Q2-2015 Presentation

Mekonomen Group
January - June 2015
26 August 2015
Second quarter of 2015
Revenue:
SEK 1,527 M (1,387)
EBIT:
SEK 197 M (182)
EBITA:
SEK 224 M (210)
EBIT margin:
13 per cent (13)
EBITA margin:
15 per cent (15)
Revenue rose 10 per cent
Sales in comparable units
+7 per cent
2
January - June 2015
Revenue:
SEK 2,909 M (2,677)
EBIT:
SEK 339 M (309)
EBITA:
SEK 393 M (366)
EBIT margin:
12 per cent (12)
EBITA margin:
14 per cent (14)
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)*
Positive sales trend for ProMeister
contributed to higher volumes
EBIT margin:
16 per cent (17)
First workshop under the
MECA+ concept opened in
Södertälje in June
Underlying net sales:
+13 per cent
MECA’s export business to
Denmark has weighed on the
result
Strong sales increase for affiliated
MECA Car Service workshops
* 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
MECA January - June 2015
EBIT:
SEK 145 M (117)*
Positive sales trend for ProMeister
contributed to higher volumes
EBIT margin:
16 per cent (14)
The cost-savings programme
implemented in 2014 had a positive
impact on earnings
Underlying net sales:
+10 per cent
Significant increase in sales to affiliated
MECA Car Service workshops
Significant marketing and sales efforts
in the Danish export business has
affected the operating profit by
SEK -12 M
* 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 Nordic – Second quarter of 2015
Mekonomen Sweden
EBIT:
SEK 124 M (104)
EBIT margin:
16 per cent (14)
Underlying net sales:
+8 per cent
– 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
ProMeister sales contributed to higher
volumes to other workshops
Increased sales to consumers, mainly
as a result of successful campaigns
– EBIT:
SEK 48 M (34)
– EBIT margin:
21 per cent (16)
– Strong sales to affiliated workshops
7
Mekonomen Nordic January - June 2015
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
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)
Previously announced measures to
strengthen earnings by full-year effect of
SEK 15 million has had effect
8
Sørensen og Balchen – Second quarter of 2015
EBIT:
SEK 35 M (34)
Positive sales trend
to affiliated BilXtra workshops
EBIT margin:
17 per cent (18)
A weaker NOK rate, mainly
compared with EUR , had a
negative impact of SEK 3 M on
earnings
Underlying net sales:
+8 per cent
* 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.
9
Sørensen og Balchen January - June 2015
EBIT:
SEK 60 M (58)
EBIT margin:
15 per cent (16)
Underlying net sales:
+9 per cent
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
* 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.
10
The Norwegian krone has weakened
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
11
Market performance
and trends
12
Growth by customer group for the second quarter of 2015
– strong growth in all customer groups
Affiliated workshops
Other workshops
Consumers
Local currency
Local currency
Local currency
+16%
+9%
+4%
Nominal outcome
+15%
+8%
+3%
13
Growth by customer group for January - June 2015
– strong growth in all customer groups
Affiliated workshops
Other workshops
Consumers
Local currency
Local currency
Local currency
+13%
+8%
+4%
Nominal outcome
+13%
+8%
+4%
14
Distribution, customer groups
Percentage change
Affiliated workshops
Other workshops
36,1 (34,3)
41,7 (42,2)
22,2 (23,5)
Q2 2015
(Q2 2014)
15
Stores
450
87
87
86
87
71
71
250
71
77
300
78
350
74
89
400
2012
2013
192
2011
192
2010
196
2009
238
230
2008
254
220
100
206
150
257
200
2014
Q1
2015
Q2
2015
50
0
Mekonomen
MECA
BilXtra
Own
16
Workshops
2 600
2 400
1094
1097
1075
2009
2010
2011
2012
2013
2014
638
626
338 233
298 236
987
1033
355 232
973
2008
600
400
363
910
199
800
852
1 000
296
1 400
378 243
420 219
1 600
1 200
426 225
1 800
1037
628
2 000
570
546
2 200
200
0
Mekonomen
MekoPartner
BilXtra
Speedy
Q1
Q2
2015 2015
MECA Car Service
17
ProMeister
ProMeister share of
spare parts sales
ProMeister brake share of total
brake sales MECA
14,0%
60,0%
12,0%
50,0%
10,0%
8,0%
6,0%
4,0%
40,0%
30,0%
20,0%
2,0%
10,0%
0,0%
0,0%
18
Market – Vehicle miles traveled and number of cars in the car fleet
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
19
Opus Equipment
Transfer on 1 July 2015
Integration according to plan
SEK M
Key customers still in place –
key employees retained in the
company
Financials - Opus Equipment
160
140
135
123
120
100
80
Supplementary business for
affiliated and other workshops
Focus on ProMeister’s range of
workshop equipment
60
40
20
7,7
4,8
0
2013
Net sales
2014
EBITDA
Assembly and service companies
already established in Sweden –
now also being established in
Norway
20
Focus 2015/2016
21
Focus 2015/2016
Growth and innovation
Continued focus on ProMeister, ProMeister Academy
- Products and training
Strategic projects
– E-commerce platform for B2B and B2C, PIM
Group-wide functions in purchasing & category, supply chain and IT
- Effective range and continued focus on margin
- Efficient supply chain
Continued quality assurance of workshops and
concepts
22
Innovation – Lasingoo
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
23
Strategic projects
– New e-commerce platform, PIM
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
From three order catalogues to one Group-wide order
catalogue (PIM)
- integrated into the new e-commerce platform
Expanded range and increased availability for B2B and B2C
Easier for customers to place orders
Increased internal efficiency
24
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.
