CDON Group Q1 2012

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CDON Group Q1 2012

  1. 1. Financial  Results  for  the  First  Quarter  2012                                  18  April  2012    
  2. 2. First  quarter    Yet  another  record  quarter  with  67%  year  on  year  sales  growth  -­‐  Increased  investments  in  growth   OperaCng  development  •  Net  sales  up  67%  y/y  to  SEK  954.3  (571.8)  mn   •  Net  sales  up  66%  at  constant  exchange  rates   1200 12,0% 954 1000 10,0%   800 8,0%•  Gross  profit  up  23%  y/y  to  SEK  135.6  (109.9) mn  with   SEK  (million) 572 600 6,0% Margin a  gross  margin  of  14.2%   400 4,0%   3,5% 200 2,0% 20 -­‐12•  OperaRng  profit  of  SEK  1.9  (20.1)  mn  &  operaRng   0 0,0% margin  of  0.2%  excluding  non  recurring  items   -­‐1,3% -­‐200 -­‐2,0% Q1  2 011 Q1  2012 Net  Sales Operating  profit Operating  margin•  OperaRng  profit  of  SEK  -­‐12.1  (20.1)  mn  &  operaRng   margin  of  -­‐1.3%  including  non  recurring  items  of  SEK   14.0  mn   No.  of  website  visits  (’000)   No.  of  orders  (’000)     70  000 1  800•  Pre-­‐tax  profit  of  SEK  -­‐17.5m  (16.7)  mn  &  net  income   60  000 +72%   1  600  +26%   of  SEK  -­‐13.1  (12.7)  mn   50  000 1  400 1  200 •  Earnings  per  share  of  SEK  -­‐0.18   40  000 1  000   800 30  000 600 20  000 400 10  000 200 0 0 Q1  2011 Q1  2012 Entertainment Fashion Entertainment Fashion Sports  &  Health Home  &  Garden Sports  &  Health Home  &  Garden 2  
  3. 3. Group  Summary   Entertainment   Fashion   Sports  &  Health   Home  &  Garden   Q1-­‐12   FY-­‐11   Q1-­‐12   FY-­‐11   Q1-­‐12   FY-­‐11   Q1-­‐12   FY-­‐11   Q1-­‐12   FY-­‐11   Net  sales   484   1,929   196   728   128   377   146   370   954   3,404   Growth  yoy   34%   29%   76%   69%   32%   33%   n/a   n/a   67%   54%   Sales  share   51%   57%   21%   21%   13%   11%   15%   11%   100%   100%   EBIT   24   102   -­‐38   20   13   40   -­‐6   5   -­‐12   129   EBIT  margin   5.0%   5.3%   -­‐19.6%   2.7%   10.4%   10.5%   -­‐4.0%   1.4%   -­‐1.3%   3.8%   Visits   22.3   81.4   30.3   75.0   3.5   9.5   2.6   5.9   58.7   171.8   Orders   1.0   4.2   0.3   1.1   0.2   0.5   0.1   0.1   1.6   6.0   3  
  4. 4. Business  Profile  &  Performance   4  
  5. 5. Entertainment  Increased  sales  volumes  in  all  markets   OperaCng  development  •  Sales  up  34%  y/y  in  Q1   •  CDON    Group  strengthen  its    posiRon  within  all   600 10,0% product  categories.     484 •  The  product  category  consumer  electronics  have   8,0% 361 increased  its  product  assortment  significantly   400 SEK  (million) Margin 6,0%   5,0% 5,0%•  Represented  51%  (63%)  of  total  Group  sales  in  Q1   200 4,0%   2,0%•  OperaRng  profits  of  SEK  24.1  (18.2)  mn  in  Q1   18 24 0 0,0% •  OperaRng  margin  of  5.0%  (5.0%)   Q1  2011 Q1  2012 Net  Sales Operating  profit Operating  margin No.  of  website  visits  (’000)   No.  of  orders  (’000)   23  0 00 1  0 60 +18%   +12%   1  0 40 22  0 00 1  0 20 1  0 00 21  0 00 980 20  0 00 960 940 19  0 00 920 900 18  0 00 880 17  0 00 860 Q1  2 011 Q1  2 012 Q1  2 011 Q1  2 012 5  
