2009-04-24 07:00:00 CEST
2009-04-24 07:00:31 CEST
REGULATED INFORMATION
Stockmann - Interim report (Q1 and Q3)
STOCKMANN plc INTERIM REPORT 1 January - 31 March 2009
STOCKMANN plc
Interim report
24.4.2009 at 8.00
STOCKMANN plc INTERIM REPORT 1 January - 31 March 2009
DIFFICULT FIRST QUARTER AS EXPECTED
The Stockmann Group's first-quarter sales were down by 15 per cent, to EUR
424.8 million (EUR 497.5 million). This drop in sales was a result of the
transformed state of the economy, the considerable weakening of certain
currencies and the very high figures for 2008 used for comparison, which
also included sales from the Smolenskaya department store that ceased
operating in May 2008. The Group's operating result was down, as expected,
to EUR -22.0 million (EUR -2.5 million). The previous year's result
included a non-recurring capital gain of EUR 3.8 million. Net financial
expenses fell as expected, and totalled EUR 4.8 million (EUR 11.3
million). The result for the period was a loss of EUR 23.8 million
(EUR -11.6 million). Earnings per share amounted to EUR -0.39 (EUR -0.21).
Key figures 1-3/2009 1-3/2008 2008
Sales EUR mill. 424.8 497.5 2 265.8
Revenue EUR mill. 353.2 413.4 1 878.7
Operating profit EUR mill. -22.0 -2.5 121.9
Profit before taxes EUR mill. -26.9 -13.8 71.7
Earnings per share EUR -0.39 -0.21 0.67
Equity per share EUR 10.20 9.07 11.24
Cash flow from operating EUR mill. -94.6 -76.4 170.1
activities
Net gearing per cent 140.1 197.4 107.4
Equity ratio per cent 34.0 26.9 39.0
Weighted average number of thousands 61 346 55 798 58 609
shares, diluted
Return on capital employed, per cent 6.9 10.7 8.3
rolling 12 months
SALES AND RESULT
The Stockmann Group's sales were down by 15 per cent, to EUR 424.8 million
(EUR 497.5 million). This considerable 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 very
high figures for 2008 used for comparison, which also included sales from
the Smolenskaya department store in Moscow that ceased operating in May
2008.
First-quarter sales in Finland were down by 10 per cent, to EUR 237.8
million. The Group's sales abroad amounted to EUR 186.9 million, a
decrease of 20 per cent. If there would have been no change in exchange
rates, the Group's sales abroad would have decreased by 9 per cent. Sales
abroad accounted for 44 per cent (47 per cent) of the Group's sales.
There was no other operating income during the first quarter (EUR 3.8
million).
The Group's gross operating margin decreased by EUR 26.4 million, to EUR
156.0 million, and its relative gross margin was 44.2 per cent (44.1 per
cent). The relative gross margins of Lindex and Hobby Hall increased,
while the relative gross margins of the Department Store Division and
Seppälä decreased. Operating costs decreased by EUR 10.2 million and
depreciation by EUR 0.6 million. The implementation of a programme of
measures aimed at achieving approximately EUR 28 million in savings
overall has begun according to plan.
Consolidated operating result was down by EUR 19.5 million, to a loss of
EUR 22.0 million.
Net financial expenses fell by EUR 6.5 million, to EUR 4.8 million (EUR
11.3 million).
Profit before taxes was EUR -26.9 million, down EUR 13.1 million on the
figure a year earlier. First-quarter taxes were EUR 3.1 million including
the EUR 4.3 million deferred tax credit recognised on the basis of the
first-quarter loss. The tax impact on the result was EUR 0.9 million less
than a year earlier. Earnings per share amounted to EUR -0.39 (EUR -0.21),
or with the dilutive effect of share options, EUR -0.39 (EUR -0.21).
Equity per share was EUR 10.20 (EUR 9.07).
SALES AND EARNINGS TREND BY BUSINESS SEGMENT
Department Store Division
The Department Store Division's sales were down by 19 per cent, to EUR
224.5 million. Sales in Finland were down by 13 per cent. International
euro-nominated sales fell by 31 per cent and accounted for 28 per cent (33
per cent) of the Department Store Division's total sales. The decrease in
the Department Store Division's sales was a result of the transformed
state of the economy, the considerable weakening of the Russian rouble and
the very high figures for 2008 used for comparison, which also included
sales from the Smolenskaya department store in Moscow that ceased
operating in May and the vigorous sales growth in the Baltic department
stores during the first part of 2008. The relative gross margin diminished
in the first quarter. The Department Store Division's operating result was
down by EUR 16.0 million, to a loss of EUR 14.5 million (EUR 1.5 million).
