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BE Group AB Interim / Quarterly Report 2021
3140_10-q_2021-10-21_84781f59-700a-4122-aea7-d849a0e38040.pdf
Interim / Quarterly Report
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BE GROUP
INTERIM REPORT
BE Group AB (publ)
January – September 2021
Third quarter 2021
- Net sales increased by 85% to SEK 1,375 M (744)
- The underlying operating result increased to SEK 193 M (14)
- Inventory gains and losses amounted to SEK 26 M (-10)
- The operating result increased to SEK 219 M (4)
- Result after tax increased to SEK 175 M (-4)
- Cash flow from operating activities increased to SEK 6 M (1)
- Earnings per share increased to SEK 13.49 (-0.32)
First nine months 2021
- Net sales increased by 39% to SEK 3,878 M (2,797)
- The underlying operating result increased to SEK 394 M (84)
- Inventory gains and losses amounted to SEK 69 M (-23) and items affecting comparability to SEK 0 M (-40)
- The operating result increased to SEK 463 M (21)
- Result after tax increased to SEK 365 M (-9)
- Cash flow from operating activities amounted to SEK 147 M (189)
- Earnings per share increased to SEK 28.10 (-0.73)
| Results overview | 2021
Jul-Sep | 2020
Jul-Sep | Change | 2021
Jan-Sep | 2020
Jan-Sep | Change |
| --- | --- | --- | --- | --- | --- | --- |
| Tonnage, thousands of tonnes | 77 | 64 | 13 | 263 | 231 | 32 |
| Net sales, SEK M | 1,375 | 744 | 631 | 3,878 | 2,797 | 1,081 |
| Underlying operating result, SEK M | 193 | 14 | 179 | 394 | 84 | 310 |
| Operating result, SEK M | 219 | 4 | 215 | 463 | 21 | 442 |
| Profit/loss for the period, SEK M | 175 | -4 | 179 | 365 | -9 | 374 |
| Earnings per share, SEK | 13.49 | -0.32 | 13.81 | 28.10 | -0.73 | 28.83 |
| Cash flow from operating activities, SEK M | 6 | 1 | 5 | 147 | 189 | -42 |
BE Group, which is listed on the Nasdaq Stockholm exchange, is a trading and service company in steel, stainless steel and aluminium. BE Group offers efficient distribution and value-adding production services to customers primarily in the construction and manufacturing industries. In 2020, the Group reported sales of SEK 3.7 billion. BE Group has approximately 630 employees, with Sweden and Finland as its largest markets. The head office is located in Malmö, Sweden. Read more about BE Group at www.begroup.com.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
"BE Group once again provide a strong quarter"
Statement from the CEO
Normally, the third quarter is a weak quarter for BE Group, but continued higher demand combined with rising steel prices and higher gross margins means that BE Group once again provide a strong quarter. The operating margin amounted to 15.9%, which is by far the best since the stock exchange listing in 2006.
In relation to the corresponding quarter last year, sales increased by 85% and the underlying operating result ended up at SEK 193 M (14). Steel prices continued to rise and led to inventory gains of SEK 26 M, compared with inventory losses of SEK -10 M in the same period last year, and the operating result increased to SEK 219 M (4). Despite the sharp price increase, we continue to have good control of working capital and this led to a positive cash flow in the period.
Continued recovery
The market is continuing to recover and material prices that rose rapidly and by a lot at the end of last year have continued to rise throughout the year with a sharp increase in some product types in the third quarter. The recovery is evident in both the construction and manufacturing industries.
Counted in tonnage, the quarter's increase is 21% compared to last year, but in relation to 2018, which was a good year in terms of tonnage, it is still a decrease by around 10% so there is absolutely room for continued recovery. We are now seeing this recovery primarily among our larger customers.
Steel price trend
In total, steel prices will continue to increase in the fourth quarter, but in no way close to the price increases in the third quarter. Demand for steel is expected to be high in the coming year and the assessment is also that the transition to green steel production will require more sustainable prices for the steel producers. As prices stabilize, it is possible that a certain marginal contraction occurs when more expensive newly purchased material is sold.
