Q Europris Group Interim Report

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1 Q Europris Group Interim Report 1

2 This is Europris Europris is Norway s largest discount variety retailer by sales. The Group offers its customers a broad assortment of quality private label and brand name merchandise across 12 product categories: Home & Kitchen, Groceries, House & Garden, Travel, Leisure & Sport, Electronics, Personal Care, Clothes & Shoes, Handyman, Hobby & Office, Candy & Chocolate, Laundry & Cleaning and Pets. The Group delivers a unique value proposition for shoppers by offering a broad assortment of quality merchandise at low prices in destination stores across Norway. The Group s merchandise is sold through the Chain, which consists of a network of 225 stores throughout Norway, 161 of which are directly operated stores and 64 of which operate as franchise stores. The stores are designed to facilitate a consistent, easy and efficient shopping experience with a defined layout and store-in-store concept. The Group centrally manages the Chain s assortment of merchandise, which results in a consistent range of merchandise from each product category in both directly operated and franchise stores. Europris employs a low cost operating model with a focus on efficiency across the entire value chain from factory to customer. Europris aims to maintain a low cost base through optimised and efficient sourcing, logistics and distribution processes. The Group s experienced procurement team purchases large volumes of goods that are principally sourced directly from suppliers in low cost countries in Europe and Asia. Europris high quality sourcing operations are central to the Group s value proposition. Contents This is Europris 2 Highlights second quarter and first half Key figures 4 Operational review 5 Financial review 6 Financial statements 10 Definitions 20 2

3 Highlights second quarter 2015 (Figures from corresponding period last year in brackets. The figures are unaudited.) Group revenue increased 4.4% to NOK 1,100 million (NOK 1,053 million) EBITDA (excluding IPO cost) up 15.3% to NOK 168 million (NOK 147 million) Two new store openings in the quarter Like-for-like sales growth of 1.9% vs. market average of 0.7%. Timing of Easter impacts like-forlike growth, and is the key reason behind the relatively lower growth in Q2 Improved financial terms and flexibility through refinancing Europris listed on Oslo Børs Highlights first half 2015 Group revenue increased 9.4% to NOK 2,086 million (NOK 1,907 million) EBITDA (excl. IPO cost) up 30.6% to NOK 236 million (NOK 180 million) Delivering on the store roll-out programme with five new store openings Like-for-like sales growth of 6.2% vs. market average of 2.1% 3

4 Key figures Amounts in NOK million Q Q YTD 15 YTD 14 FY2014 CHAIN Total retail sales 1, , , , ,732.9 Growth 4,1 % 12,9 % 8,6 % 8,7 % 9,3 % Like-for-like sales growth 1,9 % 10,4 % 6,2 % 6,0 % 7,0 % Number of stores at end of period GROUP Sales directly operated stores , , ,168.5 Sales from wholesale to franchise stores Franchise fees and other income Group revenue 1, , , , ,258.8 Growth 4,4 % 18,8 % 9,4 % 12,5 % 13,3 % COGS , , ,423.7 Gross profit ,835.1 Gross margin 44,8 % 42,5 % 44,1 % 41,4 % 43,1 % Operating expenses ,294.7 EBITDA EBITDA margin 12,6 % 13,9 % 9,5 % 9,5 % 12,7 % Nonrecurring items EBITDA adjusted Adjusted EBITDA margin 15,3 % 13,9 % 11,3 % 9,5 % 12,9 % 4