25
Appendix
26
Earnings trend
SU M M A R Y OF
T HE GR OU P’S
EA R N IN GS T R EN D
SEK M
Revenue
A pr - J un
2 0 15
A pr - J un
2 0 14
C ha nge %
J a n - J un
2 0 15
J a n - J un
2 0 14
C ha nge
12 m o nt hs
%J uly - J une
F ull- ye a r
2 0 14
1527
1387
10
2 909
2 677
9
5 622
5 390
intangible fixed assets (EBITA)
224
210
7
393
366
7
791
763
EBIT
197
182
8
339
309
10
669
639
Profit after financial items
188
181
4
332
304
9
648
620
138
137
0
243
229
6
480
466
-1
-27
-97
-1
-51
-98
-290
-340
137
110
24
242
178
36
191
127
3,74
3,74
0
6,62
6,24
6
13,18
12,80
-0,02
-0,75
-97
-0,03
-1,42
-98
-8,07
-9,46
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
Operating profit before
amortisation and impairment of
Profit after tax, continuing
operations
Profit after tax, discontinued
operations
Profit after tax
Earnings per share, continuing
operations, SEK
Earnings per share, discontinued
operations, SEK
Earnings per share, SEK
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.
27
Quarterly data
Q UA R T E R LY D A T A , C O N T IN UIN G
2 0 15
2 0 14
2 0 13
Q2
Q1
FY
Q4
Q3
Q2
Q1
FY
Q4
Q3
Q2
Q1
1527
1382
5 390
1373
1340
1387
1290
5 251
1318
1269
1422
1245
EB ITA
224
169
763
184
214
210
156
683
146
188
207
142
EB IT
197
142
639
145
186
182
126
527
75
159
178
115
-9
2
-19
-3
-12
-1
-4
-39
-2
-15
-6
-15
P ro fit 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
P ro fit fo r the perio d
138
105
466
102
135
137
92
360
55
106
127
72
EB ITA margin, %
15
12
14
13
16
15
12
13
11
15
15
11
EB IT margin, %
13
10
12
11
14
13
10
10
6
13
13
9
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, disco ntinued o peratio ns, 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
56,9
61,0
57,5
57,5
65,0
60,9
64,6
62,1
62,1
61,4
60,4
64,0
3,8
-1,3
11,5
5,0
3,2
5,4
-2,0
15,5
4,8
3,0
7,3
0,4
21,9
21,3
20,6
20,6
18,3
17,2
16,6
15,7
15,7
O P E R A T IO N S , S E K M
Revenue
Net financial items
Earnings per share, co ntinuing o peratio ns,
SEK
Shareho lders’ equity per share, SEK
Cash flo w per share, SEK
2)
Return o n equity, %
1)
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.
