REGISTERED NUMBER: 08299613 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Stovax Heating Group Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A Compton

C M Carr

I D Kingscott

B O N Gunnarson

I D Padget

REGISTERED OFFICE:

Spitfire Avenue

Clyst Honiton

Exeter

Devon

EX5 2FR

REGISTERED NUMBER:

08299613 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

BANKERS:

Danske Bank

London Branch

75 King William Street

London

EC4N 7DT

The directors present their strategic report for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

Stovax Heating Group Limited's principal activity is the holding of investments in subsidiaries whose principal business activities during the year were the manufacture and distribution of domestic heating products, including solid fuel, gas, and electric stoves, fireplaces, chimney systems, gas and electric fuel-effect fires and associated accessories.

The trading subsidiaries of Stovax Heating Group Limited have experienced a challenging year, with revenues reduced by around 20% versus the prior year. This was driven by a weakness in the market segment in which the businesses operate. The directors expect this to reverse in future periods. This resulted in an aggregated operating loss for the period. The company's balance sheet continues to be robust and the group is well placed to benefit as markets recover. The Group has continued investing in new product development and to improve its manufacturing and development facilities. The Group remains committed to a programme of developing and launching further new products in the next financial year, and continuing its programme of securing additional appropriate approvals of its heating products, for both domestic and export markets.

During the year, the company simplified its operating model by combining its trading entities into one company, Stovax Gazco Limited which is now directly owned by the company. Also, during the year, the employees and directors of the company were transferred to Stovax Gazco Limited.

SUBSEQUENT EVENTS AND FUTURE DEVELOPMENTS

The directors envisage that next year will continue to be a challenging market market due primarily to economic uncertainty. The company will continue to develop domestic as well as new export markets to widen the overall opportunities and leverage the strong product offering across the group.

KEY FINANCIAL PERFORMANCE INDICATORS

The directors use a number of KPIs in measuring the performance of the business, examples being the growth in turnover year on year and the profit before tax as a percentage of turnover, which are the key indicators used by the company's holding company.

The KPI's are included within the trading subsidiaries' financial statements.

Other KPI's are used by the company's holding company to assess its subsidiaries globally, but as these are predicated on Swedish reporting requirements, they are not included in this report.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks affecting the Group are considered to be:-

- fire (or other similar sudden unforeseen events) leading to a reduction in production capacity and product availability;

- the impact of significant exchange rate fluctuations on export sales and component purchases;

- overall market and economic conditions; and

- the volatility of commodity-based raw material prices.

The Group mitigates these risks in a number of ways, including the use of a disaster recovery plan covering potential disruptions to its businesses, the maintenance of strategic stocks of key components, the specific identification of alternate suppliers and the use of relevant financial instruments.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group's operations expose it to a variety of financial risks that include the effects of credit risk and exchange rate risk.

The Group monitors and takes action in each of these areas as follows:

Credit risk

The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. In addition, credit checks are made annually on those customers who are deemed to be a significant credit risk to the company. The Group also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information.

Exchange rate risk

The Group monitors its exposures in the foreign currencies in which it regularly transacts. In order to protect against excessive fluctuations, the company will take out financial instruments to restrict these risks where considered appropriate by the Board.

Foreign exchange transactions

There were no transactions outstanding at the end of the year or the previous financial year.

ON BEHALF OF THE BOARD:

I D Padget - Director

19 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £3,000,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Compton

C M Carr

I D Kingscott

B O N Gunnarson

I D Padget

Other changes in directors holding office are as follows:

S H O Axelsson - resigned 14 March 2024

MATTERS COVERED IN STRATEGIC REPORT

Disclosures with regards to principal activity, review of the business, future developments, principal risks and uncertainties and financial and other key performance indicators are included within the strategic report.

EMPLOYEES

Applications for employment from disabled persons are always fully considered, bearing in mind the respective aptitude and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who is fortunate enough not to suffer from a disability.

Employees are kept informed and consulted on matters of importance to them, including those factors affecting the performance and future of the business, by regular meetings.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

I D Padget - Director

19 September 2025

Opinion

We have audited the financial statements of Stovax Heating Group Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Strategic Report, Report of the Directors and Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report, Report of the Directors and Financial Statements. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation.

We understand that the Company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements via fraudulent manual journal entries.

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

22 September 2025

TURNOVER

-

-

Administrative expenses

2,467,155

2,792,181

(2,467,155

)

(2,792,181

)

Other operating income

2,463,203

2,783,396

OPERATING LOSS

5

(3,952

)

(8,785

)

Income from shares in group undertakings

3,220,347

4,000,000

Interest receivable and similar income

3,952

8,785

3,224,299

4,008,785

PROFIT BEFORE TAXATION

3,220,347

4,000,000

Tax on profit

6

10,146

28,415

PROFIT FOR THE FINANCIAL YEAR

3,210,201

3,971,585

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,210,201

3,971,585

FIXED ASSETS

Tangible assets

8

1,553,166

1,662,561

Investments

9

419,247

198,900

1,972,413

1,861,461

CURRENT ASSETS

Debtors

10

-

547,902

Cash at bank

116

74,392

116

622,294

CREDITORS

Amounts falling due within one year

11

1,285,446

2,115,664

NET CURRENT LIABILITIES

(1,285,330

)

(1,493,370

)

