Operating profit for the quarter increased by 38 per cent to SEK 278 million (202). The improved operating profit can be attributed to strengthened market positions in several of Nobia's primary markets, combined together with greater demand and improved efficiency in several units. All regions improved their operating profit, with the most significant improvement in the Nordic operations. The acquired French company Hygena contributed positively to earnings per share.
Comments from the CEO: "We have had a favourable start to 2006 and the European kitchen market is currently in an exciting phase," says President and CEO Fredrik Cappelen. "The market in the UK stabilised and our operations recorded improved profits. Our Nordic operations are continuing to demonstrate solid growth and in Continental Europe, our acquisition of the French chain Hygena strengthened operating profit."
Nobia Group Summary
Jan - Apr - Mar Jan - Mar Dec 2006 2005 Change 2005/06 2005 Net sales, SEK m 3,615 2,854 27% 13,203 12,442 Operating profit 372 277 34% 1,397 1,302 before depreciation, SEK m (EBITDA) Operating profit, 278 202 38% 1,069 993 SEK m (EBIT) Operating margin, % 7.7 7.1 8.1 8.0 Profit after 248 173 43% 960 885 financial items, SEK m Profit after tax, 173 125 38% 689 641 SEK m Earnings per share, 2.97 2.15 38% 11.84 11.01 after full dilution, SEK Return on capital 19.3 18.6 employed, % Return on equity, % 23.2 22.6
Classification of pensions has been changed, see Accounting Principles, page 7.
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