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    AXFO   SE0006993770

AXFOOD AB (PUBL)

(AXFO)
  Report
Delayed Nasdaq Stockholm  -  11:29 2022-06-30 am EDT
294.30 SEK   +2.22%
06:01aChange in number of shares and votes in Axfood AB (publ)
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05/04Scania enables completely electrified 64-tonne chilled foods transport for Dagab
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05/02AXFOOD AB (PUBL) : RIGHTS ISSUE: 1 new share @ 215 SEK for 30 existing shares
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2022 begins with strong growth and stable profitability

04/21/2022 | 01:01am EDT

Axfood has started off the year with strong growth, continued gains in market share and increased earnings in every business segment. Axfood continues to maintain a high rate of development throughout all operations. The integration of Bergendahls Food is proceeding according to plan, and the divestment of Mat.se to Mathem was completed on 1 March. At the same time, Axfood is operating in an exceptional time in a market that is growing increasingly unpredictable.

President and CEO Klas Balkow's comments on the interim report for the first quarter 2022:

"We continued to maintain a rapid pace in all parts of the operations during the first quarter and we have started the year with retail sales growth that is significantly higher than the market. This shows that our food and store concepts continue to attract existing and new consumers who value affordable, good and sustainable food.

All operating segments reported higher operating profit for the quarter, with strong sales and healthy productivity gains compensating for significantly higher fuel costs and a weak SEK. As a result, we can report higher adjusted operating profit of SEK 653 m and an adjusted operating margin of 3.9%, that was diluted by the consolidation of Bergendahls Food.

After a long period of low food price inflation in Sweden, we have seen a sharp increase in recent months. These price increases have been driven by several different factors - higher prices for raw materials as well as higher costs for packaging materials, fuel, electricity and transports. What is now happening in Ukraine is causing increased uncertainty and instability, and there is much to suggest that prices will continue to rise."

First quarter summary

  • Net sales totalled SEK 16,593 m (13,203), an increase of 25.7%, including the acquisition of Bergendahls Food.
  • Retail sales totalled SEK 12,711 m (12,207), an increase of 4.1%.
  • Operating profit amounted to SEK 835 m (565) and included items affecting comparability of net SEK 182 m. The operating margin was 5.0% (4.3).
  • Adjusted operating profit amounted to SEK 653 m (565), an increase of 15.5%. The adjusted operating margin was 3.9% (4.3).
  • Net profit for the period amounted to SEK 682 m (430) and earnings per share before dilution to SEK 3.30 (2.16).
  • Mat.se was divested to Mathem on 1 March in exchange for newly issued shares in Mathem. The transaction resulted in a capital gain of SEK 221 m, which was recognised as an item affecting comparability during the quarter. Axfood is the second-largest owner of Mathem, with an ownership stake of 16.5%.
  • Axfood's Annual General Meeting (AGM) on 23 March authorised the Board to carry out a rights issue amounting to approximately SEK 1.5 bn. The AGM also approved a dividend to shareholders of SEK 7.75 (7.50) per share. The dividend amount is divided into two payments. The first payment of SEK 4.00 was made in March, and the second payment of SEK 3.75 will take place in September.

Significant events after the balance sheet date

  • Axfood's Board of Directors has resolved on the repurchase of no more than 575,000 shares related to the long-term share-based incentive programme LTIP 2022.

Axfood will present the interim report for the first quarter of 2022 in a conference call at 9.30 a.m. (CET) today on 21 April 2022. The report will be presented by Klas Balkow, President and CEO, and Anders Lexmon, CFO. To follow the presentation, visit www.axfood.com or call:
Sweden: +46 8 566 426 92, UK: +44 333 300 9267, USA: +1 646 722 4902

For further information, please contact:
Elisabet Johansson, acting Head of Investor Relations, Axfood AB, tel +46 72 22 11650
 

The information herein is such that Axfood AB (publ) is required to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person listed above, at 7 a.m. CET on 21 April 2022.

This document is an English translation of the Swedish original. In the event of any discrepancies,
the Swedish version shall govern.

Axfood Axfood aspires to be the leader in affordable, good and sustainable food. Our family of companies includes the store chains Willys and Hemköp as well as Tempo and Handlar'n. B2B sales are handled through Snabbgross, and our support company Dagab is responsible for the Group's product development, purchasing and logistics. The Axfood family also includes Mat.se, Middagsfrid and Urban Deli as well as the partly owned companies Apohem, Eurocash, City Gross and Mathem. Together the Group has more than 12,000 employees and sales of approximately SEK 58 bn. Axfood has been listed on Nasdaq Stockholm since 1997, and the principal owner is Axel Johnson AB. Read more at www.axfood.com.

https://news.cision.com/axfood/r/2022-begins-with-strong-growth-and-stable-profitability,c3549755

https://mb.cision.com/Main/1306/3549755/1566633.pdf

https://mb.cision.com/Public/1306/3549755/804027a3c5db9f44.pdf

https://news.cision.com/axfood/i/klas-och-anders-fond-fond-2,c3039942

(c) 2022 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2022 70 419 M 6 872 M 6 872 M
Net income 2022 2 176 M 212 M 212 M
Net Debt 2022 7 092 M 692 M 692 M
P/E ratio 2022 28,7x
Yield 2022 2,70%
Capitalization 61 540 M 6 005 M 6 005 M
EV / Sales 2022 0,97x
EV / Sales 2023 0,93x
Nbr of Employees 12 193
Free-Float 49,5%
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 294,30 SEK
Average target price 296,75 SEK
Spread / Average Target 0,83%
EPS Revisions
Managers and Directors
Klas Balkow President & Chief Executive Officer
Anders Lexmon Chief Financial Officer
Maria Christina Brunell Livfors Chairman
Karin Hedlund Head-Information Technology
Caroline Beatrice P. M÷rner Berg Independent Director
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