MÜNCHEN, Deutschland--(BUSINESS WIRE)--MYT Netherlands Parent B.V. (NYSE: MYTE) ("Mytheresa" oder das "Unternehmen"), die Muttergesellschaft der Mytheresa Group GmbH, gab heute die Finanzergebnisse für das erste Quartal des Geschäftsjahres 2022, welches am 30. September 2021 endete, bekannt. Die digitale Multibrand-Luxusplattform verzeichnete ein weiteres Quartal mit starkem Wachstum und anhaltend hoher Rentabilität.
Michael Kliger, Chief Executive Officer von Mytheresa, sagt: "Wir sind mit unseren Ergebnissen für das erste Quartal des Geschäftsjahres 2022 äußerst zufrieden. Wir sehen das als Bestätigung unserer einzigartigen und herausragenden Positionierung gegenüber unseren Kunden und Kundinnen sowie unseren Markenpartnern auf globaler Ebene, wie auch unserer erstklassigen operativen Umsetzung. Im ersten Quartal des Geschäftsjahres 2022 konnte Mytheresa seine Position als eine der weltweit führenden digitalen Plattformen für Luxusmode festigen."
Kliger weiter: "Die Veränderung des Kundenverhaltens hin zu digitalen Angeboten hat sich durch die Pandemie in den letzten Monaten signifikant beschleunigt. Wir sind der festen Überzeugung, dass sich dieser Trend auch nach der Pandemie fortsetzen und wahrscheinlich zu den starken Marktwachstumsraten zurückkehren wird, die wir vor der Pandemie gesehen haben. Wir werden weiterhin ein hervorragendes Kundenerlebnis bieten und unsere Partnerschaften mit den begehrtesten globalen Marken vertiefen. Angesichts unserer starken finanziellen Dynamik, der exzellenten Kundenentwicklung und der hervorragenden Umsetzung sind wir sehr zuversichtlich, im gesamten Geschäftsjahr 2022 weiterhin gute Ergebnisse zu erzielen."
FINANZIELLE HIGHLIGHTS FÜR DAS ERSTE QUARTAL ZUM 30. SEPTEMBER 2021
- Anstieg des GMV um 29,7 % gegenüber dem Vorjahr auf 163,9 Mio. €, verglichen mit 126,4 Mio. € im Vorjahreszeitraum
- Anstieg des Nettoumsatzes um 24,9% gegenüber dem Vorjahr auf 157,8 Mio. €
- Starke Bruttogewinnmarge von 49,0 %, verglichen mit 46,4 % im Vorjahreszeitraum
- Bereinigtes EBITDA von 14,0 Mio. €, verglichen mit 10,4 Mio. € im Vorjahreszeitraum
- Bereinigtes Betriebsergebnis von 11,8 Mio. €, verglichen mit 8,4 Mio. € im Vorjahreszeitraum
- Bereinigter Nettogewinn von 8,2 Mio. €, verglichen mit 5,4 Mio. € im Vorjahreszeitraum
AKTUELLE GESCHÄFTLICHE HIGHLIGHTS
Starke globale Expansion:
- Starkes GMV-Wachstum in allen geografischen Regionen mit +29,7% gegenüber Q1 GJ21 und +65,3% gegenüber Q1 GJ20
- Stärkstes Nettoumsatzwachstum in den Vereinigten Staaten mit +48,7 % gegenüber Q1 GJ21, da die Marktpräsenz weiter zunimmt
- Außergewöhnliche Events für Topkunden und -kundinnen in Europa, China und den Vereinigten Staaten
Fortgesetzte Markenpartnerschaften:
- Exklusive Kollektionen und Pre-Launches in Zusammenarbeit mit Saint Laurent, Gucci, The Row, Christian Louboutin, Tom Ford, Chloé und vielen anderen
- "Money-can't buy" physische Events zusammen mit Givenchy und Tod's
- Erfolgreicher Start des Curated Platform Model mit dem ersten großen Markenpartner
Hochwertiges Kundenwachstum:
