousand during the year ended June 30, 2020. June 30, 2021 (in € thousands) Online Retail Store Segments total Reconciliation (1) IFRS consolidated Net Sales 602,871 9,225 612,096 — 612,096 EBITDA 65,357 1,670 67,027 (90,956) (23,929) Depreciation and amortization (8,232) Finance income, net 15,091 Income tax expense (15,534) Net income (32,604) (1) Reconciliation relates to corporate administrative expenses, which have not been allocated to the online operations or the retail stores, including €6,984 thousand related to IPO preparation and transaction costs and IPO related share-based compensation of €71,889 thousand during the year ended June 30, 2021. |
Net sales
Net sales | 12 Months Ended |
Jun. 30, 2021 | |
Net sales | |
Net sales | 8. Net sales Mytheresa Group earns revenues worldwide through its online operations, while all revenue associated with the two retail stores is earned in Germany. Geographic location of online revenue is determined based on the location of delivery. The following table provides Mytheresa Group’s net sales by geographic location: Year ended June 30, (in € thousands) 2019 2020 2021 Germany 84,534 88,866 115,334 United States 38,559 46,328 77,596 Europe (excluding Germany) (1) 141,951 178,747 253,700 Rest of the world (1) 114,042 135,546 165,466 379,086 449,487 612,096 (1) No individual country other than Germany and the United States accounted for more than 10% of net sales. Substantially all amounts classified within net sales are derived from the sale of luxury goods. No single customer accounted for more than 10% of Mytheresa Group’s net sales in any of the periods presented. Substantially, all long-lived assets are located in Germany. Net sales recognized from contract liabilities were €4,013 thousand in fiscal 2021 (2020: €3,141 thousand , 2019: €1,627 thousand). |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Jun. 30, 2021 | |
Selling, general and administrative expenses | |
Selling, general and administrative expenses | 9. Selling, general and administrative expenses Selling, general and administrative expenses include all personnel costs for Mytheresa Group, IT expenses, costs associated with the distribution center, and other overhead costs. Selling, general and administrative expenses consist of the following: Year ended June 30, (in € thousands) 2019 2020 2021 Personnel-related expenses (41,601) (50,910) (133,710) Rental and other facility-related expenses (1,786) (932) (2,197) IT expenses (2,733) (4,567) (6,636) IPO preparation and transaction costs — (5,206) (6,984) Other (5,918) (4,812) (7,624) (52,038) (66,427) (157,151) Mytheresa Group includes expenses related to share-based compensation for certain management personnel of the Company within personnel-related expenses (Refer to Note 27). The increase is mainly driven by IPO related share-based compensation expenses in the fiscal year ended June 30, 2021. The Mytheresa Group recognized IPO related share-based compensation expenses for the fiscal year ended June 30, 2021 of €71.9 million and ordinary share-based compensation expenses for the fiscal year June 30, 2020 of €0.1 million, respectively. The increase in personnel expenses is also attributable to the increase in the number of employees during the same comparative period. One of the main drivers of the increase in employees and personnel-related expenses is the addition of new fulfillment personnel. |
Other income, net
Other income, net | 12 Months Ended |
Jun. 30, 2021 | |
Other income, net | |
Other income, net | 10. Other income, net Other income, net consists of the following: Year ended June 30, (in € thousands) 2019 2020 2021 Other income Other income 2,021 2,062 2,018 Foreign exchange gains, net — 65 — Subleasing income 478 — — 2,499 2,127 2,018 Other expenses Foreign exchange losses, net (704) — (510) Other operational expenses (800) (1,482) (2,307) (1,504) (1,482) (2,817) 995 645 (799) |
Finance income (costs), net
Finance income (costs), net | 12 Months Ended |
Jun. 30, 2021 | |
Finance income (costs), net | |
Finance income (costs), net | 11. Finance income (costs), net Finance expenses, net consists of the following: Year ended June 30, (in € thousands) 2019 2020 2021 Finance costs Interest expenses from Shareholder Loans (8,634) (7,492) (5,990) Foreign exchange losses from Shareholder Loans (4,682) (2,209) — Interest expenses on revolving credit facility (185) (951) (723) Interest expenses on leases (486) (523) (612) (13,987) (11,175) (7,325) Finance income Interest income from Shareholder Loans 1 56 — Net gain on Shareholder Loans — — 7,601 Foreign exchange gains from Shareholder Loans — — 14,613 Other interest income — — 202 1 56 22,416 Finance income (costs), net (13,986) (11,119) 15,091 Further information on expenses and income from Shareholder Loans can be found in Note 21. |
Income tax expense
Income tax expense | 12 Months Ended |
Jun. 30, 2021 | |
Income tax expense | |
Income tax expense | 12. Income tax expense Income taxes are comprised of current income taxes and deferred taxes and consists of the following: (in € thousands) 2019 2020 2021 Total current tax income / (expense) (3,562) (5,185) (14,355) Thereof prior year adjustments — (520) (741) Thereof other current income tax effects for the period (3,562) (4,665) (13,614) Total deferred tax income / (expense) 123 1,744 (1,179) Thereof effects from origination and reversal of temporary balance sheet differences 1,185 (73) 2,553 Thereof prior year adjustments — 435 896 Thereof effects from (non-)recognition of deferred tax assets on current tax losses / interest carryforwards (1,062) 1,382 (4,628) Total income tax expense (3,439) (3,441) (15,534) During fiscal 2021, Mytheresa Group’s primary statutory tax rate was 27.5% (2020 and 2019: 27.8%), consisting of the German corporate tax rate of 15%, a 5.5% solidarity surcharge on the corporate tax rate, and a trade tax rate of 12%. For non-German companies, the deferred taxes at period-end were calculated using a range of 21% to 25%. During fiscal 2020, MYT Netherlands Parent B.V.’s tax rate was 19% for the first €200 thousand of taxable income and 25% for the any amounts exceeding €200 thousand. In fiscal 2021 the taxable residence of the MYT Netherlands Parent B.V. was moved to Aschheim, Germany. The German statutory tax rates have been applied for fiscal 2021. The table below reconciles the expected income tax expense amount, based on Mytheresa Group’s expected tax rate to the actual income tax expense amounts for fiscal 2019, fiscal 2020 and fiscal 2021. Year ended June 30, (in € thousands) 2019 2020 2021 Income (loss) before tax 5,090 9,791 (17,070) Tax (expense) income based on expected group tax rate (1,415) (2,722) 4,697 Tax effects of: Non-recognition of interest expenses due to interest cap (1,103) (1,042) — Utilization of interest expense carry-forwards and recognition of related deferred tax assets — 1,400 4,118 Non-deductible expense (German trade tax) (331) (233) (727) Other non-deductible expenses (778) (874) (19,412) Tax free income 1,297 108 — Tax rate difference between group and local tax rates 32 57 (420) Prior year adjustments — (85) 155 Non-recognition on deferred tax assets on loss carryforwards (1,062) (18) (4,064) Others (79) (32) 119 Income tax expense (3,439) (3,441) (15,534) Effective total income tax rate (%) 67.6 % 35.1 % 91.0 % The material drivers leading to the difference between expected income tax expense and income tax expense recognized for 2019 are as follows: Interest expense incurred under IFRS in 2019 is not tax deductible within the German Income Tax Group due to the interest deduction limitations for German income tax purposes. This leads to a current income tax effect of €1,103 thousand. In addition, no deferred tax asset is recognized in fiscal 2019 for interest expenses which can be carried forward. At the same time, for current tax loss carryforwards from the Mariposa Tax Group in Luxembourg for fiscal 2019, no deferred tax asset has been recognized, which leads to a deferred income tax effect of €1,062 thousand. Effects from other non-deductible expenses and permanent differences at the amount of €778 thousand materially include changes in the carrying amount of financial instruments not tax deductible. The effect related to tax free income results from transfer pricing adjustments for the Mariposa Tax Group. The material drivers leading to the difference between expected income tax expense and income tax expense recognized for 2020 are as follows: Interest expense incurred under IFRS in 2020 period is not tax deductible within the German Income Tax Group due to the interest deduction limitation for German income tax purposes. This leads to a current income tax effect of €1,042 thousand. In addition, a deferred tax asset has been recognized for interest carryforwards at the amount of €1,400 thousand in fiscal 2020. Effects from other non-deductible expenses and permanent differences at the amount of €874 thousand materially include changes in permanent balance sheet differences. The material drivers leading to the difference between expected income tax expense and income tax expense recognized for 2021 are as follows: Utilization of interest expense carried forward reduced income tax expense by €2,558 thousand in fiscal 2021. Furthermore, in fiscal 2021, deferred tax assets of €1,560 (fiscal 2020: €1,400 thousand) were recognized related to interest carryforwards not recognized in prior years. Deferred tax assets of €4,787 thousand related fiscal 2021 tax losses were not recorded. Such amount includes €1,229 thousand related to IPO transaction costs recorded directly to equity. Furthermore, income tax benefits of €723 thousand related to previously unrecognized tax losses were recognized during fiscal 2021. Other non-deductible expenses in fiscal 2021 include the tax effect of expenses related to share-based payments of €20,226 thousand which are not deductible for German income tax purposes. For temporary differences associated with investments in subsidiaries at the amount of €198 thousand (2020: €0 thousand), no deferred taxes have been recognized as the respective parent is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Jun. 30, 2021 | |
Earnings per Share | |
Earnings per Share | 13. Earnings per Share Basic earnings per share are determined by dividing the net income for the period attributable to the ordinary shareholders of the MYT Netherlands B.V. by the basic weighted average number of ordinary shares outstanding during the period. (in € thousands, except share and per share data) Year Ended June 30, 2019 2020 2021 Net income (loss) attributable to shareholders 1,651 6,350 (32,604) Weighted average ordinary shares outstanding (basic and diluted) 70,190,687 70,190,687 77,360,088 Basic and diluted earnings per share 0.02 0.09 (0.42) Basic earnings per share are calculated in accordance with IAS 33 (“Earnings per Share”) based on earnings attributable to the Company’s shareholders and the weighted average number of shares outstanding during the period. The ordinary shares outstanding used for computation of earnings per share reflect the Legal Reorganization, adjusted for the share split described in Note 20. This presentation is consistent with the principles in IAS 33.64, which requires calculation of basic and diluted earnings per share for all periods presented to be adjusted retrospectively if changes occur to the capital structure after the reporting period but before the financial statements are authorized for issue. Diluted earnings per share are determined by dividing the net income for the period attributable to the ordinary shareholders by the diluted weighted average number of shares outstanding during the period. In fiscal 2019 and 2020, no share-based payment plans existed and thus no difference between basic and diluted earnings per share occurred. In 2021, ordinary shares with a dilutive effect (stock options) were excluded, because the effect would be anti-dilutive. Hence, the basic earnings per share correspond to diluted earnings per share in fiscal 2021 and prior periods. |
Intangible assets and goodwill
Intangible assets and goodwill | 12 Months Ended |
Jun. 30, 2021 | |
Intangible assets and goodwill. | |
Intangible assets and goodwill | 14. Intangible assets and goodwill Mytheresa Group’s intangible assets and goodwill consist of the following: As of June 30, (in € thousands) 2020 2021 Intangible assets with finite life Software and license 489 1,134 Intangible assets with indefinite life Trademark 15,585 15,585 Goodwill 138,892 138,892 154,966 155,611 Intangible assets with a finite useful life Mytheresa Group has intangible assets with a finite useful life, consisting of licenses and software. Amortization expense of the intangible assets is entirely classified within depreciation and amortization in the consolidated statements of profit and comprehensive income. The following table presents the changes in Mytheresa Group’s finite-lived intangible assets during fiscal 2020 and fiscal 2021: Year ended June 30, (in € thousands) 2020 2021 Cost Beginning of fiscal year 3,146 3,366 Additions 220 1,038 End of fiscal year 3,366 4,404 Accumulated depreciation and impairment Beginning of fiscal year 2,415 2,877 Amortization charge of the year 462 393 End of fiscal year 2,877 3,270 Carrying amount at end of year 489 1,134 Indefinite-lived intangible assets Mytheresa Group’s MYTHERESA and mytheresa.com trademarks represent an indefinite-lived intangible asset. Mytheresa Group assessed the trademarks for potential impairment during the fourth quarters of each fiscal year, determining that no impairments had occurred. When assessing the trademarks for potential impairment, the fair value of the trademarks was determined using the relief from royalty income approach. Under this approach, management estimated future cash flows based on projected revenue growth, an assumed royalty rate and discount rate. Revenue growth is estimated based on internal projections considering Mytheresa Group’s past performance and forecasted growth. The discount rate and royalty rate are based on market participant assumptions. Fiscal Year (in € thousands) 2020 2021 Discount rate 7.1 % 11.7 % Royalty rate 2.0 % 2.0 % Terminal revenue growth rate 2.0 % 2.0 % Goodwill MGG acquired 100% of the outstanding shares of mytheresa.com GmbH on October 9, 2014 and Theresa Goodwill has been allocated to Mytheresa Group’s two identified CGUs, the online operations and the retail store. Mytheresa Group allocates €137,933 thousand and €959 thousand of goodwill to online operations and the retail store, respectively, which remained unchanged for all periods presented. The recoverable amounts of the CGUs are determined based on each respective CGU’s value in use. The present value of the future cash flows expected to be derived from an asset or CGU based on the value in use (VIU) approach. The key assumptions for determining the value in use are the discount rates, growth rates and expected changes to selling prices and direct costs during the period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU’s. The growth rates are based on industry growth forecasts. Mytheresa Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next five years. The assumed terminal growth rates and discount rates applied in Mytheresa Group’s goodwill impairment assessments were as follows: Fiscal Year (in € thousands) 2020 2021 Online Terminal growth rate 2.0 % 2.0 % Pre-Tax Discount rate 9.2 % 15.5 % Retail store Terminal growth rate 2.0 % 2.0 % Pre-Tax Discount rate 8.7 % 10.8 % This terminal growth rates applied in the impairment assessments do not exceed the average long-term growth rate for either the online operations or retail store CGUs. This pre-tax discount rate is based on the capital structure of the respective relevant peer group on average over the last two years. The increase in the pre-tax discount rate is due to a general update of the peer group. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. Mytheresa Group has not |
Property and equipment
Property and equipment | 12 Months Ended |
Jun. 30, 2021 | |
Property and equipment. | |
Property and equipment | 15. Property and equipment Changes in Property and equipment during the years presented were as follows: Leasehold Other fixed assets and Total property and (in € thousands) improvements office equipment equipment Cost As of July 1, 2019 9,499 8,890 18,389 Additions 214 1,859 2,073 As of June 30, 2020 9,713 10,749 20,462 Accumulated depreciation and impairment As of July 1, 2019 3,126 5,459 8,585 Depreciation charge of the year 954 1,353 2,307 As of June 30, 2020 4,080 6,812 10,892 Carrying amount As of July 1, 2019 6,373 3,431 9,804 As of June 30, 2020 5,633 3,937 9,570 Cost As of July 1, 2020 9,713 10,749 20,462 Additions 85 1,811 1,896 Disposals — (40) (40) As of June 30, 2021 9,798 12,520 22,317 Accumulated depreciation and impairment As of July 1, 2020 4,080 6,812 10,892 Depreciation charge of the year 1,121 1,501 2,622 Disposals — (7) (7) As of June 30, 2021 5,201 8,306 13,507 Carrying amount As of July 1, 2020 5,633 3,937 9,570 As of June 30, 2021 4,597 4,213 8,810 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | 16. Leases Expenses on leases accounted for under the low value exemption amounted to €181 thousand in fiscal 2021 (2020: €159 thousand, 2019: €160 thousand). Expenses relating to variable lease payments not included in the measurement of lease liabilities amounted to €198 thousand in fiscal 2021 (2020: €102 thousand, 2019: €148 thousand). Mytheresa Group incurred depreciation and interest expenses in an amount of €5,835 thousand in fiscal 2021 (2020: €5,639 thousand). Rent concessions in an amount of €56 thousand had an impact on the incurred expenses in fiscal 2021 (2020: €761 thousand). The balanced non-current lease liabilities in fiscal 2021 amounted to €8,786 thousand (2020: €13,928 thousand) and the current lease liabilities amounted to €5,361 thousand (2020: 5,787). See Note 28 for a maturity analysis of the Company’s lease future lease payments. Income from subleasing right-of-use assets related to a warehouse, classified as operating lease, amounted to €0 in fiscal 2021 (2020: €0 thousand, 2019: €478). The underlying lease arrangement terminated in fiscal year 2019. Mytheresa Group classifies subleasing income within other income, net on the consolidated statement of profit or loss and comprehensive income. The total cash outflow for leases amounted €5,800 thousand in fiscal 2021 (2020: €4,779 thousand, 2019: €5,556 thousand). Interest expenses from lease liabilities amounted to €612 thousand in fiscal 2021 (2020: €511 thousand, 2019: €486 thousand). Right-of-use asset activity during the reporting periods presented is comprised of the following: Land and Company Total right-of- (in € thousands) buildings Cars use assets Cost As of July 1, 2019 27,953 34 27,987 Additions 6,364 42 6,406 Disposals — — — As of June 30, 2020 34,317 76 34,393 Accumulated Depreciation and Impairment As of July 1, 2019 10,250 26 10,276 Depreciation Charge of the year 5,104 12 5,116 Disposals — — — As of June 30, 2020 15,354 38 15,392 Carrying Amount As of July 1, 2019 17,703 8 17,711 As of June 30, 2020 18,963 38 19,001 Land and Company Total right-of- (in € thousands) buildings Cars use assets Cost As of July 1, 2020 34,317 76 34,393 Additions 229 3 231 As of June 30, 2021 34,546 78 34,624 Accumulated Depreciation and Impairment As of July 1, 2020 15,354 38 15,392 Depreciation Charge of the year 5,210 14 5,224 As of June 30, 2021 20,564 52 20,616 Carrying Amount As of July 1, 2020 18,963 38 19,001 As of June 30, 2021 13,982 27 14,009 |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Inventories | 17. Inventories Mytheresa Group’s inventories consist entirely of finished goods merchandise acquired from fashion designers. Mytheresa Group records inventories at the lower of cost or net realizable value. Inventory expenses amounted to €324,030 thousand in fiscal 2021 (2020: €239,210 thousand, 2019: €201,204 thousand). Inventory write-downs classified as cost of sales during fiscal 2021 were €1,022 thousand (2020: €335 thousand, 2019: €305 thousand). The main portion of the inventory is pledged under Mytheresa Group’s revolving credit facilities. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables | |
Trade and other receivables | 18. Trade and other receivables The carrying amount of trade and other receivables approximates their fair value due to their short-term nature. The trade and other receivables are non-interest bearing. The maximum credit risk at the balance sheet date, which corresponds to the carrying amount of trade and other receivables, was taken into account in accordance with IFRS 9 when measuring the allowance for expected credit losses. Information about the impairment of trade and other receivables and Mytheresa Group’s exposure to credit risk, currency risk and interest rate risk can be found in Note 28. Trade accounts receivables are partially pledged under Mytheresa Group’s revolving credit facilities. |
Other assets
Other assets | 12 Months Ended |
Jun. 30, 2021 | |
Other assets | |
Other assets | 19. Other assets Other assets consist of the following: As of June 30, (in € thousands) 2020 2021 Right of return assets 5,075 5,279 IPO preparation costs 2,312 — Prepaid expenses 2,012 4,479 Receivables against payment service providers 4,784 847 Advanced payments 1,167 1,106 Deposits 1,805 991 Other assets 1,795 1,965 18,950 14,667 |
Shareholder's equity
