Earnings Release • Mar 7, 2013
Earnings Release
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Wetteren, Belgium, 07 March 2013
Recognised under the 'discontinued operations' in accordance with IFRS 5.
(R)EBITDA rose from EUR 3.79 million to EUR 4.16 million
Audited figures, drawn up in accordance with IFRS
| Income Statement (in € '000) |
2011 | 2011 revised* |
2012 | ∆ in % |
|---|---|---|---|---|
| Revenue | 197 405 | 56 170 | 55 005 | -2.1% |
| Profit/loss (-) from operating activities, before non-recurring items (REBIT) | - 2 407 | 832 | 1 659 | 99.3% |
| Non-cash items from operating activities, before non-recurring items | 5 249 | 2 956 | 2 499 | -15.5% |
| REBITDA | 2 841 | 3 789 | 4 157 | 9.7% |
| Non-recurring items from operating activities | - 1 732 | 70 | 0 | - |
| Profit/loss (-) from operating activities (EBIT) | - 4 140 | 902 | 1 659 | 83.8% |
| Non-recurring non-cash items from operating activities | 1 446 | - 70 | 0 | - |
| EBITDA | 2 554 | 3 789 | 4 157 | 9.7% |
| Financial result | 187 | 1 768 | - 377 | - |
| Income tax expense (-)/income | 1 080 | 1 671 | - 2 532 | - |
| Profit/loss (-) from continuing activities | - 2 873 | 4 341 | - 1 250 | - |
| Non-cash items from continuing activities | 5 747 | 1 421 | 4 229 | 197.5% |
| Profit/loss (-) from continuing activities, corrected for non-cash items | 2 874 | 5 763 | 2 979 | -48.3% |
| Profit/loss (-) from discontinued operations | 0 | - 7 214 | - 2 599 | 64.0% |
| Profit/loss (-) for the period | - 2 873 | - 2 873 | - 3 849 | - |
| Attributable to the group | - 2 873 | - 2 873 | - 3 849 | - |
* Both the results for the period from 1 January 2012 to 30 September 2012 and the results due to the loss of control in relation to the Retail Group are recognised under the 'discontinued operations'. The comparative figures for 2011 were adjusted in compliance with IFRS 5 and also restated under 'discontinued operations'.
| Statement of financial position (in € '000) |
2011 | 2012 | ∆ in % |
|---|---|---|---|
| Total assets | 95 608 | 39 600 | -58.6% |
| Net financial debt | 32 134 | 1 411 | -95.6% |
| Total equity | 24 864 | 20 900 | -15.9% |
| Solvency ratio | 26.0% | 52.8% | 102.9% |
| Gearing ratio | 129.2% | 6.8% | -94.8% |
| Current ratio | 76.4% | 105.6% | 38.2% |
More detailed figures are included at the end of this press release.
o Group:
Audited figures prepared in accordance with IFRS
| (in € '000) | 2011 | 2012 | ∆ in % |
|---|---|---|---|
| Revenue | |||
| Total | 56 170 | 55 000 | -2.1% |
| E-commerce | 36 545 | 34 843 | -4.7% |
| Wholesale | 22 844 | 22 919 | 0.3% |
| Intersegment | -3 219 | -2 762 | 14.2% |
| REBITDA | |||
| Total | 4 081 | 4 367 | 7.0% |
| E-commerce | 3 588 | 4 073 | 13.5% |
| Wholesale | 494 | 293 | -40.6% |
| (in € '000) | 2011 | 2012 | ∆ in % |
|---|---|---|---|
| Revenue | |||
| Total revenue reportable segments | 56 170 | 55 000 | -2.1% |
| Other | 0 | 5 | - |
| Total revenue | 56 170 | 55 005 | -2.1% |
| REBITDA | |||
| REBITDA Reportable segments | 4 081 | 4 367 | 7.0% |
| REBITDA not allocated to reportable segments | - 293 | - 209 | 28.5% |
| Total REBITDA | 3 789 | 4 157 | 9.7% |
| (in € '000) | 2011 | 2012 | ∆ in % |
|---|---|---|---|
| Revenue Photo Hall Group (Retail) | 141 235 | 80 658 | -42.9% |
| REBITDA Photo Hall Group (Retail) | - 947 | - 186 | 80.4% |
The E-commerce activities of the smartphotoTM Group include all the activities aiming at the end consumer.
