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
Pressreleaser | 7 May 2020 | Lauritz.com Group

Lauritz.com Group A/S interim report January – March 2020

No. 7/2020
Copenhagen, 7 May 2020

Development in EBITDA

EBITDA in the first quarter of 2020 is DKK -6,5m compared to DKK 1.5m last year.

The Corona crisis started at the same time as our peak season in March and has had a significant negative impact on the result for Q1 2020.

Auction Turnover for the quarter declined 9 percent compared to same period last year, primarily due to the period after March 10, where the Nordic region was hit by the effects of the Corona virus.

The auction revenue and the commission to partners was reduced as a direct result of the lower Auction Turnover.

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 Q1 is DKK -21.7m a small decrease of DKK 1.5m compared to the same period in 2019. The change is mainly driven by the decline in earnings, offset by lower tax payments and cash retrieved from receivables.

To support and strengthen the rebound we have seen in April, Auction Turnover only down 10% compared to last year in our main markets, we will continue the intensified sales- and marketing initiatives and further increase the focus on operations of the business.

Commercial initiatives

Our continued focus on sales management, business control and execution both internally in the headquarters and in relation to the individual auction houses is showing results, although interrupted by the Corona crisis.

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 2019 and into the first quarter of 2020. 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.

Appointment of M&A consultancy   

Towards the end of 2019 a review of the capital structure of the group has been carried out. The conclusion is that the current structure needs to be improved by securing a sustainable long term solution for the capital structure of the group. Furthermore, a solution needs to be found in relation to the bondholders as the bond is no longer listed and the redemption to be made in December 2019 has been postponed.

As a consequence of this, and in agreement with a group of large bondholders representing 47% of the bonds, it has been decided to appoint an internationally acknowledged M&A consultant to actively pursue the strategic possibilities for strengthening the capital base of Lauritz.com and redeem the bond debt. This process has commenced in April 2020, and is expected to be finalised before the end of 2020.

Until the end of 2020 the above mentioned group of bondholders has agreed not to propose or support any proposal to initiate an enforcement of the security provided in favour of bondholders, provided that the process with the M&A consultant proceeds according to plan.

Information about Corona virus pandemic

The spread of the Corona virus, the measures taken by governments and the health concerns in our societies has resulted in a reduction in auction turnover since the epidemic started in the Nordic region.

At the onset of the pandemic we initiated a number of measures to makes sure that customers and employees can safely enter our auction houses, further we have taken a number of initiatives (including possibilities under various government initiatives to support businesses) to temporarily reduce cost during the pandemic hereby reducing the impact on earnings. Traditionally March and April are strong months in terms of revenue. In 2020 this period has been weaker than usual due to the Corona crisis, impacting Auction Turnover, earning and cash flow. Management is following the impact of the Corona crisis closely, and adjustment are continuously made to address developments.

In 2020 for the period until 10 March auction turnover was in line with last year and with our expectations. For the rest of March Auction turnover and Revenue was impacted negatively, with a drop compared to last year of 31 percent. As a result hereof the result in Q1 2020 is impacted negatively by DKK 4-5m compared to last year. In April we have seen a strong rebound in Auction turnover and revenue with April down only 10 percent compared to last year in our main markets. For the period January to April 2020 Auction Turnover is 12 percent below last year.

Based on the development seen in April we are expecting that the Corona crisis will continue to impact our Auction Turnover in Q2, however on a manageable level. Revenue and result are very difficult to forecast since numerous factors are unknown at this time. In terms of cost we have reduced staffing in accordance with the different crisis packages issued by governments in March and expect this to continue in Q2. In total we expect the salary compensation to amount to approximately DKK 1.8m most of which will impact Q2. In terms of liquidity the group has had a positive impact from government initiatives in the form of deferred payment dates for taxes and VAT. Deferrals vary between 1 month and 1 year depending on the type of payment and country.

Guidance for 2020

The spread of the Corona virus with uncertainty as to duration and magnitude of the outbreak is resulting in lack of visibility as to the expectation for the year. As a result, we suspend our previously issued guidance.

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

We will provide updated outlook for 2020 when there is greater clarity on the Corona virus impact on markets and our business.

Bengt Sundström, Chairman of the board

Carsten Rysgaard, CEO

Preben Vinkler Lindgaard, CFO



Highlights Q1 2020

January – March 2020  
  • Auction Turnover decline of 9.4 percent.
  • Revenue decrease of 15.0 percent.
  • Average knockdown price in Q1 was DKK 2,268 (2,447).
  • Number of knockdowns 68,437 (69,985).
  • EBITDA was DKK -6.5m, (1.5m). The decline is due to Fine Art (acquired 5 March 2019) impacting EBITDA negatively by DKK 2m in Q1 as there are no large Fine Art auctions in Q1, additional sales activities in conection with 20 year birthday campaign of DKK 1m, and by drop in revenue during the last 3 weeks of the period due to the Corona crisis of DKK 4-5m
  • Cost level in Q1 is reduced by DKK 1.3m compared to 2019, equal to 2.5 percent.
  • Cash flow from operations declined only by DKK 1.5m compared to Q1 in 2019.
 
 

Corona Crisis  
  • For the period from January 1 until March 10 Auction turnover was in line with last year.
  • For the period from March 11 to March 31 Auction turnover decreased by 31 percent compared to last year.
  • In April Auction turnover rebounded to only 10 percent below last year in our main markets.
  • The negative impact of the corona crisis on the Q1 result is approximately DKK 4-5m.
  • Based on the development seen in April we are expecting that the Corona crisis will continue to impact our Auction Turnover in Q2, however on a manageable level. Revenue and result is very difficult to forecast since numerous factors are unknown at this time. In terms of cost we have reduced staffing in accordance with the different crisis packages issed by governments in March and expect this to continue in Q2. In total we expect the salary compensation to amount to approximately DKK 1.8m most of which will impact Q2.
 
 

Lauritz.com Group A/S key figures    
    January – March
DKK million     2020 2019
Auction turnover     155,193 171,275
Revenue     46,030 54,150
Number of Knockdowns (excl. QXL)     68,437 69,985
Average Knockdown price (excl. QXL)     2,268 2,447
EBITDA     -6,465 1,478
Auction Turnover Margin1     -4.2% 0.9%
Profit     -4,458 -5,990
Earnings per share     -0.110 -0.147
Cash flow from operations     -21,733 -20,222

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 CEST on 7 May 2020.

Attachments

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

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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