Mekonomen Group. January - March May 2014

Transcription

1 Mekonomen Group January - March May 2014

2 January March 2014 Revenues: MSEK (1405) EBITA: 133 MSEK (129) EBITA margin: 9 procent (9) EBIT: 103 MSEK (103) EBIT margin: 7 procent (7) Profit after financial items: 99 MSEK (87) Profit after tax: 68 MSEK (65) Earnings per share: 1,83 SEK (1,77) 2

3 3 MECA EBITA for MECA including Denmark amounted to SEK 24 M (38) for the first quarter and EBIT amounted to SEK 5 M (21). Pehr Oscarson assumed the position of President of MECA in March Except for non-recurring costs of SEK 9 M (0), EBIT for MECA excluding Denmark amounted to SEK 37 M (33), the EBIT margin was 9 (8) per cent and the EBITA margin was 13 (13) per cent. Net sales for MECA excluding Denmark increased to SEK 411 M (394), while underlying net sales rose 7 per cent in the quarter.

4 4 Denmark MECA Denmark s net sales decreased to SEK 151 M (160) for the first quarter. Underlying net sales declined 12 per cent. MECA Denmark reported an EBIT of SEK -23 M (-13) MSEK and the EBIT margin decreased to -15 (-8) per cent for the first quarter. MECA Denmark s earnings were negatively impacted by lower sales compared with the year-earlier period. The action plan which is being implemented includes ongoing adaptations of the cost structure and increased investment in our workshop chains, that have strong positions in Denmark.

5 New Fleet agreement for MECA MECA has entered into a cooperation agreement with the Swedish Defence Materiel Administration (FMV) as exclusive supplier of spare parts and maintenance services. As of April 29, MECA will provide FMV s approx standard vehicles up to 3500 kg and leightweight trailers with spare parts. The agreement also involves maintenance services such as service, repair, glass repair, AC/climate service and collect/return service. Estimated contribution from the contract in terms of sales amounts to SEK 30 M per year for the MECA chain. 5 5

6 6 Mekonomen Nordic Mekonomen Nordic s EBIT for the first quarter increased to SEK 88 M (79) and the EBIT margin was 13 (13) per cent. Mekonomen Nordic s EBITA for the first quarter rose to SEK 95 M (83) MSEK and the EBITA margin was 14 (14) per cent. Underlying net sales rose 5 per cent in the quarter. Mekonomen Sweden s EBIT for the first quarter was SEK 62 M (62) and the EBIT margin was 14 (15) per cent. Mekonomen Norway s EBIT increased to SEK 33 M (25) and the EBIT margin rose to 17 (13) per cent. Sales growth of ProMeister remains strong for the first quarter. Magnus Johansson assumed the position of President of Mekonomen Nordic in January 2014.

7 Sørensen og Balchen Sørensen og Balchen s EBIT for the first quarter increased to SEK 20 M (15) and the EBIT margin rose to 11 (8) per cent. Sørensen og Balchen s EBITA for the first quarter increased to SEK 24 M (19) and the EBITA margin rose to 14 (11) per cent. Net sales decreased to SEK 171 M (174), while underlying net sales rose 2 per cent. 7

8 Growth per customer group in 2014 Affiliated Workshops excl DK Other Workshops excl DK Consumers excl DK Local currency +8% +7% +4% Nominal outcome +5% +3% +1% 8 8

9 Customer group distribution Other workshops Consumer via workshops Increased sales for affiliated workshops during 2013 and for the first quarter 2014 resulting in a higher proportion of Consumer via workshops. (32 %) (33 %) Q (Q1 2013) Consumer via stores 9

10 Good better best 10 10

11 Consolidation of the store network Q Mekonomen BilXtra Meca Own

12 new workshops during Q Q Mekonomen Service Centre Mekopartner BilXtra Speedy Meca Car Service

13 Efficiency enhancements 2014 Coordination of a number of shared functions: - Training ProMeister Academy - Technical support - Environment and quality - Market brand/concept - Business Development - Establishment - SEK 30 M in savings on a full-year basis from SEK 10 M in non-recurring costs for Q and estimated non-recurring costs of SEK 5 M for Q2 13

14 14 Appendix January - March May 2014

15 15 Earnings Trend SUMMARY OF THE GROUP'S January - March 12 months Full-year EARNINGS TREND (SEK M) change % April - March 2014 Revenue Operating profit before amortisation and impairment of intangible assets (EBITA) EBIT Profit after financial items Profit after tax Earnings per share, SEK 1,83 1,77 3 8,62 8,56 EBITA margin, % EBIT margin, %

16 Quarterly Data QUARTERLY DATA SEK M Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 Total revenue EBITA EBIT Net financial items Profit after net financial items Tax Net profit for the period EBITA margin, % EBIT margin, % Earnings per share, SEK 1,83 8,56 0,88 2,67 3,24 1,77 10,80 3,36 2,46 2,65 2,29 Shareholders' equity per share, SEK 64,6 62,1 62,1 61,4 60,4 64,0 64,2 64,2 60,3 58,6 49,4 16

17 17 Cash Flow CONSOLIDATED CASH-FLOW January - March 12 months Full-year STATEMENT, SEK M Cash flow from operating activities before April - March 2013 changes in working capital Cash flow from changes in working capital Cash flow from operating activities Cash flow from investing activities 1) Cash flow from financing activities 1) CASH FLOW FOR THE PERIOD

18 18 Income Statement CONDENSED CONSOLIDATED INCOME STATEMENT, SEK M 2014 January - March 2013 % 12 months April - March Full-year 2013 Net sales Other operating revenue Total revenue Goods for resale Other external costs Personnel expenses Depreciation and impairment of tangible fixed assets Amortisation and impairment of intangible fixed assets EBIT Interest income Interest expenses Other financial items Profit after financial items Tax NET PROFIT FOR THE PERIOD Net profit for the period attributable to: Parent Company's shareholders Minority owners NET PROFIT FOR THE PERIOD Operating profit before amortisation and impairment of intangible assets (EBITA) Earnings per share before and after dilution, SEK 1,83 1,77 3 8,62 8,56

19 19 Balance Sheet CONDENSED CONSOLIDATED BALANCE SHEET SEK M ASSETS 31 March March December 2013 Intangible fixed assets Tangible fixed assets Financial fixed assets Deferred tax assets Goods for resale Current receivables Cash and cash equivalents TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Long-term liabilities, interest-bearing Deferred tax liabilities Long-term liabilities, non-interest-bearing Current liabilities, interest-bearing Current liabilities, non-interest-bearing SHAREHOLDERS' EQUITY AND LIABILITIES

20 Largest owners as of Voting rights and Share capitals, % Ax:son Johnson Antonia company 26,5 Fraim-Påhlman Eva 5,6 Swedbank Robur Funds 3,3 Kempen & Co Funds 3 Norges Bank Investment Management 2,8 Fraim-Sefastsson Ing-Marie 2,8 Fourth Swedish National Pension Fund 2,1 SHB Funds (Finland) 2 Skandia Life Insurance Company Ltd 1,8 SEB Funds 1,8 Total 10 largest shareholders 51,7 Others 48,3 Total