Nobia: Continued margin improvements
(Thomson Reuters ONE) -
Net sales for the fourth quarter amounted to SEK 3,097 million (3,239). Organic
growth was a negative 2 per cent (neg: 10). Operating profit excluding net
restructuring costs of SEK 739 million (189) amounted to SEK 196 million (80),
corresponding to an operating margin of 6.3 per cent (2.5). Operating profit for
the period was impacted by goodwill impairment of SEK 492 million pertaining to
Hygena. In this interim report, this impairment has been added to restructuring
costs for the quarter under the heading "Restructuring costs." Loss after tax
including restructuring costs and impairment of deferred tax assets was SEK 675
million (loss: 90), corresponding to a loss per share of SEK 4.04 (loss: 0.53).
The Board of Directors proposes a dividend of SEK 0.50 per share.
Nobia's sales for the fourth quarter compared with the year-earlier period were
adversely impacted by a weaker market performance in all regions.
Negative currency effects of SEK 64 million (neg: 12) impacted net sales for the
quarter. Sales declined 2 per cent organically.
The gross margin was 42.0 per cent (39.0), positively impacted by price
increases, currency effects and productivity improvements.
Operating profit improved, mainly due to the strengthened gross margin, but also
to other cost savings.
Currency effects contributed approximately SEK 30 million (neg: 5) to operating
profit excluding restructuring costs, of which negative SEK 5 million (0) in
translation effects and SEK 35 million (neg: 5) in transaction effects.
Net restructuring costs charged to operating profit amounted to SEK 739 million,
of which SEK 513 million pertained to the impairment of goodwill, primarily in
Hygena. Restructuring costs also included impairment of fixed assets in Germany,
expenses relating to commitments for the former window supplier Oakworth Joinery
in the UK, savings measures in Poggenpohl and store refurbishments in Hygena.
The return on capital employed including restructuring costs was negative 5.4
per cent over the past twelve-month period (3.6).
Operating cash flow amounted to SEK 133 million (neg: 127) and the improvement
was primarily driven by higher earnings generation and a positive change in
working capital.
Comments from the CEO
"A key reason for our success in improving the operating margin, despite weak
markets and lower income, was the major savings that were implemented. Since
2010, about 1,000 employees have left the Group and accumulated annual savings
amount to approximately SEK 250 million from 2013. We have also introduced a
largely Group-wide range and taken important steps towards a more efficient
production structure. In 2013, we will continue to optimise the use of the
company's assets and be proactive regarding cost savings. I am convinced that
our margin target of 10 per cent will be achieved once demand rises," 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
Nobia Q4 2012:
http://hugin.info/133488/R/1677465/547199.pdf
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Source: Nobia via Thomson Reuters ONE
[HUG#1677465]
Unternehmensinformation / Kurzprofil:
Datum: 13.02.2013 - 07:31 Uhr
Sprache: Deutsch
News-ID 228898
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contact information:
Town:
Stockholm
Kategorie:
Business News
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