2010 03-23 Q2 2009/2010 Results
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Transcript of 2010 03-23 Q2 2009/2010 Results
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Strong gross marginSept 2009 – May 2010
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Håkan Westin, CFO
Christian W. Jansson CEO
Agenda
• Q3 2009/2010
• Q1-Q3 2009/2010
• Market situation
• Conclusions
• Questions
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Highlights• Strong start in Q3
• Cold spring
• Strong gross margin
• Stable profit despite weak sales
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TV
Campaigns during period
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Stores May 2010• 344 stores
• 25 new stores so far this year
• 49 new stores under contract
95
153 56
39
Prague
Warsaw
Stockholm
HelsinkiOslo
1
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Financial highlights, Q3March - May 2010
• Net sales MSEK 1 221 (1 206), an increase of 1,2 percent
• Operating profit MSEK 112 (109), an increase of 2,8 percent
• Gross margin 64,6 (60,4) percent and operating margin 9,2 (9,0) percent
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Income statement, Q3March - May 2010
6265Net profit-24-23Tax expense8688Profit before tax
-23-24Financial expense00Financial income
109112Operating profit-32-38Administrative expenses
-587-639Selling expenses728789Gross profit
-478-432Cost of goods sold1 2061 221Net Sales
2008/092009/10MSEK
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Sales, Q3March - May 2010
1,21 221Net sales Q3 2009/10
-2,3Currency effect
-1,8Like For Like
5,3New stores net
1 206Net sales Q3 2008/09%MSEK
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Financial highlights, Q1-Q3Sept 2009 - May 2010
• Net sales MSEK 3 821 (3 640), an increase of 5,0 percent
• Operating profit MSEK 395 (350), anincrease of 12,8 percent
• Gross margin 62,5 (61,0) percent and operating margin 10,3 (9,6) percent
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Income statement, Q1-Q3Sept 2009 - May 2010
209277Net profit-81-54Tax expense290331Profit before tax-61-65Financial expense
11Financial income350395Operating profit
-104-109Administrative expenses-1 766-1 884Selling expenses2 2202 388Gross profit
-1 420-1 433Cost of goods sold3 6403 821Net Sales
2008/092009/10MSEK
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Cash flow, Q1-Q3Sept 2009 - May 2010
124-59Change bank overdraft facility
-18-5Cash flow for the period
-338-94Dividend / Redemption of shares
196148Cash flow after investments-208-137Cash flow from investment activities
404285Cash flow from continuingoperations
8-97Changes in working capital
396382Cash flow from continuingoperations before changes in working capital
2008/092009/10MSEK
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Sales, Q1-Q3Sept 2009 - May 2010
5,03 821Net sales Q1-Q3 2009/10
-0,2Currency effect
-0,9Like For Like
6,1New stores net
3 640Net sales Q1-Q3 2008/09%MSEK
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Sales breakdown, Q1-Q3Sept 2009 - May 2010
Localcurrency
Changein SEK2008/092009/10MSEK
23,7%18,8%207246Poland
5,0%3 6403 821Total---5Czech Republic
5,4%0,8%487491Finland
3,7%6,0%9941 054Norway
3,7%3,7%1 9522 025 Sweden
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Present market situation
• General economy is improving
• Future development of the economy is uncertain
• Still high level of unemployment
• Increasing sourcing costs is a concern
• Private consumption should continue well
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Five year summary – Sales growth
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
04/05 05/06 06/07 07/08 08/09 09/10 LTM
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Five year summary – Gross margin
56,0%
57,0%
58,0%
59,0%
60,0%
61,0%
62,0%
63,0%
04/05 05/06 06/07 07/08 08/09 09/10 LTM
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Five year summary – Operating marginexcl. one-offs
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
16,0%
04/05 05/06 06/07 07/08 08/09 09/10 LTM
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Five year summary –Return on capital/employed
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
04/05 05/06 06/07 07/08 08/09 09/10 LTM
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Our road ahead
• Maintain strong gross margin
• Continued expansion of stores
• More focus on increased sales in existing stores
• Establish KappAhl on furthermarkets
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DisclaimerThese materials may not be copied, published, distributed or transmitted to third parties.These materials may contain forward-looking statements. If so, such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read our earnings report and our most recent annual report for a better understanding of these risks and uncertainties.These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. These materials and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States.
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Autumn 2010