Interim / Quarterly Report • Aug 18, 2017
Interim / Quarterly Report
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"In summing up the second quarter there are several victories to celebrate with a big payoff from our focus on social media, where we are increasing awareness of our sportswear brand in Sweden and the Netherlands. We are strengthening our position in customer surveys on which underwear men prefer and we have successfully continued to establish performance underwear, i.e., functional underwear for both men and women. I can lastly add that our efforts in 2016 to improve deliveries and raise efficiencies have proven very successful. We are increasing delivery reliability at the same time that we reduced costs in the second quarter of 2017," said CEO Henrik Bunge.
| SEK million | April-June 2017 |
April-June 2016 |
January-June 2017 |
January-June 2016 |
July 2016- June 2017 |
Full-year 2016 |
|---|---|---|---|---|---|---|
| Net sales | 134.8 | 122.2 | 320.5 | 280.2 | 671.9 | 631.6 |
| Gross profit margin, % | 52.1 | 53.5 | 50.3 | 51.5 | 49.7 | 50.3 |
| Operating profit/loss | $-0.3$ | 0.3 | 6.5 | 14.2 | 56.5 | 64.2 |
| Operating margin, % | $-0.2$ | 0.2 | 2.0 | 5.1 | 8.4 | 10.2 |
| Profit/loss after tax | $-3.3$ | $-2.2$ | 1.7 | 4.3 | 44.2 | 46.9 |
| Earnings per share before dilution, SEK | $-0.11$ | $-0.09$ | 0.07 | 0.20 | 1.75 | 1.88 |
| Earnings per share after dilution, SEK | $-0.11$ | $-0.08$ | 0.07 | 0.20 | 1.75 | 1.88 |
| Brand sales* | 271 | 281 | 708 | 700 | 1.559 | 1,551 |
* Estimated total sales of Björn Borg products at the consumer level, excluding VAT, based on reported sales at the wholesale level.
For the first time in the company's history sports apparel was the product group whose brand sales increased the fastest, with growth of 44 percent in the second quarter of 2017 compared with the same quarter a year earlier. The Borg tee, our functional training T-shirt for men, remains one of our top sellers.
In total, Björn Borg's sales rose in the second quarter of 2017 by 10.4 percent compared with the same quarter in 2016. This is largely due to the acquisition of our former distributor in Benelux. Besides Benelux, our organic growth of 3.5 percent was driven by Finland, our own footwear distribution and England. On the other hand, we had a weak quarter in Sweden, with lower sales in both the wholesale business and our own stores. The latter was due to a smaller number of stores (-2), but also lower sales in comparable stores (-6 percent). We had an acceptable quarter in our stores in the Netherlands and a very good quarter in our Finnish stores.
The gross profit margin for the second quarter decreased to 52.1 percent, against 53.5 percent in the previous year. Adjusted for currency effects, the gross profit margin would have been in line with the previous year.
Our operating expenses rose by SEK 9 million due to the acquisition of our former distributor. Apart from Belgium and the Netherlands, we have continued to reduce our operating expenses, which were down SEK 9 million against the yearearlier quarter. Together, the higher revenue, lower gross profit margin and increased operating expenses produced
an operating loss of SEK 0.3 million, compared with a profit of SEK 0.3 million in the second quarter of 2016. The previously announced timing effect on operating profit due to the Benelux acquisition will mainly impact earnings in the first half of 2017.
My personal focus during the quarter was on integrating our new companies in the Netherlands and Belgium in an effective way and implementing the changes that are needed to turn the business around in these two markets, which are among our most important. During the quarter we replaced the management and as of June 1 Antoine Huizinga is responsible for both countries. Antoine has a long background as leader at Bjorn Borg and Puma. There is a lot of work still left to do, but in the second quarter we were already able to stop the negative sales trend we saw in the first quarter.
In summing up the second quarter there are several victories to celebrate with a big payoff from our focus on social media, where we are increasing awareness of our sportswear brand in Sweden and the Netherlands. We are strengthening our position in customer surveys on which underwear men prefer and we have successfully continued to establish performance underwear, i.e., functional underwear for both men and women. I can lastly add that our efforts in 2016 to improve deliveries and raise efficiencies have proven very successful. We are increasing delivery reliability at the same time that we reduced costs in the second quarter of 2017.
Head coach Henrik Bunge
Brand sales fell in the second quarter, mainly in underwear and bags, while sports apparel grew significantly. The decrease in bags is partly related to a shipment delay in the third quarter. Footwear sales also dropped slightly. In total, brand sales decreased by 4 percent to SEK 271 million (281) in the second quarter. Adjusted for currency effects, brand sales decreased by 6 percent for the quarter. For the first half of 2017 brand sales increased to SEK 708 million (700), up 1 percent. Excluding currency effects, brand sales fell by 1 percent.
Brand sales in the underwear product area fell by 2 percent in the first half of 2017. Underwear accounted for 59 percent (61) of brand sales.
Sports apparel had a strong second quarter and grew for the first six months by 11 percent compared with the same period in 2016. Brand sales of footwear rose by 12 percent, while bags and eyewear decreased by 19 and 59 percent, respectively, in the half of 2017. In total, sales of licensed products increased by 4 percent in the first half-year.
Among large markets, Finland posted strong growth, while other markets declined year-on-year. The decrease in other large markets was mainly driven by a downturn in underwear. England and Germany are two smaller markets that are performing well.
BRAND SALES* OF BJÖRN BORG PRODUCTS JANUARY-JUNE 2017. TOTAL SEK 708 MILLION (700)
No new Björn Borg stores were opened or closed in the quarter. As of June 30, 2017 there were a total of 39 (40) Björn Borg stores, of which 33 (21) are Group-owned. The increase in Group-owned stores is due to the Benelux acquisition, after which 13 stores are classified as Group-owned as of 2017.
Sales grew well in the second quarter as they did in the first, largely due to the Benelux acquisition, while operating profit decreased year-on-year.
The Group's net sales amounted to SEK 134.8 million (122.2) in the second quarter, an increase of 10.4 percent. Exchange rates positively affected sales in the quarter, mainly due to a stronger euro. Adjusted for currency effects, sales rose by 7.2 percent.
