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Friday, 14 July 2017

Verkkokauppa.com Oyj: HALF-YEAR FINANCIAL REPORT for 1 January - 30 June 2017: Strong 24% revenue growth and market share gains in Q2

Verkkokauppa.com Oyj    

Published: 07:00 CEST 14-07-2017 /GlobeNewswire /Source: Verkkokauppa.com Oyj / : VERK /ISIN: FI4000049812

Verkkokauppa.com Oyj: HALF-YEAR FINANCIAL REPORT for 1 January - 30 June 2017: Strong 24% revenue growth and market share gains in Q2

Verkkokauppa.com Oyj - Half year financial report (unaudited) 14 July 2017, 8:00 a.m.

1 April - 30 June 2017 in brief

  • Revenue 99.0 million euros (4-6/2016: 80.1), growth of 23.7%
  • Gross profit 14.5 million euros (12.3), growth of 17.6%
  • Gross margin 14.6% of revenue (15.3%)
  • Operating profit 2.3 million euros (1.0)
  • Operating margin 2.4% of revenue (1.3%)
  • Net profit 1.9 million euros (0.8)
  • Earnings per share 0.04 euros (0.02)
  • The Board of Directors has resolved to pay a quarterly dividend of 0.042 euros per share

 

KEY RATIOS

4-6/2017

4-6/2016

Change%

1-6/2017

1-6/2016

Change%

1-12/2016

        

Revenue, € thousands

99,030

80,073

24%

199,164

163,570

22%

371,495

Gross profit, € thousands

14,453

12,286

18%

29,148

25,348

15%

57,420

Gross margin, % of revenue

14.6%

15.3%

 

14.6%

15.5%

 

15.5%

Comparable EBITDA, € thousands

2,672

1,314

103%

6,067

3,992

52%

14,096

Comparable EBITDA, %

2.7%

1.6%

 

3.0%

2.4%

 

3.8%

Comparable operating profit, € thousands

2,344

1,006

133%

5,437

3,377

61%

12,800

Comparable operating margin, % of revenue

2.4%

1.3%

 

2.7%

2.1%

 

3.4%

Net profit, € thousands

1,890

810

133%

4,383

2,237

96%

9,769

Comparable net profit, € thousands

1,890

810

133%

4,383

2,716

61%

10,248

 

 

 

1 January - 30 June 2017 in brief

  • Revenue 199 million euros (1-6/2016: 164), growth of 22%
  • Gross profit 29.1 million euros (25.3), growth of 15%
  • Gross margin 14.6% of revenue (15.5%)
  • Operating profit 5.4 million euros (2.8)
  • Comparable operating profit 5.4 million euros (3.4)
  • Operating margin 2.7% of revenue (1.7%)
  • Comparable operating margin 2.7% of revenue (2.1%)
  • Net profit 4.4 million euros (2.2)
  • Comparable net profit 4.4 million euros (2.7)
  • Earnings per share 0.10 euros (0.05)
  • Comparable earnings per share 0.10 euros (0.06)

 


 

BUSINESS OUTLOOK

Verkkokauppa.com Oyj's business operations are estimated to develop positively within a medium-term time frame. The management believes that the company will succeed in further growing its market share in its chosen segments. The strong balance sheet enables the company to continue expanding its operations in accordance with its strategy. Nevertheless, the business outlook includes uncertainties, especially due to macroeconomic developments. The Finnish Ministry of Finance estimated on 21 June 2017 that the Finnish GDP will grow by 2.4% during 2017.

 

FINANCIAL GUIDANCE

In 2017, the company's revenue and comparable operating profit are expected to exceed the level of 2016.

 

CEO SAMULI SEPPÄLÄ'S REVIEW

Verkkokauppa.com's Q2 revenue grew by 24%, boosted by an updated, more aggressive growth strategy for 2017. Market share was taken in almost all categories, with most gains in categories with most aggressive pricing and marketing efforts. As Verkkokauppa.com only has a small assortment of seasonal products, bad weather or other seasonal effects have not affected revenue.

