1. Axfood
January-March, 2012
1

2. Axfood Q1 2012
Net sales
• Solid sales growth:
SEK 8,718 m (8,257) +5.6%
8,718
– Increased number of customers
+5.6%
• Good operating profit: SEK 248 m
(241) +2.9%
• Operating margin: 2.8% (2.9)
• Intense activity in all areas
2

3. Willys – Strong earnings and stable sales growth
• Strong earnings: SEK 171 m (157) +8.9%
– Operating margin: 3.6% (3.5)
• Positive sales growth: SEK 4,701 m
(4,545), +3.4%
• Continued high pace in store
modernisations Operating profit
• Like-for-like sales affected by:
– Weak growth for stores that are still not 171
modernised +8.9%
3

4. Hemköp – Positive development
• Good sales growth: SEK 1,239 m
(1,205), +2.8%
– Like-for-like sales: +3.1%
– Good development in franchise stores
• Increased profit: SEK 24 m (13), +84.6%
– Operating margin: 1.9% (1.1)
• Target 2012: Like-for-like sales
– 3% operating margin
• New store in Stockholm opened in April
+3.1%
4

5. PrisXtra – Continued positive result
• Positive result: SEK 4 m (7)
• Decrease in sales due to major
road constructions
– Net sales: SEK 132 m (144), -8.3%
– Future strategic locations
5

6. Axfood Närlivs – Increased market share
• Good sales growth in all areas
– Net sales: SEK 1,441 m (1,184) + 21.7%
– New businesses
– Favourable development in Axfood Snabbgross
• Started to deliver to Statoil in January
Net sales
+21.7%
6

7. Dagab – Efficient logistics
• Efficiency and strong delivery
reliability
• Operating profit: SEK 33 m (41)
• Result affected by:
– Higher fuel prices
– Increased costs due to implementation of the
new business system
Delivery reliability
97.5%
7

8. Increased private label share
• Highest private label share so far, 24.7%
– Successful conversion to Group-wide label, Garant
• Target 2012:
– 25% private label share
Private label share
%
25
20
15
10
5
0
-01 -03 -05 -07 -09 -11
8

9. Market outlook 2012
• Uncertain market development
• Food price inflation at low levels
• Continued tough competition
• Price conscious customers
9

10. New union agreement
• New one year agreement from 1 April
– Increased cost of 2.6% during the agreement period
10

11. Strategy for profitable growth 2012
• Stimulate sales growth
– Well operated stores
• Increased private label share
• Efficiency and cost control
• Ambitious pace of investment
– SEK 900 – 1,000 m (993)
– Continued high pace in store
establishments and renewals
– Implementation of the new business
system continues
11

12. Axfood’s goal for 2012
Achieve an
operating profit
in line with 2011
12

13. Financial Overview
January-March, 2012
13

14. Axfood Q1 2012
Net sales, MSEK
Operating margin, % Key ratios
Q1 Q1 Change
8,889 8,735 8,914 8,718 SEK m 2012 2011
8,257
Net sales 8,718 8,257 5.6%
Change in like-for-like sales,
0.2% -0.4% 0.6
%
4.2
3.6 3.6
2.9 Operating profit 248 241 2.9%
2.8
Operating margin, % 2.8% 2.9% -0.1
Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12 Number of stores,
239 229 10
Group-owned
14

15. Willys Q1 2012
Net sales, MSEK
Operating margin, % Key ratios
Q1 Q1 Change
SEK m 2012 2011
4,805 4,706 4,848 4,701
4,545
Net sales 4,701 4,545 3.4%
Change in like-for-like sales,
-0.3% -2.7% 2.4
4.5
%
4.3 4.1
3.6
3.5 Operating profit 171 157 8.9%
Operating margin, % 3.6% 3.5% 0.1
Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12
Number of stores 170 162 8
15

16. Hemköp Q1 2012
Net sales, MSEK
Operating margin, % Key ratios
Q1 Q1 Change
SEK m 2012 2011
1,205 1,255 1,239
1,184 1,143 Net sales 1,239 1,205 2.8%
Change in like-for-like sales,
3,1% 0,6% 2.5
%
Operating profit 24 13 84.6%
3.0
1.9 1.9 1.9 Operating margin, % 1.9% 1.1% 0.8
1.1
Number of stores
Q1 -11 Q2 -1 Q3 -11 Q4 -11 Q1 -12 Group-owned 64 62 2
Franchise 119 82 37
16

17. PrisXtra Q1 2012
Net sales, MSEK
Operating margin, % Key ratios
Q1 Q1 Change
SEK m 2012 2011
144 142 140
132 Net sales 132 144 -8.3%
4.9 123
Change in like-for-like sales,
3.6 -8.3% -12.7% 4.4
2.8 3.0 %
Operating profit 4 7 -57.1%
-0.8
Operating margin, % 3.0% 4.9% 1.9
Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12
Number of stores 5 5 -
17

18. Axfood Närlivs Q1 2012
Net sales, MSEK
Operating margin, % Key ratios
Q1 Q1 Change
SEK m 2012 2011
Net sales 1,441 1,184 21.7%
1,467 1,483 1,441
1,382
1,184
3.0 Distributed sales 1,326 1,072 23.7%
2.5
1.7
Operating profit 8 6 33.3%
Operating margin, % 0.6% 0.5% 0.1
0.5 0.6
Number of stores,
20 19 1
Q1 -11 Q2 -1 Q3 -11 Q4 -11 Q1 -12 Axfood Snabbgross
Delivery reliability, % 97.9 97.9 -
18

19. Dagab Q1 2012
Net sales, MSEK
Operating margin, % Key ratios
Q1 Q1 Change
SEK m 2012 2011
6,199 6,273
5,807 6,016 6,022
Net sales 6,022 5,807 3.7%
Distributed sales 4,211 4,051 3.9%
0.9 0.9
0.7 0.7 Operating profit 33 41 -19.5%
0.5
Operating margin, % 0.5% 0.7% -0.2
Q1 -11 Q2 -11 Q3 -11 Q4 -11 Q1 -12
Delivery reliability, % 97.5 97.0 0.5
19

20. Other Q1 2012
• Sales: SEK 1,079 m (1,020)
• Operating profit: SEK 8 m (17)
– Result affected by higher depreciation
for the new business system
20

21. Key ratios January-March 2012
• Balance sheet, total: SEK 8,603 m (7,709)
• Cash flow operating activity: SEK 416 m
(293)
• Capex: SEK 323 m (220)
– 50% of the wholesale company Hall Miba was
acquired
– Investment plan 2012: SEK 900 – 1,000 m
(993)
21

22. Financial targets & dividend policy
• Axfood's goal for 2012 is to achieve
an operating profit at the same level
as in 2011
• Equity ratio of at least 25%
• Shareholder dividend of at least 50%
of profit for the year after tax
• Long term target for an operating
margin of 4%
22

23. Summary
• Stable result
• Good sales development
23

24. Axfood
Q&A
24