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Strax
Quarterly Report • Nov 29, 2024
3205_10-q_2024-11-29_8649c65f-d73d-45c0-9eb4-4e401dfa1360.pdf
Quarterly Report
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www.strax.com
2024
Q3
STRAX – Challenges remain, whilst the objective to save and rebuild the company remains intact
- The Group's sales for the period January 1 September 30, 2024, amounted to MEUR 7.4 (25.0) with a gross margin of -65.0 (4.3) percent.
- The Group's result for the period January 1 September 30, 2024, amounted to MEUR -1.9 (-25.5) corresponding to EUR -0.02 (-0.24) per share.
- EBITDA from continuing operations for the period January 1 September 30, 2024, amounted to MEUR -1.5 (-22.0).
- Equity as of September 30, 2024, amounted to MEUR -73.6 (-33.6) corresponding to EUR -0.61 (-0.28) per share.
- As of September 30, 2024, STRAX is not fulfilling the special conditions in the loan agreement with PCP due to the development of profitability and financial position in the Group. STRAX board and management are working closely with PCP on a plan to return to compliance of the agreement.
Significant events after the end of the period
STRAX completed an asset purchase agreement to acquire select assets from the insolvency estate of Strax GmbH in Germany. The transaction scope covers the two sales entities in Scandinavia, and some consumer accessories brands. The purchase price is KEUR 285, plus service fees.
"The effort to stabilize and save STRAX remains our top priority. We have made significant progress in minimizing operating expenses to essential levels and are actively pursuing strategies to reduce debt and improve liquidity."
Gudmundur Palmason, CEO
COMMENTS FROM THE CEO
The effort to stabilize and save STRAX remains our top priority. We have made significant progress in minimizing operating expenses to essential levels and are actively pursuing strategies to reduce debt and improve liquidity.
Challenges and current status
Since the onset of the COVID-19 pandemic in 2020, STRAX has faced unprecedented challenges that have had a cascading effect across the group. This culminated in the insolvencies of our European distribution platform, the intermediate holding company Strax Holding GmbH, and several other group entities in 2024. Despite these setbacks, we continue to work on measures to save and rebuild the company.
Q3 2024 financial overview
Sales of MEUR 0.9 (8.3), reflecting an 89% decline compared to the same period last year. Sales decline comes out of all three product categories and sales are now concentrated in Strax Americas. Inventory adjustments are negatively impacting our gross profit, resulting in negative gross margin. EBITDA for the quarter amounted to MEUR 0.9 (-18.1), supported by drastically reduced operating expenses and non-recurring costs, and gain from divestment of a business unit in the USA.
Recovery plan
Our recovery plan remains focused on the upside potential in Urbanista and Matter Brands, via P Capital Partners, and diversifying into health tech by bringing developed technologies into our existing markets, drawing on expertise gained from scaling Gear4 and Urbanista globally.
We are committed to steering STRAX toward recovery and charting a transformative strategic path in 2025. By building on our core strengths and exploring new opportunities, we aim to deliver value for our stakeholders while positioning the company for sustainable growth.
WE INNOVATE, WE CREATE, WE INSPIRE, WE DELIVER
STRAX engages in accessories that empower mobile lifestyles. Our portfolio of branded accessories covers the main mobile accessory categories: Protection, Power, Connectivity, as well as Personal Audio.
Own brands are Xqisit and Flavr. Our distribution business retains a broad reach in the Americas and the Nordics. Our distribution also services other mobile accessory brands.
STRAX has evolved since being founded as a trading company in 1995. Today we have approximately 15 employees in 4 countries. STRAX is listed on the Nasdaq Stockholm stock exchange.
Divested own brands include Urbanista, Gear4, Clckr and Planet Buddies.
Discontinued operations include Health & Wellness, own brands Dóttir and grell, and licensed brand portfolio of adidas and Diesel.
OWN BRANDS
INNOVATIVE PROTECTION, AUDIO, POWER & CHARGING SOLUTIONS
With an extensive product portfolio ranging from protection to audio and power, XQISIT brings mid-priced innovative, quality design and functionality to value-conscious consumers.
