Ekornes ASA. 1 st QUARTER 2013
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- Delphia Baker
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1 Ekornes ASA 1 st QUARTER 2013
2 Ekornes Q1 Headlines: Operating revenue: Q1: NOK Mill. (up 1.3% ). Operating margin (EBIT) Q1: 13.1% (12.1%). Compared to Q1 last year, no build of stocks finished goods. In general, markets are challenging and uncertain. Consumers seem cautious in most markets. Order intake down 8 %. Down 4% compared with Q1 LY using fixed exchange rates. New Stressless home office chairs launched autumn Introduction well received by retailers. Order book units. Production Stressless Q1: 1,710 seats per day (Q1 2012: 1,709 seats) Production capacity approx. 1,700 seats into Q2 (depending on mix). Svane at 2012 level. Norway up, other markets stable or down. Improvement program started up focus on costs reductions in production and improving market position. Full capacity utilization at planned capacity level expected in Q in all production plants. Foreign exchange position good. Raw material prices trend stable but at a high level. Signals uncertain. Financial figures are presented according to same model as before for comparison purposes( i.e. old model using the IAS 39 principles for Hedge Accounting) Changes in the IFRS /IAS principles regarding Cash Flow Hedges and Hedge Accounting expected to be decided in Q3. Delays may occur kvartal 1 st Quarter
3 Development in Turnover / kvartal 1 st Quarter
4 Development in Operating Revenue Q1/03 Q1/04 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/ kvartal 1 st Quarter
5 Operating revenues by product area Chairs Sofas Mattresses Other Q1/2009 Q1/2010 Q1/2011 Q1/2012 Q1/ kvartal 1 st Quarter
6 Operating revenues: Product area Stressless Stressless total Stressless chairs Stressless sofa Q1/2009 Q1/2010 Q1/2011 Q1/2012 Q1/ kvartal 1 st Quarter
7 Operating revenues: Product area Sofas Sofas Stressless sofa Ekornes Collection Q1/2009 Q1/2010 Q1/2011 Q1/2012 Q1/ kvartal 1 st Quarter
8 Contribution margin by product area (old reporting model) 60,0 % 50,0 % 40,0 % 30,0 % 20,0 % 10,0 % 0,0 % Chairs Sofas Mattresses Total ,7 % 42,4 % 42,3 % 51,3 % ,3 % 39,6 % 35,9 % 47,9 % Q1/11 53,8 % 42,1 % 38,1 % 48,8 % Q1/12 54,7 % 38,1 % 37,3 % 48,1 % Q1/13 56,4 % 35,7 % 33,4 % 48,3 % kvartal 1 st Quarter
9 Development in direct costs 50,0 % 40,0 % 30,0 % 20,0 % 10,0 % 0,0 % Direct material Direct salaries ex. Employee Contribution Margin bonus ,7 % 15,3 % 47,9 % ,0 % 16,0 % 48,1 % Q1/11 24,7 % 14,9 % 48,8 % Q1/12 24,3 % 16,6 % 48,1 % Q1/13 22,8 % 17,5 % 48,3 % kvartal 1 st Quarter
10 Contribution and Operating Margin (EBIT) (old reporting model) 50,0 % 40,0 % 30,0 % 20,0 % 10,0 % 0,0 % Contribution Margin Other costs EBIT ,9 % 33,9 % 14,0 % ,1 % 34,6 % 13,5 % Q1/11 48,8 % 31,7 % 17,1 % Q1/12 48,1 % 36,0 % 12,1 % Q1/13 48,3 % 35,2 % 13,1 % kvartal 1 st Quarter
11 Development in Operating result (EBIT) and Pre-tax margin (EBT)(old reporting model) 25,0 % 20,0 % 15,0 % 18,6 % 19,2 % 19,4 % 17,3 % 18,9 % 18,5 % 14,9 % 18,5 % 16,7 % 14,6 % 10,0 % 12,5 % 10,3 % 5,0 % 0,0 % Q1/02 Q1/03 Q1/04 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 EBIT 18,4 % 19,1 % 19,2 % 17,0 % 18,7 % 18,4 % 14,9 % 15,4 % 18,7 % 17,1 % 12,1 % 13,1 % EBT 18,6 % 19,2 % 19,4 % 17,3 % 18,9 % 18,5 % 14,9 % 12,5 % 18,5 % 16,7 % 10,3 % 14,6 % kvartal 1 st Quarter