- LTM-Wachstum der aktiven Kunden um 35,2% auf 705.000
- Anhaltend hohe Wiederkaufsraten neuer Kundenkohorten im GJ21 gegenüber dem GJ20
- Starkes Wachstum der Anzahl der Topkunden und -kundinnen mit 41,0% in Q1 FY22 vs. Q1 FY21
- Erfolgreiche Einführung und Expansion der neuen Partnerschaft mit Vestiaire Collective, die einen einzigartigen Wiederverkaufsservice für Mytheresa‘s High-End-Luxuskunden bietet
Konstant starke operative Leistung:
- Aufrechterhaltung der Geschäftskontinuität in allen Geschäftsbereichen, wobei die Gesundheit und das Wohlbefinden aller Mytheresa-Mitarbeiter oberste Priorität haben
- Einführung von Tierschutzrichtlinien und Kohlenstoffneutralität ab Q1 FY22
- Weiterhin sehr hohe Kundenzufriedenheit mit einem Net Promoter Score von 83,0% im Q1 FY22
- Erzielung einer hohen Bruttogewinnmarge aufgrund des hohen Anteils des Vollpreises am Umsatz
GESCHÄFTSAUSBLICK
Für das gesamte Geschäftsjahr, das am 30. Juni 2022 endete, bestätigen wir unsere bisherige Prognose, erhöhen jedoch unsere Erwartungen hinsichtlich des Nettoumsatzes:
- GMV in der Größenordnung von 750 bis 770 Mio. €, was einem Wachstum von 22 % bis 25 % entspricht
- Wachstum der aktiven Kunden um 22 % bis 25 %, wodurch sich die Kundenbasis auf 820.000 bis 845.000 aktive Kunden vergrößert
- Nettoumsatz bei 700 bis 720 Mio. €
- Bruttogewinn von 345 bis 355 Mio. €, was einem Wachstum von 21 bis 24 Prozent entspricht
- Die bereinigte EBITDA-Marge liegt in der oberen Hälfte der langfristigen Spanne von 7 bis 9 %.
Die vorstehenden zukunftsgerichteten Aussagen geben die Erwartungen von Mytheresa zum heutigen Zeitpunkt wieder. In Anbetracht einer Reihe von Risikofaktoren, Ungewissheiten und Annahmen, die im Folgenden erläutert werden, können die tatsächlichen Ergebnisse erheblich abweichen. Mytheresa beabsichtigt nicht, seine zukunftsgerichteten Aussagen bis zur nächsten Bekanntgabe der Quartalsergebnisse zu aktualisieren, es sei denn, es handelt sich um öffentlich zugängliche Aussagen.
INFORMATIONEN ZUR TELEFONKONFERENZ UND ZUM WEBCAST
Mytheresa wird am 11. November 2021 um 8:00 Uhr US Ostküstenzeit (14:00 Uhr MESZ) eine Telefonkonferenz zu den Finanzergebnissen des ersten Quartals 2022 abhalten. Diejenigen, die per Webcast teilnehmen möchten, sollten über die Investor-Relations-Website von Mytheresa unter https://investors.mytheresa.com auf die Konferenz zugreifen. Diejenigen, die per Telefon teilnehmen möchten, können sich unter +1 (833) 979-2860 (USA) oder +1 (236) 714-2917 (International) einwählen. Eine Aufzeichnung wird als Webcast auf der Investor Relations Website von Mytheresa verfügbar sein. Die telefonische Aufzeichnung wird ab 11:00 Uhr US Ostküstenzeit (17:00 Uhr MESZ) am 11. November 2021 bis zum 18. November 2021 unter der Nummer +1 (800) 585-8367 (USA) oder +1 (416) 621-4642 (International) verfügbar sein. Der Passcode für die Aufzeichnung lautet 9083117.
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the impact of the COVID-19 global pandemic; future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made.
