Europris — Interim / Quarterly Report 2017

Nov 1, 2017

EUROPRIS ASA

Q3-17

HIGHLIGHTS

THIRD QUARTER 2017

• Group revenues increased 5.0 per cent to NOK 1,278 million (1,218 million)
• » 3.2 per cent like-for-like growth, better than the market of 1.9 per cent, but below our long term ambition
• • Adjusted net profit of NOK 65 million (69 million), down by 6.1 per cent
• • Strong cashflow following positive results from initiatives to reduce inventory
• • Several category and concept developments brought to market in the quarter with promising initial response
• • Gross margin in line with last year despite increasing campaign sales, driven by positive impact resulting from franchise takeovers

2

3

4

• Opex affected by increased number of directly operated stores compared with last year

(Figures for the corresponding period last year in brackets. The figures are unaudited. For non-IFRS figures (e.g. adjusted figures), see page 15 for definitions.

CONTENTS

HIGHLIGHTS THIRD QUARTER 2017
KEY FIGURES
PERIOD REVIEW

FINANCIAL REVIEW	6
FINANCIAL STATEMENTS	8
ALTERNATIVE PERFORMANCE MEASURES	15

KEY FIGURES

Figures are stated in NOK million	Q3 2017	Q3 2016	YTD 2017	YTD 2016	FY 2016
CHAIN KEY FIGURES
Total retail sales	1,378.2	1,309.6	4,083.7	3,794.9	5,524.8
Growth (%)	5.2%	5.4%	7.6%	7.3%	7.7%
Like-for-like sales growth (%)	3.2%	1.5%	4.6%	3.8%	4.1%
Total number of stores at end of period	245	238	245	238	239
- Directly operated stores	200	178	200	178	185
- Franchise stores	45	60	45	60	54
	Q3 2017	Q3 2016	YTD 2017	YTD 2016	FY 2016
GROUP KEY INCOME STATEMENT FIGURES
Sales directly operated stores	1,075.5	942.9	3 165.2	2,705.7	3,987.5
Sales from wholesale to franchise stores	180.8	250.2	564.2	703.1	993.1
Franchise fees and other income	21.6	24.4	64.5	72.6	104.6
Group revenue	1,277.9	1,217.6	3,793.9	3 481.4	5,085.2
% growth	5.0%	7.3%	9.0%	8.7%	9.8%
COGS excluding unrealised foreign exchange effects	740.2	707.0	2,200.1	2,006.9	2,901.2
Gross profit	537.8	510.6	1,593.8	1,474.4	2,184.0
% margin	42,1%	41,9%	42,0%	42,4%	42,9%
Opex	420.7	381.6	1,238.2	1,098.3	1,517.1
Nonrecurring items	-	-	-	-	-
Opex excluding nonrecurring items	420.7	381.6	1,238.2	1,098.3	1,517.1
% of group revenue	32.9%	31.3%	32.6%	31.5%	29.8%
Adjusted EBITDA	117.1	129.0	355.6	376.1	667.0
Adjusted EBIT	96.4	110.1	294.1	320.3	591.9
Adjusted profit before tax	85.1	91.9	253.6	272.5	548.9
Adjusted net profit	64.7	68.9	192.7	204.4	413.7
Adjusted earnings per share (167 million shares)	0.39	0.41	1.15	1.22	2.48
GROUP KEY CASH FLOW AND BALANCE SHEET FIGURES
Net change in working capital	104.9	(102.8)	(144.8)	(221.8)	(42.5)
Capital expenditure	17.9	16.8	74.3	65.2	89.9
Financial debt Cash			1,647.1 204.3	1.650.3 157.1	1,648.1 577.0

Net debt 1,442.8 1,493.2 1,071.1

PERIOD REVIEW

Group revenues increased 5.0 per cent to NOK 1,278 million (1,217 million) in the third quarter. Like-for-like growth came in at 3.2 per cent, better than the market benchmark of 1.9 per cent on a comparable basis.1

Gross margin in the third quarter was in line with the corresponding quarter last year, and ended at 42.1 per cent. There was a slight increase in the share of campaign sales in the quarter, mitigated by the expected positive effects resulting from franchise takeovers in the last twelve months.

