SEKm April–June 2013 April–June 2012
Pro forma 1
April–June
2012 January–June 2013 2 June 2012January–
Pro forma 1 January– June 2013 Pro forma 1 January– June 2012 Group Net sales 25,025 662 25,395 26,908 1,288 48,666 49,305
Operating profit (EBIT) excl. non-recurring items 678 75 684 739 159 1,242 1,226
Operating profit (EBIT) 694 169 616 9,406 253 1,131 1,164
Profit before tax 498 159 409 9,223 261 733 790
Profit for the period 320 159 244 9,050 253 410 483
Cash flow from operating activities 1,744 739 – 1,494 591 – –
Operating margin excl. non-recurring items, % 2.7% 11.3% 2.7% 2.7% 12.3% 2.6% 2.5%
Operating margin, % 2.8% 25.5% 2.4% 35.0% 19.6% 2.3% 2.4%
Return on capital employed, % – – – 3.6% 5.4% 6.9% 5.3%
Return on equity, % – – – 3.3% 3.3% 3.5% 4.5%
Earnings per ordinary share, SEK 1.88 1.09 1.45 54.18 1.73 2.53 3.03
Earnings per C share, SEK 1.88 1.09 1.45 54.18 1.73 2.53 3.03
1 Pro forma as if the acquisition of ICA AB had taken place at 1 January 2012, excluding non-recurring acquisition effects.
ICA Gruppen’s consolidated financial statements include ICA AB as
a wholly owned subsidiary with effect from 27 March 2013 when
acquisition of Ahold’s shares in ICA AB was completed.
Second quarter of 2013 in summary
Comparative figures are pro forma and show the second quarter of 2012 as if ICA and Hakon Invest had been consolidated.
• Consolidated net sales amounted to SEK 25,025 million (25,395) in the second quarter. Excluding the sold ICA Maxi stores in Norway and adjusted for currency fluctuations, consolidated net sales rose by 2.4% in the second quarter.
• Operating profit amounted to SEK 694 million (616). Operating profit excluding non- recurring items amounted to SEK 678 million (684). Excluding the sold Norwegian ICA Maxi stores, which were included last year, and costs of terminating incentive programmes this year, the Group’s earnings were 8% higher than in the previous year. • Profit for the period amounted to SEK 320 million (244). Earnings per share amounted
to SEK 1.88 (1.45).
• Strong sales in the Swedish ICA stores.
• ICA Gruppen’s SEK 5 billion new issue fully subscribed. • In June 2013, ICA Gruppen issued bonds worth SEK 5 billion.
Interim report January–June 2013
Strong quarter for ICA Gruppen
CEO’s comments
ICA Sweden continued to see favourable profitability development during the quarter, mainly driven by a strong sales trend in the Swedish ICA stores. The second quarter of 2013 was the ninth consecutive quarter in which sales development in the ICA stores outperformed the market. The strong retail sales, combined with a higher proportion of private label sales, contributed to the im-provement in ICA Sweden’s operating profit. In June 2013, we decided to extend the distri-bution centre in Helsingborg and close the warehouse in Arlöv. This marks a key step in our long-term strategic plan for a more efficient and modern logistics structure.
ICA Norway continued to see a weak sales and profitability development in the second quarter. Our planned co-operation with Norgesgruppen relating to sourcing and logistics had to be postponed in April pending a review of this co-operation by the Norwegian Competition Authority. ICA Norway appealed against this decision and in July was given a temporary go-ahead for joint sourcing pending the final decision, which is preliminarily scheduled for 30 Sep-tember 2013.
Rimi Baltic continued to report favourable development in the second quarter. Sales in local currency increased by 3.7% and operat-ing profit rose 24%. The Baltic countries are a region where we see good growth opportu-nities going forward.
ICA Bank increased its marketing activities during the quarter and incurred higher costs due among other things to new regulations. This led to a lower operating profit than in the previous year. ICA Real Estate showed stable development during the quarter, adjusted for the sold Norwegian Maxi prop-erties.
The portfolio companies are now reported as a single segment in the Group. Net sales in this segment were lower for the quarter than in the previous year due to the divestment of operations in Forma. At the
same time, operating profit improved slightly compared with last year. As announced ear-lier, an evaluation of the portfolio companies is underway in view of the new circum-stances that now prevail.
The major transaction this spring, when ICA became wholly integrated in ICA Grup-pen, has been very favourably received. This can be seen in particular through the major confidence shown by our owners in con-junction with the new issue in May when we raised SEK 5 billion. Borrowing via our MTN programme in June could also be carried out in an optimum manner. These financing measures, combined with a good cash flow in operations, contributed to a planned continued reduction in our debt during the quarter.
Taken overall, we are well on our way to delivering in accordance with the strategic priorities we set for 2013. Good growth in Sweden, combined with the positive performance for our private labels, are clear examples of this as is the fact that our preparations for the roll-out of online sales in Sweden during 2014 are proceeding accord-ing to plan.
Per Strömberg CEO ICA Gruppen
Important events during the
second quarter of 2013
April 2013 – New Executive Management
The Board of Directors appointed Per Strömberg as the new CEO of ICA Gruppen, after the acquisition of the remaining shares in ICA was completed. Per Strömberg and other members of ICA Gruppen’s Executive Management took up their positions in conjunction with the Annual General Meeting on 20 May 2013.
April and July 2013 – Norwegian Compe-tition Authority temporarily suspends planned co-operation. Norwegian Min-istry(FAD) gives temporary go-ahead to joint sourcing pending a final decision.
The Norwegian Competition Authority decided to temporarily suspend ICA Norway’s co-operation with Norges-gruppen, which was planned to start in April, while the Authority carried out its review. The suspension applied until 30 September 2013. At the beginning of July, the Norwegian Ministry of Gov-ernment Administration, Reform and Church Affairs (FAD) gave ICA Norway permission to start implementation of the sourcing agreement pending a final decision, but stated that the logistics co-operation must await the Authority’s decision which is preliminary scheduled for 30 September 2013.
May 2013 – ICA Gruppen carried out SEK 5 billion new issue
In May 2013, ICA Gruppen made a new issue with preferential rights for existing shareholders amounting to SEK 5 billion. The new issue was part of the financing of the remaining shares in ICA com-pleted in March 2013.
June 2013 – Decision to expand distribu-tion centre in Helsingborg
ICA Sweden decided to expand the distribution centre in Helsingborg and close the warehouse in Arlöv as a step in the development towards a more efficient and modern logistics structure. These changes will be carried out starting in spring 2015. ICA Real Estate will acquire the warehouse property in Helsingborg together with Alecta via a joint venture. The agreed property value amounts to SEK 931 million. The acquisition was completed on 15 August 2013.
