Nobia : Operating profit for Q4 2012 excluding items affecting comparability
expected to significantly exceed market forecasts. Also, goodwill and deferred
tax assets attributable to Hygena are impaired
Significantly improved fourth-quarter profit
The activities carried out in recent years aimed at enhancing the efficiency
of the Nobia Group have generated results. Operating profit for the fourth
quarter of 2012 excluding items affecting comparability is expected to amount
to approximately SEK 195 million (79), which significantly exceeds the average
forecast by analysts. All regions report improved profits.
Impairment of goodwill and deferred tax assets
The company's assets were tested prior to the closing of the annual accounts.
In light of the negative trend of the French economy in general, an impairment
requirement of about SEK 500 million was identified attributable to Hygena.
Before the impairment, reported goodwill amounted to about SEK 800 million
(EUR 93 million). Accordingly, deferred tax assets are impaired by about SEK
115 million in relation to the carrying amounts recognized at the end of the
third quarter 2012.
"The measures taken at Hygena have generated results. Following the conclusion
of the refurbishment programme, the efficiency of the stores is higher and we
estimate that we have gained market shares. Hygena is now strongly equipped to
continue its development towards improved profitability and the impairment
should be seen in the light of the uncertainty that currently prevails in the
French economy," says Morten Falkenberg, President and CEO of Nobia.
For further information:
President and CEO
Telephone: +46 70 532 08 00
Telephone: +46 70 594 57 29
Nobia develops and sells kitchens through some 20 strong brands in Europe,
including Magnet in the UK, Hygena in France, HTH, Norema, Sigdal, Invita,
Marbodal and Myresjökök in the Nordic countries, Petra, Parma and A la Carte
in Finland, ewe, Intuo and FM in Austria, Optifit in Germany and Poggenpohl
globally. Nobia generates profitability by combining economies of scale with
attractive kitchen offerings. The Group has approximately 7,400 employees and
net sales of around SEK 13 billion in 2011. The Nobia share is listed on the
NASDAQ OMX Nordic Exchange in Stockholm under the short name NOBI. Website:
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Source: Nobia via Thomson Reuters ONE
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