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Nederman Holding
Annual / Quarterly Financial Statement • Feb 13, 2025
3083_10-k_2025-02-13_600febed-0a0e-4132-99e6-c66563c2e62b.pdf
Annual / Quarterly Financial Statement
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The Clean Air Company
Year-end report January – December 2024
Q4
Solid profitability and strong cash flow
Quarter 4, 2024
- Orders received amounted to SEK 1,408m (1,467), equivalent to a currency neutral decline of 4.8 percent compared with the same period last year.
- Net sales amounted to SEK 1,620m (1,501), equivalent to currency neutral growth of 7.6 percent compared with the same period last year.
- Adjusted EBITA was SEK 185.1m (171.6), giving an adjusted EBITA margin of 11.4 percent (11.4).
- Operating profit amounted to SEK 157.3m (149.2), corresponding to an operating margin of 9.7 percent (9.9).
- Net profit was SEK 87.4m (77.3).
- Earnings per share were SEK 2.49 (2.20).
- Cash flow from operating activities amounted to SEK 245.4m (212.3).
January – December 2024
- Orders received amounted to SEK 5,780m (6,005), equivalent to a currency neutral decline of 3.3 percent compared with the same period last year.
- Net sales amounted to SEK 5,900m (6,188), equivalent to a currency neutral decline of 4.0 percent compared with the same period last year.
- Adjusted EBITA was SEK 707.6m (714.9), giving an adjusted EBITA margin of 12.0 percent (11.6).
- Operating profit amounted to SEK 592.5m (592.8), corresponding to an operating margin of 10.0 percent (9.6).
- Net profit was SEK 345.2m (340.9).
- Earnings per share were SEK 9.83 (9.71).
- Cash flow from operating activities amounted to SEK 595.9m (576.3).
- The Board of Directors proposes a dividend of SEK 4.00 (3.95) per share.
Stronger market positions in an uncertain macro environment
CEO's comments
In a year dominated by recession and geopolitical uncertainty, we accelerated the pace of innovation, increased operational efficiency and strengthened our position in structurally growing industries throughout the world. In the fourth quarter, we reported increased sales, solid profitability, strengthened cash flow and also a minor but strategically important acquisition.
I am satisfied with our performance in 2024. In an uncertain macro environment, the environmental technology company Nederman continued to advance its positions, with a healthy level of profitability. During the fourth quarter, sales amounted to SEK 1,620m (1,501), equivalent to currency neutral growth of 7.6 percent, which resulted in sales of SEK 5.9 billion for the full year. Orders received in the fourth quarter amounted to SEK 1,408m (1,467), corresponding to a currency neutral decrease of 4.8 percent. This means that the order backlog is somewhat lower at the beginning of 2025 compared with the same time last year. The adjusted EBITA margin for the fourth quarter of the year was 11.4 percent (11.4), bringing the figure for the full year to 12.0 percent (11.6); yet another step closer to our target of 14 percent. The gross margin strengthened further in the fourth quarter and amounted to 39.4 percent (36.3) for the full year. It is clear that our efforts in areas such as production efficiency and pricing are yielding results. Despite continued investments in production and logistics, as well as acquisition activities, we were able to report a strong cash flow for both the fourth quarter and the full year. As I mentioned in the third-quarter report, we have intensified our efforts to identify new companies that could complement our range, which – in addition to the acquisition of the Canadian company Duroair Technologies in August – led to us at the end of the year acquiring the Danish company Olicem, a leading European player in emissions reporting.
We are unable to influence the economy and geopolitics, but we can influence what we do ourselves. This simple philosophy certainly permeated the work at Nederman in 2024. Investments in production and logistics, including RoboVent and Nordfab in the US and in Helsingborg, are a key part of this. Investments are currently being made in all divisions and regions to enhance efficiency and implement upgrades, not least for faster and more precise deliveries – a particularly important consideration for customers in such rapidly growing segments as EV batteries and semi-conductors. What really sets us apart from our competitors is our focused work on developing our range. We are now stepping up the pace further. With the new innovation centre in Helsingborg, which was opened this week, and intensified investments in our 14 innovation hubs around the world, we will be able to gradually roll out a continually improving range. This includes upgrades of existing product platforms as well as completely new innovations, as well as more connected products and systems. Recently, we strengthened our own innovation capacity by way of recruiting a large number of new engineers and other technically skilled employees.
STABILITY IN OUR DIVISIONS
All four divisions increased sales in the fourth quarter. However, the scenario was more varied for orders received. Extraction & Filtration Technology had significantly fewer large orders, but a continued strong base and service business, and a new sales record for a single quarter. Process Technology noted a new record EBITA margin for fullyear 2024, but closed with a lower order backlog, while positions were advanced in key segments. Duct & Filter Technology's production and logistics initiatives in all regions generated new increases in sales and orders received, with major orders from EV battery manufacturers. The full year saw records for all key performance measures. Monitoring & Control Technology displayed healthy sales and order growth during the quarter, with the trend in APAC – and China in particular – standing out. The acquisition of Olicem gives the division an even stronger position in Europe.
SHORT-TERM UNCERTAINTY
We foresee a relatively subdued and more uncertain macro environment in the coming quarters. This means that even if the development in our divisions is overwhelmingly positive, the risk has increased somewhat that customers will defer making major investments. In addition, we see a continued risk that geopolitical developments may lead to increased protectionism in the long term. At the same time, I can confirm that Nederman stands strong, not least in terms of a healthy order backlog, new initiatives in product development and the ability to increase sales in industries with good structural growth. Although we are slightly more uncertain about developments in the coming quarters, we are convinced of continued favourable long-term prospects for our industry and for us as market leader.
Q4 INTERVIEW WITH SVEN KRISTENSSON
Watch the interview on Nederman's YouTube channel. Playlist: Financial reports
Segment overview
Nederman is organised in four operating segments. This organisation is based on technology, customer structure and business logic with its starting point in the group's brands. This means that the operating segments are global. The organisation has four overriding priorities: strengthened profitability, improved efficiency, utilisation of all the possibilities offered by digitalisation and internal and external sustainability.
Nederman Extraction & Filtration Technology develops and sells a broad range of filters and monitoring services, capturing devices, fans, high-vacuum products and reels for the distribution of a variety of liquids and compressed air. Sales are conducted through a network of partners and through own sales companies. Customers operate in industries with various types of air emissions that must be dealt with in an efficient and safe manner.
Nederman Process Technology offers services and filter solutions that are often integrated into the customer companies' production processes, where they capture harmful particles and gases, and other process-critical equipment. Sales activities are conducted through the division's own sales organisation that has direct contact with the customers. The number of orders is low, but the individual order value is high. The customers comprise major companies in a large number of industries.
Nederman Duct & Filter Technology sells different types of ducting systems, valves and filter elements to ensure good air quality in a number of industries. Sales are mainly conducted through distributors, but there are also internal sales to Nederman's other divisions. The customers are found in a long line of industries, such as woodworking, cement & concrete production, automotive, metalworking and recycling.
CEO's comments
Nederman Monitoring & Control Technology offers advanced measurement technology for gases and particles, and an IoT platform that consists of hardware and software that communicate with the cloud and provide customers with information and insight into critical parameters and processes. Sales are conducted through own companies, their networks of distributors and other divisions within Nederman. The division works with a broad spectrum of industries that need to continuously monitor and control their production and their processes.
| Currency | Currency | |||||||
|---|---|---|---|---|---|---|---|---|
| External orders received, SEKm | 1 Oct-31 Dec | neutral | Organic | 1 Jan-31 Dec | neutral | Organic | ||
| 2024 | 2023 | growth | growth | 2024 | 2023 | growth | growth | |
| Nederman Extraction & Filtration Technology | 642.6 | 650.4 | -1.5% | -4.3% | 2,604.7 | 2,581.2 | 1.4% | -1.3% |
| Nederman Process Technology | 368.3 | 467.7 | -22.7% | -22.7% | 1,559.3 | 1,921.0 | -18.7% | -18.7% |
| Nederman Duct & Filter Technology | 211.0 | 181.1 | 15.4% | 15.4% | 803.2 | 762.7 | 5.7% | 5.7% |
| Nederman Monitoring & Control Technology | 186.5 | 167.3 | 10.5% | 9.3% | 812.7 | 739.7 | 10.7% | 10.4% |
| Total Nederman group | 1,408.4 | 1,466.5 | -4.8% | -6.2% | 5,779.9 | 6,004.6 | -3.3% | -4.5% |
| Currency | Currency 1 Jan-31 Dec |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Total sales, SEKm | 2024 | 1 Oct-31 Dec 2023 |
neutral growth |
Organic growth |
2024 | 2023 | neutral growth |
Organic growth |
|
| Nederman Extraction & Filtration Technology | 723.8 | 688.5 | 5.0% | 2.4% | 2,645.6 | 2,582.5 | 3.0% | 0.4% | |
| Nederman Process Technology | 451.7 | 434.8 | 3.4% | 3.4% | 1,656.8 | 2,146.6 | -22.1% | -22.1% | |
| Nederman Duct & Filter Technology | 229.2 | 200.7 | 13.0% | 13.0% | 893.0 | 839.0 | 6.8% | 6.8% | |
| Nederman Monitoring & Control Technology | 241.4 | 201.8 | 19.3% | 18.6% | 824.0 | 732.8 | 13.2% | 13.0% | |
| Elimination | -26.2 | -25.3 | -119.5 | -113.1 | |||||
| Total Nederman group | 1,619.9 | 1,500.5 | 7.6% | 6.3% | 5,899.9 | 6,187.8 | -4.0% | -5.1% |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||||
|---|---|---|---|---|---|---|
| Adjusted EBITA, SEKm | 2024 | 2023 | 2024 | 2023 | ||
| Nederman Extraction & Filtration Technology | 92.1 | 83.4 | 351.6 | 339.5 | ||
| Nederman Process Technology | 50.3 | 42.1 | 182.3 | 209.0 | ||
| Nederman Duct & Filter Technology | 37.8 | 35.2 | 174.7 | 156.5 | ||
| Nederman Monitoring & Control Technology | 47.0 | 48.0 | 143.7 | 152.6 | ||
| Other - non-allocated | -42.1 | -37.1 | -144.7 | -142.7 | ||
| Total Nederman group | 185.1 | 171.6 | 707.6 | 714.9 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| Adjusted EBITA margin | 2024 | 2023 | 2024 | 2023 |
| Nederman Extraction & Filtration Technology | 12.7% | 12.1% | 13.3% | 13.1% |
| Nederman Process Technology | 11.1% | 9.7% | 11.0% | 9.7% |
| Nederman Duct & Filter Technology | 16.5% | 17.5% | 19.6% | 18.7% |
| Nederman Monitoring & Control Technology | 19.5% | 23.8% | 17.4% | 20.8% |
| Total Nederman group | 11.4% | 11.4% | 12.0% | 11.6% |
ABOUT THE DIVISION
CEO's comments
Nederman Extraction & Filtration Technology develops and sells a broad range of filters and monitoring services, capturing devices, fans, high-vacuum products and reels for the distribution of a variety of liquids and compressed air.