Further information on these and other factors that could affect our financial results is included in filings we make with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” included in the form 20-F filed on October 15, 2021 under Rule 424(b)(4) of the Securities Act. These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com.
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING METRICS
We review a number of operating and financial metrics, including the following business and non-IFRS metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. We present Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income because they are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe these measures are helpful in highlighting trends in our operating results, because they exclude the impact of items that are outside the control of management or not reflective of our ongoing operations and performance. Adjusted EBITDA, Adjusted Operating Income, and Adjusted Net Income have limitations, because they exclude certain types of expenses. We use Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income as supplemental information only. You are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis.
Our non-IFRS financial measures include:
- Adjusted EBITDA is a non-IFRS financial measure that we calculate as net income before finance expense (net), taxes, and depreciation and amortization, adjusted to exclude U.S. sales tax expenditures temporarily borne by us through the fourth quarter of fiscal year 2020, IPO preparation and transaction costs and share-based compensation expenses.
- Adjusted Operating Income is a non-IFRS financial measure that we calculate as operating income, adjusted to exclude U.S. sales tax expenditures temporarily borne by us through the fourth quarter of fiscal year 2020, any IPO preparation and transaction costs and share-based compensation expenses.
- Adjusted Net Income is a non-IFRS financial measure that we calculate as net income, adjusted to exclude U.S. sales tax expenditures temporarily borne by us, finance expenses on our Shareholder Loans, IPO preparation and transaction costs, share-based compensation expenses and related income tax effects.
We are not able to forecast net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect net income (loss), including, but not limited to, Income taxes and Interest expense and, as a result, are unable to provide a reconciliation to forecasted Adjusted EBITDA.
Gross Merchandise Value (GMV) means the total Euro value of orders processed. GMV is inclusive of merchandise value, shipping and duty. It is net of returns, value added taxes and cancellations. We view GMV as an operating metric.
ABOUT MYTHERESA
Mytheresa is one of the leading global luxury fashion e-commerce platforms. Mytheresa was launched in 2006 and offers ready-to-wear, shoes, bags and accessories for women, men and kids. The highly curated edit focuses on true luxury with designer brands such as Bottega Veneta, Burberry, Dolce & Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, Valentino and many more. Mytheresa's unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported €612.1 million net sales (+36.2% vs. FY20) in its first fiscal year as a public company.
For more information, please visit https://investors.mytheresa.com/.
MYT Netherlands Parent B.V.
Financial Results and Key Operating Metrics
(Amounts in € millions)
|
Three Months Ended |
||||
|
|
|
|
|
|
|
September 30, 2020 |
|
September 30, 2021 |
|
Change in % / BPs |
|
|
|
|
|
|
(in millions) (unaudited) |
|
|
|
|
|
Gross Merchandise Value (GMV) |
€ 126.4 |
|
€ 163.9 |
|
29.7% |
Active customer (LTM in thousands) |
522 |
|
705 |
|
35.2% |
Total orders shipped (LTM in thousands) |
1,168 |
|
1,580 |
|
35.3% |
|
|
|
|
|
|
Net sales |
€ 126.4 |
€ 157.8 |
24.9% |
||
Gross profit |
€ 58.7 |
€ 77.3 |
31.8% |
||
Gross profit margin(1) |
46.4% |
49.0% |
260 BPs |
||
Adjusted EBITDA(2) |
€ 10.4 |
€ 14.0 |
34.4% |
||
Adjusted EBITDA margin(1) |
8.3% |
8.9% |
60 BPs |
||
Adjusted Operating Income(2) |
€ 8.4 |
€ 11.8 |
40.7% |
||
Adjusted Operating Income margin(1) |
6.7% |
7.5% |
80 BPs |
||
Adjusted Net Income(2) |
€ 5.4 |
€ 8.2 |
51.7% |
||
Adjusted Net Income margin(1) |
4.3% |
5.2% |
90 BPs |
(1) |
As a percentage of net sales. |
(2) |
EBITDA, adjusted EBITDA, adjusted Operating Income, adjusted net income are measures not defined under IFRS. For further information about how we calculate these measures and limitations of its use, see above. |
MYT Netherlands Parent B.V.