BASIC YET ESSENTIAL MOBILE ACCESSORIES
FLAVR is an entry level brand covering all key mobile accessories product categories.
The Board of Directors and the CEO of STRAX AB hereby submit the Interim report for the period January 1 – September 30, 2024
All amounts are provided in EUR thousands unless otherwise stated. Figures in parentheses refer to the corresponding period the previous financial year. Information provided refers to the group and the parent company unless otherwise stated.
Result and financial position January 1 – September 30, 2024
The Group's net sales for the period January 1 – September 30, 2024, amounted to 7 421 (24 911). Gross profit amounted to -4 823 (1 066) and gross margin amounted to -65.0 (-4.3) percent. Operating profit amounted to -1 687 (-22 953).
Result for the period from continuing operations amounted to 0.8 (-19.2) and the result for the period amounted to 0.8 (-18.7).
The result included gross profit -4 823 (1 066) selling expenses -2 025 (-6 915), administrative expenses -984 (-2 789), other operating expenses -2 121 (-15 653), other operating income 12 624 (1 338), income from associated company -4 357 (-) net financial items -503 (-6 107) and tax 281 (-).
As of September 30, 2024, total assets amounted to 4 045 (57 700), of which equity totaled -73 605 (-33 587), corresponding to equity/assets ratio of -1 819.5 (-58.2) percent. Interest-bearing liabilities as of September 30, 2024, amounted to 5 787 (37 625). The group's cash and cash equivalents amounted to 79 (905).
As of September 30, 2024, STRAX is not fulfilling the special conditions in the loan agreement with P Capital Partners (PCP) due to the development of profitability and financial position in the Group. STRAX board and management is working closely with PCP on a plan to return to compliance of the agreement.
It must be pointed out that current market conditions are very challenging and the longer it takes to execute necessary measures and the longer it takes markets to recover impacts the risk in a negative way.
The Board is continuously working to implement a plan to strengthen the financial position and liquidity of the Group. So far, the work has resulted in significant reduction of costs and discontinuing of non-profitable brands and operations. The aim is to communicate next steps and future strategy for the Group during December 2024.
Significant events during the period
Bertil Villard resigned as a Board member and as Chairman of STRAX AB. Ingvi Tyr Tomasson has been appointed the Chairman of the Board following the resignation of Bertil Villard.
STRAX entered into an Assets Purchase Agreement with Matter Brands, LLC, formerly Alara Inc, to divest the brands Clckr, Jewel and Fundamental as well as key customer contracts and the majority of the US organization. Matter Brands, LLC, has a strong portfolio of brands including Gadget Guard as a category leader in screen protection, Atom Studios as a category leader in design and sustainability, as well as Alara Technologies, an industry leader holding several global patents in the field of EMF protection. Matter Brands, LLC, is paying for the assets by issuing new shares corresponding to a total of 40 percent of outstanding shares in Matter Brands, LLC.
STRAX AB, through its subsidiary STRAX Holding GmbH divested its 40 percent ownership of Matter Brands LLC for at total consideration of the equivalent of approximately MEUR 11 to P Capital Partners AB ("PCP") with a potential future upside for the Group. The consideration of approximately MEUR 11 will be fully assigned towards the outstanding loans under the facility agreement with PCP. The sale will also lead to a capital gain of approximately MEUR 5.
STRAX associated company STRAX GmbH filed for insolvency in May 2024.
Following the filing of insolvency of the associated company STRAX GmbH on May 28, 2024, the Board decided to write down shares in subsidiaries in the parent company's financial statements to zero with effect as of December 31, 2023, as well as write off the value of goodwill in the Group.
In connection with the insolvency filing of the associated company Strax GmbH that entity has raised claims regarding payment of outstanding receivables towards Strax Holding GmbH. There have previously been agreements how these outstanding amounts would be handled both short and long term, but under the current preliminary insolvency of Strax GmbH it is not clear how this will affect Strax Holding GmbH and thereby the Strax AB Group.
