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EKORNES ASA 1 st half-year 2008 2. kvartal 2008 2 nd Quarter.

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Presentation on theme: "EKORNES ASA 1 st half-year 2008 2. kvartal 2008 2 nd Quarter."— Presentation transcript:

1 EKORNES ASA 1 st half-year 2008 2. kvartal 2008 2 nd Quarter

2 2 Ekornes H1 - Headlines: Ekornes performing well in H1 – but seeing H2 as more challenging Customer confidence and macroeconomics negative in all major markets Order book – NOK 317 mill end of July (NOK 275 mill in 2007). USA, Japan and Svane® short visibility Foreign exchange and raw material prices still challenging. Some signs of easing? Stressless® - Capacity at 1,750 seats per day end Q2, no further increase in 2008 currently planned Ekornes® Collection – Model range taken down to four models – supplementary to Stressless® sofa - Implication sliding revenues Mattresses Q2 somewhat more uplifting than Q1 – July was good 2. kvartal 2008 2 nd Quarter

3 3 Development in Operating Revenue: 2. kvartal 2008 2 nd Quarter

4 4 Development in Operating Revenue: 2. kvartal 2008 2 nd Quarter

5 5 Distribution of turnover by product area (mill.NOK): 2. kvartal 2008 2 nd Quarter

6 66 Distribution of turnover product area Stressless®: (Mill. NOK) 2. kvartal 2008 2 nd Quarter

7 7 Distribution of turnover product area Stressless®: (Mill. NOK) 2. kvartal 2008 2 nd Quarter

8 88 Distribution of turnover product area Stressless®: (Mill. NOK) 2. kvartal 2008 2 nd Quarter

9 9 Contribution margin by product areas: 2. kvartal 2008 2 nd Quarter

10 10 Development in relative factors: 2. kvartal 2008 2 nd Quarter

11 11 Development in direct salaries at the factories: (Based on factory price, year-end bonus not included) 2. kvartal 2008 2 nd Quarter

12 12 Total contribution and operating margin : 2. kvartal 2008 2 nd Quarter

13 13 Development in Pre-tax margin (EBT) and Operating result (EBIT): 2. kvartal 2008 2 nd Quarter

14 14 Development in Pre-tax margin (EBT): 2. kvartal 2008 2 nd Quarter

15 15 Development EPS fully diluted (Figures in NOK) : 2. kvartal 2008 2 nd Quarter

16 16 Income Statement (mill. NOK) : H1/08H1/07Changes Operating revenues1,303.9100.0%1,269.9100.0%2.7% Materials322.924.8%290.622.9%11.1% Salaries and social costs389.229.8%372.629.3%4.5% Other operating expenses333.725.6%333.626.3%0.0% Depreciation51.43.9%47.93.8%7.3% Total operating costs1,097.284.1%1,044.782.3%5.0% Operating result206.715.9%225.217.7%-8.2% Net financial income/expenses Profit/loss currency exchange 2.0 -6.9 0.1% -0.5% 3.8 -4.1 0.3% -0.3% Ordinary result before taxes201.815.5%224.917.7%-10.3% Calculated taxes ordinary result-61.5-4.7%-70.8-5.6%-13.1% Ordinary result after taxes140.310.8%154.112.1%-9.0% EPS3.814.18 2. kvartal 2008 2 nd Quarter

17 17 Income Statement (mill. NOK) : 2. kvartal 2008 2 nd Quarter Q2/08Q2/07Changes Operating revenues627.4100.0%600.3100.0%4.5% Materials147.123.4%132.522.1%11.0% Salaries and social costs193.130.8%185.830.9%3.9% Other operating expenses155.924.9%156.126.0%-0.2% Depreciation25.64.1%24.04.0%6.6% Total operating costs521.783.2%498.483.0%4.7% Operating result105.716.8%101.917.0%3.7% Net financial income/expenses Profit/loss currency exchange 0.9 -5.9 0.2% -0.9% 3.0 -4.0 0.5% -0.7% Ordinary result before taxes100.716.1%100.916.8%-0.2% Calculated taxes ordinary result-30.7-4.9%-31.6-5.3%-2.8% Ordinary result after taxes70.011.2%69.311.5%1.0% EPS1.901.88

