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Nobia — Management Reports 2008
Apr 4, 2008
3084_rns_2008-04-04_0bb957ca-4786-431f-84e6-53e4e7a5a7f0.pdf
Management Reports
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New accounting principle 2008
As previously announced in the 2007 Year‐end Report, Nobia will change its accounting principle for conditional discounts. Effective 1 January 2008, conditional discounts will, in accordance with IAS 18:10, be reported as reduced sales. Conditional discounts were previously reported as cost of goods sold. Operating profit will not be affected by this change.
The restated effects on net sales and the operating margin for each region and the Group for 2007 are described below.
| Net sales restated according to new accounting principle |
Net sales according to former accounting principle |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2007 | 2007 | 2007 | |||||||||
| SEK m | full-year | IV | III | II | I | full-year | IV | III | II | I | ||
| UK | 6 012 | 1 542 | 1 492 | 1 538 | 1 440 | 6 106 | 1 565 | 1 514 | 1 562 | 1 465 | ||
| Nordic | 5 567 | 1 436 | 1 192 | 1 529 | 1 410 | 5 774 | 1 485 | 1 235 | 1 589 | 1 465 | ||
| Continental Europe | 4 665 | 1 229 | 1 073 | 1 301 | 1 062 | 4 852 | 1 272 | 1 121 | 1 348 | 1 111 | ||
| Other and Group adjustments | -110 | -24 | -9 | -35 | -42 | -110 | -24 | -9 | -35 | -42 | ||
| Group | 16 134 | 4 183 | 3 748 | 4 333 | 3 870 | 16 622 | 4 298 | 3 861 | 4 464 | 3 999 |
| Operating margin restated according to new accounting principle |
Operating margin according to former accounting principle |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2007 | 2007 | 2007 | ||||||||
| % | full-year | IV | III | II | I | full-year | IV | III | II | I | |
| UK | 8,6 | 8,4 | 8,4 | 8,8 | 8,8 | 8,5 | 8,3 | 8,3 | 8,7 | 8,6 | |
| Nordic | 12,3 | 10,9 | 10,1 | 14,7 | 13,0 | 11,9 | 10,6 | 9,7 | 14,2 | 12,5 | |
| Continental Europe | 5,9 | 6,9 | 5,9 | 9,1 | 0,5 | 5,6 | 6,7 | 5,7 | 8,8 | 0,4 | |
| Group | 8,4 | 8,3 | 7,3 | 10,3 | 7,4 | 8,1 | 8,1 | 7,0 | 10,0 | 7,1 |
Nobia AB 4 April 2008
For further information, contact either of the following:
- Jan Johansson, CFO
- Ingrid Yllmark, IRO
Telephone +46 8 440 16 00 or +46 708 65 59 00
Nobia is the leading kitchen company in Europe with operations in some ten countries. The Group manufactures and sells complete kitchen solutions through many strong local and international brands, including Magnet in the UK, HTH in the Nordic region, Hygena in France and Poggenpohl internationally. Sales are generated through specialised kitchen studios, retailers and direct to corporate customers. Nobia creates profitable and sustainable growth by enhancing efficiency and making acquisitions. Nobia has about 8,500 employees and annual net sales of approximately SEK 16 billion. The Nobia share is listed on the OMX Nordic Exchange Stockholm AB under the shortname NOBI, in the Large Cap segment and the Consumer Discretionary sector. Nobia is included in the OMX Stockholm Benchmark Index. More information is available at www.nobia.com.