Annual Report • Jan 26, 2015
Annual Report
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| Earnings overview | October-December | January-December | |||
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | ||
| Net sales, SEK M | 695.4 | 633.2 | 3,547.2 | 3,216.4 | |
| Gross margin, percent | 32.5 | 32.6 | 31.1 | 30.7 | |
| EBIT, SEK M | 37.9 | 34.2 | 296.8 | 246.7 | |
| EBIT margin, percent | 5.4 | 5.4 | 8.4 | 7.7 | |
| Profit after tax, SEK M | 30.8 | 25.9 | 217.9 | 184.0 | |
| Earnings per share, SEK | 0.5 | 0.4 | 3.6 | 3.0 | |
| Return on equity, percent | 3.0 | 2.7 | 21.6 | 19.5 | |
| Cash flow from operating activities per share, SEK | -1.4 | -2.8 | 5.1 | 3.2 | |
| Shareholders´equity per share,SEK | 17.2 | 16.0 | 17.2 | 16.0 | |
| Numbers of stores at the end of the period | 112 | 105 | 112 | 105 | |
| New stores opened during the period | 0 | 0 | 7 | 11 |
1 Disclosures pertaining to non-recurring items can be found under EBIT on page 3.
Total sales increased 10 percent year-on-year. The strongest month of the quarter was December with the mild weather during the quarter having a positive impact on sales.
The gross margin for the quarter was in line with the year-earlier period. Overheads increased during the quarter, mainly due to the increase in the number of stores.
No new stores were opened during the quarter but one store was relocated. Byggmax opened seven new stores in 2014 and plans to open between seven and 13 stores in 2015.
Byggmax has a number of investment areas: expansion in Finland, the online store and services. In 2014, after depreciation and amortization, these areas resulted in a total charge of 2.1 percent on the EBIT margin. In other words, if these investments are disregarded, the EBIT margin would be 2.1 percent higher. We will continue to invest to grow and capture market shares in 2015. The aim is for the effect on the EBIT margin i 2015 to remain less than 3 percentage points.
Byggmax 2.0 is an updated store concept, with more articles and clearer communication, utilizing the same sales area and with improved sales control. The investment cost for converting a store is about SEK 1.7 M.
Byggmax 2.0 stores continue to deliver promising sales increases and improved gross margins following conversion. 15 stores were converted during the quarter and a total of 35 stores were converted during the year. In spring 2015, the plan is to convert another 20 to 30 stores.
During the quarter, the market trended slightly weaker in Norway and Sweden compared with 2014. In the Finnish market, uncertainty continues regarding economic developments.
Our continued capture of market shares in our categories confirms the strength of the Byggmax concept. With an extended network of stores, we reach increasing numbers of consumers in Sweden, Norway and Finland, and as a result of considerable cost awareness, we remain on the side of the customer, with an attractive range at very low prices.
Magnus Agervald President, Byggmax Group AB (publ)
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 has a resource-efficient organization with the majority of business activities managed centrally. Aside from the sales force, which is based in Byggmax stores, most business processes, including Byggmax's online sales, are managed functionwide across all stores by the head office in Solna, near Stockholm. Thus, there are no local offices – a feature that contributes to the efficiency and economies of scale that characterize the Byggmax concept.
The image above shows the number of stores that have the 2.0 concept and their proportion of the total number of stores.
In 2014, Byggmax opened seven new stores; four in Sweden, two in Norway and one in Finland. The diagram above shows how the store network has expanded since Byggmax was established in 1993.
The operation's net sales totaled SEK 695.4 M (633.2), up 9.8 percent. Operating revenue was SEK 700.3 M (634.9), up 10.3 percent. Net sales for comparable stores1 rose 3.7 percent in local currency. Net sales amounted to SEK 507.8 (457.4) in Sweden and SEK 187.6 M (175.8) in the other Nordic markets.
| The sales increase of 9.8 percent was divided according to the following: |
|
|---|---|
| Comparable stores, local currency, percent | 3.7 |
| Non-comparable units, percent | 5.5 |
| Exchange-rate effects, percent | 0.6 |
| Total, percent | 9.8 |
The Group opened zero (zero) new stores during the quarter. Accordingly, the total number of stores in the Group at December 31, 2014 was 112 (105).
EBIT amounted to SEK 37.9 M (34.2) M, corresponding to an EBIT margin of 5.4 percent (5.4). The gross margin was 32.5 percent, compared with 32.6 percent in the year-earlier period.
