20-F 1 ftch-20f_20201231.htm 20-F ftch-20f_20201231.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 20-F

 

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number 001-38655

Farfetch Limited

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

The Bower, 211 Old Street

London EC1V 9NR, United Kingdom

(Address of principal executive offices)

James L. Maynard
General Counsel & Executive Vice President Group Legal
IR@farfetch.com
Farfetch Limited
The Bower, 211 Old Street
London EC1V 9NR, United Kingdom

(Name, E-mail and Address of Company Contact Person)

 


Securities registered or to be registered, pursuant to Section 12(b) of the Act

 

Title of each class

Trading Symbol(s)

 

Name of each exchange on which registered

Class A ordinary shares, par value $0.04 per share

FTCH

 

New York Stock Exchange

 

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report.            311,352,064           Class A ordinary shares and     42,858,080       Class B ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes      No  

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.     Yes      No  

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Emerging growth company

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.  

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP  

 

International Financial Reporting Standards as issued

by the International Accounting Standards Board  

 

Other  

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.    Item 17      Item 18  

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

3

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

5

RISK FACTOR SUMMARY

7

 

 

 

PART I

 

 

 

 

 

Item 1.

Identity of Directors, Senior Management and Advisers

9

 

 

 

Item 2.

Offer Statistics and Expected Timetable

9

 

 

 

Item 3.

Key Information

9

 

A. Selected Financial Data

9

 

B. Capitalization and Indebtedness

17

 

C. Reasons for the Offer and Use of Proceeds

17

 

D. Risk Factors

17

 

 

 

Item 4.

Information on the Company

63

 

A. History and Development of the Company

63

 

B. Business Overview

65

 

C. Organizational Structure

77

 

D. Property, Plant and Equipment

78

 

 

 

Item 4A.

Unresolved Staff Comments

78

 

 

 

Item 5.

Operating and Financial Review and Prospects

79

 

A. Operating Results

87

 

B. Liquidity and Capital Resources

100

 

C. Research and Development, Patents and Licenses, etc.

103

 

D. Trend Information

104

 

E. Off-Balance Sheet Arrangements

104

 

F. Tabular Disclosure of Contractual Obligations

104

 

G. Safe Harbor

104

 

 

 

Item 6.

Directors, Senior Management and Employees

105

 

A. Directors and Senior Management

105

 

B. Compensation

107

 

C. Board Practices

109

 

D. Employees

113

 

E. Share Ownership

114

 

 

 

Item 7.

Major Shareholders and Related Party Transactions

114

 

A. Major Shareholders

114

 

B. Related Party Transactions

115

 

C. Interests of Experts and Counsel

118

 

 

 

Item 8.

Financial Information

118

 

A. Consolidated Statements and Other Financial Information

118

 

B. Significant Changes

119

 

 

 

Item 9.

The Offer and Listing

119

 

A. Offer and Listing Details

119

 

B. Plan of Distribution

119

 

C. Markets

119

1


 

D. Selling Shareholders

119

 

E. Dilution

120

 

F. Expense of the Issue

120

 

 

 

Item 10.

Additional Information

120

 

A. Share Capital

120

 

B. Memorandum and Articles of Association

120

 

C. Material Contracts

120

 

D. Exchange Controls

120

 

E. Taxation

120

 

F. Dividends and Paying Agents

127

 

G. Statement by Experts

127

 

H. Documents on Display

127

 

I. Subsidiary Information

127

 

 

 

Item 11.

Quantitative and Qualitative Disclosures About Market Risk

127

 

 

 

Item 12.

Description of Securities Other Than Equity Securities

128

 

 

 

PART II

 

 

 

 

 

Item 13.

Defaults, Dividend Arrearages and Delinquencies

129

 

 

 

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

129

 

 

 

Item 15.

Controls and Procedures

129

 

 

 

Item 16.

Reserved

131

 

 

 

Item 16A.

Audit Committee Financial Expert

131

 

 

 

Item 16B.

Code of Ethics

131

 

 

 

Item 16C.

Principal Accountant Fees and Services

131

 

 

 

Item 16D.

Exemptions from the Listing Standards for Audit Committees

132

 

 

 

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

132

 

 

 

Item 16F.

Changes in Registrant’s Certifying Accountant

132

 

 

 

Item 16G.

Corporate Governance

132

 

 

 

Item 16H.

Mine Safety Disclosure

133

 

 

 

PART III

 

 

 

 

 

Item 17.

Consolidated financial statements

134

 

 

 

Item 18.

Consolidated financial statements

134

 

 

 

Item 19.

Exhibits

135

 

 

 

SIGNATURES

137

 

 

 

CONSOLIDATED FINANCIAL STATEMENTS

F-1

 

 

2


 

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

We report under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (the “IASB”).

