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Interim Report Axfood AB – 1 January-30 September 2011




Interim Report Axfood AB (publ)

THIRD QUARTER SUMMARY
•      Axfood’s consolidated sales for the period July–September totalled SEK 8,735 m (8,582),
       an increase of 1.8%.
•      Retail sales for Group-owned stores rose 0.1% during the period.
       Like-for-like sales decreased by 1.2%.
•      Operating profit for the period was SEK 370 m (364).
•      Profit after financial items was SEK 362 m (357) for the period.
•      Profit after tax for the period was SEK 267 m (262), and earnings per share were SEK 5.09
       (5.00).
•      The work on converting Vi stores to Hemköp has begun.
•      Axfood Närlivs entered into a cooperation agreement with Svenska Statoil.
•      Axfood’s goal for 2011 is to achieve an operating profit at least as the same level as 2010.

NO SIGNIFICANT EVENTS HAVE TAKEN PLACE AFTER THE BALANCE SHEET DATE

Key ratios
                                                                              Change,   Nine months   Nine months      Change,       Full year
SEK m                                               Q3 2011       Q3 2010
                                                                                   %           2011          2010           %            2010
Net sales                                             8,735         8,582         1.8       25,881          25,375          2.0        34,260
Operating profit                                        370            364        1.6          928             888          4.5         1,209
Operating margin, %                                     4.2            4.2        0.0          3.6             3.5          0.1           3.5
Profit after financial items                            362            357        1.4          902             862          4.6         1,172
Profit after tax                                        267            262        1.9          665             635          4.7             862
Earnings per share, SEK1                               5.09           5.00        1.8        12.67           12.10          4.7         16.42
Cash flow per share, SEK                                0.1           -0.9          -         -2.0            -1.8        -11.1           0.0
Cash flow from operating
                                                         6.9           6.3        9.5         19.1            19.8         -3.5             26.0
activities per share, SEK
Return on capital employed, %2                         32.9           33.3       -0.4         32.9            33.3         -0.4             33.2
Return on shareholders' equity, %2                     31.0           32.3       -1.3         31.0            32.3         -1.3             30.7
Shareholders' equity per share, SEK3                       -              -         -        57.35           52.30          9.7         56.64
Equity ratio, %                                            -              -         -         38.0            37.2          0.8          38.8

1) Before and after dilution.
2) Moving 12-month figures.
3) Net asset value per share corresponds to shareholders' equity per share.
For further information, please contact:                                                   The information in this interim report is such
Anders Strålman, President and CEO, mobile +46-70-293 16 93.                               that Axfood is required to disclose in accord-
Karin Hygrell-Jonsson, CFO, mobile +46-70-662 69 70.                                       ance with the Securities Market Act.
Anne Rhenman-Eklund, Head of Corporate Communications, +46-8-553 998 13,                   Submitted for publication at 7.30 a.m. (CET)
mobile +46-70-280 64 59.                                                                   on 20 October 2011.




                                                                                                                                        1
Interim Report Axfood AB – 1 January-30 September 2011


CEO'S COMMENTS
For the third quarter of 2011, Axfood presented yet another favourable result in a business environment
characterized by uncertainty. Again, our stable profitability development testifies to Axfood's efficiency and
good cost control.


Favourable results overall
Hemköp continues to strengthen its earnings, with good profitability and positive like-for-like sales. With
the structural measures now completed, the focus is on driving growth, renewing the stores and
strengthening the brand. A key part of the latter are the agreements that have been signed with most of
the Vi retailers, under which Hemköp is being expanded by roughly 50 proprietor-run stores during the
autumn. The work on converting the stores is expected to be completed by early December. Hemköp's
goal to achieve a 2% operating margin for the full year 2011 and 3% for 2012 remains.


Willys showed continued stable development with good margins despite establishment of a number of new
stores and the high pace of remodelling. The renewal programme aimed at improving customers' shopping
experience is now beginning to generate results. At the same time, the like-for-like sales trend has been
unsatisfactory. This can be attributed in part to dampened growth during the year for the stores that have
not yet been renewed. It is for this reason that the pace of store modernization will remain undiminished in
2012.


PrisXtra's accumulated result is in line with plan, but sales continue to be affected by extensive road work.
The goal remains to attain a positive result for the full year.


For Axfood Närlivs, sales were very favourable for the wholesale, cash & carry and renewed e-commerce
businesses. In addition, during the quarter a new two-year agreement was signed with Svenska Statoil on
the supply of newsstand and food retail products.


Dagab continues its efficient and stable performance with good cost control and high delivery reliability.
Parallel with this, Dagab's extensive environmental programme continues in inventorying, transports and
alternative energy sources.


Market outlook
The market outlook and growth in the food retail sector are difficult to judge amidst the prevailing
turbulence. The economic crisis in several EU countries and the USA is giving rise to considerable anxiety
and elevated caution among households and businesses, who fear an economic downturn. This may
contribute to more price consciousness and restraint among customers, which would benefit private label
products as well as low-price alternatives. We are also facing an approaching contract negotiation, whose
outcome is uncertain.


Ambitious pace of investment and good cost control to ensure profitable growth
Axfood's strategic direction remains unchanged, and during the rest of the year we will continue to focus
on greater efficiency and good cost control in order to parry uncertainty in the future. Our goal is also to
offer all our customers alternatives that give them value for their money. At the same time, we will maintain
a high pace of modernization and development of our various concepts. Capital expenditures for 2011 are
expected to amount to SEK 900–1,000 m (862), and the same level is anticipated for 2012.


Axfood's goal for 2011 is to achieve an operating profit at least at the same level as in 2010.


Anders Strålman
President and CEO
                                                                                                            2
Interim Report Axfood AB – 1 January-30 September 2011



SALES, AXFOOD GROUP
Third quarter
Consolidated wholesale and retail sales for the Axfood Group totalled SEK 8,735 m (8,582) during the third
quarter, an increase of 1.8%. Store sales for the Axfood Group (wholly owned stores and Hemköp
franchises) totalled SEK 6,976 m (6,926), an increase of 0.7%. Sales for Axfood-owned retail operations
rose 0.1% during the third quarter, with a 1.2% drop in like-for-like sales. Axfood's private label share was
23.1% (21.6%) as of September.

Nine months
Consolidated wholesale and retail sales for the Axfood Group totalled SEK 25,881 m (25,375) for the
period, an increase of 2.0%. Store sales for the Axfood Group (wholly owned stores and Hemköp
franchises) totalled SEK 20,911 m (20,789), an increase of 0.6%. Sales for Axfood-owned retail operations
rose 0.4% during the period, with a 1.0% decrease in like-for-like sales.

 Net sales per operating segment
                                                                                                  Nine months      Nine months
 SEK m                                                           Q3 2011            Q3 2010                                                   2010
                                                                                                         2011             2010
 Hemköp                                                            1,143              1,164                3,532        3,667                4,978
 Willys                                                            4,706              4,660               14,056       13,791              18,613
 PrisXtra                                                            123                143                  409          475                 637
 Axfood Närlivs                                                    1,714              1,571                4,775        4,355               5,847
 Dagab                                                             6,427              6,379               19,191       18,980              25,701
 Other1                                                            1,038                993                3,140        3,012                4,052
 Internal sales
       Dagab                                                      -5,425             -5,381           -16,210         -16,026             -21,694
    Axfood Närlivs                                                    -3                 -6                  -18          -18                 -26
    Other                                                           -988               -941               -2,994       -2,861              -3,848
 Total                                                             8,735              8,582               25,881       25,375              34,260
1)   Includes joint-Group support functions, such as purchasing coordination, IT and corporate offices.

 Retail sales, own and franchise stores
                                                                              Like-for-like      Nine months                            Like-for-like
 SEK m                                      Q3 2011                 %1)          sales, %1)             2011              % 1)             sales, %1)
 Hemköp                                       1,130               -1.8                 0.6                3,493           -3.7                   0.8
 Hemköp franchises                            1,017                4.6                 1.7             2,953               2.0                   1.9
 Hemköp total                                 2,147                1.1                 1.1             6,446              -1.2                   1.3
 Willys total                                 4,706                1.0                -1.3            14,056               1.9                  -1.1
 PrisXtra total                                 123              -14.0                -8.9               409             -13.9                  -9.9
 Total                                        6,976                0.7                -0.8            20,911               0.6                  -0.6
1) Percentage    change compared with the corresponding period a year ago.

 Change in store structure, nine months 2011
                                                       New establish-                                              Conversions
                                         Dec. 2010             ment           Acquisitions     Sales/ closures         to/from       September 2011
 Hemköp                                         65                                        1                   -4            -1                    61
 Willys1)                                      160                    4                   2                   -1             1                   166
 PrisXtra                                        5                                                                                                 5
 Total, Group-owned                            230                    4                   3                   -5                 -               232


 Hemköp franchises                              82                  18                                        -3                                  97

 1)
      Of which, Willys Hemma                     41                   1                                       -1             1                     42




                                                                                                                                                   3
Interim Report Axfood AB – 1 January-30 September 2011


EARNINGS, AXFOOD GROUP

Third quarter
Operating profit for the quarter was SEK 370 m (364). The operating margin was 4.2% (4.2%). Net
financial items totalled SEK -8 m (-7), and profit after financial items was SEK 362 m (357). The margin
after financial items was 4.1% (4.2%). Profit after tax was SEK 267 m (262).
         Axfood has no significant transactions with related parties, other than transactions with subsidiaries.

Nine months
Operating profit for the period was SEK 928 m (888). The operating margin was 3.6% (3.5%). Net financial
items for the period totalled SEK -26 m (-26), and profit after financial items was SEK 902 m (862). Profit
after tax was SEK 665 m (635).

