Interim report January - March 2015 1 January - 31 March

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News Desk 2018

May 13, 2015 at 1:45 AM

Interim report January - March 2015

1 January - 31 March 2015 1) ● Revenue rose 7 per cent to SEK 1,382 M (1,290). Adjusted for currency effects and calculated on the comparable number of workdays, revenue rose 7 per cent. ● EBITA increased 8 per cent to SEK 169 M (156) and the EBITA margin was 12 per cent (12). ● EBIT increased 12 per cent to SEK 142 M (126) and the EBIT margin was 10 per cent (10). ● The gross margin amounted to 55.5 per cent (55.6). ● Earnings per share, before and after dilution, rose to SEK 2.88 (2.50). ● Cash flow from operating activities amounted to a negative SEK 47 M (neg: 71). ● Net debt at the end of the period amounted to SEK 1,693 M (1,738), compared with SEK 1,629 M at the end of the year. 1) During the quarter, the last two stores in Denmark were discontinued and in this report, the Danish store operation is presented according to the rules for discontinued operations in IFRS 5. All comparable periods have been recalculated. The Danish store operation was previously included in the MECA segment. All amounts pertains to continuing operations. CEO’s comments The best first quarter ever Mekonomen Group reported strong growth, improved operating profit and higher market shares in the first quarter of 2015. Our strong concepts and customer focus have generated good impact on earnings for the quarter. The Group’s revenue rose 7 per cent in the first quarter. Profit after financial items rose 18 per cent to SEK 144M (123) and EBIT increased 12 per cent to SEK 142 M (126). The market was stable in the first quarter and our expectations for 2015 are for a somewhat stronger market. Growth generated improved EBIT in MECA and in Sørensen og Balchen. EBIT for MECA increased more than 50 per cent, where the first quarter of 2014 was negatively impacted by SEK 9 M due to personnel-related, non-recurring costs pertaining to the cost-savings programme. The cost-savings programme implemented in 2014 has also had full impact on earnings throughout the Group. In Mekonomen Nordic, additional market investments and obsolescence in Marinshopen had a negative impact of SEK 7 M on earnings for the first quarter and EBIT amounted to SEK 82 M (88). Measures were implemented to strengthen earnings in Mekonomen Nordic. Mekonomen Group is expanding to South Korea with sales of the proprietary spare parts range, ProMeister.Sales will occur through collaboration with the South Korean distributor, EK (Eiko) Global. This is a milestone for Mekonomen Group, since our products and brands are now on the map of the large Asian market. South Korea is part of our international expansion and will be the sixth country in our vision of 20 countries by 2020. Our new model, with sales directly to the Danish franchise workshops, whereby we have efficient logistics without intermediaries in the distribution chain, was implemented starting in the first quarter and follows the established plan. Due to the restructuring, earnings in the earlier Danish operation were reported separately from earnings for Mekonomen Group. The first quarter was a very good quarter for Mekonomen Group and we noted that our strong concepts and our skilled and committed employees are the key to our success. As announced earlier, I will be stepping down as CEO. As we have seen in the first quarter, Mekonomen Group is strong and has excellent potential for good growth for the remainder of 2015. Håkan Lundstedt President and CEO For further information, please contact: Håkan Lundstedt, President and CEO Mekonomen AB, Tel: +46 (0)8-464 00 00 Per Hedblom, CFO Mekonomen AB, Tel: +46 (0)8-464 00 00 Gunilla Spongh, International Business Director, Mekonomen AB, Tel: +46 (0)8-464 00 00 The information in this interim report is such that Mekonomen is obligated to publish in accordance with the Securities Market Act. The information was submitted for publication on 13 May 2015 at 7:30 a.m.

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