Europris Asa · OSL:EPR
Europris Asa — Investor Day (December 2022)
99 slides from Europris Asa's investor day presentation, Dec 8, 2022
Slide 1: Capital Markets Update
Capital Markets Update December 2022
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Europris ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. Further to the aforementioned, this presentation is the result of an effor
Slide 3: From good to great
From good to great CEO Espen Eldal 3
Slide 4: Capital Markets Update 2022 – Agenda
Capital Markets Update 2022 – Agenda Date 8 December – 2022 Time 09:00 – 12:30 Place Oslo + webcast 09:00 – 09:45 Europris – “From good to great” Espen Eldal, CEO 09:45 – 10:05 Lekekassen Andreas Skalleberg, CEO, Lekekassen 10:05 – 10:30 Growth strategies and sustainability Renate B Spernes, VP stra
Slide 5: What does "good" look like?
What does “good” look like? Europris
Slide 6: Norway's #1 discount variety retailer
Norway’s #1 discount variety retailer Strong brand and loyal customer base Low prices and powerful marketing and campaign engine Proven category management model 276 stores Expanding store network and e-commerce operation 6
Slide 7: A growing loyal customer base
A growing loyal customer base #MER customers >4x 1 233 000 1 033 000 687 000 278 000 1.2 million customer club members YE 19 YE 20 YE 21 Nov 22 35 million transactions annually 7
Slide 8: Powerful marketing and campaign engine
Powerful marketing and campaign engine Prices for our front-page products are unbeatable … … and customers know it Where do you think you can get a bargain1? Europris Competitor #1 #2 #3 #4 #5 #6 #7 Competitor #8 Weekly leaflet with circulation to about 1 million households 1 MediaCom Brand Tracker
Slide 9: Our campaigns drive traffic
Our campaigns drive traffic Featured products support the low-price perception … … and increase shopping frequency Where do you shop at least monthly2? Unbeatable prices on front-page products in the weekly leaflet Europris 13%-15% Competitor #1 #2 At or close to lowest price on % of 15%-17% other f
Slide 10: Established price leadership
Established price leadership Well positioned in current tough market environment Recognised as a price leader Which chains do you think have generally low prices1? • Low-price concept well suited for the current tough Europris market environment Competitor #1 → Consumer confidence at low levels, wit
Slide 11: Champion of the seasons
Champion of the seasons Seasonal campaigns and store layouts aligned Shifting focus according to seasons Which chains do you think have a seasonal range1? Europris Competitor #1 #2 #3 #4 #5 #6 #7 Competitor #8 1 MediaCom Brand Tracker 2022, across Europris, Clas Ohlson, Nille, Jysk, Biltema, Coop OB
Slide 12: Broad range of relevant products
Broad range of relevant products Well-diversified across different retail segments1 High level of flexibility in 15 main categories Personal care Groceries Average gross margins of Speciality retail Laundry and cleaning 35-40% Chocolate and snacks Pet food and accessories Kitchen Hobby and office Co
Slide 13: Current focus on products with low price points
Current focus on products with low price points Product examples Share of sales1 YoY growth January-November 2022 Low price point 84% +1.4% NOK <200 Medium price point 13% -0.7% NOK 200-1,000 Higher price point 3% -23.1% NOK >1,000 1 Sales for the Europris chain (directly operated and franchise stor
Slide 14: Private labels support growth
Private labels support growth Private label revenue and share of total sales Share of total sales Private label revenue, NOK bn 40% 39% 35% 36% 36% 3,3 3,4 3,0 2,1 2,4 2018 2019 2020 2021 LTM Q3 22 Private labels add variety, new price points and sustainable alternatives → increasing growth and impr
Slide 15: Customer feedback is aligned with our goals
Customer feedback is aligned with our goals 2015 In 2015, we were associated with 1 Campaign- low price and a varied range…but also with low quality driven 2022 2 Low-price 3 Broad range In 2022, low price remained a key association, followed by large selection and a broad range Source: MediaCom Bra
Slide 16: Expanding network of own stores across Norway
Expanding network of own stores across Norway New, relocated or modernised 86 stores from 2019 to December 2022 Number of stores 270 276 264 266 258 27 250 28 239 33 29 229 37 45 54 63 ▪ Average annual store revenue of around NOK 32 million in 2021 237 242 249 ▪ Average store size around 1,200m2 22
Slide 17: Lifted margins across the store portfolio
Lifted margins across the store portfolio Store EBITDA margin improvement % +6%-p ▪ All stores profitable in 2021 +7%-p +8%-p ▪ Larger volumes and improved operational leverage yield +9%-p higher EBITDA margins ▪ Additional margin improvements by applying stricter “rules +11%-p of business” ▪ Making
Slide 18: Improving customer scores for store facilities
Improving customer scores for store facilities Score improvements from 2018 to 2022 Hygienic stores +10%-p Appealing +9%-p Well-arranged +9%-p Tidy +9%-p Friendly staff +6%-p Inspiring +4%-p Store opening, Nittedal November 2022 Change from 2018 to 2022, %-p Source: MediaCom Brand Tracker 2022 18
Slide 19: Strong and improving customer impression
Strong and improving customer impression Overall impression of Europris1 65% 33% 25% 6% 2007 2022 Positive Negative Neutral 1 MediaCom Brand Tracker from 2007 to 2022 19
Slide 20: What makes us good?
