Qliro Group AB (publ.): Year-End Report 2015
STOCKHOLM, Sweden–(BUSINESS WIRE)–Regulatory News:
Fourth Quarter
· Net sales increased by 2%, amounting to SEK 1,685.5 (1,649.7) million
· EBITDA excluding divested operations during 2014 and non-recurring
items totalled SEK 7.0 (15.2) million
· Operating profit excluding divested operations during 2014 and
non-recurring items amounted to SEK -5.7 (8.0) million
· Including divested operations during 2014 and non-recurring items
operating profit amounted to SEK -31.9 (-3.6) million
· Net income amounted to SEK -29.4 (-7.0) million
· Basic earnings per share amounted to SEK -0.20 (-0.06)
· Cash flow from operations, excluding changes in Qliro Financial
Services’ lending to the public, amounted to SEK 142.8 (256.4) million
· Operating profit is affected by non-recurring items of SEK 26.2
million related to Lekmer
Full year 2015
· Net sales increased by 4%, coming in at SEK 5,174.1 (4,966.7) million.
Including divested operations, net sales increased by 3%
· EBITDA excluding divested operations during 2014 and non-recurring
items totalled SEK -23.6 (34.8) million
· Operating profit excluding operations divested in 2014 and
non-recurring items amounted to SEK -65.6 (8.6) million
· Operating profit including operations divested in 2014 and
non-recurring items and amounted to SEK -122.7 (33.0) million
· Net income amounted to SEK -101.6 (5.4) million
· Basic earnings per share amounted to SEK -0.68 (0.02)
· Cash flow from operations, excluding changes in Qliro Financial
Services’ lending to the public, amounted to SEK -73.4 (74.7) million
Comments by the CEO
Paul Fischbein, President and CEO comments: “The fourth quarter held
many positives but was also challenging. The Groups largest segment,
CDON Marketplace, delivered both strong sales and a significant earnings
improvement. During the year, we have implemented many important changes
within CDON which now are starting to bear fruit. CDON is undergoing
major changes and the result in the fourth quarter is a confirmation
that we are heading in the right direction even if key measures remains,
including a larger reorganization which we are working on now.
Our newly established subsidiary Qliro Financial Services continued to
develop in line with our high expectations. The large order volumes in
the Group during the quarter also contributed to large business volumes
for the Qliro payment solution and, one year after the launch, Qliro
Financial Services reported positive earnings in the fourth quarter.
Loans to the public amounted to approximately SEK 530 million at the end
of the year, financed by around SEK 200 million by own funding. It has
of course been pleasing to follow the development of Qliro Financial
Services during the first year of operations and this result also gives
an indication of the future potential in the segment. Next important
steps include, among other things, the continued roll out of Qliro
Financial Services, not least through a launch in Norway and the
introduction of additional financial services after the expected
approval to become a credit market company has been received from
Finansinspektionen (the Swedish Financial Supervisory Authority).
On the negative side we find Lekmer, where operational disturbances at
the warehouse once again had a large impact on the company’s and the
Group´s sales and earnings. The warehouse move and the deployment of the
new warehouse system has been more complex than expected, which resulted
in major operational consequences when volumes gradually increased
during the quarter. At the end of November, the company decided to
minimize its marketing and other sales promotion activities and to focus
solely on delivering the orders which had already been made. As a result
of the disturbances, Lekmer has in conjunction with the year-end closing
expensed SEK 26 million related to inventory valuation which is
presented under non-recurring items in the fourth quarter. 2015 was a
turbulent year for Lekmer and the challenges in 2015 are fully related
to Lekmer’s new warehouse. However, we estimate that the major
operational problems are now behind us, even though it is expected to
take another one to two quarters before Lekmer is back to the same good
standing it was a year ago. We believe that Lekmer´s future high
potential remains.
Overall, the fourth quarter was a challenging quarter affected by
external factors such as weather and currency effects at the same time
as Lekmer’s warehouse experienced large operational disturbances.
However, we see that our companies have strong market positions and,
during 2015, the amount of active customers continued to increase and
now amount to a bit over 4 million consumers in the Nordics. This
creates very good conditions for an exciting future.”
For additional information, please visit www.qlirogroup.com
or contact:
Paul Fischbein, President and Chief Executive Officer Tel: +46 (0) 10
703 20 00
Nicolas Adlercreutz, CFO Tel: +46 (0) 70 587 44 88
Questions from media, investors and research analysts: Erik Löfgren,
Head of Communications Tel: +46 (0) 700 80 75 06 Email: press@qlirogroup.com,
ir@qlirogroup.com
About Qliro Group
Qliro Group (STO:QLRO) is a leading e-commerce group in the Nordic
region. Established in 1999, the Group has expanded its product
portfolio and is now a leading e-commerce player within consumer goods
and lifestyle products through CDON.com, Lekmer, Nelly (Nelly.com,
NLYman.com, Members.com), Gymgrossisten
(Gymgrossisten.com/Gymsector.com, Bodystore.com, Milebreaker.com) and
Tretti. The payment service solution Qliro is also part of the Group. In
2015, the Group generated revenue of SEK 5.2 billion. Qliro Group’s
shares are listed on the Nasdaq Stockholm MidCap list under the ticker
symbol “QLRO”.
The information in this Year-End report is that which Qliro Group AB is
required to disclose under the Securities Markets Act. This information
was released for publication at 08:00 CET on 27 January 2016.
This information was brought to you by Cision http://news.cision.com
Contacts
Qliro Group
Erik Löfgren, +46 (0) 700 807506
Head of
Communications
press@qlirogroup.com
http://www.qlirogroup.com
