Annual report

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“Quality is what really counts in Germany, and we’re constantly working on improvements and feedback to NIBE in Sweden.” ed repeatedly during our own manufacturing processes to guarantee the quality of the end- product. Additional, extensive functional tests are subsequently carried out prior to despatch to ensure that the products we supply to our cus- tomers fully meet their requirements for func- tionality. For NIBE Stoves, quality means not only functionality and performance, but also the fact that all components conform to stringent techni- cal specifications and that the end-product has an impeccable finish: the outward appearance of these products plays a great role in customer perceptions of quality. Detailed quality audits of randomly selected products are carried out continuou<a title="Annual report page 67" href="http://viewer.zmags.com/publication/ddda972e?page=67">Note 20 Shares in associatesShares in associates</a> Note 20 Shares in associatesShares in associates<a title="Annual report page 72" href="http://viewer.zmags.com/publication/ddda972e?page=72">Corporate GovernanceCorporate governance report </a> Corporate GovernanceCorporate governance report <a title="Annual report page 21" href="http://viewer.zmags.com/publication/ddda972e?page=21"> “To a great extent, environmental work is ab</a> “To a great extent, environmental work is ab<a title="Annual report page 16" href="http://viewer.zmags.com/publication/ddda972e?page=16">Creating sustainable valueManagement philosophy </a> Creating sustainable valueManagement philosophy <a title="Annual report page 32" href="http://viewer.zmags.com/publication/ddda972e?page=32">Business AreasNIBE Element NIBE Energy Systems </a> Business AreasNIBE Element NIBE Energy Systems <a title="Annual report page 4" href="http://viewer.zmags.com/publication/ddda972e?page=4">Operations at a glance Group sales </a> Operations at a glance Group sales <a title="Annual report page 35" href="http://viewer.zmags.com/publication/ddda972e?page=35">in a number of countries, NIBE Energy Systems is </a> in a number of countries, NIBE Energy Systems is <a title="Annual report page 8" href="http://viewer.zmags.com/publication/ddda972e?page=8">NIBE sharesNIBE Industrier AB's class</a> NIBE sharesNIBE Industrier AB's class<a title="Annual report page 42" href="http://viewer.zmags.com/publication/ddda972e?page=42">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 53" href="http://viewer.zmags.com/publication/ddda972e?page=53">Equity and liabilities </a> Equity and liabilities <a title="Annual report page 26" href="http://viewer.zmags.com/publication/ddda972e?page=26">Business AreasNIBE Element NIBE Energy Systems </a> Business AreasNIBE Element NIBE Energy Systems <a title="Annual report page 31" href="http://viewer.zmags.com/publication/ddda972e?page=31">“The intensification of our research and developm</a> “The intensification of our research and developm<a title="Annual report page 48" href="http://viewer.zmags.com/publication/ddda972e?page=48">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 63" href="http://viewer.zmags.com/publication/ddda972e?page=63">Financing risksThe term “financing risk” refers </a> Financing risksThe term “financing risk” refers <a title="Annual report page 17" href="http://viewer.zmags.com/publication/ddda972e?page=17">“Organic growth in combination with acquisitions </a> “Organic growth in combination with acquisitions <a title="Annual report page 9" href="http://viewer.zmags.com/publication/ddda972e?page=9">AktiekursutvecklingenNIBE share performanceASn</a> AktiekursutvecklingenNIBE share performanceASn<a title="Annual report page 38" href="http://viewer.zmags.com/publication/ddda972e?page=38">Business AreasNIBE Element NIBE Energy Systems </a> Business AreasNIBE Element NIBE Energy Systems <a title="Annual report page 29" href="http://viewer.zmags.com/publication/ddda972e?page=29">als used, performance, quality and manufacturing </a> als used, performance, quality and manufacturing <a title="Annual report page 74" href="http://viewer.zmags.com/publication/ddda972e?page=74">Corporate GovernanceCorporate governance report </a> Corporate GovernanceCorporate governance report <a title="Annual report page 54" href="http://viewer.zmags.com/publication/ddda972e?page=54">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 70" href="http://viewer.zmags.com/publication/ddda972e?page=70">Corporate GovernanceCorporate governance report </a> Corporate GovernanceCorporate governance report <a title="Annual report page 66" href="http://viewer.zmags.com/publication/ddda972e?page=66">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 