Poggenpohl ‘accounting errors’ dent Nobia profits

Nobia first-quarter profits have been hit with a one-off cost of SKr96 million (£7.8m) as a result of “incorrect accounting” at Poggenpohl over several years.

The Swedish kitchen giant said the cost item would not affect the cash flow.

Nobia recently discovered that Poggenpohl US accounting “has been incorrect for several years, dating back to 2009”.

The impairment, it said, would affect a number of areas in Nobia’s income statement for 2015, including cost-related and revenue items.

Speaking to kbbreview, Lena Schattauer, head of communication and investor relations at Nobia, said: “This accounting error is isolated to Poggenpohl in the US. It has no effect on the business as a whole.”

Nobia stated it had taken actions to restore confidence in the administrative management within Poggenpohl.

Home > News > Poggenpohl ‘accounting errors’ dent Nobia profits