Relais Group Oyj

Earnings Release • Mar 7, 2024

Relais Group Plc, Stock Exchange Release, 7 March 2024, 8.30 a.m. EET

Restatement of previously reported quarterly and half-year consolidated figures

Relais Group has corrected previously reported consolidated figures relating to IFRS 16 Leases due to the correction of the end date of one lease agreement. The correction resulted in changes to the presentation of the consolidated financial results and financial position for previously published 2022 and 2023 quarterly and half-year figures:

CONSOLIDATED INCOME STATEMENT

		Restated		Restated		Restated		Restated		Restated		Restated
	Jan-Mar	Jan-Mar	Apr-Jun	Apr-Jun	Jul-Sep	Jul-Sep	Jan-Mar	Jan-Mar	Jan-Jun	Jan-Jun	Jan-Sep	Jan-Sep
EUR thousand	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023	2023
Net sales	68,950	68,950	64,101	64,101	70,259	70,259	68,950	68,950	133,051	133,051	203,310	203,310
Other operating income	624	624	724	724	471	471	624	624	1,348	1,348	1,819	1,819
Materials and services	-36,863	-36,863	-34,827	-34,827	-37,984	-37,984	-36,863	-36,863	-71,691		-71,691 -109,675 -109,675
Employee benefit expenses	-14,343	-14,343	-14,630	-14,630	-14,004	-14,004	-14,343	-14,343	-28,973	-28,973	-42,977	-42,977
Depreciation, amortisation and impairments	-4,467	-4,455	-4,624	-4,612	-4,576	-4,563	-4,467	-4,455	-9,091	-9,066	-13,667	-13,630
Other operating expenses	-7,272	-7,272	-6,782	-6,782	-6,620	-6,620	-7,272	-7,272	-14,054	-14,054	-20,674	-20,674
Operating profit	6,629	6,641	3,962	3,974	7,546	7,559	6,629	6,641	10,591	10,616	18,137	18,174
Financial income	808	808	2,318	2,318	-968	-968	808	808	3,127	3,127	2,159	2,159
Financial expenses	-2,935	-2,959	-5,137	-5,161	-558	-582	-2,935	-2,959	-8,072	-8,119	-8,630	-8,701
Net financial expenses	-2,127	-2,150	-2,819	-2,842	-1,526	-1,550	-2,127	-2,150	-4,945	-4,993	-6,471	-6,543
Profit before income taxes	4,502	4,491	1,143	1,132	6,020	6,009	4,502	4,491	5,646	5,623	11,666	11,632
Income taxes	-1,555	-1,553	-973	-971	-1,676	-1,673	-1,555	-1,553	-2,528	-2,524	-4,204	-4,197
Profit for the financial year	2,947	2,938	170	161	4,344	4,336	2,947	2,938	3,118	3,099	7,462	7,435
Profit for the financial year attributable to
Owners of the parent company	2,947	2,938	171	161	4,344	4,336	2,947	2,938	3,118	3,099	7,462	7,435
Non-controlling interest	-	-	-	-	-	-	-	-	-	-	-	-
Earnings per share
Basic earnings per share, euro	0.16	0.16	0.01	0.01	0.24	0.24	0.16	0.16	0.17	0.17	0.41	0.41
Diluted earnings per share, euro	0.16	0.16	0.01	0.01	0.23	0.23	0.16	0.16	0.17	0.16	0.40	0.40

