AI Terminal
Smartphoto Group N.V.
Earnings Release • Mar 3, 2023
4001_er_2023-03-03_efa3627f-e2ba-40b6-934b-372514f76389.pdf
Earnings Release
Open in ViewerOpens in native device viewer
PRESS RELEASE – Regulated information
Wetteren, 3 March, 2023 – 7.20 a.m.
smartphoto group - Euronext Brussels: SMAR
2022 ANNUAL RESULTS
smartphoto group again grows strongly in turnover and profitability Dividend proposal
- Increase in revenue from 63.1 million euro in 2021 to 76.3 million euro in 2022 (+21.0%).
- EBITDA increases from 10.2 million euro in 2021 to 13.0 million euro in 2022 (+27.3%).
- With a turnover of 15.5 million euro and an EBITDA of 2.7 million euro, the B2B division (naYan) also contributes to the group's growth and profitability from the first full year.
- Net result amounts to 5.5 million euro in 2022 and thus remained stable compared to 2021.
- Increase in net cash of 2.2 million euro (+13.7%) from 16.2 million euro in 2021 (1) to 18.4 million euro in 2022, and this notwithstanding the dividend payment, the further purchase of treasury shares and continued investment in growth.
- As the group is significantly stronger due to the successful integration of naYan, proposal to pay a gross dividend for 2022 of 1 euro per share (or an increase of 53.8%).
Key figures
Audited figures, prepared in accordance with IFRS
| A in % | |||
|---|---|---|---|
| (in K euro) | 2021 | 2022 | 2022 |
| Revenue | 63 052 | 76 295 | 21.0% |
| Profit/loss (-) from operating activities, before non-recurring items (REBIT) | 7 433 | 9 850 | 32.5% |
| Profit/loss (- ) from operating activities (EBIT) | 7 116 | 9 850 | 38.4% |
| Depreciation, amortisation, write-downs, impairment and provisions from operating activities |
3 073 | 3 119 | 1.5% |
| Profit/loss (-) from operating activities, before non-recurring items, corrected for depreciation, amortisation, write-downs, impairment and |
|||
| provisions (REBITDA) | 10 506 | 12 969 | 23.4% |
| Non-recurring items from operating activities | -317 | ||
| Profit/loss (-) from operating activities, corrected for depreciation, amortisation, write-downs, impairment and provisions (EBITDA) |
10 189 | 12 969 | 27.3% |
| Financial result | -195 | -1 416 | -625.6% |
| Write-offs and provisions from financial result | 128 | -1 353 | |
| Profit/loss (-) before taxes (EBT) | 6 921 | 8 434 | 21.9% |
| Profit/loss (-) before taxes, corrected for depreciation, amortisation, write- | |||
| downs, impairment and provisions | 10 121 | 10 200 | 0.8% |
| Income taxes expense (-)/income | -1 421 | -2 944 | -107.2% |
| Deferred taxes | 666 | 2 301 | 245.6% |
| Profit/loss (-) for the period | 5 500 | 5 490 | -0.2% |
| Profit/loss (-) for the period, corrected for depreciation, amortisation, write- | |||
| downs, impairment, provisions and deferred taxes | 9 367 | 9 558 | 2.0% |
| Profit/loss (-) for the period attributable to shareholders of the parent company |
5 500 | 5 490 | -0.2% |
(1)See note Business combinations on page 8/12 of this press release.
| A in % | |||
|---|---|---|---|
| (in K euro) | 2021 (1) | 2022 | 2022 |
| Total assets | 82 362 | 82 886 | 0.6% |
| Gross financial debt (-) | -3 8001 | -5 736 | -51.0% |
| Net financial debt (-)/Net cash | 16 194 | 18 407 | 13.7% |
| Total equity | 48 939 | 48 627 | -0.6% |
| Solvency ratio | 59.4% | 58.7% | -1.3% |
| Current ratio | 128.7% | 127.8% | -0.7% |
The audited financial statements in accordance with IFRS, with more detailed figures, are included at the end of this press release.