12 Development EPS fully diluted (Figures in NOK) (old reporting model) 8,42 9,44 8,82 10,34 7,44 6,95 EPS (Fully diluted) ,30 1,91 1,65 2,77 2,49 1,35 1,92 EPS/Q1 (Fully diluted) Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/ kvartal 1 st Quarter
13 Income Statement (old reporting model) (Mill. NOK) Q1/13 Q1/12 Operating revenues 688,8 100,0 % 679,7 100,0 % Materials 157,0 22,8 % 165,4 24,3 % Salaries and social costs 211,8 30,7 % 201,5 29,7 % Other operating expenses 197,6 28,7 % 199,4 29,3 % Depreciation 32,1 4,7 % 30,8 4,5 % Total operating costs 598,5 86,9 % 597,2 87,9 % Operating result 90,3 13,1 % 82,5 12,1 % Net financial income/expenses -1,0-0,1 % -0,2 0,0 % Profit/loss currency exchange 11,5 1,7 % -12,0-1,8 % Ordinary result before taxes 100,8 14,6 % 70,3 10,3 % Calculated taxes ordinary result -30,0-4,3 % -20,4-3,0 % Ordinary result after taxes 70,8 10,3 % 49,9 7,3 % EPS 1,92 1, kvartal 1 st Quarter
14 (Mill. NOK) Income Statement 1 April 31 March (old reporting model) 12/13 11/12 Operating revenues 2 771,8 100,0 % 2 653,8 100,0 % Materials 683,3 24,7 % 680,5 25,6 % Salaries and social costs 803,3 29,0 % 765,3 28,8 % Other operating expenses 752,0 27,1 % 746,3 28,1 % Depreciation 126,4 4,6 % 126,8 4,8 % Total operating costs 2 365,0 85,3 % 2 318,9 87,4 % Operating result 406,8 14,7 % 334,9 12,6 % Net financial income/expenses -4,0-0,1 % -0,9 0,0 % Profit/loss currency exchange 1,6 0,1 % -4,9-0,2 % Ordinary result before taxes 404,4 14,6 % 329,1 12,4 % Calculated taxes ordinary result 127,6 4,6 % -96,8-3,6 % Ordinary result after taxes 532,0 19,2 % 232,3 8,8 % EPS 7,52 6, kvartal 1 st Quarter
15 Balance Sheet (Mill. NOK) Q1/13 Q1/12 Total Long Term Assets 934,8 960,9 Inventories 334,2 289,0 Trade Debtors 444,1 389,4 Other Current Assets 54,8 47,6 Value of forward contracts 211,4 206,6 Cash and Bank Deposits 247,6 250,1 Total Current Assets 1 292, ,7 TOTAL ASSETS 2 226, ,6 Total Equity 1 744, ,7 Provisions, commitments, deferred tax 63,5 63,9 Trade Creditors 143,4 122,6 Taxes, VAT and national insurance 92,7 26,0 Value of forward contracts - Bank loans - Other current liabilities 182,7 189,4 Total Liabilities 418,8 338,0 TOTAL EQUITY AND LIABILITIES 2 226, , kvartal 1 st Quarter
16 Balance Sheet (Mill. NOK) Q1/13 Q4/12 Total Fixed Assets 934,8 932,7 Inventory 334,2 315,9 Trade Debtors 444,1 354,5 Other Current Assets 54,8 52,4 Value of forward contracts 211,4 258,2 Cash and Bank Deposits 247,6 273,3 Total Current Assets 1 292, ,3 TOTAL ASSETS 2 226, ,0 Total Equity 1 744, ,7 Provisions, commitments, deferred tax 63,5 78,2 Trade Creditors 143,4 95,3 Taxes, VAT and national insurance 92,7 123,7 Value of forward contracts Bank loans Other current liabilities 182,7 185,1 Total Liabilities 418,8 404,1 TOTAL EQUITY AND LIABILITIES 2 226, , kvartal 1 st Quarter