The group has seen an increase of 22 directly operated stores resulting from franchise takeovers (15) and the opening of new stores (7) since the third quarter last year. This has led to a larger fixed cost base for the group, mainly driven by store personnel costs and rent. This has affected operating expenses in the quarter compared with last year.

SALES PERFORMANCE

Market performance so far this year has been relatively soft. The first half year showed growth of 0.3 per cent on a like-for-like basis, while the third quarter showed a somewhat improving trend. However, by the end of September performance is still moderate with a like-for-like growth of 1.1 per cent in the first nine months of 2017.¹

Europris beat the market benchmark of 1.9 per cent like-for-like growth in the third quarter.¹ Europris like-for-like sales in the period grew by 3.2 per cent vs. last year. The third quarter is less affected by large seasonal events that help drive sales, such as in the second and fourth quarters. In quarters with fewer seasonal events, the relative difference in performance compared with the market is less distinct.

Europris has implemented several initiatives to counteract this effect, such as integrated campaigns in order to drive additional traffic and the celebration of the group's 25th year anniversary this year.

There were several elements affecting group revenues during the quarter, in addition to the positive like-for-like growth. Sales from wholesale to franchise stores were temporarily impacted by the significant reduction in inventory achieved during the period. Management estimates that this accounts for approximately one percentage point reduction in group revenue growth for the period.

Also, the opening of new stores are back loaded this year compared to last year. Out of a total of eleven new stores in each of 2016 and 2017, the group plans to open five new stores in the fourth quarter this year, compared to one store in the fourth quarter last year.

OPERATIONAL REVIEW

Growing store estate

Europris opened one new store in the third quarter, at Reknes in the city of Molde.

New store openings

Month	Store	County
February	Gran	Oppland
March	Rælingen	Akershus
March	Brekstad	Sør-Trøndelag
April	Kokstad	Hordaland
April	Tasta	Rogaland
September	Reknes	Møre and Romsdal

At the end of September, the total number of stores in the chain was 245, comprising 200 directly operated and 45 franchise stores.

Concept and category development

The group continued its focus on category development in the quarter. Several new product launches were completed in the Small Textiles category. New brands such as Sloggi and Pierre Robert were introduced. The brands will complement existing brand Janus, as well as the group's own brands, bringing additional credibility and customer choice going forward.

Europris also introduced its new private label Paint within the Handyman category in September. The brand includes a series of ready-mixed paint of white and greyscale colours for use indoors. The introduction of Paint is a natural extension of the category following the launch of Harris paint brushes and painting equipment in 2015.

Within concept development, building on the group's increasing strength in pet food and accessories, a veterinarian, Leidulf Farstad, was introduced in September. Mr. Farstad will be available to answer questions from customers, in addition to becoming a spokesperson for the category. This will further support the group's brands and products in the space.

Inventory management

Measures to reduce excess inventory instore were implemented across the store portfolio (including franchise stores) following the second quarter. Significant progress was made in the third quarter, substantially reducing excess inventory. Annually, more than 85 per cent of the inventory held in the stores are sourced from the group's wholesale operation. As the stores worked on reducing their existing levels of inventory in the quarter, the wholesale operation experienced a natural reduction in demand for additional products. As such, group revenues were temporarily affected by lower sales from the wholesale operation to the franchise stores in the period.

FINANCIAL REVIEW

PROFIT AND LOSS - THIRD QUARTER

Group revenue in the third quarter of 2017 amounted to NOK 1,278 million (1,218 million), up by 5 per cent. The key drivers for revenue growth was like-for-like growth of 3.2 per cent for the chain, new store openings and franchise takeovers. Significant inventory reduction was achieved in the third quarter. This led to temporary lower sales from wholesale to franchise stores.

