NIBE Industrier AB’s class B shares were floated on the Stockholm Stock Exchange’s OTC list (now the Mid Cap list, NASDAQ OMX Stockholm) on 16 June 1997 following the issue of 1,170,000 new class B shares. The subscription price then was SEK 70 per share. This corresponds to SEK 4.38 per share following the 4:1 splits carried out in June 2003 and June 2006. In 2011 16,119,437 new shares were issued and, parallel with this, the NIBE obtained a secondary listing on the SIX Swiss Exchange.
Share capital
NIBE Industrier AB has a share capital of SEK 68.8 million, divided into 13,160,256 class A shares and 96,879,181 class B shares. The quota value (i.e. share capital divided by shares) is SEK 0.625. Every class A share carries ten votes at the Annual General Meeting and every class B share carries one vote. All shares carry the same entitlement to the company’s assets and profits. At the end of 2011 the company had no outstanding convertible loans or options that could risk diluting the share capital.
New share issue
In 2011 a new share issue was made to cover the cost of 40% of the purchase price of the shares in the Schulthess Group AG: 16,119,437 class B shares were issued in part payment for 98.7% of the shares in Schulthess. A further issue of a maximum of 214,800 class B shares will be made in 2012 to be used in part payment for the remaining 1.3% of Schulthess shares yet to be acquired by compulsory redemption.
Secondary listing
Following the share issue in 2011 the NIBE share is now also listed on the SIX Swiss Exchange.
Share performance and turnover
During 2011 the NIBE share fell in value by 1% from SEK 102.75 to SEK 101.75. The Carnegie Small Companies Index fell by 16% during the same period and the OMX Stockholm All-share Index (OMXS) fell by 14%. This means that, at the end of 2011 the market capitalisation of NIBE, based on the latest price paid, amounted to SEK 11,197 million. In 2011 a total of 30,939,711 NIBE shares were traded, which corresponds to a share turnover of 30.7% over the year.
Dividend policy
The aim is, over the long term, to pay a dividend equivalent to 25–30% of Group profit after tax. The Board is proposing a dividend of SEK 2.00 per share for the 2011 financial year, which equates to 31.9% of Group profit after tax.
Ownership
The number of shareholders has risen during the year, primarily as a result of a directed issue of 16,119,437 new class B shares to the previous owners of the Schulthess Group. However, because of Swiss reporting regulations, it is, in principle, impossible to determine the current total number of owners. If Swiss-registered owners are discounted, NIBE had 17,949 shareholders at the end of 2011, compared with 16,865 twelve months previously. The ten largest shareholders held 61.1% of the votes and 46.9% of the capital.
Shareholder value
To increase turnover in NIBE shares and give both current and future owners the opportunity to evaluate the business as fairly as possible, senior management strives ceaselessly to develop and improve financial information relating to the company by taking an active role in meetings with Swedish and foreign analysts, investors and the media. In September 2011 NIBE arranged a Capital Markets Day which was attended by both Swedish and foreign investors.