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2009-08-05 07:00:00 CEST 2009-08-05 07:00:06 CEST REGULATED INFORMATION Stockmann - Interim report (Q1 and Q3)STOCKMANN plc INTERIM REPORT 1 JANUARY - 30 JUNE 2009STOCKMANN plc Interim report 5.8.2009 at 8.00 STOCKMANN plc INTERIM REPORT 1 JANUARY - 30 JUNE 2009 STOCKMANN'S SALES AND EARNINGS IN THE FIRST SIX MONTHS MEET EXPECTATIONS The Stockmann Group's second-quarter sales were down by 11 per cent, falling to EUR 519.7 million (EUR 583.9 million). Second-quarter operating profit was EUR 28.6 million (EUR 31.4 million). Sales for January-June declined by 12.7 per cent to EUR 944.5 million (EUR 1 081.5 million). The drop in sales was a result of the general state of the economy, the considerable weakening of certain currencies and the high figures for the first half of 2008 used for comparison, which also included sales from the Smolenskaya department store that ceased operating in May 2008. The Group's operating profit for January-June declined to EUR 6.6 million (EUR 28.8 million). The previous year's operating profit included a non- recurring capital gain of EUR 3.7 million and a provision of EUR 14 million for the closure of the Smolenskaya department store. Net financial expenses fell as expected, to a total of EUR 10.0 million (EUR 24.6 million). The Group's result for the period January-June was EUR -1.8 million (EUR 3.6 million). Earnings per share were EUR -0.03 (EUR 0.06). Key figures 4-6/2009 4-6/2008 Index Sales EUR mill. 519.7 583.9 89 Revenue EUR mill. 429.7 483.3 89 Operating profit EUR mill. 28.6 31.4 91 Profit before taxes EUR mill. 23.5 18.1 130 Earnings per share EUR 0.36 0.27 133 1-6/2009 1-6/2008 Index 2008 Sales EUR mill. 944.5 1 081.5 87 2 265.8 Revenue EUR mill. 782.9 896.7 87 1 878.7 Operating profit EUR mill. 6.6 28.8 23 121.9 Profit before taxes EUR mill. -3.4 4.3 71.7 Earnings per share EUR -0.03 0.06 0.67 Equity per share EUR 10.54 10.73 11.24 Cash flow from operating EUR mill. 22.7 26.9 170.1 activities Key ratios Net gearing per cent 124.2 131.1 107.4 Equity ratio per cent 35.3 36.3 39.0 Number of shares, thousands 61 408 55 850 58 609 weighted average, diluted Return on capital per cent 6.7 12.2 8.3 employed, rolling 12 months SALES AND RESULT The Stockmann Group's January-June sales were down by 12.7 per cent, to EUR 944.5 million (EUR 1 081.5 million). The significant drop in sales was a result of the transformed state of the economy, the considerable weakening of the Swedish krona, the Norwegian krone and the Russian rouble, and the high figures for the first half of 2008 used for comparison, which also included sales from the Smolenskaya department store that ceased operating in May 2008. January-June sales in Finland were down by 9.5 per cent to EUR 523.4 million. The Group's sales abroad totalled EUR 421.1 million, a decline of 16.3 per cent. Without the change in currency exchange rates the Group's sales abroad would have decreased by 5 per cent. Sales abroad accounted for 44.6 per cent (46.5 per cent) of the Group's sales. Gains on the sale of shares generated EUR 0.3 million in other operating income during January-June(EUR 3.7 million). The second-quarter result for 2008 was burdened by a provision of EUR 14 million due to the closure of the Smolenskaya department store. The Group's gross operating margin decreased by EUR 57.6 million, to EUR 365.6 million. The relative gross margin was 46.7 per cent (47.2 per cent). Lindex's relative gross margin improved, whereas that of the Department Store Division, Hobby Hall and Seppälä decreased. The Group's stock level fell by EUR 15 million to EUR 216.6 million. Operating costs decreased by EUR 34.1 million and depreciation by EUR 4.7 million. The company succeeded in meeting its original cost-savings target for the whole year, amounting to EUR 28 million, during the first six months. Efficiency measures aimed at achieving cost-savings will be continued. Consolidated operating profit for the report period amounted to EUR 6.6 million, a year-on-year decline of EUR 22.3 million. Net financial expenses decreased by EUR 14.6 million, to EUR 10.0 million (EUR 24.6 million). Profit before taxes for the period was EUR -3.4 million, or EUR 7.7 million less than a year earlier. Taxes for January-June totalled EUR 1.6 million, which includes an estimated tax accrual ofEUR 0.7 million recorded in the period. The tax effect on earnings was EUR 2.3 million less than a year earlier. Second-quarter profit was up, amounting to EUR 22.0 million (EUR 15.2 million). Earnings per share for January-June were EUR -0.03 (EUR 0.06) and, diluted for options, EUR -0.03 (EUR 0.06). Equity per share was EUR 10.54 (EUR 10.73). SALES AND EARNINGS TREND BY BUSINESS SEGMENT Department Store Division The Department Store Division's sales were down by 15.6 per cent to EUR 491.5 million. Sales in Finland fell by 11.7 per cent. International sales decreased by 24.8 per