No. 8/2022
In the first three quarters of 2022 the business of
The earnings in the first 9 month are positively impacted by cost savings in HQ and owned auction houses, as well as from lower cost due to more auction houses now being owned and due to changes in relation to partner owned houses. Furthermore, the development towards higher yielding business is contributing to the improvement in earnings.
Auction Turnover
Auction Turnover amounted to
The development is primarily impacted by the closing of the auction house in Esbjerg, and the opening of an auction house in Kolding, resulting in a period with lower activity in the southern part of Jutland, impacting the Auction turnover negatively by approximately 3-4 percent.
The development in the macro environment with increasing consumer prices has impacted the knockdown development in the first nine months of 2022 negatively by 0-1 percent.
Development in EBITDA
For the period January to September Revenue is 8.1 percent below last year driven by lower auction turnover, and partly offset by improvement in fees and commissions. Operating cost has been reduced significantly, with a 13.4 percent reduction.
As a result, EBITDA in the first nine month of 2022 is
Cash flow from operating activities is
Future organization
To bring
a future central management team has been defined. The new Country Manager Denmark and the new CTO onboarded during the first half of 2021 and a new CMO in
Commercial initiatives
Our continued focus on sales management, business control and execution both internally in the headquarter and in all auction houses is showing results.
The comprehensive optimization process that all auction houses have gone through in terms of logistics and handling of the auction supply chain, has released resources for intensified sales activities focusing on the local evaluation and sourcing of items for auction.
In terms of marketing activities, we are continuously intensifying our digital footprint, showing positive effects and strengthening our position within international, national and local communities interested in selling and buying sustainable vintage items of high quality within art, design and collectables.
Financing
The group is funded by a bond. Currently the bond has an outstanding debt of
The bond debt is a standing loan of
Guidance for 2022
Our guidance for 2022 is:
- Growth in Auction Turnover of -5 to +5 percent
- Growth in Revenue of -5 to +5 percent
- EBITDA of
DKK 5 - 10m.
Bengt Sundström, Chairman of the board
Mette Margrethe Rode Sundstrøm, CEO
January – • EBITDA increased by • Cost reduced by 13.4 percent compared to last year. • Average Auction turnover price up by 4.1 percent. • Number of knockdowns decrease of 8.6 percent. • Auction Turnover decrease of 4.8 percent. • Revenue decline of 8.1 percent. |
(continuing operations) | ||||
July - September | January - September | |||
000 DKK | 2022 | 2021 | 2022 | 2021 |
Auction turnover | 88,734 | 93,788 | 290,263 | 305,057 |
Number of Knockdowns | 32,031 | 32,434 | 99,156 | 108,489 |
Average Auction turnover price, DKK | 2,77 | 2,892 | 2,927 | 2,812 |
Revenue | 24,509 | 29,365 | 86,169 | 93,785 |
EBITDA | -199 | 698 | 3,25 | -1990 |
Auction Turnover Margin1 | -0.2% | 0.7% | 1.1% | -0.7% |
Profit | -1,868 | -2.483 | -878 | -15,595 |
Earnings per share, DKK | -0.046 | -0.054 | -0.022 | -0.260 |
Cash Flow From Operating Activities | -699 | 7,54 | -4,559 | -16,895 |
1 Auction Turnover Margin = EBITDA/Auction Turnover. |
Link to the financial report:
https://corporate.lauritz.com/financial-information/interim-reports/
For press enquiries, please contact:
E-mail: press@lauritz.com
For other enquiries, please contact:
CFO
E-mail: Preben@lauritz.com
Certified Adviser:
Telephone number: +46 8-463 83 00
E-mail: certifiedadviser@penser.se
Market place: Nasdaq First North Growth Market Stockholm
The information was submitted for publication through the agency of the contact person set out above, at
Attachments
- Company announcement 2022 nr 8 -
Lauritz.com Group - Interim report January -September 2022 -
Lauritz com Group AS - Interim Report - January -
September 2022
© OMX, source