Strax Holding GmbH, on July 9, 2024, was notified of a preliminary insolvency proceeding by the court in Bonn, Germany. This initiates a 90-day procedure where the company works together with an administrator to investigate the potential for the business to continue operations as a going concern. The holding in Strax Holding GmbH has been written down to zero previously in STRAX AB.
The Board of Directors proposed no dividend be paid out for the financial year 2023.
Seasonal and phone launch fluctuations
STRAX operations have defined fluctuations between seasons, whereby the strongest period is September-November. This means the greater part of the STRAX result is generated during the second half of the year provided the trends from the last five years continue. Timing and supply of hero smartphone launches, e.g. iPhone and Samsung Galaxy, also impacts STRAX results, with these being hard to predict and sometimes challenging to manage.
Investments
Investments during the period amounted to a total of - (-) and divestment in subsidiaries amounted to - (-331).
The parent company's result for the period amounted to -548 (-53 058). The result included net sales 148 (-), administrative expenses -733 (-1 266) and net financial items 37 (-51 792). As of September 30, 2024, total assets amounted to 682 (24 787) of which equity totaled -15 263 (10 018). Cash and cash equivalents amounted to 9 (18).
Significant events after the end of the period
As of September 30, 2024, STRAX is not fulfilling the special conditions in the loan agreement with PCP due to the development of profitability and financial position in the Group. STRAX board and management are working closely with PCP on a plan to return to compliance of the agreement.
STRAX has completed an asset purchase agreement to acquire select assets from the insolvency estate of Strax GmbH in Germany. The transaction scope covers the two sales entities in Scandinavia, and some consumer accessories brands. The purchase price is KEUR 285, plus service fees.
Other events after the end of the period
On November 13, 2024, Strax Holding GmbH was declared insolvent by the competent court in Bonn, Germany. The holding in Strax Holding GmbH has been written down to zero previously in STRAX AB.
Future development
STRAX currently is playing for survival through various restructuring initiatives. Once the restructuring is completed, we will focus on mobile accessories and personal audio, as these are the product categories we've managed to develop and scale brands globally during the past decade.
Risks and uncertainties
Risk assessment, i.e. the identification and evaluation of the company's risks is an annual process at STRAX. Risk assessment is done in the form of self-evaluation and includes establishing action plans to mitigate identified risks. The primary risks present in STRAX business activities are commercial risk, operative risk, financial risk relating to outstanding receivables, obsolete inventory, and currency risk. Other risks that impact the company's financial operations are liquidity, financing, interest rate and credit risk. The current market conditions in combination with the losses and financial position of the group significantly increase the liquidity risk as well as the financing risk of the company. The company is to some extent dependent on a key number of senior executives and other key personnel to run its operations, and is dependent on a functioning distribution chain, logistics and warehousing.
Russia's military intervention in Ukraine has led to growing geopolitical uncertainty. STRAX does not conduct any operations in Russia or Ukraine and is not directly impacted from a business perspective, but is indirectly affected by, among other things, increased material prices and supply chain disruptions. STRAX is actively working to limit the negative effects of the situation that has arisen.
For further information on risks and risk management, reference is made to the 2023 annual report.
FINANCIAL CALENDAR:
February 27 2025 Year-end report 2024
April 2025 Annual report 2024
May 22 2025 Interim report January – March 2025
May 22 2025 Annual General Meeting
For further information contact:
Gudmundur Palmason (CEO)
STRAX AB (publ) Mäster Samuelsgatan 10 111 44 Stockholm Sweden Corp.id: 556539-7709 Tel: +46 (0)8-545 017 50 [email protected] www.strax.com
The Board is registered in Stockholm, Sweden.
The report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish and English translation, the former shall have precedence.
The undersigned declare that the interim report provides a true and fair overview of the parent company's and the group's operations, financial position, performance, and result and describes material risks and uncertainties facing the parent company and other companies in the group.
