VBG ENG Q1 2017...JANUARY–MARCH 2017 Q1 VBG Group AB (publ) in Vänersborg is the Parent Company of an international ... Other Nordic countries, 6.2% Germany, 16.4% Rest of Europe,

VBG GROUPINTERIM REPORTJANUARY–MARCH 2017

Q1VBG Group AB (publ) in Vänersborg is the Parent Company of an international engineering Group with wholly owned companies in Europe, North America, Brazil, South Africa, Australia, India and China. The Group’s operations are divided into four divisions – VBG Truck Equipment, Edscha Trailer Systems, Mobile Climate Control and Ringfeder Power Transmission – with products that are marketed under strong, well-known brands. VBG Group AB’s Series B share was introduced on the stock exchange in 1987 and is listed today on the Nasdaq Stockholm Mid Cap list.

SEK 769 MConsolidated turnover more than doubled to SEK 768.6 M (371.6) in the first quarter.

13.4%Operating margin for the first quarter was 13.4 per cent (13.7).

VBG GROUP INTERIM REPORT JANUARY–MARCH 2017

1

• Consolidated turnover more than doubled to SEK 768.6 M (371.6), where the

acquired division Mobile Climate Control accounted for SEK 347.5 M of the increase.

• Operating profit rose to SEK 102.7 M (51.1), of which SEK 28.8 M was from

Mobile Climate Control.

• Operating margin was 13.4 per cent (13.7).

• Profit after financial items increased to SEK 94.2 M (48.9).

• The new share issue 1:1 was completed, doubling the number of outstanding

shares and contributed SEK 779 M net in equity to the company, after deductions

for issue expenses.

KEY FIGURES

SEK M Q1 2017 Q1 2016 Full-year 2016

Net turnover 768.6 371.6 1,543.9

Operating profit before items affecting comparability 102.7 51.1 196.7

Operating margin, % 13.4 13.7 12.7

Items affecting comparability — — –12.71

Reported operating profit 102.7 51.1 184.0

Reported operating margin, % 13.4 13.7 11.9

Profit after financial items 94.2 48.9 168.2

Profit margin, % 12.3 13.1 10.9

Profit after tax 66.6 34.9 120.8

Return on capital employed (ROCE), % 13.7 19.0 12.7

Return on equity (ROE), % 17.6 15.6 12.7

Equity/assets ratio, % 51.0 68.5 29.12

Earnings per share, basic and diluted, SEK 3.80 2.79 9.66

Average number of outstanding shares during the period (thousands) 17,503 12,502 12,502

1 Negative SEK 7.9 M pertaining to acquisition-related costs attributable to the acquisition of Mobile Climate Control, and negative SEK 4.8 M pertaining to costs for an action programme to increase profitability in Ringfeder Power Transmission.

2 The acquisition balance pertaining to Mobile Climate Control was updated during the first quarter 2017, meaning the consolidated Balance Sheet at 31 December 2016 was also updated.

INTERIM REPORTJANUARY – MARCH 2017


2

THIS IS THE VBG GROUP

VBG Group AB (publ) in Vänersborg is the Parent Company

of an international engineering Group with wholly owned

companies in the USA, Canada, India, Brazil, China, Australia,

South Africa and nine countries in Europe. The Group’s opera-

tions are divided into four divisions – VBG Truck Equipment,

Edscha Trailer Systems, Mobile Climate Control and Ringfeder

Power Transmission – with products that are marketed under

strong, well-known brands. VBG Group AB’s Series B share

was introduced on the stock exchange in 1987 and is listed

today on the Nasdaq Stockholm Mid Cap list.

Vision

We are number one or two globally in the industrial niches in

which we are active. We make a difference by creating the

products and services of the future.

Business concept

The VBG Group will, within selected product and market

segments, acquire, own and develop industrial companies in

business-to-business commerce with strong brands and good

growth potential. Based on a long-term commitment and with

a focus on growth and profitability, the VBG Group’s share-

holders will be offered attractive value growth.

Financial goals

• > 10 per cent in average annual turnover growth over a

five-year period, of which 5 per cent attributable to actual

organic growth and 5 per cent to structural growth.

• > 12 per cent in average operating margin rolling five years.

Strategies

The Parent Company, VBG Group AB, is responsible for the

strategic governance of the Group as a whole. This entails the

approval and follow-up of divisional targets and strategies,

providing support in the form of industrial expertise and iden-

tifying and conducting acquisitions.

Furthermore, the Parent Company is responsible for allocating

capital, strategic HR and IT work and the operation of all

shared IT systems.

Strategies for the divisions:

• Strong brands and leading market positions in

selected niches.

• High customer value in the products.

• Diversified customer base.

• International expansion.

Stable ownership situation

The VBG Group’s principal owners comprise three foundations

that were established by the Group’s founder, Herman Krefting.

This structure has historically provided a high degree of finan-

cial stability, which in turn has resulted in solid total returns for

shareholders.

VBG GROUP IN THE WORLD

Own companies Importers/Agents

The VBG Group has 25 wholly owned companies in 16 countries and some 1,400 employees in 18 countries worldwide.


3

SALES BY DIVISION SALES BY MARKET

Sweden, 9.0%

Other Nordic countries, 6.2%

Germany, 16.4%

Rest of Europe, 17.8%

North America, 43.0%

Brazil, 2.0%

Australia/New Zealand, 2.3%

Rest of the world, 3.2%

VBG Truck Equipment, 29.4%

Edscha Trailer Systems, 9.0%

Mobile Climate Control, 45.2%

Ringfeder Power Transmission, 16.4%

This is the VBG Group, cont.

DIVISIONS

VBG TRUCK EQUIPMENT

By virtue of its own strong brands, the division is an interna-tionally leading supplier of coupling equipment for trucks with heavy trailers, where the division accounts for more than 50 per cent of the global market via the Ringfeder and VBG brands. The division also has Onspot – automatic tyre chains with a world-leading position in its niche.

EDSCHA TRAILER SYSTEMS

By virtue of its own strong brands, the division is an interna-tionally leading supplier of equipment for trailers. The division accounts for more than 40 per cent of the global market for sliding roofs via the Edscha Trailer Systems and Sesam brands.