Gross profit for the group was NOK 538 million (511 million). The gross margin was 42.1 per cent in the third quarter of 2017, compared with 41.9 per cent in the same period last year. Franchise takeovers had a positive impact on gross margin, offset by a slight increase in campaign sales, which put pressure on the gross margin. The annual stocktaking in the stores is conducted in the third quarter, similar to previous years. Stronger dynamic inventory control resulted in a less positive impact on gross margin from the annual stocktaking this year compared with the third quarter in 2016.

Operating expenditure (opex) excluding nonrecurring items in the third quarter came to NOK 421 million (382 million). This represented an increase of 10.2 per cent from the same period last year. Opex was impacted by the increase in number of directly operated stores, which increased from 178 to 200 (up by 12.4 per cent). Relative to group revenue, operating expenses was 32.9 per cent (31.3 per cent). Some extra costs incurred related to certain planned operational initiatives, such as changed distribution from sea to road and increased focus on digital channels.

Adjusted EBITDA was NOK 117 million (129 million) in the third quarter, down by 9.2 per cent compared with last year. The Adjusted EBITDA margin was 9.2 per cent (10.6 per cent). The margin was impacted by an increase in operating expenses.

Adjusted profit before tax was NOK 85 million (92 million). The group recorded an unrealised loss of NOK 1 million on currency hedging contracts and on accounts payable in foreign currencies in the quarter. Last year, the group recorded an unrealised loss of NOK 10 million in the corresponding period.

Adjusted net profit for the third quarter of 2017 was NOK 65 million (69 million), down by 6.1 per cent.

PROFIT AND LOSS – YEAR TO DATE (01.01-30.09)

Group revenue for the first nine months of 2017 amounted to NOK 3,794 million (3,481 million), up by 9 per cent. The key drivers for revenue growth was the like-for-like performance of 4.6 per cent, opening of new stores and franchise takeovers.

Gross profit for the group was NOK 1,594 million (1,474 million). The gross margin was 42.0 per cent in the first nine months of 2017, compared with 42.4 per cent in the same period last year. The margin decrease is explained by more campaign sales, which had a negative effect on gross profit.

Opex excluding nonrecurring items in the first nine months came to NOK 1,238 million (1,098 million). This represented an increase of 12.7 per cent from the same period last year.

Relative to group revenue, operating expenses were 32.6 per cent (31.5 per cent). Opex were impacted by an increase in the number of directly operated stores. In additoin, opex were affected by planned operational initiatives related to change in distribution model (from sea to land) and focus on digital channels.

Adjusted EBITDA was NOK 356 million (376 million) in the first nine months, down by NOK 20 million compared with last year. The Adjusted EBITDA margin was 9.4 per cent (10.8 per cent). Adjusted EBITDA includes NOK 13.3 million in one-off costs related to franchise takeovers and celebration of 25th year anniversary. The one-off costs are not reported as nonrecurring.

Adjusted net profit for the first nine months of 2017 was NOK 193 million (204 million).

CASH FLOW

Net change in working capital in the third quarter was positive NOK 105 million (negative 103 million). The change is due to significantly lower inventory levels (following management initiatives), both in the stores and at the central warehouse. In addition, as the number of remaining franchise stores has been reduced, there was a positive impact from the reduction in trade receivables in the period.

Capital expenditure was NOK 74 million in the period that ended 30 September 2017 (65 million). The increase from last year is explained by investments of NOK 20 million related to the land area adjacent to the new warehouse in Moss, offset by fewer store relocations and fewer new store openings.

FINANCIAL POSITION AND LIQUIDITY

Financial debt was NOK 1,647 million at the end of the third quarter (1,650 million).

Cash for the group at 30 September 2017 were NOK 204 million (157 million).

The group's liquidity reserves are satisfactory and were unused at the end of the quarter.

Net debt at 30 September 2017 was NOK 1,443 million (1,493 million).

OUTLOOK

Management expects continued growth in long term revenue and profits.

Maintaining focus on the group's profit margin remains a key priority for Europris, initiated through constructive supplier negotiations and other cost saving initiatives.