What makes us good? Europris
Slide 21: Strong retail culture and execution power
Strong retail culture and execution power Experienced team with deep retail understanding Continuing to develop and grow ▪ All members of the management team have more than 10 years of retail experience ▪ Mixing continuity and new impulses, with changes of CEO, CFO and head of strategy in recent yea
Slide 22: Dedicated workforce pulling in the right direction
Dedicated workforce pulling in the right direction Positive Proactive Clear Business Simple attitude acumen • Around 3,300 employees with 60% women and 40% men • Loyal and dedicated employee base with high level of job satisfaction • Strong and all-time-high scores in employee satisfaction surveys 2
Slide 23: What will make us great?
What will make us great? Improve customer Our key strategic experience focus areas Strengthen price and cost position Drive customer growth Act responsibly 23
Slide 24: Growth in the core, efficient operations, new growth
Growth in the core Efficient operations New growth and innovations 24
Slide 25: Our concepts and categories create "reasons to go"
Our concepts and categories create “reasons to go” Top-of-mind destination categories Seasonal concepts drive traffic Cleaning Pets Storage Chocolate and snacks Candles, interior, textiles Our ambition is to develop our store concept to deliver an even better customer experience, and offer a more re
Slide 26: Proven category management model
Proven category management model 1 2 3 4 Illustrative Range Category revenue optimisation +x% In-store Redesigned optimisation packaging In-store Campaign communication development Revitalised marketing 2021 2022 2023 2024 2025 Define Analyse Set goals Take action Improve and repeat 26
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Slide 28: Pets is a prime example of category management
Pets is a prime example of category management A highlighted category at the CMD in 2018 The revenue growth continues 400 350 300 +11.4% CAGR 250 200 150 100 50 0 Facsimile from Europris CMD Q4 2018 2014 2015 2016 2017 2018 2019 2020 2021 LTM Q3’22 28
Slide 29: Category upgrades drive growth
Category upgrades drive growth Kitchen Q1 20 Home Q1 21 Storage Q2 21 Textiles Q2 21 Chocolate and snacks Q3 21 Pets Q1 22 Handyman Q3 22 Toys Q4 22 29
Slide 30: Retail management is about putting all the pieces together
Retail management Campaigns and marketing Category management is about putting Retail all the pieces culture together Cost leadership 30
Slide 31: Exceeded our financial and operational ambitions
Exceeded our financial and operational ambitions What we said on the CMD in Q4 2018 What we have delivered Growth Continue to deliver like-for-like growth above the market ✔ Growth clearly above the market Number of new stores Average of five new stores net per year ✔ Delivered on plan and budget EB
Slide 32: 30 years of growth
NOK 9bn 30 years of growth 1992 LTM Q3 22 Note: sales for the Europris chain (directly operated and franchise stores), Lunehjem (consolidated as of March 2021), Lekekassen (consolidated as of August 2021) and the Strikkemekka group (consolidated as of July 2022) 32
Slide 33: Lekekassen Holding AS
EPR Capital Markets Update Lekekassen Holding AS Andreas Skalleberg, CEO 33
Slide 34: Lekekassen legacy dating back to 1945
Lekekassen legacy dating back to 1945 “The butcher from Grimstad” Transforming into a Scandinavian online retailer 2010-2014 Transformational change • Shut down 11 physical stores • Invested heavily in IT infrastructure • Warehouse capacity increased – built for scale 34
Slide 35: Leading online toy specialist in Scandinavia
Leading online toy specialist in Scandinavia Priority areas • Grow in Norwegian core market Norway Lekekassen.no Established June 2013 • Invest in growth in Sweden and Denmark • Implement new growth categories Sweden ToySpace.se Denmark Established May 2019 ToySpace.dk Established September 2021 35
Slide 36: We're an online value company
“It’s hard to change a habit of making money – we’re an online value company” 591 Group revenue (NOK million) 545 EBITDA (NOK million) 250 174 128 110 92 91 36 8 12 16 2016 2017 2018 2019 2020 2021 36
Slide 37: It had to be Europris
It had to be Europris = Selger 76 ar gammel Europris kjoper Lekekassen familiebedrift: - Har sovet litt lite inatt og tenkt mye Leif Skalleberg startet selskapet i 1945. Na selger sonnen og barnebarna til Europris for en halv milliard kroner. De har tatt Lekekassen fra underskudd til netthandelssuks
Slide 38: Two-way synergies
Two-way synergies Financing Operational know-how Utilities Increasing market share as a group Logistics from Asia 38
Slide 39: "E-commerce is like Formula 1"
“E-commerce is like Formula 1” We have to operate as separate entities 39
Slide 40: We control the service!