Financial Results and Key Operating Metrics
(Amounts in € millions)
The following are reconciliations of Adjusted EBITDA, Adjusted Operating Income, and Adjusted Net Income to their most directly comparable IFRS financial measures:
|
Three Months Ended |
||||
|
|
|
|
|
|
|
September 30, 2020 |
|
September 30, 2021 |
|
Change in % |
|
|
|
|
|
|
(in millions) (unaudited) |
|
|
|
|
|
Net income |
€ 9.6 |
|
€ (7.3) |
|
(175.8%) |
Finance expenses, net |
€ (5.2) |
|
€ 0.2 |
|
(103.7%) |
Income tax expense |
€ 3.8 |
|
€ 3.4 |
|
(9.4%) |
Depreciation and amortization |
€ 2.0 |
|
€ 2.2 |
|
8.0% |
thereof depreciation of right-of use assets |
€1.3 |
|
€ 1.3 |
|
2.9% |
EBITDA |
€ 10.2 |
|
€ (1.5) |
(114.8%) |
|
IPO preparation and transaction costs(1) |
€ 0.2 |
|
€ 0.0 |
(100.0%) |
|
IPO-related and preceding share-based compensation(2) |
€ 0.0 |
|
€ 15.5 |
N/A |
|
Adjusted EBITDA |
€ 10.4 |
|
€ 14.0 |
34.4% |
|
Three Months Ended |
||||
|
|
|
|
|
|
|
September 30, 2020 |
|
September 30, 2021 |
|
Change in % |
|
|
|
|
|
|
(in millions) (unaudited) |
|
|
|
|
|
Operating Income |
€ 8.2 |
€ (3.7) |
(145.1%) |
||
IPO preparation and transaction costs(1) |
€ 0.2 |
€ 0.0 |
(100.0%) |
||
IPO-related and preceding share-based compensation(2) |
€ 0.0 |
€ 15.5 |
N/A |
||
Adjusted Operating Income |
€ 8.4 |
€ 11.8 |
40.7% |
MYT Netherlands Parent B.V.
Financial Results and Key Operating Metrics
(Amounts in € millions)
|
Three Months Ended |
||||
|
|
|
|
|
|
|
September 30, 2020 |
|
September 30, 2021 |
|
Change in % |
|
|
|
|
|
|
(in millions) (unaudited) |
|
|
|
|
|
Net Income |
€ 9.6 |
|
€ (7.3) |
|
(175.8%) |
IPO preparation and transaction costs(1) |
€ 0.2 |
|
€ 0.0 |
|
(100.0%) |
IPO-related and preceding share-based compensation (2) |
€ 0.0 |
|
€ 15.5 |
|
N/A |
Finance expenses on shareholder loans (3) |
€ (5.5) |
|
€ 0.0 |
|
(100.0%) |
Income tax effect(4) |
€ 1.1 |
|
€ 0.0 |
|
(100.0%) |
Adjusted Net Income |
€ 5.4 |
|
€ 8.2 |
|
51.7% |
(1) |
Represents non-recurring professional fees, including consulting, legal and accounting fees, related to this offering, which are classified within selling, general and administrative expenses. |
(2) |
In fiscal 2021, with the effective IPO, certain key management personnel received a one-time granted share-based compensation, these expenses will be recognized upon defined vesting schedules in the future periods. We do not consider these expenses to be indicative of our core operating performance. |
(3) |
Our Adjusted Net Income excludes finance expenses associated with our Shareholder Loans, which we do not consider to be indicative of our core performance. We did not receive any cash proceeds under the Shareholder Loans, which originated as part of the Neiman Marcus acquisition in 2014. In January 2021, we repaid our Shareholder Loans (principal plus outstanding interest) using a portion of the net proceeds from our initial public offering. |
(4) |
Reflects adjustments to historical income tax expense to reflect changes in taxable income for each of the periods presented due to changes in finance expenses related to the Shareholder Loans, assuming a statutory tax rate of 27.8%. |
