Management comment prior to Year-end Report 2010
(Thomson Reuters ONE) -
Nobia is undergoing a long-term process of changing its working methods and
organisation. Various projects have been initiated over the last year to
increase efficiency in the back-end of the value chain to better capitalise on
Nobia's size.
In addition, a number of structural initiatives were recently launched to also
improve the short-term performance of the Nobia Group. These initiatives have
resulted in extraordinary costs of SEK 275 million in the fourth quarter of
2010, of which SEK 244 million will impact operating profit and SEK 31 million
profit from discontinued operations. The net effect on Group cash flow will
total approximately SEK 100 million. These initiatives will create annual
savings of SEK 100-125 million, which will be generated gradually from the
beginning of 2011 and with a full effect from the fourth quarter of 2011.
"Our change process will take a number of years and result in a stronger Group.
The structural initiatives now being introduced will strengthen Nobia's
performance as early as in 2011. This is an important first step in the longer
journey towards an operating margin of 10 per cent," says Morten Falkenberg,
President and CEO of Nobia.
Nobia AB (publ)
2 February 2011
For further information, please contact:
Morten Falkenberg, President and CEO
Ingrid Yllmark, IRO
Telephone +46 (0)8 440 16 00 or +46 (0)708 65 59 00
Nobia develops and sells kitchens through some 20 strong brands in Europe,
including Magnet in the UK, Hygena in France, HTH, Norema, Sigdal, Invita,
Marbodal and Myresjökök in the Nordic countries, Petra, Parma and A la Carte in
Finland, ewe, FM and Intuo in Austria, Optifit in Germany and Poggenpohl
globally. Nobia generates profitability by combining economies of scale with
attractive kitchen offerings. The Group has approximately 7,500 employees and
net sales of around SEK 14 billion. The Nobia share is listed on the NASDAQ OMX
Nordic Exchange in Stockholm under the short name NOBI. Website: www.nobia.com.
Read more about the company under "About Nobia." Financial information can be
found under "Investors".
Press release PDF:
http://hugin.info/133488/R/1484514/419726.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#1484514]
Unternehmensinformation / Kurzprofil:
Datum: 02.02.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 50976
Anzahl Zeichen: 2992
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Management comment prior to Year-end Report 2010"
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