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GBLT Announces Fourth Quarter & Fiscal Year 2021 Financial Results

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- Revenue up +30% year-over-year -

TORONTO and DUEREN, Germany, April 28, 2022 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce its fourth quarter and fiscal year financial results for the three and twelve-month period ended December 31, 2021.

"Despite the global macroeconomic challenges in 2021, we have been fortunate enough to increase our revenue by over 30% year over year," said Dr. Thilo Senst, CEO of GBLT. "The pandemic continued to create supply chain issues which increased logistic costs throughout the year, combined with the set pricing in our legacy contracts, the margins for the year have experienced a slight setback. Fortunately, our contracts going forward have been adjusted for the increased logistics costs and we have switched the freight for the Dr. Senst personal healthcare products from air to shipping containers, growing the margin further in an already high margin product line."

Dr. Senst continued, "In 2022, we continue to focus on our high margin Dr. Senst Personal Healthcare Products and our newly acquired solar energy business. Germany currently faces the largest energy prices in Europe, combined with the government initiative to make energy efficient buildings mandatory, there is an overwhelming demand in solar panel for both residential and commercial buildings. We are one of few tailor made full turnkey solar solution providers in Germany and we plan to ramp up the solar panel business by increasing our inventory and managing quality specialized labor to address and capitalize on the increased renewable demand we continue to experience. With the logistics challenges faced previously in our rear view, we are excited to not only experience continued growth, but also seeing sign of significant improvement in our margins in 2022."

  • Revenue for the twelve-month period ended December 31, 2021, was €31.1 million ($42.4M CAD) compared to €23.8 million ($32.5M CAD) for the same period in 2020. The increase in sales can be attributed to the growing demand for Dr. Senst brand and mobile energy products. Revenue for the three-month period ended December 31, 2021, was €7.9 million ($10.8M CAD) compared to €4.3 million ($5.9M CAD) in the same period in 2020, an increase of 84%.

  • Gross profit for the twelve-month period ended December 31, 2021, was €2.5 million ($3.4M CAD) (8% gross margin) compared to €2.8 million ($3.8M CAD)(12% gross margin) for the same period in 2020. The decrease in gross profit (margin) was due to the increased logistics costs associated with the cost of sales. Gross profit for the three-month period ended December 31, 2021, was €312K ($425K CAD) compared to €580K ($791K CAD) for the same period in 2020.

  • Operating expenses for the twelve-month period ended December 31, 2021, was €2.7 million ($3.7M CAD) compared to €2.4 million ($3.3M CAD) for the same period in 2020. The operating expenses have stayed within the management's expectation and budgets. Operating expenses for the three-month period ended December 31, 2021, was €0.99 million ($1.4M CAD) compared to €0.98 million ($1.3M CAD) in the same period in 2020.

  • Net income (loss) for the twelve-month period ended December 31, 2021, was €(0.2) million ($0.3M CAD)compared to €0.5 million ($0.7M CAD) from the same period in 2021. Net income (loss) for the three-month period ended December 31, 2021, was €(0.7) million ($1.0 M CAD) compared to €(0.4) million ($0.6M CAD) for the same period in 2020.

  • Adjusted EBITDA for the twelve-month period ended December 31, 2021, was €0.7 million ($1.0M CAD) compared to €1.2 million ($1.6M CAD) for the same period in 2020.

EBITDA







2021


2020

Net Income (Loss) for the Period

(173,775)

527,478

Depreciation


50,207


52,036

Interest


156,124


101,709

EBITDA

32,556

681,223

Bad debt expense


419,370


608,825

Currency exchange gain (loss)


100,652


(117,148)

Share based payments


118,570


14,748

Adjusted EBITDA

671,148

1,187,648

EBITDA (CAD)








2021


2020


Net Income (Loss) for the Period

$

(237,029)

$

719,480


Depreciation


68,482


70,977


Interest


212,953


138,731


EBITDA

$

44,406

$

929,188


Bad debt expense


572,021


830,437


Currency exchange gain (loss)


137,289


(159,790)


Share based payments


161,730


20,116


Adjusted EBITDA

$

915,446

$

1,619,951


Source: Bank of Canada Exchange Rate at 2022-04-26 rate of €1.364 per $1.00 CAD
https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/

About GBLT:
GBLT Corp., through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, and battery solutions. GBLT is also a leading provider of renewable energy solutions via its solar division, participating in the rapidly growing solar energy market. In addition, the Company offers consumer healthcare and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for AGFAPHOTO mobile energy products. The Company's branded healthcare and wellbeing products are primarily sold throughout Europe under Dr. Senst brand.

For more information, please visit www.gbt-international.com and www.gbltcorp.com.

Forward-Looking Information

Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE GBLT Corp.

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/April2022/28/c2764.html

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