Nobia: Continued challenging market
(Thomson Reuters ONE) -
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Nobia Q1 2012
Net sales for the first quarter amounted to SEK 2,934 million (3,207). Organic
growth totalled negative 10 per cent (pos: 2). Operating profit excluding
restructuring costs of SEK 12 million (8) amounted to SEK 22 million (71),
corresponding to an operating margin of 0.7 per cent (2.2). Loss after tax and
including restructuring costs totalled SEK 12 million (profit: 30),
corresponding to a loss per share of SEK 0.07 (profit: 0.18). Operating cash
flow amounted to negative SEK 217 million (neg: 84).
Nobia's sales for the first quarter were adversely impacted by weaker demand in
both France and the UK. Sales in France were particularly negatively affected by
the fact that a large number of stores were closed for refurbishment in the
latter part of 2011. Positive currency effects of SEK 35 million (neg: 287)
impacted net sales for the quarter. Revenues declined 10 per cent organically.
The gross margin rose to 39.0 per cent (38.7), and was positively impacted but
higher sales prices and cost reductions.
Operating profit excluding restructuring costs amounted to SEK 22 million (71),
corresponding to an operating margin of 0.7 percent (2.2). The effect on
earnings of lower sales volumes were only partly offset by cost savings and
price increases.
Currency effects of approximately SEK 0 million (20) were charged to operating
profit excluding restructuring costs, of which SEK 0 million (-5) in translation
effects and SEK 0 million (25) in transaction effects.
Restructuring costs amounted to SEK 12 million (8), of which the capital loss
from the sale of a production property amounted to net SEK 4 million.
Return on capital employed including restructuring costs amounted to 2.6 per
cent over the past twelve-month period (Jan-Dec 2011: 3.6).
Operating cash flow declined primarily as a result of lower accounts payable,
lower earnings generation influencing cash flows and higher payments as a result
of previous years' restructuring measures.
Comments from the CEO
"While the market conditions for the first quarter were challenging in several
markets, the work on implementing Nobia's strategic initiatives is progressing
according to plan. More units are receiving parts of the Group-wide range and
the efforts to implement the future production structure are continuing as
planned. The Nordic region, which is Nobia's largest, displayed relatively
healthy growth and profitability, but were unable to compensate for the sharp
decline in sales in other regions. In the UK, sales volumes fell in all market
segments. In France, the turnaround takes longer than planned, although the
refurbished stores performed better than non-refurbished stores. Furthermore, we
see many opportunities for leveraging our strong position in Denmark, where a
government financing plan for renovating municipal housing has been introduced,"
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 Q1 2012:
http://hugin.info/133488/R/1606637/509403.pdf
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Source: Nobia via Thomson Reuters ONE
[HUG#1606637]
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Datum: 27.04.2012 - 02:02 Uhr
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