Shareholder's equity | 12 Months Ended |
Jun. 30, 2021 | |
Shareholder's equity | |
Shareholder's equity | 20. Shareholder’s equity As of June 30, 2018 and 2019, Subscribed capital is €72 thousand, representing 8,000 shares outstanding with a nominal value per share of USD 1 issued by Mariposa I S.à.r.l. Following the Prior Restructuring Transactions and the Legal Reorganization in August 2019, subscribed capital reduced to €1 thousand, representing 1,000 shares outstanding with a nominal value per share of €1.00 issued by MYT Netherlands Parent B.V. The subscribed capital is fully paid, and repayment of subscribed capital is restricted. On January 12, 2021, the Company effected a 70,190,687 (with a nominal value per share of €0.000015) for one share split of its ordinary shares outstanding. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this share split. On January 21, 2021, the Company completed its initial public offering (“ IPO The Company issued 14,233,823 ADSs in its IPO and received proceeds, net of underwriting discounts and before related expenses of $344.2 million. Its sole shareholder sold 3,760,294 ADSs in the offering, including 586,764 ADSs sold by the Company and 1,760,294 ADSs sold by the sole shareholder pursuant to the exercise in full of the underwriters’ option to purchase additional ADSs. Total transaction costs of €16,740 thousand relating to the initial public offering were incurred, of which €12,190 thousand have been expensed and are included in the selling, general and administrative expenses within the condensed consolidated statement of operations and are part of operating cash flows in the statement of cash flow. Transaction costs of €4,550 thousand have been directly deducted from the capital reserve. Amounts recognized in other comprehensive income in prior years pertain solely to foreign currency translation adjustments. Profits are reflected within the accumulated deficit of Mytheresa Group. As of June 30, (ADSs, representing an equal number of ordinary shares) 2020 2021 Basic shares 70,190,687 70,190,687 IPO shares — 14,233,823 Restoration Award (Phantom Shares) - Converted — 51,920 Supervisory Board Award (Restricted Shares) — 15,384 Number of ordinary shares 70,190,687 84,491,814 Please Note 27 for further explanation on types of ordinary shares. |
Shareholder Loans and liabiliti
Shareholder Loans and liabilities to banks | 12 Months Ended |
Jun. 30, 2021 | |
Shareholder Loans and liabilities to banks | |
Shareholder Loans and liabilities to banks | 21. Shareholder Loans and liabilities to banks Mytheresa Group is party to two revolving credit facilities and was formerly party to multiple shareholder loans (collectively, the “Shareholder Loans”). Revolving Credit Facilities Mytheresa Group is party to a revolving credit facility with Commerzbank Aktiengesellschaft and one with UniCredit Bank AG, with each €45,000 thousand and maturity on December 31, 2023. The maximum borrowing capacity of those revolving credit facilities combined is therefore €90,000 thousand. As of June 30, 2021, Mytheresa Group has no outstanding borrowings on this facilities. As of June 30, 2021, we have fully repaid our borrowings on our Revolving Credit Facilities with a net repayment of €10.0 million. As of June 30, 2021, the interest rates were 2.20% and 2.25% for the Commerzbank and UniCredit facilities, respectively, if used as basic short-term borrowings. Typically, we use monthly money market loans with an interest rate of Borrowings 1.3% to 1.4% under our Revolving Credit Facilities which are secured by our inventory and part of our customer receivables. As of June 30, 2021, Mytheresa Group met all Shareholder Loans Variable Interest Shareholder Loans Mytheresa Group, through its former subsidiary Mariposa II, was party to two variable interest related party U.S. Dollar denominated loans (“Variable Interest Shareholder Loans”) payable to its shareholder, MYT Intermediate Holding Co. These loans originated on December 18, 2014 and January 15, 2015, respectively and had original principal balances of USD 105 million and USD 1.7 million, respectively. Both Variable Interest Shareholder Loans had variable interest rates set at the federal funds rate. Interest on both loans compounded semi-annually each July and January, with interest capitalized into the principal. The Variable Interest Shareholder Loans were originally scheduled to mature on December 18, 2020. Mytheresa Group recognized the Variable Interest Shareholder Loans at their fair value. Subsequently, Mytheresa Group measured the Variable Interest Shareholder Loans at amortized cost. During fiscal 2020, Mytheresa Group incurred interest expense of €3,943 thousand (2019: €5,099 thousand, 2018: €5,415 thousand) on the Variable Interest Shareholder Loans. Effective August 28, 2019, the payment obligations for the Variable Interest Shareholder Loans were reassigned to MYT Netherlands Parent B.V. as part of the Prior Restructuring Transactions. On February 28, 2020, the Variable Interest Shareholder Loans were forgiven by MYT Intermediate Holding Co. Convertible Preferred Equity Certificate Mariposa I was a party to two US Dollar denominated CPECs. The CPECs were originally payable to MYT Intermediate Holding Co. and subsequently reassigned to MYT Netherlands Parent B.V. as part of the Prior Restructuring Transactions. Following the reassignment to MYT Netherlands Parent B.V., the CPECs were eliminated in consolidation when MYT Netherlands Parent B.V. became the direct parent of Mariposa I (Refer to Note 2.2). Both CPECs allowed for interest capitalization into the principal and had the following terms: Instrument Origination Date Original Principal Fixed Interest Rate Maturity Date CPEC I December 18, 2014 USD 45.0 million 5.825 % December 18, 2044 CPEC II December 19, 2014 USD 39.5 million 5.825 % December 19, 2043 Mytheresa Group recognized the CPEC loan obligations at fair value. Subsequently, Mytheresa Group measured the CPEC loan obligations at amortized cost. The CPECs each contained conversion features, allowing the certificate holder to convert the CPECs into a fixed amount of shares of Mariposa I. The fixed amount of shares was equal to the outstanding CPEC balance divided by the nominal share price of Mariposa I. The conversion features were scheduled to become exercisable in December 2035. Mytheresa Group did not assign any value to the conversion features, because they were legally attached the outstanding shares of Mariposa I, which had only one shareholder until its dissolution on August 28, 2019. CPEC I and CPEC II each contained two prepayment rights. Under the first prepayment right, Mytheresa Group had the right to prepay the loan (in part or in full) beginning December 2035. The first prepayment right was subordinate to the certificate holders’ conversion rights. The second prepayment right allowed for prepayment of up to 99% of the principal amount with prior approval by the board of managers. The Company recognized the prepayment rights as an asset at fair value with changes in fair value recognized in profit and loss. As of June 30, 2019, the fair value recognized for the prepayment rights was €185 thousand. The prepayment rights were derecognized on August 28, 2019 as part of the Prior Restructuring Transactions. Fixed Interest Shareholder Loans Prior to February 28, 2020, MGG, a subsidiary of MYT Netherland Parent B.V. was party to two intercompany shareholder loans (“Fixed Interest Shareholder Loans”) payable to MYT Netherlands Parent B.V or other companies within Mytheresa Group. The Fixed Interest Shareholder Loans originated on October 9, 2014 as part of the Neiman Marcus acquisition in 2014 with both loans having substantially the same terms and conditions. Both loans had original maturity dates of October 9, 2020, which were prolongated to October 25, 2025 on December 13, 2019. The two loans had original principal balances of $105 million and $45 million, respectively, with fixed interest rates of 6.00% per annum. Interest on both loans compounds semi-annually each July and January, with both loans allowing for interest capitalization into the principal. These loans were reassigned (the “Reassignment”) to MYT Intermediate Holding Co. on February 28, 2020, with the related party liability remaining with MGG. The Reassignment was recorded at the fair value of the Fixed Interest Shareholder Loans, using an interest rate of 5.25%, calculated based on cash flows discounted by using market interest rates and credit risk derived from a peer group. Following the Reassignment, the Fixed Interest Shareholder Loans were no longer treated as intercompany loans. The Reassignment was treated as a capital distribution, see Note 2.2. Subsequent to the Reassignment on February 28, 2020, Mytheresa Group incurred €3,367 thousand in interest expense related to the Fixed Interest Shareholder Loans during financial year 2020. Mytheresa Group was not required to make any accrued interest and outstanding principal payments on the Fixed Interest Shareholder Loans until their respective maturity dates in 2025. Under the agreement terms for both Fixed Interest Shareholder Loans, Mytheresa Group had the right to prepay any outstanding principal or accrued interest amounts (in part or in full) at any time without penalty. The Fixed Interest Shareholder Loans do not contain any financial covenants. As of June 30, 2020, Mytheresa Group was in compliance with all In January 2021, Mytheresa Group’s long-term borrowings related to two US Dollar denominated loans from MYT Note Holdco Inc. (the “Fixed Interest Shareholder Loans”) have been fully repaid using a portion of the net proceeds from the initial public offering in the United States of America. During the year ended June 30, 2021, interest expenses of €5,990 thousand were incurred on these loans. In addition, the Group recognized a gain of €7,601 thousand on the extinguishment of the loans during the financial year ended June 30, 2021. As of June 30, (in € thousands) 2020 2021 Shareholder Loans Fixed Interest Shareholder Loan (1) 57,380 — Fixed Interest Shareholder Loan (1) 133,814 — Total 191,194 — |
Tax liabilities
Tax liabilities | 12 Months Ended |
Jun. 30, 2021 | |
Tax liabilities | |
Tax liabilities | 22. Tax liabilities Tax liabilities result from current income taxes. Changes in Mytheresa Group’s tax liabilities were as follows: As of June 30, (in € thousands) 2019 2020 2021 Beginning of fiscal year 4,666 975 3,853 Additions 683 3,673 11,476 Utilizations (4,374) (795) (466) Release — — (570) End of fiscal year 975 3,853 14,293 |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2021 | |
Provisions. | |
Provisions | 23. Provisions Provisions consist of obligations resulting in an expected outflow of economic benefits and were non-current for each of the periods presented. Provisions consist of the following as of June 30, 2021: (in € thousands) Dismantling Other Total Beginning of fiscal year 494 88 582 Additions 135 — 135 Releases — — — Utilizations — — — End of fiscal year 629 88 717 Mytheresa Group leases its Corporate headquarter, central warehouse facility and the retail stores in Germany. Mytheresa Group recognizes a provision for expected dismantling costs to be incurred at the end of the respective lease terms for these two facilities based on external data sources and internal experience from past dismantling activities. |
Other liabilities
Other liabilities | 12 Months Ended |
Jun. 30, 2021 | |
Other liabilities | |
Other liabilities | 24. Other liabilities Other current liabilities consist of the following: As of June 30, (in € thousands) 2020 2021 Personnel-related liabilities 6,035 10,115 Customer returns 8,607 9,631 Liabilities from sales tax 4,143 1,894 Accrued expenses & other liabilities 27,343 28,585 46,128 50,225 As of June 30, 2021 all outstanding other liabilities are classified as current liabilities. For the previous fiscal year, other non-current liabilities consisted of €5,905 thousand of long-term employee incentive compensation agreements with managing directors of the Company and other senior management personnel pursuant, for which a cash bonus has been paid out in the current fiscal year upon achievement of specific revenue goals. |
Deferred income tax liabilities
Deferred income tax liabilities, net | 12 Months Ended |
Jun. 30, 2021 | |
Deferred income tax liabilities, net | |
Deferred income tax liabilities, net | 25. Deferred income tax liabilities, net The following table depicts the changes in deferred tax balances through equity and profit or loss for the periods presented. As of June 30, (in € thousands) 2019 2020 2021 Deferred tax liabilities, net Beginning of fiscal year (5,315) (5,192) (1,130) Recognized through equity / other comprehensive income — 2,318 — Recognized through profit or loss 123 1,744 (1,178) End of fiscal year (5,192) (1,130) (2,308) Mytheresa Group’s deferred tax balance for each of the years presented consist of the following as of June 30: 2020 2021 Deferred tax Deferred tax (in € thousands) Assets Liabilities Assets Liabilities Intangible assets and goodwill 375 (4,333) 331 (4,290) Property and equipment — — 0 0 Inventory — (1,722) 0 — Receivables — (175) 262 (78) Right-of-Use asset, contract asset and other assets — (7,335) 56 (4,172) Lease liabilities, contract liabilities and other liabilities 10,531 (2,209) 3,893 (68) Shareholder Loans 2,200 — 0 — Provisions 136 — 197 — Others 1,400 — 1,560 — Total Gross 14,643 (15,773) 6,300 (8,608) Netting (14,643) 14,643 (6,300) 6,300 Total net — (1,130) — (2,308) Deferred tax assets and deferred tax liabilities are offset if the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority and if there is the right to set off current tax assets against current tax liabilities. In the presentation of deferred tax assets and liabilities in the Consolidated Statement of Financial Position, no difference is made between current and non-current. For all unused interest carryforwards in the amount of €6,349 thousand deferred tax assets have been fully recognized in fiscal 2021. In fiscal 2020 deferred tax assets have only been recognized for unused interest carryforwards in the amount of €5,644 thousand, no deferred tax assets have been recognized for unused interest carryforwards in the amount of €17,704 thousand. In fiscal 2019 no deferred tax assets have been recognized for all unused interest carryforwards in the amount of €19,375 thousand. Additionally, no deferred tax asset has been recognized for unused tax loss carryforwards of €19,014 thousand in fiscal 2021 (2020: €0 thousand; 2019: €9,564 thousand). |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Related party transactions | 26. Related party transactions As of June 30, 2021, Mytheresa Group was 76.9% owned subsidiary of MYT Holding LLC, USA. The ultimate parent of Mytheresa Group is MYT Ultimate Parent LLC, USA as of June 30, 2021. a) Related Parties transactions As of June 30, 2020, Mytheresa Group was party to two Shareholder Loans with MYT Intermediate Holding Co., USA. Refer to Note 21 for further details regarding the Shareholder Loans. As of June 30, 2021, Mytheresa Group had a receivable against MYT Ultimate Parent LLC, USA in an amount of €213 thousand. Further, Mytheresa Group had liabilities to MYT Ultimate Parent LLC, USA in an amount of €838 thousand. These balances resulted from various intercompany charges. b) Key Management Personnel Compensation Key management personnel as defined by IAS 24 are persons who, by virtue of their positions, are responsible for the operations of Mytheresa Group. The managing directors of the Company and MGG constitute key management persons for Mytheresa Group, as the managing directors of the company and MGG have the authority and responsibility for planning, directing and controlling Mytheresa Group´s operating activities. The following table shows the personnel expenses for managing directors: Year Ended June 30, (in € thousands) 2019 2020 2021 Short-term compensation 1,111 1,623 6,421 Personnel expenses from long-term employee benefits 1,076 1,340 1,216 Income from reversal of other long-term employee benefits — — (2,056) Long-term employee benefits (net income) 1,076 1,340 (840) Share-based compensation - Old Plans 153 65 427 Share-based compensation - IPO related compensation for Managing Directors — — 61,578 Total Share-based compensation 153 65 62,005 Total personnel expenses for Managing Directors 2,340 3,028 67,586 Long-term employee benefits for Managing Directors relate to a long-term incentive program, which was established in 2018, under which a cash bonus was to be paid out upon achievement of specific revenue goals. At the time the IPO-related share-based compensation awards were granted (see Note 27 for details), the Managing Directors waived a portion of the long-term incentive program. The Group recognized income of €2,056 thousand from the reversal of such accrued amount related to this program. Refer to Note 27 for further details regarding the Share-based compensation. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Jun. 30, 2021 | |
Share-based compensation. | |
Share-based compensation | 27. Share-based compensation a) Description of share-based compensation arrangements In connection with the IPO, share-based compensation programs were granted in January 2021 to selected key management members and supervisory board members. Selected key management members were granted an IPO related award package. This package consists of the “Alignment Grant” and the “Restoration Grant”. Furthermore, restricted shares were granted to supervisory board members as part of the annual plan. All equity instruments that were granted under the IPO related award package and the annual plan are accounted for as equity-settled plans in accordance with IFRS 2. i) IPO Related One-Time Award Package Alignment Grant Under this share-based payment program, options were granted to selected key management members. The options vest and become exercisable with respect to 25 % on each on the first four anniversaries of the grant date (January 20, 2021). After vesting, each option grants the right to purchase one share at a predefined exercise price per share. The vested options can be exercised up to 10 years after the grant date. The granted options are divided into three different tranches which have varying exercise prices. Overall, 6,478,761 options were granted to 21 key management members. Restoration Grant Under this share-based payment program, phantom shares were granted to selected key management members. Each phantom share represents the right of the grantee to receive one ADS in exchange for a phantom share. The granted phantom share vested immediately on the grant date and can be converted into an ADS at any time but are subject to transfer restrictions after conversion. Up to 25% of the granted phantom shares can be transferred after conversion at any time after the second anniversary of the grant date. The remaining 75% of the granted phantom shares can be transferred after conversion if certain conditions are met or at the fourth anniversary of the grant date at latest. The phantom shares can be converted into ADSs up to 10 years after the grant date. Overall, 1,875,677 phantom shares were granted to 21 key management members. The following table summarizes the main features of the one-time award package: Type of arrangement Alignment Award Restoration Award Type of Award Share Options Phantom Shares Date of first grant January 20, 2021 January 20, 2021 Number granted 6,478,761 1,875,677 Vesting conditions 25% graded vesting of the granted share options in each of the next four years of service from grant date The restoration awards are fully vested on the Grant Date. ii) Other One One-Time Award Package Sign-On RSU Award Under this share-based payment program, a certain number of restricted share units (“RSUs”) were granted to a management member, who joined the management team in June 2021. The ADSs (the shares represented thereby) consisting of a number of restricted share units (“RSUs”), each of which represents the right to receive an ADS of MYT Netherlands Parent B.V. upon vesting, based on the closing price per ADS on the New York Stock Exchange on the start date. Subject to Employee’s continued employment with the Company, the RSUs will become fully vested on the twelve-month anniversary of the Start Date. The following table summarizes the main features of the annual plan: Sign-On Type of arrangement RSU Award Type of Award Restricted Shares Units Date of first grant June 1, 2021 Number granted 6,269 Vesting conditions The restricted shares units are scheduled to vest in full on May 31, 2022. iii) Annual Plan Supervisory Board Members Plan Under this share-based payment program a certain number of restricted share awards was granted to supervisory board members. The ADSs (the shares represented thereby) issued on the grant date pursuant to the restricted share award are subject to forfeiture in the event that grantee resigns or is removed from the supervisory board prior to the vesting date. The granted equity instruments vest on December 31, 2021. The following table summarizes the main features of the annual plan: Annual Plan Type of arrangement Supervisory Board Members plan Type of Award Restricted Shares Date of first grant January 20, 2021 Number granted 15,384 Vesting conditions The restricted shares are scheduled to vest in full on December 31, 2021. iv) Pre-IPO Stock Options Certain