Competition in consumer electronics categories remained tough, which drove down the overall gross margin to 14.6%. Verkkokauppa.com continues to target a roughly one percent market share gain per category per year. This progress is tracked weekly or monthly. New consumer financing tool, Apuraha XXL was introduced, offering retail customers up to 60 months of payment time.  

Search for new retail and logistics premises in Helsinki and Turku regions continues. These will need to be suitable for the company's low-cost online business model, and have flexible enough leasing terms, bearing in mind that more retail is going online in the future. There will be no new store openings during 2017.

Verkkokauppa.com's Board of Directors has decided that a quarterly dividend of 0.042 euros per share be paid for Q2, in line with the policy of growing dividends. New board members, Robert Burén and Panu Porkka have been familiarized with the company, its updated strategy and current projects.

The company will continue to invest in new online-suitable categories and cost-saving technologies. An estimated one per cent, or 400 million euros, of offline retail sales goes online every year in Finland, current level being approximately 10%. The company expects to continue revenue growth in 2017 and in the medium term, supported by positive retail market signals, GDP growth in Finland and the more aggressive growth strategy.

 

 

 

KEY RATIOS AND PERFORMANCE INDICATORS

4-6/2017

4-6/2016

1-6/2017

1-6/2016

1-12/2016

      

Revenue, € thousands

99,030

80,073

199,164

163,570

371,495

Gross profit, € thousands

14,453

12,286

29,148

25,348

57,420

Gross margin, % of revenue

14.6%

15.3%

14.6%

15.5%

15.5%

EBITDA, € thousands

2,672

1,314

6,067

3,393

13,497

EBITDA, %

2.7%

1.6%

3.0%

2.1%

3.6%

Comparable EBITDA, € thousands

2,672

1,314

6,067

3,992

14,096

Comparable EBITDA, %

2.7%

1.6%

3.0%

2.4%

3.8%

Operating profit, € thousands

2,344

1,006

5,437

2,778

12,201

Operating margin, % of revenue

2.4%

1.3%

2.7%

1.7%

3.3%

Comparable operating profit, € thousands

2,344

1,006

5,437

3,377

12,800

Comparable operating margin, % of revenue

2.4%

1.3%

2.7%

2.1%

3.4%

Net profit, € thousands

1,890

810

4,383

2,237

9,769

Comparable net profit, € thousands

1,890

810

4,383

2,716

10,248

Equity ratio, %

45.0%

44.2%

45.0%

44.2%

39.5%

Return on investment, % rolling 12 months

43.0%

34.1%

43.0%

34.1%

33.0%

Net gearing, %

-57.1%

-66.1%

-57.1%

-66.1%

-108.0%

Earnings per share (EPS) revised by share split, €

0.04

0.02

0.10

0.05

0.22

Comparable earnings per share (EPS) revised by share split, €

0.04

0.02

0.10

0.06

0.23

Earnings per share (EPS) revised by share split (diluted), €

0.04

0.02

0.10

0.05

0.22

Comparable earnings per share (EPS) revised by share split (diluted), €

0.04

0.02

0.10

0.06

0.23

Number of shares at end of period

45,065,130

45,065,130

45,065,130

45,065,130

45,065,130

Average number of shares at end of period revised by share split

45,065,130

45,065,130

45,065,130

45,065,130

45,065,130

Number of shares at end of period revised by share split

45,065,130

45,065,130

45,065,130

45,065,130

45,065,130

Number of personnel* at end of period

592

570

592

570

563

 

*The number of personnel includes both full- and part-time employees.

 

Verkkokauppa.com presents Alternative Performance Measures to reflect the underlying business performance and to enhance comparability between financial periods. In its reporting, Verkkokauppa.com uses terminology in accordance with the guidelines issued by the European Securities and Markets Authority (ESMA) concerning Alternative Performance Measures. Comparable performance measures exclude the income statement impact of certain non-operational items affecting comparability. Items affecting comparability are presented in the financial table section.