Brands: Nederman, RoboVent, Aagaard and Duroair
Nederman Extraction & Filtration Technology
In the fourth quarter, orders received decreased currency neutrally by 1.5 percent while sales increased currency neutrally by 5.0 percent. The adjusted EBITA margin was 12.7 percent (12.1).
DEVELOPMENT DURING THE QUARTER
Fewer major orders were booked and this contributed to a decrease in orders received during the quarter. Orders received for products and medium-sized orders for systems solutions did however increase. The large order backlog that was accumulated earlier in the year led to increased sales in the fourth quarter – the strongest single quarter ever – and all three regions grew their sales. Service continued to perform strongly. Profitability was dampened by costs related to, among other things, the move to new premises in Helsingborg and by a larger share of sales of solutions, which generally have a lower margin.
During the quarter, four large orders were registered, all in the US, which was significantly fewer than in the preceding quarter and the corresponding quarter in 2023. One of these orders was secured by the newly acquired Canadian company Duroair and pertained to the defence sector. The remaining three orders were secured by the previously acquired US company RoboVent, of which two were to the welding segment and one was received from a manufacturer of EV batteries. The quarter was characterised by continued healthy orders received globally for solutions in structurally growing industries such as green energy, food, healthcare, public transport and the defence sector.
EMEA displayed a stable order flow during the quarter, with development driven by a solid base business and medium-sized orders in solutions. At the same time, the absence of large orders meant that orders received declined compared with the corresponding quarter in 2023, which was very strong. Spain had a record quarter, with orders in aeronautics, green energy and pharmaceuticals. The region as a whole secured multiple orders in green energy, public transport and from the defence industry. However, the wood and automotive industries demonstrated increased uncertainty and lower demand in some markets, including Germany.
Following a third quarter of record orders received, Americas noted a slowdown at the end of the year, but as a result of the acquisition of Duroair in the third quarter, orders received in the fourth quarter were in line with the corresponding quarter of the preceding year. As described earlier, Duroair and RoboVent accounted for all of the major orders secured in the region during the quarter. In addition, orders were secured in green energy, food and pharmaceuticals.
In APAC, orders received increased sharply, driven by several medium-sized orders in such segments as defence, food and the automotive industry. Southeast Asia displayed good growth during the quarter, followed by Australia and China. In India, an order was secured from a leading aircraft equipment supplier.
- Relocation of offices and warehouse to the new facility in Helsingborg, and installation and start-up of a new warehouse management system.
- Launch of a Modular Filter System (MFS) with nanofiber, which provides a significant improvement in performance.
- Launch of six upgraded versions of Mobile HiVac ATEX models, for use in potentially explosive environments.
- Launch of the new PAK-M vacuum unit in North America.
- Upgrade of the division's Insight offering to facilitate data communication with customers' Building Management Systems (BMS).
| SEKm | Currency | Currency | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 Oct-31 Dec | neutral growth |
Organic growth |
1 Jan-31 Dec | neutral | Organic | |||||
| Note | 2024 | 2023 | 2024 | 2023 | growth | growth | ||||
| External orders received | 642.6 | 650.4 | -1.5% | -4.3% | 2,604.7 | 2,581.2 | 1.4% | -1.3% | ||
| Total sales | 4 | 723.8 | 688.5 | 5.0% | 2.4% | 2,645.6 | 2,582.5 | 3.0% | 0.4% | |
| Adjusted EBITA | 92.1 | 83.4 | 351.6 | 339.5 | ||||||
| Adjusted EBITA margin | 12.7% | 12.1% | 13.3% | 13.1% |
ABOUT THE DIVISION
Nederman Process Technology offers services and advanced filter solutions that are integrated into the customers' production processes where they catch harmful particles and gases.
CEO's comments
Brands: MikroPul, Luwa, Pneumafil and LCI
Nederman Process Technology
In the fourth quarter, orders received decreased currency neutrally by 22.7 percent while sales increased currency neutrally by 3.4 percent. The adjusted EBITA margin increased to 11.1 percent (9.7).
DEVELOPMENT DURING THE QUARTER
A limited number of major orders together with the continued slowdown in cyclical industries contributed to lower orders received in the quarter. Moreover, one order of very significant size was secured in the corresponding quarter in 2023. Sales increased with the support of several major project deliveries during the quarter. Service continued its stable development and increased its share of the division's sales. A better sales mix and continued high efficiency in manufacturing and project execution contributed to higher margins, which resulted in record EBITA margin for full-year 2024. A deterioration in the global economy in the wake of geopolitical turmoil and weakness in certain markets and segments is expected to lead to continued lower orders received over the next few quarters. At the same time, the division's long-term potential remains considerable, with investments in new segments and new markets expected to generate healthy returns. The quotation pipeline also includes several major projects that could make a strong contribution to the order backlog.
The textile segment was characterised by continued overcapacity in spinning mills, which dampened demand for new equipment and, accordingly, the division's orders received. The assessment is that it could take up to a year before the market returns to a balance, but the long-term outlook remains positive for the division's market-leading range. At the same time, the innovative and energy-efficient fan system, which was launched in 2023, continues to attract a large amount of interest from customers. A total of more than 200 units were sold during 2024, primarily in India and parts of Southeast Asia. In addition, the division strengthened its position in the adjacent non-woven segment, with a significant order value in 2024.
In the foundry and smelter segment, a strong underlying sustainability trend is contributing to a long-term increase in demand for the division's solutions in, for example, metal recycling. During the quarter, orders received decreased, while project deliveries in such areas as aluminium recycling generated a strong increase in sales. The strategic initiatives to grow in Americas with the same offering and favourable profitability as in EMEA continued, and the pipeline was replenished with new, interesting projects. Despite short-term uncertainty, the potential is considerable, particularly in aluminium recycling.
The customised solutions segment recorded higher orders received, but lower sales during the quarter. Several large orders were received in Americas in the chemicals sector. The division's projects often represent smaller parts of major capital investments, which brings a risk of dampened demand in the event of economic uncertainty. Nonetheless, the division is optimistic, as strategic and sustainability-oriented investments in the mining and petrochemical industries, for example, are expected to drive demand in the long term.
- The investment in a new sandblasting and paint line in the division's plant in Germany has contributed to increased production capacity and lower manufacturing costs.
- The launch of new sensor packages and digital analysis tools for filtration systems, which improve the customers' ability to optimise operations and extend the equipment's service life.
- Intensified development of remote monitoring and IoT-based business models, which unlocks new revenue streams from service and aftermarket offerings.
| SEKm | Currency | Currency | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 Oct-31 Dec | neutral growth |
Organic growth |
1 Jan-31 Dec | neutral | Organic | |||||
| Note | 2024 | 2023 | 2024 | 2023 | growth | growth | ||||
| External orders received | 368.3 | 467.7 | -22.7% | -22.7% | 1,559.3 | 1,921.0 | -18.7% | -18.7% | ||
| Total sales | 4 | 451.7 | 434.8 | 3.4% | 3.4% | 1,656.8 | 2,146.6 | -22.1% | -22.1% | |
| Adjusted EBITA | 50.3 | 42.1 | 182.3 | 209.0 | ||||||
| Adjusted EBITA margin | 11.1% | 9.7% | 11.0% | 9.7% |
ABOUT THE DIVISION
CEO's comments
Nederman Duct & Filter Technology sells different types of ducting systems, valves and filter elements to ensure good air quality in a number of industries.