Explanation
Smartphoto group, the innovative e-commerce group from Wetteren, realised an increase in revenue to 76.3 million euro in 2022. This increase of 21.0% (or 13.2 million euro) is the result of the organic growth of smartphoto (+1.5%) on the one hand, and of the inclusion of the figures of naYan for the entire year 2022 on the other. In 2021, the naYan figures were included in the consolidated figures for the month of December only.
Smartphoto succeeded to increase the profitability in 2022 compared to 2021, through, among other things, a better product mix and further price adjustments, notwithstanding higher production, transport and material costs. Moreover, in 2022 there were no longer Covid restrictions and all festive occasions like Communion, Mother's Day and Christmas could be fully celebrated.
The B2B division naYan also contributed to the group's growth and profitability with sales of 15.5 million euro and EBITDA of 2.7 million euro from the first full year onwards. At naYan, which already had strong profitability, both systems and processes were further improved, and the first results of a higher focus on growth became visible in the second half of the year. For instance, naYan realised a strong increase in its international footprint as well as great omnichannel projects at existing and new customers.
For the full year 2022 the EBITDA amounts to 13.0 million euro, compared to 10.2 million euro in 2021, or an increase of 27.3%. Organic EBITDA growth, excluding naYan for both 2021 and 2022, amounts to 9.6%.
Taking 2019 as a comparable year, without any impact of Corona, the revenue of smartphoto group has increased from 51.5 million euro to 76.3 million euro, an increase of 48.2%. The EBITDA has increased from 8.8 million euro in 2019 to 13.0 million euro in 2022, an increase of 47.5%.
With a compound annual growth rate (CAGR) of 14.0% in revenue over the period from 2019 to 2022, and 13.8% in EBITDA, smartphoto group again confirms solid growth in 2022.
In cooperation with the Sustainability team within smartphoto group, the planned actions according to the 2022 action plan were realised. Meanwhile, the evaluation committee of the Voka Charter Duurzaam Ondernemen (VCDO) conducted its audit and concluded positively. In 2022, this committee awarded smartphoto the certificate of ''Laureate 2022 Sustainable Business'' in recognition of our sustainable business operations.
In the summer of 2022, smartphoto again achieved the "Best in Test" label relating its photo books, awarded by Test Aankoop on the basis of comparative and independent test results and analysis.
In the month of December 2022, smartphoto group again obtained the Great Place To Work ® certificate, which means that smartphoto group, including naYan and the foreign teams, meets the high standards for what distinguishes a good workplace. This certificate was achieved thanks to the ratings given by our employees on the satisfaction survey organised by the Great Place to Work ® Institute Belgium in collaboration with Vlerick Business School.
Financial result
The financial result decreased by 1.2 million euro from -0.2 million euro in 2021 to -1.4 million euro in 2022. This decrease is mainly due to the negative impact of foreign exchange gains/losses of 0.3 million euro, the increase in financial expenses from interest-bearing financial liabilities and lease liabilities of 0.04 million euro, a loss on the realisation of other receivables for 0.9 million euro regarding the receivable from the seller of naYan NV, and the increase in other financial expenses of 0.06 million euro.
Income taxes expense (-)/income
The balance of income taxes income/expense (-) evolved from -1.4 million euro in 2021 to -2.9 million euro in 2022.
Income taxes expense of -1.4 million euro in 2021 consists, on the one hand, of the net decrease in deferred tax assets of 0.7 million euro and, on the other hand, of current income taxes expense of 0.8 million euro. The income taxes expense of -2.9 million euro as in 2022 consists, on the one hand, of the net decrease in deferred tax assets of 2.3 million euro, and, on the other hand, of the current income taxes expense of 0.6 million euro.
Profit and loss and other comprehensive income
In 2022, the net profit amounts to 5.5 million euro, thus remaining stable compared to 2021. The profit for 2022 is mainly explained by:
- an increase in profit from operating activities of 2.7 million euro;
- a negative change in financial result of 1.2 million euro; and,
- a negative impact of income taxes income/expense by 1.5 million euro.
The other comprehensive income after taxes amounts to -0.1 million euro as at 31 December 2022 and relates to translation differences. As at 31 December 2021, the other comprehensive income after taxes amounts to 0.1 million euro and also relates to translation differences.
Profit and loss and other comprehensive income amount to 5.4 million euro.