General Information

Our consolidated financial statements are reported in U.S. dollars, which are denoted “dollars,” “USD” or “$” throughout this Annual Report on Form 20-F (“Annual Report”). Also, throughout this Annual Report:

 

except where the context otherwise requires or where otherwise indicated, the terms “Farfetch,” the “Company,” “we,” “us,” “our,” “our Company” and “our business” refer, prior to the Reorganization Transactions (as defined below), to Farfetch.com Limited, a company incorporated under the laws of the Isle of Man with registered number 000657V, and after the Reorganization Transactions to Farfetch Limited, an exempted company incorporated with limited liability under the Companies Act (as amended) of the Cayman Islands, as amended and restated from time to time (the “Companies Act”), in each case together with its consolidated subsidiaries as a consolidated entity;

 

the terms “€” or “euro” refer to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the treaty establishing the European Community, as amended; and

 

the terms “pound sterling” or “£” refer to the legal currency of the United Kingdom.

Segment Change

Following the acquisition of New Guards, in the fourth quarter of the year ended December 31, 2019, management determined that we have three reportable operating segments: (i) Digital Platform, (ii) Brand Platform and (iii) In-Store, given our organizational structure and the manner in which our business is reviewed and managed. In the fourth quarter of the year ended December 31, 2019, we realigned our reportable operating segments to reflect how our Chief Operating Decision-Maker was making operating decisions, allocating resources and evaluating operating performance. See Item 5. “Operating and Financial Review and Prospects — Operating Results by Segment” and Note 6 to our audited consolidated financial statements (“Segmental and geographical information”) included elsewhere in this Annual Report for additional information about these segments. Information presented in this Annual Report for periods prior to this segment change has been revised to reflect this segment realignment.

Defined Terms and Key Performance Indicators in this Annual Report

Throughout this Annual Report, we use a number of defined terms and provide information about a number of key performance indicators used by management.  Definitions are as follows, and additional information about our key performance indicators is discussed in more detail in Item 3. “Key Information — A. Selected Financial Data.”

 

“Alibaba” means Alibaba Group Holding Limited.

 

“API” means our application programming interfaces that enable third-parties to connect with our platform.

 

“Articles” means our amended and restated memorandum and articles of association (as may be amended from time to time).

 

“brands” means entities that produce, sell and/or market luxury merchandise. We refer to brands owned and operated by the New Guards Group as “New Guards’ brands” or “brands in the New Guards portfolio” or the “New Guards portfolio of brands.”  Please refer to the definition of “retailers” below for the difference between “brands” and “retailers,” both of which are a source of supply on the Farfetch Marketplace.

3


 

“consumer” means a person who browses and/or completes a purchase on the Farfetch Marketplace, BrownsFashion.com, Stadium Goods or New Guards-owned sites.

 

“e-concession” means the retail distribution by brands via the operation of concessions on multi-brand digital platforms, such as when brands sell directly to consumers via the Farfetch Marketplace.

 

“FPS” means Farfetch Platform Solutions, our comprehensive modular white-label business to business e-commerce solution for brands and retailers.

 

“Farfetch China” means our joint venture partnership with Alibaba and Richemont and the entity through which our Farfetch Marketplace operations in the China region will be conducted. We conduct other operations in China, for example FPS, outside of this joint venture.

 

“Farfetch Marketplace” is as defined in Item 4. “Information on the Company — B. Business Overview.”

 

“first-party original” refers to products developed by brands in the New Guards portfolio of brands and sold direct-to-consumers on the Farfetch Marketplace.

 

“first-party sales” means sales on our platform of inventory purchased by us.

 

“Group” means Farfetch Limited and its consolidated subsidiaries.

 

“JD.com” means JD.com, Inc.

 

“Luxury New Retail” or “LNR” is an initiative and strategy to leverage our and Alibaba’s state-of-the-art omnichannel retail technologies to serve the needs of luxury businesses, including the full suite of enterprise solutions powered by us. Farfetch Platform Solutions and the Farfetch Store of the Future retail technology sit under the Luxury New Retail vision.

 

“luxury sellers” means the retailers and brands with whom we have a direct contractual relationship to display and sell their products on the Farfetch Marketplace.

 

“Marketplaces” means the Farfetch Marketplace and Stadium Goods Marketplace.

 

“New Guards” is as defined in Item 4. “Information on the Company — B. Business Overview.”

 

“Reorganization Transactions” means the transactions effected in connection with our initial public offering, consummated on September 25, 2018 (our “IPO”), whereby Farfetch.com Limited and its subsidiaries became a wholly-owned subsidiary of Farfetch Limited. Following the Reorganization Transactions, our business is conducted through Farfetch Limited and its subsidiaries.

 

“retailers” means boutiques and department stores. Retailers buy wholesale from multiple luxury brands to sell to the end consumer. Brands (1) sell wholesale to retailers; (2) operate concessions within the offline stores of retailers and online via e-commerce sites; and/or (3) sell to consumers directly through a mono-brand store or website. Both “brands” and “retailers” sell via the Farfetch Marketplace, but the distinction is not apparent to our consumer.

 

“Richemont” means Compagnie Financière Richemont SA.

 

“Stadium Goods Marketplace” is as defined in Item 4. “Information on the Company — B. Business Overview.”

 

“stock value” means the combined amount of all stock units available on the Farfetch Marketplace and/or the Stadium Goods Marketplace multiplied by each item’s retail unit price.

