Datum Källa Rubrik Typ Alternativ
2020-05-27 Lauritz.com Group A/S Lauritz.com Group A/S – Correction to company announcement no. 8/2020 Pressreleaser Visa Stäng
2020-05-27 Lauritz.com Group A/S Lauritz.com Group A/S Annual General Meeting Pressreleaser Visa Stäng
2020-05-12 Lauritz.com Group A/S Annual General Meeting in Lauritz.com Group A/S Pressreleaser Visa Stäng
2020-05-07 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – March 2020 Pressreleaser Visa Stäng
2020-05-07 Lauritz.com Group A/S Lauritz.com Group A/S publishes its annual report 2019 Pressreleaser Visa Stäng
2020-04-20 Lauritz.com Group A/S Lauritz.com Group A/S appoints M&A consultancy Pressreleaser Visa Stäng
2020-03-31 Lauritz.com Group A/S Lauritz.com Group A/S postpones the Annual General Meeting Pressreleaser Visa Stäng
2020-02-27 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – December 2019 Pressreleaser Visa Stäng
Pressreleaser | 27 Feb 2020 | Lauritz.com Group

Lauritz.com Group A/S interim report January – December 2019

No. 3/2020
Copenhagen, 27 February 2020

Growth in EBITDA

EBITDA in 2019 is DKK 7.7m compared to DKK 2.3m last year (excluding sales gains and the reservation for losses on receivables). EBITDA in Q4 is DKK 2.0m, DKK 47.3m above last year mainly due to the reassessment of the gain from the sale of the fine Art business and the reservation for loss on receivables included in Q4 2018, as well as a DKK 2.4m improvement in EBITDA from operations.

Auction Turnover for the year declined 2 percent compared to last year, primarily due to a weak Q4 2019, resulting in a revenue decline of 3.4 percent compared to last year.

The commission to partners was reduced as a result of the lower Auction Turnover and due to the purchase of auction houses.

The like for like business has reduced cost by 3 percent compared to last year, partly offsetting the increase in cost from acquired businesses, primarily the fine art business.

The Cash Flow from Operations in Q4 is DKK 24.2m a decrease of DKK 12.1m compared to 2018. The Cash flow from operations for the full year improved by DKK 33.4m compared to last year. The improvement is partly driven by seasonality in the business significantly impacted by timing of Fine Art auctions, and partly due to improved EBITDA.

To support and strengthen the positive development we will continue the intensified sales- and marketing initiatives and further increase the focus on operations of the business.

Commercial initiatives

Several commercial initiatives are showing positive effect on the results. Among them, a continued increased focus on sales management, business control and execution both internally in the headquarters and in relation to the individual auction houses.

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.

Apart from targeting more private sellers, we are continuously targeting professional sellers to consign larger lot stocks or one-off sales within both vintage items and newly produced items.

In terms of marketing activities, we are continuously focused on creating local activities including an increase in our outreach via focused social media, which is still showing a positive effect and strengthening our presence in the local and regional communities.

With regards to Stockholms Auktionsverk, we have observed a continuously positive steady development throughout the year. The implementation of Lauritz.com’s sales management system is expanding the commercial skills among our Swedish experts whose role is currently changing from a more internal role to a more external role, proactively contacting potential sellers for consignments. Moreover, our focused brand related collaborations with other strong brands and ambassadors are are influencing the results positively, and we have strengthened our Stockholm based marketing department to support the positive development further.

Negotiations regarding financing structure   

Negotiations are ongoing with various investors regarding a new financing structure. These negotiations include a group of large existing bondholders. The negotiations are constructive, and it is expected that a solution will be found. Amortizations are put on hold during these negotiations which also include a new amortization structure.

Further we are continuing negotiations with another group of investors headed by Tianrong Investment Group about establishing a joint venture for entering the Asian auction market, and for a new financing arrangement to replace the current bond debt with new equity and a new senior loan.

Guidance for 2020

Our guidance for 2020 is an expected growth in Auction Turnover and Revenue of 0-5 percent, and EBITDA of DKK 10-15m.

