Quarterly Report • Apr 27, 2015
Quarterly Report
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(All figures in brackets refer to the corresponding period in 2014)
| Jan-Mar | Jan-Dec | Apr-Mar | ||||
|---|---|---|---|---|---|---|
| 2014 | 2015 | Change, % | 2014 | 2014/2015 | Change, % | |
| Net sales, SEK m | 2,695 | 3,251 | 21 | 11,411 | 11,967 | 5 |
| Gross margin, % | 40.1 | 40.0 | – | 41.0 | 40.9 | – |
| Operating margin before depreciation and impairment, % |
9.2 | 9.2 | – | 11.3 | 11.2 | – |
| Operating profit (EBIT), SEK m | 156 | 211 | 35 | 975 | 1,030 | 6 |
| Operating margin, % | 5.8 | 6.5 | – | 8.5 | 8.6 | – |
| Profit after financial items, SEK m | 132 | 195 | 48 | 899 | 962 | 7 |
| Profit/loss after tax including items affecting comparability, SEK m |
47 | 153 | – | -27 | 79 | – |
| Earnings/loss per share excluding items affecting comparability, after dilution, SEK |
0.28 | 0.91 | – | 3.20 | 3.82 | 19 |
| Earnings/loss per share including items affecting comparability, after dilution, SEK |
0.28 | 0.91 | – | -0.17 | 0.46 | – |
| Operating cash flow, SEK m | 132 | 34 | -74 | 779 | 681 | -13 |
All figures, except for net sales, profit after tax and operating cash flow, were adjusted for items affecting comparability. Additional information about items affecting comparability is provided on pages 6 and 9.
"Nobia's organic sales growth was 5 per cent for the first quarter. Net sales also increased as a result of favourable currency effects and the acquisition of Rixonway. Our two largest regions, Nordic and the UK, reported both healthy organic growth and improved profitability. Operating profit rose 35 per cent year-on-year. New websites are being launched for our brands this spring, and new, innovative kitchen solutions are being marketed in our stores. In 2015, we will open new stores and we are continuing to work on co-ordinating sourcing, optimising production and harmonising our commercial activities in our three regions," says Morten Falkenberg, President and CEO.
Overall market performance is deemed to have improved compared with the first quarter of the preceding year. The Nordic market strengthened and the UK market is continuing to grow, while Nobia's main markets in Central Europe weakened.
Sales increased organically 5 per cent (4). Currency gains of SEK 289 million (79) affected sales for the quarter. Rixonway Kitchens, which was acquired during the fourth quarter of 2014, reported sales of SEK 132 million for the first quarter of 2015.
The gross margin amounted to 40.0 per cent (40.1), negatively impacted by the effect of the acquisition of Rixonway Kitchens and higher prices of materials, and positively affected by higher volumes and positive exchangerate fluctuations.
Operating profit improved as a result of higher sales, the acquisition of Rixonway Kitchens and favourable exchange-rate fluctuations.
Currency gains of approximately SEK 25 million (0) affected operating profit, of which SEK 20 million (5) comprised translation effects and SEK 5 million (losses: 5) transaction effects.
The return on operating capital including items affecting comparability was 21.2 per cent over the past twelve-month period (Jan-Dec 2014: 21.3). The return on shareholders' equity including items affecting comparability was 2.4 per cent over the past twelve-month period (Jan-Dec 2014: neg 0.9).
Operating cash flow declined primarily due to a negative change in working capital compared with the preceding year. Nobia's investments in fixed assets amounted to SEK 92 million (54), of which SEK 27 million (24) was related to store investments.
