World-class Solutions In Sustainable Energy

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– world-class solutions in sustainable energyAnnual Report 2011

NIBE Industrier is an international heating technology company. Operationsare organised around three business areas – NIBE Energy Systems, NIBEElement and NIBE Stoves.The NIBE Group has more than 8,000 employees in Europe, North Americaand Asia.Each business area has its own operational management with responsibility for results. Issues that concern the Group as a whole, such as strategies, financing, corporate acquisitions, financial control and HR policy, arecoordinated and regulated through the parent, which is a listed company.

NIBE Energy Systems p. 18NIBE Element p. 26NIBE Stoves p. 32ContentsThe NIBE GroupNIBE Operations2011 at a GlanceThe Chief Executive’s ReportImportant Events during the YearBusiness ConceptGrowth ModelManagement PhilosophySustainable Value CreationNIBE SharesBusiness Area Operations45681012143848NIBE – Always There to HelpNIBE Energy SystemsNIBE ElementNIBE StovesFinancial Information16182632CalendarFinancial information10 May 2012First quarter report,January – March 2012The complete annual report and call to theAGM are sent to all shareholders unless theyhave informed the company that they do notwish to receive any written information.The annual report is also published on ourwebsite www.nibe.com.Annual General Meeting15 August 2012Second quarter report,January – June 2012Administration Report51Five-year Review52Risk Management55Annual Accounts 201157Notes66Corporate Governance Report83Audit Report88Board of Directors,Senior Executives and Auditor89Companies in the NIBE Group91Annual General MeetingThe Annual General Meeting of shareholderswill be held at NIBE in Markaryd in Sweden onThursday 10 May 2012 at 17.00 (5pm).15 November 2012Third quarter report,January – September 2011NIBE ANNUAL REPORT 20113

NIBE operations in 2011NIBE Energy SystemsNIBE Energy Systems is a market leaderfor heat pumps in Europe and one ofEurope’s major manufacturers of waterheaters and other energy-efficient products for heating and cooling both privatehomes and larger premises.For more details about NIBE EnergySystems’ operations, please see pages18 – 25.16%Nibe VillavärmeNibeElementNibe BrasvärmeNettoomsättning32%KVM-CONHEAT A/S21%21%NIBE ElementNIBE Element is one of the leading international manufacturers of componentsand systems for electric heating applications and for resistors.For more details about NIBE Element’s operations, please see pages 26– 31.Business area contributionsto Group salesNettoomsättningRörelseresultatNibe ultatNibe %21%Business area contributionsRörelseresultatto Groupoperating profitRörelseresultat15% 13%15%72%13%72%NIBE Energy SystemsNIBE ElementNIBE StovesNIBE Stoves is the European marketleader in wood-burning stoves. The market comprises new and existing privatehomes and holiday homes.For more details about NIBE Stoves’operations, please see pages 32 – 37.4NIBE StovesNIBE Energy SystemsNIBE ElementNIBE StovesNIBE ANNUAL REPORT 2011

Omsättning per geografisk region4%Net salesSEK 8,139.8 mOperating profitOperating marginSEK 991.3 m12.2%NordenProfitfinancial items38%Europaafterexkl NordenGrowthOperating profitProfit after net financial itemsInvestmentsof which in existing plant & machinery%SEK mSEK mSEK mSEK mGross margin%Operating margin%Profit margin%SEK mCapital employedSEK mEquityReturn on capital employed%Return on equity%Return on total assets%timesAssets turnoverEquity/assets ratio%Proportion of risk-bearing capital%SEK mOperating cash flowtimesNet debt/EBITDAtimesInterest coverInterest-bearing liabilities/Equity%Average number of .16,895Please refer to page 56 for .80.711.845.65,945Profit marginSEK 941.2 mNordenThe year in figures 2011SEK m8,139.8Net sales58%Övriga marknader11.6%Omsättning pergeografisk regionEuropa exkl NordenÖvriga marknaderOmsättning perChangeSales by geographical regiongeografisk region25 %Omsättning per geografisk regionNorden89 %Europa exkl Norden5%25 % Övriga marknader45%26 %50%840 %101 %0%NordenGroup13%0%Europa exkl Norden1%Övriga marknader48%158 %39% 45%81 %Omsättning55%per– 28 %geografiskregionNordenEuropa exkl NordenÖvriga marknader– 15 %– 25 %NIBE byEnergy SystemsSales– 26 %NordengeographicalregionNorden37%– 21 %Europa exkl NordenEuropa exkl Norden63%– 15 %Övriga marknaderÖvriga13% marknaderNordic countries17%Norden27 ketsÖvriga marknader39%–9%137 %16 %OmsättningperNIBE Elementgeografisk regionSales by38%geographicalregionAcquisition ofDividend– operations in Thermtec Ltd, UK– Element Division of Electrolux ProfessionalAG, Switzerland– remaining 25% stake in CJSC EVAN, Russia– 98.7% stake in the Schulthess Group AG,Switzerland– Element Division of Emerson Electric Co, USA– 10% stake in Enertech Global LLC, USAThe Board of Directors proposes thatEuropa exkl Nordenthe Annual General Meeting approveÖvriga marknadera dividend of SEK 2.00 per share forthe financial year 2011, corresponding to a total payout of SEK 220.5million. If this proposal is accepted,it is anticipated that the dividend willbe despatched from Euroclear Sweden AB on Monday, 21 May 2012.62%17%Norden37%46%NIBE StovesNordenEuropa exkl NordenÖvrigaNordicmarknadercountriesRest of EuropeOther markets2011NIBE ANNUAL REPORT 20115

