mekonomen...2012 14 february 2013 mekonomen q4 2012 • revenues: sek 1 556 m (1 088) • ebit: sek...
TRANSCRIPT
Mekonomen
January - December 2012
14 February 2013
Mekonomen
Q4 2012
• Revenues: SEK 1 556 M (1 088)
• EBIT:
SEK 125 M (104)
• EBIT margin: 8 per cent (10)
• Profit after financial items:
SEK 109 M (100)
• Profit after tax: SEK 121 M (71)
• Earnings per share:
SEK 3,36 (2,16)
2
January-December 2012
• Revenues: SEK 5 426 M (4 237)
• EBIT:
SEK 528 M (536)
• EBIT margin: 10 per cent (13)
• Profit after financial items:
SEK 474 M (523)
• Profit after tax: SEK 382 M (380)
• Earnings per share:
SEK 10,80 (11,39)
• The Board proposes a dividend of SEK 7.00 (8.00)
3
Meca
4
• From 1 Octorber 2012, Mekonomen’s operation in Denmark is included in the Meca Group
• Meca, excluding Denmark, reported an EBIT of SEK 47 M for the fourth quarter. Before amortization of intangible assets the result was SEK 62 M
• Meca Denmark’s operating result for the fourth quarter was a loss of SEK 27 M (profit: 1), including non-recurring effects of SEK 12 M
• Over 550 affiliated Meca Car Service
workshops as of February 2013
Meca Denmark
5
• Weak market conditions and increased competition have led to a weak operating margin -5 per cent (8), including non-recurring effects of SEK 12 M in Q4
• Adaptation of the structure to the streamlining of B2B sales • Focus on workshop sales • Adjustment of cost base
• Additional structural costs are
assumed to impact Denmark’s
results with SEK 15 M during the
first as well as during the second
quarters of 2013.
Mekonomen Norden
6
• Mekonomen Norden is a new segment that includes activities in the original Mekonomen excluding Denmark
• Mekonomen Norden sales rose 3 per cent to SEK 721 (703) M for the fourth quarter and the EBIT was 84 (101) MSEK
• Mekonomen Sweden's operating profit for the fourth quarter was SEK 73 (78) M, and operating profit in Mekonomen Norway was SEK 24 (31) M
• Operations in Finland developed in a positive direction
Sørensen og Balchen
7
• EBIT was SEK 97 (102) M for the full year before amortization of intangible assets related to the acquisition
• Net sales for the fourth quarter increased by 7 per cent to SEK 188 (176) M. Adjusted for currency effects and comparable workdays sales increased by 10 per cent
Customer group distribution
8
• Sales to consumers via stores rose nominally but declined as a proportion of the total sales
• Sørensen og Balchen has a higher proportion of consumer sales than other Mekonomen companies on average, while Meca has a higher proportion of workshop sales
28 %
31 %
41 %
Consumer via stores
Consumer via workshops
Other workshops
Q4 2012 (Q4 2011)
(33 %)
(30 %)
(37 %)
Stores
9
20
6
22
0
23
0
25
7
25
4
77
78
8
9
0
50
100
150
200
250
300
350
400
450
2008 2009 2010 2011 2012
Mekonomen BilXtraMeca Own
Workshops
10
778
852
910
975
1036
1094
199
296
363
420
426
21
9
225
546
0
300
600
900
1 200
1 500
1 800
2 100
2 400
2007 2008 2009 2010 2011 2012
Mekonomen Service Centre Mekopartner BilXtra Speedy Meca Car Service
Market trend
11
Market trend in the Nordic region
Nordic aftermarket Mekonomen excl. SogB. From Q2 2012: incl SogB excl Meca. From Q3 2012: incl Meca
Environment and quality
12
• Mekonomen hires Kontrollerad Bilverkstad for inspection of 600 workshops in Mekonomen Service Centre and MekoPartner
• The inpections by an independent examiner will increase quality levels further, and strengthen Mekonomen’s offer to consumers and customers
Mekonomen CarLife insurance
13
• Provides insurance for car, housing, personal and supplementary insurance
• Will be launched March 15 in cooperation with Vardia Insurance, part of Scandinavian Insurance Group
• Vardia Insurance was named non-life insurance company of the year in 2012
Auto glass at the flagship facility
14
• On February 13, the first auto glass