The revenue decreased with 4.7%, mainly due to the decline of the analogue and digital prints that was not fully compensated by the increase in the other product categories. The analogue operations represent only 3% of the revenue (6% in 2011).
The REBITDA increased by 13.5% to EUR 4.07 million mainly due to the change in the product mix towards products with a higher added value.
The digital operations saw an increase of 4% in the last quarter, partly due to the launch of new products. Also in 2013, dozens of new products will be added to the range of photo gifts.
The photo books, cards, calendars and photo gifts also saw growth of more than 10% in 2012.
In 2012, a first retail partnership was started up with 'Standaard Boekhandel', whereby the digital products of smartphoto are offered on the website of the retail partners.
This approach will continue to be rolled out in several countries in 2013.
This means the group's transition to the smartphotoTM brand has been completed.
The Wholesale operations aim at companies or independent traders, with a mix of hardware sales and photo products.
Despite the difficult economic conditions, revenue increased by 0.3% to EUR 22.92 million.
However, there was pressure on the margins, which is reflected in a decrease of the REBITDA to EUR 0.29 million.
The result of the discontinued operations amounted to minus EUR 2.60 million for 2012. This amount represents both the results for the first nine months of the financial year and the result from the divestment of the Retail Group's companies. The comparative figures for 2011 were adjusted in compliance with IFRS 5 and also restated under the 'discontinued operations'. The result for the 2011 financial year amounted to minus EUR 7.21 million.
Following the ruling from the Commercial Court of 24 October 2012, the shares of Hifi International SA were transferred to Krëfel NV on 29 October 2012.
Due to the transfer of the shares of Hifi International SA, Spector Photo Group NV has lost the control of the company (IAS 27 § 32-37). The assets and liabilities are no longer recognised in the statement of financial position. The result arising from this transaction is recognised under the 'discontinued operations', as are the results for the period from 1 January 2012 to 30 September 2012, being the latest available figures.
On 4 December 2012, all rights and obligations of various components of the operations of Photo Hall Multimedia NV were transferred, under the procedure of judicial reorganisation, to respectively Mr. Max Heilbron, the NV Novo Belgium Holding, the NV Maes, and the NV Derco Systems.
On 5 December 2012, the Commercial Court of Brussels ruled, at the request of the court representatives and in accordance with Section 67 of the Act of 31 January 2009 concerning the Continuity of companies, to close the judicial reorganisation of Photo Hall Multimedia NV.
The ending of the procedure of judicial reorganisation ended the suspension of payments. Since the company did not have the funds or credit facilities available to meet its payment obligations, the bankruptcy of Photo Hall Multimedia NV was opened on 7 December 2012. Mr. Bart De Moor was appointed as curator, and Messrs. Jan Van Camp and Frank Taildeman were appointed as co-curators.
Due to Photo Hall Multimedia NV being declared bankrupt, Spector Photo Group NV has lost the control of the company (IAS 27 § 32-37). Accordingly, the assets and obligations were no longer recognised in the statement of financial position and the investment in Photo Hall Multimedia NV in the consolidated statement of financial position of Spector Photo Group NV was measured at the fair value in accordance with the requirements of IAS 39, which meant the fair value was recognised at zero. The result arising thereof, is recognised under the 'discontinued operations', as are the results for the period from 1 January 2012 to 30 September 2012, being the latest available figures.
Spector Photo Group realised revenues in the 2012 financial year of EUR 55.01 million (-2.1%) with a REBIT of EUR 1.66 million compared to EUR 56.17 million and EUR 0.83 million respectively according to the comparative figures in 2011, restated in accordance with IFRS 5.
The group's REBITDA increased from EUR 3.79 million to EUR 4.16 million.
The financial result for the 2012 financial year amounted to minus EUR 0.38 million compared to EUR 1.77 million* in 2011. The evolution of the financial result is mainly due to the non-recurring income as a result of the loan and facility agreement that was entered into with NIBC Bank in 2011 (minus EUR 2.01 million), the decrease of the positive exchange rate differences (minus EUR 0.18 million) and finally a slight decrease of the financial charges (plus EUR 0.04 million).
In 2012, the income tax expenses amounted to minus EUR 2.53 million, compared to plus EUR 1.67 million in 2011. The tax result consists almost entirely of the use and the reversal of deferred taxes (minus EUR 2.54 million).
