Lower profit but improved cash flow
(Thomson Reuters ONE) - Download the report in full:Nobia Q4 ENG Nobia's sales for 2009 amounted to SEK 15,418 million (15,991). Organic growthwas negative 10 per cent. Profit for 2009 was charged with structural expensesin the form of plant closures. Operating profit was SEK 346 million (933) beforethese structural expenses and SEK 38 million (915) after structural expenses.Loss after tax was SEK 79 million (profit: 529), corresponding to a loss pershare of SEK 0.47 (earnings: 3.13). Measures to improve cash flow generated animprovement of SEK 803 million (163). The Board of Directors proposes that nodividend be paid.Demand weakened in all markets in 2009. The largest decline was noted in theNordic region where demand in primarily the new-builds segment fellsubstantially. However, a reduction in the rate of decline was seen towards theend of the year.Despite the weakening in the market, Nobia's sales in the UK rose and marketshares were captured as a result. In other regions, sales fell in pace with themarket decline.Operating profit excluding structural expenses amounted to SEK 346 million(933), entailing an operating margin of 2.2 per cent (5.8). The effect of thedecline in volume was slightly offset by higher prices, lower indirect costs andSEK 42 million from changes to pension conditions. Currency effects remainednegative at SEK 90 million (110). The currency loss was primarily attributableto the GBP/EUR rate.The programme to reduce the number of plants was implemented according to plan.The total structural expenses amounted to SEK 308 million (18).Comments from the CEO"We implemented an extensive restructuring programme, which is expected togenerate total annual savings of approximately SEK 140 million. We alreadystarted seeing the effects of the programme in 2009. I am also gratified that wesaw the results of our many years of marketing investments by capturing highermarket shares in the UK in 2009. Over the next year, we will continue our focuson strengthening our brands and enhancing the efficiency of our supply chain,"says Preben Bager, President and CEO.[HUG#1383771] Nobia Q4 ENG: http://hugin.info/133488/R/1383771/342612.pdf
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Datum: 12.02.2010 - 02:08 Uhr
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