49" href="http://viewer.zmags.com/publication/ddda972e?page=49">Future prospectsWe are convinced that it is inev</a> Future prospectsWe are convinced that it is inev<a title="Annual report page 73" href="http://viewer.zmags.com/publication/ddda972e?page=73">tor/CEO. The period of notice for the Managing Di</a> tor/CEO. The period of notice for the Managing Di<a title="Annual report page 1" href="http://viewer.zmags.com/publication/ddda972e?page=1">ANNUAL REPORT 2009</a> ANNUAL REPORT 2009<a title="Annual report page 75" href="http://viewer.zmags.com/publication/ddda972e?page=75">Companies in the NIBE GroupNordic RegionSWEDE</a> Companies in the NIBE GroupNordic RegionSWEDE<a title="Annual report page 51" href="http://viewer.zmags.com/publication/ddda972e?page=51">Income statementsQuarterly dataConsolidated</a> Income statementsQuarterly dataConsolidated<a title="Annual report page 30" href="http://viewer.zmags.com/publication/ddda972e?page=30">Business AreasNIBE Element NIBE Energy Systems </a> Business AreasNIBE Element NIBE Energy Systems <a title="Annual report page 40" href="http://viewer.zmags.com/publication/ddda972e?page=40">A wood-burning stove from NIBE is the perfect com</a> A wood-burning stove from NIBE is the perfect com<a title="Annual report page 68" href="http://viewer.zmags.com/publication/ddda972e?page=68">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 27" href="http://viewer.zmags.com/publication/ddda972e?page=27">industry to industry, and in certain segments the</a> industry to industry, and in certain segments the<a title="Annual report page 69" href="http://viewer.zmags.com/publication/ddda972e?page=69">The Board's assuranceThe Board of Directors and </a> The Board's assuranceThe Board of Directors and <a title="Annual report page 58" href="http://viewer.zmags.com/publication/ddda972e?page=58">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 2" href="http://viewer.zmags.com/publication/ddda972e?page=2">2009 at a glance Net Sales </a> 2009 at a glance Net Sales <a title="Annual report page 39" href="http://viewer.zmags.com/publication/ddda972e?page=39">of manufacturers of varying size in CentralEurop</a> of manufacturers of varying size in CentralEurop<a title="Annual report page 52" href="http://viewer.zmags.com/publication/ddda972e?page=52">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 19" href="http://viewer.zmags.com/publication/ddda972e?page=19"> “I’m a great believer in the leade</a> “I’m a great believer in the leade<a title="Annual report page 13" href="http://viewer.zmags.com/publication/ddda972e?page=13">“Profitability is a measure of efficiency, and go</a> “Profitability is a measure of efficiency, and go<a title="Annual report page 5" href="http://viewer.zmags.com/publication/ddda972e?page=5">Group total Net Sales O</a> Group total Net Sales O<a title="Annual report page 3" href="http://viewer.zmags.com/publication/ddda972e?page=3">ContentsAnnual General MeetingThe Annual </a> ContentsAnnual General MeetingThe Annual <a title="Annual report page 41" href="http://viewer.zmags.com/publication/ddda972e?page=41">the current, international design trend for light</a> the current, international design trend for light<a title="Annual report page 34" href="http://viewer.zmags.com/publication/ddda972e?page=34">Participating in major international trade fairs </a> Participating in major international trade fairs <a title="Annual report page 59" href="http://viewer.zmags.com/publication/ddda972e?page=59">Note 3 Information about business areasELEMEN</a> Note 3 Information about business areasELEMEN<a title="Annual report page 47" href="http://viewer.zmags.com/publication/ddda972e?page=47">Balance sheet 2009Equity ratio and returnsThe </a> Balance sheet 2009Equity ratio and returnsThe <a title="Annual report page 23" href="http://viewer.zmags.com/publication/ddda972e?page=23">“Quality is what really counts in Germany, and we</a> “Quality is what really counts in Germany, and we<a title="Annual report page 12" href="http://viewer.zmags.com/publication/ddda972e?page=12">Creating sustainable valueManagement philosophy </a> Creating sustainable valueManagement philosophy <a title="Annual report page 24" href="http://viewer.zmags.com/publication/ddda972e?page=24">Business AreasNIBE Element NIBE Energy Systems </a> Business AreasNIBE Element NIBE Energy Systems <a title="Annual report page 15" href="http://viewer.zmags.com/publication/ddda972e?page=15">“Our vision is to create world-class so</a> “Our vision is to create world-class so<a title="Annual report page 57" href="http://viewer.zmags.com/publication/ddda972e?page=57">Revenue