Lindex
Lindex's first-quarter sales totalled EUR 122.6 million, which was 11 per
cent less than a year earlier (EUR 138.3 million). Sales decreased by 2
per cent in Finland and by 13 per cent abroad. The drop in sales was due
to the considerable weakening of the Swedish krona and the Norwegian
krone. Calculated in local currencies, Lindex's sales were up by one per
cent, and Lindex gained market share in its main market, Sweden. The
relative gross margin improved markedly. With the expansion of Lindex's
operations, there was also an increase in its fixed costs and
depreciation. Lindex's operating profit was EUR 0.2 million (EUR -1.2
million).
Hobby Hall
Hobby Hall's sales were down by 9 per cent, to EUR 43.1 million (EUR 47.4
million). Sales declined both in Finland and abroad, but there was
nevertheless a slight improvement in Hobby Hall's relative gross margin.
Hobby Hall's operating result improved to EUR -1.7 million (EUR -2.1
million). This improvement was primarily due to the termination of the
loss-making Russian business operation at the start of the first quarter.
Seppälä
Seppälä's sales decreased by 3 per cent on the first-quarter 2008 figure,
to EUR 34.7 million (EUR 35.7 million). Sales in Finland were at the same
level as a year earlier and Seppälä gained market share. Sales abroad were
down by 8 per cent overall, and their share of Seppälä's total sales was
33 per cent (35 per cent). Rouble sales in Russia increased by 21 per
cent, but sales in the Baltic countries declined significantly as the
downturn in the Baltic economies gathered pace. Seppälä's relative gross
margin decreased due to high discounts in the Baltic countries. Due to
Seppälä's rapid expansion, fixed costs and depreciation grew faster than
the gross margin. Seppälä's operating result decreased by EUR 2.2 million,
to EUR -2.8 million (EUR -0.6 million).
FINANCING AND CAPITAL EMPLOYED
Liquid assets totalled EUR 23.3 million at the end of March, as against
EUR 17.1 million a year earlier and EUR 35.2 million at the end of 2008.
Interest-bearing liabilities at the end of March were EUR 900.2 million
(EUR 1 014.6 million), of which EUR 834.6 million consisted of long-term
liabilities (EUR 865.6 million). At the end of 2008, interest-bearing
liabilities totalled EUR 775.7 million, of which EUR 755.7 million
consisted of long-term liabilities. First-quarter capital expenditure
amounted to EUR 39.6 million. Net working capital amounted to EUR 201.8
million at the end of March, as against EUR 203.8 million a year earlier
and EUR 150.9 million at the end of 2008. The 2008 dividend of EUR 38.0
million decided by the Annual General Meeting on 17 March 2009 was paid on
2 April. In this interim report, the dividend has been treated as a profit
distribution and a debt to shareholders. At the end of March, the equity
ratio was 34.0 per cent (26.9 per cent). The equity ratio at the end of
2008 was 39.0 per cent. At the end of March, the gearing was 140.1 per
cent (197.4 per cent). At the end of 2008, the gearing was 107.4 per cent.
The return on capital employed over the past 12 months was 6.9 per cent
(8.3 per cent at the end of 2008). The Group's capital employed increased
by EUR 5.5 million from March 2008 and stood at EUR 1 528.1 million at the
end of March 2009 (EUR 1 466.8 million at the end of 2008).
CAPITAL EXPENDITURE
Capital expenditure during the first quarter of 2009 totalled EUR 39.6
million (EUR 35.7 million).
Department Store Division
On 13 February 2009, Stockmann opened a new department store in leased
premises in the Metropolis shopping centre close to the centre of Moscow.
The department store has a total area of about 8 000 square metres.
Stockmann's capital expenditure on the new location is approximately EUR
12 million, of which EUR 2.6 million was employed during the first
quarter. The operation of the new store has 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, new goods handling, servicing and customer
parking areas are to be built. After the enlargement, the Helsinki
department store will have a total of about 50 000 square metres of retail
space. The estimated cost of the enlargement part of the project is about
EUR 250 million, in addition to which significant repair and renovation
work has been and will be carried out in the existing property in the
course of the project. The new premises are being opened in stages. In
March 2009, new restaurant premises were opened on the eighth floor, and a
new "Beauty World" on the seventh floor of the department store and new
underground goods handling areas were also opened. The new car park will
be opened in May and additional retail space will be opened before the end
of the year. The project is expected to be completed in phases up to the
end of 2010. During the first quarter, capital amounting to EUR 12.3
million was employed in the project.
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. On this plot, Stockmann will build
the Nevsky Centre shopping centre, which will have about 100 000 square
metres of gross floor space, about 50 000 square metres of which 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 to be about EUR 185 million. The
construction work on the project is under way. The building is expected to
be completed in summer 2010 and commercial operations are planned to start
by the end of 2010. The process of leasing of premises to external
operators is also progressing according to the plan. During the first
quarter, capital amounting to EUR 15.1 million was employed in the
project.