 

Market and Industry Data

We obtained industry, market and competitive position data in this Annual Report from our own internal estimates, surveys and research as well as from publicly available information, industry and general publications and research, surveys and studies conducted by third-parties, such as public reports by Bain & Company (“Bain”). Information contained in this Annual Report attributable to Bain is from the “Bain-Altagamma 2020 Worldwide Luxury Market Monitor” (November 18, 2020).

 

4


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report contains statements that constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are neither historical facts nor assurances of future performance. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous known and unknown risks and uncertainties, some of which are beyond our control, and are made in light of the information currently available to us. Our actual results or performance may differ materially from any future results or performance expressed or implied by these forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as “believe,” “may,” “will,” “expect,” “estimate,” “project,” “forecast,” “could,” “should,” “anticipate,” “aim,” “intend,” “plan,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Forward-looking statements contained in this Annual Report include, but are not limited to, statements about:

 

Our future financial performance, including our revenue, operating expenses and our ability to maintain profitability and our future business and operating results;

 

Our strategies, plans, objectives and goals;

 

Our expectations regarding the development of our industry, market size and the competitive environment in which we operate; and

 

Our environmental, sustainability, responsible sourcing, social and inclusion and diversity goals.

These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in Item 3. “Key Information — D. Risk Factors” of this Annual Report, including, but not limited to, the following:

 

The coronavirus (“COVID-19”) pandemic has had and is expected to continue to have an adverse effect on our business and results of operations.

 

Purchasers of luxury products may not choose to shop online, which would prevent us from growing our business.

 

We may be unable to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis, and our revenue growth rate may decline.

 

We have experienced losses in the past, and we may experience losses in the future.

 

The luxury fashion industry can be volatile and difficult to predict.

 

We rely on a limited number of luxury sellers for the supply of products that we make available to consumers on the Farfetch Marketplace.

 

If our luxury sellers fail to anticipate, identify and respond quickly to new and changing fashion trends in consumer preferences, our business could be harmed.

 

Luxury sellers set their own prices for the products they make available on our Marketplaces, which could affect our ability to respond to consumer preferences and trends.

 

Our efforts to acquire or retain consumers may not be successful, which could prevent us from maintaining or increasing our sales.

 

Our software is highly complex and may contain undetected errors.

 

Our failure or the failure of third-parties to protect our or their sites, networks and systems against security breaches, or otherwise to protect our or consumers’ and luxury sellers’ confidential information, could damage our reputation and brand and substantially harm our business and operating results.

5


 

We rely on information technologies and systems to operate our business and maintain our competitiveness, and any failure to invest in and adapt to technological developments and industry trends could harm our business.

 

Any significant disruption in service on our websites or apps or in our computer systems, some of which are currently hosted by third-party providers, could damage our reputation and result in a loss of consumers, which would harm our business and results of operations.

 

We face significant competition in the global retail industry and may be unsuccessful in competing against current and future competitors.

 

We are subject to governmental regulation and other legal obligations related to privacy, data protection and information security. If we are unable to comply with these, we may be subject to governmental enforcement actions, litigation, fines and penalties or adverse publicity.

 

We rely on our luxury sellers, suppliers, third-party warehousing providers, third-party carriers and transportation providers as part of our fulfilment process, and these third-parties may fail to adequately serve our consumers.

 

Our failure to address risks associated with payment methods, credit card fraud and other consumer fraud, or our failure to control any such fraud, could damage our reputation and brand and may cause our business and results of operations to suffer.

 

Our global operations involve additional risks, and our exposure to these risks will increase as our business continues to expand.

 

Assertions by third-parties of infringement or misappropriation by us of their intellectual property rights or confidential know how could result in significant costs and substantially harm our business and results of operations.

 

Our use of open source software may pose particular risks to our proprietary software and systems.

 

Failure to adequately protect, maintain or enforce our intellectual property rights could substantially harm our business and results of operations.

 

Our New Guards business is dependent on its production, inventory management and fulfilment processes and systems, which could adversely affect its business if not successfully executed.

 

The operation of retail stores subjects us to numerous risks, some of which are beyond our control.

 

Our Chief Executive Officer, José Neves, has considerable influence over important corporate matters due to his ownership of us. Our dual‑class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial.

 

Our indebtedness could adversely affect our financial health and competitive position.

The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report. Except as required by law, we do not undertake to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. You should read this Annual Report and the documents that we reference herein and file as exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect.


6


RISK FACTOR SUMMARY

 

Our business is subject to numerous risks and uncertainties, including those described in Item 3. “Key Information — D. Risk Factors” of this Annual Report. You should carefully consider these risks and uncertainties when investing in our Class A ordinary shares. Principal risks and uncertainties affecting our business include the following.

 

The COVID-19 pandemic has had and is expected to continue to have an adverse effect on our business and results of operations.

 

Purchasers of luxury products may not choose to shop online, which would prevent us from growing our business.

 

We may be unable to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis, and our revenue growth rate may decline.

 

We have experienced losses in the past, and we may experience losses in the future.

