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2021-07-22

BHG Group AB: Interim report: 1 January-30 June 2021

BHG surges past milestone of SEK 10 billion in LTM net sales
- The acquisition journey continues and total growth in the quarter exceeds 30%

highlights

1 April-30 June

  • Net sales increased 31.8% to SEK 3,550.6 million (2,694.9). Organic growth was 14.1%
  • Gross profit increased 40.0% to SEK 945.4 million (675.5), with a gross margin of 26.6% (25.1)
  • Adjusted EBIT amounted to SEK 278.0 million (232.7), corresponding to an adjusted EBIT margin of 7.8% (8.6)
  • Operating income amounted to SEK 261.6 million (222.0), corresponding to an operating margin of 7.4% (8.2)
  • Cash flow from operating activities amounted to SEK 336.1 million (605.0)
  • Net profit for the period amounted to SEK 199.9 million (147.2), an increase of 35.8% on the prior year
  • Earnings per share amounted to SEK 1.63 (1.34) before dilution and SEK 1.62 (1.33) after dilution 

1 January-30 June

  • Net sales increased 41.5% to SEK 6,118.4 million (4,323.3). Organic growth was 22.5%
  • Gross profit increased 50.1% to SEK 1,644.7 million (1,096.0), with a gross margin of 26.9% (25.4)
  • Adjusted EBIT amounted to SEK 461.8 million (312.7), corresponding to an adjusted EBIT margin of 7.5% (7.2)
  • Operating income amounted to SEK 430.1 million (291.2), corresponding to an operating margin of 7.0% (6.7)
  • Cash flow from operating activities amounted to SEK 455.6 million (752.9)
  • Net profit for the period amounted to SEK 315.2 million (193.4), an increase of 62.9% on the prior year
  • Earnings per share amounted to SEK 2.61 (1.78) before dilution and SEK 2.58 (1.77) after dilution

 

Key events during and after the period

M&A:
- The acquisitions of Svenssons i Lammhult, announced in the first quarter, and Hafa Bathroom Group, announced in the second quarter, were approved by the Swedish Competition Authority and could therefore be completed. Both businesses were consolidated as of 1 May.
- On 9 June, the acquisition of 92% of HYMA was announced. The transaction was recently approved by the Swedish Competition Authority and was completed on 21 July. HYMA, which will be consolidated as of 1 August, will strengthen the DIY segment's leading Nordic online position by increasing its category depth and breadth and enable growth and cost synergies. 

  • New credit facilities were secured, with the aim of supporting a continued high M&A rate, expanding the Group's total credit line from SEK 2.4 billion to SEK 3.3 billion.
  • A new incentive programme was launched for certain senior executives, through the issue of a maximum of 1,200,006 warrants, most of which have been subscribed and the remainder saved for upcoming key recruitments. The cost for the programme amounted to SEK 28.7 million, of which SEK 18.8 million was charged to the quarter (the programme in the preceding year was charged to earnings in the third quarter in an amount corresponding to SEK 10.7 million).

 

This information is information that BHG Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CEST on 22 July 2021.
 

CONTACT INFORMATION

For further information, visit www.wearebhg.com or contact:
 
Adam Schatz, President and CEO Jesper Flemme, CFO
adam.schatz@bhggroup.se jesper.flemme@bhggroup.se
+46 (0)709-32 43 00 +46 (0)720-80 25 69
 

Johan Hähnel, Head of Investor Relations
johan.hahnel@bhggroup.se
+46 (0)70-605 63 34

 
CONFERENCE CALL IN CONNECTION WITH PUBLICATION OF THE QUARTERLY REPORT
Adam Schatz, President and CEO, and Jesper Flemme, CFO, will hold a conference call at 10:00 a.m. on Thursday 22 July in connection with the publication of the interim report. The call will be held in English. To participate, please call +46 (0)8 5055 8359 or visit https://tv.streamfabriken.com/bhg-q2-2021. The presentation will be available from the Group's website: https://www.wearebhg.com/investors/presentations/.
QUARTERLY REPORTS ON WWW.WEAREBHG.COM
The full report for the period January-June 2021 and previous quarterly and year-end reports are available at https://www.wearebhg.com/investors/financial-reports/.     

ABOUT THE GROUP
BHG is the number 1 consumer e-commerce company in the Nordics. In addition to our Nordic operations, we also have a significant presence in the rest of Europe, as well as in selected markets outside of Europe. Our strong position in these markets makes us the largest European online pure-play within the home improvement space, meaning do-it-yourself and home furnishings. With an ecosystem of online stores, supported by physical destinations and services, such as last-mile deliveries and installation, we offer the market's leading range of well-known external and strong own brands, totalling close to 1 million unique products and encompassing a complete offering within DIY, leisure, furniture and furnishings.
  The Group includes over 100 online sites - including sites like www.bygghemma.se, www.trademax.se, www.chilli.se, www.furniturebox.se and www.nordicnest.se - and over 70 showrooms. We are headquartered in Malmö, Sweden, with customers throughout Europe. Our share is traded on Nasdaq Stockholm, under the ticker "BHG."
  The BHG brands employ more than 2,000 people, working every day to create the ultimate online shopping experience by combining an unbeatable product range with smart technology, leading product expertise and a broad range of services.
 

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