Annual Report 2012/13 - Clas Ohlson

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Five-year total SEK M 2012/2013 2011/2012 2010/2011 2009/2010 2008/2009 INCOME STATEMENT Net sales 6,518.9 6,260.0 5,828.0 5,555.8 4,930.2 Operating profit 430.6 560.6 507.1 590.5 502.8 Profit before tax 419.9 551.0 499.0 588.2 503.8 Income tax –88.4 –150.5 –134.6 –155.4 –138.3 Net profit for the year 331.5 400.5 364.4 432.8 365.5 BalanCE SHEET Non-current asssets 1,464.8 1,518.5 1,480.4 1,366.5 1,197.5 Inventories 1,303.9 1,228.7 1,429.2 1,204.1 1,117.2 Current receiveables 214.9 197.5 176.7 173.4 164.5 Cash and cash equivalents 124.6 111.8 132.6 98.8 92.0 Total assets 3,108.2 3,056.5 3,218.9 2,842.8 2,571.2 Equity 1,836.5 1,843.8 1,656.8 1,646.1 1,493.1 Non-current liabilities, interest-bearing - - 300.0 100.0 65.0 Non-current liabilities, non-interest-bearing 185.7 195.7 165.9 90.3 86.4 Current liabilities, interest-bearing - 30.0 261.7 171.4 208.6 Current liabilities, non-interest-bearing 1,086.0 987.0 834.5 835.0 718.1 Total equity and liabilities 3,108.2 3,056.5 3,218.9 2,842.8 2,571.2 Cash flow Cash flow from operations 517.8 964.9 350.3 602.8 339.7 Investments –166.5 –206.1 –295.3 –315.8 –433.1 Cash flow after investments 351.3 758.8 55.0 287.0 –93.4 Financing activities –334.4 –781.5 –6.0 –267.9 –109.2 Cash flow for the year 16.9 –22.7 49.0 19.1 –202.6 KEY RATIOS Growth in sales, % 4.1 7.4 4.9 12.7 5.8 Gross margin, % 41.6 42.1 41.6 40.8 40.8 Operating margin, % 6.6 9.0 8.7 10.6 10.2 Return on capital employed, % 23.2 27.9 24.6 32.6 32.6 Return on equity, % 18.3 23.1 22.5 28.0 24.4 Equity/assets ratio, % 59.1 60.3 51.5 57.9 58.1 Sales per square metre in store, SEK 000s 31 34 34 38 38 Number of stores at year-end 174 157 139 120 106 Number of full-time equivalent employees 2,524 2,370 2,219 2,048 1,938 Data per SHARE Average number of shares before dilution 63,349,241 63,635,998 63,802,230 64,383,906 65,065,008 Average number of shares after dilution 63,421,154 63,702,052 63,870,584 64,432,321 65,075,701 Earnings per share before dilution, SEK 5.23 6.29 5.71 6.72 5.62 Earnings per share after dilution, SEK 5.23 6.29 5.71 6.72 5.62 Gross cash flow per share, SEK 8.39 9.11 8.27 8.86 7.04 Equity per share, SEK 29.02 28.98 26.01 25.61 22.99 Dividend, SEK 1 4.25 4.25 3.75 3.75 3.00 1 Proposed dividend. 58 Five-year total
Comments Sales Sales amounted to SEK 6,519 M compared with SEK 6,260 M in the preceding year, up 4 per cent. In terms of local currencies, sales increased 5 per cent. Mail order/ Internet sales totalled SEK 122 M (95), up 28 per cent. Clas Ohlson’s new e-commerce platform was launched in the Nordic region and the UK during April to September 2012, which had a positive impact on mail order/Internet sales. Number of stores During 2012/13, 17 new stores were opened (18). The number of stores at the end of the period was 174, of which 73 were in Sweden, 62 in Norway, 27 in Finland and 12 in the UK. Operating profit Operating profit amounted to SEK 431 M (561). The change was primarily due to lower sales in comparable stores and lower gross margin compared with the yearearlier period. Operating margin The operating margin was 6.6 per cent (9.0). The change was primarily due to lower sales in comparable stores and lower gross margin compared with the year earlier. Cash flow Cash flow from operating activities during the financial year totalled SEK 518 M (965). During the financial year, SEK 73 M in additional tax was paid, since the rules