Lindex Group

Quarterly Report • Jan 28, 2021

Consolidated income statement
EUR mill.				1/1-3/31/2019 1/1-6/30/2019 1/1-9/30/2019 1/1-12/31/2019 1/1-3/31/2020 1/1-6/30/2020 1/1-9/30/2020
REVENUE	207.2	449.5	674.8	960.4	168.4	351.1	558.7
Other operating income	0.0	0.0	0.0	0.0	0.0	5.3	8.1
Materials and consumables	-96.9	-197.2	-295.5	-419.5	-77.1	-160.9	-249.5
Wages, salaries and employee benefit expenses	-53.5	-107.8	-157.6	-211.1	-49.7	-88.2	-132.6
Depreciation, amortisation and impairment losses	-32.7	-65.3	-96.6	-128.8	-33.7	-66.5	-98.1
Other operating expenses	-42.8	-84.9	-126.0	-176.9	-35.7	-69.0	-100.6
Total expenses	-225.9	-455.2	-675.7	-936.3	-196.2	-384.6	-580.7
OPERATING PROFIT/LOSS	-18.7	-5.7	-0.9	24.1	-27.8	-28.3	-14.0
Financial income	0.3	0.5	0.8	1.1	0.2	5.1	4.9
Financial expenses	-14.1	-27.9	-41.2	-53.7	-11.6	-24.6	-34.4
Total financial income and expenses	-13.8	-27.3	-40.4	-52.7	-11.4	-19.5	-29.4
PROFIT/LOSS BEFORE TAX	-32.4	-33.1	-41.3	-28.5	-39.2	-47.8	-43.4
Income taxes	2.3	-0.5	-8.3	-17.1	3.9	-0.3	-1.5
PROFIT/LOSS FOR THE PERIOD	-30.2	-33.5	-49.6	-45.6	-35.3	-48.1	-44.9
Profit/loss for the period attributable to:
Equity holders of the parent company	-30.2	-33.5	-49.6	-45.6	-35.3	-48.1	-44.9
Earnings per share, EUR	-0.50	-0.49	-0.51	-0.72	-0.63	-0.72	-0.67

EUR mill.				1/1-3/31/2019 1/1-6/30/2019 1/1-9/30/2020 1/1-12/31/2019 1/1-3/31/2020 1/1-6/30/2020			9/30/2020
PROFIT/LOSS FOR THE PERIOD	-30.2	-33.5	-49.6	-45.6	-35.3	-48.1	-44.9
Other comprehensive income:
Items that may be subsequently reclassified to profit and loss
Exchange differences on translating foreign operations, before tax	-4.3	-8.5	-11.8	-5.8	-15.7	10.3	6.0
Exchange differences on translating foreign operations, net of tax	-4.3	-8.5	-11.8	-5.8	-15.7	10.3	6.0
Cash flow hedges, before tax	0.1	-1.0	0.9	-1.7	3.6	1.0	1.3
Cash flow hedges, tax	-0.0	0.2	-0.2
Cash flow hedges, net of tax	0.0	-0.8	0.7	-1.7	3.6	1.0	1.3
Other comprehensive income for the period, net of tax	-4.3	-9.3	-11.1	-7.6	-12.1	11.3	7.3
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-34.4	-42.8	-60.7	-53.2	-47.4	-36.8	-37.5
Total comprehensive income attributable to:
Equity holders of the parent company, continuing operations	-34.4	-42.8	-60.7	-53.2	-47.4	-36.8	-37.5

