This is evident from the company’s most recent annual accounts, which were made public on Friday via the Chamber of Commerce (KvK).
The Dutch online supermarket was founded in 2015 by four entrepreneurs, including CEO Michiel Muller. Three years later Picnic was launched in Germany. Last year, the company also became active in France.
Initially, Muller predicted that Picnic would soon turn a profit, but that has turned out differently in recent years due to large investments in growth.
The fresh annual accounts also show that Picnic’s financial buffers shrank somewhat in 2020. The so-called solvency decreased from almost 80 percent to more than 55 percent. That is still very solid by the way.
Moreover, Picnic strengthened its equity last September, thanks to a capital injection of 600 million euros from investors. This investment is of course not yet visible in the figures for 2020.
It was not the first time that investors turned on the money tap for Picnic. In 2017 they already invested 100 million euros in the company, in 2019 another 250 million euros.
Thanks to the enormous sums that investors have poured into the company, Picnic can afford to lose tens of millions of euros every year. In 2019, the delivery service recorded a loss of more than 49 million euros.
It is painful that that loss appears to be another 5.8 million euros higher than Picnic reported at the beginning of last year. When compiling the most recent annual figures, it turned out that a calculation blunder – a ‘material misstatement’ – had been made a year earlier.
Finally, the annual accounts show how turnover developed in the two separate markets of the delivery service.
In the Netherlands, Picnic sold almost 80 percent more in 2020, with a turnover of 377 million euros. The turnover in Germany amounted to 78 million euros, about 3.5 times more than the year before.
The number of Picnic employees, calculated in full-time jobs, increased from 510 to 937.