cent, and their share of the division's sales was 26.4 per cent (29.6 per cent). In addition to the transformed state of the economy, the decline in the Department Store Division's sales was a result of the considerable weakening of the Russian rouble and the very high figures for the first half of 2008 used for comparison, which included sales from the Smolenskaya department store that ceased operating in May 2008 and the vigorous sales growth in the Baltic department stores during the first half of 2008. The rouble-denominated same-store sales by the department stores in Russia were on a par with the previous year's figures. The relative gross margin for January-June 2009 declined. The Department Store Division's operating profit was down by EUR 10.9 million, to EUR -5.3 million (EUR 5.6 million). Second-quarter sales were down by 12.9 per cent to EUR 267.0 million. Operating profit amounted to EUR 9.2 million, compared with EUR 4.1 million in the same period a year earlier. The figure for 2008 included EUR 14 million in expenses for the closure of the Smolenskaya department store. Lindex Lindex's sales in January-June were EUR 292.2 million, down by 9.3 per cent on the same period the previous year (EUR 322.1 million). Sales in Finland grew by 0.9 per cent, but in other countries sales declined by 10.6 per cent. The decrease in sales can be attributed to the considerable weakening of the Swedish krona and the Norwegian krone. Calculated in local currencies, Lindex's sales grew by 2 per cent. The relative gross margin improved. Lindex's operating profit for January-June was EUR 19.9 million (EUR 22.6 million). Lindex was able to increase its market share in all the main markets. Second-quarter sales were down by 7.7 per cent to EUR 169.6 million.Calculated in local currencies, Lindex's sales grew by 3 per cent. Operating profit decreased, amounting to EUR 19.7 million, compared with EUR 23.8 million in the same period a year earlier. The weakening of the Swedish krona against the euro reduced second-quarter operating profit by an estimated EUR 3.3 million. Hobby Hall Hobby Hall's sales in January-June decreased by 13.1 per cent to EUR 83.2 million (EUR 95.8 million). Sales declined by 7.5 per cent in Finland and 37.6 per cent abroad, and Hobby Hall's relative gross margin also fell. Sales decreased significantly especially in Estonia and Latvia. Hobby Hall's operating result decreased to EUR -2.6 (EUR -1.4 million). Hobby Hall has decided to withdraw from the unprofitable Baltic market by the end of August. In the second quarter, Hobby Hall's sales were down by 16.9 per cent to EUR 40.2 million. The operating result amounted to EUR -0.8 million, compared with EUR 0.7 million in the same period a year earlier. Seppälä Seppälä's sales in January-June were down by 4.2 per cent on the same period the previous year, totalling EUR 77.5 million (EUR 80.9 million). Sales in Finland fell by 2.1 per cent. Sales abroad were down by 8.4 per cent and accounted for 31.8 per cent (33.3 per cent) of Seppälä's total sales. Measured in roubles, sales in Russia grew by 20 per cent, while sales in the Baltic countries decreased substantially due to the economic downturn. The large discounts given on products in the Baltic countries decreased Seppälä's relative gross margin. Fixed costs and depreciation increased due to the company's rapid expansion. Seppälä's operating profit decreased by EUR 4.2 million, to EUR 0.2 million (EUR 4.5 million). In the second quarter, Seppälä's sales were down by 5.2 per cent to EUR 42.9 million. Operating profit amounted to EUR 3.0 million, compared with EUR 5.1 million in the same period a year earlier. FINANCING AND CAPITAL EMPLOYED Liquid assets totalled EUR 88.3 million at the end of June, as against EUR 23.8 million a year earlier and EUR 35.2 million at the close of 2008. The programme to release capital announced earlier has been implemented by means of sale and leaseback arrangements and divestment of non-strategic assets, which have altogether released EUR 29.9 million in capital. At the end of June, interest-bearing liabilities stood at EUR 895.5 million (EUR 886.7 million), of which EUR 882.3 million (EUR 759.8 million) was long-term debt. At the close of 2008, interest-bearing liabilities amounted to EUR 775.7 million, of which EUR 755.7 million was long-term debt. Capital expenditure in January-June amounted to EUR 74.4 million. Net working capital amounted to EUR 149.4 million at the end of June, as against EUR 184.8 million a year earlier and EUR 150.9 million at the close of 2008. Dividend payouts totalled EUR 38.0 million. The equity ratio at the end of June was 35.3 per cent (36.3 per cent). At the close of 2008, the equity ratio was 39.0 per cent. Net gearing at the end of June was 124.2 per cent (131.1 per cent). At the end of 2008, net gearing was 107.4 per cent. The return on capital employed over the past 12 months was 6.7 per cent (8.3 per