Dividend
The Board of Directors will propose to the General Meeting of Shareholders on 10 May 2023 to distribute a gross dividend for 2022 of 1 euro per share (or a 53.8% increase).
As the group is significantly stronger due to the successful integration of naYan, it is logical that this results in a proposal for a substantial increase in the dividend. A further steady positive evolution of the dividend remains the company's long-term objective.
Statement of financial position
The balance sheet total increased by 0.5 million euro, and amounts to 82.9 million euro as at 31 December 2022. Mainly the following elements contributed to this:
Property, plant and equipment
The net book value of property, plant and equipment decreased by 0.2 million euro. This decrease can be explained by:
- the investments for 1.4 million euro, mainly consisting of investments in production machinery, renovations relating to the building at Kwatrecht (Wetteren), and the installation of solar panels on the building at Vantegem (Wetteren).
- the depreciation of property, plant and equipment for the amount of 1.7 million euro.
Right-of-use assets
The net book value of the right-of-use assets amounts to 3.4 million euro as at 31 December 2022, compared to a net book value of 1.0 million euro as at 31 December 2021, an increase in the net book value of 2.4 million euro. Investments amount to 3.1 million euro, and mainly relate to the new agreement on the building in Pratteln (Switzerland), the renewed agreement on the building in Ardooie (Belgium) and vehicles. On the other hand, the depreciation for the period amounts to 0.8 million euro.
Goodwill
In accordance with IFRS 3, the identifiable assets acquired and liabilities assumed of naYan NV and its subsidiary, Frucon International Inc., were recognised separately from goodwill and measured at fair value at the acquisition date. The amount by which the consideration transferred of 4.7 million euro exceeds the net balance of the determined amounts of the identifiable assets acquired and liabilities assumed was recognised as goodwill and amounted to 0.5 million euro. Following the revision of the provisional amounts during the measurement period, the identifiable assets acquired and liabilities assumed were revised by 0.6 million euro to 4.0 million euro. This results in a revision of goodwill by 0.6 million euro, leading to a revised goodwill of 1.1 million euro. See further in the note Business combinations on page 8/12.
This revised goodwill is allocated to the cash-generating unit naYan.
Intangible assets
The net book value of the intangible assets has increased by 0.06 million euro to 3.2 million euro.
This increase is mainly related to investments of 1.3 million euro on the one hand, and depreciation for the period of 1.2 million euro, on the other. The investments mainly relate to investments in mobile applications, such as the further migration of our web platform to 'mobile first' and the cloud, the modernisation of underlying control tools and the upgrade of customer service software. An amount of 1.3 million euro of these investments was generated internally. This expenditure meets the recognition criteria for capitalisation in accordance with IAS 38.57.
Deferred tax assets
Deferred tax assets decreased from 10.3 million euro as at 31 December 2021 to 8.0 million euro as at 31 December 2022, a decrease of 2.3 million euro. This net decrease is mainly due to the reversal and use of deferred tax assets on deferred tax benefits due to tax loss carryforwards.
Inventories
The inventories remained almost stable at 4.0 million euro.
Trade and other receivables
Trade receivables and other receivables (non-current and current) evolved from 9.6 million euro as at 31 December 2021 to 6.1 million euro as at 31 December 2022, a decrease of 3.5 million euro. This decrease is due to a decline in, on the one hand, trade receivables by 1.1 million euro and, on the other hand, other receivables by 2.4 million euro. The decline in other receivables includes a decrease of 0.9 million euro regarding the receivable from the seller of naYan NV recognised at acquisition date in the amount of 1.1 million euro. This receivable was withdrawn in 2022 in proportion to the settlement of the VAT regularisations.
Net cash
Net cash increased from 16.2 million euro in 2021 (1) to 18.4 million euro in 2022.
This increase in net cash is due to the realised free cash flow on the one hand, and on the other hand, to the investments in property, plant and equipment and intangible assets (2.7 million euro), the dividend payment (2.4 million euro), and the purchase of treasury shares (3.3 million euro).
Cash flow from operating activities amounts to 13.8 million euro in 2022 compared to 6.4 million euro in 2021. The cash conversion ratio for 2022 amounts to 106.5%.
