Annual Report (ESEF) • Apr 8, 2022
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Download Source FileUntitled ANNUAL REPORT SMARTPHOTO GROUP 2021 - PART 1 ANNUAL REPORT 2021 TABLE OF CONTENT - PART 01 Word from the CEO and Chairman Report of the Board of Directors Statement fiti ffi Information about the share The world of smartphoto Dividend titi fi fi fi ti fi ti ti fi fi titi ti 6 23 26 28 4 15 25 28 8 24 28 11 24 28 12 25 28 ANNUAL REPORT 2021 ti ti Statement of non-financial information - Sustainability report (ESG) Notes to the 2021 consolidated financial statements 2021 consolidated financial statements ti ti Management responsibility statement 2021 statutory annual accounts Organisation chart Statement of fiti Statutory Auditor’s report ti 48 61 58 52 151 54 54 tiffi TABLE OF CONTENT - PART 02 ANNUAL REPORT 2021 Evolution share price and volumes smartphoto group Volumes in K Beurskoers in euro 0 8 15 23 30 0 10 20 30 40 Periode mm/jj 01/21 02/21 03/21 04/21 05/21 06/21 07/21 08/21 10/21 11/21 12/21 Beurskoers in euro Volumes in K Evolutie beurskoers en volumes smartphoto group Period mm/yy Share price in euro Volumes in K 0 5 10 15 20 25 20 22 24 26 28 30 32 34 36 38 40 01/21 02/21 03/21 04/21 05/21 06/21 07/21 08/21 09/21 10/21 11/21 12/21 Volumes in K Share price in euro Evolution share price and volumes smartphoto group Evolution share price in % smartphoto group/BEL Small Index Evolutie beurskoers in % smartphoto group/BEL Small Index Evolutie beurskoers in % -8% 0% 8% 15% 23% 30% Periode mm/jj 01/21 02/21 03/21 03/21 04/21 05/21 06/21 07/21 08/21 09/21 10/21 11/21 12/21 SMAR BEL Small Index Period mm/yy SMAR BEL Small Index -10% -5% 0% 5% 10% 15% 20% 25% 01/21 02/21 03/21 04/21 06/21 07/21 08/21 09/21 10/21 11/21 12/21 Evolution share price in % Evolution share price in % smartphoto group/BEL Small Index ANNUAL REPORT 2021 Relevant figures relating to the share 2020 2021 tifiti tifiti 1 552 ti ti (1) (1) RotationcalculatedonthetotalnumberoffreelytradablesharesasatDecember31takingintoaccount thenumberofsharesheldwithapercentage≥3%ofthetotalnumberofshares,andtakingintoaccount thetreasuryshares. Shareholders’ agenda ti ti * ft fi * ft * Indicativedates Communication with shareholders and investors ti ti titi titifi ti ti Stock exchange listing Legal Entity Identifier (LEI) Number of shares ti ti (1) (1) Theweightedaveragenumberoftreasurysharespurchasedin2021amountsto3734.Thisiscalculated as follows: the total number of outstanding days is multiplied by the number of treasury shares purchased,anddividedby365.Theweightedaveragenumberoftreasurysharestransferredin2021 amountsto-1305in2021.Thetotalweightedaveragenumberofsharesentitledtodividendamounts to3746388. Financial services fi fi ANNUAL REPORT 2021 ti ti fi tiffti fttiti titititi titffi ti ti ti titi CEO In 2021, we also welcomed the employees of Nayan (Frucon²) into the group. We are therefore delighted to be able to combine our strengths for the benefit of our customers across Europe. ANNUAL REPORT 2021 ANNUAL REPORT 2021 fi Statement of profit or loss for the period (in K euro) 2020 2021 ∆ in % 2021 61 364 63 052 fitititi 8 343 tititi ti titi Profit/loss(-)fromoperatingactivities,before non-recurringitems,correctedfordepreciation, amortisation,write-downs,impairmentand provisions(REBITDA) 11860 10506 -11.4% tititi Profit/loss(-)fromoperatingactivities,corrected fordepreciation,amortisation,write-downs, impairmentandprovisions(EBITDA) 11860 10189 -14.1% fffi 138 128 fi Profit/loss(-)beforetaxes,correctedfor depreciation,amortisation,write-downs, impairmentandprovisions 11520 10121 -12.1% 532 -1 421 -1 218 666 fi 5 500 Profit/loss(-)fortheperiod,correctedfor depreciation,amortisation,write-downs, impairment,provisionsanddeferredtaxes 10834 9367 -13.5% fitt 5 500 Statement of financial position (in K euro) 2020 2021 ∆ in % 2021 82 566 fi -3 800 fi ti ti Alternative Performance Measures (APMs) ti fi ti fiti titi titi tifiti ti ti fi fftititi tifi tifiti Turnover fi EBIT tifi fiti titi ff ANNUAL REPORT 2021 EBITDA ti titi tififitititi tititi ff ti ti titi REBITDA ti titi tififi tititi tititi ff ti tititi CAGR ti Dividend fi Balance sheet total ti Gross financial debt (-) fififi titi (in K euro) 2020 2021 ∆ in % 2021 fiti -2 836 -2 363 ti -514 fiti ti -643 fi -3 800 Net financial debt (-)/net cash fifi titi ti ti (in K euro) 2020 2021 ∆ in % 2021 20 812 fiti -2 836 -2 363 ti -514 fiti ti -643 ANNUAL REPORT 2021 Current ratio tititi titi ffifi (in K euro) 2020 2021 ∆ in % 2021 23 063 34 112 ti 18 800 ti Solvency ratio titi titi (in K euro) 2020 2021 ∆ in % 2021 82 566 ti ANNUAL REPORT 2021 ti ti ffff ft titt titi titt ti tf tiffti ft flft andft ti ANNUAL REPORT 2021 Milestones ti titi ti ti titi tifi ti tifi ti ti titi titifiti titi fi ti ti titi tittfi titi tt ANNUAL REPORT 2021 titi titt titi ti titititititt fi ti ti ti ti ti fitititi titi titi titititi fititi ti fiff ti ti ti tt tititt tititititi Sweden Norway Denmark Germany ti THE WORLD OF SMARTPHOTO ANNUAL REPORT 2021 The world of smartphoto titi ff ff tttift ttttti ff smart.simple.smile ftfi ffffti ttti ti fi tifi ft ffi fititi ti The widest choice of (photo)products fiff tf ti ft ff ff ft ft ft ftttttft fl ftff ft ANNUAL REPORT 2021 tift ANNUAL REPORT 2021 Oops, made a typo? ff tifi tifi fttifi Fast delivery ti ti ftti ft ttti ft ft ff ffft ff ti A real e-commerce company ti ti ti ti ti tt ti needed tiaddedvalue ti tti ti tiffi ti tiff titi ANNUAL REPORT 2021 ti More focus on the customer and a more human smartphoto in this digital world ti tifi tt titifi tt ANNUAL REPORT 2021 The world of Nayan ti tiff ti ft fl ft ft ti titi titi ft titi ti ti ti fi ti ti ti ti tiftffti titift ft ti ti tift fttiti ftffft ft ft ti tt ti tttt titi REPORT OF THE BOARD OF DIRECTORS ANNUAL REPORT 2021 ti ti e-commerce fl titi ti ti fitifi fi fi Revenue in K euro 0 17 500 35 000 52 500 70 000 Year 2019 2020 2021 11,9 +22.5% 61 364 63 052 51 466 REBITDA in K euro 0 3 000 6 000 9 000 12 000 Year 2019 2020 2021 11,9 +19.5% 11 860 10 506 8 790 ANNUAL REPORT 2021 ti ti ttfi tititi in K euro 2019 H1 2020 H2 2020 2020 H1 2021 H2 2021 2021 51 466 61 364 21 