Interim report January-March 2016

January-March 2016
• Net sales for the first quarter amounted to SEK 3,323 million (3,251). 
• Organic growth was 3 per cent (5). Additionally, net sales were positively impacted by acquisitions and negatively impacted by currency effects.
• Operating profit amounted to SEK 235 million (211), corresponding to an operating margin of 7.1 per cent (6.5).
• Currency losses of approximately SEK 30 million had a negative effect on the Group’s operating profit, of which negative SEK 10 million comprised translation effects and negative SEK 20 million transaction effects.
• Profit after tax amounted to SEK 171 million (153), corresponding to earnings per share of SEK 1.02 (0.91).
• Operating cash flow amounted to SEK 78 million (34).

Consolidated net sales, earnings and cash flow
The kitchen market in total is deemed to have improved during the first quarter compared with the year-earlier period.

Sales increased organically 3 per cent (5). Currency losses of SEK 104 million (gains: 289) affected sales for the quarter. Commodore and CIE, which were consolidated on 1 November 2015, generated sales of SEK 104 million during the first quarter.

The gross margin amounted to 39.8 per cent (40.0), negatively affected by currency effects and the acquisition of Commodore and CIE.

Operating profit improved primarily as a result of higher sales volumes and lower prices of materials, but also due to the earnings contribution from Commodore and CIE.

The return on operating capital including items affecting comparability was 26.1 per cent over the past twelve-month period (Jan-Dec 2015: 26.9).

The return on shareholders’ equity including items affecting comparability was 24.8 per cent over the past twelve-month period (Jan-Dec 2015: 24.1).

Operating cash flow increased mainly as a result of lower investments and higher earnings generation. Nobia’s investments in fixed assets amounted to SEK 56 million (92), of which SEK 14 million (27) referred to store investments.

Comments from the CEO
“Organic sales growth in the Group was 3 per cent during the first quarter. Our two largest regions, the UK and Nordic, which together accounted for 90 per cent of the quarter’s sales, reported both organic growth and improved operating profit. The operating margin for the past twelve months amounted to 9.4 per cent. We are now focusing on growth and increased profitability. During 2016, we will achieve the target of an operating margin of 10 per cent,” says Morten Falkenberg, President and CEO.

For further information
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 Communication and Investor Relations


About Us

Nobia develops and sells kitchen solutions through a number of strong brands in Europe, including Magnet in the UK; HTH, Norema, Sigdal, Invita and Marbodal in Scandinavia; Petra and A la Carte in Finland; as well as ewe, Intuo and FM in Austria. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,100 employees and had net sales of about SEK 13 billion. The share is listed on Nasdaq Stockholm under the ticker NOBI. Website:


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