Quarterly Report • Jul 18, 2012
Quarterly Report
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Interim report January - June 2012
• During the quarter, four (five) new stores opened: three in Sweden and one in Norway.
• During the first six month, six (eight) new stores opened: three in Sweden and three in Norway.
| Earnings overview | April - June | January - June | 12 months | Full year | ||
|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | July 2011- June 2012 |
2011 | |
| Net sales, SEK M | 958.0 | 899.3 | 1,409.4 | 1,268.8 | 3,127.7 | 2,987.1 |
| Gross margin, percent | 28.7 | 29.1 | 28.9 | 29.1 | 29.9 | 30.1 |
| EBIT, SEK M | 64.6 | 83.7 | 54.9 | 70.6 | 261.8 | 277.5 |
| EBIT margin, percent | 6.7 | 9.3 | 3.9 | 5.6 | 8.4 | 9.3 |
| Profit after tax, SEK M | 43.1 | 52.3 | 30.0 | 37.3 | 175.0 | 182.2 |
| Earnings per share, SEK | 0.7 | 0.9 | 0.5 | 0.6 | 2.9 | 3.0 |
| Return on equity, percent | 5.4 | 7.3 | 3.7 | 5.1 | 23.9 | 22.9 |
| Cash flow operating activities per share, SEK |
5.0 | 5.6 | 6.7 | 4.6 | 3.7 | 1.5 |
| Shareholders´equity per share,SEK | 12.6 | 11.5 | 12.6 | 11.5 | 12.6 | 13.9 |
| Numbers of stores at the en of the period | 92 | 81 | 92 | 81 | 92 | 86 |
| New stores opened during the period | 4 | 5 | 6 | 8 | 11 | 13 |
Total sales rose seven percent in the quarter, compared with the year-earlier period. New stores contributed positively to this growth, while sales in existing stores declined. Our assessment is that consumers have less propensity to consume compared with the first quarter. Rainier and colder weather during part of the quarter, primarily April and June, had a negative impact on sales, compared with the year-earlier period.
Marketing in all three countries was brought forward this year compared with the preceding year. We have moved marketing from the third and fourth quarters to the first and second quarters. Our assessment is that marketing costs for the full year will be approximately in line with the preceding year. Results received from market surveys confirm that marketing has been very successful, for example, according to the "Vi-i-villa" magazine panel, the proportion of single-family homes that state they plan to make purchases from us increased from 40 percent in 2011 to 45 percent in 2012.
The gross margin for the quarter was slightly lower than the year-earlier period. The gross margin was negatively impacted by price pressure, which to a certain extent was offset by improved purchasing. Overheads for the quarter increased primarily due to the increase in the number of stores, but also as a result of some marketing being brought forward compared with 2011.
Byggmax established a major distribution hub in Lysekil in the final quarter of 2011. The hub in Lysekil is in operation and made it possible to reduce stock levels in comparable stores in Sweden by slightly less than nine percent.
Byggmax opened four stores during the second quarter of 2012. The total number of stores to be opened in 2012 is expected to be ten, of which five in Sweden, four in Norway and one in Finland.
Uncertainty with respect to the economic trend in Byggmax's markets has increased. It is primarily the economic trend in Europe and associated uncertainties that had a negative impact on consumers.
We are focusing on adapting staffing levels to the prevailing market situation. We are also reviewing our pricing in order to improve margins, without affecting our low-price position.
During the first half year, sales growth was positive in existing stores. This sales trend and our continued capture of market shares confirm the strength of our concept. Through an expanded store network, we reach an and through a high degree of cost awareness we continue our alliance with customers through offering an attractive range at extremely low prices.
Byggmax's business concept is to sell high-quality building supplies at the lowest price possible.
Byggmax offers affordable high-quality products for the most common maintenance and DIY projects. Since the start in 1993, the organization has been characterized by the so called "Byggmax concept" which has been decisive for the company's development. The concept is built on a limited product range, a resource efficient administration, strong company culture and competitive and effective pricing strategy as well as the stores distinguished shape and design.
Byggmax has determined it's long term goals for the Group as follows:
Byggmax's strategy for achieving its financial goals is to expand the chain of stores in existing markets, to improve operating activities and to maintain continuous focus on business development.