See also the 2022 cash flow statement at the end of this press release.
Total equity
Total equity remained more or less stable at 48.6 million euro. The following elements contributed to this:
- the net profit of 5.5 million euro in the 2022 financial year;
- the translation differences after taxes for -0.1 million euro;
- the payment of the 2021 dividend for -2.4 million euro; and
- the purchase of treasury shares for -3.3 million euro, being 60 551 treasury shares for -1.8 million euro under the share purchase program with start date 17 September 2020, and 49 631 treasury shares for -1.5 million euro under the share purchase program with start date 17 June 2022.
Non-current and current interest-bearing financial liabilities
Interest-bearing financial liabilities amount to 2.4 million euro as at 31 December 2022 compared to 2.8 million euro as at 31 December 2021.
During 2022, an amount of 0.5 million euro was repaid regarding the loans in the context of the acquisition of Aultmore NV, following the purchase of the additional production building.
No new interest-bearing financial liabilities were incurred during 2022.
Non-current and current lease liabilities
The lease liabilities amount to 3.4 million euro as at 31 December 2022, compared to 1.0 million euro as at 31 December 2021. This net increase of 2.4 million euro is the result of the repayment of current lease obligations, on the one hand, and the entry into new lease agreements regarding the buildings in Pratteln and Ardooie, as well as vehicles, on the other.
Non-current and current employee benefit liabilities
The employee benefit liabilities increased by 0.2 million euro and amount to 3.7 million euro at the end of 2022. An amount of 0.6 million euro relates to long-term employee benefit liabilities concerning the pension obligations of the companies in the consolidation scope.
Deferred tax liabilities
The deferred tax liabilities remained more or less stable as at 31 December 2022 compared to 31 December 2021, amounting to 2.2 million euro. These mainly relate to deferred tax liabilities on revaluation gains, taxable temporary differences on property, plant and equipment and intangible assets, and translation differences.
Trade payables and other payables
The trade and other payables increased by 0.5 million euro to 22.2 million euro at the end of 2022.
This net increase includes, on the one hand, a decrease in other liabilities from 1.5 million euro to 0.8 million euro regarding the outstanding balance of the purchase price related to the acquisition of naYan NV; and, on the other hand, an increase of 1.2 million euro in trade payables, being mainly supplier debts.
Opinion of the Statutory auditor
Opinion of the statutory auditor
Unqualified opinion with an emphasis of matter paragraph
The statutory auditor, Grant Thornton Bedrijfsrevisoren CVBA, has confirmed that upon clearance of pending items, its auditing activities did not reveal any significant adjustments concerning the consolidated amounts of the group concerning 2022, that should be included in the financial data of this press release. The statutory auditor remarks that the present valuation of the consolidation goodwill and the deferred tax assets depends on the future positive development of the market conditions on which the business plan is based.
Antwerp, March 2,2023
Outlook 2023 (2)
In 2023, the focus will continue to be on growth, both for the activities of smartphoto as well as for naYan. For smartphoto, this will include expansion of the product range, the implementation of price increases and the improvement of conversion. Besides focusing on growth by gaining new customers for its EaaS ('E-commerce as a Service'), naYan will also focus on optimisations of the underlying processes and structures.
Definitions
Turnover= Total revenue recognised in the statement of profit or loss for the period.
EBITDA= Profit/loss (-) from operating activities adjusted for depreciation, amortisation, write-downs, impairment losses and provisions.
REBITDA= Profit/loss (-) from operating activities, before non-recurring items, adjusted for depreciation, amortisation, write-downs, impairment losses and provisions.
EBT= Profit/loss (-) before taxes.
CAGR= Compound Annual Growth Rate.
Cash surplus= Net cash= Total cash and cash equivalents less non-current and current interest-bearing financial liabilities and lease liabilities.
Cash conversion ratio= The ratio of cash flow from operating activities and EBITDA. This ratio measures the efficiency to convert earnings into cash.
Dividend= The part of profit (or reserves) which is distributed to the shareholders.
Balance sheet total= Total assets= Total of equity and liabilities.
Gross financial debt (-)= Non-current and current interest-bearing financial liabilities, increased by total non-current and current lease liabilities.
