http://www.sca.com/Q32011en SCA’s interim report for the period 1 January – 30 September 2011 has been published. Operating profit , excl. restructuring costs, decreased by 5% (decreased by 1% excl. exchange rate effects) to SEK 6,697m. Net sales decreased by 1% (increased by 6% excl. exchange rate effects and divestments) to SEK 79 001m. Earnings per share rose 2% (7% excl. exchange rate effects) to SEK 5.66.
http://www.sca.com/ir
http://www.facebook.com/SCA
http://www.twitter.com/SCAeveryday
http://www.youtube.com/SCAeveryday
http://www.sca.com/Q32011en SCA’s interim report for the period 1 January – 30 September 2011 has been published. Operating profit , excl. restructuring costs, decreased by 5% (decreased by 1% excl. exchange rate effects) to SEK 6,697m. Net sales decreased by 1% (increased by 6% excl. exchange rate effects and divestments) to SEK 79 001m. Earnings per share rose 2% (7% excl. exchange rate effects) to SEK 5.66.
http://www.sca.com/ir
http://www.facebook.com/SCA
http://www.twitter.com/SCAeveryday
http://www.youtube.com/SCAeveryday
SCA’s profit before tax, excluding restructuring costs, rose 9% (12% excluding exchange rate effects) to SEK 6,218m (5,724). Net sales decreased by 2% (excluding exchange rate effects, increased by 4%) to SEK 81,578m (83,350). Profit for the period, excluding restructuring costs, rose 10% to SEK 4,601m (4,179).
http://www.sca.com
Determinants of host susceptibility in aggressive periodontitis+Conference+Pr...Ricardo Benza
Conferencia: "Determinantes de la susceptibilidad del huèsped en la periodontitis agresiva". Programaciòn Acadèmica Anual de la Asociaciòn Peruana de Periodoncia y Osteointegraciòn. Prof. Ricardo Benza Bedoya DDS, Auditorio del Laboratorio Graxo Smith & Kline. Lima-Peru 2007
Exposición: El Paciente Terminal y la Muerte
Alumno: Ricardo Benza Bedoya
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Seminario de la Asignatura de Psicología Médica
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Lunes 23/V/2016
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Universidad de San Martín de Porres
SCA’s profit before tax, excluding restructuring costs, rose 9% (12% excluding exchange rate effects) to SEK 6,218m (5,724). Net sales decreased by 2% (excluding exchange rate effects, increased by 4%) to SEK 81,578m (83,350). Profit for the period, excluding restructuring costs, rose 10% to SEK 4,601m (4,179).
http://www.sca.com
Determinants of host susceptibility in aggressive periodontitis+Conference+Pr...Ricardo Benza
Conferencia: "Determinantes de la susceptibilidad del huèsped en la periodontitis agresiva". Programaciòn Acadèmica Anual de la Asociaciòn Peruana de Periodoncia y Osteointegraciòn. Prof. Ricardo Benza Bedoya DDS, Auditorio del Laboratorio Graxo Smith & Kline. Lima-Peru 2007
Exposición: El Paciente Terminal y la Muerte
Alumno: Ricardo Benza Bedoya
Año III - Ciclo V
Seminario de la Asignatura de Psicología Médica
Profesor: Dr. Augusto Velez Marcial
Médico Psiquiatra
Aula 11 - Pabellón B
Lunes 23/V/2016
Facultad de Medicina Humana
Universidad de San Martín de Porres
Una sintesi della strategia di comunicazione per una società di broker assicurativi. L'idea di fondo è riposizionare il ruolo e la figura dei broker, facendo crescere la cultura del risk management come fattore di competitività aziendale
Best Websites for History and Social Studies TeachersShmoop
Nate Gillespie and Brady Wood from Shmoop (http://www.shmoop.com) present great websites for History / Social Studies teachers and an introduction to Shmoop US History, Shmoop Civics, and other subjects on Shmoop.
Commercial Due Diligence Process PowerPoint Presentation SlidesSlideTeam
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how to sell pi coins in Canada, Uk and AustraliaDOT TECH
If you are interested in selling your pi coins in Canada, UK or any other country in the world, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇
@Pi_vendor_247
#pi network
#pi coins
#pi
#money
#passive income.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
is it possible to sell pi network coin in 2024.DOT TECH
If you are in urgent need to do something which requires money. And you want to sell your pi network coins. I would advise you sell a portion of it Not all , so you can still cash out big when it's launched later. I will leave the telegram contact of my personal pi vendor.
@Pi_vendor_247
National Financial Reporting Authority (NFRA)enjoydebbarma13
National Financial Reporting Authority (NFRA) is an independent regulator set up to overseas the auditing profession and accounting standard in India under the Companies Act 2013.
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when officially can i withdraw my pi Network coins.DOT TECH
When will I be able to sell my Pi coins?
Pi open mainnet is in 3years time that is 2026. So if you can't wait till then you can still sell your pi coins to Chinese investors looking forward to hold massive amounts of pi coins before mainnet launch in 2026.
You can't meet the investors directly you have to go through their vendors.
A pi vendor is someone who buys pi coins from miners and resell them to investors.
I have a vendor I sell pi coins to and I and my friends have sold more than 10k coins to him.feel free to telegram him if you want to sell.
@Pi_vendor_247
#pi network
#sell pi coins
#money
when officially can i withdraw my pi Network coins.