060 63 052 11 860 10 506 ft fi tift fi ffitititi Financial result fi ti tititi fifitifi Income taxes Profit or loss and other comprehensive income fifi fi fitititi ti tifi ti ft tiff ftti ft fifiti tiffti Dividend ti fiti ti ti Ex-dividend date ti Payment date ANNUAL REPORT 2021 Statement of financial position Property, plant and equipment titi titt ti Right-of-use assets ti titi ti Goodwill tifiti titi tifiti ti Intangible assets tt titi titi titffi titi ti tift Deferred tax assets Inventories ti Trade and other receivables ti Net cash fl titi ti ti Evoluation net financial debt (-)/net cash in K euro 0 5 000 10 000 15 000 20 000 Year 2019 2020 2021 11,9 13 229 17 013 8 211 ANNUAL REPORT 2021 Total equity fifi tiffft ti Non-current and current interest-bearing financial liabilities fi ti tititi Non-current and current lease liabilities ti ti ti Non-current and current employee benefit liabilities fi ti fiti titi Deferred tax liabilities ti Current trade payables and other payables ti ti Outlook 2022 tititi ti ttti ti ti ti ti ff ti Description of the most significant risks and uncertainties fi ti Subsequent events fl fi ti fl tititifi ti ANNUAL REPORT 2021 ti tititi ti fi Research and development activities titi tititi titi titi ti tffiti titi tift ti ti fi Branch offices ffi Use of financial instruments fi Remuneration of the Statutory Auditor ti titi fi titi titi ti fi ti Application of Article 7:99 of the Belgian Companies and Associations Code ti tt fi ti tititt ti ti tititi titi fititi tt titi ti ti tifiti titi ANNUAL REPORT 2021 Corporate Governance statement ti titi 30 tititt 41 ti 42 43 43 titt 43 ti 43 45 titi 48 titi 52 Corporate Governance Code ti ti tttt titi ti ti ti Deviations from the 2020 Code fititi titi ti ti ti ti ti ti ffi ffti ti ti ti ti titi titt tt ti ti ti tt ti ti tt ti ti tt ti titttifi titttitt ffiti ti titi tititi tifiti ti ti ti tittti tititi tititi titi ti ft ANNUAL REPORT 2021 tititi ti ti tiffiti tititi ti tititi ti tititi Composition and functioning of the Board of Directors titi tititi titi Current composition of the Board of Directors ti ti ffi ti ffi ffl ti ffi ti ffi ti ff ftti titi titi tt Name Non-executive director Independent director Audit Committee Nomination Committee Remuneration Committee x ti ti x ti x x ti x x x x x x x x x ti x x x x x x x ◊ChairmanxMember ANNUAL REPORT 2021 ti ti ti titi ti titi tifi ti titi ti ti ti ti ti Duration of the current appointments ti ti ti Directorships at other companies ti Internal measures to promote proper Corporate Governance practices titi fi ti ti ti ti fititi ti ti ti fi tititi titi ti Board of Directors’ report on activities in 2021 ti ti ti fi fi ti titi tititt titi fi ti tittti titt ti fi titi ANNUAL REPORT 2021 ti tittti Name Attendance rate ti ti ti ti ti ti ti Conflict of interests fltiti ti ti titi ti tititi ff fl titi ti ti ti ti fl titi ti tititi fi ti titi ti ti ti ti tititi ti fi fi ti ti fl titttiti fiti ti ti tifi titifiti ti ti ti titi tifiti fiti tititi ttti ti ANNUAL REPORT 2021 tititi ti ti Relationships with affiliated companies tiffi titi fi titi ti ANNUAL REPORT 2021 ti- titi fi ti ti ti titt titt ti titi ti ti ti ti ti ti ti ffi fi ti PHILIPPE VLERICK Chairman, non-executive director Office address: Vlerick Group - Doorniksewijk 49 8500 Kortrijk, Belgium ANNUAL REPORT 2021 STEF DE CORTE Permanent representative of ACORTIS BV, managing director, CEO Office address: smartphoto group NV Kwatrechtsteenweg 160 9230 Wetteren, Belgium ti ti ti ffi ti titi titifi titi tititi tt ti ti ti ti titi ti fiti ANNUAL REPORT 2021 GEERT VANDERSTAPPEN Permanent representative of PALANZA INVEST BV, non-executive director Office address: Pentahold NV - Molenberg 44 1790 Affligem, Belgium ffi fi fiti ti tt ti fi tititi ti ti titi ti titi ti ti ti ffi fiti ANNUAL REPORT 2021 KATYA DEGRIECK Permanent representative of FOVEA BV, non-executive director Office address: Fovea BV - Vronerodelaan 103 1180 Brussels, Belgium ti ti ti tt ti ti fi titt tt ti tf ti ti tt tt titi ti ti ti ti ti ti ti ffi fi ti ANNUAL REPORT 2021 HANS VAN RIJCKEGHEM Non-executive director Office address: Locofin BV - Bunder 4 9080 Lochristi, Belgium ti ti ti ti ti ti tttt tifititi titi ti titi ti ti ti ffi fiti ANNUAL REPORT 2021 MARC COUCKE Permanent representative of ALYCHLO NV, non-executive director Office address: Alychlo NV - Lembergsesteenweg 19 9820 Merelbeke, Belgium ti ft ti ti tt ti ti ti ti ti ti ti ffi fiti ANNUAL REPORT 2021 ALEXANDRA LEUNEN Non-executive director Office address: Van Hamméestraat 41 1030 Brussels, Belgium tifiti ti titi titi ti fi ti - ti titi ti ti titt fi ti ti tititi ti ti ti ffi fi ti ANNUAL REPORT 2021 Composition and functioning of the committees ttttti tttitttitt Audit Committee titt ttti ti ti tt ti ti ti ttti titifititi ti ti titi tt ti fi ti ti ti titifi tititi tttitt tttiti tttiti fi fi ti tifiti ti fi ti ti ttfiti ttti titi Nomination Committee tititt ti tt ti ti ttti ti titi ti ti tt ti ti tt ti ti tt ti titttifi titttitt ffiti ti titttiti ti tt ti titi titt fiffititt ANNUAL REPORT 2021 Remuneration Committee titt ti ti ti tt ti tifi tititttt ti tititt tittti ti ttti ti ti ti titittfiti ti tifiti titi titttiti titi- tittffti titt titifi titifi tifititi tititi ti titi ft tittti ttti Information regarding diversity ti ffi ffti ti fiti ti titi ti 40-45 46-50 51-55 56-60 >60 1 3 2 1 Age diversity 40-45 46-50 51-55 56-60 >60 ANNUAL REPORT 2021 Gender Woman 2 5 Breakdown ti ti Statutory Auditor ti ftti Day-to-day management titititi titi titi Gender diversity Woman Man Evaluation process of the Board of Directors, the committees and the individual directors ti ttti tt titt titt Remuneration report ti ti titi titi ti tittti titi ti ti ti titi ti titi ti tt ti titi ti ti fiti ti fi ti titt tt titi fiti ANNUAL REPORT 2021 tifi ffiti fiti ti ti ti fi ti ti ti titi ti ti titittti ti ti ti titi ti ti titi fititt tititi tititi titi ti ft fiti ti tititt fiti tititi fftititi ffti titi ti titi fi ti ti ti titi Executive Director Fixed remuneration component (1) Variable remuneration component (1) (2) Non-recurring remuneration component (3) Other remuneration components (4) (5) -385 -125 -2 (1) CosttotheCompany,i.e.grossamountincludingsocialsecuritycontributions. (2) Thevariablecomponentisdeterminedintheformofabonusplanthatisassessedeachyearbythe RemunerationCommittee.Thisbonusplanincludesfinancialandnon-financialtargets. (3) The non-recurring componentincludesaone-off successfeefor the realisation of the acquisition of Frucon²NVandFruconInternationalInc.,asdeterminedbytheRemunerationCommittee. (4) Theothercomponentsrefertothecostsforinsurancepolicies,andthecashvalueoftheotherbenefits inkind,i.e.expenseallowances,companycar,etc. (5) MrStefDecorte,fixedrepresentativeofAcortisBV. ti ti ti ti ti tiffititi titi ti tiffiti ti ANNUAL REPORT 2021 ti ti ti ti tititi tifiti ti tifititi ti fiti tititi Code titi ti titi Evolution of the remuneration 2017 2018 2019 2020 2021 titi (1) ti (2) (3) ti (4) ti ti (5) (1) Theevolutionoftheannualremunerationofthenon-executivedirectorsiscalculatedbydividingthe annualremunerationforanon-executivedirectorforthefinancialyearbytheannualremunerationfor thepreviousfinancialyear. (2) Theevolutionoftheannualremunerationoftheexecutivedirectoriscalculatedbydividingtheannual remuneration(fixedandvariable)fortheexecutivedirectorforthefinancialyearbytheannualremune- rationforthepreviousfinancialyear. (3) ThechangeinperformanceoftheCompanyiscalculatedbydividingtheEBITDAforthefinancialyearby theEBITDAforthepreviousfinancialyear. (4) Changesinaverageremuneration(expressedasfulltimeequivalents)oftheotheremployees. (5) Ratiobetweenthefixedremunerationoftheexecutivedirectorandthelowestremuneration(infulltime equivalents)oftheotheremployees. Risk management and internal control ttti tifiti ti tiffi ffi fiti ti ti fiti ti tififiti ttti tt tifitifftitt ttti tt Description of the risks and uncertainties Strategic risks ti ff tititi ANNUAL REPORT 2021 fiti ti fi fi ti fi tititi fitiff ftti fiffti titititi ti Operational risks ft flti titi ffitititi fttiti titi titi ftti ti tititi tifitf titi tf Financial risks ti fi fi ti titifi fiti fifi fififi fi ti tititi titi ti fl fiti ti ti fiti fititi ft tifltifi ANNUAL REPORT 2021 ti ft titi ti titi ti titi ti ti titi fiti titi fffi tt fi ti tititifi titifi fi fi flti tiflti titi ti flti titi flti ff ti Legal risks ti ti ti ti ti ti ti ti ti ti ti tititi tiffi ti tititiff flfifl tititi tfti ti ANNUAL REPORT 2021 titf tiflfititi Force majeure risks ti ti titi ti tititi titi ti fl fi ti fl tititifi ti ti tititi ti fi ti fi fiti titi Information pursuant to Article 14, §4 of the Act of May 2, 2007 ti ti tititi titi tifiti tifiti tititi ti ti titi tifititifi ti tifiti ft ti ti ti ti tt 150 058 150 058 tititi ti ANNUAL REPORT 2021 ffti tifiti tititi ti titi tifititifi ti tifiti ft ti ti ti ti tt tititi ffti ANNUAL REPORT 2021 Consortium Midelco NV Shopinvest NV Consortium Alychlo NV Partfim SA Treasury shares () Free float 17.79% 39.64% 18.27% 15.89% 3.59% 4.82% Most recent notification % of total (1) (number of shares) Number of shares % of total (2) ti 1 000 tt 141 500 (141 500) (1) %ofsharesheldofthetotalnumberofissuedsharesinaccordancewiththelatestnotification. (2) current%ofsharesheldofthecurrenttotalnumberofissuedshares,being3941950shares. ti ti titi ti ti tititi tititi fl fiti ANNUAL REPORT 2021 ti ti ti ti ti ti titi tt titi tititi ti ti tititi ti tititi titi titi tt ti ti ttti tifi titi tifititifi tifiti titi tifiti titititifi titi tifi tititttiti ti tt tt ttti ti ti ti tititt fiti- tititi ti ti ti fl tifititi tifl ti ti ti ti ti titi ffi titt titifiti tifiti ti tift ti ti fi ti ANNUAL REPORT 2021 tiftti ftti ti ti tititi ti ti titt titt titi tifiti titi ti ti ffi ti ti ti ti titi titi ti Information pursuant to Article 34 of the Royal Decree of November 14, 2007 ti ti ti ti ti fiffti tifift fiti ti titi titi ti tifift ti ti titi ti tititi ti tititi ti ANNUAL REPORT 2021 ti ti titi ti titi ti ti fi ti ti ti titi ti ti fitifi tititi tititi tititi ffittti ti ti ti ti ti titi ti ti ti ti tifi fift tifititi ffittti titi ti ti titi ti ti ti fi ti - ti ANNUAL REPORT 2021 Statement of non-financial information fi ti ti fiti General information concerning smartphoto group 1. General information about the Company 1.1. Identity ffi tt 1.2. Foundation and duration fi ffi tt titi ffitt titi titi 1.3. Legal form 1.4. Company objective tifitititi titi ti fiti- tiffifi ft titi titifi ti tti tti fi ti ti ti tti ti titi ti ti fi fi fi titi ti titifi ti ti fi ti fi titi 1.5. Register 2. General information about the capital 2.1. Capital 2.2. Authorised capital, convertible bonds tititi fititititi ffitt ti tititi titi ti ANNUAL REPORT 2021 titi ti titi tititi ti ti ti titi titititi ffittti titi tititi ti ti titi titi ti ti titi tifi ff titi titi titi fi 2.3. Profit sharing certificates None 2.4. Conditions concerning changes in the capital ti tiffitt tititi tiffitt titi tiffitt tititi ti ffi tt tititi tiffitt ti ti ti tiftti tiffitt ti ti ft ti ti ftti ft tiffitt tiffitt titi tititi ti ANNUAL REPORT 2021 tiffitt ti ti tiffitt ti ti ti tiffitt titi ti tifi fitiff tifiti ff titi tifi ti ffti ti tifiti tititi ti tiffitt ti ti tiffitt ti ti tiffittti ti fi ti tititi ti ti titi ti ti ti ft tiffitt tititi titifiti ti ttti fitititi tiffitt tifffi ti ti ti fiti fiti tiffitt tititi titititi titititi tiffittti ti ANNUAL REPORT 2021 titititi ti tititi tiffitt ti titi ti ti titi titi ti titititi tititi titititi titi tiffitt tititi ti ti titi ti ffi tt tititi ti tititi ti ti ti ti ti ti ti ti ti ti ti titi tititi ANNUAL REPORT 2021 Year Number of shares Capital 200 1 000 000 BEF 400 2 000 000 BEF 800 4 000 000 BEF 1 124 8 000 000 BEF 13 550 480 BEF 50 864 428 BEF 180 000 000 BEF 383 000 000 BEF 1 425 510 1 524 338 4 264 351 116 BEF 2000 2001 2002 2005 2016 2018 Discharge of directors and Statutory Auditor ti ti fi tt titi CEO STATEMENT OF NON-FINANCIAL INFORMATION - SUSTAINABILITY REPORT - (ESG) ANNUAL REPORT 2021 titi fi titi About smartphoto group ti ffffft titi ff ff ff tiffti ft flft and ft ti ti fi ti ff ft ti titiftft titititi titi titi About the sustainability policy tt ttti ti fi ti titi titi ti ti ti Sustainability at smartphoto ti ANNUAL REPORT 2021 2021 achievements People and