  6. 6. Fashion  76%  year  on  year  revenue  growth  in  Q1  following  geographical  expansions  and  market  share  gains  on  the  Nordic  market   OperaCng  development  •  Sales  increased  by  76%  y/y  in  Q1   •  Strong  growth  despite  moderate  development  on  the   400 40,0% general  clothing  and  shoes  market   30,0% •  New  sales  branch  for  the  BriRsh  market  opened  in  the   196 period   200 112 20,0% SEK  (million) Margin 10,0%•  Represented  21%  (20%)  of  total  Group  sales   0 0,0% -­‐4 -­‐3,9% -­‐39 -­‐10,0%•  OperaRng  profits  of  SEK  -­‐24.5  (-­‐4.4)  mn  in  Q1   excluding  non  recurring  items  and  SEK  -­‐38.5  (-­‐4.4)   -­‐200 -­‐19,6% -­‐20,0% Q1  2 011 Q1  2012 mn  including  non  recurring  items  of  SEK  14  mn   Net  Sales Operating  profit Operating  margin •  OperaRng  margin  of  -­‐19.6%  (-­‐3.9%)  including  non   recurring  items   No.  of  website  visits  (’000)   No.  of  orders  (’000)   •  RelocaRon  of  warehouse  for  Nelly.com  is  expected  to   35  0 00 350 result  in  non  recurring  costs  of  SEK  22.0  mn,  spread   +136%   +71%   over  Q1-­‐Q3  2012,  of  which  SEK  7.0  mn  has  been   30  0 00 300 aaributed  to  Q1   25  0 00 250 •  AddiRonal  one  off  costs  in  Q1  of  SEK  7.0  mn  related  to   adjusted  offset  model  for  returned  goods   20  0 00 200 •  SEK  20.5  mn  was  set  aside  for  the  geographical   15  0 00 150 expansion  of  Nelly.com  outside  the  Nordic  countries   10  0 00 100 5  0 00 50   0 0 Q1  2 011 Q1  2 012 Q1  2 011 Q1  2 012 6  
  7. 7. Sports  &  Health  32%  year  on  year  revenue  growth  in  Q1  with  conRnued  geographical  expansion   OperaCng  development  •  Sales  up  32%  y/y  in  Q1   •  Growth  in  all  product  categories  and  markets  with   200 14,0% strongest  growth  in  Finland,  Norway  and  Denmark   12,0% •  Private  label  Star  NutriRon  has  widened  its  assortment   11,2% 10,4% 128 10,0%   SEK  (million) Margin 97 8,0%•  Sports  &  Health  segment  represented  13%  (17%)  of   6,0% Group  sales  in  the  period   4,0%   11 13 2,0%•  OperaRng  profits  of    SEK  13.3  (10.8)  mn     0 0,0% •  OperaRng  margins  of  10.4%  (11.2%)     Q1  2 011 Q1  2012 •  Margins  affected  by  market  investments   Net  Sales Operating  profit Operating  margin   No.  of  website  visits  (’000)   No.  of  orders  (’000)   4  0 00 200 +47%   +27%   3  5 00 180 160 3  0 00 140 2  5 00 120 2  0 00 100 1  5 00 80 60 1  0 00 40 500 20 0 0 Q1  2 011 Q1  2 012 Q1  2 011 Q1  2 012 7  
  8. 8. Home  &  Garden  Increasing  market  shares   OperaCng  development  •  The  Q1  2011    figures  for  the  Home  &  Garden   segment  includes  Rum21  from  Feb  2011.  In  Q2  2011   150 146 7,0% Tref.com  was  acquired   100 5,0% 4,4% SEK  (million) 3,0%•  The  segment’s  sales  amounted  to  SEK  146.3  (2.4)  mn   Margin 50 2 in  Q1   0 1,0% 0 -­‐6 -­‐1,0%•  Home  &  Garden  accounted  for  15%  of  total  Group   -­‐50 -­‐3,0% sales  in  Q1   -­‐100 -­‐4,1% -­‐5,0% Q1  2 011 Q1  2012•  OperaRng  profit  of  SEK  -­‐5.9  (0.1)  mn  in  Q1     Net  Sales Operating  profit Operating  margin •  OperaRng  margins  of  -­‐4.0%  (4.4%)   •  The  segment’s  operaRng  margin  is  under  pressure  as  a   result  of  the  Nordic  expansion  and  strong  pressure  on   prices  in  the  white  goods  category   8  
  9. 9. Financial  Performance  &  PosiCon   9  
  10. 10. Income  Statement   2012 2011•  Net  interest  &  other  financial  items  of   (SEK  million) Jan-­‐Mar Jan-­‐Mar SEK  -­‐5.4  (-­‐3.4)  mn  in  Q1    reflected:   Net  Sales 954,3 571,8 •  The  Group’s  SEK  200  mn  revolving   Gross  profit 135,6 109,9 credit  facility  and  interests  costs  related   Gross  margin  (%) 14,2% 19,2% to  it   Operating  profit  e xcl  non-­‐ •  Interest  costs  related  to  the  converRble   1,9 20,1 recurring  i tems bond  issued  in  December  2010   Opearting  margin% 0,2% 3,5%   Operating  profit  i ncl  non-­‐ -­‐12,1 20,1•  PosiRve  income  tax  effect  of    SEK  4.5     recurring  i tems (-­‐4.0)  mn     Opearting  margin% -­‐1,3% 3,5% Income  before  tax -­‐17,5 16,7 Net  i ncome -­‐13,1 12,7 Basic  e arnings  per  share  (SEK) -­‐0,18 0,19 Diluted  e arnings  per  share -­‐0,18 0,19 10  
