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EKORNES ASA 1 st Quarter 2008 1. kvartal 2008 1 st Quarter.

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Presentation on theme: "EKORNES ASA 1 st Quarter 2008 1. kvartal 2008 1 st Quarter."— Presentation transcript:

1 EKORNES ASA 1 st Quarter 2008 1. kvartal 2008 1 st Quarter

2 2 Ekornes Q1 - Headlines: Strong start in important markets: –CE: Order influx up 26.4%, revenues op 11.2% in local currency –USA: Order influx up 39.8%, revenues up 16.9% in local currency. Influenced positive by Easter and raised prices as from April Customer confidence uncertain and negative in most markets – Germany important exception Order book record high – NOK 362 mill end of April (NOK 239 mill in 2007). USA shorter horizon Foreign exchange and raw material prices challenging Stressless® - Capacity to be increased further in Q2 by 50 – aiming 1,750 seats per day end Q2 Ekornes® Collection – Model range taken down to four models – supplementary to Stressless® sofa Mattresses – Development unsatisfactory – Lost market shares through winter sales period in Norway 1. kvartal 2008 1 st Quarter

3 3 Development in Operating Revenue: 1. kvartal 2008 1 st Quarter

4 4 Development in Operating Revenue: 1. kvartal 2008 1 st Quarter

5 5 Distribution of turnover by product area (mill.NOK): 1. kvartal 2008 1 st Quarter

6 6 Distribution of turnover product area Stressless®: (Mill. NOK) 1. kvartal 2008 1 st Quarter

7 7 Contribution margin by product areas: 1. kvartal 2008 1 st Quarter

8 8 Development in relative factors: 1. kvartal 2008 1 st Quarter

9 9 Development in direct salaries at the factories: (Based on factory price, year-end bonus not included) 1. kvartal 2008 1 st Quarter

10 10 Total contribution and operating margin : 1. kvartal 2008 1 st Quarter

11 11 1. kvartal 2008 1 st Quarter 11 Development in Pre-tax margin (EBT) and Operating result (EBIT):

12 12 1. kvartal 2008 1 st Quarter Development in Pre-tax margin (EBT):

13 13 Development EPS fully diluted (Figures in NOK) : *EPS for 2003 is calculated based on the same number of shares as 2004, 2005, 2006 and 2007. 1. kvartal 2008 1 st Quarter

14 14 Income Statement (mill. NOK) : Q1/08Q1/07Changes Operating revenues676.5100.0%669.6100.0%1.0% Materials175.826.0%158.123.6%11.2% Salaries and social costs196.129.0%186.827.9%5.0% Other operating expenses177.826.3%177.526.5%0.1% Depreciation25.83.8%23.93.6%8.1% Total operating costs575.585.1%546.381.6%5.3% Operating result101.014.9%123.318.4%-18.1% Net financial income/expenses Profit/loss currency exchange 1.1 0.2% -0.2% 0.8 -0.1 0.1% 0.0% Ordinary result before taxes101.114.9%124.018.5%-18.5% Calculated taxes ordinary result-30.84.5%-39.25.8%-21.4% Ordinary result after taxes70.310.4%84.812.7%-17.1% EPS1.912.30 1. kvartal 2008 1 st Quarter

15 15 Income Statement – 1 APRIL/ 31 MARCH (mill. NOK) : 20082007Changes Operating revenues2,580.5100.0%2,525.6100.0%2.2% Materials664.525.7%580.323.0%14.5% Salaries and social costs710.227.5%707.028.0%0.4% Other operating expenses665.325.8%631.725.0%5.3% Depreciation97.83.8%91.93.6%6.4% Total operating costs2,137.782.8%2,010.979.6%6.3% Operating result442.817.2%514.720.4%-14.0% Net financial income/expenses Profit/loss currency exchange 3.0 -24.6 0.1% -1.0% 2.0 -13.2 0.1% -0.5% Ordinary result before taxes421.216.3%503.519.9%-16.3% Calculated taxes ordinary result-125.74.9%156.76.2%-19.8% Ordinary result after taxes295.511.4%346.813.7%-14.2% EPS8.029.42 1. kvartal 2008 1 st Quarter

