Last Refreshed: 5/8/2021 3:55:27 AM
Press release

ICA AB Year-end report 2011

Strong income in challenging markets.

Fourth quarter

  • Net sales for the fourth quarter amounted to SEK 24,921 million (24,493), up 1.7 percent. At constant exchange rates net sales increased by 1.4 percent.
  • Operating income excluding capital gains and impairments amounted to SEK 941 million (698), up 34.8 percent.
  • Operating income amounted to SEK 947 million (718).
  • Income after net financial items amounted to SEK 853 million (651).
  • Net income for the fourth quarter amounted to SEK 711 million (-152). The fourth quarter of 2010 was charged with a tax expense of SEK 632 million for a reversal of deferred tax in ICA Norway.

Full-year

  • Net sales for the year amounted to SEK 95,179 million (93,860), up 1.4 percent. At constant exchange rates net sales increased by 2.6 percent.
  • Operating income excluding capital gains and impairments amounted to SEK 3,101 million (2,936), up 5.6 percent.
  • Consolidated income for the year includes goodwill impairment of SEK 592 million in ICA Norway in the third quarter. Operating income amounted to SEK 2,505 million (2,924).
  • Income after net financial items amounted to SEK 2,156 million (2,597).
  • Net income for the year amounted to SEK 1,395 million (547). The previous year was charged with a tax expense of SEK 747 million for a tax dispute for the years 2001-2003 as well as SEK 632 million for a reversal of deferred tax in ICA Norway.

Extract from CEO comment - Kenneth Bengtsson, CEO and President ICA AB:

"In light of the economic turbulence and weak development in our markets, we are very pleased with the ICA Group’s results for 2011. Net sales rose by 2.6 percent at constant exchange rates as a result of higher sales in ICA Sweden and increased income for ICA Bank and ICA Real Estate. The ICA Group delivered operating income excluding capital gains and impairments of over three billion Swedish kronor, our highest profit until now. The reasons were a strong recovery by Rimi Baltic, a very successful year for ICA Bank and ICA Real Estate, and stable development by ICA Sweden. ICA Norway remained a major challenge, but a lower loss in the fourth quarter was a cautious sign of a recovery."

For the entire report, with a complete comment by the CEO and description of the financial results, please see the attached pdf-file.