 Operating profit for the period, broken down by operating segment
                                                                                                       Nine months         Nine months
 SEK m                                                                 Q3 2011           Q3 2010                                                         2010
                                                                                                              2011                2010
 Hemköp                                                                    34                    11                70                27                   45
 Willys                                                                   212               214                  574                576                  772
 PrisXtra                                                                  -1                     1                10                 1                   -5
 Axfood Närlivs                                                            44                    43                86                91                  113
 Dagab                                                                     56                    58              138                122                  189
 Other1                                                                    25                37                   50                 71                95
 Operating profit for the period, total2                                  370               364                  928                888             1 209
1)   Includes joint-Group support functions, such as purchasing coordination, IT and corporate offices. For the nine-month period, "Other” also
     includes charges for, among other things, amortization of surplus value pertaining to the acquisition of PrisXtra and depreciation of SEK 24 m
     (10) pertaining to the new business system.
2)   Net financial items are not distributed per operating segment.

CAPITAL EXPENDITURES
Total capital expenditures during the period January–September amounted to SEK 696 m (592), of which
SEK 49 m (6) pertained to acquisitions of businesses. In addition, SEK 345 m (309) pertained to
investments in non-current assets in retail operations, SEK 78 m (71) to investments in non-current assets
in wholesale operations, and SEK 156 m (114) to IT development.

FINANCIAL POSITION
Cash flow from operating activities for the first nine months of the year before paid tax was SEK 1,279 m
(1,309). Paid tax amounted to SEK -275 m (-272). Cash and cash equivalents held by the Group (fixed-
income investments) amounted to SEK 211 m, compared with SEK 315 m in December 2010. Interest-
bearing liabilities and provisions totalled SEK 1,043 m at the end of the period, compared with SEK 840 m
in December 2010. Interest-bearing net debt was SEK 832 m at the end of the period, compared with
SEK 525 m in December 2010. Payout of the shareholder dividend affected cash flow by SEK -630 m
(-525), and net capital expenditures affected cash flow by SEK -664 m (-567).
         The equity ratio was 38.0%, compared with 38.8% as per December 2010.
                                                                                                      Capital expenditures*, depreciation/
Equity ratio, %                                  Debt-equity ratio, multiple
                                                                                                      amortization, SEK m
 50                                               1.0
                                                                                                         250
                 38.8                    38.0
 40       37.2                                    0.8
                                 34.4                                                                    200
                         32.6

 30                                               0.6
                                                                          0.5                            150

                                                                                  0.4      0.4
 20                                               0.4
                                                         0.3     0.3                                     100


 10                                               0.2                                                     50


     0                                            0.0                                                      0
         Q3 10   Q4 10   Q1 11   Q2 11   Q3 11          Q3 10   Q4 10    Q1 11   Q2 11    Q3 11                Q3 10    Q4 10    Q1 11   Q2 11   Q3 11


                                                                                                         Capital expenditures*    Deprec./Amortization
                                                                                                      * Excluding goodwill


                                                                                                                                                           4
Interim Report Axfood AB – 1 January-30 September 2011


THE SWEDISH FOOD RETAIL MARKET
According to Statistics Sweden's retail trade index for August, accumulated sales for the food retail
segment rose 1.2% since the start of the year in current prices. In fixed prices, adjusted for price and
calendar effects, volume decreased by 0.1%.


STORE OPERATIONS

Willys
Third quarter
Willys continued its stable development during the quarter, with good profitability. Sales amounted to
SEK 4,706 m (4,660), an increase of 1.0% compared with a year earlier. Like-for-like sales decreased by
1.3%. Sales were affected by competition from new establishment and dampened growth for stores that
have not yet been modernized. Operating profit amounted to SEK 212 m (214), a decrease of 0.9%. The
operating margin was 4.5% (4.6%).
  The private label share as of September was 25.3% (24.4%) for Willys and 29.0% (28.0%) for Willys
Hemma.
  As part of an effort to improve the shopping experience for customers and boost sales, modernization of
stores continued at a high pace. Four stores were adapted to the new generation of Willys during the
period, which currently comprises 70 stores. An additional 40 stores will be modernized in the years
ahead. During the third quarter, a Willys store was established in Eslöv, and a store was acquired in
Sundbyberg and opened with the Willys profile.


Nine months
Willys' sales during the period January–September amounted to SEK 14,056 m (13,791), an increase of
1.9% compared with a year earlier. Like-for-like sales decreased during the same period by 1.1%.
Operating profit for the first nine months of the year totalled SEK 574 m (576), and the operating margin
was 4.1% (4.2%).
  During the period, three Willys stores and one Willys Hemma were established. Two stores were
acquired and opened with the Willys profile. An additional store was converted from Hemköp to Willys
Hemma, and one Willys Hemma store was sold. Willys thereafter comprises 166 wholly owned stores, of
which 42 are Willys Hemma.

 Sales, SEK m, and operating margin, %              Key ratios
6,000                                           8
                                                                                                            Nine        Nine
                4,822                           7                                          Q3      Q3     months      months
5,000   4,660                   4,805   4,706
                        4,545                       SEK m                                2011    2010       2011        2010         2010
                                                6
4,000                                               Net sales                            4,706   4,660     14,056      13,791      18,613
                                                5
         4.6                             4.5
                 4.1             4.3                Change in like-for-like sales, %      -1.3    -0.2        -1.1         0.1          0.4
3,000                                           4
                         3.5
                                                3   Operating profit                      212     214         574         576           772
2,000
                                                2   Operating margin, %                    4.5     4.6         4.1         4.2          4.1
1,000                                               Number of Group-owned stores             -       -        166         159           160
                                                1
                                                    Average number of employees
   0                                            0   during the period                        -       -      3,359       3,185       3,266
        Q3 10   Q4 10   Q1 11   Q2 11   Q3 11       Private label share (Willys/Willys
                                                    Hemma)                                   -       -   25.3/29.0   24.4/28.0   24.0/28.7




                                                                                                                                    5
Interim Report Axfood AB – 1 January-30 September 2011


Hemköp

Third quarter
Hemköp is once again showing stronger earnings and stable like-for-like sales. Like-for-like sales for
Group-owned stores rose 0.6% during the period.
  Sales for Hemköp's stores – both Group-owned and franchises – rose 1.1% during the third quarter.
Sales for Group-owned stores amounted to SEK 1,130 m (1,151), a decrease of 1.8%. Compared with the
same period a year ago, sales were affected by store closures or conversions. Sales for franchise stores
amounted to SEK 1,017 m (972), an increase of 4.6%, with a 1.7% increase in like-for-like sales.
  Operating profit for the third quarter was SEK 34 m (11). The operating margin for the period was 3.0%
(0.9%). Profit was favourably affected by SEK 4 m pertaining to a reversal of structural costs for store
closures that were previously charged against the first quarter.
  Hemköp's private label share (including franchise stores) was 17.6% (14.9%) as of September.
  The number of loyalty cards in issue has been rising steadily and amounted to 497,000 at the end of the
period. Loyalty cardholders have considerably higher average purchases than other customers, which is
why the loyalty card plays a key role in strengthening customer loyalty and growing sales.
  The work on converting Vi stores to Hemköp was begun during the quarter. To date, 17 stores have
been converted to Hemköp franchises, which means that the chain now comprises 61 wholly owned stores
and 97 franchise stores. In all, some 50 Vi stores will be converted to proprietor-run Hemköp stores. This
is expected to be completed by the start of December, thereby giving Hemköp the opportunity to
strengthen its brand and build a larger, stronger and more distinctive grocery chain.


Nine months
Like-for-like sales for Group-owned stores rose 0.8% during the period. Sales for Hemköp's stores – both
Group-owned and franchises – decreased by 1.2% during the period January–September. Sales for
Group-owned stores amounted to SEK 3,493 m (3,628), a decrease of 3.7%. Compared with the same
period a year ago, total sales were negatively affected by changes in the number of stores.
  Sales for franchise stores amounted to SEK 2,953 m (2,895), an increase of 2.0%, with a 1.9% increase
in like-for-like sales.
  Operating profit for the period January–September was SEK 70 m (27). The operating margin for the
period was 2.0% (0.7%). Operating profit was affected by one-time costs of SEK 8 m (6) associated with
store closures.
  To create further conditions for profitable growth, Hemköp has initiated modernization and renovation of
its stores, involving 10–20 units during the year.
  During the first nine months of the year, one store was acquired and four were closed. One store was
converted to Willys Hemma. Also during the period, 17 franchise stores were established and one was
closed. Hemköp had a total of 158 stores at the end of the period, of which 61 are Group-owned.

 Sales, SEK m, and operating margin, %                 Key ratios
                                                                                                            Nine     Nine
 1,600                                   3.0     3
                                                                                            Q3      Q3    months   months
                 1,311
                                                       SEK m                              2011    2010      2011     2010   2010
                                                 2.5
                         1,164   1,184                 Net sales                          1,143   1,164    3,532    3,667   4,978
         1,164                           1,143
 1,200
                                                 2
                                  1.9                  Change in like-for-like sales, %     0.6     3.3      0.8      1.9     2.3

   800                                           1.5
                                                       Operating profit                     34      11        70       27     45
                  1.4
                                                       Operating margin, %                  3.0     0.9      2.0      0.7     0.9
                          1.1
                                                 1     Number of Group-owned stores           -       -       61       66     65
          0.9
   400                                                 Average number of employees
                                                 0.5   during the period                      -       -    1,360    1,402   1,422
                                                       Private label share                    -       -     17.6     14.9    16.8
    0                                            0
         Q3 10   Q4 10   Q1 11   Q2 11   Q3 11




                                                                                                                                    6
Interim Report Axfood AB – 1 January-30 September 2011


PrisXtra

Third quarter
PrisXtra's sales during the third quarter amounted to SEK 123 m (143), a decrease of 14.0%. Like-for-like
sales decreased by 8.9% during the period. Operating profit was SEK -1 m (1), and the operating margin
was -0.8% (0.7%). The goal is to achieve a positive operating result for the full year.
       As previously, the two largest stores continue to be hurt by traffic re-routing and roadwork associated
with construction of the Norra länken motorway in Stockholm. These store locations have strategic
importance over time, however.

Nine months
PrisXtra's sales during the period January–September amounted to SEK 409 m (475), a decrease of
13.9%. Like-for-like sales decreased by 9.9% during the period. Operating profit for the period January–
September was SEK 10 m (1), and the operating margin was 2.4% (0.2%).

