Retail activity
Retail activity In parenthesis the corresponding figures for 2005 |
||
|---|---|---|
| DKK million | ||
| Highlights: | 2006 | 2005 |
| Revenue | 43,054 | 25,331 |
| Profit before depreciation, amortisation and impairment losses | 2,521 | 1,336 |
| Depreciation, amortisation and impairment losses | 483 | 269 |
| Gains on sale of fixed assets, etc. | 79 | - |
| Associates - share of result after tax | 107 | 345 |
| Profit before financial items | 2,224 | 1,412 |
| Financial items, net | 235 | 101 |
| Profit before tax | 2,459 | 1,513 |
| Tax | 621 | 418 |
| Profit for the year | 1,838 | 1,095 |
| Of which attributable to A.P. Møller - Mærsk A/S | 1,331 | 1,128 |
| Cash flow from operating activities | 2,577 | 1,190 |
| Cash flow used for investing activities | -1,488 | -875 |
| Fixed assets | 12,090 | 7,944 |
| Current assets | 19,927 | 9,203 |
| Total assets | 32,017 | 17,147 |
| Non-current liabilities | 1,596 | 509 |
| Current liabilities | 14,161 | 7,894 |
| Total liabilities | 15,757 | 8,403 |
| Figures for Dansk Supermarked Group are until 31 May 2006 included pro rata by a 50 percent share and with 18 percent share under associated companies. From 1 June 2006 Dansk Supermarked Group and F. Salling A/S are fully consolidated. The financial figures 2006 are thus not directly comparable to 2005. A.P. Møller - Mærsk A/S' share of the result is not affected by the change. | ||
Retail activity includes Dansk Supermarked (Bilka, Føtex, Netto Denmark, Netto England, Netto Germany, Netto Poland and Netto Sweden) and F. Salling A/S and as an associated company Ejendomsaktieselskabet af 18. august 1958.
Following the death of Mr. Herman Salling in early 2006, the management structures in Dansk Supermarked A/S and F. Salling A/S were changed. These companies are from 1 June 2006 included as subsidiaries of A.P. Møller - Mærsk A/S.
The economic development in Denmark has affected revenue and earnings in the Danish market for convenience goods positively. The European markets have seen positive market trends and continued growth for discount stores. The continued concentration in the retail trade implies increased competition in all major markets.
In 2006 Dansk Supermarked established 75 new stores, of which 64 are outside Denmark. The total number of stores is now 1,125.
Compared with 2005 Dansk Supermarked has experienced a growth in revenue and earnings. Improvement of the result before financial items relates to the Danish as well as foreign activities. Netto Sweden had a negative result as expected.
The A.P. Moller - Maersk Group's share of the result for the year was DKK 1,331 million (2005 DKK 1,128 million).
Cash flow from operating activities amounted to DKK 2,577 million (DKK 1,190 million).
With effect from 1 January 2007 Netto Sweden has divested the stores in the Stockholm area to ICA AB. At the same time, Dansk Supermarked A/S' ownership share in Netto Sweden increased from 50% to 95% through capital contribution.
The Salling foundations and A.P. Møller - Mærsk A/S are engaged in a simplification of the present ownership in Dansk Supermarked A/S. The change will mean that A.P. Møller - Mærsk A/S will own 67.68% of the shares in Dansk Supermarked A/S directly. At present A.P. Møller - Mærsk A/S owns 50% of the shares in Dansk Supermarked A/S directly and 17.68% indirectly through its shares in F. Salling A/S and Ejendomsaktieselskabet af 18. august 1958.