AUDITOR’S REPORT
AUDITOR’S REPORT To the annual meeting of the shareholders of NIBE Industrier AB (publ), Corporate ID no. 556374-8309
Report on the annual report and consolidated financial statements Opinions
Key audit matters
We have audited the annual accounts and consolidated accounts of NIBE Industrier AB (publ) for the 2021 financial year. The annual report and consolidated financial statements of the company are included in the printed version of this document on pages 77–140 and 178. In our opinion, the annual report has been prepared in accordance with the Annual Accounts Act and presents fairly, in all material respects, the financial position of the parent as of 31 December 2021 and of its financial performance and its cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated financial statements have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the Group as of 31 December 2021 and of its financial performance and cash flow in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, and the Annual Accounts Act. The statutory Administration Report is consistent with the other parts of the annual report and the consolidated financial statements. We therefore recommend that the annual meeting of shareholders adopt the income statement and balance sheet for the parent and the Group. Our opinions in this report on the annual report and the consolidated financial statements are consistent with the content of the supplementary report submitted to the parent's Board in accordance with Article 11 of EU Regulation 537/2014 on statutory audits.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the annual report and consolidated financial statements for the current period. These matters were addressed in the context of our audit of, and our opinion on, the annual report and consolidated financial statements as a whole, but we do not provide a separate opinion on these matters.
Basis for our opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibility under these standards is described in further detail in the ‘Auditor’s responsibility’ section. We are independent of the parent and the Group in accordance with professional ethics for accountants in Sweden and have fulfilled our ethical responsibility under these standards This means that, based on our best knowledge and belief, no prohibited services referred to in Article 5 (1) of EU regulation 537/2014 on statutory audits were provided to the audited company or, as the case may be, its parent or its companies under its control within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Group assets 11 %
See Note 14 and the consolidated financial statements for detailed information and a description of this matter.
Description of the matter As at 31 December 2021, the Group had goodwill of SEK 15.453 million, representing 36% of total assets. Every year, goodwill must be subject to at least one impairment test which contains both complexity and significant features of assessments from the Group management. Under the existing rules, the test must be performed using a technique in which the management makes future assessments of the business’s internal and external conditions and plans. Examples of such assessments are future receipts and payments, which require assumptions about future market conditions, among other things. Another important assumption is the discount rate that should be used to show that future assessed receipts are subject to risk and are thus worth less than the cash and cash equivalents that are directly available to the Group.
Response in the audit We have studied the company’s impairment tests to assess whether they were performed in accordance with the technique prescribed. We have also assessed the reasonableness of the future receipts and payments and the assumed discount rates by studying and evaluating management’s written documentation and plans. We have also interviewed the management and evaluated previous years’ assessments in relation to actual outcomes. We have consulted our own valuation specialists in order to ensure experience and expertise in this area. It has also been an important part of our work to evaluate how changes in assumptions may affect the valuation, i.e. a critical evaluation of the Group’s sensitivity analysis. We have also checked the completeness of the information in the annual report and assessed whether the information matches the assumptions applied by the company in its impairment test and whether the information is extensive enough to understand the assessments made by the company management.
Other assets
53 % 36%
Valuation of goodwill
Goodwill Other intangible assets
NIBE INDUSTRIER AB ANNUAL REPORT 2021
179
