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Beskrivning

LandDanmark
ListaFirst North Stockholm
SektorHandel & varor
IndustriDetaljhandel
Lauritz.com Group är en online-auktionssida. Utbudet är brett och består huvudsakligen av konst, antikviteter och designprodukter. Bolaget startades i Danmark och har utvecklats till att bli en samlingssida för auktioner runtom den nordiska marknaden. Via bolagets filialer kan säljare lämna sina tillhörigheter för värdering till experterna inom området och köparna får chansen att inspektera varorna i bolagets showrooms. Huvudkontoret ligger i Søborg.
2017-08-15 09:00:09

No. 13/2017
Copenhagen, 15 August 2017

April - June 2017

  • Auction Turnover amounted to DKK 241.3m (286.3), corresponding to a decrease of 16 percent.
  • Revenue amounted to DKK 47.6m (59.6), corresponding to a decrease of 20 percent. Revenue of DKK 3m relates to fees from new partnership agreements.
  • Number of knockdowns excluding QXL amounted to 79,365 (79,697) and average knockdown price to DKK 2,953 (3,437).
  • EBITDA amounted to DKK 12.8m (12.1), corresponding to an increase of 6 percent.
  • Auction Turnover Margin1 amounted to 5.3 (4.2) percent.
  • Profit amounted to DKK 5.1m (8.4), and earnings per share amounted to DKK 0.126 (0.207).
  • 1 partnership agreement was signed.
  • The Group adjusts its expectations with regards to net revenue growth in 2017.
  • In 2017, the Group expects a stable net revenue or a decrease in net revenue and an EBITDA margin between 20-25 percent.

 January - June 2017

  • Auction Turnover amounted to DKK 432.8m  (521.8), corresponding to a decrease of 17 percent.
  • Revenue amounted to DKK 103.6m (105.2), corresponding to a decrease of 1 percent. Revenue of DKK 21m relates to fees from new partnership agreements
  • Number of knockdowns excluding QXL amounted to 157,395 (161,650) and average knockdown price to DKK 2,646 (3,059).
  • EBITDA amounted to DKK 28.7m (16.1), corresponding to an increase of 79 percent.
  • Auction Turnover Margin1 amounted to 6.6 (3.1) percent.
  • Profit amounted to DKK 10.1m (7.0), and earnings per share amounted to DKK 19.02 (117.1).
  • 3 partnership agreements were signed.

1 Auction Turnover Margin = EBITDA/Auction Turnover.

During the second quarter 2017 revenue decreased 20 percent compared to the same period last year, to DKK 47.6m (59.6). The decrease is mainly explained by the revenue effect related to a partner taking over our auction house in Herlev, Denmark. The auction house was owned by Lauritz.com until 31 March but is now owned by a partner. To transfer ownership of auction houses in the form of partnership agreements is a natural part of Lauritz.com's business model. It means that the buyers of the auction houses going forward will run the branch as partners in accordance with our franchise-like concept.

EBITDA amounted to DKK 12.8m (12.1), corresponding to an increase of 6 percent. The increase is mainly explained by fees from new partnership agreement amounting to DKK 3m, by the cost cutting plan initiated in January 2017 and by effects on both revenue and costs related to the previously owned auction house in Herlev.

Auction turnover amounted to DKK 241.3m (286.3), corresponding to a decrease of 16 percent. The decrease was primarily due to a lower average knockdown price in the second quarter 2017 compared to the same period 2016. The number of knockdowns in Q2 2017 was stable compared to the same quarter last year.

One partnership agreement was signed and one partnership agreement was taken over, which means that as of 30 June there was no change of the number of auction houses owned by Lauritz.com or owned by partners.

Lauritz.com has entered a phase in our development that requires firm actions to stay ahead of competition. Traditional auction houses have become more focused and much more aggressive online. New commercial platforms are popping up and social platforms have started to compete seriously within trading of used items. In addition, the physical retail market of smaller but interesting local vintage shops is growing.