managing directors of the Company participated in a share-based compensation plan (the “Old Plans”) sponsored by Mytheresa Group’s ultimate parent, MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA). These individuals received both stock options and restricted stock awards in MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA). Stock Options - The outstanding stock options issued to certain managing directors of the Company, which were issued in 2014 and 2015, consist of time-vested awards and performance-based awards. Each option entitled the award holder to receive shares of MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA) for a specified exercise price, if the requisite vesting conditions are satisfied. Time vested options required the award holder to remain employed with the Company through a specified date (with limited exceptions). Performance-based stock options had included non-market performance vesting conditions and are were generally subject to continued service with the Company (with limited exceptions). If a managing director has been terminated, MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA) had the right to repurchase any unexercised portion of any options held by such managing director or any shares acquired by such managing director pursuant to the exercise of any options, provided that such right shall cease upon an IPO or other registration of Neiman Marcus’ shares. For the time-vested stock options, Mytheresa Group only recognized expenses for employees expected to remain with the Company through retirement or registration of MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA) shares. No expense was recorded for outstanding performance-based awards during fiscal 2018, fiscal 2019 or fiscal 2020, because neither an IPO of MYT Ultimate Parent LLC, USA (formerly Neiman Marcus Group, Inc., USA), nor the performance vesting conditions were probable. The exercise prices for outstanding time-vested stock options as of June 30, 2018 were between $500 and $1,074. The exercise prices for outstanding performance-based stock options as of June 30, 2018 were between $1,000 and $1,074. The exercise prices of the outstanding time-vested stock options and performance-based stock options at June 30, 2020 equal the weighted average exercise price. In 2016, the exercise price of the Stock Options was decreased to $1,000 and in 2018 to $500 for some managers. The incremental fair value was recognized from the modification date until the end of the vesting period. The incremental fair value was measured by using the Black-Scholes option formula. The incremental fair value of the modification in 2018 was $33 per Stock Option. Beneficiaries forfeited unvested awards in the event they left the Company voluntarily. MYT Ultimate Parent LLC, USA cancelled all time-vested as well as performance-based stock options for nil consideration in February 2021. Therefore, an expense of € 427 thousand were recognized immediately as result of the acceleration of vesting. b) Reconciliation of outstanding share options The number and weighted-average exercise prices of share options under the share option programs described above were as follows. Performance-based Time-vested Options Options Alignment award Wtd. Average Wtd. Average Wtd. Average Exercise Price Exercise Price Exercise Price Options (USD) Options (USD) Options (USD) June 30, 2018 2,205 500 1,820 1,000 — N/A forfeited (200) 500 (200) 1,000 — N/A exercised — N/A — N/A — N/A June 30, 2019 2,005 500 1,620 1,000 — N/A forfeited — N/A — N/A — N/A exercised — N/A — N/A — N/A June 30, 2020 2,005 500 1,620 1,000 — N/A granted — N/A — N/A 6,478,761 830 cancelled (2,005) 500 (1,620) 1,000 — N/A forfeited — N/A — N/A — N/A exercised — N/A — N/A — N/A June 30, 2021 — — — — 6,478,761 830 The range of exercise prices for the share options outstanding as of June 30, 2021 is between 5.79 USD and 11.58 USD. The average remaining contractual life is 9.6 c) Measurement of fair values Alignment Grant The fair value of the employee share options has been measured using the Black-Scholes formula. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows. Black Scholes Model - Weighted Average Values Tranche I Tranche II Tranche III Weighted average fair value $ 25.42 $ 22.93 $ 20.68 Exercise price $ 5.79 $ 8.68 $ 11.58 Weighted average share price $ 31.00 $ 31.00 $ 31.00 Expected volatility 60 % 60 % 60 % Expected life 2.32 years 2.32 years 2.32 years Risk free rate 0.0 % 0.0 % 0.0 % Expected dividends — — — Expected volatility has been based on an evaluation of the historical volatility of publicly traded peer companies, particularly over the historical period commensurate with the expected term. Restoration Grant As the phantom shares granted under the Restoration Award are not subject to an exercise price, the grant date fair value amounts to USD 31, the closing share price on the first trading day. d) Share-based compensation expense recognized Amounts recognized for share based payment programs were as follows: Year Ended June 30, (in € thousands) 2020 2021 Classified within capital reserve (beginning of year) 989 1,055 Expense related to old plans: Share options 28 427 Restricted Shares 37 0 Expense related to new plans: Share Options (Alignment Grant) 0 26,820 Phantom Shares (Restoration Grant) 0 47,825 Restricted Shares 0 184 Restricted Share Units 13 Classified within capital reserve (end of year) 1,055 76,325 The Mytheresa Group recognized total expense of €75.3 million for fiscal year ended June 30, 2021 that were classified in equity. |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Jun. 30, 2021 | |
Financial instruments and financial risk management | |
Financial instruments and financial risk management | 28. Financial instruments and financial risk management The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. The table excludes fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount reasonably approximates fair value. Financial instruments as of June 30, 2020 is as follows: Year ended June 30, 2020 No category Category in Fair value Carrying in accordance accordance hierarchy (in € thousands) amount with IFRS 9 with IFRS 9 Fair value level Financial assets Current financial assets Trade and other receivables 4,815 — Amortized cost — — Cash and cash equivalents 9,367 — Amortized cost — — Other assets 18,950 8,886 thereof deposits 1,805 — Amortized cost — — thereof other financial assets 8,259 — Amortized cost — — Financial liabilities Non-current financial liabilities Shareholder Loans 191,194 — Amortized cost 192,338 Level 2 Lease liabilities 13,928 13,928 N/A — — Other liabilities 5,905 — Amortized cost — — Current financial liabilities Liabilities to banks 10,000 — Amortized cost — — Lease liabilities 5,787 5,787 N/A — — Trade and other payables 36,158 — Amortized cost — — Other liabilities 46,128 30,968 thereof other financial liabilities 15,160 — Amortized cost — — Financial instruments as of June 30, 2021 is as follows: Year ended June 30, 2021 No category Category in Fair value Carrying in accordance accordance Fair hierarchy (in € thousands) amount with IFRS 9 with IFRS 9 value level Financial assets Current financial assets Trade and other receivables 5,030 — Amortized cost — — Cash and cash equivalents 76,760 — Amortized cost — — Other assets 14,667 10,864 thereof deposits 991 — Amortized cost — — thereof other financial assets 2,812 — Amortized cost — — Financial liabilities Non-current financial liabilities Lease liabilities 8,786 8,786 N/A — — Current financial liabilities Lease liabilities 5,361 5,361 N/A — — Trade and other payables 44,210 — Amortized cost — — Other liabilities 50,227 40,596 thereof other financial liabilities 9,631 — Amortized cost — — The carrying amounts of each of the measurement categories listed above and defined by IFRS 9 as of June 30, 2020 and as of June 30, 2021 are as follows: Year ended June 30, 2020 2021 Carrying Carrying (in € thousands) amount amount Financial assets measured at Amortized cost (AC) 24,246 85,592 Financial liabilities measured at Amortized cost (AC) 245,545 53,842 The fair value of Mytheresa Group’s non-current interest-bearing shareholder loans were calculated based on cash flows discounted by using market interest rates and credit risk derived from a peer group. As the fair value calculation is mainly based on observable market data, it constitutes a level 2 fair value. Due to their nature, the carrying amounts of cash and cash equivalents, trade and other receivables, and trade and other payables approximate their fair value. There were no transfers between the different levels of the fair value hierarchy during fiscal 2020 and fiscal 2021. Mytheresa Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the end of the reporting period. As Mytheresa Group does not meet the criteria for offsetting, no financial instruments are netted. Foreign exchange derivatives held only during the year were designated as hedging instruments, the effective fair value changes of which were recognized in separate components of equity. The development of the corresponding reserves is shown in the following table: (in € thousands) July 1, 2020 Additions Reclassification June 30, 2021 OCI 1 — 2,586 (2,586) — OCI 2 — (809) 809 — Net gains or losses The table below shows the net gains and losses of financial instruments per measurement categories defined by IFRS 9: Year ended June 30, (in € thousands) 2020 2021 Financial liabilities measured at Amortized cost (AC) (12,988) 7,900 Financial assets and financial liabilities measured at fair value through profit or loss (FVPL) 2 — Net gains and losses on financial assets measured at amortized cost mainly include changes in the loss allowance on trade receivables, currency translation differences and income from payments received on trade receivables, which were already written off. Net gains and losses on financial liabilities measured at amortized cost include gains and losses from interest expenses. Net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss represent changes in fair value measurement. Interest income and expenses Interest expense is calculated by applying the effective interest rate to the gross carrying amount of liabilities measured at amortized cost (See Note 11). Financial risk management Mytheresa Group’s management has the overall responsibility to establish and oversee Mytheresa Group’s financial risk management. Mytheresa Group’s financial risk management policies are established to identify and analyze the risks faced by Mytheresa Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and Mytheresa Group’s activities. Mytheresa Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. Mytheresa Group has exposure to the following risks arising from financial instruments: Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates or interest rates will affect Mytheresa Group’s income or the value of its financial instruments. Mytheresa Group manages its market risk on a centralized basis with the objectives of managing and controlling market risk exposures within acceptable parameters. ● Currency risk Currency risks exist in particular where trade receivables, trade payables, cash and cash equivalents and planned transactions are not or will not be denominated in Euro. Mytheresa Group generates net sales in several different currencies, mostly denominated in either Euro or U.S. Dollars. Mytheresa Group economically hedges its net foreign currency exposure (excluding the Shareholder Loans), by entering into foreign exchange hedging transactions with a maximum duration of one year. Mytheresa Group initially applied hedge accounting to these transactions during fiscal 2021. As of June 30, 2020 and 2021, Mytheresa Group has no derivatives outstanding. The following tables show the impact to profit or loss if the foreign currencies (including Shareholder Loans) would increase or decrease against the Euro (foreign exchange sensitivity), based on the exposures in U.S. Dollars as of the reporting date. Year ended June 30, 2020 2021 € appreciation € depreciation € appreciation € depreciation in € thousands +10% -10% +10% -10% € Sensitivity 16,678 (20,414) (1,128) 1,379 ● Interest rate risk The fair value of our cash and cash equivalents that were held primarily in cash deposits would not be significantly affected by either an increase or decrease in interest rates due to the short-term nature of these instruments. We do not expect that interest rates will have a material impact on our results of operations. Interest expense under our Revolving Credit Facilities is historically immaterial. Although interest rate fluctuations would only affect Mytheresa Group’s profit or loss in case of floating rate liabilities and financial assets at FVPL, the fair value of the group’s fixed interest rate financial instruments may also be affected. Mytheresa Group does not believe such effects pose significant risks as such instruments are not accounted for at fair value. Liquidity risk Liquidity risk is the risk that Mytheresa Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. Mytheresa Group monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or creating other risks. Cash inflow from trade receivables are received usually within one Mytheresa Group also has two revolving credit facilities in place to balance monthly cash flow volatility. The following table details undiscounted contractually agreed future cash outflows from financial liabilities. Maturity analysis of financial liabilities as of June 30, 2020: Year ended June 30, 2020 Carrying in € thousands <1 year 1 – 5 years > 5 years Total amount Shareholder Loans — — 252,045 252,045 191,194 Trade and other payables 36,158 — — 36,158 36,158 Other liabilities 46,128 5,905 — 52,033 52,033 Liabilities to banks 10,000 — — 10,000 10,000 Lease liabilities 6,517 14,866 — 21,383 19,715 Total 98,803 20,771 252,045 371,619 309,100 Maturity analysis of financial liabilities as of June 30, 2021: Year ended June 30, 2021 Carrying in € thousands <1 year 1 – 5 years > 5 years Total amount Trade and other payables 44,210 — — 44,210 44,210 Other liabilities 50,227 — — 50,227 50,227 Lease liabilities 5,733 9,151 — 14,884 14,147 Total 99,515 9,151 — 108,666 107,929 Credit risk Credit risk is the risk of financial loss to Mytheresa Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk includes both the immediate default risk and the danger of a decline in the customer’s creditworthiness. Mytheresa Group’s exposure to credit risk is limited, as the goods are not delivered until payment by the customer has been confirmed. Trade receivables are only generated via online and in-store sales, where customers pay the invoice amount by credit card or a comparable payment method. Due to these advanced payments, Mytheresa Group does not face significant credit risk related to its customers. Mytheresa Group also has no significant credit risk towards credit card companies, which only act as intermediaries for customer payment transactions. However, credit risk might occur in case of credit card fraud. Mytheresa Group has a team within its finance function, which is in charge of detecting early stage credit card fraud. Credit card fraud is considered objective evidence of impairment for which Mytheresa Group recognizes lifetime ECL. Mytheresa Group is exposed to credit risk on cash and cash equivalents, which it monitors centrally. Mytheresa Group maintains its cash deposits at financial institutions with top credit ratings. The creditworthiness of these financial institutions is constantly monitored. Mytheresa Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of these financial institutions. As the loss allowance is immaterial, it was not recognized. The following table provides the gross carrying amounts of cash and cash equivalents by ratings as of June 30, 2020 and 2021: Year ended June 30, in € thousands 2020 2021 Rating Class 1 8,416 75,958 Rating Class 2 880 752 Rating Class 3 71 49 The movement in the loss allowance for expected credit losses in respect to trade and other receivables during fiscal 2020 and fiscal 2021 was as follows: Year ended June 30, in € thousands 2020 2021 Beginning of fiscal year 46 46 Decrease loss allowance during the period — (46) Write-offs — — End of fiscal year 46 — Default risks from other financial instruments are immaterial. Therefore, no loss allowance was recognized for other financial instruments. Capital risk management Mytheresa Group’s objective when managing capital is to safeguard Mytheresa Group’s ability to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Mytheresa Group is not subject to any externally imposed capital requirements. |
Notes to the consolidated state
Notes to the consolidated statement of cash flows | 12 Months Ended |
Jun. 30, 2021 | |
Notes to the consolidated statement of cash flows | |
Notes to the consolidated statement of cash flows | 29. Notes to the consolidated statement of cash flows Liabilities from financing activities Liabilities to (in € thousands) banks Lease liabilities Shareholder Loans Total Interest payments on financial liabilities (185) (486) — (671) Lease payments — (5,070) — (5,070) Change in Cash Flow (185) (5,556) — (5,741) Net debt as of July 1, 2018 — 23,330 114,208 137,538 Additions (Disposals) 3,649 104 (1,445) 2,308 Interest expenses 185 486 13,315 13,986 Total change in liabilities 3,834 590 11,870 16,294 Net debt as of June 30, 2019 3,649 18,364 126,079 148,092 Liabilities from financing activities Liabilities to (in € thousands) banks Lease liabilities Shareholder Loans Total Interest payments on financial liabilities (951) (523) (1,499) (2,973) Lease payments — (4,256) — (4,256) Change in Cash Flow (951) (4,779) (1,499) (7,229) Net debt as of July 1, 2019 3,649 18,364 126,079 148,092 Additions (Disposals) 6,351 5,607 56,969 68,927 Interest expenses 951 523 9,645 11,119 Total change in liabilities 7,302 6,130 66,614 80,046 Net debt as of June 30, 2020 10,000 19,715 191,194 220,909 Liabilities from financing activities Liabilities to (in € thousands) banks Lease liabilities Shareholder Loans Total Interest payments on financial liabilities (521) (612) (3,125) (4,257) Lease payments — (5,800) — (5,800) Change in Cash Flow (521) (6,412) (3,125) (10,057) Net debt as of July 1, 2020 10,000 19,715 191,194 220,909 Additions (Disposals) (11,041) (12,591) (197,444) (221,076) Interest expenses 521 612 3,125 4,257 Total change in liabilities (10,520) (11,979) (194,319) (216,819) Net debt as of June 30, 2021 — 14,147 — 14,147 |
Events after the reporting year
Events after the reporting year | 12 Months Ended |
Jun. 30, 2021 | |
Events after the reporting year | |
Events after the reporting year | 30. Events after the reporting year Beginning with fiscal year 2022, the Mytheresa Group executed a new LTI program for members of the top management. The LTI for fiscal year 2022 is a three-year, long-term incentive program as combination of awarded performance share units and awarded restricted stock units. The performance share units are based on the company’s performance over the three-year period and vest after three years. The restricted stock units vest annually during the three-year period. The estimated expense for fiscal year 2022 will be approximately €1.7 million. Mytheresa Group signed a land lease contract on June 22, 2021 for a new warehouse in Leipzig, Germany, with an operative start date in fiscal 2023 and a contractual term of 10 years. The monthly lease commitment is €286 thousand, with a monthly net rental and other facility-related expenses of €56 thousand per month. The lease must be terminated 6 months before the end of the lease term, otherwise the contract will be extended for an additional year. The lease includes two extension options, each for an additional five years. Mytheresa Group exercised extension options to renew the leases for our retail stores for 5 |
Scope of Consolidation and Su_2
Scope of Consolidation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Scope of Consolidation and Summary of Significant Accounting Policies | |
Current versus non-current classification | a) Current versus non-current classification Mytheresa Group classifies assets and liabilities by maturity. They are regarded as current if they mature within one year or within the normal operating business cycle of Mytheresa Group. The normal operating business cycle, which is less than one year, begins with the procurement of inventory and ends with the receipt of cash or cash equivalents as consideration for the sale of inventory. Inventories, trade and other receivables, and trade and other payables are always presented as current items. |
Foreign currency translation | b) Foreign currency translation Mytheresa Group’s consolidated financial statements are presented in Euro. The principal operating subsidiary of Mytheresa Group, is Mytheresa Group GmbH, whose functional and presentation currency is Euro. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which each entity operates. The assets and liabilities of entities with a functional currency other than the Euro, are translated into Euro at the exchange rates at the reporting date. The income and expenses of such companies are translated into Euro at the exchange rates at the dates of the transactions. Foreign currency translation differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. For entities with Euro as their functional currency, transactions denominated in foreign currencies are translated at the exchange rates prevailing on the date of transaction. Balance sheet items denominated in currencies other than Euro, including the U.S. Dollar denominated Shareholder Loans, are translated at the closing rate for each reporting period, with resulting translation differences recognized within finance expenses, net. The Company historically had intercompany Shareholder Loans payable by MGG, denominated in USD. The foreign currency gains and losses incurred by MGG associated with these intercompany loans were classified within finance expenses, net and are not eliminated in consolidation. |