Solvency ratio= The ratio of the 'Total equity' to the 'Balance sheet total'.
Liquidity Ratio= The ratio of the 'Current assets' to the 'Current liabilities'.
About smartphoto group
Smartphoto group, the innovative e-commerce group, operates in B2C e-commerce under the name smartphoto TM in 12 European countries with affordable, high-quality personalised products such as gifts, cards, photo books, photo calendars, prints and wall decorations.
Additionally, smartphoto group, through naYan, active in B2B e-commerce, is one of the market leaders in e-commerce distribution in Europe by offering a unique 'E-commerce as a Service' (EaaS) for international brands looking for growth, and the sale to businesses of personalised gift packages containing chocolate, alcohol, fruit or flowers through websites such as Gift.be and GiftsforEurope.com.
Smartphoto group's shares are traded on Euronext Brussels (ISIN BE0974323553, ticker symbol SMAR).
Financial calendar
| 10 May 2023 | at 2 p.m. | Annual General Meeting of Shareholders |
|---|---|---|
| 22 August 2023 | after trading hours | Half-year results and half-yearly financial report for 2023 |
| (3) 31 January 2024 |
after trading hours | Trading update 2023 |
| (3) 4 March 2024 |
after trading hours | Annual results 2023 |
For additional information
Stef De corte*, CEO smartphoto group NV Kwatrechtsteenweg 160 B- 9230 Wetteren Tel. +32.9.365.99.10 E-mail: [email protected] - Internet: www.smartphotogroup.com
* Fixed representative of Acortis BV
(2)This press release contains forward-looking information based on current internal estimates and expectations. The forward-looking statements involve inherent risks and speak only as of the date they are communicated. It cannot be excluded that actual results differ materially from the forward-looking expectations contained in this release.
(3) Indicative dates
This press release is a free English translation of the official Dutch version.
Note Business combinations
The acquisition of naYan NV and its subsidiary Frucon International Inc. was in accordance with IFRS 3 - Business combinations, recognised in the consolidated figures, as from the acquisition date on 2 December 2021. This business combination was hereby reported based on provisional amounts for various items relating to the opening statement of the financial position, which could possibly have an impact on the equity at the acquisition date and goodwill recognised on initial recognition. During the measurement period, the provisional amounts recognised at the acquisition date were retrospectively adjusted to reflect new information obtained about facts and circumstances existing at the acquisition date that, if known, would have affected the measurement of the recognised amounts. This information led to retrospectively revising the provisional net identifiable assets and liabilities, at fair value.
The provisional amount of cash and cash equivalents at acquisition date included 0.8 million euro incorrectly recognised as cash and cash equivalents. Cash and cash equivalents at acquisition date were revised accordingly, resulting in a revised value at acquisition date of 5.4 million euro. This revision also has an impact on the current tax liabilities, attributable to the opening statement of the financial position for an amount of 0.2 million euro. The total impact of the revision of the provisional net identifiable assets and liabilities at fair value amounts to 0.6 million euro.
The net identifiable assets and liabilities at fair value, including the revised amounts, are shown in the table below.
| At acquisition date (in K euro) provisional amounts provisional amounts |
Revision of | At acquisition date revised amounts |
|
|---|---|---|---|
| Property, plant and equipment | 10 | 10 | |
| Right-of-use assets | 157 | 157 | |
| Intangible assets | 92 | 92 | |
| Non-current trade and other receivables | 484 | 484 | |
| Inventories | 981 | 981 | |
| Current trade and other receivables | 7 899 | 7 899 | |
| Cash and cash equivalents | 6 184 | -819 | 5 366 |
| Non-current lease liabilities | -84 | -84 | |
| Provisions | -1 133 | -1 133 | |
| Deferred tax liabilities | - 19 | -19 | |
| Current lease liabilities | -73 | -73 | |
| Current trade and other payables | -9 016 | -9 016 | |
| Current employee benefit liabilities | -670 | -670 | |
| Current tax liabilities | -608 | 205 | -403 |
| Total net identifiable assets and liabilities | 4 205 | -614 | 3 591 |
The amount by which the consideration transferred of 4.7 million euro exceeds the amount of net identifiable assets acquired and liabilities assumed of 4.2 million euro, was recognised as goodwill, being 0.5 million euro. During the measurement period, additional information was obtained about the facts and circumstances underlying the provisional amounts for various items relating to the opening statement of the financial position. This information resulted in the identifiable assets acquired and liabilities assumed being revised by 0.6 million euro to 3.6 million euro. This leads to a revision of the goodwill by 0.6 million euro, bringing the revised goodwill to 1.1 million euro.
