Rnb Financial Structure Essay

1443 words - 6 pages

Professor Bee Lin Yeo
Professor Bee Lin Yeo
Individual Assignment Part II
Tiffany Ling-Vannerus
Individual Assignment Part II
Tiffany Ling-Vannerus

Table of Contents

RNB and the changing market 3
Sustainability issues in focus 4
Sales and Earnings 4
Financial Structure 5
Financial risks 6
Strategic and operational risks 6
Third Quarter, March 1, 2013 – May 31, 2013 6
Outlook 7

It has been an eventful but challenging year for RNB as the market has been characterized by increasing competition from e-commerce players and a continued weak market trend. They managed to secure the Group’s ...view middle of the document...

* Polarn O. Pyret, with a continued market leading position despite strong competitive pressure, displayed a volatile sales trend during the year with lower profitability during the first half of 2013. However, the trend became positive again during the second half of the year and early autumn.
* Brothers & Sisters consists of two linked concepts, of which Brothers has been continuously positively received by customers. The performance within Sisters, which is being closed down, was negative for obvious reasons. They noted an underlying positive sales trend in Brothers during the year. The business area as a whole was adversely impacted in terms of profitability by the complex restructuring process regarding the write down of Sisters in a number of locations (23 proprietary and 14 franchisee-operated stores) where Brothers and Sisters share retail space, point of sales systems and personnel. Most of the franchisees have opted to continue working with the combined concept but for Sisters based on each their own purchasing.

Sustainability issues in focus
There has been increasing focus on sustainability issues relating to use of chemicals and water, material choice, working conditions and wages. RNB has been working actively on these issues for some time directly with producers, but also through cooperation as part of the BSCI (Business Social Compliance Initiative) and STWI (Sweden Textile Water Initiative) and through direct contacts with a number of players in the industry. Bangladesh, in particular, has been in focus, in connection with factory fires and demands for living wages. They manufacture 9 percent of their proprietary products in Bangladesh and are working actively in line with the above to improve conditions there as well as in the other production countries.
Sales and Earnings
The third quarter was characterized by continued weak market conditions. Despite this, RNB reported an earnings improvement compared with the year-earlier period, whiles sales
in comparable stores were weaker than the market average during the quarter. JC and Brothers & Sisters noted a weak performance during the quarter, whiles sales for PO.P and DSE outperformed the market. Market conditions are expected to remain weak, although year-on-year comparisons may appear better as RNB is comparing with weak year-earlier figures.
In terms of earnings, RNB is showing improvements both during the quarter and accumulated after three quarters, despite a weak market. The underlying earnings problems remain unresolved, however, primarily in JC, whose results explain more than RNB’s entire loss.

Financial Structure
The new share issue was implemented in line with the resolution passed by a general meeting on March 27 and the proceeds were transferred to the company in early May. A part of the net proceeds has been used to repay loans and the remaining part is being retained as a liquidity buffer for the implementation of necessary measures in JC...

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