Revenue recognition | c) Revenue recognition All revenue generated by Mytheresa Group is included within net sales on the consolidated statement of profit and comprehensive income. Under IFRS 15, Mytheresa Group recognizes revenue when it transfers control of merchandise to a customer, which occurs upon delivery. Management applies the following five step model when determining the timing and amount of revenue recognition: 1. Identifying the contracts with customers; 2. Identifying the separate performance obligations; 3. Determining the transaction price; 4. Allocating the transaction price to separate performance obligations; and 5. Recognizing revenue when each performance obligation is satisfied. All revenues of Mytheresa Group qualify as contracts with customers and fall in the scope of IFRS 15. Mytheresa Group generates revenue from the sale of merchandise shipped to customers. Mytheresa Group recognizes revenues to reflect the transfer of goods or services to customers at an amount that represents the consideration the entity expects to receive including fixed amounts, variable amounts or both, such as returns, rebates and discounts. Revenue is recognized when the customer obtains control over the merchandise upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or Mytheresa Group has objective evidence that all criteria for acceptance have been satisfied. A contract liability is therefore recognized for products which have shipped, but delivery to the customer has not yet occurred. The related revenue is recognized when the customer obtains control of the product. A contract liability is also recognized from the sale of gift cards. As the entity expects to be entitled to a breakage amount, it recognizes the expected breakage amount as revenue in proportion to the pattern of rights exercised by the customer. The expected breakage is based on historical data adjusted for current expectations. Mytheresa Group assesses all promised goods and services and identified performance obligations at contract inception. Contracts with customers include a No element of financing is deemed present as sales require immediate upfront payment from the customer, which is consistent with market practice. Goods sold to the customers can be returned or exchanged within 30 days of receipt of the goods. For expected returns, Mytheresa Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of sales, exclusive of depreciation and amortization, based on actual returns as of the date of authorization for issue of the financial statements as well as historical data and expected future return rates. Variable consideration might occur in form of promotional discounts. Mytheresa Group includes variable consideration estimated in accordance with IFRS 15.53 in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As the contracts include only a single performance obligation, the transaction price is allocated to that performance obligation. |
Intangible assets and goodwill | d) Intangible assets and goodwill Mytheresa Group’s intangible assets and goodwill primarily resulted from the acquisition of the Mytheresa operations by MGG in 2014. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of intangible assets is assessed as either finite or indefinite. Intangible assets with a finite useful life Intangible assets with a finite useful life consist of licenses and software. Intangible assets with a finite life are amortized over their estimated useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method of intangible assets with a finite useful life are reviewed at least annually, with any changes treated as changes in accounting estimates. Changes in the expected useful life or the expected pattern of consumption of the assets’ future economic benefits are considered when assessing the amortization method and useful life of the asset. Amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit and comprehensive income within depreciation and amortization. The estimated useful life of licenses and software is three years. Intangible asset with indefinite life Mytheresa Group recognizes trademarks intangible assets for Mytheresa brand names. As the trademarks are core to the business and as there is no foreseeable limit to the future cash flows generated by the intangible asset, trademarks are assessed as indefinitely lived. Mytheresa Group assesses trademarks for impairment and potential changes in useful life annually in the fourth quarter, or when an event becomes known that may trigger impairment. Goodwill Mytheresa Group’s goodwill originated from the Neiman Marcus acquisition in 2014 and represents the difference between the purchase price and the net identifiable assets acquired. Goodwill is not amortized but reviewed for impairment at least annually. Mytheresa Group consists of two cash generating units (“CGU”), which represent the lowest level in which the goodwill is monitored for internal management purposes. Any potential impairment of goodwill is identified by comparing the recoverable amount of a CGU to its carrying value. Goodwill is reduced by the amount of impairment, if any. If the impairment exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU are reduced by the excess on a pro-rata basis. The Company tests goodwill for impairment annually in the fourth quarter of the year, or when an event becomes known that may trigger impairment. |
Property and equipment | e) Property and equipment Property and equipment is stated at historical cost, net of accumulated depreciation and accumulated impairment losses, if any. Historical cost includes any expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use. Property and equipment, net is depreciated on a straight-line basis over each asset’s expected useful life. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods, useful lives and residual values are reviewed at least annually and adjusted prospectively, if appropriate. Mytheresa Group applies the following useful lives when estimating depreciation of property and equipment, net: Asset type Estimated useful life Leasehold improvements over the period of the lease Other fixed assets and office equipment 3 - 15 years If a leasehold improvement is expected to be in use after the expected expiration date of its associated lease, then it is depreciated over its estimated useful life. All repair and maintenance costs are expensed when incurred. Mytheresa Group assesses property and equipment, net for impairment whenever there is an indication of potential impairment. |
Leases | f) Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Mytheresa Group assesses at the inception of the contract whether the contract is or contains a lease. Mytheresa Group’s leases consist of real estate and company cars. Lease terms are negotiated on an individual basis and may contain a range of different terms and conditions. Lease contracts may be negotiated for fixed periods or include extension options. To determine the lease terms, all facts and circumstances which offer economic incentives to exercise extension options are included. If it is reasonably certain that a lease term will be extended, the related extension option is included. The lease terms include fixed payments as well as variable payments that depend on an index. Extension options are included in the determination of the lease liability to the extent that it is reasonably certain that those options will be exercised by Mytheresa Group. Management of Mytheresa Group reviews forecasts, planned growth and facility capacity when determining whether an extension option is reasonably certain to be exercised. The lease liability is subsequently measured as the present value of the expected lease payments. To determine the present value, Mytheresa Group discounts the remaining lease payments with the incremental borrowing rate of the lessee. The incremental borrowing rate is the interest rate that Mytheresa Group would be required to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset as the underlying lease agreement in a similar economic environment. Mytheresa Group applied incremental borrowing rates between 0.96% and 6.21% for the periods presented. Right-of-use assets are measured at cost at the date of commencement. The cost is comprised of the initial lease liability measurement and any lease payments made before the commencement date, less any lease incentives received and estimated cost of dismantling and removing the underlying asset incurred by the lessee. After the commencement date, Mytheresa Group measures right-of-use assets at cost less accumulated depreciation and any accumulated impairment losses. For subsequent measurement, the carrying amount of the lease liability is increased to reflect the interest on the lease liability and reduced to reflect the lease payments made. The finance expenses associated with the lease term are recognized in the consolidated statement of profit and comprehensive income over the lease term. To date, no impairment losses have been identified on Mytheresa Group’s right-of-use assets. Mytheresa Group elected to apply an exemption for low value leases in accordance with IFRS 16. Low value leases are leases with contract amounts below EUR 5 thousand. Lease payments associated with low value leases are expensed on a straight-line basis over the lease term. Accordingly, no right-of-use assets or lease liabilities are recognized for low value leases. |
Inventories | g) Inventories Inventories are measured at the lower of cost or net realizable value. Costs are assigned to individual items using the weighted average cost method. Costs of purchased inventory are determined after deducting rebates and discounts. Inventory is written down when its net realizable value is below its carrying amount. Mytheresa Group estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in selling prices due to seasonality, less estimated costs necessary to complete the sale. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. The carrying amount of inventories is expensed as inventories are sold and recognized in cost of goods sold. Write-downs to net realizable value and losses are expensed in the period they occur. Any reversal of write-downs is recognized in the period the reversal occurs. |
Financial instruments-Initial recognition and subsequent measurement | h) Financial instruments—Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. These include both non-derivative financial instruments, such as trade and other receivables and payables, and derivative financial instruments, such as foreign exchange contracts. Financial instruments are recognized when Mytheresa Group becomes party to the contractual provisions of the financial instrument. Generally, purchases and sales of financial assets are initially recognized at the settlement date. Upon initial recognition, all financial assets and financial liabilities are measured at fair value plus or minus any directly attributable transaction costs, unless a financial instrument is classified at fair value through profit or loss. Mytheresa Group categorizes all financial assets and financial liabilities at initial recognition. Measurement categories Financial assets and financial liabilities are grouped into the following categories according to IFRS 9: ● measured at amortized cost (“AC”), which includes Mytheresa Group’s cash and cash equivalents, trade and other receivables and other assets, as well as trade and other payable, liabilities to banks and Shareholder Loans, and ● measured at fair value through profit or loss (“FVTPL”), which includes Mytheresa Group’s free-standing derivatives (foreign exchange options) with a positive or negative fair value. Classification of financial assets depends on the business model used for managing financial assets and on the characteristics of the contractual cash flows involved. Financial assets are classified within AC category only when they are held exclusively to collect the contractual cash flows and when their contractual terms comprise cash flows that are solely payments of principal and interest on the principal amount outstanding. With the exception of derivatives, all financial assets are classified at AC. Cash and cash equivalents consist of cash held at banks or financial institutions, with a bank license e.g. PayPal and cash on hand. Trade and other receivables are generally accounted for at AC less any impairment using the general impairment model. Deposits granted for rent which are not related to credit lines are recorded under other assets as restricted cash since they are not available for use in the operating business of Mytheresa Group. Other assets are recognized at nominal value. Financial liabilities are generally classified at amortized cost. There are some exceptions, for example financial liabilities at fair value through profit or loss including derivatives not designated as hedging instruments. Financial liabilities need to be analyzed to determine whether they contain any embedded derivative. If the embedded derivative is not closely related to the host contract, such derivatives must be separated and be accounted for separately at FVPL. Subsequent measurement Financial assets and financial liabilities in the AC category are subsequently measured using the effective interest method. Using the effective interest method, all directly attributable fees, consideration paid or received, transaction costs and other premiums or discounts included in the calculation of the effective interest rate are amortized over the expected term of the financial instrument. Interest income and expenses from the application of the effective interest method are presented as finance income, net in the consolidated statement of profit and comprehensive income. Financial assets and financial liabilities in the FVTPL category are subsequently measured at fair value, with changes in value recognized in the consolidated statement of profit and comprehensive income. Impairment Under IFRS 9, Mytheresa Group assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its debt instruments measured at amortized cost. The general impairment methodology follows a three-stage approach based on the change in credit quality of financial assets since initial recognition (general approach). At initial recognition, debt instruments are assumed to have a low credit risk, for which a loss allowance for 12-months ECL is recognized (Stage 1). When there has been a significant increase in credit risk, the loss allowance is measured using lifetime ECL (Stage 2). A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment. If there is objective evidence of impairment (Stage 3), Mytheresa Group also accounts for lifetime ECL and recognizes an impairment. Mytheresa Group considers that there is objective evidence of impairment if any of the following indicators are present: significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization or default or delinquency in payments. Mytheresa Group applies this general approach for cash and cash equivalents as well as other assets. These assets are considered to have a low credit risk when the issuer has a strong capacity to meet its contractual cash flow obligations in the near term. Cash and cash equivalents are only placed at banks and financial institutions with a bank license with credit ratings of investment grade or higher. Rental deposits are trust assets that, in case of a default of the counterparty, are separated from insolvency estate and are paid back primarily. Considering that, the impairment for these assets is not material. For trade and other receivables, Mytheresa Group applies the simplified approach under which lifetime ECL is recognized without monitoring the change in customers’ credit risk. Impairment losses, including reversals of impairment losses or impairment gains, are presented as other income, net in the consolidated statement of profit and comprehensive income. Hedge Accounting Mytheresa Group is exposed to currency risks as a result of participating in business activities outside the Euro zone. Mytheresa Group uses foreign currency forward contracts to hedge and thus limit currency risks from sales in foreign currencies. The sales are hedged each fiscal year so that no forward contracts are still in place at the balance sheet date. Currency risks are managed centrally within Mytheresa Group. Regular reports on the Group-wide development of risks and open positions with currency risk are made. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Mytheresa Group only enters into foreign exchange derivatives (“foreign exchange forwards”) that are all designated as hedges of the foreign currency risk associated with the cash flows of highly probable forecast sales denominated in foreign currency. There is an economic relationship between the foreign currency sales and the foreign currency derivatives, the derivatives coincide in time with the underlying transactions, and the amounts are generally offset and the hedging relationship is therefore effective. Sources of ineffectiveness are the forward exchange transactions concluded in their entirety with identical hedging rates in the fiscal year; these were immaterial overall. At the inception of a hedge relationship, Mytheresa Group documents the economic relationship between the hedging instruments and hedged items, including whether changes in the fair value of the hedged items are offset by changes in the fair value of the hedging instruments. Mytheresa Group documents its risk management objective and strategy for undertaking its hedging transactions. Detailed information on risk management and risks arising from Mytheresa Group’s financial instruments can be found in Note 28. A hedging relationship qualifies for hedge accounting only if all of the following requirements for hedge effectiveness are met: there is an economic relationship between the hedged item and the hedging instrument, the effect of the credit risk does not dominate the changes in value that result from this economic relationship, the hedging relationship is the same as that which results from the amount of the hedged item that the Company actually hedges and the amount of the hedging instrument that the Company actually uses to hedge that amount of the hedged item. Hedging instruments are expected to be highly effective in achieving offsetting changes in cash flows. Hedging instruments are reviewed on an ongoing basis to determine that they have actually been highly effective throughout the financial year for which they are designated. Mytheresa Group applies cash flow hedge accounting, whereby the spot component of the forward exchange contracts is designated as the hedging instrument. The effective portion of changes in the fair value of the designated cash component is recognized in the hedge reserve in other comprehensive income (“OCI I”, “cash flow hedge reserve”) within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. In addition, Mytheresa Group recognizes changes in fair value related to the forward element in other comprehensive income (“OCI II”, “Cost of Hedging Reserve”) within equity. Amounts accumulated in equity are reclassified in the periods in which the hedging instrument affects profit or loss. Application of hedge accounting in fiscal 2021 resulted in a €1,028 thousand increase to net sales. If hedge accounting had not been applied, the amounts would have been recognized immediately within in finance expense, net, as free-standing derivatives. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and Mytheresa Group substantially transferred all rewards and risks associated with the ownership. In the case of sales of trade receivables, essentially all rewards and risks are transferred to the buyer of the receivables. Financial liabilities are derecognized when the obligation under the liability is settled, cancelled or expired. Fair value measurement Fair value is the price that would be received to sell an asset or paid to settle or transfer a liability in an orderly transaction between market participants as of the measurement date in the principal or, in its absence, the most advantageous market to which Mytheresa Group has access at that date. The fair value of a liability reflects its non-performance risk. A number of Mytheresa Group’s accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities. Mytheresa Group measures the fair value of an instrument using the quoted price in an active market for that instrument, if such price is available. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Mytheresa Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all factors that market participants would take into account in pricing a transaction. Based on the input parameters used for valuation the fair values have to be assigned to one of the following levels of the fair value hierarchy: ● Level 1: Quoted (unadjusted) market prices in active markets for identical assets and liabilities, ● Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices), and ● Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). |