An item affecting comparability is an income or expense arising from non-recurring or rare events. Items affecting comparability are recognised in the profit and loss statement within the corresponding income or expense group.


 

REVENUE AND PROFITABILITY DEVELOPMENT

April-June 2017

In April-June, Verkkokauppa.com Oyj's revenue grew by 23.7% year on year. Revenue grew by 19.0 million euros, totalling 99.0 million euros (80.1). Revenue increased particularly in mobile phones, televisions, cameras, small domestic appliances (SDA) and Audio & HI-FI.

According to GfK, the demand for consumer electronics increased by 7.0% during April-May in Finland.

As in the previous quarter and in the comparison period, a part of the sales increase was due to large wholesale volumes to customers who export the goods, as well as B2B sales. This part of sales increased year on year. The volume of these sales is typically difficult to estimate and their profitability is low. However, these sales contribute to the company's purchasing volumes and thus improve the company's position in relation to its suppliers.

Personnel costs decreased in April-June by 5.8% to 6.0 million euros (6.3).

During the second quarter, other expenses increased by 1.2 million euros to 5.8 million euros (4.7). The increase came mainly from the utilization of an outsourced warehouse services.

Operating profit in April-June 2017 was 2.3 million euros (1.0) and net profit 1.9 million euros (0.8).

 

Earnings per share were 0.04 euros (0.02).

 

January-June 2017

In January-June, Verkkokauppa.com Oyj's revenue grew by 21.8% year on year. Revenue grew by 35.6 million euros, totalling 199 million euros (164). Revenue increased particularly in mobile phones, televisions, cameras, small domestic appliances (SDA) and gaming.

According to GfK, the demand for consumer electronics increased by 8.4% during January-May in Finland.

Personnel costs decreased by 7.0% to 12.1 million euros (13.0). The comparison period included items affecting comparability of 0.6 million euros, which resulted from the company's internal audit in 2016 identifying technical errors in the company's holiday pay accounting. Comparable personnel costs decreased by 2.5% to 12.1 million euros (12.4).

During the reporting period, other expenses increased, totalling 11.0 million euros (9.0).

Operating profit in January-June 2017 was 5.4 million euros (2.8) and net profit 4.4 million euros (2.2). Comparable operating profit in January-June 2017 was 5.4 million euros (3.4) and net profit 4.4 million euros (2.7).

Earnings per share were 0.10 euros (0.05).

Comparable earnings per share were 0.10 euros (0.06)

 

FINANCE AND INVESTMENTS

Operating cash flow was -14.2 million euros (-2.9) in January-June 2017. In the reporting period, the negative impact of the operating cash flow mainly resulted from decline in accounts payables, a clear increase in Apuraha accounts receivables and prepayment of pension contributions. The company paid its pension costs for 2017 in advance, as interest is more attractive than with corresponding bank deposits.

Ordinary seasonal fluctuations are reflected in cash and cash equivalents, cash flow and accounts payable, which usually reach the highest point at year-end and the lowest point at the end of the second quarter. Verkkokauppa.com has utilized the maximum amount of cash discounts.

During the reporting period, the company invested in the development of new ERP features, which resulted in the capitalization of 0.2 million euros in the IT department's salary expenses and external technology consulting fees. The company also invested in ordinary store equipment and furniture. The net capital expenditures were 1.0 million euros (0.5) in January-June 2017, of which 0.03 million euros (0.0) is an investment in Vitvaruexperten AB's shares. Previously the company has invested 0.25 million euros in the shares of Vitvaruexperten AB.

On 30 June 2017, Verkkokauppa.com had a revolving credit facility of 15 million euros, which had not been utilized.

 

FINANCIAL TARGETS

The company strives to grow faster than its operating market and targets an annual revenue growth of over 10 per cent in the medium term. The company's objective is to improve its EBITDA margin in the medium term when compared to the level of 2013. The company strives to secure a sufficient equity ratio to finance the growth of its business and aims to maintain an equity ratio of over 25 per cent taking into consideration the nature and seasonality of the company's business.

