Mekonomen Group...EBITA margin, % 15 15 14 14 14 14 EBIT margin, % 13 13 12 12 12 12 The amounts in...
Transcript of Mekonomen Group...EBITA margin, % 15 15 14 14 14 14 EBIT margin, % 13 13 12 12 12 12 The amounts in...
Mekonomen Group
January - June 201526 August 2015
Second quarter of 2015
Revenue:
SEK 1,527 M (1,387)
EBITA:
SEK 224 M (210)
EBITA margin:
15 per cent (15)
EBIT:
SEK 197 M (182)
EBIT margin:
13 per cent (13)
Revenue rose 10 per cent
Sales in comparable units
+7 per cent
2
January - June 2015
Revenue:
SEK 2,909 M (2,677)
EBITA:
SEK 393 M (366)
EBITA margin:
14 per cent (14)
EBIT:
SEK 339 M (309)
EBIT margin:
12 per cent (12)
Revenue rose 9 per cent
Sales in comparable units
+6 per cent
3
Group companies
4
MECA – Second quarter of 2015
EBIT:
SEK 77 M (73)*
EBIT margin:
16 per cent (17)
Underlying net sales:
+13 per cent
Strong sales increase for affiliated
MECA Car Service workshops
Positive sales trend for ProMeister
contributed to higher volumes
First workshop under the
MECA+ concept opened in
Södertälje in June
MECA’s export business to
Denmark has weighed on the
result
* Acquisition-related items attributable to Mekonomen
AB’s direct acquisition of MECA have been reallocated
from the MECA segment to “Other.” Comparative
figures have been recalculated.
5
EBIT:
SEK 145 M (117)*
EBIT margin:
16 per cent (14)
Underlying net sales:
+10 per cent
Significant increase in sales to affiliated
MECA Car Service workshops
Positive sales trend for ProMeister
contributed to higher volumes
The cost-savings programme
implemented in 2014 had a positive
impact on earnings
Significant marketing and sales efforts
in the Danish export business has
affected the operating profit by
SEK -12 M
MECA January - June 2015
* Acquisition-related items attributable to Mekonomen
AB’s direct acquisition of MECA have been reallocated
from the MECA segment to “Other,” comparative
figures have been recalculated.
6
Mekonomen Sweden
– EBIT: SEK 83 M (70)
– EBIT margin: 16 per cent (15)
– Continued quality assurance of workshops resulted in a slight decline in the number of affiliated workshops
Mekonomen Norway
– EBIT: SEK 48 M (34)
– EBIT margin: 21 per cent (16)
– Strong sales to affiliated workshops
Mekonomen Nordic – Second quarter of 2015
7
EBIT:
SEK 124 M (104)
EBIT margin:
16 per cent (14)
Underlying net sales:
+8 per cent
ProMeister sales contributed to higher
volumes to other workshops
Increased sales to consumers, mainly
as a result of successful campaigns
Mekonomen Nordic January - June 2015
8
EBIT: SEK 206 M (192)
EBIT margin: 14 per cent (14)
Underlying net sales:
+6 per cent
ProMeister sales contributed to increased volumes to the segment other workshop
Previously announced measures to strengthen earnings by full-year effect of SEK 15 million has had effect
Mekonomen Sweden
–EBIT: SEK 140 M (132)
–EBIT margin: 14 per cent (15)
Mekonomen Norway
–EBIT: SEK 81 M (67)
–EBIT margin: 19 per cent (17)
Positive sales trend
to affiliated BilXtra workshops
A weaker NOK rate, mainly
compared with EUR, had a
negative impact of SEK 3 M on
earnings
EBIT:
SEK 35 M (34)
EBIT margin:
17 per cent (18)
Underlying net sales:
+8 per cent
Sørensen og Balchen – Second quarter of 2015
9
* Acquisition-related items attributable to Mekonomen
AB’s direct acquisitions have been reallocated from
Segment Sørensen og Balchen to “Other.” Comparative
figures have been recalculated.
A weaker NOK rate, mainly
compared with EUR, had a
negative impact of SEK 6 M on
earnings
Favourable sales trend to
consumers in the first six months
of the year
EBIT:
SEK 60 M (58)
EBIT margin:
15 per cent (16)
Underlying net sales:
+9 per cent
Sørensen og Balchen January - June 2015
10
* Acquisition-related items attributable to Mekonomen
AB’s direct acquisitions have been reallocated from
Segment Sørensen og Balchen to “Other.” Comparative
figures have been recalculated.