5 Operational review Europris continued to deliver on its ambitious growth strategy in the second quarter, and the chain outperformed the market with a like-for-like sales growth of 1.9% 1 compared to the market of 0.7%. Timing of Easter impacts the two first quarters standalone versus last year, but year-to-date the like-for-like sales growth is 6.2%, which puts Europris well above the market of 2.1% and slightly ahead of last year (6.0%). The growth is driven by improved seasonal implementation throughout the value chain, the extensive store modernisation programme and a dedicated and enthusiastic group of employees and store sales staff. In season management In general, the spring and summer seasons are our most weather dependent season. In 2015, the weather has not been in Europris favour. According to the weather monitoring service yr.no, South-Eastern Norway experienced the coldest May in 36 years. Despite the challenging weather conditions, Europris managed to increase revenues from seasonal goods. The planning and execution of the season has been managed well throughout the Chain. The Group has 23 years of experience with in season management, but is always looking to do things a little bit better next time. The Group has stepped up the seasonal planning and execution and rescheduled campaigns in order to start the seasonal sales earlier. Europris has also improved in season management to avoid surplus inventory at the end of the period without excessive discounting. Modernisation programme The major part of our store modernisation programme is about to enter its final stage, and 33 stores have been modernised so far this year, in addition to three relocations. In total 36 stores have been modernised during the first half of 2015 of which 20 projects were completed in the second quarter. With the stores modernised last year, a total of 65% of Europris own stores are in the latest store format by the end of the second quarter. The positive effect from modernisations continues, which is demonstrated through like-for-like sales above the Chain s average. New store openings In the second quarter, Europris opened two new directly operated stores, bringing the total number of stores in the Chain to 225, of which 161 are directly operated stores and 64 are franchise stores. So far, five new stores have been opened this year. The new stores are located in Stokmarknes, Drammen (in the new Strømsø shopping center), Ottestad, Enebakk and Pindsle. On 2 July, store number 226 was opened at Giske outside Ålesund. Europris has a strong pipeline of new stores and is on track to add a net number of 10 new stores to the chain in 2015 (net of closures). Category development Category development is progressing as planned and the focus in the second quarter has been on the seasonal assortment with an increased offering of fresh flowers and use of external spokespersons to support the product quality within garden products and painting tools. In the third quarter, the Group has a strong pipeline of further initiatives that will be launched. E-commerce In April, the Group launched an e-commerce platform and started to offer Click and Collect on approximately 45 selected seasonal items. The purpose of the launch was to test that all systems and routines are working well. Despite not doing a lot of marketing, the results have been positive. The solution will be further developed, and the Group aims to introduce a broader selection of goods on Click and Collect to its business customers later this year. 1 Market includes a large number of shopping centres throughout Norway (e.g. 230 in 2014). Source: Kvarud Analyse. 5

6 Sales training The enthusiastic employees and store sales staff are key to the Group s strong sales performance. During the first half of 2015, guidelines and tools for both seasonal and campaign implementation were improved, and sales training for all store managers and assistant store managers was performed. In addition, the Group has launched an interactive e-training program based on gaming technology. The store at Vinterbro outside Oslo has been used as a model for a 3D online store where staff can improve their skills in customer service and daily operational tasks. Based on their choices they get different responses, and at the end of the session, they get a score and are able to compete with and challenge their colleagues. The Group believes such cost efficient and repetitive training sessions can serve as a model for future performance improvement programmes. Operational improvements Operational improvements are focused around inventory management, and a pilot has now been launched to test Automatic Store Replenishment in five stores. So far, results are positive and a full roll-out across all stores for base assortment is scheduled to commence in the third quarter. The system is expected to free up time spent in stores today related to manual ordering of goods. The company also expects the system to support an increase in inventory turnover. Financial review PROFIT AND LOSS Total revenues for the Group in the second quarter of 2015 came in at NOK 1,100 million (NOK 1,053 million), which represents a growth of 4.4%, compared to the second quarter of As expected, the timing of Easter impacted revenue growth in the second quarter compared to last year with peak sales days of Easter being in March this year and in April last year. For the first half of 2015, the Group s revenues was NOK 2,086 million (NOK 1,907 million) which represents a growth of 9.4% compared to the first half of last year. The key driver for the revenue growth is the chain s like-for-like sales growth of 6.2% in the first half of 2015 and new store openings. Gross profit for the Group was NOK 493 million (NOK 447 million), representing a growth of 10.2%. Gross margin was 44.8% in the second quarter compared to 42.5% in the second quarter last year. The Group operates under a currency hedging strategy whereby purchases in foreign currencies are hedged using forward contracts. Realised profit/loss on forward contracts is included in COGS while unrealised profit/loss is included in net finance. The currency impact on gross margin has been positive during the second quarter. For the first half of 2015, the Group s gross profit was NOK 919 million (NOK 790 million) which represents a growth of 16.3%. The gross margin was 44.1% compared to 41.4% last year. Operating expenses, including nonrecurring items, in the second quarter increased to NOK 354 million (NOK 300 million). 6