The Department Store Division's capital expenditure totalled EUR 31.3
million.
In April, after the close of the first quarter, a new Stockmann Beauty
store was opened in Turku.
Lindex
During the report period, Lindex opened two stores in Sweden, two in
Lithuania and one each in Finland, Latvia, the Czech Republic and Russia.
Lindex's franchising partner opened two new Lindex stores in Saudi Arabia.
Lindex's capital expenditure totalled EUR 5.9 million.
In April, after the close of the first quarter, Lindex opened two stores
in Finland and one in Russia.
Hobby Hall
Hobby Hall's capital expenditure totalled EUR 0.4 million.
Seppälä
During the first quarter, Seppälä opened one new store in Russia, one in
Latvia, one in Lithuania and one in Ukraine, and closed one store in
Russia.
Seppälä's capital expenditure totalled EUR 1.9 million.
In April, after the close of the first quarter, Seppälä opened one store
in Finland and one in Latvia.
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 will be built in Ekaterinburg
and north Moscow in Russia. Due to the economic downturn, the
implementation and timetable of these projects are being reassessed. The
preliminary agreement on opening a store in Vilnius, the capital of
Lithuania, has been cancelled.
Lindex
Lindex will continue its expansion, and it expects to open approximately
as many new stores in 2009 as it did in 2008. Lindex has made preliminary
agreements for opening two stores in the autumn in Slovakia, which will
become a new market area for Lindex and the Stockmann Group as a whole.
The number of franchising stores in the Middle East will grow by about
ten.
Modernisation of the stores in Finland will begin during 2009.
Hobby Hall
Hobby Hall's redesigned online store will be opened during the summer. The
decision has been taken to close the Hämeentie store in Helsinki by the
end of 2009. The process of integrating Hobby Hall with the Department
Store Division is proceeding as planned. The aim is that this process will
be completed at the start of 2010.
Seppälä
Seppälä will open a total of 8 to 12 new stores in 2009, half of which
will be in Russia and half in other countries where Seppälä currently has
operations.
DECISIONS OF THE ANNUAL GENERAL MEETING
Stockmann's Annual General Meeting was held in Helsinki on 17 March 2009.
Dividends
The Annual General Meeting resolved that a dividend of EUR 0.62 per share
be paid for the 2008 financial year, i.e. 93 per cent of the earnings per
share. The Annual General Meeting also authorised the Board to decide at
its discretion by 31 December 2009 on the payment of a dividend of no more
than EUR 0.38 per share, the company's financial standing permitting, in
excess of the above-mentioned dividend decided by the Annual General
Meeting.
Election of the members of the Board of Directors
The Annual General Meeting resolved, in accordance with the proposal of
the Board's Appointments and Compensation Committee, that seven members be
elected to the Board. In accordance with the Committee's proposal, the
Meeting re-elected Christoffer Taxell LL.M., Managing Director Erkki
Etola, Managing Director Kaj-Gustaf Bergh, Professor Eva Liljeblom,
Managing Director Kari Niemistö, Director of Sustainable Development
Carola Teir-Lehtinen and Henry Wiklund M.Sc.(Econ.) for a term of office
continuing until the end of the next Annual General Meeting.
At its organisational meeting on 17 March 2009, the Board of Directors re-
elected Christoffer Taxell as its Chairman and Erkki Etola as its Vice
Chairman. The Board of Directors re-elected Christoffer Taxell as Chairman
of the Appointments and Compensation Committee and re-elected as the other
members of the committee Erkki Etola, Eva Liljeblom and Henry Wiklund.
Auditors
Jari Härmälä, Authorised Public Accountant, and Henrik Holmbom, Authorised
Public Accountant, were re-elected as the regular auditors. KPMG Oy Ab, a
firm of authorised public accountants, will continue as the deputy
auditor.
Amendments to the Articles of Association
The Annual General Meeting resolved in accordance with the Board's
proposal that the voting restriction referred to in Article 3 of the
Articles of Association, whereby no-one at a General Meeting can cast more
than one fifth of the votes represented at the meeting, be removed. In
addition, the Annual General Meeting resolved in accordance with the
Board's proposal that Article 5 of the Articles of Association be amended
in such a way as to remove the upper age limit of 65 years applying to
persons to be elected as members of the Board of Directors.
Amendment to the terms of the 2008 Loyal Customer share options
The Annual General Meeting also resolved in accordance with the Board's
proposal that the terms applying to the 2008 Loyal Customer share options
be amended such that the subscription price set for shares subscribed
under these options is equal to the volume-weighted average price of the
Series B share on the Helsinki exchange during the period 1 February - 28
February 2009, i.e. EUR 11.28. Under the Loyal Customer share option terms
approved by the General Meeting in 2008, the determination period for the
subscription price was 1 February - 29 February 2008. In other respects
the terms applying to the option rights remain unchanged.
