CDON Group reported strong financial results for Q3 2011, with a 61% year-over-year increase in sales reaching a record SEK 826.4 million. Gross profit increased 46.7% and operating profit was SEK 33.7 million, excluding one-time items. For the first nine months of 2011, net sales increased 45% to SEK 2,087.3 million and gross profit grew 32.6%, while operating profit was SEK 77.6 million when excluding one-time costs. The company also launched new sites and expanded existing brands into new markets during the period.
Financial Results for the Second Quarter and First Six Months 2012
1) For the second quarter, the company experienced 38% year-over-year sales growth but an operating loss of SEK -43.5 million due to non-recurring costs.
2) For the first half of the year, sales were up 51% year-over-year but the company reported an operating loss of SEK -55.6 million resulting from warehouse relocation costs and adjustments to their returned goods model.
3) While sales increased substantially, costs from strategic projects led to overall losses for both the quarter and first six months of the year.
Qliro Group reported 5% sales growth in the second quarter excluding foreign exchange effects. EBITDA improved to SEK 2.3 million compared to negative SEK 6.7 million in the prior year. Key highlights included a SEK 250 million sale of Tretti AB planned for the third quarter and earnings improvements at Nelly and Gymgrossisten. Sales growth continued at Lekmer and Qliro Financial Services development was in line with expectations.
The financial results document summarizes the company's financial performance for Q2 and the first half of 2011. Some key points:
- Net sales increased 51% in Q2 and 36% for the first half year due to acquisitions and sales growth across all segments.
- Operating profit decreased in both periods due to investments in expansion and a shift in product mix in the Entertainment segment.
- Each business segment was profitable in Q2 despite ongoing investments. The newly acquired Home & Garden segment contributed sales of SEK 48.9 million.
- Year-over-year sales growth was seen across all segments, ranging from 33-58% increase, demonstrating continued strong performance.
1) CDON Group reported record fourth quarter sales and a successful demerger and listing on the Nasdaq OMX Stockholm exchange.
2) Net sales increased 25% year-over-year to SEK 768.9 million in Q4 and 27% to SEK 2,210.0 million for the full year.
3) Operating profit was SEK 38.1 million in Q4 and SEK 134.6 million for the full year, reflecting stable profits and healthy growth across all business segments.
- Qlirogroup reported continued strong growth in the second quarter of 2015, with Nelly sales up 15% and CDON Marketplace up 75%.
- Net sales increased 15% to SEK 337.7 million for Nelly and 6% to SEK 205.5 million for Gymgrossisten.
- CDON Marketplace continues expanding, with gross merchandise value from external merchants up 75% and nearly 600 merchants now on the platform.
Qliro Group AB (publ.) Q4/FY 2014 Financial presentationqlirogroup
- Total sales for the company grew 15% in the fourth quarter and for the full year, with all business segments showing sales growth.
- EBITDA, excluding non-recurring items, was SEK 49 million for 2014, and the company had positive cash flow from operations of SEK 75 million.
- The company completed a SEK 647 million rights issue and early redemption of a SEK 250 million convertible bond.
- Cash and cash equivalents increased to SEK 534 million in the fourth quarter, and consolidated equity increased to SEK 1,314 million.
- The document provides an overview of Qliro Group's financial and operational highlights for the third quarter and first nine months of 2015.
- Key points include completed initiatives at Lekmer and CDON warehouses, strengthened management teams, and continued growth at Tretti and CDON Marketplace.
- Business segments like Nelly saw growth in Sweden but lower sales in other Nordic countries. Gymgrossisten completed a reorganization.
- Financially, net sales were in line with last year but EBIT margins declined due to currency impacts. Cash flow from operations improved from Q3 2014.
- Qlirogroup reported total sales of SEK 1.685,5 million in Q4 2015 and SEK 5.174,1 million for the full year, with growth in several business segments such as CDON Marketplace, Nelly, and Gymgrossisten.
- EBITDA excluding non-recurring items was SEK 7 million for Q4, with a net loss of SEK 29.4 million.
- Challenges continued at the Lekmer warehouse, with operational disturbances and a CEO change, contributing to a SEK 26.2 million one-time cost.
- Qliro Financial Services reported a positive EBITDA for the first time as the loan book grew
Financial Results for the Second Quarter and First Six Months 2012
1) For the second quarter, the company experienced 38% year-over-year sales growth but an operating loss of SEK -43.5 million due to non-recurring costs.
2) For the first half of the year, sales were up 51% year-over-year but the company reported an operating loss of SEK -55.6 million resulting from warehouse relocation costs and adjustments to their returned goods model.
3) While sales increased substantially, costs from strategic projects led to overall losses for both the quarter and first six months of the year.
Qliro Group reported 5% sales growth in the second quarter excluding foreign exchange effects. EBITDA improved to SEK 2.3 million compared to negative SEK 6.7 million in the prior year. Key highlights included a SEK 250 million sale of Tretti AB planned for the third quarter and earnings improvements at Nelly and Gymgrossisten. Sales growth continued at Lekmer and Qliro Financial Services development was in line with expectations.
The financial results document summarizes the company's financial performance for Q2 and the first half of 2011. Some key points:
- Net sales increased 51% in Q2 and 36% for the first half year due to acquisitions and sales growth across all segments.
- Operating profit decreased in both periods due to investments in expansion and a shift in product mix in the Entertainment segment.
- Each business segment was profitable in Q2 despite ongoing investments. The newly acquired Home & Garden segment contributed sales of SEK 48.9 million.
- Year-over-year sales growth was seen across all segments, ranging from 33-58% increase, demonstrating continued strong performance.
1) CDON Group reported record fourth quarter sales and a successful demerger and listing on the Nasdaq OMX Stockholm exchange.
2) Net sales increased 25% year-over-year to SEK 768.9 million in Q4 and 27% to SEK 2,210.0 million for the full year.
3) Operating profit was SEK 38.1 million in Q4 and SEK 134.6 million for the full year, reflecting stable profits and healthy growth across all business segments.
