ICA AB Year-end report 2010
ICA AB Year-end report 2010
Solna, Sweden, February 16, 2011
Improved operating income for the ICA Group in 2010
Fourth quarter ? Net sales for the fourth quarter amounted to SEK 24,493 million (24,597), down 0.4 percent. At constant exchange rates net sales rose by 2.6 percent.
? Operating income amounted to SEK 718 million (929), down 22.7 percent. Operating income excluding capital gains and impairments amounted to SEK 698 million (848), down 17.7 percent. ? Income after net financial items amounted to SEK 651 million (850), down 23.4 percent. ? Net income for the fourth quarter amounted to SEK -152 million (527). Income was charged with tax expenses of SEK 632 million for a write-off of a deferred tax asset in ICA Norway.
Full-year ? Net sales for the full-year amounted to SEK 93,860 million (94,651), down 0.8 percent. At constant exchange rates net sales rose by 0.9 percent.
? Operating income amounted to SEK 2,924 million (2,713), up 7.8 percent. Operating income excluding capital gains and impairments amounted to SEK 2,936 million (2,583), up 13.7 percent. ? Income after net financial items amounted to SEK 2,597 million (2,309), up 12.5 percent. ? Net income for the full-year amounted to SEK 547 million (1,587). Income was charged with tax expenses of SEK 747 million for a tax dispute from 2001-2003 and SEK 632 million for a write-off of a deferred tax asset in ICA Norway.
Extract from CEO comment – Kenneth Bengtsson, CEO and President ICA AB: "ICA Groups operating income improved during 2010 by 7.8 percent. Net sales rose by 0.9 percent at constant exchange rates despite an increasingly promotional competitive environment in all our markets. The improved operating income was due to the continued positive performance of ICA Sweden and a strong recovery in Rimi Baltic. ICA Norways development is a major disappointment. Its lower operating income was primarily a result of exceptional price competition that started in February 2010. ICA Real Estate developed in line with the previous year, at the same time ICA Banks operating income decreased due to lower net interest income. Consolidated net income included higher tax expenses, reflecting a ruling by the County Administrative Court on a tax dispute for the years 2001-2003, and partly to a write-off of a deferred tax asset in ICA Norway."
For the entire report, with a complete comment by the CEO and description of the financial results, please see the attached pdf-file.
For more information: Kenneth Bengtsson, President and CEO, ICA AB, phone: +46 8 561 502 58 ICAs press office, phone +46 70 253 66 60 ------------------------------------------------------------------------------ ------------- About ICA The ICA Group (ICA AB) is one of the Nordic regions leading retail companies, with around 2,200 of its own and retailer-owned stores in Sweden, Norway and in the three Baltic states. The Group includes ICA Sweden, ICA Norway, Rimi Baltic and ICA Real estate. ICA also offers financial services to Swedish customers through ICA Banken. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold N.V. of the Netherlands. According to a shareholder agreement, Royal Ahold and Hakon Invest jointly share controlling influence over ICA AB. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se