The positive sales trend year-on-year is largely a result of the acquisition of the former distributor in Benelux, which is consolidated in the Group as of January 2, 2017. Adjusted for the acquisition, underlying net sales grew by 3.5 percent from the previous year. Growth is mainly coming from Finnish and English wholesale and retail sales of clothing and underwear. The Group's own footwear distribution in the Nordic markets also grew in the quarter. Growth in Finland was largely driven by broader distribution of underwear and sports apparel, an increased number of Group-owned stores and good organic growth for comparable stores. Growth in footwear distribution was largely driven by new customers in Finland and Denmark, but also in the Swedish market from existing customers.
The Swedish wholesale and retail operations had a weak quarter and declined compared with 2016. The decrease for the wholesale company was driven by slower sell-through by customers, because of which orders for the spring and summer 2017 collection have decreased year-on-year. For the Swedish retail company the main reason for the year-on-year sales decline was traffic in Group-owned stores, but also because there were two fewer stores than a year earlier. For comparable stores sales decreased by 6 percent in the quarter and 11 percent in total.
E-commerce sales ended up at the same level as the second quarter of 2016. Website traffic was lower than the previous year. It was primarily paid traffic that declined, which is part of a conscious strategy to increase profitability in e-commerce. The average order and conversion rate increased year-on-year.
Sales by the Benelux company decreased slightly in local currency compared with the second quarter of 2016. Comparable Group-owned stores were in line with the previous year's second quarter, while the wholesale business fell slightly.
The product company's external sales were down year-on-year driven by the Danish market and poorer performance in smaller external markets. External royalties declined since Benelux is now included in the Group, while other licensed sales were in line with the previous year.
The Group's net sales amounted to SEK 320.5 million (280.2) in the first half of 2017, an increase of 14.4 percent. Adjusted for currency effects, sales rose by 12.4 percent.
The positive sales trend year-on-year is largely a result of the acquisition of the former distributor in Benelux, which is consolidated in the Group as of January 2, 2017. Adjusted for the acquisition, underlying net sales grew by 5 percent from the previous year. Growth in the first half of 2017 was mainly driven by Finnish and English wholesale and retail sales of clothing and underwear. The Group's own footwear distribution in the Nordic markets also saw good growth in the first six months.
The Swedish wholesale and retail operations reported lower sales than the first half of 2016. The decrease for the wholesale company was driven by slower sell-through by customers, because of which orders for the spring and summer 2017 collection have decreased year-on-year. The Swedish retail company had two fewer stores, though sales also fell by 13 percent for comparable stores and by 16 percent in total for the first six months.
The e-commerce business area has had a greater focus on profitability than the previous year, which has successfully produced lower costs for paid traffic and higher operating
| Operating revenue. SEK thousands January-June |
Operating profit, SEK thousands January-June |
Operating margin, % January-June |
||||||
|---|---|---|---|---|---|---|---|---|
| Business segment | Revenue source | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |
| Brand | Rovalties | 26,303 | 42,661 | 15,889 | 11,373 | 60 | 27 | |
| Product development | Products | 174,423 | 215,665 | 1.999 | 14,984 | |||
| Wholesale | Wholesale revenue | 254,475 | 138,749 | $-4.513$ | $-743$ | $-2$ | $-1$ | |
| Retail | Retailers | 98,820 | 59,367 | $-6.925$ | $-11,419$ | $-7$ | $-19$ | |
| Less internal sales | $-228.769$ | $-174.676$ | ||||||
| Total | 325,252 | 281.765 | 6,451 | 14.195 | 2 | 5 |
margins in the first six months of 2017. The profitability focus has eliminated unprofitable traffic, due to which sales decreased by 20 percent in the first half-year.
Sales by the Benelux company decreased substantially year-on-year. The biggest decline was in the wholesale business, while retail sales fell slightly. Comparable stores decreased by 3 percent.
The product company's external sales were down yearon-year, driven by the Danish market and poorer performance in smaller external markets. External royalties declined since Benelux is now included in the Group, while other licensed sales increased slightly compared with the previous year.
The gross profit margin for the second quarter decreased to 52.1 (53.5). A stronger USD negatively affected margins. Adjusted for currency effects, the gross profit margin would have been 53.5 percent. Aside from USD, the margins were positively affected because earn-out payments are no longer being paid. At the same time the gross profit margin was negatively affected by the timing effect arising due to the Benelux acquisition.
Operating expenses increased by SEK 9 million compared with the previous year, largely due to the Benelux acquisition. Excluding Benelux, operating expenses fell by SEK 9 million or 14 percent. The decrease was largely due to lower logistical and marketing expenses and staff costs.
The higher revenue, lower gross profit margin and increased operating expenses produced an operating loss of SEK 0.3 million, compared with a year-earlier profit of SEK 0.3 million. The operating margin was -0.2 percent (0.2).
Net financial items amounted to SEK-1.8 million (-4.6). The realized and unrealized return on investments less interest on bonds and bank loans positively affected the Group's financial net by SEK 0.1 million (-1.1). The remaining year-on-year decrease was mainly attributable to the revaluation of financial assets and liabilities in foreign currency. The loss before tax was SEK 3.3 million, compared with a year-earlier loss of SEK 2.2 million.
The gross profit margin for the first half of 2017 decreased to 50.3 percent (51.5). Currency effects reduced the margin compared with the first half of 2017 Adjusted for currency effects, the gross profit margin would have been 51.5 percent. Aside from the USD exchange rate, gross profit margins were positively affected by about SEK 9 million because earn-out payments are no longer being paid. At the same time the margins were negatively affected by the timing effect arising due to the Benelux acquisition. The gross profit margin in the product development segment that was supposed to be realized in the first quarter is now tied up in inventory and negatively affected the margin by about SEK 20 million compared with the first half of 2016. Adjusted for currency effects, the effects of earn-out payments and the above-mentioned timing effect due to the Benelux acquisition, the gross profit margin was 55.1 percent for the first six months of 2017.
Operating expenses increased by SEK 27 million compared with the previous year, largely due to the Benelux acquisition. Excluding Benelux, operating expenses fell by SEK 9 million or 7 percent. The decrease was largely due to lower logistical and marketing expenses and staff costs.
The higher revenue, lower gross profit margin and increased operating expenses reduced operating profit to SEK 6.5 million (14.2). The operating margin was 2.0 percent (5.1).
Net financial items amounted to SEK-1.8 million (-4.6). The realized and unrealized return on investments less
interest on the bond loan and bank loans positively affected the Group's financial net by SEK 1.1 million (-2.7). The remaining year-on-year decrease was mainly attributable to the revaluation of financial assets and liabilities in foreign currency. Profit before tax was SEK 4.7 million (9.6).