well-being ti ff food fl ff ffi tifi ttiti ti ti ti ti ti ffi ti ffititi ffi ti ffititi ffi tititi Environment Waste and resource management ANNUAL REPORT 2021 People and well-being Health and Safety ti tititi ti ti ti ti fffl ti ti ti ti tt tififi ffi ti tt ti tifiti ttti Modernisation of business infrastructure ffitt ti ffiti Work-life balance fl tititi Career development and employee training ff ti ti ti Diversity of employees ff titi ttti ti titi ffi titi fftititi tititt ti ti ANNUAL REPORT 2021 Gender Woman 110 Woman Man <25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 >60 Full-time Part-time ti ti 224 <25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 >60 24 54 32 38 46 36 30 11 ANNUAL REPORT 2021 Diversity in the Board of Directors ti Internal communication titi ttti ti tfti fi tifftiflti ti- titi Consultation with social partners ti tt ti ti ti ti tttiti Communication with shareholders and investors tt ti ti fiti titi ti Whistleblower policy tifititi tititi ti fiti Cyber security ti fiti ttti titi Securing personal data ttti fiti tt tititi tiftti titi titi titi ANNUAL REPORT 2021 ti fttifiti Corporate Governance m ti ti Our customers ttff titi titi tt ti ti ti ttfi ti Social commitment titi ti titi fititi ff ti ff fiffti titifi ff ti ti ti titi ti tititttt ANNUAL REPORT 2021 Environment Energy efficiency in the company tititi tititifi ti Use of energy from renewable sources ti ti ti ti Car policy fl ff ti ti Waste and resource management Sustainable water consumption ti ti ttti Sustainable product development ANNUAL REPORT 2021 Our products tift titi tifift ttti tt Sustainable packaging fi ftffi ti ti ANNUAL REPORT 2021 tifi ti ft Reduction of the CO² footprint of the shipping process tittti ti Waste reduction/processing tt ti ti Digital corporate housekeeping and communication with stakeholders fl ti titi fi titititi ti ANNUAL REPORT 2021 2022 action plan People and well-being titi ti ti ti ti ti ti ti ti ffititi ti tititi ffititi tifiti tiffti ti ti Environment Waste and resource management Partnership MANAGEMENT RESPONSIBILITY STATEMENT ANNUAL REPORT 2021 titi fiti tifiti ti ti ti titi titi STATUTORY AUDITOR’S REPORT ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT 2021 ANNUAL REPORT SMARTPHOTO GROUP 2021 - PART 2 2021 CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT 2021 TABLE OF CONTENT - PART 02 fi Statement of fi Statement of fiti Statement of fl ANNUAL REPORT 2021 fl ti fi fi ti fi 101 102 ANNUAL REPORT 2021 Statement of profit or loss for the period (in K euro) Note 2020 2021 3 61 364 63 052 ti 4 1 083 1 006 fi 5 13 -16 ti 6 489 681 -20 319 -20 968 fi 8 -12 147 -12 930 tititi -3 491 -3 519 ti 10 -18 650 -19 873 fitititi 8 343 7 433 tititi -317 fitititi 11 8 343 7 116 90 308 -567 -503 12 -477 -195 fi 7 865 6 921 13 532 -1 421 fi 8 397 5 500 fitt 8 397 5 500 (in euro ) Note 2020 2021 fi 26 2.1302 1.3953 fitt 26 2.1302 1.3953 Statement of profit or loss and other comprehensive income for the period (in K euro) Note 2020 2021 fi 8 397 5 500 fifi ti 2 447 ti -1 130 fifi 1 316 fifi tiff -21 115 tiff 5 -25 fi fi -16 91 14 1 300 91 fiti 9 697 5 591 fiti tiff 219 10 fi 9 916 5 601 fi tt 9 916 5 601 ANNUAL REPORT 2021 Statement of financial position as at the end of the period ASSETS (in K euro) Note 2020 2021 15 16 552 17 031 16 1 395 954 16 151 16 606 18 2 803 3 136 fi 20 74 386 21 11 057 10 341 48 032 48 455 22 2 481 4 030 23 2 613 9 248 fi 3 3 24 17 946 20 812 25 20 18 23 063 34 112 71 095 82 566 EQUITY AND LIABILITIES (in K euro) Note 2020 2021 41 381 41 381 -1 765 1 615 ti 6 956 6 956 -3 360 -3 379 ti 2 265 2 366 45 477 48 939 26 45 477 48 939 ti fiti 2 836 2 363 ti 28 767 514 750 fiti 30 1 015 584 31 1 133 ti 32 2 199 2 205 ti 6 818 7 550 ti fiti 470 473 ti 28 643 449 33 14 823 20 996 fiti 30 2 418 2 926 ti 34 447 1 233 ti 18 800 26 077 71 095 82 566 ANNUAL REPORT 2021 Statement of changes in equity (in K euro) Capital Reserves and retained earnings/ accumulated loss (-) Revaluation surplus Treasury shares (-) Currency translation adjustments Shareholder's equity Balance as at 31.12.2019 41 381 -8 031 5 640 -595 2 062 40 458 fi 8 397 8 397 fifi ti 2 447 2 447 ti -1 130 -1 130 fifi 1 316 1 316 fifi tiff -21 -21 tiff 5 5 fifi -16 -16 1 316 -16 1 300 fi fiti 8 397 1 316 -16 9 697 fiti tiff 219 219 fi 8 397 1 316 203 9 916 fi tt 8 397 1 316 203 9 916 -2 131 -2 131 titi -2 765 -2 765 Balance as at 31.12.2020 41 381 -1 765 6 956 -3 360 2 265 45 477 ANNUAL REPORT 2021 (in K euro) Capital Reserves and retained earnings/ accumulated loss (-) Revaluation surplus Treasury shares (-) Currency translation adjustments Shareholder's equity Balance as at 31.12.2020 41 381 -1 765 6 956 -3 360 2 265 45 477 fi 5 500 5 500 fifi tiff 115 115 tiff -25 -25 fifi 91 91 91 91 fi fiti 5 500 91 5 591 fiti tiff 10 10 fi 5 500 101 5 601 fi tt 5 500 101 5 601 -2 249 -2 249 titi 129 -19 110 Balance as at 31.12.2021 41 381 1 615 6 956 -3 379 2 366 48 939 ANNUAL REPORT 2021 Statement of cash flows for the period (in K euro) Note Explanation 2020 2021 tititi 8 397 5 500 ti 1 313 1 523 ti 872 695 tititiff 934 1 055 373 245 8 26 -446 12 170 151 22 -20 13 -532 1 421 77 Operatingcashflowbeforechangesin workingcapitalandprovisions (1) 11 651 10 125 581 1 459 -38 -534 1 404 -4 200 (2) 1 947 -3 275 Operatingcashflowafterchangesinworking capitalandprovisions 13 598 6 849 (in K euro) Note Explanation 2020 2021 -108 -154 ti -39 -36 -390 -276 Cash flow from operating activities (1) 13 060 6 384 tititi 5 48 ti 15 -1 898 -2 020 ti 18 -1 083 -1 296 titi 1 3 529 Cash flow from investing activities (3) -2 977 261 titi ti 26 -2 765 -399 fiti -868 -470 fiti 28 -871 -702 26 -2 131 -2 249 Cash flow from financing activities (4) -6 636 -3 821 3 447 2 824 ffflti 74 42 3 521 2 866 of the year 14 425 17 946 17 946 20 812 Total cash and cash equivalents 24 (5) 17 946 20 812 ANNUAL REPORT 2021 Note to the statement of cash flows fltititi fi ti fi ti fifi titi fifi fi fi fi ti titi fi ti titi fiti fi fiff fi fi ti flffti fi fi fi fi fltititi fltititifi fi tititi tttitt ti ti ff tf ti tftiti tftiti fltititifi fi titi tt ANNUAL REPORT 2021 titffi titi ti tift ti ti fi ti ti