 Sales, SEK m, and operating margin, %                                   Key ratios
                                                                                                                              Nine      Nine
 200                                                                                                          Q3      Q3    months    months
                                                              9
                                                                         SEK m                              2011    2010      2011      2010      2010
                    162
                              144                             7          Net sales                           123     143       409        475      637
           143                          142

                               4.9                  123       5
                                                                         Change in like-for-like sales, %    -8.9    -7.7      -9.9      -7.2      -7.0
                                        2.8                   3
 100                                                                     Operating profit                      -1      1        10          1        -5
            0.7                                               1          Operating margin, %                 -0.8     0.7      2.4        0.2      -0.8
                                                     -0.8     -1         Number of Group-owned stores           -       -        5          6        5
                                                                         Average number of employees
                                                              -3         during the period                      -       -      138        164      164
                     -3.7
  0                                                           -5
           Q3 10    Q4 10     Q1 11     Q2 11       Q3 11




AXFOOD WHOLESALING

Dagab

Third quarter
Dagab had stable performance during the quarter, with good cost control and efficiency. Sales during the
third quarter amounted to SEK 6,427 m (6,379). Operating profit was SEK 56 m (58), and the operating
margin was 0.9% (0.9%).

Nine months
Dagab's sales for the period January–September amounted to SEK 19,191 m (18,980). Operating profit for
the period was SEK 138 m (122), and the operating margin was 0.7% (0.6%).

 Sales, SEK m, and operating margin, %                                   Key ratios
                                                                                                                              Nine      Nine
 8,000                                                             1.5                                        Q3      Q3    months    months
                      6,721                                              SEK m                              2011    2010      2011      2010     2010
 7,000                                    6,623       6,427
            6,379
                                6,141                                    Net sales                          6,427   6,379   19,191    18,980    25,701
 6,000
                       1.0                                         1     Distributed sales                  4,322   4,287   12,921    12,771    17,408
 5,000        0.9                                      0.9               Operating profit                     56      58       138       122      189
 4,000
                                 0.7                                     Operating margin, %                  0.9     0.9      0.7       0.6       0.7
                                              0.6
 3,000                                                                   Average number of employees
                                                                   0.5
                                                                         during the period                      -       -      940       925      932
 2,000
                                                                         Delivery reliability, %             97.0    96.7     96.9      97.1      97.2
 1,000

       0                                                           0
            Q3 10     Q4 10     Q1 11     Q2 11       Q3 11




                                                                                                                                                          7
Interim Report Axfood AB – 1 January-30 September 2011


Axfood Närlivs

Third quarter
Axfood Närlivs had continued favourable sales growth in all parts of its business. Sales during the third
quarter amounted to SEK 1,714 m (1,571), an increase of 9.1%. The favourable performance can be
credited in part to new agreements and good growth for e-commerce.
  Operating profit for the third quarter was SEK 44 m (43), and the operating margin was 2.6% (2.7%).
  During the period, a new e-commerce portal was launched for the Axfood Snabbgross stores. The
e-commerce venture is part of an effort to further improve customer service and grow sales.
  A new two-year agreement was reached with Svenska Statoil. This collaboration, which covers the
supply of newsstand and food retail products, will commence on 1 January 2012.


Nine months
Axfood Närlivs' sales during the period January–September amounted to SEK 4,775 m (4,355), an
increase of 9.6%. Operating profit for the period amounted to SEK 86 m (91), and the operating margin
was 1.8% (2.1%).

 Sales, SEK m, and operating margin, %               Key ratios
                                                                                                       Nine     Nine
 2,000                                           4                                     Q3      Q3    months   months
                                         1,714       SEK m                           2011    2010      2011     2010   2010
                                 1,691
         1,571                                       Net sales                       1,714   1,571    4,775    4,355   5,847
 1,600           1,492
                         1,370                   3
                                                     Distributed sales               1,500   1,355    4,185    3,761   5,070
          2.7                             2.6
 1,200                                               Operating profit                  44      43        86       91    113
                                  2.1                Operating margin, %               2.6     2.7      1.8      2.1     1.9
                                                 2
  800
                  1.5
                                                     Axfood Snabbgross, no. stores       -       -       20       19     19
                                                     Average number of employees
                                                 1
                                                     during the period                   -       -      717      643    667
  400
                                                     Delivery reliability, %          97.4    96.8     97.6     97.3    97.4
                          0.4

    0                                            0
         Q3 10   Q4 10   Q1 11   Q2 11   Q3 11




                                                                                                                               8
Interim Report Axfood AB – 1 January-30 September 2011


SIGNIFICANT RISKS AND UNCERTAINTIES
In the course of its business the Axfood Group is exposed to operational, strategic and financial risks.
Operational and strategic risks include business and liability risks, among others, while financial risks
include liquidity risk, interest rate risk and currency risk.
  Axfood works continuously with risk identification and assessment. One of the most significant business
risks that Axfood has identified in its safety analysis work is a total loss, such as from a fire at one of the
central warehouses in Jordbro or Backa. Major emphasis is put on preventive work, and the organization
for this is well developed, as is the Company's planning to maintain operating continuity in the event of
unforeseen events.
  For a thorough account of the risks that affect the Group, please refer to the 2010 Annual Report.


SEASONAL EFFECTS
Axfood has no significant seasonal variations.


ENVIRONMENTAL IMPACT
One of Axfood's strategic objectives is to actively conduct work for environmentally sustainable
development. In the day-to-day activities, sustainability aspects are integrated in product purchasing and
selection as well as in logistics, product flows and store operations. Priority areas for Axfood's
environmental sustainability work are energy use, transports and waste handling. All of these areas have
major bearing on Axfood's business and have large potential for improvement. One overall goal is to
reduce the climate impact of the Group's operations by 75% by 2020. The remainder of the Group's
environmental impact will be climate-compensated. Great progress was achieved toward this goal in 2010,
when the environmental impact was reduced by 60% through a changeover to renewable energy. In 2011,
work on energy efficiency improvement will continue to have high priority. A redoubled focus on recycling
has also been initiated, where most waste will either be recycled into raw material for the recycling industry
or converted to energy. A more detailed account of Axfood's work with environmental matters can be
found on Axfood's website: www.axfood.se.


PARENT COMPANY
Other operating revenue for the Parent Company during the period January–September amounted to SEK
132 m (129). After selling expenses, administrative expenses and other operating expenses, totalling SEK
187 m (165), and SEK -3 m (-6) in net financial items, the result after financial items was SEK -58 m
(-42). Capital expenditures during the period totalled SEK 2 m (3).
   The Parent Company's interest-bearing net debt was SEK 675 m at the end of the period, compared
with SEK 931 m in December 2010. The Parent Company has no significant transactions with related
parties, other than transactions with subsidiaries.


ACCOUNTING POLICIES
Axfood applies International Financial Reporting Standards (IFRS) as endorsed by the European Union.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish
Annual Accounts Act, and recommendation RFR 2 – Reporting for Legal Entities, issued by the Swedish
Financial Reporting Board (RFR). In order to prepare the financial statements in accordance with IFRS,
the Board and Executive Committee make estimations and assumptions that affect the Company's result
and position as well as other disclosures in general. These estimations and assumptions are based on
historical experience and are reviewed on a regular basis. The accounting policies used by the Parent
Company and Group are unchanged compared with the most recently published annual report.


                                                                                                             9
Interim Report Axfood AB – 1 January-30 September 2011


FORECAST
Axfood's goal for 2011 is to achieve an operating profit at least at the same level as in 2010.


NEXT REPORT
The year-end report for the period January–December 2011 will be released on 7 February 2012.


NOMINATING COMMITTEE
Shareholders who wish to submit nominations to the Nominating Committee ahead of Axfood's Annual
General Meeting on 14 March 2012 may do so by e-mail at: valberedning@axfood.se.


ANNUAL GENERAL MEETING
The Annual General Meeting will be held at 5 p.m. on 14 March 2012, in Stockholm. The 2011 Annual
Report will be published on 20 February 2012 on Axfood's website, at which time it will be available at
Axfood's head offices in Solna. In addition, printed versions will be distributed by post to shareholders
approximately one week before the Annual General Meeting upon request.


This interim report has been reviewed by the Company's auditors. The review report can be found on page
11.


Anders Strålman
President and CEO



PRESS RELEASES ISSUED DURING THE THIRD QUARTER
12 August 2011              Axfood supporting Save the Children's disaster relief in the horn of Africa
24 August 2011              Axfood Närlivs AB and Statoil Fuel & Retail enter cooperation agreement
29 August 2011              Hemköp growing in Stockholm (released only in Swedish)
28 September 2011           Axfood's annual report best




                                                                                                          10
Interim Report Axfood AB – 1 January-30 September 2011


AUDITORS' REVIEW REPORT


To the Board of Directors of Axfood AB (publ)
Reg. no. 556542-0824


Introduction
We have reviewed the accompanying interim report for Axfood AB (publ) for the period 1 January–30
September 2011. The Board of Directors and the President are responsible for the preparation and
presentation of the interim report in accordance with IAS 34 Interim Financial Reporting and the Swedish
Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our
review.


Scope of review
We have conducted our review in accordance with the Swedish Standard on Review Engagements, SÖG
2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A
review of interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review has
another focus and is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing (ISA) and other generally accepted auditing standards. The procedures performed
in a review to not enable us to obtain a level of assurance that would make us aware of all significant
matters that might be identified in an audit. Therefore, the conclusion based on a review does not provide
the same level of assurance as a conclusion based on an audit.


Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report, in
all material respects, is not prepared for the Group in accordance with IAS 34 and the Swedish Annual
Accounts Act and for the Parent Company in accordance with the Swedish Annual Accounts Act.


