Axfood Q4 2010

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Axfood Q4 2010 presentation

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Axfood Q4 2010

  1. 1. Axfood AB Jan – Dec, 20101
  2. 2. Objectives and outcome 2010 Objectives 2010 Outcome Operating profit at least Operating profit +7.2% in level with 2009 Profitable growth Sales growth +5.8% The board proposes Dividend to shareholders dividend of SEK 12 per of at least 50% of profit share - 73% after tax of profit after tax2
  3. 3. Willys January - December 2010• Strong results and stable sales development• Increased market share – Growing number of stores – Improved shopping experience – Right price and product mix3
  4. 4. Hemköp January - December 2010• Positive result and like for like sales – Successful marketing strategy• New store in Stockholm City• EBIT margin 0.9%• Targeting EBIT margin of 2% 20114
  5. 5. PrisXtra January - December 2010• Unsatisfying development• Two stores affected by major road work• Result affected by one time cost of SEK 14 m5
  6. 6. Axfood Närlivs January - December 2010• Increased sales and market share – New agreements• EBIT margin in line with expectations6
  7. 7. Dagab January - December 2010 • Strong service level • Good cost control • Satisfying cooperation with the Vi-stores7
  8. 8. Market trends 2011• Continued tough competition• Price conscious customers• Average 2-3 % food price inflation• Decent outlook for Swedish economy8
  9. 9. Offensive investment strategy 2011• Approximately 15 new stores• Modernization of about 40 stores• Continued implementation of new business system9
  10. 10. Strategy for profitable growth• Optimize store operations• Stimulate sales growth• Good cost control and efficiency• Increased privat label share10
  11. 11. Axfood´s goal for 2011 To achieve an operating profit at least at the same level as 201011
  12. 12. Financial overview Jan – Dec, 201012
  13. 13. Axfood AB January - December 2010• Best result ever• Good sales developmentGroup, SEK m 2010 2009 ChangeNet sales 34,260 32,378 +5.8%Operating profit 1,209 1,128 +7.2%Operating margin 3.5% 3.5% -13
  14. 14. Willys January - December 2010 Sales Operating profit +5.8% +5.6% 18,613 17,589 772 731 -10 -09 -10 -09 2010 2009Operating margin 4.1% 4.2%14
  15. 15. Hemköp January - December 2010 Sales Operating profit +60.7% 4,978 5,335 45 28 -10 -09 -10 -09 2010 2009 Operating margin 0.9% 0.5%15
  16. 16. PrisXtra January - December 2010• Decrease in sales for two stores due to major road work• Result affected by one time cost of SEK 14 m PrisXtra, SEK m 2010 2009 Change Net sales 637 685 - 7.0% Operating profit -5 6 - Operating margin -0.8% 0.9% -16
  17. 17. Axfood Närlivs January - December 2010 • Good sales developement – New agreementsAxfood Närlivs, SEK m 2010 2009 ChangeNet sales 5,847 5,611 + 4.2%Operating profit 113 132 - 14.4%Operating margin 1.9% 2.4% - 17
  18. 18. Dagab January - December 2010 • Stable development • Good cost control and efficiency Dagab, SEK m 2010 2009 Change Net sales 25,701 24,052 + 6.9% Operating profit 189 147 + 28.6% Operating margin 0.7% 0.6% -18
  19. 19. Other January - December 2010• Sales: 204 Mkr (174)• Operating profit: 95 Mkr (84)19
  20. 20. Key ratios January - December 2010• Balance sheet, total: SEK 7,664 m (7,173)• Cash flow operating activity: SEK 1,365 m (1,558)• Capex: SEK 862 m (633)• Investment plan 2011: SEK 900 - 1,000 m20
  21. 21. Financial targets & dividend policy• Axfoods goal for 2011 is to achieve an operating profit at least at the same level as in 2010• Equity ratio of at least 25%• Shareholder dividend of at least 50% of profit for the year after tax• Long term target for operating margin: 4%21
  22. 22. Summary• Best result ever• Profitable growth22
  23. 23. Time for questions!23

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