Interim report January March May 14, 2009

Transcription

1 Interim report January March 2009 May 14, 2009

2 Summary January March 2009 Operational Strong first quarter with a 19 per cent increase in revenues and an 20 per cent improvement in EBIT Strong increase in market shares especially in Sweden and Norway Stabilised underlying markets in Sweden and Norway, but remaining weak market in Denmark The launch of the Mekonomen Mega and Medium units, with adjoining stores and workshops, is progressing according to plan and we now have 19 Medium units and one Mega unit. The number of affiliated service centres increased with 105 until today and now amount to 1,156, whereof Mekonomen Bilverkstad increased to 896 and MekoPartner to 260 Mekonomen Fleet, our corporate offering, is developing further with more customers and we currently have 26 client agreements with a potential of a total of 50,000 vehicles The launch of Mekonomen Direkt +46 (0) Denmark is in Q1 showing a slight positive EBIT After the period ended a letter of intent was signed regarding a collaboration between Mekonomen and Svenska Bil

3 Summary January March 2009 Financial Revenues in Q1 increased to 744 MSEK (626) EBIT for Q1 increased to 57 MSEK (48) Earnings per share amounted to 1,20 SEK (1,20) for Q1 Cash flow from operating activities continued to be strong

4 Core challenges 2009 Increased market share Mekonomen Direkt Mekonomen Medium and Mekonomen Mega Increase the number of affiliated workshops, Mekonomen Bilverkstad and MekoPartner Mekonomen Fleet Strengthen the position with improved profitability in Denmark

5 Continued success!

6 Workshops 105 new in 2009 until today

7 Stores 6 new in 2009 until today

8 Conversion of stores Medium/ Mega units

9 Conversion of stores Medium/ Mega units

10 Conversion of stores Medium/ Mega units The goal is 60 converted stores during 2009, 20 stores are converted until now

11 Investment in Mekonomen Mega in collaboration with Svenska Bil comprising selected facilities * Bildskisser

12 Financials

13 Earnings trend SUMMARY OF THE GROUP S EARNINGS TREND January - March 12 months Full-year Change, % April - March 2008 Revenues, SEK M EBIT, SEK M Profit after financial items, SEK M Profit after tax, SEK M Earnings per share, SEK EBIT MARGIN, % EBIT Strong marketing activities combined with excellent cost control have given effect on EBIT in the first quarter Stable underlying EBIT margin

14 Sweden EARNINGS TREND January - March 12 months Full-year Change, % April - March % Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly owned 123/ / /103 Percentage of Sales for the period Number of Mekonomen Service Centres Number of MekoPartner EBIT The launch of Mekonomen s new store concepts has affected EBIT in Q1 Improved underlying EBIT margin despite market investments

15 Norway EARNINGS TREND January - March 12 months Full-year 23% Change, % April - March 2008 Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly owned 45/30 42/ /29 Percentage of Sales for the period Number of Mekonomen Service Centres Number of MekoPartner EBIT The launch of Mekonomen s new store concepts has affected EBIT in Q1 Improved underlying EBIT margin despite market investments

16 Denmark EARNINGS TREND January - March 12 months Full-year 29% Change, % April - March 2008 Net sales (external), SEK M EBIT, SEK M EBIT margin, % Number of stores/of which wholly owned 39/39 38/ /39 Percentage of Sales for the period Number of Mekonomen Service Centres Number of MekoPartner EBIT The launch of Mekonomen s new store concepts has affected EBIT in Q1 Stable EBIT margin despite investments in new store concepts

17 Appendix

18 Quarterly data QUARTERLY DATA 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 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q

19 Income statement January - March 12 months Full-year CONDENSED INCOME STATEMENT (SEK M) Change, % April - March 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

20 Balance sheet 31 March 31 March 31-dec CONDENSED BALANCE SHEET (SEK M) ASSETS 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 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity Long-term liabilities Current liabilities TOTAL SHAREHOLDERS EQUITY AND LIABILITIES

21 Cash-flow statement January - March 12 months Full-year CONDENSED CASH-FLOW STATEMENT (SEK M) April - March 2008 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

22 Largest shareholders % of capital and votes Axel Johnson AB with subsidiaries 29,0 AFA assurance 11,9 Fraim Sefastsson Ing Marie 6,6 Fraim Påhlman Eva 6,6 Swedbank Robur fonder 4,4 Fjärde AP fonden 3,9 SEB fonder 3,4 Lannebo fonder 3,4 Nordea fonder 2,8 Others 28,0 Total 100,0