Stockholm, 20 October 2011
KPMG AB




Thomas Thiel
Authorized Public Accountant




                                                                                                         11
Interim Report Axfood AB – 1 January-30 September 2011


FINANCIAL STATEMENTS, GROUP

Condensed statement of comprehensive income, Group
                                                                           Nine months   Nine months   Full year
SEK m                                                 Q3 2011    Q3 2010          2011          2010       2010


Net sales                                              8,735       8,582       25,881        25,375     34,260
Cost of goods sold                                    -7,503      -7,424      -22,255       -21,940    -29,587
Gross profit                                           1,232       1,158        3,626         3,435      4,673


Selling/administrative expenses, etc.                   -862        -794        -2,698        -2,547    -3,464
Operating profit                                         370        364           928           888      1,209

Net financial items                                        -8         -7          -26           -26         -37
Profit before tax                                        362        357           902           862      1,172


Tax                                                      -95        -95          -237          -227       -310
Profit for the period                                    267        262           665           635        862


Other comprehensive income
Change in fair value of forward exchange
                                                           2          -3            3             -2          0
contracts
Tax attributable to components in other
                                                           -1         1             -1            1           0
comprehensive income
Other comprehensive income for the period                  1         -2             2            -1          0
Total comprehensive income for the period                268        260           667           634        862

Operating profit includes depreciation/amortization
                                                         150        140           436           414        555
of
Earnings per share, SEK                                 5.09        5.00        12.67         12.10      16.42




                                                                                                            12
Interim Report Axfood AB – 1 January-30 September 2011




Condensed statement of financial position, Group
SEK m                                                            30/9/2011       30/9/2010        31/12/2010
Assets
Goodwill                                                            1,597           1,545             1,567
Other financial assets                                                 32              33                32
Other non-current assets                                            2,568           2,261             2,364
Total non-current assets                                            4,197           3,839             3,963


Inventories                                                         1,832           1,768             1,822
Accounts receivable – trade                                           674             614               660
Other current assets                                                  997             925               904
Cash and bank balances                                                211             221               315
Total current assets                                                3,714           3,528             3,701


Total assets                                                        7,911           7,367             7,664


Shareholders' equity and liabilities
Equity attributable to owners of the parent                         3,009           2,744             2,972
Total shareholders' equity                                          3,009           2,744             2,972


Non-current interest-bearing liabilities                              413             401               398
Other non-current liabilities                                         215             204               219
Total non-current liabilities                                         628             605               617


Current interest-bearing liabilities                                  630             414               442
Accounts payable – trade                                            2,212           2,118             2,208
Other current liabilities                                           1,432           1,486             1,425
Total current liabilities                                           4,274           4,018             4,075


Total shareholders' equity and liabilities                          7,911           7,367             7,664

Contingent liabilities                                                 16              18                18
Pledged assets                                                         15              16                16




                                                                                                       13
Interim Report Axfood AB – 1 January-30 September 2011




Condensed statement of cash flows, Group
                                                                                           Nine months       Nine months
SEK m                                                                                             2011              2010        Full year 2010
Operating activities
Cash flow from operating activities before changes in working capital,
before paid tax                                                                                  1,337              1,280                1,750
Paid tax                                                                                          -275               -272                 -322
Changes in working capital                                                                         -58                 29                  -63
Cash flow from operating activities                                                              1,004              1,037                1,365
Investing activities
Acquisitions of operations, net                                                                    -51                  -9                 -59
Acquisitions of non-current assets, net                                                           -613               -558                 -771
Change in financial non-current assets, net                                                          -                 -2                   -1
Cash flow from investing activities                                                               -664               -569                 -831
Financing activities
Change in interest-bearing liabilities                                                             186                -38                  -10
Dividend paid out                                                                                 -630               -525                 -525
Cash flow from financing activities                                                               -444               -563                 -535

Cash flow for the period                                                                          -104                -95                   -1



Condensed statement of changes in equity, Group
SEK m                                                                                         30/9/2011          30/9/2010            31/12/2010
Amount at start of year                                                                          2,972              2,635                 2,635
Total comprehensive income for the period                                                          667                634                   862
Dividend to shareholders                                                                          -630               -525                  -525
Amount at end of period                                                                          3,009              2,744                 2,972


Key ratios and other data, Group
                                                                                           Nine months       Nine months
                                                                                                  2011              2010          Full year 2010
Operating margin, %                                                                                   3.6              3.5                  3.5
Margin after financial items, %                                                                    3.5                 3.4                  3.4
Equity ratio, %                                                                                   38.0                37.2                 38.8
Debt-equity ratio, net, multiple                                                                      0.3              0.2                  0.2
Debt-equity ratio, multiple                                                                           0.4              0.3                  0.3
Interest coverage, multiple                                                                       31.1                31.8                 31.1
Capital employed, SEK m                                                                          4,052              3,559                 3,812
Return on capital employed, %                                                                     32.9               33.3                  33.2
Return on shareholders' equity, %                                                                 31.0                32.3                 30.7
Capital expenditures, SEK m                                                                        696                 592                  862
Earnings per share, SEK1                                                                         12.67              12.10                 16.42
Dividend per share, SEK                                                                              -                  -                 12.00
Shareholders' equity per share, SEK1, 2                                                          57.35              52.30                 56.64
Cash flow per share, SEK1                                                                         -2.0               -1.8                   0.0
Number of shares outstanding1                                                              52,467,678         52,467,678             52,467,678
Average number of employees during the period                                                    6,948              6,771                 6,895

1) The number of shares is the same before and after dilution. The average number of shares is the same as the number of shares
outstanding. Axfood has no holdings of treasury shares.
2) Net asset value per share corresponds to shareholders' equity per share.

Quarterly overview
                                                 Q4 09      Q1 10       Q2 10      Q3 10      Q4 10         Q1 11            Q2 11         Q3 11
Sales                                            8,431      8,210      8,583      8,582       8,885         8,257            8,889        8,735
Operating profit                                   290        245        279        364         321           241             317           370
Operating margin, %                                3.4        3.0        3.3        4.2         3.6           2.9             3.6           4.2
Earnings per share, SEK1                          3.83       3.31       3.79       5.00        4.32          3.28             4.30         5.09
Shareholders' equity per share, SEK1             50.22      43.55      47.34      52.30       56.64         47.93            52.24        57.35
Return on shareholders' equity, %                 32.4       37.5       34.8        32.3       30.7          35.8             34.0          31.0
Cash flow from operating activities per
                                                  10.3         8.0        5.5        6.3        6.2           5.6              6.6           6.9
share, SEK
Capital expenditures                               194        204        250        138         270           220             268           208

                                                                                                                                            14
Interim Report Axfood AB – 1 January-30 September 2011




FINANCIAL STATEMENTS, PARENT COMPANY

Condensed income statement, Parent Company
                                                                                        Nine months      Nine months
SEK m                                                            Q3 2011      Q3 2010          2011             2010    Full year 2010
Net sales                                                               -           -             -                -                -
Selling/administrative expenses, etc.                                 -13          -7           -55              -36              -47
Operating profit                                                      -13          -7           -55              -36              -47
Net financial items                                                     0          -2            -3               -6               -6
Profit after financial items                                          -13          -9           -58              -42              -53
Appropriations                                                          -           -             -                -                4
Profit before tax                                                     -13          -9           -58              -42              -49
Tax                                                                     3           2            16               11               13
Net profit for the period                                             -10          -7           -42              -31              -36
Operating profit includes
depreciation/amortization of                                            0          2                 1             6                6

Profit for the period corresponds to comprehensive income for the period.

Condensed balance sheet, Parent Company
SEK m                                                                                    30/9/2011          30/9/2010         31/12/2010
Assets
Property, plant and equipment                                                                   3                  4                     4
Participations in Group companies                                                           3,468              3,468              3,468
Other financial non-current assets                                                              4                  4                  3
Deferred tax assets                                                                             9                 10                 11
Total non-current assets                                                                    3,484              3,486              3,486


Receivables from Group companies1                                                             993                644              2,102
Other current assets                                                                          227                207                  8
Cash and bank balances                                                                          -                  -                  0
Total current assets                                                                        1,220                851              2,110


Total assets                                                                                4,704              4,337              5,596

Shareholders' equity and liabilities
Restricted shareholders' equity                                                               262                262                262
Unrestricted shareholders' equity                                                           2,730              2,528              3,402
Total shareholders' equity                                                                  2,992              2,790              3,664


Untaxed reserves                                                                                1                  5                     1

Non-current interest-bearing liabilities                                                       31                 32                     32
Noninterest-bearing non-current liabilities                                                     4                  8                      7
Total non-current liabilities                                                                  35                 40                     39


Current interest-bearing liabilities                                                          600                380                406
Liabilities to Group companies2                                                             1,042              1,086              1,404
Accounts payable – trade                                                                       13                 12                 15
Other current noninterest-bearing liabilities                                                  21                 24                 67
Total current liabilities                                                                   1,676              1,502              1,892


Total shareholders' equity and liabilities                                                  4,704              4,337              5,596

Contingent liabilities                                                                        357                358                357
Pledged assets                                                                                  -                  -                  -


1) Of which, interest-bearing receivables                                                     992                643                872
2) Of which, interest-bearing liabilities                                                   1,036              1,085              1,364




                                                                                                                                   15
Interim Report Axfood AB – 1 January-30 September 2011



FINANCIAL DEFINITIONS
Average number of employees during the year: Total                       Net debt: Cash and cash equivalents plus interest-bearing
number of hours worked divided by the number of hours                    receivables less interest-bearing liabilities and provisions.
worked per year (1,920 hours).                                           Net debt-equity ratio: Interest-bearing liabilities and
Capital employed: Total assets less noninterest-bearing                  provisions less cash and cash equivalents and interest-
liabilities and noninterest-bearing provisions. Average                  bearing receivables, divided by shareholders’ equity
capital employed is calculated as capital employed at the                including non-controlling interests.
start of the year plus capital employed at the end of the                Operating margin: Operating profit as a percentage of
year, divided by two.                                                    net sales for the period.
Cash flow per share: Cash flow for the year divided by a                 P/E multiple before and after dilution: Share price in
weighted average number of shares outstanding.                           relation to earnings per share.
Debt-equity ratio: Interest-bearing liabilities divided by               Return on capital employed: Profit after financial items,
shareholders’ equity including non-controlling interests.                plus financial expenses, as a percentage of average
Dividend yield: Dividend per share divided by the year-                  capital employed.
end share price.                                                         Return on shareholders’ equity: Net profit for the year
Earnings per share: Net profit for the year attributable to              attributable to owners of the parent as a percentage of
owners of the parent divided by a weighted average                       average equity attributable to owners of the parent.
number of shares outstanding.                                            Average equity is calculated as shareholders’ equity at the
Equity ratio: Shareholders' equity including non-                        start of the year plus shareholders’ equity at the end of the
controlling interests as a percentage of total assets.                   year, divided by two.
Interest cover ratio: Profit after financial items plus
financial expenses, divided by financial expenses.
Margin after financial items: Profit after financial items
as a percentage of net sales for the period.
Net asset value per share: Equity attributable to owners
of the parent divided by the number of shares outstanding.