7 This represents an increase of 18.0% from the same period last year, and includes nonrecurring items of NOK 30 million (NOK 0 million) related to the IPO. Excluding nonrecurring items, the increase from the same period last year was 8.0%. The increase was mainly driven by higher sales and additional operating expenses as a result of takeover of franchise stores, whereby the stores operational cost base is consolidated into the Group s financials. For the first half of 2015, operating expenses including nonrecurring items was NOK 720 million (NOK 610 million). EBITDA adjusted was NOK 168 million (NOK 147 million) in the second quarter, an increase of 14.5% versus the same period last year. The EBITDA adjusted margin was 15.3% (13.9%). The increase in EBITDA adjusted is mainly driven by higher revenue and the improved gross profit, as explained above. For the first half of 2015, EBITDA adjusted was NOK 236 million (NOK 180 million) which represents an increase of 30.6% vs. last year. EBITDA adjusted margin was 11.3% (9.5%). Net financial expenses amounted to NOK 113 million in the second quarter of 2015 (NOK 46 million). The increase was driven by nonrecurring items of NOK 57 million related to the refinancing of the Group s bank debt as explained on page 8 in the section Financial position and liquidity. In addition, unrealised profit on hedging contracts was reduced in the period. For the first half of 2015, net financial expenses were NOK 148 million (NOK 92 million). Profit before tax was NOK 8 million (NOK 69 million) which is a reduction of NOK 61 million due to nonrecurring items of NOK 87 million related to the IPO and refinancing. Adjusted for nonrecurring items the profit before tax was NOK 95 million. For the first half of 2015, profit before tax including nonrecurring items was NOK 16 million (NOK 27 million). Income tax in the second quarter was positive with NOK 2 million (expense of NOK 19 million), and includes a tax income of NOK 4 million related to settlement of a tax issue from For the first half of 2015, income tax expense was NOK 0 million (NOK 7 million). Net profit for the second quarter, including nonrecurring items, was NOK 10 million (NOK 50 million). For the first half of 2015, net profit was NOK 16 million (NOK 19 million). CASH FLOW Net cash flow from operating activities was NOK -135 million as per 30 June 2015 (NOK -69 million). The decrease is mainly due to an increase in income tax paid (from last year) and an increase in net working capital. The increase in working capital is caused by higher inventory levels due to opening of new stores and increased inventory value for goods purchased in foreign currencies. Net cash flow used in investing activities was NOK -52 million (NOK -63 million) and net cash flow from financing activities was NOK 18 million (NOK -160 million). The increase in cash flow from financing activities is due to a net capital increase of NOK 28 million in connection with the IPO and both scheduled and non-scheduled repayment of long-term debt in Net change in cash and cash equivalents was NOK -168 million as per 30 June 2015 (NOK -293 million). 7

