WA WallVision AB (publ), corp. no Interim report January 1, 2016 September 30, 2016 THIRD QUARTER: ORGANIC GROWTH IN CORE MARKETS
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1 All figures pertain to the Group unless otherwise stated. Comparisons in the interim report refer to the corresponding period in the 2015 fiscal year, unless otherwise stated. THIRD QUARTER: ORGANIC GROWTH IN CORE MARKETS Third quarter (July 2016 September 2016) Net Sales amounted to SEK million (125.9), excluding exchange rate fluctuations net sales increased 3.2%. EBITDA amounted to SEK 13.1 million (20.0), reaching an EBITDA-margin of 10.5% (15.9). EBITDA was charged with nonrecurring costs of SEK 3.1 million (0.0). Accordingly adjusted EBITDA amounted to SEK 16.2 million (20.0), reaching an adjusted EBITDA margin of 13.0% (15.9). Adjusted EBITA amounted to SEK 11.3 million (14.4), reaching an EBITA-margin of 9.1% (11.5). Nine months (January 2016 September 2016) Net Sales amounted to SEK million (390.2), down 2.4% compared with the preceding year. Excluding exchange rate fluctuations net sales increased 0.7%. EBITDA amounted to SEK 41.4 million (51.2), reaching an EBITDA-margin of 10.9% (13.1). EBITDA was charged with nonrecurring costs of SEK 3.4 million (0.0). Accordingly adjusted EBITDA amounted to SEK 44.8 million (51.2), reaching an adjusted EBITDA margin of 11.8% (13.1). Adjusted EBITA amounted to SEK 29.7 million (33.4), reaching an EBITA-margin of 7.8% (8.6). FINANCIAL INFORMATION IN SUMMARY 3 months 9 months Full year SEK million Net Sales Reported EBITDA Adj. EBITDA Reported EBITA Adj. EBITA Operating profit / Reported EBIT Reported EBITDA margin 10.5% 15.9% 10.9% 13.1% 14.6% Adj. EBITDA margin 13.0% 15.9% 11.8% 13.1% 14.7% Reported EBITA margin 6.6% 11.5% 6.9% 8.6% 10.4% Adj. EBITA margin 9.1% 11.5% 7.8% 8.6% 10.4% The Business WallVision is a Sweden-based designer and manufacturer of premium wallpaper, which the Group distributes and sells on the international market through four separate brands. Founded in 1905, the Company has developed into the leading wallpaper group in the Nordic region, where its market share exceeds 50 percent. WallVision s vision is to become the internationally leading supplier in the premium segment for wallpaper, in terms of being largest, most profitable and with the best brands. 1(9)
2 SIGNIFICANT EVENTS The market July-September Propelled by several strong launches we delivered organic growth during the period in our three largest markets Sweden, Norway and United Kingdom. Several export markets also performed well while our sales to Russia was weak during the quarter. January-September Market environment and our performance in key countries continued to differ. In our largest market, Sweden, total sales has decreased by 2%. According to several sources retail sales in the company s primary distribution channel in Sweden, specialty stores for paint and wallpaper, decreased during the first nine months of the year. We estimate that we kept our market share in the category. WallVision s growth momentum in the UK continued during the period albeit with somewhat slower pace during the third quarter. Other significant events Under our premium brand Cole & Son we successfully launched the Mariinsky Damask collection. An exciting and original interpretation of historical wallpaper designs which celebrate the drama and occasion of the theatre, opera and ballet. In the end of August the collection Decorama 16 (construction wallpaper) was launched. The Decorama is a wallpaper collection aimed at real estate owners and public housing and is normally updated every third year. During the autumn one of the Group s main suppliers, Metsä Board, announced that they will close down their production of wallpaper-grade by the end of To avoid any potential quality issues when implementing new suppliers, and to remain with excellent availability to our customers the board has decided to stock up raw-material in the end of Alternative suppliers for the