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Clas Ohlson Annual Report 2016-17

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Clas Ohlson Annual Report 2016-17 Annual Report 2016/17 CLAS OHLSON 2016/17 1 irs 100 ear Clas Ohlson was founded in 1918 so next year we turn Contents 100. Read about our amazing history on page 132. 2 This is Clas Ohlson 4 The year in review 8 CEO’s statement BUSINESS ENVIRONMENT 12 Drivers and trends 16 Stakeholder expectations STRATEGIC ORIENTATION 18 Strategic platform 20 Targets and target fulfilment 22 Our sustainability journey OUR WAY OF WORKING 26 Our business model 28 Governance and responsibility 32 Our people OPERATIONS 38 Customer offering 46 Customer interaction 54 Purchasing 60 Distribution 64 Expansion 66 Markets 2 CLAS OHLSON 2016/17 INTEGRATED 2016/17 Annual Report This report provides a summary for the 2016/17 financial year and key issues for Clas Ohlson’s future. We describe how we are positioned to face a rapidly changing and complex business envi- ronment, based on our ability to create long-term value for our most important stakeholders. This is the first time we have integrated financial and non-financial information in a single report. The report includes standard and specific disclo- sures based on the GRI G4 guidelines for sus- tainability reporting. The scope of the GRI index is described on our website http://about.clasohlson. com/sustainability/. The statutory annual report encompasses the Directors’ Report and the financial statements on pages 68-121. ANNUAL REPORT 70 Directors’ Report 75 - Proposed allocation of earnings 76 - Risks and uncertainties 80 - Chairman’s letter Clas Ohlson 81 - Corporate governance Clas Ohlson is a Swedish company and is subject to Swed- 90 - Board of Directors ish law. All values are stated in Swedish kronor (SEK). Values 92 - Senior management in millions of SEK are abbreviated MSEK and thousands 94 Consolidated financial statements of SEK as SEK 000. Unless otherwise specified, figures in 97 Parent Company financial statements parenthesis pertain to 2015/16. Data regarding markets and 100 Notes competition reflect Clas Ohlson’s own assessments if a spe- cific source is not quoted. These assessments are based on 118 Certification of the Annual Report the best and most recent factual data from published sourc- es in the public sector and the consumer goods industry. 119 Auditor’s report 122 The share This Annual Report has been prepared in Swedish and translated into English. 126 Quarterly data In the event of any discrepancies between the Swedish and the English version, 127 Key ratio definitions and glossary the former shall have precedence. 128 Alternative performance measures 130 Ten-year overview 132 History 134 Store overview On the cover: Our store in Insjön, Sweden 136 Annual General Meeting and calendar The photo shows the Clas Ohlson store in Insjön – the first ever store we opened. Its 3,200 square metres make it the largest Clas Ohlson store in the world. CLAS OHLSON 2016/17 31 Ou usines cept: We sell dependable products at low prices and with the right quality according to need. Welcome to Clas Ohlson CLAS OHLSON IS AN INTERNATIONAL RETAIL COMPANY that is expanding through new offerings, new stores and by establishing operations in new markets. Clas Ohlson offers products and services to solve everyday practical problems in six countries via more than 200 stores and online shopping. We have a wide range of affordable products in more resource-efficient and we respect people five product areas: Hardware, Electrical, Multi- and the environment. media, Home and Leisure. e company is listed on Nasdaq Stockholm, has sales of approximately Clas Ohlson was founded in 1918 as a mail order 8 billion SEK and about 4,800 employees. business based in Insjön, Sweden. We have one hundred years of retail tradition and we like do- Clas Ohlson offers a proactive, knowledgeable ing good business. Salesmanship is the core of the and available customer service, and an inspi- Clas Ohlson spirit and rests on four cornerstones: rational shopping experience through all sales drive, warmth, innovation and commitment. channels. We urge our value chain to become 42 CLAS OHLSON 2016/17 THIS IS CLAS OHLSON OUR VISION To develop Clas Ohlson into a leading international modern hardware retailer, with high profitability that adds value for all stakeholders. CLAS OHLSON locations We have more than 200 stores in six countries and our entire affordable product range for solv- ing everyday practical small problems is available Sales Employees Stores around the clock at clasohlson.com. NORWAY SWEDEN FINLAND NORDIC COUNTRIES Sweden, Norway and Finland. 3,190 MSEK 3,588 MSEK 913 MSEK 7,691 MSEK 1,578 2,485 496 Finland, 11% Sweden, 45% 80 87 37 Norway, 40% OUTSIDE NORDIC COUNTRIES UK, Germany and Dubai. 