| At acquisition date (in K euro) provisional amounts provisional amounts |
Revision of | At acquisition date revised amounts |
|
|---|---|---|---|
| Consideration in shares smartphoto group | 509 | 509 | |
| Consideration settled in cash | 4 150 | 4 150 | |
| Consideration transferred | 4 659 | 4 659 | |
| Net identifiable assets and liabilities | -4 2051 | 614 | -3 591 |
| Goodwill | 455 | 614 | 1 069 |
Audited financial statements
Statement of profit or loss for the period
| (in K euro) | 2021 | 2022 |
|---|---|---|
| Revenue | 63 052 | 76 295 |
| Other operating income | 1 006 | 1 313 |
| Changes in inventory of finished goods and work in progress | -16 | 6 |
| Capitalisation of internally generated intangible assets | 681 | 1 271 |
| Trade goods, raw materials and consumables | -20 968 | -22 984 |
| Employee benefits | -12 930 | -17 073 |
| Depreciation, amortisation, write-downs and impairment | - 3 519 | -3 125 |
| Other operating expenses | -19 873 | -25 852 |
| Operating profit/loss (-), before non-recurring items | 7 433 | 9 850 |
| Operating non-recurring items | -317 | |
| Profit/loss (-) from operating activities | 7 116 | 9 850 |
| Financial income | 308 | 449 |
| Financial expenses | -503 | -1 865 |
| Financial result | -195 | -1416 |
| Profit/loss (-) before taxes | 6 921 | 8 434 |
| Income taxes expense (-)/ income | -1 421 | -2 944 |
| Profit/loss (-) for the period | 5 500 | 5 490 |
| Profit/loss (-) for the period attributable to equity holders of the parent company | 5 500 | 5 490 |
| (in euro) | 2021 | 2022 |
| Profit/loss (-) for the period per share in euro | 1.3953 | 1.3927 |
| Profit/loss (-) for the period attributable to equity holders of the parent company per share in euro |
1.3953 | 1.3927 |
Statement of profit or loss and other comprehensive income for the period
| (in K euro) | 2021 | 2022 |
|---|---|---|
| Profit/loss (-) for the period | 5 500 | 5 490 |
| Other comprehensive income: | ||
| Items which possibly will be reclassified to profit or loss | ||
| Translation differences | 115 | -120 |
| Taxes on translation differences | -25 | 22 |
| Total of items which possibly will be reclassified to profit or loss | 91 | -98 |
| Other comprehensive income, net of taxes | 91 | - 98 |
| Total other comprehensive income before reclassification adjustments | 5 591 | 5 392 |
| Reclassification adjustments | ||
| Translation differences recognised in income/loss (-) | 10 | |
| Total of profit or loss and other comprehensive income | 5 601 | 5 392 |
| Total of profit or loss and other comprehensive income for the period | ||
| attributable to equity holders of the parent company | 5 601 | 5 392 |
Statement of financial position as at the end of the period
| 2021 | Revision of | 2021 | ||
|---|---|---|---|---|
| ASSETS (in K euro) |
Provisional amounts |
provisional amounts |
Revised amounts |
2022 |
| Non-current assets | ||||
| Property, plant and equipment | 17 031 | 17 031 | 16 789 | |
| Right-of-use assets | 954 | 954 | 3 350 | |
| Goodwill | 16 606 | 614 | 17 220 | 17 220 |
| Intangible assets | 3 136 | 3 136 | 3 194 | |
| Other financial assets | ||||
| Trade and other receivables | 386 | 386 | ਰੇਦ | |
| Deferred tax assets | 10 341 | 10 341 | 7 995 | |
| Total non-current assets | 48 455 | 614 | 49 069 | 48 643 |
| Current assets | ||||
| Inventories | 4 030 | 4 030 | 3 956 | |
| Trade and other receivables | 9 248 | 9 248 | 6 052 | |
| Other financial assets | 3 | ന | ||
