Q4 and Full year Financial Presentation

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Information about Q4 and Full year Financial Presentation
Finance

Published on February 4, 2014

Author: cdon_group

Source: slideshare.net

Description

Slide presentation of Financial results for the fourth quarter and full year 2013

CDON GROUP FOURTH QUARTER AND FULL YEAR 2013 PAUL FISCHBEIN, PRESIDENT AND CEO NICOLAS ADLERCREUTZ, CFO

Highlights   •  Posi%ve  opera%ng  results  in  all  four  segments  and  three  of  four  segments  showed   sales  growth   •  Con%nued  strong  growth  within  Sports  &  Health  segment   •  Healthy  inventories  &  stronger  financial  posi%on   •  Launch  of  CDON.com’s  Marketplace   •  Launch  of  Nelly.com  on  new  markets   •  New  CEO  for  CDON.com  and  TreG.se     2  

FINANCIALS 3  

Summary  of  Q4   Entertainment   Fashion   Sport  &  Health   Home  &  Garden   Q4  13   Q4  12   Q4  13   Q4  12   Q4  13   Q4  12   Q4  13   Q4  12   Net  sales  (mn)   784.5   912.7   300.4   296.1   175.3   128.9   211.3   197.5   Growth  yoy   -­‐14.0%   18.2%   1.5%   21.1%   36.0%   32.8%   7.0%   14.7%   Sales    share   53.3%   59.2%   20.4%   19.2%   11.9%   8.4%   14.4%   12.8%   100.0%   100.0%   9.2   46.8   4.0   -­‐23.8   14.2   12.4   5.3   -­‐3.1   26.6   6.7   EBIT  margin   1.2%   5.1%   1.3%   -­‐8.1%   8.1%   9.6%   2.5%   -­‐1.6%   1.8%   0.4%   Visits  (mn)   35.8   35.5   29.7   32.3   4.2   3.5   4.1   3.8   73.8   75.0   Orders  (mn)   1.6   1.7   0.5   0.5   0.2   0.2   0.1   0.1   2.4   2.5   EBIT  (mn)   Q4  13   Q4  12   1  470.6   1  541.5   -­‐4.6%   19.9%   Note:  Excluding  non-­‐recurring  items  and  divested  opera%ons     4  

Income  Statement   2013     Q4  Comments   •  Q4  net  sales,  excluding  divested  opera%ons   and  currency  effects,  fell  by  2.1%  mainly   due  to  the  decline  within  the   entertainment  segment     •  Higher  gross  margin,  primarily  aaributable   to  the  Fashion  segment  and  significant   efficiency  measures  within  logis%cs   opera%ons     •  Financial  net  of  SEK  -­‐6.2  (-­‐8.1)  mn  mainly   represen%ng  interest  expense  from  the   conver%ble  bond  and  currency  effects   (SEK  million)   •  Tax  expense  of  SEK  -­‐4.7  (income  28.4)  mn   Basic  earnings  per  share  (SEK)     Net  Sales  *   Gross  profit  *   Gross  margin  (%)   Opera%ng  profit  *   Opera7ng  margin  *   2012     2013   2012   Oct-­‐Dec   1  470.6   Oct-­‐Dec   1  541.5   Jan-­‐Dec   4  416.9   Jan-­‐Dec   4  359.1   213.2   198.4   627.0   612.1   14.5%   12.9%   14.2%   14.0%   26.6   6.7   -­‐1.8   16.7   1.8%   0.4%   -­‐0.0%   0.4%   26.6   -­‐110.7   -­‐48.0   -­‐173.9   -­‐6.2   -­‐8.1   -­‐34.1   -­‐27.3   20.4   -­‐118.8   -­‐82.1   -­‐201.2   15.8   -­‐90.4   -­‐67.3   -­‐151.7   0.15   -­‐1.17   -­‐0.74   -­‐1.91   0.15   -­‐1.17   -­‐0.74   -­‐1.91     *  Excluding  divested  opera%ons  and  non-­‐recurring  items   Opera%ng  profit   Financial  Net   Income  before  tax   Net  income   Diluted  earnings  per  share   5  

