STOCKHOLM, Feb 07, 2017 /PRNewswire/ --
• Net sales for the fourth quarter amounted to SEK 3,155 million (3,016), negatively impacted by currency effects of SEK 114 million.
• Organic growth was 5 per cent (4).
• Operating profit amounted to SEK 297 million (283), corresponding to an operating margin of 9.4 per cent (9.4).
• Currency losses had an impact of approximately SEK 50 million on the Group's operating profit, of which a negative SEK 5 million in translation effects and a negative SEK 45 million in transaction effects.
• Loss after tax amounted to SEK 264 million (profit: 128), corresponding to a loss per share of SEK 1.56 (earnings: 0.77).
• Operating cash flow amounted to SEK 480 million (292).
• The Board proposes a dividend of SEK 3.00 per share (2.50).
* Poggenpohl was reclassified as discontinued operations in the fourth quarter of 2016. Comparative figures in the income statement and cash-flow statement have been restated. See page 7.
Consolidated net sales, earnings and cash flow
The market in total is deemed to have improved slightly during the fourth quarter compared with the year-earlier period.
Sales increased organically 5 per cent (4). Currency losses of SEK 114 million (gains: 85) affected sales for the quarter. Commodore and CIE, which were consolidated on 1 November 2015, generated sales of SEK 199 million (68) in the fourth quarter of 2016.
The gross margin declined to 37.5 per cent (39.5), mainly due to negative currency effects.
Operating profit improved, positively affected by higher sales values, increased volumes and lower costs, and negatively impacted primarily by currency effects.
The return on operating capital was 32.5 per cent for the past twelve-month period (Jan-Dec 2015: 32.2). The return on equity was 13.0 per cent for the past twelve-month period (Jan-Dec 2015: 24.1).
Loss from discontinued operations amounted to SEK 502 million (loss: 79), of which SEK 448 million was related to impairment of Poggenpohl.
Operating cash flow improved mainly as a result of a positive change in working capital.
Comments from the CEO
"Organic growth remained positive in the fourth quarter, primarily driven by increased sales to the Nordic project market. I am also pleased with the sales growth and profitability that we achieved in the tough UK market. The price for Poggenpohl was below our expectations, but the divestment of Poggenpohl entails an improved operating margin for Nobia. For the full-year 2016, an operating margin of 10.3 per cent was reached, despite significant negative currency effects. Thus, the operating margin target is achieved. Going forward, we will continue to focus on profitable growth, both organically and through acquisitions," 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
• Kristoffer Ljungfelt, CFO
• Lena Schattauer, Head of Communication and Investor Relations
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 7 February 2017 at 8:00 a.m. CET.
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 and Ewe, FM and Intuo in Austria. Nobia generates profitability by combining economies of scale with attractive kitchen offerings. The Group has approximately 6,000 employees and net sales of about SEK 13 billion. The Nobia share is listed on the Nasdaq Stockholm under the ticker NOBI. Website: www.nobia.com
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The following files are available for download:
Q4 Report 2016
Appendix restatement for 2015 and 2016 after reclassification of Poggenpohl
SOURCE Nobia AB