Brands: Nordfab and Menardi
Nederman Duct & Filter Technology
In the fourth quarter, orders received increased currency neutrally by 15.4 percent and sales increased currency neutrally by 13.0 percent. The adjusted EBITA margin was 16.5 percent (17.5).
DEVELOPMENT DURING THE QUARTER
The improvement in orders received was primarily driven by Nordfab USA, with several large orders from manufacturers of EV batteries. EMEA and APAC also recorded higher orders received compared with the same quarter in 2023. In addition, sales increased during the quarter, driven by earlier strong orders received and a continued positive trend in the service business. Profitability was positively impacted by higher volumes and improved production and inventory processes in the US, which were a result of earlier investments in Nordfab's plant in Thomasville. Menardi also continued to report good profitability. For full-year 2024, new records were noted for orders received, sales and profitability.
The US accounts for the bulk of the division's sales, which encompass ducting systems operations, under the Nordfab brand, and the smaller filter solutions operations, under the Menardi brand. During the quarter, Nordfab's orders received and sales in the US grew strongly, compared with the same quarter last year. Three very large orders were secured in battery manufacturing, not least due to the support of Nordfab Now, the division's concept for rapid and reliable deliveries from the plant in Thomasville. Warehouse robots for increased automation were delivered in November and are expected to be fully operational in February. A new pipe cutter was also installed and calibrated in production and will have the capacity to positively impact all product categories.
Orders received and sales also increased in EMEA during the quarter, albeit compared with a weak corresponding quarter in 2023. Towards the end of the fourth quarter of 2024, demand did weaken in the region, particularly in Central Europe. Major orders secured during the quarter include one for a whisky distillery in the UK and an order in Denmark within the agricultural sector.
APAC continues to be characterised by large fluctuations in orders received and sales between the quarters. In the fourth quarter, both orders received and sales increased sharply compared with the corresponding quarter of 2023. In Australia, a large order was received in the building automation industry, and the business in Thailand reported a good inflow of new export orders from customers in China and Japan. Profitability improved somewhat due to action taken earlier, but it is not yet at an acceptable level. The new laser welding system that was installed at the facility in Thailand during the quarter will help to raise product quality significantly for the business throughout the region, including Australia.
Orders received and sales for Menardi, the division's filter business, declined compared with the corresponding quarter of 2023, which was a very strong quarter. A large framework order was received from a manufacturer of steel tubes for bags and cages. Deliveries will be made continuously during 2025. Efficient deliveries and high production utilisation supported continued good profitability during the quarter.
- BIM Object was presented at the battery trade show in Barcelona. More than 7,000 downloads have been made since the launch in May and several projects have been initiated based on this.
- Record-strong orders received for ducting systems for the EV battery manufacturing segment.
- A project is under way for a 2,400 m2 extension of the production and warehouse facility for ducting in Thomasville. Construction is scheduled to commence in February.
| SEKm | Currency | Currency | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Oct-31 Dec | neutral | Organic | 1 Jan-31 Dec | neutral | Organic | |||||||
| Note | 2024 | 2023 | growth | growth | 2024 | 2023 | growth | growth | ||||
| External orders received | 211.0 | 181.1 | 15.4% | 15.4% | 803.2 | 762.7 | 5.7% | 5.7% | ||||
| Total sales | 4 | 229.2 | 200.7 | 13.0% | 13.0% | 893.0 | 839.0 | 6.8% | 6.8% | |||
| Adjusted EBITA | 37.8 | 35.2 | 174.7 | 156.5 | ||||||||
| Adjusted EBITA margin | 16.5% | 17.5% | 19.6% | 18.7% |
CEO's comments ABOUT THE DIVISION
Nederman Monitoring & Control Technology offers advanced measurement technology of gases and particles and an IoT platform that consists of hardware and software that provide customers with information and insight into critical parameters and processes.
Brands: Nederman Insight, NEO Monitors, Auburn FilterSense and Gasmet
Nederman Monitoring & Control Technology
In the fourth quarter, orders received increased currency neutrally by 10.5 percent and sales increased currency neutrally by 19.3 percent. The adjusted EBITA margin was 19.5 percent (23.8).
DEVELOPMENT DURING THE QUARTER
The division's orders received increased again during the fourth quarter of the year, primarily due to the strong performance of Gasmet in APAC. A large order backlog contributed to the increase in sales and the achievement of a new record quarter, with NEO Monitors at the forefront, driven by continued investments in increased production capacity, closely followed by Auburn FilterSense. Gasmet also increased its sales, supported by successful deliveries of its portable products in all regions. A continued sizeable order backlog indicates stable sales development even in the quarters ahead. At the same time, signs of a weaker economy and price pressure in certain segments risk dampening demand and therefore order activity going forward.
Profitability declined as an effect of a larger share of systems sales, which generally have lower margins. Moreover, the corresponding quarter in 2023 was particularly strong. Increased costs for investments in higher capacity also dampened profitability in the short term, but improve the long-term profitability potential.
NEO Monitors strengthened its collaboration with existing customers in the oil and gas industry in all three regions. In addition, orders were received from several customers in the US for the delivery of solutions for the monitoring of ammonia emissions. Gasmet continued to consolidate its leading position in emissions analysis and was particularly successful in APAC during the quarter, particularly with its portable products. A new order was secured from a key environmental agency in India, which strengthens the position in the growing market for measurement of chimney stack emissions in the country. In addition, an order was received in Singapore from a security and safety agency, while another important order was secured in Thailand. Three portable GT5000s were ordered by customers in the field of greenhouse gas research in China. In addition to these orders in APAC, Gasmet signed, among others, a multi-year contract for the delivery of a large number of GT5000s per year to a Romanian customer. Auburn FilterSense won several orders, particularly in energy technology and the process industry in the US.
In the different regions, orders received increased sharply in APAC, driven by very strong development for Gasmet. The positive trend for the quarter comprised a large number of orders, mainly in China. EMEA displayed a slight increase in orders received, while Americas decreased somewhat, mainly due to the timing of major orders. The corresponding quarter of 2023 contained an exceptionally large order that was not fully replaced this quarter. In terms of sales, EMEA was the strongest region, mainly due to the increased production capacity in NEO Monitors. APAC grew as a result of Gasmet's successful deliveries. High performance in all business units supported higher sales in Americas.
- Acquisition of Danish company Olicem A/S, specialised in measurement and emissions reporting in Europe.
- Inauguration of the China Technical Center in Shanghai, with product, service and sales training.
- Continued investments to increase production capacity for NEO Monitors.
- Ongoing preparation for the launch of the next generation of Insight products within the framework of OTC (Operational Technology Center).
- Review and update of Auburn Filtersense's product line, including relevant certifications, which is expected to provide a better expansion platform in EMEA and APAC.
| Currency | Currency | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | 1 Oct-31 Dec | neutral | Organic | 1 Jan-31 Dec | neutral | Organic | |||||
| Note | 2024 | 2023 | growth | growth | 2024 | 2023 | growth | growth | |||
| External orders received | 186.5 | 167.3 | 10.5% | 9.3% | 812.7 | 739.7 | 10.7% | 10.4% | |||
| Total sales | 4 | 241.4 | 201.8 | 19.3% | 18.6% | 824.0 | 732.8 | 13.2% | 13.0% | ||
| Adjusted EBITA | 47.0 | 48.0 | 143.7 | 152.6 | |||||||
| Adjusted EBITA margin | 19.5% | 23.8% | 17.4% | 20.8% |
Quarter 4, 2024
ORDERS RECEIVED AND SALES
Orders received during the quarter amounted to SEK 1,408m (1,467), equivalent to a currency neutral decline of 4.8 percent compared with the same period last year.
Sales for the quarter amounted to SEK 1,620m (1,501), equivalent to currency neutral growth of 7.6 percent compared with the same period last year.
CASH FLOW
Cash flow from operating activities amounted to SEK 245.4m (212.3) and cash flow for the period was SEK 101.9m (168.9).
Changes in working capital were positive SEK 40.2m (67.8) during the quarter. A positive trend stemming from reduced inventory levels and lower accounts receivable, more than compensated for the reduction in project-related advances from customers.
Cash flow from investing activities amounted to SEK -103.7m (-57.8) and was primarily linked to investments in fixed assets at the new plant in Helsingborg, as well as in production and warehouse equipment at Nordfab US in Thomasville. The impact of acquisitions during the quarter was SEK -5.4m (-).
Financial activities for the quarter amounted to SEK -39.8m (14.4) and the main difference versus Q4 2023 related to loans raised and the utilisation of overdraft facilities in the preceding year.
PROFIT/LOSS
Adjusted EBITA amounted to SEK 185.1m (171.6). Adjusted EBITA margin was 11.4 percent (11.4).
CEO's comments
Operating profit amounted to SEK 157.3m (149.2), corresponding to an operating margin of 9.7 percent (9.9).
Profit before tax increased to SEK 127.5m (117.7). Net profit was SEK 87.4m (77.3), which yielded earnings per share of SEK 2.49 (2.20).
CAPITAL EXPENDITURE
Capital expenditure in intangible and tangible assets amounted to SEK 103.7m (55.9).
