2010-08-12 07:00:00 CEST
2010-08-12 07:00:07 CEST
REGULATED INFORMATION
Stockmann - Interim report (Q1 and Q3)
STOCKMANN plc INTERIM REPORT 1 JANUARY - 30 JUNE 2010
STOCKMANN plc
Interim report
12.8.2010 at 8.00
STOCKMANN plc INTERIM REPORT 1 JANUARY - 30 JUNE 2010
STOCKMANN'S OPERATING PROFIT FOR FIRST SIX MONTHS UP SUBSTANTIALLY;
EARNINGS IMPROVED IN ALL DIVISIONS
The Stockmann Group's second-quarter revenue was up by 5.1 per cent to EUR
451.7 million (EUR 429.7 million). Second-quarter operating profit was
also up, amounting to EUR 30.9 million (EUR 28.6 million). Consolidated
revenue (excl. VAT) for January-June was up by 5.3 per cent to EUR 824.3
million (EUR 782.9 million). All divisions improved their earnings.
Consolidated operating profit for January-June was up by EUR 15.2 million,
to a total of EUR 21.8 million (EUR 6.6 million). The profit for the
period was EUR 27.9 million (EUR -1.8 million). Stockmann's earnings per
share were EUR 0.39 (EUR -0.03).
Key figures 4-6/2010 4-6/2009 Index
Revenue EUR mill. 451.7 429.7 105
Operating profit EUR mill. 30.9 28.6 108
Profit before taxes EUR mill. 27.8 23.5 118
Earnings per share EUR 0.36 0.35* 103
1-6/2010 1-6/2009 Index 2009
Revenue EUR mill. 824.3 782.9 105 1 698.5
Operating profit EUR mill. 21.8 6.6 330 85.3
Profit before taxes EUR mill. 18.0 -3.4 61.3
Earnings per share EUR 0.39 -0.03 0.82
Equity per share EUR 11.73 10.54 111 11.96
Cash flow from EUR mill. -16.1 22.7 146.8
operating activities
Key ratios
Net gearing per cent 92.9 124.2 72.1
Equity ratio per cent 43.3 35.3 44.1
Number of shares, thousands 71 780 62 894* 65 995
wighted average,
diluted
Return on capital per cent 6.7 6.7 5.8
employed, rolling 12
months
*Adjusted for 2009
share issue
REVENUE AND EARNINGS
Since the start of 2010 Stockmann has been reporting its revenue exclusive
of value added tax (VAT), instead of including VAT in the sales figures,
in order that its reported figures are like-for-like and indicate the
actual trend regardless of changes in VAT. Also the figures for 2009 are
presented exclusive of VAT.
The recovery in consumer demand, the strengthening of consumer confidence
and the measures taken by all divisions to strengthen their competitive
position were evident in the Stockmann Group's revenue (excl. VAT), which
was up by 5.3 per cent to EUR 824.3 million (EUR 782.9 million). January-
June revenue in Finland was up by 3.3 per cent to EUR 451.6 million. The
Group's revenue abroad amounted to EUR 372.7 million, an increase of 7.8
per cent. The Swedish krona, the Norwegian krone and the Russian rouble
all strengthened against the euro during the first six months of the year.
If like-for-like exchange rates are used, the Group's revenue abroad shows
a decrease of 1 per cent. Revenue abroad accounted for 45 per cent (44 per
cent) of the Group's total revenue.
There was no other operating income in the first six months of the year.
The Group's January-June operating gross margin grew by EUR 47.6 million,
to a total of EUR 413.2 million. The relative gross margin was 50.1 per
cent (46.7 per cent). In all divisions the relative gross margin was up
year on year. Operating costs increased by EUR 32.1 million and
depreciation by EUR 0.1 million.
The Group's January-June operating profit grew by EUR 15.2 million, to a
total of EUR 21.8 million.
Net financial expenses decreased by EUR 6.2 million, to EUR 3.8 million
(EUR 10.0 million). The decrease was attributable to the low level of
interest rates, the non-recurring foreign exchange gains and a decrease in
debt capital.
Profit before taxes for the period amounted to EUR 18.0 million, which was
EUR 21.4 million more than a year earlier. Taxes for the period, a total
of EUR 9.9 million, included a decrease in deferred tax liability of EUR
14.6 million booked for the unrealized exchange rate loss on the currency
loan, and a tax accrual of EUR 4.7 million. Due to the decrease in
deferred tax liability, the total taxes for the period resulted in an
improved earnings figure. The positive tax effect on earnings was EUR 8.3
million greater than a year earlier.
The Stockmann Group's second-quarter revenue was up by 5.1 per cent, to a
total of EUR 451.7 million (EUR 429.7 million). Second-quarter operating
profit was also up, amounting to EUR 30.9 million (EUR 28.6 million).
Earnings per share for the first six months of the year amounted to EUR
0.39 (EUR -0.03) and, diluted for options, EUR 0.39 (EUR -0.03). Equity
per share was EUR 11.73 (EUR 10.54).