 

The luxury fashion industry can be volatile and difficult to predict.

 

We rely on a limited number of luxury sellers for the supply of products that we make available to consumers on the Farfetch Marketplace.

 

If our luxury sellers fail to anticipate, identify and respond quickly to new and changing fashion trends in consumer preferences, our business could be harmed.

 

Luxury sellers set their own prices for the products they make available on our Marketplaces, which could affect our ability to respond to consumer preferences and trends.

 

Our efforts to acquire or retain consumers may not be successful, which could prevent us from maintaining or increasing our sales.

 

Our software is highly complex and may contain undetected errors.

 

Our failure or the failure of third-parties to protect our or their sites, networks and systems against security breaches, or otherwise to protect our or consumers’ and luxury sellers’ confidential information, could damage our reputation and brand and substantially harm our business and operating results.

 

We rely on information technologies and systems to operate our business and maintain our competitiveness, and any failure to invest in and adapt to technological developments and industry trends could harm our business.

 

Any significant disruption in service on our websites or apps or in our computer systems, some of which are currently hosted by third-party providers, could damage our reputation and result in a loss of consumers, which would harm our business and results of operations.

 

We face significant competition in the global retail industry and may be unsuccessful in competing against current and future competitors.

 

We are subject to governmental regulation and other legal obligations related to privacy, data protection and information security. If we are unable to comply with these, we may be subject to governmental enforcement actions, litigation, fines and penalties or adverse publicity.

 

We rely on our luxury sellers, suppliers, third-party warehousing providers, third-party carriers and transportation providers as part of our fulfilment process, and these third-parties may fail to adequately serve our consumers.

7


 

Our failure to address risks associated with payment methods, credit card fraud and other consumer fraud, or our failure to control any such fraud, could damage our reputation and brand and may cause our business and results of operations to suffer.

 

Our global operations involve additional risks, and our exposure to these risks will increase as our business continues to expand.

 

Assertions by third-parties of infringement or misappropriation by us of their intellectual property rights or confidential know how could result in significant costs and substantially harm our business and results of operations.

 

Our use of open source software may pose particular risks to our proprietary software and systems.

 

Failure to adequately protect, maintain or enforce our intellectual property rights could substantially harm our business and results of operations.

 

Our New Guards business is dependent on its production, inventory management and fulfilment processes and systems, which could adversely affect its business if not successfully executed.

 

The operation of retail stores subjects us to numerous risks, some of which are beyond our control.

 

Our Chief Executive Officer, José Neves, has considerable influence over important corporate matters due to his ownership of us. Our dual‑class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial.

 

Our indebtedness could adversely affect our financial health and competitive position.

 

 

8


PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2. Offer Statistics and Expected Timetable

Not applicable.

Item 3. Key Information

A. Selected Financial Data

We prepare our consolidated financial statements in accordance with IFRS as issued by the IASB.

The following selected historical consolidated financial data as of and for the years ended December 31, 2016, 2017, 2018, 2019 and 2020 has been derived from our audited consolidated financial statements and the notes thereto (our audited consolidated financial statements as of December 31, 2016, 2017 and 2018 and for the years ended December 31, 2016 and 2017 are not included in this Annual Report). Our historical results for any prior period are not necessarily indicative of results expected in any future period.

We have historically conducted our business through Farfetch.com and, therefore, our historical consolidated financial statements prior to the Reorganization Transactions reflect the results of operations of Farfetch.com and, following the Reorganization Transactions, reflect the results of operations of Farfetch Limited. Farfetch Limited’s consolidated financial statements are the same as Farfetch.com’s consolidated financial statements, as adjusted for the Reorganization Transactions. Following the Reorganization Transactions, we have retroactively reflected the Reorganization Transactions in Farfetch Limited’s consolidated financial statements.

 

Certain figures in this Annual Report may not recalculate exactly due to rounding. This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented.

 

9


The financial data set forth below should be read in conjunction with, and is qualified by reference to Item 5.“Operating and Financial Review and Prospects” and to our audited consolidated financial statements and notes thereto included elsewhere in this Annual Report.

 

 

 

Year ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

(in thousands, except share and per share data)

 

Consolidated Statements of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

242,116

 

 

$

385,966

 

 

$

602,384

 

 

$

1,021,037

 

 

$

1,673,922

 

Cost of revenue

 

 

(125,238

)

 

 

(181,200

)

 

 

(303,934

)

 

 

(561,191

)

 

 

(902,994

)

Gross profit

 

 

116,878

 

 

 

204,766

 

 

 

298,450

 

 

 

459,846

 

 

 

770,928

 

Selling, general and administrative expenses

 

 

(197,003

)

 

 

(295,960

)

 

 

(471,766

)

 

 

(869,609

)

 

 

(1,351,483

)

Impairment losses on tangible assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,991

)

Impairment losses on intangible assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(36,269

)

Operating loss

 

 

(80,125

)

 

 

(91,194

)

 

 

(173,316

)

 

 

(409,763

)

 

 

(619,815

)

(Losses)/gains on items held at fair value and remeasurements

 

 

(8,555

)

 

