Q4 English 100212

Year-end Report
Q4 | 2009
Lower profit but improved cash flow
(All figures in brackets refer to the corresponding period in 2008)
Nobia’s sales for 2009 amounted to SEK 15,418 million (15,991). Organic growth was negative 10 per cent.
Profit for 2009 was charged with structural expenses in the form of plant closures. Operating profit was
SEK 346 million (933) before these structural expenses and SEK 38 million (915) after structural expenses.
Loss after tax was SEK 79 million (profit: 529), corresponding to a loss per share of SEK 0.47 (earnings: 3.13).
Measures to improve cash flow generated an improvement of SEK 803 million (163). The Board of Directors
proposes that no dividend be paid.
Demand weakened in all markets in 2009. The largest decline
was noted in the Nordic region where demand in primarily
the new-builds segment fell substantially. However, a reduction
in the rate of decline was seen towards the end of the
year.
Despite the weakening in the market, Nobia’s sales in the
UK rose and market shares were captured as a result. In other
regions, sales fell in pace with the market decline.
Operating profit excluding structural expenses amounted to
SEK 346 million (933), entailing an operating margin of
2.2 per cent (5.8). The effect of the decline in volume was
slightly offset by higher prices, lower indirect costs and SEK 42
million from changes to pension conditions. Currency effects
remained negative at SEK 90 million (110). The currency loss
was primarily attributable to the GBP/EUR rate.
Nobia Group Summary
Net sales, SEK m
Operating profit excluding structural expenses before
depreciation and impairment losses, SEK m (EBITDA)
Operating profit excluding structural expenses, SEK m (EBIT)
Operating margin excluding structural expenses, %
Operating profit 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, %
Net sales and operating margin
January–December
SEK m
15,000
18,000
3,000
6,000
9,000
12,000
0
2007*
Net sales
Operating margin
Operating margin excluding
structural expenses
Net sales amounted to SEK 15,418 million and
the operating margin was 0.2 per cent, and
excluding structural expenses 2.2 percent.
Return on capital employed amounted to
1.0 per cent during the past 12-month
period, including structural expenses.
1
Loss per share after dilution including
structural expenses amounted to SEK 0.47.
* Values for 2007 have not been restated in accordance
with the new accounting principle, refer to page 8.
2008
2009
Profitability trend
January–December
9.0
%
1.5
3.0
4.5
6.0
7.5
0
%
10
15
20
25
−5
0
5
2007*
2008
2009
Return on capital employed
Return on shareholders’ equity
The programme to reduce the number of plants was
implemented according to plan. The total structural expenses
amounted to SEK 308 million (18).
Comments from the CEO
“We implemented an extensive restructuring programme,
which is expected to generate total annual savings of approximately
SEK 140 million. We already started seeing the effects
of the programme in 2009. I am also gratified that we saw
the results of our many years of marketing investments by
capturing higher market shares in the UK in 2009. Over the
next year, we will continue our focus on strengthening our
brands and enhancing the efficiency of our supply chain,”
says Preben Bager, President and CEO.
Oct–Dec
2009
3,782
282
166
4.4
250
140
3.7
132
104
0.62
0.75
89
–
–
2008 Change, %
3,989
–5
255
125
3.1
239
107
2.7
58
29
0.17
0.22
66
–
–
11
33
–
5
31
–
128
259
265
241
35
–
–
2009
15,418
870
346
2.2
640
38
0.2
–37
–79
–0.47
0.96
803
1
–1,9
Earnings per share
January–December
SEK per share
−1
0
1
2
3
4
5
6
2007*
2008
2009
Jan–Dec
15,991
1,410
933
5.8
1,394
915
5.7
752
529
3.13
3.18
163
12.6
13.2
2008 Change, %
–4
–38
–63
–
–54
–96
–
–105
–115
–115
–70
393
–
–

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