GLOSSARY
Autoorder: An automated store restocking system.                         members within the Shell, Statoil 123, Hydro, Bilisten and
Delivery reliability: The share of delivered goods in                    Preem service station chains.
relation to the share of ordered goods.                                  GRI: Global Reporting Initiative.
E-learning: An interactive training program.                             Like-for-like sales: Like-for-like sales refer to store sales
EMAB: EMAB is a collaborative organization for                           reported on the basis of an entire comparison period, i.e.,
independent service station stores, with approximately 400               two years.




                                            ABOUT AXFOOD
                                            Axfood conducts food retail and wholesale business in Sweden. Retail business is
                                            conducted through the wholly owned store chains Willys, Hemköp and PrisXtra.
                                            Wholesale business is conducted through Dagab and Axfood Närlivs. Axfood is listed
                                            on Nasdaq OMX Stockholm AB's Large Cap list. Axfood has an approximate 20%
Axfood AB, SE-171 78 Solna                  share of the food retail market in Sweden.
Visitors' address: Hemvärnsgatan 9          Mission
Tel. +46-8-553 990 00                       Axfood’s business mission is to develop and run successful food retail concepts
Fax +46-8-730 03 59                         based on clear and attractive customer offerings.
info@axfood.se, www.axfood.se
                                            Business model
                                            Axfood's business model is built upon a strong purchasing function, focus on private
                                            label products, efficient logistics and attractive grocery stores.

                                            Strategy
                                            Axfood will be the most profitable company in the Swedish food retail market and
                                            grow its market shares by strengthening and developing its position. Axfood's long-
                                            term goal is to attain an operating margin of 4%. Axfood's strategy is built upon five
                                            cornerstones: customers, profitability, growth, the environment and social
                                            responsibility. and employees and organization. Read more by visiting
                                            www.axfood.se.
                                            Value drivers
                                            Factors that affect Axfood's performance include:
                                                  •       Access to strategic store locations
                                                  •       Development of an attractive product offering
                                                  •       Innovativeness for enhancing customer benefit




                                                                                                                                    16

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Axfood interim report q3 2011