Provisions | i) Provisions Mytheresa Group recognizes provisions when it has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The increase in provision due to the passage of time is recognized as finance expenses. |
Income taxes | j) Income taxes Current income taxes Current income tax 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 or substantively enacted as of the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes tax liabilities where appropriate on the basis of amounts expected to be paid to the tax authorities. In case of uncertainties related to income taxes, they are accounted for in accordance with IFRIC 23 and IAS 12 based on the best estimate of those uncertainties. Current income taxes are calculated based on the respective local taxable income and local tax rules for the period. In addition, current income taxes presented for the period include adjustments for uncertain tax payments or tax refunds for periods not yet finally assessed, however, excluding interest expenses and interest refunds and penalties on the underpayment of taxes. In cases for which it is probable that amounts declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized. The amount is based on the best estimate of the expected tax payment (expected value or most likely amount). Deferred taxes Deferred taxes are recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income and are accounted for using the balance sheet-liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Current and deferred tax is charged or credited in the consolidated statement of profit and comprehensive income, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognized directly in equity. Deferred tax assets and liabilities are calculated using tax rates expected to be in place in the period of realization of the associated asset or liability, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period in the respective jurisdiction. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Mytheresa Group establishes tax liabilities on the basis of expected tax payments. Liabilities for trade taxes, corporate taxes and similar taxes on income are determined based on the taxable income of the consolidated entities less any prepayments made. Calculation of tax liabilities is based on the recent tax rates applicable in the tax jurisdiction of Mytheresa Group. |
Impairment of non-financial assets excluding Goodwill and intangible assets | k) Impairment of non-financial assets excluding Goodwill and intangible assets Mytheresa Group assesses whether an asset may be impaired at each reporting date. If any indication of impairment exists, or when annual impairment testing for such an asset is required, Mytheresa Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal or its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Mytheresa Group bases its impairment calculation on detailed budgets and forecasted cash flows, which generally cover a period of five years. Impairment losses are recognized in the consolidated statement of profit and comprehensive income in expense categories consistent with the function of the impaired asset. For assets excluding goodwill and indefinite lived intangible assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or has decreased. If such indication exists, Mytheresa Group estimates the asset’s or CGU’s recoverable amount. Impairment losses relating to goodwill cannot be reversed in future periods. |
Segment reporting | l) Segment reporting An operating segment is a component of Mytheresa Group that engages in business activities from which it may earn revenues and incur expenses and for which discrete financial information is available and used by the Chief Operating Decision Maker (“CODM”) to make decisions around resource allocation and review operating results of Mytheresa Group. Mytheresa Group identified its Chief Executive Officer and Chief Financial Officer as the CODM, collectively. Mytheresa Group does not separately present net sales by product category, because such information is not maintained on a basis consistent with IFRS and the preparation of such information would be unduly costly. |
Management equity incentive plan | m) Management equity incentive plan Share-based compensation arrangements The grant-date fair value of equity-settled share-based compensation arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. |
Scope of Consolidation and Su_3
Scope of Consolidation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Scope of Consolidation and Summary of Significant Accounting Policies | |
Schedule of consolidated subsidiaries | Percentage of Subsidiary Location ownership Mariposa II S.à.r.l. (1) Luxembourg, Luxembourg 100 % Mytheresa Group GmbH Munich, Germany 100 % Mytheresa SE Munich, Germany 100 % Theresa Warenvertrieb GmbH Munich, Germany 100 % mytheresa.com GmbH Munich, Germany 100 % mytheresa.com Service GmbH Munich, Germany 100 % mytheresa Business Information Consulting Co Ltd. Shanghai, China 100 % Mytheresa US Services Inc. (2) Delaware, United States 100 % (1) Mariposa II S.à.r.l was merged into Mariposa I S.à.r.l, which subsequently was merged into MYT Netherlands Parent B.V. in August 2019. (2) Mytheresa US Service Inc. was founded on July 1, 2020. |
Summary of estimated useful lives of property and equipment | Asset type Estimated useful life Leasehold improvements over the period of the lease Other fixed assets and office equipment 3 - 15 years |
Summary of new and revised standards and interpretations applied for the first time in the financial year | Revised standard IAS 1 (A) and IAS 8 (A) Definition of Material IFRS 9 (A), IAS 39 (A) and IFRS 7 (A) Interest Rate Benchmark IFRS 3 (A) Definition of Business The amendments included above do not have a material effect on the consolidated financial statements. |
Summary of applicable issued but not yet effective accounting standards and amendments | Revised standard Effective date IFRS 4 (A) Insurance Contracts - deferral of IFRS 9 January 1, 2021 IFRS 9 (A), IAS 39 (A) and IFRS 7 (A) Interest Rate Benchmark January 1, 2021 IFRS 17 (A) Insurance Contracts January 1, 2023 IAS 1 (A) Presentation of Financial Statements: Classification of Liabilities as Current or Non-current January 1, 2023 IFRS 3 (A) Business Combinations January 1, 2022 IAS 16 (A) Property, Plant and Equipment January 1, 2022 IAS 37 (A) Provisions, Contingent Liabilities and Contingent Assets January 1, 2022 Annual Improvements 2018-2020 January 1, 2022 (A) Amendment |
Segment and geographic inform_2
Segment and geographic information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Segment and geographic information | |
Schedule of reportable segments | June 30, 2019 (in € thousands) Online Retail Store Segments total Reconciliation (1) IFRS consolidated Net Sales 365,558 13,528 379,086 — 379,086 EBITDA 26,455 2,634 29,089 (2,327) 26,762 Depreciation and amortization (7,686) Finance expenses, net (13,986) Income tax expense (3,439) Net income 1,651 (1) Reconciliation relates to corporate administrative expenses, which have not been allocated to the online operations or the retail stores of €2,327 thousand in fiscal 2019. June 30, 2020 (in € thousands) Online Retail Store Segments total Reconciliation (1) IFRS consolidated Net Sales 437,448 12,039 449,487 — 449,487 EBITDA 32,361 1,947 34,308 (5,513) 28,795 Depreciation and amortization (7,885) Finance expenses, net (11,119) Income tax expense (3,441) Net income 6,350 (1) Reconciliation relates to corporate administrative expenses, which have not been allocated to the online operations or the retail stores, including €5,206 thousand related to IPO preparation and transaction costs and share-based compensation of €65 thousand during the year ended June 30, 2020. June 30, 2021 (in € thousands) Online Retail Store Segments total Reconciliation (1) IFRS consolidated Net Sales 602,871 9,225 612,096 — 612,096 EBITDA 65,357 1,670 67,027 (90,956) (23,929) Depreciation and amortization (8,232) Finance income, net 15,091 Income tax expense (15,534) Net income (32,604) (1) Reconciliation relates to corporate administrative expenses, which have not been allocated to the online operations or the retail stores, including €6,984 thousand related to IPO preparation and transaction costs and IPO related share-based compensation of €71,889 thousand during the year ended June 30, 2021. |
Net sales (Tables)
Net sales (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Net sales | |
Schedule of revenue by geographic area | Year ended June 30, (in € thousands) 2019 2020 2021 Germany 84,534 88,866 115,334 United States 38,559 46,328 77,596 Europe (excluding Germany) (1) 141,951 178,747 253,700 Rest of the world (1) 114,042 135,546 165,466 379,086 449,487 612,096 (1) No individual country other than Germany and the United States accounted for more than 10% of net sales. |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Selling, general and administrative expenses | |
Schedule of selling, general and administrative expenses | Year ended June 30, (in € thousands) 2019 2020 2021 Personnel-related expenses (41,601) (50,910) (133,710) Rental and other facility-related expenses (1,786) (932) (2,197) IT expenses (2,733) (4,567) (6,636) IPO preparation and transaction costs — (5,206) (6,984) Other (5,918) (4,812) (7,624) (52,038) (66,427) (157,151) |
Other income, net (Tables)
Other income, net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other income, net | |
Schedule of other net income | Year ended June 30, (in € thousands) 2019 2020 2021 Other income Other income 2,021 2,062 2,018 Foreign exchange gains, net — 65 — Subleasing income 478 — — 2,499 2,127 2,018 Other expenses Foreign exchange losses, net (704) — (510) Other operational expenses (800) (1,482) (2,307) (1,504) (1,482) (2,817) 995 645 (799) |
Finance income (costs), net (Ta
Finance income (costs), net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Finance income (costs), net | |
Schedule of finance expense and income | Year ended June 30, (in € thousands) 2019 2020 2021 Finance costs Interest expenses from Shareholder Loans (8,634) (7,492) (5,990) Foreign exchange losses from Shareholder Loans (4,682) (2,209) — Interest expenses on revolving credit facility (185) (951) (723) Interest expenses on leases (486) (523) (612) (13,987) (11,175) (7,325) Finance income Interest income from Shareholder Loans 1 56 — Net gain on Shareholder Loans — — 7,601 Foreign exchange gains from Shareholder Loans — — 14,613 Other interest income — — 202 1 56 22,416 Finance income (costs), net (13,986) (11,119) 15,091 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income tax expense | |
Schedule of income tax expense | (in € thousands) 2019 2020 2021 Total current tax income / (expense) (3,562) (5,185) (14,355) Thereof prior year adjustments — (520) (741) Thereof other current income tax effects for the period (3,562) (4,665) (13,614) Total deferred tax income / (expense) 123 1,744 (1,179) Thereof effects from origination and reversal of temporary balance sheet differences 1,185 (73) 2,553 Thereof prior year adjustments — 435 896 Thereof effects from (non-)recognition of deferred tax assets on current tax losses / interest carryforwards (1,062) 1,382 (4,628) Total income tax expense (3,439) (3,441) (15,534) |
Schedule of effective income tax rate reconciliation | Year ended June 30, (in € thousands) 2019 2020 2021 Income (loss) before tax 5,090 9,791 (17,070) Tax (expense) income based on expected group tax rate (1,415) (2,722) 4,697 Tax effects of: Non-recognition of interest expenses due to interest cap (1,103) (1,042) — Utilization of interest expense carry-forwards and recognition of related deferred tax assets — 1,400 4,118 Non-deductible expense (German trade tax) (331) (233) (727) Other non-deductible expenses (778) (874) (19,412) Tax free income 1,297 108 — Tax rate difference between group and local tax rates 32 57 (420) Prior year adjustments — (85) 155 Non-recognition on deferred tax assets on loss carryforwards (1,062) (18) (4,064) Others (79) (32) 119 Income tax expense (3,439) (3,441) (15,534) Effective total income tax rate (%) 67.6 % 35.1 % 91.0 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Earnings per Share | |
Schedule of earnings per share | (in € thousands, except share and per share data) Year Ended June 30, 2019 2020 2021 Net income (loss) attributable to shareholders 1,651 6,350 (32,604) Weighted average ordinary shares outstanding (basic and diluted) 70,190,687 70,190,687 77,360,088 Basic and diluted earnings per share 0.02 0.09 (0.42) |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Intangible assets and goodwill | |
Schedule of components of intangible assets and goodwill | As of June 30, (in € thousands) 2020 2021 Intangible assets with finite life Software and license 489 1,134 Intangible assets with indefinite life Trademark 15,585 15,585 Goodwill 138,892 138,892 154,966 155,611 |
Intangible assets with finite useful lives | |
Intangible assets and goodwill | |
Schedule of reconciliation of changes in intangible assets and goodwill | Year ended June 30, (in € thousands) 2020 2021 Cost Beginning of fiscal year 3,146 3,366 Additions 220 1,038 End of fiscal year 3,366 4,404 Accumulated depreciation and impairment Beginning of fiscal year 2,415 2,877 Amortization charge of the year 462 393 End of fiscal year 2,877 3,270 Carrying amount at end of year 489 1,134 |
Trademarks | |
Intangible assets and goodwill | |
Schedule of assumptions used for impairment testing indefinite-lived intangible assets | Fiscal Year (in € thousands) 2020 2021 Discount rate 7.1 % 11.7 % Royalty rate 2.0 % 2.0 % Terminal revenue growth rate 2.0 % 2.0 % |
Goodwill | |
Intangible assets and goodwill | |
Schedule of assumptions used for impairment testing indefinite-lived intangible assets | Fiscal Year (in € thousands) 2020 2021 Online Terminal growth rate 2.0 % 2.0 % Pre-Tax Discount rate 9.2 % 15.5 % Retail store Terminal growth rate 2.0 % 2.0 % Pre-Tax Discount rate 8.7 % 10.8 % |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property and equipment. | |
Schedule of reconciliation of changes in property and equipment | Leasehold Other fixed assets and Total property and (in € thousands) improvements office equipment equipment Cost As of July 1, 2019 9,499 8,890 18,389 Additions 214 1,859 2,073 As of June 30, 2020 9,713 10,749 20,462 Accumulated depreciation and impairment As of July 1, 2019 3,126 5,459 8,585 Depreciation charge of the year 954 1,353 2,307 As of June 30, 2020 4,080 6,812 10,892 Carrying amount As of July 1, 2019 6,373 3,431 9,804 As of June 30, 2020 5,633 3,937 9,570 Cost As of July 1, 2020 9,713 10,749 20,462 Additions 85 1,811 1,896 Disposals — (40) (40) As of June 30, 2021 9,798 12,520 22,317 Accumulated depreciation and impairment As of July 1, 2020 4,080 6,812 10,892 Depreciation charge of the year 1,121 1,501 2,622 Disposals — (7) (7) As of June 30, 2021 5,201 8,306 13,507 Carrying amount As of July 1, 2020 5,633 3,937 9,570 As of June 30, 2021 4,597 4,213 8,810 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Leases | |
Schedule of reconciliation of changes in right-of-use assets | Land and Company Total right-of- (in € thousands) buildings Cars use assets Cost As of July 1, 2019 27,953 34 27,987 Additions 6,364 42 6,406 Disposals — — — As of June 30, 2020 34,317 76 34,393 Accumulated Depreciation and Impairment As of July 1, 2019 10,250 26 10,276 Depreciation Charge of the year 5,104 12 5,116 Disposals — — — As of June 30, 2020 15,354 38 15,392 Carrying Amount As of July 1, 2019 17,703 8 17,711 As of June 30, 2020 18,963 38 19,001 Land and Company Total right-of- (in € thousands) buildings Cars use assets Cost As of July 1, 2020 34,317 76 34,393 Additions 229 3 231 As of June 30, 2021 34,546 78 34,624 Accumulated Depreciation and Impairment As of July 1, 2020 15,354 38 15,392 Depreciation Charge of the year 5,210 14 5,224 As of June 30, 2021 20,564 52 20,616 Carrying Amount As of July 1, 2020 18,963 38 19,001 As of June 30, 2021 13,982 27 14,009 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other assets | |
Schedule of other assets | As of June 30, (in € thousands) 2020 2021 Right of return assets 5,075 5,279 IPO preparation costs 2,312 — Prepaid expenses 2,012 4,479 Receivables against payment service providers 4,784 847 Advanced payments 1,167 1,106 Deposits 1,805 991 Other assets 1,795 1,965 18,950 14,667 |
Shareholder's equity (Tables)
Shareholder's equity (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Shareholder's equity | |
Schedule of Ordinary Shares | As of June 30, (ADSs, representing an equal number of ordinary shares) 2020 2021 Basic shares 70,190,687 70,190,687 IPO shares — 14,233,823 Restoration Award (Phantom Shares) - Converted — 51,920 Supervisory Board Award (Restricted Shares) — 15,384 Number of ordinary shares 70,190,687 84,491,814 |
Shareholder Loans and liabili_2
Shareholder Loans and liabilities to banks (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Convertible Preferred Equity Certificates | |
Disclosure of detailed information about borrowings [line items] | |
Schedule of shareholder loans | Instrument Origination Date Original Principal Fixed Interest Rate Maturity Date CPEC I December 18, 2014 USD 45.0 million 5.825 % December 18, 2044 CPEC II December 19, 2014 USD 39.5 million 5.825 % December 19, 2043 |
Shareholder Loans | |
Disclosure of detailed information about borrowings [line items] | |
Schedule of shareholder loans | As of June 30, (in € thousands) 2020 2021 Shareholder Loans Fixed Interest Shareholder Loan (1) 57,380 — Fixed Interest Shareholder Loan (1) 133,814 — Total 191,194 — |
Tax liabilities (Tables)
Tax liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Tax liabilities | |
Schedule of reconciliation of tax liabilities | As of June 30, (in € thousands) 2019 2020 2021 Beginning of fiscal year 4,666 975 3,853 Additions 683 3,673 11,476 Utilizations (4,374) (795) (466) Release — — (570) End of fiscal year 975 3,853 14,293 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Provisions. | |
Schedule of provisions | (in € thousands) Dismantling Other Total Beginning of fiscal year 494 88 582 Additions 135 — 135 Releases — — — Utilizations — — — End of fiscal year 629 88 717 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other liabilities | |
Schedule of other current liabilities | As of June 30, (in € thousands) 2020 2021 Personnel-related liabilities 6,035 10,115 Customer returns 8,607 9,631 Liabilities from sales tax 4,143 1,894 Accrued expenses & other liabilities 27,343 28,585 46,128 50,225 |
Deferred income tax liabiliti_2
Deferred income tax liabilities, net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Deferred tax assets and liabilities | |
Schedule of changes in net deferred tax liabilities | As of June 30, (in € thousands) 2019 2020 2021 Deferred tax liabilities, net Beginning of fiscal year (5,315) (5,192) (1,130) Recognized through equity / other comprehensive income — 2,318 — Recognized through profit or loss 123 1,744 (1,178) End of fiscal year (5,192) (1,130) (2,308) |
Schedule of deferred tax balances | 2020 2021 Deferred tax Deferred tax (in € thousands) Assets Liabilities Assets Liabilities Intangible assets and goodwill 375 (4,333) 331 (4,290) Property and equipment — — 0 0 Inventory — (1,722) 0 — Receivables — (175) 262 (78) Right-of-Use asset, contract asset and other assets — (7,335) 56 (4,172) Lease liabilities, contract liabilities and other liabilities 10,531 (2,209) 3,893 (68) Shareholder Loans 2,200 — 0 — Provisions 136 — 197 — Others 1,400 — 1,560 — Total Gross 14,643 (15,773) 6,300 (8,608) Netting (14,643) 14,643 (6,300) 6,300 Total net — (1,130) — (2,308) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Schedule of Key Management Personnel Compensation | Year Ended June 30, (in € thousands) 2019 2020 2021 Short-term compensation 1,111 1,623 6,421 Personnel expenses from long-term employee benefits 1,076 1,340 1,216 Income from reversal of other long-term employee benefits — — (2,056) Long-term employee benefits (net income) 1,076 1,340 (840) Share-based compensation - Old Plans 153 65 427 Share-based compensation - IPO related compensation for Managing Directors — — 61,578 Total Share-based compensation 153 65 62,005 Total personnel expenses for Managing Directors 2,340 3,028 67,586 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of number and weighted-average exercise prices of share options | Performance-based Time-vested Options Options Alignment award Wtd. Average Wtd. Average Wtd. Average Exercise Price Exercise Price Exercise Price Options (USD) Options (USD) Options (USD) June 30, 2018 2,205 500 1,820 1,000 — N/A forfeited (200) 500 (200) 1,000 — N/A exercised — N/A — N/A — N/A June 30, 2019 2,005 500 1,620 1,000 — N/A forfeited — N/A — N/A — N/A exercised — N/A — N/A — N/A June 30, 2020 2,005 500 1,620 1,000 — N/A granted — N/A — N/A 6,478,761 830 cancelled (2,005) 500 (1,620) 1,000 — N/A forfeited — N/A — N/A — N/A exercised — N/A — N/A — N/A June 30, 2021 — — — — 6,478,761 830 |
Summary of inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans | Black Scholes Model - Weighted Average Values Tranche I Tranche II Tranche III Weighted average fair value $ 25.42 $ 22.93 $ 20.68 Exercise price $ 5.79 $ 8.68 $ 11.58 Weighted average share price $ 31.00 $ 31.00 $ 31.00 Expected volatility 60 % 60 % 60 % Expected life 2.32 years 2.32 years 2.32 years Risk free rate 0.0 % 0.0 % 0.0 % Expected dividends — — — |