17 Statement of Cash Flow (Mill. NOK) Q1/13 Q1/ Net cash flow from: Operating activities 9,6-30,6 332,0 330,3 Investing activities -35,3-16,7-79,8-142,8 Financing activities 0,0 0,0-276,2-331,4 Net change in cash and cash equivalents -25,7-47,3-24,0-143,9 Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period 273,4 297,4 297,4 441,3 247,7 250,1 273,4 297, kvartal 1 st Quarter
18 Development in Total Capital, Net-working Capital and Equity (Mill. NOK) Q1/13 Q1/ Total capital 2 226, , , ,1 Net-working capital* 661,9 638,1 592,0 588,5 Equity 1 744, , , ,9 Equity ratio 78,3 % 81,3 % 77,9 % 79,0 % *Not included the market value of forward contracts kvartal 1 st Quarter
19 Official (new reporting) Published and official numbers NOT using Hedge Accounting kvartal 1 st Quarter
20 Year end figures- NOT using Hedge Accounting (new reporting) (Tall i NOK mill.) (Figures in NOK mill.) Q1-13 Q1-12 Driftsinntekter Operating revenues 679,5 666,7 Driftsresultat Operating result 81,0 69,5 Finansielle poster: Financial items: Gevinst/tap valutakontrakter Profit/Loss hedging contracts 9,3 13,0 Gevinst/tap urealiserte terminkontrakter Profit/Loss unrealised forward contracts -46,7 58,6 Netto agio balansejusteringer Net balance sheet adjustments 11,5-12,0 Netto andre finansielle poster Net other financial items -1,0-0,2 Netto finansposter Net financial items -26,9 59,4 Ordinært resultat før skattekostnad Ordinary result before taxes 54,1 128,9 Skattekostnad Tax on ordinary result 16,9-36,9 Årets resultat Profit for the year 37,2 92, kvartal 1 st Quarter
21 Statement of comprehensive income (Tall i NOK mill.) (Figures in NOK mill.) Q New reporting Former/Old reporting Resultat etter skatt Profit after taxes 37,2 70,8 Andre inntekter og kostnader: Aktuarmessige gevinster på ytelsesbaserte pensjonsordninger Other comprehensive income: Actuarial gains on defined benefit plans - - Endring utsatt skatt pensjoner Change in deferred tax pensions - - Endring verdi kontantstrømsikring Change in value cash-flow hedging - -46,7 Endring utsatt skatt - kontantstrømsikring Change in deferred tax cash-flow hedging - 13,1 Omregningsdifferanse Translation differences -0,1-0,1 Omregningsdifferanse - netto finansiering datterselskap Translation differences net financing subsidiaries 3,8 3,8 Endring utsatt skatt - netto finansiering datterselskap Change in deferred tax - net financing subsidiaries -1,1-1,1 Sum andre inntekter og kostnader Total other comprehensive income 2,6-31,0 Totalresultat Total comprehensive income 39,8 39, kvartal 1 st Quarter
22 Change in order influx per market (%) 15 % 10 % 5 % 0 % - 5 % - 10 % - 15 % - 20 % - 25 % - 30 % Changes Q Changes April Norway Sweden Denmark Finland Central Europe Southern Europe UK/ Ireland USA/ Canada Japan Asia and Pacific - 7 % - 21 % 8 % - 20 % - 1 % - 20 % 10 % - 8 % 7 % 1 % - 4 % - 28 % - 26 % - 27 % - 14 % 5 % - 5 % 12 % - 10 % 2 % 1 % - 5 % Total (in local currency) kvartal 1 st Quarter
23 Operating revenue per market Q1 Norway Sweden Denmark Finland Central - Europe Southern - Europe UK USA Japan Asia/Pacific Contract Others 8,6 11,2 25,2 18,9 9,0 9,4 48,0 40,6 23,8 30,4 30,6 47,7 15,6 12,4 10,3 9,3 83,0 81,8 102,6 102,6 134,4 126,6 197,7 188,9 Q1/13 Q1/ kvartal 1 st Quarter