| Cash and cash equivalents | 20 812 | -819 | 19 994 | 24 143 |
| Current tax assets | 18 | 18 | 88 | |
| Total current assets | 34 112 | -819 | 33 293 | 34 243 |
| TOTAL ASSETS | 82 566 | -205 | 82 362 | 82 886 |
| 2021 | ||||
|---|---|---|---|---|
| 2021 | Revision of | 2021 | ||
| Provisional | provisional | Revised | ||
| EQUITY AND LIABILITIES (in K euro) |
amounts | amounts | amounts | 2022 |
| Total equity | ||||
| Capital | 41 381 | 41 381 | 41 381 | |
| Reserves and retained earnings/accumulated loss (-) | 1 615 | 1 615 | 4 684 | |
| Revaluation surplus | 6 956 | 6 956 | 6 956 | |
| Treasury shares (-) | -3 379 | -3 379 | -6 663 | |
| Currency translation adjustments | 2 366 | 2 366 | 2 268 | |
| Shareholder's equity | 48 939 | 48 939 | 48 627 | |
| Total equity | 48 939 | 48 939 | 48 627 | |
| Non-current liabilities | ||||
| Interest-bearing financial liabilities | 2 363 | 2 363 | 1 888 | |
| Lease liabilities | 514 | 514 | 2 690 | |
| Trade and other payables | ||||
| Employee benefit liabilities | 584 | 584 | 594 | |
| Provisions | 1 133 | 1 133 | 118 | |
| Deferred tax liabilities | 2 205 | 2 205 | 2 183 | |
| Total non-current liabilities | 7 550 | 7 550 | 7 473 | |
| Current liabilities | 0 | |||
| Interest-bearing financial liabilities | 473 | 473 | 476 | |
| Lease liabilities | 449 | 449 | 682 | |
| Trade and other payables | 20 996 | 20 996 | 22 208 | |
| Employee benefit liabilities | 2 926 | 2 926 | 3 099 | |
| Current tax liabilities | 1 233 | -205 | 1 028 | 322 |
| Total current liabilities | 26 077 | -205 | 25 873 | 26 786 |
| TOTAL EQUITY AND LIABILITIES | 82 566 | -205 | 82 362 | 82 886 |
Statement of changes in equity for the period
| (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 |
| Profit/loss (-) for the period | 5 500 | 5 500 | ||||
| Other comprehensive income: Items which possibly will be reclassified to profit or oss |
||||||
| Translation differences | 115 | 115 | ||||
| Taxes on translation differences | -25 | -25 | ||||
| Total of items which possibly will be reclassified to profit or loss |
91 | 91 | ||||
| Other comprehensive income, net of taxes | ਰੇ 1 | 91 | ||||
| Total of profit or loss and other comprehensive income before reclassification adjustments |
5 500 | ਰੇ 1 | 5 591 | |||
| Reclassification adjustments Translation differences recognised in income/loss (-) |
10 | 10 | ||||
| Total of profit or loss and other comprehensive income |
5 500 | 101 | 5 601 | |||
| Total of profit or loss and other comprehensive income for the period attributable to equity holders of the parent company |
5 500 | 101 | 5 601 | |||
| Dividend distributed to shareholders | -2 249 | -2 249 | ||||
| Transactions relating to treasury shares | 129 | -19 | 110 | |||
| Balance as at 31.12.2021 | 41 381 | 1 615 | e 956 | -3 379 | 2 366 | 48 939 |
| (in K euro) | Capital | Reserves and retained earnings/ accumulated loss (-) |
Revaluation surplus |
Treasury shares (-) |
Currency translation adjustments |
Shareholder's equity |
|---|---|---|---|---|---|---|
| Balance as at 31.12.2021 | 41 381 | 1615 | 6 956 | -3 379 | 2 366 | 48 939 |
| Profit/loss (-) for the period | 5 490 | 5 490 | ||||
| Other comprehensive income: Items which possibly will be reclassified to profit or oss |
||||||
| Translation differences | -120 | -120 | ||||
| Taxes on translation differences | 22 | 22 | ||||
| Total of items which possibly will be reclassified to profit or loss |
