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Nobia: Increased growth and improved profit

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The kitchen company Nobia increased its net sales in the first quarter by 27 per cent to SEK 3,615 million (2,854). Organic growth amounted to 14 per cent. Net profit rose by 38 per cent and earnings per share amounted to SEK 2.97 (2.15). The operating margin strengthened to 7.7 per cent (7.1).
Operating cash flow totalled SEK 202 million (11).

Operating profit for the quarter increased by 38 per cent to SEK 278 million (202). The improved operating profit can be attributed to strengthened market positions in several of Nobia's primary markets, combined together with greater demand and improved efficiency in several units. All regions improved their operating profit, with the most significant improvement in the Nordic operations. The acquired French company Hygena contributed positively to earnings per share.
 
Comments from the CEO:
"We have had a favourable start to 2006 and the European kitchen market is currently in an exciting phase," says President and CEO Fredrik Cappelen. "The market in the UK stabilised and our operations recorded improved profits. Our Nordic operations are continuing to demonstrate solid growth and in Continental Europe, our acquisition of the French chain Hygena strengthened operating profit."
 
 
Nobia Group Summary
 


 
 
 
Jan - Mar
 
 
 
 
Apr - Mar
 
Jan - Dec
 
 
2006
 
2005
 
Change
 
2005/06
 
2005
Net sales, SEK m
 
3,615
 
2,854
 
27%
 
13,203
 
12,442
Operating profit before depreciation, SEK m (EBITDA)
 
372
 
277
 
34%
 
1,397
 
1,302
Operating profit, SEK m (EBIT)
 
278
 
202
 
38%
 
1,069
 
993
Operating margin, %
 
7.7
 
7.1
 
 
 
8.1
 
8.0
Profit after financial items, SEK m
 
248
 
173
 
43%
 
960
 
885
Profit after tax, SEK m
 
173
 
125
 
38%
 
689
 
641
Earnings per share, after full dilution, SEK
 
2.97
 
2.15
 
38%
 
11.84
 
11.01
Return on capital employed, %
 
 
 
 
 
 
 
19.3
 
18.6
Return on equity, %
 
 
 
 
 
 
 
23.2
 
22.6
 
Classification of pensions has been changed, see Accounting Principles, page 7.
 
 
The full report with tables can be downloaded from the following link:   

Nobia is Europe's leading kitchen interiors company. The Group works with strong brands in several European markets. Sales are mainly through specialised kitchen studios, managed internally or through franchises. Nobia leads the consolidation of the European kitchen industry and, by using an industrial approach, creates profitable growth by implementing greater efficiency and making acquisitions. In 2004, the Group reported sales of SEK 11.3 billion and had approximately 6,700 employees. Nobia is listed on the O-List of the Stockholm Stock Exchange.

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