2008 09-29 Q4 & Full Year 2007/2008 Results

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2008 09-29 Q4 & Full Year 2007/2008 Results

  1. 1. Year End ReportSeptember 1, 2007 to August 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. Year End ReportSeptember 1, 2007 to August 31, 2008 Agenda • Introduction • Q4 2008 – Highlights – Income Statement – Net Sales – Profitability drivers • Q1-Q4 2007/08 Christian W. Jansson, – Highlights President & CEO – Income Statement – Net Sales – Sales breakdown – Profitability drivers – Cash flow • Future approach • Key conclusions Håkan Westin, CFO 3
  4. 4. Year End ReportSeptember 1, 2007 to August 31, 2008 • Another good year • Continued expansion • Net sales 4622 (4473) MSEK • Operating profit 651 (618) MSEK • Dividend 4,5 SEK Christian W. Jansson, President & CEO Håkan Westin, CFO 4
  5. 5. Stores• 291 operating stores (+ 19)• 57 new stores under contract – 15 to open in Q1 138 46 – 30 to open in full year 87 20 5
  6. 6. 6
  7. 7. Financial Highlights - Q4 June 1 to August 31, 2008 – Net sales 1 103 (1 090) MSEK, an increase of 1.2 percent. – Operating profit 182 (183) MSEK. One-offs 31 MSEK. – Gross margin 61.9 (62.2) percent and operating margin 16.5 (16.8) percent. – Profit after taxes 113 (119) MSEK, or 1.51 (1.59) SEK per share. 7
  8. 8. Income Statement - Q4MSEK Jun-Aug 2007/08 2006/07Net sales 1103 1090Cost of goods sold -420 -412Gross profit 683 678Selling expenses -480 -456Administrative expenses -32 -33Other operating income 11 -6Operating profit 182 183Financial income 0 0Financial expense -26 -16Profit before tax 156 167Tax expense -43 -48Net profit 113 119 8
  9. 9. Net Sales - Q4Jun-Aug MSEK %Net sales Q4 2006/07 1 090Currency effect +1.0New net stores +3.2Like For Like -3.0Net sales Q3 2007/08 1 103 +1.2 June was weak Strong sales period in July Good start of Autumn in August LFL last year 4.9 % 9
  10. 10. Profitability drivers - Q4 2007/08 Sales 101% Gross profit 101% Costs 105% Operating income 99% Stable gross margin Negative LFL 10
  11. 11. KappAhl Woman 11
  12. 12. Financial Highlights - Year End September 1, 2007 to August 31, 2008 − Net sales 4 622 (4 473) MSEK, an increase of 3.3 percent. − Operating profit 651 (618) MSEK. An increase of 5.3 percent. − Gross margin 62.4 (61.1) percent and operating margin 14.1 (13.8) percent. − Profit after taxes 437 (659) MSEK, or 5.82 (8.78) SEK per share. − Cash flow from continuing operations 730 (669) MSEK. 12
  13. 13. Income Statement – Year End September 1, 2007 to August 31, 2008 MSEK Sep-May 2007/08 2006/07 Net sales 4 622 4 473 Cost of goods sold -1 740 -1 738 Gross profit 2 882 2 735 Selling expenses -2 106 -1 985 Administrative expenses -136 -142 Other operating income 11 10 Operating profit 651 618 Financial income 27 23 Financial expense -80 -97 Profit before tax 598 544 Tax expense -161 115 Net profit 437 659 13
  14. 14. Net Sales – Year End September 1, 2007 to August 31, 2008 MSEK % Net sales 2006/07 4 473 Currency effect +1.8 New net stores +1.9 Like For Like -0.4 Net sales 2007/08 4 622 +3.3 LFL last year 3.6 % 14
  15. 15. Sales breakdown - Year End September 1, 2007 to August 31, 2008 MSEK 2007/08 2006/07 Growth SEK Local 1,315 currency 679 Sweden 2 520 2 514 0,2% 0,2% 278 Norway 1 314 1 270 3,5% -0,7% 107 Finland 559 520 7,5% 5,8% Polen 229 169 35,5% 21,8% Totalt 4 622 4 473 3,2% Poland Finland 5% (4%) 12% (12%) Sweden Norway 55% (56%) 28% (28%) 15
  16. 16. Profitability drivers – Year End September 1, 2007 to August 31, 2008 2007/08 Sales 103% Gross profit 105% Costs 104% Operating income 105% Further improved gross margin 16
  17. 17. Cash flow – Year End September 1, 2007 to August 31, 2008MSEK Sep-Aug 2007/08 2006/07Cash flow from continuing operations 687 693before changes in working capitalChanges in working capital 43 -24Cash flow from continuing operations 730 669Cash flow from investment activities -692 -277Cash flow after investments 38 392Change bank overdraft facility 782 -111Redemption of shares /Dividend -825 -188Other from financial activities -23 -106Cash flow for the period -28 -13 17
  18. 18. KappAhl Accessories 18
  19. 19. Future approach Maintain gross margin Strong store expansion program Establish additional markets 19
  20. 20. Poland 2006 2007 2008E 2009E 2010E GNP 6,2 6,6 5,1 4,5 5Private Consumption 5 5 4,8 4,1 4,5 KappAhl Poland Profitable since year one 10 new stores per year 50 stores in 3-4 years 10% of group sales in 3-4 years 20
  21. 21. Key conclusions Strong gross margin Excellent cash flow Contribution from new stores will increase Another year with increased net sales and profit 21
  22. 22. You look great We don’t believe in selling a lifestyle. You have one already. We don’t believe in expensive collections for an exclusive few. We believe in fashion that suits you.We don’t believe in eternal youth, however we believe that people mature, grow wiser and even more beautiful. Take it as a compliment. 22
  23. 23. Questions? 23
  24. 24. KappAhl Man 24

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