Nobia Ab · OMXSTO:NOBI
Nobia Ab — Q1 2009 Earnings Presentation
14 slides from Nobia Ab's earnings presentation, Apr 24, 2009
Slide 1: Interim report January-March
Interim report January-March 24 April 2009
Slide 2: Weak market and comprehensive restructuring
Weak market and comprehensive restructuring Q1 in brief, excluding restructuring costs Net sales were SEK 3,777 m (3,835) Organic growth was negative 12% Operating loss was SEK 34 m (profit: 211) Operating margin was negative 0.9% (pos: 5.5) Cash flow was SEK 141* m (neg: 89) * Includes ne
Slide 3: Performance by region
Performance by region 3 24 April 2009
Slide 4: UK kitchen market in Q1
UK kitchen market in Q1 Considerably weaker than same period last year Competition has eased somewhat due to collapse of MFI 4 24 April 2009
Slide 5: UK region in Q1
UK region in Q1 2009 2008 Change Jan-Mar Jan-Mar Net sales, 1,369 1,424 -3.9% SEK m Operating profit, 31 132 -76.5% SEK m Operating 2.3% 9.3% margin Performance better than the overall market Net currency effects negative SEK 20 m Higher indirect costs due to store expansion programme 2008 f
Slide 6: Nordic kitchen market in Q1
Nordic kitchen market in Q1 Decreased demand in all Nordic markets – especially new-build but also renovation Tax deduction in Sweden, Denmark and Finland for renovation and rebuilding of private homes 6 24 April 2009
Slide 7: Nordic region Q1
Nordic region Q1* 2009 2008 Change Jan-Mar Jan-Mar Net sales, 1,394 1,413 -1.3% SEK m Operating profit, 17 127 -86.6% SEK m Operating 1.2% 9.0% margin * Excluding structural expenses Decline mainly attributable to drop in volumes Sales development negative when adjusted for HTH acquisitions Or
Slide 8: Ongoing plant closures in the Nordic region
Ongoing plant closures in the Nordic region Finland Norway Denmark SEK m Total Forssa Jevnaker Bording Nonrecurring costs 40 75 135 250 Effect on cash flow 30 - 60 90 Annual savings 15 35 80 130 Total nonrecurring costs: SEK 250 m Annual savings: SEK 130 m 8 24 April 2009
Slide 9: Continental European kitchen market in Q1
Continental European kitchen market in Q1 Demand in all main markets weakened during the period, especially in France 9 24 April 2009
Slide 10: Continental Europe region Q1
Continental Europe region Q1* 2009 2008 Change Jan-Mar Jan-Mar Net sales, 1,048 1,024 2.3% SEK m Operating profit, -58 -17 -241% SEK m Operating -5.5% -1.7% margin * Excluding structural expenses Restucturing costs total SEK 9 m Culinoma affected operating profit negatively by SEK 11 m Sales d
Slide 11: Profit development
Profit development* 2009 2008 SEK m Restructuring costs Jan-Mar Jan-Mar Operating profit Lower volumes before depreciation, 99 321 SEK m (EBITDA) Currency effects Operating profit, Store investments -34 211 SEK m (EBIT) Pre-tax profit -299 177 Net profit -259 128 * Excluding structural expen
Slide 12: Financial position
Financial position SEK m 2009 2008 Impact of cash-flow Jan-Mar Jan-Mar initiatives Investments -77 -158 Lower working capital tied up Operating cash flow 141 -89 Lower level of investments Lower taxes paid 2009 2008 SEK m 31 Mar 31 Mar Net debt 3,132 2,426 Net debt/equity 79% 59% 12 24 April
Slide 13: Events after end of quarter
Events after end of quarter 2009 Annual General Meeting proposed that no dividend be paid to shareholders Relatively favourable order intake trend in March (compared with previous 3-month period) shows signs of continuing in April 13 24 April 2009
Slide 14: Main priorities
Main priorities Continue to adapt to the economic downturn – Adjust production – Capture synergies Focus on cash management Strengthen customer offering in both retail and B2B channels Next report Friday, 17 July 14 24 April 2009