The result of the discontinued operations amounted to minus EUR 2.60 million for 2012. This amount consists, on the one hand, of the operating, financial and tax results for the first nine months of the financial year (minus EUR 7.41 million) and, on the other, the result of the divestment of the companies in the Retail Group (EUR 4.82 million).
The comparative figures for 2011 were adjusted in compliance with IFRS 5 and also restated under the 'discontinued operations'. The result for the 2011 financial year amounted to minus EUR 7.21 million.
A loss of minus EUR 3.85 million was realised in the 2012 financial year, compared to a loss of minus EUR 2.87 million in the 2011 financial year. The decrease in the result by EUR 0.98 million compared to the 2011 financial year can be explained as follows:
The investments in 2012 amounted to EUR 0.84 million, compared to EUR 1.19 million in 2011. The Retail Group's investments in property, plant and equipment amounted to EUR 0.06 million and mainly related, on the one hand, to the renovations of shops and the central building in Luxembourg and, on the other, to hardware for the shops and the supporting services. The investments in property, plant and equipment for the smartphotoTM Group amounted to EUR 0.33 million. These primarily related to hardware, other IT-related investments, and production equipment.
The investments in intangible assets of EUR 0.44 million mainly concern various software to support the IT platform for the mail order operations of the smartphotoTM Group, amounting to EUR 0.40 million.
The Board of Directors will recommend the General Meeting of Shareholders not to pay a dividend for the 2012 financial year.
The statement of financial position total decreased from EUR 95.61 million at year-end 2011 to EUR 39.60 million at year-end 2012. The most important items are the following:
o Equity decreased from EUR 24.86 million at year-end 2011 to EUR 20.90 million at the end of 2012 (minus EUR 3.96 million). This decrease is primarily the effect of the net loss for the year amounting to minus EUR 3.85 million. Negative currency translation differences (minus EUR 0.03 million) and a negative effect from the Interest Rate Swap transactions (minus EUR 0.09 million) account for the remaining difference.
The Committee of Statutory Auditors confirms that its auditing activities have been completed regarding the contents of this press release and that they did not reveal any significant correction that should be included in the financial data of this press release. The auditors remark that the present valuation of the deferred tax assets and of the intangible assets depends on the future positive development of the markets on which the business plan is based. .
Grant Thornton Bedrijfsrevisoren BCVBA Ernst & Young Lippens & Rabaey Audit CV BVCV
The smartphotoTM Group expects its E-commerce operations in 2013 to continue shifting towards products with greater added value through the launch of dozens of new innovative products. We also expect to be able to enter into more retail partnerships in Europe.
The trend towards mobile, both smartphones and tablets, will require new investments, but these have already been started so that we will be able to respond in this area as well. This includes both software development and innovation in products.
New channels/resellers are being sought via smartphoto.biz, to fit in better with the needs of businesses using existing products.
For the Wholesale operations, we expect continued pressure on prices and much will depend on the evolution of the economic situation, which makes it difficult to estimate the revenue. In 2013, the services offered to businesses will actually be extended to banners, tarpaulins, lettering, fabric, etc. This will be done via the new smartphotoXL brand.
Spector Photo Group operates in 14 European countries and focuses on both consumers and businesses. Spector Photo Group's shares are traded on Euronext Brussels (ISIN BE0003663748, stock code SPEC).
Spector Photo Group operates in B2C E-commerce with affordable high-quality photo products, such as photo books, cards, calendars, canvas and photo gifts, and does this under the name smartphotoTM . smartphoto.biz, using the same products, focuses on businesses and organisations that want to offer personalised products to their customers.
The Wholesale segment is positioning itself as a distributor of photo hardware to the independent trader who does not want to join a franchise concept, and offers 'à la carte' services in this context.
'Spector by smartphoto' supplies high-quality photo products to independent photographers. Finally, smartphotoXL positions itself as a professional provider of visual communication, presentation systems and printed textile for the business to business customer and the specialized reseller.
06 March 2014 (2) before exchange opens 2013 Annual results
8 May 2013 before exchange opens Trading update for first quarter of 2013 29 August 2013 (2) after exchange closes Half-year results and Half-year financial report for 2013 24 October 2013 (2) after exchange closes Trading Update for third quarter of 2013
REBIT = Profit/loss (-) from operating activities before non-recurring items.