SHARES AND SHARE CAPITAL
The company's market capitalisation at the end of March was EUR 683.5
million (EUR 1 756.5 million). The number of shareholders was over 43 000.
At the end of 2008, the market capitalisation was EUR 611.6 million.
The prices of Stockmann's shares outperformed both the OMX Helsinki index
and the OMX Helsinki Cap index during the first quarter. At the end of
March, the price of Series A shares was EUR 12.00, compared with EUR 10.10
at the end of 2008, and the Series B shares were selling at EUR 10.38, as
against EUR 9.77 at the end of 2008.
On 31 March 2009, Stockmann had 26 582 049 Series A shares and 35 121 287
Series B shares.
Stockmann held 349 755 of its own Series B shares (treasury shares) at the
end of March 2009. They represented 0.6 per cent of all the shares and 0.1
per cent of all the votes. Their acquisition price was a total of EUR 5.3
million.
The Annual General Meeting in 2007 authorised the Board of Directors to
decide on the transfer of Series B shares held by the company in one or
more instalments. The authorisation remains valid for five years.
Stockmann's Board of Directors has no valid authorisations to purchase
Stockmann shares.
PERSONNEL
The focus during the first quarter was on personnel planning and on
optimising the use of working hours. As a result, the Group's average
number of employees fell by 744, to a total of 14 735. Stockmann's average
number of employees, calculated as full-time equivalents, decreased by
538, to 11 108.
The Group's personnel expenses amounted to EUR 79.7 million, compared with
EUR 85.1 million a year earlier. Personnel expenses accounted for 23 per
cent (21 per cent) of revenue, an increase on the figure for the same
period in 2008.
At the end of March 2009, Stockmann had 7 893 employees working abroad.
The corresponding figure a year earlier was 8 247 employees. The
proportion of employees working abroad was 52 per cent (51 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 the consumers' shopping habits in Stockmann's market areas and
legal proceedings that are still in progress.
AB Lindex (publ) is involved in ongoing legal proceedings at the highest
court level concerning the eligibility for deduction in Swedish taxation
of losses of about EUR 70 million made by the Lindex Group's company in
Germany. Lindex paid the disputed taxes with interest in 2008, totalling
EUR 23.8 million, and this has been recognised as an increase in Lindex's
goodwill. Any taxes and interest repaid as a result of a favourable
verdict in the case will be recorded in earnings.
Lindex has also demanded rectification amounting to approximately EUR 32
million in regard to German presumptive income tax for the period 2004-
2006. The tax effect of this claim has not been recorded in earnings.
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. By its decision awarded on
14 April 2009, the court of arbitration ruled in favour of Stockmann by
cutting the sentenced amount of damages down to USD 7 million and ordering
the lessors to compensate for Stockmann's legal expenses. In order to
accomplish enforceability for the ruling, it has to be confirmed by a
Russian court of general jurisdiction.
OUTLOOK FOR 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 continues to be extremely difficult to forecast the level of
demand.
It is likely that the economies in all of Stockmann's market areas will
continue to experience a slowdown during the year and will post negative
growth. In Russia, the trend in the economy is to a great extent dependent
on the price of energy.
In the second quarter of 2009, sales figures will be below those of a year
earlier, because of the continuing weak economy and the fact that retail
sales in all markets were still vigorous during the first half of 2008.
Sales are expected to improve relatively in year-on-year terms during the
second half of 2009, because of the weak comparison figures for the last
six months of 2008. The costs associated with closing the Smolenskaya
department store in Moscow affected the second-quarter profit in 2008. The
second-quarter operating profit is estimated to be somewhat lower than in
the second quarter of 2008.
Stockmann has initiated measures 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, and to
maintain the profitability of operations at a good level during 2009.
ACCOUNTING POLICIES
The quarterly 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 according to IFRS 8 presented in the Interim Report are the same
as the business segments presented earlier and described in the Group's
Annual Report for 2008. The figures are unaudited.