Group net sales and operating margin
Analysis of net sales
| Jan-Mar | ||
|---|---|---|
| % | SEK m | |
| 2014 | 2,695 | |
| Organic growth | 5 | 135 |
| – of which Nordic region | 6 | 80 |
| – of which UK region | 8 | 86 |
| – of which CE region | -9 | -31 |
| Currency effect | 11 | 289 |
| Sales to Hygena | 0 | 0 |
| Acquired operations¹ | 5 | 132 |
| 2015 | 21 | 3,251 |
1 Pertains to acquisition of Rixonway Kitchens, which was consolidated on 1 Nov 2014.
| Trans lation effect |
Trans action effect |
Total effect |
|
|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Mar | |
| Nordic region | 5 | -5 | 0 |
| UK region | 15 | 0 | 15 |
| CE region | 0 | 10 | 10 |
| Koncernen | 20 | 5 | 25 |
Hygena is included in the figures for 2013, but not for 2014 and 2015. Net sales quarter Operating margin excl items aff comp 12 months roll, %
| Group-wide and | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nordic | UK | Central Europe | eliminations | Group | |||||||
| Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | Jan-Mar | |||||||
| SEK m | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 Change, % | |
| Net sales from external customers | 1,262 | 1,384 | 1,099 | 1,522 | 334 | 345 | – | – | 2,695 | 3,251 | 21 |
| Net sales from other regions | 0 | 1 | – | – | 1 | 0 | -1 | -1 | – | – | – |
| Net sales | 1,262 | 1,385 | 1,099 | 1,522 | 335 | 345 | -1 | -1 | 2,695 | 3,251 | 21 |
| Gross profit excl items affecting comparability | 503 | 550 | 444 | 604 | 131 | 140 | 3 | 5 | 1,081 | 1,299 | 20 |
| Gross margin excl items affecting comparability, % | 39.9 | 39.7 | 40.4 | 39.7 | 39.1 | 40.6 | – | – | 40.1 | 40.0 | – |
| Operating profit/loss excl items affecting comparability | 128 | 151 | 51 | 94 | 18 | 7 | -41 | -41 | 156 | 211 | 35 |
| Operating margin excl items affecting comparability, % | 10.1 | 10.9 | 4.6 | 6.2 | 5.4 | 2.0 | – | – | 5.8 | 6.5 | – |
| Operating profit/loss | 128 | 151 | 51 | 94 | 18 | 7 | -41 | -41 | 156 | 211 | 35 |
| Operating margin, % | 10.1 | 10.9 | 4.6 | 6.2 | 5.4 | 2.0 | – | – | 5.8 | 6.5 | – |
| Net financial items | – | – | – | – | – | – | – | – | -24 | -16 | 17 |
| Profit after financial items | – | – | – | – | – | – | – | – | 132 | 195 | 48 |
Organic growth was primarily attributable to increased deliveries to the professional segment, although sales to consumers also rose. Sales in the professional segment grew in all markets except the Norwegian market. Sales to consumers primarily increased in Sweden, but also in Finland, while sales declined in Denmark and Norway.
The gross margin weakened slightly due to currency losses and a weaker sales mix, which offset higher sales values and increased volumes.
The improvement in operating profit was mainly due to higher sales values and increased sales volumes.
In January, Nobia launched a new e-commerce platform. HTH is the first of the Group's brands to have this online store, initially for sections of the product range and for the Danish market.
The transition of the Finnish operations to the Group's common standard proceeded according to plan. The Finnish brand portfolio is being streamlined in 2015 by phasing out the Parma brand and instead focusing resources on strengthening the A la Carte and Petra brands.
Net sales and operating margin for the region
Our brands
Share of consolidated net sales, first quarter
Store trend, Jan-Mar 2015
| Renovated or relocated | – |
|---|---|
| Newly opened/closed, net | -3 |
| Number of own kitchen stores | 65 |
Organic sales growth was primarily attributable to Magnet, but B2B sales also increased. In Magnet, sales to consumers (Retail) and to the project segment increased, which only partly offset lower sales to builders (Trade).
Rixonway Kitchens, which was acquired in the fourth quarter of 2014, reported net sales of SEK 132 million for the quarter.
The gross margin weakened due to lower sales values, higher prices of materials and an effect of the acquisition of Rixonway Kitchens, which only partly offset currency gains and increased volumes.
The improvement in operating profit was primarily attributable to higher sales volumes, currency gains and the earnings contribution from Rixonway Kitchens.
Magnet's transition to the Group's common standard dimension proceeded according to plan. The Simply Magnet range, which was launched in the third quarter of 2014, was well received by consumers.
Net sale and operating margin for the region
Share of consolidated net sales, first quarter
Store trend, Jan-Mar 2015
| Renovated or relocated | – |
|---|---|
| Newly opened/closed, net | 0 |
| Number of own kitchen stores | 208 |
Our brands
The decline in organic sales was primarily attributable to the Austrian operations, and was largely a consequence of the weaker market conditions. Poggenpohl's organic sales trend was also negative, caused by lower project volumes, a factor that was only partly offset by higher deliveries through own stores and retailers, primarily in the US.
The gross margin strengthened as a result of higher sales values and currency gains.
Operating profit fell due to lower sales volumes and nonrecurring costs for impairment on a receivable.
On 23 February 2015, the French competition authority approved Nobia's divestment of the French kitchen chain Hygena to Fournier Group. The transaction took place on 2 March 2015.
Net sales and operating margin for the region
Our brands
Share of consolidated net sales, first quarter
Store trend, Jan-Mar 2015
| Renovated or relocated | – |
|---|---|
| Newly opened/closed, net | – |
| Divested operations | -125 |
| Number of own kitchen stores | 35 |
In 2014, Nobia agreed a new syndicated loan of SEK 1 billion with a term of five years. In addition, Nobia has a bond loan from AB SEK Securities (Swedish Export Credit Corporation) of SEK 800 million, which expires in 2017.
Net debt including pension provisions amounted to SEK 1,160 million (1,104) at the end of the first quarter. The debt/equity ratio was 35 per cent (35) at the end of the period.