The relatively disappointing performance in the third quarter has continued into the fourth quarter. The most important period is ahead of us. November and December combined account for approximately 75 per cent of total retail sales in the fourth quarter.²

There are no franchise takeovers planned in the fourth quarter this year.

The group plans to open an additional five stores before the end of the year. These openings will bring the total number of new stores to eleven for the full year.

At the end of the quarter, the pipeline of new stores for 2018 was sound. Nine new stores have been confirmed by the board so far, of which three are subject to zoning regulations.

Europris will disclose additional information regarding the positive effects of the new central warehouse at the group's fourth quarter results presentation, in February next year.

2 Based on average total retail sales in the last two years.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS

Figures are stated in NOK 1,000	Notes	Q3 2017	Q3 2016	YTD 2017	YTD 2016	FY 2016
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
Total operating income (group revenue)		1,277,917	1,217,589	3,793,892	3,481,382	5,085,205
Cost of goods sold (COGS)		741,339	717,311	2,210,247	2,023,536	2,903,030
Employee benefits expense		210,054	197,778	601,368	538,289	752,498
Depreciation	5	20,702	18,905	61,521	55,769	75,089
Other operating expenses		210,628	183,857	636,854	560,050	764,590
Operating profit		95,194	99,738	283,902	303,739	589,998
Net financial income (expense)		(10,097)	(7,836)	(30,334)	(31,213)	(41,052)
Profit before tax		85,096	91,902	253,568	272,525	548,946
Income tax expense		20,423	22,975	60,856	68,131	135,285
Profit for the period		64,673	68,926	192,711	204,394	413,661
Attributable to the equity holders of the parent		64,673	68,926	192,711	204,394	413,661
Interim condensed consolidated
statement of comprehensive income
Profit for the period		64,673	68,926	192,711	204,394	413,661
Total comprehensive income		64,673	68,926	192,711	204,394	413,661
Attributable to the equity holders of the parent		64,673	68,926	192,711	204,394	413,661

8

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Figures are stated in NOK 1,000	Notes	30 Sept 2017	30 Sept 2016	31 Dec 2016
		Unaudited	Unaudited	Audited
ASSETS
Total intangible assets	5	2,013,813	2,002,159	2,016,904
Total fixed assets	5	276,798	248,308	246,377
Total financial assets	6	25,300	3,142	2,233
Total non-current assets		2,315,911	2,253,609	2,265,515
Inventories		1,458,453	1,346,121	1,324,103
Trade receivables		166,354	242,518	203,346
Other receivables	6	66,246	64,558	66,539
Cash		204,304	157,078	576,964
Total current assets		1,895,357	1,810,275	2,170,952
Total assets		4,211,269	4,063,884	4,436,467
EQUITY AND LIABILITIES
Total paid-in capital		502,468	836,406	836,406
Total retained equity		1,064,677	662,699	871,966
Total shareholders' equity		1,567,145	1,499,105	1,708,372
Provisions		105,366	124,781	45,575
Borrowings	6	1,644,618	1,646,298	1,646,874
Other non-current liabilities	6	2,448	3,979	1,272
Total non-current liabilities		1,752,432	1,775,058	1,693,721
Accounts payable		505,529	548,057	555,651
Tax payable		44,659	15,471	145,446
Public duties payable		174,560	57,855	149,167
Other current liabilities	6	166,945	168,340	184,111
Total current liabilities		891,692	789,722	1,034,373
Total liabilities		2,644,124	2,564,780	2,728,095
Total equity and liabilities		4,211,269	4,063,884	4,436,467

Fredrikstad, 31 October 2017 THE BOARD OF DIRECTORS OF EUROPRIS ASA

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Figures are stated in NOK 1,000	Attributed to equity holders of the parent
	Share capital	Share premium	Retained earnings	Total equity
At 1 January 2017	166,969	669,437	871,966	1,708,372
Profit for the period	-	-	192,711	192,711
Dividend		(333,938)		(333,938)
Other comprehensive income	-	-	-	-
At 30 September 2017	166,969	335,499	1,064,677	1,567,145
(unaudited)

