Resumé
SmartGuy Group A/S increased revenues by 38.7% in the first six months of the reporting year 2012/13.
Growth was achieved through a combination of increased traffic and improved conversion rates,
Growth in the Danish market amounted to 21.7% in the period, while sales in the other Nordic markets (Sweden, Norway, Finland) increased by 126.9%. Growth in other international markets amounted to 39.7%, despite a temporary drop in revenue in Russia as a result of a reorganization of the supply chain.
Growth was achieved despite macro-economic conditions and increased competition.
Cash flow from operations for the first six months amounted to DKK 10.5 mill.
Profit before depreciations, EBITDA, for the first six months amounted to DKK 12.1 mill. resulting in an EBITDA margin of 5.5% for the interim period.
Guidance remains unchanged with an expected 2012/13 annual turnover of DKK 450 mill. and an EBITDA result of between DKK 15 mill. and DKK 30 mill.
The Board of Directors and the Group Management of SmartGuy Group A/S have today reviewed and adopted the Interim Report for the first six months ot the reporting year 2012/13 with the following conclusions:
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Net sales for the first six months was DKK 221.3 mill. corresponding to an increase of 38.7% compared to the same period last year.
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Growth in the Danish market was 21.7% in the period, while sales in the other Nordic markets (Sweden, Norway, Finland) increased by 126.9%. Growth in other foreign markets amounted to 39.7%, despite a temporary decrease in revenue in Russia as a result of a reorganization of the supply chain model to this market.
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The gross margin was 47.3% compared to 48.8% in the same period last year. Gross margins have been affected by increased competition and a change in product mix.
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Sales and distribution costs amounted to DKK 53.5 mill. in the first six months equivalent to 24.2% of net sales. Sales and distribution costs amounted to 21.7% of net sales in the same period last year.
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Payroll and staff costs amounted to DKK 33.8 mill. in the first six months equivalent to 15.3% of net sales. Payroll and staff costs amounted to 16.1% of net sales in the same period last year.
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Administrative expenses amounted to DKK 5.3 mill. in the first six months equivalent to 2.6% of net sales. Administrative expenses amounted to 3.0% of net sales in the same period last year.
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Earnings before interest and depreciations, EBITDA, amounted to DKK 12.1 mill. in the first six months equivalent to an EBITDA margin of 5.5%. The EBITDA margin was 7.9% in the same period last year.
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Depreciations amounted to DKK DKK5.9 mill. in the first six months compared with DKK 2.3 mill. in the same period last year. Depreciation is affected by goodwill nedskrivningerog a changed accounting inventory of life on the Group's property.
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Cash flows from operating activities in the first six months amounted to DKK DKK10.5 mill. compared to DKK DKK-7.6 mill. in the same period last year.
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Cash flows from investing activities in the first six months amounted to DKK DKK-4.7 mill. compared to DKK -2.6 mill. in the same period last year. Investments during the period included the acquisition of shares in the subsidiary SmartGuy Russia ApS which is now 100% owned and has been merged with SmartGuy A/S.
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Cash flows from financing activities in the first six months amounted to DKK 92.6 mill. compared to DKK 9.1 mill. in the same period last year. The issue of new shares in 2012 contributed DKK 122.4 mill. in cash of which a portion was used on fee’s and repayment of bank debt.
- Guidance remains unchanged for the financial year 2012/13 with expectations of a total annual turnover of DKK 450 mill. with an EBITDA of between DKK 15 and DKK 30 mill.
Presentation of results
SmartGuy Group A/S will be hosting an Investor and Analyst presentation with a review of the interim report at 14:00 at the address Havneholmen 29, 1561 Copenhagen (offices of Handelsbanken Capital Markets). The meeting will be held as an open investor relations event. A copy of the presentation will be available on the SmartGuy Group website www.smartguygroup.dk
Questions regarding this announcement may be addressed to:
Nicolai Kærgaard, CEO, on mobile: +45 26 22 99 11 and / or Marc Jeilman, CFO, on mobile: +45 20 35 25 80.
SmartGuy Group A/S
