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EKORNES ASA 1 st HALF-YEAR 2007 2. kvartal 2007 2nd Quarter.

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Presentation on theme: "EKORNES ASA 1 st HALF-YEAR 2007 2. kvartal 2007 2nd Quarter."— Presentation transcript:

1 EKORNES ASA 1 st HALF-YEAR 2007 2. kvartal 2007 2nd Quarter

2 2 Ekornes H1 - Headlines: Lower growth rate – Q2 slightly down. Steady margins Increased order influx in June and July, up 20% Difficult market in Germany and the US –Germany picked-up in July, but H1 behind last year –US reduced order influx first 5 months compared to 2006, however June and July up 25% after successful market activities Norway - Order influx up 8%. Situation normalised after change in distribution Mattresses – Position in Norway nearly regained. Total above 2006 level UK, Southern Europe and Japan – developing positively Asia/Pacific – Steady growth in Australia and New Zealand Increased capacity for Stressless® to meet expected higher demand in H2 2. kvartal 2007 2nd Quarter

3 Development in Operating Revenues: 2. kvartal 2007 2nd Quarter

4 4 Development in Operating Revenue: 2. kvartal 2007 2nd Quarter

5 5 Distribution of turnover by product area (mill.NOK): 2. kvartal 2007 2nd Quarter

6 6 Distribution of turnover by product area (mill.NOK): 2. kvartal 2007 2nd Quarter

7 7 Distribution of turnover product area Stressless®: (Mill. NOK) 2. kvartal 2007 2nd Quarter

8 8 Distribution of turnover product area Stressless®: (Mill. NOK) 2. kvartal 2007 2nd Quarter

9 9 Contribution margin by product areas: 2. kvartal 2007 2nd Quarter

10 10 Development in relative factors: 2. kvartal 2007 2nd Quarter

11 11 Development in direct salaries at the factories: (Based on factory price, year-end bonus not included) 2. kvartal 2007 2nd Quarter

12 12 Total contribution and operating margin : 2. kvartal 2007 2nd Quarter

13 13 Development in Profit Margin (pre tax) : 2. kvartal 2007 2nd Quarter

14 14 Development in Profit Margin (pre tax) : 2. kvartal 2007 2nd Quarter

15 15 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. 2. kvartal 2007 2nd Quarter

16 16 Income Statement (mill. NOK) : H1/07H1/06Changes Operating revenues1 269.9100.0%1 259.2100.0%0.9% Materials290.622.9%284.822.6%2.0% Salaries and social costs372.629.3%364.228.9%2.3% Other operating expenses333.626.3%320.625.5%4.1% Depreciation47.93.8%45.43.6%5.6% Total operating costs1 044.782.3%1 015.080.6%2.9% Operating result225.217.7%244.219.4%-7.8% Net financial income/expenses Profit/loss currency exchange 3.8 -4.1 0.3% -0.3% 0.5 -4.8 0.0% -0.3% Ordinary result before taxes224.917.7%239.919.1%-6.3% Calculated taxes ordinary result-70.8-5.6%-75.5-6.0%-6.2% Ordinary result after taxes154.112.1%164.413.1%6.3% EPS4.184.46 2. kvartal 2007 2nd Quarter

17 17 Income Statement (mill. NOK) : Q2/07Q2/06Changes Operating revenues600.3100.0%607.9100.0%-1.3% Materials132.522.1%132.121.7%0.3% Salaries and social costs185.830.9%185.530.5%0.1% Other operating expenses156.126.0%145.924.0%7.0% Depreciation24.04.0%22.13.6%8.6% Total operating costs498.483.0%485.679.9%2.6% Operating result101.917.0%122.320.1%-16.7% Net financial income/expenses Profit/loss currency exchange 3.0 -4.0 0.5% -0.7% 0.4 -5.8 0.1% -1.0% Ordinary result before taxes100.916.8%116.919.2%-13.7% Calculated taxes ordinary result-31.6-5.3%-34.3-5.6%-7.9% Ordinary result after taxes69.311.5%82.613.6%-16.1% EPS1.882.24 2. kvartal 2007 2nd Quarter

18 18 Income Statement – 1 JULY/ 30 JUNE (mill. NOK) : 20072006Changes Operating revenues2 518.0100.0%2,414.5100.0%4.3% Materials580.723.1%562.723.3%3.2% Salaries and social costs707.228.1%673.527.9%5.0% Other operating expenses641.925.5%603.425.0%6.4% Depreciation93.83.7%89.13.7%5.3% Total operating costs2,023.680.4%1,928.779.9%4.9% Operating result494.419.6%485,820.1%1.8% Net financial income/expenses Profit/loss currency exchange 4.5 -11.4 0.3% -0.5% -0.9 5.7 0.0% 0.2% Ordinary result before taxes487.519.4%490.620.3%-0.6% Calculated taxes ordinary result-154.1-6.2%-153.8-6.4%0.2% Ordinary result after taxes333.413.2%336.813.9%-1.0% EPS9.059.14 2. kvartal 2007 2nd Quarter

