july-september 2007 · sek m 2007change 2006 uk 4,541 9% 387 27% 8.5% 7.3% nordic 4,289 7% 528 -7%...
TRANSCRIPT
![Page 1: July-September 2007 · SEK m 2007Change 2006 UK 4,541 9% 387 27% 8.5% 7.3% Nordic 4,289 7% 528 -7% 12.3% 14.1% Continental Europe 3,580 4% 188 -10% 5.3% 6.1% Other Group adjustments-86](https://reader033.vdocuments.us/reader033/viewer/2022060303/5f08ba4d7e708231d4236e3d/html5/thumbnails/1.jpg)
July-September 2007
25 October 2007
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2 25 October 2007
Agenda
Financial summary
The UK region
The Nordic region
The Continental European region
Financial position
Store development plans
Main priorities
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3 25 October 2007
Continued favourable organic growth
July-September 2007
Net sales up by 6% to SEK 3,861 m (3,631)
Organic growth was 6%
Operating profit (EBIT) down slightly to SEK 272 m (280)
Net profit was SEK 189 m (189)
EPS after dilution was up 2% to SEK 1.09 (1.07)
Operating margin was 7% (7.7)
Operating cash flow was SEK 205 m (142)
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4 25 October 2007
Jul-Sep
SEK mChange
Jan-Sep
SEK mChange
2006 3,631 11,534
Organic growth 205 6% 701 7%
- UK region* 155 12% 393 10%
- Nordic region* 66 6% 292 7%
- Continental Europe
region* -32 -5% 20 1%
Currency effects 14 0% -54 -1%
Acquisitions
Discontinued operations
27
-16
1%
-0
217
-74
2%
-1
2007 3,861 6% 12,324 7%
Net sales analysis
* Organic growth within each region.
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5 25 October 2007
Market situation in UK region July-September
Stable development
No visible subprime effect to date
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6 25 October 2007
UK region July-September
2007
Jul-Sep
2006
Jul-SepChange
Net sales,
SEK m1,514 1,357 12%
Operating profit,
SEK m125 94 34%
Operating
margin8.3% 6.9%
Number of stores 200
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7 25 October 2007
UK region in Q3
Favourable sales development in all
segments, especially Magnet Trade
34% increase in operating profit to
SEK 125 m
12% organic growth
Stronger margin of 8.3% (6.9)
Initial costs incurred for roll-out of
Magnet Trade concept
– Essentially completed in all Trade stores
Expansion of Retail store network in
progress
– 10 more stores planned this year
New Magnet Retail store in Basingstoke
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8 25 October 2007
Market situation in the Nordic region July-September
Continued stable development
Slowdown in the new-build segments in
Denmark and Finland
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9 25 October 2007
Nordic region July-September
2007
Jul-Sep
2006
Jul-SepChange
Net sales,
SEK m1,235 1,155 7%
Operating profit,
SEK m120 149 -20%
Operating
margin9.7% 12.9%
Number of stores 291
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10 25 October 2007
Marbodal introduced a new eco-labelled
kitchen in white high-gloss
Nordic region in Q3
Operating profit and margin
negatively affected by HTH
– Production and delivery disturbances
– Measures taken showed results towards
end of quarter
Highest growth in the Finnish and
Norwegian markets
Organic growth mainly attributable to
new-build sales and higher order
values
Operating profit negatively affected
by raw material prices
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11 25 October 2007
Market situation in the CE region July-September
Negative development in Germany
and the Netherlands
Positive development in France
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12 25 October 2007
Continental Europe region July-September
2007
Jul-Sep
2006
Jul-SepChange
Net sales,
SEK m1,121 1,143 -2%
Operating profit,
SEK m64 67 -5%
Operating
margin5.7% 5.9%
Number of stores 170
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13 25 October 2007
Continental Europe in Q3
Sales growth in France, Austria and in
exports to the UK
Sales decline in Germany, the
Netherlands and exports outside Europe
Operating profit negatively affected by
raw material prices and currency effects
Continued development of retail network
– Culinoma
– Hygena
– Poggenpohl
Changes in distribution and sourcing
structure incurred initial costs
– Flatpack bath discontinued
– Fewer and larger customers in economy and
middle segments
– Transition of Hygena sourcing
Poggenpohl launched a new kitchen with
Porsche Design in September
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14 25 October 2007
Net sales Jan-Sep Operating profit Jan-Sep Operating margin Jan-Sep
SEK m 2007 Change 2007 Change 2007 2006
UK 4,541 9% 387 27% 8.5% 7.3%
Nordic 4,289 7% 528 -7% 12.3% 14.1%
Continental
Europe3,580 4% 188 -10% 5.3% 6.1%
Other Group
adjustments-86 -99
Group 12,324 7% 1,004 2% 8.1% 8.5%
Performance by region January-September
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15 25 October 2007
Profit development
UK region improved
Problems at HTH
Lower tax rate
SEK m2007
Jul-SepChange
Operating profit
before depreciation,
(EBITDA)
383 -1%
Operating profit,
(EBIT)272 -3%
Pre-tax profit 244 -2%
Net profit 189 0%
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16 25 October 2007
Earnings per share
SEK
Nobia’s goal for profit
growth:
Earnings per share
shall increase over a
business cycle by an
average of 12 per
cent annually.
Average increase
2001-2007 is 15%
+ 34%3.67
4.93
0
1
2
3
4
5
2005
Jan-Dec
2006
Jan-Dec
2006/2007
Oct-Sep
Earnings per share after dilution and split 3:1
5.18
+5%
*
*) Earnings per share were SEK 4.72 in 2006 for comparable units.
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17 25 October 2007
Financial position
SEK m2007
Jan-Sep
2006
Jan-Sep
Investments 446 342
Operating cash flow 853 737
SEK m2007
30 Sep
2006
30 Sep
Net debt 2,261 2,635
Net debt/equity, % 59 73
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Store development plans
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19 25 October 2007
Increased pace of store establishmentObjective: better market coverage
Expansion of Magnet network in UK
– Plan to open 100 new stores over 3-year
period, of which 17 in 2007
Expansion of Hygena network in France
– Plan to open 50-75 stores when integration
into Nobia’s product supply system is
completed
– 4 stores planned in Spain during 2008
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20 25 October 2007
Acquisition of Asmo in October
Kitchen retail chain
Based in Munich
12 stores in the greater Munich area
Seller is TAC Holding GmbH
Conditional upon approval from the
competition authorities
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21 25 October 2007
Culinoma currently has
77 kitchen stores in three
areas of Germany with
retail sales of
approximately
EUR 180 million.
Culinoma in Germany
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22 25 October 2007
Main priorities
Strengthen the retail base
More efficient supply chain
Further growth
– Organic and acquired
Capital Markets Day
Stockholm 28 November
Next report
8 February
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Thank you for your attention
Time for questions
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24 25 October 2007
Earnings per share
0
1
2
3
4
5
6
Earnings per share (SEK) after dilution
2005 restated 2001-2006 an average of 19%
1996199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
7*
5.19
IPO
200
6
*) R12 Oct 2006-Sep 2007