Axfood q1 2012

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Axfood q1 2012

  1. 1. Axfood January-March, 20121
  2. 2. Axfood Q1 2012 Net sales• Solid sales growth: SEK 8,718 m (8,257) +5.6% 8,718 – Increased number of customers +5.6%• Good operating profit: SEK 248 m (241) +2.9%• Operating margin: 2.8% (2.9)• Intense activity in all areas2
  3. 3. Willys – Strong earnings and stable sales growth• Strong earnings: SEK 171 m (157) +8.9% – Operating margin: 3.6% (3.5)• Positive sales growth: SEK 4,701 m (4,545), +3.4%• Continued high pace in store modernisations Operating profit• Like-for-like sales affected by: – Weak growth for stores that are still not 171 modernised +8.9%3
  4. 4. Hemköp – Positive development• Good sales growth: SEK 1,239 m (1,205), +2.8% – Like-for-like sales: +3.1% – Good development in franchise stores• Increased profit: SEK 24 m (13), +84.6% – Operating margin: 1.9% (1.1)• Target 2012: Like-for-like sales – 3% operating margin• New store in Stockholm opened in April +3.1%4
  5. 5. PrisXtra – Continued positive result• Positive result: SEK 4 m (7)• Decrease in sales due to major road constructions – Net sales: SEK 132 m (144), -8.3% – Future strategic locations5
  6. 6. Axfood Närlivs – Increased market share• Good sales growth in all areas – Net sales: SEK 1,441 m (1,184) + 21.7% – New businesses – Favourable development in Axfood Snabbgross• Started to deliver to Statoil in January Net sales +21.7%6
  7. 7. Dagab – Efficient logistics• Efficiency and strong delivery reliability• Operating profit: SEK 33 m (41)• Result affected by: – Higher fuel prices – Increased costs due to implementation of the new business system Delivery reliability 97.5%7
  8. 8. Increased private label share• Highest private label share so far, 24.7% – Successful conversion to Group-wide label, Garant• Target 2012: – 25% private label share Private label share % 25 20 15 10 5 0 -01 -03 -05 -07 -09 -118
  9. 9. Market outlook 2012• Uncertain market development• Food price inflation at low levels• Continued tough competition• Price conscious customers9
  10. 10. New union agreement • New one year agreement from 1 April – Increased cost of 2.6% during the agreement period10
  11. 11. Strategy for profitable growth 2012• Stimulate sales growth – Well operated stores• Increased private label share• Efficiency and cost control• Ambitious pace of investment – SEK 900 – 1,000 m (993) – Continued high pace in store establishments and renewals – Implementation of the new business system continues11
  12. 12. Axfood’s goal for 2012 Achieve an operating profit in line with 201112
  13. 13. Financial Overview January-March, 201213
  14. 14. Axfood Q1 2012 Net sales, MSEK Operating margin, % Key ratios Q1 Q1 Change 8,889 8,735 8,914 8,718 SEK m 2012 2011 8,257 Net sales 8,718 8,257 5.6% Change in like-for-like sales, 0.2% -0.4% 0.6 % 4.2 3.6 3.6 2.9 Operating profit 248 241 2.9% 2.8 Operating margin, % 2.8% 2.9% -0.1 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12 Number of stores, 239 229 10 Group-owned14
  15. 15. Willys Q1 2012 Net sales, MSEK Operating margin, % Key ratios Q1 Q1 Change SEK m 2012 2011 4,805 4,706 4,848 4,701 4,545 Net sales 4,701 4,545 3.4% Change in like-for-like sales, -0.3% -2.7% 2.4 4.5 % 4.3 4.1 3.6 3.5 Operating profit 171 157 8.9% Operating margin, % 3.6% 3.5% 0.1 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12 Number of stores 170 162 815
  16. 16. Hemköp Q1 2012 Net sales, MSEK Operating margin, % Key ratios Q1 Q1 Change SEK m 2012 2011 1,205 1,255 1,239 1,184 1,143 Net sales 1,239 1,205 2.8% Change in like-for-like sales, 3,1% 0,6% 2.5 % Operating profit 24 13 84.6% 3.0 1.9 1.9 1.9 Operating margin, % 1.9% 1.1% 0.8 1.1 Number of stores Q1 -11 Q2 -1 Q3 -11 Q4 -11 Q1 -12 Group-owned 64 62 2 Franchise 119 82 3716
  17. 17. PrisXtra Q1 2012 Net sales, MSEK Operating margin, % Key ratios Q1 Q1 Change SEK m 2012 2011 144 142 140 132 Net sales 132 144 -8.3% 4.9 123 Change in like-for-like sales, 3.6 -8.3% -12.7% 4.4 2.8 3.0 % Operating profit 4 7 -57.1% -0.8 Operating margin, % 3.0% 4.9% 1.9 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12 Number of stores 5 5 -17
  18. 18. Axfood Närlivs Q1 2012 Net sales, MSEK Operating margin, % Key ratios Q1 Q1 Change SEK m 2012 2011 Net sales 1,441 1,184 21.7% 1,467 1,483 1,441 1,382 1,184 3.0 Distributed sales 1,326 1,072 23.7% 2.5 1.7 Operating profit 8 6 33.3% Operating margin, % 0.6% 0.5% 0.1 0.5 0.6 Number of stores, 20 19 1 Q1 -11 Q2 -1 Q3 -11 Q4 -11 Q1 -12 Axfood Snabbgross Delivery reliability, % 97.9 97.9 -18
  19. 19. Dagab Q1 2012 Net sales, MSEK Operating margin, % Key ratios Q1 Q1 Change SEK m 2012 2011 6,199 6,273 5,807 6,016 6,022 Net sales 6,022 5,807 3.7% Distributed sales 4,211 4,051 3.9% 0.9 0.9 0.7 0.7 Operating profit 33 41 -19.5% 0.5 Operating margin, % 0.5% 0.7% -0.2 Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12 Delivery reliability, % 97.5 97.0 0.519
  20. 20. Other Q1 2012• Sales: SEK 1,079 m (1,020)• Operating profit: SEK 8 m (17) – Result affected by higher depreciation for the new business system20
  21. 21. Key ratios January-March 2012• Balance sheet, total: SEK 8,603 m (7,709)• Cash flow operating activity: SEK 416 m (293)• Capex: SEK 323 m (220) – 50% of the wholesale company Hall Miba was acquired – Investment plan 2012: SEK 900 – 1,000 m (993)21
  22. 22. Financial targets & dividend policy• Axfoods goal for 2012 is to achieve an operating profit at the same level as in 2011• 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%22
  23. 23. Summary• Stable result• Good sales development23
  24. 24. Axfood Q&A24

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