2008 06-27 Q3 2007/2008 Results

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2008 06-27 Q3 2007/2008 Results

  1. 1. Third Quarter Report March 1 to May 31, 2008 1
  2. 2. DisclaimerThese materials may not be copied, published, distributed ortransmitted to third parties. These materials may contain forward-looking statements. If so, suchstatements are based on our current expectations and are subject torisks and uncertainties that could negatively affect our business.Please read our earnings report and our most recent annual reportfor a better understanding of these risks and uncertainties.These materials do not constitute or form part of any offer orinvitation to sell or issue, or any solicitation of any offer to purchaseor subscribe for, any securities, nor shall part, or all, of thesematerials or their distribution form the basis of, or be relied on inconnection with, any contract or investment decision in relation toany securities. These materials and the information contained hereinare not an offer of securities for sale in the United States and are notfor publication or distribution to persons in the United States. 2
  3. 3. Third Quarter Report March 1 to May 31, 2008 Agenda Introduction Q3 2007/08 Highlights Income Statement Sales Christian W. Jansson, President & CEO Profitability drivers Q1-Q3 2007/08 Highlights Income Statement Sales Sales breakdown Profitability drivers Cash flow Property acquisition Håkan Westin, Future approach CFO Key conclusions 3
  4. 4. Third Quarter Report March 1 to May 31, 2008 Consistent development Net sales MSEK 1140 (1106) Operating profit MSEK 145 (132) Christian W. Jansson, President & CEO Håkan Westin, CFO 4
  5. 5. Stores285 operating stores (+ 13)56 new stores under contract 135 45 86 19 5
  6. 6. Advert used in e.g. daily press during Q3, 2008 6
  7. 7. Financial Highlights Q3 March 1 to May 31, 2008 Net sales MSEK 1 140 (1 106), an increase of 3.1 percent. Operating profit MSEK 145 (132). Excluding one-offs, an increase of 12.4 percent. Gross margin 63.8 (62.3) percent and operating margin 12.7 (11.9) percent. Profit after taxes MSEK 112 (79), equivalent SEK 1.49 (1.05) per share. Cash flow from continuing operations MSEK 221 (136). 7
  8. 8. Income Statement Q3MSEK Mar-May 2007/08 2006/07 07/08Net sales 1 140 1106 1140Cost of goods sold -413 -417 -413Gross profit 727 689 -727Selling expenses -547 -528Administrative expenses -35 -521 -32Other operating income -36 3Operating profit 145 0 132Financial income 24 11Financial expense 118 -21 -32Profit before tax 148 3 111Tax expense -36 -32 -18Net profit 112 79 103 -29 74 8
  9. 9. Sales Q3Mar-May MSEK %Net sales Q3 2006/07 1 106Currency effect +1.6New net stores +2.0Like For Like -0.5Net sales Q3 2007/08 1 140 +3.1 End of period stronger than beginning Successful product launch for Number One and Comp. Successful relaunch of Kaxs 9
  10. 10. Profitability drivers Q3(excl. One-offs) 2007/08Sales 103%Gross profit 106%Costs 104%Operating income 112% Solid Inventory Control 10
  11. 11. Advert used in e.g. daily press during Q3, 2008 11
  12. 12. Financial Highlights Q1-Q3 September 1, 2007 to May 31, 2008 Net sales MSEK 3 519 (3 383), an increase of 4.0 percent. Operating profit MSEK 469 (435). Excluding one-offs, an increase of 11.9 percent. Gross margin 62.5 (60.8) percent and operating margin 13.3 (12.9) percent. Profit after taxes MSEK 324 (540), equivalent SEK 4.32 (7.20) per share. Cash flow from continuing operations MSEK 600 (449). 12
  13. 13. Income statement Q1-Q3MSEK Sep-May 2007/08 2006/07Net sales 3 519 3 383Cost of goods sold -1 320 -1 326Gross profit 2199 2057Selling expenses -1 626 -1 529Administrative expenses -104 -109Other operating income 16Operating profit 469 435Financial income 30 23Financial expense -57 -81Profit before tax 442 377Tax expense -118 163Net profit 324 540 13
  14. 14. Sales Q1-Q3 MSEK %Net sales Q3 2006/07 3 383Currency effect +2.0New net stores +1.3Like For Like +0.7Net sales Q3 2007/08 3 519 +4.0 14
  15. 15. Sales breakdown Q1-Q3MSEK 2007/08 2006/07 Growth SEK Local 1,315 currencySweden 679 1 947 1 931 0,8% 0,8%Norway 278 986 938 5,1% -0,1%Finland 107 416 383 8,6% 6,7%Polen 170 131 29,8% 18,5%Totalt 3 519 3 383 4,0% Poland Finland 5% (4%) 12% (11%) Sweden Norway 55% (57%) 28% (28%) 15
  16. 16. Profitability drivers, Q1-Q3(excl. One-offs) 2007/08Sales 104%Gross profit 107%Costs 106%Operating income 112% Further improved operating margin 16
  17. 17. Cash flow, Q1-Q3MSEK Sep-May 2007/08 2006/07Cash flow from continuing operations 522 464before changes in working capitalChanges in working capital 78 -15Cash flow from continuing operations 600 449Cash flow from investment activities -644 -210Cash flow after investments -44 239Change bank overdraft facility 675 60Redemption of shares /Dividend -825 -188Other from financial activities 166 -66Cash flow for the period -28 45 17
  18. 18. Advert used in e.g. Magazines during Q3, 2008 18
  19. 19. Property Acquisition 19
  20. 20. Future approach Maintain gross margin Strong store expansion program Establish additional markets 20
  21. 21. Key conclusions Strong gross margin Excellent cash flow Contribution from new stores will increase 24th consecutive quarter with improved profit 21
  22. 22. Advert used in e.g. Magazines during Q3, 2008 22
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  24. 24. 24

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