Axel Johnson AB - 2000 Year-end Report

Axel Johnson AB - 2000 Year-end Report · Axfood established · AxFast sold within Axel Johnson Group · Equity/assets ratio rose to 48 percent (27) · Earnings improvements for Servera and Åhléns Axel Johnson's profit after net financial items in 2000 amounted to SEK 309 M (744), of which SEK 124 M (381) was attributable to items affecting comparability. Consolidated net sales for the year totaled SEK 7,181 M (14,515). The decrease was due to the fact that food operations, which are now part of jointly owned Axfood, are no longer consolidated. The balance sheet was strengthened and the equity/assets ratio rose to 48 percent (27). During the year, Servera continued to increase its market shares. Excluding reallocated funds from Alecta (formerly SPP), Servera's earnings increased by 28 percent to SEK 60 M. Profit after net financial items amounted to SEK 68 M (47). Åhléns modernized a number of its department stores during the year and continued to establish specialty stores within the Home business area. Excluding reallocated funds from Alecta, Åhléns' earnings improved by 10 percent to SEK 111 M. Profit after net financial items amounted to SEK 195 M (101). During the year, NovAx made further investments in Bevakningstjänst AB and Sumo AB. Most of the holding in Utfors AB and all shares held in both Unisafe AB and Advancée AB were sold during the year. Profit after net financial items amounted to SEK 33 M (2). Axfood was established in the beginning of 2000. The company is being restructured and a cost-rationalization program is underway to reduce cost levels by SEK 150 M per year. After net financial items, the company broke even with earnings of SEK 0 M (261). Axel Johnson has a 45- percent interest in this company. Saba Trading reported profit after net financial items of SEK 126 M (108) in 2000. Axel Johnson has a 25-percent interest in this company. Axel Johnson's 45-percent holding in AxFast AB was sold during the year to the parent company with the aim of streamlining Axel Johnson and strengthening the company's balance sheet. The intention is that AxFast will become a fourth independent group within the Axel Johnson Group. Income statement (M SEK) 2000 1999 Net sales 7 181 14 515 Cost of goods sold -5 450 -10 990 Gross profit 1 731 3 525 Selling expenses -1 404 -3 002 Administrative -230 -356 expenses Items affecting 124 381 comparability Other operating income and 40 124 expense, net Result from participation 94 120 in associated companies Operating profit 355 792 Result from financial investments: Result from other -3 3 securities Other interest income and 88 92 similar profit/loss items Interest expense and similar -131 -143 profit/loss items Profit before tax 309 744 Tax on profit for -29 -83 the year Profit after tax 280 661 Minority -1 -65 participations Net profit for the 279 596 year Balance sheet (M SEK) 2000 1999 Assets Intangible assets 83 127 Tangible assets 584 1 023 Financial assets 327 949 Total fixed assets 994 2 099 Inventories, 881 1 355 etc Current receivables 1 212 1 987 Cash and bank 402 459 balances Total current assets 2 495 3 801 TOTAL ASSETS 3 489 5 900 Equity and liabilities Shareholders' 1 698 1 409 equity Minority interest 2 208 Provisions 288 398 Long-term 181 1 149 liabilities Current liabilities 1 320 2 736 TOTAL EQUITY AND LIABILITIES 3 489 5 900 - - - - - - - - - - For further information, please contact: Göran Ennerfelt, President and CEO, Axel Johnson AB tel +46-8-701 61 00 (-6108) Thomas Rietz, Senior Vice President, Chief Financial Officer tel +46-8- 701 61 00 (-6140) - - - - - - - - - - The Axel Johnson Group consists of three legally and financially independent groups with a common owner, Antonia Ax:son Johnson and family. It is a fourth-generation family-owned company originating in the A. Johnson & Co. trading company, which was founded in 1873. Axel Johnson AB operates in food products and other consumer goods, through import, distribution and retail operations. The operations are conducted in the Nordic market, with a focus on Sweden. In total, subsidiaries and affiliated companies have sales of nearly SEK 40 billion - excluding VAT - and some 13,000 employees. Axel Johnson International AB conducts trading and distribution operations, primarily focusing on industrial products in the European market. Annual sales amount to SEK 4 billion, with 1,200 employees. Axel Johnson Inc. conducts operations in North America. The Group is active in manufacturing and trading, within the business areas Energy, Telecommunications and Environment. Annual sales amount to approximately SEK 23 billion, with 1,600 employees, primarily in the U.S. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/03/27/20010327BIT00370/bit0002.doc http://www.bit.se/bitonline/2001/03/27/20010327BIT00370/bit0002.pdf