SEB Enskilda Nordic Small & Mid Cap Seminar

Transcription

1 SEB Enskilda Nordic Small & Mid Cap Seminar Trygve Holtskog Group Managing Director Copenhagen, 10 January 2007

2 Agenda Expert ASA Markets Outlook Q and A Slide no. 2

3 Vision & objective Making life easier and more exciting! Expert aims to be one of two leading players in each of the Nordic countries Slide no. 3

4 Strategy Profitable operations Strong capital base Integrated retailer Market power Significant player in all markets Retail control Very competitive consumer prices Purchasing power Scandinavian structure gives weight Efficient operations Market and purchasing power provide very competitive consumer prices Slide no. 4

5 Number of physical stores 16 (12) 222 (71) 266 (59) Norway Denmark Sweden Estonia 447 (37) Total: 951 stores (179 wholly or partly owned) Per 30 September 2006 Slide no. 5

6 Online commerce Norway: Denmark: Sweden: Estonia: Slide no. 6

7 Revenue and EBITDA development Continued business Revenues, MNOK EBITDA, MNOK Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q Revenues 12 Month rolling EBITDA 12 Month rolling Slide no. 7

8 Our 5 focus areas Top line growth Profitability Cost focus Development of human capital Freeing up capital Lager grafisk utforming Slide no. 8

9 Working Capital significant reduction despite Q acquisitions MNOK Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Slide no. 9

10 Net Interest-Bearing Debt aggressive repayments in Q2 and Q MNOK Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q Slide no. 10

11 Shareholders, top 20 No. of shares Share Shareholder Nationality ,40 WILHELMSEN CAPITAL AS NOR ,44 FOLKETRYGDFONDET NOR ,35 AWECO INVEST AS NOR ,20 VITAL FORSIKRING ASA NOR ,41 VERDIPAPIRFONDET KLP NOR ,40 EUROCLEAR BANK S.A. NOM BEL ,25 VERDIPAPIRFOND ODIN NOR ,22 DNB NOR NORGE (IV) VPF NOR ,18 NORDEA BANK DENMARK S/A NOM DNK ,00 EXPERT ASA NOR ,81 SKAGEN VEKST NOR ,58 VERDIPAPIRFOND ODIN NOR ,37 JPMORGAN CHASE BANK NOM GBR ,12 KVASSHEIM ELEKSTRISK AS NOR ,10 STIFTELSEN STATOIL NOR ,05 J.M.HANSEN INVEST AS NOR ,94 DNB NOR SMB VPF NOR ,94 KLEPP INSTALLASJON AS NOR ,94 VERDIPAPIRFONDET NORDEA NOR ,81 FRENCH RES TREATY CL FRA ,51 As of 5 January 2007 Slide no. 11

12 Agenda Expert ASA Markets Outlook Q and A Slide no. 12

13 Norway, top Slide no. 13

14 Denmark, top * * Owned 40 % by Elgiganten Slide no. 14

15 Sweden, top Slide no. 15

16 Finland, top * * Not controlled by Expert ASA Slide no. 16

17 Two dominant Nordic players The Nordic Champions League Slide no. 17

18 Outlook Consumer spending in Nordics still high Competition increasing physical stores and online Digital terrestrial network in the Nordics Flat-TVs still driving top line Nordic consolidation continuing Slide no. 18

19 Q and A

20 Contacts Investor relations: Astrid Kårstad, CFO Cell phone: Philip Straumsheim, Treasurer Direct phone: Cell phone: Media: Trond Bentestuen, Director of Marketing and Communications Cell phone: Slide no. 20

21 Group Q3: Record sales and significant margin improvement Revenues MNOK 2 183,3 Up from MNOK in Q (+39,8 %) Pro forma up from MNOK 1 852,2 (+17,9 %) Gross margin 21.5 % 21.4 % in Q EBIT MNOK 65.8 MNOK 34.5 in Q (+90.7 %) EBIT margin 3.0 % 2.2 % in Q Slide no. 21

22 Norway Q3: Margin focus has paid off while gaining market shares Operating revenues MNOK 942.9, up from MNOK in Q (+17.6 %) Growth own stores total % Growth like-for-like own stores % SSB index July/August % Operating profit (EBIT) MNOK 55.7, up from MNOK 33.3 in Q (+67.3 %) EBIT margin 5.9 %, up from 4.2 % in Q Slide no. 22

23 Denmark Q3: Improving margins Operating revenues MNOK 649.0, up from MNOK in Q ( %, +9.7 % local curr.) Expert 2tal like-for-like own stores % BFE index July/August % Elbodan like-for-like own stores % FEHA index July/August +10.9% Operating profit (EBIT) MNOK 16.5, up from MNOK 12.4 in Q (+33.0 %) EBIT margin 2.5 %, up from 2.2 % in Q Slide no. 23

24 Sweden Q3: Launch of Expert Stormarknad gaining market shares Operating revenues MNOK 566.5, up from MNOK in Q ( %) Pro forma MNOK (+25.5 %, % local curr.) HUI index 1.9 % in July and 8.2 % in August Operating profit (EBIT) MNOK 2.9, up from MNOK -5.9 in Q (+149,1 %) EBIT margin 0.5 %, up from -3.7 % in Q The pro forma figures are presented to show the Group's profit and loss as if the Swedish companies, Expert Invest AB and TV-Experten, were acquired on 1 January The pro forma figures include in 1st quarter 2005 for Expert Invest AB a real estate profit of NOK 16 million, and in 2nd quarter 2005 restructuring costs of NOK 32 million. Slide no. 24