Q1 2010 English
Interim report Q1 • 2010
Continued restructuring and efficiency enhancement
(All figures in brackets refer to the corresponding period in 2009)
Demand in Nobia’s principal markets in the first quarter remained weak. Sales for the first quarter amounted to SEK
3,456 million (3,777). Organic growth was negative 1 per cent. Profit was charged with expenses of SEK 52 million
for the ongoing restructuring and efficiency measures in the operations in France and costs of SEK 72 million related
to the divestment of Culinoma and Pronorm. Operating loss was SEK 24 million (loss: 34) before these structural
expenses and SEK 148 million (loss: 272) after structural expenses. Loss after tax was SEK 134 million (loss: 259),
corresponding to a loss per share of SEK 0.80 (loss: 1.55). Cash flow was strengthened by SEK 491 million through
divestments and amounted to SEK 442 million (pos: 114).
Nobia’s sales trend was burdened by negative currency effects
of SEK 252 million (pos: 263). Operating loss excluding restructuring
costs amounted to SEK 24 million (loss: 34), corresponding
to an operating margin of negative 0.7 per cent (neg: 0.9).
Due to continued weak demand, the Nordic and Continental
Europe markets recognised largely unchanged earnings, while
the UK posted a small improvement. The first quarter is seasonally
weak for Nobia.
Nobia’s earnings continued to be adversely affected by cur-
rency effects, approximately negative SEK 10 million (neg: 30).
In addition to structural expenses, primarily lower volumes
had a negative effect on earnings, while lower costs for direct
material and price increases impacted earnings positively.
Return on capital employed including structural expenses
amounted to 2.7 per cent (6.2) over the past twelve-month
period.
The loss per share for the period, including structural
expenses, amounted to SEK 0.80 (loss: 1.55).
Nobia Group Summary
Net sales, SEK m
Operating profit excluding structural expenses before depreciation
and impairment losses, SEK m (EBITDA)
Operating profit/loss excluding structural expenses, SEK m (EBIT)
Operating margin excluding structural expenses, %
Operating profit/loss before depreciation and impairment losses,
SEK m (EBITDA)
Operating profit/loss, SEK m (EBIT)
Operating margin, %
Profit/loss after financial items, SEK m
Profit/loss after tax, SEK m
Earnings per share, after dilution, SEK
Earnings per share after dilution, excluding structural expenses, SEK
Operating cash flow, SEK m
Return on capital employed, %
Return on shareholders’ equity, %
1) Impairment of SEK 46 million is included in structural expenses.
2) Impairment of SEK 76 million is included in structural expenses.
Net sales and operating margin
SEK m
4,000
6,000
2,000
–6,000
–4,000
–2,000
0
08
09
10
Jan–Mar Jan–MarJan–Mar
Net sales amounted to SEK 3,456 million and
the operating margin was negative 4.3 per cent.
%
9
0
3
6
–6
–9
–3
Net sales
Operating margin
Operating margin
excluding
structural expenses
Profitability trend
%
10
15
20
−5
0
5
Return on
08
09
09/10
Jan–Dec Jan–Dec Apr–Mar
Return on capital employed amounted to
2.7 per cent during the past 12-month
period.
capital employed
Return on
shareholders´ equity
Earnings per share
SEK per share
4
5
6
−1
0
1
2
3
Comments from the CEO
“Demand remains weak, although we did note certain bright
points in the new builds market in the Nordic region and cautious
optimism in the UK. The UK operations, Nobia’s largest,
continued to strengthen their market position, with increased
kitchen sales in all channels. Extensive structural measures in
France, which will lead to more efficient logistics and a more
attractive customer offering, had a heavy impact on earnings
for the quarter. Otherwise, work at Nobia is characterised by
the major change in strategy and organisation announced earlier,
which will create an effective Nobia,” says Preben Bager,
President and CEO.
New President in Nobia
The Nobia Board of Directors appointed Morten Falkenberg as
the new President and CEO. He will take office not later than
15 October 2010 and will succeed Preben Bager who previously
announced his intention to step down during the year.
Jan–Mar
2010
3,456
931)
–24
–0.7
15
–148
–4.3
–173
–134
–0.80
–0.16
–49
2009 Change, %
3,777
–8
992)
–34
–0.9
–63
–272
–7.2
–299
–259
–1.55
–0.44
141
–6
29
–
124
46
–
42
48
48
64
–135
Apr–Mar
2009/2010
15,097
864
356
2.4
718
162
1.1
89
46
0.28
1.24
613
2.7
1.2
Jan–Dec
2009
15,418
870
346
2.2
640
38
0.2
–37
–79
–0.47
0.96
803
1.0
–1.9
Q1
08
09 09/10
Jan–Dec Jan–Dec Apr–Mar
Earnings per share after dilution
amounted to SEK 0.28 over the most
recent 12-month period.
1
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