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2016-11-15

Nordic Waterproofing Holding A/S: INTERIM REPORT, January-September 2016

Continued organic sales growth, improved operating profit and stable
cash flow generation

Third quarter of 2016

· Consolidated net sales increased by 4 percent to SEK 527 m (505),
of which organic growth amounted to 4 percent.

· Net sales in Product & Solutions amounted to SEK 387 m (381) and
in Installation Services to SEK 167 m (148)

· Operating profit (EBIT) before items affecting comparability
increased by 16 percent and amounted to SEK 85 m (73)

· Operating profit (EBIT) doubled to SEK 84 m (42)
· Operating cash flow amounted to SEK 80 m (109)
· Earnings per share before and after dilution were SEK 3.04 (1.07)
January-September 2016

· Consolidated net sales increased by 5 percent to SEK 1,373 m
(1,305), of which organic growth amounted to 6 percent.

· Net sales in Products & Solutions amounted to SEK 1,043 m (1,011)
and in Installation Services to SEK 402 m (354)

· Operating profit (EBIT) before items affecting comparability
increased by 27 percent and amounted to SEK 181 m (143)

· Operating profit (EBIT) increased by 38 percent to SEK 167 m (121)
· Operating cash flow amounted to SEK 70 m (88)
· Earnings per share before and after dilution were SEK 5.36 (3.09)

Message from the CEO
Continued organic sales growth and improved earnings
Nordic Waterproofing continued to grow in the third quarter of 2016.
Consolidated net sales rose by 4 percent and EBIT before items
affecting profitability increased by 16 percent compared with the
corresponding period in 2015.

This progression, combined with our very strong first half year
performance, makes for a record first nine months in the history of
our Group, with sales up 5 percent and EBIT before items affecting
profitability up 27 percent compared with the corresponding period in
2015.

On this basis we are confident we will deliver a record breaking full
year earnings performance. In addition to our continued focus on
earnings performance in our existing businesses, we are actively
seeking and evaluating selective acquisition opportunities in all our
operating segments and geographies.

Nordic Waterproofing is one of Northern Europe's leading producers and
providers of products and related services for waterproofing,
protecting and preserving buildings and infrastructure.

Consolidated net sales in the third quarter of 2016 showed growth of 4
percent compared with the corresponding period in 2015, from SEK 505
m to SEK 527 m, with both of our operating segments contributing.
While our Products & Solutions operating segment reported a sales
increase of 2 percent, our Installation Services operating segment
achieved an increase of 13 percent, based on improved demand in
Finland. Denmark continued to see a very favorable demand trend. The
Swedish market confirmed the weaker demand in DIY sales and in our
sales of infrastructure project-related products, as noted in our
previous financial report. Sales in Norway are back on track, with a
positive growth trend. The Finnish market has confirmed the signs of
recovery seen since the beginning of the year, driven primarily by
projects in the Helsinki region. We noted a weaker order inflow in
the third quarter, partly due to our focus on projects with more
attractive margins, partly due to a favorable order inflow in the
corresponding quarter last year.

Sales in the Product & Solutions operating segment was favorable
despite somewhat declining sales in Sweden, possibly as an effect of
the lower ROT tax deductions. We are continuing to analyze the
situation and what measures will be required to support our sales in
2017. Earnings increased compared with the previous quarter as well
as compared with the corresponding quarter in 2015, supported by
relatively low, albeit gradually rising, bitumen prices.

The Installation Services operating segment also reported improved
results, primarily due to improved volumes in our Finnish operations.
Our total order book for Installation Services remains at a high
level compared with the corresponding period in 2015. The demand
situation is in line with the seasonal variations. I am also pleased
with the confirmed relations with our Danish franchisees, who
provides us with customer insights while also pushing us to achieve
excellence of delivery.

Operating cash flow in the quarter was SEK 80 m (109), thus resulting
in net debt of SEK 127 m at the end of the period.

Earnings per share for the quarter were up, from SEK 1.07 to 3.04, and
SEK 5.36 for the period January - September 2016 (3.09), an increase
of 73 percent.

Vejen, 15 November 2016
Martin Ellis
President and CEO

Conference call
A conference call for investors, analysts and media will be held
today, 15 November 2016, at 10:00 a.m. CET and can be joined online
at www.nordicwaterproofing.com. Presentation material for the call
will be available on the website one hour before the call.

To participate, please dial:
From the United Kingdom: +44 20 3008 9801
From Denmark: +45 82 33 31 78
From Sweden: +46 8 566 426 90

Further information can be obtained from
Martin Ellis, President and CEO tel: +45 31 21 36 69
Jonas Olin, CFO tel: +46 708 29 14 54
Anders Antonsson, Investor Relations tel: +46 709 99 49 70

This information is information that Nordic Waterproofing Holding A/S
is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of
the contact person set out above, at 15 November 2016, 08:00 p.m.
CET.

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http://news.cision.com/nordic-waterproofing-holding-a-s/r/interim-report...
http://mb.cision.com/Main/13997/2122740/589825.pdf

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