The Group operates through thirteen companies under the Björn Borg brand on every level from product development to wholesaling and consumer sales in its own Björn Borg stores.
The Brand segment primarily consists of royalty revenue and expenses associated with the brand.
The business segment's operating revenue amounted to SEK 26.3 million (42.6) in the first half of 2017. External operating revenue decreased to SEK 9.2 million (16.0), largely because Benelux is now reported as internal brand sales. Excluding Benelux, external brand sales increased by about SEK 1.6 million. This is a result of higher brand sales of footwear as well as minimum royalties from our new homeware licensee. Royalty percentages vary by product category, due to which there is not always a precise correlation between royalties and brand sales.
Operating profit increased to SEK 15.9 million (11.4) for the first half of 2017. The improvement was due to the fact that earn-out payments are no longer being paid.
The Björn Borg Group has global responsibility for development, design and production of underwear, sports apparel and adjacent products.
The segment's operating revenue amounted to SEK 174.4 million (215.7) in the first half of 2017, a decrease of 19 percent. The lower revenue was largely due to a change in delivery terms for internal sales, which has delayed invoicing compared with previous years. This only relates to intra-Group sales. External operating revenue fell to SEK 23.9 million (91.3) as Benelux is now consolidated in the Group and classified as internal. Excluding Benelux. external revenue was down about SEK 13 million, mainly due to lower sales to Denmark and smaller distributors.
Operating profit decreased to SEK 2.0 million (15.0) due to lower margins and higher operating expenses in the segment. Product development is the segment affected by the timing effect from the Benelux acquisition.
The Björn Borg Group is the exclusive wholesaler of underwear, sports apparel and adjacent products in Sweden, Finland, the Netherlands, Belgium and England as well as footwear in Sweden, Finland, Denmark and the Baltic countries.
The segment's operating revenue rose in the first half of 2017 to SEK 254.5 million (138.7). External operating revenue amounted to SEK 210.2 million (123.5). Of the increase of SEK 87 million, Benelux accounted for SEK 58 million. Other growth came from the Finnish underwear and sports apparel wholesale business as well as the footwear wholesale company. The increase was mainly due to broader underwear distribution in Finland as well as good growth among new and existing footwear customers in Sweden, Denmark and Finland. The Swedish wholesale business for underwear and sports apparel decreased year-on-year, while the British business is growing.
The operating loss amounted to SEK 4.5 million, compared with a year-earlier loss of SEK 0.7 million. The decrease was mainly due to lower gross profit margins and higher operating expenses.
The Björn Borg Group owns and operates a total of 33 stores and factory outlets in Sweden, Finland, the Netherlands, Belgium and England that sell underwear, sports apparel, adjacent products and other licensed products. Björn Borg also sells online through www.bjornborg.com.
Operating revenue in the Retail segment increased in the first half of 2017 to SEK 98.8 million (59.4). External net sales rose to SEK 81.9 million (50.9). The increase was because Benelux is now included in the segment and accounted for SEK 35.0 million of external sales. Excluding Benelux, the segment's sales decreased by SEK 4 million. The year-on-year trend was weakest in e-commerce and the Swedish retail business, while Finnish stores and the English store performed well. E-commerce sales dropped by 20 percent to SEK 17.9 million (22.1). This was mainly due to lower website traffic, which was partly the result of an initiative to reduce costs for paid, unprofitable traffic. The Group-owned stores in Sweden declined in the first six months of the year with sales for comparable stores down by 13 percent. In total, sales fell by 16 percent due to two fewer stores. Sales grew by 6 percent for comparable Finnish stores and in total by 38 percent due to more stores. The store in England continues to perform well and grew by 12 percent compared with the previous year.
The operating loss for the first half of 2017 was SEK 6.9 million, against a year-earlier loss of SEK 11.4 million. The improvement was mainly a result of lower expenses relative to sales compared with the first half of 2016.
Intra-Group sales for the first half of 2017 amounted to SEK 228.8 million (174.7). The increase was due to the Benelux acquisition.
The Björn Borg Group is active in an industry with seasonal variations. Sales and earnings vary by quarter. See the figure on quarterly net sales and operating profit on page 4.
The Group's cash flow from operating activities amounted to SEK 12.0 million (-16.4) in the first half of 2017. The year-onyear improvement, adjusted for acquisition effects, mainly came from a better trend in operating capital, where inventory levels were the biggest reason.
Investing activities had a positive flow of SEK 20.4 million (37.1) due to divestments of the bond portfolio in the period. Total investments in tangible and intangible non-current assets amounted to SEK 4.8 million (1.5) for the period.
Financing activities had a negative flow of SEK-39.0 million (-58.9). The negative flow was from the dividend to shareholders of SEK -50.3 million (-50.3) in the period. In addition, cash flow for the financing business was positively affected because the loan raised from Danske Bank is higher than the repayment of the bond loan.
The Group's cash flow for the first six months was SEK -6.6 million (-20.2) and cash & cash equivalents amounted to SEK 40.0 million (22.5) at the end of the period.
The Björn Borg Group's cash & cash equivalents and investments amounted to SEK 41.6 million (51.0) at the end of the period, with interest-bearing liabilities of SEK 167.3 million (161.6).
The bond loan issued by the company in April 2012 expired in April 2017. The remaining debt of SEK 135.5 million was repaid in the quarter. The bond loan has been replaced by a three-year revolving credit of SEK 150 million from Danske Bank.
The bond portfolio that the company previously managed due to the surplus liquidity arising from the issuance of the bond loan is now essentially fully divested. As of June 30 the book value of the bonds was SEK 1.6 million (28.5), which represents the fair value on the same date.
In addition to the revolving credit of SEK 150 million, Björn Borg has an overdraft facility of SEK 90 million from Danske Bank.
As a commitment for the overdraft facility and three-year revolving credit, the company has pledged to ensure that the ratio between the Group's net debt and rolling 12-month operating profit before depreciation and amortization does not exceed 3.00 on the last day of each quarter, with the exception of the first three quarters of 2017. In the first and second quarters of 2017 the ratio may not exceed 4.00 and for the third quarter it may not exceed 3.50. Moreover, the Group will maintain an equity/ assets ratio of at least 35 percent.
As of June 30, 2017 the ratio was 2.00 (1.68) and the equity/assets ratio was 45.5 percent (48.5).
