3. kvartal. 3rd Quarter 2009 EKORNES ASA. 3 rd QUARTER 2009

Transcription

1 EKORNES ASA 3 rd QUARTER

2 Ekornes Q3 - Headlines: 3. kvartal Solid figures despite downturn and downsizing of capacity EBIT MNOK (2008: MNOK 313.0) EBT MNOK (2008: MNOK 323.2). Currency effects MNOK (MNOK in 2008) Operating revenue only slightly down (-1.0%). Affected by reduced capacity, but positive currency effects. Down 7.2% using fixed exchange rates In general, markets still challenging and uncertain. However signs to improvement Order income up 10%. Down 1.0% using fixed exchange rates Strong growth in Central Europe (+12%) and Asia/Pacific(+7%) Norway up 28% - mainly due to higher sales of mattresses Flat in UK and Japan Decline in other markets Production capacity Stressless seats down 15%. Seven days of production less in Seats per day down (1,522 seats/1,707 seats). Capacity build up through Q3 1,570 seats by end Q3. Further increase to 1,700 seats end Q4. Svane improved distribution in Norway as from June revenues up 16.5% Good order income Order book building up. Full capacity utilisation expected also in Q4 (However, still at a lower level than 2008) 2

3 Development in Operating Revenue: Q3/05 Q3/06 Q3/07 Q3/08 Q3/09 YTD Q3 Q3 3

4 2500 Development in Operating Revenue '08/09 4

5 News 2010: Stressless E200 and Stressless E300: 5

6 News 2010: Stressless Jazz: Stressless Soul: 6

7 Distribution of operating revenues by product area year to date (Mill.NOK) 3. kvartal Stressless chairs Sofa Mattresses Other

8 Distribution of operating revenues by product area Sofas year to date (Mill.NOK) 3. kvartal Sofas Stressless sofa Ekornes Collection

9 Distribution of operating revenues by product area quarterly data (Mill.NOK) 3. kvartal Stressless chairs Sofas Mattresses Other Q3/2005 Q3/2006 Q3/2007 Q3/2008 Q3/2009 9

10 Distribution of operating revenues by product area sofas quarterly data (Mill.NOK) 3. kvartal Sofas Stressless sofa Ekornes Collection Q3/05 Q3/06 Q3/07 Q3/08 Q3/09 10

11 Contribution margin by product area 60 % 50 % 55,9 % 53,6 % 53,6 % 54,7 % 52,0 % 45,8 % 43,6 % 43,3 % 42,2 % 50,1 % 48,0 % 47,6 % 48,1 % 46,5 % 40 % 38,0 % 35,1 % 35,6 % 33,9 % 32,6 % 39,0 % 30 % 20 % 10 % 0 % Chairs Sofas Mattresses Totalt YTD/08 YTD/09 11

12 Development in direct costs 50 % 50,1 % 48,0 % 47,6 % 46,5 % 48,1 % 40 % 30 % 22,9 % 25,1 % 25,3 % 25,0 % 24,0 % 20 % 15,3 % 15,5 % 15,4 % 16,6 % 14,4 % 10 % 0 % Direct material Direct salaries ex. employee bonus Contribution Margin YTD/08 YTD/09 12

13 Development in direct salaries at the factories (Based on factory revenues, year-end bonus not included) 3. kvartal 40 % 35 % 32,2 % 31,6 % 34,5 % 30 % 27,4 % 25 % 21,4 % 22,3 % 21,2 % 23,7 % 23,8 % 21,6 % 21,1 % 20 % 17,4 % 16,9 % 15 % 14,3 % 14,8 % 10 % 5 % 0 % Stressless prod. Sykkylven (excl. Tynes) Tynes Grodås Hareid Fetsund YTD/08 YTD/09