- Qlirogroup reported continued strong growth in the second quarter of 2015, with Nelly sales up 15% and CDON Marketplace up 75%.
- Net sales increased 15% to SEK 337.7 million for Nelly and 6% to SEK 205.5 million for Gymgrossisten.
- CDON Marketplace continues expanding, with gross merchandise value from external merchants up 75% and nearly 600 merchants now on the platform.
Qliro Group AB (publ.) Q4/FY 2014 Financial presentationqlirogroup
- Total sales for the company grew 15% in the fourth quarter and for the full year, with all business segments showing sales growth.
- EBITDA, excluding non-recurring items, was SEK 49 million for 2014, and the company had positive cash flow from operations of SEK 75 million.
- The company completed a SEK 647 million rights issue and early redemption of a SEK 250 million convertible bond.
- Cash and cash equivalents increased to SEK 534 million in the fourth quarter, and consolidated equity increased to SEK 1,314 million.
- The document provides an overview of Qliro Group's financial and operational highlights for the third quarter and first nine months of 2015.
- Key points include completed initiatives at Lekmer and CDON warehouses, strengthened management teams, and continued growth at Tretti and CDON Marketplace.
- Business segments like Nelly saw growth in Sweden but lower sales in other Nordic countries. Gymgrossisten completed a reorganization.
- Financially, net sales were in line with last year but EBIT margins declined due to currency impacts. Cash flow from operations improved from Q3 2014.
- Qlirogroup reported total sales of SEK 1.685,5 million in Q4 2015 and SEK 5.174,1 million for the full year, with growth in several business segments such as CDON Marketplace, Nelly, and Gymgrossisten.
- EBITDA excluding non-recurring items was SEK 7 million for Q4, with a net loss of SEK 29.4 million.
- Challenges continued at the Lekmer warehouse, with operational disturbances and a CEO change, contributing to a SEK 26.2 million one-time cost.
- Qliro Financial Services reported a positive EBITDA for the first time as the loan book grew
Cdon group Q1 2013 and rights issue presentationQliro Group AB
CDON Group AB announces a rights issue of approximately SEK 500 million to strengthen its capital structure and facilitate growth. The goal is to double net sales from SEK 4.5 billion in 2012 to over SEK 9 billion in 2017. The rights issue is fully secured by a subscription commitment from major shareholder Kinnevik for 25% and a guarantee for the remainder. First quarter sales grew 10% year-over-year to SEK 1.051 billion while operating profit declined to a loss of SEK 7.8 million.
CDON Group reported financial results for the fourth quarter and full year of 2013. Key highlights included positive operating results across all four business segments, continued strong growth in the Sports & Health segment, healthy inventory levels and a stronger financial position. For the fourth quarter, net sales declined 4.6% compared to the previous year excluding divested operations and currency effects, mainly due to a decline in the Entertainment segment. The company launched new initiatives such as CDON.com's Marketplace and the expansion of Nelly.com to new markets.
1. CDON Group announced a rights issue of SEK 650 million to capture growth opportunities such as expanding subsidiaries like Nelly, launching the Qliro Payment Solution, and strengthening its balance sheet.
2. In Q3 2014, CDON Group saw sales growth of 21% and a positive operating profit. All business segments showed sales growth, led by a 30% increase at Nelly.
3. CDON Group will change to a new financial reporting structure with separate reporting for business segments like CDON.com, Nelly, Tretti, and Gymgrossisten. It will also adopt new long-term financial targets for each company.
CDON Group reported financial results for the second quarter and first six months of 2013. Net sales increased 4.2% year-over-year in Q2 to SEK 964.3 million, driven by strong growth in the Fashion and Sports & Health segments. However, results were burdened by non-recurring costs of SEK 32 million at CDON. The rights issue completed in the quarter provided approximately SEK 502 million and restructured the Group's credit facilities. Net debt was reduced to SEK 50.0 million compared to SEK 590.3 million at the end of Q1.
Qliro Group Q4 and year-end results 2016qlirogroup
- Qlirogroup reported increased net sales of 2% and gross margin up 4.2 percentage points for Q4 2016.
- CDON Marketplace external merchant sales grew 75% in Q4. Nelly's operating income improved significantly over 30m SEK.
- Qliro Financial Services saw a 70% increase in revenue and positive profit before tax of 11.2m SEK for Q4.
- The company conducted a strategy review and some business segments faced challenges but showed improvements.
- Qliro Group reported net sales in line with the first quarter of last year. CDON Marketplace sales to external merchants grew 19% while overall sales declined 5%.
- Nelly sales grew 8% excluding foreign exchange effects, with strong 17% growth in Sweden. Gymgrossisten sales declined 11% from a record first quarter last year.
- Marcus Lindqvist was appointed as the new CEO of Qliro Group. The company expects growth rates to be consistent with or above market rates for each segment over the long term.
- E-commerce gross profit increased 15% to SEK 162m and Financial Services reached operating profitability before depreciations. Group operating income before depreciation improved SEK 26m.
- CDON Marketplace increased external merchant sales by 93% and Nelly substantially increased profits. Qliro Financial Services became a credit market company.
- However, Lekmer remained weak with declining sales in Sweden, partly offset by growth in Norway, Denmark and Finland.
CDON Group reported 10% sales growth in the first quarter of 2014 with positive results. Three of the four business segments saw sales increases. Cash flow improved by 160 million SEK year-over-year. The Sports & Health segment continued its strong growth while the Fashion segment launched new sites in new markets.
CDON Group reported financial results for the third quarter and first nine months of 2013. Key highlights included growth and margin improvements in three of four business segments, with the Sports & Health segment continuing to deliver solid profitability. While net sales were slightly down year-over-year for the third quarter, excluding currency effects sales saw slight growth. The company saw an increase in cash flow from operations and a reduction in its net debt position compared to the previous year.
- Gross margin increased 3 percentage points to 17.8% in Q3 2016 compared to Q3 2015. Operating income before depreciation and amortization (EBITDA) improved but was still negative at SEK -12.7 million.
