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UN Global Compact COP May 2018 UN Global compact COP Statement by the CEO Nordic Waterproofing is one of Europe's leading suppliers of membranes for roofing and environmental buildings and we develop solutions for public and commercial buildings and constructions. I am pleased to confirm that Nordic Waterproofing supports of the United Nations Global Compact in the areas of human rights, labor rights, environment protection and anti-corruption. Our sustainability program is based on the Ten Principles of the United Nations Global Compact. We have identified our prioritized sustainability issues and follow our performance on these issues on a yearly basis. Our Communication on Progress describes our actions to continually anchor and integrate the Global Compact and its principles into our business strategy and daily operations. We are committed to share this information with our customers, employees, suppliers and other stakeholders mainly through our individual company brands. Martin Ellis Nordic Waterproofing Group, CEO NORDIC WATERPROOFING HOLDING A/S, CVR no: 33395361 ANNUAL REPORT 2017 Waterproofing products and services for buildings and infrastructure We make waterproofing easy Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2017 CONTENTS 2017 in brief .......................................................... 1 Statement by the President and CEO Martin Ellis ............................................................ 2 LEADING Business concept, targets and target achievement .......................................................... 4 Strategies that safeguard customer IN THE NORDIC satisfaction and growth ......................................... 6 Group in summary .............................................. 10 Five-year overview .............................................. 13 WATERPROOFING Business model for the future ............................ 14 Operating segment Products & Solutions .......... 16 Operating segment Installation Services ........... 18 MARKET Research and development ................................ 19 Production, purchasing and logistics ................. 20 Leading Nordic player ......................................... 22 Distribution and sales channels ......................... 24 Nordic Waterproofing is a Northern European market leader. Decentralized organization close The Group develops, manufactures and distributes a full to customers ....................................................... 26 Sustainable behaviour generates range of products and solutions for the protection of added values ....................................................... 28 buildings and infrastructure. Ease of installation, energy and Risks and risk management ............................... 30 environmental optimization are key components of the offer. Corporate governance ........................................ 32 Board ................................................................... 38 Group Management ............................................ 40 The Nordic Waterproofing share ........................ 42 Management review............................................ 45 A BROAD PORTFOLIO OF PRODUCTS AND SOLUTIONS FINANCIAL INFORMATION .......................... 47–78 DISTRIBUTED BETWEEN TWO SEGMENTS: Consolidated comprehensive income statement 48 Consolidated balance sheet ............................... 49 Consolidated cash flow statement ..................... 50 Consolidated changes in shareholders’ equity .. 51 Notes to the consolidated financial statements 52 Parent company income statement.................... 76 Parent company balance sheet .......................... 76 Parent company changes in PRODUCTS & SOLUTIONS INSTALLATION SERVICES shareholders’ equity ........................................... 77 Assurance by Group Management and the Board of Directors’ ....................................... 79 69% 31% OF NET SALES FOR 2017* Audit report ......................................................... 80 OF NET SALES FOR 2017* Financial definitions and glossary ...................... 84 Shareholder information .................................... 