Interim report q2 2010
1. Interim Report Axfood AB – 1 January-30 June 2010
Interim Report Axfood AB (publ)
SECOND QUARTER SUMMARY
• Axfood's consolidated sales for the period April–June totalled SEK 8,583 m (8,216), an
increase of 4.5%.
• Retail sales for Group-owned stores rose 0.7% during the period. Like-for-like sales fell by
1.9%.
• Operating profit for the period was SEK 279 m (269).
• Profit after financial items for the period was SEK 270 m (258).
• Profit after tax for the period was SEK 199 m (190), and earnings per share were SEK
3.79 (3.63).
• Axfood Närlivs signed an agreement to acquire Reitan Servicehandel's cold storage distri-
bution centre in Stockholm. Axfood will take over operations on 1 October 2010.
• Axfood's goal for 2010 is to achieve an operating profit at least at the same level as in
2009.
IMPORTANT EVENTS AFTER THE REPORTING PERIOD
• A new, two-year cooperation agreement was signed between Axfood Närlivs and Preem.
Key ratios
Six months Six months Full year
SEK m Q2 2010 Q2 2009 Change, % Change, %
2010 2009 2009
Net sales 8,583 8,216 4.5 16,793 15,898 5.6 32,378
Operating profit 279 269 3.7 524 503 4.2 1,128
Operating margin, % 3.3 3.3 0.0 3.1 3.2 -0.1 3.5
Profit after financial items 270 258 4.7 505 479 5.4 1,082
Profit after tax 199 190 4.7 373 353 5.7 793
Earnings per share, SEK1 3.79 3.63 4.4 7.10 6.73 5.5 15.13
Cash flow per share, SEK -0.2 0.8 - -0.9 -2.1 57.1 0.1
Equity ratio, % - - - 32.9 30.7 2.2 36.7
Return on capital employed, % - - - 32.7 30.5 2.2 31.8
Return on shareholders' equity, % - - - 34.8 36.7 -1.9 32.4
Net asset value per share, SEK - - - 47.34 41.78 13.3 50.22
1) Before and after dilution.
For further information, please contact:
Anders Strålman, President and CEO, mobile +46-70-293 16 93.
Karin Hygrell-Jonsson, CFO, mobile +46-70-662 69 70.
Anne Rhenman-Eklund, Head of Investor Relations, +46-8-553 998 13, mobile +46-70-280 64 59.
1
2. Interim Report Axfood AB – 1 January-30 June 2010
CEO'S COMMENTS
Axfood continues to show stable earnings performance in a highly competitive market. On top of this,
industry statistics show a generally weak volume and price trend for the food retail market. Indications are
strong that consumers are giving priority to capital goods and restaurant visits. For many, considerably
higher electricity bills from the past winter have also affected their personal finances.
During the second quarter we had continued high activity in all operations, establishing or converting addi-
tional stores and carrying out numerous campaign activities.
Willys continues to show good earnings performance with a favourable operating margin, at the same time
that its market share has grown through more new stores. Willys also continues to defend its position as
"Sweden's cheapest bag of groceries". This was recently confirmed in an independent price study that has
been carried out and published. However, from the start of the quarter, like-for-like sales have been af-
fected by a generally weak trend in the industry, competitor establishment and own new establishment.
During the remainder of 2010, additional stores will be opened through new establishment or conversion
from Hemköp units.
Hemköp posted yet another quarter in the black, positive like-for-like sales performance and increasingly
stable operations. This is a result of the structural changes that were initiated in 2009. It can also be cred-
ited to the campaigns that we carried out during the spring, in line with Hemköp's new price strategy and
improved customer offer.
At PrisXtra, sales and profitability remain unsatisfactory. It is nevertheless our judgement that it will be
possible to achieve a positive operating result for the full year.
Axfood Närlivs has signed three new agreements – one covering the acquisition of Reitan Servicehandel's
cold storage distribution centre in Kungens kurva, a new five-year supply agreement with Reitan Service-
handel, and a new two-year agreement with the Preem service station chain.
As previously, Dagab is maintaining a very high level of quality in its delivery reliability and in June posted
its best delivery reliability performance ever, at 97.8%. The resumed collaboration with the Vi stores is also
proceeding very satisfactorily.
Much points to continued optimism among households, despite the risk for higher interest rates. At the
same time, we believe the market conditions will remain unchanged, with high price competition and price
conscious customers.
In line with our strategy, we are continuing to ensure profitable growth through greater efficiency and good
cost control. During the rest of 2010 we will maintain a high pace of establishment and change, further
develop our concepts, optimize store operations, refine our price and product range strategy, and stimulate
our sales performance.
Axfood's goal for 2010 is to achieve an operating profit at least at the same level as in 2009.
Anders Strålman
President and CEO
2
3. Interim Report Axfood AB – 1 January-30 June 2010
SALES, AXFOOD GROUP
Second quarter
Consolidated wholesale and retail sales for the Axfood Group totalled SEK 8,583 m (8,216) for the period,
an increase of 4.5%. Store sales for the Axfood Group (wholly owned stores and Hemköp franchises)
totalled SEK 7,021 m (7,013), an increase of 0.1%. Sales for Axfood-owned retail operations rose 0.7%
during the period, with a 1.9% drop in like-for-like sales.
