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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Contents This is ICA Gruppen The year in brief 3 B CEO’s comments 5 Investment case 7 Vision 8 Business model 9 B S We make every day Responsible value creation 12 S Trends and markets 14 B Strategy and targets 21 B S a little easier Sustainability 28 S Group performance 2018 39 B ICA Gruppen’s segments 42 B Risks and risk management 50 B S ICA Gruppen AB is a leading retail company with a Corporate Governance Report B focus on food and health. The Group includes ICA Chairman of the Board’s comments 55 B Sweden and Rimi Baltic, which are primarily grocery Board of Directors 61 B S retail operations, Apotek Hjärtat, which conducts Executive Management 69 B pharmacy operations, ICA Real Estate, which owns and manages properties, and ICA Bank, which offers Shares and shareholders 74 B financial services. The Group also includes the home furnishing chain Hemtex. ICA Gruppen has around Financial information 76 F 22,000 employees. Key ratios and definitions 77 F The shared vision for all operations within ICA Gruppen Alternative performance measures 78 B is that we will make every day a little easier. Working in Five-year financial summary 79 F cooperation and making good use of economies of Group 80 F scale, in combination with the local entrepreneurship Group notes 85 F represented by ICA retailers in Sweden, creates value Parent Company 107 F for all of ICA Gruppen’s stakeholders. Parent Company notes 110 F ICA Gruppen’s shares are listed on Nasdaq Stockholm Proposed appropriation of earnings 117 B F (Large Cap). The largest shareholder at year-end 2018 Auditor’s report 118 was ICA-handlarnas Förbund (the Association of ICA Retailers). Sustainability information 120 S About the Sustainability Report 121 S Sustainability data 125 S Accounting principles 130 S Assurance report 133 Annual General Meeting and 134 financial calendar Glossary 135 B Board of Directors’ Report S Sustainability Report F Financial statements All sections marked B and F in the table of contents have been audited. Sections marked S refer to ICA Gruppen AB’s Sustainability Report, which is also the statutory sustainability report of ICA Gruppen AB (publ). The Sustainability Report has been reviewed by the Company’s auditors. 2 ICA GRUPPEN ANNUAL REPORT 2018 CONTENTS CEO´S COMMENTS CREATING VALUE MARKETS STRATEGY & TARGETS SUSTAINABILITY PERFORMANCE 2018 RISKS CORPORATE GOVERNANCE REPORT THE SHARE FINANCIAL INFORMATION SUSTAINABILITY INFORMATION 2018 IN BRIEF In spring 2018 ICA Sweden established a central e-commerce ware- house. The warehouse offers 2018 in brief independent ICA retailers in the Stockholm region picking and direct delivery to end customer. Stable development in a rapidly E-commerce warehouse opened joint innovation hub. In August the Investment in Min Doktor Sales 2018 changing market To improve efficiency and service for Swedish version of Google Assistant In autumn 2018 Apotek Hjärtat acquired In 2018 ICA Gruppen’s underlying both stores and consumers, in spring was launched, integrating ICA’s voice- 42.7% of Min Doktor, Sweden’s second operating profit increased by 2.6%, 2018 ICA Sweden opened a central controlled assistant Monica from the largest actor in digital primary care services. 115 with good earnings growth in par- e-commerce warehouse. The ware- start. During the autumn the ICA Spara The investment strengthens Apotek Hjärtat’s SEK bn ticular for Apotek Hjärtat and ICA house will offer independent ICA retail- (ICA Save) app was launched to give position in health and is a key factor Bank. A high level of activity and a ers in the Stockholm region picking all customers with an ICA card an in developing future primary care. series of improvement and develop- and direct delivery from warehouse easy way to review their personal Operating profit1 2018 ment proj ects contributed to slightly to end customer. finances and carbon footprint, all Organisational structure and process higher costs during the year and the in one place. review within ICA Sweden investment level remained high. The Agreement with Ocado for new To enable continued investment and SEK 4.651 bn cash flow remained strong. e-commerce solution Rimi Baltic’s acquisition of a fast pace of development while also In May ICA Gruppen decided to enter IKI blocked guaranteeing high internal efficiency, a Strong online sales growth into an agreement with the British In October 2017 the Lithuanian Com- review of the organisational structure Operating margin1 2018 The strong increase in online sales e-commerce company Ocado to use petition Council gave its approval for and work processes within ICA Sweden continued during the year. Online the company’s platform and technol- Rimi Baltic’s acquisition of UAB Palink, was launched during the year. The sales for both