Q2 report August 20, Per Strömberg, CEO Sven Lindskog, CFO

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1 Q2 report 2014 August 20, 2014 Per Strömberg, CEO Sven Lindskog, CFO

2 Continued increase of sales and profit in Q2 Net sales increased by 4.7%. Net sales in local currencies +4.4% EBIT excluding non-recurring items +37%. All segments have improved EBIT in Q2 compared to LY. Divestment of Kjell & Company, gain approx. SEK 440 million in second quarter. In May, the Norwegian Competition Authority announced that a final decision regarding cooperation with Norgesgruppen will come in the fall. ICA Bank has applied for permit to conduct insurance business. Q Q Proforma 2013 Proforma Net sales 26,185 25,018 99,456 EBIT excl. non-recurring items ,004 EBIT 1, ,547 Profit for the period ,424 EBIT margin excl. nonrecurring items 3.2% 2.4% 3.0% EBIT margin 4.9% 2.6% 2.6% Earnings per ordinary share, SEK

3 The market in Sweden Continued low inflation. Riksbanken reduced the repo rate in July. In recent months grain prices have fallen sharply and good harvests are expected. At the same time, the Swedish krona has weakened. Within retail, consumer durables showed strong development in the first half of the year, +6.3% in fixed prices, while growth for grocery retail was +1.1% in fixed prices. According to HUI Research, the grocery market is expected to grow by 1.5% this year and in

4 Segments during the quarter ICA Sweden Higher market growth than the food retail market in general, continued increased market share in Q2. Strategic priorities better than plan: PL share increased to 23.1% (21.2) Good growth for Cura pharmacies. No of pharmacies 64 (52) as of Q2. 6 new stores established YTD Q2, of which 3 in metro areas. Plan to establish another 7 in second half of 2014, of which 3 in metro areas. 4

5 Segments during the quarter (cont d.) ICA Norway In May, the Norwegian Competition Authority announced that a final decision regarding co-operation with Norgesgruppen will come in the fall. Evaluation of other alternatives going forward. Rimi Baltic Increased market shares during Q2 for Rimi Baltic. Good growth in Latvia and Lithuania. Tough competition and lower private consumption in Estonia. 5 new stores YTD Q2 out of 13 planned this year. 5

6 Segments during the quarter (cont d.) ICA Bank Has applied for permit with Finansinspektionen to conduct insurance business. Growth in number of customers and bank cards continued in Q2 (compared to Q1). 11,000 new bank customers. 9,000 new bank cards. ICA Real Estate Expansion of the warehouse in Helsingborg according to plan. Portfolio companies Kjell & Company divested during Q2, gain SEK 440 million. Process ongoing to sell Forma. 6

7 The quarter in numbers

8 Net sales development in Q2 Group net sales increased by 4.7%. In local currencies sales increased by 4.4%. Increased sales volumes Price effect is marginal, except in Norway. Positive impact on sales due to Easter Net Sales (SEK m) Sales in local currencies +4.7% 0 Q2 2013* Q *2013 figures proforma 8

9 Earnings development in Q2 Group EBIT excluding non-recurring items increased by 37%. Mainly driven by increased sales volumes, lower costs and positive mix effects. All segments improved operating profit, especially ICA Sweden EBIT excluding non-recurring items () EBIT excl. non-recurring items +37.4% 0 Q2 2013* Q *2013 figures proforma 9

10 Sales development for ICA stores and the food retail market in Sweden Total store sales Percent (value) 6,0 5,0 4,0 3,0 2,0 1,0 0,0-1,0-2,0 Food retail market ICA ICA, comparables Inflation Food retail market and inflation according to HUI Retail Sales Index

11 Store sales in Sweden Store sales excl. VAT April-June 2014 January-June 2014 Development total Development comparable Development total Development comparable Maxi ICA Stormarknad ,9% 4,1% ,5% 1,7% ICA Kvantum ,8% 3,6% ,4% 1,7% ICA Supermarket ,7% 2,0% ,2% 0,5% ICA Nära ,1% 3,0% ,5% 1,5% TOTAL ,0% 3,2% ,0% 1,3% Development compared with the same period