Byggmax is planning on opening ten new stores during 2012, five in Sweden, four in Norway and one in Finland. The image above shows how the store network has expanded since Byggmax was established in 1993.
The operation's net sales totaled SEK 958.0 M (899.3), up 6.5 percent. Operating revenue was SEK 959.8 M (901.1), up 6.5 percent. Net sales for comparable stores1 declined 1.9 percent in local currency. Net sales amounted to SEK 704.6 M (704.2) in Sweden and SEK 253.4 M (195.0) in the other Nordic markets.
| The sales increase of 6.5 percent was divided according to the following: |
|
|---|---|
| Comparable stores, local currency, percent | -1.9 |
| Non-comparable units, percent | 8.0 |
| Exchange rate effects, percent | 0.5 |
| Total, percent | 6.5 |
The Group opened four (five) new stores during the quarter. Accordingly, the total number of stores in the Group at June 30, 2012 was 92 (81).
EBIT amounted to SEK 64.6 M (83.7) and the EBIT margin was 6.7 percent (9.3). The gross margin amounted to 28.7 percent compared with 29.1 percent in the year-earlier period. The gross margin for the quarter was somewhat lower, year-on-year. The gross profit margin was negatively impacted by price pressure, which was partly offset by improved purchasing.
Personnel costs and other external expenses rose by a total of SEK 29.2 M. This was primarily attributable to costs of SEK 15.1 M for new stores opened after the second quarter of 2011. The second quarter reported higher marketing costs totaling SEK 13.9 M, due to marketing being brought forward compared with 2011. The assessment is that marketing costs for the full year will be approximately in line with the preceding year.
The profit before tax was SEK 60.3 M (72.3). The loss arising from net financial items amounted to SEK 4.3 M (loss: 11.4). Net financial items was impacted by currency effects.
The operation's net sales totaled SEK 1,409.4 M (1,268.8), up 11.1 percent. Operating revenue was SEK 1,412.2 M (1,271.1), up 11.1 percent. Net sales for comparable stores1 rose 2.9 percent in local currency. Net sales amounted to SEK 1,042.4 M (1,001.7) in Sweden and SEK 367.0 M (267.1) in the other Nordic markets.
| The sales increase of 11.1 percent was divided according to the following: |
|||||
|---|---|---|---|---|---|
| Comparable stores, local currency, percent | 2.9 | ||||
| Non-comparable units, percent | 7.6 | ||||
| Exchange rate effects, percent | 0.6 | ||||
| Total, percent | 11.1 |
The Group opened six (eight) new stores during the quarter. Accordingly, the total number of stores in the Group at June 30, 2012 was 92 (81).
EBIT amounted to SEK 54.9 M (70.6) and the EBIT margin was 3.9 (5.6) percent. The gross margin was 28.9 percent compared with 29.1 percent for the year-earlier period. The Swedish Customs decided to levy an additional charge, in a total amount of SEK 10.3 M, from Byggmax with respect to customs and anti-dumping duties for 2008 and 2009. Byggmax has appealed this decision to the Administrative Court. The additional charges are cost neutral for Byggmax, since Byggmax has agreed compensation from the supplier in a corresponding amount.
Personnel costs and other external expenses increased by a total of SEK 49.4 M. This increase was principally attributable to an expense of SEK 28.1 M for new stores opened after the second quarter of 2011. The first six months of the year reported higher marketing costs totaling SEK 16.7 M, as well as higher consultancy fees for IT services of SEK 2.1 M compared with the year-earlier period.
The profit before tax was SEK 42.2 M (51.5). The loss arising from net financial items amounted to SEK 12.7 M (loss: 19.0). Net financial items was impacted by currency effects.
Cash flow from operating activities for the April to June period amounted to SEK 305.3 M (338.0), down SEK 32.7 M compared with the year-earlier period. At the end of the period, inventory amounted to SEK 518.1 M (453.4). Compared with the end of the year-earlier period, 11 new stores were opened and inventory connected to these stores amounted to SEK 33.7 M. The distribution inventory was SEK 55.7 M higher than the year-earlier period, due to more products being distributed via the distribution hub. The decrease in tax paid for the first six months of the year compared with the year-earlier period was attributable to higher debited preliminary taxes in 2011.