  11. 11. Cash  Flow   2012 2011 2011•  Cash  flow  from  operaRng  acRviRes  before   (SEK  million) Jan-­‐Mar Jan-­‐Mar Jan-­‐Dec changes  in  working  capital  of  SEK  -­‐32.8       Cash  flow  from  operating   (2.2)  mn  in  Q1   activities -­‐32.8 2.2 124.3   Changes  i n  working  capital -­‐201.7 -­‐164.1 71.6•  SEK  -­‐201.7  (-­‐164.1)  million  change  in  working   Cash  flow  from  operations -­‐234.5 -­‐161.9 195.9 capital  in  Q1   Cash  flow  from/to  i nvesting   •  Higher  inventory  levels  due  to  increase  of   -­‐12.0 -­‐7.3 -­‐345.8 activities more  inventory  intensive  products  in  the   Entertainment  segment  (mainly  consumer   Cash  flow  from/to  financing   0.0 0.0 136.2 electronics),  the  Fashion  and  Sports  &   activities Health  segments,  but  also  due  to  the   Change  and  cash  e quivalents  for   -­‐246.6 -­‐169.2 -­‐13.8 acquisiRon  of  Tref   the  period Cash  and  cash  e quivalents  at  the  •  Cash  flow  to  invesRng  acRviRes  of  SEK       periods  start 417.4 431.3 431.3 -­‐12.0  (-­‐7.3)  mn  in  Q1   Translation  difference -­‐0.2 -­‐0.8 -­‐0.1 •  Primarily  reflected  investments  in  the   Cash  and  cash  e quivalents  at  the   170.6 261.3 417.4 Group’s  web  plajorms     periods  e nd 11  
  12. 12. Financial  PosiCon   2012 2011 2011•  Capital  employed  decreased  by  SEK  11.3  mn   (SEK  million) 31-­‐mar 31-­‐mar 31-­‐Dec y/y  to  SEK  785.8  mn  in  Q1   Total  non-­‐current  assets 611,8 274,0 603,3 Inventories 509,6 295,8 459,1•  Return  on  capital  employed  declined  y/y  to     13.1%  (27.0%)  in  Q1   Total  receivables 143,5 106,6 145,6 Cash  and  cash  e quivalents 170,7 261,3 417,4•  Total  long-­‐term  interest  bearing  borrowings   Total  assets 1  435,6 937,7 1  625,3 of  SEK  366.8  (209.0)  mn  in  Q1   Total  e quity 404,0 360,5 417,3•  Net  debt  posiRon  of  SEK  196.1  (-­‐52.2)  mn  at   Interest  bearing  l iabilities 381,8 209,0 379,8 the  end  of  Q1,  compared  to  net  cash   Non-­‐interest  bearing  l iabilites 649,8 368,2 828,2 posiRon  of  SEK  37.6  mn  in  the  end  of  Q4   Total  e quity  and  l iabilities 1  435,6 937,7 1  625,3 2011  •  Cash  and  cash  equivalents  decreased  to  SEK   107.7  (261.3)  mn  at  the  end  of  Q1,   compared  to  SEK  417.4  mn  at  the  end  of  Q4   2011   12  
  13. 13. Long-­‐term  AmbiCon  and  Strategic  PrioriCes  To  become  a  leading  e-­‐commerce  player  in  each  of  the  Group’s  operaRng  market  segments  &  territories     Market leading in every segment in which we choose to compete              AmbiCon  level   Grow faster than competitors EBIT margin in line with peers Strategic    PrioriCes   ConRnue   Establish     Drive  growth     Secure     Pursue  M&A   roll  out  Fashion     CDON.com     in  verRcals  by   OperaRonal     and  Start-­‐ups   internaRonally   shopping  mall   leveraging   Excellence   into  new  and           exisRng   segments       Strategic  Enabler   Talent   13  
  14. 14. For  further  informaCon,  please  visit  www.cdongroup.com  or  contact:    CDON  Group  Investor  RelaCons      +  46  (0)  70  080  76  46  ir@cdongroup.com                          Follow  us  on  Twiaer:  hap://twiaer.com/#!/cdongroup        

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