EKORNES ASA. 3rd QUARTER 2007

Transcription

1 EKORNES ASA 3rd QUARTER

2 Ekornes Q3 - Headlines: Strong growth in important markets Central Europe: Q3 order influx up 17% and revenues up 8% in local currency USA: Q3 order influx up 22% and revenues up 10% in local currency Norway: Q3 order influx up 22% and revenues up 18% Consolidated revenues growth hit by stronger NOK in Q3 Operating margin hurt by currency exchange effects, raw material prices and product mix Steady development in most of the other markets Mattresses - Position in Norway nearly regained - Significant Growth in Denmark driven by a more active approach - margins lower Stressless - capacity end Q3 at 1650 seat units per day unchanged entering

3 Development in Operating Revenues Q3/03 Q3/04 Q3/05 Q3/06 Q3/07 As per Q3 Q3 3

4 Development in Operating Revenues '06/07 4

5 Distribution of operating revenues By product area year to date (Mill.NOK) 3. kvartal Stressless Sofa Mattresses Other

6 Distribution of operating revenues - Product area Stressless year to date (Mill. NOK) 3. kvartal Stressless total Stressless chairs Stressless sofa

7 Distribution of operating revenues By product area quarterly data (Mill.NOK) 3. kvartal Stressless Sofa Mattresses Other Q3/2003 Q3/2004 Q3/2005 Q3/2006 Q3/

8 Distribution of operating revenues Product area Stressless quarterly data (Mill. NOK) 3. kvartal Stressless total Stressless chairs Stressless sofa Q3/03 Q3/04 Q3/05 Q3/06 Q3/07 8

9 Contribution margin by product areas 60 % 50 % 56,1 54,3 54,3 54,6 51,7 51,2 50,4 50,1 50,6 48,0 40 % 39,0 38,6 37,1 42,5 42,1 36,7 36,9 34,5 35,1 34,8 30 % 20 % 10 % 0 % Stressless Sofa Mattresses Totalt YTD/06 YTD/07 9

10 Development in relative factors 50 % 51,2 50,4 50,1 50,6 48,0 40 % 30 % 23,0 23,9 22,9 22,0 24,6 20 % 15,1 15,5 15,3 15,7 16,1 10 % 0 % Direct material Direct salaries ex. employee bonus Contribution Margin YTD/06 YTD/07 10

11 Development in direct salaries at the factories (Based on factory revenues, year-end bonus not included) 3. kvartal 40 % 35 % 32,9 32,6 31,8 30 % 25 % 20 % 15 % 22,8 22,7 23,4 21,7 21,9 22,5 21,9 20,9 16,0 16,4 16,3 13,7 14,3 13,5 18,8 10 % 5 % 0 % Stressless prod. Sykkylven (excl. Tynes) Tynes Stranda Grodås Hareid Fetsund YTD/06 YTD/07

12 Total contribution and operating margin 3. kvartal 50 % 51,2 50,4 50,1 50,6 48,0 40 % 30 % 28,9 30,0 29,4 29,7 30,5 20 % 21,7 18,7 20,5 19,9 17,4 10 % 0 % Contribution Margin Indirect Costs Operating Margin YTD/06 YTD/07 12

13 Development in Profit Margin (pre tax) 30 % 25 % 25,1 % 25,7 % 24,5 % 20 % 15 % 19,2 % 17,2 % 20,0 % 20,8 % 19,4 % 21,6 % 18,6 % 17,3 % 18,9 % 16,2 % 20,4 % 19,2 % 21,6 % 18,5 % 16,8 % 13,2 % 10 % 5 % Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Profit margin individual quarter (pre tax). 13

14 Development in Profit Margin (pre tax) 30 % 25 % 20 % 15 % 19,3 % 18,2 % 17,6 % 17,2 % 18,3 % 18,8 % 20,5 % 17,4 % 19,5 % 16,2 % 10 % 5 % Profit margin YTD (pre tax) 14

15 Development EPS fully diluted (Figures in NOK) 7,50 6,37 6,69 4,84 5,08 5,46 5,70 1,69 1,71 2,10 1,91 2,22 1,52 0, * * EPS/As of Q3 (Fully diluted) EPS/Q3 (Fully diluted) *EPS for 2003 is calculated based on the same number of shares as 2004 to

16 Income Statement year to date (mill. NOK) Changes Operating revenues 1, % 1, % 2.3% Materials % ,0% 14.3% Salaries and social costs % ,2% 1.7% Other operating expenses % ,1% 2.9% Depreciation % ,8% 2.1% Total operating costs 1, % 1, ,1% 5.6% Operating result % ,9% -10.8% Net financial income/expenses % 0.5 0,1% Profit/loss currency exchange % % Ordinary result before taxes % ,5% -14.8% Calculated taxes ordinary result % % -14.7% Ordinary result after taxes % % -14.8% EPS

17 Income Statement individual quarter (mill. NOK) Q3/07 Q3/06 Changes Operating revenues % % 5.4% Materials % % 43.1% Salaries and social costs % % 0.3% Other operating expenses % % 0.6% Depreciation % % -4.1% Total operating costs % % 11.3% Operating result % % -16.9% Net financial income/expenses % % Profit/loss currency exchange % % Ordinary result before taxes % % -31.8% Calculated taxes ordinary result % % -31.7% Ordinary result after taxes % % -31.9% EPS