Future outlook
Although we are humbly enjoying the good results for a short while, we are also continuing our hard work on constant and recurring improvements. The ambition is to continue to build a good company that is profitable in the long term with a stable foundation for the future by focusing on customer experience and sales culture. Commercial steel comprises standardized products and whoever offers the best customer experience within sustainability, competence, delivery performance and availability is on the forefront. The working name is in short customer experience. Another means of competition is service level, business integrity and proactivity. This is what we call sales culture.
Peter Andersson
President and CEO
| Bridge 2020-2021 operating result SEK M | Q1 | Q2 | Q3 | Q4 | Jan-Sep |
|---|---|---|---|---|---|
| Operating result 2020 | -4 | 21 | 4 | 18 | 21 |
| Reversal of inventory gains (-)/losses (+) | 11 | 2 | 10 | -6 | 23 |
| Items affecting comparability | 35 | 5 | - | - | 40 |
| Underlying operating result 2020 | 42 | 28 | 14 | 12 | 84 |
| Change in sales | -3 | 70 | 97 | - | 164 |
| Change in underlying gross margin | 16 | 66 | 90 | - | 172 |
| Change in overhead costs | 13 | -31 | -8 | - | -26 |
| Underlying operating result 2021 | 68 | 133 | 193 | - | 394 |
| Reversal of inventory gains (+)/losses (-) | 18 | 25 | 26 | - | 69 |
| Items affecting comparability | - | - | - | - | - |
| Operating result 2021 | 86 | 158 | 219 | - | 463 |
Comments on the report
Third quarter
The Group's consolidated net sales for the period increased by 85 percent compared to last year, amounting to SEK 1,375 M (744). The increase is mainly explained by organic tonnage growth of 21 percent, positive price and mix effects of 65 percent and negative currency effects of -1 percent. Tonnage increased strongly compared to last year when the OEM customers and subcontractors to the automotive industry sharply reduced their operations in part of the third quarter as a result of the pandemic. The positive price effect is due to sharply rising steel prices.
Increased volumes, high steel prices and inventory gains contributed to an increased gross profit of SEK 316 M (105) corresponding to a gross margin of 23.0 percent (14.1). The operating result increased to SEK 219 M (4), corresponding to an operating margin of 15.9 percent (0.5). Adjusted for inventory gains and losses of SEK 26 M (-10), the underlying operating result increased to SEK 193 M (14). The underlying operating margin during the period increased to 14.0 percent (1.8) and the improvement is explained by increased tonnage in combination with high steel prices and improved gross margin.
First nine months
During the first nine months, the Group's net sales increased by 39 percent compared to last year and amounted to SEK 3,878 M (2,797). Tonnage in business area Sweden & Poland increased by 26 percent compared to last year, while Finland & Baltics delivered 17 percent more. Rising steel prices and mix effects have affected net sales positively by 27 percent and the price trend has resulted in inventory gains. Gross profit increased to SEK 819 M (413) with a gross margin of 21.1 percent (14.8).
The operating result increased to SEK 463 M (21), corresponding to an operating margin of 11.9 percent (0.7). Adjusted for inventory gains and losses of SEK 69 M (-23) and items affecting comparability of SEK 0 M (-40), the underlying operating result increased to SEK 394 M (84). The underlying operating margin amounted to 10.1 percent (3.0) during the period.
THE GROUP'S SALES GROWTH AND UNDERLYING OPERATING RESULT PER QUARTER
THE GROUP'S GROSS MARGIN AND GROSS PROFIT PER QUARTER
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
BUSINESS AREA SWEDEN & POLAND
The business area includes the Group's operations in Sweden consisting of the companies BE Group Sverige and Lecor Stålteknik, as well as the Polish operation BE Group Poland.
Third quarter
Net sales increased by 86 percent in the third quarter compared to last year and amounted to SEK 629 M (338). The higher sales is explained by an increase in tonnage by 26 percent at the same time as steel prices were higher. The operating result increased to SEK 94 M (-8). Adjusted for inventory gains and losses of SEK 17 M (-4), the underlying operating result increased to SEK 77 M (-5).
