Interim report January–March 2013

Net sales for the first quarter amounted to SEK 2,804 million (2,934). Organic growth was a negative 2 per cent (neg: 10). No restructuring costs (12) impacted operating profit for the quarter. Operating profit excluding restructuring costs amounted to SEK 62 million (22), corresponding to an operating margin of 2.2 per cent (0.7). Profit after tax including restructuring costs was SEK 25 million (loss: 12), corresponding to earnings per share of SEK 0.15 (loss: 0.07). Operating cash flow was negative SEK 53 million (neg: 217).

Nobia’s first-quarter sales were adversely affected by the low market activity in all regions. The markets in the Nordic and Continental Europe regions weakened, while the UK market grew, albeit from a low level.

Sales fell 2 per cent organically. Currency effects had a negative impact of SEK 121 million (35).

The gross margin rose to 39.9 per cent (39.0), positively affected by price increases, an improved sales mix and productivity improvements.

Operating profit excluding restructuring costs improved on the basis of the strengthened gross margin and as a result of cost savings.

Currency effects had an impact of approximately SEK 0 million (0) on operating profit excluding restructuring costs, of which 0 million (0) in translation effects and SEK 0 million (0) in transaction effects.

The return on capital employed including restructuring costs was negative 4.3 per cent over the past twelve-month period (Jan-Dec 2012: neg: 5.3).

Operating cash flow improved, primarily as a result of a positive change in working capital, lower restructuring payments and higher earnings generation.

Comments from the CEO
“The first quarter, which is a seasonally comparatively weak quarter, was impacted by low demand and fewer delivery days than in the preceding year. A negative organic sales trend in the Nordic region could be partly offset by the positive performance in the UK and Continental Europe. The number of employees was reduced and we are continuing to be proactive in adapting our staffing levels. The gross margin improved and work on enhancing the efficiency of the production is making progress. The relocation of Hygena’s production to the UK is proceeding according to plan and the continuing operations in Stemwede were divested today, 30 April. These measures are expected to increase the Group’s earnings by about SEK 25 million and reduce sales by approximately SEK 380 million per year,” says Morten Falkenberg, President and CEO.


For further information
Please contact any of the following on: +46 (0)8 440 16 00 or +46 (0)705 95 51 00:
Morten Falkenberg, President and CEO
Mikael Norman, CFO
Lena Schattauer, Head of Investor Relations

About Us

Nobia develops and sells kitchens through some twenty strong brands in Europe, including Magnet in the UK; HTH, Norema, Sigdal, Invita and Marbodal in Scandinavia; Petra and A la Carte in Finland; ewe, FM and Intuo in Austria, as well as Poggenpohl globally. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,400 employees and net sales of about SEK 12 billion in 2014. The Nobia share is listed on the NASDAQ Stockholm under the ticker NOBI. Website: www.nobia.com.

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