June 2013 – ICA Gruppen issues bonds
In June 2013, ICA Gruppen issued bonds under the company’s MTN programme. In total, bonds were issued in Swedish kronor for SEK 5 billion, split into two tenors of five and two years. The proceeds were used to repay part of the bridge financing relating to the acqui-sition of ICA.
ICA Gruppen reports a strong performance in the second quarter.
Consol-idated net sales increased by 2.4% compared with pro forma for the same
quarter last year, adjusted for the sold Maxi stores in Norway and currency
fluctuations. Operating profit excluding non-recurring items rose by 8%
during the quarter on the same calculation basis. The acquisition of the
re-maining shares in ICA makes interpretation of ICA Gruppen’s interim report
rather complicated and to facilitate an assessment of the Group’s
develop-ment, in this interim report we have chosen to focus on the performance of
the individual segments.
Net sales and earnings
Second quarter 2013
Consolidated net sales amounted to SEK 25,025 million (662).
Operating profit in the Group amounted to SEK 694 million (169). Operating profit excluding non-recurring items amounted to SEK 678 million (75). Profit for the period was SEK 320 million (159) and earnings per share amounted to SEK 1.88 (1.09).
Six-month period January–June 2013 Consolidated net sales amounted to SEK 26,908 million (1,288).
Operating profit in the Group amounted to SEK 9,406 million (253). A non-recurring effect of the acquisition of the remaining shares in ICA is included with SEK 8,652 mil-lion. Operating profit excluding non-recur-ring items amounted to SEK 739 million (159). Profit for the period was SEK 9,050 million (253) and earnings per share amounted to SEK 54.18 (1.73). Profit for the period ex-cluding the effects of the acquisition of the remaining shares in ICA was SEK 398 million and earnings per share SEK 2.50.
Net financial items and tax
ICA Gruppen’s net financial items amounted to SEK –196 million (–10) in the second quarter. In the period January–June 2013 net financial items amounted to SEK –183 million (8). The less favourable net financial items are due to increased interest expenses in conjunction with the acquisition of the remaining shares in ICA.
ICA Gruppen’s tax expense amounted to SEK 178 million (0) in the second quarter. In January–June 2013 the tax expense was SEK 173 million (8).
Financial position
ICA Gruppen’s total assets amounted to SEK 72,035 million at 30 June 2013 (SEK 9,763 mil-lion at 31 December 2012). The equity/assets ratio was 31.2% at 30 June 2013 (86.1% at 31 December 2012).
ICA Gruppen’s net debt, excluding pension liabilities, liabilities attributable to sale & leaseback and ICA Bank, amounted to SEK 13,211 million at 30 June 2013 (net cash SEK 1,199 million at 31 December 2012). The
Group performance
ICA Gruppen’s consolidated financial statements include ICA AB as a wholly
owned subsidiary with effect from 27 March 2013, when the acquisition of Ahold’s
shares in ICA AB was completed. The figures for the previous year relate to the
Hakon Invest Group, where ICA AB was included as a joint venture and reported
according to the equity method. The Group’s performance for the second quarter
as well as the period January-June 2013 as formally reported is set out below. The
Group’s pro forma earnings development is presented on page 4.
Group’s interest-bearing liabilities mainly comprise a bridging loan related to the ac-quisition of the remaining shares in ICA and the bonds issued in June 2013.
Cash flow
Cash flow from operating activities amount-ed to SEK 1,744 million (739) in the second quarter. Excluding ICA Bank cash flow from operating activities amounted to SEK 1,455 million (739). In the period January–June 2013 cash flow from operating activities was SEK 1,494 million (591).
Cash flow from investing activities amounted to SEK –449 million (–124) during the quarter and SEK –15,059 million (–130) in January–June, of which SEK 15,739 million related to the acquisition of the remaining shares in ICA. Cash flow from financing activ-ities amounted to SEK –2,175 million (–517) during the quarter. In the period January– June cash flow from financing activities was SEK 16,870 million (–416). Consolidated cash and cash equivalents and short-term invest-ments amounted to SEK 3,610 million (293) at 30 June 2013.
Investments
During the first half of the year the Group’s investments totalled SEK 16,296 million (19). This includes acquisition of the remaining shares in ICA during the first quarter with SEK 15,739 million.
Financing
The Group’s net debt, excluding pension liabilities, liabilities attributable to sale & leaseback and ICA Bank, decreased to SEK 13,211 million at 30 June 2013. In May 2013, a new issue was carried out with preferential rights for existing shareholders amounting to approximately SEK 5 billion. The proceeds from the new issue were used to repay parts of bridge financing.
In June 2013, ICA Gruppen also issued bonds for SEK 5 billion, under the company’s MTN programme. The bonds have a split tenor of five and two years. The proceeds from the bond issue were used to replace parts of bridge financing with other long-term financing. As a result of the issue, ICA Gruppen’s lenders under agreements on
bridge financing and operating credits, have released their pledges. This means that the loans under these agreements are on equal footing (pari passu) with issued MTNs.
At the end of the second quarter, the Group’s bridge financing had decreased to SEK 7 billion. The bridge financing is expect-ed to be replacexpect-ed by other long-term debt financing during 2014.
At the end of the second quarter of 2013, the Group’s debt amounted to 2.7 times EBITDA (calculated on pro forma EBITDA on a rolling 12-month basis at 30 June).
Second quarter of 2013
Consolidated net sales amounted to SEK 25,025 million (25,395) in the second quarter. This is a decrease of 1.4% compared with the previous year. Excluding the sold Norwegian ICA Maxi stores, which were included in net sales last year, and adjusted for currency fluctuations, the Group’s net sales were 2.4% higher than in the previous year.
Operating profit in the Group amounted to SEK 694 million (616). Operating profit excluding non-recurring items amounted to SEK 678 million. Excluding the sold Norwe-gian ICA Maxi stores, which were included last year, and costs of terminating incentive programmes this year, the Group’s earnings were 8% higher than in the previous year. The improved operating profit is mainly explained by higher earnings in ICA Sweden and Rimi Baltic, which was partly offset by lower earnings for ICA Norway and ICA Bank.
ICA Gruppen’s net financial items amount-ed to SEK –196 million (–207) in the second quarter. Profit for the period was SEK 320 mil-lion (244) and earnings per share amounted to SEK 1.88 (1.45).
Six-month period January–June 2013
Consolidated net sales amounted to SEK 48,666 million (49,305) in January–June. Ex-cluding the sold Norwegian ICA Maxi stores, which were included in net sales last year, and adjusted for currency fluctuations, the Group’s net sales were 2.6% higher than in the previous year.