BRANDS

Our divisions

RINGFEDER POWER TRANSMISSION

By virtue of its own strong brands, the division is a recognised global market leader in selected niches within mechanical power transmission as well as energy and shock absorption. The division’s brands are Ringfeder, Tschan, Henfel and Gerwah. The customers are found in such widely disparate industrial markets as construc-tion, machinery, power and mining.

MOBILE CLIMATE CONTROL

By virtue of its own strong brand, the division is an industry-leading supplier of complete climate control systems (HVAC systems) to commercial motor vehicles, primarily in North America and Europe. The customers are mainly found in four market segments: buses, off-road vehicles, utility vehicles and defence vehicles.

VBG Group doubled its operating profit compared with the corresponding quarter of the preceding year.


4

VBG Group’s European markets remain strong. This is evident

at all four divisions, but is most obvious for VBG Truck Equip-

ment and Mobile Climate Control. VBG Truck Equipment has

again reported excellent earnings and Mobile Climate Control

is delivering fully in line with expectations. The positive market

performance in Europe is reflected in VBG Group’s results.

Compared with the corresponding quarter of the preceding

year, the Group has doubled its operating profit. It is even

slightly better than I had expected, though we are of

course delivering at a higher level following the acquisi-

tion of Mobile Climate Control.

If we look outside Europe, we see that Henfel, our

company in Brazil, has noted a rise in order bookings

for several products, but as both the political and eco-

nomic situation in the country remains unstable, I

prefer not to draw premature conclusions, but con-

fine myself to stating that there are signs that the

economic situation in Brazil is slowly beginning to

turn around. In the North American market, where

A GOOD START TO 2017FOR THE NEW VBG GROUP


5

above all Mobile Climate Control has a large share of its busi-

ness, the situation is stable at a healthy level. We also see signs

here of a further rise in demand and Mobile Climate Control is

very hopeful of future success in competing for several new

contracts in the USA.

VBG Truck Equipment – strong start

With an increase in sales of almost 17 per cent, VBG Truck

Equipment reported a very strong first quarter in terms of

profitability. This is a result of the healthy economy and the

strength of the division’s markets, in combination with an

efficient operating structure. The first quarter is almost always

VBG Truck Equipment’s strongest quarter of the year.

Mobile Climate Control – gradual increase in demand

Mobile Climate Control noted favourable demand in almost

all markets in the first quarter. The clearest growth was in the

school bus segment in North America, which is the division’s

largest segment in its bus operations, but we can also note

stronger demand in the off-road vehicles segment in Europe.

This is confirmed by the gradual increase in order bookings for

Mobile Climate Control in the first quarter. Unlike VBG Truck

Equipment, the second and third quarters are usually Mobile

Climate Control’s strongest periods of the year. Therefore, it

will be particularly exciting to follow developments for the

division over the coming half year.

Edscha Trailer Systems – favourable sales in Germany provide

stable results

Edscha Trailer Systems continued to deliver at the same stable

level as in 2016, due to continuing favourable sales in Germany.

This compensates for the division’s Turkish market, which is

not surprisingly much weaker at present.

Ringfeder Power Transmission – results exceed expectations

Work to improve profitability for Ringfeder Power Transmission

is well underway and will continue for the rest of the year. The

division reported a better result than expected, partly due to

the cost-savings implemented in conjunction with the action

programme, but also because a shift took place during the

quarter in the division’s sales toward more profitable products.

Ringfeder Power Transmission also noticed to some extent

increased demand in the European market. We do not expect

rapid improvement, but all estimates indicate that we can

expect a better economic climate for heavy industry.

VBG Group – a good start with the new Group

As we now leave the first quarter behind us, I can state that

we are following our plans, to the letter. We completed the

new share issue, repaid the bridge financing taken in conjunc-

tion with the acquisition and focus has therefore shifted back

to our business. The new VBG Group is, in terms of sales and

earnings, at the level expected by myself and the Board of

Directors and, I believe, also as expected by the market. We

are now aiming to continue to deliver in line with the business

plans and thereby to grow.


6

GROUP TREND

SEK MQ1

2017Full-year

2016Q4

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

2015Q3

2015Q2

2015

Net turnover 768.6 1,543.9 464.7 335.2 372.4 371.6 1,315.3 323.0 305.7 331.5

Operating profit before items affecting comparability 102.7 196.7 45.1 51.7 48.6 51.1 149.9 24.7 38.8 30.7

Operating margin, % 13.4 12.7 9.7 15.4 13.1 13.7 11.4 7.6 12.7 9.3

Items affecting comparability — –12.72 –12.72 — — — –15.21 –8.31 –6.91 —

Reported operating profit 102.7 184.0 32.4 51.7 48.6 51.1 134.7 16.4 31.9 30.7

Reported operating margin, % 13.4 11.9 7.0 15.4 13.1 13.7 10.2 5.1 10.4 9.3

Profit after financial items 94.2 168.2 21.7 50.5 47.1 48.9 134.5 17.8 31.4 29.8

Profit margin, % 12.3 10.9 4.7 15.1 12.6 13.2 10.2 5.5 10.3 9.0

Profit after tax 66.6 120.8 9.5 40.0 36.3 34.9 95.5 11.3 23.0 20.7

Cash flow from operating activities 74.3 251.0 106.4 76.5 13.4 54.7 118.0 21.6 48.4 24.4

ROCE (cumulative), % 13.7 12.7 12.7 18.0 18.3 19.0 13.0 13.0 15.0 16.8

ROE (cumulative), % 17.6 12.7 12.7 15.8 15.7 15.6 11.3 11.3 13.3 14.8

Equity/assets ratio, % 51.0 29.13 29.13 71.1 68.9 68.5 69.2 69.2 67.4 66.8

Earnings per share, SEK 3.80 9.66 0.76 3.20 2.91 2.79 7.64 0.90 1.85 1.65

Equity per share 74.68 82.01 82.01 80.22 75.29 72.95 69.71 69.71 69.73 66.65

Cost of acquisition, Henfel1 Negative SEK 7.6 M in acquisition-related costs for Henfel Ltda, Brazil, of which negative SEK 6.9 M in the third quarter,

negative SEK 0.7 M in the fourth quarter and negative SEK 7.6 M pertaining to an increased provision for inventory obsolescence due to a changed valuation model in the fourth quarter.