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements of Profit and Comprehensive Income
(Amounts in € thousands, except share and per share data)
|
|
Three Months Ended |
||
|
|
|
||
(in € thousands) |
|
September 30, 2020 |
|
September 30, 2021 |
|
|
|
|
|
Net sales |
|
126,359 |
|
157,832 |
Cost of sales, exclusive of depreciation and amortization |
|
(67,678) |
|
(80,516) |
Gross profit |
|
58,681 |
|
77,316 |
Shipping and payment cost |
|
(14,833) |
|
(19,966) |
Marketing expenses |
|
(17,441) |
|
(22,427) |
Selling, general and administrative expenses |
|
(15,556) |
|
(36,158) |
Depreciation and amortization |
|
(2,021) |
|
(2,182) |
Other expense (income), net |
|
(621) |
|
(281) |
Operating income |
|
8,209 |
|
(3,699) |
Finance income |
|
8,291 |
|
- |
Finance costs |
|
(3,109) |
|
(189) |
Finance income (costs), net |
|
5,182 |
|
(189) |
Income (loss) before income taxes |
|
13,391 |
|
(3,888) |
Income tax (expense) income |
|
(3,762) |
|
(3,408) |
Net income (loss) |
|
9,629 |
|
(7,296) |
Cash Flow Hedge |
|
871 |
|
(1,081) |
Income Taxes related to Cash Flow Hedge |
|
(242) |
|
267 |
Foreign currency translation |
|
- |
|
(25) |
Other comprehensive income (loss) |
|
629 |
|
(839) |
Comprehensive income (loss) |
|
10,258 |
|
(8,136) |
|
|
|
|
|
Basic and diluted earnings per share |
€ |
0.14 |
€ |
(0.09) |
Weighted average ordinary shares outstanding (basic and diluted) |
|
70,190,687 |
|
84,525,207 |
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements of Financial Position
(Amounts in € thousands)
(in € thousands) |
June 30, 2021 |
September 30, 2021 |
||
Assets |
||||
Non-current assets |
||||
Intangible assets and goodwill |
155,611 |
155,482 |
||
Property and equipment |
|
8,810 |
|
8,459 |
Right-of-use assets |
14,009 |
22,710 |
||
Total non-current assets |
178,430 |
186,651 |
||
Current assets |
|
|
||
Inventories |
|
247,054 |
|
264,955 |
Trade and other receivables |
5,030 |
3,755 |
||
Other assets |
|
14,667 |
|
15,240 |
Cash and cash equivalents |
76,760 |
55,685 |
||
Total current assets |
|
343,510 |
|
339,635 |
Total assets |
521,941 |
526,286 |
||
|
|
|||
Shareholders’ equity and liabilities |
|
|
||
Subscribed capital |
1 |
1 |
||
Capital reserve |
|
444,951 |
|
461,086 |
Accumulated Deficit |
(60,837) |
(68,133) |
||
Other comprehensive income |
|
1,602 |
|
763 |
Total shareholders’ equity |
385,718 |
393,716 |
||
|
|
|||
Non-current liabilities |
|
|
|
|
Provisions |
|
717 |
|
734 |
Lease liabilities |
8,786 |
17,397 |
||
Deferred tax liabilities |
|
2,308 |
|
3,161 |
Total non-current liabilities |
11,811 |
21,292 |
||
Current liabilities |
|
|
|
|
Tax liabilities |
14,293 |
15,750 |
||
Lease liabilities |
|
5,361 |
|
5,459 |
Contract liabilities |
10,975 |
7,773 |
||
Trade and other payables |
|
43,558 |
|
27,222 |
Other liabilities |
50,225 |
55,073 |
||
Total current liabilities |
|
124,412 |
|
111,277 |
Total liabilities |
136,223 |
132,569 |
||