Summary of capital reserve related to stock options and restricted stock awards | Year Ended June 30, (in € thousands) 2020 2021 Classified within capital reserve (beginning of year) 989 1,055 Expense related to old plans: Share options 28 427 Restricted Shares 37 0 Expense related to new plans: Share Options (Alignment Grant) 0 26,820 Phantom Shares (Restoration Grant) 0 47,825 Restricted Shares 0 184 Restricted Share Units 13 Classified within capital reserve (end of year) 1,055 76,325 |
IPO Related One-Time Award Package | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of main features of one-time award package | Type of arrangement Alignment Award Restoration Award Type of Award Share Options Phantom Shares Date of first grant January 20, 2021 January 20, 2021 Number granted 6,478,761 1,875,677 Vesting conditions 25% graded vesting of the granted share options in each of the next four years of service from grant date The restoration awards are fully vested on the Grant Date. |
Other One One-Time Award Package | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of main features of one-time award package | Sign-On Type of arrangement RSU Award Type of Award Restricted Shares Units Date of first grant June 1, 2021 Number granted 6,269 Vesting conditions The restricted shares units are scheduled to vest in full on May 31, 2022. |
Supervisory Board Award (Restricted Shares) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of main features of one-time award package | Annual Plan Type of arrangement Supervisory Board Members plan Type of Award Restricted Shares Date of first grant January 20, 2021 Number granted 15,384 Vesting conditions The restricted shares are scheduled to vest in full on December 31, 2021. |
Financial instruments and fin_2
Financial instruments and financial risk management (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Summary of financial instruments | Year ended June 30, 2020 No category Category in Fair value Carrying in accordance accordance hierarchy (in € thousands) amount with IFRS 9 with IFRS 9 Fair value level Financial assets Current financial assets Trade and other receivables 4,815 — Amortized cost — — Cash and cash equivalents 9,367 — Amortized cost — — Other assets 18,950 8,886 thereof deposits 1,805 — Amortized cost — — thereof other financial assets 8,259 — Amortized cost — — Financial liabilities Non-current financial liabilities Shareholder Loans 191,194 — Amortized cost 192,338 Level 2 Lease liabilities 13,928 13,928 N/A — — Other liabilities 5,905 — Amortized cost — — Current financial liabilities Liabilities to banks 10,000 — Amortized cost — — Lease liabilities 5,787 5,787 N/A — — Trade and other payables 36,158 — Amortized cost — — Other liabilities 46,128 30,968 thereof other financial liabilities 15,160 — Amortized cost — — Financial instruments as of June 30, 2021 is as follows: Year ended June 30, 2021 No category Category in Fair value Carrying in accordance accordance Fair hierarchy (in € thousands) amount with IFRS 9 with IFRS 9 value level Financial assets Current financial assets Trade and other receivables 5,030 — Amortized cost — — Cash and cash equivalents 76,760 — Amortized cost — — Other assets 14,667 10,864 thereof deposits 991 — Amortized cost — — thereof other financial assets 2,812 — Amortized cost — — Financial liabilities Non-current financial liabilities Lease liabilities 8,786 8,786 N/A — — Current financial liabilities Lease liabilities 5,361 5,361 N/A — — Trade and other payables 44,210 — Amortized cost — — Other liabilities 50,227 40,596 thereof other financial liabilities 9,631 — Amortized cost — — |
Summary of carrying amounts of financial instruments | Year ended June 30, 2020 2021 Carrying Carrying (in € thousands) amount amount Financial assets measured at Amortized cost (AC) 24,246 85,592 Financial liabilities measured at Amortized cost (AC) 245,545 53,842 |
Summary of foreign exchange reserves affecting other comprehensive income | (in € thousands) July 1, 2020 Additions Reclassification June 30, 2021 OCI 1 — 2,586 (2,586) — OCI 2 — (809) 809 — |
Schedule of net gains and losses on financial instruments | Year ended June 30, (in € thousands) 2020 2021 Financial liabilities measured at Amortized cost (AC) (12,988) 7,900 Financial assets and financial liabilities measured at fair value through profit or loss (FVPL) 2 — |
Schedule of maturities of financial liabilities | Maturity analysis of financial liabilities as of June 30, 2020: Year ended June 30, 2020 Carrying in € thousands <1 year 1 – 5 years > 5 years Total amount Shareholder Loans — — 252,045 252,045 191,194 Trade and other payables 36,158 — — 36,158 36,158 Other liabilities 46,128 5,905 — 52,033 52,033 Liabilities to banks 10,000 — — 10,000 10,000 Lease liabilities 6,517 14,866 — 21,383 19,715 Total 98,803 20,771 252,045 371,619 309,100 Maturity analysis of financial liabilities as of June 30, 2021: Year ended June 30, 2021 Carrying in € thousands <1 year 1 – 5 years > 5 years Total amount Trade and other payables 44,210 — — 44,210 44,210 Other liabilities 50,227 — — 50,227 50,227 Lease liabilities 5,733 9,151 — 14,884 14,147 Total 99,515 9,151 — 108,666 107,929 |
Summary of carrying amounts of cash and cash equivalents by ratings | Year ended June 30, in € thousands 2020 2021 Rating Class 1 8,416 75,958 Rating Class 2 880 752 Rating Class 3 71 49 |
Schedule of movements in credit loss allowance for trade and other receivables | Year ended June 30, in € thousands 2020 2021 Beginning of fiscal year 46 46 Decrease loss allowance during the period — (46) Write-offs — — End of fiscal year 46 — |
Currency risk | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Schedule of sensitivity to changes in Euro exchange rates | Year ended June 30, 2020 2021 € appreciation € depreciation € appreciation € depreciation in € thousands +10% -10% +10% -10% € Sensitivity 16,678 (20,414) (1,128) 1,379 |
Notes to the consolidated sta_2
Notes to the consolidated statement of cash flows (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes to the consolidated statement of cash flows | |
Summary of liabilities from financing activities | Liabilities from financing activities Liabilities to (in € thousands) banks Lease liabilities Shareholder Loans Total Interest payments on financial liabilities (185) (486) — (671) Lease payments — (5,070) — (5,070) Change in Cash Flow (185) (5,556) — (5,741) Net debt as of July 1, 2018 — 23,330 114,208 137,538 Additions (Disposals) 3,649 104 (1,445) 2,308 Interest expenses 185 486 13,315 13,986 Total change in liabilities 3,834 590 11,870 16,294 Net debt as of June 30, 2019 3,649 18,364 126,079 148,092 Liabilities from financing activities Liabilities to (in € thousands) banks Lease liabilities Shareholder Loans Total Interest payments on financial liabilities (951) (523) (1,499) (2,973) Lease payments — (4,256) — (4,256) Change in Cash Flow (951) (4,779) (1,499) (7,229) Net debt as of July 1, 2019 3,649 18,364 126,079 148,092 Additions (Disposals) 6,351 5,607 56,969 68,927 Interest expenses 951 523 9,645 11,119 Total change in liabilities 7,302 6,130 66,614 80,046 Net debt as of June 30, 2020 10,000 19,715 191,194 220,909 Liabilities from financing activities Liabilities to (in € thousands) banks Lease liabilities Shareholder Loans Total Interest payments on financial liabilities (521) (612) (3,125) (4,257) Lease payments — (5,800) — (5,800) Change in Cash Flow (521) (6,412) (3,125) (10,057) Net debt as of July 1, 2020 10,000 19,715 191,194 220,909 Additions (Disposals) (11,041) (12,591) (197,444) (221,076) Interest expenses 521 612 3,125 4,257 Total change in liabilities (10,520) (11,979) (194,319) (216,819) Net debt as of June 30, 2021 — 14,147 — 14,147 |
Corporate information (Details)
Corporate information (Details) | 12 Months Ended |
Jun. 30, 2021 | |
MYT Holding LLC | Mytheresa Group | |
Disclosure of transactions between related parties | |
Percentage of ownership | 76.90% |
Related Party Financing and P_2
Related Party Financing and Prior Restructuring Transactions - Related Party Financing Arrangements (Details) | Jun. 30, 2021EUR (€) | Jan. 31, 2021instrument | Jan. 27, 2021instrument | Jun. 30, 2020EUR (€) | Jun. 30, 2019EUR (€)instrument |
Disclosure of detailed information about borrowings | |||||
Borrowings | € | € 191,194,000 | ||||
Convertible Preferred Equity Certificates | MYT Intermediate Holding Co. | |||||
Disclosure of detailed information about borrowings | |||||
Number of instruments | instrument | 2 | ||||
Borrowings | € | € 0 | € 36,095,000 | |||
Variable Interest Shareholder Loans | MYT Intermediate Holding Co. | |||||
Disclosure of detailed information about borrowings | |||||
Number of instruments | instrument | 2 | ||||
Borrowings | € | € 0 | € 89,984,000 | |||
Fixed Interest Shareholder Loans | |||||
Disclosure of detailed information about borrowings | |||||
Number of loans fully repaid | instrument | 2 | ||||
Fixed Interest Shareholder Loans | MYT Intermediate Holding Co. | |||||
Disclosure of detailed information about borrowings | |||||
Number of instruments | instrument | 2 | ||||
Fixed Interest Shareholder Loans | MYT Note Holdco Inc. | |||||
Disclosure of detailed information about borrowings | |||||
Number of loans fully repaid | € | 2 |
Related Party Financing and P_3
Related Party Financing and Prior Restructuring Transactions - Prior Restructuring Transactions (Details) € in Thousands | Jul. 24, 2019EUR (€) | Feb. 29, 2020EUR (€) | Jun. 30, 2020EUR (€)shares | Jun. 30, 2021EUR (€)shares | Dec. 05, 2019EUR (€) | Aug. 31, 2019EUR (€) | Jun. 30, 2019EUR (€) | May 31, 2019USD ($)shares | Jun. 30, 2018EUR (€) |
Prior Restructuring Transactions | |||||||||
Number of ordinary shares issued | shares | 70,190,687 | 84,491,814 | |||||||
Subscribed capital | € 1 | € 1 | € 1 | € 72 | € 72 | ||||
Net increase through Legal Reorganization | € 36,181 | 36,180 | |||||||
Increase through capital contribution | € 96,938 | 96,938 | |||||||
Decrease through capital distribution, net of tax | (191,207) | (191,207) | |||||||
Tax on capital distribution | € 2,318 | ||||||||
Cash and cash equivalents | 9,367 | 76,760 | 2,120 | 3,690 | |||||
Total shareholders' equity | € 64,377 | € 385,718 | € 111,320 | € 108,111 | |||||
Mytheresa SE | |||||||||
Prior Restructuring Transactions | |||||||||
Total consideration | € 136 | ||||||||
MYT Netherlands Parent B.V. | |||||||||
Prior Restructuring Transactions | |||||||||
Number of ordinary shares issued | shares | 1,000 | ||||||||
Subscribed capital | $ | $ 1,000 | ||||||||
Mytheresa SE | |||||||||
Prior Restructuring Transactions | |||||||||
Cash and cash equivalents | 120 | ||||||||
Total shareholders' equity | € 120 |
Basic of Presentation (Details)
Basic of Presentation (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Jun. 30, 2020 | |
Basis of presentation | ||
Repayment of share capital | € 191,207 | € 191,207 |
Scope of Consolidation and Su_4
Scope of Consolidation and Summary of Significant Accounting Policies - Scope of consolidation & Revenue (Details) | 12 Months Ended |
Jun. 30, 2021item | |
Disclosure of subsidiaries | |
Number of performance obligations in contracts with customers | 1 |
Maximum | |
Disclosure of subsidiaries | |
Return policy, number of days | 30 days |
Mariposa II S.a.r.l. | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
Mytheresa Group GmbH | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
Mytheresa SE | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
Theresa Warenvertrieb GmbH | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
mytheresa.com GmbH | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
mytheresa.com Service GmbH | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
mytheresa Business Information Consulting Co Ltd | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
Mytheresa US Services Inc | |
Disclosure of subsidiaries | |
Percentage of ownership | 100.00% |
Scope of Consolidation and Su_5
Scope of Consolidation and Summary of Significant Accounting Policies - Estimated useful lives and goodwill (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Useful lives | |
Number of cash-generating units | 2 |
Software and license | |
Useful lives | |
Estimated useful life of intangible assets | 3 years |
Minimum | Other fixed assets and office equipment | |
Useful lives | |
Estimated useful life of property and equipment | 3 years |
Maximum | Other fixed assets and office equipment | |
Useful lives | |
Estimated useful life of property and equipment | 15 years |
Scope of Consolidation and Su_6
Scope of Consolidation and Summary of Significant Accounting Policies - Leases, hedge accounting and deferred offering costs (Details) € in Thousands | 12 Months Ended |
Jun. 30, 2021EUR (€) | |
Disclosure of detailed information about borrowings | |
Impairment loss, right-of-use assets | € 0 |
Increase (decrease) in net sales from application of hedge accounting | € 1,028 |
Minimum | Lease liabilities | |
Disclosure of detailed information about borrowings | |
Borrowings, interest rate | 0.96% |
Maximum | Lease liabilities | |
Disclosure of detailed information about borrowings | |
Borrowings, interest rate | 6.21% |
Segment and geographic inform_3
Segment and geographic information - Segment net income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments | |||
Net sales | € 612,096 | € 449,487 | € 379,086 |
EBITDA | (23,929) | 28,795 | 26,762 |
Depreciation and amortization | (8,232) | (7,885) | (7,686) |
Finance income (expense), net | 15,091 | (11,119) | (13,986) |
Income tax expense | (15,534) | (3,441) | (3,439) |
Net income (loss) | (32,604) | 6,350 | 1,651 |
Initial public offering preparation and transaction costs | 6,984 | 5,206 | |
Share-based compensation | 13 | ||
Online | |||
Disclosure of operating segments | |||
Net sales | 602,871 | 437,448 | 365,558 |
EBITDA | 65,357 | 32,361 | 26,455 |
Retail Store | |||
Disclosure of operating segments | |||
Net sales | 9,225 | 12,039 | 13,528 |
EBITDA | 1,670 | 1,947 | 2,634 |
Segments total | |||
Disclosure of operating segments | |||
Net sales | 612,096 | 449,487 | 379,086 |
EBITDA | 67,027 | 34,308 | 29,089 |
Reconciliation | |||
Disclosure of operating segments | |||
EBITDA | (90,956) | (5,513) | (2,327) |
Corporate administrative expenses | € 2,327 | ||
Initial public offering preparation and transaction costs | 6,984 | 5,206 | |
Share-based compensation | € 71,889 | € 65 |
Net sales (Details)
Net sales (Details) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021EUR (€)customerstorecountry | Jun. 30, 2020EUR (€)customercountry | Jun. 30, 2019EUR (€)countrycustomer | |
Disclosure of geographical areas | |||
Net sales | € 612,096 | € 449,487 | € 379,086 |
Number of countries excluding Germany and the United States where net sales exceeds 10% | country | 0 | 0 | 0 |
Number of individual customers exceeding 10% of net sales | customer | 0 | 0 | 0 |
Net sales recognized from contract liabilities | € 4,013 | € 3,141 | € 1,627 |
Germany | |||
Disclosure of geographical areas | |||
Number of retail stores | store | 2 | ||
Net sales | € 115,334 | 88,866 | 84,534 |
United States | |||
Disclosure of geographical areas | |||
Net sales | 77,596 | 46,328 | 38,559 |
Europe (excluding Germany) | |||
Disclosure of geographical areas | |||
Net sales | 253,700 | 178,747 | 141,951 |
Rest of the world | |||
Disclosure of geographical areas | |||
Net sales | € 165,466 | € 135,546 | € 114,042 |
Selling, general and administ_3
Selling, general and administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Selling, general and administrative expenses | |||
Personnel-related expenses | € (133,710) | € (50,910) | € (41,601) |
Rental and other facility-related expenses | (2,197) | (932) | (1,786) |
IT expenses | (6,636) | (4,567) | (2,733) |
IPO preparation and transaction costs | (6,984) | (5,206) | |
Other | (7,624) | (4,812) | (5,918) |
Total selling, general and administrative expense | (157,151) | (66,427) | € (52,038) |
IPO related share-based compensation expenses | € 71,900 | ||
Expense from share-based payment transactions with employees | € 100 |
Other income, net (Details)
Other income, net (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other income | |||
Other income | € 2,018 | € 2,062 | € 2,021 |
Foreign exchange gains, net | 65 | ||
Subleasing income | 0 | 0 | 478 |
Total other income | 2,018 | 2,127 | 2,499 |
Other expenses | |||
Foreign exchange losses, net | (510) | (704) | |
Other operational expenses | (2,307) | (1,482) | (800) |
Total other expenses | (2,817) | (1,482) | (1,504) |
Other income, net | € (799) | € 645 | € 995 |
Finance income (costs), net (De
Finance income (costs), net (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finance costs | |||
Finance costs | € (7,325) | € (11,175) | € (13,987) |
Finance income | |||
Other interest income | 202 | ||
Finance income | 22,416 | 56 | 1 |
Finance income (costs), net | 15,091 | (11,119) | (13,986) |
Shareholder Loans | |||
Finance costs | |||
Interest expense | (5,990) | (7,492) | (8,634) |
Foreign exchange losses, net | (2,209) | (4,682) | |
Finance income | |||
Interest income | 56 | 1 | |
Net gain on Shareholder Loans | 7,601 | ||
Net foreign exchange gains classified as finance income | 14,613 | ||
Revolving credit facilities | |||
Finance costs | |||
Interest expense | (723) | (951) | (185) |
Lease liabilities | |||
Finance costs | |||
Interest expense | € (612) | € (523) | € (486) |
Income tax expense (Details)
Income tax expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income tax expense | |||
Total current tax income / (expense) | € (14,355) | € (5,185) | € (3,562) |
Thereof prior year adjustments | (741) | (520) | |
Thereof other current income tax effects for the period | (13,614) | (4,665) | (3,562) |
Total deferred tax income / (expense) | (1,179) | 1,744 | 123 |
Thereof effects from origination and reversal of temporary balance sheet differences | 2,553 | (73) | 1,185 |
Thereof prior year adjustments | 896 | 435 | |
Thereof effects from (non-)recognition of deferred tax assets on current tax losses / interest carryforwards | (4,628) | 1,382 | (1,062) |
Total income tax expense | € (15,534) | € (3,441) | € (3,439) |
Income tax expense - Tax rates
Income tax expense - Tax rates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of geographical areas | |||
Applicable tax rate | 27.50% | 27.80% | 27.80% |
Deferred tax assets | € 6,300 | € 14,643 | |
Deferred income tax related to current tax losses | 4,787 | ||
Effects from other non-deductible expenses and permanent differences | 874 | ||
Income tax benefits | 723 | ||
IPO Transaction costs related to equity | 1,229 | ||
Reduction in current income tax expense | 2,558 | ||
Amount of other non-deductible expenses related to share-based payments | 20,226 | ||
Temporary differences associated with investments in subsidiaries | 198 | 0 | |
Interest carry forward | |||
Disclosure of geographical areas | |||
Deferred tax assets | 1,400 | € 0 | |
Tax effect of recognition of remaining interest carryforward | 1,560 | 1,400 | |
Unused tax loss carryforwards | |||
Disclosure of geographical areas | |||
Deferred tax assets | 0 | ||
Temporary differences from investments in subsidiaries [Member] | |||
Disclosure of geographical areas | |||
Deferred tax assets | € 0 | 0 | |
Germany | |||
Disclosure of geographical areas | |||
Corporate tax rate | 15.00% | ||
Solidarity surcharge on corporate tax rate | 5.50% | ||
Trade tax rate | 12.00% | ||
Current income tax effect related to non-deductible interest expenses | € 1,042 | 1,103 | |
Luxembourg | |||
Disclosure of geographical areas | |||
Deferred income tax related to current tax losses | 1,062 | ||
Effects from other non-deductible expenses and permanent differences | € 778 | ||
Taxable income below euro 200.000 | Netherlands | |||
Disclosure of geographical areas | |||
Applicable tax rate | 19.00% | ||
Threshold level of taxable income for higher tax rate | € 200 | ||
Taxable income above euro 200.000 | Netherlands | |||
Disclosure of geographical areas | |||
Applicable tax rate | 25.00% | ||
Threshold level of taxable income for higher tax rate | € 200 | ||
Minimum | Non German | |||
Disclosure of geographical areas | |||
Applicable tax rate | 21.00% | ||
Maximum | Non German | |||
Disclosure of geographical areas | |||
Applicable tax rate | 25.00% |
Income tax expense - Reconcilia
Income tax expense - Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income tax expense | |||
Income (loss) before tax | € (17,070) | € 9,791 | € 5,090 |
Tax (expense) income based on expected group tax rate | 4,697 | (2,722) | (1,415) |
Tax effects of: | |||
Non-recognition of interest expenses due to interest cap | (1,042) | (1,103) | |
Utilization of interest expense carry-forwards and recognition of related deferred tax assets | 4,118 | 1,400 | |
Non-deductible expense (German trade tax) | (727) | (233) | (331) |
Other non-deductible expenses | (19,412) | (874) | (778) |
Tax free income | 108 | 1,297 | |
Tax rate difference between group and local tax rates | (420) | 57 | 32 |
Prior year adjustments | 155 | (85) | |
Non-recognition on deferred tax assets on loss carryforwards | (4,064) | (18) | (1,062) |
Others | 119 | (32) | (79) |
Total income tax expense | € (15,534) | € (3,441) | € (3,439) |
Effective total income tax rate (%) | 91.00% | 35.10% | 67.60% |
Earnings per Share (Details)
