Nobia Q2 2010 ENG

Interim Report Q2 • 2010
Q2
Improved operating margin
(All figures in brackets refer to the corresponding period in 2009)
Sales for the second quarter amounted to SEK 3,796 million (4,291). Organic growth was negative 3 per cent. Operating
profit, excluding restructuring costs of SEK 30 million (30), amounted to SEK 195 million (107), corresponding to an
operating margin of 5.1 per cent (2.5). Profit after tax and restructuring costs totalled SEK 113 million (39), corresponding
to earnings per share of SEK 0.68 (0.23). Operating cash flow amounted to SEK 310 million (456).
Nobia’s sales trend during the second quarter remained nega-
tive, mainly due to negative translation effects totalling SEK 315
million (pos: 426).
The improvement in the company’s operating profit compared
with the second quarter of 2009 primarily derived from a more
favourable sales mix, the implementation of price increases and
reduced costs, which contributed to the improvement of the gross
margin by approximately 3 percentage points compared with the
second quarter of the preceding year.
Total operating profit remained unaffected by currency effects
(0), of which translation effects amounted to negative SEK 15 million
(pos: 10) and transaction effects to positive SEK 15 million
(neg: 10).
Return on capital employed including restructuring costs
amounted to 4.2 per cent (1.0) over the past twelve-month period.
Operating cash flow for the quarter was lower than in the pre-
ceding year, since working capital did not decline to the same
extent.
Comments from the CEO
“I am very pleased with the company’s positive margin trend
during the quarter, especially given that the improvement was
achieved in a difficult market situation. We noted increased
demand in the new builds segment in the Nordic region, particularly
in Finland and Sweden. The situation in the UK is difficult
to assess due to the public funding austerity measures
being implemented. The sales trend in the Continental Europe
region was negative, mainly due to France. Our internal
change programme is proceeding according to plan,” summarises
Preben Bager, President and CEO.
Apr–Jun
Nobia Group Summary
Net sales, SEK m
Gross margin, %
Operating margin before depreciation
and impairment losses, % (EBITDA)
Operating profit, SEK m (EBIT)
Operating margin, %
Profit after financial items, SEK m
Profit/loss after tax, SEK m
Earnings per share, after dilution, SEK
Operating cash flow, SEK m
2010
3,796
39.6
8.1
195
5.1
178
113
0.68
310
2009 Change, %
4,291
36.8
6.0
107
2.5
85
39
0.23
456
–12
–
–
82
–
–
–
–
–32
2010
7,252
38.5
5.5
171
2.4
129
–21
–0.13
261
Jan–Jun
Jul–Jun Jan–Dec
2009 Change, % 2009/10
8,068
35.5
4.4
73
0.9
24
–220
–1.32
597
All figures except “Profit/loss after tax,” “Earnings per share” and “Operating cash flow” have been adjusted for restructuring costs.
Further information about restructuring costs is available on page 10.
Net sales and operating margin
SEK m
5,000
1,000
2,000
3,000
4,000
0
08 09
10
Apr–Jun Apr–Jun Apr–Jun
Net sales for the second quarter amounted to
SEK 3,796 million and the operating margin was
5.1 per cent.
10
%
6
8
4
2
0
Net sales
Operating margin
exkluding
structural expenses
Profitability trend
%
10
15
20
−5
0
5
Return on
08
09
09/10
Jan–Dec Jan–Dec Jul–Jun
capital employed
Return on
shareholders’
equity
Return on capital employed amounted to
4.2 per cent during the past 12-month
period.
Earnings per share
SEK per share
4
5
6
−1
0
1
2
3
–10 14,602
–
38.3
–
–
–
–
–
–
–56
6.3
444
3.0
376
120
0.72
467
2009
15,418
36.7
5.6
346
2.2
271
–79
–0.47
803
08 09 09/10
Jan–Dec Jan–Dec Jul–Jun
Earnings per share after dilution amounted
to SEK 0.72 over the most recent
12-month period.
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