Impairment in Poggenpohl

In the fourth quarter of 2015, Nobia will report a cost item of SEK 96 million that is non-recurring, attributable to impairments in Poggenpohl. The cost item is not affecting the cash flow.

The background to this cost item is that it has recently been discovered that the accounting in Poggenpohl U.S. has been incorrect for several years, at least since 2009.

The impairment will affect a number of items in Nobia’s income statement for 2015 and will be reported as an item affecting comparability.

Actions have been taken and will be taken to restore confidence in the administrative management within Poggenpohl.


For more information:
Mikael Norman, CFO
+46 (0)8 440 16 09 eller +46 (0)705 94 57 29
mikael.norman@nobia.com

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.