Net financial items amounted to an expense of SEK 16 million (expense: 24). Net financial items include the net of returns on pension assets and interest expense on pension liabilities corresponding to an expense of SEK 9 million (expense: 7). The net interest expense amounted to SEK 6 million (expense: 16).
On 30 October 2014, Nobia signed an agreement for the divestment of the French kitchen chain Hygena to Fournier Group for EUR 20 million, on a cash and debt-free basis, conditional on the approval of the French competition authority. In conjunction with signing this sales agreement, Hygena's net assets were reclassified to the Disposal group held for sale, in accordance with IFRS 5.
On 23 February 2015, the French competition authority approved the divestment of Hygena to Fournier Group. The transaction took place on 2 March 2015 and Nobia thus received the purchase consideration.
Hygena's operations are recognised as discontinued operations from 1 January 2015 and the income statement, organic growth, specification of items affecting comparability, cash-flow statement and comparative data per region for 2014 have been restated. Restatements are presented in an appendix available from Nobia's website under Investor Relations/Reports and presentations.
Profit after tax from discontinued operations for the first quarter of 2015 amounted to SEK 2 million (loss: 52), of which SEK 55 million pertained to the divestment of Hygena, a loss of SEK 51 million pertained to Hygena's current earnings and a loss of SEK 2 million referred to the stores that Nobia acquired from franchisees, with the intention of subsequently selling on.
During the first quarter of 2015, there was no change in the number of stores that Nobia acquired from franchisees and that are recognised as Discontinued operations and disposal group held for sale, in accordance with IFRS 5. At the end of the first quarter, Nobia had four stores in Denmark and three stores in Sweden, a total of seven stores.
Items affecting comparability refer to certain nonrecurring costs that were referred to as "restructuring costs" in previous interim reports, see page 9. No items affecting comparability impacted operating profit for the first quarter of 2015 (–).
Return on shareholders' equity and on operating capital
Net debt and net debt/equity ratio
The carrying amounts of the Group's financial assets and liabilities are an approximation of their fair values. Financial instruments measured at fair value in the balance sheet are forward agreements and an interest swap comprised of assets at a value of SEK 7 million (31 Dec 2014: 20) and liabilities at a value of SEK 41 million (31 Dec 2014: 24). The measurement of these items is attributable to level 2 of the fair value hierarchy, meaning based on indirectly observable market data.
The number of employees at the end of the period was 6,336 (6,609). The decrease in the number of employees since year-end 2014 was primarily due to the divestment of Hygena, which had 663 employees on 28 February 2015.
Nobia's Annual General Meeting was held on 14 April 2015 in Stockholm. The Annual General Meeting resolved in accordance with the proposed dividend to shareholders for the 2014 fiscal year of SEK 1.75 per share or about SEK 293 million in total. Payment took place on 21 April.
The Annual General Meeting resolved that the Board would comprise nine members and re-elected Morten Falkenberg, Lilian Fossum Biner, Nora Førisdal Larssen, Stefan Jacobsson, Thore Ohlsson, Fredrik Palmstierna and Ricard Wennerklint. Tomas Billing and Christina Ståhl were elected new Board members. Tomas Billing was elected Chairman of the Board. Johan Molin, who had served as the Chairman of the Board until the Annual General Meeting, declined re-election.
The company's auditors, KPMG AB, with George Pettersson as the Auditor in Charge, were re-elected for the period up to end of the next Annual General Meeting.
The Annual General Meeting appointed a Nomination Committee comprising Viveca Ax:son Johnson (Chairman) representing Nordstjernan, Fredrik Palmstierna representing Investmentaktiebolaget Latour, Torbjörn Magnusson representing If Skadeförsäkring and Evert Carlsson representing Lannebo fonder, and adopted the instruction for the Nomination Committee.
The Annual General Meeting resolved to introduce a Performance Share Plan, similar to the Plans introduced in 2012-2014. The Plan comprises approximately 100 employees and imposes the requirement that participants must personally purchase shares. The participants are entitled to allotment of one matching share and a maximum of four performance shares for each Nobia share that the participants invest in under the framework of the Plan, free of charge after three years, provided that certain conditions have been fulfilled. The conditions are linked to continued employment and ownership of shares and a financial performance target.
For the Performance Share Plan, the Annual General Meeting resolved to sell a maximum of 1,500,000 treasury shares to the participants of the Plan.
The Annual General Meeting resolved to authorise the Board of Directors, during the period until the next Annual General Meeting, to acquire and sell treasury shares.
A detailed description of the resolutions made at the Annual General Meeting is available from Nobia's website.
The Parent Company invoiced Group-wide services to subsidiaries in an amount of SEK 49 million (33) during the period. The Parent Company reported profit of SEK 0 million (0) from participations in Group companies.
