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Annual Report 2016 English April 4, 2017 NORDIC WATERPROOFING HOLDING A/S, CVR: 33395361 Nordic Waterproofing Group is one of Europe’s leading producers 2016 HOLDING A/S ANNUAL REPORT NORDIC WATERPROOFING and suppliers of waterproofing products and services for buildings and infrastructure. We are known in the market through brands ANNUAL REPORT such as AL-Katot, Hetag Tagmaterialer, Kerabit, KerabitPro, Mataki, Nortett, Phønix Tag Materialer, SealEco and Trebolit. 2016 Our production facilities are located in Denmark, Finland and Sweden. In 2016, the Group had revenues of SEK 1,813 million, with more than 630 employees and operations in nine countries. NORDIC WATERPROOFING HOLDING A/S. COMPANY REG. NO. 33395361 DROTTNINGGATAN 11, SE252 21 HELSINGBORG, SWEDEN PHONE +46 42 36 22 40. WWW.NORDICWATERPROOFING.COM We make waterproofing easy Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2016 Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2016 85 CONTENTS 2016 in brief ...............................................1 Management’s review ........................... 2-9 CEO statement ........................................2 Results and outlook ............................... 4-9 TOP PLAYER NORDIC WATERPROOFING Financial review ......................................4 Seasonal variations .................................8 Five-year overview................................. .9 IN THE NORTHERN ON THE INTERNET, IN YOUR Strategy and business ....................... 10-27 The business and our targets ...............10 Our strategies .......................................12 EUROPEAN MOBILE AND ON YOUR TABLET Our business model ..............................14 Our market ............................................16 ROOFING MARKET Our offering ...........................................18 Products & Solutions ........................20 Keep track of Nordic Waterproofing’s performance via Nordic Waterproofing is a Northern European market leader in the waterproofing INFORMATION ABOUT THE 2017 Installation Services .........................23 market. The Group develops, manufactures and distributes a full range of products the Group’s website at www.nordicwaterproofing.com. ANNUAL GENERAL MEETING Production, purchasing and logistics ...24 and solutions for the protection of buildings and infrastructure. Ease of installation, The Annual General Meeting of Nordic Our product development .....................26 energy and environmental optimization are key components of the offer. Waterproofing Holding A/S will be held Our organization structure ...................27 on Thursday, 27 April 2017, at 10:00 a.m. Governance and responsibility .......... 28-41 ANNUAL REPORT SUBSCRIBE TO INFORMATION CET at IVA Konferenscenter, Grev Our corporate responsibility .................28 Nordic Waterproofing only distributes Via e-mail, you can choose to subscribe Turegatan 16, in Stockholm, Sweden. Our risks and risk management ...........30 a paper version of the Annual Report to to our financial reports, press releases Our corporate governance ....................32 those who have specifically requested a and share information. PROGRAM, CET The board of directors ......................38 copy. If you wish to receive a paper copy of 09:30 a.m. Registration and light the Annual Report, it can be ordered on the FINANCIAL PRESENTATIONS WATCH refreshments Group management ..........................40 No1 company’s website. LIVE ON DEMAND 09:45 a.m. Meeting hall opens The NWG share .................................. 42-44 IN THE DIRECT SALES CHANNEL Watch presentations in conjunction with Financial information ........................ 45-79 10:00 a.m. Annual General Meeting NEWS ABOUT PRODUCTS quarterly reports or other event. commences Consolidated statement AND SOLUTIONS The majority of presentations can be of profit and loss ...................................46 At www.nordicwaterproofing.com you can followed live or watched later on our NOTICE OF AGM Consolidated statement The complete notification of the 2017 of other comprehensive income ...........46 follow the development and successes of website. the various products and solutions that we Annual General Meeting will be Consolidated statement No 2 IN THE DISTRIBUTION of financial position ...............................47 offer our customers. available at SALES CHANNEL IN www.nordicwaterproofing.com/en/ Consolidated statement THE NORDIC REGION of cash flows .........................................48 shareholder-meetings/. Consolidated statement of changes in equity ..............................49 Shareholders who wish to participate Notes – Group .......................................50 and vote at the Meeting must be entered Parent Company statement in the share register maintained by of profit