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EKORNES ASA 1 st Quarter 2006 1. kvartal 2006 1 st Quarter.

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Presentation on theme: "EKORNES ASA 1 st Quarter 2006 1. kvartal 2006 1 st Quarter."— Presentation transcript:

1 EKORNES ASA 1 st Quarter 2006 1. kvartal 2006 1 st Quarter

2 2 Ekornes Q1 - Headlines: Improvement in most markets Distinctive improvement in the German market Increased order influx and sale within product area Stressless® Improved profitability New products were very well received by retailers Increased Stressless® capacity, but productivity underperforming during capacity build-up Stronger NOK Challenges in the US-market: Declining profitability among retailers Challenges in Norway following the termination of the contract with Skeidar Change in distribution in Sweden 1. kvartal 2006 1 st Quarter

3 3 News: 1. kvartal 2006 1 st Quarter Stressless ® Space Stressless ® Wave Svane ® Zefir

4 4 Development in Operating Revenue: 1. kvartal 2006 1 st Quarter

5 5 Development in Operating Revenue: 1. kvartal 2006 1 st Quarter

6 6 Distribution of turnover by product area (mill.NOK): 1. kvartal 2006 1 st Quarter

7 7 Distribution of turnover product area Stressless®: (Mill. NOK) 1. kvartal 2006 1 st Quarter

8 8 Contribution margin by product areas: 1. kvartal 2006 1 st Quarter

9 9 Development in relative factors: 1. kvartal 2006 1 st Quarter

10 10 Development in direct salaries at the factories: (Based on factory price, year-end bonus not included) 1. kvartal 2006 1 st Quarter

11 11 Total contribution and operating margin : 1. kvartal 2006 1 st Quarter

12 12 Development in Profit Margin (pre tax) : 1. kvartal 2006 1 st Quarter

13 13 Development in Profit Margin (pre tax) : 1. kvartal 2006 1 st Quarter

14 14 Development EPS fully diluted (Figures in NOK) : *EPS for 2003 is calculated based on the same number of shares as 2004 and 2005. 1. kvartal 2006 1 st Quarter

15 15 Income Statement (mill. NOK) : Q1/06Q1/05Changes Operating revenues651.3100.0%594.3100.0%9.6% Materials152.723.5%143.524.2%6.4% Salaries and social costs178.627.4%169.228.5%5.6% Other operating expenses174.726.8%159.326.8%9.7% Depreciation23.33.6%21.53.6%8.4% Total operating costs529.381.3%493.583.0%7.3% Operating result122.018.7%100.817.0%21.0% Net financial income/expenses1.10.2%2.2 Ordinary result before taxes123.118.9%103.017.3%19.5% Calculated taxes ordinary result-41.36.3%-32.05.4% Ordinary result after taxes81.812.6%71.011.9%15.2% EPS2.221.93 1. kvartal 2006 1 st Quarter

16 16 Income Statement – 1 APRIL/ 31 MARCH (mill. NOK) : 20062005Changes Operating revenues2,348.5100.0%2,248.7100.0%4.4% Costs of goods sold555.923.7%511.022.7%8.8% Salaries and social costs648.327.6%612.327.2%5.9% Other operating expenses606.925.8%566.125.2%7.2% Depreciation88.73.8%84.53.8%5.2% Total operating costs1,899.980.9%1,773.978.9%7.1% Operating result448.719.1%474.821.1%-5.5% Net financial income/expenses12.90.5%5.70.3% Ordinary result before taxes461.619.7%480.521.4%-4.0% Calculated taxes ordinary result145.16.2%154.66.9%-6.1% Ordinary result after taxes316.513.5%325.914.5%-3.0% EPS8.598.85 1. kvartal 2006 1 st Quarter

