Strong demand across the board but deliveries hampered by material and component shortages
“Our summary of 2021 is that we had unusually strong demand in all three business areas thanks to our strong profitability profile, with products that are well aligned with the aim of society to reduce dependence on fossil fuels. Our products have also been a perfect match for the home renovation trend. We are therefore able to look back on another stable year with good growth in both sales and results. However, the rapid recovery in the global economy has meant that our sub-suppliers have not had time to adjust, which harmed our own delivery capacity, especially in the last few months of the year, which are usually our strongest months. Overall, this resulted in orders received reaching record high levels at the end of the year. Unfortunately, the percentage of delayed orders was also at far too high a level,” says Gerteric Lindquist, CEO of NIBE.
“With our company philosophy and our strong product range, we are well positioned in a market that is increasingly feeling the influences of the transition to a more sustainable and digitised society. The completed acquisitions as well as our focus on product development should further strengthen our market position. Our internal work on efficiency along with our rigorous cost control will continue with unchanged focus. At the same time, we are allocating major resources towards reducing the impact of the material and component shortages. The sharp price rises introduced by sub-suppliers have also forced us to introduce our own substantial price increases.”
“Even though it’s difficult to make predictions in the current business climate, we are cautiously optimistic about 2022 thanks to our geographic spread, focus on sustainability, stable profitability and good financial preparedness for further offensive acquisitions,” says Gerteric Lindquist.
A teleconference in English (+46 8 566 427 04) will be held for press and analysts today at 11.00 a.m. with CEO Gerteric Lindquist and CFO Hans Backman. NB: You must be registered to view the images for the presentation.
For more information: Gerteric Lindquist, CEO and Hans Backman, CFO; +46 (0) 433-27 30 00
NIBE Industrier AB (publ) is required to disclose the information in this press release under the EU’s Market Abuse Regulation and the Swedish Securities Market Act. This information was submitted by the contact persons above for publication on 17 February 2022 at 08.00 CET.