No other changes were otherwise made with regard to pledged assets and contingent liabilities compared with December 31, 2016.
The average number of employees in the Group was 206 (133) for the twelve-month period ending June 30, 2017, of whom 68 percent (70) are women. The increase was due to the Benelux acquisition.
There were no transactions with related parties during the period.
In its operations the Björn Borg Group is exposed to risks and uncertainties. Information on the Group's risks and uncertainties can be found on pages 58-59 and in note 3 in the annual report 2016.
Björn Borg AB (publ) is primarily engaged in intra-Group activities. As of June 30, 2017 the company also owns 100 percent of the shares in Björn Borg Brands AB, Björn Borg Footwear AB, Björn Borg Sport BV, Björn Borg Inc., Björn Borg Services AB, Björn Borg UK and Baseline BV. In addition, the company owns 75 percent of the shares in Bjorn Borg (China) Ltd and 75 percent of the shares in Bjorn Borg Finland Oy.
The Parent Company's net sales amounted to SEK 52.2 million (32.8) for the first half of 2017.
Profit before tax amounted to SEK 3.8 million (-14.0) in the first six months. Cash & cash equivalents and investments amounted to SEK 1.6 million (29.5) as of June 30, 2017.
There are no significant events to report after the balance sheet date.
Björn Borg currently has 25,148,384 shares outstanding.
The Board of Directors of Björn Borg has established a business plan for the period 2015-2019 with the following long-term financial objectives:
The sales target for 2019 corresponds to average annual organic growth of 16 percent. The sales increase, along with the increase in the operating margin, is expected to come from new product groups in sports fashion as well as expanded geographical distribution within all the product groups.
The Annual General Meeting held on May 11, 2017 approved a distribution of SEK 2.00 (2.00) per share to the shareholders for the financial year 2016. The AGM resolved to re-elect the Directors Fredrik Lövstedt, Martin Bjäringer, Lotta de Champs, Christel Kinning, Heiner Olbrich and Mats H Nilsson, meaning that the total number of Directors is six. Petra Stenqvist declined re-election. The Meeting resolved to elect Heiner Olbrich as the new Chairman of the Board of Directors.
This condensed interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with chapter 9 of the Annual Accounts Act on interim reporting and RFR 2 Accounting in Legal Entities. The accounting principles applied in the interim report conform to the accounting principles applied in the preparation of the consolidated accounts and annual report for 2016, as described on page 54 in the annual report 2016.
New or amended IFRS and IFRIC interpretations effective as of January 1, 2016 have not had a material effect or impact on the interim report or the consolidated financial statements.
This interim report has not been reviewed by the company's auditors.
As a policy, the company does not issue earnings forecasts.
| SEK thousands | Note | April-June 2017 |
April-June 2016 |
January-June 2017 |
January-June 2016 |
July 2016- June 2017 |
Full-year 2016 |
|---|---|---|---|---|---|---|---|
| Net sales | 134,844 | 122,165 | 320,501 | 280,229 | 671,888 | 631,616 | |
| Other operating revenue | 5,738 | 2,690 | 4,751 | 1,536 | 10,169 | 6,954 | |
| Operating revenue | 140,582 | 124,855 | 325,252 | 281,765 | 682,057 | 638,570 | |
| Goods for resale | $-64.604$ | $-56,818$ | $-159,443$ | $-135.790$ | $-337,790$ | $-314.137$ | |
| Other external expenses | $-35,201$ | $-35,379$ | $-81,149$ | $-70,767$ | $-158,568$ | $-148,187$ | |
| Staff costs | $-37,016$ | $-29.411$ | $-70.396$ | $-55.029$ | $-120.558$ | $-105,191$ | |
| Depreciation/amortization of tangible/ | |||||||
| intangible non-current assets | $-2,222$ | $-1,738$ | $-4,487$ | $-3,363$ | $-7.921$ | $-6,797$ | |
| Other operating expenses | $-1,829$ | $-1,203$ | $-3,326$ | $-2,620$ | $-768$ | $-62$ | |
| Operating profit/loss | $-290$ | 305 | 6,451 | 14,195 | 56,452 | 64.196 | |
| Net financial items | $-1,789$ | $-321$ | $-1,765$ | $-4,633$ | 2,141 | $-727$ | |
| Profit/loss before tax | $-2,079$ | $-16$ | 4,686 | 9,563 | 58,593 | 63,469 | |
| Tax | $-1,263$ | $-2,186$ | $-3,008$ | $-5,230$ | $-14,350$ | $-16,572$ | |
| Profit/loss for the period | $-3,342$ | $-2,202$ | 1,678 | 4,332 | 44.243 | 46,897 | |
| Profit for the period attributable to | |||||||
| Parent Company's shareholders | $-2,794$ | $-2,164$ | 1.712 | 4,948 | 44.125 | 47,361 | |
| Non-controlling interests | $-548$ | $-38$ | $-34$ | $-616$ | 118 | $-464$ | |
| Earnings per share before dilution, SEK | $-0.11$ | $-0.09$ | 0.07 | 0.20 | 1.75 | 1.88 | |
| Earnings per share after dilution, SEK | $-0.11$ | $-0.08$ | 0.07 | 0.20 | 1.75 | 1.88 | |
| Number of shares | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 | 25,148,384 |
| April-June | April-June | January-June | January-June | July 2016- | Full-year | |
|---|---|---|---|---|---|---|
| SEK thousands Note |
2017 | 2016 | 2017 | 2016 | June 2017 | 2016 |
| Net profit for the period | $-3,342$ | $-2,202$ | 1,678 | 4,332 | 44,243 | 46,897 |
| OTHER COMPREHENSIVE INCOME Components that may be reclassified to profit or loss |
||||||
