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Annual Report 2008/09 Contents

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Annual Report 2008/09 Contents Annual Report 2008/09 Contents THE YEAR IN BRIEF 1 cEo’s STATEMENT 2 STRATEGIC ORIENTATION 4 MARKET OVERVIEW 8 OPERATIONS 12 The brand and our marketing 12 Sales channels 16 Purchasing and product range 20 Own brands 21 Logistics, IT and security 22 Risks and factors of uncertainty 24 SHARES AND SHAREHOLDERS 28 SUSTAINABLE DEVELOPMENT 34 Key steps for sustainable operations 34 Our employees and the Clas Olson spirit 36 Our social responsibility and human rights efforts 40 Our responsibility for the environment 44 Clas ohlson’s GRI profile 48 ANNUAL REPORT Directors’ report 50 Five-year summary 54 Comments on the five-year trend 55 Consolidated income statement and cash-flow statement 56 Consolidated balance sheet and change in equity 57 Parent Company income statement and cash-flow statement 58 Consolidated balance sheet and change in equity 59 Accounting policies and notes 60 Certification of the annual accounts 72 Audit report 73 Clas Ohlson in brief Clas Ohlson is a retailing company with sales in Sweden, Norway, Finland and the UK. At the end of CORPORATE GOVERNANCE 74 the financial year, there were 106 stores in addition Internal control 76 to our mail order/Internet service. We offer a broad BOARD OF DIRECTORS 78 range of products in the areas of electrical and SENIOR MANAGEMENT 79 electronics, mobile phones, computer accessories, QUARTERLY RESULTS 80 hifi/stereo, tools, household, home and storage. We DEFINITIONS 80 have 15,000 different products in our range. The company is listed on the Nordic Exchange. The ADDRESSES 81 head office and distribution centre are located in Insjön in Sweden. Our sales exceed SEK 4.9 billion and we have a total of around 3,100 employees. The world of Clas Ohlson Strong purchasing organisation with long experience Over the past 90 years, Clas Ohlson has built up solid purchasing expertise, extensive experience and a broad network of suppliers. As we grow, we can purchase even larger volumes at even better prices, thus further enhancing our competitiveness. NORWAY Efficient distribution One of Sweden’s most efficient logistics plants is located in Insjön in Dalarna. This is where we efficiently store, sort and deliver goods to more than 100 stores in four countries. During the financial year, Clas Ohlson was nominated for logistics awards from both Sweden Post and Schenker. UNITED KINGDOM Centrally located stores and mail order/Internet channels with award-winning service At the end of the financial year, Clas Ohlson had 106 stores in Sweden, Norway, Finland and the UK, and a mail order/Internet sales service The interim reports for 2009/10 will be published on in Sweden and Norway. Our store-opening strategy is based on the the following dates objective that our stores should be in central locations that people frequent in their everyday lives. We attach great importance to our First quarter (May-July) 10 September 2009 corporate culture and service-mindedness, for which we received many Second quarter (Aug-Oct) 9 December 2009 awards during the financial year, such as Best In-store and Telephone Customer Service. Third quarter (Nov-Jan) 10 March 2010 Year-end report 2009/10 10 June 2010 ANNUAL GENERAL MEETING The Annual General Meeting for the 2008/09 financial year will be held on Saturday, 12 September 2009 in Insjön. Notice will be sent to all shareholders regis- tered at the end of July 2009. Notice of the meeting can also be found on our website www.clasohlson.se under Financial information – Group. The notice con- tains an agenda and information on how to register to attend. The Board has decided to propose to the Annual General Meeting that a dividend of SEK 3.00 per share be paid for 2008/09 (preceding year: 5.00). We solve customers’ little practical problems All of Clas Ohlson’s work is focused on helping our customers solve their little practical problems and making their everyday lives simpler. Clas Ohlson AB (publ), Corporate Identity Number: A home has many things that need fixing, both big and small, and Clas 556035-8672 Ohlson can provide a convenient way for customers to solve their pro- blems as needs arise. Annual report 1 May 2008 to 30 April 2009. The world of Clas Ohlson Addresses HEAD OFFICE SWEDEN Clas Ohlson AB Borås – Knalleland Bergen – Laguneparken SE-793 85 Insjön Eskilstuna – Cityhuset Bergen – Sartor Tel +46 247 444 00 Falun – Falan Gallerian Bergen – Åsane Fax +46 247 444 25 Gävle – Affärshuset Nian Drammen – Gulskogen Kjøpesenter www.clasohlson.se Gothenburg – Bäckebol Fredrikstad – Torvbyen Kjøpesenter Gothenburg – Nordstan Gjøvik – CC Mart’n HEAD OFFICE Gothenburg – Partille Hamar – Maxi Kjøpesenter NORWAY Halmstad – Combihuset Haugesund – Oasen Storsenter Clas Ohlson AS Helsingborg – Väla centrum Hønefoss – Centre Torggata 2-6 Helsingborg – Kullagatan Jessheim – Jessheim Storsenter N-0105 Oslo Hudiksvall – Gallerian Fyren Kristiansand – Centre FinLand Tel +47 23 21 40 05 Insjön – Dalarna