Balance sheet, Group EUR millions 31.3.2009 31.3.2008 31.12.2008
ASSETS
Non-current assets
Intangible assets (Ref. 1) 752.4 849.9 758.5
Property, plant and equipment (Ref.1) 614.7 494.2 587.5
Available-for-sale investments 6.6 6.6 6.6
Non-current receivables 1.7 1.7 1.6
Deferred tax assets 4.7 5.3 4.5
Non-current assets, total 1 380.0 1 357.8 1 358.8
Current assets
Inventories 271.8 286.2 220.3
Receivables, interest-bearing 74.0 95.5 52.2
Receivables, non interest-bearing 89.3 121.8 98.4
Cash and cash equivalents 23.3 17.1 35.2
Current assets, total 458.4 520.7 406.2
Assets, total 1 838.4 1 878.5 1 765.0
EQUITY AND LIABILITIES
Equity 625.7 505.4 689.1
Minority interest 0.0 0.0 0.0
Equity, total 625.7 505.4 689.1
Non-current liabilities, interest- 834.6 865.6 755.7
bearing
Reserves 2.2 2.6 2.0
Non-current liabilities, total 836.8 868.2 757.7
Deferred taxes liabilities 77.1 56.2 78.1
Current liabilities
Current liabilities, interest-bearing 65.6 149.0 20.0
Current liabilities, non interest- 233.3 299.7 220.1
bearing
Current liabilities, total 298.9 448.7 240.1
Equity and liabilities, total 1 838.4 1 878.5 1 765.0
Equity ratio, per cent 34.0 26.9 39.0
Net gearing, per cent 140.1 197.4 107.4
Cash flow from operations per share, EUR -1.53 -1.36 2.90
Interest-bearing net debt, EUR mill. 802.9 901.9 688.2
Number of shares at March 31, thousands 61 703 56 094 61 703
Weighted average number of shares, 61 346 55 724 58 609
thousands
Weighted average number of shares, 61 346 55 798 58 609
diluted, thousands
Market capitalization, EUR mill. 683.5 1 756.5 611.6
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 liabilities
Market capitalization = Number of shares multiplied by the quotation for
the respective share series on the balance sheet date
Cash flow statement, Group EUR millions 1-3/2009 1-3/2008 1-12/2008
Cash flows from operating activities
Net profit for the financial year -23.8 -11.6 39.1
Adjustments:
Deprecation 14.6 15.2 61.4
Profit (-) and loss (+) from sales -3.8 -3.5
of non-current assets
Financial expenses 6.6 11.6 51.7
Financial income -1.7 -0.3 -1.6
Taxes paid -3.1 -2.2 32.7
Other adjustments -0.2 -2.4 -1.4
Changes in working capital:
Change in trade and other -22.3 7.9 75.6
receivables
Change in inventories -51.9 -41.6 24.0
Change in trade payables and other -9.8 -29.3 -12.7
liabilities
Interest paid and other finacial -10.9 -10.6 -47.7
expenses paid
Interest received 0.8 0.2 0.8
Income taxes paid 7.1 -9.6 -48.3
Net cash from operating activities -94.6 -76.4 170.1
Cash flows from investing activities
Investments in tangible and intangible -45.6 -38.9 -181.1
assets
Cash from tangible assets 0.2 6.1
Acquisition of subsidiary net cash -5.9 -18.9
acquired
Capital expenditures on other 0.0 -0.1
investments
Dividends received 0.1 0.0 0.1
Net cash used in investing activities -45.3 -44.8 -193.7
Cash flows from financing activities
Proceeds from issue of share capital 135.2
Change in short-term loans, increase 18.2 81.4 -30.1
(+), decrease (-)
Long-term loans, increase (+), 82.5 6.1 11.7
decrease (-)
Dividends paid 0.0 0.0 -75.2
Net cash used in financing activities 100.7 87.5 41.7
Change in cash and cash equivalents -39.2 -33.7 18.1
Cash and cash equivalents at start of 35.2 33.2 33.2
the period
Translation differences in cash and cash -0.1 0.1 -2.2
equivalents
Cheque account on credit at start of the -0.7 -14.6 -14.6
period
Cash and cash equivalents 23.3 17.1 35.2
Cheque account on credit at the end of -28.1 -32.1 -0.7
the period
Cash and cash equivalents at end of the -4.9 -15.0 34.5
period
