Interim ReportQ3 | 2009
Continued structural measures in a weak market
(All figures in brackets refer to the corresponding period in 2008.)Nobia’s sales in the third quarter amounted to SEK 3,568 million (3,690) and organic growth was nega-tive 9 per cent, primarily as a result of weaker sales in the Nordic region. Profit after tax was SEK 37 mil-lion (101) and earnings per share after dilution were SEK 0.22 (0.60). Operating profit for the third quarter excluding structural expenses amounted to SEK 107 million (180). The operating margin was 3.0 per cent (4.9). The quarter was also charged with SEK 14 million in structural expenses. The currency effect was negative SEK 20 million (neg: 30). Sales of kitchens rose during the third quarter in the UK and Austria. Demand for new builds in the Nordic region remained weak, which had an adverse impact on operating profit.Operating cash flow remained positive at SEK 117 million (175). Nobia Group Summary Net sales, SEK mOperating profit excluding structural expenses before depreciation, SEK m (EBITDA)Operating profit excluding structural expenses, SEK m (EBIT) Operating margin excluding structural expenses, %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, SEKEarnings per share after dilution, excluding structural expenses, SEK Operating cash flow, SEK mReturn on capital employed, %Return on shareholders’ equity, %Net sales and operating marginSEK m 10,000 12,0002,0004,0006,0008,00002007*Jan–Sept2007*Jan–Sept Net SalesOperating margin Operating margin excluding structural expensesNet sales amounted to SEK 11,636 million and the operating margin was negative 0.9 per cent. * Values for 2007 have not been restated in accordance with the new accounting principle.11ocent under den senaste tolvmånadersperioden2009Jan–Sept2008Jan–Sept2008Jan–Sept2009Jan–Sept9.0%−3.0−1.01.03.05.07.020093,5682331073.0932.675370.220.29117July–Sept 2008Change, % 3,690–32991804.91804.91401010.600.60175–22–41––48––46–63–63–52–3320095881801.5–102–0.9–169–183–1.100.21714Jan–Sept11,63612,0021,1558086.78086.76945002.952.9597Oct–Sept2008Change, % 2008/09–315,625–49–78––113––124–137–137–936368433052.050.0–111–154–0.920.437801.0–4.0Profitability trend%10152025−5052007*Jan–Dec2007*Jan–Dec2008Jan–Dec2008Jan–Dec2008/09Okt–Sept2008/09Okt–Sept Return on capital employed Return on shareholders’ equityReturn on capital employed amounted to 1.0 per cent during the past 12-month period, including structural expenses.Earnings per share after dilution amounted to negative SEK 0.92 during the past 12-month period, including Resultat per aktie efter utspädning uppgick till structural expenses.Earnings per shareSEK per share−10123 4562007*Jan–Dec2007*Jan–Dec2008Jan–Dec2008Jan–Dec2008/09Okt–Sept2008/09Okt–SeptJan–Dec200815,9911,4109335.89155.77525293.133.1816312.613.2Comments from the CEO “The European market remained weak, although in many areas we can see tendencies toward a certain stabilisation on a new low level,” says President and CEO Preben Bager. “We noted that interest in kitchen renovations is slowly increasing, particularly in the Nordic region. In the UK region, we saw increased kitchen sales in all price segments and sales chan-nels. We are making further preparations for structural meas-ures in a bid to take full advantage of the benefits of the size of our company.”