We do furthermore experience a fast growing change in consumer behavior. Consumers prioritize convenience more than ever. Previously, Lauritz.com has been known as the most convenient auction concept, defined to be accessible and to make life as easy as possible for the customers. We now have to adjust certain of our customer offerings in order to stay ahead of the increasing number of alternative channels that consumers can chose when selling or buying used items.

Thus, in June we decided to implement several new initiatives. Firstly, we have implemented free pick-up at the seller's address as a standard service to all customers to make the seller's costumer journey more convenient. Secondly, our experts will change their roles and work in a more proactive and outgoing way to contact potential sellers for external meetings about future consignments, e.g. professional sellers, collectors, major private customers etc. Thirdly, sellers have become less prepared to sell even cheaper items without a minimum price. We have therefore launched a new feature; 'Bid against sellers minimum price' on Lauritz.com. In this way we can offer the seller a minimum price, but still get the auction going from the lowest standard bid.

Furthermore, we have implemented a project to turn buyers to sellers, exploring the opportunity to increase the number of buying customers (who have never sold) to selling customers. We have entered a test collaboration with a tele-marketing company, who has reached out to customers and offered meetings with local experts at the customer's home address to find out if they are interested in selling items. The first results are positive.

We have just started the journey to take the next steps in an demanding environment, but feel confident that the measures we take and many other action that are in the pipeline will have a positive long-term impact with regards to both attracting more sellers and buyers and secure future growth and profitability.

Lauritz.com has now completed the process of recruiting a new CEO, Erik Norberg, who will replace me as CEO. This is an important step in taking the next step in Lauritz.com's development. Erik Norberg has a strong track record within e-commerce, digital transformation and optimization of consumer platforms. We are convinced that he is the right person to scale Lauritz.com's concept and structure to the next level internationally. Erik Norberg will start as CEO at the beginning of September.

I take the opportunity to thank our customers, collaborators and investors. I am grateful to have participated in the daily operations of Lauritz.com's journey in the last 16 years. Lauritz.com initiated a paradigm shift in the international auction industry when we in 1999, as the first auction house in the world, converted from physical to online auctions. Bengt Sundström and I have, with our competent organization, built up Lauritz.com as the first mover within online auctions.

In my time we have grown from 2 to 27 auction houses, positioning us as the biggest auction house in the Nordics. Last year we reached an auction turnover of over DKK 1 billion and an EBITDA of DKK 46.3m. Today, we have a total of approx. 3 mill. customer registrations and 6.2 million online visits monthly, with visitors from 200 countries over a year. We have come far, but still have far to go. I am therefore looking forward to handing over our operations to Erik Norberg and to personally giving my best to Lauritz.com in a future more strategic role on the board with focus on e.g. international strategy, acquisitions and branding.

Mette Rode Sundstrøm
CEO


Lauritz.com - a pioneer in the auction industry

Lauritz.com is the biggest auction group in the Nordics, with buyers in 200 countries that trade online.

Lauritz.com has created a paradigm shift in the auction industry. Our vision is to democratise the auction world by inspiring consumers to sell and buy on online auctions, making art, design and antiques accessible for everyone worldwide.

Our first mover advantage, combined with expertise and knowledge within valuations, secure payments services and distribution of sold items, has since the start constituted the foundation for sustainable and profitable expansion.

Lauritz.com registers around 6.2 million online visitors and around 2 million unique visitors each month. Approximately more than 13,000 new customers are registered every month.

We have shown a yearly average auction turnover growth of over 25% since the start in 1999 with an auction turnover in 2016 of over DKK 1,000m. During the same period, EBITDA has shown a strong and consistent development.

Business model

Lauritz.com capitalizes on the trend of digitalization and online trading by consolidating the fragmented and mainly physical auction house market in Europe and converting it into online auctions.

We focus on the large middle-market segment with a value between DKK 800 and 50,000. This segment positions Lauritz.com between peer-to-peer platforms with high volume at low prices and the fine art market with low volume and high prices.

Sourcing of items from local sellers is achieved through a combination of acquiring traditional physical auction houses, starting new auction houses and establishing partner-run auction houses within a franchise-like model.