EBIT = Profit/loss (-) from operating activities (Earnings Before Interest and Tax)
REBITDA = Profit/loss (-) from operating activities before non-recurring items, adjusted for depreciation, amortisation, impairment, and provisions.
EBITDA = Profit/loss (-) from operating activities adjusted for depreciation, amortisation, impairment and provisions (Earnings Before Interest, Tax, Depreciation and Amortisation).
Profit/loss (-) before taxes, adjusted for non-cash items = Profit/loss (-) before taxes, adjusted for depreciation, amortisation, impairment, provisions, and financial non-cash items.
Profit/loss (-) for the period from continuing operations, adjusted for non-cash items = Profit/loss (-) after taxes, adjusted for depreciation, amortisation, impairment, provisions, financial non-cash items and deferred taxes
Share of the equity holders in the parent company in the cash flow for the financial year = Net profit/loss adjusted for depreciation, amortisation, provisions, financial non-cash items, deferred taxes and non-cash items from discontinued operations
Net Financial debt = Financial obligations less cash, cash equivalents, and other financial assets
For additional information, please contact: Stef De Corte, CEO Spector Photo Group NV Kwatrechtsteenweg 160,
B - 9230 Wetteren, Belgium Telephone: +32.9.365.98.10 Email: [email protected] - Internet: www.spectorphotogroup.com
(1) This press release contains forward-looking information that is based on the current internal estimates and expectations. The forward-looking statements contain inherent risks and only apply at the date on which they are communicated. It cannot be excluded that the actual results differ considerably from the forward-looking expectations that have been incorporated in this message.
(2) Indicative dates
This press release is an English translation of the official Dutch version.
| (in € '000) | 2011 | 2012 | ∆ | ∆ in % |
|---|---|---|---|---|
| Revenue | 56 170 | 55 005 | - 1 165 | -2.1% |
| Other operating income | 2 010 | 1 961 | - 49 | -2.4% |
| Changes in inventory of finished goods & work in progress | - 8 | 50 | 58 | - |
| Work performed by enterprise and capitalised | 2 | - 2 | - | |
| Trade goods, raw materials and consumables | - 29 238 | - 28 754 | 484 | 1.7% |
| Employee expenses | - 10 365 | - 10 732 | - 366 | -3.5% |
| Depreciation and amortisation expenses | - 2 845 | - 2 033 | 812 | 28.5% |
| Other operating expenses | - 14 894 | - 13 839 | 1 055 | 7.1% |
| Profit/loss (-) from operating activities, before non-recurring items | 832 | 1 659 | 827 | 99.3% |
| Non-recurring items from operating activities | 70 | - 70 | - | |
| Profit/loss (-) from operating activities | 902 | 1 659 | 756 | 83.8% |
| Financial income | 494 | 116 | - 378 | -76.6% |
| Financial costs | - 738 | - 493 | 244 | 33.1% |
| Financial cost-net, before non-recurring items | - 243 | - 377 | - 134 | -55.1% |
| Non-recurring financial items | 2 011 | - 2 011 | - | |
| Financial result | 1 768 | - 377 | - 2 145 | -121.3% |
| Profit/loss (-) before taxes, before non-recurring financial items | 659 | 1 282 | 622 | 94.4% |
| Profit/loss (-) before taxes | 2 670 | 1 282 | - 1 389 | -52.0% |
| Income tax expense (-)/ income | 1 671 | - 2 532 | - 4 202 | -251.5% |
| Profit/loss (-) from continuing activities | 4 341 | - 1 250 | - 5 591 | -128.8% |
| Discontinued operations | ||||
| Profit/loss (-) from discontinued operations | - 7 214 | - 2 599 | 4 616 | 64.0% |
| Profit/loss (-) for the period | - 2 873 | - 3 849 | - 976 | -34.0% |