SHARES AND SHARE TRADING

The total number of shares in the company was 45,065,130 on 30 June 2017.

Over the reporting period 3,905,628 shares were exchanged on the NASDAQ OMX First North Finland market, representing 7.5% of all shares in the company. The highest share price was 8.37 euros and the lowest 6.81 euros. The average price in share trading was 7.52 euros. The total of the share trading was 29.4 million euros. The closing price was 8.02 euros, and the market value of all shares was 361 million euros at the end of the period.

The company does not own any of its own shares.

 

PERSONNEL, THE BOARD AND ADMINISTRATION

During the reporting period, the number of employees increased by 22, and the total number of employees was 592 (570) at the end of June 2017. The number of employees includes both full- and part-time employees.

The election of the Board of Directors is explained below in the section on Annual General Meeting 2017.

RISKS AND UNCERTAINTIES

Verkkokauppa.com Oyj's risks and uncertainties reflect the market and general economic trends, for example, demand for consumer electronics, wholesale trade business, the business environment and competition. The company's business operations are also influenced by risks and uncertainties relating to, for example, business strategy, investments, procurement and logistics, information technology, and other operative aspects of the business. The aforementioned risks and uncertainties may affect the company's operations, financial position and performance both positively and negatively. Risks and uncertainties have been presented in more detail in the Annual Report 2016.

LITIGATION

Verkkokauppa.com has no open litigation issues.

 

 

 

ANNUAL GENERAL MEETING 2017

The Annual General Meeting was held in Helsinki on 15 March 2017. The financial statements for the year 2016 were approved and the Board Members and the CEO were discharged from liability with respect to financial year 2016. It was resolved to pay a dividend of 0.04 euros per share, totalling 1,802,605.20 euros.

The Annual General Meeting authorized the Board of Directors to decide in its discretion on the distribution of dividends as follows:

The total amount of the dividend distribution based on this authorization shall not exceed EUR 0.126 per share (the instalments can differ from each other), in total not exceeding EUR 5,678,206.38. The authorization is valid until the opening of the next Annual General Meeting.

Unless the Board of Directors decides otherwise, the authorization will be used to distribute dividend three times during the period of validity of the authorization and the payment dates of the dividends will be on 10 May 2017, 28 August 2017 and 31 October 2017. The Board of Directors will decide on the record date in connection with each dividend payment decision and the company will make separate announcements of Board resolutions. Before the Board of Directors implements the resolution regarding the distribution of dividend, it must assess, from the viewpoint of Company's solvency and/or financial position, whether the requirements in the Finnish Companies Act for dividend distribution are fulfilled.

At the Annual General Meeting held on 15 March 2017, all Board members were re-elected until the end of the next Annual General Meeting. Christoffer Häggblom, Mikael Hagman, Minna Kurunsaari, Kai Seikku, Henrik Weckström and Samuli Seppälä were elected as members of the Board of Directors. The Board elected Christoffer Häggblom as the Chairman of the Board. Samuli Seppälä is the company's Chief Executive Officer.

The Authorized Public Accountant PricewaterhouseCoopers Oy was re-elected as the auditor, who has notified the company that Authorized Public Accountant Ylva Eriksson will be acting as the Principal Auditor.

 

EXTRAORDINARY GENERAL MEETING 2017

An Extraordinary General Meeting was held in Helsinki on 28 April 2017. The Extraordinary General Meeting resolved to pay an extra dividend of 0.02 euros per share, totalling 901,302.60 euros. The Extraordinary General Meeting elected two new members to the Board of Directors: Robert Burén and Panu Porkka. The Board elected Christoffer Häggblom as the Chairman of the Board.

 

DIVIDEND

Annual General Meeting 2017 resolved to pay 0.04 euros (1,802,605.20 euros in total) per share as dividend. The record date for the dividend distribution was 17 March 2017 and the dividend payment date was 24 March 2017.