The Swedish operations delivered a strong underlying operating result compared to last year. The result development is mainly explained by increased demand from OEM customers and steel structure suppliers, higher steel prices and improved gross margin. Our joint venture AMBE provided a strong operating result due to increased demand and high prices on thin sheets and coils. In the Polish operations and Lecor Stålteknik, profitability improved as a result of higher occupancy.
First nine months
Net sales for the first nine months increased by 40 percent compared to last year, amounting to SEK 1,881 M (1,343). Sales growth is explained by increase in tonnage of 17 percent and higher steel prices. Operating result increased to SEK 186 M (-21).
Adjusted for inventory gains and losses of SEK 46 M (-11) and items affecting comparability of SEK 0 M (-35), the underlying operating result increased to SEK 141 M (25). The recovery in demand was clear both within the construction and manufacturing industries.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
BUSINESS AREA
FINLAND & BALTICS
The business area includes the Group's operations in Finland and the three Baltic countries.
Third quarter
Compared to the third quarter last year, net sales increased by 85 percent to SEK 753 M (408). Sales growth is explained by an increase in tonnage by 17 percent at the same time as steel prices were higher. The operating result increased to SEK 126 M (13). Adjusted for inventory gains and losses of SEK 9 M (-6), the underlying operating result improved to SEK 117 M (19).
The Finnish operations provided a very strong underlying operating result compared to last year, despite limited availability of flat and thin products. The result development is explained by increased demand mainly from the manufacturing industry, higher steel prices and improved gross margin.
The Baltic operations provided a positive result through increased tonnage, higher steel prices and improved gross margin.
First nine months
Net sales for the first nine months increased by 38 percent compared to last year, amounting to SEK 2,019 M (1,460). The increase is explained by tonnage growth of 12 percent at the same time as steel prices were higher. The operating result increased to SEK 286 M (46) and adjusted for inventory gains and losses of SEK 24 M (-12) and items affecting comparability of SEK 0 M (-5), the underlying operating result increased to SEK 262 M (63). The development is attributable to high steel prices, strong gross margin and tonnage growth.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Parent Company & consolidated items
Parent Company & consolidated items include the Parent Company, Group eliminations and also parts of the Group's operations undergoing restructuring. For additional information see the Annual Report for 2020.
The effects regarding IFRS 16 were reported under Parent Company & consolidated items and have not been allocated to the two business areas.
Sales for the third quarter of the Parent Company, BE Group AB (publ), amounted to SEK 21 M (23) during the period and derived from intra-Group services. These intra-Group services mainly include central expenses for IT and business systems, the subsidiaries' use of the BE Group brand and Finance. These expenses are distributed and invoiced to all subsidiaries in the Group. In the result follow-up of the business areas, these intra-group expenses have been eliminated except for expenses for IT and business systems. Out of the total costs for the Parent Company, of SEK 10 M (9), SEK 9 M (9) was allocated to the subsidiaries. The operating result amounted to SEK 11 M (15). For the first nine months, net sales amounted to SEK 65 M (72) and the operating result to SEK 32 M (41).
Net financial items for the quarter amounted to SEK 1 M (-1). Profit before tax amounted to SEK 12 M (14) and profit after tax amounted to SEK 10 M (11). Investments in the Parent Company amounted to SEK 0 M (0). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 171 M (88).
Net financial items for the first nine months amounted to SEK 97 M (22). Profit before tax amounted to SEK 129 M (63) and profit after tax was SEK 123 M (58). Investments in the Parent Company amounted to SEK 3 M (0).
Group
Net financial items and tax
The Group's consolidated net financial items in the third quarter amounted to SEK -5 M (-7), of which net interest amounted to SEK -3 M (-5). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -2 M (-3). Net financial items for the first nine months amounted to SEK -17 M (-29) and net interest to SEK -11 M (-14), of which SEK -7 M (-9) is related to leasing according to IFRS 16.
Taxes for the third quarter amounted to SEK -39 M (-1). Profit after tax amounted to SEK 175 M (-4) and to SEK 365 M (-9) for the first nine months including items affecting comparability of SEK 0 M (-40).