The Norwegian krone has weakened
11
A weakening of the SEK / NOK with one percentage point gives,
other things being equal, a negative impact of SEK 8 M on
Mekonomen Group's full-year profit after tax (based on the 2014
financial year)Source: Swedish Riksbank
Market performance
and trends
12
Growth by customer group for the second quarter of 2015– strong growth in all customer groups
13
Affiliated workshops
Local currency
+15%
Other workshops
Local currency
Nominal outcome
+8%
Consumers
Local currency
+3%
+16% +9% +4%
Growth by customer group for January - June 2015– strong growth in all customer groups
14
Affiliated workshops
Local currency
+13%
Other workshops
Local currency
Nominal outcome
+8%
Consumers
Local currency
+4%
+13% +8% +4%
36,1 (34,3)
22,2 (23,5)
41,7 (42,2)
Distribution, customer groups
15
Affiliated workshopsOther workshops
Q2 2015
(Q2 2014)
Percentage change
Stores
16
20
6
22
0
23
0 25
7
25
4
23
8
19
6
19
2
19
2
77
78
74
71
71
71
89
86
87
87
87
0
50
100
150
200
250
300
350
400
450
2008 2009 2010 2011 2012 2013 2014 Q12015
Q22015
Mekonomen BilXtraMECA Own
Workshops
17
852
910
973
1033
1094
1097
1075
1037
987
199 296 363 420
426
378
355
338
298
219
225
243
232
233
236
546
570
628
626
638
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2 200
2 400
2 600
2008 2009 2010 2011 2012 2013 2014 Q12015
Q22015
Mekonomen MekoPartner BilXtra Speedy MECA Car Service
ProMeister
18
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
ProMeister share of spare parts sales
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
ProMeister brake share of total brake sales MECA
Market – Vehicle miles traveled and number of cars in the car fleet
19
Consistent development in the number of vehicle miles traveled and some increase in the
number of cars in the car park means a stable market development
Opus Equipment
20
Transfer on 1 July 2015
Integration according to plan
Key customers still in place –
key employees retained in the
company
Supplementary business for
affiliated and other workshops
Focus on ProMeister’s range of
workshop equipment
Assembly and service companies
already established in Sweden –
now also being established in
Norway
123135
4,8 7,7
0
20
40
60
80
100
120
140
160
2013 2014
SEK M Financials - Opus Equipment
Net sales EBITDA
Focus 2015/2016
21
Focus 2015/2016
22
Group-wide functions in purchasing & category, supply chain and IT- Effective range and continued focus on margin
- Efficient supply chain
Growth and innovation
Continued focus on ProMeister, ProMeister Academy- Products and training
Strategic projects – E-commerce platform for B2B and B2C, PIM
Continued quality assurance of workshops and
concepts
Innovation – Lasingoo
23
New advertising concept
Successful marketing
during the summer
Positive trend for sales of car
service to consumers
Launch in Norway in September
2015
Mekonomen Group owns Lasingoo Sverige
jointly with leading players in the industry: AD
Bildelar, Autoexperten, Bosch, Hedin Bil and
OKQ8
24
Strategic projects– New e-commerce platform, PIM
Expanded range and increased availability for B2B and B2C
Easier for customers to place orders
Increased internal efficiency
From three order catalogues to one Group-wide order
catalogue (PIM)- integrated into the new e-commerce platform
New e-commerce platform for B2B and B2C - next step in the Group’s digital development, more powerful performance,
integration of current coexisting platforms in the group companies
25
Focus on quality
Mekonomen Grossist named as one of three finalists for the
Swedish Lean Prize 2015. The prize is awarded by the Lean
Forum. The winner will be announced on 6 October 2015
Marcus Morén of MECA placed fifth in the WorldSkills
Competition in the category of Automobile Technology and
received a Medallion of Excellence, awarded to competitors who
demonstrate exceptionally high-quality skills and received high
scores.
