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Annual Report 2011<br />
NIBE Industrier is an international heating technology company. Operations<br />
are organised around three business areas – NIBE Energy Systems, NIBE<br />
Element and NIBE Stoves.<br />
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The NIBE Group has more than 8,000 employees in Europe, North America<br />
and Asia.<br />
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Each business area has<a title="Annual report page 1" href="http://viewer.zmags.com/publication/ddda972e?page=1">– world-class solutions in sustainable energy</a> – world-class solutions in sustainable energy<a title="Annual report page 2" href="http://viewer.zmags.com/publication/ddda972e?page=2">NIBE Industrier is an international heating techn</a> NIBE Industrier is an international heating techn<a title="Annual report page 3" href="http://viewer.zmags.com/publication/ddda972e?page=3">NIBE Energy Systems p. 18ContentsThe NIBE</a> NIBE Energy Systems p. 18ContentsThe NIBE<a title="Annual report page 4" href="http://viewer.zmags.com/publication/ddda972e?page=4">NIBE operations in 2011NIBE Energy SystemsNI</a> NIBE operations in 2011NIBE Energy SystemsNI<a title="Annual report page 5" href="http://viewer.zmags.com/publication/ddda972e?page=5">Net sales Operating profit </a> Net sales Operating profit <a title="Annual report page 6" href="http://viewer.zmags.com/publication/ddda972e?page=6">Chief Executive’s ReportA strong 2011 sees stra</a> Chief Executive’s ReportA strong 2011 sees stra<a title="Annual report page 7" href="http://viewer.zmags.com/publication/ddda972e?page=7">million and the company has an operating mar-gin</a> million and the company has an operating mar-gin<a title="Annual report page 8" href="http://viewer.zmags.com/publication/ddda972e?page=8">Important events during the yearFirst quarter</a> Important events during the yearFirst quarter<a title="Annual report page 9" href="http://viewer.zmags.com/publication/ddda972e?page=9">Third quarterAcquisition of Elem</a> Third quarterAcquisition of Elem<a title="Annual report page 10" href="http://viewer.zmags.com/publication/ddda972e?page=10">International expansion with Scandinavia as our b</a> International expansion with Scandinavia as our b<a title="Annual report page 11" href="http://viewer.zmags.com/publication/ddda972e?page=11">We have divided the strategy for attainingour vi</a> We have divided the strategy for attainingour vi<a title="Annual report page 12" href="http://viewer.zmags.com/publication/ddda972e?page=12">Organic growth plus acquisitions – sustainablegr</a> Organic growth plus acquisitions – sustainablegr<a title="Annual report page 13" href="http://viewer.zmags.com/publication/ddda972e?page=13">Business principlesTimeline for acquisitions</a> Business principlesTimeline for acquisitions<a title="Annual report page 14" href="http://viewer.zmags.com/publication/ddda972e?page=14">Our ideas fuel the company’s continued growthO</a> Our ideas fuel the company’s continued growthO<a title="Annual report page 15" href="http://viewer.zmags.com/publication/ddda972e?page=15">Business principlesSustainable development i</a> Business principlesSustainable development i<a title="Annual report page 16" href="http://viewer.zmags.com/publication/ddda972e?page=16">NIBE – always there to help in today’s homesNIB</a> NIBE – always there to help in today’s homesNIB<a title="Annual report page 17" href="http://viewer.zmags.com/publication/ddda972e?page=17">A pleasant indoor climate all year round makes ev</a> A pleasant indoor climate all year round makes ev<a title="Annual report page 18" href="http://viewer.zmags.com/publication/ddda972e?page=18">NIBE Energy SystemsWe have created a leading E</a> NIBE Energy SystemsWe have created a leading E<a title="Annual report page 19" href="http://viewer.zmags.com/publication/ddda972e?page=19">NIBE Energy SystemsThe year in briefIn 20</a> NIBE Energy SystemsThe year in briefIn 20<a title="Annual report page 20" href="http://viewer.zmags.com/publication/ddda972e?page=20">NIBE Energy SystemsOutlook for 2012Acce</a> NIBE Energy SystemsOutlook for 2012Acce<a title="Annual report page 21" href="http://viewer.zmags.com/publication/ddda972e?page=21">Industry trendsAs the highly