presentation at axfood's 2010 agm
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TRANSCRIPT
Welcome to theAnnual General Meeting
2010
Anders StrålmanPresident and CEO
3
Another successful year for Axfood
• Stable growth: 32,378 Mkr (31 663) + 2.3%
• Positive operating profit: 1,128 Mkr (1 077)
• Operating margin: 3.5% (3.4)
4
We met the objectives in 2009
Profitability for Hemköp
Dividend to shareholdersof at least 50% of profit after tax
Equity ratio of at least25%
Operating profit of at least SEK 1 billion
Objectives 2009
Operating profit SEK 28 m
The board proposesdividend of SEK 10 per share - or 66% of net income quarter
Satisfied the solvency goaleach quarter
Operating profit SEK 1,128 m
Outcome
5
Hemköp
• Positive profit despite excludedrestructuring costs of SEK 46 m– Operating profit: SEK 28 m (-8)
• 2010: Focus on sales growth and improved profitability
6
Willys
• Continued solid performance – Operating profit: SEK 731 m (730)
• “Sweden’s cheapest bag of groceries”.
• 2010: Sales growth and 5 new stores
7
PrisXtra
• Not satisfying profitability– Operating profit: SEK 6 m (9)
• Reduced sales in two stores due to major roadworks
• 2010: Focus on improvingprofitability and growth
8
Axfood Närlivs
• Continued profitability despitefierce competition– Operating profit: SEK 132 m
(110)
• Axfood Snabbgross showedcontinued excellent sales performance
9
Dagab
• Excellent service levels, 96.8%
• Operating profit: SEK 147 m (138)
• Cooperation with the Vi RetailersAssociation was resumed in November
10
New business system
• To better support Axfood strategies
• The project runs for 5 years
• Total investment: SEK 500-600 m
11
Sustainable development
• New code of conduct
• New sustainability program – Reduce climate impact by
75% by 2020
12
Strong financial posistion
Q1 2006 – Q4 2009
0
400
800
1 200
1 600
2 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40
0,25
0,5
0,75
1
1,25Debt, short term, SEK m
Debt, long term, SEK m
Debt equity ratio mutiple
2006 2007 2008 2009
13
Dividend
• Policy: Dividends to shareholdersof at least 50% of profit after tax
• The Board proposes a dividend of SEK 10 per share (SEK 8)
14
Market trends 2010
• Continued high price competition
• Increased price consciousnessamong customers
• Price inflation remained low
15
Strategy for profitable growth
• Stimulate sales
• Continued strong cost control
• Pursue the development of our concepts
• Refine our strategy of pricing and product range
• Optimize store operations
• Further develop our private labels
16
Axfood 10 years on the stock market
0
250
500
750
1 000
1 250
-00 -01 -02 -03 -04 -05 -06 -07 -08 -09
Operating profit, SEK m
17
Objective 2010
Achieve an operating profitin line with 2009
Thank you for your attention!
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