Appendix
26
27
Earnings trend
SU M M A R Y OF
THE GR OU P’S
EA R N IN GS TR EN D
SEK M Cha nge % Cha nge %
Revenue 1 527 1 387 10 2 909 2 677 9 5 622 5 390
Operat ing prof it before
amort isat ion and impairment of
intangible f ixed assets (EBITA) 224 210 7 393 366 7 791 763
EBIT 197 182 8 339 309 10 669 639
Prof it after f inancial items 188 181 4 332 304 9 648 620
Prof it after tax, cont inuing
operat ions 138 137 0 243 229 6 480 466
Prof it after tax, discontinued
operat ions -1 -27 -97 -1 -51 -98 -290 -340
Prof it after tax 137 110 24 242 178 36 191 127
Earnings per share, cont inuing
operat ions, SEK 3,74 3,74 0 6,62 6,24 6 13,18 12,80
Earnings per share, discontinued
operat ions, SEK -0,02 -0,75 -97 -0,03 -1,42 -98 -8,07 -9,46
Earnings per share, SEK 3,72 2,99 25 6,59 4,82 37 5,12 3,34
EBITA margin, % 15 15 14 14 14 14
EBIT margin, % 13 13 12 12 12 12
The amount s in t he t able above pert ain t o cont inuing operat ions, except f or Prof it af t er t ax and Earnings per share. Comparat ive f igures have been rest at ed.
2015 2014 July - June 20142015 2014
A pr - Jun F ull-year A pr - Jun Jan - Jun Jan - Jun 12 mo nths
28
Quarterly data
QUA R T ER LY D A T A , C ON T IN UIN G 2015
OP ER A T ION S, SEK M Q2 Q1 F Y Q4 Q3 Q2 Q1 F Y Q4 Q3 Q2 Q1
Revenue 1 527 1 382 5 390 1 373 1 340 1 387 1 290 5 251 1 318 1 269 1 422 1 245
EBITA 224 169 763 184 214 210 156 683 146 188 207 142
EBIT 197 142 639 145 186 182 126 527 75 159 178 115
Net financial items -9 2 -19 -3 -12 -1 -4 -39 -2 -15 -6 -15
Profit after financial items 188 144 620 142 174 181 123 489 73 144 172 99
Tax -50 -39 -153 -40 -38 -44 -31 -129 -18 -38 -46 -27
Profit for the period 138 105 466 102 135 137 92 360 55 106 127 72
EBITA margin, % 15 12 14 13 16 15 12 13 11 15 15 11
EBIT margin, % 13 10 12 11 14 13 10 10 6 13 13 9
Earnings per share, continuing operations,
SEK 3,74 2,88 12,80 2,87 3,69 3,74 2,50 9,81 1,57 2,84 3,43 1,97
Earnings per share, discontinued operations, SEK-0,02 -0,01 -9,46 -7,55 -0,49 -0,75 -0,67 -1,25 -0,69 -0,18 -0,19 -0,20
Earnings per share, SEK 3,72 2,87 3,34 -4,68 3,20 2,99 1,83 8,56 0,88 2,67 3,24 1,77
Shareholders’ equity per share, SEK 56,9 61,0 57,5 57,5 65,0 60,9 64,6 62,1 62,1 61,4 60,4 64,0
Cash flow per share, SEK1)3,8 -1,3 11,5 5,0 3,2 5,4 -2,0 15,5 4,8 3,0 7,3 0,4
Return on equity, %2)21,9 21,3 20,6 20,6 18,3 17,2 16,6 15,7 15,7 - - -
1) The key f igures are calculat ed including discont inued operat ions f or each quart er.
2) The key f igures f or ret urn on shareholders’ equit y are calculat ed on a rolling 12-mont h basis f or cont inuing operat ions f or each quart er . Ret urn on shareholders’ equit y ,
quart ers 1-3 2013 was not rest at ed f or cont inuing operat ions.