2 Negative SEK 7.9 M pertaining to acquisition-related costs attributable to the acquisition of Mobile Climate Control, and negative SEK –4.8 M pertaining to costs for an action programme to increase profitability in Ringfeder Power Transmission.


GROUP

Turnover and earnings

The turnover of SEK 768.6 M (371.6) was 107.0 per cent

higher compared with the first quarter 2016 and excluding the

acquired volume of SEK 347.5 M pertaining to Mobile Climate

Control Group Holding AB, organic growth was 13.0 per cent.

Adjusted for currency effects, the actual organic growth was

10.2 per cent.

Consolidated operating profit doubled to SEK 102.7 M

(51.1), with an operating margin of 13.4 per cent (13.7). Turn-

over and operating profit of the individual divisions are pre-

sented on pages 8–11.

Group-wide overheads in the Parent Company that have

not been allocated to the divisions totalled SEK 4.5 M (3.0).

Net interest expense was SEK 12.5 M (expense: 1.3) and

the quarter’s currency effect on the Swedish companies’ for-

eign-currency denominated credits resulted in a positive cur-

rency effect of SEK 4.0 M (neg: 0.9). Taken together, this

resulted in a net financial expense of SEK 8.5 M (expense: 2.2).

The reason for the increased cost was the acquisition loan and

bridge loan raised in November in conjunction with the acqui-

sition of Mobile Climate Control. Accordingly, profit after

financial items amounted to SEK 94.2 M (48.9), and profit

NET TURNOVER, SEK M PROFIT AFTER FINANCIAL ITEMS*, SEK M

0

100

50

150

200

250

0

60

40

20

80

100

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016

Quarterly figures Rolling 4 quarters

2017

0

400

800

1,200

2,000

1,600

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016


0

400

200

600

800

1,000

2017

* Excluding items affecting comparability.


7

after tax to SEK 66.6 M (34.9). Earnings per share amounted

to SEK 3.80 (2.79), calculated on the average number of out-

standing shares for the period, which following the new share

issue was 17.5 million, compared with 12.5 million in the pre-

ceding year.

Capital expenditures

The Group’s new capital expenditures for the year, excluding

acquired subsidiaries, amounted to SEK 7.3 M (13.2).

Financial position

Profit after tax for the period amounted to SEK 66.6 M (34.9)

and other comprehensive income to a loss of SEK 3.6 M

(income: 5.7), which resulted in comprehensive income of SEK

63.0 M (40.6). The fully-subscribed new share issue, which

was completed at the end of February, generated SEK 778.8

M net in equity for the company. Consolidated equity

increased, accordingly, to SEK 1,867.1 M during the period

(1,025.3 at year-end).

At the end of the year, the equity/assets ratio was unusually

low due to a temporarily high debt ratio related to the bridge

financing of SEK 800 M for the acquisition of Mobile Climate

Control. The equity/assets ratio was restored during the period

following the new share issue and was at 51.0 per cent 31

March (29.1 at year-end).

Cash and cash equivalents increased by SEK 18.9 M during

the period to SEK 295.2 M (276.3) at the end of the period. In

addition, there were unutilised overdraft facilities of SEK 100.0

M (at year-end there were no overdraft facilities), which means

the Group at the end of March had available liquidity of SEK

395.2 M (276.4).

The Group’s interest-bearing net debt (including pension

liability) declined by SEK 823.5 M during the period to SEK

868.9 M (1,692.4) at the end of the period.

The ratio of interest-bearing net debt to equity was 0.47 at

31 March 2017 (1.65 at 31 December 2016) and the ratio of

net debt to consolidated operating profit before depreciation/

amortisation and impairment (EBITDA) was 2.87 (7.31).

The acquisition of Mobile Climate Control resulted in prelimi-

nary goodwill of SEK 1,446.7 M in 2016. During the first quar-

ter 2017, the acquisition balance was updated, which meant

SEK 300 M was reallocated to trademarks with an amortisa-

tion period of 15 years. At the same time, this resulted in a

deferred tax liability of SEK 66.0 M and thereby a reduction in

previous goodwill value by SEK 234.0 M. This updated acquisi-

tion balance meant we also updated the consolidated balance

sheet at 31 December 2016, and the key figures influenced by

the changes. The Group’s remaining goodwill declined SEK 7.5

M due to exchange rate changes. The net effect of this was

the Group’s goodwill at the end of the first quarter amounted

to SEK 1,562.6 M (1,570.1 at year-end), which in relation to

equity amounted to a ratio of 0.84 (1.53).

Cash flow

Cash flow from operating activities increased to SEK 74.3 M

(54.7). Paid capital expenditures during the period amounted

to SEK 7.3 M (28.5). During the quarter, the Group’s total

borrowings and current financial liability declined SEK 826.9 M

(4.6), net, and the new share issue generated SEK 778.8 M

net. Combined, this resulted in a negative cash flow from

financing activities of SEK 48.1 M (neg: 4.6). Accordingly, net

cash flow for the year amounted to SEK 118.4 M (neg: 51.0).

Outlook for 2017

The Group makes no forecast.

Personnel

At 31 March 2017, there were 1,438 employees in the VBG

Group (1,401 at year-end), of which 207 (201) in Sweden.

During the first quarter 2017, the Group employed an aver-

age of 1,396 persons (735 during the year-earlier period). Of

these, 212 (188) were active in Sweden. The cost of salaries

and social security contributions in the quarter was SEK 186.1

M (98.9).

Per share data

In February, an oversubscribed new share issue was com-

pleted, 1:1 of outstanding Series A shares (1,220,000 shares)

and Series B shares (11,282,024 shares) with preferential rights

for existing shareholders, whereby VBG Group received SEK

778.8 M net after issue expenses. The total number of out-

standing shares (Series A and Series B) increased accordingly

from 12,502,024 shares to 25,004,048 shares. VBG Group AB

holds 1,191,976 own Series B shares. The issue price was set at

SEK 64 per share for both Series A and Series B shares.

During the first quarter, the average number of outstanding

shares is estimated at 17,502,800 shares and the number of

outstanding shares at the end of the period was 25,004,048

shares. This has consequently impacted the share-based key

figures for the first quarter.

Earnings per share (average number for the period) for the

quarter increased to SEK 3.80 (2.79). Equity per share (total

outstanding shares at the end of the period) was SEK 74.67 at

31 March 2017, compared with SEK 82.01 at year-end and

SEK 72.95 at the end of March in the preceding year.