Six months
Consolidated wholesale and retail sales for the Axfood Group totalled SEK 16,793 m (15,898) for the pe-
riod, an increase of 5.6%. Store sales for the Axfood Group (wholly owned stores and Hemköp franchises)
totalled SEK 13,863 m (13,651), an increase of 1.6%. Sales for Axfood-owned retail operations rose 2.0%
during the period, with a 0.2% increase in like-for-like sales.
Net sales per operating segment
Sex months Six months
SEK m Q2 2010 Q2 2009 2009
2010 2009
Hemköp 1,224 1,344 2,503 2,701 5,335
Willys 4,665 4,492 9,131 8,678 17,589
PrisXtra1 161 175 332 357 685
Axfood Närlivs1 1,491 1,468 2,784 2,722 5,611
Dagab 6,422 6,159 12,601 11,828 24,052
Other2 1,026 887 2,019 1,615 3,364
Internal sales
Dagab -5,424 -5,454 -10,645 -10,452 -21,049
Axfood Närlivs -6 -5 -12 -10 -19
Other -976 -850 -1,920 -1,541 -3,190
Total 8,583 8,216 16,793 15,898 32,378
1) On 1 January 2010, NetXtra was transferred from PrisXtra to Axfood Närlivs. The comparison figures have been adjusted by SEK 10 m for the
second quarter, by SEK 22 m for the half year, and by SEK 40 m for the full year 2009.
2) Includes joint-Group support functions, such as purchasing coordination, IT and corporate offices. The item “other” also includes charges for,
among other things, amortization of surplus value pertaining to the acquisition of PrisXtra. The increase in sales is attributable to higher internal
volumes for Fruits and Vegetables and for Centrally Packaged Meat.
Retail sales, own and franchise stores
Like-for-like Six months Like-for-like
SEK m Q2 2010 %1) sales, %1) 2010 % 1) sales, %1)
Hemköp 1,212 -8.8 1.6 2,477 -7.2 1.3
Hemköp franchises 983 -3.3 0.0 1,923 -1.2 0.8
Hemköp total 2,195 -6.4 0.9 4,400 -4.7 1.1
Willys total 4,665 3.9 -2.5 9,131 5.2 0.2
PrisXtra total 161 -8.0 -8.0 332 -7.0 -7.0
Total 7,021 0.1 -1.6 13,863 1.6 0.3
1) Percentage change compared with the corresponding period a year ago.
Change in store structure, six months 2010
New establish- Conversions
Dec. 2009 ment Acquisitions Sales/ closures to/from June 2010
Hemköp 72 -2 -5 65
Willys1) 147 4 3 5 159
PrisXtra 6 6
Total, Group-owned 225 4 3 -2 - 230
Hemköp franchises 86 -3 83
1)
Of which, Willys hemma 34 1 3 3 41
3
4. Interim Report Axfood AB – 1 January-30 June 2010
EARNINGS, AXFOOD GROUP
Second quarter
Operating profit for the period was SEK 279 m (269). The operating margin for the period was 3.3%
(3.3%). Net financial items totalled SEK -9 m (-11), and profit after financial items was SEK 270 m (258).
The margin after financial items was 3.1% (3.1%). Profit after tax was SEK 199 m (190).
Axfood has no significant transactions with related parties, other than transactions with subsidiaries.
Six months
Operating profit for the period was SEK 524 m (503). The operating margin for the period was 3.1%
(3.2%). Net financial items totalled SEK -19 m (-24), and profit after financial items was SEK 505 m (479).
Profit after tax was SEK 373 m (353).
Operating profit for the period, broken down by operating segment
Six months Six months
SEK m Q2 2010 Q2 2009 2009
2010 2009
Hemköp 10 -10 16 3 28
Willys 195 177 362 344 731
PrisXtra -3 3 0 3 6
Axfood Närlivs 34 38 48 54 132
Dagab 34 36 64 60 147
Other1 9 25 34 39 84
Operating profit for the period, total2 279 269 524 503 1,128
1) Includes joint-Group support functions, such as purchasing coordination, IT and corporate offices. The item “other” also includes charges for,
among other things, amortization of surplus value pertaining to the acquisition of PrisXtra.
2) Net financial items are not distributed per operating segment.
CAPITAL EXPENDITURES
Total capital expenditures during the period January–June amounted to SEK 454 m (319), of which SEK 4
m (3) pertained to acquisitions of businesses. In addition, SEK 219 m (138) pertained to investments in
non-current assets in retail operations, SEK 63 m (58) to investments in non-current assets in wholesale
operations, and SEK 89 m (93) to IT development.
FINANCIAL POSITION
Cash flow from operating activities for the first half of the year before paid tax was SEK 892 m (859). Paid
tax amounted to SEK -184 m (-164). Cash and cash equivalents held by the Group amounted to SEK 268
m, compared with SEK 316 m in December 2009. Interest-bearing assets amounted to SEK 268 m at the
end of the period, compared with SEK 316 m in December 2009. Interest-bearing liabilities and provisions
totalled SEK 1,060 m at the end of the period, compared with SEK 848 m in December 2009. Interest-
bearing net debt was SEK 792 m at the end of the period, compared with SEK 532 m in December 2009.
Payout of the shareholder dividend affected cash flow by SEK -525 m (-420), and net capital expenditures
affected cash flow by SEK -440 m (-292).
The equity ratio was 32.9%, compared with 36.7% as per December 2009.