cent at the close of 2008). Consolidated capital employed decreased by EUR 0.1 million since June of the previous year, amounting to EUR 1 547.2 million at the end of June 2009 (EUR 1 466.8 million at the close of 2008). CAPITAL EXPENDITURE Capital expenditure during January-June totalled EUR 74.4 million (EUR 76.5 million). Department Store Division On 13 February 2009, Stockmann opened a new department store in leased premises in the Metropolis shopping centre near Moscow city centre. Stockmann's capital expenditure on the new department store, which has a total area of about 8 000 square metres, is EUR 14.2 million, of which EUR 2.8 million was employed during the report period. The department store's operations have started well. A major enlargement and transformation project is under way at the department store in the centre of Helsinki. The project involves expanding the department store's commercial premises by about 10 000 square metres by converting existing premises to commercial use and by building new retail space. In addition to this, the project has involved construction of new goods handling, servicing and customer parking areas. After the enlargement, the Helsinki department store will have a total of about 50 000 square metres of retail space. The estimated costs of the enlargement part of the project are about EUR 250 million, in addition to which significant repair and renovation work has been and will be carried out in the old property in the course of the project. The new premises are being opened in stages. In March 2009, new restaurant areas were opened on the 8th floor of the department store, as well as the Beauty World on the 7th floor and new underground goods handling areas. The new car park was opened in May and additional retail space will be opened later in 2009. The project is expected to be completed in phases up to the end of 2010. During the first six months of 2009, the project required an investment of about EUR 26.2 million. In 2006, Stockmann purchased a commercial plot of approximately 10 000 square metres on Nevsky Prospect, St Petersburg's high street. The plot is located next to the Vosstaniya Square metro station and in the immediate vicinity of the Moscow railway station. Stockmann's Nevsky Centre shopping centre is being built on this plot and will have about 100 000 square metres of gross floor space, of which about 50 000 square metres will be for stores and offices. A Stockmann department store with about 20 000 square metres of retail space has been planned for the shopping centre, along with other retail stores, office premises and an underground car park. The total investment is estimated at about EUR 185 million. The construction work for the project is under way, with the building expected to be completed during the summer of 2010 and commercial operations to start by the end of 2010. The leasing of premises to external operators is proceeding as planned. During the first six months of 2009, the project required an investment of about EUR 23.4 million. A new Stockmann Beauty store was opened in Finland during January-June. In Russia, two Bestseller stores were closed. The Department Store Division's capital expenditure totalled EUR 60.2 million. Lindex During January-June, Lindex opened three stores each in Finland, Sweden and Russia, two stores in Lithuania and one each in Latvia and the Czech Republic. One store in Finland was closed. The company's franchising partner opened two new Lindex stores in Saudi Arabia. Lindex's capital expenditure totalled EUR 10.4 million. Hobby Hall Hobby Hall's redesigned online store was opened in July. Hobby Hall's capital expenditure totalled EUR 1.0 million. Seppälä During January-June, Seppälä opened two stores each in Finland, Russia and Latvia and one each in Lithuania and Ukraine. Two stores in Finland and one in Russia were closed. Three stores in Finland were moved to new premises. Seppälä's capital expenditure totalled EUR 2.7 million. Other capital expenditure The Group's other capital expenditure came to EUR 0.1 million. NEW PROJECTS Department Store Division The Department Store Division has preliminary agreements for the opening of department stores in leased premises that are being or will be built in the Russian city of Ekaterinburg and in north Moscow. The preliminary agreement concerning the Ekaterinburg department store has been modified so that, initially, chain stores of the Stockmann Group will be opened in the leased premises, with the objective of opening a full-scale department store there, as stated in the original plans, in 2011. Owing to the economic downturn, the implementation and timetable of the project for a department store in north Moscow are being reassessed. The preliminary agreement for opening a department store in Vilnius, the Lithuanian capital, has been cancelled. Lindex Lindex is pressing on with its expansion, expecting to open about 15 new stores