Nobia: Maintained full-year earnings despite weak market
(Thomson Reuters ONE) -
Download the report in full:
Nobia Q4 ENG
(All figures in brackets refer to the corresponding period in 2010)
Net sales for the fourth quarter amounted to SEK 3,239 million (3,605). Organic
growth totalled negative 10 per cent (pos: 6). Operating profit excluding
restructuring costs of net SEK 189 million (281) amounted to SEK 80 million
(193), corresponding to an operating margin of 2.5 per cent (5.4). Loss after
tax and including restructuring costs totalled SEK 90 million (loss: 110),
corresponding to a loss per share of SEK 0.53 (loss: 0.66). Operating cash flow
amounted to negative SEK 127 million (pos: 97). The Board of Directors proposes
that no dividend be paid for the 2011 fiscal year.
Nobia's sales for the fourth quarter were adversely impacted by weaker demand
and reduced sales capacity in France due to the extensive refurbishment of the
store network. Negative currency effects of SEK 12 million (neg: 281) impacted
net sales for the quarter. Revenues declined 10 per cent organically.
The negative volume effect could only partially be offset by cost savings and
price increases. The gross margin was also affected negatively by higher raw
material prices and decreased to 39.0 per cent (39.3). Operating profit
excluding restructuring costs amounted to SEK 80 million (193), corresponding to
an operating margin of 2.5 per cent (5.4).
Negative currency effects of approximately SEK 5 million (10) were charged to
operating profit excluding restructuring costs, of which SEK 0 million (neg:
20) in translation effects and negative SEK 5 million (30) in transaction
effects.
Restructuring costs amounted to net SEK 189 million, of which SEK 148 million
was attributable to cost-saving measures that were posted in the third quarter.
Restructuring costs included further for instance impairment totalling SEK 17
million for a property.
Return on capital employed including restructuring costs amounted to 3.6 per
cent (0.4) over the past twelve-month period.
Operating cash flow declined mainly as a result of payments within the framework
of the renovation programme in Hygena totalling SEK 137 million and lower cash-
influencing earnings generation.
Comments from the CEO
"We took strong initiatives with a focus on increased efficiency during the
year, which strengthened the operating margin for the full year of 2011 compared
with the preceding year, despite difficult market conditions. The change process
continues as planned and the renovation programme in France was intensified
during the fourth quarter - entailing a new start for Hygena, with 78 newly
renovated stores prior to the first quarter, which is important from a sales
perspective. The launch of the Group-wide range commenced at the same time. At
the end of the quarter, the sales decline decreased slightly, but we are
planning for continued challenging market conditions. Except for costs
originating from plant closures, restructuring costs will be substantially lower
henceforth," says Morten Falkenberg, President and CEO.
Nobia Q4 ENG:
http://hugin.info/133488/R/1585194/496204.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nobia via Thomson Reuters ONE
[HUG#1585194]
Unternehmensinformation / Kurzprofil:
Datum: 14.02.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 114143
Anzahl Zeichen: 3973
contact information:
Town:
Stockholm
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 128 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Nobia: Maintained full-year earnings despite weak market"
steht unter der journalistisch-redaktionellen Verantwortung von
Nobia (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