  • 1. Interim Report Axfood AB – 1 January-30 September 2011 Interim Report Axfood AB (publ) THIRD QUARTER SUMMARY • Axfood’s consolidated sales for the period July–September totalled SEK 8,735 m (8,582), an increase of 1.8%. • Retail sales for Group-owned stores rose 0.1% during the period. Like-for-like sales decreased by 1.2%. • Operating profit for the period was SEK 370 m (364). • Profit after financial items was SEK 362 m (357) for the period. • Profit after tax for the period was SEK 267 m (262), and earnings per share were SEK 5.09 (5.00). • The work on converting Vi stores to Hemköp has begun. • Axfood Närlivs entered into a cooperation agreement with Svenska Statoil. • Axfood’s goal for 2011 is to achieve an operating profit at least as the same level as 2010. NO SIGNIFICANT EVENTS HAVE TAKEN PLACE AFTER THE BALANCE SHEET DATE Key ratios Change, Nine months Nine months Change, Full year SEK m Q3 2011 Q3 2010 % 2011 2010 % 2010 Net sales 8,735 8,582 1.8 25,881 25,375 2.0 34,260 Operating profit 370 364 1.6 928 888 4.5 1,209 Operating margin, % 4.2 4.2 0.0 3.6 3.5 0.1 3.5 Profit after financial items 362 357 1.4 902 862 4.6 1,172 Profit after tax 267 262 1.9 665 635 4.7 862 Earnings per share, SEK1 5.09 5.00 1.8 12.67 12.10 4.7 16.42 Cash flow per share, SEK 0.1 -0.9 - -2.0 -1.8 -11.1 0.0 Cash flow from operating 6.9 6.3 9.5 19.1 19.8 -3.5 26.0 activities per share, SEK Return on capital employed, %2 32.9 33.3 -0.4 32.9 33.3 -0.4 33.2 Return on shareholders' equity, %2 31.0 32.3 -1.3 31.0 32.3 -1.3 30.7 Shareholders' equity per share, SEK3 - - - 57.35 52.30 9.7 56.64 Equity ratio, % - - - 38.0 37.2 0.8 38.8 1) Before and after dilution. 2) Moving 12-month figures. 3) Net asset value per share corresponds to shareholders' equity per share. For further information, please contact: The information in this interim report is such Anders Strålman, President and CEO, mobile +46-70-293 16 93. that Axfood is required to disclose in accord- Karin Hygrell-Jonsson, CFO, mobile +46-70-662 69 70. ance with the Securities Market Act. Anne Rhenman-Eklund, Head of Corporate Communications, +46-8-553 998 13, Submitted for publication at 7.30 a.m. (CET) mobile +46-70-280 64 59. on 20 October 2011. 1
  • 2. Interim Report Axfood AB – 1 January-30 September 2011 CEO'S COMMENTS For the third quarter of 2011, Axfood presented yet another favourable result in a business environment characterized by uncertainty. Again, our stable profitability development testifies to Axfood's efficiency and good cost control. Favourable results overall Hemköp continues to strengthen its earnings, with good profitability and positive like-for-like sales. With the structural measures now completed, the focus is on driving growth, renewing the stores and strengthening the brand. A key part of the latter are the agreements that have been signed with most of the Vi retailers, under which Hemköp is being expanded by roughly 50 proprietor-run stores during the autumn. The work on converting the stores is expected to be completed by early December. Hemköp's goal to achieve a 2% operating margin for the full year 2011 and 3% for 2012 remains. Willys showed continued stable development with good margins despite establishment of a number of new stores and the high pace of remodelling. The renewal programme aimed at improving customers' shopping experience is now beginning to generate results. At the same time, the like-for-like sales trend has been unsatisfactory. This can be attributed in part to dampened growth during the year for the stores that have not yet been renewed. It is for this reason that the pace of store modernization will remain undiminished in 2012. PrisXtra's accumulated result is in line with plan, but sales continue to be affected by extensive road work. The goal remains to attain a positive result for the full year. For Axfood Närlivs, sales were very favourable for the wholesale, cash & carry and renewed e-commerce businesses. In addition, during the quarter a new two-year agreement was signed with Svenska Statoil on the supply of newsstand and food retail products. Dagab continues its efficient and stable performance with good cost control and high delivery reliability. Parallel with this, Dagab's extensive environmental programme continues in inventorying, transports and alternative energy sources. Market outlook The market outlook and growth in the food retail sector are difficult to judge amidst the prevailing turbulence. The economic crisis in several EU countries and the USA is giving rise to considerable anxiety and elevated caution among households and businesses, who fear an economic downturn. This may contribute to more price consciousness and restraint among customers, which would benefit private label products as well as low-price alternatives. We are also facing an approaching contract negotiation, whose outcome is uncertain. Ambitious pace of investment and good cost control to ensure profitable growth Axfood's strategic direction remains unchanged, and during the rest of the year we will continue to focus on greater efficiency and good cost control in order to parry uncertainty in the future. Our goal is also to offer all our customers alternatives that give them value for their money. At the same time, we will maintain a high pace of modernization and development of our various concepts. Capital expenditures for 2011 are expected to amount to SEK 900–1,000 m (862), and the same level is anticipated for 2012. Axfood's goal for 2011 is to achieve an operating profit at least at the same level as in 2010. Anders Strålman President and CEO 2
  • 3. Interim Report Axfood AB – 1 January-30 September 2011 SALES, AXFOOD GROUP Third quarter Consolidated wholesale and retail sales for the Axfood Group totalled SEK 8,735 m (8,582) during the third quarter, an increase of 1.8%. Store sales for the Axfood Group (wholly owned stores and Hemköp franchises) totalled SEK 6,976 m (6,926), an increase of 0.7%. Sales for Axfood-owned retail operations rose 0.1% during the third quarter, with a 1.2% drop in like-for-like sales. Axfood's private label share was 23.1% (21.6%) as of September. Nine months Consolidated wholesale and retail sales for the Axfood Group totalled SEK 25,881 m (25,375) for the period, an increase of 2.0%. Store sales for the Axfood Group (wholly owned stores and Hemköp franchises) totalled SEK 20,911 m (20,789), an increase of 0.6%. Sales for Axfood-owned retail operations rose 0.4% during the period, with a 1.0% decrease in like-for-like sales. Net sales per operating segment Nine months Nine months SEK m Q3 2011 Q3 2010 2010 2011 2010 Hemköp 1,143 1,164 3,532 3,667 4,978 Willys 4,706 4,660 14,056 13,791 18,613 PrisXtra 123 143 409 475 637 Axfood Närlivs 1,714 1,571 4,775 4,355 5,847 Dagab 6,427 6,379 19,191 18,980 25,701 Other1 1,038 993 3,140 3,012 4,052 Internal sales Dagab -5,425 -5,381 -16,210 -16,026 -21,694 Axfood Närlivs -3 -6 -18 -18 -26 Other -988 -941 -2,994 -2,861 -3,848 Total 8,735 8,582 25,881 25,375 34,260 1) Includes joint-Group support functions, such as purchasing coordination, IT and corporate offices. Retail sales, own and franchise stores Like-for-like Nine months Like-for-like SEK m Q3 2011 %1) sales, %1) 2011 % 1) sales, %1) Hemköp 1,130 -1.8 0.6 3,493 -3.7 0.8 Hemköp franchises 1,017 4.6 1.7 2,953 2.0 1.9 Hemköp total 2,147 1.1 1.1 6,446 -1.2 1.3 Willys total 4,706 1.0 -1.3 14,056 1.9 -1.1 PrisXtra total 123 -14.0 -8.9 409 -13.9 -9.9 Total 6,976 0.7 -0.8 20,911 0.6 -0.6 1) Percentage change compared with the corresponding period a year ago. Change in store structure, nine months 2011 New establish- Conversions Dec. 2010 ment Acquisitions Sales/ closures to/from September 2011 Hemköp 65 1 -4 -1 61 Willys1) 160 4 2 -1 1 166 PrisXtra 5 5 Total, Group-owned 230 4 3 -5 - 232 Hemköp franchises 82 18 -3 97 1) Of which, Willys Hemma 41 1 -1 1 42 3
  • 4. Interim Report Axfood AB – 1 January-30 September 2011 EARNINGS, AXFOOD GROUP Third quarter Operating profit for the quarter was SEK 370 m (364). The operating margin was 4.2% (4.2%). Net financial items totalled SEK -8 m (-7), and profit after financial items was SEK 362 m (357). The margin after financial items was 4.1% (4.2%). Profit after tax was SEK 267 m (262). Axfood has no significant transactions with related parties, other than transactions with subsidiaries. Nine months Operating profit for the period was SEK 928 m (888). The operating margin was 3.6% (3.5%). Net financial items for the period totalled SEK -26 m (-26), and profit after financial items was SEK 902 m (862). Profit after tax was SEK 665 m (635). Operating profit for the period, broken down by operating segment Nine months Nine months SEK m Q3 2011 Q3 2010 2010 2011 2010 Hemköp 34 11 70 27 45 Willys 212 214 574 576 772 PrisXtra -1 1 10 1 -5 Axfood Närlivs 44 43 86 91 113 Dagab 56 58 138 122 189 Other1 25 37 50 71 95 Operating profit for the period, total2 370 364 928 888 1 209 1) Includes joint-Group support functions, such as purchasing coordination, IT and corporate offices. For the nine-month period, "Other” also includes charges for, among other things, amortization of surplus value pertaining to the acquisition of PrisXtra and depreciation of SEK 24 m (10) pertaining to the new business system. 2) Net financial items are not distributed per operating segment. CAPITAL EXPENDITURES Total capital expenditures during the period January–September amounted to SEK 696 m (592), of which SEK 49 m (6) pertained to acquisitions of businesses. In addition, SEK 345 m (309) pertained to investments in non-current assets in retail operations, SEK 78 m (71) to investments in non-current assets in wholesale operations, and SEK 156 m (114) to IT development. FINANCIAL POSITION Cash flow from operating activities for the first nine months of the year before paid tax was SEK 1,279 m (1,309). Paid tax amounted to SEK -275 m (-272). Cash and cash equivalents held by the Group (fixed- income investments) amounted to SEK 211 m, compared with SEK 315 m in December 2010. Interest- bearing liabilities and provisions totalled SEK 1,043 m at the end of the period, compared with SEK 840 m in December 2010. Interest-bearing net debt was SEK 832 m at the end of the period, compared with SEK 525 m in December 2010. Payout of the shareholder dividend affected cash flow by SEK -630 m (-525), and net capital expenditures affected cash flow by SEK -664 m (-567). The equity ratio was 38.0%, compared with 38.8% as per December 2010. Capital expenditures*, depreciation/ Equity ratio, % Debt-equity ratio, multiple amortization, SEK m 50 1.0 250 38.8 38.0 40 37.2 0.8 34.4 200 32.6 30 0.6 0.5 150 0.4 0.4 20 0.4 0.3 0.3 100 10 0.2 50 0 0.0 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Capital expenditures* Deprec./Amortization * Excluding goodwill 4
  • 5. Interim Report Axfood AB – 1 January-30 September 2011 THE SWEDISH FOOD RETAIL MARKET According to Statistics Sweden's retail trade index for August, accumulated sales for the food retail segment rose 1.2% since the start of the year in current prices. In fixed prices, adjusted for price and calendar effects, volume decreased by 0.1%. STORE OPERATIONS Willys Third quarter Willys continued its stable development during the quarter, with good profitability. Sales amounted to SEK 4,706 m (4,660), an increase of 1.0% compared with a year earlier. Like-for-like sales decreased by 1.3%. Sales were affected by competition from new establishment and dampened growth for stores that have not yet been modernized. Operating profit amounted to SEK 212 m (214), a decrease of 0.9%. The operating margin was 4.5% (4.6%). The private label share as of September was 25.3% (24.4%) for Willys and 29.0% (28.0%) for Willys Hemma. As part of an effort to improve the shopping experience for customers and boost sales, modernization of stores continued at a high pace. Four stores were adapted to the new generation of Willys during the period, which currently comprises 70 stores. An additional 40 stores will be modernized in the years ahead. During the third quarter, a Willys store was established in Eslöv, and a store was acquired in Sundbyberg and opened with the Willys profile. Nine months Willys' sales during the period January–September amounted to SEK 14,056 m (13,791), an increase of 1.9% compared with a year earlier. Like-for-like sales decreased during the same period by 1.1%. Operating profit for the first nine months of the year totalled SEK 574 m (576), and the operating margin was 4.1% (4.2%). During the period, three Willys stores and one Willys Hemma were established. Two stores were acquired and opened with the Willys profile. An additional store was converted from Hemköp to Willys Hemma, and one Willys Hemma store was sold. Willys thereafter comprises 166 wholly owned stores, of which 42 are Willys Hemma. Sales, SEK m, and operating margin, % Key ratios 6,000 8 Nine Nine 4,822 7 Q3 Q3 months months 5,000 4,660 4,805 4,706 4,545 SEK m 2011 2010 2011 2010 2010 6 4,000 Net sales 4,706 4,660 14,056 13,791 18,613 5 4.6 4.5 4.1 4.3 Change in like-for-like sales, % -1.3 -0.2 -1.1 0.1 0.4 3,000 4 3.5 3 Operating profit 212 214 574 576 772 2,000 2 Operating margin, % 4.5 4.6 4.1 4.2 4.1 1,000 Number of Group-owned stores - - 166 159 160 1 Average number of employees 0 0 during the period - - 3,359 3,185 3,266 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Private label share (Willys/Willys Hemma) - - 25.3/29.0 24.4/28.0 24.0/28.7 5