16 16 Q1/08Q1/07CHANGES Total Long Term Assets914.8812.012.7% Inventories232.8223.24.3% Trade Debtors359.5392.6-8,4% Other Current Assets29.729.31.4% Value of forward contracts71.028.4150.0% Cash and Bank Deposits202.2333.5-39.4% Total Current Assets895.21,007.0-11.1% TOTAL ASSETS1,810.01,819.0-0.5% Total Equity1,322.11,285.02.9% Provisions and Commitments33.826.428.0% Long Term Liabilities (interest)38.146.9-18.8% Trade Creditors120.6101.818.5% Taxes, VAT and national insurance90.0153.2-41.3% Other current liabilities205.4205.7-0.1% Total Liabilities487.9534.0-8.6% TOTAL EQUITY AND LIABILITIES1,810.01,819.0-0.5% Balance Sheet (mill. NOK) : 1. kvartal 2008 1 st Quarter

17 17 Balance Sheet (mill. NOK) : 1. kvartal 2008 1 st Quarter Q1/08Q4/07CHANGES Total Long Term Assets914.8901.113.7 Inventories232.8213.119.7 Trade Debtors359.5371.8-12.3 Other Current Assets29.734.4-4.7 Value of forward contracts71.087.0-16.0 Cash and Bank Deposits202.2208.26.0 Total Current Assets895.2914.5-19.3 TOTAL ASSETS1,810.01,815.6-5.6 Total Equity1,322.11,265.456.7 Provisions and Commitments33.837.7-3.9 Long Term Liabilities (interest)38.140.6-2.5 Trade Creditors120.6109.211.4 Taxes, VAT and national insurance90.0152.0-62.2 Other current liabilities205.4210.7-5.3 Total Liabilities487.9550.2-62.3 TOTAL EQUITY AND LIABILITIES1,810.01,815.6-5.6

18 18 EQUITY Q1/08Q1/07 2007 EQUITY AT START OF PERIOD1,265.41,159.5 Profit of the year70.384.8310.0 Dividend paid out---276.2 Purchase of own shares--7.9 Sale of own shares-22.822.9 Translation differences and other-2.12.7-5.0 Change value of forward contracts-11.523.162.1 EQUITY AT END OF PERIOD1,322.11,285.01,265.4 1. kvartal 2008 1 st Quarter

19 19 Development in cash-flow and bank deposits (Mill.NOK) : 1. kvartal 2008 1 st Quarter

20 20 Development in Total Capital, Net-working Capital and Equity (mill. NOK) 1. kvartal 2008 1 st Quarter

21 21 Cash Reserve (million NOK) : 1. kvartal 2008 1 st Quarter

22 22 Development in Operating Revenue per market (million NOK) 1. kvartal 2008 1 st Quarter

23 23 1. kvartal 2008 1 st Quarter Development in Operating Revenue per market (million NOK)

24 24 Coming events: 14 August 2008: Announcement of Q2/08 result 15 August 2008: Presentation of Q2/08 result 06 November 2008: Announcement of Q3/08 result 07 November 2008: Presentation of Q3/08 result 1. kvartal 2008 1 st Quarter

25 25 Questions? 1. kvartal 2008 1 st Quarter

26 26 1. kvartal 2008 1 st Quarter Largest shareholders (06.05.2008) 1.State Street Bank, USA 10.30% 2.Folketrygdfondet, NOR 9.72% 3.Nordstjernan AB, SWE 6.92% 4.JP Morgan Chase Bank, GBR 6.76% 5.Skandinaviska Enskilda, SWE 5.57% 6.Pareto Aksje, NOR 4.53% 7.Handelsbanken Helsinki, FIN 3.37% 8.Berit Ekornes Unhjem, NOR 2.89% 9.Oslo Pensjonsforsikring, NOR 2.88% 10. JP Morgan Chase Bank, GBR 2.72% Other shareholders approx. 2,854 44.34% Proportion:Norwegian shareholders42.8% Foreign shareholders57.2%

27 27 Board of DirectorsGroup Management Olav Kjell Holtan Gry Hege Sølsnes Jens P. Ekornes Torger Reve Kjersti Kleven Employee Representatives: Arnstein Johannesen Tone Helen Hanken Atle Berntzen CEO: Nils-Fredrik Drabløs nils.fredrik.drablos@ekornes.no Phone: +47 70 25 52 28 Mobile: +47 90 01 78 92 COO:Øyvind Tørlen oyvind.torlen@ekornes.no Phone: +47 70 25 52 22oyvind.torlen@ekornes.no Mobile: +47 97 11 19 79 CFO: Robert Svendsen robert.svendsen@ekornes.no Phone: +47 70 25 52 13 Mobile: +47 91 89 50 24 Marketing Director: Runar Haugen International Marketing Director: Svein Lunde 1. kvartal 2008 1 st Quarter

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