12 ICA Sweden Strong development Q Q Jan-Jun 2014 Jan-Jun 2013 FY 2013 Net sales increased 6.2% in Q2. Partly driven by Easter. EBIT excluding non-recurring items +17% driven by higher sales including Easter effect, better development in Cura, increased profit sharing from stores, and higher PL share Net Sales 18,245 17,177 34,333 33,219 67,992 EBIT excl. non-recurring items , ,058 EBIT margin excl. non-recurring items 4.6% 4.2% 4.2% 4,1% 4.5% PL share of store sales % 21.2% 21.4% Number of stores - - 1,320 1,324 1, Sales +6.2% Q Q Net sales EBIT excl. non-recurring items

13 ICA Norway Lower losses Fundamental challenges with weak sales remain. EBIT excluding non-recurring items increased driven by stronger margins, lower shrink, lower store costs, and lower administration costs Q Q Jan-Jun 2014 Jan-Jun 2013 FY 2013 Net sales 3,962 4,151 7,716 8,289 16,463 EBIT excl. non-recurring items EBIT margin excl. nonrecurring items % -4.6% -4.2% -5.3% -4.2% PL share of store sales % 9.8% 9.7% Number of stores Note: exchange rates SEK/NOK 2014:1.0606, 2013: Net sales Q Q EBIT excl. non-recurring items

14 Rimi Baltic Continued positive development Q Q Jan-Jun 2014 Jan-Jun 2013 FY 2013 Net sales in local currency increased by 5.8 % in Q2. EBIT excluding non-recurring items improved due to increased sales, higher share of private label, and lower costs Note: exchange rates SEK/EURO 2014: , 2013: *Change of definitions Net sales 2,888 2,581 5,485 4,947 10,333 EBIT excl. non-recurring items EBIT margin excl. nonrecurring items % 2.7% 2.6% 2.2% 3.0% PL share of store sales % 17.6% 18.1% Number of stores Net sales Net sales +5.8% in local currency Q Q EBIT excl. non-recurring items

15 ICA Bank Higher business volumes Increased revenues in Q2. EBIT excluding non-recurring items increased due to increased commission and interest net partly offset by lower repo rate lower marketing costs Q Q Jan-Jun 2014 Jan-Jun 2013 FY 2013 Revenues EBIT excl. non-recurring items EBIT margin excl. nonrecurring items % 15.8% 19.8% 20.4% 23.6% Business volume ,123 24,313 24, Q Q Net sales EBIT excl. non-recurring items 15

16 ICA Real Estate Increased depreciation Q Q Jan-Jun 2014 Jan-Jun 2013 FY 2013 Stable development of sales and earnings. Increased rental income and lower maintenance costs than in Q2 LY. Net sales ,116 1,118 2,255 Depreciation EBIT excl. nonrecurring items EBIT margin excl. nonrecurring items % 19.2% 18.1% 20.0% 21.0% Increased depreciation with SEK 25 million per quarter from 2014 due to changed assessment of useful life of property components Q Q Net sales EBIT excl. non-recurring items 16

17 Portfolio companies Improved earnings in Q2 Net sales -4.2% in Q2. Adjusted for Forma Books, sold in the fall of 2013, net sales increased by 0.5%. EBIT excluding non-recurring items improved. Especially Hemtex and Cervera have improved their results. MKr Q Q Jan-Jun 2014 Jan-Jun 2013 FY 2013 Net sales ,152 1,179 2,657 EBIT excl. nonrecurring items EBIT margin excl. nonrecurring items % -5.7% -4.3% -8.1% 0.8% Q Q Net sales EBIT excl. non-recurring items