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

		Restated		Restated		Restated		Restated		Restated		Restated
EUR thousand	Jan-Mar 2023	Jan-Mar 2023	Apr-Jun 2023	Apr-Jun 2023	Jul-Sep 2023	Jul-Sep 2023	Jan-Mar 2023	Jan-Mar 2023	Jan-Jun 2023	Jan-Jun 2023	Jan-Sep 2023	Jan-Sep 2023
Profit for the financial year	2,947	2,938	170	161	4,344	4,336	2,947	2,938	3,118	3,099	7,462	7,435
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign currency translation difference	-1,010	-1,010	-2,546	-2,546	1,675	1,675	-1,010	-1,010	-3,556	-3,556	-1,880	-1,880
Total other comprehensive income for the financial year	-1,010	-1,010	-2,546	-2,546	1,675	1,675	-1,010	-1,010	-3,556	-3,556	-1,880	-1,880
Total comprehensive income for the financial year	1,937	1,928	-2,375	-2,385	6,020	6,011	1,937	1,928	-438	-457	5,581	5,555
Total comprehensive income attributable to
‑ Owners of the parent company	1,937	1,928	-2,375	-2,385	6,020	6,011	1,937	1,928	-438	-457	5,581	5,555
Non controlling interests	-	-	-	-	-	-	-	-	-	-	-	-

CONSOLIDATED BALANCE SHEET

		Restated		Restated		Restated
	31 Mar	31 Mar	30 Jun	30 Jun	30 Sep	30 Sep
EUR thousand	2023	2023	2023	2023	2023	2023
ASSETS
Non-current assets
Intangible assets	14,248	14,248	13,135	13,135	13,775	13,775
Goodwill	117,665	117,665	113,954	113,954	118,835	118,835
Tangible assets	4,428	4,428	4,236	4,236	4,525	4,525
Right-of-use assets	54,408	58,294	57,170	61,070	55,598	59,509
Deferred tax assets	561	589	614	645	590	622
Investments in associates	-	-	-	-	7	7
Other non-current financial assets	72	72	69	69	71	71
Other non-current assets	42	42	42	42	42	42
Total non-current assets	191,424	195,338	189,220	193,150	193,442	197,386
Current assets
Inventories	66,376	66,376	68,610	68,610	73,942	73,942
Current tax receivables	3,071	3,071	2,650	2,650	1,755	1,755
Other current financial asset	349	349	89	89	-	-
Trade and other receivables	36,042	36,042	33,295	33,295	40,942	40,942
Cash at bank and in hand	20,041	20,041	13,461	13,461	12,620	12,620
Total current assets	125,879	125,879	118,105	118,105	129,258	129,258
Total assets	317,303	321,217	307,325	311,255	322,701	326,644

		Restated		Restated		Restated
	31 Mar	31 Mar	30 Jun	30 Jun	30 Sep	30 Sep
EUR thousand	2023	2023	2023	2023	2023	2023
EQUITY
Share capital	80	80	80	80	80	80
Reserve for invested unrestricted equity	74,125	74,125	74,125	74,125	74,130	74,130
Translation differences	-6,918	-6,918	-9,463	-9,463	-7,788	-7,788
Retained earnings	38,633	38,521	31,550	31,429	35,607	35,477
Equity attributable to owners of the parent company	105,921	105,809	96,292	96,171	102,029	101,899
Non-controlling interests	-	-	-	-	-	-
Total equity	105,921	105,809	96,292	96,171	102,029	101,899
LIABILITIES
Non-current liabilities
Loans from financial institutions	95,184	95,184	90,345	90,345	91,171	91,171
Lease liabilities	43,100	47,127	45,829	49,881	44,726	48,801
Other non-current financial liabilities	1,607	1,607	1,607	1,607	1,606	1,606
Other non-current liabilities	110	110	131	131	77	77
Deferred tax liabilities	5,539	5,539	5,108	5,108	5,290	5,290
Total non-current liabilities	145,540	149,567	143,020	147,071	142,869	146,945
Current liabilities
Loans from financial institutions	7,226	7,226	6,915	6,915	6,913	6,913
Lease liabilities	12,539	12,538	12,772	12,771	12,605	12,604
Other current financial liabilities	3,764	3,764	152	152	4,940	4,940
Current tax liabilities	2,930	2,930	2,867	2,867	3,516	3,516
Trade and other payables	39,382	39,382	45,307	45,307	49,826	49,826
Total current liabilities	65,842	65,842	68,013	68,013	77,800	77,800
Total liabilities	211,382	215,408	211,033	215,084	220,670	224,744
Total equity and liabilities	317,302	321,217	307,325	311,255	322,699	326,643