Capital expenditures*, deprecia-
Equity ratio, % Debt-equity ratio, multiple
tion/amortization, SEK m
50 1.0 250
40 36.7 0.8 200
34.6
32.9
30.7 30.7 0.6
30 0.6 150
0.5 0.5
0.4
20 0.4 100
0.3
10 0.2 50
0 0.0 0
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Capital expenditures* Depreciation/
amortization
* Excluding goodwill
4
5. Interim Report Axfood AB – 1 January-30 June 2010
STORE OPERATIONS
Willys
Second quarter
Willys continues to show favourable earnings performance and defend its position as "Sweden's cheapest
bag of groceries". This has also been confirmed in an independent study of prices that was recently car-
ried out and published. Sales during the second quarter totalled SEK 4,665 m (4,492), an increase of 3.9%
compared with the same period a year ago. Like-for-like sales decreased by 2.5% during the period. Op-
erating profit for the second quarter was SEK 195 m (177), an increase of 10.2%. The operating margin
was 4.2% (3.9%).
The private label share as of June was 23.8% (24.4%) for Willys and 28.2% (28.5%) for Willys hemma.
To further strengthen its market presence, Willys maintained a high pace of establishment during the
second quarter, when two stores were converted from Hemköp to Willys, and two from Hemköp to Willys
hemma. In addition, two stores were acquired. An additional six stores were adapted during the second
quarter to the new generation of Willys. The renewal project currently covers 40 stores.
Six months
Willys' sales for the period January–June totalled SEK 9,131 m (8,678), an increase of 5.2% compared
with a year ago. Like-for-like sales increased during the same period by 0.2%. Operating profit for the first
half of the year was SEK 362 m (344), and the operating margin was 4.0% (4.0%).
During the first half of the year, three Willys stores and one Willys hemma store were established, three
Willys hemma stores were acquired, and five stores were converted from Hemköp, of which two to Willys
and three to Willys hemma. The Willys chain thereby consists of 159 wholly owned stores, of which 41 are
Willys hemma.
Sales, SEK m, and Key ratios
operating margin, %
6,000 8
Six Six
Q2 Q2 months months
7 SEK m 2010 2009 2010 2009 2009
5,000 4,665
4,492 4,384 4,527 4,466
6 Net sales 4,665 4,492 9,131 8,678 17,589
4,000
5
4.5 Change in like-for-like sales, % -2.5 4.0 0.2 2.2 1.7
4.2 4.2
3,000 3.9 4
3.7 Operating profit 195 177 362 344 731
3
2,000 Operating margin, % 4.2 3.9 4.0 4.0 4.2
2
1,000
Number of Group-owned stores - - 159 142 147
1
Average number of employees during
0 0 the period - - 3,161 3,104 3,110
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Private label share
(Willys/Willys hemma) - - 23.8/28.2 24.4/28.5 23.6/28.3
5
6. Interim Report Axfood AB – 1 January-30 June 2010
Hemköp
Second quarter
During the second quarter, Hemköp continued its structural programme but also followed up the price-
cutting campaign from the preceding quarter with a seasonal campaign. The outcome was positive in
terms of sales as well as in the increased number of customers. Like-for-like sales for Group-owned stores
increased by 1.6% during the period.
Sales for Hemköp's stores – both Group-owned and franchises – decreased by 6.4% during the second
quarter. Sales for Group-owned Hemköp stores totalled SEK 1,212 m (1,329) during the second quarter, a
decrease of 8.8%. Compared with the same period a year ago, total sales were negatively affected by
changes in store structure. Sales for franchise stores totalled SEK 983 m (1,017), a decrease of 3.3%, with
an unchanged movement in like-for-like sales.
Operating profit for the second quarter was SEK 10 m (-10). The operating margin for the period was
0.8% (-0.7). Profit for the comparison period was affected by SEK 18 m in costs for store closures.
Hemköp's loyalty card continues to grow, and by the end of the period 325,000 cards were in issue. The
loyalty card is a key part of a long-term effort to boost customer loyalty and thus sales and market shares.
Hemköp's private label share (incl. franchise stores) was 14.7% (14.6%) as of June.
During the second quarter, four stores were converted to Willys and Willy hemma, and four stores were
closed – two Group-owned and two proprietor-run.
Six months
Like-for-like sales for Group-owned stores rose 1.3% during the period.
Sales for Hemköp stores – both Group-owned and franchises – decreased by 4.7% during the period
January–June. Sales for Group-owned Hemköp stores totalled SEK 2,477 m (2,670) during the period, a
decrease of 7.2%.
Sales for franchise stores totalled SEK 1,923 m (1,946), a decrease of 1.2%, with a 0.8% rise in like-for-
like sales.
Operating profit for the period January–June was SEK 16 m (3). The operating margin for the period
was 0.6% (0.1%). Profit for the comparison period was affected by SEK 23 m in costs for store closures.
During the first half of the year, five stores were converted to Willys and Willy hemma, and five stores
were closed – two Group-owned and three proprietor-run. Hemköp had 148 stores at the end of the period,
of which 65 were Group-owned.
