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ListaSmall Cap Stockholm
IndustriElektronisk utrustning
Doro är en europeisk teknologikoncern specialiserade mot seniorsegmentet. Bolaget erbjuder egenutvecklade produkter och tjänster så som telefoner, mobiltelefoner, smartphones, applikationer och annan teknologi anpassad för seniorer. Bolagets huvudmarknader är Norden, Frankrike, Storbritannien och Tyskland. Doros huvudkontor ligger i Malmö.
2022-07-15 08:00:00

Strong cash flow despite Sales hit by turbulent economic environment

The quarter in summary

  • Doro’s net sales amounted to SEK 198.4 million (260.3), a decrease of 23.8 percent.
  • Gross margin stable with a slight increase to 35.6 percent (35.2).
  • EBITDA amounted to SEK 15.7 million (32.2), a decrease of 51.2 percent.
  • Operating profit (EBIT) amounted to SEK 5.3 million (15.5), including late costs for the separation
    and listing of business area Doro Care of SEK 0.4 million (9.1), corresponding to an operating margin of 2.7 percent (6.0).
  • Profit after tax for the period was SEK 4.9 million (8.5) and profit per share was SEK 0.20 (0.36).
  • Free cash flow was SEK 34.9 million (4.9).

January - June in summary

  • Doro’s net sales amounted to SEK 402.9 million (459.0), a decrease of 12.2 percent.
  • Gross margin decreased to 33.8 percent (35.1).
  • EBITDA amounted to SEK 30.5 million (61.7), a decrease of 50.6 percent.
  • Operating profit (EBIT) amounted to SEK 8.3 million (27.7), including late costs for the separation
    and listing of business area Doro Care of SEK 1.6 million (10.1), corresponding to an operating margin of 2.1 percent (6.0).
  • Profit after tax for the period was SEK 8.3 million (23.9) and profit per share was SEK 0.34 (1.00).
  • Free cash flow was SEK 20.7 million (-42.7).

Message from the CEO
Doro has been hard at work during the first six months of the year, both on our existing business and ramping-up for the future. The second quarter kicked off with good energy, as Doro returned to customer fairs and consumer meetings. This included several major exhibitions in the Nordics and France, and a channel roadshow in Germany. During the renewed customer events we have also had possibility to try-out new sales concepts and ways of promoting the senior proposition.
In addition, we launched the regional variants of the new mobile range, including the new 4G feature phones, and our new smartphone in the regions outside the Nordics. The new generation feature phones are from the back-to-basics model with a clear focus on simplicity and ease-of-use instead of complex features and functionalities. The feedback from the markets this far has been very positive. The new products all have better production costs, which, in addition to the price increases implemented during the second quarter, should hopefully begin to facilitate the restoration of Doro margins during the coming six months.
Due to the war in Ukraine and increasing inflation, a prolonged change of purchasing behaviour was still prevalent during the quarter, where consumers were more cautious with their discretionary spending. As a result, there were much fewer store visits, both on and offline, but despite the absence of consumers, a direct positive sales effect was achieved, particularly in Germany, as Doro began touring the major retailers.
Overall, Doro sales were impacted by the general downturn and ended up at SEK 198 million, -24% compared to the same quarter last year (260M). Margins were affected accordingly, 70.6 million vs 91.3 million in the previous year (-23%), especially as the negative development of the USD against EUR and SEK continued to put a severe strain on Doro’s costs base. On the upside, gross margin came in at 35.6% compared to 35.2% last year, partly thanks to the favourable finalisation of previously outstanding accounts receivables and low warranty costs.
When summarising the first half of 2022 it is obvious that a post-Covid return to business as usual has not yet been possible. However, we see a positive future, especially as the ramp-up for our coming business continued as per plan in the second quarter, and the strategy to expand into adjacent technology areas also remains the same, while we also benefit from a good free cash flow. In addition, we will launch our first two non-phone categories at the IFA fair in Berlin in early September and then expect to release a third brand new category at MWC in Barcelona early next year.

A webcast conference call will be held on Friday 15 July at 9.00 am (CEST) when President and CEO Jörgen Nilsson and CFO Isabelle Sengès will present the report. The webcast is accessed at https://tv.streamfabriken.com/doro-q2-2022.The presentation material is available on Doro’s financial website Corporate (doro.com).