20132014
29
Cash flow
C ON D EN SED C ON SOLID A T ED
C A SH -F LOW ST A T EM EN T , SEK M
Operat ing act ivit ies
Cash flow from operating activities before
changes in working capital, excluding
tax paid 183 203 335 354 692 711
Tax paid -81 -77 -153 -126 -187 -160
C ash f lo w fro m o perat ing act ivit ies
befo re changes in wo rking capital 102 126 181 228 505 552
Cash flow from changes in working capital:
Changes in inventory 49 8 30 -3 -26 -59
Changes in receivables 22 55 -75 -98 -38 -62
Changes in liabilities -36 4 -47 -4 -60 -17
Increase (–)/decrease (+) restricted
working capital 35 67 -92 -106 -124 -138
C ash f lo w fro m o perat ing act ivit ies 137 192 89 122 381 413
C ash f lo w fro m invest ing act ivit ies -25 -36 -44 -60 -104 -121
C ash f lo w fro m f inancing act ivit ies -234 -175 -52 -78 -284 -309
C A SH F LOW F OR T H E P ER IOD -122 -19 -7 -16 -7 -17
380 287 258 279 272 279
1 4 7 10 -7 -4
259 272 259 272 259 258
July - June
Jan - Jun 12 mo nths
20152015 2014
A pr - Jun
2014
C A SH A N D C A SH EQUIVA LEN T S
A T T H E B EGIN N IN G OF T H E
P ER IOD
C A SH A N D C A SH EQUIVA LEN T S
A T T H E EN D OF T H E P ER IOD
Exchange-rate difference in cash and cash
equivalents
F ull-year
2014
A pr - Jun Jan - Jun
30
Income statement
C ON D EN SED C ON SOLID A T ED IN C OM E
ST A T EM EN T , SEK M
C o ntinuing o perat io ns:
Net sales 1 489 1 354 2 835 2 609 5 488 5 262
Other operating revenue 38 33 74 68 134 128
T o tal revenue 1 527 1 387 2 909 2 677 5 622 5 390
Goods for resale -675 -606 -1 274 -1 163 -2 448 -2 337
Other external costs -291 -261 -577 -524 -1 097 -1 044
Personnel expenses -322 -296 -635 -591 -1 228 -1 185
Depreciation and impairment o f tangible
fixed assets -15 -14 -29 -32 -58 -61
Operat ing pro f it befo re amo rt isat io n and
impairment o f intangible f ixed assets
(EB IT A ) 224 210 393 366 791 763
Amortisation and impairment o f intangible
fixed assets -27 -28 -54 -57 -121 -124
EB IT 197 182 339 309 669 639
Interest income 1 1 3 3 6 6
Interest expenses -8 -10 -17 -21 -37 -41
Other financial items -3 8 7 13 10 16
P ro f it af ter f inancial items 188 181 332 304 648 620
Tax -50 -44 -89 -75 -168 -153
P R OF IT F OR T H E P ER IOD F R OM
C ON T IN UIN G OP ER A T ION S 138 137 243 229 480 466
D isco ntinued o perat io ns:
Loss for the period from discontinued operations 1) -1 -27 -1 -51 -290 -340
P R OF IT F OR T H E P ER IOD 137 110 242 178 191 127
N et pro f it fo r the perio d attributable to :
Parent Company’s shareholders 134 107 237 173 184 120
M inority owners 3 3 5 5 7 7
P R OF IT F OR T H E P ER IOD 137 110 242 178 191 127
F ull-year
2014
12 mo nths
July - June
Jan - Jun
2014
Jan - Jun
2015
A pr - Jun
2015 2014
A pr - Jun
31
Balance sheet
C ON D EN SED C ON SOLID A T ED B A LA N C E SH EET
SEK M
A SSET S 1 )
Intangible fixed assets 2 788 2 893 2 813
Tangible fixed assets 189 240 201
Financial fixed assets 57 72 65
Deferred tax assets 54 25 55
Goods for resale 1 181 1 241 1 223
Current receivables 864 838 769
Cash and cash equivalents 259 272 258
T OT A L A SSET S 5 392 5 580 5 384
SH A R EH OLD ER S’ EQUIT Y A N D LIA B ILIT IES 1 )
Shareholders’ equity 2 053 2 192 2 080
Long-term liabilities, interest-bearing 1 540 1 636 1 404
Deferred tax liabilities 156 201 168
Long-term liabilities, non-interest-bearing 3 1 3
Current liabilities, interest-bearing 572 496 495
Current liabilities, non-interest-bearing 1 068 1 055 1 234
T OT A L SH A R EH OLD ER S’ EQUIT Y A N D LIA B ILIT IES 5 392 5 580 5 384
1) The carrying amount s of f inancial asset s and liabilit ies are measured at eit her f air value or a reasonable approximat ion of f air value.
20142015
31 D ecember30 June 30 June
2014
32
Largest owners as of 2015-06-30
Vo ting rights and
Share capitals, %
Ax:son Johnson Antonia company 26,5
SHB Fonder 8,4
Fraim-Påhlman Eva 5,6
Lannebo fonder 4,8
Swedbank Robur fonder 3,4
Columbia fonder 3,2
Fraim-Sefastsson Ing-Marie 2,8
Norges Bank Investment Management 2,5
Skandia Liv 2,4
Fjärde AP-fonden 2,0
Summa 10 största aktieägarna 61,6
Övriga 38,4
Total 100,0