TCM Group A/S: Interim report Q3 2022
Tvis, 15 November 2022
Interim report Q3 2022 (July1 - September 30)
(All figures in brackets refer to the corresponding period in 2021)
Q3: Flat topline. Reduced earnings in Q3 due to sales mix.
CEO Torben Paulin:
“During Q3 and in particular towards the end of the quarter, the sales mix in TCM Group developed negatively with lower than expected B2C sales while B2B sales, albeit closer to expectations, mainly consisted of lower margin project based sales. In consequence, total revenue in Q3 was realised somewhat below expectations, with earnings being significantly lower than expected. Revenue in Q3 was DKK 265 million (DKK 262 million) corresponding to a growth of 1%. Adjusted EBIT in Q3 ended DKK 21 million (DKK 32 million).
As communicated in the company announcement October 20th we have lowered our guidance for both full year revenue and earnings. Based on the lower than expected sales and earnings in Q3 and given that an unfavorable sales mix is also expected in Q4, we estimate a full year revenue to be in the range DKK 1,120-1,160 million and a full year adjusted EBIT in the range DKK 100-130 million.
We have already undertaken a number of actions to address the situation and ensure the profitability of TCM Group going forward. To adjust production capacity and increase efficiency in the manufacturing process we decided to close down the third (night) shift at the Tvis facility from mid September. This will both cut costs and increase the operational efficiency of the company. In addition a reduction in the administrative staff of 10 FTEs was implemented in September. In view of the development, concrete actions to further improve efficiency and reduce costs have been initiated. Production capacity will be adjusted as needed. In order to combat the effect of rising energy costs in the new year, a further sales price increase with effect from December 2022 has been announced.
Given the current macro-economic uncertainty, we have chosen not to exercise the mandate to distribute an extraordinary dividend provided on the Annual General Meeting in April.”
Financial highlights Q3
- Revenue DKK 265.0 million (DKK 262.4 million) corresponding to a revenue growth of 1.0%. Organic like-for-like growth was 4% excluding revenue from third party products (core business).
- Adjusted EBITDA DKK 25.4 million (DKK 35.8 million). Adjusted EBITDA margin was 9.6% (13.7%).
- Adjusted EBIT DKK 20.6 million (DKK 31.7 million). Adjusted EBIT margin was 7.8% (12.1%).
- Non-recurring items had a total negative impact of DKK 4.7 million (positive impact of DKK 12.0 million). Non-recurring items included restructuring of the store network as well as restructuring costs related to organisational restructuring, whereas non-recurring items LY primarily included a technical gain from the Celebert/kitchn.dk transaction.
- EBIT DKK 15.9 million (DKK 43.7 million), corresponding to an EBIT margin of 6.0% (16.6%).
- Net profit DKK 9.7 million (DKK 38.0 million).
- Free cash flow was DKK -6.3 million (DKK -11.7 million).
- Cash conversion ratio was 54.9% (56.4%).
Financial highlights 9 months 2022
- Revenue DKK 871.2 million (DKK 834.1 million) corresponding to a revenue growth of 4.4%. Organic like-for-like growth was 8%.
- Adjusted EBITDA DKK 99.2 million (DKK 121.2million). Adjusted EBITDA margin was 11.4% (14.5%).
- Adjusted EBIT down DKK 23.1 million to DKK 85.7 million (DKK 108.7 million). Adjusted EBIT margin was 9.8% (13.0%).
- Non-recurring items had a negative impact of DKK 6.5 million (positive impact of DKK 9.2 million).
- EBIT DKK 79.2 million (DKK 117.9 million), corresponding to an EBIT margin of 9.1% (14.1%).
- Net profit DKK 58.6 million (DKK 94.6 million).
- Free cash flow was DKK -12.7 million (DKK 15.9 million).
- Full-year guidance for the financial year 2022 is revenue in the range DKK 1,120-1,160 million, and adjusted EBIT in the range DKK 100-130 million.
For further information, please contact:
CEO Torben Paulin +45 21210464
CFO Mogens Elbrønd Pedersen +45 97435200
IR Contact - firstname.lastname@example.org
The interim report will be presented on Tuesday 15 November at 9:30 CET in a teleconference that can be followed on TCM Groups website or on https://edge.media-server.com/mmc/p/m8mpdbfu.
To participate in the teleconference, and thus have the possibility to ask questions, participants are re-quired to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.
Online Registration to the call:
About TCM Group A/S
TCM Group is Scandinavia’s third largest manufacturer of kitchens and furniture for bathrooms and storage. The products are designed and produced in Denmark and rooted in a proud tradition of good quality and good craftsmanship. TCM Group pursues a multi-brand strategy, under which the main brand is Svane Køkkenet and the other brands are Tvis Kø-kken and Nettoline. Combined, the brands cater for the entire price spectrum, and are sold through c. 140 dealers in Denmark and the rest of the Scandinavia. TCM Group sells private label kitchens through DIY stores in Denmark and independent kitchen stores in Norway. TCM Group is supplier to the 45% owned e-commerce kitchen business Celebert, which operates under the brands kitchn.dk, billigskabe.dk, Celebert and Just Woods. See www.tcmgroup.dk for more information.