Stockholm, November 29, 2024
Ingvi Tyr Tomasson Chairman
Director Director/CEO
Kjartan Sigurdsson Gudmundur Palmason
This report has not been subject to an audit by the company auditor.
| 2024 | 2023 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| (3 months) | (3 months) | (9 months) | (9 months) | (12 months) | |
| Key ratios | Jul 1– Sept 30 | Jul 1– Sept 30 | Jan 1– Sept 30 | Jan 1- Sept 30 | Jan 1 - Dec 31 |
| FINANCIAL KEY RATIOS | |||||
| Sales growth, % | -88.7 | -12.1 | -70.2 | -4.0 | -27.3 |
| Gross margin, % | -72.0 | 0.0 | -65.0 | 4.3 | -34.9 |
| Equity, MEUR | -73.6 | -33.6 | -73.6 | -33.6 | -71.8 |
| Equity/asset ratio, % | -1 819.5 | -58.2 | -1 819.5 | -58.2 | -383.2 |
| DATA PER SHARE | |||||
| Equity, EUR | -0.61 | -0.28 | -0.61 | -0.28 | -0.60 |
| Equity, SEK | -6.90 | -3.21 | -6.90 | -3.21 | -6.61 |
| Result continuing operations, EUR | 0.01 | -0.16 | -0.02 | -0.24 | -0.51 |
| Result continuing operations, SEK | 0.08 | -1.83 | -0.18 | -2.77 | -5.82 |
| Result from discontinued operations, EUR | 0.00 | 0.00 | 0.00 | 0.03 | -0.05 |
| Result from discontinued operations, SEK | 0.00 | 0.05 | 0.00 | 0.34 | -0.52 |
| NUMBER OF SHARES | |||||
| Number of shares at the end of the period | 120 592 332 | 120 592 332 | 120 592 332 | 120 592 332 | 120 592 332 |
| Average number of shares | 120 592 332 | 120 592 332 | 120 592 332 | 120 592 332 | 120 592 332 |
| EMPLOYEES | |||||
| Average number of employees | 15 | 90 | 15 | 160 | 86 |
Calculation ratios
| 2024 2023 2022 2024 2023 2022 2023 2022 Jul 1 - Sept 30 Jul 1 - Sept 30 Jul 1 - Sept 30 Jan 1 - Sept 30 Jan 1 - Sept 30 Jan 1 - Sept 30 Jan 1 - Dec 31 Jan 1 - Dec 31 Sales Sales 935 8 282 9 419 7 421 24 911 25 951 30 180 41 512 Increase (+)/decrease (-) -7 347 -1 137 -17 490 -1 040 -11 332 Sales growth |
3 Months | 9 Months | 12 Months | ||||
|---|---|---|---|---|---|---|---|
| Increase (+)/decrease (-) | -7 347 | -1 137 | -17 490 | -1 040 | -11 332 | ||
| Value previous year 8 282 9 419 24 911 25 951 41 512 |
|||||||
| = Sales growth -88,7% -12,1% -70,2% -4,0% -27,3% |
|||||||
| Gross profit | |||||||
| Gross profit -673 -4 823 1 066 -10 527 |
|||||||
| Sales 935 8 282 7 421 24 911 30 180 |
|||||||
| = Gross profit % -72,0% 0,0% -65,0% 4,3% -34,9% |
|||||||
| Equity assets ratio | |||||||
| Equity -73 605 -33 587 -73 605 -33 587 -71 797 |
|||||||
| Total assets 4 045 57 700 4 045 57 700 18 738 |
|||||||
| = Equity assets ratio % -1819,5% -58,2% -1819,5% -58,2% -383,2% |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| (3 months) | (3 months) | (9 months) | (9 months) | (12 months) | |
| Summary income statements, KEUR | Jul 1 – Sept 30 | Jul 1 – Sept 30 | Jan 1 – Sept 30 | Jan 1 – Sept 30 | Jan 1- Dec 31 |
| Net sales | 935 | 8 282 | 7 421 | 24 911 | 30 180 |
| Cost of goods sold | -1 608 | -13 213 | -12 244 | -23 845 | -40 707 |
| Gross profit | -673 | -4 931 | -4 823 | 1 066 | -10 527 |
| Selling expenses | -164 | -1 634 | -2 025 | -6 915 | -34 998 |
| Administrative expenses (1) | -54 | -1 117 | -984 | -2 789 | -3 549 |
| Other operating expenses | -74 | -11 718 | -2 121 | -15 653 | -12 472 |