strategic a</a> Industry trendsAs the highly strategic a<a title="Annual report page 22" href="http://viewer.zmags.com/publication/ddda972e?page=22">MarketForeign marketsIn our opinion the sale</a> MarketForeign marketsIn our opinion the sale<a title="Annual report page 23" href="http://viewer.zmags.com/publication/ddda972e?page=23">SwedenThe Swedish market continues to be NIBE En</a> SwedenThe Swedish market continues to be NIBE En<a title="Annual report page 24" href="http://viewer.zmags.com/publication/ddda972e?page=24">ProductsOur ambition is to make products that </a> ProductsOur ambition is to make products that <a title="Annual report page 25" href="http://viewer.zmags.com/publication/ddda972e?page=25">ProductionNIBE Energy Systems has twelve produ</a> ProductionNIBE Energy Systems has twelve produ<a title="Annual report page 26" href="http://viewer.zmags.com/publication/ddda972e?page=26">NIBE ElementWe are now one of the world’s lead</a> NIBE ElementWe are now one of the world’s lead<a title="Annual report page 27" href="http://viewer.zmags.com/publication/ddda972e?page=27">NIBE ElementThe year in briefTwo strateg</a> NIBE ElementThe year in briefTwo strateg<a title="Annual report page 28" href="http://viewer.zmags.com/publication/ddda972e?page=28">Outlook for 2012We expect that overall demand </a> Outlook for 2012We expect that overall demand <a title="Annual report page 29" href="http://viewer.zmags.com/publication/ddda972e?page=29">MarketThe market for components and systems fo</a> MarketThe market for components and systems fo<a title="Annual report page 30" href="http://viewer.zmags.com/publication/ddda972e?page=30">ProductsTubular elements, which remain the </a> ProductsTubular elements, which remain the <a title="Annual report page 31" href="http://viewer.zmags.com/publication/ddda972e?page=31">Backer EHP is a leading manufacturer of heating e</a> Backer EHP is a leading manufacturer of heating e<a title="Annual report page 32" href="http://viewer.zmags.com/publication/ddda972e?page=32">NIBE StovesWe have a very strongmarket positi</a> NIBE StovesWe have a very strongmarket positi<a title="Annual report page 33" href="http://viewer.zmags.com/publication/ddda972e?page=33">The year in briefThe year in briefThe European</a> The year in briefThe year in briefThe European<a title="Annual report page 34" href="http://viewer.zmags.com/publication/ddda972e?page=34">Outlook for 2012The focal point of our sale</a> Outlook for 2012The focal point of our sale<a title="Annual report page 35" href="http://viewer.zmags.com/publication/ddda972e?page=35">MarketSwedenThe market for wood-burning sto</a> MarketSwedenThe market for wood-burning sto<a title="Annual report page 36" href="http://viewer.zmags.com/publication/ddda972e?page=36">ProductsDistribution </a> ProductsDistribution <a title="Annual report page 37" href="http://viewer.zmags.com/publication/ddda972e?page=37">ProductionMost NIBE Stoves products – lightweig</a> ProductionMost NIBE Stoves products – lightweig<a title="Annual report page 38" href="http://viewer.zmags.com/publication/ddda972e?page=38">Sustainable development creates added valueHere</a> Sustainable development creates added valueHere<a title="Annual report page 39" href="http://viewer.zmags.com/publication/ddda972e?page=39">Stakeholder dialogueOur activities impact in di</a> Stakeholder dialogueOur activities impact in di<a title="Annual report page 40" href="http://viewer.zmags.com/publication/ddda972e?page=40">Environmental responsibilityMore steps in the r</a> Environmental responsibilityMore steps in the r<a title="Annual report page 41" href="http://viewer.zmags.com/publication/ddda972e?page=41">Sustainable valuesEnvironmental performance </a> Sustainable valuesEnvironmental performance <a title="Annual report page 42" href="http://viewer.zmags.com/publication/ddda972e?page=42">Our products contribute to a better environment</a> Our products contribute to a better environment<a title="Annual report page 43" href="http://viewer.zmags.com/publication/ddda972e?page=43">Sustainable values</a> Sustainable values<a title="Annual report page 44" href="http://viewer.zmags.com/publication/ddda972e?page=44">Social responsibilityOur values apply to everyo</a> Social responsibilityOur values apply to everyo<a