Annual Report 2006/2007 Contents Clas Ohlson Annual Report 2006/2007 Report Annual Ohlson Clas
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ANNUAL REPORT 2006/2007 CONTENTS CLAS OHLSON ANNUAL REPORT 2006/2007 FINANCIAL INFORMATION THE YEAR IN BRIEF 1 INTERVIEW WITH THE CEO 2 “WE MUST SELL DEPENDABLE PRODUCTS AT LOW PRICES STRATEGIC ORIENTATION 4 AND THE RIGHT QUALITY ACCORDING TO NEED.” SUSTAINABLE DEVELOPMENT 10 CLAS OHLSON Our co-workers are what make Clas Ohlson 10 Our social responsibility – work on a code of conduct for suppliers 14 We are concerned about the environment 16 MARKET OVERVIEW 18 PRIVATE LABELS 21 OPERATIONS 24 Sales channels 24 United Kingdom – our next market 27 Marketing 29 Product range and purchasing 30 Logistics and IT 34 Opportunities and risks 36 SHARES AND SHAREHOLDERS 38 ANNUAL REPORT Directors’ report 40 Board and nomination committee reports 43 Five-year summary 44 Comments on the five-year trend 45 Consolidated income statement and cash flow statement 46 Consolidated balance sheet 47 Parent Company income statement and cash flow statement 48 Parent Company balance sheet 49 Consolidated and Parent Company change in equity 50 CLAS OHLSON IN BRIEF Accounting policies and notes 51 Clas Ohlson is a retailing company with sales in Sweden, Signing of the accounts 62 Norway and Finland. At the end of the financial year there Audit report 63 SE-793 85 Insjön were 71 stores, a mail-order operation and e-commerce. Sweden We offer a broad range of products in the areas of electri- Tel: + 46 247-444 00 CORPORATE GOVERNANCE 65 cal & electronics, mobile phones, computer accessories, Fax: + 46 247-444 25 Internal control 67 hifi/stereo, tools, household, home and storage. We have www.clasohlson.com A word from the Chairman 69 15,000 different products in our range. The company is listed on the Nordic Exchange. The head office and Corporate identity number: 556035-8672 BOARD OF DIRECTORS 70 SENIOR MANAGEMENT 71 distribution centre are located in Insjön in Sweden. Our sales exceed SEK 4 billion and we have a total of QUARTERLY RESULTS 72 around 2,600 employees. We will open our first stores DEFINITIONS 72 in the United Kingdom in 2008/09. ADDRESSES 73 ANNUAL REPORT 2006/2007 CONTENTS CLAS OHLSON ANNUAL REPORT 2006/2007 FINANCIAL INFORMATION THE YEAR IN BRIEF 1 INTERVIEW WITH THE CEO 2 “WE MUST SELL DEPENDABLE PRODUCTS AT LOW PRICES STRATEGIC ORIENTATION 4 AND THE RIGHT QUALITY ACCORDING TO NEED.” SUSTAINABLE DEVELOPMENT 10 CLAS OHLSON Our co-workers are what make Clas Ohlson 10 Our social responsibility – work on a code of conduct for suppliers 14 We are concerned about the environment 16 MARKET OVERVIEW 18 PRIVATE LABELS 21 OPERATIONS 24 Sales channels 24 United Kingdom – our next market 27 Marketing 29 Product range and purchasing 30 Logistics and IT 34 Opportunities and risks 36 SHARES AND SHAREHOLDERS 38 ANNUAL REPORT Directors’ report 40 Board and nomination committee reports 43 Five-year summary 44 Comments on the five-year trend 45 Consolidated income statement and cash flow statement 46 Consolidated balance sheet 47 Parent Company income statement and cash flow statement 48 Parent Company balance sheet 49 Consolidated and Parent Company change in equity 50 CLAS OHLSON IN BRIEF Accounting policies and notes 51 Clas Ohlson is a retailing company with sales in Sweden, Signing of the accounts 62 Norway