Sales, SEK m, and operating margin, % Key ratios
Six Six
2,000 2 Q2 Q2 months months
SEK m 2010 2009 2010 2009 2009
1.5 1.5
1,600 Net sales 1,224 1,344 2,503 2,701 5,335
1,344 1,358
1,279
1,224 1
Change in like-for-like sales, % 1.6 -3.6 1.3 -4.5 -2.7
1,200 0.8
1,276
0.5 Operating profit 10 -10 16 3 28
800 Operating margin, % 0.8 -0.7 0.6 0.1 0.5
0.0 0.0 0
Number of Group-owned stores - - 65 76 72
400 Average number of employees during
-0.5 the year - - 1,449 1,614 1,573
-0.7
Private label share - - 14.7 14.6 16.1
0 -1
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
6
7. Interim Report Axfood AB – 1 January-30 June 2010
PrisXtra
Second quarter
PrisXtra's sales totalled SEK 161 m (175) during the second quarter, a decrease of 8.0%. Like-for-like
sales decreased by 8.0% during the period. Operating profit for the second quarter was SEK -3 m (3), and
the operating margin was -1.9% (1.7%).
As previously, the two largest stores continue to be hurt by traffic re-routing and roadwork associated
with construction of the Norra länken motorway in Stockholm.
Six months
PrisXtra's sales totalled SEK 332 m (357) during the period, a decrease of 7.0%. Like-for-like sales de-
creased by 7.0% during the period. Operating profit for the period January–June was SEK 0 m (3), and the
operating margin for the period was 0.0% (0.8%).
Sales, SEK m, and operating margin, % Key ratios
Six Six
500 5
Q2 Q2 months months
4
SEK m 2010 2009 2010 2009 2009
400
Net sales 161 175 332 357 685
3
300
1.7 1.8 2 Change in like-for-like sales, % -8.0 -8.1 -7.0 -10.2 -9.4
1.2
200 175 173
1 Operating profit -3 3 0 3 6
0.6 171 161
0 Operating margin, % -1.9 1.7 0 0.8 0.9
155
100
-1
Number of Group-owned stores - - 6 6 6
Average number of employees
0 -1.9 -2 during the year - - 172 202 192
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
AXFOOD WHOLESALING
Dagab
Second quarter
Sales during the second quarter totalled SEK 6,422 m (6,159). Operating profit for the second quarter was
SEK 34 m (36), and the operating margin was 0.5% (0.6%). Implementation of Autoorder is continuing
according to plan, and the resumed collaboration with the Vi stores is proceeding very satisfactorily. In
June, Dagab posted the best delivery reliability performance ever, at 97.8%.
Six months
Dagab's sales for the period January–June totalled SEK 12,601 m (11,828). Operating profit for the period
was SEK 64 m (60), and the operating margin for the period was 0.5% (0.5%).
Sales, SEK m, and operating margin, % Key ratios
Six Six
8,000 4
Q2 Q2 months months
7,000 6,422 3.5 SEK m 2010 2009 2010 2009 2009
6,159 6,278 6,179
5,946
6,000 3 Net sales 6,422 6,159 12,601 11,828 24,052
5,000 2.5 Distributed sales 4,310 4,123 8,484 7,904 16,229
4,000 2 Operating profit 34 36 64 60 147
3,000 1.5 Operating margin, % 0.5 0.6 0.5 0.5 0.6
2,000 1 Average number of employees
0.8
0.6 0.6 during the period - - 927 907 902
1,000 0.5 0.5 0.5
Delivery reliability, % 97.4 97.0 97.3 96.6 96.8
0 0
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
7
8. Interim Report Axfood AB – 1 January-30 June 2010
Axfood Närlivs
Second quarter
Sales during the second quarter totalled SEK 1,491 m (1,468). Operating profit for the second quarter was
SEK 34 m (38), and the operating margin was 2.3% (2.6%). This represents good performance consider-
ing the relatively cold weather during the start of the quarter and the continued fierce competition. As ear-
lier in the year, the favourable sales performance for the cash and carry operation continues.
During the period, Axfood Närlivs signed an agreement to acquire Reitan Servicehandel's cold storage
distribution centre in Kungens kurva, outside Stockholm. The acquisition creates favourable conditions to
further strengthen and develop the company's position as a fast food wholesaler. In connection with the
acquisition, a new, five-year supply agreement was also signed with Reitan Servicehandel Sverige AB.
Axfood Närlivs also signed a new, two-year agreement with Preem, covering the supply of newsstand
items, retail food products and fast food solutions. The agreement takes effect on 1 January 2011.
Six months
Axfood Närlivs' sales for the period January–June totalled SEK 2,784 m (2,722). Operating profit for the
period was SEK 48 m (54), and the operating margin for the period was 1.7% (2.0%).
Sales, SEK m, and operating margin, % Key ratios
Six Six
2,000 4
Q2 Q2 months months
3.5 SEK m 2010 2009 2010 2009 2009
1,600 1,468 1,491
1,391 3 Net sales 1,491 1,468 2,784 2,722 5,611
1,293
2.6 1,498 Distributed sales 1,286 1,239 2,406 2,290 4,777
1,200 2.3
Operating profit 34 38 48 54 132
1.9 2
800 Operating margin, % 2.3 2.6 1.7 2.0 2.4
1.1 Axfood Snabbgross, no. stores - - 19 19 19
1
400 Average number of employees
during the year - - 642 607 625
0 0 Delivery reliability, % 97.7 97.1 97.7 97.3 97.4
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
8
9. Interim Report Axfood AB – 1 January-30 June 2010
SIGNIFICANT RISKS AND UNCERTAINTIES
In the course of its business the Axfood Group is exposed to operational, strategic and financial risks.
Operational and strategic risks include business and liability risks, among others, while financial risks in-
clude liquidity risk, interest rate risk and currency risk.