for Swedish companies with split financial years were amended to entail earlier payment of preliminary tax. The difference in other respects between the years was primarily due to positive change in working capital for 2011/12, as a result of significantly reduced inventory values. Cash flow for the year, after investment and financing activities totalled SEK 17 M (neg: 23). The cash dividend paid to Clas Ohlson’s shareholders in 2012 totalled SEK 269 M (239). Return The return on capital employed amounted to 23.2 per cent (27.9) and the return on equity was 18.3 per cent (23.1). Gross margin The gross margin was 41.6 per cent, which is 0.5 percentage points lower than the preceding year (42.1). The margin was negatively impacted by currency effects and the sales mix. Sales, SEK M Operating profit, SEK M Number of new stores 7,500 6,000 4,500 3,000 4,930 5,556 5,828 600 500 400 300 200 591 503 507 561 431 25 20 15 10 20 14 19 18 17 1,500 100 5 0 08/09 09/10 10/11 11/12 12/13 0 6,260 6,519 Comments 59 08/09 09/10 10/11 11/12 12/13 0 08/09 09/10 10/11 11/12 12/13
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Annual Report 2012/13
Page 3 and 4:
More people discover Clas Ohls Clas
Page 5 and 6:
International expansion The year in
Page 7 and 8:
share responsibility for improving
Page 9 and 10:
Strategic orientation Clas Ohlson
Page 11 and 12: High level of service The level of
Page 13 and 14: Market overview Overall, the retail
Page 15 and 16: and Kjell & Co. As shown in the tab
Page 17 and 18: Marketing Our marketing communicati
Page 19 and 20: Multi-channel strategy - “one Cla
Page 21 and 22: Three sizes Clas Ohlson has custome
Page 23 and 24: New markets - the key to internatio
Page 25 and 26: environmental properties of product
Page 27 and 28: Clas Ohlson's distribution centre i
Page 29 and 30: smaller, individual specialist reta
Page 31 and 32: Sustainable development Clas Ohlson
Page 33 and 34: Significant events during the year
Page 35 and 36: Business ethics Clas Ohlson works t
Page 37 and 38: Preventive and training measures In
Page 39 and 40: The CSR audit process At Clas Ohlso
Page 41 and 42: From Lund to London in less than tw
Page 43 and 44: Focus on spare parts - Clas Ohlson
Page 45 and 46: Organisation and responsibility Env
Page 47 and 48: Clas Ohlson’s catalogues are prin
Page 49 and 50: One of Sweden's largest Annual Gene
Page 51 and 52: Trend in share capital Additional A
Page 53 and 54: On 21 November 2012, the Swedish Go
Page 55 and 56: ses the Chairman of the AGM. At Cla
Page 57 and 58: nance of subsidiaries, as well as t
Page 59 and 60: Control environment The control env
Page 61: financial year, LTI 2010 was conclu
Page 65 and 66: Group Balance sheet SEK M Note 30 A
Page 67 and 68: Parent Company Balance sheet SEK M
Page 69 and 70: and expenses directly attributable
Page 71 and 72: Price risk The price risk is regard
Page 73 and 74: emuneration is also conditional upo
Page 75 and 76: Note 10 Earnings per share Earnings
Page 77 and 78: Of the total expense, SEK 0.0 M (0.
Page 79 and 80: Group 2012/13 2011/12 Rents and lea
Page 81 and 82: Audit report To the Annual General
Page 83 and 84: Björn Haid Board member since 1990
Page 85 and 86: Henrik Andersson Board member since
Page 87 and 88: Göran Melin CFO. Employee since 20
Page 89 and 90: Addresses Head office Clas Ohlson A
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Annual Report 2012/13 - Clas Ohlson

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