Bifogade filer
Bhg Interim Report Q2 January June 2023
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Mid Cap Stockholm |
| Sektor | Handel & varor |
| Industri | Detaljhandel |
Strong cash flow, lower cost base and a stronger balance sheet – Cash flow and balance sheet improved significantly through SEK 410 million reduction in inventory in Q2.
HIGHLIGHTS
1 April-30 June
- Net sales declined -10.9% to SEK 3,482.1 million (3,908.5). Organic growth was -10.8% and pro-forma organic growth was -10.7%
- Adjusted gross profit declined -7.9% to SEK 898.0 million (975.6), corresponding to an adjusted gross margin of 25.8% (25.0)
- Adjusted EBIT amounted to SEK 98.4 million (162.2), corresponding to an adjusted EBIT margin of 2.8% (4.2)
- Cash flow from operating activities amounted to SEK 766.8 million (-161.8)
- Earnings per share amounted to SEK 0.12 (1.44) before dilution and SEK 0.12 (1.43) after dilution
1 January-30 June
- Net sales declined -13.1% to SEK 6,099.6 million (7,019.1). Organic growth was -13.1% and pro-forma organic growth was -12.8%
- Adjusted gross profit declined -15.3% to SEK 1,539.3 million (1,817.3), corresponding to an adjusted gross margin of 25.2% (25.9)
- Adjusted EBIT amounted to SEK 29.5 million (296.4), corresponding to an adjusted EBIT margin of 0.5% (4.2)
- Cash flow from operating activities amounted to SEK 977.6 million (-40.1)
- Earnings per share amounted to SEK -0.54 (2.34) before dilution and SEK -0.54 (2.33) after dilution
Key events during the second quarter and after the period
- On 20 June 2023, it was announced that David Olhed would join BHG’s executive management team as Group Chief Commercial Officer as of 30 June and that Sara Sterner, Head of HR, Communications and ESG was leaving BHG. Chief Technology Officer Martin Leo will take over responsibility for ESG and join BHG’s executive management team.
- On 20 June 2023, it was also announced that BHG had successfully renegotiated its existing financing agreement in order to provide additional flexibility with respect to the Group’s financial covenants.
- On 29 June 2023, BHG announced that it had reached an agreement with the founder of BHG’s subsidiary Furniture1 UAB, whereby the company’s founder would purchase 20.1% of the shares in Furniture1 UAB. As part of the transaction, the founder will refrain from exercising his put option on BHG. The Group’s liabilities attributable to the put option, equivalent to SEK 470 million at current exchange rate (EUR 40 million), will be terminated. The agreement is conditional on approval by an Extraordinary General Meeting of BHG scheduled for 25 July 2023.
CONFERENCE CALL IN CONNECTION WITH PUBLICATION OF THE INTERIM REPORT
Gustaf Öhrn, President and CEO, and Jesper Flemme, CFO, will hold a conference call at 10:00 a.m. on Thursday, 20 July in connection with the publication of the interim report. The call will be held in English. Use the following link to participate in the webcast: https://ir.financialhearings.com/bhg-q2-2023. There will be an opportunity to ask questions in writing at the webcast. If you wish to ask questions verbally during the conference call, please register via the following link: https://conference.financialhearings.com/teleconference/?id=200863. Once you have registered you will receive a telephone number and conference ID to log in to the conference. There will be an opportunity to ask questions verbally at the webcast.
INTERIM REPORTS ON WWW.WEAREBHG.COM
The full interim report for the period January-June 2023 and previous interim and year-end reports are available at https://www.wearebhg.com/investors/financial-reports/