24 Turnover per market (Mill. NOK) Norway full year ,1 397,0 348,7 358,2 370,5 Norway Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 94,3 100,2 115,1 105,9 102,6 102,6 Sweden full year ,7 47,8 69,5 57,8 39,9 Sweden Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 12,6 13,2 19,9 18,0 11,2 8, kvartal 1 st Quarter
25 Turnover per market (Mill. NOK) Denmark full year ,7 111,1 103,1 87,4 79,4 Denmark Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 34,9 31,5 30,0 26,6 18,9 25,2 Finland full year ,8 21,4 44,4 47,9 36,4 Finland Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 4,9 8,8 8,6 13,3 9,4 9, kvartal 1 st Quarter
26 Turnover per market (Mill. NOK) Central Europe full year ,2 720,8 808,9 746,4 773,6 Central Europe Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 172,6 209,9 218,0 207,7 188,9 197,7 Southern Europe full year ,0 372,5 432,4 365,3 340,1 Southern Europe Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 105,4 102,8 130,3 111,6 81,8 83, kvartal 1 st Quarter
27 Turnover per market (Mill. NOK) UK full year ,3 198,0 217,1 193,5 180,8 UK Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 67,7 56,5 62,5 66,1 40,6 48,0 USA full year ,4 441,2 509,5 511,1 536,2 USA Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 131,3 106,2 127,8 145,4 126,6 134, kvartal 1 st Quarter
28 Turnover per market (Mill. NOK) Japan full year ,7 105,0 115,5 129,5 153,0 Japan Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 19,1 21,8 22,3 25,0 30,4 23,8 Asia/Pacific full year ,7 57,2 91,4 134,7 133,9 Asia/Pacific Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 17,5 19,2 32,5 48,2 57,0 30, kvartal 1 st Quarter
29 Turnover per market (Mill. NOK) Contract full year ,3 106,7 85,5 87,6 81,7 Contract Q1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 0,0 25,1 18,8 15,6 12,4 15, kvartal 1 st Quarter
30 Coming events: Financial Calendar August nd Quarter Result August 2013 Presentation 2 nd Quarter 2013, with Webcast, Hotel Continental, Oslo at a.m. 14 November rd Quarter Result November 2013 Presentation 3 rd Quarter Result 2013, Hotel Continental, Oslo - at a.m kvartal 1 st Quarter
31 Largest shareholders ( ): Shareholders Country Percentage 1. Nordstjernan AB SWE 15,45 % 2. Folketrygdfondet, JP Morgan Chase Bank NOR 10,58 % 3. JPMorgan Chase Bank Nordea, Treaty Acc. GBR 5,41 % 4. State Street Bank, A/C Client Omnibus D USA 4,74 % 5. Pareto Aksje Norge Verdipapirfond NOR 4,64 % 6. JPMorgan Chase Bank, Special Treaty Lending GBR 4,12 % 7. Odin Norge NOR 3,89 % 8. Berit Vigdis Ekornes Unhjem NOR 2,91 % 9. Gunnhild Ekornes Mertens NOR 2,88 % 10. Nordea Nordic FIN 2,16 % Other shareholders approx. 2,400 43,22 % Proportion Norwegian shareholders 52,40 % Non- Norwegian shareholders 47,60 % kvartal 1 st Quarter
32 Board of Directors Group Management Olav Kjell Holtan Chairman Kjersti Kleven Vice Chairman Bjørn Gulden Stian Ekornes Nora Förisdal Larssen CEO: Nils-Fredrik Drabløs Phone: Mobile: CFO: Robert Svendsen Phone: Mobile: Employee Representatives: Arnstein Johannesen Tone Helen Hanken Atle Berntzen kvartal 1 st Quarter
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