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Q2 2008/2009

Q2 2008/2009. March 25, 2009 Mikael Solberg, CEO Gunnar Bergquist, CFO Cecilia Lannebo, IR. The RNB game plan. Weak JC development Challenging financial conditions Liquidity focus in the quarter - hurting profitability Need to consolidate, focus and further cut costs.

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Q2 2008/2009

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  1. Q2 2008/2009 March 25, 2009 Mikael Solberg, CEO Gunnar Bergquist, CFO Cecilia Lannebo, IR

  2. The RNB game plan • Weak JC development • Challenging financial conditions • Liquidity focus in the quarter - hurting profitability • Need to consolidate, focus and further cut costs

  3. Actions after the period • Divesting operations at NK Stockholm and NK Gothenburg • Purchase price 440 MSEK • Conditional upon approval of the competition authorities and extraordinary annual meeting • Decrease of net debt – pro forma per 28 February to approx. 400 MSEK • Marginal positive effect on profit 2008/2009 • 500 MSEK in goodwill write-down in JC

  4. Q2; December 2008-February 2009 • Net sales amounted to 914.5 MSEK (854.1) an increase of 7.1 percent • currency effects have impacted sales positively by 2.5 percent • -3.6 percent in like-for-like • Operating loss at -588.9 MSEK (-53,1), excluding for goodwill write-down of 500 MSEK, operating loss at -88.9 MSEK (-53.1) • Loss after tax -572.2 MSEK (-45.0), excluding for goodwill write-down -72.2 MSEK (-45.0) • Cash flow from current operations for the period at 42.8 MSEK (-101.4) • Goodwill write-down of 500 MSEK

  5. Key issues • JC • Restructuring • Store network • Franchisees • Balance sheet • Capital tied up • Inventories • Liabilities • Department Stores • Steen & Ström • Illum • Kosta Outlet • Market development • Currency • Cost cutting

  6. Polarn O. Pyret • Sales • Q2 sales 108.6 MSEK (99.1) • Growth of 9.6 percent • +4.4 percent like-for-like • Operating profit • 16.8 MSEK (15.8) • Growth of 6.3% • Operating profit margin • 15.5 percent (15.9) • New store openings • 9 new stores y-o-y • E-commerce in Sweden and the US, launch mid-March

  7. Stores • Sales • Q2 sales 466.4 MSEK (430.7) • Growth of 8.3 percent • -7.7 percent like-for-like • Operating loss • -583.0 MSEK (-69.9), excluding for goodwill write-down -83,0 MSEK • JC: -567.9 MSEK • Brothers and Sisters: -15.1 MSEK • New store openings • 14 new stores y-o-y • Brothers: 6 • Sisters: 8 • JC: -5

  8. Departments & Stores • Sales • Q2 sales 344.0 MSEK (325.1) • Growth of 5.8 percent • +0.6 percent like-for-like • Operating loss • -13.0 MSEK (13.8) • Illum -9.0 MSEK (-5.7) • Steen & Ström -2.8 MSEK (-1.0)

  9. Going forward • Focus on business… • JC turnaround • store structure • further cost cutting • Brothers and Sisters • consolidation and roll-out • Departments & Stores • consolidation • Polarn O. Pyret • continued international roll-out • …and financials • Capital structure – further lowered debts and capital tied up • Lowered costs – organization, store network and international exposure

  10. Q&A’s

  11. Consolidated income statement (MSEK) Net turnover Operating result Financial items Result after fin. Items Result for the period

  12. Consolidated balance sheet (MSEK) Intangible assets Tangible assets Financial assets Inventories Other current assets Total assets Equity Long-term liabilities Short-term liabilities Total equity and liabilities

  13. Key figures Gross profit margin (%) Operating margin (%) Net profit margin (%) Equity (MSEK) Equity ratio (%) Average number of employees Number of stores

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