Post on 15-Jan-2016
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1Q2 2008/2009
Q2 2008/2009
March 25, 2009
Mikael Solberg, CEOGunnar Bergquist, CFO
Cecilia Lannebo, IR
2Q2 2008/2009
The RNB game plan
• Weak JC development
• Challenging financial conditions
• Liquidity focus in the quarter - hurting profitability
• Need to consolidate, focus and further cut costs
3Q2 2008/2009
Actions after the period
• Divesting operations at NK Stockholm and NK Gothenburg Purchase price 440 MSEK Conditional upon approval of
the competition authorities and extraordinary annual meeting
Decrease of net debt – pro forma per 28 February to approx. 400 MSEK
Marginal positive effect on profit 2008/2009
• 500 MSEK in goodwill write-down in JC
4Q2 2008/2009
Q2; December 2008-February 2009
• Net sales amounted to 914.5 MSEK (854.1) an increase of 7.1 percent currency effects have impacted sales positively by 2.5
percent -3.6 percent in like-for-like
• Operating loss at -588.9 MSEK (-53,1), excluding for goodwill write-down of 500 MSEK, operating loss at -88.9 MSEK (-53.1)
• Loss after tax -572.2 MSEK (-45.0), excluding for goodwill write-down -72.2 MSEK (-45.0)
• Cash flow from current operations for the period at 42.8 MSEK (-101.4)
• Goodwill write-down of 500 MSEK
5Q2 2008/2009
Key issues
• JC Restructuring Store network Franchisees
• Balance sheet Capital tied up Inventories Liabilities
• Department Stores Steen & Ström Illum Kosta Outlet
• Market development • Currency• Cost cutting
6Q2 2008/2009
Polarn O. Pyret
• Sales Q2 sales 108.6 MSEK
(99.1) Growth of 9.6 percent +4.4 percent like-for-like
• Operating profit 16.8 MSEK (15.8) Growth of 6.3%
• Operating profit margin 15.5 percent (15.9)
• New store openings 9 new stores y-o-y
• E-commerce in Sweden and the US, launch mid-March
7Q2 2008/2009
Stores
• Sales Q2 sales 466.4 MSEK
(430.7) Growth of 8.3 percent -7.7 percent like-for-like
• Operating loss -583.0 MSEK (-69.9),
excluding for goodwill write-down -83,0 MSEK
• JC: -567.9 MSEK• Brothers and Sisters:
-15.1 MSEK• New store openings
14 new stores y-o-y • Brothers: 6• Sisters: 8• JC: -5
8Q2 2008/2009
Departments & Stores
• Sales Q2 sales 344.0 MSEK
(325.1) Growth of 5.8 percent +0.6 percent like-for-like
• Operating loss -13.0 MSEK (13.8)
• Illum -9.0 MSEK (-5.7)• Steen & Ström -2.8
MSEK (-1.0)
9Q2 2008/2009
Going forward
• Focus on business… JC turnaround
• store structure• further cost cutting
Brothers and Sisters• consolidation and roll-out
Departments & Stores• consolidation
Polarn O. Pyret• continued international roll-out
• …and financials Capital structure – further
lowered debts and capital tied up
Lowered costs – organization, store network and international exposure
10Q2 2008/2009
Q&A’s
11Q2 2008/2009
Consolidated income statement (MSEK)
Net turnoverOperating resultFinancial itemsResult after fin. ItemsResult for the period
3MDec 08-Feb
09
3MDec 07-Feb 08
6MSep 08-Feb
09
6MSep 07-Feb 08
914.5 854.1 1,698.0 1 777.8
-588.9 -53.1 -548.7 28.4
-9.6 -10.7 -27.1 -21.9
-598.5 -63.8 -575.8 6.5
-572.2 -45.0 -555.6 9.8
12Q2 2008/2009
Consolidated balance sheet (MSEK)
Intangible assetsTangible assetsFinancial assetsInventoriesOther current assetsTotal assets
EquityLong-term liabilitiesShort-term liabilitiesTotal equity and liabilities
Feb 28, 2009 Feb 29, 2008 Aug 31, 2008
1,470.9 1,871.0 1,966.8
195.7 288.3 215.2
10.2 17.5 11.4
655.0 532.2 672.0
367.6 434.5 462.6
2,699.4 3,143.5 3,328.0
1,191.5 1,488.3 1,404.1
658.6 728.6 717.3
849.3 926.6 1,206.6
2,699.4 3,143.5 3,328.0
13Q2 2008/2009
Key figures
Gross profit margin (%)Operating margin (%)Net profit margin (%)Equity (MSEK)Equity ratio (%)
Average number of employeesNumber of stores
6MSep 08-Feb
09
6MSep 07-Feb
08
12 MSep 07-Aug
08
43.7 43.0 43.3
nm 1.6 0.1
nm 0.6 nm
1,191.5 1,488.3 1,401.1
44.1 47.3 42.2
1,582 1,520 1,505
489 473 475