Nobia: Continued cost savings
(Thomson Reuters ONE) -
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Nobia Q3 2011
(All figures in brackets refer to the corresponding period in 2010)
Net sales for the third quarter amounted to SEK 3,109 million (3,228). Organic
growth totalled 0 per cent (neg: 1). Operating profit excluding restructuring
costs of net SEK 113 million (76) amounted to SEK 126 million (153),
corresponding to an operating margin of 4.1 per cent (4.7). Loss after tax and
including restructuring costs totalled SEK 8 million (profit: 42) corresponding
to loss per share of SEK 0.05 (earnings: 0.25). Operating cash flow amounted to
SEK 124 million (283).
The Nordic market displayed a weakly positive trend, while other markets
combined are deemed to have weakened slightly.
Negative currency effects of SEK 109 million (neg: 229) impacted net sales for
the quarter.
Negative volume effects in Continental Europe and the UK were offset by volume
increases in the Nordic region, which, combined with price rises, resulted in
unchanged organic growth.
The gross margin changed due to an altered customer mix and higher prices of
materials and amounted to 38.5 per cent (40.3).
Operating profit excluding restructuring costs amounted to SEK 126 million
(153), corresponding to an operating margin of 4.1 per cent (4.7).
Negative currency effects of approximately SEK 5 million (pos: 5) were charged
to operating profit excluding restructuring costs, of which negative SEK 5
million (neg: 10) in translation effects and SEK 0 million (15) in transaction
effects.
Restructuring costs amounted to net SEK 113 million and were mainly attributable
to the accelerated programme for the renovation of the store network in the
French company, Hygena.
Return on capital employed including restructuring costs amounted to 4.0 per
cent (4.1) over the past twelve-month period.
Operating cash flow declined mainly as a result of lower earnings generation and
the cash flow in the year-earlier period including a substantial reduction in
working capital.
Comments from the CEO
"We are continuing our work to capitalise on synergies within Nobia and the
operating margin target of 10 per cent remains firm. The changes within the
framework of our strategic initiatives are proceeding as planned, but in light
of the prevailing financial uncertainty in Nobia's markets additional measures
are being taken in a number of business units to adjust cost levels. These
measures are anticipated to lead to annual savings of SEK 125 million and are
expected to result in nonrecurring costs of approximately SEK 160 million, of
which SEK 20 million will be charged to the third quarter and SEK 140 million to
the fourth quarter," says Morten Falkenberg, President and CEO.
Nobia Q3 2011:
http://hugin.info/133488/R/1558335/481383.pdf
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Source: Nobia via Thomson Reuters ONE
[HUG#1558335]
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2011 - 07:28 Uhr
Sprache: Deutsch
News-ID 80759
Anzahl Zeichen: 3614
contact information:
Town:
Stockholm
Kategorie:
Business News
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