8 Capital expenditure was NOK 56 million (NOK 39 million). Three additional directly operated stores were opened during the first half of 2015 compared to the same period last year, and the modernisation programme for directly operated stores is progressing as planned. FINANCIAL POSITION AND LIQUIDITY Net debt as of 30 June 2015 was NOK 1,647 million (NOK 1,661 million). The Group is in compliance with all financial covenants. Refinancing of the Group s existing bank debt was completed on 23 June 2015 with a new 5 year NOK 1,650 million senior term loan facility. The refinancing included the repayment of outstanding bank loans (NOK 1,621 million), accrued interest (NOK 40 million) and interest rate swaps (NOK 21 million) related to the Group s prior senior facility. In addition, transaction costs of NOK 13 million were incurred and paid. According to International Financial Reporting Standards (IFRS), bank loans are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. NOK 44 million is the net difference of fair value recognition related to the former term loans. In addition, NOK 13 million representing remaining booked value of transaction cost for the credit facilities in the former bank agreement, has been booked as a finance cost in the second quarter. Thus, net finance in the second quarter includes nonrecurring financial items of NOK 57 million related to the refinancing. Under the new bank agreement, the Group will have significantly lower interest expenses. For the third quarter of 2015, the interest rate on our term loan is set at 2.22%, which implies an interest cost of NOK 9 million. As a comparison the average interest cost on the old term loan was NOK 26 million per quarter in first half of In addition, other banking fees are reduced in the new agreement. The new loan agreement has no fixed repayment schedule, thus all debt is classified as long-term debt in the balance sheet. Cash and cash equivalents as of 30 June 2015 was for the Group NOK 77 million (NOK 0 million). The Group s liquidity reserves include a total revolving credit facility of NOK 450 million, of which NOK 110 million have been reserved for non-cash drawings related to guarantees and letters of credit. Of the remaining NOK 340 million set aside for liquidity purposes, NOK 0 million was drawn at 30 June 2015 (NOK 4 million). Equity as of 30 June 2015 was NOK 1,267 million compared to NOK 1,205 at the end of last year, representing an equity ratio of 34.5%. The equity increased with net NOK 46 million due to share issue in the IPO and net profit for the period was NOK 16 million. IPO In addition, as part of the new capital structure implemented at the time of the IPO, the Group raised NOK 850 million in new equity. These funds were used to redeem the Group s existing 222,120,000 preference shares (with a total value of NOK 804 million) and repay a small outstanding shareholder loan of NOK 18 million. The remaining funds from the new equity issue will be used to fund nonrecurring costs incurred in connection with the IPO of NOK 30 million. Hence, following the new equity issue, the Group s outstanding shareholder loan was reduced to zero. Following the capital increase and the redemption of the preference shares, the Group s equity was influenced by a net increase of NOK 46 million (see the condensed consolidated statement of changes in equity for detailed information). RISK FACTORS Europris has at all times focus on internal control and systematically monitor the significant risk factors that affect the Group and its business. The main risks related to 2015 financial performance relate to risks such as; general market development, competitive environment, logistics, procurement and IT systems. In terms of specific financial risks, Europris is exposed to currency risk, interest rate 8

9 risk, credit risk and liquidity risks, all of which are sought mitigated through comprehensive risk management systems. For further information please refer to the Prospectus, which is available on the company website RELATED PARTIES Chapter 13 in the Prospectus provides details of transactions with related parties up to the time of the IPO and a stock market announcement in 19 June 2015 describes the details of the public offering. There have not been any material transactions with related parties after the listing of Europris on the Oslo Stock Exchange on 22 June OUTLOOK The Norwegian retail market continues its positive development in 2015 and Europris is the market leader within the fast growing discount variety retail sector. Europris is on track with its new store opening programme and has scheduled five new store openings in the second half of No store closures are expected. Discount retail is still underpenetrated in Norway and continues to take market shares from specialist retailers. Europris has a truly mixed assortment, which gives us a large addressable market, competitive flexibility and a resilient business model. Europris will continue to focus on category development and to expand the seasons. Combined with the store modernisation programme this will be the key driver behind like-for-like sales growth going forward. Operational improvement projects are initiated within the supply chain aiming to reduce inventory levels and to make store operations more efficient. The Group maintain its positive outlook from the IPO. Fredrikstad, 13th of August 2015 Board of Directors, Europris ASA Tom Vidar Rygh (Chairman) Hege Bømark Michael Haaning Bente Sollid Storehaug Anne Carine Tanum Christian W. Jansson 9