Axfood works continuously with risk identification and assessment. One of the most significant business
risks that Axfood has identified in its safety analysis work is a total loss, such as from a fire at one of the
central warehouses in Jordbro or Backa. Major emphasis is put on preventive work, and the organization
for this is well-developed, as is the Company's planning to maintain operating continuity in the event of
unforeseen events.
For a thorough account of the risks that affect the Group, please refer to the 2009 Annual Report.
ENVIRONMENTAL IMPACT
One of Axfood's strategic objectives is to actively conduct work for sustainable development. In the day-to-
day activities, sustainability aspects are integrated in purchasing as well as in logistics, transport, store
operations and waste handling. In 2009 Axfood adopted a new sustainability programme covering envi-
ronmental matters, social responsibility and animal welfare. Some of the areas covered include energy
savings, waste handling and shrinkage. In 2010, priority is being given to implementation of the new sus-
tainability programme. An overall target has been set to reduce the climate impact of the Group's opera-
tions by 75% by 2020. Another goal is to reduce energy use by 30% in the years immediately ahead.
During the period, Axfood changed over its electricity purchases to renewable sources. A more detailed
account of Axfood's work with environmental matters can be found in Axfood's 2009 Annual Report.
PARENT COMPANY
Other operating revenue for the Parent Company during the period January–June amounted to SEK 86 m
(83). After selling expenses, administrative expenses and other operating expenses, totalling SEK 115 m
(97), and SEK -4 m (-12) in net financial items, the result after financial items was SEK -33 m (-26). Capital
expenditures during the period totalled SEK 2 m (1).
The Parent Company's interest-bearing net debt was SEK 769 m at the end of the period, compared
with SEK 1,187 m in December 2009. The Parent Company has no significant transactions with related
parties, other than transactions with subsidiaries.
ACCOUNTING PRINCIPLES
Group
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The same
accounting policies and methods of calculation have been used as in the most recent annual report, ex-
cept for with respect to the points described below.
In order to prepare the financial statements in accordance with IFRS, the Board and Company man-
agement make estimations and assumptions that affect the Company's result and position as well as other
disclosures in general. These estimations and assumptions are based on historical experience and are
reviewed on a regular basis.
Effective 1 January 2010 the revised IFRS 3 Business Combinations took effect, along with the
amended IAS 27 Consolidated and Separate Financial Statements. The revised and amended standards
will only have prospective effects. In addition to IFRS 3 and IAS 27 are changes in IFRS 2 Share-based
Payment, IAS 32 Financial Instruments: Presentation – with respect to presentation of new issues – and
IAS 39 Financial Instruments: Recognition and Measurement, with respect to items that qualify for hedge
accounting. In addition to these changes are IFRIC 12 Service Concession Agreements, IFRIC 15 Agree-
ments on the Construction of Real Estate, IFRIC 16 Hedges of a Net Investment in a Foreign Entity, IFRIC
9
10. Interim Report Axfood AB – 1 January-30 June 2010
17 Distribution of Non-cash Assets to Owners, and IFRIC 18 Transfers of Assets from Customers. The
changes and IFRIC interpretations referred to here do not have any effect on the Axfood Group's state-
ments of comprehensive income, financial position, cash flows and changes in equity.
Parent Company
The same accounting policies and calculation methods as in the most recent annual report have been
used. The Parent Company reports in conformity with the Swedish Annual Accounts Act and recommen-
dation RFR 2.3 – Reporting for Legal Entities, issued by the Swedish Financial Reporting Board (RFR).
Application of RFR 2.3 entails that in interim reporting for legal entities, the Parent Company applies all
IFRSs and interpretations endorsed by the EU as far as practicable within the framework of the Swedish
Annual Accounts Act, the Pension Obligations Vesting Act, and taking into account the connection be-
tween accounting and taxation.
As is the case for the Axfood Group, the new and amended standards that took effect on 1 January
2010 have no effect on the Parent Company's income statement, balance sheet, cash flow statement or
shareholders' equity.
FORECAST
1
Axfood's goal for 2010 is to achieve an operating profit at least at the same level as in 2009 .
NEXT REPORTING DATE
The interim report for the period January–September 2010 will be presented on 26 October 2010.
PRESS RELEASES ISSUED DURING THE SECOND QUARTER
13 April 2010 Hemköp launches new seasonal concept
19 April 2010 Hemköp serves notice for 14 positions at head offices
20 April 2010 Interim Report Axfood AB (publ), for the period 1 January–31 March 2010
20 April 2010 Axfood presents sustainability programme with climate targets
11 May 2010 Axfood main partner of Save the Children Sweden
30 June 2010 Axfood Närlivs AB acquires Reitan Servicehandel Sverige AB's cold storage
distribution centre in Kungens kurva
1
Unchanged compared with preceding report.
10
11. Interim Report Axfood AB – 1 January-30 June 2010
This quarterly report gives a fair overview of the Parent Company's and Group's operations, financial posi-
tion and results of operations, and describes significant risks and uncertainties that the Parent Company
and companies included in the Group face.
Stockholm, 15 July 2010
Fredrik Persson Marcus Storch
Chairman Vice Chairman
Antonia Ax:son Johnson Peggy Bruzelius Maria Curman
Odd Reitan Annika Åhnberg
Sven-Erik Brandt* Ulla-May Iwahr Rydén* Lars Östberg*
Anders Strålman
President and CEO
* Employee representative
This interim report has not been reviewed by the Company's auditors.