At the end of the quarter, the share price was SEK 112.75,

which corresponds to a market capitalisation of SEK 2,819 M,

compared a share price of SEK 160.50 and market capitalisa-

tion of SEK 2,006 M at year-end.

The number of shareholders increased by 448 during the

first quarter to 5,043 (4,595 at year-end).


8

First quarter 2017

• Turnover rose 16.8 per cent to SEK 225.8 M (193.4).• Operating profit increased to SEK 53.3 M (37.1),

with an operating margin of 23.6 per cent (19.2).

VBG TRUCK EQUIPMENT

VBG Truck Equipment reported its strongest quarter on record

in terms of turnover, operating profit and operating margin.

Turnover for the first quarter increased 16.8 per cent year-on-

year to SEK 225.8 M (193.4). Adjusted for exchange rate

changes of 2.0 per cent, the actual organic growth was 14.8

per cent. Turnover increased in all markets compared with the

year-earlier period.

Operations have been highly stable for the past four years

(17 quarters) with an average operating margin of 18 per cent.

In the first quarter 2017, the division achieved an all-time-high

with an operating profit of SEK 53.3 M (37.1) and record mar-

gin of 23.6 per cent (19.2).

TURNOVER/EARNINGS

SEK M Q1 2017Full-year

2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Net turnover 225.8 757.3 197.5 172.3 194.1 193.4 697.7 177.6 158.9 172.6



Items affecting comparability — — — — — — –1.71 –1.71 — —



1 Negative SEK 1.7 M pertaining to an increased provision for inventory obsolescence due to changed valuation model.

TURNOVER BY MARKET


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Sweden 56.0 204.4 55.7 45.4 51.8 51.5 188.8 45.4 45.6 48.0

Other Nordic countries 41.0 125.1 31.7 27.4 34.1 31.9 115.4 28.3 22.8 30.9

Germany 33.2 106.4 24.8 23.8 30.4 27.4 101.1 24.6 25.4 24.7

Other European countries 54.5 178.0 41.8 40.4 50.0 45.8 159.4 38.4 35.2 39.3

North America 24.1 85.6 29.2 18.7 14.9 22.8 80.6 27.4 19.5 15.6

Australia/New Zealand 13.4 44.7 10.7 12.2 10.7 11.1 39.0 11.0 7.7 9.6

Rest of world 3.6 13.1 3.6 4.4 2.2 2.9 13.4 2.5 2.7 4.5

VBG Truck Equipment 225.8 757.3 197.5 172.3 194.1 193.4 697.7 177.6 158.9 172.6

0

400

200

600

800

1,000

0

50

150

100

200

250

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016


2017

0

50

100

150

200

0

15

45

30

60

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016


2017

NET TURNOVER, SEK M OPERATING PROFIT*, SEK M

* Before items affecting comparability.


9


Turnover for Edscha Trailer Systems increased 1.4 per cent to

SEK 69.5 M (68.5). Taking into account exchange rate changes

of 1.9 per cent, actual organic growth was –0.5 per cent.

The division reported an operating profit of SEK 8.2 M (8.8)

and with a margin of 11.8 per cent (12.8), which also indicates

that Edscha Trailer Systems has, for slightly more than 12

months, established a level of profitability above 10 per cent.

TURNOVER/EARNINGS


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Net turnover 69.5 270.5 66.0 61.2 74.8 68.5 221.7 56.5 48.4 58.4



Items affecting comparability — — — — — — –0.9 –0,9 — —



1 Negative SEK 0.9 M pertaining to an increased provision for inventory obsolescence due to changed valuation model to impairment of consolidated goodwill in Edscha Trailer Systems .

TURNOVER BY MARKET


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Sweden 0.1 0.3 0.1 0.0 0.1 0.1 0.3 0.1 0.0 0.1


Germany 41.4 159.8 28.2 40.8 47.4 43.4 133.8 37.6 24.3 38.6


Rest of world 0.2 1.1 0.1 0.1 0.5 0.4 0.9 0.0 0.0 0.4

Edscha Trailer Systems 69.5 270.5 66.0 61.2 74.8 68.5 221.7 56.5 48.4 58.4

First quarter 2017

• Turnover rose 1.4 per cent to SEK 69.5 M (68.5).• Operating profit amounted to SEK 8.2 M (8.8),

with an operating margin of 11.8 per cent (12.8).

0

80

160

240

320

400

0

20

40

60

100

80

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016


2017

0

20

10

30

50

40

2014

Q1 Q2Q3 Q4

Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016

0

3

12

9

6

15

2017





10


TURNOVER/EARNINGS


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Net turnover 347.5 101.4 101.4


Operating margin, % 8.3 4.9 4.9

Items affecting comparability — — —



First quarter 2017

• Turnover amounted to SEK 347.5 M.• Reported operating profit was SEK 28.8 M

with a margin of 8.3 per cent.

Mobile Climate Control reported its first full quarter as part of

the VBG Group, which resulted in turnover of SEK 347.5 M. This

was approximately 8 per cent more than the division reported

for the year-earlier period.

Mobile Climate Control’s result is charged with annual consol-

idated depreciation of SEK 20.0 M (SEK 5.0 M per quarter) per-

TURNOVER BY MARKET


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Sweden 11.9 2.9 2.9

Other Nordic countries 5.6 1.7 1.7

Germany 5.2 3.5 3.5

Other European countries 38.4 10.9 10.9

North America 279.5 78.4 78.4

Rest of world 7.0 4.0 4.0

Mobile Climate Control 347.5 101.4 101.4

taining to intangible assets in the form of the Mobile Climate

Control trademark. This was a result of an update to the

acquisition balance during the first quarter.

Operating profit (EBIT) for the first quarter thus totalled SEK

28.8 M, with an operating margin of 8.3 per cent.

In the first quarter, Mobile Climate Control had expenses

that were about SEK 5 M higher than in the preceding year,

mainly for investments in development and marketing, but

also slightly higher administration costs.

Profit before depreciation/amortisation of intangible assets

(EBITA) amounted to SEK 34.1 M, which was at the same level

as reported by Mobile Climate Control one year earlier.