Personnel costs and other external expenses rose a total of SEK 14.3 M. The increase in expenses compared with the year-earlier period was mainly attributable to costs associated with new stores opened in 2014, amounting to SEK 9.5 M. The increase in costs during the quarter, other than for new stores, was attributable to expenses associated with the investments being made. This will also impact the costs in 2015.
Profit before tax amounted to SEK 39.3 M (30.6). Net financial items amounted to an profit of SEK 1.4 M (loss: 3.7). Net financial items for the quarter were positively impacted by exchange-rate effects of SEK 2.8 M (positive: 0.2).
Tax expense for the fourth quarter of 2014 totaled SEK 8.4 M (expense: 4.6).
The operation's net sales totaled SEK 3,547.2 M (3,216.4), up 10.3 percent. Operating revenue was SEK 3,559.4 M (3,223.0), up 10.4 percent. Net sales for comparable stores rose 3.8 percent in local currency. Net sales amounted to SEK 2,606.2 (2,363.0) in Sweden and SEK 940.9 M (853.4) in the other Nordic markets.
| The sales increase of 10.3 percent was divided according to the following: |
|
|---|---|
| Comparable stores, local currency, percent | 3.8 |
| Non-comparable units, percent | 6.4 |
| Exchange-rate effects, percent | 0.1 |
| Total, percent | 10.3 |
The Group opened seven (eleven) new stores during the year. Accordingly, the total number of stores in the Group at December 31, 2014 was 112 (105).
EBIT amounted to SEK 296.8 M (246.7) M, corresponding to an EBIT margin of 8.4 percent (7.7). The gross margin was 31.1 percent, compared with 30.7 percent in the year-earlier period. During the period, management renewed its assessment of the Group's obsolescence reserve, which gave rise to reversals of impairment losses on inventory amounting to SEK 8.7 M and resulted in a positive non-recurring effect in the first quarter of 2014, which in turn strengthened gross profit.
Personnel costs and other external expenses rose a total of SEK 58.1 M. The increase in expenses compared with the year-earlier period was mainly attributable to costs associated with new stores opened in 2014, amounting to SEK 55.7 M. The mild winter had a positive impact on electricity and snow removal costs, which resulted in a SEK 2.7 M reduction in expenses compared with the corresponding year-earlier period. Investments related to the conversion to Byggmax 2.0 will be capitalized as of January 1, 2014, see page 5 for information about depreciation periods.
Profit before tax amounted to SEK 283.2 M (237.9). Net financial items amounted to an loss of SEK 13.6 M (loss: 8.7). Net financial items for the year were negatively impacted by exchange-rate effects of SEK 3.3 M (positive: 6.5).
The tax expense for 2014 totaled SEK -65.2 M (expense: 53.9).
1A store is classified as comparable as of the second year-end after the store was opened. Stores that are relocated to new premises in existing locations are treated in the same manner.
Cash flow from operating activities for the period October to December was negative in an amount of SEK 82.7 M (negative: 167.6), up SEK 84.9 M year-on-year. Cash flow for the year rose SEK 118.6 M. At the end of the period, inventory totaled SEK 612.7 M (538.3), which was an increase of SEK 74.4 M year-on-year. Compared with the end of the year-earlier period, seven new stores were added and associated inventory amounted to SEK 33.5 M. Distribution inventory was SEK 14.3 M higher year-on-year.
At December 31, 2014, consolidated shareholders' equity amounted to SEK 1,047.6 M (970.0). The net debt of the Group was SEK 451.5 M (477.0), down SEK 25.5 M year-on-year. The equity/assets ratio amounted to 49.4 percent (49.9). Unutilized credits totaled SEK 99.2 M (78.7).
Investments during the fourth quarter amounted to SEK 49.0 M (14.8). Of these investments, SEK 2.4 M (4.4) pertained to investments in stores opened or stores to be opened during 2014 and SEK 4.6 M (2.5) to IT investments. Investments relating to the conversion of stores to the Byggmax 2.0 concept totaled SEK 21.7 M for the fourth quarter. Investments in 2014 totaled SEK 146.5 M (94.6). Of these investments, SEK 35.9 M (49.4) pertained to investments in stores opened during 2014 and SEK 12.0 M (11.8) to IT investments. Investments relating to the conversion of stores to the Byggmax 2.0 concept totaled SEK 50.4 M for 2014. The Group amended the estimated useful life of certain investments made in stores as of January 1, 2014. As a result, approximately 70 percent of the investment in the conversion to Byggmax 2.0 has a depreciation period of five years and 30 percent has a depreciation period of ten years.