-98 | -98 | ||||
| Other comprehensive income, net of taxes | -98 | -98 | ||||
| Total of profit or loss and other comprehensive income |
5 490 | -98 | 5 392 | |||
| Total of profit or loss and other comprehensive income for the period attributable to equity holders of the parent company |
||||||
| 5 490 | -98 | 5 392 | ||||
| Dividend distributed to shareholders | -2 421 | -2 421 | ||||
| Transactions relating to treasury shares | -3 284 | -3 284 | ||||
| Balance as at 31.12.2022 | 41 381 | 4 684 | 6 956 | -6 663 | 2 268 | 48 627 |
Statement of cash flows for the period
| 2021 Adjustments |
||||
|---|---|---|---|---|
| 2021 Provisional |
2021 Adjusted |
|||
| (in K euro) | amounts | to provisional amounts |
amounts | 2022 |
| Operating activities | ||||
| Net result | 5 500 | 5 500 | 5 490 | |
| Depreciation, write-downs, impairment of property, plant and equipment | 1 523 | 1 523 | 1 659 | |
| Depreciation, write-downs, impairment of right-of-use assets | eas | eas | 759 | |
| Depreciation, amortisation, write-offs, impairment of intangible assets | 1 055 | 1 055 | 1 242 | |
| Write-downs, impairment on current and non-current assets | 245 | 245 | 1 155 | |
| Provisions | -446 | -446 | -851 | |
| Net interest income (-)/expense | 151 | 151 | 187 | |
| Loss/gain (-) on sale of property, plant and equipment | -20 | -20 | -29 | |
| Income tax expenses | 1 421 | 1 421 | 2 944 | |
| Operating cash flow before changes in working capital and provisions | 10 125 | 10 125 | 12 555 | |
| Decrease/increase (-) in trade and other receivables and current income tax assets | 1 459 | 1 459 | 3 079 | |
| Decrease/increase (-) in inventories | -534 | -534 | ਰੇਤ | |
| Increase/decrease (-) in trade and other payables | -4 200 | -4 200 | -144 | |
| Increase/decrease (-) in provisions | -1 015 | |||
| Increase/decrease (-) in working capital and provisions | -3 275 | -3 275 | 2 016 | |
| Operating cash flow after changes in working capital and provisions | 6 849 | 6 849 | 14 571 | |
| Interest paid (-) | -154 | -154 | -141 | |
| Interest paid (-) on lease liabilities | -36 | -36 | -32 | |
| Income tax paid (-) | -276 | -276 | -586 | |
| Cash flow from operating activities | 6 384 | 6 384 | 13 812 | |
| Investing activities | ||||
| Proceeds from sale of property, plant and equipment | 48 | 48 | 48 | |
| Acquisition of property, plant and equipment | -2 020 | -2 020 | -1 434 | |
| Acquisition of other intangible assets | -1 296 | -1 296 | -1 300 | |
| Acquisition of a business combination, net of cash acquired | 3 529 | -819 | 2 710 | |
| Cash flow from investing activities | 261 | -819 | -558 | -2 687 |
| Financing activities | ||||
| Acquisition of treasury shares | -399 | -399 | -3 284 | |
| Repayment of financial liabilities | -470 | -470 | -473 | |
| Repayment of financial lease liabilities | -702 | -702 | -746 | |
| Dividends paid Cash flow from financing activities |
-2 249 -3 821 |
-2 249 -3 821 |
-2 421 -6 923 |
|
| Increase/decrease (-) in cash and cash equivalents | 2 824 | -819 | 2 005 | |
| 4 202 | ||||
| Effect of exchange rate fluctuations Net increase/decrease (-) in cash and cash equivalents |
42 | 42 2 047 |
-53 4 149 |
|
| Cash and cash equivalents at the beginning of the year | 2 866 17 946 |
-819 | 17 946 | 19 994 |
| Cash and cash equivalents at the end of the period | 20 812 | -819 | 19 994 | 24 143 |
| Total cash and cash equivalents | 20 812 | -819 | 19 994 | 24 143 |