	Attributed to equity holders of the parent
	Share capital	Share premium	Retained earnings	Total equity
At 1 January 2016	166,969	903,193	458,305	1,528,467
Profit for the period	-	-	204,394	204,394
Dividend		(233,756)		(233,756)
Other comprehensive income	-	-	-	-
At 30 September 2016	166,969	669,437	662,699	1,499,105
(unaudited)

10

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Figures are stated in NOK 1,000	Notes	Q3 2017	Q3 2016	YTD 2017	YTD 2016	FY 2016
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
Cash flows from operating activities
Profit before income tax		85,096	91,902	253,568	272,525	548,946
Adjusted for:
Depreciation of fixed and intangible assets	5	20,702	18,905	61,521	55,769	75,089
Changes in net working capital		104,901	(102,838)	(144,763)	(221,829)	(42,517)
Income tax paid		66	-	(101,154)	(92,586)	(108,772)
Net cash generated from operating activities		210,765	7,968	69,171	13,879	472,746
Cash flows from investing activities
Purchases of fixed and intangible assets	5	(17,889)	(16,802)	(74,318)	(65,203)	(89,935)
Acquisition of franchise stores		(3,448)	-	(28,403)	(1,382)	(11,229)
Net cash used in investing activities		(21,337)	(16,802)	(102,720)	(66,584)	(101,164)
Cash flows from financing activities
Repayment of debt to financial institutions		(809)	(816)	(5,173)	(3,575)	(7.978)
Dividend		-	-	(333,938)	(233,756)	(233,756)
Net cash from financing activities		(809)	(816)	(339,111)	(237,332)	(241,734)
Net increase in cash		188,619	(9,650)	(372,660)	(290,038)	129,848
Cash at beginning of period		15,685	166,728	576,964	447,116	447,116
Cash at end of period		204,304	157,078	204,304	157,078	576,964

NOTE 1 CORPORATE INFORMATION

The interim condensed consolidated financial statements of Europris ASA and its subsidiaries (collectively, the group) for the third quarter and the nine months ended 30 September 2017 were authorised for issue by the board on 31 October 2017.

Europris ASA is domiciled in Norway. The group is a discount variety retailer with stores across Norway.

These condensed interim financial statements have not been audited.

NOTE 2 BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES

BASIS OF PREPARATION

The interim condensed consolidated financial statements for the third quarter and the nine months ended 30 September 2017 have been prepared in accordance with IAS 34 Interim Financial Reporting.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements at 31 December 2016.

NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the group's annual consolidated financial statements for the year ended 31 December 2016. New standards and interpretations effective at 1 January 2017 do not impact the annual consolidated financial statements of the group or the interim condensed consolidated financial statements of the group.

NOTE 3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of interim condensed financial statements requires management to make accounting judgements and estimates that impact how accounting policies are applied and the reported amounts for assets, liabilities, income and expenses. Actual results may differ from these estimates. The critical accounting estimates and judgements are consistent with those in the consolidated financial statements for 2016.

NOTE 4 SEGMENT INFORMATION

The group management is the group's chief operating decision-maker. Reporting to the group management, which is responsible for evaluating profitability and achivements, is on a consolidated basis that forms the basis for the group management's assessment of profitability at a strategic level. The group as a whole is therefore defined and identified as one segment.

NOTE 5 FIXED AND INTANGIBLE ASSETS

Figures are stated in NOK 1,000	Fixtures and fittings	Land	Software	Trademarks	Goodwill	Total
Carrying amount 1 January 2017	246,377	-	39,929	387,573	1,589,402	2,263,281
Acquisition of subsidiaries	4,680	-	-	-	9,704	14,384
Additions	43,507	20,481	10,479	-	-	74,466
Disposals	-	-	-	-	-	-
Depreciation	(38,247)	-	(23,274)	-	-	(61,521)
Carrying amount 30 September 2017	256,317	20,481	27,134	387,573	1,599,106	2,290,610

