Interim report January-June 2016

April-June 2016
• Net sales for the second quarter amounted to SEK 3,667 million (3,575).
• Organic growth was 4 per cent (7). Additionally, net sales were positively
impacted by acquisitions and negatively impacted by currency effects and a
decline in sales for Hygena.
• Operating profit amounted to SEK 414 million (400), corresponding to an
operating margin of 11.3 per cent (11.2).
• Currency losses had an impact of approximately SEK 50 million, of which a
negative SEK 20 million comprised translation effects and a negative SEK 30
million transaction effects.
• Profit after tax amounted to SEK 302 million (289), corresponding to earnings
per share of SEK 1.80 (1.72).
• Operating cash flow amounted to SEK 238 million (170).
Consolidated net sales, earnings and cash flow
The market in total is deemed to have improved during the second quarter
compared with the year-earlier period.
Sales increased organically 4 per cent (7). Currency losses of SEK 182 million
(gains: 247) affected sales for the quarter. Commodore and CIE, which were
consolidated during the fourth quarter of 2015, generated sales of SEK 164
million during the second quarter.
The gross margin amounted to 40.4 per cent (41.1), negatively affected by
currency effects and by Commodore and CIE having a structurally lower gross
margin.
Operating profit improved primarily as a result of higher sales volumes and
lower material prices, but also due to the earnings contribution from Commodore
and CIE.
The return on operating capital including items affecting comparability was 25.5
per cent over the past twelve-month period (Jan-Dec 2015: 26.9).
The return on shareholders’ equity including items affecting comparability was
23.9 per cent over the past twelve-month period (Jan-Dec 2015: 24.1).
Operating cash flow increased mainly as a result of a positive change in working
capital and lower investment compared with last year.
Comments from the CEO
“All regions report sales growth for the second quarter and profitability
strengthened in the Nordic and UK regions. The operating margin for the past
twelve months amounted to 9.5 per cent. We are focusing intensively on achieving
our target of a 10 per cent operating margin in 2016. The uncertainty has
however increased due to the result of the referendum in the UK. We are
monitoring the development very closely and are ready to take steps to
strengthen profitability should this be necessary,” says President and CEO
Morten Falkenberg.
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
Nobia develops and sells kitchens through some twenty strong brands in Europe,
including Magnet in the UK; HTH, Norema, Sigdal, Invita, Marbodal in
Scandinavia; Petra and A la Carte in Finland; Ewe, FM and Intuo in Austria, as
well as Poggenpohl globally. Nobia generates profitability by combining
economies of scale with attractive kitchen offerings. The Group has
approximately 6,400 employees and net sales of about SEK 12 billion. The Nobia
share is listed on the Nasdaq Stockholm under the ticker NOBI. Website:
www.nobia.com.
This information is such that Nobia is obliged to made public pursuant to the
EU’s Market Abuse Regulation and the Swedish Securities Market Act. The
information was submitted for publication, through the agency of the contact
person set out above, on 20 July 2016 at 1:00 p.m. CET.