ACQUISITIONS Olicem A/S
On 4 November 2024, Nederman acquired 51 percent of the shares in the Danish company Olicem A/S. The acquisition price amounted to SEK 31.2m. Acquired net assets amounted to SEK 1.0m and the transaction generated preliminary partial goodwill of SEK 30.2m. The acquisition analysis is preliminary, with analysis of acquired inventory and customer contracts still ongoing.
Duroair Technologies
An adjustment of SEK -32.8m was made to the acquisition price during the quarter. The adjustment also affected the deferred consideration. The acquisition analysis is preliminary, with the analysis of the acquired balance-sheet items still ongoing.
Total sales, SEKm
Quarter Rolling four quarters
Adjusted EBITA, SEKm Operating profit, SEKm
21 Q4 22 Q1 22 Q2 22 Q3 22 Q4 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4
21 Q4 22 Q1 22 Q2 22 Q3 22 Q4 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4
Cash flow from operating activities, SEKm
January – December 2024
ORDERS RECEIVED AND SALES
Orders received during the period amounted to SEK 5,780m (6,005), equivalent to a currency neutral decline of 3.3 percent compared with the same period last year.
Sales for the period amounted to SEK 5,900m (6,188), equivalent to a currency neutral decline of 4.0 percent compared with the same period last year.
PROFIT/LOSS
Adjusted EBITA amounted to SEK 707.6m (714.9). Adjusted EBITA margin was 12.0 percent (11.6).
Operating profit amounted to SEK 592.5m (592.8), corresponding to an operating margin of 10.0 percent (9.6).
Profit before tax increased to SEK 480.7m (476.2). Net profit was SEK 345.2m (340.9), which yielded earnings per share of SEK 9.83 (9.71).
CASH FLOW
Cash flow from operating activities amounted to SEK 595.9m (576.3) and cash flow for the period was SEK -18.8m (115.4).
Inventory and accounts receivable were reduced during the year and more than offset the decline in advance payments from customers in major projects. In total, this contributed an inflow in cash flow from changes in working capital of SEK 7.6m (-7.9).
Cash flow from investing activities was SEK -293.5m (-236.7). Investments in net assets represent the largest difference compared with last year and are mainly associated with the new facility in Helsingborg that was commissioned in the autumn. Net investments in acquired businesses were SEK -40.8m (-38.4).
Cash flow from financing activities amounted to SEK -321.2m (-224.2). Net borrowing for the year, including changes in overdraft facilities, had a negative impact of SEK 73.4m. The increase in the dividend paid to shareholders during the year contributed a further SEK 7.1m.
CAPITAL EXPENDITURE
Capital expenditure in intangible and tangible assets amounted to SEK 264.7m (195.6), of which capitalised development expenses amounted to SEK 52.4m (51.5).
FINANCIAL POSITION AND FINANCING
At the end of the period, the group had SEK 825.2m in cash and cash equivalents as well as SEK 144.9m in available but unutilised overdraft facilities.
CEO's comments
In addition, there was a credit facility of SEK 634.6m within the framework of Nederman's loan agreement with SEB and SHB. In 2024, repayments of SEK -43.6m were made.
Equity in the group as of 31 December 2024 amounted to SEK 2,718.6m (2,372.0). Dividends to shareholders were made in the amount of SEK 3.95 per share, or a total of SEK 138.7m, and were paid out in the second quarter. The total number of shares outstanding was 35,115,353 at the end of the period.
The equity/assets ratio for the group was 37.5 percent (36.9) as of 31 December 2024. The net debt/equity ratio was 62.4 percent (56.2).
NUMBER OF EMPLOYEES
The average number of employees during the period was 2,407 (2,377). The number of employees at the end of the period was 2,485 (2,462).
PARENT COMPANY
The group's parent company, Nederman Holding AB, does not conduct any operating activities but has central head office functions. The parent company owns and manages shares in subsidiaries. The parent company's net sales for the period amounted to SEK 29.6m (21.2) and is related to service revenue from subsidiaries. Net profit/loss for the period amounted to SEK 402.9m (3.4).
ACQUISITIONS
On 30 August 2024, Nederman acquired 100 percent of the shares in the Canadian company Duroair Technologies Inc. and 100 percent of the shares in the US company Duroair Technologies USA, Inc. The revised acquisition price amounted to SEK 48.0m, of which SEK 40.2m comprised a deferred consideration. Goodwill was adjusted to SEK 77.9m.
On 4 November 2024, Nederman acquired 51 percent of the shares in the Danish company Olicem A/S. The acquisition price amounted to SEK 31.2m. Acquired net assets amounted to SEK 1.0m and the transaction generated preliminary partial goodwill of SEK 30.2m.
The acquisition analyses are still preliminary. The total impact on the Group's cash and cash equivalents from acquisitions in 2024 is SEK 40.8m. The amount also includes final settlement from acquisitions carried out in previous years.
Key figures, group
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 | |
| Orders received | 1,408.4 | 1,466.5 | 5,779.9 | 6,004.6 | |
| Net sales | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 | |
| Adjusted EBITA | 185.1 | 171.6 | 707.6 | 714.9 | |
| Adjusted EBITA margin | 11.4% | 11.4% | 12.0% | 11.6% | |
| Adjusted EBITDA | 228.8 | 211.4 | 869.9 | 867.5 | |
| Adjusted EBITDA margin | 14.1% | 14.1% | 14.7% | 14.0% | |
| Operating profit | 157.3 | 149.2 | 592.5 | 592.8 | |
| Operating margin | 9.7% | 9.9% | 10.0% | 9.6% | |
| Adjusted operating profit | 157.4 | 144.2 | 596.8 | 610.0 | |
| Adjusted operating margin | 9.7% | 9.6% | 10.1% | 9.9% | |
| Profit before tax | 127.5 | 117.7 | 480.7 | 476.2 | |
| Net profit | 87.4 | 77.3 | 345.2 | 340.9 | |
| Earnings per share, SEK | 2.49 | 2.20 | 9.83 | 9.71 | |
| Return on equity | 13.6% | 15.0% | |||
| Return on operating capital | 14.7% | 16.6% | |||
| Return on operating capital excl. IFRS 16 | 15.8% | 17.1% | |||
| Net debt | 1,696.8 | 1,332.4 | |||
| Net debt/equity ratio | 62.4% | 56.2% | |||
| Net debt/Adjusted EBITDA, multiple | 2.0 | 1.5 | |||
| Interest-coverage ratio, multiple | 4.3 | 4.4 | |||
Regions
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| External orders received, SEKm | 2023 | 2024 | 2023 | |
| Americas | 593.0 | 523.0 | 2,262.6 | 2,323.8 |
| EMEA | 593.5 | 739.0 | 2,587.3 | 2,613.3 |
| APAC | 221.9 | 204.5 | 930.0 | 1,067.5 |
| Total Nederman group | 1,408.4 | 1,466.5 | 5,779.9 | 6,004.6 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| External net sales, SEKm | 2024 | 2023 | 2024 | 2023 |
| Americas | 630.4 | 582.4 | 2,326.7 | 2,423.4 |
| EMEA | 718.6 | 656.8 | 2,641.9 | 2,735.2 |
| APAC | 270.9 | 261.3 | 931.3 | 1,029.2 |
| Total Nederman group | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 |
CEO's comments
Outlook
Demand is slightly slower, but our base business and strong digital range enable us to assert ourselves well in the current market. Even if the performance of our divisions is largely positive, there is a risk that the weaker economic outlook will continue to impact customers' investment decisions in the quarters ahead. Moreover, the growing geopolitical uncertainty could lead to increased protectionism. Our order backlog remains good and we have a strong offering, enabling us to advance our positions even in this more challenging macro environment, not least as a result of our ability to increase sales in industries with solid structural growth.
Even if the outlook in our industry could be temporarily dampened by various external factors, the long-term potential remains. In a world with growing insight into the damage that poor air does to people, Nederman, with its leading industrial air filtration offering, has a key role to play and good possibilities for continued growth.
Dividend
The Board of Directors proposes a dividend of SEK 4.00 (3.95) per share.