17 17 Q1/06Q1/05CHANGES Total Long Term Assets809.9 770.4 5.1% Inventories235.3212.210.9% Trade Debtors382.2278.937.0% Other Current Assets36.632.213.7% Value of forward contracts92.9103.8-10.5% Cash and Bank Deposits255.7315.0-18.8% Total Current Assets1,002.7 942.1 6.4% TOTAL ASSETS1,812.6 1,712.5 5.8% Total Equity1,265.9 1,230.5 2.9% Provisions and Commitments42.946.2-7.4% Long Term Liabilities (interest)52.247.59.9% Trade Creditors136.1111.422.2% Taxes, VAT and national insurance148.2145.22.1% Other current liabilities167.3131.727.1% Total Liabilities546.7 482.0 13.4% TOTAL EQUITY AND LIABILITIES1,812.6 1,712.5 5.8% Balance Sheet (mill. NOK) : 1. kvartal 2006 1 st Quarter

18 18 Q1/06Q4/05CHANGES Total Long Term Assets809.9809.70.2 Inventories235.3224.510.8 Trade Debtors382.2299.982.3 Other Current Assets36.635.51.1 Value of forward contracts92.993.6-0.7 Cash and Bank Deposits255.7213.442.3 Total Current Assets1,002.7866.9135.8 TOTAL ASSETS1,812.61,676.6136.0 Total Equity1,265.91,168.297.7 Provisions and Commitments42.843.9-1.1 Long Term Liabilities (interest)52.250.81.4 Trade Creditors136.1113.622.5 Taxes, VAT and national insurance148.2141.66.6 Other current liabilities167.3158.58.8 Total Liabilities546.7508.438.3 TOTAL EQUITY AND LIABILITIES1,812.61,676.6136.0 Balance Sheet (mill. NOK) : 1. kvartal 2006 1 st Quarter

19 19 EQUITY Q1/06Q1/052005 EQUITY AT START OF PERIOD1,168.21,162.8 Profit of the year81.871.0303.2 Dividend paid out---276.2 Dividende own shares--- Purchase of own shares-4.5-1.1-13.8 Sale of own shares17.222.323.6 Translation differences and other3.71.72.1 Change value of forward contracts-0.5-26.2-33.5 EQUITY AT END OF PERIOD1,265.91,230.51,168.2 1. kvartal 2006 1 st Quarter

20 20 Development in cash-flow and bank deposits (Mill.NOK) : 1. kvartal 2006 1 st Quarter

21 21 Development in Total Capital, Net-working Capital and Equity (mill. NOK): 1. kvartal 2006 1 st Quarter

22 22 Cash Reserve (million NOK) : 1. kvartal 2006 1 st Quarter

23 23 Development in turnover per market (million NOK) 1. kvartal 2006 1 st Quarter

24 24 Development in turnover per market (million NOK) 1. kvartal 2006 1 st Quarter

25 25 Coming events: 14 August announcement of Q2/06 result 15 August presentation of Q2/06 result 8 November announcement of Q3/06 result 9 November presentation of Q3/06 result 1. kvartal 2006 1 st Quarter

26 26 Questions? 1. kvartal 2006 1 st Quarter

27 27 Largest shareholders (30/04/2006) 1.Folketrygdfondet, NOR10.04% 2.State Street Bank & Clients, USA 6.88% 3.J. P. Morgan Chase Bank, GBR 6.18% 4.Skandinaviska Enskilda, NOR 6.03% 5.Oko Osuuspankkien KE Corp. Actions, FIN 4.13% 6.Skandinaviska Enskilda, SWE 3.82% 7.Bank of New York, USA 3.30% 8.Oslo Pensjonsforsikring, NOR 2.99% 9.Berit Ekornes Unhjem, NOR 2.81% 10.Nordea Bank Denmark, DEN 2.81% Other shareholders approx. 2.976 51.01% Proportion:Norwegian shareholders39.7% Foreign shareholders60.3% 1. kvartal 2006 1 st Quarter

28 28 Board of DirectorsGroup Management Olav Kjell Holtan Berit Svendsen Jens P. Ekornes Torger Reve Carl Graff-Wang Employee Representatives: Arnstein Johannesen Tone Helen Hanken Ragna Skarshaug 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 1. kvartal 2006 1 st Quarter

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