future have been found and the estimate is this will not have any substantial effects on our gross profit. COMMENTS ON THE CONSOLIDATED INCOME STATEMENT, BALANCE SHEET AND CASH FLOW Net Sales The Group s total net sales increased by 3.2% during the third quarter. But due to exchange rate fluctuations compared to last year, total sales came in 0.7% below last year. It was mainly the conversion of sterling to SEK that caused the effect as it was valued almost 15% lower in Q3 versus last year. The Group s total net sales during the first nine months decreased by 2.4% to SEK million (390.2). Excluding exchange rate fluctuations, net sales increased 0.7%. During the first nine months sales has grown in the UK and on almost all major export markets, while sales in the Nordic, Russia and China have decreased. Earnings Reported EBITDA amounted to SEK 13.1 million (20.0) for the third quarter. EBITDA was charged with non-recurring costs of SEK 3.1 million (0.0) during the third quarter. Accordingly adjusted EBITDA amounted to SEK 16.2 million (20.0), reaching an adjusted EBITDA margin of 13.0% (15.9%). During 2(9)
3 the third quarter gross margin was 2.8 percentage points lower than last year mainly duo to the launch of Decorama 16 (construction wallpaper). Distribution costs and administrative expenses excluding non recurring costs were 0.4% below last year. Adjusted EBITDA for the first nine months amounted to SEK 44.8 million (51.2), reaching an adjusted EBITDA margin of 11.8% (13.1). During the first nine months gross margin was 1.5 percentage points higher than last year while operating costs, mainly marketing and sales costs, were above last year. Cash Flow Cash flow from operating activities before changes in working capital, paid taxes and paid/received interest amounted to SEK 13.3 million (20.9) during the third quarter. Changes in net working capital during the third quarter amounted to SEK -3.5 million (-0.1) and was SEK 3.4 million lower than last year mainly due to higher inventory levels. Some of the higher inventory levels is explained by the replacement of Metsä Board. Operating cash flow before investments for the third quarter amounted to SEK 6.7 million (17.8). Investments during the third quarter amounted to SEK 4.6 million (1.4). Cash flow after investments during the third quarter amounted to SEK 2.1 million (16.3). Operating cash flow for the first nine months amounted to SEK 9.6 million (31.3). Financial position On September 30, 2016, cash and cash equivalents amounted to SEK 38.2 million (37.2). Net debt, defined as interest bearing debt less cash and cash equivalents, amounted to SEK million (357.4). Shareholder loans, subordinated loans from WallVision s shareholders, amounted to SEK 7.1 million (424.4) at the end of September and are excluded from the net debt definition. The covenants from creditors as of September 30, 2016 were met. Goodwill The Goodwill value in the consolidated balance sheet amounted to SEK million (532.7) and was impairment tested at the end of The impairment test was based on value in use, taking into account future cash flows. These calculations use pre-tax cash flow projections based on financial budgets and business plans approved by the board. Transactions with related parties No transactions have taken place between WallVision Group and related parties that has significantly affected the Group s financial position and performance during the reported period. Average number of employees in the Group The average number of employees in the Group during the fiscal year was 191 (198). Risks and uncertainties Several factors could affect the Group s earnings and operations, most of which can be managed through internal procedures but some of which are controlled by external factors. Risks and uncertainties include suppliers, seasonal variations and currencies, new market entries, changes in market conditions and changes in consumer spending behavior. As with other segments of the home furnishings industry, WallVision s net sales, operating profit and cash flow from operating activities fluctuate throughout the year. This is because costs are relatively constant, while net sales vary. The Group s strongest earnings are normally generated during the spring and the autumn, with the major peak in wallpaper sales during the autumn. The Annual Report contains a more comprehensive description of the risks and uncertainty factors affecting the Group. 3(9)