titi flfititi flfititi ti fititi titi fi flfititi ti fititi titi fi fi fi ANNUAL REPORT 2021 Basis for the preparation of the financial statements Statement of compliance Smartphoto groupNV Kwatrechtsteenweg 160, 9230 Wetteren Belgium fititi fiti ti titi ti titititt fiti Application of IFRS standards and interpretations fitititi fi ti fi fi titititi titi titititt Amendments to IFRS 16: AmendmentstoIFRS9,IAS39,IFRS7,IFRS4andIFRS16: ft AmendmentstoIFRS4: ft ti fiti ti titi fi AmendmentstoIFRS3Businesscombinations,IAS 16 Property, plantand equipment,IAS 37 Provisions,contingentliabilitiesandcontingentassetsandannualimprovementstoIFRS(cycle 2018-2020):ft Amendments to IAS 1: ti ti tift AmendmentstoIAS8:tititifiti titift IFRS17: ft titi ti Amendments to IAS 1: ti fiti ti ffti ft AmendmentstoIAS12:ti tift Amendments to IFRS 17: ti ti titift Key changes in the consolidation scope ti Spector Nederland BV, ti ff ti ti Frucon² NV fiti titi ANNUAL REPORT 2021 Summary of the most significant accounting policies Basis of presentation fi ti fi tititi fifi fitifi ti Consolidation principles ti ti titifi fi ti fi titi ftfi titi ff fi Statement of profit or loss Sale of goods fftifi tiffti fitifl ti ti Rendering of services titi titi ti ftti Interest, royalties, and dividends ffti titi ti Financial expenses (-)/income fi ti ti ti titi fiffti ti Foreign currency translation ti ti ti titi ti ti ti ANNUAL REPORT 2021 titi ti ti ti ti fl ti ti ti titi Statement of financial position Property, plant and equipment fiflti ti ti fttiti ti tttiti fi ftti Land and buildings: revaluation model titi titi ti ti ti ti ti ti ti ti tifi ti ti Other property, plant and equipment: cost model ti ti ti ti ft fiti ti ffi fi fifl ti Right-of-use assets fi tititi titi titi ti ANNUAL REPORT 2021 titi ti fi ti tifitt titifiti tititi fiti ftti Land and buildings: ti ti ti ti tifi tititi Goodwill ti ti tifititititi ti ti titititi ti ti titiflti ti ti ti ti titititi ft fttititi titi tifi tititititifi- tititifitititi ti ti ftti Intangible assets fittflti ti Concessions, patents and licences tititi Internally generated intangible assets ti tititi ffi ttti titi Other intangible assets tititi ANNUAL REPORT 2021 Borrowing costs tttititi ti fiti fi fi tt ti titi titititi ft ti fi ti titi titi fl tifltt ti tt tifititi Inventories ti ti ti titt ti titi - tt ti Trade and other receivables ti ti tftttifi Income taxes fi ti ti titi titi ANNUAL REPORT 2021 ti ffti fi fiti fi ti tt tititi Cash and cash equivalents ti ft Share capital ti tt ti Dividends ti Interest-bearing financial liabilities fi ti titi tititi tiffti ti ffti Lease liabilities ti ti ti Trade and other payables Employee benefits fitifi fi fi Current employee benefits fi fi ti ft Post-employment benefits fift fi fiti ti fi ti ti ti ti tifiti ft fi fiti fi ti ti Other non-current employee benefits fi fi fi ti ti fi ff Termination benefits tifi tt ti ANNUAL REPORT 2021 tififf titifift ti Provisions tititi tf fitttiti ti titi ti ti ti ti ti ti fftitititi ti Operating segments ti ti ti tititi tttiti ti tifiti tititi ttti titi ti titi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2021 ANNUAL REPORT 2021 TABLE OF CONTENT - PART 02 ti ti ti fi ti titi fi ti ti titi fi fi ti trade and other 113 116 125 112 116 123 115 116 128 115 116 118 115 ANNUAL REPORT 2021 fi ti ti fi tititi ti ti trade and other ti ti fiti ti 132 136 140 146 130 134 140 142 133 140 134 138 141 148 134 138 141 ANNUAL REPORT 2021 1. Business combinations tiffti ft flft and ft ti titi ti ti ti titi tifiti ti tifiti titi ti ti ti ffi ti ti tiflti tiff ftti ti ti tifi ti tititi ti titi fl tifi titi ft tititi tifiti (in K euro) At acquisition date 10 484 6 184 ti -84 -1 133 ti ti fiti ti -608 tifiti 4 205 ti ti ti titt fiti ti tt ti ti titi tittfi ANNUAL REPORT 2021 titifi ti ti tifiti titittti ti titifl (in K euro) At acquisition date ti titt 4 150 ti tifiti -4 205 455 -1 500 titi fl ti fi 2. Operating segments tititi titi titi titititi titi ffti smartphoto Nayan Not assigned Total (in K euro) 2021 2021 2021 2021 3 130 63 052 3 130 63 052 151 151 fi -344 13 432 82 566 ti 15 511 5 180 2 020 2 020 53 ti 36 312 ti 3 264 10 -5 -201 ti 244 56 titi ffi ti titi ti fi fititi ti ANNUAL REPORT 2021 tititititi ti titititi titi ti ftti tifititi tititt tiffititi tiffi fi ti ti titi ti ti ti ft ti ff ti tititi titititi ti ffi titi titititi titiff ti ft fl ff ti ti ti ti tiffi ti tififi tititi titi fi titi tifitifititi tifi ti titi titifi Information about products and services (in K euro) 2020 2021 ti 24 201 32 168 61 364 63 052 tititi tiftti titiffti ti ANNUAL REPORT 2021 Information about geographic areas (in K euro) 2020 2021 14 618 21 553 61 364 63 052 fi 36 326 452 tt ttti Information about major customers 3. Revenue tititi ti tift titititititi ti tifi ti tifi 4. Other operating income ti ti ti 5. Changes in inventory of finished goods and work in progress fi fi ANNUAL REPORT 2021 6. Capitalisation of internally generated intangible assets ti titi tffiti titi ti ft ti titi ti 7. Trade goods, raw materials and consumables 8. Employee benefits (in K euro) 2020 2021 -10 006 ti -2 214 -2 451 fi -531 tifiti -212 -213 fiti -26 446 ti ti fiti ti titi titi Executive Director Fixed remuneration component (1) Variable remuneration component (1) (2) Non-recurring remuneration component (3) Other remuneration components (4) (5) -385 -125 -2 (1) Costtothecompany,i.e.grossamountincludingsocialsecuritycontributions. (2) Thevariablecomponentisdeterminedintheformofabonusplanthatisassessedeachyearbythe RemunerationCommittee.Thisbonusplanincludesfinancialandnon-financialtargets. (3) The non-recurring componentincludesaone-off successfeefor the realisation of the acquisition of Frucon²NVandFruconInternationalInc.,asdeterminedbytheRemunerationCommittee. (4) Theothercomponentsrefertothecostsforinsurancepolicies,andthecashvalueoftheotherbenefits inkind,i.e.expenseallowances,companycar,etc. (5) MrStefDecorte,fixedrepresentativeofAcortisBV. 