Cash  Flow   •  Less  %ed  up  capital  in  inventories  and   receivables     •  Cash  flow  from  opera%ons  increased  to  SEK   138.0  (133.4)  mn     •  Net  inves%ng  ac%vi%es  of  SEK  -­‐15.1  (-­‐17.6)   mn  in  Q4       2013   Oct-­‐Dec   (SEK  million)   2012   Oct-­‐Dec   2013   Jan-­‐Dec   2012   Jan-­‐Dec   Cash  flow  from  opera%ng   ac%vi%es   Changes  in  working  capital   29.1   -­‐15.8   -­‐54.5   -­‐97.5   109.0   149.2   -­‐84.0   -­‐135.1   Cash  flow  from  opera%ons   138.0   133.4   -­‐138.6   -­‐232.6   Cash  flow  from/to  inves%ng   ac%vi%es   -­‐15.1   -­‐17.6   -­‐36.4   -­‐57.3   Cash  flow  from/to  financing   ac%vi%es   0.7   0.0   336.7   0.0   123.7   115.8   161.8   -­‐289.9   Change    in  cash  and  cash   equivalents  for  the  period           Cash  and  cash  equivalents  at  the   period's  start   Transla%on  difference   163.8   9.0   126.1   417.4   1.4   1.4   0.9   -­‐1.4   Cash  and  cash  equivalents  at  the   period's  end   288.9   126.1   288.9   126.1   6  

Financial  PosiIon   •  Inventory  levels  dropped  by  SEK  44  mn  during  the   quarter  to  SEK  525.2  (609.7)  mn     •  Cash  and  cash  equivalents  increased  to  SEK  288.9   (126.1)  mn     •  Net  cash  posi%on  of  SEK  57.2  (net  debt  posi%on   246.8)  mn   •  Lower  level  of  outstanding  payables   2013   31-­‐Dec   724.6   2012   31-­‐Dec   678.5   Inventories   525.2   609.7   Total  receivables   222.9   268.5   Cash  and  cash  equivalents   288.9   126.1   1  761.6   1  682.8   (SEK  million)   Total  non-­‐current  assets   Total  assets         Total  equity   690.9   266.4   Interest  bearing  liabili%es   231.7   373.0   Non-­‐interest  bearing  liabilites   839.0   1  043.4   1  761.6   1  682.8   Total  equity  and  liabili%es   7  

BUSINESS SEGMENTS 8  

Entertainment   •  Segment  sales  down  by  14.0%  y/y  in  Q4  and  by  9.7%  y/y   full  year     •  Sales  of  media-­‐related  products  con%nued  to  decline   OperaIng  development   2386   2500   •  Lekmer.com  con%nued  to  show  solid  growth  within  the   children’s  goods  and  toy  sector     •  Opera%ng  profit  of  SEK  9.2  (46.8)  mn  in  Q4  and  of  SEK     -­‐0.4  (102.3)  mn  full  year,  excluding  non-­‐recurring  items   •  Opera%ng  margins  of  1.2%  (5.1%)  in  Q4  and  of   -­‐0.0%  (4.3%)  full  year,  excluding  non-­‐recurring   items   8,0%   1500   1000   500   0   10,0%   913   6,0%   5,1%   47   4,3%   785   1,2%   9   102   4,0%   Margin   2000   SEK  (million)   •  Launch  of    CDON.com  Marketplace  in  Q4     •  The  segment’s  result  was  affected  by  costs  rela%ng  to  the   change  in  CEO  for  CDON.com  and  sell  out  of  computers   2155   2,0%   0   0,0%   -­‐0.0%   -­‐500   -­‐2,0%   Q4  2012   Net  Sales   Q4  2013   YTD  2012   Opera%ng  profit   YTD  2013   Opera%ng  margin     9  