We control the service! Proprietary technology In-house resources Agile approach Short time to market 40
Slide 41: Winter is coming - our profit-focused organisation will always beat the market
Winter is coming - our profit-focused organisation will always beat the market Reducing Opex and increasing efficiency through • operational excellence • a data-driven mindset and approach • continous investment in tech and loyalty initiatives Illustration: LNS Research 41
Slide 42: Opex and efficiency programmes are paying dividends
Opex and efficiency programmes are paying dividends • 2022: New five-year outbound logistics agreement. YoY savings of +20% in Norway • Market is experiencing an 11% increase in prices in 2022 • The contract is with a 2% fixed inflation rate up to 2027 • Warehouse efficiency programme launched by CO
Slide 43: Growth strategies and sustainability
Growth strategies and sustainability Improve customer experience Renate B Spernes VP strategy and sustainability Strengthen price and cost position Drive customer growth Act responsibly 43
Slide 44: Pure-play
Pure-play Europris
Slide 45: E-commerce adding to growth in the core
E-commerce adding to growth in the core Building our e-commerce platform Norwegian retail market1 NOK billion 2018 2021 Online Physical store network is key growth lever for us 5% 8% Key value proposition from low-cost products, wide 449 542 product selection and targeted campaigns 95% 92% E-commerc
Slide 46: Acquisition of selective pure-play concepts
Acquisition of selective pure-play concepts Growth in the core Targeted approach for pure-play selection Launched pure-play concepts Lekekassen / ToySpace ✓ Profitable e-commerce player • Acquired 67% in August 2021 • Revenue 2021: NOK 591m • EBITDA margin: 18.5% ✓ Strong position in target segment
Slide 47: Why pure-play?
Why pure-play? Expand online offering Realise synergies Improve customer experience Sourcing and other Customised customer Capture fair share of high operational synergies journey driving growth in e-commerce to reduce cost inspiration Pure-play Reach key customer Pure play strategy Insight on categ
Slide 48: Pure-play the key driver of our e-commerce sales
Pure-play the key driver of our e-commerce sales E-commerce sales, 2019 – LTM Q3 22 NOK million 795 Pure-play1 Europris e-commerce2 571 689 424 86 40 147 106 2019 2020 2021 LTM Q3 22 Share of reported revenue 0.6% 1.1% 6.6% 9.0% 1 Lunehjem from March 2021, Lekekassen from August 2021 and the Strikke
Slide 49: Building our pure-play portfolio
Building our pure-play portfolio Scandinavian pure-play portfolio Potential to grow along multiple axes Fun Home Hobby New categories Norway Sweden 70 models1 Denmark New 8 customers concepts in existing categories New countries 49
Slide 50: The digital customer
The digital customer Europris
Slide 51: Increasing conversion and profitability through the digital customer
Increasing conversion and profitability through the digital customer Grow number of customers and Increase basket Personalise shopping shopping frequency value experience 51
Slide 52: Half our revenue now comes from the MER club
Half our revenue now comes from the MER club Rapidly growing our customer club Higher shopping frequency1 Higher average basket value1 Average # transactions per customer LTM Q3 22 1.2 million ~16 Members in the MER club 267 1.2 >4x NOK 1.0 ~7 0.7 234 NOK 0.3 Non-members MER club Non-members YE’19 Y
Slide 53: Customer insights to drive customer value
Customer insights to drive customer value Identify target demographics Data driven insights Personalised outreach already beginning to increase conversion rates Personalised outreach 53
Slide 54: Targeted measures to increase shopping frequency
Targeted measures to increase shopping frequency Increasing frequency and loyalty Outreach based on what we know about … … purchase history … the customer profile New customer Build loyalty Potential loyalist Loyal customer Maintain loyalty Need attention Win back and regain loyalty Drop in 54
Slide 55: Personalised outreach based on customer profiles
Personalised outreach based on customer profiles Examples of newsletters based on customer profiles Families with young children Flat owners Home or cabin owners Nearby residents 55