Operating profit in the Group excluding acquisition effects amounted to SEK 1,131 million (1,164). Operating profit excluding non-recurring items amounted to SEK 1,242 million (1,226). Profit for the period excluding acquisition effects was SEK 398 million (483) and earnings per share amounted to SEK 2.53 (3.03).
The acquisition of the ICA Group was completed on 27 March 2013 which means
that subsequently ICA is fully consolidated in the financial statements. A pro forma
compilation per quarter for the full year 2012 and for the first half of 2013 shows
ICA and Hakon Invest as if they had been consolidated and appears as follows.
Pro forma net sales and earnings in summary
Jan–March
2013 April–June 2013 Jan–March 2012 April–June 2012 July–Sep 2012 Oct–Dec 2012 Full year 2012
Net sales, SEKm 23,641 25,025 23,910 25,395 24,387 25,843 99,535
Operating profit excluding
non-recurring items, SEKm 564 678 542 684 943 892 3,061
Operating profit*, SEKm 437 694 548 616 941 895 3,000
Operating margin excluding non-recurring items, % 2.4% 2.7% 2.3% 2.7% 3.9% 3.5% 3.1%
Operating margin* 1.8% 2.8% 2.3% 2.4% 3.9% 3.5% 3.0%
Segment performance
April–June
2013 April–June 2012 January–June 2013 June 2012January– Full year 2012 Net sales, SEKm 17,177 16,698 33,219 32,068 65,750 Operating profit excl. non-
recurring items, SEKm 719 673 1,348 1,213 2,872
Operating margin excl. non-
recurring items, % 4.2% 4.0% 4.1% 3.8% 4.4%
Private label share of sales, % – – 21.2% 20.2% 19.6%
Number of employees – – 7,471 7,098 7,229
ICA Sweden
April–June 2013 January–June 2013
Store sales excl. VAT SEKm all storesChange,
Change,
like-for-like SEKm all storesChange ,
Change,
like-for-like Maxi ICA Hypermarket 7,685 3.5% 2.3% 14,694 4.3% 3.5%
ICA Kvantum 6,118 2.9% 0.9% 11,934 4.4% 2.3%
ICA Supermarket 8,032 1.9% 2.8% 15,550 2.7% 3.6%
ICA Nära 3,901 2.0% 1.8% 7,485 2.2% 2.3%
TOTAL 25,735 2.6% 2.1% 49,663 3.5% 3.1%
Store sales in Sweden
Store format December 2012 New Converted Closed June 2013
Maxi ICA Hypermarket 75 1 1 0 77
ICA Kvantum 121 2 –1 –2 120
ICA Supermarket 430 1 0 –1 430
ICA Nära 700 4 0 –11 693
ICA To Go 4 0 0 0 4
TOTAL 1,330 8 0 –14 1,324
Number of stores in Sweden, incl. retailer-owned stores
ICA Sweden conducts grocery retail in co-operation with independent ICA retailers. The retailers own and manage their own stores but have agreements with ICA Sweden in areas such as co-ordinated purchasing, logistics, marketing communications and retail development. ICA Sweden also con-ducts pharmacy operations in Cura. ICA Sweden also includes ICA Maxi Special which among other things conducts sales of non-food items at Maxi ICA Hypermarkets.
Second quarter 2013
ICA Sweden’s net sales amounted to SEK 17,177 million (16,698) in the second quarter, an increase of 2.9% compared with the previ-ous year. Higher sales within wholesale, Maxi Special and Cura pharmacies contributed to the increase.
ICA Sweden’s operating profit excluding non-recurring items rose to SEK 719 million (673). The improvement is explained by high-er sales, improved margins within wholesale due to a higher proportion of private labels, efficiency improvements within logistics and improved earnings for the Cura pharmacies.
ICA Gruppen’s operations are conducted in six segments: ICA Sweden,
ICA Norway, Rimi Baltic, ICA Bank, ICA Real Estate and Portfolio Companies.
In order to increase comparability with earlier periods, the segments are
presented on pages 5–8 of this interim report as they were previously
reported in ICA AB and Hakon Invest’s interim reports. The Group’s
seg-ment reporting is presented in Note 2 on Page 16.
Six-month period January–June 2013
ICA Sweden’s net sales amounted to SEK 33,219 million (32,068) in January–June, an increase of 3.6%. Higher wholesale sales and improved sales in Cura pharmacies contrib-uted to the increase.
Operating profit excluding non-recurring items for ICA Sweden improved to SEK 1,348 million (1,213) during the six-month period. Higher sales, improved wholesale margins due to a higher proportion of private labels, efficiency improvements in logistics and improved earnings for the Cura pharmacies contributed to the improved earnings.
ICA store sales
Sales in the Swedish ICA stores increased by 2.6% in the second quarter and by 3.5% in the first half of the year. Both average pur-chases and number of customers increased this year compared with 2012. Adjusted for price and calendar effects sales increased by 1.8% in the second quarter and by 1.7% in the first half of the year.
April–June
2013 April–June 2012 January–June 2013 June 2012January– Full year 2012
Net sales, SEKm 4,151 4,957 8,289 9,974 19,050
Operating profit excl.
non-recurring items, SEKm –193 –180 –439 –300 –589 Operating margin excl.
non-recurring items –4.6% –3.6% –5.3% –3.0% –3.1% Private label share of sales, % – – 9.8% 10.3% 9.6%
Number of employees – – 3,959 5,008 4,646
ICA Norway
April–June 2013 January–June 2013
Store shares excl. VAT NOKm all storesChange,
Change,
like-for-like NOKm all storesChange,
Change, like-for-like Rimi 2,523 4.6% –0.7% 4,909 4.2% –2.1% ICA Supermarked 1,129 4.0% –2.8% 2,268 3.3% –4.4% ICA Naer 160 –71.5% –7.5% 403 –66.2% –7.8% Matkroken 364 192.5% –3.7% 637 180.8% –2.2% TOTAL 4,176 –0.2% –1.7% 8,217 –1.3% –3.1%
Store sales in Norway
Store format December 2012 New Converted Closed June 2013
Rimi 315 0 5 –2 318
ICA Supermarked 78 0 2 –2 78
ICA Naer 68 0 –52 –4 12
Matkroken 135 1 45 –2 179
TOTAL 596 1 0 –10 587
Number of stores in Norway, incl. retailer-owned stores
Second quarter 2013
ICA Norway’s net sales amounted to SEK 4,151 million (4,957) in the second quarter. Net sales decreased due to divestment of the ICA Maxi stores and closure of a number of unprofitable units. Conversion of all ICA Naer stores is underway and expected to be completed in the autumn.