11


TURNOVER/EARNINGS


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Net turnover 125.8 414.7 99.9 101.7 103.5 109.6 395.9 88.9 98.4 100.5

Operating profit/loss before items affecting comparability 16.7 27.3 -0.1 11.9 7.2 8.2 34.3 -1.9 13.0 7.7

Operating margin, % 13.3 6.6 -0.1 11.7 7.0 7.5 8.7 -2.1 13.2 7.7

Items affecting comparability — -4.82 -4.82 — — — -12.6 -5.71 -6.91 —

Reported operating profit/loss 16.7 22.4 -4.9 11.9 7.2 8.2 21.7 -7.6 6.1 7.7

Reported operating margin, % 13.3 5.4 -4.9 11.7 7.0 7.5 5.5 -8.6 6.2 7.7 1 Negative SEK 7.6 M in acquisition-related costs for Henfel Ltda, Brazil, of which negative SEK 6.9 M in the third quarter, negative SEK 0.7 M in the fourth quarter and

negative SEK 5.0 M pertaining to an increased provision for inventory obsolescence due to a changed valuation model in the fourth quarter. 2 A negative SEK 4.8 M in costs pertaining to an action programme to increase profitability.

TURNOVER BY MARKET


2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016Full-year

2015 Q4 2015 Q3 2015 Q2 2015

Sweden 1.5 4.2 0.9 1.3 0.8 1.2 4.4 0.7 1.2 1.4


Germany 46.0 153.8 36.7 38.9 37.3 40.9 164.5 39.8 40.6 40.5


North America 26.6 87.1 22.8 19.7 22.2 22.4 104.2 21.1 23.5 28.0

Brazil 15.6 56.7 14.5 12.7 18.9 10.6 4.8 0.7 2.1 1.2

Australia/New Zealand 4.6 8.8 1.2 3.1 2.7 1.8 7.2 1.8 0.9 1.9

Rest of world 13.9 46.9 9.3 12.7 5.3 19.6 48.9 11.0 14.0 12.5

Ringfeder Power Transmission 125.8 414.7 99.9 101.7 103.5 109.6 395.9 88.9 98.4 100.5

First quarter 2017

• Turnover rose 14.8 per cent to SEK 125.8 M (109.6).

• Operating profit rose to SEK 16.7 M (8.2), with a margin of 13.3 per cent (7.5)

Ringfeder Power Transmission began the year with a strong

first quarter where turnover rose by 14.8 per cent to SEK 125.8

M (109.6). Adjusted for currency effects of 5.9 per cent, the

actual organic growth was 8.9 per cent.

Compared with the preceding year, operating profit doubled to

SEK 16.7 M (8.2), with an operating margin of 13.3 per cent (7.5).

0

100

200

300

500

400

0

25

50

75

125

100

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4

2015 2016


2017

0

10

20

30

40

50

0

5

20

15

10

25

2014Q1 Q2 Q3 Q4 Q1 Q2 Q3

Q4Q1Q1 Q2 Q3 Q4

2015 2016


2017




12

Parent Company

VBG Group AB’s operations are focused on managing, devel-

oping and coordinating the Group. The assets in the Parent

Company consist primarily of shares in subsidiaries and trade-

marks. The company also owns the industrial property in

Vänersborg that is rented by the subsidiary VBG Group Truck

Equipment AB.

The objective is that the Group’s intellectual property in the

form of trademarks and other rights should be gathered in the

Parent Company. VBG Group AB focuses on maintaining and

developing all the Group’s trademarks and rights.

The Parent Company’s net turnover pertains primarily to

intra-Group services, licence revenues and rentals and

amounted to SEK 5.6 M during the year (5.1). The operating

loss for the year was SEK 4.3 M (loss: 4.7). After dividends

from Group companies totalling SEK 1.3 M (2.5), negative

exchange rate differences of SEK 0.7 M (neg: 0.5) and net

interest expenses totalling SEK 7.6 M (expense: 0.3), loss

before tax amounted to SEK 11.3 M (loss: 2.5).

Updated acquisition balance of Mobile Climate Control

Group Holding AB

In the fourth quarter 2016, the Group’s Parent Company com-

pleted the acquisition of the Swedish Group Mobile Climate

Control. The acquired Group formed a new division from 23

November 2016. The purchase consideration for all shares in

the company amounted to SEK 1,372 M for a debt-free com-

pany and normalised working capital. In conjunction with the

takeover, a fully-subscribed new share issue was completed

and generated SEK 800 M in new capital to part-finance the

acquisition. An estimated balance sheet on 22 November

formed the basis for the preliminary acquisition plan presented

in the annual closing. During the first quarter, the preliminary

acquisition balance was updated as follows:

Preliminary 2016 Updated 2017

Purchase consideration 1,372.8 1,372.8

Acquired net assets:Cash and cash equivalents 108.9 108.9Property, plant and equipment 104.9 104.9Trademarks — 300.0Other intangible assets 5.0 5.0Long-term investments 16.3 16.3Inventories 208.5 208.5Receivables 251.7 251.7Deferred tax liability, trademarks — –66.0Other liabilities –769.2 –769.2Goodwill 1,446.7 1,212.7

The acquisition plan continues to be preliminary pending the

completion of the process to identify and calculate the value

of intangible assets.

Risks and uncertainty factors

The Group’s and the Parent Company’s significant risks and

uncertainty factors include business-related operational risks

in the form of commodity risks, product risks, development

risks, intellectual property risks, environmental risks, political

risks, business interruption and property risks, cyclical risks, IT

security risks and legal risks. To these can be added financial

risks such as financing risks, liquidity risks, interest rate risks,

currency risks and credit and counterparty risks.

For a more detailed description of the Group’s risks and

risk management, see Note 2 of VBG Group AB’s annual

report for 2016.

Financial information 2017/2018

Interim report, six months 2017 22 August 2017

Interim report, nine months 2017 26 October 2017

Year-end report 2017 20 February 2018

Interim report, three months 2018 25 April 2018

Annual General Meeting 2018 25 April 2018

Related party transactions

There have been no related party transactions in 2017 that

have significantly affected the company’s financial position

and results. Related party transactions during 2016 are dis-

closed in Note 5 in the annual report for 2016.

Accounting policies

The VBG Group applies the EU-endorsed IFRS standards and

interpretations thereof (IFRIC). This interim report for the

Group has been prepared in accordance with the Annual

Accounts Act and IAS 34 Interim Financial Reporting, and for

the Parent Company, in accordance with the Annual Accounts

Act and recommendation RFR 2, Accounting for Legal Entities.

