The year-end report is resent due to a correction of Earnings per share
Net sales for the fourth quarter amounted to SEK 2,909 million (3,097). Organic
growth totalled negative 1 per cent (neg: 2). No restructuring costs (739)
impacted operating profit for the quarter. Operating profit excluding
restructuring costs amounted to SEK 199 million (196), corresponding to an
operating margin of 6.8 per cent (6.3). Profit after tax and including
restructuring costs totalled SEK 98 million (loss: 677), corresponding to
earnings per share of SEK 0.59 (neg: 4.06). Operating cash flow amounted to SEK
210 million (133). The Board proposes a dividend of SEK 1.00 (0.50) per share.
In total, market performance was deemed to be unchanged compared with the year
-earlier period. The UK market continued to grow, but from a low level. The
Nordic market is estimated to have remained unchanged, while the main markets in
Continental Europe weakened.
Organic sales fell 1 per cent (neg: 2). Currency effects impacted net sales
negatively for the quarter in an amount of SEK 17 million (neg: 64). Optifit,
which was divested during the second quarter of 2013, reported sales of SEK 77
million in the fourth quarter of 2012. The changed reporting period in the UK
had an adverse impact of SEK 74 million on sales compared with the fourth
quarter of 2012.
The gross margin was 42.0 per cent (42.0), positively impacted by higher sales
values and negatively affected by currency effects and lower sales volumes.
Operating profit excluding restructuring costs increased primarily due to higher
sales values and cost savings. Currency effects of approxima-tely negative SEK
20 million (pos: 30) affected operating profit excluding restructuring costs, of
which SEK 0 million (neg: 5) comprised translation effects and negative SEK 20
million (pos: 35) transaction effects.
Return on capital employed including restructuring costs amounted to 14.6 per
cent over the past twelve-month period (neg. 5.3).
Operating cash flow improved primarily as a result of lower investments and
restructuring payments and slightly higher earnings generation compared with the
preceding year.
Comments from the CEO
“The sales trend in the UK was positive, but could only partly offset the
negative growth in the Nordic and Continental Europe regions. The Nordic region
again reported strong profitability and the merger of the Myresjökök and
Marbodal brands has been successful to date. Our ambitions for 2014 are high. We
are marketing Nobia’s new innovations and enhanced sales processes are being
introduced in our stores. We are increasing our digital investments and
developing websites and other digital aids for our customers. In addition, we
are seeking new distribution partnerships. An example is our partnership with
Finnish company Isku, which we believe will add sales of about EUR 10 million
when the some 20 stores are completed by year-end,” says Morten Falkenberg,
President and CEO.