9. Depreciation, amortisation, write-downs and impairment (in K euro) 2020 2021 ti -1 313 -1 523 ti titi -1 055 1 34 titi titititititi ti ti ti ti titi tifl ANNUAL REPORT 2021 10. Other operating expenses (in K euro) 2020 2021 -413 -88 -26 -11 4 ti -356 -18 650 titi tt ti 11. Profit/loss (-) from operating activities ti fi ti titi 12. Financial result (in K euro) 2020 2021 fiti -105 ti -65 -54 ti fi -32 -33 8 fi -20 fi fi ti ff ttti fi Currency exchange rates Closing rate Average rate 2020 2021 2020 2021 13. Income taxes expense (-)/income (in K euro) 2020 2021 fi -665 -21 13 -686 tiff 1 218 -666 1 218 -666 fi 532 -1 421 ANNUAL REPORT 2021 (in K euro) 2020 2021 ti (1) ti -2 436 -2 266 fi 838 ti -438 -446 ti 1 453 1 018 ti 136 fifi -21 13 Other 80 -686 1 218 -666 ffti (2) - fi 532 -1 421 (1) The‘Theoreticaltaxrate’iscalculatedbymeansoftheweightedaverageofthenationaltheoreticaltax ratesthatapplytotheprofitsoftaxableentitiesintherelevanttaxjurisdiction. ‘Taxescalculatedatthe theoretical taxrate’are calculatedbymultiplying the profits of those legal entitiesthatmadeaprofitwiththetaxrateoftherelevanttaxjurisdictions. The non-deductible expenses consist mainly of write-downs on financial assets, non-deductible car expenses, reception expenses and restaurant expenses, non-deductible taxes, cash fines and social benefitssuchasmealvouchers. (2) The‘Effectivetaxrate’iscalculatedbydividingthetaxprofitsandlosses(-)bytheprofitbeforetax.Not applicablein2020becauseofthepositivetaxresult. fi ti titifi tifiti ti ti fi ti ti fi 14. Other comprehensive income/loss (-) ft ft ffti titiff tiff tiffti tiff fiti fiti ti ff ti ft ffti titiff tiff tiff fiti ti ff ti fiti ANNUAL REPORT 2021 15. Property, plant and equipment fi (in K euro) Land & buildings Plant, machinery & equipment Furniture, fixtures & vehicles Total Acquisition value 24 435 38 206 ti 1 851 20 -2 585 -3 -2 588 ti tiff 1 12 463 Depreciation and impairment 11 331 531 24 660 ti 465 824 24 1 313 -3 -2 562 tiff 1 13 262 553 23 412 Carrying amount 1 866 43 13 546 2 866 16 552 fi (in K euro) Land & buildings Plant, machinery & equipment Furniture, fixtures & vehicles Total Acquisition value 12 463 ti 263 2 020 ti ti 124 208 332 tiff 2 3 810 Depreciation and impairment 13 262 553 23 412 ti 558 14 1 523 ti ti 120 202 322 -43 -43 tiff 2 3 13 821 10 626 Carrying amount 2 866 16 552 13 351 3 641 ANNUAL REPORT 2021 fi fi fi titi ti fi ti ti tititi ti ti ti tititi ti titifi ti ti ti ti ti titi ti ti ti ti fi ti ti ti ttti ti titi ti fi fi tift ti titi tiff tifi ti fi ti titi tititi ti ti titi ANNUAL REPORT 2021 titititt ffi titi tititi ti ti ti titi tititi fi titi titi ti ti titi ti tititi titititt ffi titi tititi ti ti ti titi tititi fi titi titi ti ti titi ti ti titi tifititi ti ANNUAL REPORT 2021 fi (in K euro) Revalued land Revalued buildings Acquisition value 1 231 15 858 ti 1 231 15 885 Revaluation surplus 1 314 6 032 ti 356 8 123 Depreciation and impairment ti fi 465 13 262 Carrying amount 2 545 fi (in K euro) Revalued land Revalued buildings Acquisition value 1 231 15 885 ti 263 1 231 16 148 Revaluation surplus 8 123 8 123 Depreciation and impairment 13 262 ti fi 13 821 Carrying amount titi ti titi ti ti ti ti ti fititt tt ANNUAL REPORT 2021 16. Right-of-use assets fi (in K euro) Land & buildings Plant, machinery & equipment Furniture, fixtures & vehicles Total Acquisition value 861 1 635 421 ti -42 -240 tiff 6 6 618 Depreciation and impairment 158 585 ti 538 -42 -240 tiff 3 3 320 282 1 528 Carrying amount 1 050 2 025 511 336 fi (in K euro) Land & buildings Plant, machinery & equipment Furniture, fixtures & vehicles Total Acquisition value 618 ti ti ti -811 tiff 8 8 28 Depreciation and impairment 320 282 1 528 ti 160 -811 tiff 8 8 548 384 1 323 Carrying amount 511 336 386 154 414 ANNUAL REPORT 2021 fi ti fi titi titi tt ti ti ti titititi Number of right-of-use assets Remaining term varying between Average residual maturity Number of contracts with purchase options Number of contracts with extension options Number of contracts with termination options 3 1-8 4 3 5 1-2 1 2 3 fi 51 1-4 4 2 titititi Number of right-of-use assets Remaining term varying between Average residual maturity Number of contracts with purchase options Number of contracts with extension options Number of contracts with termination options 3 4 3 2 1 1 2 fi 66 1-5 2 3 63 ANNUAL REPORT 2021 17. Goodwill fi (in K euro) 2020 Acquisition value 38 540 38 540 Impairment 22 388 22 388 Carrying amount 16 151 16 151 fi (in K euro) 2021 Acquisition value 38 540 titi 455 Impairment 22 388 22 388 Carrying amount 16 151 16 606 tifi ti titi tifiti tifl titi ttti tifi ti ff ti tititi ff ftti- titititiff ti ft ti tititi tt fl ti titiflfifi ti titi tittti titi ANNUAL REPORT 2021 ft ti tift titi tifi tiffti tiftti ti ti ti ti tifi tifltiti tititi titi flti titititi titi ti 2020 2021 ti tt titi Nayan ti tititi tt fl ti titiflfifi ti ti fi ti ft ti ti ti ti tifi tifltiti tititi titi flti titititi titi ti 2021 ANNUAL REPORT 2021 ti tt titi ANNUAL REPORT 2021 18. Intangible assets fi (in K euro) Concessions, patents and licenses Internally generated intangible assets Other intangible assets Total Acquisition value 1 511 4 586 ti ti ti -1 048 -1 048 tiff -22 -22 2 000 3 515 13 684 Amortisation and impairment 6 031 4 518 titi 341 ti -1 048 -1 048 tiff -22 -22 6 605 810 10 881 Carrying amount 1 544 1 042 2 653 1 565 48 2 803 fi (in K euro) Concessions, patents and licenses Internally generated intangible assets Other intangible assets Total Acquisition value 2 000 3 515 13 684 ti 681 681 ti 615 615 ti ti 234 56 tiff -40 -40 2 680 3 531 15 230 Amortisation and impairment 6 605 810 10 881 titi 442 1 055 ti ti 142 56 tiff -40 -40 1 252 3 501 Carrying amount 1 565 48 2 803 3 136 ANNUAL REPORT 2021 fi titifftfti tftiti tftiti titi ff tf ti tftiti tftiti ti titifi tt fi tt titf fi ti titi tift ti ti ti titi tt tititt tt 19. Other financial assets (in K euro) 2020 2021 fi 50 -20 fi 50 50 -50 20 -50 -50 fi - - titi fitititi fitiffi fititi titi fifi 20. Non-current trade and other receivables (in K euro) 2020 2021 386 386 ti ANNUAL REPORT 2021 21. Deferred tax assets fi (in K euro) Balance at end of previous financial year Recognised in the statement of profit or loss Recognised in other comprehensive income Effect of exchange rate changes Balance