Swedish Customs had previously decided to levy an additional charge on Byggmax with respect to customs and anti-dumping duties for 2010. In spring 2013, Swedish Customs reviewed the decision regarding customs and anti-dumping duties and reduced the overall amount by SEK 3.2 M. Following the review, the total amount is SEK 29.3 M. Byggmax has appealed parts of this decision. During autumn 2014 The Administrative Court set aside the decision by Swedish Customs on March 26, 2012 pertaining to charges for customs and anti-dumping duties. The Administrative Court also annulled the decision by Swedish Customs on April 12, 2012 to levy additional customs charges. The total value amounts to SEK 12.2 M, which has no impact on earnings for Byggmax. Byggmax are waiting for notification if Swedish Customs will appeal the judgment. Byggmax agreed on future compensation in a corresponding amount with the supplier that sold the products in question to Byggmax. Byggmax paid a total of SEK 23.2 M in customs and antidumping duties and exposure to the supplier amounts to SEK 20.1 M at December 31, 2014.
During 2014, 7 new stores were opened: Munkedal, Ullstämman (Linköping), Värmdö and Katrineholm in Sweden, Åsane (Bergen) and Tönsberg in Norway and Pirkkala in Finland. The stores in Jönköping and Hudiksvall in Sweden were relocated.
The following stores have been publicly announced and will be opened in 2015: Mariestad and Nacka in Sweden and Dröbak and Krokstad Senter (Drammen) in Norway.
The number of employees (converted to full-time equivalents) rose to 643 (581) at the end of the year.
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 2013. 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 comprises a holding company. The Parent Company's sales for the fourth quarter amounted to SEK 0.1 M (0.1) and SEK 0.3 M (0.3) for the year.Income after financial items was SEK 180.7 M (111.5) for the fourth quarter and SEK 170.0 M (100.0) for the full fiscal year. Earnings are impacted by an anticipated dividend of SEK 170 M (100).
No significant events have occurred since the end of the reporting period.
| Ownership | Number of shares |
Holding (%) |
|---|---|---|
| Nordea Investment Funds | 6,115,778 | 10.07 |
| Swedbank Robur fonder | 4,369,140 | 7.19 |
| SEB Bank Investment Management | 3,594,648 | 5,92 |
| Handelsbanken Fonder AB | 3,561,862 | 5.86 |
| Norges Bank Investment Management | 3,384,378 | 5.57 |
| JP Morgan Asset Management (UK) Ltd. |
3,035,975 | 5.00 |
| Schroder Investment Management North America, Inc. |
2,400,000 | 3.95 |
| Jarton Management (Göran Peterson) | 2,381,296 | 3.92 |
| Fjärde AP-fonden | 2,002,796 | 3.30 |
| Öresund Investment AB | 1,979,952 | 3.26 |
| Total of the ten major shareholders | 32,825,825 | 54,05 |
| Total other shareholders | 27,911,220 | 45,95 |
| Total at December 31, 2014 | 60,737,045 | 100.00 |
Byggmax's ability to create value through its business is impacted in the long and short term by various external and internal factors. A selection of these are listed below.
• 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.
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 2.16 of the Annual Report for 2013.
Amended estimated useful life of certain tangible assets The company has reviewed the useful life of the fixed assets of its stores and deemed certain fixed assets to have a useful life of ten years. The previous estimated useful life for these types of fixed assets was five years. This new ten-year depreciation method applies to investments made from January 1, 2014.
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 2013 fiscal year.
All of the figures listed above and below in parentheses refer to the corresponding period or date in the preceding year.
Stockholm, January 26, 2015
Magnus Agervald Presedent of Byggmax Group AB (publ)
This report has not been audited.
First quarter interim 2015 April 20, 2015 Second quarter interim 2015 July 15, 2015 Third quarter interim 2015 October 23, 2015
The 2014 Annual General Meeting will be held on May 5, 2015 in Stockholm, Sweden.