- Nelly significantly improved operating income to SEK 10 million for Q3 2016. CDON Marketplace external merchant sales grew 75% in Q3 2016 compared to Q3 2015.
- Gymgrossisten continued to deliver solid profits in Q3 2016 as higher product margins offset slightly lower sales. Lekmer sales grew 3% in Q3 2016 but operating income margins remained negative.
- A strategic review of the group will be completed by the end
- Qlirogroup reported continued strong growth in the first quarter of 2015, with overall net sales up 8% and growth in three of its four business segments.
- Nelly sales grew 15% and CDON Marketplace's external merchant sales increased 83%, while Gymgrossisten and Tretti also saw sales growth.
- Qliro Financial Services launched successfully in December 2014 and continued its roll-out in the first quarter, processing over 500,000 orders and growing its business volume to SEK 447.9 million.
- The company expects further investment in growth across the Nordic region and for Qliro Financial Services to gradually improve earnings and be profitable in 2016.
In the second quarter of 2014:
- Net sales grew 16% to SEK 1,110.9 million across all business segments
- The Entertainment segment accounted for 40% of sales but saw a 7% growth in sales from CDON.com and strong growth at Lekmer
- Operating profit improved to break even at SEK 0.0 million compared to a loss of SEK -5.6 million in the same period last year
- Cash flow from operating activities improved to SEK 2.5 million from SEK -6.3 million in the second quarter of 2013
MTG reported financial results for Q1 2013. Key highlights include:
- Sales were up 2% year-over-year at constant FX rates, driven by strong growth in emerging markets.
- EBIT was SEK 454 million including SEK 235 million from associated companies.
- Net income was SEK 334 million, down from SEK 454 million in Q1 2012.
- Cash flow from operations was SEK 267 million including receipt of SEK 58 million in dividends from associated companies.
Modern Times Group reported financial results for Q1 2011 with the following highlights:
- Sales increased 10% year-over-year to SEK 3,125 million at constant currency rates.
- Operating income grew 15% to SEK 432 million excluding associated income.
- Net income from continuing operations rose 78% to SEK 490 million.
Highlights of the third quarter of 2012. Net sales amounted to SEK 27,171m (25,650) and income for the period was SEK 985m (825), or SEK 3.43 (2.90) per share. Net sales improved by 5.9%, of which 4.6% was organic growth, 5.1% acquisitions and –3.8% changes in exchange rates.
Axfood reported stable earnings for the third quarter of 2012, with net sales increasing 3.5% to SEK 9,044 million. The operating margin was 4.1%, down slightly from 4.2% in the previous year. All of Axfood's business units saw positive results, with Hemköp reporting sales growth of 7.2% and Willys achieving its best third quarter result ever with a 1.4% increase in operating profit. Axfood aims to achieve an operating profit for 2012 at the same level as 2011 through continued sales growth, high levels of private label products, efficiency improvements, and investments in store renewals.
Kemira Interim Report Q3/2011 result presentationKemira Oyj
Kemira reported higher revenue and profits for the third quarter of 2011 compared to the previous year. Revenue increased slightly due to 6% organic growth offset by divestments and currency effects. Operative EBIT also increased due to higher sales prices offsetting increased variable and fixed costs. For the paper segment, revenue decreased due to divestments and currency impacts, while operative EBIT margin declined slightly. The municipal and industrial segment saw revenue and operative EBIT increase due to higher sales prices and volumes. Kemira expects full year 2011 revenue and profits to be above 2010 levels despite rising raw material costs.
Hans Stråberg, President and CEO of Electrolux, presented the Q3 2009 results. The key points included:
- Record high earnings and improved results in all regions due to cost savings, price and mix improvements, and lower raw material costs despite weak market demand.
- Continued strong cash flow with over SEK 3.5 billion better operating cash flow than Q3 2008 due to positive earnings and improved working capital.
- All consumer durable regions showed cost reductions and mix improvements leading to increased margins despite weak markets, with Latin America seeing strong demand and Asia Pacific gaining market share.
CDON Group Q4 & FY 2011 Financial PresentationQliro Group AB
- The company reported record financial results for Q4 and full year 2011, with 71% year-over-year sales growth in Q4 to SEK 1316.4 million and 54% full year sales growth to SEK 3,403.7 million.
- Operating profit for Q4 increased to SEK 71.3 million with an operating margin of 5.4% and pre-tax profit for Q4 was SEK 65.9 million.
- For the full year, gross profit increased 48% to SEK 602.3 million with a gross margin of 17.7% excluding non-recurring items.
CDON Group reported strong financial results for the first quarter of 2011, with net sales up 22% to SEK 571.8 million and operating profit of SEK 20.1 million. Gross profit increased 17.4% to SEK 109.9 million. The company saw sales growth across all business segments, with the entertainment segment representing 63% of total sales. Operating costs increased due to investments in expanding existing and newly acquired businesses.
Cdon group Q1 2013 and rights issue presentationQliro Group AB
CDON Group AB announces a rights issue of approximately SEK 500 million to strengthen its capital structure and facilitate growth. The goal is to double net sales from SEK 4.5 billion in 2012 to over SEK 9 billion in 2017. The rights issue is fully secured by a subscription commitment from major shareholder Kinnevik for 25% and a guarantee for the remainder. First quarter sales grew 10% year-over-year to SEK 1.051 billion while operating profit declined to a loss of SEK 7.8 million.
CDON Group reported financial results for the fourth quarter and full year of 2013. Key highlights included positive operating results across all four business segments, continued strong growth in the Sports & Health segment, healthy inventory levels and a stronger financial position. For the fourth quarter, net sales declined 4.6% compared to the previous year excluding divested operations and currency effects, mainly due to a decline in the Entertainment segment. The company launched new initiatives such as CDON.com's Marketplace and the expansion of Nelly.com to new markets.
1. CDON Group announced a rights issue of SEK 650 million to capture growth opportunities such as expanding subsidiaries like Nelly, launching the Qliro Payment Solution, and strengthening its balance sheet.