Slide 56: Europris.no driving traffic to stores
Europris.no driving traffic to stores Europris.no is a key marketing channel Monthly traffic on Europris.no Million visits 2.6 2.3 2.2 1.6 1.3 2018 2019 2020 2021 LTM Q3 22 56
Slide 57: Modernised IT systems enabling innovation
Modernised IT systems enabling innovation Implementing project to modernise IT and core systems Modernise ERP systems New and modern cashier system Modernise accounting and financial reporting system Project started in 2021 with completion expected early 2025 57
Slide 58: Growing sustainably - acting responsibly
Growing sustainably - acting responsibly 58
Slide 59: A new key strategic focus area
A new key strategic focus area Improve customer experience Strengthen price and cost position Drive customer growth Act responsibly 59
Slide 60: Sustainability is an integrated part of our strategy
Sustainability is an integrated part of our strategy Environment (E) Social (S) Our climate profile Our products Our people Our social responsibility Reduce emissions in line Give everyone the Being an attractive place Contribute positively to with the Paris agreement opportunity to make to work, wh
Slide 61: Committing to net zero emissions by 2050
Committing to net zero emissions by 2050 Improvements in key focus areas … ... to enable our long-term goals Sustainable products Net zero emissions Transportation and distribution by 2050 Efficient green energy Committing to the science-based target initiative Circular operations and waste reductio
Slide 62: From storage to shop with zero emissions
From storage to shop with zero emissions 62 62
Slide 63: Pioneer with affordable sustainable products
Pioneer with affordable sustainable products Paving the way for sustainable choices Affordable sustainable products Increase share of certified sustainable products Recycled and recyclable packaging and products Improved quality and reduced product returns 63
Slide 64: Launching Europris as the "local hero"
Launching Europris as the “local hero” Why? How? Contribute positively to people and the Collect insights and best practices from environments in the many local local stores communities we are a part of Develop a toolbox to build local trust, Increase loyalty reputation and identity Differentiate us
Slide 65: Already positioned as a positive local contributor
Already positioned as a positive local contributor Continuing to contribute to local communities … … building from a strong position “I agree that Europris contributes actively and positively in local communities”1 46% Oslo 41% 36% 24% of people agree that we contribute positively to local communiti
Slide 66: Becoming the "local hero" – sustainable growth making us great
Pure-play and Building a targeted pure-play portfolio to capture a fair e-commerce share of the growing online market The digital Increasing frequency, profitability and customer customer experience through the digital customer Sustainability Sustainability is an integrated part of our strategy and
Slide 67: Financials
Financials CFO Stina C Byre 67
Slide 68: Europris has consistently outperformed the market
28% Sales growth % year-on-year change Variety retail in Norway1 Europris chain2 19% 9% 8% 7% 8% 6% 6% 5% 5% 5% 5% 3% 2% 2% -1% 2014 2015 2016 2017 2018 2019 2020 2021 1 Virke retail index (using figures reported by Statistics Norway) 2 Europris chain (both directly operated and franchise stores) Eu
Slide 69: Strengthened position in growing market
Strengthened position in growing market Retail sales development Stacked growth first 9 months of 2020, 21 and 22 (%) 1 ▪ Expanded customer base, with more loyal members in 28% the Mer customer club ▪ Upgraded key product categories ▪ Continued to develop the campaign engine 19% ▪ Improved shopping
Slide 70: Q4 2022 trading update
Q4 2022 trading update Revenue growth, October and November 2022 % year-on-year change ▪ Strong growth in October and November 7.4% 7.8% ▪ High growth in consumables ▪ Lower sales of seasonal items 4.7% Total Europris Europris chain Pure-play companies retail sales1 1 Sum of Europris chain (both dir
Slide 71: Strong organic growth plus add-on acquisitions