Consolidated statement of profit or loss in summary
| SEKm | Note | 2024 | 1 Oct-31 Dec 2023 |
2024 | 1 Jan-31 Dec 2023 |
|---|---|---|---|---|---|
| Net sales | |||||
| Cost of goods sold | 3.4 | 1,619.9 -998.9 |
1,500.5 -937.6 |
5,899.9 -3,576.2 |
6,187.8 -3,941.6 |
| Gross profit | 621.0 | 562.9 | 2,323.7 | 2,246.2 | |
| Selling expenses | -297.6 | -278.8 | -1,139.9 | -1,075.2 | |
| Administrative expenses | -139.5 | -120.9 | -511.8 | -472.4 | |
| Research and development expenses | -27.6 | -19.6 | -99.1 | -78.6 | |
| Restructuring costs | - | 5.6 | 2.2 | -14.4 | |
| Other operating income/expenses | 1.0 | -0.0 | 17.4 | -12.8 | |
| Operating profit | 157.3 | 149.2 | 592.5 | 592.8 | |
| Financial income and expenses | 5 | -29.8 | -31.5 | -111.8 | -116.6 |
| Profit before tax | 127.5 | 117.7 | 480.7 | 476.2 | |
| Taxes | -40.1 | -40.4 | -135.5 | -135.3 | |
| Net profit | 87.4 | 77.3 | 345.2 | 340.9 | |
| Net profit attributable to: | |||||
| The parent company's shareholders | 87.4 | 77.3 | 345.2 | 340.9 | |
| Non-controlling interest | -0.0 | - | -0.0 | ||
| Earnings per share | 2.49 | 2.20 | 9.83 | 9.71 | |
| before dilution (SEK) | 2.49 | 2.20 | 9.83 | 9.71 | |
| after dilution (SEK) | 2.49 | 2.20 | 9.83 | 9.71 |
Consolidated statement of other comprehensive income in summary
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 | |
| Net profit | 87.4 | 77.3 | 345.2 | 340.9 | |
| Other comprehensive income | |||||
| Items that cannot be reclassified to net profit | |||||
| Revaluation of defined-benefit pension plans | -6.5 | 32.4 | -11.7 | 35.0 | |
| Tax attributable to revaluation of defined-benefit pension plans | 1.4 | -6.2 | 2.4 | -7.0 | |
| -5.1 | 26.2 | -9.3 | 28.0 | ||
| Items that have been or can be reclassified to net profit | |||||
| Exchange differences arising on translation of foreign operations | 128.6 | -138.4 | 146.5 | -54.2 | |
| 128.6 | -138.4 | 146.5 | -54.2 | ||
| Other comprehensive income for the period, net of tax | 123.5 | -112.2 | 137.2 | -26.2 | |
| Total comprehensive income for the period | 210.9 | -34.9 | 482.4 | 314.7 | |
| Total comprehensive income attributable to: | |||||
| The parent company's shareholders | 210.9 | -34.9 | 482.4 | 314.7 | |
| Non-controlling interest | -0.0 | - | -0.0 | - | |
Consolidated statement of financial position in summary
| SEKm | Note | 31 Dec 2024 |
31 Dec 2023 |
|---|---|---|---|
| Assets | |||
| Goodwill | 2,209.0 | 2,017.8 | |
| Other intangible assets | 660.1 | 625.1 | |
| Tangible assets | 568.5 | 443.5 | |
| Right-of-use assets | 572.8 | 190.2 | |
| Long-term receivables | 21.1 | 8.2 | |
| Deferred tax assets | 155.7 | 127.7 | |
| Total fixed assets | 4,187.2 | 3,412.5 | |
| Inventories | 869.3 | 873.3 | |
| Accounts receivable | 6 | 782.9 | 788.8 |
| Other current receivables | 6 | 585.7 | 532.6 |
| Cash and cash equivalents | 6 | 825.2 | 815.2 |
| Total current assets | 3,063.1 | 3,009.9 | |
| Total assets | 7,250.3 | 6,422.4 | |
| Equity | 2,718.6 | 2,372.0 | |
| Liabilities | |||
| Long-term interest-bearing liabilities | 6 | 1,859.8 | 1,862.6 |
| Long-term lease liabilities | 6 | 483.7 | 123.1 |
| Other long-term liabilities | 6 | 37.7 | 11.3 |
| Pension liabilities | 42.3 | 31.1 | |
| Other provisions | 34.9 | 37.5 | |
| Deferred tax liabilities | 114.6 | 120.0 | |
| Total long-term liabilities | 2,573.0 | 2,185.6 | |
| Current interest-bearing liabilities | 6 | 32.4 | 54.4 |
| Current lease liabilities | 6 | 103.8 | 76.4 |
| Accounts payable | 6 | 457.0 | 423.2 |
| Other short-term liabilities | 6 | 1,293.0 | 1,232.9 |
| Provisions | 72.5 | 77.9 | |
| Total short-term liabilities | 1,958.7 | 1,864.8 | |
| Total liabilities | 4,531.7 | 4,050.4 | |
| Total equity and liabilities | 7,250.3 | 6,422.4 |
Consolidated statement of changes in equity in summary
| SEKm | 31 Dec 2024 |
31 Dec 2023 |
|---|---|---|
| Opening balance at beginning of period | 2,372.0 | 2,186.5 |
| Net profit | 345.2 | 340.9 |
| Other comprehensive income | ||
| Change in translation reserve for the period | 146.5 | -54.2 |
| Revaluation of defined-benefit pension plans, net of tax | -9.3 | 28.0 |
| Total other comprehensive income for the period | 137.2 | -26.2 |
| Total comprehensive income for the period | 482.4 | 314.7 |
| Transactions with group owners | ||
| Dividend paid | -138.7 | -131.6 |
| Share-based remuneration | 1.9 | 2.4 |
| Non-controlling interest | 1.0 | |
| Closing balance at end of period | 2,718.6 | 2,372.0 |
Consolidated statement of cash flows in summary
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEKm | Note | 2024 | 2023 | 2024 | 2023 |
| Operating profit | 157.3 | 149.2 | 592.5 | 592.8 | |
| Adjustment for: | |||||
| Depreciation and amortisation of fixed assets | 71.1 | 67.5 | 273.1 | 258.5 | |
| Other adjustments for non-cash items | 37.5 | 5.5 | -22.4 | 29.1 | |
| Interest received and paid including other financial items | -29.9 | -27.6 | -111.4 | -81.9 | |
| Taxes paid | -30.8 | -50.1 | -143.5 | -214.3 | |
| Cash flow from operating activities before changes in working capital | 205.2 | 144.5 | 588.3 | 584.2 | |
| Cash flow from changes in working capital | 40.2 | 67.8 | 7.6 | -7.9 | |
| Cash flow from operating activities | 245.4 | 212.3 | 595.9 | 576.3 | |
| Net investment in fixed assets | -98.3 | -57.8 | -252.7 | -198.3 | |
| Acquisitions of business operations | 2 | -5.4 | - | -40.8 | -38.4 |
| Cash flow from investing activities | -103.7 | -57.8 | -293.5 | -236.7 | |
| Dividend paid | - | -138.7 | -131.6 | ||
| Cash flow from other financing activities | -39.8 | 14.4 | -182.5 | -92.6 | |
| Cash flow from financing activities | -39.8 | 14.4 | -321.2 | -224.2 | |
| Cash flow for the period | 101.9 | 168.9 | -18.8 | 115.4 | |
| Cash and cash equivalents at beginning of period | 700.3 | 688.0 | 815.2 | 721.2 | |
| Translation differences | 23.0 | -41.7 | 28.8 | -21.4 | |
| Cash and cash equivalents at end of period | 825.2 | 815.2 | 825.2 | 815.2 |
Note 1: Accounting policies
This interim report for the group is prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The interim report for the parent company has been prepared in accordance with Swedish Annual Accounts Act chapter 9 and RFR 2. The same accounting policies and valuation principles as described in the latest annual report, see also page 83 of the 2023 Annual Report, have been applied both to the group and the parent company. None of the new or revised standards, interpretations and improvements adopted by the EU have had any material impact on Nederman group.
Note 2: Acquisitions of business operations
DUROAIR TECHNOLOGIES
On 30 August 2024, Nederman acquired 100 percent of the shares in the Canadian company Duroair Technologies Inc. and 100 percent of the shares in the US company Duroair Technologies USA, Inc. The acquisition price amounted to SEK 48.0m, of which SEK 40.2m comprised a deferred consideration. Acquired net assets amounted to SEK -44.2m and identified customer relations net of deferred tax liability is valued at SEK 14.3m and goodwill to SEK 77.9m. The acquisition analysis is preliminary, with the analysis of the acquired balance-sheet items still ongoing.
OLICEM A/S
On 4 November 2024, Nederman acquired 51 percent of the shares in the Danish company Olicem A/S. The acquisition price amounted to SEK 31.2m. Acquired net assets amounted to SEK 1.0m and the transaction generated preliminary partial goodwill of SEK 30.2m. The acquisition analysis is preliminary, with analysis of acquired inventory and customer contracts still ongoing.
