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Interim	
  report	
  Q2	
  
        19	
  July	
  2011	
  




1	
  
Q2	
  2011	
  
?	
  




                   Stronger	
  margins	
  in	
  a	
  weakened	
  market	
  




    2	
  
Q2:	
  Group	
  results	
  in	
  brief	
  

             ¡  Net	
  sales	
  3	
  559	
  m	
  (3	
  796)	
  
             ¡  Organic	
  growth	
  1%	
  (-­‐3)	
  
             ¡  Gross	
  margin	
  40.0	
  %	
  (39.6)	
  
             ¡  EBIT	
  241	
  m	
  (195)	
  
             ¡  EBIT	
  margin	
  6.8	
  %	
  (5.1)	
  
             ¡  Restructuring	
  costs	
  totalled	
  24	
  m	
  (30)	
  
             ¡  Profit	
  aSer	
  tax	
  incl.	
  restructuring	
  costs	
  137	
  m	
  (113)	
  
             ¡  EPS	
  including	
  restructuring	
  costs	
  0.82	
  (0.68)	
  	
  
             ¡  10	
  m	
  net	
  currency	
  effects	
  on	
  EBIT	
  (-­‐5)	
  
             ¡  OperaWng	
  cash	
  flow	
  96	
  m	
  (310)	
  



                            Excluding	
  restructuring	
  costs	
  




             Currency=SEK	
  

3	
  
Market	
  trends	
  
                                    UK	
  




                               Nordic	
  



                                    CE	
  



4	
  
UK	
  region	
  
?	
         organic	
  growth	
  



                         -­‐8	
  %	
  
                               %	
  
    5	
  
UK	
  region	
  in	
  Q2	
  

             §  Lower	
  volumes	
  in	
  all	
  channels	
  
             §  Stable	
  price	
  levels	
                                     2010                2011
                                                                                Apr-Jun             Apr-Jun
             §  Material	
  prices	
  and	
  sales	
  mix	
  
                 effects	
  impacWng	
  gross	
  margin	
         Net sales      1 360                1 137
                                                                 SEK m
             §  Cost	
  cuang	
  measures	
  
                 supporWng	
  EBIT	
  margin	
                   Gross margin   39.9%               37.8%
             	
  
                                                                 EBIT SEK m       98                   57

                                                                 EBIT margin     7.2%                5.0%




                                                                                          Excluding	
  restructuring	
  costs	
  




6	
  
Nordic	
  region	
  
?	
         organic	
  growth	
  



                         +8	
  %	
  
    7	
  
Nordic	
  region	
  Q2	
  

            §  High	
  volumes	
  mainly	
  in	
  new-­‐build	
  	
  
            §  Increased	
  price	
  levels	
                                            2010                2011
                                                                                         Apr-Jun             Apr-Jun
            §  Sales	
  mix	
  effect	
  	
  burdening	
  gross	
  	
  
                margin	
                                                  Net sales      1 401                1 432
                                                                          SEK m
            	
  
                                                                          Gross margin   39.3%               38.6%

                                                                          EBIT SEK m      115                  159

                                                                          EBIT margin     8.2%               11.1%




                                                                                                   Excluding	
  restructuring	
  costs	
  




8	
  
ConWnental	
  Europe	
  
?	
         region	
  




                      +3	
  %	
  
    9	
  
ConWnental	
  Europe	
  region	
  Q2	
  

             §  Price	
  and	
  mix	
  effects	
  driving	
  
                 sales	
  and	
  gross	
  	
  margin	
  
                                                                                2010                2011
             §  Cost-­‐cuang	
  measures	
  	
                                Apr-Jun             Apr-Jun
                 supporWng	
  margins	
  
                                                                Net sales      1 040                 993
                                                                SEK m
             	
  
                                                                Gross margin   38.5%               41.7%
             	
  
                                                                EBIT SEK m       10                   41

                                                                EBIT margin     1.0%                4.1%




                                                                                         Excluding	
  restructuring	
  costs	
  




10	
  
Group	
  EBIT	
  
         margin	
  


                       6.8	
   %	
  
11	
  
Q2:	
  Group	
  earnings	
  trend	
  

                  Posi1ve	
  factors	
  
                  ¡  Increased	
  Nordic	
  sales	
  
                                                                         2010                2011
                                                          SEK m
                  ¡  Price	
  and	
  mix	
  effects	
                    Apr-Jun            Apr-Jun

                  ¡  Cost-­‐cuang	
  measures	
          Gross margin   39.6%              40.0%


                                                          EBIT SEK m      195                 241
                  Nega1ve	
  factor	
  
                  ¡  Lower	
  volumes	
  outside	
       EBIT margin    5.1%                6.8%
                      Nordics	
  
                  ¡  Increased	
  raw	
  material	
  
                      prices	
  


                                                                                Excluding	
  restructuring	
  costs	
  




12	
  
Debt/equity	
  raWo	
  
?	
  