  • 6. Interim Report Axfood AB – 1 January-30 September 2011 Hemköp Third quarter Hemköp is once again showing stronger earnings and stable like-for-like sales. Like-for-like sales for Group-owned stores rose 0.6% during the period. Sales for Hemköp's stores – both Group-owned and franchises – rose 1.1% during the third quarter. Sales for Group-owned stores amounted to SEK 1,130 m (1,151), a decrease of 1.8%. Compared with the same period a year ago, sales were affected by store closures or conversions. Sales for franchise stores amounted to SEK 1,017 m (972), an increase of 4.6%, with a 1.7% increase in like-for-like sales. Operating profit for the third quarter was SEK 34 m (11). The operating margin for the period was 3.0% (0.9%). Profit was favourably affected by SEK 4 m pertaining to a reversal of structural costs for store closures that were previously charged against the first quarter. Hemköp's private label share (including franchise stores) was 17.6% (14.9%) as of September. The number of loyalty cards in issue has been rising steadily and amounted to 497,000 at the end of the period. Loyalty cardholders have considerably higher average purchases than other customers, which is why the loyalty card plays a key role in strengthening customer loyalty and growing sales. The work on converting Vi stores to Hemköp was begun during the quarter. To date, 17 stores have been converted to Hemköp franchises, which means that the chain now comprises 61 wholly owned stores and 97 franchise stores. In all, some 50 Vi stores will be converted to proprietor-run Hemköp stores. This is expected to be completed by the start of December, thereby giving Hemköp the opportunity to strengthen its brand and build a larger, stronger and more distinctive grocery chain. Nine months Like-for-like sales for Group-owned stores rose 0.8% during the period. Sales for Hemköp's stores – both Group-owned and franchises – decreased by 1.2% during the period January–September. Sales for Group-owned stores amounted to SEK 3,493 m (3,628), a decrease of 3.7%. Compared with the same period a year ago, total sales were negatively affected by changes in the number of stores. Sales for franchise stores amounted to SEK 2,953 m (2,895), an increase of 2.0%, with a 1.9% increase in like-for-like sales. Operating profit for the period January–September was SEK 70 m (27). The operating margin for the period was 2.0% (0.7%). Operating profit was affected by one-time costs of SEK 8 m (6) associated with store closures. To create further conditions for profitable growth, Hemköp has initiated modernization and renovation of its stores, involving 10–20 units during the year. During the first nine months of the year, one store was acquired and four were closed. One store was converted to Willys Hemma. Also during the period, 17 franchise stores were established and one was closed. Hemköp had a total of 158 stores at the end of the period, of which 61 are Group-owned. Sales, SEK m, and operating margin, % Key ratios Nine Nine 1,600 3.0 3 Q3 Q3 months months 1,311 SEK m 2011 2010 2011 2010 2010 2.5 1,164 1,184 Net sales 1,143 1,164 3,532 3,667 4,978 1,164 1,143 1,200 2 1.9 Change in like-for-like sales, % 0.6 3.3 0.8 1.9 2.3 800 1.5 Operating profit 34 11 70 27 45 1.4 Operating margin, % 3.0 0.9 2.0 0.7 0.9 1.1 1 Number of Group-owned stores - - 61 66 65 0.9 400 Average number of employees 0.5 during the period - - 1,360 1,402 1,422 Private label share - - 17.6 14.9 16.8 0 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 6
  • 7. Interim Report Axfood AB – 1 January-30 September 2011 PrisXtra Third quarter PrisXtra's sales during the third quarter amounted to SEK 123 m (143), a decrease of 14.0%. Like-for-like sales decreased by 8.9% during the period. Operating profit was SEK -1 m (1), and the operating margin was -0.8% (0.7%). The goal is to achieve a positive operating result for the full year. As previously, the two largest stores continue to be hurt by traffic re-routing and roadwork associated with construction of the Norra länken motorway in Stockholm. These store locations have strategic importance over time, however. Nine months PrisXtra's sales during the period January–September amounted to SEK 409 m (475), a decrease of 13.9%. Like-for-like sales decreased by 9.9% during the period. Operating profit for the period January– September was SEK 10 m (1), and the operating margin was 2.4% (0.2%). Sales, SEK m, and operating margin, % Key ratios Nine Nine 200 Q3 Q3 months months 9 SEK m 2011 2010 2011 2010 2010 162 144 7 Net sales 123 143 409 475 637 143 142 4.9 123 5 Change in like-for-like sales, % -8.9 -7.7 -9.9 -7.2 -7.0 2.8 3 100 Operating profit -1 1 10 1 -5 0.7 1 Operating margin, % -0.8 0.7 2.4 0.2 -0.8 -0.8 -1 Number of Group-owned stores - - 5 6 5 Average number of employees -3 during the period - - 138 164 164 -3.7 0 -5 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 AXFOOD WHOLESALING Dagab Third quarter Dagab had stable performance during the quarter, with good cost control and efficiency. Sales during the third quarter amounted to SEK 6,427 m (6,379). Operating profit was SEK 56 m (58), and the operating margin was 0.9% (0.9%). Nine months Dagab's sales for the period January–September amounted to SEK 19,191 m (18,980). Operating profit for the period was SEK 138 m (122), and the operating margin was 0.7% (0.6%). Sales, SEK m, and operating margin, % Key ratios Nine Nine 8,000 1.5 Q3 Q3 months months 6,721 SEK m 2011 2010 2011 2010 2010 7,000 6,623 6,427 6,379 6,141 Net sales 6,427 6,379 19,191 18,980 25,701 6,000 1.0 1 Distributed sales 4,322 4,287 12,921 12,771 17,408 5,000 0.9 0.9 Operating profit 56 58 138 122 189 4,000 0.7 Operating margin, % 0.9 0.9 0.7 0.6 0.7 0.6 3,000 Average number of employees 0.5 during the period - - 940 925 932 2,000 Delivery reliability, % 97.0 96.7 96.9 97.1 97.2 1,000 0 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 7
  • 8. Interim Report Axfood AB – 1 January-30 September 2011 Axfood Närlivs Third quarter Axfood Närlivs had continued favourable sales growth in all parts of its business. Sales during the third quarter amounted to SEK 1,714 m (1,571), an increase of 9.1%. The favourable performance can be credited in part to new agreements and good growth for e-commerce. Operating profit for the third quarter was SEK 44 m (43), and the operating margin was 2.6% (2.7%). During the period, a new e-commerce portal was launched for the Axfood Snabbgross stores. The e-commerce venture is part of an effort to further improve customer service and grow sales. A new two-year agreement was reached with Svenska Statoil. This collaboration, which covers the supply of newsstand and food retail products, will commence on 1 January 2012. Nine months Axfood Närlivs' sales during the period January–September amounted to SEK 4,775 m (4,355), an increase of 9.6%. Operating profit for the period amounted to SEK 86 m (91), and the operating margin was 1.8% (2.1%). Sales, SEK m, and operating margin, % Key ratios Nine Nine 2,000 4 Q3 Q3 months months 1,714 SEK m 2011 2010 2011 2010 2010 1,691 1,571 Net sales 1,714 1,571 4,775 4,355 5,847 1,600 1,492 1,370 3 Distributed sales 1,500 1,355 4,185 3,761 5,070 2.7 2.6 1,200 Operating profit 44 43 86 91 113 2.1 Operating margin, % 2.6 2.7 1.8 2.1 1.9 2 800 1.5 Axfood Snabbgross, no. stores - - 20 19 19 Average number of employees 1 during the period - - 717 643 667 400 Delivery reliability, % 97.4 96.8 97.6 97.3 97.4 0.4 0 0 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 8
  • 9. Interim Report Axfood AB – 1 January-30 September 2011 SIGNIFICANT RISKS AND UNCERTAINTIES In the course of its business the Axfood Group is exposed to operational, strategic and financial risks. Operational and strategic risks include business and liability risks, among others, while financial risks include liquidity risk, interest rate risk and currency risk. Axfood works continuously with risk identification and assessment. One of the most significant business risks that Axfood has identified in its safety analysis work is a total loss, such as from a fire at one of the central warehouses in Jordbro or Backa. Major emphasis is put on preventive work, and the organization for this is well developed, as is the Company's planning to maintain operating continuity in the event of unforeseen events. For a thorough account of the risks that affect the Group, please refer to the 2010 Annual Report. SEASONAL EFFECTS Axfood has no significant seasonal variations. ENVIRONMENTAL IMPACT One of Axfood's strategic objectives is to actively conduct work for environmentally sustainable development. In the day-to-day activities, sustainability aspects are integrated in product purchasing and selection as well as in logistics, product flows and store operations. Priority areas for Axfood's environmental sustainability work are energy use, transports and waste handling. All of these areas have major bearing on Axfood's business and have large potential for improvement. One overall goal is to reduce the climate impact of the Group's operations by 75% by 2020. The remainder of the Group's environmental impact will be climate-compensated. Great progress was achieved toward this goal in 2010, when the environmental impact was reduced by 60% through a changeover to renewable energy. In 2011, work on energy efficiency improvement will continue to have high priority. A redoubled focus on recycling has also been initiated, where most waste will either be recycled into raw material for the recycling industry or converted to energy. A more detailed account of Axfood's work with environmental matters can be found on Axfood's website: www.axfood.se. PARENT COMPANY Other operating revenue for the Parent Company during the period January–September amounted to SEK 132 m (129). After selling expenses, administrative expenses and other operating expenses, totalling SEK 187 m (165), and SEK -3 m (-6) in net financial items, the result after financial items was SEK -58 m (-42). Capital expenditures during the period totalled SEK 2 m (3). The Parent Company's interest-bearing net debt was SEK 675 m at the end of the period, compared with SEK 931 m in December 2010. The Parent Company has no significant transactions with related parties, other than transactions with subsidiaries. ACCOUNTING POLICIES Axfood applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act, and recommendation RFR 2 – Reporting for Legal Entities, issued by the Swedish Financial Reporting Board (RFR). In order to prepare the financial statements in accordance with IFRS, the Board and Executive Committee make estimations and assumptions that affect the Company's result and position as well as other disclosures in general. These estimations and assumptions are based on historical experience and are reviewed on a regular basis. The accounting policies used by the Parent Company and Group are unchanged compared with the most recently published annual report. 9
  • 10. Interim Report Axfood AB – 1 January-30 September 2011 FORECAST Axfood's goal for 2011 is to achieve an operating profit at least at the same level as in 2010. NEXT REPORT The year-end report for the period January–December 2011 will be released on 7 February 2012. NOMINATING COMMITTEE Shareholders who wish to submit nominations to the Nominating Committee ahead of Axfood's Annual General Meeting on 14 March 2012 may do so by e-mail at: valberedning@axfood.se. ANNUAL GENERAL MEETING The Annual General Meeting will be held at 5 p.m. on 14 March 2012, in Stockholm. The 2011 Annual Report will be published on 20 February 2012 on Axfood's website, at which time it will be available at Axfood's head offices in Solna. In addition, printed versions will be distributed by post to shareholders approximately one week before the Annual General Meeting upon request. This interim report has been reviewed by the Company's auditors. The review report can be found on page 11. Anders Strålman President and CEO PRESS RELEASES ISSUED DURING THE THIRD QUARTER 12 August 2011 Axfood supporting Save the Children's disaster relief in the horn of Africa 24 August 2011 Axfood Närlivs AB and Statoil Fuel & Retail enter cooperation agreement 29 August 2011 Hemköp growing in Stockholm (released only in Swedish) 28 September 2011 Axfood's annual report best 10