18 Net sales and EBIT excluding non-recurring items in Q2 Net sales, Q Q2 2013* ICA Sweden 18,245 17,177 ICA Norway 3,962 4,151 Rimi Baltic 2,888 2,581 ICA Bank ICA Real Estate Portfolio companies Intra-group sales & other Total 26,185 25,018 EBIT excl. non-recurring items, Q Q2 2013* ICA Sweden ICA Norway Rimi Baltic ICA Bank ICA Real Estate Portfolio companies Other Total *Q figures pro forma 18

19 Stronger cash flow Excluding ICA Bank Stronger cash flow compared to last year due to: disposal of Kjell & Co, higher EBIT, and high accounts payable (calendar effect) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Cash flow from operating activities, excl. ICA Bank Cash flow R12 Pro forma until Q

20 Net debt / EBITDA ratio lower Net debt Q SEK 9.1 billion corresponding to 1.7 x EBITDA proforma. Long term target achieved. Net debt has decreased in Q2 mainly due to positive cash flow, partly offset by payment of dividend x ICA Gruppen Net debt / Proforma EBITDA 2.7x 2.8x 2.1x 2.1x 1.7x Long-term goal <2.0x 1 0 Q Q Q Q Q Q

21 ICA Gruppen s financial goals Goal Grow faster than the market Actual 12 months rolling 30 June 2014 Sweden Norway Baltics Long-term All markets EBIT margin excl. non-recurring items 3.3% 4.0% Return on capital employed* 8.3% 9.0% Net debt/ebitda** 1.7x <2.0x Dividend (% profit for the year) 68%*** 50% * Excluding ICA Bank ** Interest-bearing liabilities excluding pensions and ICA Bank minus cash and cash equivalents in relation to EBITDA, excluding effects of acquisitions, before depreciation and impairment. *** Based on profit for

22 Strategic priorities

23 Strategic priorities 2014 Strategic themes Strengthen customer loyalty & brand position Strategic priorities 1 Turn around the Norway business 2 Develop and leverage leading CRM Strengthen & expand our customer offering Optimize & broaden our sales channels Simplify our business Engage & develop our people Excel in corporate responsibility Further strengthen the Private Label offering Ensure competitive pricing and fair price perception Implement the portfolio and non-food strategy Build a leading position online Strengthen the store network (main focus on Cura, Lithuania, metro Sweden) Exploit sourcing synergies Implement ICA common values Support sustainable customer choices 23

24 Online - start building a leading position online We want to maximize access for customers by combining stores and online. Tests in stores will start at the end of the year. Online warehouse will be tested in the future in selected metropolitan areas. 24

25 Positive development within sustainability - support customers sustainable choices ICA achieves climate target for second consecutive quarter The target is to reduce climate impact by 30% by 2020 compared with Continued strong increase in organic sales 62% increase compared with Q2 last year. ICA Sweden cooperates with LRF Goal includes broader range of Swedish products in stores. ICA s quarterly report on sustainability will be published tomorrow (21/8) at CET. 25

26 Outlook Sweden Strong development in ICA Sweden. A moderate market growth is expected, weaker than in the past (HUI Research, expects the grocery market to grow by 1.5% this year and in ) Norway Measures taken in ICA Norway, good cost control. Challenges with weak sales remain. Baltics Great development in Rimi Baltic. Uncertainness ahead with Russian embargo. ICA Bank Lower repo rate affects future profit expectations. Continued implementation of portfolio and non-food strategy: Divestment process for Forma underway Process to sell Cervera will start in the second half. 26

27 Summary Continued positive development during Q2 Net sales increased by 4.7%. EBIT excluding non-recurring items +37%. Increased market shares in Sweden and the Baltics. Fundamental challenges remain in Norway. Our work with strategic priorities proceeding according to plan, among others: Increased share of PL in Sweden and the Baltics. Establishing stores in Sweden and the Baltics, growth in Cura. Start building a leading position online. Implementation of new portfolio and non food strategy: Kjell & Co sold. 27

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