4 OTHER Events after the closing date In October a new VP for Design and Product Management was appointed in the Group. In November the company repurchased 18 MSEK of own bond issue through utilizing the overdraft facility at the bank and available cash in the company. Reporting dates The year-end report for January 1, 2016 December 31, 2016 will be published on February 28, Accounting Principles This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act. The accounting policies in the Group s consolidated financial statements and the parent company s financial statements have been prepared according to the same accounting policies and calculation methods as the 2015 annual accounts. The interim report for the parent company has been prepared in accordance with the Annual Accounts Act. Concerning information about estimations, assessments, risks and risk management see the Annual Report for This report has not been reviewed by the company's auditors. Borås, November 30, The Board of Directors Further information Olle Svensk, President and CEO. Esko Österbacka, CFO. WA WallVision AB Ryssnäsgatan 8 PO Box 1 SE Borås, Sweden (9)
5 CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (SEK 000s) 3 months 9 months Full year Revenue 125, , , , ,423 Cost of sales* - 59,987-56, , , ,886 Gross profit 65,043 68, , , ,537 Operating expenses Distribution costs* - 44,443-44, , , ,321 Administrative expenses - 14,643-11,412-40,258-35,644-48,756 Other income Other losses/gains net , ,253 Operating profit 5,849 11,932 18,925 25,886 44,691 Result from financial items Finance income , Finance costs - 8,239-18,363-24,606-59,556-75,868 Finance costs net -7,834-18,144-23,312-58,928-74,994 Profit before tax - 1,985-6,212-4,387-33,042-30,303 Income tax expenses ,906-2,449-3,124 Net profit/loss for the period - 2,613-7,033-7,293-35,491-33,427 Net profit/loss attributable to: Owners of the parent - 2,613-7,033-7,293-35,491-33,427 Non-controlling interests Other comprehensive income Translation differences ,589-3,697 2, Total comprehensive income for the period - 2,990-8,622-10,990-33,031-33,887 *Cost of sales and Distribution costs for 2015 has been adjusted due to changed accounting principles. The adjustment has had a minor impact on previously reported gross margin. CONSOLIDATED CASH-FLOW STATEMENT (CONDENSED) 3 months 9 months Full year (SEK 000s) Cash flow from operating activities before taxes, paid/received interest and changes in working capital 13,338 20,874 42,735 51,826 72,550 Paid/received interest - 1,604-1,724-16,099-20,721-36,778 Paid taxes - 1,555-1,239-5,748-7,145-6,245 Changes in working capital - 3, ,324 7, Cash flow from operating activities 6,728 17,780 9,564 31,344 30,097 Cash flow from investing activities - 4,575-1,435-10,916-11,255-14,304 Cash flow for the period after 2,153 16,345-1,352 20,089 15,793 investments Cash flow from financing activities -2,145-11,399-3,867-15,992-4,446 Cash flow for the period 8 4,946-5,219 4,097 11,347 Net debt at the end of the period 365, , , , ,973 5(9)
6 CONSOLIDATED BALANCE SHEET (CONDENSED) Sep 30 December (SEK 000s) Intangible fixed assets 1) 649, , ,938 Tangible fixed asset 95, , ,176 Financial assets 593 2,330 1,077 Inventories 99,105 83,272 93,851 Current receivables 87,653 88,710 66,355 Cash and cash equivalents 38,159 37,150 43,379 Total assets 970, , ,776 Shareholders equity 425,269 13, ,259 Long-term liabilities Shareholder loans 7, ,441 6,591 Other long-term liabilities 2) 310, , ,071 Short-term liabilities 2) 227, , ,855 Total equity and liabilities 970, , ,776 1) Of which, goodwill 532, , ,701 2) Of which, interest bearing liabilities 403, , ,357 STATEMENT OF CHANGES IN EQUITY 9 months Full year Jan-Sep Jan-Dec (SEK 000s) Total shareholders equity at the beginning of the period 436,259 46,170 46,170 Profit for the period - 7,293-35,491-33,427 Other comprehensive income - 3,697 2, Total comprehensive income for the period - 10,990-33,031-33,887 New share issue ,976 Premiums from warrants Total shareholders equity at the end of the period 425,269 13, ,259 6(9)