REVENUE AND EARNINGS PERFORMANCE BY OPERATING SEGMENT
Department Store Division
Hobby Hall's business was transferred to the Department Store Division as
of the start of 2010, and Oy Hobby Hall Ab was merged with the parent
company on 30 June 2010. The Department Store Division's January-June
figures include Hobby Hall, and so the like-for-like figures for the
previous year have been adjusted accordingly. The Department Store
Division's revenue was up by 1.9 per cent to EUR 491.5 million (EUR 482.4
million). Revenue in Finland was up by 3.4 per cent. One of the factors
accelerating the revenue growth has been the progress made in the
enlargement and transformation project at the Helsinki department store,
especially the March opening of part of the new Delicatessen premises. If
the international operations of Hobby Hall, which were discontinued in
2009, are excluded from the Department Store Division's like-for-like
figures for 2009, the Division's revenue shows an increase of 3.8 per cent
and the euro-denominated revenue of international operations an increase
of 4.9 per cent. Revenue abroad accounted for 24 per cent (23 per cent) of
the Division's total revenue. The growth in international operations'
revenue was attributable to the opening of the new Stockmann department
store in Moscow's Golden Babylon shopping centre on 4 March 2010 and the
strengthening of the rouble against the euro. As a result of the good
level of sales and good stock situation, there was a clear increase in the
relative gross margin, to 41.6 per cent (38.0 per cent), in the first six
months of the year. The Department Store Division's operating profit was
up by EUR 8.4 million, to EUR 0.6 million (EUR -7.9 million).
Second-quarter revenue was up by 3.1 per cent to EUR 265.5 million.
Operating profit amounted to EUR 8.8 million, compared with EUR 8.4
million in the same period a year earlier. The pre-opening costs of the
Helsinki department store enlargement, the Nevsky Centre in St Petersburg
and the stockmann.com webstore are burdening the result in the second
quarter already.
Lindex
Lindex's January-June revenue totalled EUR 263.7 million, which was 12.1
per cent more than a year earlier (EUR 235.2 million). Revenue in Finland
was up by 3.1 per cent and in other countries by 13.5 per cent. The
relative gross margin increased to 64.3 per cent (63.5 per cent) in
January-June. Lindex's operating profit improved to EUR 21.6 million (EUR
19.9 million).
Second-quarter revenue was up by 8.4 per cent to EUR 148.1 million. The
relative gross margin showed a year-on-year improvement. Due to the
accelerated expansion, the fixed costs grew faster than the gross margin.
Operating profit decreased a little, to EUR 19.5 million, compared with
EUR 19.7 million in the same period a year earlier.
Seppälä
Seppälä's revenue increased by 6.4 per cent year on year, to a total of
EUR 68.5 million (EUR 64.4 million). Revenue was up by 3.5 per cent in
Finland and 12.4 per cent abroad. Revenue abroad accounted for 34 per cent
(32 per cent) of Seppälä's total revenue. Revenue in Russia was up by 23
per cent. As a result of the good level of sales and the good stock
situation, there was a clear increase in the relative gross margin, to
59.9 per cent (57.0 per cent), in the first six months of the year. The
relative gross margin for the first six months was the best ever at
Seppälä. Seppälä's operating profit grew by EUR 3.7 million, to EUR 3.9
million (EUR 0.2 million).
Seppälä's second-quarter revenue grew by 5.9 per cent to EUR 37.7 million.
Operating profit was up by 60 per cent to a total of EUR 4.8 million, as
against EUR 3.0 million in the same period the previous year.
FINANCING AND CAPITAL EMPLOYED
Liquid assets totalled EUR 31.9 million at the end of June, as against EUR
88.3 million a year earlier and EUR 176.4 million at the close of 2009.
At the end of June, interest-bearing liabilities stood at EUR 807.4
million (EUR 895.5 million), of which EUR 541.2 million (EUR 882.3
million) was long-term debt. At the close of 2009, interest-bearing
liabilities amounted to EUR 789.2 million, of which EUR 786.9 million was
long-term debt. The portion of the long-term debt that falls due in
December 2011 was refinanced early, in July. EUR 650 million of the new
loan has five years' maturity, and EUR 50 million three years' maturity.
Capital expenditure in the first six months of the year amounted to EUR
72.7 million.
Net working capital amounted to EUR 141.8 million at the end of June, as
against EUR 149.4 million a year earlier and EUR 110.6 million at the
close of 2009. Dividend payouts totalled EUR 51.2 million.
The equity ratio at the end of June was 43.3 per cent (35.3 per cent). At
the close of 2009 the equity ratio was 44.1 per cent. Net gearing at the
end of June was 92.9 per cent (124.2 per cent). At the end of 2009 net
gearing was 72.1 per cent.