Nobia is exposed to strategic, operating and financial risks, which are described on pages 33-35 of the 2014 Annual Report. During the January-March 2015 period, the overall Nordic market displayed a slight improvement. Demand in the UK is considered to have increased slightly, while demand in Continental Europe remained weak. Overall, market conditions are deemed to remain challenging. This means that total production and deliveries remain at a low level. Nobia is continuing to capitalise on synergies and economies of scale by harmonising the product range, co-ordinating production and enhancing purchasing efficiency. Nobia's balance sheet contains goodwill of SEK 2,337 million. The value of this asset item is tested if there are any indications of a decline in value and at least once annually.
This interim report has been prepared in accordance with IFRS, with the application of IAS 34 Interim Financial Reporting. For the Parent Company, accounting policies are applied in accordance with Chapter 9, Interim Reports, of the Swedish Annual Accounts Act. Nobia has applied the same accounting policies in this interim report as were applied in the 2014 Annual Report.
Stockholm, 27 April 2015
Morten Falkenberg President and CEO
Nobia AB, Corporate Registration Number 556528-2752
This interim report is unaudited.
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Net sales | 2,695 | 3,251 | 11,411 | 11,967 |
| Cost of goods sold | -1,614 | -1,952 | -6,794 | -7,132 |
| Gross profit | 1,081 | 1,299 | 4,617 | 4,835 |
| Selling and administration expenses | -939 | -1,089 | -3,743 | -3,893 |
| Other income/expenses | 14 | 1 | 4 | -9 |
| Operating profit | 156 | 211 | 878 | 933 |
| Net financial items | -24 | -16 | -78 | -70 |
| Profit/loss after financial items | 132 | 195 | 800 | 863 |
| Tax | -33 | -44 | -205 | -216 |
| Profit/loss after tax from continuing operations | 99 | 151 | 595 | 647 |
| Profit/loss from discontinued operations, net after tax | -52 | 2 | -622 | -568 |
| Profit/loss after tax | 47 | 153 | -27 | 79 |
| Total profit attributable to: | ||||
| Parent Company shareholders | 47 | 153 | -28 | 78 |
| Non-controlling interests | 0 | 0 | 1 | 1 |
| Total profit/loss | 47 | 153 | -27 | 79 |
| Total depreciation¹ | 79 | 86 | 310 | 317 |
| Total impairment¹ | 12 | 1 | 16 | 5 |
| Gross margin, % | 40.1 | 40.0 | 40.5 | 40.4 |
| Operating margin, % | 5.8 | 6.5 | 7.7 | 7.8 |
| Return on operating capital, % | 21.3 | 21.2 | ||
| Return on shareholders equity, % | -0.9 | 2.4 | ||
| Earnings per share before dilution, SEK2 | 0.28 | 0.91 | -0.17 | 0.46 |
| Earnings per share after dilution, SEK2 | 0.28 | 0.91 | -0.17 | 0.46 |
| Number of shares at period end before dilution, 000s3 | 167,131 | 167,775 | 167,526 | 167,775 |
| Average number of shares before dilution, 000s3 | 167,131 | 167,613 | 167,334 | 164,455 |
| Number of shares after dilution at period end, 000s3 | 167,405 | 168,301 | 167,526 | 168,224 |
| Average number of shares after dilution, 000s3 | 167,405 | 168,187 | 167,334 | 167,942 |
1 Excludes depreciation and impairment recognised on the line "Profit/loss from discontinued operations, net after tax".
2 Earnings/loss per share attributable to Parent Company shareholders.
3 Excluding treasury shares.
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Profit/loss after tax | 47 | 153 | -27 | 79 |
| Other comprehensive income | ||||
| Items that may be reclassified subsequently to profit or loss | ||||
| Exchange-rate differences attributable to translation of foreign operation | 26 | 56 | 369 | 399 |
| Cash flow hedges before tax | -17 | -25 | -5 | -13 |
| Tax attributable to change in hedging reserve for the period | 4 | 5 | 1 | 2 |
| 13 | 36 | 365 | 388 | |
| Items that will not be reclassified to profit or loss | ||||
| Remeasurements of defined benefit pension plans | -27 | -134 | -202 | -309 |
| Tax relating to remaeasurements of defined benefit pension plans | 5 | 27 | 41 | 63 |
| -22 | -107 | -161 | -246 | |
| Other comprehensive income/loss | -9 | -71 | 204 | 142 |
| Total comprehensive income/loss | 38 | 82 | 177 | 221 |
| Total comprehensive income/loss attributable to: | ||||
| Parent Company shareholders | 38 | 82 | 176 | 220 |
| Non-controlling interests | 0 | 0 | 1 | 1 |
| Total comprehensive income/loss | 38 | 82 | 177 | 221 |
| Jan-Mar | Jan-Dec | Apr-Mar | |||
|---|---|---|---|---|---|
| Items affecting comparability per function, SEK m | 2014 | 2015 | 2014 | 2014/15 | |
| Cost of goods sold | – | – | -60 | -60 | |
| Selling and administrative expenses | – | – | -17 | -17 | |
| Other expenses | – | – | -20 | -20 | |
| Total items affecting comparability | – | – | -97 | -97 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| Items affecting comparability per region, SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | – | – | -6 | -6 |