| Translation difference for the period | 2558 | $-899$ | 3.524 | 1.932 | 3.297 | 1.704 |
| Total other comprehensive income for the period |
2558 | -899 | 3,524 | 1,932 | 3,297 | 1.704 |
| Total comprehensive income for the period |
$-784$ | $-3,101$ | 5,202 | 6,265 | 47,540 | 48,601 |
| Total comprehensive income attributable to |
||||||
| Parent Company's shareholders | $-192$ | $-3,030$ | 4,814 | 6,390 | 47,491 | 49,065 |
| Non-controlling interests | $-592$ | $-70$ | 388 | $-125$ | 49 | $-464$ |
| SEK thousands Note |
June 30 2017 |
June 30 2016 |
Dec 31 2016 |
|---|---|---|---|
| Non-current assets | |||
| Goodwill | 35,766 | 19,213 | 19,292 |
| Trademarks | 187,532 | 187,532 | 187,532 |
| Other intangible assets | 5,016 | 2, 162 | 1,668 |
| Tangible non-current assets | 12,026 | 8,511 | 9,277 |
| $\overline{2}$ Long-term receivables |
8,000 | 10,700 | |
| Deferred tax assets | 32,052 | 31,162 | 13,452 |
| Total non-current assets | 272,392 | 256,580 | 241,921 |
| Current assets | |||
| Inventory Accounts receivable |
123,872 | 84,820 | 67,477 |
| 72,304 | 91,480 | 137,769 | |
| Other current receivables | 24,114 | 25,041 | 16,144 |
| $\overline{c}$ Investments |
1,605 | 28,499 | 26,167 |
| Cash & cash equivalents | 39,980 | 22,495 | 48,948 |
| Total current assets | 261,875 | 252,335 | 296,505 |
| Total assets | 534,267 | 508,915 | 538,426 |
| Equity and liabilities | |||
| Equity | 244,008 | 246,767 | 289,103 |
| Deferred tax liabilities | 46,194 | 43,025 | 35,418 |
| Bond Loan 2 |
144,303 | 137,092 | |
| $\overline{2}$ Non-current liabilities credit institutions |
150,000 | $\overline{\phantom{0}}$ | |
| Other non-current liabilities | 17,273 | 21,247 | 17,273 |
| Accounts payable | 31,559 | 14,227 | 13,797 |
| Other current liabilities | 45,233 | 39,346 | 45,743 |
| Total equity and liabilities | 534,267 | 508,915 | 538,426 |
| Equity attributable to | Non-controlling | Total | ||
|---|---|---|---|---|
| SEK thousands | Note | Parent Company's shareholders | interests | equity |
| Opening balance, January 1, 2016 | 297,408 | $-6,733$ | 290,675 | |
| Total comprehensive income for the period | 6,390 | $-125$ | 6,265 | |
| Distribution for 2015 | $-50,297$ | $-50.297$ | ||
| Acquisition of non-controlling interest | $-5,969$ | 5,969 | $\Omega$ | |
| Issuance of warrants | 68 | 68 | ||
| Issuance of convertible | 55 | 55 | ||
| Closing balance, June 30, 2016 | 247,655 | -889 | 246,767 | |
| Opening balance, January 1, 2016 | 297,408 | $-6,733$ | 290,675 | |
| Total comprehensive income for the period | 49,065 | $-464$ | 48,601 | |
| Distribution for 2015 | $-50,297$ | $-50,297$ | ||
| Acquisition of non-controlling interest | $-6,925$ | 6.925 | $\Omega$ | |
| Issuance of warrants | 3 | 68 | 68 | |
| Warrant premium convertible | 3 | 55 | 55 | |
| Closing balance, December 31, 2016 | 289,375 | $-272$ | 289,103 | |
| Opening balance, January 1, 2017 | 289,375 | $-272$ | 289,103 | |
| Total comprehensive income for the period | 4.814 | 388 | 5.202 | |
| Distribution for 2016 | $-50.297$ | $-50.297$ | ||
| Closing balance, June 30, 2017 | 243,892 | 116 | 244,008 |
CONDENSED
| SEK thousands | April-June 2017 |
April-June 2016 |
January-June 2017 |
January-June 2016 |
Full-year 2016 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Before changes in working capital | 1,032 | $-261$ | 6,352 | 10.907 | 69,378 |
| Changes in working capital | 2,801 | $-17,632$ | 5,685 | $-27,343$ | $-54,066$ |
| Cash flow from operating activities | 3,833 | $-17,893$ | 12,037 | $-16,436$ | 15,312 |
| Investments in intangible non-current assets | $-2,453$ | $-9$ | $-2,821$ | $-70$ | |
| Investments in tangible non-current assets | $-1,401$ | $-861$ | $-2,026$ | $-1,451$ | $-5,231$ |
| Sale of non-current assets | |||||
| Investments/sale of investments | 24,801 | 43,953 | 25,220 | 49,481 | |
| Acquisition of subsidiary | $-842$ | $-842$ | 54,962 | ||
| Cash flow from investing activities | 20,947 | 42,240 | 20,373 | 47.117 | 49,731 |
| Distribution | $-50,297$ | $-50,242$ | $-50,297$ | $-50,242$ | $-50,297$ |
| Acquisition of minority shares | $-842$ | ||||
| Amortization of loans | $-1,764$ | 1,034 | |||
| Issuance of warrants/convertibles | 1,020 | 1.020 | 125 | ||
| Newly raised loan | 150,000 | 150,000 | |||
| Bond loan repurchases | $-135,470$ | $-1,612$ | $-136,972$ | $-9657$ | $-18480$ |
| Cash flow from financing activities | $-35,767$ | $-50,835$ | $-39,033$ | $-58,880$ | $-68,460$ |
| Cash flow for the period | $-10,987$ | $-26,487$ | $-6,623$ | $-28.198$ | $-3,417$ |
| Cash & cash equivalents at beginning of year | 52,216 | 49.517 | 48.948 | 50,643 | 50,643 |
| Translation difference in cash & cash equivalents | $-1,249$ | $-535$ | $-2,345$ | 50 | 1,722 |
| Cash & cash equivalents at end of the period | 39,980 | 22,495 | 39,980 | 22,495 | 48,948 |
GROUP
| SEK thousands | April-June 2017 |
April-June 2016 |
January-June 2017 |
January-June 2016 |
July 2016- June 2017 |
Full-year 2016 |
|---|---|---|---|---|---|---|
| Gross profit margin, % | 52.1 | 53.5 | 50.3 | 51.5 | 49.7 | 50.3 |
| Operating margin, % | $-0.2$ | 0,2 | 2.0 | 5.1 | 8.4 | 10.2 |
| Profit margin, % | $-1.5$ | 0.0 | 1.5 | 3.4 | 8.7 | 10.0 |
| Return on capital employed, % | 16.0 | 14.7 | 16.0 | 14.7 | 16.0 | 14.3 |
