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smartphoto group – Half-yearly results 2021 – Smartphoto confirms year-on-year growth

Maggy Van den Stock

PRESS RELEASE – Regulated information – Wetteren, August 25, 2021 –5:45 p.m.  – smartphoto group (Euronext Brussels: SMAR)

  • The further increase in the ‘gifts’ category compensated for the return to a normal level in the sales of books and prints, after the exceptionally strong sales in 2020. As a result, the operating income for the first 6 months remained more or less stable compared to last year, and amounts to kEUR 21,060 as at June 30, 2021, compared to kEUR 21,167 as at June 30, 2020 (-0.5%).
  • The opening of the new factory and the expansion of the teams to support the growth resulted in higher fixed costs, and as anticipated, put pressure on profitability over the first 6 months, with traditionally lower volumes. The EBITDA decreased from kEUR 2,699 to kEUR 965 (-64.2%).
  • The net result amounts to kEUR -824 over the first half of 2021 compared to a net result of kEUR 863 over the first half of 2020.
  • Positive evolution of the Net financial debt (-)/Net cash and cash equivalents on an annual basis from kEUR -1,197 to a cash surplus of kEUR 881, and this despite the dividend payment for 2020 (kEUR 2,249), the further purchase of treasury shares (kEUR 1,015), and the investments in property, plant and equipment and intangible assets (kEUR 2,104), of which mainly investments necessary to bring the additional production building into use.
  • Despite the limited visibility over the past months, amongst others due to Covid-19, smartphoto confirms growth in revenue and EBITDA on an annual basis.

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