| UK | – | – | 2 -83 |
-83 |
| Central Europe | – | – | – | – |
| Group-wide and eliminations | – | – | -8 | -8 |
| Group | – | – | -97 | -97 |
1 Refers to costs affecting operating profit.
2 Impairment of SEK 17 million referring to kitchen exhibitions.
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| SEK m | 2014 | 2015 | 2014 |
| ASSETS | |||
| Goodwill | 2,165 | 2,337 | 2,278 |
| Other intangible fixed assets | 170 | 183 | 158 |
| Tangible fixed assets | 1,818 | 1,670 | 1,672 |
| Long-term receivables | 55 | 38 | 35 |
| Deferred tax assets | 432 | 343 | 303 |
| Total fixed assets | 4,640 | 4,571 | 4,446 |
| Inventories | 867 | 918 | 853 |
| Accounts receivable | 1,179 | 1,341 | 1,091 |
| Other receivables | 483 | 400 | 403 |
| Total current receivables | 1,662 | 1,741 | 1,494 |
| Cash and cash equivalents | 348 | 723 | 470 |
| Assets held for sale | 23 | 17 | 592 |
| Total current assets | 2,900 | 3,399 | 3,409 |
| Total assets | 7,540 | 7,970 | 7,855 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Share capital | 58 | 58 | 58 |
| Other capital contributions | 1,465 | 1,472 | 1,470 |
| Reserves | -345 | 43 | 7 |
| Profit brought forward | 2,016 | 1,715 | 1,656 |
| Total shareholders' equity attributable to Parent Company shareholders | 3,194 | 3,288 | 3,191 |
| Non-controlling interests | 4 | 5 | 5 |
| Total shareholders' equity | 3,198 | 3,293 | 3,196 |
| Provisions for pensions | 652 | 1,077 | 869 |
| Other provisions | 202 | 131 | 159 |
| Deferred tax liabilities | 158 | 138 | 143 |
| Other long-term liabilities, interest-bearing | 805 | 810 | 811 |
| Total long-term liabilities | 1,817 | 2,156 | 1,982 |
| Current liabilities, interest-bearing | 2 | 5 | 4 |
| Current liabilities, non-interest-bearing | 2,519 | 2,511 | 2,313 |
| Liabilities attributable to assets held for sale | 4 | 5 | 360 |
| Total current liabilities | 2,525 | 2,521 | 2,677 |
| Total shareholders' equity and liabilities | 7,540 | 7,970 | 7,855 |
| BALANCE-SHEET RELATED KEY RATIOS | |||
| Equity/assets ratio, % | 42 | 41 | 41 |
| Debt/equity ratio, % | 35 | 35 | 38 |
| Net debt, closing balance, SEK m | 1,104 | 1,160 | 1,206 |
| Operating capital, closing balance, SEK m | 4,302 | 4,453 | 4,402 |
| Capital employed, closing balance, SEK m | 4,658 | 5,184 | 4,880 |
| Attributable to Parent Company shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exchange-rate | ||||||||
| differences | ||||||||
| attributable to | Total | |||||||
| translation of | Cash-flow | Profit | Non | share | ||||
| Share | Other capital | foreign | hedges | brought | controlling | holders | ||
| SEK m | capital | contributions | operations | after tax | forward | Total | interests | equity |
| Opening balance, 1 January 2014 | 58 | 1,463 | -361 | 3 | 1,991 | 3,154 | 4 | 3,158 |
| Profit/loss for the period | – | – | – | – | 47 | 47 | 0 | 47 |
| Other comprehensive income/loss for the period | – | – | 26 | -13 | -22 | -9 | 0 | -9 |
| Total comprehensive income for the period | – | – | 26 | -13 | 25 | 38 | 0 | 38 |
| Dividend | – | – | – | – | – | – | 0 | 0 |
| Allocation of employee share option and share saving scheme | – | 2 | – | – | – | 2 | – | 2 |
| Closing balance, 31 March 2014 | 58 | 1,465 | -335 | -10 | 2,016 | 3,194 | 4 | 3,198 |
| Opening balance, 1 January 2015 | 58 | 1,470 | 8 | -1 | 1,656 | 3,191 | 5 | 3,196 |
| Profit/loss for the period | – | – | – | – | 153 | 153 | 0 | 153 |
| Other comprehensive income/loss for the period | – | – | 56 | -20 | -107 | -71 | 0 | -71 |
| Total comprenhensive income/loss for the period | – | – | 56 | -20 | 46 | 82 | 0 | 82 |
| Dividend | – | – | – | – | – | – | 0 | 0 |
| Allocation of employee share option and share saving scheme | – | 2 | – | – | 0 | 2 | – | 2 |
| Treasury shares sold | – | – | – | – | 13 | 13 | – | 13 |
| Closing balance, 31 March 2015 | 58 | 1,472 | 64 | -21 | 1,715 | 3,288 | 5 | 3,293 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Operating activities | ||||
| Operating profit | 156 | 211 | 878 | 933 |
