Axfood presentation year-end report 2012

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Axfood presentation year-end report 2012

  1. 1. Axfood January-December, 20121
  2. 2. Axfood January-December 2012 Net sales• Favourable sales: SEK 36,306 m (34,795) +4.3% 36,306 +4.3%• Stable earnings: SEK 1,247 m (1,250) exkl impairment – Operating margin: 3.4% (3.6) exkl impairment• Positive result for all business units• Impairment of SEK 55 m for the PrisXtra brand2
  3. 3. Willys – Best result ever• Stable sales growth: SEK 19,407 m (18,904), +2.7% – Like-for-like sales: 0.0% (-1,6)• Good result: SEK 796 m (775) +2.7% – Operating margin: 4.1% (4.1)• High pace in store modernization – Remaining 20 stores will be modernized during this year Operating profit• Developed a customer loyalty program that will be launched next week 796 +2.7%
  4. 4. Hemköp – Best result in 10 years• Good sales performance: SEK 5,082 m (4,787), +6.2% – Like-for-like sales: +2.0% (0,4)• Best result in ten years: SEK 133 m (94) – Operating margin: 2.6% (2.0)• Target 2013: At least 3% operating margin• Increased marketing activities Net sales• Thomas Gäreskog appointed as new CEO in December +6.2%4
  5. 5. PrisXtra’s largest store to become Hemköp• PrisXtras largest store at Norra Station will become Hemköp in 2013 – Future strategic location• Remaining four stores will gradually be converted to Hemköp or Willys• Impairment of SEK 55 m for the PrisXtra brand
  6. 6. PrisXtra – Continued positive result• Decrease in sales due to major road constructions – Net sales: SEK 502 m (549), -8.6%• Positive result: SEK 16 m (15)6
  7. 7. Axfood Närlivs – Wholesale operation Net sales• Favourable sales growth, SEK 6,336 m (5,516), +14.9% +14.9% – Deliveries to new customers and good development in cash-and-carry business – New e-commerce site for business-to-business – Sales affected by bad weather conditions• Operating profit: SEK 113 m (110)7
  8. 8. Dagab – Efficient logistics• Stable development – Efficiency and high delivery reliability• Operating profit: SEK 163 m (192) – Increased costs due to implementation of the new business system – Will continue to affect the result during 2013 Delivery reliability 97.5%8
  9. 9. Market outlook• Uncertain development in Swedish economy but stable food retail market• Food price inflation initially at low levels• Competition remains high• Price conscious customers9
  10. 10. Strategy for profitable growth• Further stimulate sales growth – Well operated stores• High level of private label• Efficiency and cost control• Ambitious pace of investment – High pace in store establishments and renewals – Implementation of the new business system continues10
  11. 11. Axfood’s goal for 2013 Achieve an operating profitat the same level as in 201211
  12. 12. Financial Overview January-December, 201212
  13. 13. Axfood January-December 2012• Stable earnings and sales development• Impairment of SEK 55 m for the PrisXtra brand Net sales, SEK m Operating margin, % Key ratios 9,292 9,252 8,914 8,718 9,044 SEK m 2012 2011 Change Net sales 36,306 34,795 4.3% Change in like-for-like sales, 0.3% -1.1% 1.4 % 4.1 3.6 3.4 Operating profit 1,192 1,250 -4.6% 2.8 2.8 Operating margin, % 3.3% 3.6% -0.3 Number of stores, Q4 -11 Q1 -12 Q2 -12 Q3 -12 Q4-12 246 237 9 Group-owned13