14 Contribution and operating margin (EBIT) 50 % 50,1 % 48,0 % 47,6 % 46,5 % 48,1 % 40 % 30 % 29,6 % 29,9 % 30,3 % 30,3 % 30,6 % 20 % 20,5 % 18,1 % 17,3 % 16,2 % 17,5 % 10 % 0 % Contribution Margin Other Costs EBIT YTD/08 YTD/09 14

15 Development in Operating result (EBIT) and Pre-tax margin (EBT): 3. kvartal 25 % 22,2 % 22,7 % 21,1 % 21,9 % 20 % 19,5 % 20,1 % 20,0 % 20,1 % 18,7 % 18,4 % 15 % 17,0 % 15,7 % 17,0 % 16,7 % 16,8 % 14,9 % 17,0 % 15,5 % 14,0 % 10 % Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 15 EBIT individual quarter EBT individual quarter

16 Development in Operating result (EBIT) and Pre-tax margin (EBT) year to date: 3. kvartal 25 % 20 % 20,5 % 19,9 % 17,5 % 17,9 % 17,1 % 18,0 % 18,6 % 17,4 % 17,4 % 17,5 % 15 % 16,2 % 10 % EBIT YTD EBT YTD

17 Development EPS fully diluted (Figures in NOK) 7,50 6,69 5,46 5,70 6,10 5,56 1,91 2,22 1,52 2,29 2,33 0, EPS/YTD EPS/Q3 17

18 Income Statement year to date (mill. NOK) Changes Operating revenues 1, % 1, % -1.0% Materials % % -4.9% Salaries and social costs % % -7.9% Other operating expenses % % 4.5% Depreciation % % 5.5% Total operating costs 1, % 1, % -2.5% Operating result % % 6.8% Net financial income/expenses % % Profit/loss currency exchange % % Ordinary result before taxes % % -8.9% Calculated taxes ordinary result % % -8.8% Ordinary result after taxes % % -8.9% EPS

19 Income Statement individual quarter (mill. NOK) Q3/09 Q3/08 Changes Operating revenues % % 3.4% Materials % % -6.6% Salaries and social costs % % -7.9% Other operating expenses % % 2.0% Depreciation % % 4.5% Total operating costs % % -3.7% Operating result % % 37.7% Net financial income/expenses % % Profit/loss currency exchange % % Ordinary result before taxes % % 1.3% Calculated taxes ordinary result % % 1.1% Ordinary result after taxes % % 1.3% EPS

20 Income Statement 1 OCT/30 SEP (mill. NOK) Changes Operating revenues 2, % 2, % 1.5% Materials % % -1.8% Salaries and social costs % % -13.0% Other operating expenses % % 13.4% Depreciation % % 20.8% Total operating costs 2, % 2, % 0.2% Operating result % % 7.5% Net financial income/expenses % % Profit/loss currency exchange % % Ordinary result before taxes % % 1.5% Calculated taxes ordinary result % % 3.2% Ordinary result after taxes % % 0.8% EPS

21 Balance Sheet (mill. NOK) 3. kvartal Q3/09 H1/09 CHANGES Total Long Term Assets Inventories Trade Debtors Other Current Assets Value of forward contracts Cash and Bank Deposits Total Current Assets TOTAL ASSETS 1, , Total Equity 1, , Provisions, commitments, deferred tax Trade Creditors Taxes, VAT and national insurance Value of forward contracts Other current liabilities Total Liabilities TOTAL EQUITY AND LIABILITIES 1, ,

22 Balance Sheet (mill. NOK) 22 Q3/09 Q3/08 CHANGES Total Long Term Assets % Inventories % Trade Debtors % Other Current Assets % Value of forward contracts Cash and Bank Deposits Total Current Assets % TOTAL ASSETS 1, , % Total Equity 1, , % Provisions, commitments, deferred tax % Long term liabilities - bank Trade Creditors % Taxes, VAT and national insurance % Value of forward contracts Short term liabilities - bank kvartal Other current liabilities % Total Liabilities % TOTAL EQUITY AND LIABILITIES 1, , %

