Year-end report 2020
Fourth quarter 2020
- Net sales increased 63.5% to SEK 340.4 (208.2) million.
- Product margin increased 1.6 pp. to 85.7% (84.1%).
- Operating profit (EBIT) amounted to SEK 61.2 (35.5) million, corresponding to an operating margin of 18.0% (17.1%).
- Adjusted EBITA amounted to SEK 93.2 (47.3) million, corresponding to an adjusted EBITA margin of 27.4% (22.7%) or a 4.7 pp. increase vs. the prior year.
- Cash flow from operating activities amounted to SEK 139.9 (61.5) million.
- Net profit amounted to SEK 36.7 (23.9) million, an increase of 53.6% vs. the prior year.
- Earnings per share amounted to SEK 367.05 (239.00) before dilution and SEK 350.81 (228.42) after full dilution.
Full year 2020
- Net sales increased 63.2% to SEK 980.5 (600.8) million.
- Product margin increased 2.1 pp. to 84.5% (82.4%).
- Operating profit (EBIT) amounted to SEK 185.7 (83.9) million, corresponding to an operating margin of 18.9% (14.0%).
- Adjusted EBITA amounted to SEK 267.2 (129.7) million, corresponding to an adjusted EBITA margin of 27.3% (21.6%) or 4.3 pp. increase vs. the prior year.
- Cash flow from operating activities amounted to SEK 253.6 (116.8) million.
- Net profit amounted to SEK 117.4 (50.6) million, an increase of 132.0% vs. the prior year.
- Earnings per share amounted to SEK 1,173.55 (505.74) before dilution and SEK 1,121.62 (483.36) after full dilution.
“We achieved 63% net sales growth in Q4 and 63% for the full year 2020 with an adjusted EBITA margin of 27%. This is a result we are pleased with since it shows that the investments we made in both organization and platform in 2019 immediately gave us leverage in both growth and profitability.
We remain positive about 2021: following great momentum at the start of the year, we expect growth from existing as well as new markets, while realizing synergies from the acquisition.”
- Fredrik Palm, CEO Desenio Group
Significant events during and after the period
-
On 16 December 2020, Desenio acquired 100% of the shares in Poster Store to further strengthen its market position, complement its product portfolio as well as increase its geographical presence. The consideration for the acquisition of Poster Store consisted of cash, promissory notes and earnout. The cash and earnout components of the settlement were financed through existing cash and the issuance of a SEK 1,100 million corporate bond.
- The Company's bond has been listed on the Frankfurt Stock Exchange Open Market Quotation Board since 8 February 2021.
Financial summary
|
Oct 1 - Dec 31, |
Oct 1 - Dec 31, | Jan 1 - Dec 31, | Jan 1 - Dec 31, | ||||
| SEKm unless otherwise indicated | 2020 | 2019 | Change | 2020 | 2019 | Change | |
| Net sales | 340.4 | 208.2 | 63.5% | 980.5 | 600.8 | 63.2% | |
| Net sales growth, % | 63.5 | 41.6 | 21.8 pp | 63.2 | 41.5 | 21.7 pp | |
| Product margin, %* | 85.7 | 84.1 | 1.6 pp | 84.5 | 82.4 | 2.1 pp | |
| EBITA* | 93.2 | 47.3 | 97.0% | 254.1 | 129.7 | 95.9% | |
| EBITA margin, %* | 27.4 | 22.7 | 4.7 pp | 25.9 | 21.6 | 4.3 pp | |
| Adjusted EBITA* | 93.2 | 47.3 | 97.0% | 267.2 | 129.7 | 106.0% | |
| Adjusted EBITA margin, %* | 27.4 | 22.7 | 4.7 pp | 27.3 | 21.6 | 5.7 pp | |
| Cash flow from operating activities | 139.9 | 61.5 | 127.5% | 253.6 | 116.8 | 117.2% | |
| Net debt / net cash* | 631.9 | -26.8 | -2457.8% | 631.9 | -26.8 | -2457.8% | |
| Visits, '000** | 25,917 | 16,292 | 59.1% | 84,524 | 51,018 | 65.7% | |
| Orders, '000** | 662 | 459 | 44.3% | 1,966 | 1,299 | 51.4% | |
| Active Customers, '000** | 2,301 | 1,673 | 37.5% | 2,301 | 1,673 | 37.5% | |
| *The figure is an Alternative Performance Measure (APM) and is described in definitions | |||||||
| **Only Desenio | |||||||
Financial calendar 2021
19 February, 2021
Annual general meeting
5 May, 2021
Interim Report January - March 2021, Q1 2021
18 August, 2021
Interim Report January - June 2021, Q2 2021
10 November, 2021
Interim Report January - September 2021, Q3 2021
16 February, 2022
Interim Report January - December 2021, Q4 2021
Fredrik Palm, CEO
fredrik.palm@deseniogroup.com, +46 70 080 76 37
Petter Blid, Interim CFO
petter.blid@deseniogroup.com, +46 70 741 22 88
The information in this press release is such that Desenio Group AB (publ) must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 12 February 2021, at 13:00 CET.
Desenio Group is a fast-growing design and e-commerce group with a simple business idea and purpose: making on-trend, affordable and attractive wall art available to everyone. Headquartered in Stockholm, Sweden, we are Europe’s leading online store for art prints and frames, and we ship to more than 35 countries worldwide. In 2020, Desenio acquired Poster Store, creating a group with 250 employees and SEK 1.3 billion in revenues. Desenio Group is backed by Verdane, a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses. Desenio Group’s bonds are listed on Frankfurt Stock Exchange Open Market Quotation Board. For more information, please visit deseniogroup.com.
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