The return on capital employed over the past 12 months was 6.7 per cent
(5.8 per cent in 2009). The Group's capital employed grew by EUR 96.3
million in the year since June 2009, amounting to EUR 1 643.5 million at
the end of June 2010 (EUR 1 640.9 million at the close of 2009).
CAPITAL EXPENDITURE
Capital expenditure during the first six months of the year totalled EUR
72.7 million (EUR 74.4 million).
Department Store Division
Moscow's fifth and the Group's fourteenth Stockmann department store was
opened on 4 March 2010 in the Golden Babylon shopping centre in the
Rostokino district in north Moscow. Stockmann's capital expenditure on the
department store, which has a total retail space of about 10 000 square
metres, amounts to EUR 16.0 million. During January-June, the project
required an investment of EUR 8.0 million. The start of the department
store's operation has met expectations.
The major enlargement and transformation project at the Helsinki city
centre department store is proceeding as planned. 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 space. Other elements of the project include construction of
new goods handling and servicing facilities and a car park. After the
enlargement, the Helsinki department store will have a total retail space
of about 50 000 square metres. The estimated cost of the enlargement part
of the project is about EUR 200 million, in addition to which significant
repair and renovation work has been and will be carried out in the old
property in connection with the project. The new and remodelled premises
are being opened in stages. The work will be completed in phases and the
entire project will be finished in November 2010. During the first six
months of the year, the project required an investment of EUR 12.8
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. The Nevsky Centre shopping centre
is being built for Stockmann on this plot and will comprise 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 of about 20
000 square metres will be housed in the shopping centre, along with other
retail stores, office premises and an underground car park. The total
capital expenditure is estimated to be about EUR 185 million. The
construction work for the project is under way and proceeding according to
timetable. The topping out ceremony for the building was held on 19 March
2010. Commercial operations are expected to start in November 2010. The
leasing of premises to outside parties is proceeding as planned, and all
the retail premises have been leased. During the first six months of 2010
the project required an investment of EUR 25.2 million.
In Russia, two Bestseller stores were opened and one was closed during
January-June.
One Stockmann Beauty store in Finland was closed.
In July, Stockmann purchased a property next to its Tallinn department
store for EUR 1.6 million, which will enable the department store to
expand in the future.
The Department Store Division's capital expenditure totalled EUR 59.1
million.
Lindex
In the first six months of the year, Lindex opened five stores in the
Czech Republic, two in Russia and one in each of Finland, Norway, Estonia,
Lithuania and Slovakia.
The company's franchising partner opened three new Lindex stores in Saudi
Arabia and one in Dubai, a new market for Lindex. A new franchising
partner opened its first store in Bosnia and Herzegovina in May.
Lindex opened its lindex.com webstore in Finland in May.
Lindex's capital expenditure totalled EUR 11.6 million.
Since the end of June, one store has been opened in Saudi Arabia by the
franchising partner.
Seppälä
In the first six months of the year, Seppälä opened two stores in each of
Finland, Estonia and Russia.
Seppälä's capital expenditure totalled EUR 1.7 million.
Other capital expenditure
The Group's other capital expenditure came to a total of EUR 0.4 million.
NEW PROJECTS
Department Store Division
The distance retailing expertise of Hobby Hall, now part of the Department
Store Division, and the investment made in this will be put to good use in
the creation of a new distance retailing store under the Stockmann brand.
The stockmann.com online store will be opened in autumn 2010. It will have
a significantly different profile from that of Hobby Hall, which will
continue its operations as a separate brand. The Department Store
Division's organisation will therefore include three distance retailing
brands: Hobby Hall, Stockmann and the Academic Bookstore.
The opening of a new Stockmann department store in Ekaterinburg is planned
for May 2011. Prior to this, part of the premises reserved for the
department store is being used by chain stores of the Stockmann Group.
Stockmann has signed a contract for the enlargement of its Tampere
department store, which operates in leased premises. The enlargement will
increase the department store's retail space to 15 000 square metres, up
by about 4 000 square metres from the present 11 000 square metres. Access
will also be constructed from the department store to a car park to be
built under Hämeenkatu street. Stockmann's share of the total investment
is approximately EUR 6 million. The aim is to open the new premises by the
end of 2012.
The Department Store Division is to open one new Bestseller store in
Russia in the latter part of the year.
Lindex
Lindex is continuing with its expansion and expects to open about 20 new
stores during the latter part of 2010. The new franchising partner will
open a second Lindex store in Bosnia and Herzegovina later in the year.
Seppälä
Seppälä is also further expanding its store network. It will open 4-6
stores in Finland and Russia in the latter part of 2010.
SHARES AND SHARE CAPITAL
The company's market capitalization at the end of June was EUR 1 852.1
million (EUR 935.6 million). At the end of 2009 the market capitalization
stood at EUR 1 396.7 million.
During the first six months of the year, Stockmann shares outperformed
both the OMX Helsinki index and the OMX Helsinki Cap index. At the end of
June, the price of the Series A shares was EUR 27.00, compared with EUR
20.50 at the end of 2009, and the Series B shares were selling at EUR
25.30, as against EUR 19.00 at the end of 2009.
