Earnings overview

Group

Consolidated net sales amounted to SEK 77,702 million (2,726). Operating profit in the Group amounted to SEK 10,274 million (212). Effects of the acquisition of the remaining shares in ICA are included at SEK 8,051 million, of which revaluation of the former 40% holding in ICA amounts to SEK 7,868 million. Operating profit excluding non-recurring items amounted to SEK 2,554 million (118). Profit for the period was SEK 9,446 million (262) and earnings per share amounted to SEK 49.68 (1.65). Profit for the period excluding the effects of acquisition of the remaining shares in ICA was SEK 1,395 million and earnings per share were SEK 7.31.

In order to increase comparability with previous years, the segments are presented with figures for the full year.

ICA Sweden

ICA Sweden’s net sales amounted to SEK 67,992 million (65,750) in January–December, an increase of 3.4%. Higher sales within wholesale and the Cura pharmacies contributed to the increase. Operating profit excluding non-recurring items for ICA Sweden improved to SEK 3,058 million (2,872) during the year. Higher sales, improved margins in wholesale 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 Norway

ICA Norway’s net sales amounted to SEK 16,463 million (19,050) during the full year. Net sales decreased due to the divestment of the ICA Maxi stores and the closure of a number of unprofitable units, but also due to weak development in existing stores.

Operating profit excluding non-recurring items amounted to SEK -691 million (-589). 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 an impact in the form of lower administrative expenses.

Rimi Baltic

Rimi Baltic’s net sales amounted to SEK 10,333 million (10,050) during the year. Sales in local currency rose by 3.5%. Operating profit excluding non-recurring items amounted to SEK 308 million (259). The improvement is due to higher sales and improved gross margins in all countries.

ICA Bank

ICA Bank’s revenues amounted to SEK 850 million (814) for the full year. Business volume rose by 6% and contributed to increased commission income. Net interest income also rose as a result of divestment of a bond portfolio at the beginning of the year as well as increased lending volumes, which compensated for reduced deposit margins due to the lower repo rate. Operating profit excluding non-recurring items amounted to SEK 201 million (181). Higher costs for marketing, consultants and IT were charged against earnings for the period. The consultancy costs relate to, among other things, adjustments to the new regulatory requirements. The higher costs were counteracted by reversal of previous provisions for loan losses of SEK 34 million.

ICA Real Estate

ICA Real Estate’s net sales amounted to SEK 2,255 million (2,252). Operating profit excluding non-recurring items amounted to SEK 519 million (649). Depreciation increased by SEK 129 million due to the market valuation of the property portfolio in conjunction with acquisition of the remaining shares in ICA AB. New establishments, including the acquisition of the warehouse property in Helsingborg, made a positive contribution to earnings.

The portfolio companies

The portfolio companies’ net sales totalled SEK 2,657 million (2,726), a decrease of 2.5% 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 portfolio companies’ operating profit excluding non-recurring items amounted to SEK 21 million (124). All the companies except inkClub report improved earnings for the full year 2013.