Chief Executive’s ReportA strong 2011 sees strategic moves tostrengthen our international positionGerteric Lindquist,Managing Director and CEO6During 2011 the NIBE Group grew its sales bya total of 25.0%, with organic growth totalling4.6%. In comparison, overall growth in 2010was 13.2% and organic growth was 7.3%.Over the year as a whole demand remainedstable or showed a modest rise in Northern andCentral Europe, North America and Asia, whileremaining weak in Southern Europe.In the fourth quarter, however, overall demand in our product areas was somewhat lower than in the corresponding period in 2010.The reason for this would appear to be widespread caution arising from the uncertaintieswithin the economic system, combined with anunusually mild autumn and early winter acrossEurope.In view of the current situation in the worldaround us, it is gratifying to be able to reportthat all three of our business areas have continued to consolidate their positions in themarket. Much of this success can be attributedto our resolute, long-term focus on developinghigh-quality, high-performance products andto the integrity and objectivity of our marketing.The customary process of stock-building forNIBE Energy Systems and NIBE Stoves duringthe first six months was well matched to thisyear’s needs and, together with a temporary increase in the production workforce during thesecond half of 2011, enabled us to maintaingood levels of delivery reliability throughoutour peak sales period.Operating profit was 24.5% up on the figure for 2010, thanks chiefly to higher salesvolumes, improved productivity and a continued firm grip on costs. It has, however, beena roller-coaster ride for material costs: aftera troublesome start to the year with steep increases, material prices fell slightly in the thirdquarter, only to begin climbing once again asthe fourth quarter drew to a close. When translated at Group level, exchange rate trends havehad a negative impact on the figures for bothsales and earnings. In addition, profits for theyear have also been charged with acquisitionexpenses of SEK 61.8 million.Profit after net financial items rose by26.3% compared with the figure for 2010 –primarily as a result of exchange gains of SEK16.3 million on the repayment of bank loans inforeign currencies.Scope for expansionInvestments in existing operations totalledSEK 333.4 million. This is somewhat higherthan depreciation according to plan for theyear, which amounted to SEK 274.5 million.While the investment rate in 2009 and 2010was well below depreciation according to plan,we anticipate that the rate of investment forthe current year will be on a par with depreciation according to plan.This points to consistently satisfactory levels of quality and productivity at our production facilities and paves the way for further expansion.Stronger international positionTo date, 2011 has been the most intensiveyear in NIBE’s history in terms of acquisitions.Through these acquisitions we have continuedto pursue our strategic objective of graduallystrengthening our position in the internationalarena. The companies acquired will add closeto SEK 3 billion a year to the Group’s net salesand contribute good and stable levels of profitability.NIBE Energy Systems has been strengthened by one major acquisition and two smaller partial ones. The takeover of the SchulthessGroup AG, a heating technology company listedon the Swiss stock exchange, was finalised inlate July. Schulthess is one of Europe’s leadingsuppliers of heat pumps sold under the AlphaInnoTec and Novelan brands. The SchulthessGroup also manufactures high quality, energy-efficient products for cooling, ventilationand solar energy, as well as washing machinesand tumble dryers under the KKT Kraus, Genvex and Schulthess labels. The Group has annual sales of approximately SEK 2,250 million,a profit margin averaging well in excess of 10%and a workforce of just over 1,000. This acquisition advances our positions in the market andbroadens our product base.Elsewhere, thanks to two partial takeovers,the business area’s operations in Russia conducted through CJSC EVAN have been whollyowned by NIBE since April 2011, and a bridgehead has been established into the NorthAmerican heat-pump market as a result of a10 percent stake in the US heat pump manufacturer, Enertech Global LLC, with an option toacquire the remaining shares in the company.Enertech’s annual sales total just over SEK 200NIBE ANNUAL REPORT 2011