Operating loss excluding non-recurring items amounted to SEK 193 million (–180). Lower sales volumes and a lower gross margin had a negative impact on earnings. The cost-cutting measures initiated in the previous year have had some impact in the form of lower administrative expenses.
Six-month period January–June 2013
ICA Norway’s net sales amounted to SEK 8,289 million (9,974) in January–June. Net sales decreased due to divestment of the ICA Maxi stores and closure of a number of unprofitable units.
Operating loss excluding items affecting comparability amounted to SEK 439 million (–300). Lower sales volumes and a lower gross margin had a negative impact on earn-ings. The cost-cutting measures initiated in the previous year have had some impact in the form of lower administrative expenses.
Action programme
In January 2013, ICA Norway and Norg-esgruppen announced a co-operation agreement within sourcing and logistics. This collaboration is intended to improve ICA Norway’s purchasing power through joint sourcing as well as achieving more efficient logistics in the supply chain in central and northern Norway. This co-operation markets a key step in ICA Norway’s action plan for achieving profitability. However, the Nor-wegian Competition Authority has decided to review this co-operation and pending completion of its review, ICA Norway and Norgesgruppen are prevented from starting their co-operation within logistics. In June the Norwegian FAD ministry announced that sourcing co-operation could start pending a final decision, which is preliminarily sched-uled for 30 September 2013.
ICA Norway sells groceries in Norway in wholly owned and franchise stores in the Norwegian market. The store formats are Rimi, ICA Supermarked and Matkroken.
April–June
2013 April–June 2012 January–June 2013 June 2012January– Full year 2012
Net sales, SEKm 2,581 2,589 4,947 5,007 10,050
Operating profit excl.
non-recurring items, SEKm 72 60 112 89 259
Operating margin excl.
non-recurring items, % 2.8% 2.3% 2.3% 1.8% 2.6%
Private label share of sales, % 13.8% 12.7% 12.6%
Number of employees 8,102 8,122 8,078
RIMI Baltic
April–June 2013 January–June 2013
Store shares excl. VAT EURm all storesChange,
Change,
like-for-like EURm all storesChange,
Change, like-for-like Estonia 94 1.4% –1.7% 178 0.7% –2.6% Latvia 152 6.3% 3.1% 295 6.5% 3.0% Lithuania 54 1.1% 2.0% 104 –2.7% –0.7% TOTAL 300 3.7% 1.4% 577 2.9% 0.5%
Store sales in the Baltic countries
Country December 2012 New Closed June 2013
Estonia 83 1 –1 83
Latvia 114 1 –2 113
Lithuania 38 2 –2 38
TOTAL 235 4 –5 234
Number of stores in the Baltic countries
Second quarter 2013
Rimi Baltic’s net sales amounted to SEK 2,581 million (2,589) in the second quarter. Sales in local currency increased by 3.7%.
Operating profit excluding non-recurring items amounted to SEK 72 million (60). The improvement is mainly due to higher sales and improved gross margins.
Six-month period January–June 2013
Rimi Baltic’s net sales amounted to SEK 4,947 million (5,007) in January–June. Sales in local currency increased by 3.0%.
Operating profit excluding non-recurring items amounted to SEK 112 million (89). The improvement is mainly due to higher sales and improved gross margins.
Rimi Baltic conducts grocery sales in wholly owned stores in Estonia, Latvia and Lithuania. The store formats are Rimi Hypermarket, Rimi Supermarket and the discount chains Säästumarket and Supernetto. Rimi Baltic also includes the properties owned by the Group in the Baltic countries.
April–June
2013 April–June 2012 January–June 2013 June 2012January– Full year 2012
Revenues, SEKm 203 210 422 408 814
Operating profit excl.
non-recurring items, SEKm 32 58 86 97 181
Operating margin excl.
non-recurring items, % 15.8% 27.6% 20.4% 23.8% 22.2%
Number of employees – – 309 297 301
Business volume, SEKm – – 24,313 22,028 23,272
Capital adequacy ratio – – 1.35 1.37 1.31
ICA Bank
April–June
2013 April–June 2012 January–June 2013 June 2012January– Full year 2012
Net sales, SEKm 557 577 1,118 1,149 2,252
Operating profit excl.
non-recurring items, SEKm 230 264 477 520 985
Operating margin excl.
non-recurring items, % 41.3% 45.8% 42.7% 45.3% 43.7%
Number of employees – – 75 74 73
Number of properties owned – – 195 184 190
Number of square metres owned – – 755,437 730,693 750,000
ICA Real Estate
Second quarter 2013
ICA Bank’s revenues amounted to SEK 203 million (210) in the second quarter. A lower repo rate than last year reduced net interest income, which was partly counteracted by higher net commissions. Business volume rose by 3% during the quarter.
Operating profit excluding non-recurring items amounted to SEK 32 million (58). High-er costs primarily for marketing, adjustment to new regulatory requirements and IT were charged against earnings for the quarter.
Six-month period January–June 2013
ICA Bank’s revenues amounted to SEK 422 million (408) in January–June. Higher business volumes (10%) contributed to increased commission income. Net interest income also rose as a result of the divestment of a bond portfolio at the start of the year as well as increased lending volumes, which com-pensated for reduced deposit margins due to the lower repo rate.
Operating profit excluding non-recurring items amounted to SEK 86 million (97). High-er costs primarily for marketing, adjustment to new regulatory requirements and IT were charged against earnings for the period.
Second quarter 2013
ICA Real Estate’s net sales amounted to SEK 557 million (577) in the second quarter.
Operating profit excluding non-recurring items decreased to SEK 230 million (264). The decrease is mainly attributable to the loss of earnings related to the divested Norwegian Maxi properties.
Six-month period January–June 2013
ICA Real Estate’s net sales amounted to SEK 1,118 million (1,149).
Operating profit excluding non-recurring items amounted to SEK 477 million (520). The decrease is mainly attributable to the loss of earnings related to the divested Norwegian Maxi properties.
Acquisition of warehouse property
ICA Real Estate has signed an agreement to acquire the warehouse property in Hels-ingborg via a joint venture with Alecta. The agreed property value amounts to SEK 931 million. The acquisition was completed in August 2013.
ICA Bank offers a full range of financial banking services to private individu-als in Sweden. The goal is to increase customer loyalty to ICA and to reduce transaction costs for ICA stores and ICA Gruppen.
ICA Real Estate’s mission is to satisfy ICA Gruppen’s future needs for premises in the right marketplaces in Sweden and Norway. The real estate company both develops shopping centres from scratch and buys strategic properties with existing ICA stores. ICA Real Estate is an active seller and buyer of properties in the Swedish and Norwegian markets.