was replaced at the Mekonomen
flagship facility at Gärdet
• A natural development of
Mekonomen customer offering to
make CarLife easier
• The market for auto glass
replacement amounts to over SEK 1
billion per year in Sweden
Appendix
January - December 2012
14 February 2013
Mekonomen
15
Earnings trend
16
SUMMARY OF THE GROUP’S EARNINGS TREND October – December January – December
2012 2011 Change % 2012 2011 Change % Revenues, SEK M
1,556 1,088 43 5,426 4,237 28 EBIT, SEK M
125 104 20 528 536 -1 Profit after financial items, SEK M
109 100 9 474 523 -9 Profit after tax, SEK M
121 71 71 382 380 1 Earnings per share, SEK
3.36 2.16 56 10.80 11.39 -5 Operating margin, %
8 10 10 13
Quarterly data
17
QUARTERLY DATA
2012 2011 2010
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Total revenues, SEK M 1,556 1,433 1,341 1,096 1,088 1,117 1,169 863 892 839 913 803
EBIT, SEK M 125 151 141 111 104 163 173 95 110 141 144 90
Profit after financial items, SEK M 109 127 132 106 100 161 167 95 111 140 143 91
Net profit for the period, SEK M 121 91 93 77 71 118 122 70 78 100 107 67
EBIT margin, % 8 11 11 10 10 15 15 11 12 17 16 11
Earnings per share, SEK 3,36 2,46 2,65 2,29 2,16 3,48 3,59 2,12 2,52 3,07 3,29 2,08
Shareholders’ equity per share, SEK 64,2 60,3 58,6 49,4 46,9 46,1 42,9 45,1 30,9 28,4 26,1 30,1
Cashflow
18
• Cash flow for the fourth quarter was impacted by lower accounts receivable
CONDENSED CASH-FLOW STATEMENT (SEK M)
October - December January - December
2012 2011 2012 2011
Cash flow from operating activities before changes in working capital 135 79 417 440
Cash flow from changes in working capital 89 -55 101 -181
CASH FLOW FROM OPERATING ACTIVITIES 224 24 518 259
Cash flow from investing activities -48 -64 -1,510 -512
Cash flow from financing activities -64 75 1,165 246
CASH FLOW FOR THE PERIOD 112 35 173 -7
Income statement
19
CONDENSED INCOME STATEMENT (SEK M) October – December January – December
2012 2011 % 2012 2011 %
Net sales 1,524 1,074 42 5,292 4,140 28
Other operating revenue 32 14 129 134 97 38
TOTAL REVENUES 1,556 1,088 43 5,426 4,237 28
OPERATING EXPENSES
Goods for resale -737 -471 56 - 2,475 -1,866 33
Other external costs -311 -220 41 -1,060 -786 35
Personnel expenses -337 -269 25 -1,216 -966 26
Depreciation of tangible fixed assets -19 -16 19 -73 -58 26
Amortisation of intangible fixed assets -27 -8 238 -74 -25 196
EBIT 125 104 20 528 536 -1
Interest income 2 3 -33 8 7 14
Interest expense -16 -6 167 -51 -21 143
Other financial items -2 -1 100 -11 1 -1,200
PROFIT AFTER FINANCIAL ITEMS 109 100 9 474 523 -9
Tax 12 -29 -141 -92 -143 -36
NET PROFIT FOR THE PERIOD 121 71 71 382 380 1
NET PROFIT FOR THE PERIOD SPECIFIED AS
Parent Company’s shareholders 121 71 71 375 370 1
Minority owners - - - 7 10 -30
EBITA, SEK M 152 112 36 602 560 7
Earnings per share before and after dilution, SEK 3.36 2.16 10.80 11.39
Balance sheet
20
CONDENSED BALANCE SHEET (SEK M) 31 December
2012
31 December
2011
31 December
2010
ASSETS
Intangible assets 3,086 1,116 348
Tangible fixed assets 287 235 168
Financial fixed assets 94 67 36
Deferred tax assets - - 3
Goods for resale 1,203 934 680
Current receivables 797 636 446
Cash and cash equivalents 241 67 74
Property held for sale - - 3
TOTAL ASSETS 5,708 3,054 1,758
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity 2,316 1,556 974
Long-term liabilities 2,059 511 24
Current liabilities 1,333 988 761
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 5,708 3,054 1,758
Largest owners as of 31 December 2012
21
% of capital
and votes
Axel Johnson with subsidiaries 26,5
Fraim-Påhlman Eva 5,6
Threadneedle Investments 5,1
SHB fonder (Finland) 3,5
Kempen European Participations N.V. 3,0
Fraim-Sefastsson Ing-Marie 2,8
Enter fonder 2,3
SEB fonder 2,0
Swedbank Robur fonder 2,0
Alecta 1,9
Other 45,3
Total 100,0