| Operating profit/loss for discontinued operations | -63 | 5 | -484 | -416 |
| Depreciation/Impairment | 1 113 |
2 87 |
3 722 |
696 |
| Adjustments for non-cash items | -4 | -42 | 99 | 61 |
| Tax paid | -52 | -61 | -194 | -203 |
| Change in working capital | 23 | -77 | 12 | -88 |
| Cash flow from operating activities | 173 | 123 | 1,033 | 983 |
| Investing activities | ||||
| Investments in fixed assets | -54 | -92 | -316 | -354 |
| Other items in investing activities | 13 | 3 | 62 | 52 |
| Interest received | 0 | 2 | 6 | 8 |
| Change in interest-bearing assets | 1 | -1 | 1 | -1 |
| Acquisistion of operations | – | – | -250 | -250 |
| Divestment of operations | -1 | 239 | -16 | 224 |
| Cash flow from investing activities | -41 | 151 | -513 | -321 |
| Operating cash flow before acquisition/divestment of operations | ||||
| interest, increase/decrease of interest-bearing assets | 132 | 34 | 779 | 681 |
| Operating cash flow after aquisition/divestment of operations, interest, | ||||
| increase/decrease of interest-bearing assets | 132 | 274 | 520 | 662 |
| Financing activities | ||||
| Interest paid | -16 | -9 | -43 | -36 |
| Change in interest-bearing liabilities | 4 -47 |
-17 5 |
-190 6 |
-160 |
| Treasury shares sold | – | 13 | 21 | 34 |
| Dividend | 0 | 0 | -167 | -167 |
| Cash flow from financing activities | -63 | -13 | -379 | -329 |
| Cash flow for the period excluding exchange-rate differences | ||||
| in cash and cash equivalents | 69 | 261 | 141 | 333 |
| Cash and cash equivalents at beginning of the period | 278 | 470 | 278 | 348 |
| Cash flow for the period | 69 | 261 | 141 | 333 |
| Exchange-rate differences in cash and cash equivalents | 1 | -8 | 51 | 42 |
| Cash and cash equivalents at period-end | 348 | 723 | 470 | 723 |
1 Impairment amounted to SEK 12 million and pertained to kitchen exhibitions.
2 Impairment amounted to SEK 1 million and pertained to kitchen exhibitions.
3 Impairment amounted to SEK 351 million, of which SEK 328 million pertained to goodwill, SEK 2 million to other intangible assets and SEK 21 million to kitchen exhibitions. Reverse of previous impairment amounted to SEK 7 million and referred to buildings. 4 No repayment or loans raised.
5 No repayment or loans raised.
6 Loan repayments totalling SEK 100 million.
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Opening balance | 1,176 | 1,206 | 1,176 | 1,104 |
| Acquisition of operations | – | – | 361 | 361 |
| Divestment of operations | 1 | -239 | 16 | -224 |
| Translation differences | 7 | 39 | 14 | 46 |
| Operating cash flow | -132 | -34 | -779 | -681 |
| Interest paid, net | 16 | 7 | 37 | 28 |
| Remeasurements of defined benefit pension plans | 27 | 134 | 195 | 302 |
| Other change in pension liabilities | 9 | 60 | 40 | 91 |
| Dividend | 0 | 0 | 167 | 167 |
| Treasury shares sold | – | -13 | -21 | -34 |
| Closing balance | 1,104 | 1,160 | 1,206 | 1,160 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Net sales | 29 | 49 | 118 | 138 |
| Administrative expenses | -48 | -59 | -238 | -249 |
| Operating loss | -19 | -10 | -120 | -111 |
| Profit from shares in Group companies | – | – | 312 | 312 |
| Other financial income and expenses | -16 | -7 | -39 | -30 |
| Profit/loss after financial items | -35 | -17 | 153 | 171 |
| Tax on profit/loss for the period | 0 | 0 | 1 | 1 |
| Profit/loss for the period | -35 | -17 | 154 | 172 |
| Parent Company balance sheet | ||||
| 31 Mar | ||||
| 31 Dec | ||||
| SEK m | 2014 | 2015 | 2014 | |
| ASSETS | ||||
| Fixed assets | ||||
| Shares and participations in Group companies | 2,231 | 2,235 | 2,234 | |
| Total fixed assets | 2,231 | 2,235 | 2,234 | |
| Current assets | ||||
| Current receivables | ||||
| Accounts receivable | 7 | 27 | 8 | |
| Receivables from Group companies | 2,485 | 3,211 | 3,195 | |
| Other receivables | 9 | 7 | 12 | |
| Prepaid expenses and accrued income | 33 | 46 | 54 | |
| Cash and cash equivalents | 152 | 224 | 184 | |
| Total current assets | 2,686 | 3,515 | 3,453 | |