Figures are stated in NOK 1,000	Fixtures and fittings	Land	Software	Trademarks	Goodwill	Total
Carrying amount 1 January 2016	225,178	-	40,744	387,573	1,582,487	2,235,982
Acquisition of subsidiaries	1,307	-	-	-	3,532	4,839
Additions	55,633	-	9,783	-	-	65,416
Disposals	-	-	-	-	-	-
Depreciation	(33,810)	-	(21,959)	-	-	(55,769)
Carrying amount 30 September 2016	248,308	-	28,568	387,573	1,586,019	2,250,468

NOTE 6 FINANCIAL INSTRUMENTS - FAIR VALUE

Set out below is a comparison of the carrying amounts and fair values of financial assets and liabilities at 30 September 2017 and 31 December 2016:

Figures are stated in NOK 1,000	30 September 2017		31 December 2016
	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets
Loans and receivables
Non-current receivables	23,956	23,956	1,808	1,808
Total	23,956	23,956	1,808	1,808
Financial liabilities
Other financial liabilities
Borrowings	1,644,618	1,644,618	1,646,874	1,646,874
Total	1,644,618	1,644,618	1,646,874	1,646,874
Financial instruments measured at fair value through profit and loss
Derivatives - asset
Interest rate swaps	970	970	51	51
Foreign exchange forward contracts	604	604	7,450	7,450
Total	1,574	1,574	7,501	7,501
Derivatives - liabilities
Interest rate swaps	2,448	2,448	1,272	1,272
Foreign exchange forward contracts	4,647	4,647	261	261
Total	7,095	7,095	1,534	1,534

FAIR VALUE HIERARCHY

All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole, as follows:

• Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
• Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised at fair value on a recurring basis, the group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

All the group's financial instruments measured at fair value are classified as level 2.

Specific valuation methods being used to value financial instruments include:

• fair value of interest rate swaps is measured as the net present value of estimated future cash flows based on observable yield curves
• • fair value of foreign exchange forward contracts is measured by the net present value of the difference between the contractual forward rate and the forward rate of the currency at the balance sheet date, multiplied by the contractual volume in foreign currency.

FORWARD LOOKING STATEMENTS

The condensed interim report contains forward-looking statements, based on various assumptions. These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although Europris believes that these assumptions were reasonable when made, it cannot provide assurances that its future results, level of activity or performances will meet these expectations.

ALTERNATIVE PERFORMANCE MEASURES

APMs are used by Europris for annual and periodic financial reporting in order to provide a better understanding of Europris financial performance and are also used by management to measure operating performance. APMs are adjusted IFRS figures defined, calculated and used in a consistent and transparent manner.

• • Gross profit represents group revenue less the cost of goods sold excluding unrealised foreign currency effects.
• • Opex is the sum of employee benefits expense and other operating expenses.
• • EBITDA (earnings before interest, tax, depreciation and amortisation) represents Gross profit less Opex.
• • Adjusted EBITDA is EBITDA adjusted for nonrecurring expenses.
• • Adjusted profit before tax is net profit before tax adjusted for nonrecurring items.
• • Adjusted net profit is net profit adjusted for nonrecurring items.
• • Adjusted earnings per share is Adjusted net profit divided by the current number of shares (166,968,888).
• • Working capital is the sum of inventories, trade receivables and other receivables less the sum of accounts payable and other current liabilities.
• • Capital expenditure is the sum of purchases of fixed assets and intangible assets.
• • Net debt is the sum of term loans and financial leases less bank deposits and cash

OTHER DEFINITIONS

• • Directly operated store means a store owned and operated by the group.
• • Franchise store means a store operated by a franchisee under a franchise agreement with the group.
• • Chain means the sum of directly operated stores and franchise stores.
• • Like-for-like are stores which have been open for every month of the current calendar year and for every month of the previous calendar year.

Europris ASA Hjalmar Bjørges vei 105, P O Box 1421 NO-1602 Fredrikstad

switchboard: +47 971 39 000 email: ir@europris.no

www.europris.no