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Q3 2008/2009. June 17, 2009 Mikael Solberg, CEO Gunnar Bergquist, CFO Cecilia Lannebo, IR. RNB focus for remaining 2008/2009. Divesture of operations at NK Focus the business, i.e. optimize the store structure at JC – some divestures and close downs Further cost cuts - PowerPoint PPT Presentation
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1Q3 2008/2009
Q3 2008/2009
June 17, 2009
Mikael Solberg, CEOGunnar Bergquist, CFO
Cecilia Lannebo, IR
2Q3 2008/2009
RNB focus for remaining 2008/2009
• Divesture of operations at NK
• Focus the business, i.e. optimize the store structure at JC – some divestures and close downs
• Further cost cuts
• Streamline remaining business
• 2008/2009 –actions done to support a solid business 2009/2010
3Q3 2008/2009
Status divesture of operations at NK• 25th of March 2009 -
communication of divestment of RNB´s operations at NK in Stockholm and Gothenburg
• 15 April 2009- approval at Extraordinary shareholders meeting
• Facts: Purchase price 440 MSEK Conditional upon approval of the
competition authorities Decrease of net debt – pro forma
per 31 May to 372,9 MSEK
• The Competition Authority (Konkurrensverket) has decided to implement a special investigation prior to decision. This investigation will be completed no later than 1 of September.
4Q3 2008/2009
Q3; March 2009-May 2009• Net sales amounted to 695.9 MSEK (776.9) a decrease of 10.4 percent
sales to franchisees are down by approx. 70 MSEK, explaining the lowered sales
currency effects have impacted sales marginally negative -2.3 percent in like-for-like in own stores HUI in the quarter -1,9 percent in like-for-like
• Operating loss at -36.1 MSEK (23.8)
Operating result includes 17,7 MSEK in write-down of liabilities in Stores
Approx. 40 MSEK in negative impact from lowered sales to franchise and higher purchasing costs from unfavorable currency
• Unrealized exchange-rate losses on forward contracts amounted to SEK 12.3 M during the quarter.
• Loss after tax -64.2 MSEK (5.8)• Cash flow from current operations for the period at 17.8 MSEK (61.7)
5Q3 2008/2009
Key issues• JC
Restructuring Store network Franchisees
• Balance sheet Capital tied up Inventories Liabilities
• Department Stores Steen & Ström – Fourth
floor, “Sporten” closed Illum – agreement to close
3 out of 5 stores signed• Currency• Cost cutting• Market development
6Q3 2008/2009
Swedish market development-The Swedish market during 2009 has improved and stabilized-RNB has due to internal difficulties with JC and focus on liquidity had a more volatile development
-10,0
-8,0
-6,0
-4,0
-2,0
0,0
2,0
4,0
Q1
20
07
/20
08
Q2
20
07
/20
08
Q3
20
07
/20
08
Q4
20
07
/20
08
Q1
20
08
/20
09
Q2
20
08
/20
09
Q3
20
08
/20
09
(%)
RNB like-for-like HUI like-for-like
Autumn weaknessA hit in consumer confidence
7Q3 2008/2009
Polarn O. Pyret
• Sales Q3 sales 96.3 MSEK (86.0) Growth of 12 percent +4.7 percent like-for-like
• Operating profit 3.6 MSEK (5.8) Higher cost of purchasing
from unfavorable currency effects of approx. 5 MSEK
• Operating profit margin 3.7 percent (6.7)
• Net new store openings, +4• E-commerce in Sweden and the
US, launch mid-March
8Q3 2008/2009
• Sales – Q3 sales 354.8 MSEK (441.0) – Decrease of 19,5 percent– Low discounting at JC in the quarter have
hurt top-line but benefited gross margin– -7.0 percent like-for-like own stores
• Operating loss– -26.5 MSEK (29.9)
Including -52,7 MSEK from:– Write-down of liabilities of 17,7 MSEK– Lowered sales to franchisees and higher
purchasing costs due to unfavorable currency effects of 35 MSEK
• JC: -29,0 MSEK• Brothers and Sisters:
2,5 MSEK• New store openings in the quarter
– Net +/- 0 • Brothers +2• Sisters: +2• JC: -4
Stores
9Q3 2008/2009
JC gross profit development in Sweden Internal brandsAccumulated gross profit in Sweden between
1 of January 2009 to 31 of May 2009 is up by 63%.
Gross profit
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
Week
2009 2008
10Q3 2008/2009
JC gross profit in Sweden in %Internal brands
Gross margin (%)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
Week
2009 2008
11Q3 2008/2009
Departments & Stores
• Sales Q3 sales 240.2 MSEK
(252.7) Decrease of 4.9 percent -1.5 percent like-for-like
• Operating loss -3.6 MSEK (-6.1)
• Illum -7.7 MSEK (-8.3)
12Q3 2008/2009
Going forward
• Focus on business… JC turnaround
• store structure• further cost cuttings
Brothers and Sisters• consolidation
Departments & Stores• divesture
Polarn O. Pyret• continued international roll-out
• …and financials Capital structure – further
lowered debts and capital tied up
Lowered costs – organization, store network and international exposure
13Q3 2008/2009
Q&A’s
14Q3 2008/2009
Consolidated income statement (MSEK)
Net turnoverOperating resultFinancial itemsResult after fin. ItemsResult for the period
3MMar 09-May
09
3MMar 08-May
08
9MSep 08-May
09
9MSep 07-May
08
695.9 776.9 2,393.9 2 554.7
-36.1 23.8 -584.8 52,2
-18.8 -17.8 -45.9 -39.7
-54.9 6.0 -630.7 12.5
-64.2 5,8 -619.8 15.6
15Q3 2008/2009
Consolidated balance sheet (MSEK)
Intangible assetsTangible assetsFinancial assetsInventoriesOther current assetsTotal assets
EquityLong-term liabilitiesShort-term liabilitiesTotal equity and liabilities
May 31, 2009
May 31, 2008 Aug 31, 2008
1,469.1 1,885.9 1,966.8
176.2 281.3 215.2
0 17.5 11.4
620.2 616.0 672.0
316.3 371.0 462.6
2,581.8 3,171.8 3,328.0
1,117.7 1,495.8 1,404.1
632.9 696.6 717.3
831.2 979.4 1,206.6
2,581.8 3,171.8 3,328.0
16Q3 2008/2009
Key figures
Gross profit margin (%)Operating margin (%)Net profit margin (%)Equity (MSEK)Equity ratio (%)
Average number of employeesNumber of stores
9MSep 08-May
09
9MSep 07-May
08
12 MSep 07-Aug
08
44.1 45.0 43.3
nm 2.0 0.1
nm 0.6 nm
1,117.7 1,495.8 1,401.1
44.1 47.2 42.2
1,523 1,511 1,505
490 475 475