NIBE Industrier AB Reports Consolidated Earnings Results for the Second Quarter and Six Months and Parent Earnings Results for the Six Months Ended June 30, 2018; Provides Financial Targets
August 17, 2018 at 02:00 am EDT
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NIBE Industrier AB (publ) reports consolidated earnings results for the second quarter and six months and parent earnings results for the six months ended June 30, 2018. For the quarter, on consolidated basis, net sales were SEK 5,371 million against SEK 4,639 million a year ago. Operating profit was SEK 632 million against SEK 529 million a year ago. Net profit attributable to Parent shareholders was SEK 440 million against SEK 358 million a year ago.
For six months, on consolidated basis, net sales were SEK 10,233 million against SEK 9,009 million a year ago. Operating profit was SEK 1,129 million against SEK 955 million a year ago. Net profit attributable to Parent shareholders was SEK 776 million against SEK 651 million a year ago. Return on equity was 13.5% against 13.6% a year ago. Net profit per share was SEK 1.54 against SEK 1.29 a year ago. Cash flow from operating activities was SEK 1,181 million against SEK 1,015 million a year ago. Net debt as at June 30, 2018 was SEK 7,279 million against SEK 6,768 million a year ago. EBITDA was SEK 3,168 million against SEK 2,865 million a year ago. Investments in machinery and equipment in existing operations was SEK 358 million against SEK 271 million a year ago.
For six months, on parent basis, net sales were SEK 8 million against SEK 8 million a year ago. Operating loss was SEK 23 million against SEK 21 million a year ago. Net profit attributable to Parent shareholders was SEK 531 million against SEK 319 million a year ago.
The company expects: average annual sales growth of 20%; an operating margin of at least 10% of sales over a full business cycle in each business area; and average annual return on equity of at least 20% after standard deductions for tax over a business cycle.
Nibe Industrier AB is a Sweden-based company engaged in the provision of heating technology solutions. Its operations are organized into three business areas: NIBE Element, which is engaged in the manufacturing of electric heating elements that are used in white goods and industry commercial equipment, as well as heating, control and measurement components and systems of ASKOMA AG, comprises also HT S.p.A.; NIBE Energy Systems, focusing on heat pumps and electric water heaters for private homes and larger premises, and NIBE Stoves, specializing within wood-burning stoves for private homeowners in the new and existing housing market and in the holiday homes sector. Its brands include Contura, Premodul, Nordpeis, Lotus Heating Sustems and TermaTech, among others. The Company is also engaged in the field of heat pumps via Enertech Global Llc, in the area of ventilations systems through the partially owned subsidiary Air Site AB, and with regard to heating solutions through Hotwatt Inc.
NIBE Industrier AB Reports Consolidated Earnings Results for the Second Quarter and Six Months and Parent Earnings Results for the Six Months Ended June 30, 2018; Provides Financial Targets