2010 in summary
Nobia’s 2010 net sales amounted to SEK 14,085 million (15,418). Operating profit before restructuring costs amounted to SEK 517 million (346), and SEK 6 million (38) after restructuring costs. Loss after tax totalled SEK 89 million (loss: 79), corresponding to a loss per share of SEK 0.53 (loss: 0.47). Operating cash flow amounted to SEK 641 million (803). The Board of Directors proposes that no dividend be paid for the 2010 fiscal year.
In February, Nobia presented a new organisation and work method for the Group. Production and sourcing are co-ordinated with the purpose of leveraging Nobia’s size, while the Group’s brands are positioned to satisfy customer requirements more clearly. The new organisation in April 2010 signalled the start of a several-year change process, which will lead to a stronger Group. The objective is to increase both profitability and growth by fully capitalising on Nobia’s economies of scale in the market, the supply chain and Group units for IT, HR and Finance. The change process is expected to take place between 2010 and 2014.
Later in February, Nobia announced that Pronorm, and its ownership share in Culinoma in Germany, had been divested to DeMandemaker Groep (DMG). The transaction was part of Nobia’s strategy to focus on attractive customer offerings, clear brands and a more efficient supply chain with fewer and larger plants. The sale encompassed the Pronorm kitchen plant in Vlotho, of which the largest customers are DMG and Culinoma, and Culinoma’s 87 kitchen stores in Germany, including the Plana, Marquardt, Vesta, Asmo and Küchenpohl brands.
In April, Morten Falkenberg was appointed new President and CEO. Morten Falkenberg took office in October, when Preben Bager stepped down from his position as Nobia’s President and CEO.
In May 2010, the first step was taken towards the long-term refinancing of Nobia by raising a loan of SEK 800 million from the Swedish Export Credit Corporation. The loan is for five years, with an option to extend it for another two years.
In June, union negotiations began concerning the relocation of Myresjökök’s production from Älmhult to Tidaholm. The relocation is expected to take place in March 2011.
In July 2010, Nobia signed an agreement concerning new long-term borrowing with a consortium of banks. The loan is for five years and can amount to a maximum of SEK 2,000 million. Nobia’s long-term credit framework now totals SEK 2,800 million, including the loan granted by the Swedish Export Credit Corporation.
In December, cost-saving measures were initiated in several units throughout the Group. The programme is expected to reduce costs by SEK 100-125 million on an annual basis from the end of 2011.
Latest update: 15 April 2011