The Annual Report will be available on our website www.byggmax.com from the week beginning April 13, 2015.
| Amount in SEK M | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec | |
|---|---|---|---|---|---|
| Note | 2014 | 2013 | 2014 | 2013 | |
| Operating income | |||||
| Net Sales | 1 | 695.4 | 633.2 | 3,547.2 | 3,216.4 |
| Other operating income | 4.9 | 1.7 | 12.2 | 6.6 | |
| Total operating income | 700.3 | 634.9 | 3,559.4 | 3,223.0 | |
| Operating expenses | |||||
| Goods for sale | -469.4 | -426.8 | -2,443.6 | -2,227.6 | |
| Other external costs and operating expenses | -89.2 | -79.8 | -409.6 | -382.2 | |
| Personnel costs | -85.0 | -80.1 | -339.7 | -309.1 | |
| Depreciation, amortization of tangible and intangible fixed assets | -18.9 | -14.0 | -69.6 | -57.4 | |
| Total operating expenses | -662.4 | -600.7 | -3,262.6 | -2,976.3 | |
| EBIT | 37.9 | 34.2 | 296.8 | 246.7 | |
| Profit/Loss from financial items | 1.4 | -3.7 | -13.6 | -8.7 | |
| Profit before tax | 39.3 | 30.6 | 283.2 | 237.9 | |
| Income tax | -8.4 | -4.6 | -65.2 | -53.9 | |
| Profit/loss for the period | 30.8 | 25.9 | 217.9 | 184.0 | |
| Other comprehensive income for the period | |||||
| Items that will not be reversed in profit or loss | 0.0 | 0.0 | 0.0 | 0.0 | |
| 0.0 | 0.0 | 0.0 | 0.0 | ||
| Items that can later be reversed in profit or loss | |||||
| Translation differences | -4.5 | -1.3 | -0.6 | -6.7 | |
| Other comprehensive income for the period | -4.5 | -1.3 | -0.6 | -6.7 | |
| Total comprehensive income for the period | 26.4 | 24.6 | 217.3 | 177.3 | |
| Earnings per share before dilution, SEK | 0.5 | 0.4 | 3.6 | 3.0 | |
| Earnings per share after dilution, SEK | 0.5 | 0.4 | 3.6 | 3.0 | |
| Average number of shares, (thousands) | 60,737 | 60,737 | 60,737 | 60,737 | |
| Number of shares at the end of the period, (thousands) | 60,737 | 60,737 | 60,737 | 60,737 | |
| Amounts in SEK M Note |
December 2014 | December 2013 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | 1,082.6 | 1,081.4 |
| Tangible fixed assets | 267.4 | 194.0 |
| Financial fixed assets | 25.5 | 24.2 |
| Total fixed assets | 1,375.5 | 1,299.6 |
| Current assets | ||
| Inventories | 612.7 | 538.3 |
| Derivatives | 1.3 | 0.8 |
| Current receivables | 99.1 | 73.0 |
| Cash and cash equivalents | 30.9 | 33.1 |
| Total current assets | 744.0 | 645.2 |
| TOTAL ASSETS | 2,119.5 | 1,944.8 |
| Amounts in SEK M Note |
December 2014 | December 2013 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | 1,047.6 | 970.0 |
| LIABILITIES | ||
| Borrowing from credit institutions | 1.8 | 5.8 |
| Deferred tax liabilities | 95.6 | 78.4 |
| Long-term liabilities | 97.4 | 84.1 |
| Borrowing from credit institutions | 480.5 | 504.3 |
| Accounts payable | 370.4 | 284.7 |
| Current tax liabilities | 6.7 | 0.0 |
| Derivatives | 0.0 | 0.0 |
| Other liabilities | 29.1 | 24.9 |
| Accrued expenses and prepaid income | 87.8 | 76.7 |
| Current liabilities | 974.5 | 890.7 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 2,119.5 | 1,944.8 |
| Pledged assets - Shares in subsidiaries | 1,147.4 | 1,100.2 |
| Pledged assets - Chattel mortgages | 120.0 | 120.0 |
| Pledged assets - Blocked funds | 8.4 | 8.4 |
| Contingent liabilities | None | None |
| Amounts in SEK M | Note | December 2014 | December 2013 |
|---|---|---|---|
| Opening balance at the beginning of the period | 970.0 | 914.2 | |
| COMPREHENSIVE INCOME | |||
| Translation differences | -0.6 | -6.7 | |
| Profit for the period | 217.9 | 184.0 | |
| Total comprehensive income | 217.3 | 177.3 | |
| TRANSACTIONS WITH SHAREHOLDERS | |||
| Dividend to shareholders | -139.7 | -121.5 | |
| New share issue/share premium reserve | 0.0 | 0.0 | |
| Total transactions with shareholders | -139.7 | -121.5 | |
| Shareholders' equity at the end of the period | 1,047.6 | 970.0 |
| Amounts in SEK M | Oct - Dec | Oct - Dec | Jan - Dec Jan - Dec | |