Cash flow
The Group's consolidated working capital amounted to SEK 610 M (474) at the end of the period and the average working capital tied-up for the third quarter was 9.5 percent (15.6). Cash flow from operating activities amounted to SEK 6 M (1) during the quarter and to SEK 147 M (189) for the first nine months. The repayment of previously granted deferral of tax payments of approximately SEK 30 M affected cash flow negatively during the first nine months. Cash flow from investing activities amounted to SEK -6 M (-3) during the third quarter and SEK -15 M (-16) for the first nine months. Cash flow after investments thus amounted to SEK 0 M (-2) during the third quarter and SEK 132 M (173) for the first nine months.
Financial position and liquidity
At the end of the period, consolidated cash and cash equivalents, including overdraft facilities, amounted to SEK 276 M (252) and the interest-bearing net debt excl. IFRS 16 was SEK 98 M (281). Equity amounted to SEK 1,281 M (920) at the end of the period.
Organization, structure and employees
The number of employees amounted to 627 compared to 632 at the same time last year. The average number of employees during the quarter amounted to 625 (636).
THE GROUP'S CASH FLOW FROM OPERATING ACTIVITIES, SEK M
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Other information
Significant events after the end of the period
No significant events have taken place after the end of the period.
Transactions with related parties
No transactions took place between BE Group and related parties that had a material impact on the company's financial position and results.
Nomination Committee
In accordance with the company's procedures, a Nomination Committee has been appointed. The Nomination Committee consists of Petter Stillström (AB Traction), Alf Svedulf (Svedulf Fastighets AB), Johan Ahldin (The Pure Circle) and Jörgen Zahlin, Chairman of BE Group AB, who is also the convener for the Nomination Committee.
Annual General Meeting 2022
BE Group's Annual General Meeting will take place on April 21, 2022, at 4:00 pm in Malmö, Sweden. Further information will be published on the company's website.
Significant risks and uncertainties
Through its operations, BE Group is exposed to global macroeconomic factors, the competitive situation, structural changes in the market and the economy, as well as financial risks such as currency risks, interest risks, credit and counterparty risks. Within the companies of the Group, continuous processes are ongoing to identify existing risks and assess how these should be handled. The risk exposure is explained in the 2020 Annual Report, which was published in March 2021. For risks related to the consequences of Covid-19, see below.
Risks related to Covid-19 and measures taken
It is not possible to fully quantify the impact that Covid-19 may have on the company. BE Group is monitoring developments closely and is adjusting the measures that have been implemented in the Group in the short term to counteract the effects, such as Government grants, renegotiated agreements and increased control of working capital and costs. The company acts in accordance with decisions and recommendations from governments and authorities in the respective markets and with the health and wellbeing of its employees as a top priority.
Accounting principles
The interim report was prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company's interim report is prepared in compliance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
Government grants are reported at fair value when there is reasonable assurance that the grant will be received and the conditions associated with the grant will be met. Government grants relating to costs are reported in the income statement as cost reductions.
Refer to the 2020 Annual Report for details of the Group's other accounting principles and definitions of certain terms. The principles applied are unchanged in relation to the Annual Report. In other regards, the new standards and interpretations that have come into effect from the financial year 2021 have had no significant effect on the financial reporting.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Future information
Future reporting dates
BE Group AB (publ) intends to publish financial information on the following dates:
- The Year-end Report for 2021 will be published on January 27, 2022.
- The Annual Report for 2021 will be available in late March 2022.
- The Interim Report for January–March 2022 will be published on April 21, 2022.
Financial information is available in Swedish and English from BE Group’s website and can be ordered by phone +46 (0) 40 38 42 00 or e-mail: [email protected].
Malmö, October 21, 2021
BE Group AB (publ)
Peter Andersson
President and CEO
Questions concerning this report may be directed to:
Peter Andersson, President and CEO
Tel: +46 (0)706 53 76 55, e-mail: [email protected]
Christoffer Franzén, CFO
Tel: +46 (0)705 46 90 05, e-mail: [email protected]
BE Group AB (publ), Box 225, 201 22 Malmö, Sweden; Street address: Krangatan 4B
Corp. Reg. No: 556578-4724, Tel: +46 (0)40 38 42 00
[email protected], www.begroup.com
This report has been reviewed by the company’s auditors.