A total of 52 047 Stockmann plc Series B shares with a nominal value of
EUR 2 were subscribed with Stockmann Loyal Customer share options in May.
The new shares were registered in the Trade Register and became subject to
public trading alongside the old shares on NASDAQ OMX Helsinki Ltd on 30
June 2010. As a consequence of the subscriptions the share capital was
increased by EUR 104 094.
On 30 June 2010, the number of Stockmann Series A shares totalled 30 627
563 and Series B shares 40 518 437.
The company does not hold any of its own shares and the Board of Directors
has no valid authorisations to purchase shares of the company.
PERSONNEL
The Group's average number of personnel in the first half of 2010 was
still slightly below the figure for the same period a year earlier but is
nevertheless catching up with it. There was an increase in personnel
especially in Russia, with the opening of a new department store there and
the expansion of the store network. The additional retail space in the
Helsinki department store has also begun to boost the department store's
average number of personnel.
The Group's average number of personnel in the first six months of the
year was 14 607, which was 63 fewer than for the same period in 2009.
Converted to full-time equivalents, Stockmann's average number of
employees increased by 24, to a total of 11 080.
The Group's personnel expenses amounted to EUR 176.2 million, compared
with EUR 162.2 million a year earlier. Personnel expenses accounted for
21.4 per cent (20.7 per cent) of revenue.
At the end of June 2010, Stockmann had 8 120 employees working abroad. The
corresponding figure a year earlier was 7 899 employees. The proportion of
employees working abroad was 55 per cent (55 per cent).
RISK FACTORS
No change has occurred in the general risk factors since the publication
on 11 February 2010 of the review presented in the Board Report on
Operations. Particular risks in the short term concern changes in the
shopping behaviour of consumers in Stockmann's market areas.
AB Lindex (publ) has through legal proceedings requested to be eligible to
deduct in Swedish taxation the losses of approximately EUR 70 million
incurred by the Lindex Group's German subsidiary. In 2008 the Gothenburg
Administrative Court of Appeal overturned the favourable decisions that AB
Lindex had received in the County Administrative Court, and as a
consequence 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 Stockmann Group's earnings, because
Stockmann recognised 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 the summer of 2009
decided not to review the case. Further action by the company in this case
will 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 tax years 1997-2004
on the basis of the EC Arbitration Convention and the tax treaty between
Germany and Sweden. The double taxation resulted 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 could receive a partial or full
refund of the approximately EUR 26 million in taxes paid on the
aforementioned income. The tax effect of the claim has not been recognised
in the income statement.
LONG-TERM FINANCIAL TARGETS
The Stockmann Group last confirmed its long-term financial targets in
summer 2008, just before the start of the global financial crisis. These
targets are as follows: at least a 20 per cent return on capital employed,
a 12 per cent operating profit margin, an equity ratio of at least 40 per
cent and a growth in sales that is faster than the general growth in the
market. The effects of the global financial crisis have in part delayed
the realistic timetable for achieving the targets. For this reason the
company's Board of Directors has decided to announce that the targets will
remain in force, but the target timetable for achieving them in full is
now set two years ahead at 2015.
OUTLOOK FOR THE REMAINDER OF 2010
The economic environment has improved somewhat during the first six months
of the year. Despite problems in a number of the national economies in
southern Europe, there has been a decrease in uncertainty on the global
financial markets and the availability of longer term financing has
improved. In the Nordic countries and in Russia there are signs that
consumer confidence is strengthening and that consumer demand is starting
to grow.
During 2009, which was a challenging year, a number of measures aimed at
improving the profitability of the business were undertaken in each
division of the Stockmann Group. As a consequence, all the divisions are
well placed to improve their earnings as sales begin to rise. This has
already been happening during the first half of 2010. Sales growth is
expected to continue, and it is anticipated that completion of the major
investment projects and new store openings will boost sales in the latter
half of the year. The pre-opening costs involved in the Helsinki
department store enlargement, in the Nevsky Centre in St Petersburg and in
the stockmann.com webstore will burden the Group's third-quarter operating
profit as planned. However, the operating profit in the third quarter is
expected to be somewhat better than a year earlier. All the divisions are
expected to show an improved operating profit for the full year. The aim
is to achieve a significantly higher operating profit for the full year
than in 2009.
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 2009 financial statements. Since the start of 2010, Stockmann has
been reporting its revenue exclusive of value added tax (VAT), instead of
including VAT in the sales figures. Also the figures for 2009 are
presented exclusive of VAT. The Department Store Division's January-June
figures include Hobby Hall, and so the previous year's figures used for
comparison have been adjusted accordingly. The figures are unaudited.
Statement of financial position, 30.6.2010 30.6.2009 31.12.2009
EUR mill.
