Interim report January-March 2016


January-March 2016
• Net sales for the first quarter amounted to SEK 3,323 million (3,251).
• Organic growth was 3 per cent (5). Additionally, net sales were positively
impacted by acquisitions and negatively impacted by currency effects.
• Operating profit amounted to SEK 235 million (211), corresponding to an
operating margin of 7.1 per cent (6.5).
• Currency losses of approximately SEK 30 million had a negative effect on the
Group’s operating profit, of which negative SEK 10 million comprised translation
effects and negative SEK 20 million transaction effects.
• Profit after tax amounted to SEK 171 million (153), corresponding to earnings
per share of SEK 1.02 (0.91).
• Operating cash flow amounted to SEK 78 million (34).
Consolidated net sales, earnings and cash flow
The kitchen market in total is deemed to have improved during the first quarter
compared with the year-earlier period.
Sales increased organically 3 per cent (5). Currency losses of SEK 104 million
(gains: 289) affected sales for the quarter. Commodore and CIE, which were
consolidated on 1 November 2015, generated sales of SEK 104 million during the
first quarter.
The gross margin amounted to 39.8 per cent (40.0), negatively affected by
currency effects and the acquisition of Commodore and CIE.
Operating profit improved primarily as a result of higher sales volumes and
lower prices of materials, but also due to the earnings contribution from
Commodore and CIE.
The return on operating capital including items affecting comparability was 26.1
per cent over the past twelve-month period (Jan-Dec 2015: 26.9).
The return on shareholders’ equity including items affecting comparability was
24.8 per cent over the past twelve-month period (Jan-Dec 2015: 24.1).
Operating cash flow increased mainly as a result of lower investments and higher
earnings generation. Nobia’s investments in fixed assets amounted to SEK 56
million (92), of which SEK 14 million (27) referred to store investments.
Comments from the CEO
“Organic sales growth in the Group was 3 per cent during the first quarter. Our
two largest regions, the UK and Nordic, which together accounted for 90 per cent
of the quarter’s sales, reported both organic growth and improved operating
profit. The operating margin for the past twelve months amounted to 9.4 per
cent. We are now focusing on growth and increased profitability. During 2016, we
will achieve the target of an operating margin of 10 per cent,” says Morten
Falkenberg, President and CEO.
For further information
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 Communication and Investor Relations

Attachments

04265037.pdf