Strong organic growth plus add-on acquisitions Reported revenue and EBITDA margin NOK billion, % 8.8 ▪ More customers and higher basket values 8.6 8.0 ▪ Category upgrades driving growth ▪ New stores and store upgrades 6.2 ▪ Acquisitions adding to the total 24% 24% 21% ▪ About NOK 700 million in reve
Slide 72: More customer transactions + higher basket values
More customer transactions + higher basket values Number of transactions and average basket value 246 242 230 203 Number of transactions +8% versus pre-pandemic levels 36 35 35 32 Average basket value versus pre-pandemic levels +19% ▪ More items in the baskets (+8%) ▪ Higher average item value (+11%
Slide 73: Category upgrades drive growth
Category upgrades drive growth Kitchen Q1 20 Home Q1 21 Pets Q1 22 Sales growth, Kitchen and Europris chain Sales growth, Home and Europris chain Sales growth, Pets and Europris chain % year-on-year change % year-on-year change % year-on-year change Kitchen Home Pets 70 Europris 20 Europris 20 Europ
Slide 74: Expansion of the store portfolio
Expansion of the store portfolio New, modernised, relocated and expanded stores … … drive growth Number of stores 27 ▪ Number of stores increased in line with plans 25 5 ▪ Payback1 for new stores of around 1 year 4 ▪ Total number of stores in the chain has increased to 5 6 276 from 258 at the end of
Slide 75: Expanded scope through pure-play acquisitions
Expanded scope through pure-play acquisitions Q3 21 Revenue1, pure-play acquisitions NOK million 350 Q3 22 154 Q1 21 91 94 61 13 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 1 Consolidated revenue at 100% basis as booked in Europris group numbers 75
Slide 76: Gross margin improved
Gross margin improved Gross margin % ▪ Favourable freight agreement through 2021-22 ▪ Positive effect from category initiatives ▪ Increasing contribution from private labels 48% 47% ▪ Efficient long-term sourcing arrangements 43% 43% ▪ Expect margins somewhat above pre-pandemic levels 2019 2020 2021
Slide 77: Competitive freight terms - also going forward
Competitive freight terms - also going forward Container freight rates1 Illustrative level of Europris’ freight contracts Container freight spot rates, China-Europe 1▪ Strong positive effect of freight agreements through 2021 and 2022 ▪ Historical annual freight costs of NOK 60-70 million ▪ Addition
Slide 78: Maintaining strong cost discipline
Maintaining strong cost discipline Opex % of revenue ▪ 60% of Opex LTM Q3 22 related to employee benefit expenses - follows collective agreements ▪ More efficient logistics - gradual impact of new warehouse and automation, with full effect from H2 24 26% ▪ Predictable energy cost from forward power
Slide 79: Europris has showcased its inherent operational leverage
Europris has showcased its Average annual growth across the P&L CAGR 2019 to LTM Q3 22 LTM inherent operational leverage 49% 42% + Volume increases 27% + Improved gross margins 18% + Strong cost discipline 13% = High earnings growth Revenue Gross profit EBITDA EBIT Net profit 79
Slide 80: Cash flow from operations
Cash flow from operations Net cash flow generated from operating activities1 NOK billion 1.7 ▪ Increased net working capital requirements driven by 1.6 inflationary pressures and higher inventory of seasonal items ▪ Net working capital increased by NOK 0.6 billion from 1.0 Q3 21 to Q3 22 1.0 2019 20
Slide 81: Investing in growth and cost position
Investing in growth and cost position Total CAPEX development Two projects continue to drive investments in 2022-24 NOK million 157 1 2 131 New and expanded warehouse and New IT platform, including transition to automation at logistics hub in Moss new ERP and point of sale systems 104 Total investme
Slide 82: Distributing excess cash
Distributing excess cash Sources and uses of cash 2019 - 2021, NOK billion 1.3 0.4 0.6 4.3 0.7 0.2 1.1 0.6 0.4 Cash balance Cash flow from Rent leases Capex Acquisitions Cash flow Share purchases Dividend Cash balance 31.12.2018 operations from financing 31.12.2021 (ex leases) 82
Slide 83: Financing and funding
Financing and funding NOK 1 billion term loan - RCF and overdraft facility covering Ample financial headroom hedged 60% seasonal cash flow variations within current covenants Swap gains ▪ NOK 1.2 billion RCF (of which NOK ▪ EBITDA/net interest bearing debt NOK million 48 300 million drawn at Q3 22)