The same accounting policies and calculation methods were

applied as in the most recent annual report.

OTHER INFORMATION


13

Vänersborg, 27 April 2017

VBG Group AB (publ)

Anders Birgersson

Managing Director and CEO

This report is unaudited.

Note

The information in this report is of the type that VBG Group

AB is obligated to disclose in accordance with the Swedish

Securities Exchange and Clearing Operations Act and/or the

Financial Instruments Trading Act. The information was sub-

mitted for publication on 27 April 2017 at 3:00 p.m.

Press releases issued in the first quarter of 2017

Notice to attend the Annual General Meeting 28 Mar 2017

VBG Group to publish 2016 Annual Report

in the week beginning 3 April 2017 3 Mar 2017

Year-end report 2016 28 Feb 2017

Changes to number of shares and votes in

VBG Group AB (publ) 28 Feb 2017

Final result of VBG Group’s new share issue 10 Feb 2017

VBG Group’s new share issue fully subscribed 9 Feb 2017

VBG Group publishes prospectus and new

information found in the prospectus, including

capital structure and net indebtedness as well

as new financial goals 18 Jan 2017

Press release from Extraordinary General

Meeting of VBG Group AB (publ) 16 Jan 2017

For further information, please contact:

Anders Birgersson, Managing Director and CEO

Telephone: +46 521–27 77 67, +46 702–27 77 78

E-mail: [email protected]


14

Consolidated Income Statement and Statement of Comprehensive Income – Highlights

SEK M Q1 Jan–Mar 2017 Q1 Jan–Mar 2016 Full-year 2016

Net turnover 768.6 371.6 1,543.9

Cost of goods sold –485.2 –217.7 –918.0

Gross profit 283.4 153.9 625.9

Selling expenses –82.3 –55.7 –233.8

Administrative expenses –63.2 –36.6 –164.1

Research and development costs –26.5 –10.0 –46.8

Other operating income and expenses –8.7 –0.5 2.7

Operating profit 102.7 51.1 184.0

Net financial items –8.5 –2.2 –15.8


Tax –27.6 –14.0 –47.4

Profit for the period 66.6 34.9 120.8

Profit for the period attributable to Parent Company shareholders 66.6 34.9 120.8

Depreciation and amortisation charged to profit –19.1 –10.3 –47.6

Other comprehensive income

Profit for the period 66.6 34.9 120.8

Items that will not be reversed in the Income Statement

Effect of translation of defined-benefit pension plans, net after tax 0.0 0.0 –2.1

Items that may later be reversed in the Income Statement

Translation differences pertaining to foreign operations –3.6 5.4 70.7

Translation differences pertaining to hedge accounting for net investments in foreign operations — 0.3 5.1

Other comprehensive income/loss, net after tax –3.6 5.7 73.7

Comprehensive income for the period 63.0 40.6 194.5

Comprehensive income for the period attributable to Parent Company shareholders 63.0 40.6 194.5

Earnings per share, basic and diluted, SEK 3.80 2.79 9.66

Number of outstanding shares at end of period (‘000) 25,004 12,502 12,502

Average number of shares during the period 17,503 12,502 12,502

Number of own shares at end of period 1,192 1,192 1,192


15

Turnover and earnings by segment

SEK M

VBG Truck Equipment

Edscha Trailer

Systems

MobileClimateControl

Ringfeder Power

TransmissionGroup-

wide Group

2017

Q1 Jan–Mar: Net turnover 225.8 69.5 347.5 125.8 768.6

Operating profit/loss before items affecting comparability 53.3 8.2 28.8 16.7 –4.5 102.7

Operating margin, % 23.6 11.8 8.3 13.3 13.4

Items affecting comparability — — — — — —

Reported operating profit/loss 53.3 8.2 28.8 16.7 –4.5 102.7

Reported operating margin, % 23.6 11.8 8.3 13.3 13.4

Net financial items –8.4

Profit after financial items 94.2

2016

Q1 Jan–Mar: Net turnover 193.4 68.5 — 109.6 371.6

Operating profit before items affecting comparability 37.1 8.8 — 8.2 –3.0 51.1

Operating margin, % 19.2 12.8 — 7.5 13.7

Items affecting comparability — — — — — —

Reported operating profit/loss 37.1 8.8 — 8.2 –3.0 51.1

Reported operating margin, % 19.2 12.8 — 7.5 13.7

Net financial items –2.2 –2.2

Profit after financial items 48.9

Full-year: Net turnover 757.3 270.5 101.4 414.7 1,543.9

Operating profit/loss before items affecting comparability 147.2 30.0 5.0 29.0 –14.5 196.7

Operating margin, % 19.4 11.1 4.9 7.0 12.7

Items affecting comparability — — — –4.81 –7.91 –12.71

Reported operating profit/loss 147.2 30.0 5.0 24.2 –22.4 184.0

Reported operating margin, % 19.4 11.1 4.9 5.8 11.9

Net financial items –15.8 –15.8

Profit after financial items 168.2 1 Negative SEK 7.9 M pertaining to acquisition-related costs attributable to the acquisition of Mobile Climate Control,

and negative SEK 4.8 M pertaining to costs for an action programme to increase profitability in Ringfeder Power Transmission.

Consolidated Balance Sheet – Highlights

SEK M 31 Mar. 2017 31 Mar. 2016 31 Dec. 2016*

Goodwill 1,562.6 327.3 1,570.1

Other intangible assets 353.6 60.3 361.2

Property, plant and equipment 322.8 217.4 326.2

Long-term investments 68.2 17.8 67.9

Total non-current assets 2,307.2 622.8 2,325.4

Inventories 495.0 256.7 481.2

Receivables 566.6 287.0 446.4

Cash on hand, demand deposits and short-term investments 295.2 165.3 276.3

Total current assets 1,356.8 709.0 1,203.9

TOTAL ASSETS 3,664.0 1,331.8 3,529.3

Equity 1,867.1 912.1 1,025.3

Non-current liabilities 1,295.7 233.9 1,299.4

Current liabilities 501.2 185.8 1,204.6

TOTAL EQUITY AND LIABILITIES 3,664.0 1,331.8 3,529.3

*Balance sheet from 31 December 2016 is adjusted with an updated acquisition balance. The changes have not influenced the Group’s equity. Refer to page 12 for more information about the reclassifications that followed the updated acquisition plan.