Consolidated shareholders' equity amounted to SEK 764.2 M (699.8) on June 30, 2012. The net debt of the Group was SEK 231.1 M (288.9) and decreased SEK 57.8 M compared to the preceding year. The equity/assets ratio amounted to 39.5 percent (38.4). Unutilized credit facilities totaled SEK 330.8 M (321.7).
Investments (excluding financial leasing) during the second quarter amounted to SEK 29.5 M (9.8), of which SEK 20.6 M (5.6) comprised investments in new stores and SEK 5.5 M (3.7) related to IT equipment. Investments (excluding financial leasing) during the first six months amounted to SEK 41.7 M (15.2), of which SEK 31.9 M (6.7) comprised investments in new stores and SEK 8.1 M (6.3) related to IT equipment. The higher degree of investment compared with the preceding year was mainly attributable to reduced use of leasing facilities by the company. New leasing declined from SEK 13.1 M in the second quarter, 2011 to SEK 0.9 M in the second quarter, 2012. Byggmax chose this since it is more cost efficient.
During the period January to June 2012, six new stores were opened: three in Sweden and three in Norway.
The number of employees (converted to full-time equivalents) rose to 867 (878) at the end of the period.
• Trends in cost prices – cost prices impact Byggmax's margins. Historically, the market has passed on adjustments in cost prices to the end consumer.
• Competitors' pricing – Byggmax prices products based on the prices of the competition with the objective of always being the cheapest. Therefore, the pricing of competitors affects margins. • Short-term trends in the DIY market – Byggmax operates in the DIY market and, accordingly, its trends impact the company. • Weather – Byggmax sells many items for outdoor use and, accordingly, sales are impacted by the weather. Seasonal variations are clearly visible and the company has significantly higher turnover in spring, summer and early autumn.
• Availability of attractive store locations – The establishment of new stores is a key element of Byggmax's strategy in both the long and the short-term, thus making attractive store locations of key importance.
• The ability to maintain the strong corporate culture – The
Byggmax culture plays a key role in the company's success and its retention is a key factor for continued success.
• The ability to execute the Group's strategy and business concept – Maintaining stringency levels in the product range and pricing as well as continuing to trim the organization through continuous improvements comprise a few of the key elements for success.
• The ability to renew the concept and strategies when needed – The Byggmax concept has remained much the same since it was founded in 1993. However, the concept has developed over time and new ideas have been tested and incorporated or discarded. • Long-term development of the DIY market – Byggmax operates in the DIY market and its long-term trend is important.
• Trends in the attractiveness of the low-price segment in the DIY market – Byggmax's strategy is to become the largest operator in the low-price segment in the Nordic region. Long-term trends are therefore important.
• The competition's strategies and their execution – Byggmax operates in a competitive market and the actions of the competition affect the Group.
A number of factors can impact Byggmax's earnings and operations. Most of these factors can be managed through internal procedures, while certain factors are largely governed by external circumstances. For a more detailed description of the Group's risks and risk management, refer to the Annual Report for 2011. Byggmax has updated its currency policy, currency positions exceeding SEK 100 M are now hedged on a 12 month basis and this is performed quarterly with 50 percent for the coming six-month period and an additional 25 percent for the coming quarter. Apart from the risks described in the Annual Report, no material risks arose during the period.
The company´s operations are affected by strong seasonal variations controlled by consumer demand for basic building supplies. Due to the weather´s impact on demand, Byggmax's sales and cash flow are generally higher in the second and third quarters, when about two thirds of the company´s sales are generated, while these usually decline in the fourth and first quarters. Although seasonal variations do not normally affect Byggmax's earnings and cash flow from year to year, earnings and cash flow may be impacted during the year by unusually harsh or mild weather conditions, or by excessive or insufficient precipitation. Byggmax endeavors to balance the seasonal effects by launching new products that are not as susceptible to seasonal variations.
The Parent Company is a holding company. Parent Company sales amounted to SEK 0.1 M (0.1) during the second quarter. The Parent Company reported a loss after financial items of SEK 3.4 M (loss: 4.2) for the Second quarter and a loss of SEK 7.7 M (loss:8.2) for the first six months.
