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1 EKORNES ASA 3rd QUARTER kvartal rd Quarter.

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Presentation on theme: "1 EKORNES ASA 3rd QUARTER kvartal rd Quarter."— Presentation transcript:

1 1 EKORNES ASA 3rd QUARTER 2007 3. kvartal 2007 3rd Quarter

2 22 Ekornes Q3 - Headlines: Strong growth in important markets –Central Europe: Q3 order influx up 17% and revenues up 8% in local currency –USA: Q3 order influx up 22% and revenues up 10% in local currency –Norway: Q3 order influx up 22% and revenues up 18% Consolidated revenues growth hit by stronger NOK in Q3 Operating margin hurt by currency exchange effects, raw material prices and product mix Steady development in most of the other markets Mattresses - Position in Norway nearly regained - Significant Growth in Denmark driven by a more active approach - margins lower Stressless® - capacity end Q3 at 1650 seat units per day – unchanged entering 2008 3. kvartal 2007 3rd Quarter

3 3 Development in Operating Revenues 3. kvartal 2007 3rd Quarter

4 44 Development in Operating Revenues 3. kvartal 2007 3rd Quarter

5 55 Distribution of operating revenues – By product area year to date ( Mill.NOK) 3. kvartal 2007 3rd Quarter

6 66 Distribution of operating revenues - Product area Stressless® year to date (Mill. NOK) 3. kvartal 2007 3rd Quarter

7 77 3. kvartal 2007 3rd Quarter Distribution of operating revenues – By product area quarterly data ( Mill.NOK)

8 88 3. kvartal 2007 3rd Quarter Distribution of operating revenues – Product area Stressless® quarterly data (Mill. NOK)

9 99 Contribution margin by product areas 3. kvartal 2007 3rd Quarter

10 10 Development in relative factors 3. kvartal 2007 3rd Quarter

11 11 Development in direct salaries at the factories (Based on factory revenues, year-end bonus not included) 3. kvartal 2007 3rd Quarter

12 12 Total contribution and operating margin 3. kvartal 2007 3rd Quarter

13 13 Development in Profit Margin (pre tax) 3. kvartal 2007 3rd Quarter

14 14 Development in Profit Margin (pre tax) 3. kvartal 2007 3rd Quarter

15 15 Development EPS fully diluted (Figures in NOK) *EPS for 2003 is calculated based on the same number of shares as 2004 to 2007. 3. kvartal 2007 3rd Quarter

16 16 Income Statement year to date (mill. NOK) 20072006Changes Operating revenues1,886.5100.0%1,844.4100.0%2.3% Materials463.124.6%405.422,0%14.3% Salaries and social costs529.028.0%520.228,2%1.7% Other operating expenses495.426.3%481.426,1%2.9% Depreciation71.03.8%69.53,8%2.1% Total operating costs1,558.582.6%1,476.580,1%5.6% Operating result328.017.4%367.919,9%-10.8% Net financial income/expenses Profit/loss currency exchange 2.0 -23.7 0.1% -1.3% 0.5 -9.1 0,1% -0.5% Ordinary result before taxes306.316.2%359.319,5%-14.8% Calculated taxes ordinary result-96.5-5.1%-113.1-6.2%-14.7% Ordinary result after taxes209.811.1%246.213.3%-14.8% EPS5.706.69 3. kvartal 2007 3rd Quarter

17 17 Income Statement individual quarter (mill. NOK) Q3/07Q3/06Changes Operating revenues616.6100.0%585.2100.0%5.4% Materials172.628.0%120.620.6%43.1% Salaries and social costs156.425.4%156.026.7%0.3% Other operating expenses161.726.2%160.827.5%0.6% Depreciation23.13.7%24.14.1%-4.1% Total operating costs513.883.3%461.578.9%11.3% Operating result102.816.7%123.721.1%-16.9% Net financial income/expenses Profit/loss currency exchange -1.8 -19.6 -0.3% -3.2% 0.1 -4.4 0.0% -0.8% Ordinary result before taxes81.413.2%119.420.4%-31.8% Calculated taxes ordinary result-25.7-4.2%-37.56.4%-31.7% Ordinary result after taxes55.79.0%81.914.0%-31.9% EPS1.522.22 3. kvartal 2007 3rd Quarter