This information is information that BE Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above at 2:00 p.m. CET on October 21, 2021.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Auditor’s report
BE Group AB (publ). reg. no. 556578-4724
Introduction
We have reviewed the condensed interim financial information (interim report) of BE Group AB (publ) as of 30 September 2021 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Malmö, October 21, 2021
Öhrlings PricewaterhouseCoopers AB
Eva Carlsvi
Authorized Public Accountant
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Condensed consolidated income statement
| (SEK M) | Note | 2021 Jul-Sep | 2020 Jul-Sep | 2021 Jan-Sep | 2020 Jan-Sep | 2020 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|---|
| Net sales | 1,375 | 744 | 3,878 | 2,797 | 3,672 | 4,753 | |
| Cost of goods sold | 1 | -1,059 | -639 | -3,059 | -2,384 | -3,124 | -3,799 |
| Gross profit | 316 | 105 | 819 | 413 | 548 | 954 | |
| Selling expenses | 1 | -93 | -79 | -312 | -275 | -371 | -408 |
| Administrative expenses | 1 | -25 | -24 | -83 | -83 | -110 | -110 |
| Other operating income and expenses | 2 | -1 | 1 | -1 | -39 | -35 | 3 |
| Participation in joint venture | 22 | 1 | 40 | 5 | 7 | 42 | |
| Operating profit/loss | 219 | 4 | 463 | 21 | 39 | 481 | |
| Financial items | -5 | -7 | -17 | -29 | -28 | -16 | |
| Profit/loss before tax | 214 | -3 | 446 | -8 | 11 | 465 | |
| Tax | -39 | -1 | -81 | -1 | -7 | -87 | |
| Profit/loss for the period | 175 | -4 | 365 | -9 | 4 | 378 | |
| Earnings per share | 13.49 | -0.32 | 28.10 | -0.73 | 0.33 | 29.16 | |
| Earnings per share before and after dilution | 13.49 | -0.32 | 28.10 | -0.73 | 0.33 | 29.16 |
Consolidated statement of comprehensive income
| (SEK M) | 2021 Jul-Sep | 2020 Jul-Sep | 2021 Jan-Sep | 2020 Jan-Sep | 2020 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Profit/loss for the period | 175 | -4 | 365 | -9 | 4 | 378 |
| Other comprehensive income | ||||||
| Items that have, or may be, reclassified to profit/loss for the period | ||||||
| Translation differences | 5 | 3 | 11 | 7 | -21 | -17 |
| Hedging of net investments in foreign subsidiaries | - | 0 | - | 0 | 0 | 0 |
| Tax attributable to items in other comprehensive income | - | 0 | - | 0 | 0 | 0 |
| Total other comprehensive income | 5 | 3 | 11 | 7 | -21 | -17 |
| Comprehensive income for the period | 180 | -1 | 376 | -2 | -17 | 361 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Condensed consolidated balance sheet
| (SEK M) | Note | 2021 | 2020 | 2020 |
|---|---|---|---|---|
| Sep 30 | Sep 30 | Dec 31 | ||
| Goodwill | 561 | 569 | 557 | |
| Other intangible assets | 8 | 5 | 5 | |
| Tangible assets | 86 | 91 | 89 | |
| Right of use assets | 501 | 550 | 541 | |
| Investment in joint venture | 157 | 115 | 117 | |
| Financial assets | 0 | 0 | 0 | |
| Deferred tax assets | 15 | 27 | 24 | |
| Total non-current assets | 1,328 | 1,357 | 1,333 | |
| Inventories | 770 | 553 | 501 | |
| Accounts receivable | 866 | 450 | 376 | |
| Other receivables | 34 | 42 | 42 | |
| Cash and equivalents | 176 | 102 | 166 | |
| Total current assets | 1,846 | 1,147 | 1,085 | |
| Total assets | 3 | 3,174 | 2,504 | 2,418 |
| Equity | 1,281 | 920 | 905 | |
| Non-current interest-bearing liabilities | 266 | 382 | 321 | |
| Non-current leasing liabilities | 413 | 460 | 457 | |