In July, a new financing contract for three years was signed with Svenska Handelsbanken.
| Name | Number of shares |
Holding (%) |
|---|---|---|
| ALTOR 2003 Sarl | 21,720,908 | 35.76 |
| Lannebo fonder | 5,824,827 | 9.59 |
| ZAMGATE INVESTMENTS (Stig Notlöv) | 3,078,042 | 5.07 |
| Schroder Investment Management North America, Inc. |
2,497,084 | 4.11 |
| JARTON MANAGEMENT (Göran Peter son) |
2,381,296 | 3.92 |
| Norges Bank Investment Management | 1,742,210 | 2,87 |
| ULSLANE HOLDNINGS (Lars Lindberg) | 1,715,000 | 2,82 |
| Handelsbanken fonder | 1,695,886 | 2.79 |
| Schroder Investment Management Ltd. |
1,259,199 | 2.07 |
| Didner & Gerge Fonder Aktiebolag | 1,077,014 | 1,77 |
| Total of the ten major shareholders | 42,991,466 | 70.78 |
| Total other shareholders | 17,745,579 | 29.22 |
| Total at June 30, 2012 | 60,737,045 | 100.00 |
Byggmax Group AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplementary Accounting Rules for Groups.
The Parent Company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The same accounting policies were applied for the Parent Company as for the Group, except in the cases stated under Parent Company accounting policies in Note 2.22 of the Annual Report for 2011.
Those standards that entered effect as of January 1, 2012 have no material impact on the Group.
For a more detailed description of the accounting policies applied for the Group and the Parent Company in this interim report, refer to Notes 1-4 of the Annual Report for the 2011 fiscal year.
All of the figures listed above and below in parentheses refer to the corresponding period or date in the preceding year.
This report is unaudited.
Third quarter interim report 2012 October 26, 2012
For further information, please contact the following individuals by telephone at + 46-8-514 930 60 or by calling the direct numbers listed below:
Magnus Agervald, President Tel: +46 (0)76-11 90 020 E-mail: [email protected]
Pernilla Valfridsson, CFO Tel: +46 (0)76 11 90 040 E-mail: [email protected]
Background information about Byggmax and press photos are available at www.byggmax.com
Byggmax Group AB (publ) Box 6063, SE-171 06 Solna Sweden Visiting address: Armégatan 40 Tel: +46 (0)8 514 930 60, fax: +46 (0)8 514 930 79, e-mail: info@ byggmax.se Corporate Registration Number: 556656-3531 Registered office: Solna
Stockholm July 17, 2012
Fredrik Cappelen Chairman of the Board Anders Moberg Board member
Stefan Linder Board member
Stig Notlöv Board member
Johannes Lien Board member
Lottie Svedenstedt Board member
Magnus Agervald President
| Amount in SEK M | Apr - Jun | Apr - Jun | Jan - June | Jan - June | 12 months | Jan - Dec |
|---|---|---|---|---|---|---|
| Note | 2012 | 2011 | 2012 | 2011 | July 2011- June 2012 |
2011 |
| Operating income | ||||||
| Net Sales 1 |
958.0 | 899.3 | 1,409.4 | 1 268.8 | 3,127.7 | 2,987.1 |
| Other operating income | 1.8 | 1.9 | 2.8 | 2.4 | 5.4 | 5.0 |
| Total operating income | 959.8 | 901.1 | 1,412.2 | 1 271.1 | 3,133.1 | 2,992.1 |
| Operating expenses | ||||||
| Goods for sale | -683.5 | -637.4 | -1,002.6 | -899.5 | -2,191.0 | -2,088.0 |
| Other external costs and operating expenses | -127.7 | -103.6 | -199.9 | -163.9 | -370.0 | -333.9 |
| Personnel costs | -70.9 | -65.8 | -129.8 | -116.4 | -260.4 | -247.1 |