2. In Q3 2014, CDON Group saw sales growth of 21% and a positive operating profit. All business segments showed sales growth, led by a 30% increase at Nelly.
3. CDON Group will change to a new financial reporting structure with separate reporting for business segments like CDON.com, Nelly, Tretti, and Gymgrossisten. It will also adopt new long-term financial targets for each company.
CDON Group reported financial results for the second quarter and first six months of 2013. Net sales increased 4.2% year-over-year in Q2 to SEK 964.3 million, driven by strong growth in the Fashion and Sports & Health segments. However, results were burdened by non-recurring costs of SEK 32 million at CDON. The rights issue completed in the quarter provided approximately SEK 502 million and restructured the Group's credit facilities. Net debt was reduced to SEK 50.0 million compared to SEK 590.3 million at the end of Q1.
Qliro Group Q4 and year-end results 2016qlirogroup
- Qlirogroup reported increased net sales of 2% and gross margin up 4.2 percentage points for Q4 2016.
- CDON Marketplace external merchant sales grew 75% in Q4. Nelly's operating income improved significantly over 30m SEK.
- Qliro Financial Services saw a 70% increase in revenue and positive profit before tax of 11.2m SEK for Q4.
- The company conducted a strategy review and some business segments faced challenges but showed improvements.
- Qliro Group reported net sales in line with the first quarter of last year. CDON Marketplace sales to external merchants grew 19% while overall sales declined 5%.
- Nelly sales grew 8% excluding foreign exchange effects, with strong 17% growth in Sweden. Gymgrossisten sales declined 11% from a record first quarter last year.
- Marcus Lindqvist was appointed as the new CEO of Qliro Group. The company expects growth rates to be consistent with or above market rates for each segment over the long term.
- E-commerce gross profit increased 15% to SEK 162m and Financial Services reached operating profitability before depreciations. Group operating income before depreciation improved SEK 26m.
- CDON Marketplace increased external merchant sales by 93% and Nelly substantially increased profits. Qliro Financial Services became a credit market company.
- However, Lekmer remained weak with declining sales in Sweden, partly offset by growth in Norway, Denmark and Finland.
CDON Group reported 10% sales growth in the first quarter of 2014 with positive results. Three of the four business segments saw sales increases. Cash flow improved by 160 million SEK year-over-year. The Sports & Health segment continued its strong growth while the Fashion segment launched new sites in new markets.
CDON Group reported financial results for the third quarter and first nine months of 2013. Key highlights included growth and margin improvements in three of four business segments, with the Sports & Health segment continuing to deliver solid profitability. While net sales were slightly down year-over-year for the third quarter, excluding currency effects sales saw slight growth. The company saw an increase in cash flow from operations and a reduction in its net debt position compared to the previous year.
- Gross margin increased 3 percentage points to 17.8% in Q3 2016 compared to Q3 2015. Operating income before depreciation and amortization (EBITDA) improved but was still negative at SEK -12.7 million.
- Nelly significantly improved operating income to SEK 10 million for Q3 2016. CDON Marketplace external merchant sales grew 75% in Q3 2016 compared to Q3 2015.
- Gymgrossisten continued to deliver solid profits in Q3 2016 as higher product margins offset slightly lower sales. Lekmer sales grew 3% in Q3 2016 but operating income margins remained negative.
- A strategic review of the group will be completed by the end
- Qlirogroup reported continued strong growth in the first quarter of 2015, with overall net sales up 8% and growth in three of its four business segments.
- Nelly sales grew 15% and CDON Marketplace's external merchant sales increased 83%, while Gymgrossisten and Tretti also saw sales growth.
- Qliro Financial Services launched successfully in December 2014 and continued its roll-out in the first quarter, processing over 500,000 orders and growing its business volume to SEK 447.9 million.
- The company expects further investment in growth across the Nordic region and for Qliro Financial Services to gradually improve earnings and be profitable in 2016.
In the second quarter of 2014:
- Net sales grew 16% to SEK 1,110.9 million across all business segments
- The Entertainment segment accounted for 40% of sales but saw a 7% growth in sales from CDON.com and strong growth at Lekmer
- Operating profit improved to break even at SEK 0.0 million compared to a loss of SEK -5.6 million in the same period last year
- Cash flow from operating activities improved to SEK 2.5 million from SEK -6.3 million in the second quarter of 2013
MTG reported financial results for Q1 2013. Key highlights include:
- Sales were up 2% year-over-year at constant FX rates, driven by strong growth in emerging markets.
- EBIT was SEK 454 million including SEK 235 million from associated companies.
- Net income was SEK 334 million, down from SEK 454 million in Q1 2012.
- Cash flow from operations was SEK 267 million including receipt of SEK 58 million in dividends from associated companies.
Modern Times Group reported financial results for Q1 2011 with the following highlights:
- Sales increased 10% year-over-year to SEK 3,125 million at constant currency rates.
- Operating income grew 15% to SEK 432 million excluding associated income.
- Net income from continuing operations rose 78% to SEK 490 million.
Highlights of the third quarter of 2012. Net sales amounted to SEK 27,171m (25,650) and income for the period was SEK 985m (825), or SEK 3.43 (2.90) per share. Net sales improved by 5.9%, of which 4.6% was organic growth, 5.1% acquisitions and –3.8% changes in exchange rates.
Axfood reported stable earnings for the third quarter of 2012, with net sales increasing 3.5% to SEK 9,044 million. The operating margin was 4.1%, down slightly from 4.2% in the previous year. All of Axfood's business units saw positive results, with Hemköp reporting sales growth of 7.2% and Willys achieving its best third quarter result ever with a 1.4% increase in operating profit. Axfood aims to achieve an operating profit for 2012 at the same level as 2011 through continued sales growth, high levels of private label products, efficiency improvements, and investments in store renewals.
Kemira Interim Report Q3/2011 result presentationKemira Oyj
Kemira reported higher revenue and profits for the third quarter of 2011 compared to the previous year. Revenue increased slightly due to 6% organic growth offset by divestments and currency effects. Operative EBIT also increased due to higher sales prices offsetting increased variable and fixed costs. For the paper segment, revenue decreased due to divestments and currency impacts, while operative EBIT margin declined slightly. The municipal and industrial segment saw revenue and operative EBIT increase due to higher sales prices and volumes. Kemira expects full year 2011 revenue and profits to be above 2010 levels despite rising raw material costs.