| Provisions | 0 | 0 | 0 | |
| Deferred tax liability | 41 | 44 | 42 | |
| Total non-current liabilities | 720 | 886 | 820 | |
| Current interest-bearing liabilities | 9 | 1 | 1 | |
| Current leasing liabilities | 88 | 90 | 84 | |
| Accounts payable | 783 | 402 | 414 | |
| Other current liabilities | 277 | 169 | 162 | |
| Other current provisions | 16 | 36 | 32 | |
| Total current liabilities | 1,173 | 698 | 693 | |
| Total equity and liabilities | 3 | 3,174 | 2,504 | 2,418 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Condensed consolidated cash-flow statement
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Operating result | 219 | 4 | 463 | 21 | 39 | 481 |
| Adjustment for non-cash items | 4 | 25 | 36 | 112 | 134 | 58 |
| – of which, amortization/depreciation | 29 | 28 | 89 | 86 | 115 | 118 |
| – of which, other items | -25 | -3 | -53 | 26 | 19 | -60 |
| Interest paid/received and other financial items | -4 | -6 | -12 | -16 | -21 | -17 |
| Income tax paid | -3 | -3 | -7 | -10 | -10 | -7 |
| Change in working capital | -210 | -19 | -333 | 82 | 199 | -216 |
| Cash flow from operating activities | 6 | 1 | 147 | 189 | 341 | 299 |
| Investments in intangible assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments in tangible assets | -7 | -3 | -16 | -16 | -21 | -21 |
| Divestments of tangible assets | 1 | 0 | 1 | 0 | 0 | 1 |
| Other cash flow from investing activities | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow after investments | 0 | -2 | 132 | 173 | 320 | 279 |
| Cash flow from financing activities | -11 | 78 | -119 | -239 | -318 | -198 |
| Cash flow for the period | -11 | 76 | 13 | -66 | 2 | 81 |
| Exchange-rate difference in cash and equivalents | -3 | 0 | -3 | 0 | -4 | -7 |
| Change in cash and equivalents | -14 | 76 | 10 | -66 | -2 | 74 |
Condensed statement of changes in equity
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Equity at beginning of period | 1,101 | 921 | 905 | 922 | 922 | 920 |
| Comprehensive income for the period | 180 | -1 | 376 | -2 | -17 | 361 |
| Dividend | - | - | - | - | - | - |
| Equity at end of period | 1,281 | 920 | 1,281 | 920 | 905 | 1,281 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Note 1 Amortizations and depreciations
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Amortization of intangible assets | 0 | 1 | 2 | 2 | 3 | 3 |
| Depreciation of tangible assets | 5 | 5 | 17 | 17 | 23 | 23 |
| Depreciation of right of use assets | 24 | 22 | 70 | 67 | 89 | 92 |
| Total amortizations and depreciations | 29 | 28 | 89 | 86 | 115 | 118 |
Note 2 Items affecting comparability
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Restructuring expenses | - | - | - | -40 | -40 | - |
| Total items affecting comparability | - | - | - | -40 | -40 | - |
Note 3 Valuation of financial assets and liabilities
In all material respects fair value coincides with the carrying amount in the balance sheet for financial assets and liabilities.
The assessment of the fair value of the financial assets has been carried out in accordance with level 2, with the exception of cash and equivalents, which are valued in accordance with level 1. For additional information, see Note 31 in the 2020 Annual Report. No material changes have taken place in relation to the valuation as per December 31.
