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Half Year Financial Report Q2 2021 2 | Stockmann’S Half Year Financial Report 2021

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Half Year Financial Report Q2 2021 2 | Stockmann’S Half Year Financial Report 2021 HALF YEAR FINANCIAL REPORT Q2 2021 2 | STOCKMANN’S HALF YEAR FINANCIAL REPORT 2021 STOCKMANN plc, Half year financial report 23.7.2021 at 8:00 EET Stockmann Group improved the result in both divisions and updates its guidance April–June 2021: CEO Jari Latvanen: - Consolidated revenue was EUR 228.0 million (182.7), up 21.4% Both divisions improved their results. The Group’s adjusted in comparable currency rates. operating profit improved from EUR 0.8 million to EUR 26.7 - Gross margin was 60.5% (54.1). million during Q2. Also the Group’s cash increased during Q2 - Operating result was EUR 26.3 million (-0.4). and amounted to EUR 155 million at the end of June. During - The adjusted operating result was EUR 26.7 million (0.8). the first six months, lease liabilities decreased and net gearing - Earnings per share were EUR 0.25 (-0.20). improved. The restructuring debt conversions to equity and new - Adjusted earnings per share were EUR 0.26 (-0.18). bond, in accordance with the restructuring programme, were successfully completed in July, and they will further strengthen January–June 2021: the financial position. - Consolidated revenue was EUR 383.7 million (351.1), up 6.5% in comparable currency rates. The market started to recover and it is very positive that Lindex is - Gross margin was 58.8% (54.2). even above and Stockmann is in line with market growth. Visitor - Operating result was EUR -1.4 million (-28.3). flows in brick-and-mortar stores intensified during the second - The adjusted operating result was EUR 5.6 million (-25.9). quarter. Especially the fashion categories improved clearly during - Earnings per share were EUR -0.14 (-0.70). Q2. - Adjusted earnings per share were EUR -0.05 (-0.67). Lindex had very strong performance with improved sales and Updated guidance for 2021: result in all markets and business areas. The sales in both Stockmann expects a clear increase to the Group revenue and physical stores and online have increased. Together with better the adjusted operating result to be clearly positive assuming that gross margin and continued cost savings, these made a good no major COVID-19 restrictions are imposed. contribution to the positive result. Previous guidance (published on 30.4.2021): The positive development is also shown in Stockmann The prolonged COVID-19 pandemic gives rise to a lack of clarity division’s profitability, which is clearly improving. By adapting in Stockmann’s business environment. As the outlook is unclear, the combination of marketing measures, department store Stockmann will provide a new guidance when the market development and virtual events, Stockmann has been able visibility improves. to react quickly to fluctuation in the market. Stockmann’s online revenue increased by 82% compared to 2019 first half and decreased by 22% compared to 2020 first half. The lack of tourists is still visible in the brick-and-mortar stores. STOCKMANN’S HALF YEAR FINANCIAL REPORT 2021 | 3 KEY FIGURES 4–6/2021 4–6/2020 1–6/2021 1–6/2020 1–12/2020 Revenue, EUR mill. 228.0 182.7 383.7 351.1 790.7 Gross margin, % 60.5 54.1 58.8 54.2 56.1 Operating result (EBIT), EUR mill. 26.3 -0.4 -1.4 -28.3 -252.4 Adjusted operating result (EBIT), EUR mill. 26.7 0.8 5.6 -25.9 4.9 Result for the period, EUR mill. 19.1 -12.9 -10.4 -48.1 -291.6 Earnings per share, undiluted and diluted, EUR 0.25 -0.17 -0.14 -0.64 -3.88 Personnel, average 5 637 5 738 5 484 6 168 5 991 Cash flow from operating activities, EUR mill. 51.6 108.3 34.7 85.9 147.4 Capital expenditure, EUR mill. 2.2 4.0 4.6 10.3 19.4 Equity per share, EUR 2.63 5.89 2.90 Net gearing, % 304.9 194.6 336.1 Equity ratio, % 14.3 24.8 14.6 Where applicable, figures have been adjusted to correspond the change in accounting policy. ITEMS AFFECTING COMPARABILITY EUR million 4–6/2021 4–6/2020 1–6/2021 1–6/2020 1–12/2020 Operating result (EBIT) 26.3 -0.4 -1.4 -28.3 -252.4 Adjustments to EBIT Lindex goodwill impairment 250.0 Restructuring and transformation measures 0.4 1.3 7.0 2.4 7.3 Adjusted operating result (EBIT) 26.7 0.8 5.6 -25.9 4.9 CORPORATE RESTRUCTURING COVID-19 PROCEEDINGS The COVID-19 pandemic is still having impact on Stockmann By a decision on 9 February 2021, the Helsinki District Court Group’s operating environment and customer volumes. During approved Stockmann plc’s restructuring programme, and the the second quarter in 2021, the pandemic continued to have a restructuring proceedings have ended. The restructuring pro- negative