 

(3,300

)

 

 

-

 

 

 

21,721

 

 

 

(2,643,573

)

Share of results of associates

 

 

18

 

 

 

31

 

 

 

33

 

 

 

366

 

 

 

(74

)

Finance income

 

 

9,280

 

 

 

2,833

 

 

 

38,182

 

 

 

34,382

 

 

 

24,699

 

Finance costs

 

 

(1,878

)

 

 

(20,475

)

 

 

(18,316

)

 

 

(19,232

)

 

 

(108,742

)

Loss before tax

 

 

(81,260

)

 

 

(112,105

)

 

 

(153,417

)

 

 

(372,526

)

 

 

(3,347,505

)

Income tax expense

 

 

(199

)

 

 

(170

)

 

 

(2,158

)

 

 

(1,162

)

 

 

14,434

 

Loss after tax

 

$

(81,459

)

 

$

(112,275

)

 

$

(155,575

)

 

$

(373,688

)

 

$

(3,333,071

)

Loss per share attributable to owners of the parent:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.43

)

 

$

(0.50

)

 

$

(0.59

)

 

$

(1.21

)

 

$

(9.75

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

188,679,490

 

 

 

223,465,734

 

 

 

264,432,214

 

 

 

318,843,239

 

 

 

343,829,481

 

Consolidated Statements of Cash Flow Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (outflow)/inflow from operating activities

 

$

(47,079

)

 

$

(59,320

)

 

$

(116,205

)

 

$

(126,642

)

 

$

116,315

 

Net cash outflow from investing activities

 

 

(16,961

)

 

 

(28,863

)

 

 

(63,538

)

 

 

(583,503

)

 

 

(132,641

)

Net cash inflow/(outflow) from financing activities

 

 

161,173

 

 

 

300,142

 

 

 

859,526

 

 

 

(15,249

)

 

 

1,261,040

 

 

 

 

As of December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

 

 

 

 

(in thousands)

 

Consolidated Statements of Financial Position Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$

180,904

 

 

$

452,792

 

 

$

1,199,410

 

 

$

645,330

 

 

$

1,961,000

 

Non-current assets

 

 

64,128

 

 

 

110,266

 

 

 

151,983

 

 

 

1,582,549

 

 

 

1,629,871

 

Total assets

 

 

245,032

 

 

 

563,058

 

 

 

1,351,393

 

 

 

2,227,879

 

 

 

3,590,871

 

Current liabilities

 

 

89,425

 

 

 

155,890

 

 

 

194,158

 

 

 

467,998

 

 

 

778,747

 

Non-current liabilities

 

 

36,691

 

 

 

10,265

 

 

 

28,804

 

 

 

422,049

 

 

 

4,488,214

 

Total liabilities

 

 

126,116

 

 

 

166,155

 

 

 

222,962

 

 

 

890,047

 

 

 

5,266,961

 

Share capital and premium

 

 

348,832

 

 

 

686,972

 

 

 

784,294

 

 

 

891,591

 

 

 

942,099

 

Total equity/(deficit)

 

$

118,916

 

 

$

396,903

 

 

$

1,128,431

 

 

$

1,337,832

 

 

$

(1,676,090

)

10


 

The financial data set forth below should be read in conjunction with, and are qualified by reference to Item 5. “Operating and Financial Review and Prospects”. Our historical results for any prior period do not necessarily indicate our results to be expected for any future period.

 

Year ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

(in thousands, except per share data and AOV)

 

Selected Other Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMV (1)

 

$

585,842

 

 

$

909,826

 

 

$

1,407,698

 

 

$

2,139,699

 

 

$

3,187,014

 

Revenue

 

 

242,116

 

 

 

385,966

 

 

 

602,384

 

 

 

1,021,037

 

 

 

1,673,922

 

Adjusted Revenue (1)

 

 

193,605

 

 

 

311,784

 

 

 

504,590

 

 

 

893,077

 

 

 

1,460,694

 

Gross Profit

 

 

116,878

 

 

 

204,766

 

 

 

298,450

 

 

 

459,846

 

 

 

770,928

 

Gross Profit Margin

 

48.3%

 

 

53.1%

 

 

49.5%

 

 

45.0%

 

 

46.1%

 

Loss After Tax

 

$

(81,459

)

 

$

(112,275

)

 

$

(155,575

)

 

$

(373,688

)

 

$

(3,333,071

)

Adjusted EBITDA (1)

 

 

(53,380

)

 

 

(58,079

)

 

 

(95,960

)

 

 

(121,376

)

 

 

(47,432

)

Adjusted EBITDA Margin (1)

 

(27.6%)

 

 

(18.6%)

 

 

(19.0%)

 

 

(13.6%)

 

 

(3.2%)

 

Earnings Per Share (“EPS”)

 

$

(0.43

)

 

$

(0.50

)

 

$

(0.59

)

 

$

(1.21

)

 

$

(9.75

)

Adjusted EPS (1)

 

 

(0.27

)

 

 

(0.39

)

 

 

(0.38

)

 

 

(0.56

)

 

 

(0.66

)

