Datum Källa Rubrik Typ Alternativ
2022-05-19 Lauritz.com Group A/S Lauritz.com Group A/S Annual General Meeting Pressreleaser Visa Stäng
2022-05-12 Lauritz.com Group A/S Lauritz.com Group A/S – Interim report January – March 2022 Pressreleaser Visa Stäng
2022-05-03 Lauritz.com Group A/S Notice to convene Annual General Meeting in Lauritz.com Group A/S Pressreleaser Visa Stäng
2022-04-11 Lauritz.com Group A/S Correction to company announcement nr. 2 from 8 April 2022 Pressreleaser Visa Stäng
2022-04-08 Lauritz.com Group A/S Lauritz.com Group A/S publishes its annual report 2021 Pressreleaser Visa Stäng
2022-02-24 Lauritz.com Group A/S Lauritz.com Group A/S – Interim report January – December 2021 Pressreleaser Visa Stäng
2021-11-04 Lauritz.com Group A/S Lauritz.com Group A/S – Interim report January – September 2021 Pressreleaser Visa Stäng
2021-10-28 Lauritz.com Group A/S Lauritz.com Group A/S Extraordinary General Meeting Pressreleaser Visa Stäng
2021-10-13 Lauritz.com Group A/S Notice to convene extraordinary general meeting in Lauritz.com Group A/S Pressreleaser Visa Stäng
2021-08-26 Lauritz.com Group A/S Lauritz.com Group A/S – Interim report January – June 2021 Pressreleaser Visa Stäng
Pressreleaser | 26 Aug 2021 | Lauritz.com Group

Lauritz.com Group A/S – Interim report January – June 2021

   

No. 14/2021

Copenhagen, 26 August 2021

 

In the second quarter of 2021 the business of Lauritz.com group continued the growth shown since July 2020. For the second quarter the Auction Turnover growth is 11 percent compared to last year for the continuing business.

 

The reduced level of Covid-19 restrictions has let to a slowdown in the growth in June and July compared to the growth seen in Q1 2021 and the second half of 2020. In August growth is picking up again and we expect to see growth also in the coming quarters, although as previously expected at a lower level than in the last 3 quarters.

 

The M&A process has been finalised in May 2021 with a sale of Stockholms Auktionsverk, the auction house in Karlstad Hammarö and 3 auction houses in Germany.

 

Following the sale, the group is now fully focussed on the development of the Lauritz brand internationally.

 

Development in EBITDA

Auction Turnover and Revenue for the continuing business has grown by 16 percent compared to the first half of 2020, whereas operating cost has increased by 7 percent.

 

EBITDA in the first half of 2020 increased by DKK 4.5m for the continuing business to DKK -2.7m (-7.2m).

 

Net cash flow for the continuing business is DKK -6.1m (-0.8m). The change is mainly driven by the improvement in EBITDA and changes in working capital items.

 

Future organization

To bring Lauritz.com to the next level as to turnover and earnings on shorter and longer terms, including expected roll out of new business areas, 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 is planned to join in Q4.

 

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 foot print, 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

Towards the end of 2019 a review of the capital structure of the group was carried out, resulting in the M&A process that commenced in April 2020 and was finalised in May 2021.

 

The outcome of the process was that Stockholms Auktionsverk, the auction house in Karlstad Hammarö and 3 auction houses in Germany has been sold. Most of the proceeds from the sale has been used to reduce the debt of the group by approximately DKK 60m in June 2021. A further repayment of debt of DKK 11m will be made in May 2022, after which the remaining bond debt will be DKK 102m. Further, the terms of the remaining bond debt have been adjusted, lowering the interest rate, and changing the amortization so the bond debt is a standing loan until the maturity date in December 2024.

 

Impact on financial reporting due to the sale of activities

The presentation of the business in the financial statements is impacted by the sale as the sold business is presented as discontinued operations in the statement of comprehensive income, balance sheet and statement of cash flow. The sold part of the business was reclassified to discontinued operations and the value of the assets included as assets available for sale has been impaired to reflect the achieved sales price.

 

The sale of Stockholms Auktionsverk, the auction house in Karlstad Hammarö and 3 auction houses in Germany result in an accounting loss as the book value of the sold activities is higher than the achieved sales price, resulting in an impairment loss of DKK 23m. This loss is included in Result from discountinued operations primarily in 2020. 

 

Guidance for 2021

Following the sale of Stockholms Auktionsverk, the auction house in Karlstad Hammarö and 3 auction houses in Germany our guidance for the continuing business is unchanged at:

 

  • Growth in Auction Turnover of 5-15 percent
  • Growth in Revenue of 10-20 percent
  • EBITDA of DKK 0-8m.