10 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SECOND QUARTER AND THE SIX MONTHS ENDED 30 JUNE Figures are stated in NOK 1,000 Notes Q Q YTD 2015 YTD 2014 FY 2014 Unaudited Unaudited Unaudited Unaudited Audited Net sales 1,075,342 1,026,809 2,039,126 1,857,063 4,152,756 Other Income 24,736 26,560 46,381 50, ,081 Total operating income (Group revenue) 1,100,078 1,053,369 2,085,507 1,907,202 4,258,837 Cost of goods sold (COGS) 607, ,186 1,166,822 1,117,469 2,423,728 Employee benefits expense 149, , , , ,314 Depreciation 6 17,742 31,297 34,985 61, ,207 Impairment ,344 Other operating expenses 205, , , , ,372 Operating profit 120, , , , ,872 Interest income 1,667 2,010 3,671 3,411 7,744 Other financial income 3, , ,361 Total financial income 5,505 2,011 7,510 3,414 44,105 Interest expense 9 70,932 45, ,642 80, ,332 Other financial expense 47,075 3,259 52,600 15,179 31,154 Total financial expense 118,007 48, ,242 95, ,486 Net financial income (expense) -112,501-46, ,732-91, ,381 Profit before tax 7,925 69,232 16,107 26, ,491 Income tax expense -2,135 18, ,165 57,200 Profit for the period 8 10,060 50,540 16,033 19, ,291 Attributable to the equity holders of the parent 10,060 50,540 16,033 19, ,291 Interim condensed consolidated statement of comprehensive income Profit for the period 10,060 50,540 16,033 19, ,291 Other comprehensive income Total comprehensive income 10,060 50,540 16,033 19, ,291 Attributable to the equity holders of the parent 10,060 50,540 16,033 19, ,291 The accompanying notes are an integral part of the Interim condensed consolidated financial statements. 10

11 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30 JUNE Figures are stated in NOK 1,000 Notes 30 JUNE JUNE DECEMBER 2014 Unaudited Unaudited Audited ASSETS Non-current assets Intangible assets Software 6 24,762 31,417 32,393 Trademark 6 387, , ,573 Contractual rights 6-109,681 - Goodwill 5,6 1,581,786 1,579,928 1,579,928 Total intangible assets 1,994,121 2,108,599 1,999,894 Fixed assets Fixtures and fittings 6 214, , ,784 Total fixed assets 214, , ,784 Financial assets Other investments Other receivables 7 2,127 18,810 16,263 Total financial assets 2,497 19,180 16,633 Total non-current assets 2,211,446 2,292,390 2,202,311 Current assets Inventories 1,125, , ,336 Trade and other receivables Trade receivables 209, , ,550 Other receivables 46,546 69, ,682 Cash and cash equivalents 76, ,016 Total current assets 1,458,338 1,178,688 1,565,585 Total assets 3,669,784 3,471,078 3,767,896 The accompanying notes are an integral part of the Interim condensed consolidated financial statements. 11

12 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 30 JUNE Figures are stated in NOK 1,000 Notes 30 June June December 2014 Unaudited Unaudited Audited EQUITY AND LIABILITIES Equity Share capital 166,969 9,255 9,255 Share premium 903, , ,245 Total paid-in capital 1,070, , ,500 Other equity 196, , ,102 Total retained equity 196, , ,102 Total shareholders' equity 1,266,919 1,074,684 1,204,602 Liabilities Long-term liabilities Provisions Pension liability Deferred tax liability 76, ,053 72,762 Total provisions 76, ,237 72,817 Other long-term liabilities Long-term debt to financial institutions 7 1,647,084 1,553,504 1,481,445 Other long-term liabilities 7,9-26,812 41,873 Total other long-term liabilities 1,647,084 1,580,316 1,523,318 Total long-term liabilities 1,723,224 1,696,553 1,596,135 Short-term liabilities Short-term borrowings 7-123, ,500 Accounts payable 381, , ,507 Tax payable 49,076 41,333 99,525 Public duties payable 113,231 77, ,670 Dividends Short-term debt to parent entity Other short-term liabilities 7 136,070 94, ,857 Total short-term liabilities 679, , ,159 Total liabilities 2,402,865 2,396,394 2,563,294 Total equity and liabilities 3,669,784 3,471,078 3,767,896 The accompanying notes are an integral part of the Interim condensed consolidated financial statements. 12