28
Cash flow
C O N D E N S E D C O N S O LID A T E D
C A S H - F LO W S T A T E M E N T , S E K M
A pr - J un
A pr - J un
J a n - J un
J a n - J un
12 m o nt hs
F ull- ye a r
2 0 15
2 0 14
2 0 15
2 0 14
J uly - J une
2 0 14
O pe ra t ing a c t iv it ie s
Cash flo w fro m o perating activities befo re
changes in wo rking capital, excluding
tax paid
Tax paid
C a s h f lo w f ro m o pe ra t ing a c t iv it ie s
be f o re c ha nge s in wo rk ing c a pit a l
183
203
-81
10 2
335
354
692
711
-77
-153
-126
-187
-160
12 6
18 1
228
505
552
Cash flo w fro m changes in wo rking capital:
Changes in invento ry
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
wo rking capital
35
67
C a s h f lo w f ro m o pe ra t ing a c t iv it ie s
13 7
19 2
89
12 2
381
4 13
C a s h f lo w f ro m inv e s t ing a c t iv it ie s
-25
-36
-44
-60
- 10 4
- 12 1
C a s h f lo w f ro m f ina nc ing a c t iv it ie s
-234
- 17 5
-52
-78
-284
-309
C A S H F LO W F O R T H E P E R IO D
- 12 2
- 19
-7
- 16
-7
- 17
C A S H A N D C A S H E Q UIV A LE N T S
A T T H E B E G IN N IN G O F T H E
P E R IO D
380
287
258
279
272
279
4
7
10
-7
-4
272
259
272
259
258
Exchange-rate difference in cash and cash
equivalents
C A S H A N D C A S H E Q UIV A LE N T S
A T T H E E N D O F T H E P E R IO D
1
259
-92
-106
-124
-138
29
Income statement
C O N D E N S E D C O N S O LID A T E D IN C O M E
ST A T EM EN T , SEK M
A pr - J un
A pr - J un
J a n - J un
J a n - J un
12 m o nt hs
F ull- ye a r
2 0 15
2 0 14
2 0 15
2 0 14
J uly - J une
2 0 14
C o nt inuing o pe ra t io ns :
Net sales
1489
1354
2 835
2 609
5 488
38
33
74
68
134
128
T o t a l re v e nue
1 527
1 387
2 909
2 677
5 622
5 390
Go o ds fo r resale
-675
-606
-1274
-1163
-2 448
-2 337
Other external co sts
-291
-261
-577
-524
-1097
-1044
P erso nnel expenses
-322
-296
-635
-591
-1228
-1185
-15
-14
-29
-32
-58
-61
224
2 10
393
366
791
Other o perating revenue
Depreciatio n and impairment o f tangible
fixed assets
O pe ra t ing pro f it be f o re a m o rt is a t io n a nd
im pa irm e nt o f int a ngible f ixe d a s s e t s
( E B IT A )
A mo rtisatio n and impairment o f intangible
fixed assets
E B IT
Interest inco me
Interest expenses
Other financial items
P ro f it a f t e r f ina nc ia l it e m s
Tax
-27
-28
-54
-57
19 7
18 2
339
309
-121
669
5 262
763
-124
639
1
1
3
3
6
6
-8
-10
-17
-21
-37
-41
-3
8
7
13
10
16
18 8
18 1
332
304
648
620
-50
-44
-89
-75
-168
-153
13 8
13 7
243
229
480
466
P R O F IT F O R T H E P E R IO D F R O M
C O N T IN UIN G O P E R A T IO N S
D is c o nt inue d o pe ra t io ns :
Lo ss fo r the perio d fro m disco ntinued o peratio ns 1)
P R O F IT F O R T H E P E R IO D
-290
-340
13 7
-1
110
-27
242
-1
17 8
-51
19 1
12 7
134
107
237
173
184
120
3
3
5
5
7
7
13 7
110
242
17 8
19 1
12 7
N e t pro f it f o r t he pe rio d a t t ribut a ble t o :
P arent Co mpany’ s shareho lders
M ino rity o wners
P R O F IT F O R T H E P E R IO D
30
Balance sheet
C O N D E N S E D C O N S O LID A T E D B A LA N C E S H E E T
SEK M
3 0 J une
3 0 J une
3 1 D e c e m be r
2 0 15
2 0 14
2 0 14
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
Go o ds fo r resale
1181
1241
1223
Current receivables
864
838
769
Cash and cash equivalents
259
272
258
5 392
5 580
5 384
Shareho lders’ equity
2 053
2 192
2 080
Lo ng-term liabilities, interest-bearing
1540
1636
1404
156
201
168
3
1
3
572
496
495
1068
1055
1234
5 392
5 580
5 384
T OT A L A SSET S
S H A R E H O LD E R S ’ E Q UIT Y A N D LIA B ILIT IE S 1 )
Deferred tax liabilities
Lo ng-term liabilities, no n-interest-bearing
Current liabilities, interest-bearing
Current liabilities, no n-interest-bearing
T O T A L S H A R E H O LD E R S ’ E Q UIT Y A N D LIA B ILIT IE S
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.
31
Largest owners as of 2015-06-30
V o t ing right s a nd
S ha re c a pit a ls , %
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
32