27th July 2021
MADARA Cosmetics AS
Financial Tables Income Statement (EURm) Revenues Production costs
2016
2017
2018
2019
2020
2021E
2022E
2023E
2024E
2025E
5.86
7.40
9.53
11.55
16.07
20.35
24.12
27.02
29.68
32.48
(2.54)
(2.75)
(3.48)
(4.46)
(5.22)
(5.49)
(6.51)
(7.16)
(7.72)
(8.28)
Gross profit
3.32
4.65
6.05
7.08
10.86
14.85
17.61
19.86
21.97
24.20
Sales costs
(1.86)
(2.32)
(3.55)
(4.50)
(6.29)
(8.54)
(10.01)
(11.08)
(12.02)
(12.99)
Administrative costs
(0.60)
(1.08)
(1.12)
(1.29)
(1.22)
(1.63)
(1.93)
(2.09)
(2.30)
(2.44)
0.13
0.19
0.17
0.26
0.44
0.55
0.63
0.69
0.73
0.76
(0.05)
(0.08)
(0.07)
(0.08)
(0.25)
(0.30)
(0.31)
(0.33)
(0.34)
(0.36)
Operating profit
0.93
1.35
1.47
1.48
3.53
4.93
5.99
7.05
8.03
9.17
Depreciation & Amortization
0.39
0.42
0.52
0.71
0.73
0.69
0.70
0.81
0.92
1.04
Other operating income Other operating costs
EBITDA
1.32
1.77
1.99
2.18
4.27
5.62
6.68
7.86
8.95
10.22
Financial income
0.00
0.00
0.06
0.11
0.06
0.01
0.02
0.02
0.03
0.03
(0.02)
(0.03)
(0.02)
(0.02)
(0.03)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.91
1.33
1.52
1.56
3.56
4.94
6.00
7.07
8.05
9.20
Income tax
(0.10)
(0.16)
(0.00)
-
(0.12)
(0.38)
(0.57)
(0.68)
(0.80)
(0.85)
Deferred income tax
(0.01)
0.07
-
-
-
-
-
-
-
-
0.80
1.25
1.52
1.56
3.45
4.56
5.43
6.39
7.25
8.36
Financial expenses Pre-tax profit
Net profit Nr of shares (m)
1.07
3.75
3.75
3.75
3.77
3.77
3.77
3.77
3.77
3.77
EPS
0.75
0.33
0.40
0.42
0.91
1.21
1.44
1.70
1.92
2.22
Dividends paid
0.12
0.20
0.34
0.45
0.56
1.51
2.28
2.72
3.20
3.39
DPS
0.11
0.05
0.09
0.12
0.15
0.40
0.61
0.72
0.85
0.90
2017
2018
2019
2020
2021E
2022E
2023E
2024E
2025E
Source: MADARA for historicals, LHV for estimates
Balance Sheet (EURm)
2016
Assets Intangible assets
0.01
0.14
0.38
0.68
0.67
0.70
0.82
0.94
1.07
1.20
Fixed assets
1.59
1.66
2.06
2.24
2.25
2.34
2.73
3.15
3.58
4.03
Long term financial assets
0.04
0.04
0.04
0.07
0.07
0.07
0.07
0.07
0.07
0.07
Total non-current assets
1.64
1.84
2.48
2.99
2.98
3.10
3.61
4.16
4.72
5.30
Inventory
1.29
1.63
2.09
2.98
4.22
3.93
4.32
4.56
4.82
5.06
Total receivables
0.99
1.06
1.15
1.78
1.33
2.01
2.36
2.63
2.88
3.15
Trade receivables
0.90
0.92
0.99
1.35
1.21
1.89
2.24
2.51
2.76
3.02
Amounts owed by public debts
0.04
-
-
-
-
-
-
-
-
-
Other receivables
0.03
0.10
0.11
0.37
0.09
0.09
0.09
0.09
0.09
0.09
Deferred expenses
0.02
0.03
0.05
0.06
0.04
0.04
0.04
0.04
0.04
0.04
-
0.50
0.70
0.95
-
-
-
-
-
-
Cash and cash equivalents
0.58
4.09
3.43
2.33
5.65
8.35
10.54
13.35
16.52
20.58
Total current assets
2.85
7.28
7.36
8.04
11.20
14.29
17.21
20.55
24.22
28.79
Total assets
4.49
9.12
9.85
11.03
14.19
17.40
20.83
24.70
28.94
34.09
Share capital
0.11
0.37
0.37
0.37
0.38
0.38
0.38
0.38
0.38
0.38
Share premium
0.76
4.02
4.02
4.02
4.02
4.02
4.02
4.02
4.02
4.02
Other reserves
-
-
-
-
-
-
-
-
-
-
Short-term fin. Investments
Equity and Liabilities Equity
18
INSTITUTIONAL EQUITIES
TARTU MNT 2, 10145 TALLINN, ESTONIA
LHV.EE