and Finland. At the end of the financial year there Audit report 63 SE-793 85 Insjön were 71 stores, a mail-order operation and e-commerce. Sweden We offer a broad range of products in the areas of electri- Tel: + 46 247-444 00 CORPORATE GOVERNANCE 65 cal & electronics, mobile phones, computer accessories, Fax: + 46 247-444 25 Internal control 67 hifi/stereo, tools, household, home and storage. We have www.clasohlson.com A word from the Chairman 69 15,000 different products in our range. The company is listed on the Nordic Exchange. The head office and Corporate identity number: 556035-8672 BOARD OF DIRECTORS 70 SENIOR MANAGEMENT 71 distribution centre are located in Insjön in Sweden. Our sales exceed SEK 4 billion and we have a total of QUARTERLY RESULTS 72 around 2,600 employees. We will open our first stores DEFINITIONS 72 in the United Kingdom in 2008/09. ADDRESSES 73 FINANCIAL INFORMATION THE WORLD OF CLAS OHLSON SWEDEN NORWAY Borås Bergen, Bergen Storsenter ADDRESSES We are eager to keep the market continu- Eskilstuna Bergen, Laguneparken ously informed of our sales fi gures and Gävle Bergen, Sartor therefore report these as often as once a Göteborg, Bäckebol Bergen, Åsane Göteborg, Nordstan Fredrikstad month. The information is issued in a press Göteborg, Partille Gjøvik release mid-way though the following Halmstad Hamar HEAD OFFICE SWEDEN NORWAY month. Financial results are presented four Helsingborg Haugesund Clas Ohlson AB Borås – Knalleland Bergen – Bergen Storsenter Insjön Kristiansand SE-793 85 Insjön Eskilstuna – Cityhuset Bergen – Laguneparken times a year, at the end of each quarter. Jönköping Lørenskog Sweden Gävle – Affärshuset Nian Bergen – Sartor We distribute a printed annual report to Kalmar Moss Tel +46 247-444 00 Göteborg – Bäckebol Bergen – Åsane all shareholders by post and also regularly Karlstad Oslo, Alna Senter Kristianstad Oslo, Oslo City Fax +46 247-444 25 Göteborg – Nordstan Fredrikstad – Torvbyen send out our interim reports to those who Linköping Oslo, Torggata www.clasohlson.se Göteborg – Partille Gjøvik – CC Mart’n express an interest in receiving them. The Luleå Porsgrunn Halmstad – Combihuset Hamar – Maxi interim reports can be received by e-mail or Malmö Sandnes HEAD OFFICE Helsingborg – Väla centrum Haugesund – Oasen Storsenter Norrköping Sandvika in a printed version by post, depending on Nyköping Sarpsborg NORWAY Insjön – Dalarna Kristiansand – Sørlandssenteret preference. Skellefteå Ski Clas Ohlson AS Jönköping – A6 Lørenskog Storsenter All fi nancial information on Clas Ohlson Stockholm, Farsta Strømmen Torggata 2–6 Kalmar – Baronen Moss – Amfi Moss Stockholm, Gallerian Trondheim, City Syd N-0105 Oslo Karlstad – Mitt i City Oslo – Alna Senter can be found on www.clasohlson.com. Both Stockholm, Haninge Trondheim, Solsiden Tel +47 23 21 40 05 Kristianstad – Domus-huset Oslo – Oslo City press releases and reports appear there the Stockholm, Häggvik Tønsberg Stockholm, Kista Ålesund Fax +47 23 21 40 80 Linköping – Centrum Oslo – Torggata moment they are published. The website Stockholm, Nacka www.clasohlson.no Luleå – Smedjan Porsgrunn – Down Town contains all the press releases, interim Stockholm, Skärholmen FINLAND Malmö – Triangeln Sandnes – Kvadrat reports and annual reports that we have Stockholm, Solna Espoo HEAD OFFICE Norrköping – Domino Sandvika Storsenter Stockholm, Täby