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4 May 2010

Interim report for the six months ended 31 March 2010 for Imerco Holding A/S

Revenue growth, record profit and upgraded guidance

Imerco Holding A/S, Denmark’s largest housewares chain by far, today released its interim financial statements for the period 1 October 2009 – 31 March 2010:

  • Revenue rose by DKK 21 million to DKK 632 million.
  • Imerco upgrades its profit guidance for the financial year ending 30 September 2010. Management now anticipates revenue of more than DKK 1.1 billion, against the previous guidance of more than 1.0 billion.
  • Initiatives in Imerco’s growth plan, “PLAN 100+”, which was launched in January, generated significant revenue growth in February and March 2010 of 12% and 35%, respectively.
  • EBITDA rose by DKK 45 million to DKK 65 million.
  • The equity ratio rose to 57%. Equity now stands at DKK 739 million.
  • Imerco opened four new stores, totally refurbished three stores and closed one small store during the reporting period.
  • In April 2010, Imerco once again generated substantial revenue growth of 17% and enhanced its gross profit.

H1 2009/10 at a glance

Imerco Holding A/S, which is a subsidiary of the M. Goldschmidt Holding Group, generated record-high EBITDA of 65 million in H1 2009/10, which covers the period 1 October 2009 – 31 March 2010.

The EBITDA performance was attributable to improvements in all essential parameters: higher revenue, increased gross profit and lower costs.

CEO Ib Berntsen said: “It is with a certain degree of humility that we present such strong interim financial results, given the market conditions, with improvements across the board. We launched “PLAN 100+” in January 2010 with a view to increasing our revenue outside the Christmas trade by at least DKK 100 million, and we can see now that the plan is working. In addition, counting the four new stores that we’ve opened, most recently in Espergærde and Herning, with record-sales on the opening day, Imerco now has a total of 157 stores. The possibilities for obtaining attractive retail leases on reasonable terms are still very favourable and we therefore plan to open more new stores in 2010 and 2011. Finally, we are making dedicated efforts to get better locations for those of our stores that need it.”

Imerco’s organisation has been trimmed and strengthened and, moreover, the group has invested massively in its employees by launching the most extensive training programme in company history. COO Villy Gravengaard elaborated: “We’ve spent a lot of time streamlining our sales, procurement and marketing organisation and getting them into high gear, and we’re making an aggressive and targeted effort to achieve a market share of 40%. In addition, we are investing substantial amounts in our most important resource, our employees, by launching the most extensive training programme in company history. We’ve begun to reap the benefits of our persistent efforts and today Imerco is setting the agenda in our industry – no doubt about it. We are leveraging on our size and strength every day in order to provide the best customer service, offer the latest products and the best offers.”

Chairman of the Board of Directors of Imerco Holding A/S, Mikael Goldschmidt, said: “The process of converting Imerco from a voluntary chain into an efficient capital chain is nearing its final phase. We have completed many and extensive changes and, overall, these measures have both renewed and strengthened Imerco considerably. Although the significant profit improvement in H1 2009/10 is remarkable in itself, we expect Imerco to improve its performance further over the next 12 months, as the process towards full-scale capital chain operations will be more or less fully implemented by then.”

Material events after the balance sheet date

In April 2010, Imerco generated substantial revenue growth of 17%. The revenue growth recorded did not reduce Imerco’s gross profit, which also in April was higher than the year before.

For further information, please contact:

CEO Ib Berntsen, phone +45 43 20 10 00

Read more about M. Goldschmidt Capital’s involvement in Imerco Holding

Read more about Imerco

See a list of all Imerco stores in Denmark

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