Currently, Lauritz.com has 27 auction houses located in Denmark, Sweden, Norway, Germany and Belgium and further growth is expected to come from consolidation in current and new markets.

Revenue model

Lauritz.com charges buyers and sellers a commission and a fixed fee on the knockdown.

Owners

Lauritz.com Group A/S is since 22 June 2016 listed on Nasdaq First Premier Stockholm with the ticker LAUR. The largest shareholders of Lauritz.com Group A/S are founder Bengt Sundström, Bure Equity AB, Swedbank Robur Fonder, Catella Fondförvaltning AB, Rite Internet Ventures Holdings AB and CEO Mette Rode Sundstrøm.


1 April - 30 June 2017

Auction turnover

Auction turnover amounted to DKK 241.3m (286.3), corresponding to a decrease of 16 percent. The decrease was primarily due to a lower average knockdown price in Q2 2017 compared to Q2 2016.

The number of knockdowns excluding QXL amounted to 79,365 (79,697) and average knockdown price amounted to DKK 2,953 (3,437).

Revenue

Revenue amounted to DKK 47.6m (59.6), corresponding to a decrease of 20 percent. The decrease is mainly explained by the revenue related to a former fully owned auction house which as per 31 March was owned by a partner. Furthermore the decrease is explained by the lower auction turnover.

1 partnership agreement was signed and 1 partnership agreement was taken over, which means that as of 30 June there was no change (net) of auction houses owned by Lauritz.com or owned by partners.

EBITDA and Auction Turnover margin

EBITDA amounted to DKK 12.8m (12.1), corresponding to an increase of 6 percent. The increase is mainly explained by fees from new partnership agreements, amounting to DKK 3m, a decrease in costs related to the Lauritz cost cutting plan initiated in January 2017 as well as revenue and costs related to the a former fully owned auction house which as per 31 March was owned by a partner.

The Auction Turnover Margin amounted to 5.3 (4.2) percent. The increase is mainly explained by the increase in EBITDA combined with the cost cutting plan initiated in January 2017 and the lower auction turnover in Q2 2017.

Operating profit

Operating profit for the period amounted to DKK 8.9m (8.8).

Net financials

Net financials was DKK -2.3m (0.5). Net financials mainly consists of interest on the issued bond. The currency exchange rate gains on the bond debt issued in SEK amounted to DKK 2.8m (7.6 gain).

Tax

Tax amounted to DKK -1.5m (-1.0), corresponding to an effective tax rate of 22.3 percent (10.2).

Profit for the period and earnings per share

Profit for the period was DKK 5.1m (8.4).
Earnings per share amounted to DKK 0.126 (0.207).

Cash flow

Cash flow from operating activities was DKK 11.9m (5.3). The cash flow in Q2 2017 is affected by the positive development in Fine Art auctions in June 2017 compared to June 2016. This results in an increase in trade payables compared to June 2016.

Financial position, cash and cash equivalents

Equity at the end of the quarter was DKK 67.2m (64.1) and the group's total assets were DKK 444.5m (543.1). The equity/assets ratio increased to 15.1 percent (11.8).

Cash and cash equivalents amounted to DKK 57.6m (180.7).

Investments

Investments amounted to DKK 2.4m (13.7).

Human resources

The average number of full-time employees in Lauritz.com Group A/S and its subsidiaries (FTE) was 192 (204) in the period.

Shares

The number of shares registered is 40,666,667.

Risks and uncertainty factors

Significant operating, external and financial risks and uncertainty factors are described in detail in the prospectus for Lauritz.com that was signed by the Board of Directors 14 June 2016 on page 48-49 and 54-65. Lauritz.com does not consider that any significant risks additional to those described in the prospectus have arisen.

Event after the end of the period

On 24 July the board of directors of Lauritz.com Group A/S decided to increase the company's share capital with a nominal value of DKK 12,587.50 equal to 125,875 shares of DKK 0.10 per share, representing an increase of the share capital of approx. 0.3 per cent.