| Other operating income | 1 826 | 753 | 12 624 | 1 338 | 23 503 |
| Income from associated company | - | - | -4 357 | - | -14 044 |
| Operating profit | 860 | -18 647 | -1 687 | -22 953 | -52 087 |
| Financial income | 63 | -1 | 63 | 41 | 42 |
| Financial expenses | -124 | -1 115 | -566 | -6 148 | -9 496 |
| Net financial items | -61 | -1 116 | -503 | -6 107 | -9 454 |
| Profit before tax | 799 | -19 763 | -2 189 | -29 060 | -61 541 |
| Tax | -2 | 551 | 281 | - | 372 |
| Profit or loss from continuing | |||||
| operations after tax | 797 | -19 212 | -1 909 | -29 060 | -61 169 |
| Profit or loss from discontinued operations after tax |
- | 489 | - | 3 591 | -5 473 |
| PROFIT OR LOSS FOR THE PERIOD (2) |
797 | -18 723 | -1 909 | -25 469 | -66 642 |
| Basic earnings per share continuing operations, EUR |
0.01 | -0.16 | -0.02 | -0.24 | -0.51 |
| Diluted earnings per share continuing operations, EUR |
0.01 | -0.15 | -0.02 | -0.23 | -0.49 |
| Basic earnings per share discontinued operations, EUR |
0.00 | 0.00 | 0.00 | 0.03 | -0.05 |
| Diluted earnings per share discontinued operations, EUR |
0.00 | 0.00 | 0.00 | 0.03 | -0.04 |
| Weighted average number of shares during the period |
120 592 332 | 120 592 332 | 120 592 332 | 120 592 332 | 120 592 332 |
| Weighted diluted average number of shares during the period |
124 687 332 | 124 687 332 | 124 687 332 | 124 687 332 | 124 687 332 |
| Statement of comprehensive income, KEUR |
|||||
| Result for the period | 797 | -18 723 | -1 909 | -25 469 | -66 642 |
| Other comprehensive income, | |||||
| translation gains/losses on consolidation net of tax |
1 673 | 1 035 | 101 | -494 | 1 328 |
| Total comprehensive income for the period |
2 470 | -17 688 | -1 808 | -25 963 | -65 314 |
1) Depreciation and amortization for the period January 1 – September 30, 2024, amounted to 185 (1 001).
2) The result for the period, respectively the total comprehensive income is attributed to the parent company's shareholders.
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| Summary balance sheets, KEUR | September 30 | September 30 | December 31 |
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Goodwill | - | 13 420 | - |
| Other intangible assets | 585 | 2 201 | 771 |
| Property, Plant & Equipment | 570 | 781 | 666 |
| Investments in associated companies | 2 | 7 860 | 4 357 |
| Other assets | 863 | 1 113 | 1 138 |
| Deferred tax assets | - | 110 | - |
| Total non-current assets | 2 020 | 25 485 | 6 932 |
| CURRENT ASSETS | |||
| Inventories | - | 15 510 | 6 934 |
| Tax receivables | 751 | 877 | 784 |
| Accounts receivable | - | 8 521 | 3 203 |
| Other assets | 1 196 | 1 608 | 361 |
| Cash and cash equivalents | 79 | 905 | 524 |
| Assets held for sale | - | 4 794 | - |
| Total current assets | 2 025 | 32 215 | 11 806 |
| TOTAL ASSETS | 4 045 | 57 700 | 18 738 |
| EQUITY AND LIABILITIES | |||
| Equity | -73 605 | -33 587 | -71 797 |
| NON-CURRENT LIABILITIES: | |||
| Tax liabilities | 421 | 420 | 422 |
| Other liabilities | 648 | 1 161 | 648 |
| Interest-bearing liabilities | 538 | 519 | 550 |
| Total non-current liabilities | 1 608 | 2 100 | 1 620 |
| Current liabilities: | |||
| Provisions | 564 | 474 | 612 |