during the latter part of the year. Slovakia will become the newest market area for Lindex and the entire Stockmann Group, with Lindex launching two stores there in the autumn. The number of franchising stores in the Middle East is set to increase by around six. Modernization of the Finnish stores was started in 2009. Hobby Hall Hobby Hall will cease its operations in the Baltic countries in stages by the end of August. The discontinuation of the unprofitable Baltic operations comes as a part of the ongoing measures to revitalise Hobby Hall's financial situation. Hobby Hall has decided to close its Hämeentie store in Helsinki by the end of the year. Integration with the Department Store Division is proceeding according to plan, the objective being that Hobby Hall will be an integral part of the Department Store Division as from the start of 2010. Seppälä Seppälä plans to open around 5 new stores by the end of 2009. SHARES AND SHARE CAPITAL The company's market capitalization at the end of June was EUR 935.6 million (EUR 1 511.4 million). At the end of 2008 the corresponding figure was EUR 611.6 million. During January-June, the Stockmann shares outperformed both the OMX Helsinki index and the OMX Helsinki Cap index. At the end of June, the stock exchange price of the Series A shares was EUR 15.22, compared with EUR 10.10 at the end of 2008, and the Series B shares were selling at EUR 15.12, as against EUR 9.77 at the end of 2008. In 2007, the Annual General Meeting authorized the Board of Directors to decide on the transfer, in one or more lots, of the Series B shares held by the company; the authorization was valid for a period of five years. On 3 June 2009, Stockmann sold the 336 528 Series B shares in its possession in public trading arranged by NASDAQ OMX Helsinki Ltd to investors procured by a securities broker, as part of the aforementioned programme to release capital. Following this transaction, the company no longer holds any Stockmann shares. Stockmann's Board of Directors has no valid authorization to purchase Stockmann shares. On 30 June 2009, the number of Stockmann Series A shares totalled 26 582 049 and Series B shares 35 121 287. PERSONNEL The personnel planning carried out at the start of the year was continued throughout the period January-June, with the available working hours being optimized to correspond to customer flows. The Group's average number of personnel fell by 967, to a total of 14 670. Stockmann's average number of employees, calculated as full-time equivalents, decreased by 755, to 11 056. The Group's personnel expenses amounted to EUR 162.2 million, compared with EUR 175.3 million a year earlier. Personnel expenses accounted for higher proportion of revenue, at 20.7 per cent (19.5 per cent). At the end of June 2009, Stockmann had 7 899 employees working abroad. The corresponding figure a year earlier was 8 313 employees. The proportion of employees working abroad was 55 per cent (53 per cent) of the total personnel. RISK FACTORS No change has occurred in the risk factors since the publication on 13 February 2009 of the review presented in the Board Report on Operations. Particular risks in the short term concern the impact of the economic downturn on consumer shopping habits in Stockmann's market areas, and the legal proceedings that are still in progress. AB Lindex (publ) has claimed through legal proceedings to be eligible to deduct in Swedish taxation the losses of approximately EUR 70 million incurred by Lindex Group's German subsidiary. Gothenburg's Administrative Court of Appeal overturned the favourable decisions that AB Lindex had received in the County Administrative Court, and as a consequence AB Lindex was obliged to refund to the tax authorities approximately EUR 23.8 million in taxes and interest. The taxes that were refunded had no effect on the profit of the Stockmann Group, because Stockmann recorded the refunded amount of tax and interest as a reduction in Lindex's equity in the acquisition cost calculation. AB Lindex appealed against the decision of the Administrative Court of Appeal to the Supreme Administrative Court of Sweden, which, in summer 2009, decided not to review the case. Further measures of the company in this case depend on the result of the legal process described below concerning the elimination of double taxation between AB Lindex and Lindex GmbH. AB Lindex (publ) and its German subsidiary, Lindex GmbH, have requested the German and Swedish competent authorities to eliminate the double taxation arising from intra-Group transactions in the fiscal years 1997- 2004 on the basis of the Tax Treaty between Germany and Sweden and the EC Arbitration Convention. The double taxation results from the presumptive income tax payable by Lindex GmbH, which meant that a total of EUR 94 million was added to the taxable income of Lindex GmbH. Depending on the decision of the authorities, AB Lindex may receive a partial or