CONSOLIDATED INCOME STATEMENT

		Restated		Restated		Restated		Restated			Restated	Restated
	Jan-Mar	Jan-Mar	Apr-Jun	Apr-Jun	Jul-Sep	Jul-Sep	Jan-Mar	Jan-Mar	Jan-Jun	Jan-Jun	Jan-Sep	Jan-Sep
EUR thousand	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022
Net sales	62,119	62,119	58,599	58,599	64,780	64,780	62,119	62,119	120,718	120,718	185,498	185,498
Other operating income	652	652	761	761	599	599	652	652	1,413	1,413	2,012	2,012
Materials and services	-33,985	-33,985	-31,966	-31,966	-36,003	-36,003	-33,985	-33,985	-65,951		-65,951 -101,954 -101,954
Employee benefit expenses	-13,746	-13,746	-14,441	-14,441	-12,216	-12,216	-13,746	-13,746	-28,187	-28,187	-40,403	-40,403
Depreciation, amortisation and impairments	-3,896	-3,885	-4,016	-4,005	-4,252	-4,241	-3,896	-3,885	-7,913	-7,891	-12,165	-12,132
Other operating expenses	-6,175	-6,175	-6,384	-6,384	-6,089	-6,089	-6,175	-6,175	-12,559	-12,559	-18,648	-18,648
Operating profit	4,969	4,980	2,553	2,564	6,818	6,829	4,969	4,980	7,522	7,544	14,340	14,373
Financial income	515	515	2,119	2,119	908	908	515	515	2,633	2,633	3,541	3,541
Financial expenses	-1,707	-1,728	-4,016	-4,037	-2,639	-2,660	-1,707	-1,728	-5,723	-5,765	-8,362	-8,426
Net financial expenses	-1,192	-1,213	-1,897	-1,919	-1,731	-1,753	-1,192	-1,213	-3,090	-3,132	-4,820	-4,885
Profit before income taxes	3,777	3,767	655	645	5,087	5,077	3,777	3,767	4,432	4,412	9,519	9,489
Income taxes	-1,120	-1,118	-663	-661	-1,396	-1,394	-1,120	-1,118	-1,782	-1,778	-3,179	-3,173
Profit for the financial year	2,657	2,649	-7	-16	3,691	3,683	2,657	2,649	2,650	2,634	6,341	6,316
Profit for the financial year attributable to
Owners of the parent company	2,653	2,645	-5	-13	3,691	3,682	2,653	2,645	2,647	2,632	6,338	6,314
Non-controlling interest	4	4	-2	-2	0	0	4	4	2	2	2	2
Earnings per share
Basic earnings per share, euro	0.15	0.15	0.00	0.00	0.20	0.20	0.15	0.15	0.15	0.15	0.35	0.35
Diluted earnings per share, euro	0.14	0.14	0.01	0.01	0.19	0.19	0.14	0.14	0.15	0.15	0.34	0.34

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

		Restated		Restated		Restated		Restated		Restated		Restated
	Jan-Mar	Jan-Mar	Apr-Jun	Apr-Jun	Jul-Sep	Jul-Sep	Jan-Mar	Jan-Mar	Jan-Jun	Jan-Jun	Jan-Sep	Jan-Sep
EUR thousand	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022	2022
Profit for the financial year	2,657	2,649	-7	-16	3,691	3,683	2,657	2,649	2,650	2,634	6,341	6,316
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign currency translation difference	-270	-270	-2,031	-2,031	-913	-913	-270	-270	-2,301	-2,301	-3,214	-3,214
Total other comprehensive income for the financial year	-270	-270	-2,031	-2,031	-913	-913	-270	-270	-2,301	-2,301	-3,214	-3,214
Total comprehensive income for the financial year	2,387	2,379	-2,038	-2,046	2,778	2,769	2,387	2,379	349	333	3,127	3,102
Total comprehensive income attributable to
‑ Owners of the parent company	2,386	2,378	-2,032	-2,040	2,780	2,771	2,386	2,378	354	338	3,134	3,109
Non controlling interests	1	1	-6	-6	-2	-2	1	1	-5	-5	-7	-7

