Important events during the year

  • March: Acquisition of Ahold’s shares in ICA AB.
  • April: New Executive Management appointed. The Board of Directors appointed Per Strömberg as the new CEO of ICA Gruppen, following completion of the acquisition of the remaining shares in ICA. Per Strömberg and the 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: The Norwegian Competition Authority suspended the cooperation agreement. The Royal Norwegian Ministry of Government Administration, Reform and Church Affairs (FAD) gave a temporary go-ahead to joint sourcing while the Company awaited a final ruling. The Norwegian Competition Authority decided to temporarily suspend ICA Norway’s cooperation with Norgesgruppen, which was planned to start in April, while it carried out a review. The suspension was initially effective until 30 September 2013. In early July the FAD announced that ICA Norway was permitted to commence the sourcing cooperation while awaiting a final ruling, but that cooperation on logistics must wait until the Authority had given its ruling, which was provisionally expected on 30 September 2013.
  • May: The company changed its name from Hakon Invest to ICA Gruppen. ICA Gruppen issued new shares for SEK 5 billion to existing shareholders. The issue formed part of the financing of the acquisition of the remaining shares in ICA that was completed in March 2013.
  • June: ICA Sweden decided to expand the warehouse in Helsingborg and phase out the warehouse in Arlöv as part of its development of a more modern and more efficient logistics structure. The changes are implemented starting in spring 2015. ICA Real Estate acquired the warehouse property in Helsingborg along with Alecta via a joint venture. The agreed property value was SEK 931 million. The acquisition was completed on 15 August 2013.
  • June: ICA Gruppen issued bonds within the framework of the Company’s MTN programme. In total, bonds were issued in Swedish kronor for SEK 5 billion with a split tenor of five and two years. The proceeds were used to repay part of the bridge financing for the acquisition of ICA.
  • September: The Norwegian Competition Authority extended the suspension of the cooperation agreement until 10 January 2014 while its review continues.
  • September: ICA Sweden is to expand its store concept ICA To Go, involving smaller stores that are highly accessible and offer ready-prepared meal solutions. The ICA To Go concept has been piloted in central Stockholm for over three years. Over the coming two years the aim is to open a further 10 stores and to establish the concept in a number of existing ICA stores.
  • October: ICA Bank’s CEO Jörgen Wennberg will retire in September 2014. ICA Gruppen therefore begun a recruitment process to find a successor. Jörgen Wennberg will remain CEO of ICA Bank and a member of ICA Gruppen’s Executive Management until his retirement.
  • October: ICA Bank is ranked as Sweden’s best retail bank by the Swedish Quality Index (SQI), which conducts an annual survey of satisfaction among bank customers. ICA Bank has increased its accessibility and service during the year, including the launch of a new internet bank.
  • November: Merlin Poljak, CFO of ICA Sweden, was appointed Acting CFO of ICA Gruppen as Sonat Burman-Olsson, former Deputy CEO and CFO, left the Group to take up other duties.
  • November: The Board adopted the long-term financial goals for the Group and carried out an evaluation of the five portfolio companies that ICA Gruppen owns alongside the ICA operations. The holdings in Hemtex and inkClub remain unchanged, while Forma, Kjell & Company and Cervera will be divested.
  • December: ICA Gruppen issued unlisted preference shares in the subsidiary ICA Fastigheter Sverige AB for a total of SEK 3 billion. The issue formed part of the financing of the acquisition of the remaining shares in ICA.
  • December: ICA Real Estate sold two properties leased to Maxi ICA Stormarknad to Ancore. The underlying property value was SEK 435 million.
  • December: The Norwegian Competition Authority extended its review of the planned cooperation between ICA Norway and Norgesgruppen on sourcing and distribution. The reason for this was the plans for sourcing cooperation notified by COOP Norway and Rema 1000. The authority is expected to rule on the matter by the end of February 2014.