| Interest-bearing liabilities | 5 249 | 37 106 | 11 499 |
| Accounts payable | 11 382 | 22 649 | 10 088 |
| Tax liabilities | 1 624 | 1 604 | 1 625 |
| Liabilities to associated companies | 49 996 | 12 000 | 51 558 |
| Other liabilities | 7 226 | 12 232 | 13 532 |
| Liabilities associated with assets held for sale | - | 3 122 | - |
| Total current liabilities | 76 042 | 89 187 | 88 914 |
| Total liabilities | 77 650 | 91 287 | 90 534 |
| TOTAL EQUITY AND LIABILITIES | 4 045 | 57 700 | 18 737 |
| Summary of changes in equity, KEUR | |||
| Equity as of December 31, 2022 | -6 482 | ||
| Comprehensive income January 1 – December 31 2023 | -65 315 | ||
| Equity as of December 31, 2023 | -71 797 | ||
| Comprehensive income January 1 – September 2024 | -1 808 | ||
| Equity as of September 30, 2024 | -73 605 |
| 2024 | 2023 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| (3 months) | (3 months) | (9 months) | (9 months) | (12 months) | |
| Summary cash flow statements, KEUR | Jul 1- Sept 30 | Jul 1- Sept 30 | Jan 1-Sept 30 | Jan 1- Sept 30 | Jan 1- Dec 31 |
| OPERATING ACTIVITIES | |||||
| Result before tax, continuing operations | 801 | -19 763 | -2 189 | -29 060 | -61 541 |
| Adjustment for items not included in cash flow from operations or items not affecting cash flow |
-472 | 1 510 | 8 610 | 3 531 | 34 005 |
| Paid taxes | - | -457 | -283 | -464 | -512 |
| Cash flow from continuing operations prior to changes in working capital |
329 | -18 710 | 6 138 | -25 993 | -28 048 |
| Cash flow from changes in working capital: | |||||
| Increase (-)/decrease (+) operating items | -337 | 22 154 | -6 582 | 28 906 | 29 465 |
| Cash flow from operating activities continuing operations |
-9 | 3 441 | -445 | 2 913 | 1 417 |
| Cash flow from operations | -9 | 3 441 | -445 | 2 913 | 1 417 |
| INVESTMENT ACTIVITIES Investments in software |
- | -1 974 | - | - | - |
| Investments in property, plant & equipment | - | -1 012 | - | - | - |
| Divestment subsidiaries | - | -331 | - | -331 | -360 |
| Cash flow from investing activities of continuing operations |
- | -3 317 | - | -331 | -360 |
| Cash flow from investing activities of discontinued operations |
- | - | - | -1 889 | - |
| Cash flow from investment activities | - | -3 317 | - | -2 220 | -360 |
| FINANCING ACTIVITIES | |||||
| Interest-bearing liabilities | - | 39 | - | - | - |
| Amortization of interest-bearing liabilities | - | -2 048 | - | -2 056 | -3 007 |
| Repayment Leasing liabilities | - | 441 | - | - | - |
| Paid interest and other expenses | - | 1 109 | - | -435 | -435 |
| Cash flow from financing activities of continuing operations |
- | -459 | - | -2 491 | -3 442 |
| Cash flow from financing activities of discontinued operations |
- | - | - | -206 | - |
| Cash flow from financing activities | - | -459 | - | -2 697 | -3 442 |
| Cash flow for the period | -9 | -335 | -445 | -2 004 | -2 385 |
| Cash and cash equivalents at the beginning of the period | - | - | 524 | 2 909 | 2 909 |
| Cash and cash equivalents at the end of the period | -9 | -335 | 79 | 905 | 524 |
NOTE 1 REFERENCES
- Seasonal and phone launch fluctuations, see page 6.
