INTERIM REPORT JANUARY TO SEPTEMBER 2016

Transcription

1 INTERIM REPORT JANUARY TO SEPTEMBER 2016

2 AGENDA WHO IS LAURITZ.COM? HOW FAR ARE WE? HOW DID Q3 LOOK? FOCUS GOING FORWARD

3 WHO IS LAURITZ.COM?

4 HISTORY TRADITION AND TECHNOLOGY Lauritz Christensen Auktioner was established in Bengt Sundström bought the company in 1998 and on 9 December 1999 launched as a bold pioneer within the world of online auctions.

5 VISION AUCTIONS TO THE PEOPLE Lauritz.com s aspiration is to democratize the international auction business by making auctions accessible for the modern consumer.

6 MISSION QUALITY AUCTIONS ONLINE Lauritz.com offers all the best attributes from traditional auctions of art, design, antiques and home luxury - online. Assortment from DKK 800 upwards

7 CONCEPT IDEA CREATE A NEW MARKET Lauritz.com combines the best elements from the traditional auction world (expertise, physical viewing) with modern technology (accessibility, transparency, global market).

8 OPERATION MODEL Lauritz.com is an international auction concept, running local auction houses where sellers can consign items to Lauritz.com s experts. All bidding takes place on Lauritz.com s platforms, except a few physical fine art auctions. The auction houses are owned by Lauritz.com, partners or associates.

9 GOAL GROWTH AMBITION Lauritz.com would like to inspire everyone to sell and buy at auction in all countries where there is an IKEA.

10 HOW FAR ARE WE?

11 Existing markets Coming new market

12 WEB STATISTICS

13 AUCTION VOLUME

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15 HOW DID Q3 LOOK?

16 GEOGRAPHICAL EXPANSION A MAJOR GROWTH DRIVER Own auction house Partnership Associate Lauritz.com currently operates 27 auction houses in total of which 18 are partner houses

17 NEW AUCTION HOUSES / PARTNERS Integration of AB Stockholms Auktionsverk in progress Karlstad Hammarö Auktionsverk (acquired in June) shows positive development Signed partnering agreement for Lauritz.com in Cologne Two (net) additional partner-run auction houses compared to Q Plan to establish a second Lauritz.com auction house in Copenhagen

18 AUCTION TURNOVER Q3 Increase of 3.7 % to DKK 188.2m (181.5) Online auction on used items increased 7.1 % in line with strategy Brand new items decreased 39.3 % due to new valuation principle Limited fine art auction in the period in line with strategy

19 ACTION TURNOVER FIRST 9 MONTHS Auction turnover 2015 DKK 1,084m First nine months DKK 710m Auction turnover -8.0 % (Per Q2-11.6% due to new items, fine art) The last 12 months -5.7 %

20 KEY FINANCIAL HIGHLIGHTS Q3 Revenue amounted to DKK 41.1m (49.3) Decrease due to lower auction turnover Higher revenue due to new commission structure (August 2015) DKK 9m lower fee level from new partnering agreements i.e. lower fee price related to auction house transactions Higher share of partner-run auction houses (leads to decrease in revenue but higher EBITDA margin)

21 KEY FINANCIAL HIGHLIGHTS Q3 EBITDA amounted to DKK 2.9m (4.3) EBITDA margin was 7.1 % (8.7) Profit for the period amounted to DKK -4.7m (2.0) Earnings per share amounted to DKK (0.056)

22 ATTRACTIVE REVENUE AND COST MIX It is part of our long term strategy to convert own auction houses into partner-run auction houses. This has the following effect: One-off revenue fee from new partnering agreements Lower revenue from commissions and fees on auctions Higher EBITDA in relation to auction turnover

23 FOCUS GOING FORWARD?

24 MAJOR FOCUS IN Q4 Preparing opening of Lauritz.com Frankfurt (exp. February) Continuing negotiations with potential buyers of property in Rovsinggade, Copenhagen. After refurbishment to be used as new auction house and HQ. Looking at a strong Q4, previous EBITDA guidelines remain unchanged Entering of partnering agreement in Q4 with new partner who has taken over Lauritz.com in Herning with a positive effect on EBITDA of DKK 5m 2 regular seasonal fine art auctions at Stockholms Auktionsverk to come High sales prices for Lundberg art collection at Stockholms Auktionsverk in Q4, which influences both auction turnover and earnings positively

25 LUNDBERG COLLECTION AUCTION RECORD IN SCANDINAVIA Wassily Kandinsky estimate: SEK 25,000,000-30,000,000 Sales price SEK 38,125,000

26 GAME CHANGER 17 YEARS OF DISRUPTION Lauritz.com wants to take advantage of its first mover position and drive the paradigme shift of the industry, by migrating traditional physical auctions to online actions. Lauritz.com focuses on 3 main measures; digitalization, internationalization and industrialization

27 SIMPLE LONG TERM STRATEGY More auction houses More customers More lots on auction In more countries To be accessible for our local sellers and global buyers