Hans Stråberg, President and CEO of Electrolux, presented the Q3 2009 results. The key points included:
- Record high earnings and improved results in all regions due to cost savings, price and mix improvements, and lower raw material costs despite weak market demand.
- Continued strong cash flow with over SEK 3.5 billion better operating cash flow than Q3 2008 due to positive earnings and improved working capital.
- All consumer durable regions showed cost reductions and mix improvements leading to increased margins despite weak markets, with Latin America seeing strong demand and Asia Pacific gaining market share.
CDON Group Q4 & FY 2011 Financial PresentationQliro Group AB
- The company reported record financial results for Q4 and full year 2011, with 71% year-over-year sales growth in Q4 to SEK 1316.4 million and 54% full year sales growth to SEK 3,403.7 million.
- Operating profit for Q4 increased to SEK 71.3 million with an operating margin of 5.4% and pre-tax profit for Q4 was SEK 65.9 million.
- For the full year, gross profit increased 48% to SEK 602.3 million with a gross margin of 17.7% excluding non-recurring items.
CDON Group reported strong financial results for the first quarter of 2011, with net sales up 22% to SEK 571.8 million and operating profit of SEK 20.1 million. Gross profit increased 17.4% to SEK 109.9 million. The company saw sales growth across all business segments, with the entertainment segment representing 63% of total sales. Operating costs increased due to investments in expanding existing and newly acquired businesses.
- Sales for the first quarter of 2012 increased 67% year-over-year to SEK 954.3 million due to strong growth across all business segments. However, operating profit declined to SEK -12.1 million from SEK 20.1 million a year ago due to increased investments in growth initiatives and non-recurring costs of SEK 14 million.
- The Entertainment segment saw a 34% increase in sales driven by strengthened product offerings. Operating profit for the segment was SEK 24.1 million. Fashion sales grew 76% following geographical expansions but reported an operating loss of SEK -38.5 million due to a warehouse relocation.
- While sales growth was strong across segments,
The document summarizes the financial results of CDON Group for Q3 and the first nine months of 2012. Key highlights include 19% year-on-year sales growth in Q3 and 38% growth year-to-date. Operating profit, however, declined due to non-recurring costs related to relocating Nelly.com's warehouse. On a segment level, Entertainment and Sports & Health saw continued strong sales growth while Fashion was impacted by the warehouse move in the short-term.
CDON Group Road Show Presentation December 2010CDON Group AB
This document provides an overview of CDON Group, a leading Nordic online retailer, in advance of a potential distribution of the company. It outlines CDON's market-leading positions in entertainment, fashion, and sports & health e-commerce across the Nordic region, with a track record of profitable growth. The presentation reviews CDON's brand portfolio and business areas, financial performance and position, and attractive market dynamics supporting continued expansion. It is intended to assist analysis for the potential distribution but does not constitute an offer to purchase securities.
CDON Group presentation Copenhagen, January 2013Qliro Group AB
CDON Group AB is the largest e-commerce company in the Nordic region, operating 10 brands across 4 segments - entertainment, fashion, sports & health, and home & garden. In 2012, the company had sales of SEK 2.89 billion and 1,030 employees. It has the number 1 market position in its home markets and is among the top 3 in several other European countries. The company has grown organically and through acquisitions, and has been listed on the Nasdaq OMX Stockholm since 2010. Going forward, its strategy is to broaden its Cdon.com site into a Nordic shopping mall and expand its Nelly.com fashion brand internationally.
CDON Group AB is the #1 e-commerce group in the Nordics operating 10 brands across 4 segments - Entertainment, Fashion, Sports & Health, and Home & Garden. In the last 12 months, the group generated 4.2 billion SEK in revenues from 225 million visits to its sites and 6.7 million orders shipped to 2.5 million customers. CDON aims to continue its growth through expanding its existing brands internationally, broadening its shopping mall offerings, pursuing acquisitions and startups, and gaining additional market share.
1) Nelly.com is an international online fashion retailer that started in Sweden in 2004 and has since expanded across Europe.
2) The company prides itself on understanding trends, having a personal relationship with customers, and being receptive to changes in fashion.
3) Two employees, Sofia Karlsson and Peter Lindholm, discuss Nelly.com's success which they attribute to factors like daring designs, listening to customers, and constantly innovating.
The story. The people. The Group.
Träffa våra varumärken och några av de 1.030 fantastiska människorna och gör CDON Group vad vi är idag.
Oktober 2012.
Modern Times Group reported record quarterly results for Q3 2010 with sales growth of 17% year-over-year at constant exchange rates. Operating income increased 50% excluding associated companies, driven by growth across all business segments. An extraordinary general meeting will be held on October 21 to vote on the proposed demerger and listing of the CDON Group e-commerce business. Overall, Modern Times Group saw increased revenues and profits in Q3 2010 compared to the previous year.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
The document provides financial results for Modern Times Group for Q3 2011. Key points include:
- Sales were up 4% year-over-year for Q3 and up 3% year-over-year for the first nine months of 2011.
- EBIT before associated company income was up 6% for Q3 and up 7% for the first nine months.
- Operating margins increased from 11% to 12% for Q3 and remained stable at 14% for the first nine months.
Modern Times Group reported record quarterly results, with 13% year-over-year sales growth at constant exchange rates in Q2 and 12% growth in H1. All broadcasting businesses saw increased sales and operating income growth. Specifically, Free-TV Scandinavia sales grew 18% in Q2 and operating margin increased to 27% following audience and revenue growth across Sweden, Norway and Denmark. Operating income increased 26% in Q2 and was up 30% in H1, excluding associated company income.