Verkkokauppa.com's Annual General Meeting authorized the Board of Directors to decide in its discretion on the distribution of dividends not exceeding 0.126 euro per share to be paid in three instalments during 2017. In the first instalment, a dividend of 0.041 euro per share was paid (1,847,670.33 euros in total). The record date for the dividend distribution was 3 May 2017 and the dividend payment date was 10 May 2017.

In addition to above The Extraordinary General Meeting held on 28 April 2017 resolved to pay extra dividend of 0.02 euros (901,302.60 euros in total) per share. The record date for the dividend distribution was 3 May 2017 and the dividend payment date was 10 May 2017.

 

 

 

OTHER EVENTS DURING THE REPORTING PERIOD

On 10 February 2017, the Board of Directors resolved to update the company's dividend policy by introducing the goal of paying out an increasing dividend. The company will evaluate annually the preconditions for the distribution of profits, while ensuring that such dividend distribution will not endanger the growth targets set out in the company's strategy or other financial targets of the company.

On 28 April 2017, the company appointed Vesa Järveläinen as Purchasing Director and member of the management team. At the same time, CEO Samuli Seppälä gave up his role as purchasing director.

 

SUBSEQUENT EVENTS

The Board has resolved 14 July 2017 to pay dividend of 0.042 euros per share (1,892,735.46 euros in total). The record date for the dividend distribution is 18 July 2017 and the dividend payment date is 25 July 2017.

There are no other subsequent events that differ from usual business events, after the reporting period.


 

PRESS CONFERENCES

A press conference for analysts, investors and media will be held in Finnish at the Jätkäsaari premises in Helsinki at Tyynenmerenkatu 11, 6th floor, at 10:00 a.m. (EET) on Friday, 14 July 2017, in which Verkkokauppa.com Oyj's CEO Samuli Seppälä will present the developments in the reporting period.

A press conference in English will be held by LiveStream webcast on Friday, 14 July 2017 at 11:00 a.m. (EET). Questions can be sent beforehand or during the presentation via e-mail to investors@verkkokauppa.com.

Presentation materials for both events are available at www.verkkokauppa.com in the section Investors > Presentations. For both press conferences, a LiveStream is available at www.verklive.com.

 

COMPANY RELEASES IN 2017

Verkkokauppa.com Oyj will publish its financial reports as follows:

  • Interim report January - September 2017 on Friday 20 October 2017

 

 

Helsinki, Finland, 14 July 2017

Verkkokauppa.com Oyj

Board of Directors

 

 

 

More information:

Samuli Seppälä, CEO
e-mail
samuli.seppala@verkkokauppa.com
Telephone +358 10 309 5555

Jussi Tallgren, CFO
e-mail
jussi.tallgren@verkkokauppa.com
Telephone +358 10 309 5555

Certified Adviser Nordea Bank Finland Plc
Telephone
+358 9 5300 6785

Distribution:

NASDAQ OMX Helsinki
Key media
www.verkkokauppa.com


 

FINANCIAL INFORMATION

The financial statements release has been prepared in accordance with Finnish Accounting Standards and local legislation, and in compliance with the accounting principles in the financial statements of 31 December 2016. The quarterly report has not been audited. The financial statements are audited at year-end.

Numbers presented in the quarterly report have been rounded and therefore columns or rows do not necessarily add up to the total amounts presented.