ASSETS
NON-CURRENT ASSETS
Intangible assets 112.5 105.4 108.3
Goodwill 737.7 649.9 685.4
Property, plant, equipment 668.2 618.2 619.5
Non-current receivables 0.6 1.7 0.6
Available for sale investments 5.0 5.0 5.0
Deferred tax asset 5.6 4.8 5.1
NON-CURRENT ASSETS 1 529.6 1 385.1 1 423.9
CURRENT ASSETS
Inventories 209.5 216.6 196.1
Interest bearing receivables 64.1 72.7 44.5
Non-interest bearing receivables 91.3 80.6 86.5
Cash and cash equivalents 31.9 88.3 176.4
CURRENT ASSETS 396.8 458.1 503.4
ASSETS 1 926.4 1 843.2 1 927.4
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Equity attributable to equity holders of 834.7 650.1 850.2
the parent
Minority interest -0.0 -0.0 -0.0
SHAREHOLDERS' EQUITY 834.7 650.1 850.2
LONG-TERM LIABILITIES
Deferred tax liability 59.9 75.6 70.1
Long-term liabilities, interest-bearing 541.2 882.3 786.9
Provisions 1.4 1.5 1.5
NON-CURRENT LIABILITIES 602.5 959.4 858.5
CURRENT LIABILITIES
Short-term interest-bearing liabilities 266.2 13.3 2.3
Short term interest-free liabilities 223.1 220.4 216.4
CURRENT LIABILITIES 489.2 233.7 218.7
TOTAL EQUITY AND LIABILITIES 1 926.4 1 843.2 1 927.4
Key figures 30.6.2010 30.6.2009 31.12.2009
Equity ratio, per cent 43.3 35.3 44.1
Net gearing, per cent 92.9 124.2 72.1
Cash flow from operations per share, EUR -0.23 0.36 2.23
Interest-bearing net debt, EUR mill. 711.4 734.6 568.3
Number of shares in the end of the 71 146 61 703 71 094
period, thousands
Weighted average number of shares, 71 094 62 559 65 676
thousands *
Weighted average number of shares, 71 780 62 894 65 995
diluted, thousands *
Market capitalization, EUR mill. 1 852.1 935.6 1 396.7
*) Figures 2009 have been adjusted for
2009 share issue.
STATEMENT OF CASH FLOWS, IFRS 06/2010 06/2009 12/2009
EUR millions
Cash flows from operating activities
Profit/loss for the period 27.9 -1.8 54.0
Adjustments for:
Depreciation, amortisation & impairment 29.4 29.3 58.4
loss
Gains (-) and Losses (+) of disposals of 0.0 -0.3 -0.3
fixed assets and other non-current assets
Interest and other financial expenses 8.8 13.2 28.4
Interest income -5.0 -3.2 -4.4
Tax on income from operations -9.9 -1.6 7.3
Other adjustments 0.4 -0.7 -0.4
Working capital changes:
Increase (-) / decrease (+) in -8.6 4.2 27.7
inventories
Increase (-) /decrease(+) in trade and -9.4 -4.3 -1.8
other receivables
Increase (+) / decrease (-) in short-term -30.8 0.4 7.2
interest-free liabilities
Interest and other financial expenses -8.9 -18.4 -32.9
paid
Interest received 0.5 1.5 2.1
Other financing items 0.3 0.0 0.0
Income taxes paid -10.6 4.6 1.4
Net cash from operating activities -16.1 22.7 146.8
Cash flows from investing activities
Purchase of tangible and intagible assets -71.6 -77.9 -152.9
Proceeds from sale of tangible and 0.2 23.0 71.1
intangible assets
Disposal of subsidiaries, net of cash 5.6
disposed of
Proceeds from sale of investments 1.8 1.8
Loans granted 0.0
Dividends received 0.2 0.2 0.2
Net cash used in investing activities -71.3 -53.0 -74.3
Cash flows from financing activities
Proceeds from issue of share capital 1.5 137.0
Proceeds from sale of own shares 5.1 5.1
Proceeds from short-term borrowings 186.8 11.9 0.0
Repayment of short-term borrowings 0.0 -19.3 -19.3
Increase(+)/ decrease(-) in short-term 0.0 0.0
borrowings