13 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE Attributed to equity holders of the parent Figures are stated in NOK 1,000 Share capital Share premium Retained earnings Total equity As at 1 January , ,245 45, ,090 Reverseal of dividend payable ,221 84,221 Profit for the period ,373 19,373 Other comprehensive income At 30 June , , ,184 1,074,684 (unaudited) Attributed to equity holders of the parent Share capital Share premium Retained earnings Total equity As at 1 January , , ,102 1,204,602 Capital reduction -5, , ,527 Capital contribution by transfer from 144,378-46,000-98,378 - distributable equity (bonus issue) Proceeds from shares issued (Initial 18, , ,811 public offering) Profit for the period ,033 16,033 Other comprehensive income At 30 June , , ,757 1,266,919 (unaudited) 1) Restructuring of the company's share capital implemented by redemption of 222,120,000 preference shares, cf, the Norwegian Public Limited Companies Act, cf. Section 12-1 paragraph 2. 2) The share capital increased with NOK 144,378 by increasing the par value of the Company's 148,080,000 shares from NOK with NOK to NOK 1 per share by way of transfer from other equity, wereof NOK 98,378 from retained earnings and NOK 46,000 from previously paid in capital. 3) In the Offering Europris ASA issued a total of 18,888,888 new shares issued to investors at an average subscription price of NOK In accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5, the board of directors is authorised to acquire the Company s own shares on given conditions. The accompanying notes are an integral part of the Interim condensed consolidated financial statements. 13

14 INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE Figures are stated in NOK 1,000 Notes YTD 2015 YTD 2014 FY 2014 Unaudited Unaudited Audited Cash flows from operating activities Profit before income tax 16,107 26, ,491 Adjusted for: Depreciation of fixed assets 6 21,269 19,142 47,101 Amortisation of intangible assets 6 13,716 42,821 79,106 Write-down of intangible assets ,344 Gain on sale of fixed assets Changes in pension liabilities Unrealized (gain) and loss on derivatives 32,915 3,595-30,374 Net interest expense exclusive change in fair value derivatives 21,956 67, ,861 Changes in net working capital (exclusive effect of acquisitions and inclusive translation differences): Inventory -128,284-33, ,990 Accounts receivables and other short-term receivables 94,884-11,135-28,436 Accounts payable and other short-term liabilities -102,717-95,962 74,386 Cash generated from operations -30,174 18, ,230 Interest paid -58,542-74, ,232 Income tax paid -46,186-12,993-48,126 Net cash flows from operating activities -134,902-68, ,872 Cash flows from investing activities Proceeds from sale of fixed assets Purchases of fixed assets 6-48,939-35,338-84,470 Purchases of intangible assets 6-6,086-3,700-9,624 Net purchase of shares in subsidiaries ,904-27,904 Interest received 3,671 3,411 7,744 Net cash flows used in investing activities -51,826-63, ,946 Cash flows from financing activities Proceeds from borrowings 1,636, Payment of shareholder loan -17, Repayment of debt to financial institutions -1,647, , ,570 Net capital increase 46, Net cash flows (used in)/from financing activities 18, , ,570 Net (decrease)/increase in cash and cash equivalents -168, ,659-47,643 Cash and cash equivalents at 1 January 245, , ,659 Cash and cash equivalents at end of period 76, ,016 The accompanying notes are an integral part of the Interim condensed consolidated financial statements. 14