full refund of the taxes paid on the said amount of income, i.e. approximately EUR 26 million. The tax effect of the claim has not been recorded in the income statement. In 2008, Stockmann initiated legal proceedings against the lessors of the Smolenskaya department store in the International Commercial Arbitration Court (ICAC) in Moscow, claiming damages of about USD 75 million due to the unlawful closure of the department store. In its decision on 14 April 2009, the court of arbitration ruled in favour of Stockmann, though reducing the amount of damages awarded to about USD 7 million, and ordered the lessors to reimburse Stockmann for the legal expenses incurred. The Stockmann Group has not recorded this damages compensation sum in the income statement. In order for the ruling to be enforced, it has to be confirmed by a Russian court of general jurisdiction. In July 2009, the lessors filed a claim with the court of first instance in Moscow, demanding that the court overturn the decision of the International Commercial Arbitration Court. OUTLOOK FOR THE REMAINDER OF 2009 The economic downturn has swept rapidly and powerfully through the global economy. Consumer demand has weakened in all of Stockmann's market areas, and it remains difficult to forecast the future trend in consumer demand. However, there have been some positive signs in consumer confidence in the Nordic market. It is clear that the economies in all of Stockmann's market areas will post negative growth in 2009, especially those of the Baltic countries. In Russia, the trend in the economy is to a large extent dependent on the price of energy. In the third quarter of 2009, sales figures will be below those of a year earlier, because of the continuing weak economy and consumer uncertainty. The decline in sales is expected to slow down in year-on-year terms, because of the already weakened comparison figures for the last six months of 2008. Third-quarter operating profit is expected to be lower than a year earlier. According to current estimates it is possible that in the fourth quarter the Group will come close to reaching the previous year's sales figures and operating profit. Sales and operating profit for the whole year will be lower than in 2008. Stockmann will continue the measures initiated earlier for adapting to the lower level of demand. Financial expenses will be distinctly lower than in 2008. The objective is a positive cash flow after net capital expenditure. ACCOUNTING POLICIES This Interim Report has been prepared in compliance with IAS 34. The accounting policies and calculation methods applied are the same as those in the 2008 financial statements. As from 1 January 2009, the Stockmann Group has applied the amended IAS 1 Presentation of Financial Statements and the IFRS 8 Operating Segments. In this Interim Report, a Statement of Comprehensive Income according to IAS 1 is presented. The operating segments presented in the Interim Report, which accord with IFRS 8, are the same as the business segments presented earlier and described in the Group's Annual Report for 2008. The figures are unaudited. Statement of financial position, EUR 30.6.2009 30.6.2008 31.12.2008 mill. ASSETS NON-CURRENT ASSETS Intangible assets 105.4 125.2 112.1 Goodwill 649.9 740.3 646.5 Property, plant, equipment 618.2 516.1 587.5 Non-current revceivables 1.7 1.7 1.6 Available for sale investments 5.0 6.6 6.6 Deferred tax asset 4.8 5.3 4.5 NON-CURRENT ASSETS 1 385.1 1 395.3 1 358.8 CURRENT ASSETS Inventories 216.6 231.6 220.3 Interest bearing receivables 72.7 63.4 52.2 Non-interest bearing receivables 80.6 100.6 98.4 Cash and cash equivalents 88.3 23.8 35.2 CURRENT ASSETS 458.1 419.4 406.2 ASSETS 1 843.2 1 814.6 1 765.0 EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Equity attributable to equity holders of 650.1 658.1 689.1 the parent Minority interest -0.0 -0.0 -0.0 SHAREHOLDERS' EQUITY 650.1 658.1 689.1 LONG-TERM LIABILITIES Deferred tax liability 75.6 56.6 78.1 Long-term liabilities, interest-bearing 882.3 759.8 755.7 Provisions 1.5 2.5 2.0 NON-CURRENT LIABILITIES 959.4 818.9 835.7 CURRENT LIABILITIES Short-term interest-bearing liabilities 13.3 126.9 20.0 Short term interest-free liabilities 220.4 210.8 220.1 CURRENT LIABILITIES 233.7 337.7 240.1 TOTAL EQUITY AND LIABILITIES 1 843.2 1 814.6 1 765.0 Key figures 30.6.2009 30.6.2008 31.12.2008 Equity ratio, per cent 35.3 36.3 39.0 Net gearing, per cent 124.2 131.1 107.4 Cash flow from operations per share, EUR 0.37 0.48 2.90 Interest-bearing net debt, EUR mill. 734.6 799.5 688.2 Number of shares at the end of the 61 703 61 703 61 703 period, thousands Weighted average number of shares, 61 408 55 850 58 609 thousands Weighted average number of shares, 61 738 55 850 58 609 diluted, thousands Market capitalization, EUR mill. 935.6 1 511.4 611.6 CASHFLOW, IFRS 06/2009 06/2008 12/2008 EUR millions Cash flows from operating activities Profit/loss for the period -1.8 3.6 39.1 