Modern Times Group reported record quarterly results, with 13% year-over-year sales growth at constant exchange rates in Q2 and 12% growth in H1. All broadcasting businesses saw increased sales and operating income growth. Specifically, Free-TV Scandinavia sales grew 18% in Q2 and operating margin increased to 27% following audience and revenue growth across Sweden, Norway and Denmark. Operating income increased 26% in Q2 and was up 30% in H1, excluding associated company income.
Modern Times Group (MTG) reported its financial results for the second quarter of 2012. Revenue was stable year-over-year at both constant and reported exchange rates. Operating expenses grew 1% year-over-year at constant exchange rates. Net income for the quarter was SEK 454 million, down compared to SEK 479 million in the second quarter of 2011. For the first half of the year, revenue increased 2% at constant exchange rates while operating expenses grew 4% due to investments in programming. Net income for the first six months of 2012 was SEK 908 million.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
Modern Times Group reported first quarter 2012 financial results. Sales increased 4% year-over-year to SEK 3,259 million. Operating expenses also increased 8% to SEK 2,919 million. EBIT before associated company income was SEK 341 million, down from SEK 432 million in the first quarter of 2011. Net income for the quarter was SEK 454 million.
This document summarizes an interim report from a company for the first three quarters of 2008:
- Profits were at an all-time high with an operating margin of 15.8% and high returns. Revenue also grew 11% with EBIT growth of 25% and ROCE of 50.5%.
- Vehicle deliveries increased 4% while delivery times shortened. The service business also grew, capitalizing on the substantial vehicle population.
- Strong EBIT growth was driven by higher volumes, prices, and improved product mix. Cash flow increased but tied-up working capital grew due to volume and inventory increases.
- The financial services portfolio grew 8% in local currencies while bad debt provisions increased
Modern Times Group reported financial results for the second quarter of 2011. Sales increased 9% year-over-year at constant foreign exchange rates to SEK 3.531 billion. Operating expenses also increased 9% year-over-year at constant FX to SEK 2.938 billion. EBIT before associated company income was a record SEK 593 million, with an operating margin of 17%.
The document provides financial results for MTG's third quarter of 2012. Key details include:
- Sales were up 2% year-over-year at constant currency, excluding discontinued operations.
- EBIT before associated company income was SEK 288 million, down from SEK 358 million the prior year.
- Net income was SEK 308 million, comparable to the prior year.
- Investments were increasing in the Nordic pay-TV business and emerging markets in Russia and Ukraine.
Sweco is an engineering consultancy firm with 5,400 employees across Europe. In 2010, Sweco had net sales of SEK 5,272.4 million and an operating profit of SEK 432.7 million. Sweco carried out close to 30,000 projects for around 10,000 clients in 2010 across 11 countries in Europe and exported projects to 80 countries worldwide. The Board proposes a dividend of SEK 3.00 per share for 2010.
Net revenue and EBITDA grew in the second quarter of 2011 compared to the same period last year. Several portfolio companies experienced revenue growth, while some others reported losses due to restructuring. Total investments in portfolio companies were R$10.4 million in the second quarter. The presentation provides financial and operational updates on each portfolio company.
Modern Times Group reported financial results for Q4 and full year 2010. In Q4, sales increased 12% to SEK 3.6 billion and operating income rose 14% to SEK 653 million. For the full year, sales grew 12% to SEK 13.1 billion and operating income increased 27% to SEK 1.9 billion. The company saw growth in both its free-TV Scandinavia and pay-TV Nordic segments.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
Modern Times Group (MTG) reported financial results for the first quarter of 2011 that showed record sales and profits. Sales grew 10% year-over-year at constant currency rates. Operating income increased 15% year-over-year excluding associated income. Net income from continuing operations increased 78% year-over-year.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
Similar to CDON Group Q3 2011 Financial Presentation (20)
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2. 61% year on year third quarter sales growth 2
CDON Group’s strongest Q3 ever – with sales & EBIT reaching new record levels
Operating development
• Net sales up 61% y/y to SEK 826.4 (513.7) mn
900 826 10.0%
• Net sales up 62% at constant exchange rates
800
700 8.0%
• Gross profit up 46.7% y/y to SEK 136.5 (93.0) mn & 600
SEK (million)
514
Margin (%)
6.0% 6.0%
gross margin of 16.5% excl. non-recurring items 500
• Gross profit up 30.6% y/y to SEK 121.5 mn & gross 400
4.1% 4.0%
margin of 14.7% incl. non-recurring items of SEK 15.0 300
mn related to a restatement of Norwegian customs 200 2.0%
duties and VAT 100 31 34
0 0.0%
Q3 2010 Q3 2011
• Operating profit of SEK 33.7 (30.8) mn & operating Net Sales Operating profit Operating margin
margin of 4.1% excl. non-recurring items No. of website visits (’000) No. of orders (’000)
• Operating profit of SEK 18.7 (30.8) mn & 2.3% 45,000 1,600
operating margin incl. non-recurring items of SEK 40,000 1,400
+54% +21 %
15.0 mn
35,000 1,200
30,000 1,000