  • 11. Interim Report Axfood AB – 1 January-30 September 2011 AUDITORS' REVIEW REPORT To the Board of Directors of Axfood AB (publ) Reg. no. 556542-0824 Introduction We have reviewed the accompanying interim report for Axfood AB (publ) for the period 1 January–30 September 2011. The Board of Directors and the President are responsible for the preparation and presentation of the interim report in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We have conducted our review in accordance with the Swedish Standard on Review Engagements, SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has another focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing standards. The procedures performed in a review to not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion based on a review does not provide the same level of assurance as a conclusion based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report, in all material respects, is not prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act and for the Parent Company in accordance with the Swedish Annual Accounts Act. Stockholm, 20 October 2011 KPMG AB Thomas Thiel Authorized Public Accountant 11
  • 12. Interim Report Axfood AB – 1 January-30 September 2011 FINANCIAL STATEMENTS, GROUP Condensed statement of comprehensive income, Group Nine months Nine months Full year SEK m Q3 2011 Q3 2010 2011 2010 2010 Net sales 8,735 8,582 25,881 25,375 34,260 Cost of goods sold -7,503 -7,424 -22,255 -21,940 -29,587 Gross profit 1,232 1,158 3,626 3,435 4,673 Selling/administrative expenses, etc. -862 -794 -2,698 -2,547 -3,464 Operating profit 370 364 928 888 1,209 Net financial items -8 -7 -26 -26 -37 Profit before tax 362 357 902 862 1,172 Tax -95 -95 -237 -227 -310 Profit for the period 267 262 665 635 862 Other comprehensive income Change in fair value of forward exchange 2 -3 3 -2 0 contracts Tax attributable to components in other -1 1 -1 1 0 comprehensive income Other comprehensive income for the period 1 -2 2 -1 0 Total comprehensive income for the period 268 260 667 634 862 Operating profit includes depreciation/amortization 150 140 436 414 555 of Earnings per share, SEK 5.09 5.00 12.67 12.10 16.42 12
  • 13. Interim Report Axfood AB – 1 January-30 September 2011 Condensed statement of financial position, Group SEK m 30/9/2011 30/9/2010 31/12/2010 Assets Goodwill 1,597 1,545 1,567 Other financial assets 32 33 32 Other non-current assets 2,568 2,261 2,364 Total non-current assets 4,197 3,839 3,963 Inventories 1,832 1,768 1,822 Accounts receivable – trade 674 614 660 Other current assets 997 925 904 Cash and bank balances 211 221 315 Total current assets 3,714 3,528 3,701 Total assets 7,911 7,367 7,664 Shareholders' equity and liabilities Equity attributable to owners of the parent 3,009 2,744 2,972 Total shareholders' equity 3,009 2,744 2,972 Non-current interest-bearing liabilities 413 401 398 Other non-current liabilities 215 204 219 Total non-current liabilities 628 605 617 Current interest-bearing liabilities 630 414 442 Accounts payable – trade 2,212 2,118 2,208 Other current liabilities 1,432 1,486 1,425 Total current liabilities 4,274 4,018 4,075 Total shareholders' equity and liabilities 7,911 7,367 7,664 Contingent liabilities 16 18 18 Pledged assets 15 16 16 13
  • 14. Interim Report Axfood AB – 1 January-30 September 2011 Condensed statement of cash flows, Group Nine months Nine months SEK m 2011 2010 Full year 2010 Operating activities Cash flow from operating activities before changes in working capital, before paid tax 1,337 1,280 1,750 Paid tax -275 -272 -322 Changes in working capital -58 29 -63 Cash flow from operating activities 1,004 1,037 1,365 Investing activities Acquisitions of operations, net -51 -9 -59 Acquisitions of non-current assets, net -613 -558 -771 Change in financial non-current assets, net - -2 -1 Cash flow from investing activities -664 -569 -831 Financing activities Change in interest-bearing liabilities 186 -38 -10 Dividend paid out -630 -525 -525 Cash flow from financing activities -444 -563 -535 Cash flow for the period -104 -95 -1 Condensed statement of changes in equity, Group SEK m 30/9/2011 30/9/2010 31/12/2010 Amount at start of year 2,972 2,635 2,635 Total comprehensive income for the period 667 634 862 Dividend to shareholders -630 -525 -525 Amount at end of period 3,009 2,744 2,972 Key ratios and other data, Group Nine months Nine months 2011 2010 Full year 2010 Operating margin, % 3.6 3.5 3.5 Margin after financial items, % 3.5 3.4 3.4 Equity ratio, % 38.0 37.2 38.8 Debt-equity ratio, net, multiple 0.3 0.2 0.2 Debt-equity ratio, multiple 0.4 0.3 0.3 Interest coverage, multiple 31.1 31.8 31.1 Capital employed, SEK m 4,052 3,559 3,812 Return on capital employed, % 32.9 33.3 33.2 Return on shareholders' equity, % 31.0 32.3 30.7 Capital expenditures, SEK m 696 592 862 Earnings per share, SEK1 12.67 12.10 16.42 Dividend per share, SEK - - 12.00 Shareholders' equity per share, SEK1, 2 57.35 52.30 56.64 Cash flow per share, SEK1 -2.0 -1.8 0.0 Number of shares outstanding1 52,467,678 52,467,678 52,467,678 Average number of employees during the period 6,948 6,771 6,895 1) The number of shares is the same before and after dilution. The average number of shares is the same as the number of shares outstanding. Axfood has no holdings of treasury shares. 2) Net asset value per share corresponds to shareholders' equity per share. Quarterly overview Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Sales 8,431 8,210 8,583 8,582 8,885 8,257 8,889 8,735 Operating profit 290 245 279 364 321 241 317 370 Operating margin, % 3.4 3.0 3.3 4.2 3.6 2.9 3.6 4.2 Earnings per share, SEK1 3.83 3.31 3.79 5.00 4.32 3.28 4.30 5.09 Shareholders' equity per share, SEK1 50.22 43.55 47.34 52.30 56.64 47.93 52.24 57.35 Return on shareholders' equity, % 32.4 37.5 34.8 32.3 30.7 35.8 34.0 31.0 Cash flow from operating activities per 10.3 8.0 5.5 6.3 6.2 5.6 6.6 6.9 share, SEK Capital expenditures 194 204 250 138 270 220 268 208 14
  • 15. Interim Report Axfood AB – 1 January-30 September 2011 FINANCIAL STATEMENTS, PARENT COMPANY Condensed income statement, Parent Company Nine months Nine months SEK m Q3 2011 Q3 2010 2011 2010 Full year 2010 Net sales - - - - - Selling/administrative expenses, etc. -13 -7 -55 -36 -47 Operating profit -13 -7 -55 -36 -47 Net financial items 0 -2 -3 -6 -6 Profit after financial items -13 -9 -58 -42 -53 Appropriations - - - - 4 Profit before tax -13 -9 -58 -42 -49 Tax 3 2 16 11 13 Net profit for the period -10 -7 -42 -31 -36 Operating profit includes depreciation/amortization of 0 2 1 6 6 Profit for the period corresponds to comprehensive income for the period. Condensed balance sheet, Parent Company SEK m 30/9/2011 30/9/2010 31/12/2010 Assets Property, plant and equipment 3 4 4 Participations in Group companies 3,468 3,468 3,468 Other financial non-current assets 4 4 3 Deferred tax assets 9 10 11 Total non-current assets 3,484 3,486 3,486 Receivables from Group companies1 993 644 2,102 Other current assets 227 207 8 Cash and bank balances - - 0 Total current assets 1,220 851 2,110 Total assets 4,704 4,337 5,596 Shareholders' equity and liabilities Restricted shareholders' equity 262 262 262 Unrestricted shareholders' equity 2,730 2,528 3,402 Total shareholders' equity 2,992 2,790 3,664 Untaxed reserves 1 5 1 Non-current interest-bearing liabilities 31 32 32 Noninterest-bearing non-current liabilities 4 8 7 Total non-current liabilities 35 40 39 Current interest-bearing liabilities 600 380 406 Liabilities to Group companies2 1,042 1,086 1,404 Accounts payable – trade 13 12 15 Other current noninterest-bearing liabilities 21 24 67 Total current liabilities 1,676 1,502 1,892 Total shareholders' equity and liabilities 4,704 4,337 5,596 Contingent liabilities 357 358 357 Pledged assets - - - 1) Of which, interest-bearing receivables 992 643 872 2) Of which, interest-bearing liabilities 1,036 1,085 1,364 15
  • 16. Interim Report Axfood AB – 1 January-30 September 2011 FINANCIAL DEFINITIONS Average number of employees during the year: Total Net debt: Cash and cash equivalents plus interest-bearing number of hours worked divided by the number of hours receivables less interest-bearing liabilities and provisions. worked per year (1,920 hours). Net debt-equity ratio: Interest-bearing liabilities and Capital employed: Total assets less noninterest-bearing provisions less cash and cash equivalents and interest- liabilities and noninterest-bearing provisions. Average bearing receivables, divided by shareholders’ equity capital employed is calculated as capital employed at the including non-controlling interests. start of the year plus capital employed at the end of the Operating margin: Operating profit as a percentage of year, divided by two. net sales for the period. Cash flow per share: Cash flow for the year divided by a P/E multiple before and after dilution: Share price in weighted average number of shares outstanding. relation to earnings per share. Debt-equity ratio: Interest-bearing liabilities divided by Return on capital employed: Profit after financial items, shareholders’ equity including non-controlling interests. plus financial expenses, as a percentage of average Dividend yield: Dividend per share divided by the year- capital employed. end share price. Return on shareholders’ equity: Net profit for the year Earnings per share: Net profit for the year attributable to attributable to owners of the parent as a percentage of owners of the parent divided by a weighted average average equity attributable to owners of the parent. number of shares outstanding. Average equity is calculated as shareholders’ equity at the Equity ratio: Shareholders' equity including non- start of the year plus shareholders’ equity at the end of the controlling interests as a percentage of total assets. year, divided by two. Interest cover ratio: Profit after financial items plus financial expenses, divided by financial expenses. Margin after financial items: Profit after financial items as a percentage of net sales for the period. Net asset value per share: Equity attributable to owners of the parent divided by the number of shares outstanding. GLOSSARY Autoorder: An automated store restocking system. members within the Shell, Statoil 123, Hydro, Bilisten and Delivery reliability: The share of delivered goods in Preem service station chains. relation to the share of ordered goods. GRI: Global Reporting Initiative. E-learning: An interactive training program. Like-for-like sales: Like-for-like sales refer to store sales EMAB: EMAB is a collaborative organization for reported on the basis of an entire comparison period, i.e., independent service station stores, with approximately 400 two years. ABOUT AXFOOD Axfood conducts food retail and wholesale business in Sweden. Retail business is conducted through the wholly owned store chains Willys, Hemköp and PrisXtra. Wholesale business is conducted through Dagab and Axfood Närlivs. Axfood is listed on Nasdaq OMX Stockholm AB's Large Cap list. Axfood has an approximate 20% Axfood AB, SE-171 78 Solna share of the food retail market in Sweden. Visitors' address: Hemvärnsgatan 9 Mission Tel. +46-8-553 990 00 Axfood’s business mission is to develop and run successful food retail concepts Fax +46-8-730 03 59 based on clear and attractive customer offerings. info@axfood.se, www.axfood.se Business model Axfood's business model is built upon a strong purchasing function, focus on private label products, efficient logistics and attractive grocery stores. Strategy Axfood will be the most profitable company in the Swedish food retail market and grow its market shares by strengthening and developing its position. Axfood's long- term goal is to attain an operating margin of 4%. Axfood's strategy is built upon five cornerstones: customers, profitability, growth, the environment and social responsibility. and employees and organization. Read more by visiting www.axfood.se. Value drivers Factors that affect Axfood's performance include: • Access to strategic store locations • Development of an attractive product offering • Innovativeness for enhancing customer benefit 16