Adjustments for: Depreciation and amortisation 29.3 34.0 61.4 Gains (-) and Losses (+) of disposals -0.3 -3.7 -3.5 of fixed assets and other non-current assets Interest and other financial expenses 13.2 25.1 51.7 Interest income -3.2 -0.5 -1.6 Tax on income from operations -1.6 0.7 32.7 Transactions without cash flow Other adjustments -0.7 3.6 -1.4 Working capital changes: Increase (-) / decrease (+) in 4.2 6.1 24.0 inventories Increase (-) /decrease(+) in trade and -4.3 64.2 75.6 other receivables Increase (+) / decrease (-) in trade 0.4 -46.2 -12.7 payables Interest and other financial expenses -18.4 -27.3 -47.7 paid Interest received 1.5 0.2 0.8 Income taxes paid 4.6 -32.9 -48.3 Net cash from operating activities 22.7 26.9 170.1 Cash flows from investing activities Purchase of tangible and intagible -77.9 -80.7 -181.1 assets Proceeds from sale of tangible and 23.0 5.5 6.1 intangible assets Acquisition of subsidiaries, net of -8.3 -18.9 cash acquired Purchase of investments -0.2 Proceeds from sale of investments 1.8 0.0 0.0 Dividends received 0.2 0.1 0.1 Net cash used in investing activities -53.0 -83.6 -193.7 Cash flows from financing activities Proceeds from issue of share capital 135.5 135.2 Proceeds from sale of own shares 5.1 Proceeds from short-term borrowings 11.9 107.7 20.0 Repayment of short-term borrowings -19.3 -37.1 -33.3 Proceeds from long-term borrowings 200.3 41.1 152.2 Repayment of long-term borrowings -77.5 -134.1 -157.3 Dividends paid -38.0 -75.2 -75.2 Net cash used in financing activities 82.6 37.8 41.7 Net increase/decrease in cash and cash 52.4 -18.8 18.1 equivalents Cash and cash equivalents at beginning 35.2 33.2 33.2 of the period Cheque account with overdraft facility -0.7 -14.6 -14.6 Cash and cash equivalents at beginning 34.5 18.6 18.6 of the period Net increase/decrease in cash and cash 52.4 -18.8 18.1 equivalents Effects of exchange rate fluctuations 0.1 0.1 -2.2 on cash held Cash and cash equivalents at the end of 88.3 23.8 35.2 the period Cheque account with overdraft facility -1.3 -23.7 -0.7 Cash and cash equivalents at the end of 87.0 0.1 34.5 the period Income statement, Group, 1-6/2009 1-6/2008 Change % 1-12/2008 EUR millions REVENUE 782.9 896.7 -13 1,878.7 Other operating income 0.3 3.7 -93 4.2 Material consumables used -417.3 -473.6 -12 -971.7 Wages, salaries and -162.2 -175.3 -7 -350.5 employee benefits expense Depreciation and -29.3 -34.0 -14 -61.4 amortisation Other operating expenses -167.7 -188.8 -11 -377.4 OPERATING PROFIT 6.6 28.8 -77 121.9 Finance income and expenses -10.0 -24.6 59 -50.1 PROFIT/LOSS BEFORE TAX AND -3.4 4.3 71.7 MINORITY INTEREST Tax on income from 1.6 -0.7 -32.7 operations PROFIT/LOSS FOR THE PERIOD -1.8 3.6 39.1 note Other comprehensive income, 1-06/2009 1-06/2008 Change % 1-12/2008EUR mill. PROFIT/LOSS FOR THE PERIOD -1.8 3.6 39.1 Other comprehensive income Exchange differences on -1.5 -0.1 -4.2 translating foreign operations Cash flow hedges -3.5 -0.3 1.1 Other comprehensive income -5.1 -0.5 -3.1 for the year net of tax TOTAL COMPREHENSIVE INCOME -6.8 3.1 36.0 FOR THE YEAR Total comprehensive income attributable to: Equity holders of the -6.8 3.1 36.0 parent Minority interest 0.0 -0.0 -0.0 Key figures 30.6.2009 30.6.2008 Change % 31.12.2008 EPS, adjusted for share -0.03 0.06 0.67 issues, undiluted (EUR) EPS, adjusted for share -0.03 0.06 0.67 issues, diluted (EUR) Operating profit, per cent 0.8 3.2 6.5 of turnover Equity per share, EUR 10.54 10.73 -2 11.24 Return on equity, per cent, 5.2 12.9 6.1 moving 12 months Return on capital employed, 6.7 12.2 8.3 per cent, moving 12 months Average number of 11,056 11,811 -6 11,964 employees, converted to full-time staff Investments, EUR millions 74.4 76.5 -3 182.3 Segment information, Group EUR millions Operating segments Sales 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Department Store 491.5 582.3 -16 1 218.9 Division Lindex 292.2 322.1 -9 672.5 Hobby Hall 83.2 95.8 -13 191.0 Seppälä 77.5 80.9 -4 182.6 Unallocated 0.1 0.4 -82 0.8 Group 944.5 1 081.5 -13 2 265.8 Revenue 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Department Store 413.0 490.0 -16 1 025.9 Division Lindex 235.2 258.6 -9 540.2 Hobby Hall 69.4 80.0 -13 159.6 Seppälä 64.4 67.3 -4 151.9 Unallocated 0.9 0.8 16 1.1 Group 782.9 896.7 -13 1 878.7 Operating profit 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Department Store -5.3 5.6 54.0 Division Lindex 19.9 22.6 -12 58.7 Hobby Hall -2.6 -1.4 -86 0.8 Seppälä 0.2 4.5 -95 14.6 Unallocated -5.0 -2.0 -6.1 Eliminations -0.7 -0.4 0.0 Group 6.6 28.8 -77 121.9 Investments, gross 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Department Store 60.2 57.2 5 146.0 Division Lindex 10.4 14.9 -30 25.2 Hobby Hall 1.0 1.0 -6 3.1 Seppälä 2.7 2.8 -5 7.2 Unallocated 0.1 0.5 -73 0.8 Group 74.4 76.5 -3 182.3 Assets 1.1-30.6.2009 1.1-30.6.2008 Change 1.1.