Feb '11
Consolidated revenue for H1 2010/11 rose by 13% to DKK 2,108 million. This revenue growth is built on growth in both the retail and wholesale segments. Operating profit amounted to DKK 265 million.
To enhance future earnings capacity Management implemented a new structure for logistics and the organisation which led to non-recurring costs of DKK 16 million in Q2 2010/11. After having adjusted for total non-recurring costs of DKK 28 million, the Group achieved an expected EBIT margin of 13.9%.
Statement by the Management
The Board of Directors and the Executive Board have considered and approved the interim financial report for the period 1 July 2010 – 31 December 2010.
The interim financial report is unaudited and has been prepared in accordance with IAS 34 ”Interim Financial Reporting” as adopted by the EU, cf. section on accounting policies and additional Danish interim reporting requirements for listed companies.
We consider the accounting policies applied to the effect that the interim financial report gives a true and fair view of the Group's assets, liabilities and financial position as at 31 December 2010, and of the results of the Group's operations and cash flows in the period 1 July 2010 – 31 December 2010.
We further consider Management's review to be a true and fair presentation of the development in the Group's operations and financial matters, the profit for the period and of the Group's financial position as a whole and describes material risks and elements of uncertainty pertaining to the Group.
• Consolidated revenue for H1 2010/11 amounted to DKK 2,108 million (DKK 1,865 million) which is an increase of 13% compared to last year. Consolidated revenue for Q2 2010/11 amounted to DKK 893 million corresponding to an increase of 14% compared to last year.
• Wholesale revenue amounted to DKK 1,301 million (DKK 1,156 million) which constitutes an increase of 13% compared to last year. Wholesale revenue for Q2 2010/11 rose by 15% to DKK 459 million compared to last year.
• Retail revenue amounted to DKK 807 million (DKK 710 million) and thus represents a 14% increase. Retail revenue for Q2 2010/11 rose by 12% to DKK 433 million.
• Gross profit amounted to DKK 1,267 million (DKK 1,157 million). The Group thus generated a gross margin of 60.1% (62.0%). The pending Canadian duty case had a negative impact on the gross margin by 0.6 percentage points for H1 2010/11. After having adjusted for this, the gross margin was thus reduced by 1.3 percentage points compared to last financial year. The gross margin for Q2 2010/11 was reduced by 0.7 percentage point to 61.1%.
• Capacity costs amounted to DKK 1,002 million (DKK 894 million) corresponding to an increase of 12%. The new implemented structure for logistics and the organisation during Q2 2010/11 led to non-recurring costs of DKK 16 million which resulted in rising capacity costs. After having adjusted for non-recurring costs, the cost efficiency amounted to 46.8% (47.9%) which is an improvement of 1.1 percentage points. The cost efficiency for Q2 2010/11 was improved by 1.3 percentage points to 55% after having adjusted for non-recurring costs.
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