Interim Financial Report Q May 2011

Transcription

1 Interim Financial Report Q May 2011

2 SUMMARY Financial Revenues, adjusted for exchange rate effects and calculated on a comparable number of working days, increased by 12 per cent. Prior to adjustment, revenues increased by 7 per cent to 863 (803) MSEK. EBIT increased by 6 per cent to 95 (90) MSEK and the operating margin was 11 (11) per cent. The profit after financial items increased by 4 per cent to 95 (91) MSEK. The profit after tax was 70 (67) MSEK. The profit per share was 2.12 (2.08) SEK. The cash flow from operating activities fell to -48 (39) MSEK. 2

3 MEKONOMEN DENMARK Continued upward trend Growth on both the consumer and workshop segments Successful repositioning of Mekonomen Denmark contributes to an improved operating margin 3

4 MEKONOMEN DENMARK New establishment in Copenhagen The first Mega facility has opened in Copenhagen This further strengthens Mekonomen's position on the consumer market in Denmark 4

5 MEKONOMEN SWEDEN Improved profitability Satisfactory growth in sales to workshops Higher operating margin despite many conversions and new establishments in the past year New establishments in Q1/Q2: Workshop center in Luleå Vårby Gärdet (Stockholm) Infra City (Upplands Väsby) Avesta Gislaved 5

6 MEKONOMEN NORWAY Weak consumer market Moderate consumer market Satisfactory profitability Establishment in Åsane in Q1 (collaborating store) Future establishments in Stavanger, Sandvika and Trondheim, among other places 6

7 MEKONOMEN FINLAND Business activities are in the construction phase Establishment of 15 units before the end of 2012 is going according to plan Planned opening in Lahti in September 7

8 SØRENSEN OG BALCHEN 74 stores and 204 workshops are included in the BilXtra chain Weak consumer market in Norway in Q1 Focus on growth and on strengthening the current concept Synergy project proceeds as planned 8

9 MARKET DEVELOPMENT Market development in the Nordic region 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 9% 9% 8% 7% 6% 5% 5% 4% 3% 2% 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 Nordic aftermarket Mekonomen 9

10 MEKONOMEN MARINE Large, Medium and Small range launched in over 80 stores in Sweden TV advertisements began in April Positive signals from the stores 10

11 THE MEKONOMEN CARD Considerable increase in card customers 26% new card customers in the quarter Increase loyalty among customers Approximately 25% of customers choose a card with credit 11

12 STORES NUMBER OF STORES Q1 Total Own 12

13 WORKSHOPS NUMBER OF WORKSHOPS Q1 Mekonomen Service Center Mekopartner BilXtra 13

14 Financial

15 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 January - March 12 months Full-year April - March The cash-flow from current activities deteriorated in the quarter due to a reduction in accounts payable. Which is due to large purchases of Mekonomen's own brand products, among other things, at the beginning of the year. The cash-flow from changes in working capital in the first quarter of 2010 was affected in a positive sense by an increase in accounts payable and a resulting large deviation compared to the cash-flow for the year 15

16 SEK M % Working capital Working capital (core*) in absolute and relative terms Average Average % 25% 24% 22% 22% 21% 20% 20% % % 550 5% 500 Q Q Q Q Q % * Inventory, accounts receivable and accounts payable 16

17 Sørensen og Balchen Financial effect Acquired assets and liabilities Intangible fixed assets Tangible fixed assets Financial fixed assets Stocks Current receivables Liquid assets and short-term investments Total Long-term liabilities Current liabilities Total 4 SEK M 19 SEK M 52 SEK M 157 SEK M 91 SEK M 13 SEK M 336 SEK M 5 SEK M 113 SEK M 118 SEK M 17

18 Earnings trend SUMMARY OF THE GROUP S EARNINGS TREND January - March 12 months Full-year Change % April - March 2010 Revenues, SEK M EBIT, SEK M Profit after financial items, SEK M Profit after tax, SEK M Earnings per share, SEK EBIT margin, % Underlying net sales increased by 12% during the quarter Costs associated with acquisitions and investments affect earnings by 15 SEK M 18

19 Mekonomen Sweden EARNINGS TREND January - March 12 months Full-year Change % April - March 2010 Net sales (external), SEK M ,732 1,708 EBIT, SEK M EBIT margin, % Number of stores/of which wholly 141/ / /110 Number of Mekonomen Service Number of MekoPartner Underlying net sales increased by 5% during the quarter Net sales is affected positively by the concepts of Mega and Medium 19

20 Mekonomen Norway EARNINGS TREND January - March 12 months Full-year Change % April - March 2010 Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly 49/34 49/ /32 Number of Mekonomen Service Number of MekoPartner Underlying net sales decreased by 2% due to a weak consumer market Sustained EBIT-margin of 14% 20

21 Mekonomen Denmark EARNINGS TREND January - March 12 months Full-year Change % April - March 2010 Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly 40/37 39/ /37 Number of Mekonomen Service Number of MekoPartner Underlying net sales increased by 2% during the quarter EBIT-marginal increased to 9% 21

22 Sørensen og Balchen EARNINGS TREND January - March 12 months Full-year Change % April - March 2010 Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly 74/ Number of BilXtra workshops Results refers to March

23 Appendix

24 Quarterly data QUARTERLY DATA Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 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

25 Income statement CONDENSED INCOME STATEMENT (SEK M) January - March 12 months Full-year Change % April - March 2010 Net sales ,423 3,374 Other operating revenue TOTAL REVENUES ,507 3,447 OPERATING EXPENSES Goods for resale ,602-1,607 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 NET PROFIT FOR THE PERIOD SPECIFIED AS Parent Company s shareholders Minority owners Earnings per share before and after dilution, SEK

26 Balance sheet CONDENSED BALANCE SHEET (SEK M) 31 March March December 2010 ASSETS Intangible assets 1, 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 2,797 1,595 1,758 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders' equity 1, Long-term liabilities Current liabilities TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 2,797 1,595 1,758 26

27 Largest shareholders as of % of capital and votes Axel Johnson AB and subsidiaries 27,3 Fraim-Påhlman Eva 6,1 Olsen Otto Invest AS 5,9 Kempen European Participations N.V. 4,9 Capital Group Fonder 4,7 Swedbank Robur Fonder 4,1 Lannebo fonder 3,6 Fraim-Sefastsson Ing-Marie 3,0 Nordea fonder 2,1 SHB Fonder 2,1 Other 36,2 Total 100,0 27