-31.12.2008 % Department Store 743.0 623.9 19 704.0 Division Lindex 831.8 1 012.6 -18 806.0 Hobby Hall 74.2 94.3 -21 90.4 Seppälä 115.1 44.0 116.5 Unallocated 79.1 39.8 99 48.1 Group 1,843.2 1,814.6 2 1,765.0 Information from market areas Sales 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Finland 1) 523.4 578.5 -10 1 224.8 Sweden and Norway 244.1 277.3 -12 575.2 2) Baltic states and 80.9 102.1 -21 211.7 Czech Republic 1) Russia 1) 96.1 123.6 -22 254.1 Group 944.5 1,081.5 -13 2 265.8 Finland, % 55.4 53.5 4 54.1 International 44.6 46.5 -4 45.9 operations, % Revenue 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Finland 1) 437.2 482.6 -9 1 021.8 Sweden and Norway 195.6 221.8 -12 460.2 2) Baltic states and 68.0 86.8 -22 179.8 Czech Republic 1) Russia 1) 82.1 105.6 -22 217.0 Group 782.9 896.7 -13 1 878.7 Finland, % 55.8 53.8 4 54.4 International 44.2 46.2 -4 45.6 operations, % Operating profit 1.1-30.6.2009 1.1-30.6.2008 Change 1.1-31.12.2008 % Finland 1) 7.8 24.6 -68 71.1 Sweden and Norway 20.3 22.9 -11 57.3 2) Baltic states and -4.1 3.9 10.7 Czech Republic 1) Russia 1) -17.5 -22.6 23 -17.3 Group 6.6 28.8 -77 121.9 Finland, % 85.3 58.4 International 14.7 41.6 operations, % 1) Department Store Division, Lindex, Hobby Hall, Seppälä 2) Lindex Statement of changes in equity, Group Equity* Share Hedging EUR millions 1 - 06 / 2008 premium reserve** fund BALANCE AT BEGINNING OF THE PERIOD 112.2 186.0 0.5 Changes in equity for Dividend distribution New share issue 11.2 Options exercised Share premium Total comprehensive income for the year 0.0 0.0 -0.3 Other changes SHAREHOLDERS' EQUITY TOTAL 06 / 2008 123.4 186.0 0.2 Statement of changes in equity, Group Equity* Share Hedging EUR millions 1 - 06 / 2009 premium reserve** fund BALANCE AT BEGINNING OF THE PERIOD 123.4 186.1 1.4 Changes in equity for Dividend distribution Options exercised Sale of own shares Total comprehensive income for the year 0.0 0.0 -3.6 Other changes SHAREHOLDERS' EQUITY TOTAL 06 / 2009 123.4 186.1 -2.1 *Including share issue. ** Adjusted with deferred tax liability. Statement of changes in equity, Group Reserve Other Trans EUR millions 1 - 06 / 2008 for reserves lationdiffe invested rences un- restricted equity BALANCE AT BEGINNING OF THE PERIOD 0.0 44.1 0.0 Changes in equity for Dividend distribution New share issue Options exercised Share premium 124.3 Total comprehensive income for the 0.0 0.0 -0.1 year Other changes -0.2 SHAREHOLDERS' EQUITY TOTAL 06 / 2008 124.3 43.9 -0.1 Statement of changes in equity, Group Reserve Other Trans EUR millions 1 - 06 / 2009 for reserves lationdiffe invested rences un- restricted equity BALANCE AT BEGINNING OF THE PERIOD 124.1 44.1 -6.7 Changes in equity for Dividend distribution Options exercised Sale of own shares Total comprehensive income for the 0.0 0.0 -1.5 year Other changes Deferred taxes' share of period 0.0 0.0 movements Other changes SHAREHOLDERS' EQUITY TOTAL 06 / 2009 124.1 44.1 -8.2 Statement of changes in Retained Total Minority Total equity, Group EUR millions earnings interest 1 - 06 / 2008 BALANCE AT BEGINNING OF 250.9 593.8 0.0 593.8 THE PERIOD Changes in equity for Dividend distribution -75.2 -75.2 -75.2 New share issue 11.2 11.2 Options exercised 0.9 0.9 0.9 Share premium 124.3 124.3 Total comprehensive income 3.6 3.1 0.0 3.1 for the year Other changes 0.2 0.0 0.0 0.0 SHAREHOLDERS' EQUITY TOTAL 180.3 658.1 0.0 658.1 06 / 2008 Statement of changes in Retained Total Minority Total equity, Group EUR millions earnings interest 1 - 06 / 2009 BALANCE AT BEGINNING OF 216.8 689.1 0.0 689.1 THE PERIOD Changes in equity for Dividend distribution -38.0 -38.0 -38.0 Options exercised 0.5 0.5 0.5 Sales of own shares 5.1 5.1 5.1 Total comprehensive income -1.8 -6.8 0.0 -6.8 for the year Other changes 0.1 0.1 0.0 0.1 SHAREHOLDERS' EQUITY TOTAL 182.8 650.1 0.0 650.1 06 / 2009 Contingent liabilites, Group 30.6.2009 30.6.2008 31.12.2008 EUR millions Mortages on land and buildings 201.7 1.7 1.7 Pledges 0.9 1.0 Liabilities of adjustments of 28.6 29.2 VAT deductions made on investments to immovable property Total 231.2 1.7 31.9 Lease agreements on business premises, EUR millions Minimum rents payable on the basis of binding lease agreements on business premises Within one year 139.4 96.7 143.2 After one year 509.0 466.8 478.9 Total 648.4 563.5 622.1 Lease payments, EUR millions Within one year 7.0 1.3 1.1 After one year 20.8 1.1 0.9 Total 27.8 2.4 2.0 Derivate contracts, EUR millions Nominal value Currency derivatives 201.1 325.5 204.4 Electricity derivates 3.5 3.2 2.5 Total 204.6 328.7 206.9 Exchange rates Country Russia RUB 43.8810 36.9477 41.2830 Estonia EEK 15.6466 15.6466 15.6466 Latvia LVL 0.7036 0.7047 0.7083 Lithuania LTL 3.4528 3.4528 3.4528 Sweden SEK 10.8125 9.4703 10.8700 Income statement, Group, EUR millions Q2 Q1 Q4 Q3 quarterly, EUR millions 2009 2009 2008 2008 Revenue 429.7 353.2 541.3 440.8 Other operating income 0.3 0.0 0.1 0.3 Materials and consumables -220.1 -197.2 -273.5 -224.7 used Wages, salaries and -82.6 -79.7 -92.9 -82.3 employee benefits