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Nobia Q1 2012 presentation

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Nobia Q1 2012 presentation

  1. 1. Interim report Q1, 2012 27 April 20122
  2. 2. Q1: Continued challenging markets  Net sales SEK 2,934 m (3,207)  Organic growth -10%  EBIT SEK 22 m (71)  Execution on strategic initiatives  Continued challenging UK market  Strong performance in the Nordics  Hygena turnaround takes longer than expected Excluding restructuring costs3
  3. 3. Kitchen market trend Nordic market as a whole decreased compared to past year, driven by lower consumer demand. The professional segment continues to develop favorably. UK market continues to drop. The macro- economic uncertainties are still making consumers hesitant to make big ticket purchases. The market is highly price competitive and consumers take longer time to make decisions. CE region market growth is slowing down on the back of the the macro-economic turbulence and the French election. The lower activity level was attributable to all main markets with the exception of Austria. 4
  4. 4. Drivers that will help us reach our financial target Drivers Growth Target EBIT margin 10% Efficiency5
  5. 5. UK region  Lower sales in all channels  Gross margin improved 2011 2012  Earnings reduced due to Jan-Mar Jan-Mar lower volumes Net sales SEK m 1,142 973 Gross margin 38.7% 39.8% EBIT SEK m 54 27 EBIT margin 4.7% 2.8% Excluding restructuring costs6
  6. 6. Nordic region  Higher volumes and price increases  Professional deliveries increased 2011 2012 while consumer volumes fell Jan-Mar Jan-Mar  Earnings increase as a result of Net sales SEK m 1,270 1,319 cost savings and higher sales  Relocation of remaining Gross margin 36.7% 37.9% production in Älmhult EBIT SEK m 75 106 EBIT margin 5.9% 8.0% Excluding restructuring costs7
  7. 7. Continental Europe region  Sales affected by store closures and low order book at year-end 2011 2012  Lower traffic in Hygena Jan-Mar Jan-Mar  Less project deliveries Net sales 798 645 SEK m  Negative volume trend affects Gross margin and EBIT Gross margin 39.6% 37.8% EBIT SEK m -34 -76 EBIT margin -4.3% -11.8% Excluding restructuring costs8
  8. 8. Financials9
  9. 9. Organic sales development since 2008 17,0 16,5 16,0 15,5 –15% 15,0 14,5 Nordic –18% 14,0 CE –25% UK –7% 13,5 13,0 12,5 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Organic net sales10
  10. 10. Efficiency measures sustain earningsNet sales and EBIT Q1 2012 MSEK Net Sales EBIT ex restructuring 2011 2012 Delta Delta% 2011 2012 Delta Effect* Nordic region 1,270 1,319 49 4% 75 106 30 61% CE region 798 645 -153 -19% -34 -76 -42 -27% UK region 1,142 973 -169 -15% 54 27 -27 -16% Nobia HQ & other -24 -35 -11 Nobia Group 3,207 2,934 -273 -9% 71 22 -49 18% * Impact of delta Net Sales on EBIT
  11. 11. Q1: Financial highlights  Net sales SEK 2,934 m (3,207)  Organic growth -10% (2)  Gross margin 39.0% (38.7)  EBIT SEK 22 m (71)  EBIT margin 0.7% (2.2)  Restructuring costs SEK 12 m (8)  Profit after tax SEK -12 m (30)  Operating cash flow SEK -217 m (-84)  Debt/equity ratio 52% (47) Excluding restructuring costs12
  12. 12. Financial position Operating cash flow Q1 Q1  Higher accounts payable SEK m 2011 2012  Lower profit generation Change in working capital -144 -230  Higher payments due to earlier structural measures Operating cash flow -84 -217 Net debt SEK m 2011 31 Mar 2012 31 Mar  Increased mainly due to Net debt 1,599 1,814 investments - of which pensions 564 556 Net debt/equity 47% 52%13
  13. 13. Drivers Growth Target EBIT margin 10% Efficiency14
  14. 14. 15

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