19 19 H1/07H1/06CHANGES Total Long Term Assets843.8805.64.7% Inventories257.6243.95.6% Trade Debtors363.5390.6-6.9% Other Current Assets30.740.0-23.3% Value of forward contracts57.780.1-28.0% Cash and Bank Deposits6.633.480.2% Total Current Assets716.1788.0-9.1% TOTAL ASSETS1,559.91,593.6-2.1% Total Equity1,101.41,063.63.6% Provisions and Commitments37.841.0-7.8% Long Term Liabilities (interest)44.346.8-5.3% Trade Creditors107.091.117.5% Taxes, VAT and national insurance92.4140.3-34.1% Other current liabilities177.0210.8-16.0% Total Liabilities458.5530.0-13.5% TOTAL EQUITY AND LIABILITIES1,559.91,593.6-2.1% Balance Sheet (mill. NOK) : 2. kvartal 2007 2nd Quarter

20 20 Balance Sheet (mill. NOK) : H1/07Q1/07CHANGES Total Long Term Assets843.8812.031.8 Inventories257.6223.234.4 Trade Debtors363.5392.6-29.1 Other Current Assets30.729.31.4 Value of forward contracts57.728.429.3 Cash and Bank Deposits6.6333.5-326.8 Total Current Assets716.11,007.0-290.9 TOTAL ASSETS1,559.91,819.0-259.1 Total Equity1,101.41,285.0-183.6 Provisions and Commitments37.826.411.4 Long Term Liabilities (interest)44.346.9-2.6 Trade Creditors107.0101.85.2 Taxes, VAT and national insurance92.4153.2-60.8 Value of forward contracts--- Other current liabilities177.0205.7-28.7 Total Liabilities458.5534.0-75.5 TOTAL EQUITY AND LIABILITIES1,559.91,819.0-259.1 2. kvartal 2007 2nd Quarter

21 21 EQUITY H1/07H1/062006 EQUITY AT START OF PERIOD1,159.51,164.8 Profit of the year154.1164.4343.7 Dividend paid out-276.2 Purchase of own shares-7.9-4.5-18.9 Sale of own shares22.817.2 Translation differences and other4.94.24.5 Change value of forward contracts44.2-6.3-75.6 EQUITY AT END OF PERIOD1,101.41,063.61,159.5 2. kvartal 2007 2nd Quarter

22 22 Development in cash-flow and bank deposits (Mill.NOK) : 2. kvartal 2007 2nd Quarter

23 23 Development in Total Capital, Net-working Capital and Equity (mill. NOK): 2. kvartal 2007 2nd Quarter

24 24 Cash Reserve (million NOK) : 2. kvartal 2007 2nd Quarter

25 25 Development in turnover per market (million NOK) 2. kvartal 2007 2nd Quarter

26 26 Development in turnover per market (million NOK) 2. kvartal 2007 2nd Quarter

27 27 Development in turnover per market (million NOK) 2. kvartal 2007 2nd Quarter

28 28 Coming events: 12 November 2007: Announcement of Q3/07 13 November 2007: Presentation of Q3/07 2. kvartal 2007 2nd Quarter

29 29 Questions? 2. kvartal 2007 2nd Quarter

30 30 Largest shareholders (08.08.2007) 1.Folketrygdfondet, NOR9.70% 2.State Street Bank, USA 8.16% 3.JP Morgan Chase Bank, GBR6.14% 4.Skandinaviska Enskilda, NOR5.52% 5.OKO Osuuspankkien KE, FIN4.20% 6.Oslo Pensjonsforsikring, NOR2.88% 7.GMO Foreign Fund, USA2.83% 8.Pareto Aksje Norge, NOR2.81% 9.Berit Ekornes Unhjem, NOR 2.81% 10.JP Morgan Chase Bank, GBR 2.63% Other shareholders approx. 2,805 52.32% Proportion:Norwegian shareholders39.8% Foreign shareholders60.2% 2. kvartal 2007 2nd Quarter

31 31 Board of DirectorsGroup Management Olav Kjell Holtan Gry Hege Sølsnes Jens P. Ekornes Torger Reve Carl Graff-Wang 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 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 2. kvartal 2007 2nd Quarter

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