16

Changes in consolidated equity

SEK M 3 mon 2017 3 mon 2016 Full-year 2016

Opening equity according to balance sheet at 31 December 1,025.3 871.5 871.5

Total comprehensive income for the period 63.0 40.6 194.5

Contributed capital, new share issue, net 778.8 — —

Dividend — — –40.6

Equity at end of period 1,867.1 912.1 1,025.3

Cash Flow Statement – Highlights


Cash flow from operating activities before changes in working capital 123.4 77.4 221.0

Change in working capital –49.1 –22.7 30.0

Cash flow from operating activities 74.3 54.7 251.0

Cash flow from investing activities –7.3 –28.5 –1,295.2

Cash flow from financing activities –48.1 –4.6 1,162.6

Cash flow for the year 18.9 21.6 118.4

Cash and cash equivalents at start of year 276.4 144.0 143.9

Translation difference, cash and cash equivalents –0.1 –0.3 14.0

Cash and cash equivalents at end of period 295.2 165.3 276.4

Unutilised overdraft facilities 100.0 194.5 —

Available cash and cash equivalents 395.2 359.8 276.4

Key figures for Group


Profit margin (ROS), % 12.3 13.1 10.9

Return on equity (ROE), % 17.6 15.6 12.7

Return on capital employed (ROCE), % 13.7 19.0 12.7

Equity/assets ratio, % 51.0 68.5 29.11

Equity per outstanding share at end of period, SEK 74.68 72.95 82.01

Cash flow from operating activities, per average outstanding share, SEK 4.25 4.38 20.07

Profit per average outstanding share during the period, SEK 3.80 2.79 9.66

Share price at end of period, SEK 112.75 114.50 160.50

Number of employees, average 1,396 735 764

Number of outstanding shares at end of period (‘000) 25,004 12,502 12,502

Number of own shares at end of period (‘000) 1,192 1,192 1,192

Average number of outstanding shares during the period (‘000) 17,503 12,502 12,502



17

Parent Company Balance Sheet

SEK M 31 Mar. 2017 31 Mar. 2016 31 Dec. 2016

Other intangible assets 4.4 6.0 5.0

Property, plant and equipment 5.4 7.3 5.8

Long-term investments 2,042.6 661.8 2,042.6

Total non-current assets 2,052.4 675.1 2,053.4

Receivables 505.4 50.0 559.2

Cash on hand, demand deposits and short-term investments 127.3 113.5 91.6

Total current assets 632.7 163.5 650.8

TOTAL ASSETS 2,685.1 838.6 2,704.2

Equity 1,300.3 509.0 532.8

Untaxed reserves 7.8 13.1 7.8

Provisions 12.8 12.7 12.8

Non-current liabilities 898.4 6.1 904.0

Current liabilities 465.8 297.7 1,246.8

TOTAL EQUITY AND LIABILITIES 2,685.1 838.6 2,704.2

Parent Company Income Statement


Net turnover 5.6 5.1 26.9

Operating expenses –9.9 –9.8 –39.9

Operating loss –4.3 –4.7 –13.0

Net financial items –7.0 2.2 49.3

Profit/loss after financial items –11.3 –2.5 36.3

Appropriations — — 30.3

Tax — — –3.5

Profit/loss after tax for the period and comprehensive income/loss for the period –11.3 –2.5 63.1


18

Alternative performance measuresReconciliation between IFRS and performance measures used

Certain information in this report that is used by company management and analysts to assess the Group’s performance has not

been prepared in accordance with IFRS. Company management believes that this information makes it easier for investors to

analyse the Group’s earnings performance and financial structure. Investors should view this information as a supplement rather

than a replacement of financial reporting in accordance with IFRS.

OPERATING PROFIT AND OPERATING MARGIN BEFORE ITEMS AFFECTING COMPARABILITY

Items affecting comparability refer to material income or expense items that are recognised separately due to the significance of

their character or amount.

Group, SEK M Q1 2017 Q1 2016 Full-year 2016

Net turnover 768.6 371.6 1,543.9



Items affecting comparability –12.7


Operating margin before items affecting comparability, % 13.4 13.8 12.7

VBG Truck Equipment

Net turnover 225.8 193.4 757.3






Edscha Trailer Systems

Net turnover 69.5 68.5 270.5






Mobile Climate Control

Net turnover 347.5 — 101.4

Reported operating profit 28.8 — 5.0

Reported operating margin, % 8.3 — 4.9


Operating profit before items affecting comparability 28.8 — 5.0

Operating margin before items affecting comparability, % 8.3 — 5.0

Ringfeder Power Transmission

Net turnover 125.8 109.6 414.7



Items affecting comparability — — –4.8




19

ACTUAL ORGANIC GROWTH

Growth in net turnover excluding effects of structural changes, meaning acquired or divested operations, and excluding currency

effects.


Net turnover 768.6 371.6 1,543.9

Acquired volume (incl. full-year effect from preceding year) –347.5 –18.4 –150.2

Currency effect –11.5 2.6 –6.9

Net turnover excluding acquisitions and currencies 409.6 355.8 1,386.8

Actual organic growth 38.0 0.7 71.5

10.2% 0.2% 5.4%

VBG Truck Equipment

Net turnover 225.8 193.4 757.3

Acquired volume (incl. full-year effect from preceding year) — — —

Currency effect –3.7 1.4 0.7

Net turnover excluding acquisitions and currencies 222.1 194.8 758.0

Actual organic growth 28.7 6.2 60.3

14.8% 3.3% 8.6%

Edscha Trailer Systems

Net turnover 69.5 68.5 270.5




Actual organic growth –0.4 10.6 45.5

–0.5% 18.2% 20.5%

Mobile Climate Control

Net turnover 347.5 — 101.4


Currency effect — — —

Net turnover excluding acquisitions and currencies 347.5 — 101.4

Actual organic growth n.a n.a n.a

n.a n.a n.a

Ringfeder Power Transmission

Net turnover 125.8 109.6 414.7

Acquired volume (incl. full-year effect from preceding year) –18.4 –48.8



Actual organic growth 9.8 –16.2 –34.8

8.9% –15.0% –8.8%

INTEREST-BEARING NET DEBT

Interest-bearing provisions and loan liabilities less cash and cash equivalents.