impact on business, especially in customer volumes in gramme is based on the continuation of Stockmann’s depart- the brick-and-mortar stores. The online sales were not able to ment store operations, the sale and lease-back of the depart- fully compensate for the decline despite the strong increase in ment store properties located in Helsinki, Tallinn and Riga and e-commerce. the continuation of Lindex’s business operations as a fixed part of the Stockmann Group. The properties’ sale and lease-back During the second quarter, other operating income came to EUR projects are progressing in accordance with the restructuring 1.5 million as a result of public funding related to the COVID-19 programme. situation received mainly by Lindex in various countries. On account of the combination of the A and B share classes of OPERATING ENVIRONMENT Stockmann plc a total of 3,053,086 new shares issued to holders of A shares in a directed share issue without payment have been The coronavirus situation still affected the visitor traffic in all mar- registered with the Trade Register on 9 April 2021, in accordance kets. The increase in social interaction during the second quarter with the resolution made by the Annual General Meeting on 7 is visible particularly in the fashion sales figures. Fashion sales April 2021. Following the combination, the company has only a in Finland in January-June were up 8.2% compared with the last single class of shares, all shares of which shall carry one (1) vote year (-23.0). Compared with the pre-COVID year 2019, the sales per share and have equal rights also in all other respects. (Stock in Finland were still at a lower level, -20.5%.(Source: Fashion and Exchange Release 9.4.2021) Sports Commerce association). The number of tourists remained on a very low level during the period due to the COVID-19 pan- Half of the hybrid bond was cut during Q1 2021 and the other half demic and travel restrictions. will be converted to equity. 20% of the other restructuring debt will be converted into equity or cut. (Interim Management State- Fashion retail continues to recover after the big decline during ment 30.4.2021) the pandemic. In Sweden, fashion sales increased in the second quarter. The fashion sales in January–June were up by 5.2% Stockmanns’s Board of Director’s resolved on a share issue of at (-17.3) (Source: Swedish Trade Federation, Stilindex). most 100,000,000 new shares in the company to the Creditors Eligible for Conversion. (Stock Exchange Release 18.5.2021) The COVID-19 pandemic still had a negative impact on visitor numbers in the Baltic department stores during the second Stockmann plc announced an offering of senior secured bonds quarter due to retail restrictions and lockdowns imposed by to certain unsecured creditors of the issuer under the restructur- governments, due to changes in shopping habits, all related to ing programme approved by Helsinki District Court on 9 Febru- precautionary measures and remote working requirements to ary 2021. (Stock Exchange Release 18.5.2021) combat the COVID-19 pandemic and due to significantly fewer tourists. 4 | STOCKMANN’S HALF YEAR FINANCIAL REPORT 2021 REVENUE AND EARNINGS FINANCING AND CAPITAL EMPLOYED April–June 2021 Cash flow from operating activities came to EUR 51.6 million (108.3) in the second quarter and EUR 34.7 million (85.9) in The Stockmann Group’s second-quarter revenue amounted to January–June. In 2020 the restructuring proceedings had a posi- EUR 228.0 million (182.7). Revenue was up by 24.8% on the previ- tive impact on net working capital and cash flow. However the ous year in euros, or up by 21.4% in comparable currency rates increase in cash balance and cash equivalents is partly due to against the Swedish krona. the corporate restructuring of the parent company, due to which restructuring debt or related interest for unsecured restructuring Revenue in Finland was up by 13.7% to EUR 68.9 million (60.6). debt has not been paid. Interest for the secured restructuring Revenue in the other countries amounted to EUR 159.1 million debt has been paid, in accordance with the restructuring pro- (122.1), an increase of 30.3%. gramme. In the restructuring programme a repayment schedule has been prepared for the unsecured restructuring debt. The Gross profit was EUR 137.9 million (98.8) and the gross margin secured restucturing debt will be repaid by 31 December 2022. was 60.5% (54.1). The gross margin was up both in Lindex and Stockmann. Total inventories were EUR 148.7 million (134.8) at the end of June. Inventories increased from the previous year at both Lindex Operating costs were up by EUR 14.8 million, or up by EUR 15.6 and Stockmann.
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