Organic like-for-like growth (core business) of 11%
Strong growth in the Norwegian business
Supply situation has normalized
Higher input costs, though mitigated, impact earnings temporarily
High uncertainty regarding future demand, however solid order book going into Q3
Number of branded stores was 94 (91). New Svane Køkkenet store opened in Frederikstad (NO)
2
Revenue growth in Q2 of 11.7%
Revenue
325 mDKK
(291 mDKK)
Cash conversion
11.7%
49.5%
revenue growth
(71.5%)
NWC ratio
Adjusted EBIT
-2.6%
39 DKK
(-7.0%)
(44 mDKK)
Adjusted
EBIT margin
12.0%
(15.2%)
3
Q2 revenue growth driven by the DIY segment and Svane Køkkenet in DK and strong growth in Norway
2022
2021
2022
2021
Apr-Jun
Apr-Jun
Jan-Jun
Jan-Jun
Net revenue (mDKK)
325
291
606
572
- Organic growth
11.7%
6.0%
Q2 comments:
Reported revenue growth in Denmark was 10.5% - organic like-for-like growth excluding third party revenue (core business) in Denmark was 9%.
Growth in Denmark driven by our DIY segment (Nettoline and e-commerce) and Svane Køkkenet.
Revenue outside Denmark increased by 23.5%, driven by growth in sales to the Norwegian market, both organic growth and growth from new stores.
10.5% growth in DK revenue
23.5% growth
in revenue outside DK
4
P&L highlights
2022
2021
2022
2021
Apr-Jun
Apr-Jun
Jan-Jun
Jan-Jun
Net revenue (mDKK)
325
291
606
572
- Gross Margin
21.3%
25.7%
21.3%
24.6%
Adjusted EBIT (mDKK)
39
44
65
77
- Adjusted EBIT margin
12.0%
15.2%
10.7%
13.5%
Q2 comments:
The merge of the e-commerce activities in kitchn.dk and Celebert had a technical negative impact on gross margin of in total 0.6%-point in the quarter.
In addition gross margin was negatively affected by further increased costs on raw material and energy following the Russian invasion of Ukraine. Mitigation from further sales price increases comes with some delay.
Operating expenses decreased by 0.3mDKK primarily due to the merge of the e- commerce activities in kitchn.dk and Celebert.
Non-recurringgain of 3.6mDKK in Q2 2022 compared to non-recurring costs in Q2 LY of 1.5mDKK.
5
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TCM Group A/S published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 07:43:14 UTC.
TCM Group A/S is a Denmark-based kitchen manufacturer. The product offering includes kitchen, bathroom and storage solutions. The Company pursues a multi-brand strategy, under which the main brand is Svane Kokkenet and the secondary brands are Tvis Kokkener, Nettoline, kitchn.dk and private label. Products are mainly marketed through a network of franchise stores and independent kitchen retailers.