NIBE shows steady progress and improved earnings
In NIBE's interim report for January-September 2009 published today, the
company announces:
• Sales backed slightly to SEK 4,053 million (Jan-Sept 2008: SEK 4,083 million)
• Profit after net financial items rose by 14% to SEK 348 million (SEK 305
million)
• Earnings per share were SEK 2.68 (SEK 2.28)
• Acquisitions of Sol & Energiteknik AB in Sweden, Bencon Oy in Finland, and a
further 24% stake in the Russian company CJSC EVAN have been completed.
“We have made steady progress during the first nine months of the year, and
have succeeded in compensating for the weak state of the economy and the fall
in the number of new builds by increasing our market shares and improving our
already strong position in the expanding segment of renewable energy,” says
Gerteric Lindquist, CEO for NIBE Industrier.
“In the first instance, the improvement in earnings is once again due to more
moderate material prices and higher productivity.
“NIBE Heating continues to develop positively, which confirms the importance of
spreading sales over a number of markets, constantly being in the front rank of
developments in technology and offering a well-balanced product mix.
“We are also seeing some improvement in demand for products from NIBE Stoves.
This is usually a good indicator of a turn-around in the economy, as Stoves
tends to be the first of our business areas to experience changes in the
business cycle.
“NIBE Element is still struggling but here, too, there are signs of an upturn
in certain consumer-oriented segments.
“Considering how things have developed so far this year, we remain cautiously
optimistic about the prospects for 2009 as a whole,” Gerteric Lindquist
concludes.