and loss ...................................77 VP Securities A/S by Thursday, 20 April Parent Company statement 2017 and notify the company of their of financial position ...............................77 intention to participate, with any advisers, ▼ Parent Company statement ▼ not later than on the same date. of changes in equity ..............................78 FINANCIAL CALENDAR 2017 Shareholders whose shares have Notes – Parent Company ......................78 been registered in the name of a trustee, 8 April-8 May Silent period Statement by the executive Board must have temporarily registered the and the Board of Directors ......................80 ▼ 27 April Annual General Meeting shares in their own name by Thursday, Audit report..............................................81 ▼ 9 May Interim Report, January-March 2017 20 April 2017. Financial definitions and glossary ..........84 14 July-14 August Silent period Please note that there is specific information for shareholders who Shareholder information .........................85 ▼ 15 August Interim Report, January-June 2017 Notice of Annual General Meeting ..........85 hold their shares through Euroclear 6 October-6 November Silent period Sweden AB. Nordic Waterpoofing Holding A/S is a Danish public limited liability 7 November Interim Report, January-September 2017 company domiciled in Vejen, Denmark. Company registration number: 33395361. LEI code: 549300EJEXC4KOSUI651. The Group’s operational headquarters are in Helsingborg, Sweden. The Annual Report is published in Swedish and English. The English language version is the original and in the case of discre- Bitumen manufacturing units and sales offices pancies between the versions, the English version shall prevail. The printed version of the Annual Report is only distributed to Manufacturing unit for liquid bitumen and sales office shareholders who request a copy. The Annual Report is also ▼ available in its entirety at the company’s website www.nordicwater- EPDM manufacturing unit and sales offices proofing.com. The 2016 Annual Report was published in April 2017. ▼ All values are expressed in Swedish kronor. Kronor is EPDM prefabrication units abbreviated to SEK and millions of kronor to SEKm. Unless NORDIC WATERPROOFING HOLDING A/S Sales offices ANNUAL REPORT otherwise stated, figures in parantheses relate to the preceding fiscal year, 2015. 2016 This report contains forward-looking statements that are based Predominantly bitumen market on the current expectations reflected in such forward-looking statements are resonable, no assurance can be given that such Predominantly EPDM market expectations will prove correct. Accordingly, results could differ Nordic Waterproofing materially from those implied in the forward-looking statements develops, manufactures as a result of, among other factors, changes in economic, market and copetitive conditions, change in the regulatory environment and and distributes products other government actions, fluctuations in exchange rates and other for today’s roofs and factors. future generations. This annual report was produced in collaboration with RHR/CC W e make waterproofing easy in Malmö, Sweden. ©Nordic Waterpoofing Holding A/S 2017. Contents Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2016 1 A WIDE RANGE OF APPLICATION AREAS 2016 IN BRIEF IN TWO SEGMENTS: PRODUCTS & SOLUTIONS 2016 was an excellent year for Nordic Nordic Waterproofing primarily offers flat +5% Waterproofing, with record results and roofing and pitched roofing products and delivering on external growth commitment. solutions produced in-house, and products Net sales increased by 5 percent to produced by subcontractors, such as SEK 1,813 million (1,720). plastic sheets, foundations and moisture barriers, to complement the Group’s products manufactured in-house. The operating profit (EBIT) before items +23% affecting comparability for the full-year 2016 increased by 23 percent, to SEK 224 million (182). The EBIT margin before items affecting comparability rose to 12.3 percent (10.6). +5% Organic growth was up 5 percent for 2016. INSTALLATION SERVICES Nordic Waterproofing offers its customers turnkey installation services in Denmark and Finland, which include both the Earnings per share for the full-year of 2016 construction of the entire roof and were SEK 6.49 (3.40), an increase of individual roof installation services. The +91% 90.9 percent. Group’s installation business comprises its own installers in Finland, under the AL-Katot and KerabitPro brands, and in Denmark services are offered through franchising under the Phønix Tag and The board of directors will propose to the Hetag Tagdækning brands. SEK 3.75 Annual General Meeting on 27 April 2017 to resolve to pay out a cash dividend of SEK 3.75 per share, a total
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