Lindab's Annual Report for 2016

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Lindab's Annual Report for 2016 Annual Report 2016 Leading solutions for buildings of the future lindab | contents Contents 2 Interview with the CEO 4 Lindab 2016 6 Performance by segment 8 Our offering 10 Global trends 12 Strategy and targets 20 A good thinking company At Lindab, good thinking is a philosophy that 22 Sustainability guides us in everything we do. We have made 24 Products and solutions it our mission to create a healthy indoor climate 28 Sales and distribution and to simplify the construction of sustainable 32 Production and processes buildings. We do that by designing innovative 34 Employees products and solutions that are easy to use, as well as offering high availability and reliable deliv- 36 Our market eries. We are also working on ways to reduce 42 Risk management our impact on our environment and climate. We 43 Five-year overview do that through efficient production and logistics 44 The Lindab share and by developing leading, energy-efficient solu- 47 Corporate Governance Report tions that make a difference for our customers and other stakeholders. 58-114 Financial statements We simplify construction 115 Glossary 116 Information to shareholders Scan the QR-code and watch our film about Good Thinking. GRI Lindab’s sustainability work is reported as an integral part of this annual report. We 2016 apply the Global Reporting Initiative (GRI) guidelines for reporting of sustainability information according to GRI G4 Core. A GRI index with information references is available at www.lindabgroup.com. This document is a translation of the original, published in Swedish. In cases of any discrepancies between the Swedish and English versions, or in any other context, the Swedish original shall have precedence. lindab | introductionlorem ipsum Lindab is a leading supplier of customised solutions for simplified construction and improved indoor climate. Through close dialogue with its customers, Lindab develops energy-efficient solutions which combined with industry-leading expertise, service, support and high availability offer increased customer value and lower environmental impact. Net sales, SEK billion Sales, number of countries* Number of employees 7.8 60 5,100 Retailers Number of branches Number of customers 3,000 136 24,000 *Products are sold to around 60 countries. Lindab has own companies or representative offices in 32 countries. The strengths that make Lindab unique Ever since the company was founded in 1959, we have focused on high quality and market-leading R&D in order to develop and offer a complete range of construction and ventilation products that meet all the customer’s needs. With one of Europe’s most exten- sive distribution networks we are always close to our customers, and we have a well-known and strong brand. For several years, we have pursued a long-term strategy in order to develop and sell leading solutions with a focus on energy-efficiency that contribute to an optimum indoor climate in the living and working Read about our value creation on page 30. environments of the future. 1 lindab | interview with the CEO Interview with Anders Berg, President and CEO Our strong focus on solutions is paying off Anders, how would you sum up 2016? markets. Furthermore, we increased our focus on skills develop- During the year, we continued the successful development of the ment in the Group to further strengthen our position in solutions business in line with our strategy, which included a higher pace and be able to meet our customers’ future needs. of innovation and increased solution sales. We report continued good organic growth and increased profitability, although there is Do you have some good examples of what you still some way to go before I am completely satisfied. 2016 was have achieved? also a year that was affected by large fluctuations in steel prices A good example is our work within digitisation. By using sensors and currencies. to connect the parts that make up a building ventilation and indoor climate system, we are able to develop solutions that con- How has the European construction market developed? tribute to ultimate comfort and lower energy consumption. It not It has developed relatively well which has helped increase the only creates value for customers that invest in the solutions, but it demand for our products and solutions, mainly in the Nordic also increases the well-being and performance of the people who region led by Sweden. At the same time, there are markets where live and work in the buildings. We have considerable expertise demand has not picked up. I am first and foremost thinking of in the field where the launch of Lindab Connect and UltraLink in Russia where economic sanctions and continued geopolitical 2016 is an example of what we can do. In addition, we have an tensions are putting a damper on construction activity. The advantage in that we have a complete offering of products, solu- situation affects growth and profitability in our Building Systems tions and services – a kind of ecosystem – needed to optimise a segment. We have a major production facility in Yaroslavl outside building’s most important functions. Few competitors have such Moscow which is adapted to projects in Russia and CIS, and a a broad offering, and combined with our strong relationship with weak demand results in low capacity utilisation which, in turn, installers, consultants and architects it is easy to see why we affects profitability. We will continue our efforts within this seg- have chosen to further strengthen our efforts within this area. ment to review costs and increase our activities in other regions. Does this mean that the transformation of Lindab is Your strategy includes an increased focus on ventilation picking up speed? and indoor climate solutions. How well do you think this I have now been with Lindab for four years, and during this time is going? I have driven change and developed the organisation. I think It is going very well. Urbanisation, technological advances and that today most people are aware that we do not primarily make an even stronger focus on lower carbon dioxide emissions and and sell sheet metal products, but also develop solutions that a better indoor climate drive the demand for our intelligent and meet the needs of different customers. To do that, all parts of the energy-efficient solutions. In 2016, all parts of our ventilation- company must work in the same direction, as One Lindab. Take related offering saw strong growth. We also fully integrated our for example the progress we have made in establishing our new acquired companies and rolled out their solutions within for European purchasing organisation, developing new intelligent example Fire & Smoke and Air Movement in virtually all our management systems for the Group’s warehouse, the new 35 R&D new products were launched New model for innovation process Increased solution sales 2 lindab | interview with the CEO competitive distribution concept we will launch in 2017 as well as What do you see as your top priorities for 2017? establishing different cross-border R&D units. All these efforts are Our strategy remains clear. We will continue to strengthen our the result of how we view our customers’ needs, and because their offering and create value for our customers in a growing but needs change at an ever increasing pace, we need to constantly increasingly complex market. Innovative products and solutions modify and adapt our offering. Understanding and realising this is based on new technology are high on the agenda. Another what our transformation is all about. That is why innovation and priority here at the beginning of the year is to deal effectively with skills development are such key elements of our strategy. As one the past year’s sharp increase in steel prices, something that has of the most attractive employers in the industry, we must recruit historically been positive for Lindab. Finally, the most important even more talent and additional specialist expertise within the criteria for our success is the continued development of our prioritised areas. expertise. Lindab now has an organisation that I am certain will not only meet but also exceed our customers’ expectations of You are also working towards a number of financial Lindab’s future solutions. targets. How do you view your chances of fulfilling these targets? We have strengthened our financial position in recent years. We now have net debt of 2.5 times EBITDA in line with our long-term target, we have achieved organic growth in Products & Solutions for the thirteenth consecutive quarter and the growth in our offering allows us to take on more responsibility for different projects and thereby move even higher up the value chain. We have a target of Focus 2017 an operating margin of at least 10 percent. Products & Solutions improved the underlying margin during the year, but achieving our Continue to develop new innovative solutions target also requires a significant improvement in profitability within that enable Lindab to create additional customer Building Systems. value and move even higher up the value chain. 3 lindab | lindab 2016 Lindab 2016 Change and continued sales growth Sales growth with increasing margin and higher cash flow. Strong growth in the Nordic region and Western Europe but markets in CEE/CIS remain challenging. Successful integration of MP3 and IMP Klima and roll-out of their offerings in Europe. High pace of innovation with the launch of new technology and enhanced digitisation offering. The Board proposes a dividend of SEK 1.40 (1.25) for the financial year 2016. Net sales Operating margin Net sales, operating margin 2012–2016 SEK 7.8 BN 6.5% SEK m % 8,000 10.0 Net sales increased by 3.4% to SEK 7,849 m (7,589).
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