recognitionSales revenue is recognised w</a> Revenue recognitionSales revenue is recognised w<a title="Annual report page 37" href="http://viewer.zmags.com/publication/ddda972e?page=37"> “We have a very str</a> “We have a very str<a title="Annual report page 64" href="http://viewer.zmags.com/publication/ddda972e?page=64">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 62" href="http://viewer.zmags.com/publication/ddda972e?page=62">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 60" href="http://viewer.zmags.com/publication/ddda972e?page=60">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 10" href="http://viewer.zmags.com/publication/ddda972e?page=10">NIBE – always there to helpIn this modern wo</a> NIBE – always there to helpIn this modern wo<a title="Annual report page 65" href="http://viewer.zmags.com/publication/ddda972e?page=65">Note 14 GoodwillGroup(in millions of SEK) </a> Note 14 GoodwillGroup(in millions of SEK) <a title="Annual report page 61" href="http://viewer.zmags.com/publication/ddda972e?page=61">Currency risksThe term “currency risks” refers t</a> Currency risksThe term “currency risks” refers t<a title="Annual report page 33" href="http://viewer.zmags.com/publication/ddda972e?page=33">Foreign marketsOur products have enormous sales </a> Foreign marketsOur products have enormous sales <a title="Annual report page 46" href="http://viewer.zmags.com/publication/ddda972e?page=46">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 50" href="http://viewer.zmags.com/publication/ddda972e?page=50">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 20" href="http://viewer.zmags.com/publication/ddda972e?page=20">Creating sustainable valueManagement philosophy </a> Creating sustainable valueManagement philosophy <a title="Annual report page 36" href="http://viewer.zmags.com/publication/ddda972e?page=36">Business AreasNIBE Element NIBE Energy Systems </a> Business AreasNIBE Element NIBE Energy Systems <a title="Annual report page 76" href="http://viewer.zmags.com/publication/ddda972e?page=76">NIBE is an international heating technology compa</a> NIBE is an international heating technology compa<a title="Annual report page 22" href="http://viewer.zmags.com/publication/ddda972e?page=22">Creating sustainable valueManagement philosophy </a> Creating sustainable valueManagement philosophy <a title="Annual report page 7" href="http://viewer.zmags.com/publication/ddda972e?page=7">“We successfully implemented an internal efficien</a> “We successfully implemented an internal efficien<a title="Annual report page 45" href="http://viewer.zmags.com/publication/ddda972e?page=45">Risk ManagementDependence on customersAll th</a> Risk ManagementDependence on customersAll th<a title="Annual report page 18" href="http://viewer.zmags.com/publication/ddda972e?page=18">Creating sustainable valueManagement philosophy </a> Creating sustainable valueManagement philosophy <a title="Annual report page 11" href="http://viewer.zmags.com/publication/ddda972e?page=11"> “A pleasant indoor climate all year roun</a> “A pleasant indoor climate all year roun<a title="Annual report page 56" href="http://viewer.zmags.com/publication/ddda972e?page=56">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 6" href="http://viewer.zmags.com/publication/ddda972e?page=6">Chief Executive's ReportGood profit growth in 2</a> Chief Executive's ReportGood profit growth in 2<a title="Annual report page 28" href="http://viewer.zmags.com/publication/ddda972e?page=28">In 2009 we launched System Blue Point, a unique,</a> In 2009 we launched System Blue Point, a unique,<a title="Annual report page 71" href="http://viewer.zmags.com/publication/ddda972e?page=71">Arvid Gierow, Chairman of the Board</a> Arvid Gierow, Chairman of the Board<a title="Annual report page 43" href="http://viewer.zmags.com/publication/ddda972e?page=43">“Our resolute efforts to reduce working capital h</a> “Our resolute efforts to reduce working capital h<a title="Annual report page 44" href="http://viewer.zmags.com/publication/ddda972e?page=44">Administration ReportFive-year review Risk mana</a> Administration ReportFive-year review Risk mana<a title="Annual report page 25" href="http://viewer.zmags.com/publication/ddda972e?page=25">“We have adapted capacity to reduced levels of de</a> “We have adapted capacity to reduced levels of de<a title="Annual report page 55" href="http://viewer.zmags.com/publication/ddda972e?page=55">Statements of cash flowsGroup </a> Statements of cash flowsGroup <a title="Annual report page 14" href="http://viewer.zmags.com/publication/ddda972e?page=14">Creating sustainable valueManagement philosophy </a> Creating sustainable valueManagement philosophy