million and the company has an operating margin of slightly over 5 percent.NIBE Element has acquired three lines ofbusiness with aggregate sales of approximatelySEK 580 million a year. Early in 2011 the business operations of the UK company ThermtecLtd were acquired and integrated into NIBE Element’s existing operations in the UK. Thermtec sales total approximately SEK 20 million ayear and the company’s operating margin averages around 6 percent. In March NIBE acquired the Element Division of Electrolux Professional AG of Switzerland, with annual salesof approximately SEK 75 million and an operating margin averaging around 10 percent.In mid-September NIBE acquired EmersonHeating Products, the element manufacturing division of Emerson Electric Co. in the USA.The division has annual sales of approximatelySEK 485 million and around 1,100 employeesin the USA, Mexico and China. This acquisitionexpands the NIBE Element product portfolioto include new climate control technology andadds extensive manufacturing and sales operations in North America and China.All three acquisitions will make a positivecontribution to the business area’s profitabilitywhile also reinforcing our market positions andtechnology base. In this context it is pleasing toreport that NIBE Element has now establisheda firm foothold in the North American market.Poised for new acquisitionsOur financial position remains robust, whichmeans that we are well placed to make new acquisitions.From the time that NIBE shares were firstlisted on the stock market, the Group has traditionally financed all acquisitions of small andmedium-sized companies through a combination of bank loans and its own financial assets.In early 2011, however, financing for the takeover of the Schulthess Group, by far our largestacquisition to date, was for the first time raisedin part by using NIBE shares to cover 40 percent of the purchase cost.There are two distinct advantages to thestrategy of financing acquisitions through acombination of cash and the company’s ownshares: it strengthens the acquiring company’sbalance sheet by increasing equity, while alsohelping to reinforce commitment among theowners of the acquired company by giving thema financial interest in their new parent.NIBE ANNUAL REPORT 2011A passion for business built on anentrepreneurial spiritWe never tire of explaining the importance ofmaintaining companies intact in the locationsand environments where they were originallyestablished. More often than not, this providesoptimal conditions for companies to continueto grow, while also developing the communitiesin which they have their home. However, thisrequires a combination of responsible, longterm ownership, positive encouragement fromall levels in the local community and genuineentrepreneurial passion.That NIBE has grown as much as it has doneand, in doing so, has survived several majordownturns in national and global economies,owes much to the entrepreneurial spirit thatflourishes in the company, with a passion forbusiness and the satisfaction and sense of responsibility that ownership involves. And thisentrepreneurial spirit is where our future lies– continuing to encourage curiosity, creativityand commitment as well as motivating employees to take a greater share of ownership in theNIBE Group.We are convinced that the traditional values we hold dear here in the southern Swedish province of Småland – a long-term outlook,common sense, simple solutions, honesty andperseverance – will never go out of fashion. Instead they form the basis of a corporate culturethat will make us strong and resilient regardless of the state of the economy or wherever inthe world we choose to operate.Creating sustainable valueWhile sustainability and sustainable value creation are relatively new terms, the concepts theyrepresent have always been part of the way wework at NIBE. Careful use and husbanding ofnature’s resources has always come naturallyto us. Combined with our business idea of developing energy-efficient products, this makessustainability and sustainable value creationcornerstones of our approach to business.We report our sustainability performancein accordance with the international standard,Global Reporting Initiative (GRI). We alreadymeet the criteria for GRI level C, but in thelonger term our sights are firmly set on achieving level A status. As part of this commitmentwe launched a major information campaign in2011 to reach every single one of the Group’semployees. This includes two brochures de-scribing our business principles and our values that have been printed in 14 languages tomake sure that every NIBE employee can participate in our sustainability work, regardlessof where in the world they are.15 years as a listed companyOver the years our financial objectives havefrequently been dismissed as far too ambitiousin the long term.That makes it all the more satisfying tosummarise our achievements during our first15 years as a listed company: average annualsales growth of 18.7 percent compared to thetarget of 20 percent; average operating marginwell in excess of the target of 10 percent; average return on equity in excess of the target of20 percent; and an average equity/assets ratiowell above the 30 percent target.The same applies today as it did 15 yearsago: neither the market for our products, northe potential for acquisitions set any real limitsfor the company’s profitable growth. Instead,our future success is predicated on our abilityto liberate ourselves from ‘thinking small’ andto recognise the opportunities that are alwaysthere and which true entrepreneurial thinkingcan always transform into success.Cautiously optimistic about 2012Our corporate philosophy and our product programme with their focus on sustainability andsaving energy are well suited to the times inwhich we are living.In terms of markets, most of our exposureis towards countries with strong economies.Our financial position remains robust,which means that we are well placed to makenew acquisitions.Although the financial markets remain inturmoil, our own strengths, high oil prices andhints of a recovery in optimism in various partsof the world encourage us to be cautiously optimistic about the prospects for 2012.Markaryd, Sweden – March 2012Gerteric LindquistManaging Director/CEO7