Proceeds from long-term borrowings 9.4 200.3 200.0
Repayment of long-term borrowings -204.6 -77.5 -216.2
Payment of finance lease liabilities -0.7 -0.7
Dividends paid -51.2 -38.0 -38.0
Net cash used in financing activities -58.8 82.6 67.9
Net increase/decrease in cash and cash -146.1 52.4 140.4
equivalents
Cash and cash equivalents at beginning of 176.4 35.2 35.2
the period
Cheque account with overdraft facility -0.5 -0.7 -0.7
Cash and cash equivalents at beginning of 175.9 34.5 34.5
the period
Net increase/decrease in cash and cash -146.1 52.4 140.4
equivalents
Effects of exchange rate fluctuations on 1.2 0.1 1.0
cash held
Changes in fair value (cash and cash
equivalents)
Cash and cash equivalents at the end of 31.9 88.3 176.4
the period
Cheque account with overdraft facility -0.9 -1.3 -0.5
Cash and cash equivalents at the end of 31.0 87.0 175.9
the period
Income statement, Group, EUR 1-6/2010 1-6/2009 Change 1-12/2009
millions %
REVENUE 824.3 782.9 5 1,698.5
Other operating income 0.0 0.3 0.3
Materials and consumables -411.1 -417.3 -1 -880.8
Wages, salaries and employee -176.2 -162.2 9 -327.4
benefits expenses
Depreciation and amortisation -29.4 -29.3 0 -58.4
Other operating expenses -185.8 -167.7 11 -346.8
OPERATING PROFIT 21.8 6.6 230 85.3
Finance income and expenses -3.8 -10.0 62 -24.0
PROFIT/LOSS BEFORE TAX 18.0 -3.4 628 61.3
Tax on income from operations 9.9 1.6 -7.3
PROFIT/LOSS FOR THE PERIOD 27.9 -1.8 54.0
note
Other comprehensive income, 1-06/2010 1-06/2009 Change 1-12/2009
EUR mill. %
PROFIT/LOSS FOR THE PERIOD 27.9 -1.8 54.0
Other comprehensive income
Exchange differences on 4.2 -1.5 1.9
translating foreign operations
Cash flow hedges 1.6 -3.5 -1.4
Other comprehensive income for 5.9 -5.1 0.5
the year net of tax
TOTAL COMPREHENSIVE INCOME FOR 33.7 -6.8 54.5
THE YEAR
Total comprehensive income
attributable to:
Equity holders of the parent 33.7 -6.8 54.5
Minority interest 0.0 0.0 0.0
Key figures 30.6.2010 30.6.2009 Change 31.12.2009
%
EPS undiluted (EUR), adjusted 0.39 -0.03 0.82
for share issue *
EPS diluted (EUR), adjusted 0.39 -0.03 0.82
for share issue *
Operating profit, per cent of 2.6 0.8 5.0
turnover
Equity per share, EUR 11.73 10.54 11 11.96
Return on equity, per cent, 11.3 5.2 7.0
moving 12 months
Return on capital employed, 6.7 6.7 5.8
per cent, moving 12 months
Average number of employees, 11 080 11,056 0 11 133
converted to full-time staff
Investments, EUR millions 72.7 74.4 -2 152.8
*) Figures 2009 have been
adjusted for 2009 share issue.
Statement of changes in equity, Group Share Share Hedging
EUR millions 1 - 06 / 2009 capital* premium reserve**
fund
BALANCE AT BEGINNING OF THE PERIOD 123.4 186.1 1.4
Changes in equity for
Dividend distribution
Options exercised
Net gain/loss of own shares
Total comprehensive income for the year -3.5
Other changes
Other changes
SHAREHOLDERS' EQUITY TOTAL 06 / 2009 123.4 186.1 -2.1
Statement of changes in equity, Group Share Share Hedging
EUR millions 1 - 06 / 2010 capital* premium reserve**
fund
BALANCE AT BEGINNING OF THE PERIOD 142.2 186.1 0.0
Changes in equity for
Dividend distribution
New share issue 0.1
Options exercised
Share premium
Total comprehensive income for the year 0.0 1.6
Other changes
Other changes
SHAREHOLDERS' EQUITY TOTAL 06 / 2010 142.3 186.1 1.7
*Including share issue.
