YOUNGTIMERS AG Youngtimers AG, Basel
Half-Year Results 2022
(unaudited)
30 November 2022
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HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
1. ORGANIZATION, BUSINESS ACTIVITY AND BUSINESS COMBINATION
The first half of 2022 was a transition period when Youngtimers AG, responding to war in Ukraine, global political instability and worsening economic outlook, abandoned its original strategy to service global collectible cars market and focused instead on special situation investing in Europe, making overweight capital allocations to the frontline market of Poland.
Specifically and among other investments, we have made significant investments in Gremi Media, the publisher of the leading Polish daily rp.pl, and ASBISC Enterprises Plc, the market-leading IT and software distributor in Eastern Europe and Middle East, both are Warsaw-listeddividend-paying companies with very strong share price performance this year to date.
In 2022 Youngtimers has completed the exit from most of its collectibles related assets - the sale of Youngtimers Media, including Petrolicious assets, with Garage Italia Customs S.r.l. sale in progress - thus transforming Young- timers AG back into an investment holding company with no operating business capable to make quick and well- structured investments in European media, luxury and ecommerce companies as its core and sole business activity. Youngtimers AG now has only one fully owned subsidiary Youngtimers Asset Company AG (Switzerland), which greatly simplified our corporate structure and should enable much faster financial reporting in the future, something that the new board of Youngtimers elected this summer committed to accomplish starting from 2022 annual report and onwards.
As of 30 June 2022, Youngtimers still was a controlling shareholder of Garage Italia Customs - this asset will be de- consolidated before year end and as of 31 December 2022 Youngtimers AG will maintain no exposure or investments of any sort with any of Garage Italia Customs or Garage Italia Finance.
2. NET RESULT
The Company reports revenues of TCHF 793 with a net profit of TCHF 574, compared to zero revenue and a profit of TCHF 60 for the same period in 2021.
The Company is publishing its interim financial statements for 2022 on a consolidated basis with a comparison to last-year's standalone results (Company had no subsidiaries a year earlier).
3. OUTLOOK SECOND HALF-YEAR 2022
The Company's primary objective for this year was to completely exit any operating companies related to collectible cards and adjacent hobby businesses and this objective had been completed, rendering a much leaner and simplified corporate structure, no operating business and creating the stage for making significant highly profitable special situation investments in the European market.
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As global and European economic outlook continues to worsen, Youngtimers is very well positioned to preserve cash as it owns no loss-making operations and deploy capital in well-structured trades benefiting from a quickly growing deal flow of special situations in Europe and the Company's increasingly visible and positive track record in special situation financing.
We look forward to the financial year of 2023 that will be the first full year of Youngtimers as the special situation investment company.
Norman Hansen,
Chairman of the Board
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CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED INCOME STATEMENT
(In thousands of Swiss Francs)
For the six months period ended 30 June 2022
Notes | 30.06.2022 | 30.06.2021 | ||
TCHF | TCHF | |||
Revenue | 723 | - | ||
Other income | 70 | - | ||
Changes in stocks of finished products | - | - | ||
Total revenue | 793 | - | ||
Cost of material | (56) | - | ||
Personnel expenses | (677) | - | ||
Other operating expenses | (1 814) | (176) | ||
Total operating expenses | (2 546) | (176) | ||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | (1 753) | (176) | ||
Depreciation of tangible assets | (27) | - | ||
Amortization of intangible assets | (8) | - | ||
Amortization and impairment of goodwill | 9 | (3 181) | - | |
Allocation to provision on accrued income and prepaid expenses | - | - | ||
Impairment on investments | 219 | - | ||
Release of impairments on assets | 6 568 | - | ||
Losses on assets | - | - | ||
Operating result (EBIT) | 1 818 | (176) | ||
Financial income | 1 512 | 162 | ||
Financial expenses | (2 179) | (17) | ||
Exchange differences | (487) | 81 | ||
Extraordinary income | - | 53 | ||
Extraordinary expenses | (27) | (24) | ||
Release of provision for litigation | - | - | ||
Result before income tax | 636 | 80 | ||
Income tax | (43) | (20) | ||
Net result | 594 | 60 | ||
Attributable to: | ||||
Owners of the Company | 594 | 60 | ||
Minority interests | - | - | ||
Earnings per share | ||||
Basic (CHF per share) | 0,01 | 0,00 | ||
Diluted (CHF per share) | 0,01 | 0,00 | ||
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Youngtimers AG published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2022 19:42:08 UTC.
