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 splits carried out in June 2003 and June 2006.
Share capital
NIBE Industrier AB has a share capital of SEK 58.7 million, divided into 13,160,256 class A shares and 80,759,744 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 2010 the company had no outstanding convertible loans or options that could risk diluting the share capital.
Share performance and turnover
During 2010 the NIBE share increased in value by 49% from SEK 69.00 to SEK 102.75. The Carnegie Small Companies Index rose by 27% during the same period and the OMX Stockholm All-share Index (OMXS) by 23%. This means that, at the end of 2010 the market capitalisation of NIBE, based on the latest price paid, amounted to SEK 9,650 million. In 2010 a total of 18,905,873 NIBE shares were traded on the NASDAQ OMXS Stockholm: this corresponds to a share turnover of 20.1% 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 1.75 per share for the 2010 financial year, which equates to 30.0% of Group profit after tax.
Ownership
The number of shareholders has fallen slightly during the year. NIBE had 16,865 shareholders at the end of 2010, compared with 18,206 twelve months previously. The ten largest shareholders held 63.4% of the votes and 46.1% 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.