Desenio Group Ab · OMXSTO:DSNO
Desenio Group Ab — Q4 2023 Earnings Presentation
22 slides from Desenio Group Ab's earnings presentation, Feb 15, 2024
Slide 1: Q4 Result Presentation
Q4 RESULT PRESENTATION 15 February 2024
Slide 2: Agenda
AGENDA Q4 highlights Business update Financial update Q4 Summary Q&A 2
Slide 3: Q4 Highlights: Net sales growth
Q4 HIGHLIGHTS Net sales growth - despite lower activity in e-commerce in general in several of our markets • Net sales increased by 4.3% to SEK 294.2 million despite market headwind • Mixed sales development • Nordics +7.0% • Core markets in Europe +4% • Rest of Europe +1%. • Rest of the world +7% (
Slide 4: Q4 Highlights: Market position and efficiency
Q4 HIGHLIGHTS Continued focus on defending/strengthening market position and increasing efficiency • Marketing costs in relation to net sales amounted to 30.6%, compared to 29.2% in Q4, 2022 • Demanding market climate requires continued high marketing spend • Continued investments in building our ma
Slide 5: Q4 Highlights: Goodwill adjustment
Q4 HIGHLIGHTS Adjustment of goodwill to reflect financial development • Write down of goodwill related to the acquisition of Poster Store in 2020 • SEK 250 million, from SEK 834 to 584 million • The write-down does not affect cash flow • Operating profit, including impairment of intangible assets; •
Slide 6: Q4 Highlights: Stable cash position
Q4 HIGHLIGHTS Stable cash position • Cash flow from operating activities amounted to SEK 29.6 (23.9) million • Result before tax SEK 8 million lower in Q4, 2023 compared to Q4, 2022 • 31 Dec 2023: Cash and cash equivalents SEK 149.9 million compared to 155.7 in the beginning of the year • Includes r
Slide 7: Q4 Highlights: Sustainable capital structure
Q4 HIGHLIGHTS Evaluation of alternatives to find a sustainable capital structure • Desenio Group´s senior secured bond matures in December 2024 • Discussions with different bondholder groups to evaluate alternatives • Also exploring other alternatives 7
Slide 8: In Summary Q4 2023
IN SUMMARY Q4 2023 +4,3% 84,2% 12,8% 29,6MSEK 294 MSEK (85,6%) (16,2%) (23,9) NET SALES GROSS MARGIN Adjusted EBITA OPERATIONAL CASH FLOW 8
Slide 9: EBITA margin bridge
Percentage points 18 16 14 12 10 16,2 ‘Adj EBITA margin 04 2022 EBITA margin bridge | - -14 | 44 Product margin -2,0 Fulfilment Marketing cost Admin & other DESENIO GROUP at Other operating 12,8 ‘Adi EBITA margin 4 2023
Slide 10: Agenda
AGENDA Q4 highlights Business update Financial update Q4 Summary Q&A 10
Slide 11: Sales stronger than overall market search trends
2019-2 2019-8 Jan 2019 2019-14 2019-20 2019-26 2019-32 2019-38 2019-44 2019-50 2020-4 Jan 2020 2020-10 2020-16 2020-22 2020-28 2020-34 2020-40 2020-46 2020-52 Graphs apply 5 week moving average trend 2021-5 Jan 2021 2021-11 2021-17 2021-23 2021-29 2021-35 2021-41 2021-47 2022-1 2022-7 Jan 2022 2022-
Slide 12: Search share of voice stable in both Germany and the UK
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 01-2019 03-2019 05-2019 07-2019 09-2019 11-2019 01-2020 03-2020 05-2020 07-2020 09-2020 11-2020 Desenio Group 01-2021 03-2021 Juniqe 05-2021 07-2021 09-2021 Postery 11-2021 01-2022 03-2022 DE Brand Search Share of Voice 05-2022 Posterlounge 07-2022 09-2022
Slide 13: 2023 Gross order intake
2023 GROSS ORDER INTAKE 250 DESENIO GROUP GROSS ORDER INTAKE* Q4 200 150 100 50 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023 *Desenio + Poster Store Data source: FLOW 13
Slide 14: Q4 YoY growth per segment
Q4 YOY GROWTH PER SEGMENT NET SALES PER SEGMENT (SEKm) +4% +7% +1% +7% 14
Slide 15: Customer highlights
CUSTOMER HIGHLIGHTS ACTIVE CUSTOMERS* (thousands) ORDERS (thousands) * Number of customers who have completed at least one order during the previous 24-month period. 15
Slide 16: Agenda
AGENDA Q4 highlights Business update Financial update Q4 Summary Q&A 16
Slide 17: Financial highlights
FINANCIAL HIGHLIGHTS NET SALES (SEK million) GROSS MARGIN Adjusted EBITA (SEK million) 17
Slide 18: Cash flow highlights
CASH FLOW HIGHLIGHTS CAPEX (SEK million) NET WORKING CAPITAL (SEK million) OPERATIONAL CASH FLOW (SEK million) CAPEX is fixed assets and intangible assets. Lease assets excluded. 18
Slide 19: Operating cash flow break down
OPERATING CASH FLOW BREAK DOWN 19
Slide 20: Agenda
AGENDA Q4 highlights Business update Financial update Q4 Summary Q&A 20
Slide 21: Q4 2023 Summary
Q4 2023 SUMMARY • Positive sales trend in 2023 slowed - slower e-commerce market continued in Q1 2024 • Net sales grew despite a challenging market, due to leading market position and high marketing spend • Write down of goodwill related to the acquisition of Poster Store • Evaluation of alternative
Slide 22: Desenio Group
22 DESENIO GROUP