Brief: Nobia Starts Reorganization

Nobia AB

29/06/2020 14:05

June 29 (Reuters) - Nobia AB  NOBI.ST :
    * REORGANIZATION AND RESTRUCTURING FOR INCREASED EFFICIENCY
    * NEW ORGANIZATION, EFFECTIVE AS OF SEPTEMBER 1, 2020, WILL
ENABLE
STRONGER REGIONAL ACCOUNTABILITY, FASTER DECISION MAKING AND
IMPROVED SPEED IN EXECUTION
    * RESULTS FOR Q2 2020 WILL BE CHARGED WITH RESTRUCTURING
COST
TOTALLING SEK 93M, OF WHICH SEK 22M IS NON CASH.
    * SEK 51M RELATES TO UK, SEK 27M TO GROUP COMMON COST AND
SEK 15M
TO NORDIC REGION.
    * IN ADDITION, INCREASED PROVISIONS IN RELATION TO IFRS 9
WILL
NEGATIVELY AFFECT RESULTS FOR Q2 BY SEK 15M, OF WHICH SEK 6M
RELATES TO UK AND SEK 9M TO NORDIC REGION
    * EVEN THOUGH NOBIA HAS NOT EXPERIENCED MATERIALLY HIGHER
CREDIT
LOSSES SINCE OUTBREAK OF COVID-19, GROUP WILL INCREASE ACCRUAL
FOR POTENTIAL FUTURE CREDIT LOSSES IN RELATION TO IFRS 9 AS A
RESULT OF INCREASED MACRO-ECONOMIC UNCERTAINTY

Source text for Eikon:  ID:nWkrbr06bx 
Further company coverage:  NOBI.ST 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 772 0920;))