299 MSEK Outside Nordic countries, 4% UK GERMANY DUBAI CHINA Franchise operations 41% of our purchases are made 185 40 directly via in-house purchasers 7 3 2 62 CLAS OHLSON 2016/17 53 We evele offin and launched many new products during the year. 64 CLAS OHLSON 2016/17 THE YEAR IN REVIEW We are continuing to grow WE ARE ENDING THE FINANCIAL YEAR AT NEW RECORD LEVELS, with sales of close to 8 billion SEK. We are thereby ending our full-year with operating profit of 610 MSEK, a good result that we are very pleased with given the currency challenges we faced during the year. We increased our sales in all markets and through Continued expansion all sales channels. Sales increased by 5 per cent to We entered a new geographic market during the 7,990 MSEK. In local currencies, sales increased financial year when we established operations in by 4 per cent. Sales in comparable units increased Germany. We opened a total of 17 new stores by 1 per cent. (10), a net addition of 11 stores (7). We also con- tinued to develop our online shopping channel Increased profitability with high growth. Operating profit for the financial year amounted to 610 MSEK. e operating margin amounted We strengthened our team and the number of to 7.6 per cent and earnings per share increased employees increased to just over 4,800 during to 7.59 SEK. the year. Sales, MSEK Operating profit, MSEK Employees 7,990 4,848 610 7,602 4,743 4,612 4,504 7,330 4,280 6,808 596 6,519 531 506* 431 12/13 13/14 14/15 15/16 16/17 12/13 13/14 14/15 15/16 16/17 12/13 13/14 14/15 15/16 16/17 * Including a non-recurring cost of 107 MSEK. CLAS OHLSON 2016/17 75 THE YEAR IN REVIEW Significant events QUARTER QUARTER QUARTER QUARTER 01 02 03 04 • Opened the first store in • Phased out paraffin and fossil • Awarded prize for best digital • Finalist in “Store of the Year” Germany on Jungfernstieg substances from all indoor signage in the industry award in the category “Living” in Hamburg candles for flagship store on Jung- • Acknowledged by the Boston fernstieg in Hamburg • Launched Cocraft Pro Edi- • Launched Clas Ohlson Pro- Consulting Group and tion, a tool for demanding duct Innovation Challenge, Global Child Forum for • Arranged the Battery Hunt do-it-yourselfers an initiative to boost sustain- children’s rights work with battery manufacturer able product innovation Varta, the Keep Sweden Tidy • Won PostNord’s annual • New President and CEO Foundation and Eco-Agents environmental prize for our • Launched the new smaller Lotta Lyrå appointed and in Norway work on reducing the environ- store format Clas Ohlson takes office on 1 August mental and climate effect of Compact Store 2017 • Launched a new range of transporting goods more than 120 products • Launched online shopping in • Opened new stores in for pets • Won “Online Customer Expe- the German market Svolvær in Norway, Helsinki rience of the Year” and “On- and Jyväskylä in Finland, • Launched the new Workwear line Customer Service of the • Opened new stores in Horns- Alstertal in Hamburg, Ger- by Clas Ohlson collection Year” awards at the Nordic tull, Stockholm, Sweden, many and in the Mercato eCommerce Summit Altona in Hamburg, Germany Shopping Mall in Dubai • Opened new stores in Ängel- and Stovner in Norway holm in Sweden, Vinstra, • Opened new stores in Sand- Lillestrøm and Harstad in nes, Voss and Finnsnes in Norway and Espoo in Finland Norway Thi ear inn of the Clas Ohlson PRODUCT INNOVATION CHALLENGE The competition was launched in the autumn of 2016 to help us help customers live more sustain- ably. We received more than 100 complete entries and 10 went through to the next round of inter- views and testing. The winner was Altered:Nozzle, a tap nozzle that reduces water consumption by up to 98%. Read about the winner of the Clas Ohlson Product Innovation Challenge on page 43. 86 CLAS OHLSON 2016/17 THE YEAR IN REVIEW First step into the GERMAN MARKET Clas Ohlson opened its first store in the German market in May 2016 on Jungfernstieg in Hamburg. There was widespread in- terest and a fantastic atmosphere when the doors were opened to German consumers and customers poured in. We can see that Germany is a market with great potential and we are con- vinced that our concept is highly suited to German consumers. Launched COCRAFT PRO EDITION We launched Cocraft Pro Edition – a brand new tool series ranging from gardening machines such as lawn trimmers and hedge shears to power tools such as screwdrivers, reciprocating saws, angle grinders and hammer drills. We worked hard to ensure that all of the products in the series are of the highest quality and performance at a reasonable price. We offer a five-year guarantee for machines and a ten-year guarantee for hand tools.
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