Investing in Inwido

Investing in Inwido

We generate long-term and sustainable value for both shareholders and society by leading and developing the strongest companies in the industry. Our overall objective is to grow with profitability and generate good returns.

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Four reasons to invest in Inwido
 

A passion for improving indoor life

Inwido and its companies are passionate about improving indoor life, at home and at work. With deep roots in the window and door industry, we lead and develop Europe´s strongest companies within comfort, climate and safety. Together, we continuously provide society with new, energy-efficient solutions, which in turn enable people to live more sustainably.

A unique home to local market leaders

In our business, customer focus and local understanding is everything. With this as base, Inwido acts as a home to local market leaders. The companies develop independently, but Inwido enables sustainable growth and profitability through purchasing, digitalization, financing, leadership skills and other large-scale synergy advantages.

Committed to creating long-term shareholder value

As the industry leader, we are committed to delivering shareholder value with robust dividends and sustainable, profitable growth, both organic and via acquisitions. We have a strong financial track record, stable cash flow and a history of profitability also in economic downturns, bringing long-term advantages to investors, companies and society.

Well positioned for future growth

We believe in continuous demand for good indoor life. Our businesses are well positioned to act on major forces such as digitalization and climate change, as well as new growth opportunities, like e-commerce and connected products. We are confident that we can keep attracting future market leaders to the Inwido home, and have over 50 acquisitions to prove it. 

Financial targets

Financial ambition

Inwido’s financial ambition is to increase operating EBITA by at least 10 percent annually.

Financial target - Sales growth

Inwido´s objective is to exceed growth in our current markets through organic growth, as well as selective acquisitions and initiatives in Europe.

Comments

Inwido grew organically by 4 percent in 2017. Our assessment is that Inwido had slightly higher organic growth in the Nordic region over the year than the market as a whole. Sales increased by a total of 12 percent. During the year, Inwido acquired a company in Denmark with annual sales of approximately SEK 60 million. Inwido also signed an agreement to acquire the e-commerce group Bedst & Billigst in Denmark, and the acquisition was completed in April 2018.

Outcome 2017
12%

Financial target - Profitability

Inwido’s profitability target is an operating EBITA margin of 12 percent. Inwido may not achieve the profitability target during years when the market trend is weaker. In such cases, we will undertake measures to further enhance profitability, which we have been successful with in the past.

Comments

The operating EBITA margin for the year amounted to 10.2 percent (11.9). The foremost reason for the decreased profitability was production disruption in the Sweden-Norway business area. The root causes of the production disruption have now been addressed.

Outcome 2017
10,2%

Financial target - Capital structure

Inwido’s net debt in relation to operating EBITDA shall, excluding temporary deviations, not exceed a multiple of 2.5.

Comments

Net debt in relation to operating EBITDA amounted to a multiple of 2.1. Both net debt and operating EBITDA were largely unchanged compared with the preceding year. The balance sheet remains strong, enabling investments in existing operations and further acquisitions.

Outcome 2017
2,1 x

Financial target - Dividend

Inwido aims to pay its shareholders an annual dividend that corresponds to approximately 50 percent of net profit. However, Inwido’s financial status in relation to the target, cash flow and future prospects shall be taken into consideration.

Comments

The Board of Directors proposes a dividend for 2017 of SEK 3.50 per share to the Annual General Meeting, corresponding to 70 percent of profit for the year after tax.

Outcome 2017
70%
Net debt to operating EBITDA

Net debt to operating EBITDA

One of the key ratios in respect of the capital structure is nebt debt in relation to operating EBITDA (LTM). Inwido’s net debt in relation to operating EBITDA shall, excluding temporary devations, not exceed a multiple of 2.5.

Calendar

8
April
Annual Report 2018
25
April
Interim report Jan-Mar 2019
3
May
Annual General Meeting 2019
15
July
Interim report January-June 2019
23
October
Interim report Jan-Sep 2019

Silent period

Inwido does, in general, not arrange or participate in one-to-one or public meetings with the media, analysts or investors during the period from the 30th calendar day before announcement and ending with the announcement of a financial report. This is the so called silent period.