7 PARENT COMPANY S INCOME STATEMENT (SEK 000s) 3 months 9 months Full year Revenue 2,113 2,158 6,338 6,473 8,627 Operating expenses Distribution costs ,282-3,477-4,014-5,425 Administrative expenses - 3,259-2,191-8,782-7,418-9,816 Operating profit - 1,881-1,315-5,921-4,959-6,614 Result from financial items Result from participations in Group companies ,692 Finance income Finance costs - 6,412-16,452-19,547-55,056-70,073 Finance costs net - 6,412-16,452-19,538-55,056-36,381 Profit before tax - 8,293-17,767-25,459-60,015-42,995 Appropriations Profit/loss before tax - 8,293-17,767-25,459-60,015-42,995 Income tax expenses Net profit/loss for the period - 8,293-17,767-25,459-60,015-42,995 PARENT COMPANY S BALANCE SHEET September 30 December 31 (SEK 000s) Financial assets 885, , ,993 Current receivables 944 1, Cash and cash equivalents Total assets 887, , ,188 Shareholders equity 430,219 14, ,438 Long-term liabilities Shareholder loans 7, ,441 48,283 Other long-term liabilities 1) 270, , ,425 Short-term liabilities 1) 179, , ,042 Total equity and liabilities 887, , ,188 1) Of which, interest bearing liabilities 268, , ,425 7(9)
8 KEY RATIOS 3 months 9 months Full year SEK million Net Sales Reported EBITDA Adj. EBITDA Reported EBITA Adj. EBITA Operating profit / Reported EBIT Reported EBITDA margin 10.5% 15.9% 10.9% 13.1% 14.6% Adj. EBITDA margin 13.0% 15.9% 11.8% 13.1% 14.7% Reported EBITA margin 6.6% 11.5% 6.9% 8.6% 10.4% Adj. EBITA margin 9.1% 11.5% 7.8% 8.6% 10.4% Adj. Equity/assets ratio, % 44% 45% 44% 45% 46% Quarterly data SEK million Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Sales Reported EBITDA Adj. EBITDA Reported EBITA Adj. EBITA Operating profit / Reported EBIT Net Sales growth, % 11.3% -7.4% 2.4% 7.0% -10.8% 4.0% -4.8% -1.3% -0.7% Reported EBITDA margin 19.4% 13.2% 13.3% 10.0% 15.9% 18.8% 12.0% 10.0% 10.5% Adj. EBITDA margin 19.9% 15.5% 13.3% 10.0% 15.9% 19.1% 12.0% 10.3% 13.0% Reported EBITA margin 15.1% 8.7% 9.2% 4.8% 11.5% 15.4% 8.0% 6.0% 6.6% Adj. EBITA margin 15.6% 10.9% 9.2% 4.8% 11.5% 15.7% 8.0% 6.3% 9.1% Adj. Equity/assets ratio, % 43% 46% 45% 45% 45% 46% 46% 45% 44% 8(9)
9 DEFINITIONS Adj. EBITA - Earnings before interest, tax and amortisation, adjusted for non-recurring items. Adj. EBITDA Earnings before interest, tax, depreciation and amortisation, adjusted for non-recurring items. Adj. EBITA-margin Adj. EBITA as a percentage of net sales. Adj. EBITDA-margin Adj. EBITDA as a percentage of net sales. Adj. Equity/assets ratio Equity and shareholder loans as a percentage of total assets. Cash flow after investments Profit before depreciation/amortization plus/minus financial items less tax paid plus/minus changes in operating capital minus investments. EBITA Earnings before interest, tax and amortisation. EBITDA Earnings before interest, tax, depreciation and amortisation. EBITA-margin EBITA as a percentage of net sales. EBITDA-margin EBITDA as a percentage of net sales. Equity/assets ratio Shareholders equity as a percentage of total assets, including shareholder loans, subordinated loans from WallVision s shareholders as equity. Net debt Interest-bearing liabilities less cash and bank balances excluding shareholder loans, subordinated loans from WallVision s shareholders. Non-recurring items Items during the year being non-recurring and extraordinary to the Group s business Number of annual employees The total number of hours of attendance divided by the normal working hours for the particular country. 9(9)
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