Bengt Sundström, Chairman of the board

Carsten Rysgaard, CEO

Preben Vinkler Lindgaard, CFO

Highlights 2019

October – December 2019  
  • EBITDA in Q4 2019 improved to DKK 2,016k, compared to DKK -45,310k in Q4 in 2018. Excluding the reassessment of the value of the Fine Art sale and the reservation for losses on receivables included in Q4 2018 the result in Q4 2018 was DKK -362k.
  • Auction Turnover decline of 11.2 percent.
  • Average knockdown price DKK 2,850 (3,008).
  • Number of knockdowns 71,133 (75,847).
  • Revenue decrease of 13.6 percent in Q4 compared to last year.
  • Cost level in like for like business in Q4 is reduced by 2 percent compared to last year, excluding the 10 percent increase in marketing spend in Q4 other cost has been reduced by 4 percent.
  • Cash flow from operations in Q4 2019 declined by DKK 12.1m compared to Q4 in 2018.
 
 

January – December 2019
  • EBITDA for 2019 improved to DKK 7,723k, compared to DKK 2.258k (excluding sales gains and the reservation for losses on receivables) in 2018. Equal to an Auction Turnover Margin1 of 1.1 percent.
  • Auction Turnover decline of 2.0 percent.
  • Average knockdown price DKK 2,675 (2,712).
  • Number of knockdowns 270,530 (272,248).
  • Revenue decreased by 3.4 percent compared to last year.
  • Cost level in like for like business in 2019 is reduced by 3 percent compared to last year, excluding the 13 percent increase in marketing spend in 2019 other cost has been reduced by 6 percent.
  • Cash flow from operations improved by DKK 33.4m compared to 2018. The improvement is partly driven by seasonality in the business significantly impacted by timing of Fine Art auctions, and partly due to improved EBITDA.

Lauritz.com Group A/S key figures    
  October – December January – December
DKK million 2019 2018 2019 2018
Auction turnover 202,704 228,179 723,537 738,217
Revenue 61,403 71,042 220,228 227,962
Number of Knockdowns (excl. QXL) 71,133 75,847 270,530 272,248
Average Knockdown price (excl. QXL) 2,850 3,008 2,675 2,712
EBITDA 2,016 -45,311 7,723 -2,025
Auction Turnover Margin1 1.0% -19.9% 1.1% -0.3%
Profit -9,985 -84,573 55,088 -67,161
Earnings per share -0.456 -2.073 1.353 -1.662
Cash flow from operations 24,223 36,343 -3,920 -37,320

1 Auction Turnover Margin = EBITDA/Auction Turnover.


For press enquiries, please contact:
Susanne Sandsberg Klubien,
+45 26891909  
E-mail:  press@lauritz.com


For other enquiries, please contact:
Preben Vinkler Lindgaard
CFO
Preben@lauritz.com

Certified Adviser: Erik Penser Bank AB
Telephone number: +46 8-463 83 00
E-mail: certifiedadviser@penser.se

Market place: Nasdaq First North Growth Market Premier 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 09.00 am CET on 27 February 2020.