- For further information on accounting principles reference is made to the 2023 annual report.
- For events after the end of the period, see page 6.
NOTE 2 ACCOUNTING PRINCIPLES
The currency of the Parent Company is Euro (EUR), which is also the reporting currency of the parent company and the Group.
STRAX prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and with the restrictions which apply due to the Swedish national legislative when preparing the parent company's financial statements.
The Interim report for the group has been prepared in accordance with IAS 34" Interim Reporting" and applicable sections of the Annual Accounts Act.
The section of the report applicable to the parent company has been prepared in accordance with Annual Accounts Act, Chapter 9.
The same accounting principles are applied as in the annual report for 2023.
All operations is conducted in one segment.
HELD FOR SALE OR/AND DISCONTINUED OPERATIONS
During the fall of 2022 the board of directors conducted a strategic review of the groups business and as a result of that process it was decided to simplify the group structure and reduce the number of brands and types of businesses we engage in as well as operational entities in the group.
The divestment of the majority ownership in the European Distribution represented the full Segment "Distribution" and as an effect it has been reported applying IFRS – Discontinued operations. The effect is that the profit or loss for the period January 1 – December 31, 2023, and corresponding figures last year has been reported Profit/loss from discontinued operations in the Income statement. The divestment of Distribution is an own segment and therefore treated as discontinued operations. The main part of discontinued operations in the schedule below belongs to the segment Distribution.
| 2024 | 2023 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| (3 months) | (3 months) | (9 months) | (9 months) | (12 months) | |
| Income statements for discontinued operations, KEUR |
Jul 1 – Sept 30 | Jul 1 – Sept 30 | Jan 1 – Sept 30 | Jan 1 – Sept 30 | Jan 1 - Dec 31 |
| Net sales | - | 1 | - | 20 753 | 20 754 |
| Cost of goods sold | - | 22 | - | -16 326 | -16 327 |
| Gross profit | - | 23 | - | 4 427 | 4 427 |
| Selling expenses | - | -109 | - | -2 769 | -2 815 |
| Administrative expenses | - | 32 | - | -1 335 | -1 335 |
| Other operating expenses | - | -500 | - | 278 | -8 198 |
| Other operating income | - | 1 042 | - | 1 320 | 779 |
| Operating profit | - | 488 | - | 1 921 | -7 142 |
| Financial income | - | -1 114 | - | 199 | - |
| Financial expenses | - | - | - | 919 | 1 118 |
| Net financial items | - | -1 114 | - | 1 118 | 1 118 |
| Profit before tax | - | -626 | - | 3 039 | -6 024 |
| Tax | - | 1 | - | 552 | 551 |
| Profit or loss from discontinued operations after tax |
- | -625 | - | 3 591 | -5 473 |
Group
| Bridge to EBITDA discontinued operations KEUR |
2024 (3 months) Jul 1 - Sept 30 |
2023 (3 months) Jul 1 - Sept 30 |
2024 (9 months) Jan 1 - Sept 30 |
2023 (9 months) Jan 1 - Sept 30 |
2023 (12 months) Jan 1 - Dec 31 |
|---|---|---|---|---|---|
| Operating profit from discontinued operations |
- | 488 | - | 1 921 | -7 142 |
| + Depreciation & amortization from discontinued operations |
- | 463 | - | 696 | 334 |
| EBITDA from discontinued operations | - | 951 | - | 2 617 | -6 808 |
Definitions
| Key ratio | Calculation | What it measures or represents |
|---|---|---|
| Equity/Asset ratio | Equity as a percentage of the total assets. | This measure reflects the financial position and the long term solvency and resistance to periods of economic downturn. |
| Equity per share | Equity in relation to the number of shares at the end of the period. |
Measures development of equity in relation to number of outstanding shares at the end of the period, captures both changes in equity and changes in number of outstanding shares. |
| Number of shares at the end of the period |
The number of shares at the end of each period adjusted for bonus issue and share buy-back etc. |
Calculation bases for all balance sheet per shares based key ratios. |
| Items affecting comparability |
The number of shares at the end of each period adjusted for bonus issue and share buy-back etc. |
Calculation bases for all balance sheet per shares based key ratios. |
| Gross profit | Sales less the cost of goods sold. | Measures how well prices to customers in relation to cost of goods sold are maintained including costs to deliver sold goods. |
| Gross margin | Gross profit in relation to sales expressed as a percentage. |
Gross profit in relation to Sales, efficiency measure presented in percentage. |
| Operating profit/loss | Operating income minus operating costs for the specified period before financial items and taxes. |
Measures overall profitability from operations and ongoing business activities including depreciation and amortization. |
EBITDA Operating profit/loss plus depreciations. Measures overall profitability from operations and ongoing business activities including depreciation and amortization.