| Attributable to equity holders of the parent company | - 2 873 | - 3 849 | - 976 | -34.0% |
| (in € '000) | 2011 | 2012 | ∆ | ∆ in % |
|---|---|---|---|---|
| Profit/loss (-) for the period | - 2 873 | - 3 849 | - 976 | -34.0% |
| Currency translation adjustments : | - 269 | - 25 | 245 | 90.9% |
| Gains/losses (-) arising during the year | - 269 | 43 | 312 | - |
| Reclassification adjustments for gains/losses (-) included in profit or loss |
- 67 | - 67 | - | |
| Revaluation surplus | 5 514 | - 5 514 | - | |
| Gains/losses(-) arising during the year (SWAP) | - 90 | - 90 | - | |
| Income tax relating to components of other comprehensive | ||||
| income | - 179 | 179 | - | |
| Total comprehensive income for the period attributable to equity | ||||
| holders of the parent company | 2 193 | - 3 964 | - 6 156 | - |
| (in €, except for the number of shares) | 2011 | 2012 | ∆ in % |
|---|---|---|---|
| Number of shares | 36 619 505 | 36 619 505 | |
| Shares with dividend rights | 35 412 433 | 35 412 433 | |
| Revenue | 1.59 | 1.55 | -2.1% |
| Profit/loss (-) from operating activities, after non-recurring items (EBIT) | 0.03 | 0.05 | 83.8% |
| REBITDA | 0.11 | 0.12 | 9.7% |
| EBITDA | 0.11 | 0.12 | 9.7% |
| Profit/loss (-) before taxes (EBT) | 0.08 | 0.04 | -52.0% |
| Profit/loss (-) from continuing activities | 0.12 | -0.04 | - |
| Profit/loss (-) from discontinued operations | -0.20 | -0.07 | - |
| Profit/loss (-) for the period (ordinary & diluted) | -0.08 | -0.11 | - |
| Profit/loss (-) before taxes, corrected for non-cash items | 0.16 | 0.11 | -34.4% |
| Profit/loss (-) from continuing activities, corrected for non-cash items | 0.16 | 0.08 | -48.3% |
| company | -0.08 | -0.11 | - |
| Net result of the year attributable to equity holders of the parent company, | |||
| corrected for non-cash items | 0.08 | 0.05 | -40.4% |
| Share price for the period | 0.38 | 0.42 | 10.5% |
| ASSETS | 2011 (in € '000) |
2012 | ∆ | ∆ in % |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant and equipment | 20 849 | 8 463 | - 12 386 | -59.4% |
| Goodwill | 18 603 | 10 162 | - 8 441 | -45.4% |
| Intangible assets other than goodwill | 1 318 | 1 358 | 40 | 3.0% |
| Other non-current financial assets | 49 | 49 | ||
| Trade and other receivables | 199 | 58 | - 141 | -70.7% |
| Deferred tax assets | 8 881 | 6 343 | - 2 539 | -28.6% |
| Non-current assets | 49 899 | 26 433 | - 23 466 | -47.0% |
| Current assets | ||||
| Assets held for sale | 735 | - 735 | ||
| Inventories | 20 337 | 2 247 | - 18 090 | -89.0% |
| Trade and other receivables | 14 149 | 6 146 | - 8 002 | -56.6% |
| Investment securities - current | 3 | 3 | - 0 | 0.0% |
| Cash and cash equivalents | 10 235 | 4 761 | - 5 475 | -53.5% |
| Current income tax assets | 250 | 10 | - 241 | -96.2% |
| Current assets | 45 709 | 13 167 | - 32 542 | -71.2% |
| TOTAL ASSETS | 95 608 | 39 600 | - 56 009 | -58.6% |
| EQUITY AND LIABILITIES (in € '000) |
2011 | 2012 | ∆ | ∆ in % |
| Total equity | ||||
| Capital | 64 194 | 64 194 | ||
| Reserves and retained earnings/ accumulated loss (-) | - 44 402 | - 46 827 | - 2 426 | -5.5% |
| Revaluation surplus | 5 335 | 3 822 | - 1 513 | - |
| Treasury shares (-) | - 2 422 | - 2 422 | ||
| Currency translation adjustments | 2 158 | 2 134 | - 25 | -1.1% |
| Shareholder's equity | 24 864 | 20 900 | - 3 964 | -15.9% |
| Total equity | 24 864 | 20 900 | - 3 964 | -15.9% |
| Non-current liabilities | ||||
| Non-current interest-bearing financial obligations | 8 468 | 4 775 | - 3 693 | -43.6% |
| Employee benefit liabilities | 474 | 553 | 79 | 16.7% |