Portfolio companies
April–June
2013 April–June 2012 January–June 2013 June 2012January– Full year 2012
Net sales, SEKm 613 662 1,179 1,288 2,726
Operating profit excl.
non-recurring items, SEKm –35 –38 –95 –110 –124
Operating margin excl.
non-recurring items, % –5.7% –5.7% –8.1% –8.5% –4.5%
Number of employees – – 1,100 1,100 1,100
Other
Seasonal variations
Grocery retail sales are affected by national holidays and when these occur. Christmas and Easter in particular are key holidays for groceries. For a large part of the retail sector the fourth quarter is seasonally the strongest quarter of the year due to Christmas sales.
Risks and uncertainties
ICA Gruppen works at Group level to sys-tematically identify and manage the risks associated with its operations. The risk man-agement process is an integrated part of the strategy and budget work of each unit. Risks
April–June 2013 January–June 2013
Store sales excl.VAT SEKm all storesChange,
Change,
like-for-like SEKm all storesChange,
Change, like-for-like Cervera 207 –4.1% –2.7% 381 0.4% 0.8% Hemtex 204 3.9% 3.8% 398 2.9% 3.2% Kjell & Co 194 11.2% 1.8% 399 14.4% 4.4% TOTAL 605 1,177 Store sales
Store format December 2012 New Closed June 2013
Cervera 77 0 –1 76
Hemtex 154 1 0 155
Kjell & Co 66 5 0 71
TOTAL 297 6 –1 302
Number of stores, incl. franchise stores
are consolidated and risk management is reported to and monitored by ICA Gruppen’s Executive Management and Board of Direc-tors. The key risk areas are legal risks, market risks, sustainability and product safety risks, brand risks and continuity risks.
ICA Gruppen has significant exposure to the Nordic and Baltic grocery sector. Eco-nomic downturns and political decisions are factors which could have a negative impact on the Group’s sales and earnings. ICA Grup-pen’s finance policy stipulates how financial risks should be managed and curtailed. The policy also provides a framework for the
Group’s treasury management. More infor-mation about risk management is provided on pages 27–29 and 82–83 of Hakon Invest’s Annual Report for 2012 and on pages 156–157 and 193–196 of ICA AB’s Annual Report for 2012.
Related-party transactions
No significant transactions took place between ICA Gruppen and related parties during the period.
Second quarter 2013
The portfolio companies’ net sales totalled SEK 613 million (662) in the second quarter, a decrease of 7.4% compared with the previous year. The decrease is mainly due to the divestment of Forma Contract and the Finnish magazine operations in the second quarter of 2012. Kjell & Company and Hemtex report increased sales, while sales were unchanged in inkClub and slightly lower in Cervera.
The portfolio companies’ operating loss excluding non-recurring items amounted to SEK 35 million (–38). Hemtex and Forma report improved earnings, while earnings declined for the other companies.
The portfolio companies are the five companies that ICA Gruppen owns wholly or partly in addition to ICA’s operations: Forma, Kjell & Company, Cervera, Hemtex and inkClub. Starting in the second quarter of 2013, the port-folio companies are reported as a single segment in ICA Gruppen.
Six-month period January–June 2013
The portfolio companies’ net sales totalled SEK 1,179 million (1,288) in January–June, a decrease of 8.5% compared with the previous year. The decrease is mainly due to the divestment of Forma Contract and the Finnish magazine operations in the second quarter of 2012. The other portfolio compa-nies report increased sales in the first half of the year.
The portfolio companies’ operating loss excluding non-recurring items amounted to SEK 95 million (–110). Hemtex and Forma report improved earnings, while earnings declined for the other companies.
Largest shareholders in ICA Gruppen at 30 June 2013 Number of shares Capital and voting rights, % ICA-handlarnas Förbund 103,163,599 51.3 AB Industrivärden 20,125,000 10.0 AMF 3,686,185 1.8 Handelsbanken Funds 2,625,895 1.3 Lannebo Funds 2,442,638 1.2
SEB Investment Management 1,989,785 1.0
Swedbank Robur Funds 1,894,154 0.9
JPM Chase 1,865,354 0.9
Leif Jönsson 1,254,651 0.6
Robur Försäkring 1,209,807 0.6
Ten largest shareholders total 140,257,065 69.7
Other shareholders 60,889,730 30.3
TOTAL 201,146,795 100.0
Source: Euroclear Sweden AB
Parent Company performance
The Parent Company’s net sales amounted toSEK 2 million (0) in the second quarter and SEK 2 million (0) in January–June 2013. Loss before tax amounted to SEK 169 million (+777) in the second quarter. During the six-month period profit before tax was SEK 639 million (784).
Share capital in ICA Gruppen amounts to SEK 502,866,988 distributed among 201,146,795 shares, each with a quota value of SEK 2.50. At the end of the period the number of C shares amounted to 82,067,892 and the number of ordinary shares amounted to 119,078,903, of which 141,655 ordinary shares are held by ICA Gruppen. Ordinary shares and C shares carry the same voting rights but a different dividend entitlement. While ordinary shares have an un-limited dividend entitlement, C shares do not carry entitlement to cash profit distribution. All C shares will be converted into ordinary shares on 1 January 2016, which means that thereafter the company will only have one class of share in the form of ordinary shares with dividend entitlement. The total number of shares will remain unchanged after the conversion.
New rights issue
In May 2013, ICA Gruppen carried out a new issue with preferential rights to existing shareholders amounting to SEK 5 billion. The new issue only related to ordinary shares. Each ordinary share carried entitlement to one sub-scription right and four subsub-scription rights gave entitlement to purchase one new ordinary
Share information
share at a price of SEK 121. The ordinary shares subscribed for by ICA-handlarnas Förbund (the Association of ICA Retailers) on the basis of its C shares were subscribed for at a price of SEK 129 per ordinary share. The issue proceeds have been used to repay parts of the Group’s bridge financing.
Ownership structure
The changes in earnings are due to the divi-dend from ICA AB which was received in the first quarter this year and in the second quarter last year as well as higher interest expenses after the acquisition of the remaining shares in ICA on 27 March 2013.
Annual General Meeting 2013
ICA Gruppen’s Annual General Meetingwas held on 20 May 2013. The Meeting resolved, among other things, on the change of name to ICA Gruppen. In addition, the Meeting re-elected Board members Peter Berlin, Cecilia Daun Wennborg, Andrea Gisle Joosen, Magnus Moberg and Jan Olofsson for period until the next annual general meeting has been held. Göran Blomberg, Fredrik Hägglund, Bengt Kjell, Claes-Göran Sylvén and Margot Wallström were elected as new
members of the Board. Claes-Göran Sylvén was elected as Chairman of the Board by the Annual General Meeting. A detailed pres-entation of the Board of Directors is available at www.icagruppen.se.
