Nordic Waterproofing

Nordic Waterproofing

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Nordic Waterproofing - ESG profile

25 september 2020

Recent acquisitions offset footprint of legacy business
The Nordic waterproofing market has been stable over time in terms of materials used. Approximately 85-90% of all roofs have oil-based bitumen roofing felt. Given the demanding environment in the Nordic region, we believe this material will continue to be used, although certain components may come to be substituted for renewable options. As such, many of NWG’s products rely on fossil fuels, as these are currently essential for Nordic roofs, and we see few possibilities for substitution at present. Nevertheless, the company's recent acquisitions in wooden prefabricated elements that substitute for inorganic building materials allow the company to achieve implied net reductions in CO2 emissions. This is because the wood binds more CO2 than do emissions from the traditional business of producing fossil fuel-based materials. In addition, Veg Tech’s green roofing products can absorb heavy downpours while benefitting from the increasing trend of ‘greener’ urban environments.

Focus on being an attractive employer in a safe environment
All of NWG’s units apply environmental management systems to actively reduce energy consumption and emissions. About 45% of energy consumption stems from electricity, 5% from district heating and ~50% from natural gas. We lack employee turnover data, but NWG has a strong focus on training programmes and trainee positions due to difficulties recruiting skilled labour. Given the personnel intensity of Installation Services, we see NWG having the potential to sustain growth and profitability if it can find and train younger talent. NWG’s UN Global Compact-derived code of conduct and declining number of accidents per million work hours should boost employer attractiveness.

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