Puuilo Plc: Activity review February-October 2021: Strong growth in net sales and good development of profitability
Highlights for August-
- Turnover increased by 14.8% (+ 33.6%) and is
⬠69.7 million (60.7) - Like-for-like sales up 2.5% (+ 19.0%)
- Net sales of online stores increased by 28.9% (+ 89.0%)
- Gross profit was
⬠26.0 million (22.1) and the gross margin was 37.3% (36.5%) - Adjusted EBITA was
⬠13.1 million (11.2), which corresponds to an adjusted EBITA margin of 18.8% (18.4%) - EBIT was
⬠12.8 million (10.8) which corresponds to 18.3% of turnover (17.7%) - Free operating cash flow was
2.6 million euros (4.0) - Earnings per share were
⬠0.12 (0.09) - Earnings per share excluding listing costs was
⬠0.12 (0.09) - 1 new store was opened during the third quarter (no new store)
Highlights for February-
- Net sales increased by 12.6% (+ 42.4%) and were
207.8 million euros (184.6) - Like-for-like sales up 2.5% (+ 25.9%)
- Net sales of online stores increased by 32.0% (+ 126.0%)
- Gross profit was
77.0 million euros (67.6) and the gross margin was 37.0% (36.6%) - Adjusted EBITA was
38.6 million euros (34.7), which corresponds to an adjusted EBITA margin of 18.6% (18.8%) - EBIT was
34.9 million euros (33.4) which corresponds to 16.8% of turnover (18.1%) - Free operating cash flow was
⬠18.0 million (30.3) - Earnings per share were
⬠0.31 (0.29) - Earnings per share excluding listing costs was
⬠0.34 (0.29) - 4 new stores were opened during the reference period (2 new stores)
Figures are in millions of euros unless otherwise indicated and have been rounded. Therefore, the sum of the individual digits may differ from the total shown. Puuilo’s fiscal year begins on February 1 and ends on January 31 of the following year. Figures in brackets refer to the corresponding period of the previous year, unless otherwise indicated. The information contained in this report is unaudited.
Key figures
millions of euros |
|
|
|
|
|
Net sales |
69.7 |
60.7 |
207.8 |
184.6 |
238.7 |
Change in net sales (%) |
14.8% |
33.6% |
12.6% |
42.4% |
40.0% |
Change in like-for-like sales (%) |
2.5% |
19.0% |
2.5% |
25.9% |
24.4% |
Development of net sales of online stores (%) |
28.9% |
89.0% |
32.0% |
126.0% |
127.5% |
Gross profit |
26.0 |
22.1 |
77.0 |
67.6 |
87.1 |
Gross margin (%) |
37.3% |
36.5% |
37.0% |
36.6% |
36.5% |
Adjusted EBITA * |
13.1 |
11.2 |
38.6 |
34.7 |
43.2 |
Adjusted EBITA * margin (%) |
18.8% |
18.4% |
18.6% |
18.8% |
18.1% |
EBITA * |
13.1 |
11.1 |
35.8 |
34.2 |
42.6 |
EBITA margin * (%) |
18.7% |
18.2% |
17.2% |
18.5% |
17.9% |
BAII |
12.8 |
10.8 |
34.9 |
33.4 |
41.5 |
EBIT margin (%) |
18.3% |
17.7% |
16.8% |
18.1% |
17.4% |
Net revenue |
10.2 |
7.6 |
25.4 |
23.4 |
28.8 |
EPS (EUR) |
0.12 |
0.09 |
0.31 |
0.29 |
0.36 |
EPS excluding registration fees (EUR) |
0.12 |
0.09 |
0.34 |
0.29 |
0.36 |
Free cash flow from operations |
2.6 |
4.0 |
18.0 |
30.3 |
38.8 |
Net debt / adjusted EBITDA |
1.5 |
2.2 |
1.5 |
2.2 |
2.4 |
Number of stores (end of period) |
34 |
29 |
34 |
29 |
30 |
Number of employees converted to full-time employees (FTEs) |
647 |
603 |
667 |
602 |
595 |
* Operating profit before amortization of the Puuilo brand The profit per share has been calculated for all the periods presented taking into account the free issue of shares (split) carried out during the reporting period.
Puuilo’s long-term objectives and market outlook for fiscal year 2021
There has been no change in the long-term financial goals or growth expectations of Puuilo, announced as part of the listing.
Puuilo’s long-term objectives for the fiscal years 2021-2025:
- Growth: higher net sales
400 million euros by the end of fiscal year 2025 with annual organic growth of over 10%. - Profitability: EBITA margin adjusted between 17 and 19% of net sales.
- Dividend policy: Puuilo aims to distribute at least 80% of the net profit for each financial year in the form of dividends, depending on the capital structure, financial situation, general economic and business conditions and future prospects of the company. company.
- Leverage: Net debt to adjusted EBITDA less than 2.0x.
The uncertainty caused by COVID-19 continues. In a pandemic situation, sudden and unpredictable changes can occur.
CEO
Puuilo’s net sales and adjusted operating profit (EBITA) again showed strong growth. The last reporting period could be described as commercially successful and developed according to our plans. The third quarter was in line with our own expectations and our net sales increased by 14.8% (+ 33.6%). This is a solid result for the company given the exceptional financial figures for the corresponding period last year.
Adjusted EBITA reached 18.8% of net sales in the third quarter. The development of profitability was good. Thanks to the determined implementation of the strategy, we were able to improve our gross margin. The most important factors affecting the margin increase were the higher share of private label products, the negotiations of commercial purchasing terms, as well as the implementation of accounts payable automation. We continued to obtain convincing results in controlling operational costs. We managed to deliver good results despite a strong comparative period. Our performance is in line with our long-term financial objectives.
In the third quarter, we opened a new store in Laajalahti, Espoo, a neighboring town
Our operating environment is still affected by disruptions related to COVID-19, including in global supply chains. The course of the pandemic has been unpredictable. In
On the strength of this strong activity report, I wish all our shareholders, our customers and all our employees a pleasant period of celebration.
Significant events subsequent to the closing
Markus Kaatranen has been appointed Director of Sales and a member of the management team of Puuilo Plc on
Conference call and webcast
The report will be presented to analysts, investors and the media on the date of publication in English on
The conference call in English can be followed live on https://puuilo.videosync.fi/2021-12-16-puuilo-business-review.Participate by calling the number according to your location a few minutes before the start of the event.
The Finnish webcast will start at
Recordings of both events will be available later the same day on Puuilo’s investor website at https://www.investors.puuilo.fi/en.
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IF: +358 9 817 103 10
SE: +46 8 566 426 51
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