The new shares will be issued without pre-emptive rights for existing shareholders in a directed share issue to K8 Asker ApS as consideration for the acquisition of the assets of a Lauritz.com auction house, previously operated by K8 Asker ApS through a partnership agreement with Lauritz.com.

On 25 July Lauritz.com completed the process of recruiting a new CEO. Erik Norberg will start as new CEO of the company on 4 September 2017.

No other events have occurred after the balance sheet date that could have a material influence on the company's financial position.

Future prospects

As of 15 August the future prospects have been revised. The earlier future prospects were:
In 2017, the Group expects to obtain an increased net revenue and an EBITDA margin between 20-25 percent.

The revised future prospects are:
In 2017, the Group expects a stable net revenue or a decrease in net revenue and an EBITDA margin between 20-25 percent.

Lauritz.com

On occasion, Lauritz.com Group A/S is referred to as Lauritz.com. In this Report, such references are to Lauritz.com Group A/S's consolidated financial statements, unless clearly stated otherwise.

Finance

The Group is partly funded by a bond debt, which amounted to DKK 240.7m (329.3). The bond is a senior secured bond of SEK 325m listed on Nasdaq in Stockholm with an 3M Stibor + 7.5 % interest 2014/2019.

The conditions of the bond includes two covenants on Lauritz.com A/S financials.

One covenant is Net interest bearing debt/EBITDA, which as at 30 June 2017 must not be greater than 4.00. The ratio was 2.38.

The second covenant is EBITDA/Net finance charges, which as at 30 June 2017 must exceed 1.75. The ratio was 3.18.

The covenants for the bonds are described in detail in the terms and conditions for the bond available on www.lauritz.com.

Seasonality

Lauritz.com's net revenue and profitability are affected by the nature of operations, and accordingly, its seasonality where Q2 and Q4 are historically strong quarters.

Parent company

Lauritz.com Group A/S, being the parent company, is listed on Nasdaq First North Premier in Stockholm and the company is a holding company owing 100 % of Lauritz.com A/S group whose operations primarily are online auctions.


1 January - 30 June 2017

Auction turnover

Auction turnover amounted to DKK 432.8m (521.8), corresponding to a decrease of 17 percent. The decrease was due to a lower number of items and lower average knockdown price in H1 2017 compared to H1 2016.

The number of knockdowns excluding QXL amounted to 157,395 (161,650) and average knockdown price amounted to DKK 2,646 (3,059).

Revenue

Revenue amounted to DKK 103.6m (105.2), corresponding to a decrease of 1 percent. The decrease is mainly explained by the revenue related to a former fully owned auction house which as per 31 March was owned by a partner. Furthermore the decrease is explained by the lower auction turnover. However the decrease in revenue is neutralized by fees of DKK 21m from new partnership agreements.

3 partnership agreements were signed which means that as of 30 June 1 less auction house (net) was fully owned by Lauritz.com and 1 additional owned by partners compared to 31 December 2016.

EBITDA and Auction Turnover margin

EBITDA amounted to DKK 26.9m (15.8), corresponding to an increase of 70 percent. The increase is mainly explained by the fees from new partnership agreements, amounting to DKK 21m, a decrease in costs related to the Lauritz cost cutting plan initiated in January 2017 as well as revenue and costs related to the a former fully owned auction house which as per 31 March was owned by a partner.

The Auction Turnover Margin amounted to 6.2 (3.0) percent. The increase is mainly explained by the increase in EBITDA combined with the cost cutting plan initiated in January 2017 and the lower auction turnover in H1 2017.

Operating profit

Operating profit for the period amounted to DKK 19.1m (9.3).

Net financials

Net financials was DKK -7.9m (-4.8). Net financials mainly consists of interest on the issued bond. The currency exchange rate gains on the bond debt issued in SEK amounted to DKK 2.2m (9.5 gain).

Tax

Tax amounted to DKK -2.6m (1.8), corresponding to an effective tax rate of 23.3 percent (-40.3).

Profit for the period and earnings per share

Profit for the period was DKK 8.6m (6.3).

Earnings per share amounted to DKK 0.212 (0.185).