| Return on average equity, % | 16.2 | 14.1 | 16.2 | 14.1 | 16.2 | 16.3 |
| Profit attributable to Parent Company's | ||||||
| shareholders | $-2.794$ | $-2.164$ | 1.712 | 4,948 | 44.125 | 47.361 |
| Equity/assets ratio, % | 45.7 | 48.5 | 45.7 | 48.5 | 45.7 | 53.7 |
| Equity per share, SEK | 9.70 | 9.81 | 9.70 | 9.81 | 9.70 | 11.50 |
| Investments in intangible non-current assets | 2453 | 9 | 2,821 | 70 | 1658 | |
| Investments in tangible non-current assets | 1401 | 861 | 2,026 | 1,451 | 5 1 7 9 | 5,231 |
| Business combinations | 842 | |||||
| Depreciation, amortization and impairment | ||||||
| losses for the period | $-2,222$ | $-1,738$ | $-4,487$ | $-3,363$ | $-7,921$ | $-6,797$ |
| Average number of employees | 206 | 129 | 206 | 131 | 170 | 133 |
GROUP
| SEK thousands | April-June 2017 |
April-June 2016 |
January-June 2017 |
January-June 2016 |
July 2016- June 2017 |
Full-year 2016 |
|---|---|---|---|---|---|---|
| Operating revenue | ||||||
| Brand | ||||||
| External revenue | 3,906 | 6,675 | 9,193 | 16,014 | 26,804 | 33,626 |
| Internal revenue | 6,931 | 13,357 | 17,110 | 26,647 | 40,286 | 49,822 |
| 10,837 | 20,032 | 26,303 | 42,661 | 67,090 | 83,448 | |
| Product development | ||||||
| External revenue | 13,851 | 48,651 | 23,945 | 91,298 | 120,393 | 187,747 |
| Internal revenue | 69,498 | 78,137 | 150,478 | 124,366 | 202,268 | 176,156 |
| 83,349 | 126,788 | 174,423 | 215,665 | 322,661 | 363,903 | |
| Wholesale | ||||||
| External revenue | 77,377 | 46,569 | 210,199 | 123,546 | 376,286 | 289,633 |
| Internal revenue | 17,814 | 5,970 | 44,276 | 15,203 | 60,272 | 31,199 |
| 95,191 | 52,539 | 254,475 | 138,749 | 436,558 | 320,832 | |
| Retail | ||||||
| External revenue | 45,447 | 22,959 | 81,915 | 50,906 | 158,575 | 127,565 |
| Internal revenue | 7,343 | 4,047 | 16,905 | 8,461 | 25,855 | 17,412 |
| 52,790 | 27,006 | 98,820 | 59.367 | 184,430 | 144,977 | |
| Less internal sales | $-101,585$ | $-101,510$ | $-228,769$ | $-174,677$ | $-328,682$ | $-274,589$ |
| Operating revenue | 140,582 | 124,855 | 325,252 | 281,765 | 682,057 | 638,571 |
| Operating profit | ||||||
| Brand | 6,165 | 5,529 | 15,889 | 11,373 | 24,016 | 19,500 |
| Product development | 1,000 | 8,859 | 1.999 | 14,984 | 20,431 | 33,415 |
| Wholesale | $-7,189$ | $-6,265$ | $-4,513$ | $-743$ | 13,825 | 17,595 |
| Retail | $-266$ | $-7,819$ | $-6,925$ | $-11,419$ | $-1,820$ | $-6,314$ |
| Operating profit | $-290$ | 305 | 6,451 | 14.195 | 56.452 | 64.196 |
The difference in the second quarter between operating profit for segments for which information must be disclosed, SEK-290 thousand (305), and profit before tax, SEK-2,079 thousand (-16), is net financial items, SEK-1,789 thousand (-312). The difference in the first half of 2017 between operating profit for segments for which information must be disclosed, SEK 6,451 thousand (14,195), and profit before tax, SEK 4,686 thousand (9,563), is net financial items, SEK -1,765 thousand (4,633).
| SEK thousands | 02 2017 | 01 2017 | Q4 2016 | 03 2016 | 02 2016 | 01 2016 | 04 2015 | 03 2015 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 134,844 | 185,657 | 171,410 | 179,977 | 122,165 | 158,065 | 152,618 | 191,430 |
| Gross profit margin, % | 52.1 | 48.9 | 48.0 | 50.4 | 53.5 | 50.0 | 51.8 | 51.9 |
| Operating profit/loss | $-290$ | 6,741 | 21,365 | 28,636 | 305 | 13,891 | 14,554 | 32,872 |
| Operating margin, % | $-0.2$ | 3.6 | 12.5 | 15.9 | 0.2 | 8.8 | 9.5 | 17.2 |
| Profit/loss after financial items | $-2,079$ | 6,765 | 25,413 | 28.493 | $-16$ | 9,579 | 11.855 | 29,510 |
| Profit margin, % | $-1.5$ | 3.6 | 14.8 | 15.8 | 0.0 | 6.1 | 7.8 | 15.4 |
| Earnings per share before dilution, SEK | $-0.11$ | 0.18 | 0.74 | 0.95 | $-0.09$ | 0.28 | 0.34 | 0.88 |
| Earnings per share after dilution, SEK | $-0.11$ | 0.18 | 0.74 | 0.95 | $-0.09$ | 0.28 | 0.29 | 0.84 |
| Number of Björn Borg stores | ||||||||
| at end of period | 39 | 39 | 40 | 39 | 40 | 40 | 41 | 38 |
| of which Group-owned | ||||||||
| Björn Borg stores | 33 | 33 | 20 | 20 | 21 | 21 | 21 | 18 |
| Brand sales | 270,824 | 436,957 | 371,960 | 479,109 | 280.888 | 424,685 | 330,214 | 472.865 |
| SEK thousands | Note | April-June 2017 |
April-June 2016 |
January-June 2017 |
January-June 2016 |
July 2016- June 2017 |
Full-year 2016 |
|---|---|---|---|---|---|---|---|
| Net sales | 28,303 | 16,511 | 52,237 | 32,791 | 84.351 | 64,905 | |
| Other operating revenue | 166 | 99 | 393 | 2.260 | 2.097 | 3,964 | |
| Operating revenue | 28,469 | 16,610 | 52,630 | 35,051 | 86,448 | 68,869 | |
| Goods for resale | $-21$ | $-23$ | $-21$ | $-25$ | $-70$ | $-74$ | |
| Other external expenses | $-11,853$ | $-13.768$ | $-22,975$ | $-25.302$ | $-53.441$ | $-55,768$ | |
| Staff costs | $-9,651$ | $-10,409$ | $-18,477$ | $-18,445$ | $-34,645$ | $-34,615$ | |
| Depreciation/amortization of tangible/ | |||||||
| intangible non-current assets | $-314$ | $-558$ | $-631$ | $-1,085$ | $-1,780$ | $-2,234$ | |
| Other operating expenses | 10 | $-52$ | $-175$ | $-425$ | $-193$ | $-443$ | |
| Operating profit/loss | 6,640 | $-8,200$ | 10,351 | $-10,231$ | $-3,681$ | $-24,265$ | |
| Result from shares in subsidiaries | 6,470 | 6,470 | 47,800 | 54,270 | |||
| Net financial items | $-3,286$ | $-5,054$ | $-6,556$ | $-10,265$ | $-12,492$ | $-16,199$ | |