Kristiansand – Sørlandssenteret Fax +47 23 21 40 80 Jönköping – A6 Larvik – Centre www.clasohlson.no Kalmar – Baronen Lørenskog – Lørenskog Storsenter Karlstad – Mitt i City Moss – Amfi Senter HEAD OFFICE Kristianstad – Domus-huset Narvik – Narvik Storsenter FINLAND Kungsbacka – Kungsmässan Oslo – Alna Senter Clas Ohlson OY Linköping – Centre Oslo – Oslo City Georgsgatan 23 A Luleå – Smedjan Oslo – Storo Storsenter FIN-00100 Helsinki Malmö – Triangeln Oslo – Torggata Tel +358 20 111 2222 Motala – Centre Porsgrunn – Down Town Fax +358 20 111 2234 Norrköping – Domino Sandnes – Kvadrat www.clasohlson.fi Nyköping – Nyckeln Sandvika – Sandvika Storsenter For a more detailed description of Piteå – Gallerian Piteå Sarpsborg – Storbyen our stores and their locations, visit MAIL ORDER/INTERNET SALES Skellefteå – Citykompaniet Ski – Ski Storsenter SWEDEN our website at www.clasohlson.se SWEDEN Skövde – Centre Skien – Herkules Clas Ohlson AB Stockholm – Farsta Stavanger – Kilden SE-793 85 Insjön Stockholm – Gallerian Stavanger – Madla Tel +46 247-444 44 Stockholm – Haninge Strømmen – Strømmen Storsenter Fax +46 247-445 55 Stockholm – Häggvik Tromsø – Jekta Storsenter www.clasohlson.se Stockholm – Kista Galleria Trondheim – City Syd Sweden Norway Finland Stockholm – Nacka Trondheim – Lade and UK MAIL ORDER/INTERNET SALES Stockholm – Sickla Trondheim – Solsiden NORWAY Stockholm – Skärholmen Tønsberg – Farmandstredet Clas Ohlson AS Stockholm – Solna Ålesund – Stormoa Kjøpesenter Number of stores 50+2 38 16 Postboks 485 Stockholm – Täby N-0105 Oslo Stockholm – Vällingby FINLAND Tel +47 23 21 40 00 Stockholm – Väsby Espoo – Entresse Shopping Centre Fax +47 23 21 40 80 Strömstad – Norby Espoo – Sello www.clasohlson.no Sundsvall – Birsta Helsinki – Kamppi Sundsvall – Nya hamnen Helsinki – Mannerheimvägen Share of Group sales Trelleborg – Valen Helsinki – Itäkeskus Uddevalla – Centre Joensuu – Centre Umeå – MVG Kokkola – Chydenia Shopping Centre Uppsala – S:t Per Gallerian Kuopio – Centre Visby – Centre Lappeenranta – Gallerian Shopping Västerås – Arosian Centre Share of Group number Växjö – Affärshuset Tegnér Lempäälä – Ideapark Rovaniemi – Centre of employees Örebro – Marieberg Örebro – Krämaren Seinäjoki – Centre Örnsköldsvik – Magasinet Tampere – Centre Östersund – Mittpunkten Vantaa – Jumbo Shopping Centre 1918 (SE) Vaasa – Rewell Center Year started 1985 2002 Turku – Forum Shopping Centre 2008 (UK) NORWAY Arendal – Amfi Arena UK Asker – Trekanten Kjøpesenter Croydon – The Whitgift Centre Bergen – Bergen Storsenter Manchester – Arndale Centre The story of Clas Ohlson For information on the addresses and telephone numbers of stores, see www.clasohlson.se. Clas Ohlson, who was very inter- ested in technical products, started the company in Insjön in 1918 as a Investor Relations contacts mail-order company. The product John Womack Klas Balkow Göran Atterling Michael Ehrling catalogue, which at that time ran Director of Information and IR President and CEO Chief Financial Officer IR production to only a few pages, was gradually Tel: +46 247 444 00 Tel: +46 247 444 00 Tel: +46 247 444 00 Tel: +46 247 444 00 expanded and over the years has been a source of inspiration for gen- Content, structure and texts: Clas Ohlson AB in cooperation with Sund Kommunikation erations of customers. The company Production: Clas Ohlson AB This annual report has been prepared in ­wedish has since grown year by year, and Printed by: Strokirk-Landströms AB, Lidköping and translated into English. In the event of any Clas himself was active in the busi- Photography: Lars Dahlström, Johan Olsson, Ulf Palm, Trons Lasse discrepancies between the Swedish and the ness throughout his life. Translation: The Bugli Company AB translation, the former shall have precedence. ClasCLAS Ohlson OHLSON 2008/09 2008/09 Addresses 81 The year in brief • Sales totalled SEK 4,930 M (4,662) Sales, SEK M 4,930 5,000 • Operating profit totalled SEK 503 M (578), corresponding 4,662 4,101 to an operating margin of 10.2% (12.4) 4,000 3,568 2,955 • Profit after tax amounted to SEK 365 M (422) 3,000 • Earnings per share amounted to SEK 5.62 (6.43) 2,000 1,000 • Dividend of SEK 3.00 per share (5.00) is proposed 0 • 20 new stores opened 04/0505/06 06/07 07/08 08/09 • Stores opened in the United Kingdom Operating profit, SEK M 600 578 531 503 500 484 420 Key ratios 2008/09 2007/08 Change 400 Net sales, SEK M 4,930 4,662 6 % 300 Operating profit, SEK M 503 578 –13 % 200 Profit before tax, SEK M 504 588 –14 % 100 Profit after tax, SEK M 365 422 –13 % 0 04/05 05/06 06/07 07/08 08/09 Operating margin, % 10.2 12.4 –2.2 Return on equity, % 24.4 29.4 –5.0 Return on capital employed, % 32.6 41.8 –9.2 Equity/assets ratio, % 58.1 68.4 –10.3 Earnings per share, SEK 5.62 6.43 –13 % Dividend per share, SEK 3.00* 5.00 –40 % Total number of stores 106 86 23 % Number of full-time equivalent employees 1,927 1,801 7 % * Proposed dividend Clas Ohlson 2008/09 The year in brief 1 CEO’s statement An eventful year impossible without the support of a strong organisation.
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