Important events during the yearFirst quarterAcquisition of Electrolux ElementDivision in SwitzerlandNIBE Stoves becomes ConturaISH Fair 2011Since 2011 all of the company’s Swedish woodstove products have been marketed under theContura brand, which has long been the strongest and best known of our brands.NIBE Energy Systems and NIBE Stoves wereboth represented at the major internationalISH Fair in Frankfurt. Fair visitors showed greatinterest in the new products launched here.Heat pumps? Yes, pleaseContura 800Acquisition of SchulthessInstalling NIBE heat pumps led to a significant reduction in heating costs and thusenabled residents in the Stockholm suburb ofTäby to set up their own housing cooperative.A totally new wood-stove family that is at homein most settings. Contura 800 combines compact size and a heat output that is more thansufficient for smaller spaces with a lower price.The acquisition of the Schulthess Group, listedon the Swiss stock market, has left its mark onmuch of the year. An initial 31.1% stake wasbought in April, followed by a further 67.6% inJuly. The remaining 1.3% will be purchased bycompulsory redemption in 2012.This is one of the leaders in the Swiss industrial sector. The company offers a broad selection of products for heating, measurement andcontrol.Second quarter8NIBE ANNUAL REPORT 2011

Third quarterAcquisition of Element Division ofEmerson, USAISO 14001 CertificationCapital Markets DayNIBE Element has been complying with ISO14001 guidelines for a long time. Since August2011, all of the business area’s Swedish unitshave been ISO 14001 certified.In September we welcomed analysts and investors to our Capital Markets Day in Markaryd fora presentation of NIBE operations and futureambitions, plus visits to our modern, highly efficient production facilities for heat pumps andwood stoves.Royal visitHeat pumps in USAOur valuesIn October King Carl XVI Gustav headed a delegation of some 25 visitors to NIBE in Markarydas part of the Royal Swedish Academy of Engineering Science’s ‘Royal Technology Trip’ toinvestigate models of Swedish innovation.NIBE established a bridgehead on the NorthAmerican heat pump market through the acquisition of a 10% stake in the US company, Enertech Global LLC, whose product range comprises mostly ground-source heat pumps. NIBEhas an option to acquire the remaining sharesin Enertech.Towards the end of the year, in a Group-wideinitiative, all managers and co-workers learnedmore about the company’s values and businessprinciples. In November it was the turn of ourRussian co-workers.The product portfolio comprises mainly electric heating elements and heating systemsfor use in domestic appliances, together withheating and climate control products.Fourth quarterNIBE ANNUAL REPORT 20119