15 Note 1 Corporate information The interim condensed consolidated financial statements of Europris ASA and its subsidiaries (collectively, the Group) for the second quarter and the six months ended 30 June 2015 were authorised for issue by the board of directors on 13 August Europris ASA (the Company) was listed on Oslo Børs on 19 June 2015 and converted to a public limited company on 22 May Europris ASA is domiciled in Norway. The Group is a discount variety retailer with stores across Norway. These condensed interim financial statements have not been audited. Note 2 Basis of preparation and changes to the Group s accounting policies Basis of preparation The interim condensed consolidated financial statements for the second quarter and the six months ended 30 June 2015 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group s annual financial statements as at 31 December New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with that followed in the preparation of the Group s annual consolidated financial statements for the year that ended 31 December New standards and interpretations effective as of 1 January 2015 do not impact the annual consolidated financial statements of the Group or the interim condensed consolidated financial statements of the Group. The Group has not early adopted standards, interpretations or amendments that have been issued but is not yet effective. Note 3 Critical accounting estimates and judgements The preparation of interim condensed financial statements requires management to make accounting judgements and estimates that impact how accounting policies are applied and the reported amounts for assets, liabilities, income and expenses. Actual results may differ from these estimates. The critical accounting estimates and judgements are consistent with those in the consolidated financial statements for Note 4 Segment information The Group manangement is the Group s chief operating decision maker. The reporting to the Group management, who is responsible for evaluating profitability and achivements, is on a consolidated basis which is the basis for the Group management s assessment of profitability at a strategic level. The Group as a whole is therefore defined and identified as one segment. 15

16 Note 5 Business combinations Figures are stated in NOK 1,000 The Group has acquired three prior franchisees: Surnadaløra Lavpris AS, Brennåsen Lavpris AS and Kvinesdal Lavpris AS for NOK 0. According to the preliminary purchase price allocation, goodwill amounts to NOK 1,858. Surnadaløra Lavpris AS generated revenues of NOK 16,304 and operating profit of NOK -1,791 in Brennåsen Lavpris AS generated revenues of NOK 20,121 and operating profit of NOK -894 in Kvinesdal Lavpris AS generated revenues of NOK 14,382 and operating profit of NOK -784 in Note 6 Fixed and intangible assets Figures are stated in NOK 1,000 FIXTURES & FITTINGS SOFTWARE TRADEMARKS CONTRACTUAL RIGHTS GOODWILL TOTAL Carrying amount 1 January ,784 32, ,573-1,579,928 2,185,678 Acquisition of subsidiaries 1, ,858 3,231 Additions 48,939 6, ,025 Disposals Depreciation -21,269-13, ,985 Impairment Carrying amount 30 June ,827 24, ,573-1,581,786 2,208,949 FIXTURES & FITTINGS SOFTWARE TRADEMARKS CONTRACTUAL RIGHTS GOODWILL TOTAL Carrying amount 1 January ,381 39, , ,019 1,557,392 2,272,565 Acquisition of subsidiaries 1, ,536 23,872 Additions 35,338 3, ,038 Disposals Depreciation -19,141-11, , ,962 Impairment Carrying amount 30 June ,611 31, , ,681 1,579,928 2,273,210 16

17 Note 7 Financial instruments Figures are stated in NOK 1,000 Set out below is a comparison of the carrying amounts and fair values of financial assets and liabilities as at 30 June 2015 and 31 December JUNE DEC 2014 Financial assets CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUE Loans and receivables Long-term receivables 2,127 2,127 16,263 16,263 Total 2,127 2,127 16,263 16,263 Financial liabilities Other financial liabilities Long-term debt 1,647,084 1,647,084 1,481,445 1,481,445 Other long-term debt ,773 16,773 Short-term debt (first year installment) , ,500 Total 1,647,084 1,647,084 1,608,718 1,608,718 Financial instruments measured at fair value through profit and loss Derivatives - asset Interest rate swaps Foreign exchange forward contracts 3,255 3,255 39,728 39,728 Total 3,255 3,255 39,728 39,728 Derivatives - liabilities Interest rate swaps ,100 25,100 Foreign exchange forward contracts Total ,100 25,100 Fair value hierarchy All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a who le, as follows: Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. All of the Group s financial instruments that are measured at fair value are classified as level 2. Specific valuation methods that are being used to value financial instruments include: Fair value of interest rate swaps is measured as the net present value of estimated future cash flows based on observable yield curves. Fair value of foreign exchange forward contracts is measured by net present valuing the difference between contractual forward rate and forward rate of the currency at balance sheet date, multiplied by the contractual volume in foreign currency. 17