New Executive Management
In conjunction with the Annual General Meeting held on 20 May 2013, ICA’s CEO Per Strömberg took up the position of CEO of ICA Gruppen. The other members of
Execu-tive Management which comprise ICA’s for-mer Group Management as well as Stein-Pet-ter Ski, SVP Portfolio Companies, took office following the Annual General Meeting.
SEKm Note April–June 2013 April–June 2012 June 2013January– June 2012January– Full year 2012
Net sales 2 25,025 662 26,908 1,288 2,726
Cost of goods sold –21,482 –350 –22,903 –701 –1,494
Gross profit 3,543 312 4,005 587 1,232
Other operating income 74 16 87 30 73
Selling expenses –2,119 –288 –2,507 –580 –1,147
Administrative expenses –811 –99 –937 –188 –372
Share of profits from joint ventures 4 7 134 106 310 376
Effects of acquisition 3 – – 8,652 – –
Profit/loss from investments in group companies – 94 – 94 94
Operating profit 2, 5 694 169 9,406 253 256
Financial income 16 14 24 23 42
Financial expense –212 –6 –223 –12 –31
Change in fair value of financial instruments – –18 16 –3 21
Profit before tax 498 159 9,223 261 288
Tax –178 0 –173 –8 18
Profit for the period 320 159 9,050 253 306
Other comprehensive income, items that may be reclassified to profit or loss
Change in translation reserve, net after tax 180 0 96 –2 –28
Change in fair value reserve, net after tax 0 0 21 0 8
Change in hedging reserve net after tax 47 –7 –149 0 –7
Total items that may be reclassified to profit or loss 227 –7 –32 –2 –27
Comprehensive income for the period 547 152 9,018 251 279
Profit/loss for the period attributable to
Owners of the parent 328 174 9,070 278 324
Non-controlling interests –8 –15 –20 –25 –18
Comprehensive income for the period attributable to
Owners of the parent 555 167 9,038 276 297
Non-controlling interests –8 –15 –20 –25 –18
Earnings per share before and after dilution, SEK
Ordinary share 1.88 1.09 54.18 1.73 2.02
C share 1.88 1.09 54.18 1.73 2.02
Financial statements
SEKm Note 30 June 2013 30 June 2012 31 Dec 2012
ASSETS
Non-current assets
Goodwill 3 14,161 579 574
Trademarks 3 13,163 1,016 935
Interests in companies recognised according to the equity method 4 771 5,695 5,721
Deferred tax assets 237 221 223
Non-current receivables ICA Bank 5,998 – –
Land and buildings 3 18,265 – –
Other non-current assets 3,357 53 136
Total non-current assets 55,952 7,564 7,589
Current assets
Inventories 4,356 – 433
Short-term investments 0 1,056 1,155
Current receivables ICA Bank 2,932 – –
Other current assets 5,185 786 295
Cash and cash equivalents ICA Bank 3,002 – –
Cash and cash equivalents 608 293 291
Total current assets 16,083 2,135 2,174
TOTAL ASSETS 72,035 9,699 9,763
EQUITY AND LIABILITIES
Equity 22,466 8,373 8,403
Provisions 2,578 207 234
Non-current liabilities
Deferred tax liabilities 4,843 239 212
Non-current interest-bearing liabilities 12,125 121 186
Non-current liabilities attributable to sale & leaseback 3,685 – –
Other non-current liabilities 2 11 1
Total non-current liabilities 20,655 371 399
Current liabilities
Deposits ICA Bank 10,573 – –
Current interest-bearing liabilities 1,694 201 61
Current liabilities attributable to sale & leaseback 189 – –
Other current liabilities 13,880 547 666
Total current liabilities 26,336 748 727
TOTAL EQUITY AND LIABILITIES 72,035 9,699 9,763
SEKm Note June 2013January- June 2012January- Full year 2012
Operating profit excluding acquisition effects 754 253 256
Depreciation and impairment 456 29 66
Other non-cash items –171 412 424
Income tax paid –155 –15 –18
Cash flow from operating activities before change in working capital 884 679 728
Change in working capital
Inventories 113 –40 56
Current receivables 610 18 –24
Current liabilities –69 –66 54
ICA Bank’s net of deposits, lending and investments –44 – –
Cash flow from operating activities 1,494 591 814
Cash flow from investing activities –15,059 –130 –266
Cash flow from financing activities 16,870 –416 –505
Cash flow for the period 6 3,305 45 43
Cash and cash equivalents at 1 January 291 248 248
Exchange differences in cash and cash equivalents 14 0 0
Cash and cash equivalents at the end of the period 6 3,610 293 291
SEKm Note Attribut-able to owners of the parent Attributa-ble to non- controlling interests Total
Opening equity, 1 January 2013 8,264 139 8,403
Acquired NCI – 8 8
New issue 5,037 5,037
Comprehensive income for the period 9,038 –20 9,018
Closing equity, 30 June 2013 22,339 127 22,466
SEKm Note Attribut-able to owners of the parent Attributa-ble to non- controlling interests Total
Opening equity, 1 January 2012 8,456 157 8,613
Dividend –491 – –491
Comprehensive income for the period 276 –25 251
Closing equity, 30 June 2012 8,241 132 8,373
Condensed consolidated statement of cash flows
Condensed Parent Company income statement
SEKm Note April-June 2013 April-June 2012 June 2013January- June 2012January- Full year 2012
Net sales 2 0 2 0 0 Gross profit 2 0 2 0 0 Administrative expenses –36 –18 –50 –34 –66 Operating profit/loss –34 –18 –48 –34 –66 Financial income 1 – 5 – – Financial expenses –136 – –138 – –
Profit/loss from financial investments 0 795 818 818 856
Profit/loss before tax –169 777 639 784 790
Tax 0 0 15 0 0
Condensed Parent Company balance sheet
SEKm Note 30 June 2013 30 June 2012 31 Dec 2012
ASSETS
Non-current assets
Investments in group companies 24,267 1,198 1,255
Interests in joint ventures – 2,960 2,960
Deferred tax assets 208 – 193
Non-current receivables group companies 710 – 754
Other non-current assets 27 1,000 27
Total non-current assets 25,212 5,158 5,189
Current assets
Short-term investments – 1,056 1,155
Current receivables group companies 800 – –
Other current assets 108 41 24
Cash and cash equivalents 5 211 139
Total current assets 913 1,308 1,318
TOTAL ASSETS 26,125 6,466 6,507
EQUITY AND LIABILITIES
Equity 12,034 6,335 6,343
Provisions 32 32 32
Non-current liabilities
Non-current interest-bearing liabilities 11,970 – –
Other non-current liabilities 1 – 1
Total non-current liabilities 11,971 – 1
Current liabilities
Current interest-bearing liabilities
Current liabilities to group companies 2,076 – 102
Other current liabilities 12 99 29
Total current liabilities 2,088 99 131
Notes
NOTE 1, ACCOUNTING PRINCIPLES
This interim report is prepared according to the rules for interim reporting in the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. The accounting principles and calculation meth-ods applied are the same as those used in the most recent annual accounts and consolidated financial statements.