Digital Platform:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital Platform GMV (1)

 

$

573,174

 

 

$

894,392

 

 

$

1,392,103

 

 

$

1,947,868

 

 

$

2,759,476

 

Digital Platform Services Revenue

 

 

180,937

 

 

 

296,350

 

 

 

488,995

 

 

 

701,246

 

 

 

1,033,156

 

Digital Platform Gross Profit

 

 

111,762

 

 

 

196,581

 

 

 

291,706

 

 

 

371,913

 

 

 

560,206

 

Digital Platform Gross Profit Margin

 

61.8%

 

 

66.3%

 

 

59.7%

 

 

53.0%

 

 

54.2%

 

Digital Platform Order Contribution (1)

 

$

63,381

 

 

$

127,379

 

 

$

194,411

 

 

$

220,563

 

 

$

361,419

 

Digital Platform Order Contribution Margin (1)

 

35.0%

 

 

43.0%

 

 

39.8%

 

 

31.5%

 

 

35.0%

 

Active Consumers (1)

 

 

652

 

 

 

936

 

 

 

1,382

 

 

 

2,068

 

 

 

3,024

 

Average Order Value - Marketplace (1)

 

$

584

 

 

$

620

 

 

$

619

 

 

$

608

 

 

$

568

 

Average Order Value - Stadium Goods (1)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

315

 

 

 

316

 

Brand Platform:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Platform GMV (1)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

164,210

 

 

$

390,014

 

Brand Platform Revenue

 

 

-

 

 

 

-

 

 

 

-

 

 

 

164,210

 

 

 

390,014

 

Brand Platform Gross Profit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

75,007

 

 

 

190,806

 

Brand Platform Gross Profit Margin

 

 

-

 

 

 

-

 

 

 

-

 

 

45.7%

 

 

48.9%

 

 

 

(1)

See “Non-IFRS and Other Financial and Operating Metrics” below.

 

Non-IFRS and Other Financial and Operating Metrics

We have included in this Annual Report certain financial measures not based on IFRS, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Revenue, Digital Platform Order Contribution and Digital Platform Order Contribution Margin (together, the “Non-IFRS Measures”), as well as operating metrics, including GMV, Digital Platform GMV, Brand Platform GMV, In-Store GMV, Active Consumers and Average Order Value. See the definitions set forth below for a further explanation of these terms.

Management uses the Non-IFRS Measures:

 

as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations;

 

for planning purposes, including the preparation of our internal annual operating budget and financial projections;

 

to evaluate the performance and effectiveness of our strategic initiatives; and

 

to evaluate our capacity to fund capital expenditures and expand our business.

11


 

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors’ understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. Many investors are interested in understanding the performance of our business by comparing our results from ongoing operations period over period and would ordinarily add back non-cash expenses such as depreciation, amortization and items that are not part of normal day-to-day operations of our business. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss after tax, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are:

 

such measures do not reflect revenue related to fulfilment, which is necessary to the operation of our business;

 

such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments;

 

such measures do not reflect changes in our working capital needs;

 

such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes;

 

although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and

 

other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Revenue should not be considered as measures of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.

Digital Platform Order Contribution and Digital Platform Order Contribution Margin are not measurements of our financial performance under IFRS and do not purport to be alternatives to gross profit or loss after tax derived in accordance with IFRS. We believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance within our industry because they permit the evaluation of our digital platform productivity, efficiency and performance. We also believe that Digital Platform Order Contribution and Digital Platform Order Contribution Margin are useful measures in evaluating our operating performance because they take into account demand generation expense and are used by management to analyze the operating performance of our digital platform for the periods presented.

We define our non-IFRS Measures and other financial and operating metrics as follows:

“Active Consumers” means active consumers on our directly owned and operated sites and related apps. A consumer is deemed to be active if they made a purchase within the last twelve-month period, irrespective of cancellations or returns. Active Consumers includes the Farfetch Marketplace, BrownsFashion.com, Stadium

12


Goods, and the New Guards-owned sites operated by Farfetch Platform Solutions. Due to technical limitations, Active Consumers is unable to fully de-dupe Stadium Goods consumers from consumers on our other sites. The number of Active Consumers is an indicator of our ability to attract and retain our consumer base to our platform and of our ability to convert platform visits into sale orders.

“Adjusted EBITDA” means net income/(loss) after taxes before net finance expense/(income), income tax expense/(benefit) and depreciation and amortization, further adjusted for share based compensation expense, share of results of associates and items outside the normal scope of our ordinary activities (including other items, within selling, general and administrative expenses, losses/(gains) on items held at fair value and remeasurements through profit and loss, impairment losses on tangible assets, and impairment losses on intangible assets). Adjusted EBITDA provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA may not be comparable to other similarly titled metrics of other companies.

“Adjusted EBITDA Margin” means Adjusted EBITDA calculated as a percentage of Adjusted Revenue.