** Adjusted with deferred tax liability.
Statement of changes in equity, Group Reserve Other Trans-
EUR millions 1 - 06 / 2009 for reserves lation-diffe-
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
Net gain/loss of own shares
Total comprehensive income for the -1.5
year
Other changes
Other changes
SHAREHOLDERS' EQUITY TOTAL 06 / 2009 124.1 44.1 -8.2
Statement of changes in equity, Group Reserve Other Trans-
EUR millions 1 - 06 / 2010 for reserves lation-diffe-
invested rences
un-
restricted
equity
BALANCE AT BEGINNING OF THE PERIOD 243.3 44.1 -4.9
Changes in equity for
Dividend distribution
New share issue
Options exercised
Share premium 1.3
Total comprehensive income for the 4.2
year
Other changes
Other changes
SHAREHOLDERS' EQUITY TOTAL 06 / 2010 244.6 44.1 -0.7
Statement of changes in Retained Total Minority Total
equity, Group earnings interest
EUR millions 1 - 06 / 2009
BALANCE AT BEGINNING OF THE 216.8 689.1 0.0 689.1
PERIOD
Changes in equity for
Dividend distribution -38.0 -38.0 -38.0
Options exercised 0.5 0.5 0.5
Net gain/loss of own shares 5.1 5.1 5.1
Total comprehensive income for -1.8 -6.8 0.0 -6.8
the year
Other changes
Other changes 0.1 0.1 0.1
SHAREHOLDERS' EQUITY TOTAL 182.8 650.1 650.1
06 / 2009
Statement of changes in Retained Total Minority Total
equity, Group earnings interest
EUR millions 1 - 06 / 2010
BALANCE AT BEGINNING OF THE 239.4 850.2 0.0 850.2
PERIOD
Changes in equity for
Dividend distribution -51.1 -51.1 -51.1
New share issue 0.1 0.1
Options exercised 0.4 0.4 0.4
Share premium 1.3 1.3
Total comprehensive income for 27.9 33.7 0.0 33.7
the year
Other changes
Other changes 0.0 0.0 0.0
SHAREHOLDERS' EQUITY TOTAL 216.7 834.7 834.7
06 / 2010
Contingent liabilites, Group EUR 30.6.2010 30.6.2009 31.12.2009
millions
Mortages on land and buildings 201.7 201.7 201.7
Pledges 0.3 0.9 0.9
Liabilities of adjustments of VAT 37.6 28.6 33.8
deductions made on investments to
immovable property
Total 239.6 231.2 236.4
Lease agreements on business
premises, EUR millions
Minimum rents payable on the basis
of binding lease agreements on
business premises
Within one year 165.0 139.4 155.6
After one year 621.7 509.0 625.8
Total 786.7 648.4 781.4
Lease payments, EUR millions
Within one year 5.8 7.0 7.5
After one year 15.8 20.8 19.1
Total 21.6 27.8 26.6
Derivate contracts, EUR millions
Nominal value
Currency derivatives 533.1 201.1 296.4
Electricity derivates 2.8 3.5 3.2
Total 535.9 204.6 299.6
Exchange rates
Country
Russia RUB 38.0282 43.8810 43.1540
Estonia EEK 15.6466 15.6466 15.6466
Latvia LVL 0.7093 0.7036 0.7093
Lithuania LTL 3.4528 3.4528 3.4528
Norway NOK 7.9725 9.0180 8.3000
Sweden SEK 9.5259 10.8125 10.2520
Segment
information, Group
EUR millions
Operating segments
Revenue 1.1.-30.6.2010 1.1.-30.6.2009 Change 1.1.-31.12.2009
%
Department Store 491.5 482.4 2 1,030.0
Division 1)
Lindex 263.7 235.2 12 527.0
Seppälä 68.5 64.4 6 139.5
Unallocated 0.5 0.9 1.9
Group 824.3 782.9 5 1,698.5
Operating profit 1.1.-30.6.2010 1.1.-30.6.2009 Change 1.1.-31.12.2009
%
Department Store 0.6 -7.9 107 22.8
Division 1)
Lindex 21.6 19.9 8 62.4
Seppälä 3.9 0.2 8.0
Unallocated -4.3 -5.7 25 -7.9
Group 21.8 6.6 230 85.3
Investments, gross 1.1.-30.6.2010 1.1.-30.6.2009 Change 1.1.-31.12.2009
%
Department Store 59.1 61.1 -3 125.7
Division 1)
Lindex 11.6 10.4 11 22.2
Seppälä 1.7 2.7 -37 4.5
Unallocated 0.4 0.1 0.4
Group 72.7 74.4 -2 152.8
Assets 1.1.-30.6.2010 1.1.-30.6.2009 Change 1.1.-31.12.2009
%
Department Store 826.6 817.2 1 764.8
Division 1)
Lindex 952.2 831.8 14 870.4
Seppälä 107.5 115.1 -7 119.8
Unallocated 40.1 79.1 172.3
Group 1,926.4 1,843.2 5 1,927.4
Information from
market areas
Revenue 1.1.-30.6.2010 1.1.-30.6.2009 Change 1.1.-31.12.2009
%
Finland 2) 451.6 437.2 3 948.0
Sweden and Norway 219.1 195.6 12 439.2
3)
Baltic states, 56.1 68.0 -17 129.6
Czech Republic
and Slovakia 2)
Russia and Ukraine 97.5 82.1 19 181.8
2)
Group 824.3 782.9 5 1,698.5
Finland, % 54.8 55.8 55.8
International 45.2 44.2 44.2
operations, %
Operating profit 1.1.-30.6.2010 1.1.-30.6.2009 Change 1.1.-31.12.2009
%
Finland 2) 10.7 7.8 38 54.3
Sweden and Norway 23.2 20.3 14 61.5
3)
Baltic states, -2.0 -4.1 -52 -4.4
Czech Republic and
Slovakia 2)
Russia and Ukraine -10.2 -17.5 -42 -26.0
2)
Group 21.8 6.6 230 85.3
Finland, % 49.2 63.6
International 50.8 36.4
operations, %
1) Hobby Hall has
been integrated to
Department store
division in the
beginning of year
2010.
Reference data for
year 2010 is
adjusted according
to changes in
segments
structure.
