We - KappAhl

Multi-year and quarterly review
KEY RATIOS
Sept–Aug
2008/2009
Sept–Aug
2007/2008
Sept–Aug
2006/2007
Sept–Aug
2005/2006
Sept–Aug
2004/2005 1
Sales growth, % 5.3% 3.3% 6.1% 6.9% –
Operating profit (EBIT) 526 651 618 530 403
Total depreciation/amortisation 234 221 200 177 152
Gross margin, % 61.1 62.4% 61.1% 60.2% 58.6%
Operating margin, % 10.8 14.1% 13.8% 12.6% 10.2%
Interest coverage ratio (multiple) 6.27 8.48 6.61 4.71 3.75
Net interest-bearing liabilities 2,100 1,979 1,387 1,605 1,685
Net interest-bearing liabilities/EBITDa (multiple) 2.76 2.27 1.70 2.27 3.04
Equity/assets ratio, % 11.3% 16.4% 28.0% 14.3% 9.7%
Equity per share, SEK 5.05 7.09 11.86 5.49 3.78
Equity per share after dilution, SEK 5.05 7.09 11.86 5.49 3.78
Cash flow from operating activities per share 6.71 9.73 8.89 6.31 10.19
Market price, SEK 41.60 44.80 64.75 49.70 –
Market value, SEK m 3,122 3,362 4,859 3,729 –
p/E ratio (multiple) 9.9 7.7 7.4 12.4 –
Dividend yield, % 3.0% 10.0% 17.0% 5.0% –
price/equity, % 824% 633% 546% 905% –
Earnings per share, SEK 4.20 5.81 8.78 4.02 3.52
Dividend per share (proposed 2008/2009) 1.25 4.50 11.0 2 2.50 2.25 3
Dividend payout ratio, % 29.7% 77.5% 125.3% 62.1% 64.0% 3
Number of shares at close of period 75,040,000 75,040,000 75,040,000 75,040,000 10,366,000
Number of shares after dilution 75,040,000 75,040,000 75,040,000 75,040,000 10,366,000
1 The figures for the period September 2004–august 2005 are proforma and consequently not audited. The Group Kappahl holding aB (publ) was established in December 2004 and the first
financial year for the Group consisted of the eight months January–august 2005. Consequently the multi-year reviews above do not contain more years for comparison.
2 Referred to redemption of shares.
3 Dividend based on the number of shares at the time of listing; 75,040,000. Dividend payout ratio is calculated as a percentage of 12-month profit for September 2004–august 2005.
CONDENSED CONSOLIDATED INCOME STATEMENT (SEK m)
Sept–Aug
2008/2009
Sept–Aug
2007/2008
Sept–Aug
2006/2007
Sept–Aug
2005/2006
Sept–Aug
2004/2005 1
Net sales 4,866 4,622 4,473 4,217 3,945
Cost of goods sold –1,893 –1,740 –1,738 –1,677 –1,635
Gross profit 2,973 2,882 2,735 2,540 2,310
Selling expenses –2,315 –2,106 –1,985 –1,863 –1,781
administrative expenses –132 –136 –142 –147 –126
Other operating income – 11 16 – –
Other operating expenses – – –6 – –
Operating profit 526 651 618 530 403
Financial income 1 27 23 2 6
Financial expenses –84 –80 –97 –113 –109
Profit/loss after financial items 443 598 544 419 300
Tax –127 –162 115 –117 –36
Profit after tax 315 436 659 302 264
1 The figures for the period September 2004–august 2005 are proforma and consequently not audited. The Group Kappahl holding aB (publ) was established in December 2004 and the first
financial year for the Group consisted of the eight months January–august 2005. Consequently the multi-year reviews above do not contain more years for comparison.
2008/2009 Kappahl 33