| Profit/loss after financial items | 3,354 | $-6,784$ | 3,795 | $-14,026$ | 31.627 | 13,806 | |
| Group contributions received | 39.047 | 39,047 | |||||
| Appropriations | 1,014 | 1,014 | |||||
| Profit/loss before tax | 3,354 | $-6,784$ | 3,795 | $-14,026$ | 71,688 | 53,867 | |
| Tax | $-877$ | $-877$ | |||||
| Profit/loss for the period | 3.354 | $-6,784$ | 3.795 | $-14.026$ | 70,811 | 52,990 | |
| Other comprehensive income | |||||||
| Total comprehensive income for the period | 3,354 | $-6,784$ | 3,795 | $-14.026$ | 70,811 | 52,990 |
| SEK thousands Note |
June 30 2017 |
June 30 2016 |
Dec 31 2016 |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets | 491 | 238 | 193 |
| Tangible non-current assets | 1,949 | 2,999 | 2,306 |
| $\overline{2}$ Long-term receivables |
10.700 | 8.000 | 10,700 |
| Deferred tax | 131 | 1,008 | 131 |
| Shares in Group companies | 353,181 | 354,724 | 353,181 |
| Total non-current assets | 366,452 | 366,969 | 366,511 |
| Current assets | |||
| Receivables from Group companies | 528.169 | 510,504 | 428,241 |
| Current receivables | 8,430 | 11,207 | 4,632 |
| $\overline{2}$ Investments |
1,605 | 28,499 | 26,167 |
| Cash & cash equivalents | 998 | 13,330 | |
| Total current assets | 538 204 | 551,208 | 472,370 |
| Total assets | 904 656 | 918,177 | 838,881 |
| Equity and liabilities | |||
| Equity | 104,185 | 83,672 | 150,687 |
| Untaxed reserves | 1.014 | ||
| $\overline{c}$ Bond Loan |
144,303 | 137,092 | |
| $\overline{2}$ Non-current liabilities credit institutions |
150,000 | ||
| Other non-current liabilities | 17 273 | 4,138 | 17,273 |
| Due to Group companies | 563,161 | 649,526 | 516,066 |
| Overdraft facility | 52,789 | ||
| Accounts payable | 1,746 | 1,345 | 2,777 |
| Other current liabilities | 15 502 | 34,179 | 14,986 |
| Total equity and liabilities | 904 656 | 918.177 | 838,881 |
| SEK thousands | January-June 2017 |
January-June 2016 |
Full-year 2016 |
|---|---|---|---|
| Opening balance | 150,687 | 147,872 | 147,872 |
| Distribution | $-50.297$ | $-50.297$ | $-50.297$ |
| Issuance of warrants | 68 | 68 | |
| Warrant premium convertible | 55 | 55 | |
| Total comprehensive income for the period | 3.795 | $-14.026$ | 52.990 |
| Closing balance | 104.185 | 83.672 | 150,687 |
NOTE 1 OTHER EXTERNAL EXPENSES
| Group | Parent Company | |||
|---|---|---|---|---|
| Jan-June | Jan-June | Jan-June | Jan-June | |
| SEK thousands | 2017 | 2016 | 2017 | 2016 |
| Cost of premises | 23,805 | 14.937 | 5.295 | 5.370 |
| Selling expenses | 16,672 | 20,510 | 1,237 | 1,523 |
| Marketing expenses | 19.672 | 16.631 | 8.858 | 8.874 |
| Administrative | ||||
| expenses | 15,887 | 12.674 | 6,316 | 6,768 |
| Other | 5,113 | 6.015 | 1,269 | 2,767 |
| Total | 81.149 | 70.767 | 22.975 | 25.302 |
Securities held for trading relate to investments in corporate bonds quoted on Nasdaq Stockholm and have been measured at their quoted prices. Forward exchange contracts are measured according to level 2 based on observable information as of the closing date with respect to exchange rates and market interest rates for the remaining maturities.
Net divestments in the company's portfolio of corporate bonds amounted to SEK 25.2 million in the first half of 2017.
| SEK thousands | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Securities held for trading | 1.605 | ||
| Derivatives held for trading | |||
| Net |
The carrying amount of financial instruments recognized at amortized cost corresponds to fair value as of June 30, 2017.
On December 8 Björn Borg signed an agreement to acquire all the shares in Baseline BV, the parent company of the distributor of underwear and sportswear in the Netherlands and Belgium. The Baseline Group consists of six legal entities with wholesale operations as well as retail operations through twelve Björn Borg concept and outlet stores.
The acquisition closed on January 2, 2017. Björn Borg is paying about SEK 7.2 million for all shares and shareholders' loans after disposing of net assets to the former owners relating to brands other than Björn Borg. The difference between the actual and preliminary acquisition price previously announced as approximately SEK 12 million (EUR 1.25 million) is the value of assets (primarily inventory and accounts receivables) unrelated to the Björn Borg brand, which on December 31, 2016 was higher than preliminarily estimated and was therefore deducted from the acquisition price. A portion of the acquisition price was paid on the closing day and the remainder falls due in the three subsequent financial years. The acquisition is financed with own funds. There are no earn-out payments.
Direct acquisition expenses amounted to about SEK 1.7 million and were charged to other external expenses in the fourth quarter.
The acquisition of the Benelux operations is an important step in accelerating the vertical integration of the Björn Borg operations and in line with the strategy to get closer to consumers and retailers. Proximity to consumers and retailers is expected to create more opportunities to generate growth for Björn Borg in Benelux in the long term. With respect to efficiencies, there are synergies mainly in procurement that are expected in the future.