| Depreciation and amortization of tangible and | ||||||
| intangible fixed assets | -13.1 | -10.7 | -25.0 | -20.7 | -49.9 | -45.6 |
| Total operating expenses | -895.2 | -817.5 | -1,357.3 | -1 200.5 | -2,871.3 | -2,714.6 |
| EBIT | 64.6 | 83.7 | 54.9 | 70.6 | 261.8 | 277.5 |
| Loss from financial items | -4.3 | -11.4 | -12.7 | -19.0 | -19.5 | -25.8 |
| Profit/loss before tax | 60.3 | 72.3 | 42.2 | 51.5 | 242.3 | 251.6 |
| Income tax | -17.2 | -19.9 | -12.2 | -14.3 | -67.3 | -69.5 |
| Profit/loss for the period | 43.1 | 52.3 | 30.0 | 37.3 | 175.0 | 182.2 |
| Other comprehensive income for the period | ||||||
| Translation differences | 0.0 | 2.0 | -0.8 | 1.3 | -1.2 | 0.9 |
| Total other comprehensive income for the period | 0.0 | 2.0 | -0.8 | 1.3 | -1.2 | 0.9 |
| Total comprehensive income for the period | 43.1 | 54.4 | 29.2 | 38.5 | 173.8 | 183.1 |
| Earnings per share, SEK | 0.7 | 0.9 | 0.5 | 0.6 | 2.9 | 3.0 |
| Average number of shares, (thousand) | 60,737 | 60,737 | 60,737 | 60,737 | 60,737 | 60,737 |
| Number of shares at the end of the period | 60,737 | 60,737 | 60,737 | 60,737 | 60,737 | 60,737 |
| Consolidated summary of statement of financial position Amounts in SEK M |
Note | Jun 2012 | Jun 2011 | Dec 2011 |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Intangible fixed assets | 1,077.7 | 1,068.5 | 1,072.6 | |
| Tangible fixed assets | 153.8 | 135.8 | 140.5 | |
| Financial fixed assets | 5.9 | 18.5 | 5.1 | |
| Total fixed assets | 1,237.4 | 1,222.8 | 1,218.2 | |
| Current assets | ||||
| Inventories | 518.1 | 453.4 | 424.9 | |
| Derivatives | 0.0 | 0.0 | 0.6 | |
| Current receivables | 116.0 | 100.0 | 99.1 | |
| Cash and cash equivalents | 62.7 | 47.8 | 22.8 | |
| Total current assets | 696.8 | 601.1 | 547.5 | |
| TOTAL ASSETS | 1,934.2 | 1,823.9 | 1,765.8 | |
| Amounts in SEK M | Note | Jun 2012 | Jun 2011 | Dec 2011 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity | 764.2 | 699.8 | 844.4 | |
| LIABILITIES | ||||
| Borrowing from credit institutions | 26.0 | 201.7 | 166.3 | |
| Deferred tax liabilities | 64.9 | 53.8 | 64.5 | |
| Long-term liabilities | 90.9 | 255.5 | 230.8 | |
| Borrowing from credit institutions | 267.7 | 135.0 | 344.0 | |
| Accounts payable | 709.9 | 621.5 | 268.9 | |
| Current tax liabilities | 0.0 | 0.0 | 4.5 | |
| Derivative instruments | 1.7 | 6.7 | 0.0 | |
| Other liabilities | 24.4 | 41.0 | 12.6 | |
| Accrued expenses and prepaid income | 75.3 | 64.5 | 60.6 | |
| Current liabilities | 1,079.0 | 868.7 | 690.6 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1,934.2 | 1,823.9 | 1,765.8 | |
| Pledged assets - Shares in subsidiaries | 880.5 | 707.0 | 845.6 | |
| Pledged assets - Chattel mortgages | 120.0 | 120.0 | 120.0 | |
| Pledged assets - Blocked funds | 12.4 | 6.8 | 12.3 |
| Amounts in SEK M | Note | Jun 2012 | Jun 2011 | Dec 2011 |
|---|---|---|---|---|
| Opening balance at the beginning of the period | 844.4 | 748.5 | 748.5 | |
| Comprehensive income | ||||
| Translation differences | -0.8 | 1.3 | 0.9 | |
| Profit/loss for the period | 30.0 | 37.3 | 182.2 | |
| Total comprehensive income | 29.2 | 38.5 | 183.1 | |
| Transactions with shareholders | ||||
| Dividend to shareholders | -109.3 | -91.1 | -91,1 | |
| New share issue/share premium reserve | 0.0 | 3.8 | 3.8 | |