Note 3: Operating segment reporting
Segment reporting is based on reports submitted to the group's senior executives. Nederman group is divided into four operating segments; Nederman Extraction & Filtration Technology, Nederman Process Technology, Nederman Duct & Filter Technology and Nederman Monitoring & Control Technology, which are described further on pages 4–7. The division is based on technology, customers and business logic with the aim of increasing both growth and profitability through simple structures and clear focus. Non-allocated items refer mainly to costs relating to the parent company, Nederman Holding AB, which includes the central head office functions.
| External orders received, SEKm | 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Nederman Extraction & Filtration Technology | 642.6 | 650.4 | 2,604.7 | 2,581.2 | |
| Nederman Process Technology | 368.3 | 467.7 | 1,559.3 | 1,921.0 | |
| Nederman Duct & Filter Technology | 211.0 | 181.1 | 803.2 | 762.7 | |
| Nederman Monitoring & Control Technology | 186.5 | 167.3 | 812.7 | 739.7 | |
| Total Nederman group | 1,408.4 | 1,466.5 | 5,779.9 | 6,004.6 |
| Total sales, SEKm | 1 Oct-31 Dec | 1 Jan-31 Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Nederman Extraction & Filtration Technology | 723.8 | 688.5 | 2,645.6 | 2,582.5 |
| Nederman Process Technology | 451.7 | 434.8 | 1,656.8 | 2,146.6 |
| Nederman Duct & Filter Technology | 229.2 | 200.7 | 893.0 | 839.0 |
| Nederman Monitoring & Control Technology | 241.4 | 201.8 | 824.0 | 732.8 |
| Elimination | -26.2 | -25.3 | -119.5 | -113.1 |
| Total Nederman group | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| Adjusted EBITA, SEKm | 2024 | 2023 | 2024 | 2023 | |
| Nederman Extraction & Filtration Technology | 92.1 | 83.4 | 351.6 | 339.5 | |
| Nederman Process Technology | 50.3 | 42.1 | 182.3 | 209.0 | |
| Nederman Duct & Filter Technology | 37.8 | 35.2 | 174.7 | 156.5 | |
| Nederman Monitoring & Control Technology | 47.0 | 48.0 | 143.7 | 152.6 | |
| Other - non-allocated | -42.1 | -37.1 | -144.7 | -142.7 | |
| Total Nederman group | 185.1 | 171.6 | 707.6 | 714.9 |
| Adjusted EBITA margin | 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Nederman Extraction & Filtration Technology | 12.7% | 12.1% | 13.3% | 13.1% | |
| Nederman Process Technology | 11.1% | 9.7% | 11.0% | 9.7% | |
| Nederman Duct & Filter Technology | 16.5% | 17.5% | 19.6% | 18.7% | |
| Nederman Monitoring & Control Technology | 19.5% | 23.8% | 17.4% | 20.8% | |
| Total Nederman group | 11.4% | 11.4% | 12.0% | 11.6% |
Note 4: Revenue from customer contracts
| Service and | 1 Oct-31 Dec 2024 | |||
|---|---|---|---|---|
| Total sales by segment and sales type, SEKm | Product sales | Solution sales | aftermarket | Total |
| Nederman Extraction & Filtration Technology | 209.5 | 373.5 | 140.8 | 723.8 |
| Nederman Process Technology | - | 345.6 | 106.1 | 451.7 |
| Nederman Duct & Filter Technology | 211.4 | 16.8 | 1.0 | 229.2 |
| Nederman Monitoring & Control Technology | 180.2 | 24.3 | 36.9 | 241.4 |
| Elimination | -13.3 | -11.1 | -1.8 | -26.2 |
| Total Nederman group | 587.8 | 749.1 | 283.0 | 1,619.9 |
| Service and | 1 Oct-31 Dec 2023 | ||||
|---|---|---|---|---|---|
| Total sales by segment and sales type, SEKm | Product sales | Solution sales | aftermarket | Total | |
| Nederman Extraction & Filtration Technology | 204.7 | 347.7 | 136.1 | 688.5 | |
| Nederman Process Technology | - | 313.2 | 121.6 | 434.8 | |
| Nederman Duct & Filter Technology | 187.5 | 12.4 | 0.8 | 200.7 | |
| Nederman Monitoring & Control Technology | 173.6 | 20.9 | 7.3 | 201.8 | |
| Elimination | -15.2 | -8.4 | -1.7 | -25.3 | |
| Total Nederman group | 550.6 | 685.8 | 264.1 | 1,500.5 |
| Service and | 1 Jan-31 Dec 2024 | |||
|---|---|---|---|---|
| Total sales by segment and sales type, SEKm | Product sales | Solution sales | aftermarket | Total |
| Nederman Extraction & Filtration Technology | 845.2 | 1,234.3 | 566.1 | 2,645.6 |
| Nederman Process Technology | - | 1,187.4 | 469.4 | 1,656.8 |
| Nederman Duct & Filter Technology | 828.8 | 60.3 | 3.9 | 893.0 |
| Nederman Monitoring & Control Technology | 638.4 | 57.1 | 128.5 | 824.0 |
| Elimination | -54.7 | -57.1 | -7.7 | -119.5 |
| Total Nederman group | 2,257.7 | 2,482.0 | 1,160,2 | 5,899.9 |
| Service and | 1 Jan-31 Dec 2023 | |||
|---|---|---|---|---|
| Total sales by segment and sales type, SEKm | Product sales | Solution sales | aftermarket | Total |
| Nederman Extraction & Filtration Technology | 829.8 | 1,229.1 | 523.6 | 2,582.5 |
| Nederman Process Technology | - | 1,624.9 | 521.7 | 2,146.6 |
| Nederman Duct & Filter Technology | 772.4 | 59.1 | 7.5 | 839.0 |
| Nederman Monitoring & Control Technology | 583.3 | 47.2 | 102.3 | 732.8 |
| Elimination | -53.8 | -47.8 | -11.5 | -113.1 |
| Total Nederman group | 2,131.7 | 2,912.5 | 1,143.6 | 6,187.8 |
Revenue recognition – Performance obligations
| Product sales | Sales are satisfied at the point in time. |
|---|---|
| Solution sales | Performance obligations are satisfied over time. Revenue is recognised according to the project's |
| rate of progression towards completion. | |
| Service and aftermarket | Sales are satisfied at the point in time. |
Note 5: Financial reporting in hyperinflationary economies
The Nederman group has subsidiaries in Turkey where the functional currency is Turkish Lira, which is classified as a hyperinflationary currency. This means that assets and liabilities, including goodwill and other consolidated surplus values and deficits, in Turkish Lira must be adjusted for inflation in order to reflect changes in purchasing power. Inflation and its effect on the group is monitored and assessed continually.
Pursuant to IAS 29, Nederman's subsidiary in Turkey was recognised after remeasurement for hyperinflation in the Group's financial statements. Assets and liabilities in Turkish Lira are based on cost. The index used for remeasurement of the financial statements is the consumer price index (CPI), which increased by 44.38 percent during the year. At the balance sheet date, the SEK-TRY exchange rate was 0.31.
Monetary net profit was recognised in net financial items in the consolidated income statement and amounted to an immaterial amount for the group.
Note 6: Fair value and reported value in the statement of financial position
| SEKm | Measured at fair value via income statement |
Derivatives that are used for hedge accounting |
Financial instruments not reported at fair value |
31 Dec 2024 Total carrying amount |
|---|---|---|---|---|
| Accounts receivable | - | 782.9 | 782.9 | |
| Other current receivables | - | 304.6 | 304.6 | |
| Cash and cash equivalents | - | 825.2 | 825.2 | |
| Total | - | - | 1,912.7 | 1,912.7 |
| Bank loans | - | 1,892.2 | 1,892.2 | |
| Other long-term liabilities | 31.7 | - | 6.0 | 37.7 |
| Lease liabilities | - | 587.5 | 587.5 | |
| Accounts payable | - | 457.0 | 457.0 | |
| Other short-term liabilities | 9.6 | - | 1,064.4 | 1,074.0 |
| Total | 41.3 | - | 4,007.1 | 4,048.4 |
Note 7: Related party transactions
No member of the Board of Directors or senior executives have or have had any direct or indirect participation in any business transaction with Group companies which is or was of an exceptional character with regard to terms and conditions that occurred during the year or in any previous financial year. Further, no group company has provided any loan, given any guarantees or entered into any surety relationships for any of the members of the Board of Directors or senior executives.
Note 8: Alternative performance measures
In addition to information on our reported IFRS results, we provide certain information on an underlying business performance basis. We believe that our underlying business performance measures provide meaningful supplemental information to both management, investors and other stakeholders. These underlying business performance measures should not be viewed in isolation or as substitutes to the equivalent IFRS measures, but should be used in conjunction with the most directly comparable IFRS measures in the reported results. This is a consistent application compared to previous periods. See page 25 for definitions.