Consolidating Baseline in the Björn Borg Group is estimated to increase annual net sales by SEK 100 million with marginal impact on EBIT, excluding short-term negative effects for 2017. In 2017 the Björn Borg Group's EBIT is expected to decline due to timing effects for revenues from the Benelux market as a consequence of accounting effects as wholesale and consumer sales are managed within the Björn Borg Group instead of by an external distributor. At the same time, from 2017 the earn-out payments to the former owner of the Björn Borg brand will discontinue, which is estimated to positively impact EBIT by SEK 21 million, largely compensating for the negative short-term effect from the acquisition of Baseline Group.
Net assets largely consist of inventory, receivables and tangible non-current assets comprising retail and office furniture and fixtures. The financial non-current assets largely consist of tax loss carry forwards. Acquired surplus values are attributable in their entirety to goodwill. Acquired goodwill is not tax deductible.
The table shows a preliminary acquisition analysis. This table has changed since the year-end report for 2016, as financial non-current assets have increased in Benelux by SEK 0.7 million. As a result, goodwill has declined by a corresponding amount, SEK 0.7 million.
| SEK thousands | Fair value |
|---|---|
| Preliminary acquisition price | 11,980 |
| Adjustment net assets | $-4.829$ |
| Acquisition price | 7,151 |
| Acquired net assets | |
| Intangible and tangible assets | 6,731 |
| Financial non-current assets | 12,630 |
| Inventory | 60.932 |
| Other short-term receivables | 8,701 |
| Long-term interest-bearing liabilities | $-20.547$ |
| Short-term non-interest-bearing liabilities | $-76,775$ |
| Total acquired assets and liabilities | $-8,329$ |
| Goodwill | 15,480 |
| Total net assets | 7,151 |
| Acquisition payments fall due as follows: | |
| 2017 | 1.764 |
| 2018 | 109 |
| 2019 | 1,688 |
| 2020 | 3,590 |
| Total acquisition payments | 7,151 |
The company presents certain financial measures in this interim report that are not defined according to IFRS. The company considers these measures to be valuable complementary information for investors and the company's management. Since not all companies calculate financial measures in the same way, they are not always comparable with measures used by other companies. Consequently, these measures should not be seen as a substitute for measures defined according to IFRS. For more on the calculation of these key financial ratios, see https://corporate.bjornborg.com/en/section/investors/ interim-reports/
Estimated total sales of Björn Borg products at the consumer level, excluding VAT, based on reported wholesale sales. Purpose: Shows the sales trend measured as retail value excluding VAT.
Total assets less non-interest-bearing liabilities and provisions.
Purpose: Capital employed measures capital use and efficiency.
Profit after tax in relation to the weighted average number of shares during the period.
Purpose: This indicator is used to assess an investment from an owner's perspective.
Earnings per share adjusted for any dilution effect. Purpose: This indicator is used to assess an investment from an owner's perspective.
Equity as a percentage of total assets. Purpose: This indicator shows financial risk, expressed as a share of total restricted equity financed by the owners.
Net sales less cost of goods sold divided by net sales. Purpose: Gross margin is used to measure operating profitability.
Net sales less cost of goods sold divided by net sales. Purpose: Gross profit margin before acquisitions is used to measure operating profitability adjusted for acquisition effects.
Liabilities less investments and cash & cash equivalents. Purpose: Net debt reflects the company's total debt situation.
Liabilities less investments and cash & cash equivalents divided by operating profit before depreciation/amortization. Purpose: This indicator shows the company's ability to pay debts.
Financial income less financial expenses. Purpose: Describes the company's financial activities.
Operating profit as a percentage of net sales. Purpose: The operating margin is used to measure operating profitability.
Profit before tax plus net financial items. Purpose: This indicator facilitates profitability comparisons regardless of the company's tax rate and independent of its financing structure.
Profit before tax as a percentage of net sales. Purpose: Profit margin shows the company's profit in relation to its sales.
Profit before tax (per rolling 12-month period) plus financial expenses as a percentage of average capital employed. Purpose: This indicator is the key measure to quantify the return on the capital used in operations.
Profit for the period/year attributable to the Parent Company's shareholders (for rolling 12 months) according to the income statement as a percentage of average equity. Average equity is calculated by adding equity at January 1 to equity at December 31 and dividing by two.
Purpose: This indicator is used to show, from an ownership perspective, the return generated on the owners' invested capital.
The Board of Directors and the CEO certify that the interim report provides a true and fair overview of the operations, financial position and results of the Parent Company and the Group and describes the material risks and uncertainties faced by the Parent Company and the companies in the Group.
Stockholm, August 17, 2017
Heiner Olbrich Chairman
Lotta de Champs Board member
Martin Bjäringer Board member
Mats H Nilsson Board member
Fredrik Lövstedt Board member
Christel Kinning Board member
Henrik Bunge $\mathsf{CEO}% \left( \mathcal{N}\right) \equiv\mathsf{Geo}(\mathcal{N})$
The interim report for January-September 2017 on November 16, 2017.
The year-end report for 2017 on February 23, 2018.
Financial reports can be downloaded from the company's website, www.bjornborg.com or ordered by telephone +46 8 506 33 700 or by e-mail [email protected].
Henrik Bunge, CEO E-mail: [email protected] Tel: +46 8 506 33 700
Daniel Grohman, CFO E-mail: [email protected] Tel: +46 8 506 33 700
The Group owns the Björn Borg trademark and its core business is sports apparel and underwear. It also offers footwear, bags and eyewear through licensees. Björn Borg products are sold in around thirty markets, of which Sweden and the Netherlands are the largest. The Björn Borg Group has operations at every level from branding to consumer sales in its own Björn Borg stores. Total sales of Björn Borg products in 2016 amounted to about SEK 1.6 billion, excluding VAT, at the consumer level. Group net sales amounted to SEK 631.6 million in 2016, with an average of 133 employees. The Björn Borg share has been listed on Nasdaq Stockholm since 2007.
The images in the interim report are from Björn Borg's high summer 2017 collection.
Björn Borg AB Tulegatan 11 SE-113 53 Stockholm, Sweden www.bjornborg.com
Björn Borg is required to make public the information in this interim report according to the EU's Market Abuse Regulation. The information was released for publication on August 18, 2017 at 07:30 am (CET).
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