Income statement,
Group, EUR millions 1-3/2009 1-3/2008 Change % 1-12/2008
Revenue 353.2 413.4 -15 1.878.7
Other operating income 3.8 -100 4.2
Materials and consumables -197.2 -231.0 -15 -971.7
Wages, salaries and employee -79.7 -85.1 -6 -350.5
benefits expenses
Depreciation -14.6 -15.2 -4 -61.4
Other operating expenses -83.7 -88.5 -5 -377.4
Operating profit (loss) -22.0 -2.5 777 121.9
Finance income and expenses -4.8 -11.3 -57 -50.1
Profit (loss) before tax -26.9 -13.8 95 71.7
Income taxes 3.1 2.2 -32.7
Profit (loss) for the period -23.8 -11.6 105 39.1
Statement of comprehensive 1-3/2009 1-3/2008 Change % 1-12/2008
income
Profit / loss for the period -23.8 -11.6 105 39.1
OTHER COMPREHENSIVE INCOME:
Translation differences 0.7 0.1 443 14.4
Cash flow hedges, net of tax -2.4 -2.0 18 1.1
Other comprehensive income -1.6 -1.9 -13 15.5
for the period, net of tax
TOTAL COMPREHENSIVE INCOME -25.4 -13.4 90 54.6
FOR THE PERIOD
Total comprehensive income
attributable to:
Equity holders of the parent -25.4 -13.4 90 54.6
Minority interest 0.0 0.0 0.0
Total comprehensive income -25.4 -13.4 90 54.6
for the period
Earnings per share, EUR -0.39 -0.21 0.67
Earnings per share, diluted, -0.39 -0.21 0.67
EUR
Operating profit, per cent -6.2 -0.6 6.5
Equity per share, EUR 10.20 9.07 12 11.24
Return on equity, per cent, 4.8 13.9 6.1
moving 12 months
Return on capital employed, 6.9 10.7 8.3
per cent, moving 12 months
Average number of employees, 11 108 11 646 -5 11 964
converted to full-time staff
Investments 39.6 35.7 11 182.3
Earnings per share = (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)
SEGMENT INFORMATION
Operating segments
Sales, EUR millions 1-3/2009 1-3/2008 Change % 1-12/2008
Department Store Division 224.5 275.9 -19 1.218.9
Lindex 122.6 138.3 -11 672.5
Hobby Hall 43.1 47.4 -9 191.0
Seppälä 34.7 35.7 -3 182.6
Shared 0.0 0.2 -83 0.8
Group 424.8 497.5 -15 2 265.8
Revenue, EUR millions 1-3/2009 1-3/2008 Change % 1-12/2008
Department Store Division 189.0 232.7 -19 1.025.9
Lindex 98.6 111.0 -11 540.2
Hobby Hall 35.9 39.7 -9 159.6
Seppälä 28.8 29.7 -3 151.9
Shared 0.8 0.4 100 1.1
Group 353.2 413.4 -15 1 878.7
Operating profit (loss), EUR 1-3/2009 1-3/2008 Change % 1-12/2008
millions
Department Store Division -14.5 1.5 -1.068 54.0
Lindex 0.2 -1.2 114 58.7
Hobby Hall -1.7 -2.1 18 0.8
Seppälä -2.8 -0.6 -359 14.6
Shared -1.8 0.2 -996 -6.1
Eliminations -1.4 -0.3 -325 0.0
Group -22.0 -2.5 786 121.9
Investments,
gross, EUR millions 31.3.2009 31.3.2008 Change % 31.12.2008
Department Store Division 31.3 26.1 20 146.0
Lindex 5.9 7.4 -20 25.2
Hobby Hall 0.4 0.5 -19 3.1
Seppälä 1.9 1.5 22 7.2
Shared 0.1 0.2 0.8
Group 39.6 35.7 11 182.3
Assets, EUR millions 31.3.2009 31.3.2008 Change % 31.12.2008
Department Store Division 766.4 693.0 11 704.0
Lindex 820.7 1 000.2 -18 806.0
Hobby Hall 90.2 106.1 -15 90.4
Seppälä 116.0 42.0 176 116.5
Shared 45.1 37.1 22 48.1
Group 1 838.4 1 878.5 -2 1 765.0
Information from market areas
Sales, EUR millions 1-3/2009 1-3/2008 Change % 1-12/2008
Finland 1) 237.8 263.5 -10 1.224.8
Sweden and Norway 2) 103.0 119.4 -14 575.2
Baltic states and Czech 39.5 49.7 -21 211.7
Republic 1)
Russia 3) 44.5 64.9 -31 254.1
Group 424.8 497.5 -15 2.265.8
Finland, per cent 56.0 53.0 54.1
International operations, 44.0 47.0 45.9
per cent
Revenue, EUR millions 1-3/2009 1-3/2008 Change % 1-12/2008
Finland 1) 200.1 220.3 -9 1.021.8
Sweden and Norway 2) 81.9 95.5 -14 460.2
Baltic states and Czech 33.2 42.3 -21 179.8
Republic 1)
Russia 3) 38.0 55.4 -32 217.0
Group 353.2 413.4 -15 1.878.7
Finland, per cent 56.7 53.3 54.4