Attachments

2020-02-24 Lauritz.com Group A/S Result for 2019 and negotiations regarding financing structure Pressreleaser Visa Stäng
2020-01-04 Lauritz.com Group A/S Lauritz.com Group A/S - Negotiations on rolling out Lauritz.com in Asia including new financial structure Pressreleaser Visa Stäng
2019-12-17 Lauritz.com Group A/S Lauritz.com Group A/S – New financing arrangement being negotiated Pressreleaser Visa Stäng
2019-12-05 Lauritz.com Group A/S Lauritz.com Group A/S – Updated guidance for 2019 Pressreleaser Visa Stäng
2019-10-30 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – September 2019 Pressreleaser Visa Stäng
2019-10-01 Lauritz.com Group A/S Changes in the management and organisation structure of Lauritz.com Pressreleaser Visa Stäng
2019-08-15 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – June 2019 Pressreleaser Visa Stäng
2019-07-02 Lauritz.com Group A/S Lauritz.com Group A/S – Restructuring of Corporate bonds completed Pressreleaser Visa Stäng
2019-06-28 Lauritz.com Group A/S Lauritz.com Group A/S appoints its new CEO Pressreleaser Visa Stäng
2019-06-28 Lauritz.com Group A/S Lauritz.com Group A/S – Changes to bond terms approved Pressreleaser Visa Stäng
2019-06-10 Lauritz.com Group A/S Lauritz.com Group A/S – Restructuring of corporate bond, Written Procedure Pressreleaser Visa Stäng
2019-05-29 Lauritz.com Group A/S Lauritz.com Group A/S – Change to Board of Directors Pressreleaser Visa Stäng
2019-05-27 Lauritz.com Group A/S Lauritz.com Group A/S – Restructuring of corporate bond Pressreleaser Visa Stäng
2018-01-23 Lauritz.com Group A/S Lauritz.com Group A/S expect to publish financial interim report for Q4 2017 on 22 February 2018 at 9.00 am CET Rapporter Visa Stäng
2018-01-08 Lauritz.com Group A/S Lauritz.com changes the organisation to drive sales Pressreleaser Visa Stäng
2017-12-20 Lauritz.com Group A/S Lauritz.com Group A/S appoints its new CFO Pressreleaser Visa Stäng
2017-12-13 Lauritz.com Group A/S Addendum to Company announcement no 18 regarding Lauritz.com enters into a five-year partnership agreement for the auction house in Roskilde, Denmark. Pressreleaser Visa Stäng
2017-12-13 Lauritz.com Group A/S Lauritz.com enters into a five-year partnership agreement for the auction house in Roskilde, Denmark. Pressreleaser Visa Stäng
2017-12-01 Lauritz.com Group A/S Change in the management and board of directors of Lauritz.com Pressreleaser Visa Stäng
2017-11-07 Lauritz.com Group A/S Update: Presentation of Lauritz.com Group A/S interim report January - September 2017 Rapporter Visa Stäng
2017-11-07 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - September 2017 Rapporter Visa Stäng
2017-11-02 Lauritz.com Group A/S Lauritz.com Group A/S publishes interim report Q3 2017 on 7 November 2017 at 9.00 am CET with streaming presentation on 9 May at 9.05 am CET Rapporter Visa Stäng
2017-08-15 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - June 2017 Rapporter Visa Stäng
2017-08-10 Lauritz.com Group A/S Lauritz.com Group A/S publishes interim financial report Q2 2017 on 15 August at 9.00 am CET with live streaming presentation at 9.05 Pressreleaser Visa Stäng
2017-07-25 Lauritz.com Group A/S Lauritz.com Group A/S appoints its new CEO Pressreleaser Visa Stäng
2017-07-24 Lauritz.com Group A/S Lauritz.com Group A/S issues 125 875 shares of nom DKK 0,10 for a minor acquisition Pressreleaser Visa Stäng
2017-05-09 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - March 2017 Rapporter Visa Stäng
2017-05-04 Lauritz.com Group A/S Lauritz.com Group A/S publishes interim report Q1 2017 financial report with live streaming presentation on 9 May at 9.00 am CET Rapporter Visa Stäng
2017-04-26 Lauritz.com Group A/S Lauritz.com Group A/S annual general meeting Pressreleaser Visa Stäng
2017-04-25 Lauritz.com Group A/S Lauritz.com enters into a five year partnership agreement for the auction houses in Esbjerg. Pressreleaser Visa Stäng
2017-04-07 Lauritz.com Group A/S Lauritz.com publishes its annual report 2016. Pressreleaser Visa Stäng
2017-04-06 Lauritz.com Group A/S Notice to convene the annual general meeting in Lauritz.com Group A/S Pressreleaser Visa Stäng
2017-04-06 Lauritz.com Group A/S Herved indkaldes til ordinær generalforsamling i Lauritz.com Group A/S Pressreleaser Visa Stäng
2017-03-31 Lauritz.com Group A/S Lauritz.com enters into a five year partnership agreement for the auction houses in Søborg and in Hørsholm in Denmark. Pressreleaser Visa Stäng
