A FORCE FOR GOOD: MINIMUM VIABLE PROFIT Financial results In 2021, our revenue grew from €288 million to €309 million, falling short of the expected €335 million. Unfortunately, the pandemic threw a spanner in the works, mainly due to store closures in the Netherlands, Germany and Austria. Although revenue and profit are not our main drivers, we know the importance of economies of scale and a healthy bottom line. Growth helps us to professionalise our business and expand our impact. We believe in a minimum viable profit. For our company, that means 1.5 to 2 per cent. In 2021, however, we achieved a somewhat disappointing result, falling below one per cent. This outcome relates to unsatisfactory revenue and a substantial one-off setback. There were also strong investments and consequent amortisation in important strategic areas, such as IT (the replacement of our ERP system), robotisation and e-fulfilment. We will continue to invest in these key areas in the years ahead. Our initial optimism for 2022 has, at the time of writing, given way to uncertainty. We are facing the enormous impact of the horrific situation in Ukraine, declining consumer confidence and a decrease in purchasing power. These issues are adversely affecting revenue. In addition, the rising costs of transport and energy, for instance, are a concern. To conclude with a positive, our solvency for 2021 is around 27 per cent, significantly above our internal standard d 44
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