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Cash flow from operating activities | ||||
| EBIT | 37.9 | 34.2 | 296.8 | 246.7 |
| Non-cash items | ||||
| - Depreciation/amortization of tangible and intangible fixed assets | 18.9 | 14.0 | 69.6 | 57.4 |
| - Other non-cash items | -0.6 | -1.2 | 1.4 | -2.7 |
| Interest received | 1.6 | 1.6 | 6.9 | 10.3 |
| Interest paid | -2.6 | -4.0 | -21.0 | -19.7 |
| Tax paid | -1.3 | -1.9 | -44.6 | -45.1 |
| Cash flow from operating activities before changes in working capital | 53.9 | 42.8 | 309.0 | 246.9 |
| Changes in working capital | ||||
| Increase/decrease in inventories and work in process | 21.7 | 14.8 | -78.3 | -72.5 |
| Increase/decrease in other current receivables | -12.2 | -1.7 | -20.5 | 1.3 |
| Increase/decrease in other current liabilities | -146.1 | -223.5 | 100.9 | 16.7 |
| Cash flow from operating activities | -82.7 | -167.6 | 311.1 | 192.5 |
| Cash flow from investing activities | ||||
| Investment in intangible fixed assets | -4.6 | -2.5 | -12.0 | -12.3 |
| Investment in tangible fixed assets | -44.4 | -12.3 | -134.5 | -82.3 |
| Divestment of tangible fixed assets | -0.5 | 0.0 | -0.6 | 0.0 |
| Investment in other financial fixed assets | 0.1 | 0.0 | 0.0 | 1.9 |
| Investment in subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 |
| Proceeds from sale of subsidiaries | 0.0 | 0.0 | 0.0 | 10.7 |
| Cash flow from investing activities | -49.3 | -14.8 | -147.1 | -82.1 |
| Cash flow from financing activities | ||||
| Change in overdraft facilities | 123.2 | 178.0 | -16.7 | 31.4 |
| Dividend to shareholders | 0.0 | 0.0 | -139.7 | -121.5 |
| Amortization of loans | -1.7 | -3.6 | -9.8 | -19.1 |
| Cash flow from financing activities | 121.5 | 174.4 | -166.2 | -109.2 |
| Cash flow for the period | -10.5 | -8.0 | -2.2 | 1.1 |
| Cash and cash equivalents at the beginning of the period1 | 33.0 | 32.7 | 24.7 | 23.6 |
| Cash and cash equivalents at the end of the period1 | 22.5 | 24.7 | 22.5 | 24.7 |
1 Note that cash and cash equivalents in the cash flow are adjusted for restricted bank funds SEK 8.4 M
| Amounts in SEK M | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec | |
|---|---|---|---|---|---|
| Note | 2014 | 2013 | 2014 | 2013 | |
| Operating income | |||||
| Operating income | 0.1 | 0.1 | 0.3 | 0.3 | |
| Total operating income | 0.1 | 0.1 | 0.3 | 0.3 | |
| Operating expenses | |||||
| Other external expenses | -1.0 | -0.8 | -4.9 | -3.6 | |
| Personnel costs | 0.3 | -0.5 | -0.4 | -0.8 | |
| Total operating expenses | -0.7 | -1.3 | -5.3 | -4.4 | |
| EBIT | -0.6 | -1.2 | -5.0 | -4.1 | |
| Profit from financial items | 181.3 | 112.7 | 175.0 | 104,1 | |
| Profit/loss before tax | 180.7 | 111.5 | 170.0 | 100.0 | |
| Tax on profit/loss | -2.4 | -2.5 | 0.0 | 0.0 | |
| Profit for the period | 178.4 | 109.0 | 170.0 | 100.0 |
The profit for the period corresponds with the comprehensive income for the period. The comprehensive income for the period corresponds with the profit for the period.
| Amounts in SEK M | Note | December 2014 | December 2013 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Financial fixed assets | 712.1 | 712.1 | |
| Total fixed assets | 712.1 | 712.1 | |
| Current assets | 183.8 | 116.6 | |
| Total current assets | 183.8 | 116.6 | |
| TOTAL ASSETS | 895.9 | 828.7 | |
| Amounts in SEK M | Note | December 2014 | December 2013 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 258.2 | 227.9 | |
| Current liabilities | 637.7 | 600.8 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 895.9 | 828.7 | |
| Pledge assets Contingent liabilities |
358.0 None |
358.0 None |
| Amounts in SEK M | Oct-Dec | Oct-Dec | Jan-Dec | Jan - Dec |
|---|---|---|---|---|
| Net sales | 2014 | 2013 | 2014 | 2013 |
| Nordic region | 695.4 | 633.2 | 3,547.2 | 3,216.4 |
The Group has only one identified operating segment, which is the Nordic segment.