• Pre-tax profit of SEK 13.3 (25.3) mn & net income of 25,000
800
SEK 11.5 (19.3) mn 20,000
600
• Earnings per share of SEK 0.18 15,000
400
10,000
5,000 200
• Launch of Members.com in the Nordic region and 0 0
launch of Nelly.com on 20 new markets within the Q3 2010 Q3 2011 Q3 2010 Q3 2011
European Union Entertainment Fashion Entertainment Fashion
Sports & Health Home & Garden Sports & Health Home & Garden
3. First Nine Months highlights 3
Continued execution of strategy to develop our operations, acquire and launch
new online stores and to expand into new markets, while maintaining profitability
• Net sales up 45% y/y to SEK 2,087.3 mn (1,441.1) Operating development
• Net sales up 49% at constant exchange rates 2,200 2,087 10.0%
2,000
1,800 8.0%
• Gross profit up 32.6% y/y to SEK 372.8 (281.2) mn & 1,600 1,441
6.7%
SEK (million)
1,400
Margin (%)
gross margin of 17.9% excl. non-recurring items 1,200
6.0%
• Gross profit up 27.3% y/y to SEK 357.8 mn & gross 1,000
3.7% 4.0%
margin of 17.1% incl. non-recurring items of SEK 15.0 mn 800
600
400 2.0%
97 78
• Operating profit of SEK 77.6 (96.5) mn & operating 200
0 0.0%
margin of 3.7% excl. non-recurring items YTD 2010 YTD 2011
• Operating profit of SEK 57.9 (96.5) mn & 2.8% operating
Net Sales Operating profit Operating margin
margin incl. non-recurring items of SEK 15.0 mn related to No. of website visits (’000) No. of orders (’000)
restatement of Norwegian customs duties and VAT and
SEK 4.7 mn related to the acquisition of Tretti AB 120,000 4,500
+45 % +23 %
4,000
100,000
3,500
• Pre-tax profit of SEK 45.1 (82.4) mn & net income of SEK 80,000 3,000
34.6 (64.2) mn 2,500
60,000
2,000
• Basic earnings per share of SEK 0.53 (32.76) and diluted 40,000 1,500
1,000
earnings per share of SEK 0.48 (32.76)* 20,000
500
0 0
*Earnings per share for Jul-Sept 2010 and Jan-Sept 2010 are based on the average number of issued shares for YTD 2010 YTD 2011 YTD 2010 YTD 2011
these periods which are 4,774,682 and 1,940,552 respectively. The weighted average number of shares
outstanding before dilution for the third quarter of 2011 amounted to 66,342,124. The weighted average Entertainment Fashion
number of shares outstanding after dilution in the third quarter of 2011 amounted to 72,921,071. Entertainment Fashion
Sports & Health Home & Garden Sports & Health Home & Garden
4. Consistent revenue growth with healthy profitability levels 4
200
2,800
180
2,400 160
Sales (SEK million)
EBIT (SEK million)
140
2,000
120
1,600
100
1,200 80
60
800
40
400
20
0 0
2006 2007 2008 2009 2010 LTM Q3
Entertainment Fashion Sports & Health Home EBIT
Third quarter sales by segment YTD sales by segment
Q3 2010 Q3 2011 YTD 2010 YTD 2011
14% 15% 9%
17%
13%
11%
22% 21%
52% 55%
64% 65% 22%
19%
Entertainment Entertainment
Fashion Fashion
Sports & Health Sports & Health
Home & Garden Home & Garden
6. Entertainment 6
31% year on year sales growth in Q3 & 6% operating margin, with ongoing &
accelerated shift towards more sustainable product categories
• Sales up 31% y/y in Q3 & up 24% for YTD Operating development
• Media products grew in the third quarter despite
the fact that the market for these products declined 1300 1157 10.0%
1200
• All product categories strengthened their positions 1100
930 8.0%
and their market shares in both periods 1000
900
SEK (million)
• The first step in the development of CDON.com from
Margin (%)
800 6.4% 6.1% 6.0%
an online store to a shopping-mall was taken as 700 5.5%
600 4.5%
Lekmer.com’s assortment of toys was integrated 500 328 430 4.0%
onto CDON.com in Q3 400
300
• Represented 52% (64%) of total Group sales in Q3 200 56 52
2.0%
100 21 24
& 55% (65%) for YTD 0 0.0%
Q3 2010 Q3 2011 YTD 2010 YTD 2011
• Operating costs of SEK 406 (307) mn in Q3 & costs Net Sales Operating profit Operating margin
of SEK 1,105 (874) for YTD No. of website visits (’000) No. of orders (’000)
• Ongoing shift in the product category mix 20,000
1,400
• Market investments in the development of 18,000
+20%
Lekmer.com 16,000 1,200
• Y/Y appreciation of the Group’s reporting currency 14,000 +10 %
1,000
(SEK) against other operating currencies 12,000
800
10,000
8,000 600
• Operating profits of SEK 23.7 (21.0) mn in Q3 & SEK
6,000
51.8 (56.3) mn for YTD 400
4,000
• Operating margin of 5.5% (6.4%) y/y in Q3 & a 200
2,000
margin of 4.5% (6.1%) YTD 0
0
Q3 2010 Q3 2011 Q3 2010 Q3 2011
7. Fashion 7
42% year on year revenue growth in Q3 with a new start-up launched during the
quarter, intensified geographical expansion and broadened product offering
Operating development
• Sales increased by 42% y/y in Q3 & up 53% YTD
• Launch of a new business - Members.com 500 456 10.0%
• Launch of Nelly.com on 20 new markets within the
European Union 400 8.0%
SEK (million)
• Heppo.com expanded its assortment during the 298
Margin (%)
quarter and continues to develop at a fast pace 300 6.0%
4.8%
200 160 4.0%
• Represented 19% (22%) & 22% (21%) of total Group 112
sales for the two respective periods 100
1.3% 1.5% 1.4%
2.0%
1 2 14 6
0 0.0%
• Operating costs of SEK 157 (111) mn in Q3 & SEK 449 Q3 2010 Q3 2011 YTD 2010 YTD 2011
(284) mn for YTD Net Sales Operating profit Operating margin
• Costs related to the launch of Nelly in 20 new markets No. of website visits (’000) No. of orders (’000)
and continued expansion of Nelly.com in Germany, the 20,000
300
Netherlands and Austria 18,000 +91 % 250 +41%
• Costs related to the launch of Members.com, an 16,000
exclusive shopping club 14,000 200
• Increased marketing costs related to the expansion of 12,000
Heppo.com in the Nordic region 10,000 150
8,000
100
6,000
• Operating profits of SEK 2.5 (1.5) mn in Q3 & SEK 6.4 4,000
50