                        43	
  %	
  
   13	
  
Financial	
  posiWon	
  


              Opera1ng	
  cash	
  flow	
  	
  
              ¡  Increased	
  profit	
                                       2010       2011
                                                      SEK m
                                                                             Apr-Jun   Apr-Jun
                     improvement	
  supporWng	
  
                                                      Change in working
                     cash	
  flow	
                    capital
                                                                              114       -129

              ¡  Reduced	
  prepayments	
  in	
  
                                                      Operating cash flow     310        96
                     France	
  and	
  the	
  UK	
  

              Net	
  debt	
  
                                                                             2010       2011
              ¡  Further	
  reduced	
  by	
          SEK m
                                                                             30 June   30 June
                     repayments	
                     Net debt               1 896     1 541
                                                       - of which pensions    655       557
              	
  
                                                      Net debt/equity         50%       43%
              	
  




14	
  
15	
  
Next	
  report:	
  27	
  October
                                        	
  




16	
  

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Nobia Interim Report Q2 2011-07-19

  • 1. Interim  report  Q2   19  July  2011   1  
  • 2. Q2  2011   ?   Stronger  margins  in  a  weakened  market   2  
  • 3. Q2:  Group  results  in  brief   ¡  Net  sales  3  559  m  (3  796)   ¡  Organic  growth  1%  (-­‐3)   ¡  Gross  margin  40.0  %  (39.6)   ¡  EBIT  241  m  (195)   ¡  EBIT  margin  6.8  %  (5.1)   ¡  Restructuring  costs  totalled  24  m  (30)   ¡  Profit  aSer  tax  incl.  restructuring  costs  137  m  (113)   ¡  EPS  including  restructuring  costs  0.82  (0.68)     ¡  10  m  net  currency  effects  on  EBIT  (-­‐5)   ¡  OperaWng  cash  flow  96  m  (310)   Excluding  restructuring  costs   Currency=SEK   3  
  • 4. Market  trends   UK   Nordic   CE   4  
  • 5. UK  region   ?   organic  growth   -­‐8  %   %   5  
  • 6. UK  region  in  Q2   §  Lower  volumes  in  all  channels   §  Stable  price  levels   2010 2011 Apr-Jun Apr-Jun §  Material  prices  and  sales  mix   effects  impacWng  gross  margin   Net sales 1 360 1 137 SEK m §  Cost  cuang  measures   supporWng  EBIT  margin   Gross margin 39.9% 37.8%   EBIT SEK m 98 57 EBIT margin 7.2% 5.0% Excluding  restructuring  costs   6  
  • 7. Nordic  region   ?   organic  growth   +8  %   7  
  • 8. Nordic  region  Q2   §  High  volumes  mainly  in  new-­‐build     §  Increased  price  levels   2010 2011 Apr-Jun Apr-Jun §  Sales  mix  effect    burdening  gross     margin   Net sales 1 401 1 432 SEK m   Gross margin 39.3% 38.6% EBIT SEK m 115 159 EBIT margin 8.2% 11.1% Excluding  restructuring  costs   8  
  • 9. ConWnental  Europe   ?   region   +3  %   9  
  • 10. ConWnental  Europe  region  Q2   §  Price  and  mix  effects  driving   sales  and  gross    margin   2010 2011 §  Cost-­‐cuang  measures     Apr-Jun Apr-Jun supporWng  margins   Net sales 1 040 993 SEK m   Gross margin 38.5% 41.7%   EBIT SEK m 10 41 EBIT margin 1.0% 4.1% Excluding  restructuring  costs   10  
  • 11. Group  EBIT   margin   6.8   %   11  
  • 12. Q2:  Group  earnings  trend   Posi1ve  factors   ¡  Increased  Nordic  sales   2010 2011 SEK m ¡  Price  and  mix  effects   Apr-Jun Apr-Jun ¡  Cost-­‐cuang  measures   Gross margin 39.6% 40.0% EBIT SEK m 195 241 Nega1ve  factor   ¡  Lower  volumes  outside   EBIT margin 5.1% 6.8% Nordics   ¡  Increased  raw  material   prices   Excluding  restructuring  costs   12  
  • 13. Debt/equity  raWo   ?   43  %   13  
  • 14. Financial  posiWon   Opera1ng  cash  flow     ¡  Increased  profit   2010 2011 SEK m Apr-Jun Apr-Jun improvement  supporWng   Change in working cash  flow   capital 114 -129 ¡  Reduced  prepayments  in   Operating cash flow 310 96 France  and  the  UK   Net  debt   2010 2011 ¡  Further  reduced  by   SEK m 30 June 30 June repayments   Net debt 1 896 1 541 - of which pensions 655 557   Net debt/equity 50% 43%   14  
  • 15. 15  
  • 16. Next  report:  27  October   16