WOOD Flash – Fourlis: FY20 performance witnessing the effects of COVID-19
Fourlis reported its FY20 results on 23 March, after the close. The revenues for the year came in at EUR 370m (vs. our forecast of EUR 383m), down 20% yoy on the COVID-19 restrictions. The non-IFRS 16 adjusted EBITDA stood at EUR 22m, while the company reported a net loss of EUR 8.7m on the bottom line, vs. the FY19 profit of EUR 5.9m, with the performance affected by EUR 6.6m of non-cash impairments related to the revaluation of two assets and the rationalisation of the Turkish Intersport business. During the conference call, management appeared confident about the 1Q21E performance, while the company plans to proceed with EUR 21m of investments related to network rollout, and the upgrading of the Intersport logistics and the group’s CRM system. Following the company’s conference call, we are cautiously optimistic going forward, on the strong run rates in e-commerce, the REIC listing and the new brand addition to the portfolio.Co. is engaged in the manufacture, import and distribution of electrical household appliances and the manufacture of FOURLIS kitchen hoods. In addition, through a subsidiary, Co. is engaged in the operation of a retail chain.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.