International operations, 43.3 46.7 45.6
per cent
Operating profit (loss), 1-3/2009 1-3/2008 Change % 1-12/2008
EUR millions
Finland 1) -6.8 2.9 -332 71.1
Sweden and Norway 2) 0.5 0.6 -16 57.3
Baltic states and Czech -4.0 0.2 -1 693 10.7
Republic 1)
Russia 3) -11.7 -6.3 88 -17.3
Group -22.0 -2.5 793 121.9
Finland, per cent 30.9 -119.2 58.4
International operations, 69.1 219.2 41.6
per cent
1) Department Store Division,
Lindex, Hobby Hall and
Seppälä
2) Lindex
3) Department Store Division,
Lindex, Hobby Hall and
Seppälä
Statement of changes Share
in equity premium Legal
Group, EUR millions Equity* fund reserve
Equity December 31, 2007 112.2 186.0 44.1
Dividend distribution
Options exercised
Total comprehensive income
Equity March 31, 2008 112.2 186.0 44.1
Equity December 31, 2008 123.4 186.1 44.1
Dividend distribution
Net gain or loss from the own shares
Options exercised
Total comprehensive income
Equity March 31, 2009 123.4 186.1 44.1
* including share issue
Statement of changes Reserve
for
invested
in equity unres- Trans-
Hedging tricted lation
Group, EUR millions reserve** equity reserve
Equity December 31, 2007 0.5 0.0 0.0
Dividend distribution
Options exercised
Total comprehensive income -2.0 0.1
Equity March 31, 2008 -1.5 0.0 0.1
Equity December 31, 2008 1.4 124.1 -6.7
Dividend distribution
Net gain or loss from the own shares
Options exercised
Total comprehensive income -2,4 0.7
Equity March 31, 2009 -1.0 124.1 -6.0
** excluding deferred tax liability
Statement of changes
in equity Retained Minority
Group, EUR millions earnings Total interest Total
Equity December 31, 2007 250.9 593.8 0.0 593.8
Dividend distribution -75.2 -75.2 -75.2
Options exercised 0.3 0.3 0.3
Total comprehensive income -11.5 -13.4 0.0 -13.4
Equity March 31, 2008 164.4 505.4 0.0 505.4
Equity December 31, 2008 216.8 689.1 0.0 689.1
Dividend distribution -38.0 -38.0 -38.0
Net gain or loss from the own -0.2 -0.2 -0.2
shares
Options exercised 0.2 0.2 0.2
Total comprehensive income -23.8 -25.4 -25.4
Equity March 31, 2009 155.1 625.7 0.0 625.7
Contingent liabilities, Group 31.3.2009 31.3.2008 31.12.2008
EUR millions
Mortgages on land and 201.7 1.7 1.7
buildings
Pledges 1.4 1.0
Liability for adjustments of 32.5 29.2
VAT deductions made on
investments to immovable
property
Total 235.6 1.7 31.9
Lease agreements on business 31.3.2009 31.3.2008 31.12.2008
premises, EUR millions
Minimum rents payable on the
basis of binding lease
agreements on business
premises
Within one year 144.0 124.0 143.2
After one year 490.0 469.5 478.9
Total 634.0 593.4 622.1
Lease payments 31.3.2009 31.3.2008 31.12.2008
Within one year 1.1 1.1 1.1
After one year 1.1 0.8 0.9
Total 2.2 1.9 2.0
Derivative contracts 31.3.2009 31.3.2008 31.12.2008
Nominal value
Currency derivatives 189.7 53.3 204.4
Electricity derivatives 3.5 2.5
Total 193.2 53.3 206.9
Exchange rates
Country Currency 31.3.2009 31.3.2008 31.12.2008
Russia RUB 45.0320 37.1130 41.2830
Estonia EEK 15.6466 15.6466 15.6466
Latvia LVL 0.7096 0.6982 0.7083
Lithuania LTL 3.4528 3.4528 3.4528
Sweden SEK 10.9400 9.3970 10.8700
Income statement
quarterly, Q1 Q4 Q3 Q2
Group, EUR millions 2009 2008 2008 2008
Continuing operations
Revenue 353.2 541.3 440.8 483.3
Other operating income 0.1 0.3 -0.1
Materials and consumables -197.2 -273.5 -224.7 -242.6
Wages, salaries and employee -79.7 -92.9 -82.3 -90.2
benefits expenses
Depreciation -14.6 -14.2 -13.2 -18.7
Other operating expenses -83.7 -102.4 -86.2 -100.3
Operating profit (loss) -22.0 58.4 34.6 31.4
Finance income and expenses -4.8 -12.7 -12.8 -13.3