Earnings per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings per Share | |||
Net income (loss) attributable to shareholders | € (32,604) | € 6,350 | € 1,651 |
Weighted average ordinary shares outstanding (basic) | 77,360,088 | 70,190,687 | 70,190,687 |
Weighted average ordinary shares outstanding (diluted) | 77,360,088 | 70,190,687 | 70,190,687 |
Basic earnings per share | € (0.42) | € 0.09 | € 0.02 |
Diluted earnings per share | € (0.42) | € 0.09 | € 0.02 |
Intangible assets and goodwil_2
Intangible assets and goodwill (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Intangible assets with finite life | ||
Software and license | € 1,134 | € 489 |
Intangible assets with indefinite life | ||
Trademark | 15,585 | 15,585 |
Goodwill | 138,892 | 138,892 |
Total intangible assets and goodwill | € 155,611 | € 154,966 |
Intangible assets and goodwil_3
Intangible assets and goodwill - Finite-lived intangibles (Details) - Software and license - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Intangible assets and goodwill | ||
Intangible assets other than goodwill at beginning of period | € 489 | |
Intangible assets other than goodwill at end of period | 1,134 | € 489 |
Cost | ||
Intangible assets and goodwill | ||
Intangible assets other than goodwill at beginning of period | 3,366 | 3,146 |
Additions | 1,038 | 220 |
Intangible assets other than goodwill at end of period | 4,404 | 3,366 |
Accumulated depreciation and impairment | ||
Intangible assets and goodwill | ||
Intangible assets other than goodwill at beginning of period | (2,877) | (2,415) |
Amortization charge of the year | (393) | (462) |
Intangible assets other than goodwill at end of period | € (3,270) | € (2,877) |
Intangible assets and goodwil_4
Intangible assets and goodwill - Indefinite-lived intangibles (Details) - Trademarks - EUR (€) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of information for cash-generating units | |||||
Impairment loss | € 0 | € 0 | € 0 | ||
Discount rate | 11.70% | 7.10% | 11.70% | 7.10% | |
Royalty rate | 2.00% | 2.00% | |||
Terminal revenue growth rate | 2.00% | 2.00% | 2.00% | 2.00% |
Intangible assets and goodwil_5
Intangible assets and goodwill - Goodwill (Details) € in Thousands | 12 Months Ended | ||||
Jun. 30, 2021EUR (€)item | Jun. 30, 2020EUR (€)item | Jun. 30, 2019EUR (€)item | Oct. 31, 2014 | Oct. 09, 2014 | |
Disclosure of information for cash-generating units | |||||
Number of business combinations during period | item | 0 | 0 | 0 | ||
Number of cash-generating units | 2 | ||||
Goodwill | € 138,892 | € 138,892 | |||
Period of budgets used for cash flow forecasts | 5 years | ||||
Impairment loss goodwill and intangible assets | € 0 | ||||
Period on which pre-tax discount rate is based | 2 years | ||||
mytheresa.com GmbH | |||||
Disclosure of information for cash-generating units | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
Theresa Warenvertrieb GmbH | |||||
Disclosure of information for cash-generating units | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
Online | |||||
Disclosure of information for cash-generating units | |||||
Goodwill | € 137,933 | € 137,933 | € 137,933 | ||
Online | Goodwill | |||||
Disclosure of information for cash-generating units | |||||
Terminal revenue growth rate | 2.00% | 2.00% | |||
Discount rate | 15.50% | 9.20% | |||
Retail Store | |||||
Disclosure of information for cash-generating units | |||||
Goodwill | € 959 | € 959 | € 959 | ||
Retail Store | Goodwill | |||||
Disclosure of information for cash-generating units | |||||
Terminal revenue growth rate | 2.00% | 2.00% | |||
Discount rate | 10.80% | 8.70% |
Property and equipment (Details
Property and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property and equipment, net | ||
Property, plant and equipment at beginning of period | € 9,570 | € 9,804 |
Property, plant and equipment at end of period | 8,810 | 9,570 |
Cost | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | 20,462 | 18,389 |
Additions | 1,896 | 2,073 |
Disposals | (40) | |
Property, plant and equipment at end of period | 22,317 | 20,462 |
Accumulated depreciation and impairment | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | (10,892) | (8,585) |
Disposals | 7 | |
Depreciation charge of the year | 2,622 | 2,307 |
Property, plant and equipment at end of period | (13,507) | (10,892) |
Leasehold improvements | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | 5,633 | 6,373 |
Property, plant and equipment at end of period | 4,597 | 5,633 |
Leasehold improvements | Cost | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | 9,713 | 9,499 |
Additions | 85 | 214 |
Property, plant and equipment at end of period | 9,798 | 9,713 |
Leasehold improvements | Accumulated depreciation and impairment | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | (4,080) | (3,126) |
Depreciation charge of the year | 1,121 | 954 |
Property, plant and equipment at end of period | (5,201) | (4,080) |
Other fixed assets and office equipment | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | 3,937 | 3,431 |
Property, plant and equipment at end of period | 4,213 | 3,937 |
Other fixed assets and office equipment | Cost | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | 10,749 | 8,890 |
Additions | 1,811 | 1,859 |
Disposals | (40) | |
Property, plant and equipment at end of period | 12,520 | 10,749 |
Other fixed assets and office equipment | Accumulated depreciation and impairment | ||
Property and equipment, net | ||
Property, plant and equipment at beginning of period | (6,812) | (5,459) |
Disposals | 7 | |
Depreciation charge of the year | 1,501 | 1,353 |
Property, plant and equipment at end of period | € (8,306) | € (6,812) |
Leases (Details)
Leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases | |||
Expense for leases under the low value exemption | € 181 | € 159 | € 160 |
Expense for variable lease payments not included in measurement of lease liabilities | 198 | 102 | 148 |
Depreciation expense on right-of-use assets and interest expense on lease liabilities | 5,835 | 5,639 | |
Rent concessions on leases | 56 | 761 | |
Non-current lease liabilities | 8,786 | 13,928 | |
Current lease liabilities | 5,361 | 5,787 | |
Income from subleasing right-of-use assets | 0 | 0 | 478 |
Cash outflow for leases | 5,800 | 4,779 | 5,556 |
Interest expense on lease liabilities | € 612 | € 511 | € 486 |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Right-of-use assets | ||
Right-of-use assets at beginning of year | € 19,001 | € 17,711 |
Right-of-use assets at end of year | 14,009 | 19,001 |
Land and buildings | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | 18,963 | 17,703 |
Right-of-use assets at end of year | 13,982 | 18,963 |
Company cars | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | 38 | 8 |
Right-of-use assets at end of year | 27 | 38 |
Cost | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | 34,393 | 27,987 |
Additions | 231 | 6,406 |
Right-of-use assets at end of year | 34,624 | 34,393 |
Cost | Land and buildings | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | 34,317 | 27,953 |
Additions | 229 | 6,364 |
Right-of-use assets at end of year | 34,546 | 34,317 |
Cost | Company cars | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | 76 | 34 |
Additions | 3 | 42 |
Right-of-use assets at end of year | 78 | 76 |
Accumulated depreciation and impairment | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | (15,392) | (10,276) |
Depreciation Charge of the year | (5,224) | (5,116) |
Right-of-use assets at end of year | (20,616) | (15,392) |
Accumulated depreciation and impairment | Land and buildings | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | (15,354) | (10,250) |
Depreciation Charge of the year | (5,210) | (5,104) |
Right-of-use assets at end of year | (20,564) | (15,354) |
Accumulated depreciation and impairment | Company cars | ||
Right-of-use assets | ||
Right-of-use assets at beginning of year | (38) | (26) |
Depreciation Charge of the year | (14) | (12) |
Right-of-use assets at end of year | € (52) | € (38) |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Inventories | |||
Inventory expenses | € 324,030 | € 239,210 | € 201,204 |
Inventory write-downs | € 1,022 | € 335 | € 305 |
Other assets (Details)
Other assets (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Other assets | ||
Right of return assets | € 5,279 | € 5,075 |
IPO preparation costs | 2,312 | |
Prepaid expenses | 4,479 | 2,012 |
Receivables against payment service providers | 847 | 4,784 |
Advanced payments | 1,106 | 1,167 |
Deposits | 991 | 1,805 |
Other assets | 1,965 | 1,795 |
Total other assets | € 14,667 | € 18,950 |
Shareholder's equity - Ordinary
Shareholder's equity - Ordinary shares (Details) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | Jan. 21, 2021EUR (€)shares | Jan. 21, 2021USD ($)$ / sharesshares | Jun. 30, 2021EUR (€)shares | Jan. 12, 2021€ / shares | Jun. 30, 2020EUR (€)shares | Aug. 31, 2019EUR (€)€ / sharesshares | Jun. 30, 2019EUR (€)shares | Jun. 30, 2019$ / shares | Jun. 30, 2018EUR (€)shares | Jun. 30, 2018$ / shares |
Disclosure of classes of share capital [line items] | ||||||||||
Subscribed capital | € | € 1 | € 1 | € 1 | € 72 | € 72 | |||||
Number of shares outstanding | 1,000 | 8,000 | 8,000 | |||||||
Par value per share | (per share) | € 0.000015 | € 1 | $ 1 | $ 1 | ||||||
Share split ratio | 70,190,687 | |||||||||
Proceeds net of underwriting discounts and related expenses | € | € 283,224 | |||||||||
Number of ordinary shares | 84,491,814 | 70,190,687 | ||||||||
Transaction costs that have been directly deducted from capital reserve | € | € 4,550 | |||||||||
Basic shares | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares | 70,190,687 | 70,190,687 | ||||||||
IPO shares | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares | 14,233,823 | |||||||||
Restoration Award (Phantom Shares) | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares | 51,920 | |||||||||
Supervisory Board Award (Restricted Shares) | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ordinary shares | 15,384 | |||||||||
Initial public offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ADSs offered in initial public offering | 17,994,117 | 17,994,117 | ||||||||
Public offering price | $ / shares | $ 26 | |||||||||
Total transaction costs incurred | € | € 16,740 | |||||||||
Transaction costs expensed | € | 12,190 | |||||||||
Transaction costs that have been directly deducted from capital reserve | € | € 4,550 | |||||||||
Over allotment | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ADSs sold through underwriter's exercise of options | 2,347,058 | 2,347,058 | ||||||||
Shares issued by entity | Initial public offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ADS issued during period | 14,233,823 | 14,233,823 | ||||||||
Proceeds net of underwriting discounts and related expenses | $ | $ 344.2 | |||||||||
Shares issued by entity | Over allotment | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ADSs sold by the company | 586,764 | 586,764 | ||||||||
Shares sold by sole shareholder | Initial public offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ADSs sold by prior shareholder | 3,760,294 | 3,760,294 | ||||||||
Shares sold by sole shareholder | Over allotment | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of ADSs sold by shareholder in pursuance of IPO terms | 1,760,294 | 1,760,294 |
Shareholder Loans and liabili_3
Shareholder Loans and liabilities to banks - Revolving credit facilities (Details) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021EUR (€)item | Jun. 30, 2020EUR (€) | Jun. 30, 2019EUR (€) | |
Disclosure of detailed information about borrowings | |||
Number of revolving credit facilities | item | 2 | ||
Borrowings | € 191,194 | ||
Net repayment | € 74,990 | € 84,399 | € 22,000 |
Revolving credit facilities | |||
Disclosure of detailed information about borrowings | |||
Number of revolving credit facilities | item | 2 | ||
Borrowings | € 0 | ||
Percentage of financial and non-financial covenants met | 100.00% | ||
Net repayment | € 10 | ||
Revolving credit facilities | Maximum | |||
Disclosure of detailed information about borrowings | |||
Maximum borrowing capacity | 90,000 | ||
Revolving credit facilities | Matures on December 31, 2023 | |||
Disclosure of detailed information about borrowings | |||
Amount maturing per individual revolving credit facility | € 45,000 | ||
Revolving credit facilities | Commerzbank Aktiengesellschaft | |||
Disclosure of detailed information about borrowings | |||
Interest rate on borrowings | 2.20% | ||
Revolving credit facilities | UniCredit Bank AG | |||
Disclosure of detailed information about borrowings | |||
Interest rate on borrowings | 2.25% | ||
Monthly market loans under revolving credit facilities | Maximum | |||
Disclosure of detailed information about borrowings | |||
Interest rate on borrowings | 1.40% | ||
Monthly market loans under revolving credit facilities | Minimum | |||
Disclosure of detailed information about borrowings | |||
Interest rate on borrowings | 1.30% |
Shareholder Loans and liabili_4
Shareholder Loans and liabilities to banks - Shareholder Loans (Details) € in Thousands, $ in Millions | Aug. 28, 2019 | Jan. 15, 2015USD ($) | Oct. 09, 2014USD ($) | Dec. 31, 2014 | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€) | Jun. 30, 2020EUR (€) | Jun. 30, 2019EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2021USD ($) | Jan. 31, 2021instrument | Feb. 28, 2020 | Dec. 19, 2014USD ($) | Dec. 18, 2014USD ($) |
Mariposa I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Number of separate shareholders | 1 | |||||||||||||
Variable Interest Shareholder Loans | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Interest expense | € | € 3,943 | € 5,099 | € 5,415 | |||||||||||
Variable Interest Shareholder Loans | Mariposa II S.a.r.l. | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Number of loans | 2 | |||||||||||||
Variable Interest Shareholder Loan I | Mariposa II S.a.r.l. | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Notional amount | $ 105 | |||||||||||||
Variable Interest Shareholder Loan II | Mariposa II S.a.r.l. | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Notional amount | $ 1.7 | |||||||||||||
Convertible Preferred Equity Certificates | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Fair value recognized for prepayment rights | € | € 185 | |||||||||||||
Convertible Preferred Equity Certificates | Mariposa I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Number of loans | 2 | |||||||||||||
Number of prepayment rights | 2 | |||||||||||||
Convertible Preferred Equity Certificates | Mariposa I | Maximum | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Prepayment right as a percentage of the principal | 99.00% | |||||||||||||
Convertible Preferred Equity Certificate I | Mariposa I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Notional amount | $ 45 | |||||||||||||
Convertible Preferred Equity Certificate II | Mariposa I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Notional amount | $ 39.5 | |||||||||||||
Fixed Interest Shareholder Loans | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Interest expense | € | € 3,367 | |||||||||||||
Percentage of non-financial covenants met | 100.00% | |||||||||||||
Number of loans fully repaid | instrument | 2 | |||||||||||||
Gain on extinguishment of loans | € | € 7,601 | |||||||||||||
Fixed Interest Shareholder Loans | Mytheresa Group GmbH | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Number of loans | 2 | |||||||||||||
Borrowings, interest rate | 5.25% | |||||||||||||
Fixed Interest Shareholder Loan I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Interest expense | € | € 5,990 | |||||||||||||
Fixed Interest Shareholder Loan I | Mytheresa Group GmbH | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Notional amount | $ 105 | |||||||||||||
Fixed Interest Shareholder Loan II | Mytheresa Group GmbH | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Notional amount | $ 45 | |||||||||||||
Fixed interest rate | Convertible Preferred Equity Certificate I | Mariposa I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Borrowings, interest rate | 5.825% | |||||||||||||
Fixed interest rate | Convertible Preferred Equity Certificate II | Mariposa I | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Borrowings, interest rate | 5.825% | |||||||||||||
Fixed interest rate | Fixed Interest Shareholder Loans | Mytheresa Group GmbH | ||||||||||||||
Disclosure of detailed information about borrowings | ||||||||||||||
Borrowings, interest rate | 6.00% |
Shareholder Loans and liabili_5
Shareholder Loans and liabilities to banks - Shareholder Loans summary (Details) - EUR (€) € in Thousands | 4 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about borrowings | ||||
Carrying amount of shareholder loans | € 191,194 | € 191,194 | ||
Fixed Interest Shareholder Loan I | ||||
Disclosure of detailed information about borrowings | ||||
Carrying amount of shareholder loans | 57,380 | 57,380 | ||
Interest expenses | € 5,990 | |||
Fixed Interest Shareholder Loan II | ||||
Disclosure of detailed information about borrowings | ||||
Carrying amount of shareholder loans | 133,814 | 133,814 | ||
Fixed Interest Shareholder Loans | ||||
Disclosure of detailed information about borrowings | ||||
Interest expenses | € 3,367 | |||
Shareholder Loans | ||||
Disclosure of detailed information about borrowings | ||||
Interest expenses | € 5,990 | € 7,492 | € 8,634 |
Tax liabilities (Details)
Tax liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Tax liabilities | |||
Tax liabilities at beginning of fiscal year | € 3,853 | € 975 | € 4,666 |
Additions | 11,476 | 3,673 | 683 |
Utilizations | (466) | (795) | (4,374) |
Releases | (570) | ||
Tax liabilities at end of fiscal year | € 14,293 | € 3,853 | € 975 |
Provisions (Details)
Provisions (Details) € in Thousands | 12 Months Ended |
Jun. 30, 2021EUR (€)item | |
Provisions | |
Provisions at beginning of fiscal year | € 582 |
Additions | 135 |
Provisions at end of fiscal year | € 717 |
Number of facilities for which dismantling provisions are assed | item | 2 |
Dismantling provisions | |
Provisions | |
Provisions at beginning of fiscal year | € 494 |
Additions | 135 |
Provisions at end of fiscal year | 629 |
Other provisions | |
Provisions | |
Provisions at beginning of fiscal year | 88 |
Provisions at end of fiscal year | € 88 |
Other liabilities (Details)
Other liabilities (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Other liabilities | ||
Personnel-related liabilities | € 10,115 | € 6,035 |
Customer returns | 9,631 | 8,607 |
Liabilities from sales tax | 1,894 | 4,143 |
Accrued expenses & Other liabilities | 28,585 | 27,343 |
Total other current liabilities | € 50,225 | 46,128 |
Other non-current liabilities | 5,905 | |
Non-current liabilities for long-term employee compensation arrangements | € 5,905 |
Deferred income tax liabiliti_3
Deferred income tax liabilities, net (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Deferred tax liabilities, net | |||
At beginning of fiscal year | € (1,130) | € (5,192) | € (5,315) |
Recognized through equity / other comprehensive income | 2,318 | ||
Recognized through profit or loss | (1,178) | 1,744 | 123 |
At end of fiscal year | € (2,308) | € (1,130) | € (5,192) |
Deferred income tax liabiliti_4
Deferred income tax liabilities, net - Balances (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | € 6,300 | € 14,643 | ||
Deferred tax liabilities | (8,608) | (15,773) | ||
Netting of deferred tax assets | (6,300) | (14,643) | ||
Netting of deferred tax liabilities | 6,300 | 14,643 | ||
Deferred tax liabilities, net | (2,308) | (1,130) | ||
Deferred income tax liabilities, net | (2,308) | (1,130) | € (5,192) | € (5,315) |
Intangible assets and goodwill | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 331 | 375 | ||
Deferred tax liabilities | (4,290) | (4,333) | ||
Property and equipment | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 0 | |||
Deferred tax liabilities | 0 | |||
Inventory | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 0 | |||
Deferred tax liabilities | (1,722) | |||
Trade receivables | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 262 | |||
Deferred tax liabilities | (78) | (175) | ||
Right-of-Use asset, contract asset and other assets | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 56 | |||
Deferred tax liabilities | (4,172) | (7,335) | ||
Lease liabilities, contract liabilities and other liabilities | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 3,893 | 10,531 | ||
Deferred tax liabilities | (68) | (2,209) | ||
Shareholder Loans | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 0 | 2,200 | ||
Provisions | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 197 | 136 | ||
Others | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 1,560 | 1,400 | ||
Interest carry forward | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 1,400 | 0 | ||
Deductible temporary differences for which no deferred tax asset is recognised | 17,704 | |||
Unused Interest carry forward | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 6,349 | 5,644 | ||
Deductible temporary differences for which no deferred tax asset is recognised | 19,375 | |||
Unused tax loss carryforwards | ||||
Reconciliation of deferred tax assets and liabilities | ||||
Deferred tax assets | 0 | |||
Unused tax losses for which no deferred tax asset recognised | € 19,014 | € 0 | € 9,564 |
Related party transactions (Det