This interim report contains statements relating to the future, including statements regarding TCM Group’s future operating results, financial position, cash flows, business strategy and plans for the future. The statements are based on management’s reasonable expectations and forecasts at the time of the disclosure of the report. Any such statements are subject to risks and uncertainties, and a number of different factors, many of which are beyond TCM Group’s control, could mean that actual performance and actual results will differ significantly from the expectations expressed in this interim report. Without being exhaustive, such factors include general economic and commercial factors, including market and competitive matters, supplier issues and financial issues.
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
FootballCoin Announces World Cup-Inspired Fantasy Football Contests3.12.2022 20:31:15 CET | Press release
The Fantasy Football World Cup 2022 is finally here. LONDON, Dec. 03, 2022 (GLOBE NEWSWIRE) -- FootballCoin, a blockchain-powered fantasy football game, has announced the launch of the Fantasy Football World Cup 2022. The World Cup-inspired contests provide players with the opportunity to collect all of the player NFTs available in-game, as well as earn crypto prizes. Established in 2017, FootballCoin was built using blockchain technology. Today, it has blossomed to become one of the oldest play-to-earn games in the crypto space. An entirely free-to-play game, FootballCoin features cryptocurrency prizes that can be won and converted into real money. However, this game does not involve gambling of any kind. Instead, players are challenged to leverage their football knowledge in order to win prizes such as collectible player cards that live on the blockchain, unique NFTs that can be used to enhance a user's fantasy football squad, and other daily prizes. FootballCoin will host World Cup
Major shareholder notification – Norges Bank3.12.2022 14:45:28 CET | Press release
GN Store Nord A/S hereby announces that on December 2, 2022, pursuant to Section 38(1) and Section 39(1) of the Danish Capital Markets Act, it received a notification from Norges Bank stating that on December 1, 2022 Norges Bank decreased its aggregate holding of shares and financial instruments, cf. Section 38(1) and Section 39(2)(1) of the Danish Capital Markets Act, to under 5% of the share capital and voting rights in GN Store Nord A/S. For further information, please contact: Investors and analysts Anne Sofie Staunsbæk Veyhe Vice President – Investor Relations, Treasury & M&A Tel: +45 45 75 85 06 or Rune Sandager Senior Director – Investor Relations Tel: +45 45 75 92 57 Press and the media Steen Frentz Laursen Vice President, Corporate Communications Tel: +45 20 65 34 20 About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliv
Brookfield Announces Reset Dividend Rate on Its Series 30 and Series 48 Preference Shares3.12.2022 03:45:00 CET | Press release
All amounts in Canadian dollars unless otherwise stated. BROOKFIELD, NEWS, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Brookfield (NYSE: BAM, TSX: BAM.A) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 30 (“Series 30 Shares”) (TSX: BAM.PR.Z) for the five years commencing January 1, 2023 and ending December 31, 2027, and also determined the fixed dividend on its Cumulative Class A Preference Shares, Series 48 (“Series 48 Shares”) (TSX: BAM.PF.J) for the five years commencing January 1, 2023 and ending December 31, 2027. As previously disclosed, the Series 30 Shares and Series 48 Shares are expected to commence trading on the TSX under the updated symbols “BN.PR.Z” and “BN.PF.J”, respectively, on December 12, 2022. Series 30 Shares and Series 31 Shares If declared, the fixed quarterly dividends on the Series 30 Shares during the five years commencing January 1, 2023 will be paid at an annual rate of 6.089% ($0.3805625 per share per
EverWind selects Black & Veatch for Front-end Engineering Design of First Green Hydrogen Hub in Nova Scotia2.12.2022 20:23:30 CET | Press release
HALIFAX, Nova Scotia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- EverWind Fuels Company ("EverWind") today announces it has selected Black & Veatch to provide front-end engineering design (FEED) services for its green hydrogen and ammonia production and storage facility in Point Tupper, Nova Scotia, with initial commercial operations planned for 2025. EverWind is a private developer of green hydrogen and ammonia production and storage sites, and global engineering and construction company Black & Veatch is a green energy solutions leader. In its first phase, the facility will produce green hydrogen and green ammonia through electrolysis using certified green power from the Nova Scotia Power transmission system; onshore wind generation will power production in a second phase. In future phases, EverWind will use offshore wind power to produce hydrogen through electrolysis, unlocking Nova Scotia’s offshore wind capabilities. The first two phases will produce a combined 1 million tonnes per annum o
Information on the Total Number of Voting Rights (Denominator) following Conversion Notice from NEGMA2.12.2022 19:00:00 CET | Press release
Negma Group has converted 322convertible bonds in Oxurion resulting in a EUR 805,000capital increase. This is part of Negma Group’s EUR 30 million Capital Commitment1 that will allow Oxurion to focus on progressing its novel and differentiated back of the eye drug candidate targeting potential market opportunities of over USD 5billion. Leuven, BELGIUM,Boston, MA, US–December2, 2022– 07.00 PM CET – In accordance with article 15 of the Belgian Act of May 2, 2007 on the disclosure of major participations in issuers of which shares are admitted to trading on a regulated market and regarding miscellaneous provisions, Oxurion NV (Euronext Brussels: OXUR) (the “Company” or “Oxurion”), announces the below information, following (i) the issuance of 63,550,419 new ordinary shares on November 28, 2022, for a total amount of EUR 605,000, as the result of the conversion of 242 class B convertible bonds, and (ii) the issuance of 21,008,403 new ordinary shares on November 30, 2022, for a total amount