No transactions occurred between Byggmax and related parties that could significantly impact the Company's position and results.
The 2011 and 2013 annual general meetings resolved to introduce warrants programs for senior executives and other key staff at Byggmax. The warrants were priced at market value, which was based on a valuation made by an independent party. Each warrant entitles its holder to subscribe for one share in the company at the exercise price shown in the table below. The participants of the warrants program have entered into a pre-emption agreement. The 2011 warrant program expired on October 16, 2014 and was not exercised since the share price was lower than the exercise price. The 2013 warrant program expires on November 11, 2017 and can be exercised from May 30, 2017.
| 2013 | |
|---|---|
| Total number | 600 000 |
| Price | 2,24 |
| Exercise price | 42,8 |
| Term | 4,5 |
| Number of participants | 27 |
| Q 1 | Q 2 | Q 3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2014 | |
| Net Sales, SEK M | 451.4 | 958.0 | 1,093.1 | 587.9 | 431.9 | 976.0 | 1,175.2 | 633.2 | 487.0 | 1,136.7 | 1,228.1 | 695.4 |
| Gross margin, percent | 29.3 | 28.7 | 30.6 | 32.4 | 29.9 | 29.4 | 31.2 | 32.6 | 34.1 | 28.9 | 31.1 | 32.5 |
| EBIT, SEK M | -9.6 | 64.6 | 161.5 | 35.8 | -27.4 | 69.9 | 170.0 | 34.2 | -11.3 | 95.1 | 175.0 | 37.9 |
| EBIT margin, percent | -2.1 | 6.7 | 14.8 | 6.1 | -6.4 | 7.2 | 14.5 | 5.4 | -2.3 | 8.4 | 14.3 | 5.4 |
| Working capital, SEK M | 74.5 | -175.5 | 7.0 | 179.2 | 96.5 | -98.5 | 5.6 | 224.9 | 184.3 | -129.4 | 72.9 | 217.8 |
| Return on equity, percent | -1.6 | 5.4 | 13.8 | 4.0 | -2.6 | 5.9 | 14.8 | 2.7 | -1.4 | 7.7 | 13.6 | 3.0 |
| Cash flow from operating activities | ||||||||||||
| per share, SEK | 1.7 | 5.0 | -0.9 | -2.2 | 0.9 | 4.4 | 0.6 | -2.8 | 0.8 | 6.6 | -0.9 | -1.4 |
| Shareholders' equity per share3 , SEK |
13.7 | 12.6 | 14.4 | 15.1 | 14.6 | 13.5 | 15.6 | 16.0 | 15.8 | 14.6 | 16.8 | 17.2 |
| Number of stores | 88 | 92 | 94 | 94 | 95 | 100 | 105 | 105 | 107 | 110 | 112 | 112 |
The fair value of financial liabilities and assets is estimated as equal to their carrying amounts. All external loans have an interest period of three months, meaning that the carrying amount closely corresponds to fair value.
Byggmax only holds derivative instruments measured at fair value in its financial statements. These instruments are measured at fair value in profit or loss. The value of the derivative instruments is based on observable data for the asset or liability, i.e. level 2. No reclassifications between the various levels took place during the fiscal year.
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 January 26, 2015.
| Ratios Cash flow from operating activities per share: |
Definition Cash flow from operations in relation to the number of shares outstanding at the balance-sheet date |
|---|---|
| Earnings per share: | Profit after tax in relation to the number of shares outstanding at the end of the accounting period |
| EBIT margin: | EBIT/net sales |
| Equity/assets ratio: | Shareholders' equity/total assets |
| Return on equity | Earnings after tax divided by average equity |
| Shareholders' equity per share: | Shareholders' equity divided by the number of shares on the balance-sheet date |
| Working capital: | Working capital assets (inventories, current receivables) less working capital liabilities (accounts payable, current tax liabilities, other liabilities, accrued expenses and prepaid income) |
| Definition of market specific ratios and figures |
| Ratios | Definition |
|---|---|
| Comparable stores: | A store is classified as comparable as of the second year-end after the store was opened. Stores that are relocated to new premises in existing locations are treated in the same manner. |
| Gross margin: | (Net sales less goods for sale) in relation to net sales |
For further information, please contact the following individuals by telephone at + 46 (0)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
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