 

 

 

INCOME STATEMENT

        

€ thousands

4-6/2017

4-6/2016

Change%

1-6/2017

1-6/2016

Change%

1-12/2016

 

REVENUE

99,030

80,073

23.7%

199,164

163,570

21.8%

371,495

 

Other income

19

35

-43.7%

39

58

-33.1%

95

 

Cost of goods and services

-84,577

-67,787

24.8%

-170,016

-138,221

23.0%

-314,075

 

Personnel expenses

-5,979

-6,348

-5.8%

-12,084

-12,987

-7.0%

-24,420

 

Depreciation and amortization

-328

-309

6.3%

-630

-615

2.3%

-1,296

 

Other operating expenses

-5,822

-4,658

25.0%

-11,036

-9,027

22.3%

-19,598

 

 

        

OPERATING PROFIT

2,344

1,006

133.0%

5,437

2,778

95.7%

12,201

 

 

        

Financial income and expenses

18

5

234.7%

42

16

152.9%

1

 

 

        

PROFIT BEFORE APPROPRIATIONS AND TAXES

2,362

1,011

133.6%

5,479

2,794

96.1%

12,202

 

 

        

Appropriations

0

0

 

0

0

0.0%

7

 

Income taxes

-473

-201

135.4%

-1,096

-557

96.6%

-2,440

 

NET PROFIT

1,890

810

133.1%

4,383

2,237

95.9%

9,769

 

 

BALANCE SHEET

   

€ thousands

30.6.2017

30.6.2016

31.12.2016

ASSETS

   
 

NON-CURRENT ASSETS

   
 

Intangible assets

1,144

1,203

1,222

 

Tangible assets

1,771

1,685

1,397

 

Investments

282

251

251

 

NON-CURRENT ASSETS TOTAL

3,196

3,140

2,871

 

    
 

CURRENT ASSETS

   
 

Inventories

47,677

40,984

44,044

 

Receivables

   
 

Non-current receivables

501

111

352

 

  Trade receivables

282

0

231

 

  Other receivables

219

111

121

 

Current receivables

14,861

7,745

11,867

 

  Trade receivables

7,484

4,930

7,475

 

  Other receivables

848

720

517

 

  Receivables carried forward

6,529

2,095

3,875

 

Cash and cash equivalents

21,929

20,531

41,692

 

CURRENT ASSETS TOTAL

84,969

69,372

97,956

TOTAL ASSETS

88,165

72,511

100,826

 

    

LIABILITIES

   
 

EQUITY

   
 

Shareholders' capital

   
 

  Share capital

100

100

100

 

Other funds

   
 

  Invested non-restricted equity fund

25,493

25,493

25,493

 

Retained earnings

8,456

3,239

3,239

 

Profit (loss) for the period

4,383

2,237

9,769

 

EQUITY TOTAL

38,432

31,069

38,600

 

    
 

Depreciation reserve

75

82

75

     
 

Provisions

810

810

810

     
 

LIABILITIES

   
 

Current liabilities total

48,848

40,551

61,341

 

  Advances received

2,720

2,102

3,065

 

  Accounts payables

31,082

23,834

42,087

 

  Other liabilities

2,264

4,226

3,496

 

  Accrued expenses

12,782

10,389

12,693

 

LIABILITIES TOTAL

48,848

40,551

61,341

TOTAL LIABILITIES

88,165

72,511

100,826

 


 

CASH FLOW

   

€ thousands

1-6/2017

1-6/2016

2016

Cash flow from operating activities

   

Profit before appropriations and taxes

5,479

2,794

12,202

Depreciation and amortization

630

615

1,296

Gains/losses on sales or disposals of tangible and intangible assets

47

0

0

Interest paid and received

-42

-16

-1

Non-current receivables, increase (-), decrease (+)

-149

0

-241

Current receivables, increase (-), decrease (+)

-2,994

739

-3,383

Inventory increase (-), decrease (+)

-3,633

-2,242

-5,302

Non-interest-bearing debt, increase (+), decrease (-)

-11,828

-3,895

15,770

NET CASH FROM OPERATING ACTIVITIES BEFORE FINANCING AND TAXES

-12,490

-2,005

20,341

Interest paid and other operational financial expenses

-20

-17

-39

Interest received from operations

61

34

44

Taxes paid

-1,760

-953

-1,715

NET CASH FLOW FROM OPERATING ACTIVITIES

-14,208

-2,941

18,631

 

    

Investments

   

