Lier, 29 August 2019: The board of directors of Kid ASA has approved the
financial report for the second quarter of 2019.
Q2 HIGHLIGHTS (Figures from corresponding period the previous year in brackets)
· On 14 May 2019, Kid ASA entered into an agreement to acquire Hemtex AB from
ICA Gruppen AB. The agreed share purchase price was MSEK 37.6, based on an
Enterprise Value of MSEK 226. In connection with the transaction, Kid ASA
secured a financing structure with Nordea for the new group.
· Following the acquisition of Hemtex AB, the Kid Group introduces a new
segment structure with two operating segments. The Kid Interior segment ("Kid
Interior") relates to the operations in Norway and the Hemtex segment ("Hemtex")
relates to the operations in Sweden, Finland and Estonia.
· Revenues of MNOK 428.8 (MNOK 281.5) in Q2 2019, an increase of 52.3% (1.1%)
compared to Q2 2018. For the first two quarters of 2019, revenues amounted to
MNOK 726.8 (MNOK 556.4), up 30.6% (4.5%) from Q2 2018. Hemtex AB figures are
included in the group accounts from 15 May 2019 and contributed MNOK 107.4 to
the increase in revenue for the quarter.
· Gross margin was 62.6% (61.5%) in Q2 and 61.8% (60.0%) for the first two
quarters. The inclusion of Hemtex AB from 15 May 2019 had an accretive effect on
the gross margin for the quarter.
· Adjusted EBITDA in Q2 was MNOK 85.8 and MNOK 34.7 (MNOK 20.1) exclusive of
IFRS 16 effects. For the first two quarters, adjusted EBITDA was MNOK 137.8 and
MNOK 49.8 (MNOK 30.0) exclusive of IFRS 16 effects. Hemtex AB contributed MNOK
3.1 exclusive of IFRS 16 effects for the period 15 May until the end of the
quarter.Adjusted EPS increased to NOK 3.96 (NOK 3.09) for the last twelve
months.
· For Kid Interior, revenues were MNOK 321.4 (MNOK 281.5) in the second
quarter, representing a revenue growth of 14.2% and like-for-like growth of
11.0%. Gross margin was 62.4% (61.5%) and exclusive of IFRS 16 effects EBITDA
was MNOK 32.5 (MNOK 20.1).
· For Hemtex, revenues were MNOK 107.4 for the period 15 May 2019 until the
end of the second quarter, representing a revenue growth of -1.8%* and like-for
-like* growth of 3.2%. Gross margin was 64.2% and EBITDA exclusive of IFRS 16
effects was MNOK 3.1.
* Calculated in constant currency.
ENQUIRIES
Henrik Frisell, CFO Kid, +47 480 48 800