Fashion     OperaIng  development   •  In  Q4,  Nelly.com  launched  a  French  language  version  of   Nelly.com  and  a  global  English  language  version,  which   exposed  Nelly  to  an  addi%onal  60  markets,  including  the   US  and  Australia   •  Opera%ng  profit  of  SEK  4.0  (-­‐23.8)  mn  in  Q4  and  of  SEK     -­‐16.0  (-­‐77.0)  mn  full  year,  excluding  divested  en%%es  and   non-­‐recurring  items   •  Opera%ng  margins  of  1.3%  (-­‐8.1%)  in  Q4  and  of   -­‐1.7%  (-­‐9.2%)  full  year,  excluding  divested  en%%es   and  non-­‐recurring  items   1000   1,3%   840   800   SEK  (million)   •  Excluding  currency  effects  and  divested  business,  sales     increased    by  3%  y/y  in  Q4  and  by  13%  y/y  full  year     •  Sales  of  private  label  products  accounted  for  33%  of  total   sales  in  the  fourth  quarter  and  31%  for  the  full  year   -­‐1,7%   600   400   933   296   300   0,0%   -­‐2,0%   -­‐4,0%   200   0   2,0%   Margin   •  Sales  increased  by  1.5%  y/y  in  Q4  and  by  11.0%  y/y  full   year,  excluding  divested  en%%es   -­‐6,0%   -­‐8.1%   -­‐24   4   -­‐200   Q4  2012   Net  Sales   Q4  2013   -­‐9,2%   -­‐16   -­‐77   YTD  2012   YTD  2013   Opera%ng  profit   -­‐8,0%   -­‐10,0%   Opera%ng  margin     10  

Sports  &  Health   •  Opera%ng  profit  of  SEK  14.2  (12.4)  mn  in  Q4  and  of  SEK   60.5  (47.3)  mn  full  year   •  Opera%ng  margins  of  8.1%  (9.6%)  in  Q4  and  of   8.9%  (9.5%)  full  year,  excluding  divested  en%%es   and  non-­‐recurring  items     1000   8,9%   9,5%   9,6%   8,1%   800   677   496   600   8,0%   6,0%   400   200   10,0%   Margin   •  The  broadening  of  private  label  products  con%nued   OperaIng  development   SEK  (million)   •  Sales  increased  by  36.0%  y/y  in  Q4  and    by  36.5%  y/y  full   year     •  The  segment  con%nued  to  strengthen  its  posi%on  in  all   markets   4,0%   129   12   175   47   14   61   0   2,0%   0,0%   Q4  2012   Net  Sales   Q4  2013   YTD  2012   Opera%ng  profit   YTD  2013   Opera%ng  margin     11  

Home  &  Garden   OperaIng  development   600   3,0%   2,0%   400   300   200   0,1%   211   198   -­‐2,2%   5   -­‐3   Q4  2012   Net  Sales   1,0%   0,0%   -­‐1,0%   -­‐1,6%   100   -­‐100   4,0%   2,5%   500   0     659   632   Margin   700   SEK  (million)   •  Sales  increased  by  7.0%  y/y  in  Q4  and  by  4.3%  y/y  full   year     •  The  increase  in  sales  in  the  segment  was  fuelled  by  sales   growth  within  both  TreG  and  Room21     •  Opera%ng  profit  of  SEK  5.3  (-­‐3.1)  mn  in  Q4  and  of  SEK     0.9  (-­‐13.7)  mn  full  year     •  Opera%ng  margins  of  2.5%  (-­‐1.6%)  in  Q4  and  of    0.1%  (-­‐2.2%)  full  year   1   -­‐14   Q4  2013   YTD  2012   Opera%ng  profit   -­‐2,0%   -­‐3,0%   -­‐4,0%   YTD  2013   Opera%ng  margin   12  

CDON  Group  LogisIcs   OperaIng  development   •  Break  even  in  Q4   •  As  of  the  third  quarter  2013  the  logis%cs  company  has   become  an  integral  part  of  each  en%ty  where  the   opera%onal  responsibility  now  lies  with  each  company     SEK  (million)   •  CDON  Group  Logis%cs’  result  will  not  be  reported   separately  going  forward   0   0   -­‐5   -­‐10   -­‐15   -­‐20   -­‐19   -­‐19   -­‐21   -­‐25   Q4  2012   Q4  2013   YTD  2012   YTD  2013   Opera%ng  profit   13  

Forward  looking  statement   •  Deliver  a  balanced  sales  growth  and  increased  market  shares,  especially  in   the  in  the  segments  Sports  &  Health  and  Fashion   •  Con%nue  to  focus  on  underlying  earnings  improvement     •  CDON.com  will  during  2014  con%nue  to  invest  in  the  transforma%on  to   become  the  leading  full-­‐range  e-­‐commerce  store   •  The  goal  for  the  Fashion  segment  in  2014  is  con%nued  growth,  par%cularly   through  investments  in  geographical  expansion   14  

THANK YOU! Next report: 24 April 2014 For further information, please visit cdongroup.com or contact ir@cdongroup.com, +46 40 703 20 00 Follow us on Twitter at twitter.com/cdongroup

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