18 18 Income Statement – 1 July/ 30 June (mill. NOK) : 20082007Changes Operating revenues2,607.5100.0%2 518.0100.0%3.6% Materials679.126.0%580.723.1%16.9% Salaries and social costs717.527.5%707.228.1%1.4% Other operating expenses665.125.5%641.925.5%3.6% Depreciation99.33.8%93.83.7%6.0% Total operating costs2,161.082.9%2,023.680.4%6.8% Operating result446.517.1%494.419.6%-9.7% Net financial income/expenses Profit/loss currency exchange 1.0 -26.5 0.0% -1.0% 4.5 -11.4 0.3% -0.5% Ordinary result before taxes421.016.1%487.519.4%-13.6% Calculated taxes ordinary result-124.8-4.7%-154.1-6.2%-18.4% Ordinary result after taxes296.211.4%333.413.2%-11.2% EPS8.049.05 2. kvartal 2008 2 nd Quarter

19 19 H1/08Q1/08CHANGES Total Long Term Assets946.6914.831.8 Inventories275.1232.842.3 Trade Debtors406.5359.547.0 Other Current Assets26.429.7-3.3 Value of forward contracts72.771.01.7 Cash and Bank Deposits-202.2-202.2 Total Current Assets780.7895.2-114.5 TOTAL ASSETS1,727.31,810.0-82.7 Total Equity1,118.61,322.1-203.5 Provisions and Commitments36.633.82.8 Long Term Liabilities (interest)38.1 - Bank131.9 Trade Creditors102.9120.6-17.7 Taxes, VAT and national insurance98.890.08.8 Other current liabilities200.4205.4-5.0 Total Liabilities608.7487.9120.8 TOTAL EQUITY AND LIABILITIES1,727.31,810.0-82.7 Balance Sheet (mill. NOK) : 2. kvartal 2008 2 nd Quarter

20 20 Balance Sheet (mill. NOK) : 2. kvartal 2008 2 nd Quarter H1/08H1/07CHANGES Total Long Term Assets946.6843.812.2% Inventories275.1257.66.8% Trade Debtors406.5363.511.8% Other Current Assets26.430.7-14.0% Value of forward contracts72.757.726.0% Cash and Bank Deposits-6.6 Total Current Assets780.7716.19.0% TOTAL ASSETS1,727.31,559.910.7% Total Equity1,118.61,101.41.6% Provisions and Commitments36.637.8-3.2% Long Term Liabilities (interest)38.144.3-14.0% Bank131.9- Trade Creditors102.9107.0-3.8% Taxes, VAT and national insurance98.892.46.9% Other current liabilities200.2177.013.2% Total Liabilities608.7458.532.8% TOTAL EQUITY AND LIABILITIES1,727.31,559.910.7%

21 21 EQUITY H1/08H1/07 2007 EQUITY AT START OF PERIOD1,265.41,159.5 Profit of the year140.3154.1310.0 Dividend-276.2 Purchase of own shares-7.9 Sale of own shares22.822.9 Translation differences and other-0.34.9-5.0 Change value of forward contracts-10.644.262.1 EQUITY AT END OF PERIOD1,118.61,101.41,265.4 2. kvartal 2008 2 nd Quarter

22 22 Development in cash-flow and bank deposits (Mill.NOK) : 2. kvartal 2008 2 nd Quarter

23 23 Development in Total Capital, Net-working Capital and Equity (mill. NOK) 2. kvartal 2008 2 nd Quarter

24 24 Cash Reserve (million NOK) : 2. kvartal 2008 2 nd Quarter

25 25 Development in Operating Revenue per market (million NOK) 2. kvartal 2008 2 nd Quarter

26 26 Development in Operating Revenue per market (million NOK) 2. kvartal 2008 2 nd Quarter

27 27 Development in Operating Revenue per market (million NOK) 2. kvartal 2008 2 nd Quarter

28 28 Coming events: 06 November 2008: Announcement of Q3/08 result 07 November 2008: Presentation of Q3/08 result 2. kvartal 2008 2 nd Quarter

29 29 Questions? 2. kvartal 2008 2 nd Quarter

30 30 Largest shareholders (04.08.2008) 1.Nordstjernan AB, SWE10.16% 2.State Street Bank, USA 10.06% 3.Folketrygdfondet, NOR 9.72% 4.JP Morgan Chase Bank, GBR 6.76% 5.Skandinaviska Enskilda, SWE 5.30% 6.Pareto Aksje, NOR 4.31% 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. 2,856 41.83% Proportion:Norwegian shareholders60.2% Foreign shareholders39.8% 2. kvartal 2008 2 nd Quarter

31 31 Board of DirectorsGroup Management Olav Kjell Holtan Gry Hege Sølsnes Stian Ekornes Kjersti Kleven Torger Reve Nora Förisdal Larssen 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 2. kvartal 2008 2 nd Quarter

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