Half year financial report. January June 2017

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Alexander Greene
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1 Half year financial report January June 2017

Key figures 4-6/2017 4-6/2016 Change% 1-6/2017 1-6/2016 Change% 1-12/2016 Revenue, MEUR 196.0 192.4 1.9% 352.6 350.6 0.6% 775.8 Like-for-like revenue development, % -1.9-2.7-0.

3 Key figures 4-6/ /2016 Change% 1-6/ /2016 Change% 1-12/2016 Revenue, MEUR % % Like-for-like revenue development, % Number of baskets, M % % 44.7 Gross profit, MEUR % % Gross margin, % Adjusted gross profit, MEUR % % Adjusted gross margin, % Operating expenses % % Adjusted operating expenses % % EBITDA, MEUR % % 64.3 EBITDA, % Adjusted EBITDA, MEUR % % 62.8 Adjusted EBITDA, % Operating profit (EBIT), MEUR % % 49.2 Operating profit margin EBIT, % Adjusted EBIT, MEUR % % 47.7 Adjusted EBIT, % Net financial items, MEUR % % Net capital expenditure, MEUR % % 9.8 Net debt / adjusted EBITDA ** Net cash from operating activities, MEUR Return on capital employed, % Return on equity, % Number of shares, weighted average during the financial period (thousands)* Earnings per share (EUR/share)* Personnel at the end of the period Personnel on average in the period * The amount of shares 2016 has been adjusted with the effects of the bonus issue ( share split ) carried out 04/2016. ** Rolling 12 months adjusted EBITDA

Adjustments affecting comparability MEUR 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016 Gross profit 65.6 67.8 114.3 119.5 268.4 Changes in fair value of currency derivatives 1.1-0.

4 Adjustments affecting comparability MEUR 4-6/ / / / /2016 Gross profit Changes in fair value of currency derivatives Adjusted Gross Profit Operating expenses Changes in fair value of electricity derivatives Loss on real estate sales Adjusted operating expenses EBITDA Operating profit (EBIT) Changes in fair value of currency derivatives Changes in fair value of electricity derivatives Loss on real estate sales Adjusted EBITDA Adjusted operating profit (adj. EBIT)

5 Trading picked up in June.

11 TOKMAN 58,868, High Low Average* Close Share price Market cap MEUR ,6 *Trade weighted average

15 Consolidated income statement (MEUR) 4-6/ / / / /2016 Revenue Other operating income Materials and services Employee benefits expenses Depreciation and amortization Other operating expenses Share of profit (loss) in joint ventures Operating profit Financial income Financial expenses Profit/loss before tax Income taxes Net result for the financial period Profit for the year attributable to Equity holders of the parent company Consolidated statement of comprehensive income (MEUR) 4-6/ / / / /2016 Net result for the financial period Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations Comprehensive income for the financial period, net of tax Comprehensive income for the financial period Comprehensive income for the financial period attributable to Equity holders of the parent company Earnings per share Equity holders of the parent company Number of shares, weighted avarage during the financial period (thousands)* Earnings per share (EUR/share)* * The amount of shares 2016 has been adjusted with effects of the bonus issue.

16 Consolidated statement of financial position (MEUR) ASSETS NON-CURRENT ASSETS Property, plant and equipment Goodwill Other intangible assets Non-current receivables Investments in joint ventures and other financial assets Deferred tax asset NON-CURRENT ASSETS, TOTAL CURRENT ASSETS Inventories Trade and other receivables Income tax receivables Cash and cash equivalents CURRENT ASSETS, TOTAL ASSETS, TOTAL EQUITY AND LIABILITIES Equity attributable to the equity holders of the parent company Share capital Reserve for invested unrestricted equity Translation differences Retained earnings EQUITY, TOTAL NON-CURRENT LIABILITIES Deferred tax liabilities Non-current interest-bearing liabilities Non-current non-interest-bearing liabilities NON-CURRENT LIABILITIES, TOTAL CURRENT LIABILITIES Current interest-bearing liabilities Trade payables and other current liabilities Income tax liabilities CURRENT LIABILITIES, TOTAL EQUITY AND LIABILITIES, TOTAL