International expansion with Scandinavia as our baseVisionObjectivesMission statementOur vision is to create Our mission is to offer the market high-quality, innoworld-class solutions vative energy-efficient products and system solutionsin sustainable energy. through our three business areas: NIBE Element, NIBEEnergy Systems and NIBE Stoves. This work builds onthe NIBE Group’s wide-ranging expertise in productdevelopment, manufacturing and marketing.NIBE Industrier’s overriding objective is to combine strong, sustainable growth with healthy profitability, so creating value for shareholders, providing an interesting and stimulating workplace for employees,and attracting satisfied customers who value the peace of mind thatproducts from the NIBE Group provide. In addition, NIBE’s role in society must be characterised by openness and responsibility.The Group’s four main financial targets20%10%year growth of 20%, half ofwhich is to be organic andhalf acquired.for each of the three business areasequivalentat least 10% of sales over aOperatingtomarginpast five yearsbusinesscycle.(%)GrowthOperating marginReturn on equityTo achieve average year-onTo achieve an averageTo report average annual operating profitGrowth20past five years (%)2520%annual return on equity overa business cycle of at least20%afteronstandardReturnequity deductionspastforfive tax.years (%)30%Equity/assets ratioTo ensure that the equity/assets ratio does not fallbelow30%. ratioEquity/assetspast five years (%)6025-550200720082009NIBE Energy Systems20102011NIBE ElementNIBE StovesAverage operating margin over the pastfive years: NIBE Energy Systems 13.9%,NIBE Element 6.1% and NIBE Stoves 25130Target 20%1082007 2008 2009 2010 2011Annual growth over thepast five years averages10.4%.10155-1910020Target 10%10155Target 20%22.61520Target 30%102007 2008 2009 2010 2011Return on equity over the pastfive years averages 21.3%.0Senaste 12 mån2007 2008 2009 2010 2011Equity/assets ratio over the pastfive years averages 40.2%.NIBE ANNUAL REPORT 2011

Business principlesWe have divided the strategy for attainingour vision and our objectives into six differentareas to make clear the attitude that is required and the methods to be used.Competitivenesswill be improved through:§ the continuous development of technicallysophisticated, energy-efficient productsin close cooperation with the market andcustomers§ manufacturing high-quality productsspecially developed to reduce environmentalimpact§ continuous rationalisation of productionthrough mechanisation, automation and theoptimisation of working time through flexible wage systems§ standardisation, modularisation and thecoordination of components§ economies of scale on both the purchasingand production sides§ modern designs that reflect the quality andperformance of our products§ professional, objective marketing with aninternational appeal§ high quality.A holistic approach toenvironmental issueswill play a key role in everything from productdevelopment activities, manufacturing andchoice of materials to transport, product functionality and the potential for recycling at theend of a product’s useful life.ProfitabilityGrowthwill be maintained through:§ faster growth than competitors§ optimising costs, optimising tied-upcapital and continually strengtheningcompetitiveness§ high levels of value added§ reducing the use of resources and increasing recycling§ brand-building§ activity in a number of different marketsand segments, so reducing sensitivity tofluctuations in demand§ internal and external benchmarking§ the integration of newly acquired units inline with the three-phase model: analysis–improvement–growth.will be maintained through:§ increasing our share of the market in priority markets§ focusing on new markets and segments,preferably with the help of unique productsand new technologies§ making strategic acquisitions in selectedmarkets, preferably of companies withstrong brands, products that complementthe existing NIBE range, and new technologies.Customer satisfactionand peace of mindis our constant goal:§ a broad range of products that ensures thateach and every customer benefits from thebest possible solutions§ the best service and customer support§ high quality§ competitive prices.Co-worker commitmentwill be further strengthened by:§ training and developing individual employees and the organisation as a whole§ motivating key employees, within thecompany and recruiting new ones§ initiatives that give co-workers a stake inthe NIBE Group.Sincerity and an 5Rörelsemarginalsenaste fem åren (%)20company andall its20employees both in terms of internal rela15tions, and in dealings with shareholders,15customers, suppliers, authorities and soci10ety in general.senastefemårenåren(%) (%) thesenastefemwillcharacteriseMål 10%Mål 10%10 105550020072007 20082008 20092009 20102010 Systems NIBENIBE200720082009NIBE Energy SystemsNIBE StovesNIBENIBEStovesStovesNIBE ANNUAL REPORT 2011112010NIBE E