2017-03-27 Lauritz.com Group A/S Lauritz.com Group A/S :Mette Rode Sundstrøm to leave position as CEO during 2017 Pressreleaser Visa Stäng
2017-02-27 Lauritz.com Group A/S Lauritz.com Group A/S - Year-end 2016 financial report Pressreleaser Visa Stäng
2017-02-22 Lauritz.com Group A/S Lauritz.com Group A/S publishes year end 2016 financial report with live streaming presentation on 27 February at 10.00 am CET Pressreleaser Visa Stäng
2017-01-19 Lauritz.com Group A/S Lauritz.com Group A/S sænker 2016 vækst guidance for EBITDA Pressreleaser Visa Stäng
2017-01-19 Lauritz.com Group A/S Lauritz.com Group A/S lowers 2016 EBITDA growth guidance Pressreleaser Visa Stäng
2016-11-28 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - September 2016 Rapporter Visa Stäng
2016-11-28 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - September 2016 Rapporter Visa Stäng
2016-11-28 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - September 2016 Rapporter Visa Stäng
2016-11-28 Lauritz.com Group A/S Lauritz.com Group A/S interim report January - September 2016 Rapporter Visa Stäng
2016-11-25 Lauritz.com Group A/S Lauritz.com Group A/S offentliggør kvartalsrapport for Q3 2016 med live streaming præsentation den 28. november kl 10.05 Pressreleaser Ladda ner | Visa Stäng
2016-11-25 Lauritz.com Group A/S Lauritz.com Group A/S offentliggør kvartalsrapport for Q3 2016 med live streaming præsentation den 28. november kl 10.05 Pressreleaser Ladda ner | Visa Stäng
2016-11-25 Lauritz.com Group A/S Lauritz.com Group A/S publishes interim report Q3 2016 with live streaming presentation on 28 November at 10.05 am CET Rapporter Ladda ner | Visa Stäng
2016-11-25 Lauritz.com Group A/S Lauritz.com Group A/S publishes interim report Q3 2016 with live streaming presentation on 28 November at 10.05 am CET Rapporter Visa Stäng
2016-11-24 Lauritz.com Group A/S Lauritz.com indgår 5-årig partneraftale omkring filialen i Herning Pressreleaser Visa Stäng
2016-11-24 Lauritz.com Group A/S Lauritz.com enters into a five year partnering agreement for the branch in Herning Pressreleaser Ladda ner | Visa Stäng
2016-09-23 Lauritz.com Group A/S Company announcement - Information regarding conclusion of a five year partnering agreement for the branch in Cologne and change in the Board of Directors Pressreleaser Visa Stäng
2016-09-23 Lauritz.com Group A/S Selskabsmeddelelse - Information om indgåelse af ny partneraftale i køln samt ændring i bestyrelsen Pressreleaser Visa Stäng
2016-09-18 Lauritz.com Group A/S Selskabsmeddelelse - Information om sales- and leaseback aftalen vedrørende ejendommen Rovsingsgade København Pressreleaser Visa Stäng
2016-09-18 Lauritz.com Group A/S Company announcement - information about sales- and leaseback agreement on the property located Rovsingsgade Copenhagen Pressreleaser Visa Stäng
2016-09-16 Lauritz.com Group A/S Lauritz.com A/S' tilbagekøber ca. 2,4% af selskabets udstedte obligationer for SEK 7,6 mio. Pressreleaser Visa Stäng
2016-09-16 Lauritz.com Group A/S Lauritz.com A/S' acquires approx. 2.4% of its issued bonds for mSEK 7.6 Pressreleaser Visa Stäng
2016-08-24 Lauritz.com Group A/S Lauritz.com group A/S delårsrapport Q2 2016 Rapporter Visa Stäng
2016-08-24 Lauritz.com Group A/S Lauritz.com Group A/S - interim report Janaury - June 2016 Rapporter Ladda ner | Visa Stäng
2016-08-11 Lauritz.com Group A/S Lauritz.com group A/S' afholdelse af ekstraordinær generalforsamling Pressreleaser Ladda ner | Visa Stäng
2016-08-11 Lauritz.com Group A/S Lauritz.com group A/S' extraordinary general meeting Pressreleaser Ladda ner | Visa Stäng

Kommande händelser

27 Feb 2017 | Bokslutskommuniké 2016
26 Apr 2017 | Årsstämma 2016
27 Apr 2017 | Årligutdelning 2017-Q3
9 May 2017 | Kvartalsrapport 2017-Q1
15 Aug 2017 | Kvartalsrapport 2017-Q2
7 Nov 2017 | Kvartalsrapport 2017-Q3
22 Feb 2018 | Bokslutskommuniké 2017
23 Mar 2018 | Extrastämma 2018
3 May 2018 | Kvartalsrapport 2018-Q1
8 May 2018 | Årsstämma 2017
9 May 2018 | Årligutdelning
15 Aug 2018 | Kvartalsrapport 2018-Q2
30 Oct 2018 | Kvartalsrapport 2018-Q3
30 Apr 2019 | Årsstämma 2018
9 May 2019 | Kvartalsrapport 2019-Q1
15 Aug 2019 | Kvartalsrapport 2019-Q2
27 Feb 2020 | Bokslutskommuniké 2019
7 May 2020 | Kvartalsrapport 2020-Q1
20 Aug 2020 | Kvartalsrapport 2020-Q2
29 Oct 2020 | Kvartalsrapport 2020-Q3

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