Cash flow

Cash flow from operating activities was DKK -14.6m (4.8). The cash flow in H1 2017 is negatively impacted by increased payments to sellers related to auctions in Q4 2016. Furthermore revenue related to fees from new partnership agreements amounted in H1 2017 to DKK 21m which will be received over the next four years in installments.

Financial position, cash and cash equivalents

Equity at the end of the quarter was DKK 67.2m (64.1) and the group's total assets were DKK 444.5m (543.1). The equity/assets ratio increased to 15.1 percent (11.8).

Cash and cash equivalents amounted to DKK 57.6m (180.7). 
   
Investments

Investments amounted to DKK 5.8m (15.4).

Human resources

The average number of full-time employees in Lauritz.com Group A/S and its subsidiaries (FTE) was 191 (204) in the period.

Shares

The number of shares registered is 40,666,667.

Risks and uncertainty factors

Significant operating, external and financial risks and uncertainty factors are described in detail in the prospectus for Lauritz.com that was signed by the Board of Directors 14 June 2016 on page 48-49 and 54-65. Lauritz.com does not consider that any significant risks additional to those described in the prospectus have arisen.

Event after the end of the period

On 24 July the board of directors of Lauritz.com Group A/S decided to increase the company's share capital with a nominal value of DKK 12,587.50 equal to 125,875 shares of DKK 0.10 per share, representing an increase of the share capital of approx. 0.3 per cent.

The new shares will be issued without pre-emptive rights for existing shareholders in a directed share issue to K8 Asker ApS as consideration for the acquisition of the assets of a Lauritz.com auction house, previously operated by K8 Asker ApS through a partnership agreement with Lauritz.com.

On 25 July Lauritz.com completed the process of recruiting a new CEO. Erik Norberg will start as new CEO of the company on 4 September 2017.

No other events have occurred after the balance sheet date that could have a material influence on the company's financial position.

Future prospects

As of 15 August the future prospects have been revised. The earlier future prospects were:
In 2017, the Group expects to obtain an increased net revenue and an EBITDA margin between 20-25 percent.

The revised future prospects are:
In 2017, the Group expects a stable net revenue or a decrease in net revenue and an EBITDA margin between 20-25 percent.

Lauritz.com

On occasion, Lauritz.com Group A/S is referred to as Lauritz.com. In this Report, such references are to Lauritz.com Group A/S's consolidated financial statements, unless clearly stated otherwise.

Finance

The Group is partly funded by a bond debt, which amounted to DKK 240.7m (329.3). The bond is a senior secured bond of SEK 325m listed on Nasdaq in Stockholm with an 3M Stibor + 7.5 % interest 2014/2019.

The conditions of the bond includes two covenants on Lauritz.com A/S financials.

One covenant is Net interest bearing debt/EBITDA, which as at 30 June 2017 must not be greater than 4.00. The ratio was 2.38.

The second covenant is EBITDA/Net finance charges, which as at 30 June 2017 must exceed 1.75. The ratio was 3.18.

The covenants for the bonds are described in detail in the terms and conditions for the bond available on www.lauritz.com.

Seasonality

Lauritz.com's net revenue and profitability are affected by the nature of operations, and accordingly, its seasonality where Q2 and Q4 are historically strong quarters.


Parent company

Lauritz.com Group A/S, being the parent company, is listed on Nasdaq First North Premier in Stockholm and the company is a holding company owing 100 % of Lauritz.com A/S group whose operations primarily are online auctions.

The presentation can be viewed live from 9.05 am via https://www.facebook.com/Lauritzcom/

Best regards
Lauritz.com Group A/S
Mette Rode Sundstrøm
CEO

For press enquiries, please contact:
Susanne Sandsberg Klubien,
e-mail press@lauritz.com,
tel. +45 2689 1909

For other enquiries, please contact:
Claus Boysen
CFO
Claus@lauritz.com

Certified adviser: Erik Penser Bank, Stockholm
Market place: Nasdaq First North Stockholm

This information is information that Lauritz.com Group A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 9.00 am CET on 15 August 2017.

Interim Report January - June 2017

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lauritz.com Group A/S via Globenewswire