Slide 84: Maintaining an attractive dividend policy
Maintaining an attractive dividend policy Dividends announced since last CMD in 2018 NOK per share 4.0 ▪ Ambition to continue delivering competitive shareholder return through share appreciation and dividends 1.5 2.7 ▪ Average dividend ratio of 63% in 2018-21 0.5 ▪ Maintaining dividend policy of 50-
Slide 85: Financial and operational ambitions remain unchanged
Growth Continue to deliver like-for-like growth above the market Average of five new stores net per year Number of new stores Depending on availability of locations which meet strict return requirements and potential for relocations, expansions and modernisations Increased EBITDA margin over time EB
Slide 86: Creating strong shareholder returns
Creating strong shareholder returns Total shareholder return of more than 250% since last CMD in 2018 Indexed, dividends reinvested 400 350 300 250 200 150 100 50 0 des.18 mar.19 jun.19 sep.19 des.19 mar.20 jun.20 sep.20 des.20 mar.21 jun.21 sep.21 des.21 mar.22 jun.22 sep.22 Europris (TSR) OSEBX In
Slide 87: Concluding remarks
Concluding remarks CEO Espen Eldal 87
Slide 88: Our key strategic focus areas
Our key strategic focus areas Improve customer experience Strengthen price and cost position Drive customer growth Act responsibly 88
Slide 89: Key takeaways
Key takeaways 1 2 3 4 5 Clear market Strong track record Well managed with Clear operational Committed to leader in a with 30 years of proven ability to and financial profitable growth growing market consecutive adapt to changing strategy and cash segment growth market conditions distribution 89
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Slide 91: Appendix
Appendix 91
Slide 92: Contents
Contents Long-term financial and operational ambitions ÖoB Sales days and store projects Analytical information Alternative performance measures (APMs) 92
Slide 93: Long-term financial and operational ambitions
Long-term financial and operational ambitions Growth Continue to deliver like-for-like growth above the market over time Target to open a net average of five new stores per year, depending on availability of locations which Number of new stores meet strict return requirements, and the potential for
Slide 94: A low-risk synergistic partnership today
A low-risk synergistic partnership today Potential for true European scale tomorrow 2018/2019 2020 2021 2022 2023 Strategic initiatives Increase profitability Option to of ÖoB acquire remaining Store initiatives 80% stake (incl ÖoB 2.0) Sharing Best practice best practice sharing Purchasing Strength
Slide 95: Transaction highlights
Transaction highlights • Based on EV using fixed multiple of 7.7 of actual EBITDA for 2018 • Purchase price settled at NOK 115 million based on ÖoB EV of NOK 574 million 20% initial stake in • Shares acquired in the market by Europris at a total cost of NOK 98 million Runsven-gruppen AB • Share-for-
Slide 96: Sales days and store projects
Sales days and store projects Number of sales days Year Q1 Q2 Q3 Q4 Total 2021 76 71 79 81 307 2022 76 72 79 81 308 2023 77 71 79 79 306 Number of store projects (franchise projects in brackets) • 2021 Q1 Q2 Q3 Q4 Total New stores 1 1 1 1 4 Store closures - - - - - Relocations 1 1 1 2 5 Modernisatio
Slide 97: Analytical information
Analytical information1 Seasonality • As a rule-of-thumb, the Easter impact is approximately NOK 60-75 million in revenue and NOK 12-15 million in EBITDA • Europris stores: as a rule-of-thumb, Opex in quarter one year earlier + inflation + NOK 1.5-1.6 million Quarterly Opex per extra directly operat
Slide 98: Successfully investing in our stores
Successfully investing in our stores Store specific Capex NOK million ▪ Around NOK 80 million invested across 59 new 6 4 4 stores, modernisations, and relocations/expansions 35 in 2019-2021 ▪ Overall investments level in line with guidance 26 ▪ Average payback time for new store investments 19 aroun
Slide 99: Alternative performance measures (APMs)
Alternative performance measures (APMs) APMs are used by Europris for annual and periodic financial reporting in order to provide a better understanding of the group’s financial performance. The APMs are considered to be well-known and frequently utilised by users of the financial statements, and ar