Interim report, Q3 Jan–Sept 2016

Today’s interim report from NIBE shows an increase in both sales and profit.

• Sales rose by 10.2% to SEK 10,478 million (SEK 9,511 million)
• Operating profit rose by 15.9% to SEK 1,313 million (SEK 1,133 million)
• Profit after net financial items rose by 15.0% to SEK 1,217 million (SEK 1,058 million)
• Earnings per share before and after dilution were SEK 2.04 (SEK 1.84)
• Several strategic acquisitions in Canada, the US, England, Italy and Sweden
• New share issue in October injected SEK 3,024 million before issue expenses

“The first three quarters of 2016 have been positive with improved market share and strong operating margins in all three business areas,” said Gerteric Lindquist, CEO of NIBE.

“With the acquisition of US company Climate Control Group in the summer and Swedish company Air-Site in the spring as well as the conditional agreement on partial acquisition of British company Enertech Group in October, NIBE Climate Solutions has been significantly strengthened.

“NIBE Element continues to have an operating margin well above 10% on a rolling 12-month basis and has strengthened its competitiveness, particularly in the commercial and industrial customer segment through the acquisitions of US company Heatron Inc., Italian company ATE Electronics and most recently American company Omni Control Technology Inc.

“Due to the acquisition of Canadian company FPI Fireplace Products International Ltd., which was announced today, the NIBE Stoves business area now has a platform in the North American market, which really seems like a good fit. FPI is one of the leading players in our industry in North America and has a complete range of stove products for gas, wood and pellets.

“The successful rights issue that was carried out in October has injected equity of just over SEK 3 billion, allowing for a continued aggressive acquisition strategy.

“Constant efforts with productivity improvements, product development and marketing continue unabated and have contributed significantly to improving margins.

“Our business philosophy and strong product programme with a focus on sustainability and energy efficiency is timely. Profitability is stable and we’re well prepared for offensive acquisitions. The impact of economic trends, currency concerns, low energy prices and the growing political turmoil in many parts of the world is difficult to predict, but we are cautiously optimistic about the year as a whole,” said Lindquist.

Press information

A teleconference (in English on +46 8 566 426 97) will be held for the press and analysts today at 11.00 CET with CEO Gerteric Lindquist and CFO Hans Backman.

NOTE: You must be registered at www.nibe.com to view the images for the presentation.

Benny Torstensson, CIO: +46 (0)433-73 070

Christel Fritiofsson, Investor Relations: +46 (0)433-73 078

NIBE Industrier AB is required to disclose the information in this press release under the Market Abuse Regulation and NASDAQ Stockholm’s rules and regulations for issuers. The information was submitted by Benny Torstensson for publication on 17 November 2016 at 08.00.