| Non-current provisions | 1 236 | 148 | - 1 087 | -88.0% |
| Deferred tax liabilities | 759 | 752 | - 7 | -0.9% |
| Non-current liabilities | 10 936 | 6 229 | - 4 707 | -43.0% |
| Current liabilities | ||||
| Liabilities held for sale | 753 | - 753 | ||
| Current interest-bearing financial obligations | 33 904 | 1 400 | - 32 504 | -95.9% |
| Trade and other payables | 19 837 | 8 283 | - 11 553 | -58.2% |
| Employee benefit liabilities | 4 061 | 2 292 | - 1 769 | -43.6% |
| Current income tax liabilities | 45 | 160 | 114 | 252.4% |
| Current portion of provisions | 1 208 | 335 | - 872 | -72.2% |
| Current liabilities | 59 808 | 12 471 | - 47 338 | -79.1% |
| TOTAL EQUITY AND LIABILITIES | 95 608 | 39 600 | - 56 009 | -58.6% |
| For the year ended on 31 December (in € '000) |
2011 | 2012 |
|---|---|---|
| Operating activities | ||
| Net result | - 2 873 | - 3 849 |
| Depreciation, write-offs, impairment of property, plant and equipment | 3 239 | 2 667 |
| Depreciation, write-offs, impairment of intangible assets | 1 468 | 666 |
| Write-offs, impairment on current and non-current assets | 674 | 14 |
| Provisions | 1 313 | 465 |
| Unrealised foreign exchange losses/gains (-) | - 418 | 6 |
| Net interest income (-)/expense | 1 981 | 1 311 |
| Loss/gain (-) on sale of property, plant and equipment | - 68 | - 13 |
| Income tax expenses | - 1 149 | 1 701 |
| Other | - 5 418 | |
| Profit from operations before changes in working capial and provisions | 4 168 | - 2 451 |
| Decrease/increase (-) in trade and other receivables and current income tax assets | 2 566 | 3 579 |
| Decrease/increase (-) in inventories | 12 781 | 5 188 |
| Increase/decrease (-) in trade and other payables | - 17 822 | - 3 736 |
| Increase/decrease (-) in provisions | - 565 | - 1 781 |
| Increase/decrease (-) in non-current employee benefit liabilities | - 75 | - 43 |
| Deferred tax liabilitiy/tax asset | 18 | |
| Increase/decrease (-) in working capital | - 3 115 | 3 226 |
| Operating cash flow after changes in working capital and provisions | 1 053 | 776 |
| Interest paid (-) | - 1 944 | - 1 287 |
| Interest received | 34 | 13 |
| Income tax paid (-) | - 673 | - 124 |
| Cash flow from operating activities | - 1 530 | - 623 |
| Investing activities | ||
| Proceeds from sale of property, plant and equipment | 238 | 35 |
| Proceeds from sale of subsidiaries | - 2 114 | |
| Acquisition of property, plant and equipment | - 763 | - 396 |
| Acquisition of intangible assets | - 423 | - 441 |
| Cash flow from investing activities | - 948 | - 2 916 |
| Financing activities Proceeds from interest-bearing financial obligations |
||
| 13 524 | ||
| Repayment of interest-bearing financial obligations Cash flow from financing actvities |
- 15 956 | - 2 723 |
| - 2 433 | - 2 723 | |
| Net increase/decrease (-) in cash and cash equivalents | - 4 911 | - 6 262 |
| Cash and cash equivalents at the beginning of the year | 16 580 | 10 235 |
| Cash and cash equivalents at the beginning of the year discontinued operations | ||
| 628 | 735 | |
| Effect of exchange rate fluctuations | 9 | 52 |
| Cash and cash equivalents at the end of the period | 10 235 | 4 761 |
| Cash and cash equivalents at the end of the period in assets held for sale | 735 | |
| Total cash and cash equivalents | 10 970 | 4 761 |
| (in € '000) | Capital | Retained earnings |
Revaluation surplus |
Treasury shares |
Currency translation adjustments |
Shareholders' equity |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as at 31.12.2010 | 64 194 | -41 529 | -2 422 | 2 428 | 22 671 | 22 671 | |