expenses Depreciation and -14.7 -14.6 -14.2 -13.2 amortisation Other operating expenses -84.0 -83.7 -102.4 -86.2 Operating profit (loss) 28.6 -22.0 58.4 34.6 Finance income and -5.1 -4.8 -12.7 -12.8 expenses Profit (loss) before tax 23.5 -26.9 45.7 21.8 Income taxes -1.4 3.1 -25.8 -6.2 Profit for the period 22.0 -23.8 19.9 15.6 Earnings per share, EUR Basic 0.36 -0.39 0.34 0.27 Diluted 0.36 -0.39 0.34 0.27 Q2 Q1 Q4 Q3 Sales, EUR millions 2009 2009 2008 2008 Department Store Division 267.0 224.5 371.8 264.8 Lindex 169.6 122.6 175.6 174.9 Hobby Hall 40.2 43.1 53.7 41.6 Seppälä 42.9 34.7 51.5 50.1 Unallocated 0.0 0.0 0.2 0.2 Group 519.7 424.8 652.8 531.5 Revenue, EUR millions Department Store Division 224.0 189.0 312.9 223.1 Lindex 136.5 98.6 141.0 140.6 Hobby Hall 33.5 35.9 44.9 34.7 Seppälä 35.6 28.8 42.8 41.7 Unallocated 0.1 0.8 -0.3 0.6 Group 429.7 353.2 541.3 440.7 Operating profit (loss), EUR millions Department Store Division 9.2 -14.5 34.9 13.5 Lindex 19.7 0.2 20.3 15.7 Hobby Hall -0.8 -1.7 1.6 0.7 Seppälä 3.0 -2.8 4.2 5.9 Unallocated -3.2 -1.8 -3.3 -0.7 Eliminations 0.6 -1.4 0.8 -0.5 Group 28.6 -22.0 58.4 34.6 The Interim Report is unadited. Income statement, Group, EUR millions Q2 Q1 Q4 Q3 quarterly, EUR millions 2008 2008 2007 2007 Continuing operations Revenue 483.3 413.4 483.9 308.6 Other operating income -0.1 3.8 0.0 9.7 Materials and consumables -242.6 -231.0 -255.8 -179.8 Wages, salaries and -90.2 -85.1 -73.2 -47.6 employee benefits expenses Depreciation and -18.7 -15.2 -10.5 -8.9 amortisation Other operating expenses -100.3 -88.5 -73.7 -50.0 Operating profit (loss) 31.4 -2.5 70.8 32.1 Finance income and -13.3 -11.3 -4.3 -0.5 expenses Profit (loss) before tax 18.1 -13.8 66.5 31.6 Income taxes -2.9 2.2 -17.9 -8.1 Profit for the period 15.2 -11.6 48.6 23.5 Earnings per share, EUR Basic 0.27 -0.21 0.87 0.43 Diluted 0.27 -0.21 0.87 0.42 Q2 Q1 Q4 Q3 Sales, EUR millions 2008 2008 2007 2007 Department Store Division 306.4 275.9 400.4 275.5 Lindex 183.8 138.3 68.1 0.0 Hobby Hall 48.3 47.4 58.9 45.9 Seppälä 45.2 35.7 51.2 45.4 Shared 0.2 0.2 0.2 0.2 Group 583.9 497.5 578.8 367.0 Revenue, EUR millions Department Store Division 257.3 232.7 336.9 232.2 Lindex 147.6 111.0 54.7 0.0 Hobby Hall 40.4 39.7 49.2 38.2 Seppälä 37.6 29.7 42.5 37.8 Shared 0.4 0.4 0.7 0.5 Group 483.3 413.4 483.9 308.6 Operating profit (loss), EUR millions Department Store Division 4.1 1.5 46.9 25.7 Lindex 23.8 -1.2 15.0 0.0 Hobby Hall 0.7 -2.1 2.7 2.5 Seppälä 5.1 -0.6 8.6 5.5 Shared -2.2 0.2 -2.4 -1.1 Eliminations 0.0 -0.3 0.0 -0.5Group 31.4 -2.5 70.8 32.1 The Interim Report is unadited. 1. ASSETS EUR mill. 30.6.2009 30.6.2008 31.12.2008 Acquisition cost at the beginning of 945.3 813.8 813.8 the period Translation difference +/- 3.8 -0.8 -21.0 Increases during the period 74.4 76.2 181.6 Decreases during the period -55.6 -2.3 -29.0 Transfers between items 0.0 Acquisition cost at the end of the 968.0 886.9 945.4 period Accumulated depreciation at the -245.7 -212.5 -212.5 beginning of the period Translation difference +/- -2.0 0.2 2.6 Depreciation on reductions 32.6 0.6 25.5 Depreciation during the period -29.3 -34.0 -61.4 Accumulated depreciation at the end -244.4 -245.6 -245.7 of the period Carrying amount at the beginning of 699.6 601.3 601.3 the period Carrying amount at the end of the 723.6 641.3 699.6 period Goodwill EUR mill. 30.6.2009 30.6.2008 31.12.2008 Acquisition cost at the beginning of 646.5 720.0 720.0 the period Translation difference +/- 3.4 -2.2 -94.6 Increases during the period 22.5 23.8 Translation difference +/- -2.8 Acquisition cost at the end of the 649.9 740.3 646.5period Carrying amount at the beginning of 646.5 720.0 720.0 the period Carrying amount at the end of the 649.9 740.3 646.5 period Total 1 373.5 1 381.6 1 346.1 Equity ratio, per cent = 100 x (Equity + minority interest) / Total assets less advance payments received Net gearing, per cent = 100 x Interest-bearing net financial liabilities / Equity total Interest-bearing net debt = Interest-bearing liabilities less cash and cash equivalents less interest-bearing receivables Market capitalization = Number of shares multiplied by the quotation for the respective share series on the balance sheet date Earnings per share, adjusted for share issues = (Profit before taxes - minority interest - income taxes) / Average number of shares, adjusted for share issues Return on equity, per cent, moving 12 months = 100 x Profit for the period (12 months) / (Equity + minority interest) (average over 12 months) Return on capital employed, per cent, moving 12 months = 100 x (Profit before taxes + interest and other financial expenses) (12 months) / Capital employed (average over 12 months) STOCKMANN plc Hannu Penttilä CEO DISTRIBUTION NASDAQ OMX Principal media A press and analyst conference will be held today, 5 August 2009, at 9.00 at the World Trade Center, Aleksanterinkatu 17, Helsinki. |
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