| Total assets | 4,917 | 5,750 | 5,687 | |
| SHAREHOLDERS' EQUITY, PROVISIONS | AND LIABILITIES | |||
| Shareholders' equity | ||||
| Restricted shareholders' equity | ||||
| Share capital Statutory reserve |
58 1,671 |
58 1,671 |
58 1,671 |
|
| 1,729 | 1,729 | 1,729 | ||
| Non-restricted shareholders' equity | ||||
| Share premium reserve | 52 | 52 | 52 | |
| Buy-back of shares | -468 | -433 | -447 | |
| Profit brought forward | 2,376 | 2,370 | 2,215 | |
| Profit/loss for the period | -35 | -17 | 154 | |
| 1,925 | 1,972 | 1,974 | ||
| Total shareholders' equity | 3,654 | 3,701 | 3,703 | |
| Provisions for pensions | 12 | 14 | 13 | |
| Long-term liabilities | ||||
| Liabilities to credit institutes | 800 | 800 | 800 | |
| Current liabilities | ||||
| Liabilities to credit institutes | 0 | 0 | 0 | |
| Accounts payable | 11 | 9 | 22 | |
| Liabilities to Group companies | 415 | 1,197 | 1,110 | |
| Other liabilities | 4 | 1 | 2 | |
| Accrued expenses and deferred income | ||||
| 21 | 28 | 37 | ||
| Total current liabilities | 451 | 1,235 | 1,171 | |
| Total shareholders' equity, provisions and liabilities | 4,917 | 5,750 | 5,687 | |
| Pledged assets | 0 | 0 | 0 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
|---|---|---|---|---|
| Net sales, SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 1,262 | 1,385 | 5,215 | 5,338 |
| UK | 1,099 | 1,522 | 4,707 | 5,130 |
| Central Europe | 335 | 345 | 1,493 | 1,503 |
| Group-wide and eliminations | -1 | -1 | -4 | -4 |
| Group | 2,695 | 3,251 | 11,411 | 11,967 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
| Gross profit excl items affecting comparability, SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 503 | 550 | 2,112 | 2,159 |
| UK | 444 | 604 | 1,927 | 2,087 |
| Central Europe | 131 | 140 | 621 | 630 |
| Group-wide and eliminations | 3 | 5 | 17 | 19 |
| Group | 1,081 | 1,299 | 4,677 | 4,895 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
| Gross margin excl items affecting comparability, % | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 39.9 | 39.7 | 40.5 | 40.4 |
| UK | 40.4 | 39.7 | 40.9 | 40.7 |
| Central Europe | 39.1 | 40.6 | 41.6 | 41.9 |
| Group | 40.1 | 40.0 | 41.0 | 40.9 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
| Operating profit excl items affecting comparability, SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 128 | 151 | 666 | 689 |
| UK | 51 | 94 | 353 | 396 |
| Central Europe | 18 | 7 | 117 | 106 |
| Group-wide and eliminations | -41 | -41 | -161 | -161 |
| Group | 156 | 211 | 975 | 1,030 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
| Operating margin excl items affecting comparability, % | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 10.1 | 10.9 | 12.8 | 12.9 |
| UK | 4.6 | 6.2 | 7.5 | 7.7 |
| Central Europe | 5.4 | 2.0 | 7.8 | 7.1 |
| Group | 5.8 | 6.5 | 8.5 | 8.6 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
| Operating profit, SEK m | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 128 | 151 | 660 | 683 |
| UK | 51 | 94 | 270 | 313 |
| Central Europe | 18 | 7 | 117 | 106 |
| Group-wide and eliminations | -41 | -41 | -169 | -169 |
| Group | 156 | 211 | 878 | 933 |
| Jan-Mar | Jan-Dec | Apr-Mar | ||
| Operating margin, % | 2014 | 2015 | 2014 | 2014/15 |
| Nordic | 10.1 | 10.9 | 12.7 | 12.8 |
| UK | 4.6 | 6.2 | 5.7 | 6.1 |
| Central Europe | 5.4 | 2.0 | 7.8 | 7.1 |
| Group | 5.8 | 6.5 | 7.7 | 7.8 |
| 2014 | 2015 | ||||
|---|---|---|---|---|---|
| Net sales, SEK m | I | II | III | IV | I |
| Nordic | 1,262 | 1,448 | 1,123 | 1,382 | 1,385 |
| UK | 1,099 | 1,173 | 1,208 | 1,227 | 1,522 |
| Central Europe | 335 | 387 | 364 | 407 | 345 |
| Group-wide and eliminations | -1 | -1 | 0 | -2 | -1 |
| Group | 2,695 | 3,007 | 2,695 | 3,014 | 3,251 |
| 2014 | 2015 | ||||
| Gross profit excl items affecting comparability, SEK m | I | II | III | IV | I |
| Nordic | 503 | 599 | 457 | 553 | 550 |
| UK | 444 | 477 | 505 | 501 | 604 |
| Central Europe | 131 | 151 | 168 | 171 | 140 |
