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Report Q4 2020

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Report Q4 2020 Year-end report 2020 Strong close to the year with continued pandemic impacts Fourth quarter 2020 January-December 2020 • Consolidated net sales increased by 5.6% to SEK 32,593 million • Consolidated net sales amounted to SEK 126,283 million (119,295), an (30,850) increase of 5.9% • Operating profit excluding items affecting comparability increased to • Operating profit excluding items affecting comparability increased to SEK 1,371 million (1,267). Overall, non-recurring items in operating SEK 5,831 million (5,356) profit are considered to be insignificant. In operating profit for 2019, • The estimated impact of the Covid-19 pandemic on operating profit for these were calculated at SEK -50 million net. the year is approximately SEK -10 million • Consolidated sales and operating profit were affected by the continuing • Profit for the year was SEK 4,173 million (3,450). This includes the net Covid-19 pandemic, where ICA Sweden and ICA Real Estate benefited, result of divestments and impairment losses, totalling SEK -57 million while other segments were negatively impacted. The estimated, overall (-422). Profit for the preceding year included a capital loss of SEK 382 effect on consolidated operating profit for the fourth quarter is million on the sale of Hemtex approximately SEK +25 million • Earnings per share were SEK 20.65 (17.06) • Profit for the period was SEK 919 million (915). This includes the net result of divestments and impairment losses, totalling SEK -47 million • Cash flow from operating activities, excluding ICA Bank, was SEK (-18) 10,444 million (9,923) • Earnings per share were SEK 4.54 (4.52) • Cash flow from operating activities, excluding ICA Bank, was SEK 3,772 Events after the end of the quarter million (2,925) • Apotek Hjärtat's CEO Anders Nyberg announced on 12 January that he • ICA Gruppen's board of directors proposes a dividend for 2020 of SEK will be retiring in 2021. Recruitment of his successor has begun 13.00 per share (12.00), corresponding to 63% (70%) of profit for the year Fourth quarter Jan-Dec SEKm 2020 2019 2020 2019 Group Net sales 32,593 30,850 126,283 119,295 Operating profit before depreciation/ amortisation (EBITDA) 2,716 2,576 11,141 10,193 Operating profit (EBIT) excluding items affecting comparability 1,371 1,267 5,831 5,356 Operating profit (EBIT) 1,325 1,249 5,774 4,934 Profit before tax 1,215 1,122 5,308 4,402 Profit for the period 919 915 4,173 3,450 Cash flow from operating activities 3,911 3,096 11,641 9,748 Cash flow from operating activities excluding ICA Bank 3,772 2,925 10,444 9,923 Operating margin excluding items affecting comparability, % 4.2 4.1 4.6 4.5 Operating margin, % 4.1 4.0 4.6 4.1 Return on capital employed, % — — 9.2 7.9 Return on equity, % — — 11.7 10.1 Earnings per share, SEK 4.54 4.52 20.65 17.06 ICA Gruppen | Year-end report 2020 Page 2 of 34 CEO's comments The year's final quarter followed a familiar pattern for the year with continued impacts from the Covid-19 pandemic – volume growth for ICA Sweden, while Rimi Baltic and especially Apotek Hjärtat had weaker performance. At the same time, e-commerce continues to show very strong growth. In terms of earnings, we had favourable development on the whole, and we achieved our margin target for 2020. Despite the challenges brought by the pandemic we have maintained continued good momentum in important development projects. The grocery retail market in Sweden continued to grow at a fast rate during the fourth quarter, and growth for the full year ended up at 7.6%. Our performance was slightly weaker than the market during the fourth quarter and full year 2020, but the outcome varied during the year depending on how the spread of the coronavirus impacted travel patterns. We are clearly growing faster than the market online, but the exceptionally high online growth also means that total growth is relatively lower, all else equal. Overall we believe that the pandemic will continue to impact performance for the grocery retail market – at least during the first half of 2021. ICA Sweden – continued strong e-commerce growth The strong sales growth during the fourth quarter included, as earlier in the year, sharp growth in demand for our e-commerce business. E- commerce accounted for roughly 45% of growth in store sales during the quarter and more than 30% for the entire year. We will now soon be initiating the migration to Ocado's e-commerce platform, which will be fully implemented by year-end 2021. This will lead to better functionality both for retailers and customers, and is an important step towards more efficient e-commerce for us. We will also shortly be starting up our dark store in Gothenburg, and