Helsinki, Centre published since the initial public offering FINLAND Nyköping – Nyckeln Sarpsborg – Storbyen Stockholm, Väsby Helsinki, Kamppi Clas Ohlson OY Skellefteå – Citykompaniet Ski Storsenter in October 1999. They can be downloaded Sundsvall Helsinki, Itäkeskus Georgsgatan 23 A Stockholm – Farsta Strømmen Storsenter as either text fi les or PDF fi les. The initial Trelleborg Kuopio Uddevalla Tampere FI-00100 Helsinki Stockholm – Gallerian Trondheim – City Syd public offering prospectus can also be down- Umeå Vantaa Tel +358 9 584 002 31 Stockholm – Haninge Trondheim – Solsiden loaded as a pdf. It is possible to register to Uppsala Vaasa Fax +358 20 111 22 34 Stockholm – Häggvik Tønsberg – Farmandstredet receive our press releases directly by e-mail. Västerås Turku www.clasohlson.fi Stockholm – Kista Galleria Ålesund – Stormoa Växjö Stockholm – Nacka In addition, it is possible to view and SWEDEN NORWAY FINLAND Örebro FINLAND listen to the presentations we hold around Örnsköldsvik MAIL-ORDER/ Stockholm – Skärholmen Number of stores 38 24 9 Östersund INTERNET SWEDEN Stockholm – Solna Espoo – Sello the time of the publication of our interim Clas Ohlson AB Stockholm – Täby Helsinki – Centre report on our website. These presentations SE-793 85 Insjön Stockholm – Väsby Helsinki – Kamppi are an excellent way of forming a picture of Sweden Sundsvall – Nya hamnen Helsinki – Itäkeskus the company and its shares. Tel +46 247-444 44 Trelleborg – Valen Kuopio – Centre Share of Group sales www.clasohlson.com Fax +46 247-445 55 Uddevalla – Centrum Tampere – Centre www.clasohlson.se Umeå – MVG Vantaa – Jumbo Uppsala – S:t Per Gallerian Vaasa – Rewell Center MAIL-ORDER/ Västerås – Arosian Turku – Forum shopping Centre Share of number of Group INTERNET NORWAY Växjö – Affärshuset Tegnér employees Clas Ohlson AS Örebro – Krämaren Postboks 485 Örnsköldsvik – Magasinet Established in year 1918 1985 2002 N-0105 Oslo Östersund – Mittpunkten Tel +47 23 21 40 00 Fax +47 23 21 40 80 www.clasohlson.no The interim reports for 2007/08 will be published ANNUAL GENERAL MEETING THE STORY OF CLAS on the following dates: The Annual General Meeting for the 2006/07 fi nancial year will OHLSON For information on the addresses and telephone numbers of stores, see www.clasohlson.com First quarter (May–July) 4 September 2007 be held in Insjön, Sweden, on 8 September 2007. All share- Clas Ohlson, who was very interested Second quarter (Aug–Oct) 6 December 2007 holders registered at the end of July 2007 will receive a notice in technical products, started the Third quarter (Nov–Jan) 11 March 2008 of this meeting. The notice can also be found on our website company in Insjön, Sweden, in 1918 Year-end report 2007/08 12 June 2008 www.clasohlson.com. The notice contains an agenda and infor- as a mail-order company. The product mation on how to register to attend. catalogue, which at that time only The Board has decided to propose to the Annual General ran to a few pages, was gradually expanded and over the years has been Meeting that a dividend of SEK 4.50 per share be paid for a source of inspiration for generations 2006/07 (previous year SEK 4.00). of customers. The company has since This annual report has been prepared in Swedish and translated grown year by year, and Clas himself Production: Clas Ohlson AB in cooperation with Sund Kommunikation AB into English.