11
12. Interim Report Axfood AB – 1 January-30 June 2010
FINANCIAL STATEMENTS, GROUP
Condensed statement of comprehensive income, Group
Six months Six months
SEK m Q2 2010 Q2 2009 2010 2009 2009
Net sales 8,583 8,216 16,793 15,898 32,378
Cost of goods sold -7,412 -7,076 -14,516 -13,723 -27,912
Gross profit 1,171 1,140 2,277 2,175 4,466
Selling/administrative expenses, etc. -892 -871 -1,753 -1,672 -3,338
Operating profit 279 269 524 503 1,128
Net financial items -9 -11 -19 -24 -46
Profit after financial items 270 258 505 479 1,082
Tax -71 -68 -132 -126 -289
Profit for the period 199 190 373 353 793
Other comprehensive income
Change in fair value of forward exchange con-
0 2 1 0 0
tracts
Change in fair value of available-for-sale financial
- - - - 4
assets
Tax attributable to components in other compre-
0 -1 0 0 -1
hensive income
Other comprehensive income for the period 0 1 1 0 3
Total comprehensive income for the period 199 191 374 353 796
Operating profit includes deprecia-
143 137 274 267 535
tion/amortization of
Earnings per share, SEK 3.79 3.63 7.10 6.73 15.13
12
13. Interim Report Axfood AB – 1 January-30 June 2010
Condensed statement of financial position, Group
SEK m Six months 2010 Six months 2009 2009
Assets
Goodwill 1,543 1,538 1,539
Interest-bearing receivables - 4 -
Other financial assets 32 28 30
Other non-current assets 2,280 2,084 2,118
Total non-current assets 3,855 3,654 3,687
Inventories 1,835 1,705 1,790
Accounts receivable – trade 680 564 539
Interest-bearing receivables - 13 -
Other current assets 918 990 841
Cash and bank balances 268 203 316
Total current assets 3,701 3,475 3,486
Total assets 7,556 7,129 7,173
Shareholders' equity and liabilities
Equity attributable to equity holders of the parent 2,484 2,192 2,635
Total shareholders' equity 2,484 2,192 2,635
Non-current interest-bearing liabilities 395 540 546
Noninterest-bearing non-current liabilities 207 203 204
Total non-current liabilities 602 743 750
Current interest-bearing liabilities 665 766 302
Accounts payable – trade 2,150 1,826 1,835
Other current noninterest-bearing liabilities 1,655 1,602 1,651
Total current liabilities 4,470 4,194 3,788
Total shareholders' equity and liabilities 7,556 7,129 7,173
Contingent liabilities 20 24 19
Pledged assets 17 1 14
13
14. Interim Report Axfood AB – 1 January-30 June 2010
Condensed statement of cash flows, Group
Six months Six months
SEK m 2010 2009 2009
Operating activities
Cash flow from operating activities before changes in working capital,
before paid tax 783 751 1,652
Paid tax -184 -164 -242
Changes in working capital 109 108 148
Cash flow from operating activities 708 695 1,558
Investing activities
Company acquisitions, net -6 -4 -6
Acquisitions of non-current assets, net -434 -292 -587
Change in financial non-current assets, net -1 - 13
Cash flow from investing activities -441 -296 -580
Financing activities
Change in interest-bearing liabilities 210 -88 -554
Dividend paid out -525 -420 -420
Cash flow from financing activities -315 -508 -974
Cash flow for the period -48 -109 4
Condensed statement of changes in equity, Group
SEK m Six months 2010 Six months 2009 2009
Amount at start of year 2,635 2,259 2,259
Total comprehensive income for the period 374 353 796
Dividend to shareholders -525 -420 -420
Amount at end of period 2,484 2,192 2,635
Key ratios and other data, Group
Six months 2010 Six months 2009 2009
Operating margin, % 3.1 3.2 3.5
Margin after financial items, % 3.0 3.0 3.3
Equity ratio, % 32.9 30.7 36.7
Debt-equity ratio, net, multiple 0.3 0.5 0.2
Debt-equity ratio, multiple 0.4 0.6 0.3
Interest coverage, multiple 26.3 18.7 22.2
Capital employed, SEK m 3,544 3,498 3,483
Return on capital employed, % 32.7 30.5 31.8
Return on shareholders' equity, % 34.8 36.7 32.4
Capital expenditures, SEK m 454 319 633
Earnings per share, SEK1 7.10 6.73 15.13
Dividend per share, SEK - - 10.00
Net asset value per share, SEK1 47.34 41.78 50.22
Cash flow per share, SEK1 0.9 -2.1 0.1
Number of shares outstanding1 52,467,678 52,467,678 52,467,678
Average number of employees during the year 6,802 6,837 6,816
The number of shares is the same before and after dilution. The average number of shares is the same as the number of shares
1)
outstanding. Axfood has no holdings of treasury shares.
Quarterly overview
Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Sales 7,934 8,144 7,682 8,216 8,049 8,431 8,210 8,583
Operating profit 284 277 234 269 335 290 245 279
Operating margin, % 3.6 3.4 3.0 3.3 4.2 3.4 3.0 3.3
Earnings per share, SEK1 3.66 3.79 3.10 3.63 4.57 3.83 3.31 3.79
Capital expenditures 123 219 135 184 120 194 204 250
The number of shares is the same before and after dilution. The average number of shares is the same as the number of shares
1)
outstanding. Axfood has no holdings of treasury shares.