85 87% 13% OF EBIT BEFORE ITEMS AFFECTING OF EBIT BEFORE ITEMS AFFECTING COMPARABILITY IN 2017* COMPARABILITY IN 2017* * Excluding intra-Group sales and earnings. The “Solhuset” kindergarten in PROFESSIONAL AND ESTABLISHED BRANDS Hørsholm, Denmark is an exciting combination of appealing architecture WITH QUALITY AS THE FOREMOST FEATURE and integrated energy design that provides a unique environment for both children and adults. With an area of 1,300m2, the property has been constructed based on an “Overactive House” concept. In an innovative process, many different construction players, have applied unique facade and roofing materials, solar collectors, solar panels and heat pumps, have developed a building that meets all of the requirements that can be imposed on a positive environment for children while the building produces a surplus of energy. Taasinge Elementer has supplied different solutions for roof and wall components for Solhuset. LA-KATTOHUOLTO .FI Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2017 1 2017 IN BRIEF 2017 was an excellent year for Nordic Waterproofing, with record sales growth and delivering on external growth commitment. Net sales rose by +21% 21 percent to SEK 2,187 million (1,813). Operating profit (EBIT) before items affecting comparability for the full-year 2017 decreased by 7 percent (+23) to SEK 208 million (224). Operating margin –7% before items affecting comparability decreased to 9.5 percent (12.3). +5% Organic growth was 5 percent for 2017. Earnings per share for the full-year 2017 were SEK 5.71 (6.49), a decrease –12% of 12 percent. The Board of Directors will propose that the Annual General Meeting on 20 April 2018 resolve to pay out a cash dividend of SEK 3.75 (3.75) per share, A BROAD PORTFOLIO OF PRODUCTS AND SOLUTIONS SEK 3.75 totalling SEK 90 million (90). This corresponds to about 66 percent of net profit. DISTRIBUTED BETWEEN TWO SEGMENTS: IMPORTANT EVENTS 2017 21 FEBRUARY 8 MARCH 4 JULY 17 OCTOBER Nomination Committee for Annual Acquisition of Danish Roll-out of the Mataki Changes to the 2018 General Meeting 2017 appointed. prefabrication company brand for professional Nomination Acqusition of Taasinge Elementer. users in Norway. Committee. Norwegian leading 24 JANUARY 28 APRIL prefabricated wood Acquisition of EPDM Acquisition of Finnish 15 AUGUST 7 NOVEMBER element façade Systems, a leading roofi ng and service Interim report for Interim report producer Ringsaker Dutch prefabrication company LA Kattohuolto. January to June. for January to Vegg- og Tak- company. September elementer AS. 2017 Q1 Q2 Q3 Q4 2018 31 JANUARY 9 MAY 2 OCTOBER Acquisition of SPT-Painting Interim report for Nomination Committee a Finnish fl oor coating January to for Annual General specialist. March. Meeting 2018 appointed. 1 APRIL 27 APRIL 15 AUGUST 20 DECEMBER Esa Mäki assumes the position as Press release from the Update of the Group’s Acquisition of prefabricated roofi ng and head of the Finnish organization. Annual General Meeting. fi nancial targets. facade elements production plant from Ugilt Savværk. NORDIC WATERPROOFING AS AN INVESTMENT • We are a market-leading supplier of waterproofing products, solutions and installation services. Read more about market positions on page 22–23. • We have a history of improving profitability and have the potential to achieve further profitability improvements. Read more about the strategies on pages 6–9. • We have strong and stable cash flow with good dividend capacity. Read more about the dividend policy on page 42 and comments on the cash flow statement on page 50. • The average number of full-time employees amounts to 830. The Group Management team has long and solid experience of the sector from both international and local operations. Together, we have developed Nordic Waterproofing into a leading player in the waterproofing market. Read the presentation of Group Management on page 40. 2 Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2017 A YEAR OF STRONG GROWTH AND SUCCESSFUL ACQUISITIONS I am proud to report that our Group has in 2017 increased sales by 21 percent over the previous year, thus achieving the highest growth rate in our history. In addition to our organic sales growth of 5 percent, we successfully implemented our strategy of selective acquisitions, delivering on our commitment to develop our business through both internal and external growth, in both our operating segments. OUR GROUP HAS IN 2017 2017 IN NUMBERS SUCCESFUL ACQUISITIONS Net sales increased to SEK 2,187 million Since our last Annual Report we have made INCREASED SALES BY (1,813), while operating profit (EBIT) before four acquisitions, two in 2017 and two in the 21 PERCENT OVER THE items affecting comparability decreased beginning of 2018. The new members of our slightly to SEK 208 million (224). Overall Group all match the focus we have set in our PREVIOUS YEAR, THUS ” operating margin was 9.5 percent (12.3). The acquisition strategy: downstream integration ACHIEVING THE HIGHEST year was challenged by increased raw for increased exposure to the end custom- GROWTH RATE IN OUR material prices compared with the excep- ers, enhanced product and services tionally favorable situation in 2016. Our own portfolios for our existing customers, and HISTORY.” sales price increases resulted in a net portfolio diversification with potential for positive effect in the fourth quarter, but did geographic leverage. LA Kattohuolto
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