 

 

Bengt Sundström, Chairman of the board

 

Mette Margrethe Rode Sundstrøm, CEO

 

Preben Vinkler Lindgaard, CFO

Highlights Q2 2021

April – June 2021 (continuing operations)

 
  • Auction Turnover increase of 11 percent.
  • Revenue increase of 17 percent.
  • Average knockdown price in Q2 was DKK 2,686 (2,975).
  • Number of knockdowns 36,670 (29,524).
  • Cost increase by 14% compared to last year.
  • EBITDA improved by DKK 0.3m to DKK -2.8m (-3.1m).
  • Profit/loss for the period is impacted less by exchange rate gains than last year.
 

January – June 2021 (continuing operations)

 
  • Auction Turnover increase of 16 percent.
  • Revenue increase of 16 percent.
  • Average knockdown price in first half of 2021 was DKK 2,778 (2,717).
  • Number of knockdowns 76,055 (64,159).
  • Cost increase by 7% compared to last year.
  • EBITDA improved by DKK 4.5m to DKK -2.7m (-7.2m).
  • Profit/loss for the period is impacted less by exchange rate gains than last year.
 
Lauritz.com Group A/S key figures    
(Continuing operations)

   
April – June January – June
000 DKK 2021 2020 2021 2020
Auction turnover 97,731 87,837 211,269 182,818
Revenue 31,985 27,314 64,420 55,357
Number of Knockdowns (excl. QXL) 36,670 29,524 76,055 64,159
Average Knockdown price (excl. QXL), DKK 2,686 2,975 2,778 2,717
EBITDA -2,826 -3,133 -2,688 -7,239
Auction Turnover Margin1 -2.9% -3.6% -1.3% -4.0%
Profit -7,405 -14,303 -8,365 -13,787
Earnings per share, DKK -0.182 -0,351 -0.206 -0.339
Net cash flow -11,192 2,186 -6,128 -809

1 Auction Turnover Margin = EBITDA/Auction Turnover.

 

 

For press enquiries, please contact:

Mette Jessen

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 9.00am CEST on 26 August 2021.

Attachments


2021-06-25 Lauritz.com Group A/S Lauritz.com Group A/S - Annual General Meeting Pressreleaser Visa Stäng
2021-06-14 Lauritz.com Group A/S Annual General Meeting in Lauritz.com Group A/S Pressreleaser Visa Stäng
2021-06-14 Lauritz.com Group A/S Lauritz.com Group A/S publishes its annual report 2020 Pressreleaser Visa Stäng
2021-05-31 Lauritz.com Group A/S Lauritz.com Group A/S – Interim report January – March 2021 Pressreleaser Visa Stäng
2021-05-26 Lauritz.com Group A/S Lauritz.com Group A/S – Change in reporting calendar Pressreleaser Visa Stäng
2021-05-12 Lauritz.com Group A/S Lauritz.com Group A/S – Closing of Sale of Lauritz-com A/S' subsidiaries in Sweden, Germany and Finland and change in reporting calendar Pressreleaser Visa Stäng
2021-04-28 Lauritz.com Group A/S Lauritz.com Group A/S – Result of written procedure Pressreleaser Visa Stäng
2021-04-26 Lauritz.com Group A/S Lauritz.com Group A/S – Sale of Lauritz-com A/S' subsidiaries in Sweden, Germany and Finland Pressreleaser Visa Stäng
2021-04-16 Lauritz.com Group A/S Updated earnings guidance for 2021 Pressreleaser Visa Stäng
2021-04-09 Lauritz.com Group A/S Lauritz.com Group A/S – Correction to company announcement nr 4 regarding Bond Written Procedure and Potential sale Pressreleaser Visa Stäng
2021-04-08 Lauritz.com Group A/S Lauritz.com Group A/S – Bond Written Procedure and Potential sale Pressreleaser Visa Stäng
2021-02-25 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – December 2020 Pressreleaser Visa Stäng
2021-02-01 Lauritz.com Group A/S New CEO at Lauritz.com Pressreleaser Visa Stäng
2021-01-22 Lauritz.com Group A/S Earnings guidance and update on M&A process Pressreleaser Visa Stäng
2020-12-30 Lauritz.com Group A/S Lauritz.com Group A/S - Change in CEO position Pressreleaser Visa Stäng
2020-10-29 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – September 2020 Pressreleaser Visa Stäng
2020-08-20 Lauritz.com Group A/S Lauritz.com Group A/S interim report January – June 2020 Pressreleaser Visa Stäng
2020-08-17 Lauritz.com Group A/S Lauritz.com Group A/S – Guidance for 2020 Pressreleaser Visa Stäng
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
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

25 Aug 2022 | Kvartalsrapport 2022-Q2
27 Oct 2022 | Kvartalsrapport 2022-Q3