In order to prepare financial reports in accordance with IFRS, management is required to make assessments and estimates and to make assumptions that affect the application of the accounting principles and the carrying amounts in the income statement and balance sheet. Estimates and assumptions are based on historical experience and are regularly reviewed. The results of these estimates and assumptions are then used to determine the carrying amounts of assets and liabilities. Fair value may deviate from these estimates. New accounting principles 2013
The main change in amended IAS 19 is that the corridor method is eliminated. This means that all actuarial gains and losses are recog-nised in other comprehensive income when they arise. For ICA, this change means that the opening balance for 2012 has been recom-puted with an effect on equity of SEK –424 million. No other new or amended, or EU endorsed, IFRS standards, which have a material im-pact on ICA Gruppen’s financial statements will start to apply in 2013.
NOTE 2, SEGMENT
Net sales per
segment, SEKm June 2013April– June 2012April– June 2013January– June 2012January– Full year 2012
ICA Sweden 17,177 – 18,115 – –
ICA Norway 4,151 – 4,373 – –
Rimi Baltic 2,581 – 2,717 – –
ICA Bank 203 – 214 – –
ICA Real Estate 557 – 587 – –
Portfolio
companies 613 662 1,179 1,288 2,726
Other 11 – 13 – –
Intra-group sales –268 – –290 – –
Net sales 25 025 662 26,908* 1,288 2,726
* ICA AB is included as a wholly owned subsidiary with effect from 27 March 2013. Operating profit/
loss before non-recurring items per segment
April– June 2013 April– June 2012 January– June 2013 January– June 2012 Full year 2012 ICA Sweden 719 – 754 – – ICA Norway –193 – –209 – – Rimi Baltic 72 – 76 – – ICA Bank 32 – 35 – –
ICA Real Estate 230 – 244 – –
Portfolio companies –35 –38 –95 –110 –124 ICA – 131 95 303 352 Other –147 –18 –161 –34 –66 Operating profit before non- recurring items 678 75 739* 159 162
* ICA AB is included as a wholly owned subsidiary with effect from 27 March 2013.
NOTE 3, ACQUISITION OF ICA
On 27 March 2013, Hakon Invest acquired the remaining 60% of the shares in ICA from Ahold for a cash consideration of SEK 20 billion. ICA is reported as a subsidiary in the Hakon Invest Group with effect from 27 March 2013. In conjunction with the Annual General Meeting held on 20 May 2013, the name Hakon Invest was changed to ICA Gruppen.
ICA Gruppen’s 40% holding in ICA was revalued on the acquisition date at SEK 13.3 billion, which results in a positive one-time effect of SEK 8.6 billion being recognised in profit or loss.
At the acquisition of the remaining shares in ICA, in the preliminary purchase price allocation, differences have been identified between fair value and carrying amount of properties. In addition, at the acqui-sition the ICA and Rimi Baltic trademarks are measured at fair value and recognised as intangible assets.
Since the purchase price exceeds the net of all acquired assets and liabilities recognised at fair value, goodwill is recognised. This goodwill amounts preliminarily to SEK 13.5 billion. ICA’s operations in relation to the Swedish ICA retailers are regulated through various agree-ments. Partly through a negotiated business model which handles supply chains, customer relationships and ICA’s central costs, and partly through agreements which regulate royalties and profit sharing as well as leases. The business model which regulates the relationship between the individual ICA retailer and ICA is based on the experienc-es, skills and relationships which have been developed over almost 100 years. The business models with all their agreements and relation-ships are interdependent which makes it impossible to separate one or more agreements or parts from the whole. This whole in the form of ICA’s business model is recognised as goodwill.
If the acquisition of the remaining shares in ICA had taken place on 1 January 2013, net sales in ICA Gruppen would have amounted to SEK 48,666 million and operating profit would have amounted to SEK 9,783 million, of which the effects of the acquisition amount to SEK 8,652 million, in January-June 2013.
Preliminary purchase price allocation (PPA) ICA Carrying amounts in ICA Values according to PPA Trademarks 560 12,200
Land and buildings 12,005 18,105
Other non-current assets 9,313 9,313
Other current assets 12,688 12,688
Cash and cash equivalents 4,261 4,261
Non-controlling interests –8 –8
Provisions –2,372 –2,372
Non-current liabilities –4,267 –4,267 Deferred tax liabilities –673 –4 626
Current liabilities –25,502 –25,502
Acquired, identifiable net assets 6,005 19,792
Goodwill 13,541
Acquired identifiable net assets including goodwill 33,333
Cost 20,000
Revaluation of earlier holding 13,333
Consideration transferred 33,333
Cost 20,000
Cash and cash equivalents in acquired company –4,261
NOTE 4, INTERESTS IN COMPANIES RECOGNISED ACCORDING TO THE EQUITY METHOD
Book value, 30 June Share of profits January–June
SEKm 2013 2012 2013 2012
ICA AB 0 5,544 95 303
Bra förlag AB 9 9 0 0
Trade Press AS 10 10 0 1
Kjell & Co Elektronik AB 114 132 5 6
Ancore Fastigheter AB 629 – 5 –
Other 9 – 1 –
Total 771 5,695 106 310
NOTE 5, NON-RECURRING ITEMS
SEKm April– June 2013 April– June 2012 January– June 2013 January– June 2012 Full year 2012 Operating profit excl. non-recurring items 678 75 739 159 162
Capital gains on sale of non-current assets
Portfolio companies,
Forma – 94 – 94 94
ICA Real Estate 16 – 16 – –
Other 1 – – – – Impairment Rimi Baltic –1 – –1 – – Other non-recurring items Effects of acquisition – – 8,652 – – Operating profit 694 169 9,406 253 256
NOTE 6, CONSOLIDATED CASH FLOW STATEMENT
SEKm Group 2013 ICA Bank 2013 Group excl. ICA Bank
Change flow from operating activities
before change in working capital 884 35 849
Change in working capital
Inventories 113 – 113
Current receivables 610 255 355
Current liabilities –69 43 –112
ICA Bank’s net of deposits,
lending and investments –44 –44 0
Cash flow from operating activities 1,494 289 1,205 Cash flow from investing activities –15,059 2,713 –17,772 Cash flow from financing activities 16,870 – 16,870
Cash flow for the period 3,305 3,002 303
Cash and cash equivalents at the
beginning of the period 291 0 291
Exchange differences in cash and cash
equivalents 14 0 14
Cash and cash equivalents at the end
of the period 3,610 3,002 608
NOTE 7, FINANCIAL INSTRUMENTS
IFRS 13 classifies financial instruments measured at fair value at different levels depending on how fair value is determined. At 30 June 2013 financial assets measured at fair value in ICA Gruppen amounted to SEK 1,955 million. Financial liabilities measured at fair value amount to SEK 0m at 30 June 2013. Financial instruments consist of bonds and commercial papers and are measured at fair value according to level 2. For financial instruments recognised at amortised cost there is no significant difference between carrying amount and fair value.