23 EQUITY Q3/09 Q3/ Result after taxes and before other comprehensive income Other comprehensiv income: Actuarial gains on defined benefit plans Change in deferred tax pensions Change in value cash-flow hedging Change in deferred tax cash flow hedging Translation differences Translation differences net financing subsidiaries Change in deferred tax net financing subsidiaries Total other comprehensive income Total comprehensive income Equity at the beginning of the period 1, , ,265.4 Total comprehensive income Dividend paid out Equity at the end og the period 1, , ,

24 Development in cash-flow and bank deposits (Mill.NOK) YTD/09 YTD/ Net cash flow from: Operating activities ,6 Investing activities Financing activities Net change in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period

25 Development in Total Capital, Net-working Capital and Equity (mill. NOK) Q3/09 Q3/ Total capital 1, , , ,815.6 Net-working capital* Equity 1, , , ,265.4 Equity* 1, , , ,202.8 Equity ratio 79.0% 67.8% 57.5% 69.7% Equity ratio* 79.2% 68.2% 81.2% 69.6% *Excluded the market value of forward contracts. 25

26 New studio concept: 26

27 Development in operating revenue per market year to date (Mill. NOK) Norway Sweden Denmark Finland Central Europe Southern Europe UK USA Japan 33,2 39,4 79,6 101,0 17,0 18,4 78,5 61,9 151,5 185,1 294,7 263,1 258,9 288,6 347,8 395, ,6 488,2 Others - Export 47,2 55,7 Contract 66,5 31,9 27

28 Development in operating revenues per market quarterly data (Mill. NOK) Norway Sweden Denmark Finland Central Europe Southern Europe UK USA Japan 3,4 5,4 11,0 12,6 25,8 30,7 31,1 26,4 53,9 61,5 75,6 81,6 114,3 107,9 Q3/09 Q3/08 164,1 138,3 125,4 140,0 Others - Export 21,0 19,8 Contract 19,8 10,6 28

29 Development in operating revenues per market year to date (Mill. NOK) Changes YTD/09 YTD/08 YTD/07 YTD/06 Norway 13.2% Sweden -15.8% Denmark -21.1% Finland -7.7% Central - Europe 9.3% Southern - Europe -10.3% UK -18.1% USA -11.9% Japan 26.9% Others - Export -15.1% Contract 107.8% Total -0.6% 1, , , ,

30 Coming events: 15 February 2010: Announcement of Q4/09 result 16 February 2010: Presentation of Q4/09 result 11 May 2010: Announcement of Q1/10 result and Ordinary General Assembly 12 May 2010: Presentation of Q1/10 result 16 August 2010: Announcement of Q2/10 result 17 August 2010: Presentation of Q2/10 result 11 November 2010: Announcement of Q3/10 result 12 November 2010: Presentation of Q3/10 result 30

31 Questions? 31

32 Largest shareholders ( ) 1. Nordstjernan AB SWE 11.73% 2. State Street Bank USA 8.77% 3. Folketrygdfondet NOR 8.40% 4. JP Morgan Chase Bank GBR 7.19% 5. Orkla ASA NOR 5.14% 6. Pareto Aksje Norge NOR 4.72% 7. Skandinaviska Enskilda SWE 4.03% 8. Handelsbanken Helsinki FIN 3.37% 9. Berit Ekornes Unhjem NOR 2.89% 10. Oslo Pensjonsforsikring NOR 2.88% Other shareholders approx. 2, % Proportion: Norwegian shareholders 43.3% Foreign shareholders 56.7% 32

33 Board of Directors Group Management IR-Contacts Olav Kjell Holtan - Chairman Kjersti Kleven Vice Chairman Gry Hege Sølsnes Stian Ekornes Nora Förisdal Larssen Employee Representatives: Arnstein Johannesen Tone Helen Hanken Edvin Haugen CEO: Øyvind Tørlen oyvind.torlen@ekornes.no Phone: Mobile: CFO: Robert Svendsen robert.svendsen@ekornes.no Phone: Mobile: