Year-end report 1 January-31 December 2019
A strong finish to a record year
- Organic growth increased to 19.9 percent for the fourth quarter
- Net sales increased 28.5 percent to SEK 1,644.6 million (1,279.7). Organic growth amounted to 19.9 percent
- Gross profit increased 39.0 percent to SEK 414.3 million (298.2), with a gross margin of 25.2 percent (23.3)
- Adjusted EBIT amounted to SEK 90.0 million, corresponding to an adjusted EBIT margin of 5.5 percent. Excluding IFRS 16 effects, adjusted EBIT amounted to SEK 87.5 million, an increase of 45.2% on the prior year*
- Operating income amounted to SEK 79.6 million, corresponding to an operating margin of 4.8 percent. Excluding IFRS 16 effects, operating income amounted to SEK 77.1 million, an increase of 74.8% on the prior year*
- Operating cash flow amounted to SEK 24.8 million. Operating cash flow excluding IFRS 16 effects amounted to SEK -22.4 million (7.4), corresponds to a cash conversion of -22.4 percent**
- Net income amounted to SEK 64.1 million. Excluding IFRS 16 effects, net income amounted to SEK 64.3 million, an increase of 27.2 percent on the prior year*
- Earnings per share amounted to SEK 0.58 (0.46) before dilution and SEK 0.58 (0.46) after dilution
1 January-31 December
- Net sales increased 24.9 percent to SEK 6,212.5 million (4,973.7). Organic growth amounted to 12.9 percent
- Gross profit increased 42.3 percent to SEK 1,490.5 million (1,047.5), with a gross margin of 24.0 percent (21.1)
- Adjusted EBIT amounted to SEK 330.1 million, corresponding to an adjusted EBIT margin of 5.3 percent. Excluding IFRS 16 effects, adjusted EBIT amounted to SEK 321.7 million, an increase of 58.7% on the prior year*
- Operating income amounted to SEK 282.0 million, corresponding to an operating margin of 4.5 percent. Excluding IFRS 16 effects, operating income amounted to SEK 273.6 million, an increase of 213.7% on the prior year*
- Operating cash flow amounted to SEK 358.2 million. Operating cash flow excluding IFRS 16 effects amounted to SEK 233.6 (185.4), corresponding to a cash conversion of 63.9 percent**
- Net income amounted to SEK 179.9 million. Excluding IFRS 16 effects, net income amounted to SEK 180.9 million, an increase of 228.8 percent on the prior year*
- Earnings per share amounted to SEK 1.64 (0.04) before dilution and SEK 1.64 (0.04) after dilution
- The Board of Directors’ proposal to the Annual General Meeting is that no dividend is to be paid for the 2019 financial year
Key events during and after the quarter
- Decision to expand the Helsingborg warehouse facility by 18,000 m2, which will increase delivery speed and accuracy
- Extension of the M&A-related bank facility by SEK 300 million, securing a continued high M&A-related growth agenda
- Acquisition of Lindström & Sondén AB on 19 December, further strengthening the Group’s private label offering
* 2019 figures excluding the effect of IFRS 16 are used in order to facilitate comparison with 2018 figures, as 2018 has not been restated for IFRS 16.
** Operating cash flow over adjusted EBITDA excluding IFRS 16 effects in percent (also refer to ”Definitions” on page 38 of this report).
*** Refer to “Relevant reconciliations of non-IFRS alternative performance measures (APMs)” on page 33 of this report for a more detailed description.
This information is information that Bygghemma Group First AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CET on 31 January 2020.
For further information, visit www.bygghemmagroup.se or contact:
Martin Edblad, acting President and CEO
+46 (0)734-24 68 51
Adam Schatz, CFO
+46 (0)709-32 43 00
Johan Hähnel, Head of Investor Relations
+46 (0)70-605 63 34
CONFERENCE CALL IN CONNECTION WITH PUBLICATION OF THE QUARTERLY REPORT
On Friday, 31 January at 10:00 a.m. CET, Martin Edblad, acting President and CEO, and Adam Schatz, CFO, will hold a conference call concerning the publication of the year-end report. The call will be held in English. To participate, please call +46 (0)8 566 426 92 or go to the weblink https://tv.streamfabriken.com/bygghemma-group-q4-2019
The presentation is available from the Group’s website: http://www.bygghemmaGroup.com/investor-relations/presentations
QUARTERLY REPORTS ON WWW.BYGGHEMMAGROUP.SE
The full report for the period January-December 2019 and previous quarterly and year-end reports are available at http://www.bygghemmagroup.com/investor-relations/financial-reports/
ABOUT THE GROUP
The Group is Europe’s leading e-commerce company within home improvement and offers a complete ecosystem of products and services through its two segments – DIY and Home Furnishing.
We offer the Nordic market’s broadest product offering, with over 500,000 products, at the most competitive prices and strive to create the most attractive online shopping environment through combining an unrivalled product offering with smart technology, leading product expertise, advice and a broad range of services.
The Group has over 50 online destinations – including sites such as www.bygghemma.se, www.trademax.se, www.chilli.se and www.furniturebox.se – and approximately 80 showrooms. The headquarters is in Malmö and the Group is listed on Nasdaq Stockholm, Mid Cap. During 2019, the Group had net sales of SEK 6.2 bn and over 1,500 employees.