Consolidated statement of financial position
EUR mill.		Initial 01/01/2019 Change 01/01/2019 Adjusted 01/01/2019		3/31/2019	6/30/2019	9/30/2019	12/31/2019	3/31/2020	6/30/2020	9/30/2020
ASSETS
NON-CURRENT ASSETS
Intangible assets
Goodwill	516.1		516.1	509.0	501.0	494.7	506.6	478.3	504.3	500.6
Trademark	88.7		88.7	87.4	86.1	85.0	87.0	82.2	86.6	86.0
Intangible rights	39.6		39.6	38.4	40.5	40.6	39.0	35.6	33.2	29.8
Other intangible assets	2.3		2.3	2.1	2.0	1.9	1.8	1.7	1.6	1.5
Advance payments and construction in progress	0.9		0.9	2.4	2.4	2.1	2.6	2.6	2.5	2.9
Intangible assets, total	647.5		647.5	639.4	631.9	624.3	637.0	600.4	628.2	620.8
Property, plant and equipment
Land and water	102.5	-85.0	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5
Buildings and constructions	578.5	-333.5	245.0	243.1	240.6	238.8	237.4	235.2	232.8	230.4
Machinery and equipment	64.1		64.1	61.0	58.7	57.7	55.4	51.2	48.5	45.9
Modification and renovation expenses for leased premises	5.1		5.1	4.9	4.7	5.1	4.9	4.7	4.6	4.4
Right-of-use assets	515.8		515.8	513.5	505.3	491.3	485.7	463.6	447.7	403.2
Advance payments and construction in progress	0.8		0.8	1.0	1.8	1.3	5.6	8.1	10.8	12.2
Property, plant and equipment, total	1,266.9	-418.5	848.3	840.9	828.7	811.7	806.5	780.3	761.8	713.6
Investment properties	0.5		0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
Non-current receivables	0.6		0.6	0.6	0.3	0.4	0.4	0.4	0.4	1.4
Non-current lease receivables	17.0		17.0	16.6	16.3	16.0	15.7	15.4	15.0	8.0
Other investments	0.3		0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2
Deferred tax assets	14.7		14.7	16.3	16.2	16.8	16.3	21.6	17.3	17.2
NON-CURRENT ASSETS, TOTAL	1,947.4	-418.5	1,528.9	1,514.6	1,494.2	1,470.0	1,476.6	1,418.8	1,423.4	1,361.7
CURRENT ASSETS
Inventories	141.9		141.9	164.8	149.3	179.2	145.8	171.4	134.8	150.1
Current receivables
Interest-bearing receivables	0.8		0.8	0.2	0.1	0.1	0.1	0.3	0.2	0.1
Lease receivables	1.2		1.2	1.2	1.2	1.3	1.3	1.3	1.3	0.9
Income tax receivables	7.8		7.8	11.8	4.0	4.2	4.6	3.7	3.5	0.4
Non-interest-bearing receivables	43.7		43.7	53.1	44.2	42.5	37.1	33.8	21.6	41.8
Current receivables, total	53.4		53.4	66.4	49.5	48.1	43.0	39.1	26.6	43.3
Cash and cash equivalents	43.4		43.4	25.1	15.7	12.2	24.9	42.9	125.5	132.0
CURRENT ASSETS, TOTAL	238.8		238.8	256.2	214.6	239.4	213.7	253.4	287.0	325.4
ASSETS CLASSIFIED AS HELD FOR SALE	175.7		175.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
ASSETS, TOTAL	2,361.9	-418.5	1,943.3	1,770.8	1,708.8	1,709.4	1,690.3	1,672.2	1,710.4	1,687.1
EUR mill.		Initial 01/01/2019 Change 01/01/2019 Adjusted 01/01/2019		3/31/2019	6/30/2019	9/30/2019	12/31/2019	3/31/2020	6/30/2020	9/30/2020
EQUITY AND LIABILITIES
EQUITY
Share capital	144.1		144.1	144.1	144.1	144.1	144.1	144.1	144.1	144.1
Share premium fund	186.1		186.1	186.1	186.1	186.1	186.1	186.1	186.1	186.1
Revaluation surplus	358.2	-358.2
Invested unrestricted equity fund	250.4		250.4	250.4	250.4	250.4	250.4	250.4	250.4	250.4
Other funds	44.2		44.2	44.3	43.4	44.9	42.5	46.1	43.5	43.8
Translation reserve	-11.6		-11.6	-16.0	-20.1	-23.5	-17.5	-33.2	-7.2	-11.5
Retained earnings	-212.1	22.4	-189.6	-226.4	-229.7	-245.8	-241.8	-285.3	-298.2	-294.9
Hybrid bond	84.3		84.3	84.3	84.3	84.3	105.8	105.8	105.8	105.8
Equity attributable to equity holders of the parent company	843.7	-335.8	507.9	466.8	458.5	440.5	469.6	414.0	424.6	423.9
EQUITY, TOTAL	843.7		507.9	466.8	458.5	440.5	469.6	414.0	424.6	423.9
NON-CURRENT LIABILITIES
Deferred tax liabilities	128.3	-82.7	45.5	46.7	45.9	46.6	43.8	42.8	44.5	44.8
Non-current interest-bearing financing liabilities	359.9		359.9	423.6	413.2	420.8	364.5	413.7	0.0	0.0
Non-current lease liabilities	530.0		530.0	460.0	455.4	442.2	438.6	421.8	401.9	352.5
Non-current non-interest-bearing liabilities and provisions	2.7		2.7	2.9	3.3	2.3	1.6	1.5	0.3	0.2
NON-CURRENT LIABILITIES, TOTAL	1,020.9	-82.7	938.2	933.2	917.8	912.0	848.5	879.7	446.6	397.6
CURRENT LIABILITIES
Current interest-bearing financing liabilities	227.9		227.9	59.2	34.3	44.0	47.8	77.3	478.8	488.0
Current lease liabilities	20.9		20.9	91.1	91.5	91.1	91.2	87.0	87.6	82.6