“Adjusted EPS” means earnings per share further adjusted for share based payments, amortization of acquired intangible assets, items outside the normal scope of our ordinary activities (including other items, within selling, general and administrative expenses, losses/(gains) on items held at fair value and remeasurements through profit and loss, impairment losses on tangible assets, and impairment losses on intangible assets) and the related tax effects of these adjustments. Adjusted EPS provides a basis for comparison of our business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EPS may not be comparable to other similarly titled metrics of other companies.

“Adjusted Revenue” means revenue less Digital Platform Fulfilment Revenue.

“Average Order Value” (“AOV”) means the average value of all orders excluding value added taxes placed on either the Farfetch Marketplace or the Stadium Goods Marketplace, as indicated.

“Brand Platform Gross Profit” means Brand Platform Revenue less the direct cost of goods sold relating to Brand Platform Revenue.

“Brand Platform GMV” and “Brand Platform Revenue” mean revenue relating to the New Guards operations less revenue from New Guards’: (i) owned e-commerce websites, (ii) direct to consumer channel via our Marketplaces and (iii) directly operated stores. Revenue realized from Brand Platform is equal to GMV as such sales are not commission based.

“Digital Platform Fulfilment Revenue” means revenue from shipping and customs clearing services that we provide to our digital consumers, net of Farfetch-funded consumer promotional incentives, such as free shipping and promotional codes. Digital Platform Fulfilment Revenue was referred to as Platform Fulfilment Revenue in previous filings with the U.S. Securities and Exchange Commission (“SEC”).

“Digital Platform GMV” means GMV excluding In-Store GMV and Brand Platform GMV. Digital Platform GMV was referred to as Platform GMV in previous filings with the SEC.

“Digital Platform Gross Profit” means gross profit excluding In-Store Gross Profit and Brand Platform Gross Profit. Digital Platform Gross Profit was referred to as Platform Gross Profit in previous filings with the SEC.

“Digital Platform Gross Profit Margin” means Digital Platform Gross Profit calculated as a percentage of Digital Platform Services Revenue. We provide fulfilment services to Marketplace consumers and receive revenue from the provision of these services, which is primarily a pass-through cost with no economic benefit to us. Therefore, we calculate our Digital Platform Gross Profit Margin, including Digital Platform third-party and first-party gross profit margin, excluding Digital Platform Fulfilment Revenue.

13


“Digital Platform Order Contribution” means Digital Platform Gross Profit after deducting demand generation expense, which includes fees that we pay for our various marketing channels. Digital Platform Order Contribution provides an indicator of our ability to extract digital consumer value from our demand generation expense, including the costs of retaining existing consumers and our ability to acquire new consumers. Digital Platform Order Contribution was referred to as Platform Order Contribution in previous filings with the SEC.

“Digital Platform Order Contribution Margin” means Digital Platform Order Contribution calculated as a percentage of Digital Platform Services Revenue. Digital Platform Order Contribution Margin was referred to as Platform Order Contribution Margin in previous filings with the SEC.

“Digital Platform Revenue” means the sum of Digital Platform Services Revenue and Digital Platform Fulfilment Revenue. Digital Platform Revenue was referred to as Platform Revenue in previous filings with the SEC.

“Digital Platform Services Revenue” means Revenue less Digital Platform Fulfilment Revenue, In-Store Revenue and Brand Platform Revenue. Digital Platform Services Revenue is driven by our Digital Platform GMV, including commissions from third-party sales and revenue from first-party sales. Digital Platform Services Revenue was also referred to as Adjusted Platform Revenue or Platform Services Revenue in previous filings with the SEC.

 

“Digital Platform Services third-party revenues” represent commissions and other income generated from the provision of services to sellers in their transactions with consumers conducted on our dematerialized platforms, as well as fees for services provided to brands and retailers.

 

“Digital Platform Services first-party revenues” represents sales of owned-product, including First-Party Original through our digital platform. The revenue realized from first-party sales is equal to the GMV of such sales because we act as principal in these transactions and, therefore, related sales are not commission based.

 

“Digital Platform Services third-party cost of revenues” and “Digital Platform Services first-party cost of revenues" include packaging costs, credit card fees, and incremental shipping costs provided in relation to the provision of these services. Digital Platform Services first-party cost of revenues also includes the cost of goods sold of the owned products.

 

“First-Party Original” refers to brands developed by New Guards and sold direct to consumers on the digital platform.

“Gross Merchandise Value” (“GMV”) means the total dollar value of orders processed. GMV is inclusive of product value, shipping and duty. It is net of returns, value added taxes and cancellations. GMV does not represent revenue earned by us, although GMV and revenue are correlated.

“In-Store Gross Profit” means In-Store Revenue less the direct cost of goods sold relating to In-Store Revenue.

“In-Store GMV” and “In-Store Revenue” mean revenue generated in our retail stores which include Browns, Stadium Goods and New Guards’ directly operated stores. Revenue realized from In-Store sales is equal to GMV of such sales because such sales are not commission based.

“Order Contribution” means gross profit after deducting demand generation expense, which includes fees that we pay for our various marketing channels to support the Digital Platform. Order Contribution provides an indicator of our ability to extract consumer value from our demand generation expense, including the costs of retaining existing consumers and our ability to acquire new consumers.