at the end of current period 181 -20 1 162 ffti 5 1 13 ff 1 614 28 10 881 5 30 fi tifi ffi fi fi fi titi ti fifiti tiff tiffff flti ti fi (in K euro) Balance at end of previous financial year Recognised in the statement of profit or loss Recognised in other comprehensive income Effect of exchange rate changes Balance at the end of current period 162 3 ffti 13 1 14 ff 10 881 -613 -14 10 255 1 -11 10 341 fi tifi ffifi fifititi ti fifiti ti tiffff flti ti fiti ANNUAL REPORT 2021 tiff Recognised deferred tax assets and liabilities Deferred tax assets Deferred tax liabilities Net deferred taxes (in K euro) 2020 2021 2020 2021 2020 2021 2 105 2 001 -2 105 -2 001 156 -156 162 162 ffti 13 14 20 48 -8 -34 ff 10 881 10 255 10 881 10 255 ti 10 341 2 205 8 858 8 135 fifi ti ti fltiti fifi tt titiff fifi tt tifi tititi titi ti ti ti ti ANNUAL REPORT 2021 22. Inventories (in K euro) 2020 2021 480 2 616 22 6 2 645 4 161 -164 -131 -164 -131 2 481 4 030 (in K euro) Balance at end of previous financial year Recognised in profit/ loss (-) from operating activities Balance at the end of the period -1 1 -164 -164 -165 1 -164 -164 33 -131 -164 34 -131 fi titi ti fitititi fitititi ti ANNUAL REPORT 2021 23. Current trade and other receivables (in K euro) 2020 2021 3 455 6 516 253 482 4 081 10 688 tf -1 122 tf -318 2 613 tf (in K euro) Balance at end of previous financial year Recognised in the statement of profit or loss (-) Utilisation Effect of exchange rate changes Other changes Balance at the end of the period tf -1 061 251 10 tf -22 -1 333 251 -11 tf 355 -24 -1 121 tf -24 -318 355 -24 -24 -1 440 ti fi ti fiti tt ti ti tf fitititi ANNUAL REPORT 2021 24. Cash and cash equivalents fi fi fl 25. Current tax assets tititi ti tifi fi 26. Total equity fi fi fi titi fi ti ti ti ti ti ti ti ti ff ti fiti tiffti fi fi fiff ti fiti ti ti titi ff ti fiti tiffti ANNUAL REPORT 2021 tifi 1. Number of shares ti ti (1) (1) Theweightedaveragenumberoftreasurysharespurchasedin2020amountsto84955.Thecalculationis asfollows:thetotalnumberof outstandingdaysismultipliedbythenumberoftreasurysharespurchased, anddividedby365.Thetotalweightedaveragenumberofsharesentitledtodividendamountsto3819856. 2. Profit/loss (-) of the period Net result Profit or loss (-) and other comprehensive income/loss (-) fitt ti ti tifi 1. Number of shares ti ti (1) (1) Theweightedaveragenumberoftreasurysharespurchasedin2021amountsto3734.Thecalculationisas follows:thetotalnumberofoutstandingdaysismultipliedbythenumberoftreasurysharespurchased,and dividedby365.Theweightedaveragenumberofsharestransferredin2021amountsto-1305in2021.The totalweightedaveragenumberofsharesentitledtodividendamountsto3746388. 2. Profit/loss (-) of the period Net result Profit or loss (-) and other comprehensive income/loss (-) fitt 5 500 5 601 ti ti ANNUAL REPORT 2021 27. Current and non-current interest-bearing financial liabilities fiti 2020 (in K euro) Up to 1 year 2022 2023 2024 2025 2026 More than 5 years Total fiti 481 456 481 456 fiti fi fifi fi fi titi fi 2021 (in K euro) Up to 1 year 2023 2024 2025 2026 2027 More than 5 years Total fiti 481 456 158 315 2 836 481 456 158 315 2 836 fiti fi fi titi fi ti ti ANNUAL REPORT 2021 28. Current and non-current lease liabilities ti 2020 (in K euro) Up to 1 year 2022 2023 2024 2025 2026 More than 5 years Total ti 125 116 46 48 58 366 144 511 fi 152 22 340 643 360 186 68 48 58 1 410 ti ffti ti 2021 (in K euro) Up to 1 year 2023 2024 2025 2026 2027 More than 5 years Total ti 101 48 8 401 titi 145 145 ti 203 133 61 1 223 118 66 8 ti tititi titi ANNUAL REPORT 2021 (in K euro) 2020 2021 88 61 186 (in K euro) 2020 2021 fi 186 14 85 fi 21 10 fifitititi fifitititi tt ti ti 29. Non-current trade and other payables (in K euro) 2020 2021 ti 30. Current and non-current employee benefit liabilities fi ti fi fi fiti fi ti fi fiti ti Share option plans ti Warrant plans Post-employment benefits fifi ti ti ti fi titi ti ti titi ti ti ti ti ti titi ANNUAL REPORT 2021 fi ti ti ffifi fififi fi ti titi tifi titifi tititi (in K euro) 2020 2021 2 581 2 463 ti ti 3 062 fi -5 -8 ffti fi fi tifi tififiti fitititi 2020 2021 16 16 titi fiti ti fi ti ti fi ti fiti (in K euro) 2020 2021 fi 1 015 fi 26 -446 ff 3 15 fi 1 015 584 fititi fi ti tifitititi titi ti tititi ti tt titi ti ti ti ANNUAL REPORT 2021 31. Provisions fi ti ti ti titt 32. Deferred tax liabilities ff 2020 (in K euro) Balance at end of previous financial year Recognised in the statement of profit or loss Recognised in other comprehensive income Balance at the end of current period ti 303 1 130 2 105 ti ff 22 -1 20 titi ti ff fitiff 2021 (in K euro) Balance at end of previous financial year Recognised in the statement of profit or loss Recognised in other comprehensive income Balance at the end of current period ti 2 105 -82 2 023 61 134 ti ff 20 48 -21 2 205 ti ti ff fitiff 33. Current trade and other payables (in K euro) 2020 2021 11 220 830 120 120 342 341 328 814 12 010 16 543 2 813 4 453 14 823 ti ti ti titi ANNUAL REPORT 2021 titi ti 34. Current tax liabilities ti fi ti ti 35. Remuneration of the Statutory Auditor and the members of their network for the group ti ti titi titi ti ti ANNUAL REPORT 2021 36. Risk factors tifitititifi fitifiti ti 2021 (in K euro) Gross current trade receivables Write-downs on current trade receivables Net current trade receivables Other current receivables Current accruals and deferrals Total current trade and other receivables Non-current other receivables Total non-current other receivables 2 123 253 145 86 86 48 -25 23 23 41 14 14 116 Between 180 and -181 -638 3 455 2 282 253 2 613 2021 (in K euro) Gross current trade receivables Write-downs on current trade receivables Net current trade receivables Other current receivables Current accruals and deferrals Total current trade and other receivables Non-current other receivables Total non-current other receivables 2 838 5 085 482 386 386 486 -52 436 -22 16 16 -30 20 20 110 -65 46 46 Between 180 and 282 -186 654 -631 23 23 6 516 -1 122 482 386 386 ANNUAL REPORT 2021 titi ti titi ti ti titi fiti titi ff fi tt fi ti fi 2020 (in K euro) Available for sale investment Other non-current