2) Department
store division,
Lindex, Hobby
Hall, Seppälä
3) Lindex
Income statement,
Group, EUR millions Q2 Q1 Q4 Q3
quarterly, EUR millions 2010 2010 2009 2009
Revenue 451.7 372.6 526.3 389.3
Other operating income 0.0 0.0 0.0 0.0
Materials and consumables -220.2 -190.9 -262.5 -201.0
Wages, salaries and employee -90.4 -85.8 -90.8 -74.3
benefits expenses
Depreciation and amortisation -15.2 -14.2 -15.1 -14.0
Other operating expenses -95.0 -90.8 -96.8 -82.3
Operating profit (loss) 30.9 -9.2 61.0 17.7
Finance income and expenses -3.2 -0.6 -5.2 -8.8
Profit (loss) before tax 27.8 -9.8 55.8 8.9
Income taxes -2.1 12.0 -17.0 8.0
Profit for the period 25.7 2.2 38.9 16.9
Earnings per share, EUR
Basic ** 0.36 0.03 0.58 0.27
Diluted ** 0.36 0.03 0.58 0.27
Revenue, EUR millions
Department Store Division * 265.5 226.0 332.0 215.6
Lindex 148.1 115.7 155.3 136.5
Seppälä 37.7 30.8 38.4 36.7
Unallocated 0.5 0.1 0.5 0.6
Group 451.7 372.6 526.3 389.3
Operating profit (loss), EUR
millions
Department Store Division * 8.8 -8.2 33.5 -2.8
Lindex 19.5 2.1 24.4 18.1
Seppälä 4.8 -0.9 4.9 2.9
Unallocated -2.2 -2.1 -1.7 -0.5
Group 30.9 -9.2 61.0 17.7
*) Hobby Hall has been
integrated to Department store
division
Reference data for year 2009
is adjusted according to
changes in segments structure.
**) Figures 2009 have been
adjusted for 2009 share issue.
This Interim Report is
unaudited.
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 0.1 0.3
Materials and consumables -220.1 -197.2 -273.5 -224.7
Wages, salaries and employee -82.6 -79.7 -92.9 -82.3
benefits expenses
Depreciation and amortisation -14.7 -14.6 -14.2 -13.2
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 expenses -5.1 -4.8 -12.7 -12.8
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 ** 0.35 -0.38 0.32 0.27
Diluted ** 0.35 -0.38 0.32 0.27
Revenue, EUR millions
Department Store Division * 257.5 224.9 357.8 257.8
Lindex 136.5 98.6 141.0 140.6
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 * 8.4 -16.2 36.5 14.1
Lindex 19.7 0.2 20.3 15.7
Seppälä 3.0 -2.8 4.2 5.9
Unallocated -2.5 -3.1 -2.6 -1.2
Group 28.6 -22.0 58.4 34.6
*) Hobby Hall has been
integrated to Department store
division
Reference data for year 2009
is adjusted according to
changes in segments structure.
**) Figures 2009 have been
adjusted for 2009 share issue.
This Interim Report is
unaudited.
STOCKMANN
Assets
EUR mill. 30/06/2010 30.6.2009 31/12/2009
Acquisition cost at the beginning of the 964.8 945.3 945.3
period
Translation difference +/- 11.0 3.8 12.2
Increases during the period 72.7 74.4 160.9
Decreases during the period -18.0 -55.6 -153.5
Transfers between items -0.2 0.0
Acquisition cost at the end of the 1 030.3 968.0 964.8
period
Accumulated depreciation at the -237.0 -245.7 -245.7
beginning of the period
Translation difference +/- -1.1 -2.0 -3.5
Depreciation on reductions 18.0 32.6 70.6
Depreciation during the period -29.4 -29.3 -58.4
Accumulated depreciation at the end of -249.6 -244.4 -237.0
the period
Carrying amount at the beginning of the 727.8 699.6 699.6
period
Carrying amount at the end of the period 780.7 723.6 727.8
Goodwill
EUR mill. 30/06/2010 30/06/2009 31/12/2009
Acquisition cost at the beginning of the 685.4 646.5 646.5
period
Translation difference +/- 52.2 3.4 39.0
Acquisition cost at the end of the 737.7 649.9 685.4
period
Carrying amount at the beginning of the 685.4 646.5 685.4
period
Carrying amount at the end of the period 737.7 649.9 685.4
Total 1 518.4 1 373.5 1 413.2
Definitions to key figures:
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 in Finnish will be held today 12 August
2010 at 9.00 a.m. at the Fazer restaurant F8 Easy on the 8th floor of
Stockmann's Helsinki city centre department store. Entrance
Aleksanterinkatu 52 B (on the right side of the department store's main
entrance).
NEW WEB ADDRESS FOR STOCKMANN'S INVESTOR INFORMATION
Stockmann will open its stockmann.com webstore at www.stockmann.com in
autumn 2010. At the same time, Stockmann's investor pages will move to the
following address: www.stockmanngroup.fi. This address is already
available. The webstore will also have a link to the investor pages.
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