Mekonomen

January - December 2012

14 February 2013

Mekonomen

Q4 2012

• Revenues: SEK 1 556 M (1 088)

• EBIT:

SEK 125 M (104)

• EBIT margin: 8 per cent (10)

• Profit after financial items:

SEK 109 M (100)

• Profit after tax: SEK 121 M (71)

• Earnings per share:

SEK 3,36 (2,16)

2

January-December 2012

• Revenues: SEK 5 426 M (4 237)

• EBIT:

SEK 528 M (536)

• EBIT margin: 10 per cent (13)

• Profit after financial items:

SEK 474 M (523)

• Profit after tax: SEK 382 M (380)

• Earnings per share:

SEK 10,80 (11,39)

• The Board proposes a dividend of SEK 7.00 (8.00)

3

Meca

4

• From 1 Octorber 2012, Mekonomen’s operation in Denmark is included in the Meca Group

• Meca, excluding Denmark, reported an EBIT of SEK 47 M for the fourth quarter. Before amortization of intangible assets the result was SEK 62 M

• Meca Denmark’s operating result for the fourth quarter was a loss of SEK 27 M (profit: 1), including non-recurring effects of SEK 12 M

• Over 550 affiliated Meca Car Service

workshops as of February 2013

Meca Denmark

5

• Weak market conditions and increased competition have led to a weak operating margin -5 per cent (8), including non-recurring effects of SEK 12 M in Q4

• Adaptation of the structure to the streamlining of B2B sales • Focus on workshop sales • Adjustment of cost base

• Additional structural costs are

assumed to impact Denmark’s

results with SEK 15 M during the

first as well as during the second

quarters of 2013.

Mekonomen Norden

6

• Mekonomen Norden is a new segment that includes activities in the original Mekonomen excluding Denmark

• Mekonomen Norden sales rose 3 per cent to SEK 721 (703) M for the fourth quarter and the EBIT was 84 (101) MSEK

• Mekonomen Sweden's operating profit for the fourth quarter was SEK 73 (78) M, and operating profit in Mekonomen Norway was SEK 24 (31) M

• Operations in Finland developed in a positive direction

Sørensen og Balchen

7

• EBIT was SEK 97 (102) M for the full year before amortization of intangible assets related to the acquisition

• Net sales for the fourth quarter increased by 7 per cent to SEK 188 (176) M. Adjusted for currency effects and comparable workdays sales increased by 10 per cent

Customer group distribution

8

• Sales to consumers via stores rose nominally but declined as a proportion of the total sales

• Sørensen og Balchen has a higher proportion of consumer sales than other Mekonomen companies on average, while Meca has a higher proportion of workshop sales

28 %

31 %

41 %

Consumer via stores

Consumer via workshops

Other workshops

Q4 2012 (Q4 2011)

(33 %)

(30 %)

(37 %)

Stores

9

20

6

22

0

23

0

25

7

25

4

77

78

8

9

0

50

100

150

200

250

300

350

400

450

2008 2009 2010 2011 2012

Mekonomen BilXtraMeca Own

Workshops

10

778

852

910

975

1036

1094

199

296

363

420

426

21

9

225

546

0

300

600

900

1 200

1 500

1 800

2 100

2 400

2007 2008 2009 2010 2011 2012

Mekonomen Service Centre Mekopartner BilXtra Speedy Meca Car Service

Market trend

11

Market trend in the Nordic region

Nordic aftermarket Mekonomen excl. SogB. From Q2 2012: incl SogB excl Meca. From Q3 2012: incl Meca

Environment and quality

12

• Mekonomen hires Kontrollerad Bilverkstad for inspection of 600 workshops in Mekonomen Service Centre and MekoPartner

• The inpections by an independent examiner will increase quality levels further, and strengthen Mekonomen’s offer to consumers and customers

Mekonomen CarLife insurance

13

• Provides insurance for car, housing, personal and supplementary insurance

• Will be launched March 15 in cooperation with Vardia Insurance, part of Scandinavian Insurance Group