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 | |
| Operating profit | 157.3 | 149.2 | 592.5 | 592.8 | |
| Acquisition cost | 0.1 | 0.6 | 6.5 | 2.8 | |
| Restructuring costs | 0.0 | -5.6 | -2.2 | 14.4 | |
| Adjusted operating profit | 157.4 | 144.2 | 596.8 | 610.0 | |
| Adjusted operating profit | 157.4 | 144.2 | 596.8 | 610.0 | |
| Net sales | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 | |
| Adjusted operating margin | 9.7% | 9.6% | 10.1% | 9.9% | |
| Operating profit | 157.3 | 149.2 | 592.5 | 592.8 | |
| Amortisation of intangible assets | 27.7 | 27.4 | 110.8 | 104.9 | |
| Acquisition cost | 0.1 | 0.6 | 6.5 | 2.8 | |
| Restructuring costs | 0.0 | -5.6 | -2.2 | 14.4 | |
| Adjusted EBITA | 185.1 | 171.6 | 707.6 | 714.9 | |
| Adjusted EBITA | 185.1 | 171.6 | 707.6 | 714.9 | |
| Net sales | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 | |
| Adjusted EBITA margin | 11.4% | 11.4% | 12.0% | 11.6% | |
| Operating profit | 157.3 | 149.2 | 592.5 | 592.8 | |
| Depreciation and amortisation | 71.4 | 67.2 | 273.1 | 257.5 | |
| EBITDA | 228.7 | 216.4 | 865.6 | 850.3 | |
| EBITDA | 228.7 | 216.4 | 865.6 | 850.3 | |
| Acquisition cost | 0.1 | 0.6 | 6.5 | 2.8 | |
| Restructuring costs | 0.0 | -5.6 | -2.2 | 14.4 | |
| Adjusted EBITDA | 228.8 | 211.4 | 869.9 | 867.5 | |
| Adjusted EBITDA | 228.8 | 211.4 | 869.9 | 867.5 | |
| Net sales | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 | |
| Adjusted EBITDA margin | 14.1% | 14.1% | 14.7% | 14.0% | |
| Equity - closing balance | 2,718.6 | 2,372.0 | |||
| Total assets (balance sheet total) | 7,250.3 | 6,422.4 | |||
| Equity/assets ratio | 37.5% | 36.9% | |||
| Cash and cash equivalents | 825.2 | 815.2 | |||
| Long-term interest-bearing liabilities | 1,859.8 | 1,862.6 | |||
| Long-term lease liabilities | 483.7 | 123.1 | |||
| Pension liabilities | 42.3 | 31.1 | |||
| Current interest-bearing liabilities | 32.4 | 54.4 | |||
| Current lease liabilities | 103.8 | 76.4 | |||
| Net debt | 1,696.8 | 1,332.4 | |||
| Net debt | 1,696.8 | 1,332.4 | |||
| Equity - closing balance | 2,718.6 | 2,372.0 | |||
| Net debt/equity ratio | 62.4% | 56.2% | |||
| Equity - opening balance | 2,372.0 | 2,186.5 | |||
| Equity - closing balance | 2,718.6 | 2,372.0 | |||
| Equity - average | 2,545.3 | 2,279.3 | |||
| Net profit | 345.2 | 340.9 | |||
| Return on equity | 13.6% | 15.0% |
Note 8: Alternative performance measures, cont'd
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 |
| Equity - average | 2,545.3 | 2,279.3 | ||
| Net debt - opening balance | 1,332.4 | 1,477.1 | ||
| Net debt - closing balance | 1,696.8 | 1,332.4 | ||
| Net debt - average | 1,514.6 | 1,404.8 | ||
| Operating capital - average | 4,059.9 | 3,684.1 | ||
| Adjusted operating profit | 596.8 | 610.0 | ||
| Return on operating capital | 14.7% | 16.6% | ||
| Net debt - average, excl. IFRS 16 | 1,121.1 | 1,207.2 | ||
| Operating capital - average, excl. IFRS 16 | 3,674.7 | 3,492.7 | ||
| Adjusted operating profit, excl. IFRS 16 | 580.2 | 598.5 | ||
| Return on operating capital excl. IFRS 16 | 15.8% | 17.1% | ||
| Net debt | 1,696.8 | 1,332.4 | ||
| Adjusted EBITDA | 869.9 | 867.5 | ||
| Net debt/Adjusted EBITDA, multiple | 2.0 | 1.5 | ||
| Profit before tax | 480.7 | 476.2 | ||
| Financial expense | 148.0 | 147.1 | ||
| Acquisition cost | 6.5 | 2.8 | ||
| Restructuring costs | -2.2 | 14.4 | ||
| EBT excluding financial expenses, acquisition costs and restructuring costs | 633.0 | 640.5 | ||
| Financial expense | 148.0 | 147.1 | ||
| Interest-coverage ratio, multiple | 4.3 | 4.4 | ||
| Orders received, same period in previous year | 1,466.5 | 1,396.1 | 6,004.6 | 5,424.8 |
| Change in orders received, organic | -90.7 | 48.6 | -271.6 | 80.7 |
| Change in orders received, currency effects | 12.2 | 4.0 | -24.4 | 214.0 |
| Change in orders received, acquisitions | 20.4 | 17.8 | 71.3 | 285.1 |
| Orders received | 1,408.4 | 1,466.5 | 5,779.9 | 6,004.6 |
| Order growth, organic | -6.2% | 3.5% | -4.5% | 1.5% |
| Order growth, currency effects | 0.8% | 0.3% | -0.4% | 3.9% |
| Order growth, acquisitions | 1.4% | 1.3% | 1.2% | 5.3% |
| Order growth | -4.0% | 5.1% | -3.7% | 10.7% |
| Net sales, comparative period previous year | 1,500.5 | 1,515.2 | 6,187.8 | 5,178.9 |
| Change in net sales, organic | 94.4 | -31.2 | -317.7 | 452.1 |
| Change in net sales, currency effects | 5.6 | -3.3 | -37.2 | 239.4 |
| Change in net sales, acquisitions | 19.4 | 19.8 | 67.0 | 317.4 |
| Net sales | 1,619.9 | 1,500.5 | 5,899.9 | 6,187.8 |
| Sales growth, organic | ||||
| Sales growth, currency effects | 6.3% | -2.1% | -5.1% | 8.8% |
| 0.4% | -0.2% | -0.7% | 4.6% | |
| Sales growth, acquisitions | 1.3% | 1.3% | 1.1% | 6.1% |
| Sales growth | 8.0% | -1.0% | -4.7% | 19.5% |
Note 9: Risks and uncertainties
Nederman is exposed to a number of risks that could significantly impact the group's operations, earnings and financial position. Nederman conducts continuous risk assessments that include identifying the risks that impact the group and taking measures to manage these risks. Nederman does not calculate the economic value of all risks because many of them are highly complex and interrelated. However, the practical management of these risks is facilitated in several different ways, including through group-wide policies, business processes, training, internal controls, and processes for the audit and approval of reports. Nederman group's risks are organised into five categories: Strategic risks, Operating risks, Compliance risks, Financial risks and Cyber and information risks. For a more detailed description of these risks, refer to the Risk management section on pages 66–67 and in note 3 of the Nederman group's 2023 Annual and Sustainability Report.
Note 10: Events after the end of the reporting period
No significant events have occurred after the end of the reporting period.
Income statement for the parent company in summary
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | 2024 | 2023 | |
| Net sales | 13.4 | 3.2 | 29.6 | 21.2 | |
| Administrative expenses | -56.3 | -52.5 | -199.8 | -185.3 | |
| Research and development expenses | 0.2 | - | -0.1 | -0.1 | |
| Other operating income and expenses | 2.1 | -1.9 | 3.1 | -2.5 | |
| Operating profit/loss | -40.6 | -51.2 | -167.2 | -166.7 | |
| Result from investment in subsidiaries | 258.4 | 26.6 | 478.2 | 98.2 | |
| Other financial items | -28.3 | -26.1 | -58.4 | -49.7 | |
| Profit/loss after financial items | 189.5 | -50.7 | 252.6 | -118.2 | |
| Appropriations | 139.8 | 111.9 | 139.8 | 111.9 | |
| Profit/loss before tax | 329.3 | 61.2 | 392.4 | -6.3 | |
| Taxes | -5.9 | -2.1 | 10.5 | 9.7 | |
| Net profit | 323.4 | 59.1 | 402.9 | 3.4 |
Other comprehensive income for the parent company in summary
| SEKm | 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Net profit | 323.4 | 59.1 | 402.9 | 3.4 | |
| Other comprehensive income for the period, net of tax | - | - | - | - | |
| Total comprehensive income for the period | 323.4 | 59.1 | 402.9 | 3.4 |
Balance sheet for the parent company in summary
| SEKm | 31 Dec 2024 |
31 Dec 2023 |
|---|---|---|
| Assets | ||
| Total fixed assets | 2,431.8 | 2,393.6 |
| Total current assets | 291.4 | 260.5 |
| Total assets | 2,723.2 | 2,654.1 |
| Equity | 1,163.1 | 897.0 |
| Liabilities | ||
| Total long-term liabilities | 1,081.4 | 1,089.2 |
| Total short-term liabilities | 478.7 | 667.9 |
| Total liabilities | 1,560.1 | 1,757.1 |
| Total equity and liabilities | 2,723.2 | 2,654.1 |
Changes in parent company shareholders' equity in summary
| SEKm | 31 Dec 2024 |
31 Dec 2023 |
|---|---|---|
| Opening balance at beginning of period | 897.0 | 1,022.8 |
| Net profit | 402.9 | 3.4 |
| Other comprehensive income | ||
| Total other comprehensive income for the period | - | - |
| Total comprehensive income for the period | 402.9 | 3.4 |
| Transactions with owners | ||
| Dividend paid | -138.7 | -131.6 |
| Share-based remuneration | 1.9 | 2.4 |
| Closing balance at end of period | 1,163.1 | 897.0 |
Note 1: Pledged assets and contingent liabilities for the parent company
| SEKm | 31 Dec 2024 |
31 Dec 2023 |
|---|---|---|
| Pledged assets | none | none |
| Contingent liabilities | 167.1 | 162.7 |
Helsingborg, 13February 2025
Johan Menckel Chairman
Anders Borg Gunilla Fransson
Board member Board member
Ylva op den Velde Hammargren Sam Strömerstén
CEO's comments
Board member Board member
Sven Kristensson
Board member and CEO
Definitions
PERFORMANCE
| MEASURE | DEFINITION | PURPOSE |
|---|---|---|
| Return on equity |
Net profit for the year after tax divided by average equity. | Return on equity shows the return on owners' capital in accounting terms. This measure is primarily used to analyse owner profitability over time. |
| Return on operating capital |
Adjusted operating profit as a percentage of average operating capital. |
A profitability measure that shows the return on the capital used to operate the core busi ness. Return on operating capital is one of Nederman group's long-term financial targets. |
| Return on operating capital excl. IFRS 16 |
Adjusted operating profit as a percentage of average operating capital excluding IFRS 16. |
A profitability measure that shows the return on the capital used to operate the core busi ness. Return on operating capital is one of Nederman group's long-term financial targets. |
| EBITA | Operating profit before amortisation and impairment of intangible assets. |
EBITA is reported because this is a measure often monitored by investors, analysts and other stakeholders to measure the company's financial results. The measure excludes the amortisation and impairment of intangible assets. |
| EBITA margin | EBITA as a percentage of sales. | |
| EBITDA | Operating profit before depreciation, amortisation and impairment. |
EBITDA is reported because this is a measure often monitored by investors, analysts and other stakeholders to measure the company's financial results. The measure excludes depreciation, amortisation and impairment, thereby showing the business's capacity to generate resources for investments and payment to financiers. |
| EBITDA margin | EBITDA as a percentage of net sales. | |
| Equity per share |
Equity divided by the average number of shares outstanding. | This measure shows how much equity is represented by each share. |