TOTAL ASSETS LESS CURRENT LIABILITIES

687,083

368,091

PROVISIONS FOR LIABILITIES

13

216,355

107,564

NET ASSETS

470,728

260,527

CAPITAL AND RESERVES

Called up share capital

14

99,450

99,450

Capital redemption reserve

15

99,450

99,450

Retained earnings

15

271,828

61,627

SHAREHOLDERS' FUNDS

470,728

260,527

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

I D Padget - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

99,450

90,042

99,450

288,942

Changes in equity

Dividends

-

(4,000,000

)

-

(4,000,000

)

Total comprehensive income

-

3,971,585

-

3,971,585

Balance at 31 December 2023

99,450

61,627

99,450

260,527

Changes in equity

Dividends

-

(3,000,000

)

-

(3,000,000

)

Total comprehensive income

-

3,210,201

-

3,210,201

Balance at 31 December 2024

99,450

271,828

99,450

470,728

1.	STATUTORY INFORMATION

Stovax Heating Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Stovax Heating Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, NIBE Industrier AB, Järnvägsgatan 40, 285 37 Markaryd, Sverige, Sweden.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

7% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Administrative expenses

Administrative expenses are stated net of any recharges made by the company for such costs

Debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. At the end of each reporting year the financial assets are assessed for evidence of impairment. If an asset is impaired, the impairment loss is recognised in the profit and loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances

Creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

686,439

1,056,123

Social security costs

83,298

183,257

Other pension costs

177,059

271,828

946,796

1,511,208

The average number of employees during the year was as follows:

2024

2023

Administration

8

10

From 1st August 2024, all employees and directors were transferred to Stovax Gazco Limited, a subsidiary undertaking of the company.

Directors received remuneration for the year of £442,409 (2023: £671,701).

The highest paid director received remuneration of £197,809 (2023: £256,854) during the year.

5.	OPERATING LOSS

The operating loss is stated after charging:

2024

2023

£

£

Other operating leases

1,323,654

1,103,045

Depreciation - owned assets

115,360

93,863

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

18,024

(101,197

)

Prior year adjustment

(116,669

)

22,048

Total current tax

(98,645

)

(79,149

)

Deferred tax:

Current year

(19,515

)

107,564

Prior year

128,306

-

Total deferred tax

108,791

107,564

Tax on profit

10,146

28,415

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

3,220,347

4,000,000

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

805,087

940,800

Effects of:

Income not taxable for tax purposes

(805,087

)

(940,800

)

Adjustments to tax charge in respect of previous periods

11,637

22,048

Remeasurement of deferred tax for changes in tax rates

-

6,367

Fixed asset differences

(1,491

)

-

Total tax charge

10,146

28,415

7.

DIVIDENDS

2024

2023

£

£

Ordinary shares of 0.5 each

Final

3,000,000

4,000,000

8.	TANGIBLE FIXED ASSETS

Short

leasehold

£

COST

At 1 January 2024

1,756,424

Additions

5,965

At 31 December 2024

1,762,389

DEPRECIATION

At 1 January 2024

93,863

Charge for year

115,360

At 31 December 2024

209,223

NET BOOK VALUE

At 31 December 2024

1,553,166

At 31 December 2023

1,662,561

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

198,900

Additions

220,347

At 31 December 2024

419,247

NET BOOK VALUE

At 31 December 2024

419,247

At 31 December 2023

198,900

Subsidiary undertakings

Nature of business

Proportion of ordinary shares held

Stovax Gazco Limited

Manufacturer and distributor of stoves, fireplaces, chimney systems and accessories

100%

Gazco Limited

Manufacturer and distributor of stoves, fireplaces, chimney systems and accessories

100%

Stovax Group Limited

Dormant

100%

Stovax Heating Group (NI) Limited

Dormant

100%

Stovax D1 Limited

Dormant

100%

All the subsidiaries except Stovax Heating Group (NI) Limited have their registered office at Stovax Limited, 3 Spitfire Avenue, Clyst Honiton, Exeter, England, EX5 2FR and are incorporated in England. Stovax Heating Group (NI) Limited's registered office is C/O Elliott Duffy Garrett, 40 Linenhall Street, Belfast, Northern Ireland, BT2 8BA and this company is incorporated in Northern Ireland.

On 5th December 2024, the company purchased the entire issued share capital of Stovax Gazco Limited from Stovax Group Limited (both being wholly owned subsidiaries) for £220,347 being settled as a dividend in species.

Stovax D1 Limited was dissolved on 25th March 2025.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

-

547,902

Amounts owed by group undertakings are trading balances repayable on demand and are non-interest bearing.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

1,285,446

1,012,619

Accruals and deferred income

-

1,103,045

1,285,446

2,115,664

Amounts owed to group undertakings are trading balances repayable on demand and are non-interest bearing.

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

1,376,411

1,347,885

Between one and five years

5,802,486

5,682,562

In more than five years

13,454,476

14,950,810

20,633,373

21,981,257

13.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

216,355

107,564

Deferred

tax

£

Balance at 1 January 2024

107,564

Provided during year

(19,515

)

Prior year movement

128,306

Balance at 31 December 2024

216,355

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

198,900

Ordinary Shares

0.5

99,450

99,450

15.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2024

61,627

99,450

161,077

Profit for the year

3,210,201

-

3,210,201

Dividends

(3,000,000

)

-

(3,000,000

)

At 31 December 2024

271,828

99,450

371,278

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17.	ULTIMATE PARENT UNDERTAKING

The immediate and ultimate parent undertaking party of this company is NIBE Industrier AB, whose address is Järnvägsgatan 40, 285 37 Markaryd, Sverige, a company registered in Sweden and listed on the Stockholm Stock Exchange, with reference SE0000390296.