Total shareholders’ equity and liabilities |
|
521,941 |
|
526,286 |
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements of Changes in Equity
(Amounts in € thousands)
(in € thousands) |
|
Subscribed capital |
|
Capital reserve |
|
Accumulated deficit |
|
Hedging reserve |
|
Foreign currency translation reserve |
|
Total shareholders’ equity |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of July 1, 2020 |
|
1 |
|
91,008 |
|
(28,234) |
|
-
|
|
1,602 |
|
64,377 |
Net income |
|
- |
|
- |
|
6,350 |
|
- |
|
- |
|
6,350 |
Other comprehensive income |
|
- |
|
- |
|
- |
|
629 |
|
4,730 |
|
4,730 |
Comprehensive income |
|
- |
|
- |
|
6,350 |
|
629 |
|
4,730 |
|
11,080 |
Share-based compensation |
|
- |
7 |
- |
|
|
- |
7 |
||||
Balance as of September 30, 2020 |
|
1 |
|
91,015 |
|
(18,605) |
|
629 |
|
1,602 |
|
74,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of July 1, 2021 |
|
1 |
|
444,951 |
|
(60,837) |
|
- |
|
1,602 |
|
385,718 |
Net income |
|
- |
|
- |
|
(7,296) |
|
- |
|
- |
|
(7,296) |
Other comprehensive income |
|
- |
|
- |
|
- |
|
(814) |
|
(25) |
|
(839) |
Comprehensive income |
|
- |
|
- |
|
(7,296) |
|
(814) |
|
(25) |
|
(8,136) |
Share-based compensation |
|
- |
|
16,134 |
|
- |
|
- |
|
- |
|
16,134 |
Balance as of September 30, 2021 |
|
1 |
|
461,086 |
|
(68,133) |
|
(814) |
|
1,577 |
|
393,716
|
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in € thousands)
|
Three Months ended September 30, |
|||
(in € thousands) |
|
2020 |
|
2021 |
|
|
|
|
|
Net income (loss) |
|
9,629 |
|
(7,296) |
Adjustments for |
|
|
|
|
Depreciation and amortization |
|
2,021 |
|
2,182 |
Finance (income) costs, net |
|
(5,182) |
|
189 |
Share-based compensation |
|
7 |
|
16,134 |
Income tax expense |
|
3,762 |
|
3,408 |
Change in operating assets and liabilities |
|
|
|
|
Increase in provisions |
|
129 |
|
17 |
Increase in inventories |
|
(33,328) |
|
(17,901) |
(Increase) decrease in trade and other receivables |
|
(970) |
|
1,274 |
Decrease (increase) in other assets |
|
1,980 |
|
(519) |
(Decrease) increase in other liabilities |
|
2,879 |
|
3,713 |
Increase (decrease) in contract liabilities |
|
600 |
|
(3,202) |
Increase (decrease) in trade and other payables |
|
(14,905) |
|
(16,336) |
Income taxes paid |
|
- |
|
(831) |
Net cash provided by (used in) operating activities |
|
(33,378) |
|
(19,166) |
Expenditure for property and equipment and intangible assets |
|
(904) |
|
(356) |
Net cash (used in) investing activities |
|
(904) |
|
(356) |
Interest paid |
|
(547) |
|
(189) |
Proceeds from bank liabilities |
|
37,810 |
|
- |
Repayment of liabilities from banks |
|
(5,000) |
|
- |
Payment of lease liabilities |
|
(1,429) |
|
(1,339) |
Net cash (used in) provided by financing activities |
|
30,834 |
|
(1,528) |
Net increase (decrease) in cash and cash equivalents |
|
(3,448) |
|
(21,050) |
Cash and cash equivalents at the beginning of the period |
|
9,367 |
|
76,760 |
Effects of exchange rate changes on cash and cash equivalents |
|
(19) |
|
(25) |
Cash and cash equivalents at end of the period |
|
5,900 |
|
55,685 |