(14.2) mn for YTD 2,000
0
• Operating margin of 1.5% (1.3%) & 1.4% (4.8%) for the 0
Q3 2010 Q3 2011 Q3 2010 Q3 2011
two respective periods
8. Sports & Health 8
28% year on year revenue growth with increased market shares
Operating development
• Sales up 28% y/y in Q3 & up 32% for YTD
300 280 15.0%
• Market share gains for Gymgrossisten.com in all 280
260 12.7% 13.0%
geographical markets during the third quarter 240 212 10.5% 11.0%
220 12.1%
200 9.7%
SEK (million)
Margin (%)
9.0%
• Sports & Health segment represented 11% (14%) & 180
160 7.0%
13% (15%) of Group sales for the two respective 140
120 93 5.0%
periods 100
73
80 3.0%
60 29
40 27
9 9 1.0%
• Operating costs of SEK 84 (64) mn in Q3 & costs of 20
0 -1.0%
251 (186) for YTD Q3 2010 Q3 2011 YTD 2010 YTD 2011
• Marketing investments to develop Net Sales Operating profit Operating margin
Gymgrossisten.com’s position in Finland, Norway No. of website visits (’000) No. of orders (’000)
and Denmark
2,500 160
+43 % +29 %
140
• Operating profits of SEK 9.0 (8.8) mn in Q3 y/y in Q3 2,000
120
& SEK 29.5 (27.0) mn for YTD
100
• Operating margins of 9.7% (12.1%) in Q3 & 1,500
10.5% (12.7%) for YTD 80
1,000 60
40
500
20
0 0
Q3 2010 Q3 2011 Q3 2010 Q3 2011
9. Home & Garden 9
Performing according to plan with increasing market shares
• Home & Garden is a new business segment
introduced in Q2 2011. It comprises internet stores
Tretti.com & RUM21.com
• The segment’s sales amounted to SEK 143.5 mn for Operating development
Q3 & to SEK 194.9 mn for YTD
• Pan-Nordic launch of Rum21 225 15.0%
195
200 13.0%
175
• Home & Garden accounted for 17% of total Group 144
11.0%
150
SEK (million)
Margin (%)
sales in Q3 & for 9% for YTD 9.0%
125
7.0%
100
5.0%
• Operating costs of SEK 140 (-) mn in Q3 & costs of 75
191 (-) for YTD 50 3.0%
2.2% 2.0%
• Investments related to a geographic expansion of 25 1.0%
3 4
Rum21 0 -1.0%
Q3 2011 YTD 2011
• Operating profit of SEK 3.2 mn in Q3 & of SEK 3.9 Net Sales Operating profit Operating margin
mn for YTD
• Operating margins of 2.2% in Q3 and 2.0% for YTD
11. Income statement 11
• Net interest & other financial
items of SEK -5.4 (-5.5) mn in Q3
& SEK -12.8 (-14.2) for YTD
reflected:
• The Group’s SEK 200 mn
revolving credit facility and
interests costs related to it
• Interest costs related to the
convertible bond issued in
December 2010
• Tax expenses of SEK 1.8 (6.0) mn
in Q3 & SEK 10.5 (18.2) for YTD
• Effective tax rate of 13.3%
(31.2%) in Q3 & 23.3% (22.0%)
for YTD
• The relatively low tax rate is
explained by utilization of tax
loss carry forwards in Finland
12. Cash Flow 12
• Cash flow from operating
activities before changes in
working capital of SEK 30.9
(26.3) mn in Q3 & SEK 51.1
(81.9) mn for YTD
• SEK 18.9 mn tax payment
related to performance in 2010
• Cash flow to investing activities
of SEK -10.3 (-1.6) mn in Q3 &
SEK -336.3 (-8.6) mn for YTD
• SEK -5.3 mn acquisition of
RUM21.se in February and SEK
-317.5 mn acquisition of Tretti
AB in June
• SEK -59.4 (14.2) million change in
working capital in Q3 & and SEK
-161.1 (-97.5) mn change for YTD
• Higher inventory levels due to
increase of more inventory
intensive products in the
Entertainment segment (mainly
consumer electronics), the new
Home & Garden segment as
well as a general increase in
inventory levels in anticipation
of the Christmas Season
13. Financial Position 13
• Capital employed increased by SEK 371.5
mn y/y to SEK 766.9 mn as of 30 Sep 2011
• The acquisition of Tretti AB in June 2011
• Higher inventory levels due to increase of
more inventory intensive Home & Garden
and Fashion segments as proportions of
total Group revenues as well as the
expansion of the Group’s categories and
assortment
• Return on capital employed of
15.8% (44.1%) as at 30 Sep 2011
• Total interest bearing borrowings of SEK
377.8 (84.9) mn as at 30 Sep 2011
• Net debt of SEK 242.3 (net cash of 81.0)
mn as at 30 Sep 2011
• Cash and cash equivalents of SEK 135.5
(21.3) mn as at 30 Sep 2011
14. Strategy 14
To become a leading e-commerce player in each of the Group’s operating market
segments & territories
+ Acquisitions &
Launches
Rapid route to critical mass
– 3 companies acquired in 2007
+ Geographical
Expansion
Pan-Nordic roll-out of current stores
– 1 company acquired in 2008
– 1 company acquired and 1
start-up in 2010
– 2 companies acquired and
Testing of leading brands in new 1 start-up in 2011
markets Investment criteria include:
Organic growth – Small & medium sized
– High growth
– Operationally & financially
Aggressively expand assortment
sound
Add new private label & 3rd party
– Proven business concept
product groups
– Attractive market
Start-up new brands
characteristics
– Control
– Attractive valuation
Scale Creates Operating Leverage
15. Summary 15
Objectives
To generate sustainable and long term shareholder value
To continue to grow organically at least in line with the growth of each of the Group’s operating market segments
in each operating territory
To continue to start-up or acquire new brands
To generate margins that are in line or above the average of the Group’s competitors in each operating market
segment, when excluding the impact of new start-ups & acquisitions
Key Investment Highlights
1 Uniquely well-positioned market-leading Nordic online retailer
2 Taking advantage of exponential development of e-commerce
3 Track record of profitable organic growth
4 Successfully entering new markets & integrating acquisitions
5 Clear strategy
6 Experienced management team
16. 16
For further information, please visit www.cdongroup.com or
contact:
CDON Group Investor Relations
+ 46 (0) 70 080 74 03
ir@cdongroup.com