2009-10-21 presentation at media and analyst meeting
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1 January – 30 September 2009
Axfood AB
2
Axfood AB 1 January – 30 September 2009
• Consolidated sales : SEK 23,947 m (23,519), an increase of 1.8%
• Good operating profit: SEK 838 m (800)
• Operating margin: 3.5% (3.4)
3
Hemköp 1 January – 30 September 2009
• Positive result despite restructuring costs
– Improved cost control– Increased gross profit
• Focus on improving sales
• Continued high pace in action programme for underperforming stores
4
Willys 1 January – 30 September 2009
• Continued good performance
• Leading position in soft discount– Good store operations– Attractive mix between price &
assortment– Increased marketing activities
• Renewal of concept according to plan, so far 24 stores
5
PrisXtra 1 January – 30 September 2009
• New president
• Decrease in sales for two stores due to major road work
• Focus on improving sales
66
Axfood Närlivs 1 January – 30 September 2009
• Renewed contract with EMAB
• Good development despite fierce competition
• Cash & Carry showed very strong performance
7
Dagab 1 January – 30 September 2009
• Continued excellent service level
• Implementation of Autoordercontinued as planned
8
Well positioned in a weak economy
• Continued strong price competition and weak economy
• Increased price consciousness among customers
• We will continue offering competitive prices
• Development of private label
0
5
10
15
20
25
-01 -02 -03 -04 -05 -06 -07 -08
% Private label share
9
Unchanged strategy for profitable growth
• Continued strong cost control
• Continued focus on sales growth
• Develop and improve the variousconcepts
• Good price & product range
• Greater efficiency
10
Axfood´s goal for 2009
Axfood´s goal for 2009 is to achieve an operating profit of at least SEK 1 billion
1 January – 30 September 2009
Financial Performance
12
Axfood AB 1 January – 30 September 2009
• Strong cost control
• Good profitability
• Stable sales
-
+ 4.8%
+1.8 %
Change
3.4%3.5%Operating margin
800838 Operating profit
23,51923,947Net sales
20082009Group , SEK m
13
Hemköp 1 January – 30 September 2009
Sales Operating profit
-0.4%0.6%Operating margin
20082009
-09 -08
4,189 3,977
-09 -08
-18
22
14
Willys 1 January – 30 September 2009
+5.2%
Sales
4.4%4.2%Operating margin
20082009
Operating profit
-09 -08
12,42113,062
-09 -08
543 549
15
PrisXtra 1 January – 30 September 2009
• Main focus on sales growth and store performance
-
-
-
Change
1.8%0.7%Operating margin
84 Operating profit
450542 Net sales
20082009SEK m
1616
Axfood Närlivs 1 January – 30 September 2009
-
+ 20.5%
-1.8%
Change
2.1%2.5%Operating margin
88106 Operating profit
4,2684,190 Net sales
20082009SEK m
• High level of delivery reliability
• Good development despite competitive market
17
Dagab 1 January – 30 september 2009
• Excellent service level
-
+ 5.4%
+ 2.3%
Change
0.5%0.6%Operating margin
9398 Operating profit
17,37417,774 Net sales
20082009SEK m
18
Other 1 January – 30 September 2009
• Sales: SEK 2,460 m (1,411)
• Operating profit: SEK 65 m (80)
• Increased sales are driven by fruit & vegetables and centrally packed meat
• Lower overhead costs
• Changes in internal pricing since Q3 2008 has affected the operating profit for the two first quarters 2009
1919
Key ratios
• Balance sheet, total: SEK 7,025 m (7,195)
• Cash flow operating activity: SEK 1,017 m (754)
• Capex: SEK 439 m (939)
• Equity ratio: 34.6% (28.7)
20
Strong financial posistion
Q1 2006 – Q3 2009
0
400
800
1 200
1 600
2 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q30
0,25
0,5
0,75
1
1,25Debt, short term, MSEKDebt, long term, MSEKDebt equity ratio mutiple
2006 2007 2008 2009
21
Financial targets & dividend policy
• Axfood´s goal for 2009 is to achieve an operating profit of at least SEK 1 billion
• Equity ratio of at least 25%
• Shareholder dividend of at least 50% of profit for the yearafter tax, for 2008 the dividend was SEK 8 (12)
• Long term target for operating margin: 4%
22
Summary financial performance
• Good results
• Efficiency and good cost control
• Strong balance sheet & cash flow
Time for questions!
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