Organic growth plus acquisitions – sustainablegrowth at reasonable levels of riskNIBE launched its growth strategy, with its target of average year-on-year sales growth of 20%, in the midst of the previous majorfinancial crisis in the early 1990s. Back then, the Group generated annual sales of around SEK 300 million.The background to this strategy was the insightthat continuous growth is crucial for good profitability. At that time there was also much talk inEurope that companies with sales of less thanSEK 600 million would find it hard to surviveafter the advent of the EU’s internal market.Given our determination to remain independent, this seemed another good reason to equipourselves for good, sustainable growth and soachieve sufficient critical mass of our own.Organic growthHalf of our targeted average year-on-yeargrowth (in other words, 10%) is to be organic.Admittedly, we did not arrive at this figure asa result of any exact scientific theory: it was morean acknowledgement that organic growth of lessthan 5% is quite simply insufficient for good, sustainable profitability. Since the underlying annualgrowth in demand in our three business areas isassumed to be linked to GDP growth, this targetmeans that we can never rest on our laurels, butmust strive constantly to increase our share of existing markets and establish bridgeheads in newmarkets. Although the target may seem ambitious(and no one knows better than us just how ambitious it is!), it is not unattainable. This is demonstrated by the fact that over the past ten yearsNIBE has actually generated average year-on-yearorganic sales growth of 11%. This is attributableto a combination of aggressive product development, continuous improvements in productivityand systematic marketing measures.12AcquisitionsAcquisition modelWe have concluded that, in the mature marketin which NIBE operates, organic growth alonecannot reasonably be expected to meet ouroverall year-on-year growth target of 20% overan indefinite period of time. We have thereforedecided to complement organic growth withaverage year-on-year growth through acquisitions of 10%. This level ensures that the additional workload is manageable and the degreeof risk is reasonable.The Group has acquired 44 companies overthe past 15 years, representing average annualgrowth through acquisitions of 8%.§ In the analysis phase we perform a detailedyet rapid analysis of the company. This ispossible because our three sectors areso clearly defined and we have a veritablearsenal of key figures with which to makecomparisons. We often also have access toseveral years’ financial documentation.§ In the implementation phase there is always complete transparency about our intentions with the acquisition. We practisewhat we preach – there is never any hiddenagenda. The fact that we are very clear andopen about our management philosophy andstrategies (for example, in our annual report) generally facilitates this process.§ In the integration phase we aim to retainnot only brands, but also skilled employeesat every level. We look for synergies primarily when it comes to purchasing, but usuallythere is potential to make productivity improvements in the production process, aswell.Generally speaking, our ambition is to createa decentralised organisation where new additions to the Group continue to enjoy considerable autonomy. We want integration into theNIBE Group to be about exploiting the obviousbenefits of belonging to a much larger clusterof companies, and adopting the NIBE Group’sgoals and strategies.Acquisition criteriaNIBE is constantly analysing the opportunities for takeovers, and talks are almost alwaysunder way with potential acquisition candidates. The decisive factor behind any acquisition is that it must add new technology, newgeographical markets and/or additional marketshare in existing markets.The basic criteria are that the companyconcerned must have strong brands and competent managers with a real entrepreneurialspirit, and that it must offer further growth potential within the framework of NIBE’s strategies. If these criteria are met, we can then beflexible about what phase the company is inpurely in terms of profitability.Our goal is for each acquisition to contribute positively to the Group’s net profit, ideallywithin the first year and most definitely withinthe second.NIBE ANNUAL REPORT 2011

Business principlesTimeline for acquisitions and establishmentsSince the early 1990s NIBE has made around 50 acquisitions and new establishments. Five acquisitionswere made in 2011.1949 Nils Bernerup establishes BackerElektro-Värme in Sösdala2002 Jøtul ASA (22%)REBA1952 Nils Bernerup creates NIBE-Verken inMarkaryd through the acquisition ofEbe-Verken2003 Danotherm Electric A/S (80%)Backer Facsa Energietechniek B.V. (new1989 NIBE Industrier is formed when anumber of employees take over BackerElektro-Värme AB and NIBE-Verken AB1994 Backer OBR sp z.o.o. (32%)Backer Oy (new establishment)Contura1995 VølundLoval OY1996 PyroxTMV-Pannan1997 NIBE is floated on the stock marketNIBE Polska (new establishment)Backer OBR (68%)EPD1998 Br Håkansson Värme ABLodam Energi JEVI A/SCalesco Foil AB1999 Haato Varaajat2000 Cronspisen ABBiawar sp z.o.o.Backer F.E.RCoatesBacker CZ s.r.o.Eltop Prahaestablishment)METRO THERM A/SFinohmSinus-BobeTermos2004 NETEKShelCalesco Foil Inc. (new establishment)Kaukora OYJøtul ASA (Disposal of 22% stake)2009 Sol- & Energiteknik SE ABCJSC EVAN (24%)Bencon2010 NIBE Kamini LLC (new establishment)Lotus Heating Systems A/SABK ASLund & Sørensen A/S2011 ThermtecElement Division of ElectroluxProfessional AGCJSC Evan (25%)Schulthess Group AG (98.7%)Element Division of Emerson Electric CoEnert

NIBE Stoves NIBE Stoves is the European market leader in wood-burning stoves. The mar-ket comprises new and existing private homes and holiday homes. For more details about NIBE Stoves’ operations, please see pages 32 – 37. NIBE Energy Systems NIBE Energy Syste

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