14
15. Interim Report Axfood AB – 1 January-30 June 2010
FINANCIAL STATEMENTS, PARENT COMPANY
Condensed income statement, Parent Company
Six months Six months
SEK m Q2 2010 Q2 2009 2010 2009 2009
Net sales - - - - -
Selling/administrative expenses, etc. -19 -9 -29 -14 -26
Operating profit -19 -9 -29 -14 -26
Net financial items 0 -4 -4 -12 -20
Profit after financial items -19 -13 -33 -26 -46
Untaxed reserves - - - - 1
Profit before tax -19 -13 -33 -26 -45
Tax 5 4 9 7 11
Net profit for the period -14 -9 -24 -19 -34
Operating profit includes deprecia-
tion/amortization of 2 2 4 4 8
Profit for the period corresponds to comprehensive income for the period.
Condensed balance sheet, Parent Company
SEK m Six months 2010 Six months 2009 2009
Assets
Property, plant and equipment 6 12 9
Participations in Group companies 3 468 3 468 3 468
Other financial non-current assets 4 4 3
Deferred tax assets 10 10 10
Total non-current assets 3 488 3 494 3 490
Receivables from Group companies1 721 878 1 804
Interest-bearing receivables - 13 -
Other current assets 135 146 13
Cash and bank balances - - -
Total current assets 856 1 037 1 817
Total assets 4 344 4 531 5 307
Shareholders' equity and liabilities
Restricted shareholders' equity 262 262 262
Unrestricted shareholders' equity 2 535 2 265 3 084
Total shareholders' equity 2 797 2 527 3 346
Untaxed reserves 5 5 5
Non-current interest-bearing liabilities 31 181 180
Noninterest-bearing non-current liabilities 8 7 7
Total non-current liabilities 39 188 187
Current interest-bearing liabilities 629 733 264
Liabilities to Group compaines2 834 1 046 1 417
Accounts payable – trade 15 11 8
Other current noninterest-bearing liabilities 25 21 80
Total current liabilities 1 503 1 811 1 769
Total shareholders' equity and liabilities 4 344 4 531 5 307
Contingent liabilities 360 369 360
Pledged assets - - -
1) of which, interest-bearing receivables 720 876 659
2) of which, interest-bearing liabilities 829 962 1 402
15
16. Interim Report Axfood AB – 1 January-30 June 2010
Interest cover ratio: Profit after financial items plus
FINANCIAL DEFINITIONS
financial expenses, divided by financial expenses.
Average number of employees during the year:
Margin after financial items: Profit after financial
Total number of hours worked divided by the number
items as a percentage of net sales for the period.
of hours worked per year (1,920 hours).
Net asset value per share: Majority owner's share of
Capital employed: Total assets less noninterest-
shareholders' equity divided by the number of shares
bearing liabilities and noninterest- bearing provisions.
outstanding. For net asset value per share after the
Average capital employed is calculated as capital
dilutive effect, see “Earnings per share after dilution”
employed at the start of the period plus capital em-
above”.
ployed at the end of the period, divided by two.
Net debt: Cash and cash equivalents plus interest-
Cash flow per share: Cash flow for the year divided
bearing receivables less interest-bearing liabilities and
by a weighted average number of shares outstanding.
provisions.
For cash flow per share after the dilutive effect see
“Earnings per share after dilution” below. Net debt-equity ratio: Interest-bearing liabilities and
provisions less cash and cash equivalents and inter-
Debt-equity ratio: Interest-bearing liabilities divided
est-bearing receivables, divided by shareholders’
by shareholders’ equity including minority interests.
equity including minority interests.
Dividend yield: Dividend per share divided by the
Operating margin: Operating profit as a percentage
year-end share price.
of net sales for the period.
Earnings per share: Majority owner’s share of net
P/E multiple after dilution: Share price in relation to
profit for the year divided by a weighted average num-
earnings per share after dilution.
ber of shares outstanding.
P/E multiple before dilution: Share price in relation
Earnings per share after dilution: Majority owner’s
to earnings per share.
share of net profit for the period after tax, adjusted for
interest expenses after taxes pertaining to outstanding Return on capital employed: Profit after financial
convertibles, divided by a weighted average number of items, plus financial expenses, as a percentage of
common shares adjusted for the dilutive effect of average capital employed.
convertibles. The dilutive effect of convertibles con- Return on shareholders’ equity: Majority owner’s
sists of the number of shares that would be issued share of net profit for the period as per the income
upon full conversion. statement as a percentage of the majority owner’s
Equity ratio: Shareholders’ equity including minority share of average shareholders’ equity. Average share-
interests, as a percentage of total assets. holders’ equity is calculated as shareholders’ equity at
the start of the period plus shareholders’ equity at the
end of the period, divided by two.
Axfood AB conducts food retail and wholesale business in Sweden. Retail business is
conducted through the wholly owned store chains Willys, Hemköp and PrisXtra, comprising
230 stores in all. In addition, Axfood collaborates with 840 proprietor-run stores. Axfood has
an approximate 20% share of the food retail market in Sweden. Axfood is listed on Nasdaq
OMX Stockholm AB's Large Cap list.
Axfood AB, SE-171 78 Solna
Visitors' address: Hemvärnsgatan 9
Tel +46-8-553 990 00
Fax +46-8-730 03 59
info@axfood.se, www.axfood.se
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