| Group-wide and eliminations | 3 | 6 | 5 | 3 | 5 |
| Group | 1,081 | 1,233 | 1,135 | 1,228 | 1,299 |
| I | 2014 II |
III | IV | 2015 I |
|
| Gross margin excl items affecting comparability, % | |||||
| Nordic | 39.9 | 41.4 | 40.7 | 40.0 | 39.7 |
| UK | 40.4 | 40.7 | 41.8 | 40.8 | 39.7 |
| Central Europe | 39.1 | 39.0 | 46.2 | 42.0 | 40.6 |
| Group | 40.1 | 41.0 | 42.1 | 40.7 | 40.0 |
| Operating profit excl items affecting comparabiliby, SEK m | I | 2014 II |
III | IV | 2015 I |
| Nordic | 128 | 207 | 138 | 193 | 151 |
| UK | 51 | 103 | 108 | 91 | 94 |
| Central Europe | 18 | 22 | 43 | 34 | 7 |
| Group-wide and eliminations | -41 | -39 | -33 | -48 | -41 |
| Group | 156 | 293 | 256 | 270 | 211 |
| 2014 | 2015 | ||||
| Operating margin excl items affecting comparability, % | I | II | III | IV | I |
| Nordic | 10.1 | 14.3 | 12.3 | 14.0 | 10.9 |
| UK | 4.6 | 8.8 | 8.9 | 7.4 | 6.2 |
| Central Europe | 5.4 | 5.7 | 11.8 | 8.4 | 2.0 |
| Group | 5.8 | 9.7 | 9.5 | 9.0 | 6.5 |
| 2014 | 2015 | ||||
| Operating profit, SEK m | I | II | III | IV | I |
| Nordic | 128 | 207 | 138 | 187 | 151 |
| UK | 51 | 103 | 108 | 8 | 94 |
| Central Europe | 18 | 22 | 43 | 34 | 7 |
| Group-wide and eliminations | -41 | -39 | -33 | -56 | -41 |
| Group | 156 | 293 | 256 | 173 | 211 |
| 2014 | 2015 | ||||
| Operating margin, % | I | II | III | IV | I |
| Nordic | 10.1 | 14.3 | 12.3 | 13.5 | 10.9 |
| UK | 4.6 | 8.8 | 8.9 | 0.7 | 6.2 |
| Central Europe | 5.4 | 5.7 | 11.8 | 8.4 | 2.0 |
| Group | 5.8 | 9.7 | 9.5 | 5.7 | 6.5 |
Net profit for the period as a percentage of average shareholders' equity. The calculation of average shareholders' equity has been adjusted for increases and decreases in capital.
Operating profit as a percentage of average operating capital excluding net assets attributable to discontinued operations. The calculation of average operating capital has been adjusted for acquisitions and divestments.
Gross profit as a percentage of net sales.
Earnings before depreciation/amortisation and impairment.
Interest-bearing liabilities less interest-bearing assets. Interest-bearing liabilities include pension liabilities.
Capital employed excluding interest-bearing assets.
Cash flow from operating activities including cash flow from investing activities, excluding cash flow from acquisitions/divestments of operations, interest received, increase/decrease in interest-bearing assets.
A region comprises an operating segment in accordance with IFRS 8.
Net profit for the period divided by a weighted average number of outstanding shares during the period.
Operating profit as a percentage of net sales.
Net debt as a percentage of shareholders' equity including non-controlling interests.
Shareholders' equity including non-controlling interests as a percentage of balance-sheet total.
Balance-sheet total less non-interest-bearing provisions and liabilities.
"Translation effects" refers to the currency effects arising when foreign results and balance sheets are translated to SEK.
"Transaction effects" refers to the currency effects arising when purchases or sales are made in currency other than the currency of the producing country (functional currency).
Please contact any of the following on +46 (0)8 440 16 00 or
+46 (0)705 95 51 00:
The interim report will be presented on Monday, 27 April 2015 at 9:00 a.m. CET in a webcast teleconference that can be followed on Nobia's website. To participate in the teleconference, call one of the following numbers:
| 20 July 2015 | Interim report January-June 2015 |
|---|---|
| 30 October 2015 | Interim report January-September 2015 |
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 6,200 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.
Box 70376 • SE-107 24 Stockholm, Sweden • Office address: Klarabergsviadukten 70 A5 • Tel +46 (0)8 440 16 00 • Fax +46 (0)8 503 826 49 • www.nobia.com. Corporate Registration Number: 556528–2752 • Board domicile: Stockholm, Sweden
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