2. kvartal nd Quarter. EKORNES ASA 1 st half year 2002

Transcription

1 EKORNES ASA 1 st half year

2 BUSINESS IDEA Ekornes supplies home furniture products for the domestic Norwegian and international markets. The furniture products will have one of the following brands: Ekornes, Stressless,Svane, Sacco, Kiddo We will design and price our products for the general public. Our marketing effort will focus on the furniture dealers and the end consumer. The basis for our marketing is the company s brand names and the right to use them. The specific marketing effort for dealers and consumers will vary from market to market. Ekornes will not be a retailer itself. Our actual customer shall be furniture retailers and contract customers. The individual production unit may supply components to other manufacturers outside the Group, but only based on existing production conditions. 2. kvartal 2

3 Board of Directors Olav Kjell Holtan Sigmund Ekornes Torger Reve Carl Graff-Wang Ole Jan Korsnes Arnstein Johannessen Wenche E. Fannemel Group Management CEO Nils-Fredrik Drabløs CFO Robert Svendsen Marketing Director Runar Haugen 3

4 Largest shareholders ( ) 1. Folketrygdfondet, NOR % 2. State Street Bank & Trust Co., USA 8.98 % 3. J.P.Morgan Chase Bank, Client Treaty Acc., UK 7.25 % 4. Berit Ekornes Unhjem, NOR 2.99 % 5. Credit Agricole Indo Luxembourg SA, LUX 2.82 % 6. Boston Safe Dep&TR, USA 2,55 % 7. Vital Forsikring ASA, NOR 2.40 % 8. Gjensidige Nor, NOR 2.14 % 9. Aksjefondet Gambak, NOR 1,81 % 10. Odin Norge, NOR 1.51 % Other shareholders. approx. 3,087 55,86 % Proportion ( ): Norwegian shareholders 65.0 % Foreign shareholders 35.0 % 4

5 Ekornes today Products and production : Ikornnes. Dept. Vestlandske Stranda Hareid Stressless chairs, foam, Kiddo Stressless sofas, cushions for Stressless chairs and wooden laminates Ekornes collection sofas Ekornes collection sofas, cushions for Stressless chairs Fetsund Svane,Svane Stressless, Sacco and foam Grodås Wooden components for Stressless chairs, Stressless sofas and Ekornes sofas. 5

6 Operating revenue (million NOK) H-98 1H-99 1H-00 1H-01 1H-02 As per year end 1 half year 6

7 Development in profit margin 20 % 18.8% 17.8% 18 % 17.5% 18.9% 15,9% 17,3% 16 % 18.5% 14 % 15.3% 12 % 11.7% 12.2% 10 % 8 % 6 % 4 % 4.1% 2 % 0 % H H-2002 Profit margin (pre tax) 7

8 Development in profit margin 25 % 20 % 15 % 17.3% 14.3% 22.6% 20.6% 19.6% 18,8 % 20.1% 14.8% 20.5% 18,9 % 19.4% 17.8% 16,1 % 14.3% 22.0% 2. kvartal 18,5 % 17,3 % 18.6% 16,6 % 10 % 5 % 0 % 1Q-99 2Q-99 3Q-99 4Q-99 1Q-00 2Q-00 3Q-00 4Q-00 1Q-01 2Q-01 3Q-01 4Q-01 1Q-02 2Q-02 Profit margin individual quarter (pre tax) Accumulated profit margin(pre tax) 8

9 Development EPS , EPS per year end EPS H1 9

10 Contribution margin by product areas 55 % 45 % 35 % 50 % 51 % 49 % 49 % 48 % 35 % 36 % 32 % 31 % 36 % 42 % 41 % 40 % 38 % 39 % 45 % 44 % 45 % 46 % 44 % 25 % 15 % 5 % -5 % Stressless Sofa Mattresses Total H-01 1H-02 10

11 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Currency exposure and hedging (% of sales exposed/ hedged) SEK DKK EURO GBP USD JPY Not exposed (costs in local currency) Hedged at or above calculated level (purchases and use of financial instruments) Open positions 11

12 Income Statement (million NOK) 2. kvartal 1H-02 1H-01 Changes % Operating revenues % Costs of goods sold % Salaries and social costs 246.4* 226.0* +9.0 % Other operating expenses % Depreciation , % Total operating costs % Operating result % Net financial income/expenses Ordinary result before taxes % Calculated taxes ordinary result Ordinary result after taxes % *Adjusted for proportional distribution of year-end employee bonus also including NOK 4.5 mill in soc. costs from employee option plan effected in May. 12