Related party transactions (Details) € in Thousands | 12 Months Ended | |
Jun. 30, 2021EUR (€) | Jun. 30, 2020instrument | |
Disclosure of transactions between related parties | ||
Income from reversal of accrued amount | € 2,056 | |
MYT Holding LLC | Mytheresa Group | ||
Disclosure of transactions between related parties | ||
Percentage of ownership | 76.90% | |
MYT Ultimate Parent LLC | ||
Disclosure of transactions between related parties | ||
Receivables | € 213 | |
Liabilities | € 838 | |
MYT Intermediate Holding Co. | Shareholder Loans | ||
Disclosure of transactions between related parties | ||
Number of instruments | instrument | 2 |
Related party transactions - Ke
Related party transactions - Key Management Personnel Compensation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Related party transactions | |||
Short-term compensation | € 6,421 | € 1,623 | € 1,111 |
Personnel expenses from long-term employee benefits | 1,216 | 1,340 | 1,076 |
Income from reversal of other long-term employee benefits | (2,056) | ||
Long-term employee benefits (net income) | (840) | 1,340 | 1,076 |
Share-based compensation - Old Plans | 427 | 65 | 153 |
Share-based compensation - IPO related compensation for Managing Directors | 61,578 | ||
Total Share-based compensation | 62,005 | 65 | 153 |
Total personnel expenses for Managing Directors | € 67,586 | € 3,028 | € 2,340 |
Share-based compensation - IPO
Share-based compensation - IPO Related One-Time Award Package (Details) | Jan. 20, 2021Options | Jun. 30, 2021shares | Jun. 30, 2021itemshares | Jun. 30, 2021Optionsshares | Jun. 30, 2021personshares | Jun. 30, 2021shares |
Share Options (Alignment Grant) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Annual vesting percentage | 25.00% | |||||
Number of shares per option | shares | 1 | 1 | 1 | 1 | 1 | |
Number of different tranches | item | 3 | |||||
Exercisable term | 10 years | |||||
Number of options granted | 6,478,761 | 6,478,761 | 6,478,761 | |||
Number of key management members | person | 21 | |||||
Restoration Award (Phantom Shares) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of shares per option | shares | 1 | 1 | 1 | 1 | 1 | |
Exercisable term | 10 years | |||||
Number of options granted | Options | 1,875,677 | 1,875,677 | ||||
Number of key management members | person | 21 | |||||
Percentage of granted phantom shares that can be transferred after conversion at any time after the second anniversary of the grant date | 25.00% | |||||
Percentage of granted phantom shares that can be transferred after conversion if certain conditions are met or at the fourth anniversary | 75.00% |
Share-based compensation - Summ
Share-based compensation - Summary of main features of one-time award package (Details) - Options | Jan. 20, 2021 | Jun. 30, 2021 | Jun. 30, 2021 |
Share Options (Alignment Grant) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Granted | 6,478,761 | 6,478,761 | 6,478,761 |
Annual vesting percentage | 25.00% | ||
Restoration Award (Phantom Shares) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Granted | 1,875,677 | 1,875,677 |
Share-based compensation - Othe
Share-based compensation - Other One One-Time Award Package (Details) - EUR (€) | Jun. 01, 2021 | Jan. 20, 2021 |
Sign-On RSU Award | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number granted | 6,269 | |
Vesting period | 12 months | |
Supervisory Board Award (Restricted Shares) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number granted | 15,384 |
Share-based compensation - Numb
Share-based compensation - Number and weighted-average exercise prices of share options under share option programs (Details) $ / shares in Units, € in Thousands, $ in Thousands | Jan. 20, 2021Options | Feb. 28, 2021USD ($) | Jun. 30, 2021$ / shares | Jun. 30, 2021Options$ / shares | Jun. 30, 2021$ / shares | Jun. 30, 2021$ / shares | Jun. 30, 2020EUR (€) | Jun. 30, 2020$ / shares | Jun. 30, 2019EUR (€) | Jun. 30, 2019$ / shares | Jun. 30, 2018EUR (€) | Jun. 30, 2018$ / shares | Jun. 30, 2016$ / shares |
Wtd. Average Exercise Price | |||||||||||||
Incremental fair value of modification per Stock Option | $ 33 | ||||||||||||
Consideration for cancelling options | $ | $ 0 | ||||||||||||
Compensation expense | € | € 100 | ||||||||||||
Average remaining contractual life | 9 years 7 months 6 days | ||||||||||||
Time-vested Options | |||||||||||||
Options | |||||||||||||
Options outstanding at beginning of year | 2,005 | 2,005 | 2,205 | ||||||||||
Cancelled | (2,005) | ||||||||||||
Forfeited | (200) | ||||||||||||
Options outstanding at end of year | 2,005 | 2,005 | 2,205 | ||||||||||
Wtd. Average Exercise Price | |||||||||||||
Weighted average exercise price of share options outstanding at beginning of year | $ 500 | $ 500 | $ 500 | ||||||||||
Cancelled (in dollars per share) | 500 | ||||||||||||
Forfeited (in dollars per share) | 500 | ||||||||||||
Weighted average exercise price of share options outstanding at end of year | 500 | 500 | 500 | ||||||||||
Exercise price for outstanding stock options | 500 | 500 | 500 | ||||||||||
Performance-based Options | |||||||||||||
Options | |||||||||||||
Options outstanding at beginning of year | 1,620 | 1,620 | 1,820 | ||||||||||
Cancelled | (1,620) | ||||||||||||
Forfeited | (200) | ||||||||||||
Options outstanding at end of year | 1,620 | 1,620 | 1,820 | ||||||||||
Wtd. Average Exercise Price | |||||||||||||
Weighted average exercise price of share options outstanding at beginning of year | 1,000 | 1,000 | 1,000 | ||||||||||
Cancelled (in dollars per share) | 1,000 | ||||||||||||
Forfeited (in dollars per share) | 1,000 | ||||||||||||
Weighted average exercise price of share options outstanding at end of year | 1,000 | 1,000 | 1,000 | ||||||||||
Exercise price for outstanding stock options | $ 1,000 | $ 1,000 | 1,000 | ||||||||||
Compensation expense | € | € 0 | € 0 | € 0 | ||||||||||
Share Options (Alignment Grant) | |||||||||||||
Options | |||||||||||||
Granted | 6,478,761 | 6,478,761 | 6,478,761 | ||||||||||
Options outstanding at end of year | 6,478,761 | ||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Granted (in dollars per share) | 830 | ||||||||||||
Weighted average exercise price of share options outstanding at end of year | 830 | ||||||||||||
Exercise price for outstanding stock options | $ 830 | $ 830 | 830 | $ 830 | |||||||||
Managers | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | 500 | $ 1,000 | |||||||||||
Minimum | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | 5.79 | 5.79 | 5.79 | 5.79 | |||||||||
Minimum | Time-vested Options | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | 500 | ||||||||||||
Minimum | Performance-based Options | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | 1,000 | ||||||||||||
Maximum | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | $ 11.58 | $ 11.58 | $ 11.58 | $ 11.58 | |||||||||
Maximum | Time-vested Options | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | 1,074 | ||||||||||||
Maximum | Performance-based Options | |||||||||||||
Wtd. Average Exercise Price | |||||||||||||
Exercise prices for the share options outstanding | $ 1,074 |
Share-based compensation - Part
Share-based compensation - Participants and performance-based option program (Details) € in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 28, 2021EUR (€) | Jun. 30, 2021$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Accelerated vesting and corresponding expense | € | € 427 | |
Average remaining contractual life | 9 years 7 months 6 days | |
Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices for share options outstanding | $ 5.79 | |
Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise prices for share options outstanding | $ 11.58 |
Share-based compensation - Meas
Share-based compensation - Measurement of the fair values at grant date of the equity-settled share-based payment plans (Details) - Share Options (Alignment Grant) | 12 Months Ended |
Jun. 30, 2021$ / shares | |
Tranche I | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighted average share price, share options granted | $ 31 |
Weighted average fair value | 25.42 |
Exercise price | 5.79 |
Weighted average share price | $ 31 |
Expected volatility | 60.00% |
Expected term | 2.32 |
Risk free rate | 0.00% |
Tranche II | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighted average share price, share options granted | $ 31 |
Weighted average fair value | 22.93 |
Exercise price | 8.68 |
Weighted average share price | $ 31 |
Expected volatility | 60.00% |
Expected term | 2.32 |
Risk free rate | 0.00% |
Tranche III | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighted average share price, share options granted | $ 31 |
Weighted average fair value | 20.68 |
Exercise price | 11.58 |
Weighted average share price | $ 31 |
Expected volatility | 60.00% |
Expected term | 2.32 |
Risk free rate | 0.00% |
Share-based compensation - Rest
Share-based compensation - Restoration Grant (Details) | Jan. 21, 2021USD ($) |
Restoration Award (Phantom Shares) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date fair value | $ 31 |
Share-based compensation - Shar
Share-based compensation - Share-based compensation expense recognized (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Classified within capital reserve at beginning of year | € 1,055 | € 989 | |
Expenses | 13 | ||
Classified within capital reserve at end of year | 76,325 | 1,055 | € 989 |
Share-based compensation | 75,270 | 65 | € 152 |
Share options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expenses | 427 | 28 | |
Restricted Shares | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expenses | 0 | 37 | |
Share Options (Alignment Grant) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expenses | 26,820 | 0 | |
Restoration Award (Phantom Shares) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expenses | 47,825 | 0 | |
Supervisory Board Award (Restricted Shares) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expenses | € 184 | € 0 |
Financial instruments and fin_3
Financial instruments and financial risk management - Financial instruments summary (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Financial instruments | ||
Financial liabilities | € 107,929 | € 309,100 |
Trade and other receivables | Financial assets, at amortized cost | ||
Financial instruments | ||
Financial assets | 5,030 | 4,815 |
Cash and cash equivalents | Financial assets, at amortized cost | ||
Financial instruments | ||
Financial assets | 76,760 | 9,367 |
Other current assets | ||
Financial instruments | ||
Financial assets | 14,667 | 18,950 |
Other current assets | No category in accordance with IFRS 9 | ||
Financial instruments | ||
Financial assets | 10,864 | 8,886 |
Deposits | Financial assets, at amortized cost | ||
Financial instruments | ||
Financial assets | 991 | 1,805 |
Other financial assets | Financial assets, at amortized cost | ||
Financial instruments | ||
Financial assets | 2,812 | 8,259 |
Shareholder Loans | Level 2 of fair value hierarchy | ||
Financial instruments | ||
Financial liabilities, at fair value | 192,338 | |
Shareholder Loans | Financial liabilities, at amortized cost | ||
Financial instruments | ||
Financial liabilities | 191,194 | |
Non-current lease liabilities | ||
Financial instruments | ||
Financial liabilities | 8,786 | 13,928 |
Non-current lease liabilities | No category in accordance with IFRS 9 | ||
Financial instruments | ||
Financial liabilities | 8,786 | 13,928 |
Other non-current liabilities | Financial liabilities, at amortized cost | ||
Financial instruments | ||
Financial liabilities | 5,905 | |
Liabilities to banks | Financial liabilities, at amortized cost | ||
Financial instruments | ||
Financial liabilities | 10,000 | |
Current lease liabilities | ||
Financial instruments | ||
Financial liabilities | 5,361 | 5,787 |
Current lease liabilities | No category in accordance with IFRS 9 | ||
Financial instruments | ||
Financial liabilities | 5,361 | 5,787 |
Trade and other payables | Financial liabilities, at amortized cost | ||
Financial instruments | ||
Financial liabilities | 44,210 | 36,158 |
Other current liabilities | ||
Financial instruments | ||
Financial liabilities | 50,227 | 46,128 |
Other current liabilities | No category in accordance with IFRS 9 | ||
Financial instruments | ||
Financial liabilities | 40,596 | 30,968 |
Other financial liabilities | Financial liabilities, at amortized cost | ||
Financial instruments | ||
Financial liabilities | € 9,631 | € 15,160 |
Financial instruments and fin_4
Financial instruments and financial risk management - Carrying amounts (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Financial instruments and financial risk management | ||
Financial assets measured at Amortized cost (AC) | € 85,592 | € 24,246 |
Financial liabilities measured at Amortized cost (AC) | 53,842 | 245,545 |
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | 0 | 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | € 0 | € 0 |
Financial instruments and fin_5
Financial instruments and financial risk management - Fx reserve (Details) € in Thousands | 12 Months Ended |
Jun. 30, 2021EUR (€) | |
Disclosure of detailed information about hedges | |
OCI at beginning of period | € 1,602 |
OCI at end of period | 1,602 |
OCI I | |
Disclosure of detailed information about hedges | |
Additions | 2,586 |
Reclassification | (2,586) |
OCI II | |
Disclosure of detailed information about hedges | |
Additions | (809) |
Reclassification | € 809 |
Financial instruments and fin_6
Financial instruments and financial risk management - Net gains or losses (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Financial instruments and financial risk management | ||
Financial liabilities measured at Amortized cost (AC) | € 7,900 | € (12,988) |
Financial assets and financial liabilities measured at fair value through profit or loss (FVPL) | € 2 |
Financial instruments and fin_7
Financial instruments and financial risk management - Currency and interest rate risk (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of risk management strategy | ||
Derivative financial assets held for hedging | € 0 | € 0 |
Derivative financial liabilities held for hedging | € 0 | € 0 |
Currency risk | ||
Disclosure of risk management strategy | ||
Percentage of reasonably possible increase in risk assumption | 10.00% | 10.00% |
Percentage of reasonably possible decrease in risk assumption | (10.00%) | (10.00%) |
Increase (decrease) in profit and loss due to reasonably possible increase in designated risk component | € (1,128) | € 16,678 |
Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | € 1,379 | € (20,414) |
Financial instruments and fin_8
Financial instruments and financial risk management - Liquidity risk (Details) € in Thousands | 12 Months Ended | |
Jun. 30, 2021EUR (€)item | Jun. 30, 2020EUR (€) | |
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Number of revolving credit facilities | item | 2 | |
Undiscounted cash flows | € 108,666 | € 371,619 |
Financial liabilities | € 107,929 | 309,100 |
Maximum | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
The number of days within which the entity's trade receivables are usually paid. | 7 days | |
Not later than one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | € 99,515 | 98,803 |
Later than one year and not later than five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 9,151 | 20,771 |
Later than five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 252,045 | |
Shareholder Loans | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 252,045 | |
Financial liabilities | 191,194 | |
Shareholder Loans | Later than five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 252,045 | |
Trade and other payables | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 44,210 | 36,158 |
Financial liabilities | 44,210 | 36,158 |
Trade and other payables | Not later than one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 44,210 | 36,158 |
Other liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 50,227 | 52,033 |
Financial liabilities | 50,227 | 52,033 |
Other liabilities | Not later than one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 50,227 | 46,128 |
Other liabilities | Later than one year and not later than five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 5,905 | |
Liabilities to banks | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 10,000 | |
Financial liabilities | 10,000 | |
Liabilities to banks | Not later than one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 10,000 | |
Lease liabilities | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 14,884 | 21,383 |
Financial liabilities | 14,147 | 19,715 |
Lease liabilities | Not later than one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | 5,733 | 6,517 |
Lease liabilities | Later than one year and not later than five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities | ||
Undiscounted cash flows | € 9,151 | € 14,866 |
Financial instruments and fin_9
Financial instruments and financial risk management - Credit risk (Details) - EUR (€) € in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of external credit grades | ||||
Cash and cash equivalents | € 76,760 | € 9,367 | € 2,120 | € 3,690 |
Rating Class 1 | ||||
Disclosure of external credit grades | ||||
Cash and cash equivalents | 75,958 | 8,416 | ||
Rating Class 2 | ||||
Disclosure of external credit grades | ||||
Cash and cash equivalents | 752 | 880 | ||
Rating Class 3 | ||||
Disclosure of external credit grades | ||||
Cash and cash equivalents | € 49 | € 71 |
Financial instruments and fi_10
Financial instruments and financial risk management - Loss allowance (Details) - Loss allowance - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Trade and other receivables | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments | ||
Beginning of fiscal year | € 46 | € 46 |
Decrease loss allowance during the period | (46) | 0 |
End of fiscal year | € 46 | |
Financial assets excluding trade and other receivables | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments | ||
End of fiscal year | € 0 |
Notes to the consolidated sta_3
Notes to the consolidated statement of cash flows (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Interest payments on financial liabilities | € (4,257) | € (2,973) | € (671) |
Lease payments | (5,800) | (4,256) | (5,070) |
Lease payments | (5,800) | (4,779) | (5,556) |
Change in Cash Flow | (10,057) | (7,229) | (5,741) |
Net debt at the beginning | 220,909 | 148,092 | 137,538 |
Additions (disposals) | (221,076) | 68,927 | 2,308 |
Interest expenses | 4,257 | 11,119 | 13,986 |
Total change in liabilities | (216,819) | 80,046 | 16,294 |
Net debt at the end | 14,147 | 220,909 | 148,092 |
Liabilities to banks | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Interest payments on financial liabilities | (521) | (951) | (185) |
Change in Cash Flow | (521) | (951) | (185) |
Net debt at the beginning | 10,000 | 3,649 | |
Additions (disposals) | (11,041) | 6,351 | 3,649 |
Interest expenses | 521 | 951 | 185 |
Total change in liabilities | (10,520) | 7,302 | 3,834 |
Net debt at the end | 10,000 | 3,649 | |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Interest payments on financial liabilities | (612) | (523) | (486) |
Lease payments | (5,800) | (4,256) | (5,070) |
Change in Cash Flow | (6,412) | (4,779) | (5,556) |
Net debt at the beginning | 19,715 | 18,364 | 23,330 |
Additions (disposals) | (12,591) | 5,607 | 104 |
Interest expenses | 612 | 523 | 486 |
Total change in liabilities | (11,979) | 6,130 | 590 |
Net debt at the end | 14,147 | 19,715 | 18,364 |
Shareholder Loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Interest payments on financial liabilities | (3,125) | (1,499) | |
Change in Cash Flow | (3,125) | (1,499) | |
Net debt at the beginning | 191,194 | 126,079 | 114,208 |
Additions (disposals) | (197,444) | 56,969 | (1,445) |
Interest expenses | 3,125 | 9,645 | 13,315 |
Total change in liabilities | € (194,319) | 66,614 | 11,870 |
Net debt at the end | € 191,194 | € 126,079 |
Events after the reporting ye_2
Events after the reporting year (Details) | Jan. 01, 2023EUR (€) | Jun. 22, 2021EUR (€) | Jun. 30, 2022EUR (€) | Sep. 01, 2021EUR (€) | Jan. 12, 2021€ / shares | Aug. 31, 2019€ / shares | Jun. 30, 2019$ / shares | Jun. 30, 2018$ / shares |
Disclosure of non-adjusting events after reporting period | ||||||||
Par value per share | (per share) | € 0.000015 | € 1 | $ 1 | $ 1 | ||||
LTI program | ||||||||
Disclosure of non-adjusting events after reporting period | ||||||||
Long-term incentive | 3 years | |||||||
Awarded performance share units | 3 years | |||||||
Awarded performance, vest | 3 years | |||||||
Restricted stock units vest | 3 years | |||||||
Long term incentive program, estimated expense | € 1,700,000 | |||||||
Lease contract signed for new warehouse | ||||||||
Disclosure of non-adjusting events after reporting period | ||||||||
Leasing period | 10 years | |||||||
Monthly lease commitment | € 286,000 | |||||||
Monthly net operating cost prepayment | € 56,000 | |||||||
Termination term | 6 months | |||||||
Number of extension options in lease agreement | 2 | |||||||
Renewal term | 5 years | |||||||
Renewal of leases for the stores | ||||||||
Disclosure of non-adjusting events after reporting period | ||||||||
Monthly lease commitment | € 172,000 | |||||||
Renewal term | 5 years | |||||||
Lease contract for an office space in the U.S | ||||||||
Disclosure of non-adjusting events after reporting period | ||||||||
Monthly lease commitment | € 14,000 |