| Currency translation differences Net gains/losses (-) not recognised in the |
- 269 | - 269 | - 269 | ||||
| income statement | 5 335 | 5 335 | 5 335 | ||||
| Net profit/loss (-) for the period | -2 873 | -2 873 | -2 873 | ||||
| Total comprehensive income | -2 873 | 5 335 | - 269 | 2 193 | 2 193 | ||
| Balance as at 31.12.2011 | 64 194 | -44 402 | 5 335 | -2 422 | 2 158 | 24 864 | 24 864 |
| Changes in accounting policy | |||||||
| Currency translation differences Net gains/losses (-) not recognised in the |
- 25 | - 25 | - 25 | ||||
| income statement | - 90 | - 90 | - 90 | ||||
| Net profit/loss (-) for the period | -3 849 | -3 849 | -3 849 | ||||
| Total comprehensive income | -3 939 | - 25 | -3 964 | -3 964 | |||
| Transfer | 1 513 | -1 513 | |||||
| Balance as at 31.12.2012 | 64 194 | -46 827 | 3 822 | -2 422 | 2 134 | 20 900 | 20 900 |
| (in € '000) | E-commerce | Wholesale | Total reportable segments |
|||||
|---|---|---|---|---|---|---|---|---|
| 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | |||
| Revenue | ||||||||
| External revenue | 33 775 | 32 370 | 22 395 | 22 630 | 56 170 | 55 000 | ||
| Intersegment | 2 770 | 2 474 | 449 | 288 | 3 219 | 2 762 | ||
| Total revenue | 36 545 | 34 843 | 22 844 | 22 919 | 59 389 | 57 762 | ||
| Interest revenue | 420 | 374 | 420 | 374 | ||||
| Interest expense | - 898 | - 399 | - 399 | - 371 | -1 297 | - 770 | ||
| Profit/loss (-) before taxes | 2 581 | 1 665 | - 29 | - 195 | 2 552 | 1 470 | ||
| Total operating segment assets | 34 660 | 30 485 | 3 424 | 3 865 | 38 084 | 34 350 | ||
| Total operating segment liabilities | 12 082 | 9 078 | 308 | 4 658 | 12 390 | 13 736 | ||
| Total capital expenditures property, plant & equipment Total capital expenditures goodwill |
263 | 332 | 5 | 1 | 268 | 333 | ||
| Total capital expenditures intangible assets other than goodwill |
398 | 408 | 398 | 408 | ||||
| Depreciations and amortisations | -2 682 | -1 742 | - 85 | - 37 | - 2 767 | - 1 779 | ||
| Other non cash | - 143 | - 638 | - 40 | - 81 | - 183 | - 719 | ||
| Number of persons employed in FTEs end of the period | 247 | 247 | 13 | 11 | 260 | 258 |
| Reconciliations | (in € '000) | ||
|---|---|---|---|
| Revenue | 2011 | 2012 | |
| Total revenue for reportable segments | 59 389 | 57 762 | |
| Elimination of intersegment revenue | -3 219 | -2 762 | |
| Other | 5 | ||
| 56 170 | 55 005 | ||
| Revenue discontinued operations | 141 235 | 80 658 | |
| Profit/loss (-) | 2011 | 2012 | |
| Total profit/loss (-) for reportable segments | 2 552 | 1 470 | |
| Profit/loss (-) not allocated to reportable segments | |||
| Other | 118 | - 188 | |
| Profit/loss (-) before taxes | 2 670 | 1 282 | |
| Assets | 2011 | 2012 | |
| Total assets for reportable segments | 38 084 | 34 350 | |
| Total assets for reportable segments 2011 retail | 47 851 | ||
| Assets not allocated to reportable segments | |||
| Elimination of assets | -9 238 | -6 234 | |
| Deferred tax asset | 8 863 | 6 343 | |
| Other | 9 312 | 5 141 | |
| Discontinued operating assets | 735 | ||
| Total assets | 95 608 | 39 600 | |
| Liabilities | 2011 | 2012 | |
| Total liabilities for reportable segments | 12 390 | 13 736 | |
| Total liabilities for reportable segments 2011 retail | 14 556 | ||
| Liabilities not allocated to reportable segments | |||
| Elimination of liabilities | -5 283 | -6 234 | |
| Financial obligations | 42 372 | 6 175 | |
| Other | 5 957 | 5 022 | |
| Discontinued operating liabilities | 753 | ||
| Total liabilities | 70 745 | 18 699 |
10/10
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