17 Consolidated statement of cash flows (MEUR) 1-6/ / /2016 Cash flows from operating activities Net result for the financial period Adjustments: Non-cash items Financial income Financial expenses Income taxes Change in working capital: Change in current non-interest-bearing receivables Change in inventories Change in current non-interest-bearing liabilities Interest paid and other financial expenses Interest received Income taxes paid Net cash from operating activities Cash flows from investing activities Purchases of tangible and intangible assets Proceeds from disposal of tangible and intangible assets Disposal of subsidiaries Loans granted Proceeds from repayments of loans Net cash from investing activities Cash flows from financing activities Proceeds from share issue Dividends paid Repayments of finance lease liabilities Proceeds from loans Repayment of loans Change in current loans Net cash from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of the financial period Cash and cash equivalents at end of the financial period Cash and cash equivalents, other arrangements

18 Consolidated statement of changes in equity (MEUR) Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Equity attributable to owners of the parent Total equity Equity 1 Jan Comprehensive income Net result for the financial period Translation differences Total comprehensive income for the financial period Dividends Transaction costs for equity Equity 30 Jun Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Equity attributable to owners of the parent Total equity Equity 1 Jan Comprehensive income Net result for the financial period Translation differences Total comprehensive income for the financial period Share issue Bonus issue Transaction costs for equity Equity 31 Dec Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Equity attributable to owners of the parent Total equity Equity 1 Jan Comprehensive income Net result for the financial period Translation differences Total comprehensive income for the financial period Share issue Bonus issue Transaction costs for equity Equity 30 Jun

19 Operating leases Group as lessee The Group has leased most of its store premises. The leases are in force from eight to twelve years on average. The agreements have varying renewal terms and other index terms. Minimum lease payments payable based on other no-terminable leases: MEUR No later than 1 year Later than 1 year and no later than 5 years Later than 5 years Total MEUR Loans for which property has been given as collateral Loans from financial institutions MEUR Financial assets Carrying amounts of assets as per balance sheet Fair value Carrying amounts of assets as per balance sheet Fair value Carrying amounts of assets as per balance sheet Fair value Derivatives (level 2) Financial liabilities Derivatives (level 2) Loans from financial institutions (level 2) Finance lease liabilities (level 2) Total

20 Like-for-like revenue = Number of baskets Like-for like revenue growth: Like-for-like revenue growth is calculated by taking into account the revenue growth of stores that are not considered to be net new and relocated stores, as defined by Tokmanni to include: (i) new stores opened; (ii) store relocations where the store size changes by 30 percent or more ; (iii) store expansions where the store size changes by 30 percent or more; and (iv) closed stores. If the store falls in one of these categories, it is regarded as a net new or relocated store in its opening year and in the following calendar year. = Number of customer transactions during the relevant period Gross profit Adjusted gross profit Operating expenses = Revenue - Materials and services = Gross profit - Changes in fair value of currency derivatives = Employee benefits expenses + Other operating expenses Adjusted operating expenses = Operating expenses - (Changes in fair value of electricity derivatives + Loss on real estate sales in 2017) EBITDA = Operating profit + Depreciation and Amortisation Adjusted EBITDA Adjusted EBIT = = EBITDA - (Changes in fair value of currency derivatives + Changes in fair value of electricity derivatives + Loss on real estate sales in 2017) EBIT - (Changes in fair value of currency derivatives + Changes in fair value of electricity derivatives + Loss on real estate sales in 2017) Net financial items Net debt Net debt / adjusted EBITDA = Financial income - Financial expenses = Interest bearing debt - Cash and cash equivalents = Net debt Adjusted EBITDA Change in net working capital = Sum of changes in current non-interest bearing operating receivables, changes in inventories and changes in current non-interest bearing operating liabilities Capital employed Return on capital employed, % = Balance sheet total - Deferred tax liability and other non-interest-bearing liabilities = Profit before taxes + Interest and other financial expenses Average capital employed Return on equity, % Number of personnel Number of personnel on average Earnings Per Share Number of shares = Net result for the financial period Average equity including shareholder's loan = Number of personnel at the end of the period = Number of personnel on average in the financial period = Net profit Number of shares weighted average during the period = Number of shares at the end of the period

Group statement of comprehensive income (IFRS) Restated

Group statement of comprehensive income (IFRS) Restated Group income statement (IFRS) EUR million Q1-Q4 Q1-Q3 Q1-Q2 Q1 Net sales 2,321.2 1,745.6 1,161.3 546.8 Cost of goods sold -1,949.2-1,462.6-972.9-462.8 Gross profit 372.0 283.0 188.4 84.0 Other operating