“Third-Party Take Rate” means Digital Platform Services Revenue excluding revenue from first-party sales, as a percentage of Digital Platform GMV excluding GMV from first-party sales and Digital Platform Fulfilment Revenue. Revenue from first-party sales, which is equal to GMV from first-party sales, means revenue derived from sales on our platform of inventory purchased by us.

14


The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial measures, which are loss after tax and loss after tax margin:

 

 

Year ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

(in thousands)

 

Loss after tax

 

$

(81,459

)

 

$

(112,275

)

 

$

(155,575

)

 

$

(373,688

)

 

$

(3,333,071

)

Net finance (income)/costs

 

 

(7,402

)

 

 

17,642

 

 

 

(19,866

)

 

 

(15,150

)

 

 

84,043

 

Income tax expense/(benefit)

 

 

199

 

 

 

170

 

 

 

2,158

 

 

 

1,162

 

 

 

(14,434

)

Depreciation and amortization

 

 

6,897

 

 

 

10,980

 

 

 

23,537

 

 

 

113,591

 

 

 

217,223

 

Share-based payments (1)

 

 

19,848

 

 

 

21,486

 

 

 

53,819

 

 

 

158,422

 

 

 

291,633

 

Losses/(gains) on items held at fair value and remeasurements (2)

 

 

8,555

 

 

 

3,300

 

 

 

-

 

 

 

(21,721

)

 

 

2,643,573

 

Other items (3)

 

 

-

 

 

 

649

 

 

 

-

 

 

 

16,374

 

 

 

24,267

 

Impairment losses on tangible assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,991

 

Impairment losses on intangible assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,269

 

Share of results of associates

 

 

(18

)

 

 

(31

)

 

 

(33

)

 

 

(366

)

 

 

74

 

Adjusted EBITDA

 

$

(53,380

)

 

$

(58,079

)

 

$

(95,960

)

 

$

(121,376

)

 

$

(47,432

)

Revenue

 

$

242,116

 

 

$

385,966

 

 

$

602,384

 

 

$

1,021,037

 

 

$

1,673,922

 

Loss after tax margin

 

(33.6)%

 

 

(29.1)%

 

 

(25.8)%

 

 

(36.6)%

 

 

(199.1)%

 

Adjusted Revenue

 

$

193,605

 

 

$

311,784

 

 

$

504,590

 

 

$

893,077

 

 

$

1,460,694

 

Adjusted EBITDA Margin

 

(27.6)%

 

 

(18.6)%

 

 

(19.0)%

 

 

(13.6)%

 

 

(3.2)%

 

 

(1)

Represents share based payment expense.

(2)

Represents losses/(gains) on items held at fair value and remeasurements. See “gains/(losses) on items held at fair value and remeasurements” below for a breakdown of these items.

(3)

Represents other items, which are outside the normal scope of our ordinary activities. See “other items” below for a breakdown of these items. Other items is included within selling, general and administrative expenses.

The following table reconciles Adjusted Revenue to the most directly comparable IFRS financial performance measure, which is revenue:

 

 

 

Year ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

(in thousands)

 

Revenue

 

$

242,116

 

 

$

385,966

 

 

$

602,384

 

 

$

1,021,037

 

 

$

1,673,922

 

Less: Digital Platform Fulfilment Revenue

 

 

(48,511

)

 

 

(74,182

)

 

 

(97,794

)

 

 

(127,960

)

 

 

(213,228

)

Adjusted Revenue

 

$

193,605

 

 

$

311,784

 

 

$

504,590

 

 

$

893,077

 

 

$

1,460,694

 

 

The following tables reconcile Digital Platform Order Contribution and Digital Platform Order Contribution Margin to the most directly comparable IFRS financial performance measures, which are Digital Platform Gross Profit and Digital Platform Gross Profit Margin:

 

 

Year ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

(in thousands)

 

Digital Platform Gross Profit

 

$

111,762

 

 

$

196,581

 

 

$

291,706

 

 

$

371,913

 

 

$

560,206

 

Less: Demand generation expense

 

 

(48,381

)

 

 

(69,202

)

 

 

(97,295

)

 

 

(151,350

)

 

 

(198,787

)

Digital Platform Order Contribution

 

$

63,381

 

 

$

127,379

 

 

$

194,411

 

 

$

220,563

 

 

$

361,419

 

Digital Platform Services Revenue

 

$

180,937

 

 

$

296,350

 

 

$

488,995

 

 

$

701,246

 

 

$

1,033,156

 

Digital Platform Gross Profit Margin

 

61.8%

 

 

66.3%

 

 

59.7%

 

 

53.0%

 

 

54.2%

 

Digital Platform Order Contribution Margin

 

35.0%

 

 

43.0%

 

 

39.8%

 

 

31.5%

 

 

35.0%

 

 

 

15


The following table reconciles Adjusted EPS to the most directly comparable IFRS financial performance measure, which is Earnings per share:

 

 

Year ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

$

(0.43

)

 

$

(0.50

)

 

$

(0.59

)

 

$

(1.21

)

 

$

(9.75

)

Share based payments (1)