| Adjusted EBITA | Operating profit before amortisation and impairment of intangible assets, excluding acquisition and restructuring costs. |
Adjusted EBITA is deemed to provide a fair view of the underlying operation's earnings, whereby earnings exclude amortisation and impairment of intangible assets and non recurring items. This is a primary performance measure within the Nederman group in the internal control of the group and the segments. |
| Adjusted EBITA margin |
Adjusted EBITA as a percentage of sales. | The adjusted EBITA margin is one of the Nederman group's long-term profitability targets. Adjusted EBITA margin is deemed to provide a fair view of the underlying operation's prof itability, when this profitability excludes depreciation, amortisation and impairment, as well as income items that are non-recurring. This is a primary performance measure within the Nederman group in the internal control of the group and the segments. |
| Adjusted EBITDA | Operating profit before depreciation, amortisation and impairment, excluding acquisition and restructuring costs. |
Adjusted EBITDA is recognised because this is a measure often monitored by investors, analysts and other stakeholders to measure the company's financial results. The measure excludes depreciation, amortisation and impairment, as well as non-recurring items. The measure shows the business's capacity for investments and payment to financiers. |
| Adjusted EBITDA margin |
Adjusted EBITDA as percentage of sales. | |
| Adjusted EBITDA/ Net financial items |
Adjusted EBITDA divided by net financial items | The performance measure shows how many times current earnings (adjusted EBITDA) covers the company's net financial items. |
| Adjusted operating profit |
Operating profit excluding acquisition and restructuring cost. | Shows the result from operational activities excluding non-recurring items. |
| Adjusted operating margin |
Adjusted operating profit as a percentage of net sales. | |
| Capital turnover rate |
Net sales divided by average operating capital. | Shows the efficiency of the use of operating capital. |
| Net debt | Interest-bearing liabilities (including pensions) less cash and cash equivalents. |
The measurement shows debt and is used to monitor the debt trend and to identify the need for refinancing. This measure comprises a component of the debt ratio. |
| Net debt/ adjusted EBITDA |
Net debt divided by adjusted EBITDA. | The performance measure shows how many times greater net debt is in relation to adjusted EBITDA. This is a performance measure monitored by investors, analysts and other stakeholders. |
| Net debt /equity ratio |
Net debt divided by equity. | A measure that shows the loan-to-value ratio, which comprises the correlation between debt and equity. This makes it a measure of financial position and stability. A good level of net debt/equity ratio provides favourable conditions for growth opportunities, while the dividend policy can be upheld. |
| Operating capital | Equity plus net debt. | Operating capital shows how much capital there is in the operation. This measure is mainly used to calculate the return on operating capital. |
| Organic growth | Growth rate that does not come from acquisitions or currency effects, compared with the corresponding period in the preceding year. |
Organic growth enables a comparison over time for the companies that have been a part of the Nederman group for more than 12 months, excluding effects of changed exchange rates. The measure is used to show the ability to generate growth in existing operations. |
| Earnings per share (before dilution) |
Net profit for the year attributable to parent company shareholders in relation to the average number of shares outstanding. |
Earnings per share shows how much of the period's earnings that each share provides entitlement to. |
| Earnings per share (after dilution) |
Net profit for the year attributable to parent company shareholders in relation to the average number of shares outstanding plus the average number of convertibles and warrants, as calculated in accordance with IAS 33. |
|
| Interest-coverage ratio |
Profit before tax with a reversal of financial expenses and acquisition costs in relation to financial expenses. |
The performance measure shows the capacity to cover the financial expenses. The performance measure states how many times the group's earnings cover the financial expenses. |
| Operating profit | Operating profit after depreciation, amortisation and impairment. |
Shows the earnings from operational activities. |
| Operating margin | Operating profit as a percentage of net sales. | |
| Equity/assets ratio | Equity divided by total assets (balance sheet total). | This performance measure reflects the company's financial position and thus its long term payment capacity. A healthy equity/assets ratio, in other words, a strong financial position, provides the requirements to be able to manage weak economic periods and to capitalise on future growth opportunities. |
| Currency neutral growth |
Currency neutral growth is the growth rate that does not come from currency effects, compared with the correspond ing period in the preceding year. |
Currency neutral growth comprises organic growth plus growth from acquired subsidi aries, which are deemed to provide a fair view of the operations' development. Currency neutral growth is one of Nederman group's long-term financial targets. |
| Annual average | Average of the balance at the beginning and end of the year. |
CEO's comments
INVITATION TO TELEPHONE CONFERENCE
A telephone conference regarding the report will be held, in English, Thursday 13 February 2025 at 10:00 a.m. CET. Nederman's President and CEO, Sven Kristensson and CFO, Matthew Cusick will present the report and answer questions.
Teleconference
Please register on the link below if you wish to participate via teleconference. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
conference.inderes.com/teleconference/?id=5008662
Webcast
If you wish to participate via webcast please use the link below. nederman-holding.events.inderes.com/q4-report-2024
FINANCIAL CALENDAR
| • Annual Report 2024 |
18 March 2025 | 8:00 a.m. |
|---|---|---|
| • Interim report 1 |
25 April 2025 | 8:00 a.m. |
| • Annual General Meeting |
29 April 2025 | 4:00 p.m. |
| • Interim report 2 |
15 July 2025 | 8:00 a.m. |
| • Interim report 3 |
23 October 2025 | 8:00 a.m. |
This report contains forward-looking statements that are based on the current expectations of Nederman's management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors.
Nederman is required to disclose the information provided herein according to the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instrument Trading Act. The information has been made public at 8:00 a.m. CET on 13 February.
AUDITOR'S REVIEW
The year-end report has not been reviewed by the company's auditor.
FURTHER INFORMATION CAN BE OBTAINED FROM
CEO's comments
Sven Kristensson, CEO Telephone: +46 (0)42 18 87 00 e-mail: [email protected]
Matthew Cusick, CFO Telephone: +46 (0)42 18 87 00 e-mail: [email protected]
For further information, see Nederman's website
www.nedermangroup.com
ADDRESS
Nederman Holding AB (publ), Box 602, 251 06 Helsingborg, Sweden Telephone: +46 (0)42 18 87 00 Swedish corporate identity no.: 556576-4205
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A global technology company
Nederman is an environmental technology company and a global leader in industrial air filtration dedicated to extracting, transporting and cleaning air to make industrial production more efficient, safe and sustainable. Based on industry leading products, solutions and services in combination with innovative IoT technology, we monitor and optimise performance and validate emissions compliance to protect people, planet and production.
The Nederman Group is listed on Nasdaq Stockholm. The Group has approximately 2,500 employees and a presence in more than 50 countries. Learn more at nedermangroup.com
COMPETITIVE PRODUCTS
All of Nederman's products are designed to promote health and safety, enhance production efficiency and minimise the customers' environmental impact. We lead the development of digital products and solutions that future-proof our customers' operations in terms of energy use, recycling and compliance with regulatory requirements. Sales of individual products, small and medium-sized systems, and major system solutions with a high degree of customisation comprise the majority of the Group's sales. The sale of products and solutions provides a broad customer base that drives our service sales.
FULL-SERVICE OFFERING
A key feature of our offering is the ability to guarantee our customers the highest possible availability for their solutions. Our starting point is that we must be the alternative that offers the customer the lowest total cost over the life cycle of the solution. In addition to high-quality products, this means that we offer qualified service with a high level of availability to ensure continuous operation. The offering includes technical service, service contracts, spare parts and consumables.
MARKET-LEADING POSITIONS
Since the start, Nederman has developed a broad and competitive product programme. This programme, combined with a comprehensive sales network and significant investments in new technology, is the foundation for our leading position in a global market. Size and market breadth give us economies of scale in terms of product development, purchasing and production. Nederman is already the segment leader in EMEA, but is now also second-largest in the vital Americas market and in the top five in APAC. This provides a strong platform on which to build further.
STRONG BRANDS
Today, Nederman addresses its market with a strong portfolio of brands. Our strategy is that each individual brand is to bring cutting-edge competence to the Group in a specific product area or market segment. Accordingly, we have the possibility to meet many different customer needs and market segments, in both mature and emerging markets. The brand portfolio is continuously evaluated, while we simultaneously actively analyse potential acquisitions.