| Total transactions with shareholders | -109.3 | -87.3 | -87.3 | |
| Shareholders' equity at the end of the period | 764.2 | 699.8 | 844.4 |
| Amounts in SEK M | Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | 12 months | Jan - Dec |
|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | July 2011- June 2012 |
2011 | |
| Cash flow from operating activities | ||||||
| EBIT | 64.6 | 83.7 | 54.9 | 70.6 | 261.8 | 277.5 |
| Non-cash items | ||||||
| - Depreciation/amortization of tangible and intangible | ||||||
| fixed assets | 13.1 | 10.7 | 24.5 | 20.7 | 49.4 | 45.6 |
| - Other non-cash items | 0.1 | 1.5 | 0.2 | 1.1 | 1.5 | 2.3 |
| Interest received | 0.8 | 2.5 | 4.4 | 3.8 | 6.6 | 6.0 |
| Interest paid | -6.7 | -9.3 | -14.8 | -17.5 | -30.9 | -33.7 |
| Tax paid | -16.6 | -14.9 | -17.0 | -62.1 | -39.5 | -84.5 |
| Cash flow from operating activities before changes in | ||||||
| working capital | 55.3 | 74.2 | 52.4 | 16.6 | 248.9 | 213.1 |
| Changes in working capital | ||||||
| Increase/decrease in inventories and work in process | -56.0 | -95.7 | -103.1 | -125.5 | -70.6 | -93.0 |
| Increase/decrease in other current receivables | -18.6 | -5.9 | -6.9 | -17.1 | -33.2 | -43.4 |
| Increase/decrease in other current liabilities | 324.7 | 365.4 | 467.4 | 404.2 | 79.0 | 15.8 |
| Cash flow from operating activities | 305.3 | 338.0 | 409.8 | 278.2 | 224.1 | 92.5 |
| Cash flow from investing activities | ||||||
| Investment in intangible fixed assets | -5.7 | -3.9 | -8.8 | -6.7 | -15.8 | -13.7 |
| Investment in tangible fixed assets | -23.8 | -9.0 | -32.9 | -11.7 | -44.1 | -23.0 |
| Divestment of tangible fixed assets | 0.0 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 |
| Investment in other financial fixed assets | 0.0 | 0.0 | 0.0 | 0.0 | -5.5 | 0.9 |
| Investment in subsidiaries | 0.0 | 6.4 | 0.0 | 6.4 | -0.2 | -0.2 |
| Proceeds from sale of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | 26.8 | 26.8 |
| Cash flow from investing activities | -29.5 | -6.6 | -41.8 | -12.1 | -38.9 | -9.2 |
| Cash flow from financing activities | ||||||
| New share issue/share premium reserve | 0.0 | 3.8 | 0.0 | 3.8 | 0.0 | 3.8 |
| Change in overdraft facilities | -146.1 | -217.5 | -204.6 | -146.4 | 40.9 | 99.1 |
| Dividend to shareholders | -109.3 | -91.1 | -109.3 | -91.1 | -109.3 | -91.1 |
| Amortization of loans | -7.1 | -6.0 | -14.2 | -12.4 | -107.3 | -105.5 |
| Cash flow from financing activities | -262.5 | -310.7 | -328.1 | -246.0 | -175.8 | -93.7 |
| Cash flow for the period | 13.3 | 20.7 | 39.8 | 20.1 | 9.4 | -10.4 |
| Cash and cash equivalents at the beginning of the period2 | 37.0 | 20.2 | 10.5 | 20.9 | 40.9 | 20.9 |
| Cash and cash equivalents at the end of the period2 | 50.3 | 40.9 | 50.3 | 40.9 | 50.3 | 10.5 |
2 Note that cash and cash equivalents in the cash flow are adjusted for restricted bank funds
| Amounts in SEK M | Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | 12 months | Jan - Dec |
|---|---|---|---|---|---|---|
| July 2011- | ||||||
| Note | 2012 | 2011 | 2012 | 2011 | June 2012 | 2011 |
| Operating income | ||||||
| Operating income | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 |
| Total operating income | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 |
| Operating expenses | ||||||
| Other external expenses | -0.9 | -0.7 | -1.9 | -1.7 | -4.2 | -4.1 |