Intangible and tangible investments

-972

-537

-949

Other investments

-30

0

0

NET CASH FLOW FROM INVESTMENTS

-1,003

-537

-949

 

    

Cash flows from financing activities

   

Dividends paid

-4,552

-6,760

-6,760

NET CASH FLOW FROM FINANCING ACTIVITIES

-4,552

-6,760

-6,760

 

    

NET INCREASE (+) / DECREASE (-) IN CASH AND CASH EQUIVALENTS

-19,763

-10,238

10,922

 

    

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

41,692

30,770

30,770

CASH AND CASH EQUIVALENTS AT THE PERIOD END

21,929

20,531

41,692

 


 

STATEMENT OF EQUITY CHANGES

    

€, thousand

Share capital

Invested unrestricted equity fund

Retained earnings

Profit (loss) for the period

Total

EQUITY 1.1.2017

100

25,493

13,008

0

38,600

Dividends

0

0

-4,552

0

-4,552

Profit (loss) of the period

0

0

0

4,383

4,383

EQUITY 30.6.2017

100

25,493

8,456

4,383

38,432

 

 

 

 

 

 

EQUITY 1.1.2016

100

25,493

9,999

0

35,591

Dividends

0

0

-6,760

0

-6,760

Profit (loss) of the period

0

0

0

2,237

2,237

EQUITY 30.6.2016

100

25,493

3,239

2,237

31,069

 

 

 

 

 

 

EQUITY 1.1.2016

100

25,493

9,999

0

35,591

Dividends

0

0

-6,760

0

-6,760

Profit (loss) of the period

0

0

0

9,769

9,769

EQUITY 31.12.2016

100

25,493

3,239

9,769

38,600

 

ITEMS AFFECTING COMPARABILITY

  

€, thousands

1-6/2017

1-6/2016

Items affecting comparability in operating profit

0

-599

Items affecting comparability in financial items

0

0

Items affecting comparability in taxes

0

120

Items affecting comparability, total

0

-479

   

Items affecting comparability in January-June in year 2016 relate to a holiday pay compensation.

 

 

 

CALCULATION PRINCIPLES FOR THE COMPANY'S KEY RATIOS

1) Fixed costs =  Personnel expenses + other operating expenses
2) Fixed costs, % = (Personnel expenses
+ other operating expenses) / Revenue x 100
3) Gross profit =
Revenue - Cost of goods and services
4) Gross margin, % = (
Revenue - Cost of goods and services) / Revenue x 100
5) EBITDA = Operating profit before depreciation
6) EBITDA, % = Operating profit before depreciation /
Revenue x 100
7) Operating margin, % = Operating result /
Revenue x 100
8) Comparable operating margin, % = Comparable operating result /
Revenue x 100
9) Equity ratio = (Equity + depreciation difference x (1 - tax rate)) / (Total sum of the balance sheet - advances received) x 100
10)
Return on capital employed (ROCE), rolling 12 months, % = (Net profit + financial expenses + taxes) / (Average equity + interest-bearing debt) x 100
11)
Net gearing, % = (Interest-bearing debt - cash and cash equivalents - interest-bearing receivables) / Equity x 100
12) Earnings per share = Profit for the financial period / Monthly average number of shares adjusted by share issues
13) Comparable earnings per share = Comparable profit for the financial period / Monthly average number of shares adjusted by share issues
14) Earnings per share (diluted) = Profit for the financial period / Monthly average number of shares adjusted by share issues + number of shares according to subscription rights
15) Comparable earnings per share (diluted) = Comparable profit for the financial period / Monthly average number of shares adjusted by share issues + number of shares according to subscription rights
16) A
verage number of shares at end of the period revised by share split = Monthly average number of shares at the end of the period revised by share split
17)
Number of employees at the end of the period = Average number of employees on the last week of the period

 



Verkkokauppacom Oyj INTERIM REPORT 2017 January - June



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Verkkokauppa.com Oyj, Tyynenmerenkatu 11, 6 krs, Helsinki 00220, Suomi
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