Profit (loss) before tax -26.9 45.7 21.8 18.1
Income taxes 3.1 -25.8 -6.2 -2.9
Profit (loss) for the period -23.8 19.9 15.6 15.2
Earnings per share, EUR
Basic -0.39 0.34 0.27 0.27
Diluted -0.39 0.34 0.27 0.27
Q1 Q4 Q3 Q2
Sales, EUR millions 2009 2008 2008 2008
Department Store Division 224.5 371.8 264.8 306.4
Lindex 122.6 175.6 174.9 183.8
Hobby Hall 43.1 53.7 41.6 48.3
Seppälä 34.7 51.5 50.1 45.2
Shared 0.0 0.2 0.2 0.2
Group 424.8 652.8 531.5 583.9
Revenue, EUR millions
Department Store Division 189.0 312.9 223.1 257.3
Lindex 98.6 141.0 140.6 147.6
Hobby Hall 35.9 44.9 34.7 40.4
Seppälä 28.8 42.8 41.7 37.6
Shared 0.8 -0.3 0.6 0.4
Group 353.2 541.3 440.7 483.3
Operating profit, EUR
millions
Department Store Division -14.5 34.9 13.5 4.1
Lindex 0.2 20.3 15.7 23.8
Hobby Hall -1.7 1.6 0.7 0.7
Seppälä -2.8 4.2 5.9 5.1
Shared -1.8 -3.3 -0.7 -2.2
Eliminations -1.4 0.8 -0.5 0.0
Group -22.0 58.4 34.6 31.4
Income statement
quarterly, Q1 Q4 Q3 Q2
Group, EUR millions 2008 2007 2007 2007
Continuing operations
Revenue 413.4 483.9 308.6 294.2
Other operating income 3.8 0.0 9.7
Materials and consumables -231.0 -255.8 -179.8 -164.0
Wages, salaries and -85.1 -73.2 -47.6 -52.6
employee benefits expenses
Depreciation -15.2 -10.5 -8.9 -8.4
Other operating expenses -88.5 -73.7 -50.0 -55.1
Operating profit (loss) -2.5 70.8 32.1 14.1
Finance income and expenses -11.3 -4.3 -0.5 -0.8
Profit (loss) before tax -13.8 66.5 31.6 13.3
Income taxes 2.2 -17.9 -8.1 -3.2
Profit (loss) for the -11.6 48.6 23.5 10.2
period
Earnings per share, EUR
Basic -0.21 0.87 0.43 0.18
Diluted -0.21 0.87 0.42 0.18
Q1 Q4 Q3 Q2
Sales, EUR millions 2008 2007 2007 2007
Department Store Division 275.9 400.4 275.5 261.0
Lindex 138.3 68.1
Hobby Hall 47.4 58.9 45.9 46.0
Seppälä 35.7 51.2 45.4 43.5
Shared 0.2 0.2 0.2 0.2
Group 497.5 578.8 367.0 350.7
Revenue, EUR millions
Department Store Division 232.7 336.9 232.2 219.6
Lindex 111.0 54.7
Hobby Hall 39.7 49.2 38.2 38.1
Seppälä 29.7 42.5 37.8 36.1
Shared 0.4 0.7 0.5 0.4
Group 413.4 483.9 308.6 294.2
Operating profit, EUR
millions
Department Store Division 1.5 46.9 25.7 11.5
Lindex -1.2 15.0
Hobby Hall -2.1 2.7 2.5 -0.9
Seppälä -0.6 8.6 5.5 5.8
Shared 0.2 -2.4 -1.1 -2.1
Eliminations -0.3 0.0 -0.5 -0.1
Group -2.5 70.8 32.1 14.1
1. ASSETS
EUR mill. 31.3.2009 31.3.2008 31.12.2008
Acquisition cost Jan. 1 945.3 813.8 813.8
Translation difference +/- 3.0 0.7 -21.0
Increases Jan. 1-March 31 39.6 35.4 181.6
Decreases Jan. 1-March 31 -0.5 -1.8 -29.0
Transfers between items Jan. 1-March 31 0.0 0.0
Acquisition cost March 31 987.5 848.1 945.4
Accumulated depreciation Jan. 1 -245.7 212.5 212.5
Translation difference +/- -2.6 0.0 -2.6
Depreciation on reductions 0.2 -0.1 -25.5
Depreciation for the financial year -14.6 15.2 61.4
Accumulated depreciation March 31 -262.7 227.6 245.7
Book value Jan. 1 699.6 601.3 912.1
Book value March 31 724.8 620.5 699.6
Goodwill
EUR mill. 31.3.2009 31.3.2008 31.12.2008
Acquisition cost Jan. 1 646.5 720.0 720.0
Translation difference +/- -4.1 3.6 -94.6
Increases Jan.1-March 31 0.2 23.8
Translation difference +/- -0.2 -2.8
Acquisition cost March 31 642.3 723.6 646.5
Book value Jan 1. 646.5 720.0 720.0
Book value March 31 642.3 723.6 646.5
Total 1 367.1 1 344.1 1 346.1
STOCKMANN plc
Hannu Penttilä
CEO
DISTRIBUTION
NASDAQ OMX
Principal media
A press and analyst conference will be held today, 24 April 2008, at 9.15
in Stockmann's new car park which is to be opened shortly; guidance form
the main entrance of the Helsinki department store, Aleksanterinkatu 52.
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