financial assets Trade receivables Other current receivables -1 061 ti titi 251 20 10 -22 -50 2021 (in K euro) Available for sale investment Other non-current financial assets Trade receivables Other current receivables -50 ti titi 355 tiff -24 -24 -50 -1 122 -318 ANNUAL REPORT 2021 fi tifi fi ti fi titi fittti fi titititi tititi fi tifi fi ti fi titi fi ti fi titititi titifftiff ANNUAL REPORT 2021 tititititi ti 2020 (in K euro) Carrying amount Contractual cash flows including finance costs Up to 1 year 2022 2023 2024 2025 2026 More than 5 years fiti 551 543 536 528 521 486 512 ti 136 125 125 50 50 50 58 511 516 145 fi 340 340 152 22 14 823 14 823 14 823 16 032 601 536 2021 (in K euro) Carrying amount Contractual cash flows including finance costs Up to 1 year 2023 2024 2025 2026 2027 More than 5 years fiti 2 836 543 536 528 521 486 334 ti 401 428 111 61 50 50 50 8 145 146 146 fi 203 133 61 1 25 114 22 000 651 228 342 ANNUAL REPORT 2021 ti fl fiti ti ti fiti fititi ti ti ti ti titi fifi fi ft tifltifi ti ft fi flti tiflti fi ti ti fi ti ti ti titi ti fifl fiti fitititi ti 37. Significant future assumptions and estimation uncertainties ti ti ti ti ti ff ti fiti ti tititi tititifi tifiti titififf titititi titititi fi fl titi ti ti ti ti ti fl ANNUAL REPORT 2021 ffti ti titi ffifi fftiti ff fifi titi ti fiti fititi- ti fl ti flfifl tititi tfti titi fl tf fi 38. Subsequent events fl fi ti fl tititifi ti ti tititi ti fi ANNUAL REPORT 2021 39. Related parties titititi titi Name and address VAT - or national number Share in the capital (in %) tt tt tt () tt tt tt tt () () DissolvedandliquidatedperJuly10,2021 () ThenameofthelegalentityFrucon²NVwaschangedtoNayanNVasofMarch15,2022. ANNUAL REPORT 2021 ti Name and address VAT - or national number Share in the capital (in %) (1) (2) (2) (1) Shareinthecapitalofthesecompaniesheldbycompaniesincludedintheconsolidationandbypersonsactingintheirownnamebutonbehalfofthesecompanies. (2) FLTsrlistheItalianlab,operatinginthephotofinishingmarket,overwhichthegrouphasnolongerjointcontroleffectiveasfromthefourthquarterof2008.Thisparticipationisaccountedforin accordancewithIFRS10asafinancialasset.Thisparticipationwasfullywrittendown.AsfromDecember30,2020,thecompanyisputintoliquidation. 2021 STATUTORY ANNUAL ACCOUNTS ANNUAL REPORT 2021 TABLE OF CONTENT fi ftti ti 155154 156 155 ANNUAL REPORT 2021 ANNUAL REPORT 2021 Balance sheet after profit allocation ASSETS (in euro) 2020 2021 fi fi 82 403 fi ffi titi 12 800 000 13 800 000 fi 18 000 18 000 18 000 18 000 3 128 524 2 053 081 2 123 406 3 382 460 3 310 301 180 811 83 842 PASSIVA (in euro) 2020 2021 66 056 143 41 381 403 41 381 403 41 381 403 41 381 403 10 348 416 4 138 140 4 138 141 3 310 301 2 831 012 fi 2 141 658 ft 130 884 tift ti ti 138 518 143 034 ANNUAL REPORT 2021 Profit and loss account (in euro)(in euro) 20202020 20212021 ti fi 404 112 ti 565 228 ti -34 251 565 ti -5 131 035 titittti fi tt ti ti -460 104 tifi fi 3 148 582 fifi 3 230 834 818 306 fi fi 5 210 200 -5 642 264 fi -432 064 tt ti fi -35 262 fi -5 210 200 fi (in euro)(in euro) 20202020 20212021 fi 4 601 252 4 548 005 fiti 4 641 120 Appropriation Account (in euro) 2020 2021 fi 18 025 444 fiti 4 641 120 fi 13 384 324 ti fi fi 2 420 554 titi 2 420 554 ANNUAL REPORT 2021 Structure of the shareholdership as at December 31, 2021 Most recent notification % of total (1) (number of shares) Number of shares % of total (2) ti 1 000 tt 141 500 (141 500) (1) %ofsharesheldofthetotalnumberofissuedsharesinaccordancewiththelatestnotification. (2) current%ofsharesheldofthecurrenttotalnumberofissuedshares,being3941950shares. ANNUAL REPORT 2021 Note to the abridged version of the statutory annual accounts titi fi ti fi fi tt fi tititi titi Statement of capital (in euro) Amounts Number of shares 41 381 403 41 381 403 ff 41 381 403 1 423 111 41 381 403 ORGANISATION CHART ANNUAL REPORT 2021 Fully consolidated subsidiaries ti INC This annual report is presented to you as one of our products: the “Photo book Large landscape with personalised hard cover”. 529900EKGNL8HWTMTO812020-01-012020-12-31529900EKGNL8HWTMTO812021-01-012021-12-31529900EKGNL8HWTMTO812020-12-31529900EKGNL8HWTMTO812021-12-31529900EKGNL8HWTMTO812019-12-31ifrs-full:IssuedCapitalMember529900EKGNL8HWTMTO812020-12-31ifrs-full:IssuedCapitalMember529900EKGNL8HWTMTO812019-12-31ifrs-full:RetainedEarningsMember529900EKGNL8HWTMTO812020-01-012020-12-31ifrs-full:RetainedEarningsMember529900EKGNL8HWTMTO812020-12-31ifrs-full:RetainedEarningsMember529900EKGNL8HWTMTO812019-12-31ifrs-full:RevaluationSurplusMember529900EKGNL8HWTMTO812020-01-012020-12-31ifrs-full:RevaluationSurplusMember529900EKGNL8HWTMTO812020-12-31ifrs-full:RevaluationSurplusMember529900EKGNL8HWTMTO812019-12-31ifrs-full:TreasurySharesMember529900EKGNL8HWTMTO812020-01-012020-12-31ifrs-full:TreasurySharesMember529900EKGNL8HWTMTO812020-12-31ifrs-full:TreasurySharesMember529900EKGNL8HWTMTO812019-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900EKGNL8HWTMTO812020-01-012020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900EKGNL8HWTMTO812020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900EKGNL8HWTMTO812019-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900EKGNL8HWTMTO812020-01-012020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900EKGNL8HWTMTO812020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900EKGNL8HWTMTO812021-12-31ifrs-full:IssuedCapitalMember529900EKGNL8HWTMTO812021-01-012021-12-31ifrs-full:RetainedEarningsMember529900EKGNL8HWTMTO812021-12-31ifrs-full:RetainedEarningsMember529900EKGNL8HWTMTO812021-12-31ifrs-full:RevaluationSurplusMember529900EKGNL8HWTMTO812021-01-012021-12-31ifrs-full:TreasurySharesMember529900EKGNL8HWTMTO812021-12-31ifrs-full:TreasurySharesMember529900EKGNL8HWTMTO812021-01-012021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900EKGNL8HWTMTO812021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900EKGNL8HWTMTO812021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900EKGNL8HWTMTO812021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900EKGNL8HWTMTO812019-12-31iso4217:EURiso4217:EURxbrli:shares
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