CONSOLIDATED BALANCE SHEET

	Restated			Restated		Restated
	31 Mar	31 Mar	30 Jun	30 Jun	30 Sep	30 Sep
EUR thousand	2022	2022	2022	2022	2022	2022
ASSETS
Non-current assets
Intangible assets	14,251	14,251	15,207	15,207	14,467	14,467
Goodwill	115,906	115,906	118,035	118,035	116,972	116,972
Tangible assets	4,805	4,805	4,649	4,649	4,462	4,462
Right-of-use assets	54,420	57,980	54,406	57,977	53,627	57,210
Deferred tax assets	810	827	865	884	882	903
Investments in associates	-	-	-	-	-	-
Other non-current financial assets	-	-	-	-	-	-
Other non-current assets	84	84	345	345	438	438
Total non-current assets	190,276	193,853	193,507	197,097	190,849	194,452
Current assets
Inventories	74,025	74,025	75,489	75,489	77,038	77,038
Current tax receivables	1,890	1,890	2,101	2,101	1,693	1,693
Other current financial asset	-	-	-	-	-	-
Trade and other receivables	32,611	32,611	30,877	30,877	36,696	36,696
Cash at bank and in hand	16,094	16,094	6,834	6,834	12,525	12,525
Total current assets	124,620	124,620	115,300	115,300	127,951	127,951
Total assets	314,896	318,472	308,807	312,397	318,800	322,404

		Restated		Restated		Restated
	31 Mar	31 Mar	30 Jun	30 Jun	30 Sep	30 Sep
EUR thousand	2022	2022	2022	2022	2022	2022
EQUITY
Share capital	80	80	80	80	80	80
Reserve for invested unrestricted equity	71,436	71,436	74,125	74,125	74,125	74,125
Translation differences	-1,899	-1,899	-3,927	-3,927	-4,836	-4,836
Retained earnings	36,886	36,819	28,230	28,155	31,930	31,846
Equity attributable to owners of the parent company	106,503	106,436	98,508	98,433	101,299	101,215
Non-controlling interests	338	338	0	0	0	0
Total equity	106,841	106,774	98,508	98,433	101,299	101,215
LIABILITIES
Non-current liabilities
Loans from financial institutions	96,692	96,692	101,337	101,337	100,025	100,025
Lease liabilities	44,390	48,034	44,291	47,957	43,257	46,945
Other non-current financial liabilities	1,609	1,609	-	-	-	-
Other non-current liabilities	556	556	290	290	61	61
Deferred tax liabilities	5,977	5,977	6,077	6,077	5,911	5,911
Total non-current liabilities	149,224	152,868	151,995	155,661	149,254	152,941
Current liabilities
Loans from financial institutions	6,538	6,538	6,534	6,534	10,731	10,731
Lease liabilities	10,903	10,902	11,139	11,138	11,555	11,554
Other current financial liabilities	1,450	1,450	2,136	2,136	3,040	3,040
Current tax liabilities	3,429	3,429	3,239	3,239	3,320	3,320
Trade and other payables	36,510	36,510	35,256	35,256	39,602	39,602
Total current liabilities	58,831	58,830	58,304	58,303	68,248	68,247
Total liabilities	208,054	211,698	210,299	213,964	217,501	221,188
Total equity and liabilities	314,896	318,472	308,807	312,398	318,800	322,403