  14. 14. Willys January-December 2012• Best result ever• High pace in store modernization Net sales, SEK m Operating margin, % Key ratios 4,961 4,927 SEK m 2012 2011 Change 4,848 4,701 4,818 Net sales 19,407 18,904 2.7% Change in like-for-like sales, 0.0% -1.6% 1.6 4.4 4.5 % 4.1 3.9 3.6 Operating profit 796 775 2.7% Operating margin, % 4.1% 4.1% - Q4 -11 Q1 -12 Q2 -12 Q3 -12 Q4 -12 Number of stores 174 170 414
  15. 15. Hemköp January-December 2012• Good profit and sales performance• Increased marketing activities Net sales, SEK m Operating margin, % Key ratios 1,347 SEK m 2012 2011 Change 1,255 1,271 1,239 1,225 Net sales 5,082 4,787 6.2% Change in like-for-like sales, 2.0% 0.4% 1.6 %, Group-owned 4.1 Operating profit 133 94 41.5% 2.6 1.9 1.9 1.7 Operating margin, % 2.6% 2.0% 0.6 Number of stores Q4 -11 Q1 -12 Q2 -12 Q3 -12 Q4 -12 Group-owned 67 62 5 Franchise 114 121 -715
  16. 16. PrisXtra January-December 2012• Positive result• PrisXtra stores will be converted to Hemköp or Willys Net sales, SEK m Operating margin, % Key ratios SEK m 2012 2011 Change 140 132 130 127 Net sales 502 549 -8.6% 113 Change in like-for-like sales, 3.6 3.8 3.5 -8.6% -10.0% 1.4 3.0 2.4 % Operating profit 16 15 6.7 Operating margin, % 3.2% 2.7% -0.5 Q4 -11 Q1 -12 Q2 -12 Q3 -12 Q4 -12 Number of stores 5 5 -16
  17. 17. Axfood Närlivs January-December 2012• Good sales mainly driven by deliveries to new customers and new businesses Net sales, SEK m Operating margin, % Key ratios SEK m 2012 2011 Change 1,673 Net sales 6,336 5,516 14.9% 1,652 1,570 1,382 1,441 3.0 Distributed sales 5,822 4,992 16.6% Operating profit 113 110 2.7% 1.7 1.7 1.7 Operating margin, % 1.8% 2.0% -0,2 0.6 Number of stores, 20 20 - Axfood Snabbgross Q4 -11 Q1 -12 Q2 -12 Q3 -12 Q4 -12 Delivery reliability, % 97.9 97.7 0.217
  18. 18. Dagab January-December 2012• Increased costs due to implementation of the new business system – Will continue to affect the result during 2013 Net sales, SEK m Operating margin, % Key ratios SEK m 2012 2011 Change 6,264 6,000 6,348 6,273 6,022 Net sales 24,634 24,295 1.4% Distributed sales 17,205 16,981 1.3% 0.9 0.8 0.7 0.6 Operating profit 163 192 -15.1% 0.5 Operating margin, % 0.7% 0.8% -0.1 Q4 -11 Q1 -12 Q2 -12 Q3 -12 Q4 -12 Delivery reliability, % 97.5 97.1 0.418
  19. 19. Other January-December 2012• Net sales: SEK 4,521 m (4,156), +8.8%• Operating profit: SEK -29 m (64) – Impairment of SEK 55 m for the PrisXtra brand – Amortization of new business system of SEK 55 m (33)19
  20. 20. Key ratios January-December 2012 • Balance sheet, total: SEK 8,798 m (8,278) • Cash flow operating activity: SEK 1,915 m (1,384) • Capex: SEK 932 m (993) – Investment plan 2013: SEK 900-1,000 m • Reduced company tax rate had a positive Capital expenditure effect on profit after tax by SEK 50 m SEK m 1 000 • The Board of Directors proposes a dividend 800 of SEK 12 per share (12) 600 400 200 0 -09 -10 -11 -1220
  21. 21. Financial targets & dividend policy• Axfoods goal for 2013 is to achieve an operating profit at the same level as in 2012• Equity ratio of at least 25%• Shareholder dividend of at least 50% of profit for the year after tax• Long term target for an operating margin of 4%21
  22. 22. Summary• Stable result and sales performance• All business units delivered a positive result22
  23. 23. Axfood Q&A23

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