18 Note 8 Earnings per share Figures are stated in NOK 1,000, except per share amounts. Earnings per share is calculated by dividing profit attributable to ordinary shareholders by a weighted average of ordinary shares outstanding during the period. Due to the share split in May of 1:4, the figures per share are re-calculated for all periods presented. Q Q YTD 2015 YTD (RESTATED) 1) 2014 PRO FORMA 2) Profit for the period 10,060 50,540 16,033 19, , ,291 Dividends to holders of preference shares -22,801-20,358-43,828-40,715-81,431 0 Profit available to holders of ordinary shares -12,741 30,182-27,795-21,342 67, ,291 Weighted average of ordinary shares outstanding 149, , , , , ,969 Earnings per ordinary share (basic and diluted) 3) -0,09 0,20-0,19-0,14 0,46 0,89 Calculation of weighted average of ordinary shares outstanding Number of ordinary shares opening 37,020 37,020 37,020 37,020 37,020 37,020 Share split (ratio 1:4) , , , , , ,060 Adjusted number of ordinary shares after share split 148, , , , , ,080 Share issue initial public offering ,889-18, ,889 Number of shares closing 166, , , , , ,969 Adjusted number of ordinary shares opening including share split 148, , , , , ,080 Weighted number of shares from IPO 'as if' effective (pro forma) ,889 Weighted number of shares from IPO effective (actual) 1, Weighted average of ordinary shares outstanding 149, , , , , , In the calculation of EPS in Note 14 to the 2014 annual financial statements, dividends to the holders of the preference shares was inadvertantly not deducted. 2. As the preference shares were redeemed with the funds obtained in the IPO, pro forma figures for 2014 has been prepared which illustrates what the EPS would have looked like if the capital reorganisation had taken place at 1 January We believe this EPS-figure is more comparable to the actual EPS going forward. No adjustment has been made for interest on the shareholder loan that was redeemed in the IPO due to immateriality. 3. There are no instruments with a dilutive effect. 18

19 Note 9 Related party transactions The Group s related parties include its associates, key management, members of the Board of Directors and majority shareholders. The following table provides the total amount of transactions that have been entered into with related parties during the six months ended 30 June 2015 and 2014, as well as balances with related parties as at 30 June 2015 and 31 December 2014: LOAN FROM RELATED PARTY INTEREST PAID AMOUNT OWED TO RELATED PARTY Figures are stated in NOK 1,000 NC Europris Holding BV ,797 16,773 Loan from related parties was repaid in full in connection with the IPO in June. The loan from NC Europris Holding BV carried interest of 12 % per annum. Beyond this, there has not been any significant transactions with related parties. Note 10 Events after the reporting period There have not been any significant events after the reporting period. 19

20 STATEMENT BY THE BOARD OF DIRECTORS We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2015, have been prepared in accordance with current applicable accounting standards, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. We also confirm that the Board of Directors report includes a true and fair review of the development and performance of the Group, together with the risks and uncertainties facing the Group. FORWARD LOOKING STATEMENTS This condensed interim report contains forward-looking statements, based upon various assumptions. These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although Europris believes that these assumptions were reasonable when made, we cannot assure you that our future results, level of activity or performances will meet these expectations. DEFINITIONS Directly operated store means a store owned and operated by the Group. Franchise store means a store operated by a franchisee under a franchise agreement with the Group. Chain means the sum of directly operated stores and franchise stores. Like-for-like are stores that have been open all months of the current calendar year and all months of the previous calendar year. Net sales include sales in directly operated stores and sales from wholesale to franchise stores. Gross profit represents Group revenue less cost of goods sold. EBITDA represents operating profit excluding depreciation expense (earnings before interest, tax, depreciation and amortisation). EBITDA adjusted is EBITDA adjusted for nonrecurring expenses. Working capital is the sum of inventories, trade receivables and other receivables less the sum of accounts payable and other current liabilities. Capital expenditure is the sum of purchases of fixed assets and intangible assets. Net debt is the sum of term loans and financial leases less bank deposits and cash. 20

21 Contact Europris ASA Hjalmar Bjørges vei 105, P.O Box Fredrikstad switchboard: fax:

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