Date post: | 05-Jul-2015 |
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1
Axfood AB
Interim ReportJanuary – March, 2010
2
Axfood AB January - March 2010
• Consolidated sales: SEK 8,210 m (7,682), an increase of 6.9%
• Good operating profit: SEK 245 m (234)
• Operating margin: 3.0% (3.0)
• Positive operating margin in all operations
3
Willys January - March 2010
• Continued good performance– Stable earnings and sales
• High pace in store establishments– Six new stores
• Leading position in soft discount– Attractive mix between price &
assortment
• 2010: Sales growth and increased number of stores
4
Hemköp January - March 2010
• Positive result despite increased marketing costs– New price strategy– Increased marketing activities
• 2010: Focus on improving sales and profitability– Close or convert five stores– Reduction with 14 positions at head office
5
PrisXtra January - March 2010
• Positive development in four of six stores
• Decrease in sales for two stores due to major road work
66
Axfood Närlivs January - March 2010
• Stable development and good profitability
• Good service level: 97.7%
7
Dagab January - March 2010
• Good service level: 97.2%
• Good cost control
• Cooperation with Vi-stores continues to work well
8
New union agreement
• New union agreement over 24 months– Increased total costs by 3.85 % for
retail employees– Increased total costs by 3.55 % for
whole sale employees
9
New business system
• Implementation on track– Accounting system successfully
installed
• Project will run over five years
• Total investment of SEK 500 - 600 m
10
Market trends 2010
• Continued high price competition
• Price conscious customers
• Price inflation remain at low levels
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Strategy for profitable growth
• Good cost control and efficiency
• High pace in store establishments
• Develop the various concepts
• Optimize store operations
• Stimulate sales
• Develope private label
12
Axfood´s goal for 2010
To achieve an operating profit at least in level with 2009
13
Financial Performance
January – March, 2010
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Axfood AB January - March 2010
• Good profitability
• Good sales performance
• Positive operating margin in all operations
-
+ 4.7%
+6.9 %
Change
3.0%3.0%Operating margin
234245 Operating profit
7,6828,210Net sales
20092010Group , SEK m
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Willys January - March 2010
+6.7%
Sales Operating profit
-10 -09
4,1864,466
-10 -09
167 167
4.0%3.7%Operating margin
20092010
16
Hemköp January - March 2010
Sales Operating profit
-10 -09
1,357 1,279
-10 -09
13
6
1.0%0.5%Operating margin
20092010
17
PrisXtra January - March 2010
• Positive development in four of six stores
• Decrease in sales for two stores due to major road work
-
-
- 6.0%
Change
0,0%1.8%Operating margin
03 Operating profit
182171 Net sales
20092010PrisXtra, SEK m
1818
Axfood Närlivs January - March 2010
• Good development in distributedsales– Increased by 6.6 %
-
-
+ 3.1%
Change
1.3%1.1%Operating margin
1614 Operating profit
1,2541,293 Net sales
20092010Axfood Närlivs, SEK m
19
Dagab January - March 2010
• Good development in distributed sales– Increased by 10.4 %
• Stable results
-
-
+ 9.0%
Change
0.4%0.5%Operating margin
2430 Operating profit
5,6696,179 Net sales
20092010Dagab, SEK m
20
Other January - March 2010
• Sales: SEK 993 m (728)
• Operating profit: SEK 25 m (14)
• Higher results are due to increasedvolumes in fruit & vegetables and centrally packed meat
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Key ratios
• Balance sheet, total: SEK 7,453 m (7,226)
• Cash flow operating activity: SEK 422 m (384)
• Capex: SEK 204 m (135)
• Equity ratio: 30.7% (27.7)
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Strong financial position
Q1 2006 – Q1 2010
0
400
800
1 200
1 600
2 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q10
0,25
0,5
0,75
1
1,25Debt, short term, MSEK
Debt, long term, MSEK
Debt equity ratio mutiple
2006 2007 2008 2009 2010
23
Financial targets & dividend policy
• Axfood´s goal for 2010 is to achievean operating profit at least in levelwith 2009
• Equity ratio of at least 25%
• Shareholder dividend of at least 50% of profit for the year after tax
• For 2009 a dividend of SEK10 (8) waspaid out
• Long term target for operating margin: 4%
2424
Summary financial performance
• Stable result
• Good sales performance
• Positive operating profit in all operations
25
Time for questions!