Key figures

Continuing operations

2016

2015

Revenue, EUR mill.

1 303.2

1 434.8

Gross margin, per cent

53.4

50.6

Operating result, EUR mill.

17.6

-52.5

Adjustments to operating result*, EUR mill.

2.6

24.0

Adjusted operating result (EBIT), EUR mill.

20.2

-28.5

Adjusted operating result before depreciation (EBITDA), EUR mill.

79.4

43.4

Net financial costs, EUR mill.

23.1

21.2

Result before tax, EUR mill.

-5.5

-73.7

Result for the period, EUR mill.

-18.2

-88.9

Earnings per share, undiluted, EUR

-0.33

-1.24

Personnel, average

9 006

10 763

 

 

 

Continuing and discontinued operations

2016

2015

Net earnings per share, undiluted, EUR

-0.12

-2.43

Cash flow from operating activities, EUR mill.

41.5

17.2

Capital expenditure, EUR mill.

44.2

53.4

Equity per share, EUR

14.99

14.53

Net gearing, per cent

68.3

72.1

Equity ratio, per cent

48.3

46.1

Number of shares, undiluted, weighted average, 1 000 pc

72 049

72 049

Return on capital employed, rolling 12 months, per cent

1.8

-7.6


* Adjustments affecting operating result were EUR 2.6 million in 2016 and they were mostly related to ICT outsourcing (2015: EUR 24.0 million, relating to Academic Bookstore, Seppälä, Oulu store closing and other restructuring costs). Adjustments affecting tax and financial costs were EUR 9.7 million (EUR 21.8 million).

Stockmann has revised the terminology used in its reporting due to the new guidelines of the European Securities and Market Authority (ESMA). Alternative Performance Measures are used to better reflect the operational business performance and to facilitate comparisons between financial periods. Starting from the second quarter of 2016, the previously used term “excluding non-recurring items” has been replaced with the term “adjusted”, and, as a consequence, “operating profit (EBIT) excluding non-recurring items” has been replaced with the term “adjusted operating profit (EBIT)”. Correspondingly, “adjusted EBITDA” is calculated from adjusted operating profit excluding depreciation.

Stockmann uses the term “continuing product areas and businesses” which refers to operations excluding Russian retail operations (Stockmann and Lindex), Seppälä, Hobby Hall, Stockmann Beauty, the airport store and the product areas the company has withdrawn from in department stores (electronics, books, sports equipment, toys and pet supplies). Gross profit and gross margin are also used as alternative performance measures. Gross profit is calculated by deducting the costs of goods sold from the revenue, and gross margin is calculated by dividing gross profit by the revenue as a percentage.