Interim report, Q3 2008

NIBE increases sales and improves earnings

Interim report for the first nine months of 2008.

• Sales rise to SEK 4,083 million (Q1–Q3 2007: SEK 3,869 million)
• Profit after net financial items rises to SEK 305.1 million (SEK 303 million)
• Earnings per share total SEK 2.28 (SEK 2.25)
• Acquisitions in Mexico, Austria, Denmark and Russia.

“Today’s report is positive with improvements in both sales and earnings,” says Gerteric Lindquist, CEO of NIBE Industrier.

“This is due first and foremost to strong demand in many product groups, in particular for heat pumps in virtually all of our foreign markets. In addition, we have pared down our fixed costs and our new acquisitions have delivered good profits.

“It is also very gratifying to report that, thanks to our resolute product development work, professional marketing and strategic acquisitions, all of our business areas are continuing to capture new shares of the market.”

So far during the year NIBE has acquired companies in Mexico, Austria, Denmark and Russia, and also set up its own subsidiary in Switzerland.

“This increases the international presence of NIBE, which now has companies in 20 countries, selling products with very good market potential.

“Our view of the outlook for 2008 remains therefore cautiously positive at the same time as we recognise that we are, of course, dependent on developments in the world around us,” concludes Gerteric Lindquist.

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