18 18 Income Statement – 1 OCT/30 SEP (mill. NOK) 20072006Changes Operating revenues2,549.4100.0%2,447.7100.0%4.2% Materials632.824.8%551.422.5%14.8% Salaries and social costs707.627.8%680.727.8%4.0% Other operating expenses642.825.2%622.125.4%3.3% Depreciation92.73.6%91.63.7%1.2% Total operating costs2,075.981.4%1,945.879.5%6.7% Operating result473.518.6%501,920.5%-5.7% Net financial income/expenses Profit/loss currency exchange 2.8 -26.7 0.0% -1.0% -0.2 5.5 -0.0% 0.2% Ordinary result before taxes449.617.6%507.220.7%-11.4% Calculated taxes ordinary result-142.3-5.5%-158.96.5%-10.4% Ordinary result after taxes307,312.1%348.314.2%-11.8% EPS8.359.46 3. kvartal 2007 3rd Quarter

19 19 Q3/07Q3/06CHANGES Total Long Term Assets868.5800.78.5% Inventories216.2233.6-7.4% Trade Debtors398.5367.18.6% Other Current Assets2.534.7-92.8% Value of forward contracts132.99.0 Cash and Bank Deposits70.5183.661.7% Total Current Assets820.6828.0-0.9% TOTAL ASSETS1,689.11,628.73.7% Total Equity1,198.81,091.99.8% Provisions and Commitments59.817.8336.0% Long Term Liabilities40.748.917.0% Trade Creditors97.5103.5-5.8% Taxes, VAT and national insurance102.5148.230.8% Other current liabilities189.8218.4-13.1% Total Liabilities490.3536.8-8.7% TOTAL EQUITY AND LIABILITIES1,689.11,628.73.7% Balance Sheet (mill. NOK) 3. kvartal 2007 3rd Quarter

20 20 Balance Sheet (mill. NOK) Q3/07H1/07CHANGES Total Long Term Assets868.5843.824.7 Inventories216.2257.6-41.5 Trade Debtors398.5363.535.0 Other Current Assets2.530.7-28.2 Value of forward contracts132.957.775.2 Cash and Bank Deposits70.56.663.9 Total Current Assets820.6716.1104.3 TOTAL ASSETS1,689.11,559.9129.2 Total Equity1,198.81,101.497.3 Provisions and Commitments59.837.822.0 Long Term Liabilities40.744.3-3.6 Trade Creditors97.5107.0-9.5 Taxes, VAT and national insurance102.592.410.1 Other current liabilities189.8177.012.8 Total Liabilities490.3458.531.8 TOTAL EQUITY AND LIABILITIES1,698.11,559.9129.2 3. kvartal 2007 3rd Quarter

21 21 EQUITY Q3/07Q3/062006 EQUITY AT START OF PERIOD1,159.51,164.8 Profit of the year209.8246.2343.7 Dividend paid out-276.2 Purchase of own shares-7.9-7.1-18.9 Sale of own shares22.917.2 Translation differences and other-7.87.94.5 Change value of forward contracts98.5-60.9-75.6 EQUITY AT END OF PERIOD1,198.81,091.91,159.5 3. kvartal 2007 3rd Quarter

22 22 Development in cash-flow and bank deposits (Mill.NOK) 3. kvartal 2007 3rd Quarter

23 23 Development in Total Capital, Net-working Capital and Equity (mill. NOK) 3. kvartal 2007 3rd Quarter

24 24 Cash Reserve (Mill. NOK): 3. kvartal 2007 3rd Quarter

25 25 Development in operating revenue per market year to date (Mill. NOK) 3. kvartal 2007 3rd Quarter

26 26 Development in operating revenues per market quarterly data (Mill. NOK) 3. kvartal 2007 3rd Quarter

27 27 Development in operating revenues per market year to date (Mill. NOK) 3. kvartal 2007 3rd Quarter

28 28 Coming events: 15 February 2008: Announcement of Q4/07 result 16 February 2008: Presentation of Q4/07 result 15 May 2008: Announcement of Q1/08 result and Ordinary General Assembly 16 May 2008: Presentation of Q1/08 result 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 3. kvartal 2007 3rd Quarter

29 29 Questions? 3. kvartal 2007 3rd Quarter

30 30 Largest shareholders (01.11.2007) 1.Folketrygdfondet, NOR9.64% 2.State Street Bank, USA 8.14% 3.JP Morgan Chase Bank, GBR6.18% 4.Svenska Handelsbanken, SWE6,03% 5.Skandinaviska Enskilda, NOR5.62% 6.Handelsbanken, FIN4.20% 7.Berit Ekornes Unhjem, NOR 2.89% 8.Oslo Pensjonsforsikring, NOR2.88% 9.Pareto Aksje Norge, NOR2.82% 10. JP Morgan Chase Bank, GBR 2.63% Other shareholders approx. 2,799 48.97% Proportion:Norwegian shareholders39.6% Foreign shareholders60.4% 3. kvartal 2007 3rd 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 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 3. kvartal 2007 3rd Quarter

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