18 Income Statement 1 OCT/30 SEP (mill. NOK) Changes Operating revenues 2, % 2, % 4.2% Materials % % 14.8% Salaries and social costs % % 4.0% Other operating expenses % % 3.3% Depreciation % % 1.2% Total operating costs 2, % 1, % 6.7% Operating result % 501,9 20.5% -5.7% Net financial income/expenses % % Profit/loss currency exchange % % Ordinary result before taxes % % -11.4% Calculated taxes ordinary result % % -10.4% Ordinary result after taxes 307,3 12.1% % -11.8% EPS

19 Balance Sheet (mill. NOK) 19 Q3/07 Q3/06 CHANGES Total Long Term Assets % Inventories % Trade Debtors % Other Current Assets % Value of forward contracts kvartal Cash and Bank Deposits % Total Current Assets % TOTAL ASSETS 1, , % Total Equity 1, , % Provisions and Commitments % Long Term Liabilities % Trade Creditors % Taxes, VAT and national insurance % Other current liabilities % Total Liabilities % TOTAL EQUITY AND LIABILITIES 1, , %

20 Balance Sheet (mill. NOK) 3. kvartal Q3/07 H1/07 CHANGES Total Long Term Assets Inventories Trade Debtors Other Current Assets Value of forward contracts Cash and Bank Deposits Total Current Assets TOTAL ASSETS 1, , Total Equity 1, , Provisions and Commitments Long Term Liabilities Trade Creditors Taxes, VAT and national insurance Other current liabilities Total Liabilities TOTAL EQUITY AND LIABILITIES 1, ,

21 EQUITY Q3/07 Q3/ EQUITY AT START OF PERIOD 1, , ,164.8 Profit of the year Dividend paid out Purchase of own shares Sale of own shares Translation differences and other Change value of forward contracts EQUITY AT END OF PERIOD 1, , ,

22 Development in cash-flow and bank deposits (Mill.NOK) YTD/07 YTD/ Net cash flow from: Operating activities Investing activities Financing activities Net change in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period

23 Development in Total Capital, Net-working Capital and Equity (mill. NOK) Q3/07 Q3/ Total capital 1, , , , ,646.0 Net-working capital* Equity 1, , , , ,162.8 Equity ratio 71.0% 67.0% 67.2% 69.7% 70.6% *Not included the market value of forward contracts. 23

24 Cash Reserve (Mill. NOK): Cash and bank deposit Unused credit facilities Total cash reserve Q3/05 Q3/06 Q3/07

25 Development in operating revenue per market year to date (Mill. NOK) Norway 310,5 285,9 Sweden Denmark Finland Central Europe 45,3 46,2 26,8 24,5 97,1 81, ,9 445,1 Southern Europe 285,6 261,0 UK 183,6 175,1 USA 400,6 426,6 Japan 66,6 62,5 Others - Export 49,5 36,3 25

26 Development in operating revenues per market quarterly data (Mill. NOK) Norway Sweden Denmark Finland Central Europe Southern Europe UK USA Japan Others - Export 10,6 14,5 32,7 23,4 8,1 5,3 24,8 25,9 21,3 13,8 58,4 59,1 82,5 79,4 90,1 106,5 125,3 125,7 Q3/07 Q3/06 148,2 148,0 26

27 Development in operating revenues per market year to date (Mill. NOK) Changes YTD/07 YTD/06 YTD/05 YTD/04 Norway 8.6% Sweden -1.9% Denmark 19.6% Finland 9.4% Central - Europe -5.4% Southern - Europe 9.4% UK 4.8% USA -6.1% Japan 6.5% Others - Export 36.4% Total 2.3% 1, , , ,

28 Coming events: 15 February 2008: Announcement of Q4/07 result 16 February 2008: Presentation of Q4/07 result 15 May 2008: Announcement of Q1/08 result and Ordinary General Assembly 16 May 2008: Presentation of Q1/08 result 14 August 2008: Announcement of Q2/08 result 15 August 2008: Presentation of Q2/08 result 06 November 2008: Announcement of Q3/08 result 07 November 2008: Presentation of Q3/08 result 28

29 Questions? 29

30 Largest shareholders ( ) 1. Folketrygdfondet, NOR 9.64% 2. State Street Bank, USA 8.14% 3. JP Morgan Chase Bank, GBR 6.18% 4. Svenska Handelsbanken, SWE 6,03% 5. Skandinaviska Enskilda, NOR 5.62% 6. Handelsbanken, FIN 4.20% 7. Berit Ekornes Unhjem, NOR 2.89% 8. Oslo Pensjonsforsikring, NOR 2.88% 9. Pareto Aksje Norge, NOR 2.82% 10. JP Morgan Chase Bank, GBR 2.63% Other shareholders approx. 2, % Proportion: Norwegian shareholders 39.6% Foreign shareholders 60.4% 30

31 Board of Directors Group Management Olav Kjell Holtan Gry Hege Sølsnes Jens P. Ekornes Torger Reve Carl Graff-Wang Employee Representatives: Arnstein Johannesen Tone Helen Hanken Atle Berntzen CEO: Nils-Fredrik Drabløs Phone: Mobile: COO: Øyvind Tørlen Phone: Mobile: CFO: Robert Svendsen Phone: Mobile: Marketing Director: Runar Haugen International Marketing Director: Svein Lunde 31