Provisions for pensions 175.0 167.3 175.7

Overdraft facilities 0.0 0.0 —

Loans 989.1 21.9 1,793.1

Bank balances –295.2 –165.3 –276.4

Interest-bearing net debt 868.9 23.9 1,692.4


20

EBITDA

Operating profit before depreciation/amortisation and impairment.


Operating profit 102.7 51.1 184.0

+ Depreciation/amortisation 19.1 10.3 47.6

EBITDA 121.9 61.4 231.6

INTEREST-BEARING NET DEBT/EBITDA

Interest-bearing net debt in proportion to operating profit before depreciation/amortisation and impairment.


Interest-bearing net debt 868.9 23.9 1,692.4

EBITDA rolling 4 quarter 302.4 173.4 231.6

INTEREST-BEARING NET DEBT/EBITDA 2.87 0.14 7.31

PROFIT MARGIN

Profit after financial items as a percentage of net turnover.


Net turnover 768.6 371.6 1,543.9


PROFIT MARGIN, % 12.3 13.2 10.9


GermanyRINGFEDER POWER TRANSMISSION GMBHWerner-Heisenberg-Straße 18 DE-64823 Groß-UmstadtTel +49 6078-9385-0

RINGFEDER POWER TRANSMISSION TSCHAN GMBHPostfach 2166DE-66521 NeunkirchenTel +49 6821 866 0

Czech RepublicRINGFEDER POWER TRANSMISSION S.R.O. Oty Kovala 1172CZ-33441 DobranyTel +420 377 201 511

USARINGFEDER POWER TRANSMISSION USA CORPORATION165 Carver AvenueWestwood, NJ 07675Tel +1 201 666 3320

IndiaRINGFEDER POWER TRANSMISSION INDIA PRIVATE LTD.Plot No. 4, Door No. 220Mount Poonamallee High RoadKattuppakkamChennai–600056Tel +91 44 2679 1411

ChinaKUNSHAN RINGFEDER POWER TRANSMISSION CO., LTD.No. 10, Dexin RoadZhangpu 215321Kunshan, Jiangsu ProvinceTel +86 512 5745 3960

BrazilHENFEL INDÚSTRIA METALÚRGICA LTDA.Major Hilario Tavares Pinheiro, 3447 Cep 14871 - 300Jaboticabal, SPTel +55 16 3209 3422

VBG TRUCK EQUIPMENT

Sweden VBG GROUP TRUCK EQUIPMENT AB Box 1216SE-462 28 VänersborgTel +46 521 27 77 00

GermanyVBG GROUP TRUCK EQUIPMENT GMBHPostfach 13 06 55DE-47758 KrefeldTel +49 2151 835-0

DenmarkVBG GROUP SALES A/SIndustribuen 20–22DK-5592 EjbyTel +45 64 46 19 19

NorwayVBG GROUP SALES ASPostboks 94 LeirdalNO-1009 OsloTel +47 23 14 16 60

UKVBG GROUP SALES LIMITEDUnit 9, Willow CourtWest Quay Road, Winwick QuayWarrington, Cheshire WA2 8UFTel +44 1925 23 41 11

BelgiumVBG GROUP TRUCK EQUIPMENT NVIndustrie Zuid Zone 2.2Lochtemanweg 50BE-3580 BeringenTel +32 11 458 379

USAONSPOT OF NORTH AMERICA, INC.P.O. Box 1077North Vernon, IN 47265-5077Tel +1 800 224 2467

Branch:555 Lordship BlvdStratford, CT 06615-7124Tel +1 800 766 7768

FranceONSPOT E.U.R.L14 Route de SarrebruckFR-57645 Montoy-FlanvilleTel +33 387 763 080


Germany EUROPEAN TRAILER SYSTEMS GMBHIm Moerser Feld 1fDE-47441 MoersTel +49 2841 6070 700

Czech RepublicEUROPEAN TRAILER SYSTEMS S.R.O.Ke Gabrielce 786CZ-39470 Kamenice nad LipouTel +420 565 422 402

VBG GROUP

SwedenVBG GROUP AB (publ) Box 1216SE-462 28 VänersborgTel +46 521 27 77 00Street address: Herman Kreftings gata 4www.vbggroup.com


SwedenMOBILE CLIMATE CONTROL GROUP HOLDING ABBarnhusgatan 22SE-111 23 StockholmTel +46 8 402 21 40

MOBILE CLIMATE CONTROL SVERIGE ABBox 96SE-761 21 NorrtäljeTel +46 8–402 21 40

MOBILE CLIMATE CONTROL SVERIGE ABOdinslundsgatan 15SE-412 66 GothenburgTel +46 8 402 21 40

CanadaMOBILE CLIMATE CONTROL INC.7540 Jane St.Vaughan, OntarioL4K 0A6Tel +1 (905) 482–2750

MOBILE CLIMATE CONTROL INC.6659 Ordan DriveMississauga, OntarioL5T 1K6Tel +1 (905) 482–2750

USAMOBILE CLIMATE CONTROL CORP.P.O. Box 150Goshen, Indiana 46527Tel +1 (574) 534–1516

MOBILE CLIMATE CONTROL CORP.3189 Farmtrail RoadYork, PA 17406Tel +1 (717) 767–6531

MOBILE CLIMATE CONTROL CORP.27 Corporate Circle Suite 1East Syracuse, NY 13057Tel +1 (315) 434–1851

PolandMOBILE CLIMATE CONTROL S.P.Z.OOUl. Szwedzka 155-200 OławaTel +48 71 3013 701

ChinaNINGBO MOBILE CLIMATE CONTROL MANUFACTURING/TRADING CO., LTDNo.7 Jinxi RoadZhenhai, Ningbo, 315221Tel +86 (574)–863 085 77

South AfricaMCC AFRICA PTY (LTD)Unit 7B, Rinaldo Industrial Park50 Moreland Drive, Red Hill4071 DurbanTel +27 31 569 3971

Documents

VBG ENG Q1 2017...JANUARY–MARCH 2017 Q1 VBG Group AB (publ) in Vänersborg is the Parent Company of an international ... Other Nordic countries, 6.2% Germany, 16.4% Rest of Europe,