title="Annual report page 45" href="http://viewer.zmags.com/publication/ddda972e?page=45">Sustainable valuesAge structure of the work</a> Sustainable valuesAge structure of the work<a title="Annual report page 46" href="http://viewer.zmags.com/publication/ddda972e?page=46">Quality awarenessQuality – a key competitive fa</a> Quality awarenessQuality – a key competitive fa<a title="Annual report page 47" href="http://viewer.zmags.com/publication/ddda972e?page=47">Quality assuranceNIBE Energy Syste</a> Quality assuranceNIBE Energy Syste<a title="Annual report page 48" href="http://viewer.zmags.com/publication/ddda972e?page=48">NIBE sharesNIBE Industrier AB’s class B shares</a> NIBE sharesNIBE Industrier AB’s class B shares<a title="Annual report page 49" href="http://viewer.zmags.com/publication/ddda972e?page=49">The following banks and brokers are among those w</a> The following banks and brokers are among those w<a title="Annual report page 50" href="http://viewer.zmags.com/publication/ddda972e?page=50">SEK150125100755025NIBE Share pe</a> SEK150125100755025NIBE Share pe<a title="Annual report page 51" href="http://viewer.zmags.com/publication/ddda972e?page=51">Administration Report Financial Inform</a> Administration Report Financial Inform<a title="Annual report page 52" href="http://viewer.zmags.com/publication/ddda972e?page=52">Income statements – Five-year reviewNet s</a> Income statements – Five-year reviewNet s<a title="Annual report page 53" href="http://viewer.zmags.com/publication/ddda972e?page=53">Balance sheets – Five-year reviewReturn on e</a> Balance sheets – Five-year reviewReturn on e<a title="Annual report page 54" href="http://viewer.zmags.com/publication/ddda972e?page=54">Statements of cash flows – Five-year reviewSt</a> Statements of cash flows – Five-year reviewSt<a title="Annual report page 55" href="http://viewer.zmags.com/publication/ddda972e?page=55">Risk ManagementBasis for calculation </a> Risk ManagementBasis for calculation <a title="Annual report page 56" href="http://viewer.zmags.com/publication/ddda972e?page=56">Key ratiosNet sales </a> Key ratiosNet sales <a title="Annual report page 57" href="http://viewer.zmags.com/publication/ddda972e?page=57">Annual Accounts 2011Income statement 2011Ne</a> Annual Accounts 2011Income statement 2011Ne<a title="Annual report page 58" href="http://viewer.zmags.com/publication/ddda972e?page=58">Annual Accounts 2011Cash flow 2011Cash flow</a> Annual Accounts 2011Cash flow 2011Cash flow<a title="Annual report page 59" href="http://viewer.zmags.com/publication/ddda972e?page=59">den that were acquired during the course of the y</a> den that were acquired during the course of the y<a title="Annual report page 60" href="http://viewer.zmags.com/publication/ddda972e?page=60">Income statementsGroup </a> Income statementsGroup <a title="Annual report page 61" href="http://viewer.zmags.com/publication/ddda972e?page=61">Income statementsQuarterly dataConsolidate</a> Income statementsQuarterly dataConsolidate<a title="Annual report page 62" href="http://viewer.zmags.com/publication/ddda972e?page=62">Balance sheetAssets </a> Balance sheetAssets <a title="Annual report page 63" href="http://viewer.zmags.com/publication/ddda972e?page=63">Equity and liabilities </a> Equity and liabilities <a title="Annual report page 64" href="http://viewer.zmags.com/publication/ddda972e?page=64">Changes in equityGroup Equity </a> Changes in equityGroup Equity <a title="Annual report page 65" href="http://viewer.zmags.com/publication/ddda972e?page=65">Statements of cash flowsGroup </a> Statements of cash flowsGroup <a title="Annual report page 66" href="http://viewer.zmags.com/publication/ddda972e?page=66">NotesNote 1General information about the busin</a> NotesNote 1General information about the busin<a title="Annual report page 67" href="http://viewer.zmags.com/publication/ddda972e?page=67">Group contribution and shareholders’ contribution</a> Group contribution and shareholders’ contribution<a title="Annual report page 68" href="http://viewer.zmags.com/publication/ddda972e?page=68">Noteswhich has previously been expensed is no</a> Noteswhich has previously been expensed is no<a title="Annual report page 69" href="http://viewer.zmags.com/publication/ddda972e?page=69">NotesNote 3Information about business