13 2 Income Statement - Actual period 2002 and (million NOK) 2Q-02 2Q-01 Changes Operating revenues % Costs of goods sold % Salaries and social costs 123.4* 112.6* +9.6% Other operating expenses % Depreciation % Total operating costs % Operating result % Net financial income/expenses Ordinary result before taxes % Calculated taxes ordinary result Ordinary result after taxes *Adjusted for proportional distribution of year-end employee bonus also including NOK 4.5 mill in soc. costs from employee option plan effected in May. 13

14 Income Statement Financial Year (million NOK) 2001/ /2001 Changes % Operating revenues 1, , % Costs of goods sold % Salaries and social costs % Other operating expenses % Depreciation % Total operating costs 1, , % Operating result % Net financial income/expenses Ordinary result before taxes % Calculated taxes ordinary result Ordinary result after taxes % EPS % 14

15 Balance (Million NOK) 1H-02 1H-01 Changes Total long term assets % Inventories % Receivables % Cash and bank deposit Total current assets % Total assets 1, % Total equity % Long term liabilities % (interest bearing) Long term liabilities % (non-interest bearing) Current liabilities 288, % (non-interest bearing) Total liabilities % Total liabilities and equity 1, % 15

16 Balance - Quarterly figures 2. kvartal Changes (Million NOK) 2Q-02 1Q-02 in mill.nok Total long term assets 584,3 563, Inventories Receivables Cash and bank deposit Total current assets Total assets 1, , Total equity Long term liabilities (interest bearing) Long term liabilities (non-interest bearing) Current liabilities (non-interest bearing) Total liabilities Total liabilities and equity 1, ,

17 Development in direct salaries and soc. costs - factories: (Year-end bonus not included) Percentage 1 H-02 1 H Ikornnes (Incl. Vestlandske from 1997 ) 21.5% 22.2% 21.1 % 21.5% 20.5% 1 9.6% 1 9.2% Stranda 1 5.4% 1 4.7% 1 4.5% 1 6.5% 1 8.7% 1 9.2% 22.4% Grodås 34.4% 35.7% 34.4% 32.0% 35.0% 36.0% 37.7% Hareid 1 8.9% 1 9.6% 1 8.7% 1 7.2% 21.0% 22.1 % 21.7% Fetsund 1 7.6% 1 7.3% 1 8.2% 1 5.8% % 1 5.4% 1 6.4% 17

18 Development in relative factors-group consolidated : Percentages 1 H-02 1 H Direct material Direct salaries Contribution margin 27.2% 30.4% 28.9 % 29.1 % 30.1 % 32.5 % 32.5 % 16.5% 16.4% 15.7 % 15.8 % 16.0 % 15.8 % 16.5 % 46.6% 43.2% 45.1 % 44.5 % 44.8 % 43.3 % 42.4 % 18

19 Development in indirect costs (relative) (Year-end bonus not included) 50 % 40 % 30 % 30.8% 29.2% 29.2% 26.7% 26.4% 27.0% 27.4% 26.8% 27.9 % 28.4% 30.0 % 20 % 10 % 0 % H-01 1H-02 Percentage 19

20 DEVELOPMENT IN TOTAL CAPITAL, WORKING CAPITAL AND EQUITY : (million NOK) H-01 1 H-02 Total capital , , Working capital Equity Equity ratio 46.0% 47.3% 49.0% 49.9% 53.0% 61.5% 66.7% 20

21 Liquidity reserve (million NOK) H-01 1 H-02 Cash and bank deposit Unused credit facilities Total liquidity reserve

22 Distribution of turnover by product areas (million NOK) Stressless Sofa Mattresses Other 1H-98 1H-99 1H-00 1H-01 1H

23 Development in turnover per market (million NOK) Asia USA 28,9 30,8 157,2 168,9 UK Southern Europe 95,3 86,0 130,5 142,2 1H-02 1H-01 Central Europe 120,1 144,9 Finland 16,9 17,5 Denmark Sweden Norway 44,8 34,3 38,5 42,2 210,7 209,

24 Development from 2001 to 2002 in turnover per market (million NOK) : C ha nge in % 1H-02 1H-01 1H-00 1H-01 to 1H-02 Norway +0.5% Sweden - 8.8% Denmark +30.6% Finland - 3.1% Central - Europe +20.6% Southern - Europe +9.0% UK % USA - 7.0% Asia - 6.3% Total +4.7%