Target fulfillment
Outcome – growth
Sales increased by 5 percent. The acquisition of Bribus contributed about 2.5 per cent, while organic sales development remained unchanged. By region, organic growth was -1 percent in the Nordic countries, 1 percent in the UK and -4 percent in Central Europe. Exchange rate effects affected reported sales by approximately 2.5 percent.
| Sales growth, % | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|
| Organic growth | 2 | 6 | 4 | 2 | -4 | 0 |
| Acquisitions | -1 | 4 | 4 | - | 3 | 3 |
| Currency growth | 6 | 7 | -5 | -1 | 5 | 3 |
| Total growth | 7 | 17 | 3 | 1 | 4 | 5 |
Outcome – profitability
The operating margin was 8.1% (8.2) excluding items affecting comparability. The operating margin for the Nordic region increased during the year, while the operating margin for the UK remained unchanged excluding items affecting comparability. The Central Europe region improved its operating margin thanks to a higher margin in Bribus acquired in 2018.
| Operating margin, % | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|
| Nordic | 12.8 | 13.3 | 14.3 | 14.8 | 12.5 | 13.1 |
| UK | 7.5 | 9.3 | 8.9 | 8.0 | 5.8 | 5.8 |
| Central Europe | 7.8 | 3.7 | 6.8 | 2.3 | 6.4 | 7.7 |
| Group | 8.5 | 9.7 | 10.3 | 10.1 | 8.2 | 8.1 |
Outcome – financing
Nobia's financial position is strong and the debt / equity ratio is within target. The debt / equity ratio* amounted to 31 per cent (32) on December 31, 2019. Net debt* amounted to SEK 1,344m (1,266). Including the effects of IFRS 16, the net debt / equity ratio was 89 per cent (32) and net debt was SEK 3,819m (1,266).
*Excl. IFRS 16 Leasing that was adopted in 2019
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|---|
| Net debt, SEK m | 1,206 | 774 | 493 | 77 | 1,266 | 3,819 |
| Debt/equity ratio, % | 38 | 20 | 14 | 2 | 32 | 89 |
| Debt/equity ratio, % excl. IFRS 16 Leases that was adopted in 2019 |
38 | 20 | 14 | 2 | 32 | 31 |
Outcome – dividend
Due to uncertainty about the effects of the Coronavirus spread during the beginning of 2020, the Board decided to withdraw the dividend proposal of SEK 4 per share for 2019.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|---|
| Dividend per share, SEK | 1.75 | 2.50 | 3.00 | 7.00 | 4.00 | - |
|
Dividend of net profit after tax, % |
n/a | 51 | 111 | 116 | 90 | - |
