Interim report January September. November 10, 2009

Transcription

1 Interim report January September 2009 November 10, 2009

2 Summary January September 2009 Financial Revenues in Q3 increased 23 per cent to 808 MSEK (658) and for the nine months period 20 per cent to 2,391 (1,999) MSEK EBIT for Q3 increased 27 per cent to 100 MSEK (79) and for the nine months period 19 per cent to 244 (205) MSEK Profit after financial items for Q3 increased 20 per cent to 97 MSEK (81) and for the nine months period 13 per cent to 240 MSEK (212) Earnings per share amounted to 2.16 SEK (1.79) for Q3 and 5.33 (4.71) SEK for the nine months period Cash flow from operating activities was further strengthened 2

3 Development of the Scandinavian aftermarket Market development The Scandinavian aftermarket vs Mekonomen, YoY per quarter (value) 25% 22% 20% 15% 18% 16% 10% 8% 5% 0% 3% 2% 1% 5% 0% 0% 2% -5% -2% -3% -2% 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 Scandinavian aftermarket Mekonomen

4 Benchmark against top 10 Europe 2008 Mekonomen new # 1 Median top 10 * Mekonomen Gross margin 47,9% 51,1% EBIT margin 4,8% 9,3% Personnel expenses in % of net sales 22,0% 23,5% Inventories (days) Receivables (days) Payables (days) Net debt / equity ratio, multiple 1,05 neg. Sales growth 5,1% 5,5% * Top 10 consists of: Mekonomen, Feu Vert, Euro Car Parts, Sørensen&Balchen, Kwik-Fit, Trost, Wessels + Müller, T.Hansen, Inter Cars and ATU.

5 Workshops Number of workshops Q Mekonomen Bilverkstad Mekopartner 5

6 Stores Number of stores Q Total Own 6

7 Launch of new Medium and Mega units Katrineholm 6 2. Täby 3. Interior Akalla 4. Akalla 5. Södertälje 6. Elverum, Norway 7. Opening of Akalla

8 Launch of Mekonomen branded products

9 Meko Mekonomen s eco-labelled products

10 Fleet 100 workshops one phone number: Companies 100 workshops one price the same price for the same job Services and repairs all brands Mekonomen has entered agreements with 32 fleet customers, with a total potential of cars

11 Continued success!

12 Summary January September 2009 Operational Strengthened market position and revenues on a rolling 12-month basis now exceeds SEK 3,000 M The launch of the Mekonomen Mega and Medium units, with adjoining stores and workshops, is progressing according to plan and, as of 10 November 2009, we have 47 units of which 10 have been added since June 30 New affiliated service centres continue to increase and the number currently stands at 1,197, which is an increase with 146 this year Mekonomen Fleet, our corporate offering, is developing further with more customers and we currently have 32 client agreements with a potential of a total of 98,000 vehicles Mekonomen Direkt +46 (0) has been a continued success Denmark is showing a positive sales development in a weak market The first facilities in partnership with Svenska Bil were officially opened in Södertälje, Täby, Sisjön and Akalla. Also the first facility in partnership with the Volvo distributor EPS Group was opened in Kiruna. The launch of Mekonomen branded products has surpassed the salesgoals 12

13 Financials 13

14 Earnings trend SUMMARY OF THE GROUP S EARNINGS TREND Revenues, SEK M EBIT, SEK M Profit after financial items, SEK M Profit after tax, SEK M Earnings per share, SEK EBIT margin, % July September January September 12 months Full-year % % Oct Sept ,391 1, ,084 2, EBIT Strong marketing activities combined with excellent cost control had a positive impact on EBIT during the nine months period The project costs for achieving 60 Mekonomen Medium and Mega units amounted to 6 MSEK for the third quarter and to 22 MSEK for the nine months period. The investments amounted to 7 MSEK for the third quarter and 19 MSEK for the nine months period. Stable underlying EBIT margin 14

15 Sweden EARNINGS TREND July September January September 12 months Fullyear 49% Percentage of sales for the period % % Oct-Sept 2008 Net sales (external), SEK M , ,481 1,297 EBIT, SEK M EBIT margin, % Number of stores/of which wholly owned 129/ / /103 Number of Mekonomen Service Centres Number of MekoPartner EBIT EBIT is affected by market investments Stable underlying EBIT margin despite market investments Substantial increase in market shares 15

16 Norway EARNINGS TREND July September January September 12 months Fullyear 24% Percentage of sales for the period Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly owned Number of Mekonomen Service Centres Number of MekoPartner % % Oct-Sept /31 44/ / EBIT EBIT is affected by market investments Improved underlying EBIT margin despite market investments Strengthened market position 16

17 Denmark EARNINGS TREND July September January September 12 months Fullyear 27% Percentage of sales for the period Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly owned Number of Mekonomen Service Centres Number of MekoPartner % % Oct-Sept /40 39/ / Underlying net sales for the third quarter increased with 10 per cent and for the nine months period with 5 per cent EBIT EBIT is affected by market investments Stable EBIT margin despite investments in new store concepts 17

18 Strong cash-flow CONDENSED CASH-FLOW STATEMENT (SEK M) Cash flow from operating activities before changes in working capital Cash flow from changes in working capital CASH FLOW FROM OPERATING ACTIVITIES Cash flow from investing activities Cash flow from financing activities CASH FLOW FOR THE PERIOD July September January September 12 months Full-year Oct - Sept

19 Appendix 19

20 Quarterly data QUARTERLY DATA Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Total revenues, SEK M EBIT, SEK M Profit after financial items, SEK M Net profit for the period, SEK M EBIT margin, % Earnings per share, SEK

21 Income statement CONDENSED INCOME STATEMENT (SEK M) July September January September 12 months Fullyear % % Oct-Sept 2008 Net sales Other operating revenue TOTAL REVENUES OPERATING EXPENSES Goods for resale Other external costs Personnel expenses Depreciation of fixed assets EBIT Interest income Interest expense Other financial items PROFIT AFTER FINANCIAL ITEMS Tax NET PROFIT FOR THE PERIOD

22 Balance sheet CONDENSED BALANCE SHEET (SEK M) ASSETS 30 September September December 2008 Intangible assets Tangible fixed assets Financial fixed assets Deferred tax assets Inventories Current receivables Cash and cash equivalents and short-term investments Properties held for sale TOTAL ASSETS 1,499 1,376 1,423 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity Long-term liabilities Current liabilities TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 1,499 1,376 1,423 22

23 Largest shareholders % of capital and votes Axel Johnson AB with affiliated companies 29,0 AFA Försäkring 9,3 Fraim-Påhlman Eva 6,6 Swedbank Robur fonder 4,0 Lannebo fonder 3,8 SEB fonder 3,7 Fraim-Sefastsson Ing-Marie 3,2 Fjärde AP-fonden 3,0 Nordea fonder 2,9 Other 34,5 Total 100,0 23