• Vardia Insurance was named non-life insurance company of the year in 2012

Auto glass at the flagship facility

14

• On February 13, the first auto glass

was replaced at the Mekonomen

flagship facility at Gärdet

• A natural development of

Mekonomen customer offering to

make CarLife easier

• The market for auto glass

replacement amounts to over SEK 1

billion per year in Sweden

Appendix

January - December 2012

14 February 2013

Mekonomen

15

Earnings trend

16

SUMMARY OF THE GROUP’S EARNINGS TREND October – December January – December

2012 2011 Change % 2012 2011 Change % Revenues, SEK M

1,556 1,088 43 5,426 4,237 28 EBIT, SEK M

125 104 20 528 536 -1 Profit after financial items, SEK M

109 100 9 474 523 -9 Profit after tax, SEK M

121 71 71 382 380 1 Earnings per share, SEK

3.36 2.16 56 10.80 11.39 -5 Operating margin, %

8 10 10 13

Quarterly data

17

QUARTERLY DATA

2012 2011 2010

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Total revenues, SEK M 1,556 1,433 1,341 1,096 1,088 1,117 1,169 863 892 839 913 803

EBIT, SEK M 125 151 141 111 104 163 173 95 110 141 144 90

Profit after financial items, SEK M 109 127 132 106 100 161 167 95 111 140 143 91

Net profit for the period, SEK M 121 91 93 77 71 118 122 70 78 100 107 67

EBIT margin, % 8 11 11 10 10 15 15 11 12 17 16 11

Earnings per share, SEK 3,36 2,46 2,65 2,29 2,16 3,48 3,59 2,12 2,52 3,07 3,29 2,08

Shareholders’ equity per share, SEK 64,2 60,3 58,6 49,4 46,9 46,1 42,9 45,1 30,9 28,4 26,1 30,1

Cashflow

18

• Cash flow for the fourth quarter was impacted by lower accounts receivable

CONDENSED CASH-FLOW STATEMENT (SEK M)

October - December January - December

2012 2011 2012 2011

Cash flow from operating activities before changes in working capital 135 79 417 440

Cash flow from changes in working capital 89 -55 101 -181

CASH FLOW FROM OPERATING ACTIVITIES 224 24 518 259

Cash flow from investing activities -48 -64 -1,510 -512

Cash flow from financing activities -64 75 1,165 246

CASH FLOW FOR THE PERIOD 112 35 173 -7

Income statement

19

CONDENSED INCOME STATEMENT (SEK M) October – December January – December

2012 2011 % 2012 2011 %

Net sales 1,524 1,074 42 5,292 4,140 28

Other operating revenue 32 14 129 134 97 38

TOTAL REVENUES 1,556 1,088 43 5,426 4,237 28

OPERATING EXPENSES

Goods for resale -737 -471 56 - 2,475 -1,866 33

Other external costs -311 -220 41 -1,060 -786 35

Personnel expenses -337 -269 25 -1,216 -966 26

Depreciation of tangible fixed assets -19 -16 19 -73 -58 26

Amortisation of intangible fixed assets -27 -8 238 -74 -25 196

EBIT 125 104 20 528 536 -1

Interest income 2 3 -33 8 7 14

Interest expense -16 -6 167 -51 -21 143

Other financial items -2 -1 100 -11 1 -1,200

PROFIT AFTER FINANCIAL ITEMS 109 100 9 474 523 -9

Tax 12 -29 -141 -92 -143 -36

NET PROFIT FOR THE PERIOD 121 71 71 382 380 1

NET PROFIT FOR THE PERIOD SPECIFIED AS

Parent Company’s shareholders 121 71 71 375 370 1

Minority owners - - - 7 10 -30

EBITA, SEK M 152 112 36 602 560 7

Earnings per share before and after dilution, SEK 3.36 2.16 10.80 11.39

Balance sheet

20

CONDENSED BALANCE SHEET (SEK M) 31 December

2012

31 December

2011

31 December

2010

ASSETS

Intangible assets 3,086 1,116 348

Tangible fixed assets 287 235 168

Financial fixed assets 94 67 36

Deferred tax assets - - 3

Goods for resale 1,203 934 680

Current receivables 797 636 446

Cash and cash equivalents 241 67 74

Property held for sale - - 3

TOTAL ASSETS 5,708 3,054 1,758

SHAREHOLDERS’ EQUITY AND LIABILITIES

Shareholders’ equity 2,316 1,556 974

Long-term liabilities 2,059 511 24

Current liabilities 1,333 988 761

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 5,708 3,054 1,758

Largest owners as of 31 December 2012

21

% of capital

and votes

Axel Johnson with subsidiaries 26,5

Fraim-Påhlman Eva 5,6

Threadneedle Investments 5,1

SHB fonder (Finland) 3,5

Kempen European Participations N.V. 3,0

Fraim-Sefastsson Ing-Marie 2,8

Enter fonder 2,3

SEB fonder 2,0

Swedbank Robur fonder 2,0

Alecta 1,9

Other 45,3

Total 100,0