ICA stores and Apotek ogy for highly automated e-commerce which operates the IKI grocery retail review work will continue in 2019. Hjärtat increased faster than the warehouses. Migration to the new plat- chain, contingent upon the sale of 17 4.0% market in general during the year. form and launch of the new warehouse specific stores. In April 2018 the Council Reduced greenhouse gas emissions The ICA stores’ online sales increased in Stockholm is expected to happen no decided not to approve the proposed ICA Gruppen’s greenhouse gas emissions by 42% and Apotek Hjärtat’s by 55%. later than in 2022. store sale agreement. As a result of this continued to decrease during the year. Since 1) Excluding items affecting comparability. Hemtex’ online sales also increased decision the acquisition of UAB Palink the base year 2006, ICA Gruppen’s total significantly with growth amounting The first projects delivered from ICAx could not be completed. The focus is greenhouse gas emissions have decreased to 36%. In 2018 the first deliveries from ICAx now instead on organic growth in by 61%. The goal is for ICA Gruppen’s opera- took place. This is ICA Gruppen’s Lithuania. tions to be climate neutral by 2020. 3 ICA GRUPPEN ANNUAL REPORT 2018 CONTENTS CEO´S COMMENTS CREATING VALUE MARKETS STRATEGY & TARGETS SUSTAINABILITY PERFORMANCE 2018 RISKS CORPORATE GOVERNANCE REPORT THE SHARE FINANCIAL INFORMATION SUSTAINABILITY INFORMATION 2018 IN BRIEF Financial key ratios See page 77 for information and definitions. Group, SEK m 2018 2017 2016 Net sales1 115,354 109,408 106,643 Operating profit/loss before depreciation/amortisation (EBITDA) 6,302 6,756 6,238 Operating profit (EBIT) excluding items affecting comparability 4,651 4,642 4,669 Operating profit/loss (EBIT) 4,498 5,220 4,518 Profit before tax 4,227 4,853 4,154 Profit from continuing operations 3,647 4,145 3,397 Profit/loss for the year 3,647 4,145 3,418 Cash flow from operating activities, continuing operations 6,802 4,601 5,422 Cash flow from operating activities 6,802 4,601 5,422 Operating margin excluding items affecting comparability, %1 4.0 4.2 4.4 Performance 2014–2018 Operating margin, %1 3.9 4.8 4.2 Return on capital employed, % 10.2 12.3 10.5 SEK m % Return on equity, % 11.1 13.4 11.9 125,000 5 Earnings per share, SEK 18.05 20.53 16.97 Good sales, 100,000 4 Earnings per share, continuing operations, SEK 18.05 20.53 16.87 75,000 3 Dividend per share, SEK2 11.50 11.00 10.50 50,000 2 1) Earlier periods have been recalculated, see Note 1. stable results 2) Board’s proposal. 25,000 1 0 0 and a high level 2014 2015 2016 2017 2018 Sustainability performance indicators Net sales, SEK m Operating margin, % See page 120 for information and definitions. of activity ICA Gruppen saw good sales growth in 2018 and an operating Group 2018 2017 2016 profit that was slightly better than the previous year. Positive throughout the volume and price effects were offset by higher logistics costs ICA Gruppen’s operations will be climate-neutral by 2020. Emissions and costs relating to ongoing improvement and development decrease compared to 2006, % –61 –51 –32 projects. The operating margin adjusted for restructuring costs Socially audited corporate brand suppliers (in high-risk countries), % 95 97 97 Group was on a par with the previous year. Quality certified corporate brand suppliers, % 85 86 85 1) Excluding items affecting comparability. In accordance with Chapter 6 Section 11 of the Annual Accounts Act, ICA Gruppen AB (publ) has chosen to pre- pare the statutory sustainability report as a separate document to the Annual Report. The Sustainability Report, the content of which is indicated in the table of contents, can be found on pages 9–13, 21–25, 27–38, 50–54, 66, 120–132 of this document. 4 ICA GRUPPEN ANNUAL REPORT 2018 I Färger 2018 CMYK ICA Yellow ICA Orange Dark Mid Light Lightest Dark Mid2 Mid1 Light Lightest CONTENTSICACEO´S COMMENTSRedCREATING VALUE MARKETS STRATEGY & TARGETS SUSTAINABILITY PERFORMANCE 2018 RISKS CORPORATE GOVERNANCE REPORT THE SHARE FINANCIAL INFORMATION SUSTAINABILITY INFORMATION ICA Pink CEO’S COMMENTS Strong core business and new digital opportunities 2018 was a good year for ICA Gruppen. We are securing our strong positions in the grocery “Digitalisation retail and pharmacy markets and, in the meantime, digitalisation is providing us with new opportunities for synergies and cooperation within the Group. We are presenting good creates entirely earnings growth overall. This applies in particular to Apotek Hjärtat and ICA Bank, where new opportunities we are now seeing clear effects of the new strategy and changes made in recent years. for cooperation Financially, our performance in 2018 environment, emphasising the impor- many years, but has accelerated over and synergies.” was largely in line with our targets.
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