areasE</a> NotesNote 3Information about business areasE<a title="Annual report page 70" href="http://viewer.zmags.com/publication/ddda972e?page=70">Salaries, average number of employees and numbers</a> Salaries, average number of employees and numbers<a title="Annual report page 71" href="http://viewer.zmags.com/publication/ddda972e?page=71">Note 7Financial instruments and financial risk m</a> Note 7Financial instruments and financial risk m<a title="Annual report page 72" href="http://viewer.zmags.com/publication/ddda972e?page=72">Notes If the Swedish krona falls in va</a> Notes If the Swedish krona falls in va<a title="Annual report page 73" href="http://viewer.zmags.com/publication/ddda972e?page=73">Notes </a> Notes <a title="Annual report page 74" href="http://viewer.zmags.com/publication/ddda972e?page=74">NotesInterest rate risksInterest rate risk i</a> NotesInterest rate risksInterest rate risk i<a title="Annual report page 75" href="http://viewer.zmags.com/publication/ddda972e?page=75">Note 12Interest income and similar profit/loss i</a> Note 12Interest income and similar profit/loss i<a title="Annual report page 76" href="http://viewer.zmags.com/publication/ddda972e?page=76">NotesNote 15Market positionsGroup(in millio</a> NotesNote 15Market positionsGroup(in millio<a title="Annual report page 77" href="http://viewer.zmags.com/publication/ddda972e?page=77">Note 18Other Intangible assetsRights of tenanc</a> Note 18Other Intangible assetsRights of tenanc<a title="Annual report page 78" href="http://viewer.zmags.com/publication/ddda972e?page=78">NotesNote 22Shares in subsidiariesProportion</a> NotesNote 22Shares in subsidiariesProportion<a title="Annual report page 79" href="http://viewer.zmags.com/publication/ddda972e?page=79">Shares owned via subsidiariesCorporate </a> Shares owned via subsidiariesCorporate <a title="Annual report page 80" href="http://viewer.zmags.com/publication/ddda972e?page=80">NotesNote 25Provisions for post-employment be</a> NotesNote 25Provisions for post-employment be<a title="Annual report page 81" href="http://viewer.zmags.com/publication/ddda972e?page=81">ParentThe parent’s recognised pension liabilitie</a> ParentThe parent’s recognised pension liabilitie<a title="Annual report page 82" href="http://viewer.zmags.com/publication/ddda972e?page=82">Note 31Acquisition of business operationsDuring</a> Note 31Acquisition of business operationsDuring<a title="Annual report page 83" href="http://viewer.zmags.com/publication/ddda972e?page=83">Corporate governance report</a> Corporate governance report<a title="Annual report page 84" href="http://viewer.zmags.com/publication/ddda972e?page=84">Board proceduresThe NIBE Board of Directors cons</a> Board proceduresThe NIBE Board of Directors cons<a title="Annual report page 85" href="http://viewer.zmags.com/publication/ddda972e?page=85">Every ordinary board meeting focuses on one princ</a> Every ordinary board meeting focuses on one princ<a title="Annual report page 86" href="http://viewer.zmags.com/publication/ddda972e?page=86">Board, but the preparatory work for this decision</a> Board, but the preparatory work for this decision<a title="Annual report page 87" href="http://viewer.zmags.com/publication/ddda972e?page=87">The directors of the company, left to right: Geor</a> The directors of the company, left to right: Geor<a title="Annual report page 88" href="http://viewer.zmags.com/publication/ddda972e?page=88">Auditor’s ReportTo the annual meeting of the sh</a> Auditor’s ReportTo the annual meeting of the sh<a title="Annual report page 89" href="http://viewer.zmags.com/publication/ddda972e?page=89">Board of DirectorsARVID GIEROW (born 1943)Cha</a> Board of DirectorsARVID GIEROW (born 1943)Cha<a title="Annual report page 90" href="http://viewer.zmags.com/publication/ddda972e?page=90">Senior ExecutivesGERTERIC LINDQUIST(born 1951</a> Senior ExecutivesGERTERIC LINDQUIST(born 1951<a title="Annual report page 91" href="http://viewer.zmags.com/publication/ddda972e?page=91">Companies in the NIBE GroupNORDIC REGIONSWEDE</a> Companies in the NIBE GroupNORDIC REGIONSWEDE<a title="Annual report page 92" href="http://viewer.zmags.com/publication/ddda972e?page=92">NIBE is an international heating technology compa</a> NIBE is an international heating technology compa