Current non-interest-bearing liabilities
Trade payables and other current liabilities	190.1		190.1	196.8	181.8	191.4	194.6	176.8	230.9	252.6
Income tax liabilities	20.9		20.9	21.6	20.0	27.8	37.4	35.1	41.7	38.6
Current provisions	2.8		2.8	2.1	4.9	2.5	1.1	2.2	0.2	3.9
Current non-interest-bearing liabilities, total	213.8		213.8	220.5	206.7	221.8	233.2	214.2	272.7	295.1
CURRENT LIABILITIES, TOTAL	462.5		462.5	370.8	332.5	356.9	372.2	378.5	839.2	865.6
LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE	34.7		34.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
LIABILITIES, TOTAL	1,518.2	-82.7	1,435.5	1,304.0	1,250.3	1,268.9	1,220.7	1,258.2	1,285.8	1,263.2
EQUITY AND LIABILITIES, TOTAL	2,361.9	-418.5	1,943.3	1,770.8	1,708.8	1,709.4	1,690.3	1,672.2	1,710.4	1,687.1

Consolidated income statement per quarter

EUR mill.				1/1-3/31/2019 4/1-6/30/2019 7/1-9/30/2019 10/1-12/31/2019 1/1-3/31/2020 4/1-6/30/2020 7/1-9/30/2020
REVENUE	207.2	242.3	225.3	285.7	168.4	182.7	207.6
Other operating income	0.0	0.0	0.0	0.0	0.0	5.3	2.8
Materials and consumables	-96.9	-100.3	-98.3	-124.0	-77.1	-83.9	-88.5
Wages, salaries and employee benefit expenses	-53.5	-54.3	-49.8	-53.5	-49.7	-38.5	-44.3
Depreciation, amortisation and impairment losses	-32.7	-32.6	-31.4	-32.2	-33.7	-32.8	-31.7
Other operating expenses	-42.8	-42.1	-41.1	-50.9	-35.7	-33.3	-31.6
Total expenses	-225.9	-229.3	-220.5	-260.6	-196.2	-188.4	-196.1
OPERATING PROFIT/LOSS	-18.7	12.9	4.8	25.1	-27.8	-0.4	14.3
Financial income	0.3	0.3	0.3	0.3	0.2	4.9	-0.2
Financial expenses	-14.1	-13.8	-13.3	-12.6	-11.6	-13.1	-9.7
Total financial income and expenses	-13.8	-13.6	-13.1	-12.3	-11.4	-8.2	-9.9
PROFIT/LOSS BEFORE TAX	-32.4	-0.6	-8.3	12.8	-39.2	-8.6	4.4
Income taxes	2.3	-2.7	-7.8	-8.8	3.9	-4.3	-1.1
PROFIT/LOSS FOR THE PERIOD	-30.2	-3.3	-16.1	4.0	-35.3	-12.9	3.3
Earnings per share, EUR	-0.44	-0.06	-0.24	0.02	-0.52	-0.21	0.01