April–June
2013 April–June 2012 January–June 2013 January–June 2012 Full year 2012
Operating margin excl. non-recurring items, % 2.8% 25.6% 35.0% 19.6% 9.4%
Operating margin, % 1.3% 24.0% 33.6% 19.6% 11.2%
Net margin, % – – 3.6% 5.4% 3.6%
Return on capital employed, % – – 3.3% 5.4% 3.6%
Return on equity, % – – 3.3% 3.3% 3.9%
Equity/assets ratio, % – – 31.2% 86.3% 86.1%
Operating profit before depreciation, SEKm – – 1,210 282 322
Net debt, SEKm – – –13,211 838 1,199
Share data
Earnings per ordinary share continuing operations, SEK 1.88 1.09 54.18 1.73 2.02
Earnings per C share continuing operations, SEK 1.88 1.09 54.18 1.73 2.02
Share price at the end of the period, SEK – – 181.00 101.80 118.30
Dividend per ordinary share, SEK – – – – –
Dividend, SEKm – – – – –
Dividend payout ratio, % – – – – –
Equity per share, SEK – – 111.06 51.29 51.43
Cash flow per share, SEK – – 10.68 0.28 0.27
Number of common shares 119,078,903 78,597,674 119,078,903 78,597,674 78,597,674
Number of C shares 82,067,892 82,067,892 82,067,892 82,067,892 82,067,892
Total number of shares at the end of the period 201,146,795 160,665,566 201,146,795 160,665,566 160,665,566 Average number of shares 174,159,309 160,665,566 167,412,438 160,665,437 160,665,502 Average number of shares after dilution 174,159,309 160,776,594 167,412,438 160,704,842 160,704,924
Key figures for ICA Gruppen
Definitions of key figures
Capital adequacy ratio
Refers to ICA Bank. The bank’s capital base in relation to capital requirement.
Capital employed
Total assets less non-interest bearing liabili-ties and provisions.
Cash flow per share
Cash flow for the period divided by the aver-age number of shares outstanding. Earnings per C share
Same definition as Earnings per ordinary share, since ordinary shares and C shares provide entitlement to equity participation in earnings and equity. C shares do not carry entitlement to a cash dividend, which is the case for ordinary shares.
Earnings per ordinary share Profit for the period, excluding non-
controlling interests, divided by the average number of shares outstanding.
EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortisation). Operating profit, exclud-ing acquisition effects, before depreciation and impairment.
Equity/assets ratio
Equity including non-controlling interests as a percentage of total assets.
Equity per share
Equity, excluding non-controlling interests, divided by the total number of shares out-standing.
Net debt
Interest-bearing liabilities excluding pensions, liabilities attributable to sale & leaseback and ICA Bank.
Operating margin
Operating profit as a percentage of net sales. Return on capital employed
Profit after financial income, excluding acquisi-tion effects, as a percentage of average capital employed. ICA Bank’s operations are totally excluded from both the income statement and balance sheet when calculating return on capital employed. Return is calculated on the basis of a rolling 12-month period.
Return on equity
Profit after tax, excluding acquisition effects, as a percentage of average equity. ICA Bank’s operations are totally excluded from both the income statement and balance sheet when calculating return on equity. Return is calculat-ed on the basis of a rolling 12-month period.
Glossary
Hard discount
Discount stores with limited selection. Joint venture
Co-operation project, a joint venture company.
MTN
A medium-term note is a continuously offered debt note with a predetermined maturity date. Non food
Items that are not food, such as clothing and footwear.
Private labels Own brand products.
For further information, please contact:
Per Strömberg, CEO ICA Gruppen,
tel. +46 10 422 50 05
Sonat Burman-Olsson, Deputy CEO and CFO ICA Gruppen,
tel. +46 8 561 50 852
Pernilla Grennfelt, IR ICA Gruppen,
tel. +46 8 561 50 111
ICA Gruppen press service,
tel. +46 70 253 66 60
Press and analyst meeting
ICA Gruppen is arranging a press and analyst meeting at Berns, Berzelii Park, Stockholm on Wednesday, 21 August 2013 at 10.00 CET. CEO Per Strömberg and Deputy CEO and CFO Sonat Burman-Olsson will present the interim report. The meeting will be webcast and can be followed at www.icagruppen.se.
Financial calendar
13 November 2013 Interim report January–September 2013 12 February 2014 Year-end report 2013
This six-month report provides a true and fair view of the Parent Company’s and the Group’s operations, financial position and earnings as well as describing material risks and uncertainties faced by the Parent
Company and the companies in the Group. Stockholm, 21 August 2013
Claes-Göran Sylvén Chairman of the Board
Peter Berlin Göran Blomberg Cecilia Daun Wennborg Andrea Gisle Joosen
Board Member Board Member Board Member Board Member
Fredrik Hägglund Bengt Kjell Magnus Moberg Jan Olofsson
Board Member Board Member Board Member Board Member
Margot Wallström Magnus Rehn Jonathon Clarke
Board Member Employee representative Employee representative
Per Strömberg, CEO
The information in this interim report is such that ICA Gruppen must disclose pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted
for publication at 07.30 CET on Wednesday, 21 August 2013. This interim report has not been reviewed by the company’s auditors.
ICA Gruppen AB (publ) | Svetsarvägen 16 | SE-171 93 Solna | Tel. +46 8 561 500 00 | www.icagruppen.se | Reg. no. 556048-2837 ICA Gruppen AB (publ) is one of the Nordic region’s leading retail
companies, with around 2,400 of its own and retailer-owned stores in Sweden, Norway, Estonia, Latvia and Lithuania. The Group includes the retail companies ICA Sweden, ICA Norway and Rimi Baltic, ICA Real Estate, which owns and manages properties and ICA Bank, which offers financial services to Swedish customers. The Group also includes the fully-owned portfolio companies Forma Publishing Group and inkClub and partly owned portfolio companies Cervera, Hemtex and Kjell & Company. For more information see www.icagruppen.se