in 2022 we will take the next important step with the start-up of our new, automated dark store in Stockholm. We will also be intensifying the work on developing our range and private label product offering – something that we consider to be an important part of being able to continue offering our customers attractively priced products that meet high demands for health, sustainability, inspiration and simplicity. Price value, in particular, will be one of the most central areas of focus in the market we face once the pandemic has ebbed out. Rimi Baltic – tough market with hard restrictions. Apotek Hjärtat – continued weak volume development New restrictions in the Baltic countries marked the end of the year for Rimi Baltic. In Lithuania, however, we noted continued favourable performance during the fourth quarter. Otherwise, the big event during the quarter is that our new warehouse in Riga is now in operation. A few finishing touches remain, but for the most part we are up and running, which creates good conditions going forward to be even more efficient in our logistics in the Baltics. It was the sharp rise in online sales that can be credited for the growth in the pharmacy market during the fourth quarter. Our e-commerce continues to grow faster than the market, but overall we are growing a bit more slowly than the market given that our market share is lower online. However, the e-commerce contribution is steadily improving, and continuing that trend is an important part of the puzzle for restoring profitability over the long term. We are now carrying out certain structural measures to further increase efficiency and strengthen competence. ICA Bank acquires customer portfolio from Forex. ICA Real Estate – strong close to a good year Just before Christmas we reached an agreement with Forex to acquire its customer portfolios for deposits and consumer lending. We see this as a good opportunity to profitably grow the bank's business and at the same time create synergies with existing operations and achieve economies of scale in development of the bank's own platform. In addition, during 2021 the new mortgage company will be launched, which is another important venture for us. ICA Real Estate can put a good year on record with a strong, partly acquisition-driven, earnings improvement and good cost control. New health ambition launched; climate target reached, and historically high earnings premium for employees At the start of 2021 we adopted a new health ambition. The ambition covers three focus areas and applies for all companies in Sweden: physical well-being, mental well-being, and safe and sound use of antibiotics. We can now also definitively say that we reached our "old" climate target, having achieved a reduction in greenhouse gas emissions by 76% from the base year 2006. The remainder will be offset through carbon credits. 2020 was in many ways a tough year, so I am extra happy that on the basis of our strong earnings we can distribute an historically high earnings premium of SEK 10,000 per employee. The earnings premium is paid out to all employees who are not included in any other variable remuneration programme and is calculated based on the number of hours worked during the past year. In summary – a good quarter and a good year, under very special circumstances Following this very special year, we have now moved in to 2021, and we do so with strong self-confidence. We have managed the year's challenges, delivered good earnings and maintained high momentum in the development projects that will be extra important for us going forward. These include, for example, digitalisation, implementation of important e-commerce projects, competence-strengthening and new ambitions and goals in the areas of health and sustainability. With a clear strategy and high level of energy we stand well-prepared to take on 2021. Per Strömberg CEO ICA Gruppen ICA Gruppen | Year-end report 2020 Page 3 of 34 Group performance Net sales and earnings Fourth quarter 2020 Consolidated net sales increased by 5.6% during the quarter compared with 2019. The increase in local currency was 6.2%. This performance is explained by continued positive volume effects, especially in ICA Sweden's wholesale operation, and positive price and mix effects. In contrast to ICA Sweden, the Covid-19 volume effect continued to be negative for Apotek Hjärtat, Rimi Baltic and ICA Bank. Operating profit excluding items affecting comparability increased by SEK 104 million to SEK 1,371 million (1,267). Operating profit improved for ICA Sweden and ICA Real Estate, while it decreased for other businesses. Taken together, the price and volume impact was positive, while Apotek Hjärtat, in particular, had continued negative volume effects.
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