| Bridge to EBITDA | 2024 | 2023 | 2024 | 2023 | 2023 |
|---|---|---|---|---|---|
| continuing operations, | (3 months) | (3 months) | (9 months) | (9 months) | (12 months) |
| KEUR | Jul 1 – Sept 30 | Jul 1 – Sept 30 | Jan 1 – Sept 30 | Jan 1 – Sept 30 | Jan 1 – Dec 31 |
| Operating profit from continuing operations |
860 | -18 647 | -1 687 | -22 953 | -52 087 |
| + Depreciation & amortization from continuing operations |
10 | 506 | 185 | 1 001 | 334 |
| EBITDA from continuing operations |
870 | -18 141 | -1 502 | -21 952 | -51 753 |
Parent Company
| 2024 | 2023 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| (3 months) | (3 months) | (9 months) | (9 months) | (12 months) | |
| Summary income statements, KEUR |
Jul 1 - Sept 30 | Jul 1 - Sept 30 | Jan 1 - Sept 30 | Jan 1 - Sept 30 | Jan 1 - Dec 31 |
| INVESTMENT ACTIVITIES | |||||
| Net Sales | - | - | 148 | - | - |
| Gross profit | - | - | 148 | - | - |
| Administrative expenses | -76 | -793 | -733 | -1 266 | -1 965 |
| Operating income | -76 | -793 | -585 | -1 266 | -1 965 |
| Net financial items | 48 | -51 760 | 37 | -51 792 | -75 826 |
| Result after financial items | -28 | -52 553 | -548 | -53 058 | -77 791 |
| RESULT FOR THE PERIOD | -28 | -52 553 | -548 | -53 058 | -77 791 |
| Statement of comprehensive income, KEUR |
|||||
| Result for the period | -28 | -52 553 | -548 | -53 058 | -77 791 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
-28 | -52 553 | -548 | -53 058 | -77 791 |
| 2024 | 2023 | 2023 | |||
| Summary balance sheets, KEUR | September 30 | September 30 | December 31 | ||
| ASSETS | |||||
| Non-current assets | 44 | 129 | 43 | ||
| Non-current financial assets | 71 | 24 000 | 71 | ||
| Total non-current assets | 115 | 24 129 | 114 | ||
| Current receivables | 135 | 195 | 286 | ||
| Prepaid expenses and accrued income | 423 | 445 | 431 | ||
| Cash and bank balances | 9 | 18 | 9 | ||
| Total current assets | 568 | 658 | 726 | ||
| TOTAL ASSETS | 682 | 24 787 | 840 | ||
| EQUITY AND LIABILITIES | |||||
| Equity | -15 263 | 10 018 | -14 715 | ||
| Current liabilities | 15 945 | 14 769 | 15 555 | ||
| Total liabilities | 15 945 | 14 769 | 15 555 | ||
| TOTAL EQUITY AND LIABILITIES | 682 | 24 787 | 840 | ||
| Summary of changes in equity, KEUR | |||||
| Equity as of December 31, 2022 | 63 076 | ||||
| Comprehensive income Jan 1 – Dec 31 2023 | -77 791 | ||||
| Equity as of December 31, 2023 | -14 715 | ||||
| Comprehensive income Jan 1 - Sept 30 2024 | -548 | ||||
| Equity as of September 30, 2024 | -15 263 |