Slide 1: Q1 2023 presentation
Kid ASA - Q4 report Kid ASA: Quarterly Report 1 Q1 2023 presentation
Slide 2: Financial summary
Financial summary First quarter in brief • Group revenue Q1 increased by 0.1% (+6.1%). In constant currency: • Group revenue decreased by -1.3% (9.3%) • LFL revenue decreased by -0.3% (7.3%) • Online growth of 1.8% (-12.1%) • Strong performance in Norway, challenging retail market in Sweden and Esto
Slide 3: Operational focus
Operational focus • Initiated operations at our new warehouse in Borås (Sweden) in Q1 without any material issues. Relocated from the current third-party logistics provider during April • ICA terminated agreement with Hemtex 24H • Our B2B concept Hemtex 24H had 48 MSEK in sales during 2022 and a gro
Slide 4: Kid Extended
Kid Extended • Kid Extended was launched in Norway during Q4-22 and includes an extended assortment available online, in pilot stores and a selection of our existing larger stores • One pilot store opened in Q4-22, two were opened during Q1-23 and two opened during Q2-23 • Revenue from the extended
Slide 5: Revenue
REVENUE MNOK Revenue 1 109 405 730 735 605 605 Group revenue Q1 increased by 0.1% (+6.1%) 275 277 238 220 • In constant currency: 703 386 456 458 367 • Group revenue decreased by -1.3% (9.3%) • Group like-for-like revenue decreased by -0.3% (+7.3%) including online sales 2022 2023 2022 2023 2022 202
Slide 6: Gross margin
Gross margin Gross margin negatively affected by freight costs GROUP GROSS MARGIN • Group gross margin was 56.0% for the quarter, down by 5.2 pp MNOK compared to Q1-22 • Kid Interior gross margin decreased by -6.0 pp to 55.4% (61.4%) 61,2 % 61,2 % 60,0 % 56,9 % 56,0 % 56,0 % 55,5 % • Hemtex gross ma
Slide 7: OPEX
OPEX MNOK OPEX 335 283 260 272 267 159 OPEX-TO-SALES OF 60.9% (55.3%) 107 122 116 122 • Employee benefit expenses increased by MNOK 7.7 153 161 156 144 176 • Increased staffing at HQ, general salary increase and bonus 2022 2023 2022 2023 - 2022 2023 - 2022 2023 - effects Q1 Q2 Q3 Q4 • MNOK 2.1 due t
Slide 8: EBITDA
EBITDA MNOK 297 89 168 143 50 110 47 208 34 57 5 118 96 76 52 0 2022 2023 2022 2023 2022 2023 2022 2023 Q1 Q2 Q3 Q4 Kid Interior Hemtex 8 Kid ASA – Q1 report
Slide 9: Cashflow
Cashflow Satisfactory financial position and liquidity • Cash flow from operations was negative by MNOK 69.3 due to a reduction in EBITDA as well as effects from working capital changes • Positive effect from inventory build-down in Q1-23 • Negative effect from other provisions due to payment of pub
Slide 10: Store portfolio activity
NUMBER OF STORES PER QUARTER END Store portfolio activity Per quarter end 273* Completed 2023 Signed, but not yet completed NO: Trondheim Torg (Q2 23) NO: Rørvik (Q4 23) 104* New stores FI: Lippulaiva, Espoo NO: Grünerløkka (Q2 24) NO: Fredrikstad (Q4 24) 8 NO: 1 store Closures SE: 1 store FI: 1 sto
Slide 11: Outlook
Outlook • Mads Kigen appointed as new CFO from 1 July 2023. Kigen has been employed in Kid since 2021 as Senior Business Development Manager. • The Annual General Meeting was held 11th of May. All proposed resolutions were approved, including the proposed half-year dividend of NOK 3.00 per share. •
Slide 12: Q&A
Kid ASA - Q4 report Kid ASA: Quarterly Report 12 1 Q&A
Slide 13: Segment: Kid Interior
Segment: Kid Interior KID Interior (Amounts in NOK millions) Q1 2023 Q1 2022 FY 2022 Revenue 385,9 366,8 1 983,6 Revenue growth 5,2 % 12,5 % 5,3 % LFL growth including online sales 3,5 % 10,7 % 3,2 % COGS -172,2 -141,7 -828,0 Gross profit 213,7 225,0 1 155,6 Gross margin (%) 55,4 % 61,4 % 58,3 % Oth
Slide 14: Segment: Hemtex
Segment: Hemtex Hemtex (Amounts in NOK millions) Q1 2023 Q1 2022 FY 2022 Revenue 219,5 237,8 1 194,4 Revenue growth ¹ -10,9% 4,8 % 3,2 % LFL growth including online sales ¹ -6,5% 2,0 % 2,8 % COGS -94,0 -92,8 -503,6 Gross profit 125,5 145,1 690,8 Gross margin (%) 57,2 % 61,0 % 57,8 % Other operating
Slide 15: Income statement
Income statement (Amounts in NOK thousand) Q1 2023 Q1 2022 FY 2022 Revenue 605,4 604,6 3 178,0 COGS -266,2 -234,5 -1 331,6 Gross profit 339,2 370,1 1 846,4 Gross margin (%) 56,0 % 61,2 % 58,1 % Other operating revenue 0,6 0,7 5,2 OPEX -283,2 -260,4 -1 134,1 EBITDA 56,6 110,4 717,5 EBITDA margin (%)
Slide 16: Statement of financial position
Statement of financial position (Amounts in NOK thousand) Note 31.03.2023 31.03.2022 31.12.2022 (Amounts in NOK thousand) Note 31.03.2023 31.03.2022 31.12.2022 Assets Unaudited Unaudited Audited Equity and liabilities Unaudited Unaudited Audited Goodwill 9 69 957 65 070 65 479 Trademark 9 1 513 696
Slide 17: Allocated segment costs
Allocated segment costs Total year Total year (MNOK) Q1 2023 Q1 2022 Q2 2023 Q2 2022 Q3 2023 Q3 2022 Q4 2023 Q4 2022 2023 2022 Kid ASA and Kid Interior Segment allocated employee benefits 4,2 3,3 4,0 4,0 3,9 4,2 15,2 expense Segment allocated other operating 0,5 0,6 0,6 0,5 0,5 0,5 2,1 expense Hemte
Slide 18: Quarterly revenue growth
Quarterly revenue growth Group Total growth Year Q1 Q2 Q3 Q4 2021 10,4 % 3,9 % 3,6 % 2,5 % 2022 9,3 % 8,8 % 0,5 % 2,1 % 2023 -1,3 % Like-for-like growth Year Q1 Q2 Q3 Q4 2021 9,3 % 2,9 % 0,1 % 0,2 % 2022 7,3 % 5,6 % -0,4 % 1,8 % 2023 -0,3 % Kid Interior Hemtex Total growth Total growth Year Q1 Q2 Q3
Slide 19: Sales days and stores
Sales days and stores Kid Interior Hemtex Number of sales days Number of sales days Year Q1 Q2 Q3 Q4 Total Year Q1 Q2 Q3 Q4 Total 2022 76 72 79 81 308 2022 89 90 92 91 362 2023 77 77 2023 89 89 Number of store projects Number of store projects 2022 Q1 Q2 Q3 Q4 Total 2022 Q1 Q2 Q3 Q4 Total New stores