| Personnel costs | -0.1 | -0.1 | -0.2 | -0.2 | -0.4 | -0.4 |
| Total operating expenses | -1.0 | -0.8 | -2.1 | -1.9 | -4.6 | -4.5 |
| EBIT | -0.9 | -0.8 | -1.9 | -1.8 | -4.3 | -4.2 |
| Profit from financial items | -2.4 | -3.5 | -5.8 | -6.4 | 1.0 | 4.2 |
| Profit/loss before tax | -3.4 | -4.2 | -7.7 | -8.2 | -3.3 | 0.0 |
| Tax on profit/loss | 0.9 | 1.1 | 2.0 | 2.2 | 3.6 | 0.0 |
| Profit for the period | -2.5 | -3.1 | -5.7 | -6.0 | 0.3 | 0.0 |
The profit for the period corresponds with the comprehensive income for the period
| Amounts in SEK M Note |
Jun 2012 | Jun 2011 | Dec 2011 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Financial fixed assets | 712.1 | 712.1 | 712.1 |
| Total fixed assets | 712.1 | 712.1 | 712.1 |
| Current assets | 4.3 | 5.7 | 15.2 |
| Total current assets | 4.3 | 5.7 | 15.2 |
| TOTAL ASSETS | 716.4 | 717.7 | 727.3 |
| Amounts in SEK M Note |
Jun 2012 | Jun 2011 | Dec 2011 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 241.8 | 350.8 | 356.8 |
| Provisions | 0.0 | 0.0 | 0.0 |
| Total long-term liabilities | 0.0 | 170.0 | 130.0 |
| Current liabilities | 474.6 | 196.9 | 240.5 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 716.4 | 717.7 | 727.3 |
| Pledge assets | 358.0 | 358.0 | 358.0 |
| Contingent liabilities | None | None | None |
Note 1 Segments
| Amounts in SEK M | Apr - June | Apr - June | Jan - June | Jan - June | 12 months | Jan - Dec |
|---|---|---|---|---|---|---|
| July 2011- | ||||||
| Net sales | 2012 | 2011 | 2012 | 2011 | June 2012 | 2011 |
| Nordic region | 958.0 | 899.3 | 1,409.4 | 1,268.8 | 3,127.7 | 2,987.1 |
The Group has only one identified operating segment, which is the Nordic segment.
Related parties to Byggmax comprise Senzum AB and Dustin Financial Services AB. Transactions carried out during the period did not amount to any significant amounts. The transactions were conducted on market-based terms.
| Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 2010 | 2010 | 2010 | 2011 | 2011 | 2011 | 2011 | 2012 | 2012 | |
| Net Sales, SEK M | 324.5 | 856.2 | 1,043.2 | 549.1 | 369.5 | 899.3 | 1,100.0 | 618.4 | 451.4 | 958.0 |
| Gross margin, percent | 29.7 | 29.1 | 30.3 | 29.7 | 29.1 | 29.1 | 30.4 | 31.6 | 29.3 | 28.7 |
| EBIT, SEK M | -11.1 | 82.6 | 165.4 | 37.9 | -13.1 | 83.7 | 156.6 | 50.3 | -9.6 | 64.6 |
| EBIT margin, percent | -3.4 | 9.6 | 15.9 | 6.9 | -3.5 | 9.3 | 14.2 | 8.1 | -2.1 | 6.7 |
| Working capital, SEK M | 66.1 | -200.7 | -148.9 | 41.1 | 87.7 | -192.7 | -112.5 | 177.4 | 74.5 | -175.5 |
| Return on equity, percent | -4.3 | 11.7 | 16.5 | 2.7 | -2.0 | 7.3 | 14.8 | 4.0 | -1.6 | 5.4 |
| Cashflow from operating activities per share, SEK |
-0.8 | 5.5 | 1.1 | -2.4 | -1.0 | 5.6 | 0.6 | -3.6 | 1.7 | 5.0 |
| Shareholders' equity per | ||||||||||
| share3 , SEK |
6.0 | 10.2 | 12.0 | 12.3 | 12.1 | 11.5 | 13.4 | 13.9 | 13.7 | 12.6 |
| Number of stores | 63 | 68 | 73 | 73 | 76 | 81 | 86 | 86 | 88 | 92 |
3Comparative figures have been adjusted for the share split 1:3 carried out on June 2, 2010.
The information contained in this interim report is disclosed by Byggmax in compliance with the Swedish Securities Market Act (2007:528). The information was released for publication at 8.00 (CET) on July 18, 2012.
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