13
Segment reporting
Net sales by business area
| (SEK M) | 2021 Jul-Sep | 2020 Jul-Sep | 2021 Jan-Sep | 2020 Jan-Sep | 2020 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 629 | 338 | 1,881 | 1,343 | 1,782 | 2,320 |
| Finland & Baltics | 753 | 408 | 2,019 | 1,460 | 1,896 | 2,455 |
| Parent Company & consolidated items | -7 | -2 | -22 | -6 | -6 | -22 |
| Group | 1,375 | 744 | 3,878 | 2,797 | 3,672 | 4,753 |
Net sales by business area and product group
| 2021 | Sweden & Poland | Finland & Baltics | Parent company & consolidated items | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 Jul-Sep | 2021 Jan-Sep | 2021 Jul-Sep | 2021 Jan-Sep | 2021 Jul-Sep | 2021 Jan-Sep | 2021 Jul-Sep | 2021 Jan-Sep | Rolling 12 months | |
| Long steel products | 312 | 932 | 211 | 563 | 0 | 0 | 523 | 1,495 | 1,833 |
| Flat steel products | 196 | 562 | 379 | 1,026 | 0 | 0 | 575 | 1,588 | 1,928 |
| Stainless steel | 82 | 258 | 115 | 293 | 0 | 0 | 197 | 551 | 680 |
| Aluminium | 17 | 56 | 37 | 106 | 0 | 0 | 54 | 162 | 200 |
| Other | 22 | 73 | 11 | 31 | -7 | -22 | 26 | 82 | 112 |
| Total | 629 | 1,881 | 753 | 2,019 | -7 | -22 | 1,375 | 3,878 | 4,753 |
| 2020 | Sweden & Poland | Finland & Baltics | Parent company & consolidated items | Total | |||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2020 Jul-Sep | 2020 Jan-Sep | 2020 Jul-Sep | 2020 Jan-Sep | 2020 Jul-Sep | 2020 Jan-Sep | 2020 Jul-Sep | 2020 Jan-Sep | 2020 Full-year | |
| Long steel products | 167 | 636 | 110 | 389 | 0 | 0 | 277 | 1,025 | 1,363 |
| Flat steel products | 95 | 387 | 190 | 701 | 0 | 0 | 285 | 1,088 | 1,428 |
| Stainless steel | 49 | 211 | 77 | 271 | 0 | 0 | 126 | 482 | 611 |
| Aluminium | 12 | 44 | 27 | 88 | 0 | 0 | 39 | 132 | 170 |
| Other | 15 | 65 | 4 | 11 | -2 | -6 | 17 | 70 | 100 |
| Total | 338 | 1,343 | 408 | 1,460 | -2 | -6 | 744 | 2,797 | 3,672 |
Net sales by country based on customer's domicile
| (SEK M) | 2021 Jul-Sep | 2020 Jul-Sep | 2021 Jan-Sep | 2020 Jan-Sep | 2020 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden | 615 | 333 | 1,844 | 1,312 | 1,743 | 2,275 |
| Finland | 660 | 362 | 1,749 | 1,307 | 1,681 | 2,123 |
| Other | 100 | 49 | 285 | 178 | 248 | 355 |
| Group | 1,375 | 744 | 3,878 | 2,797 | 3,672 | 4,753 |
Shipped tonnage per segment
| (Thousands of thonnes) | 2021 Jul-Sep | 2020 Jul-Sep | 2021 Jan-Sep | 2020 Jan-Sep | 2020 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 36 | 28 | 126 | 108 | 144 | 162 |
| Finland & Baltics | 42 | 36 | 139 | 124 | 164 | 179 |
| Parent Company & consolidated items | -1 | 0 | -2 | -1 | -1 | -2 |
| Group | 77 | 64 | 263 | 231 | 307 | 339 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Operating result (EBIT) per segment
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Jun | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Sweden & Poland | 94 | -8 | 186 | -21 | -14 | 193 |
| Finland & Baltics | 126 | 13 | 286 | 46 | 63 | 303 |
| Parent Company & consolidated items | -1 | -1 | -9 | -4 | -10 | -15 |
| Group | 219 | 4 | 463 | 21 | 39 | 481 |
Operating margin per segment
| | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Sweden & Poland | 14.9% | -2.5% | 9.9% | -1.6% | -0.8% | 8.3% |
| Finland & Baltics | 16.6% | 3.1% | 14.1% | 3.1% | 3.3% | 12.3% |
| Parent Company & consolidated items | neg | neg | neg | neg | neg | neg |
| Group | 15.9% | 0.5% | 11.9% | 0.7% | 1.1% | 10.1% |
Underlying operating result (uEBIT) per segment 1)
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Sweden & Poland | 77 | -5 | 141 | 25 | 32 | 148 |
| Finland & Baltics | 117 | 19 | 262 | 63 | 74 | 273 |
| Parent Company & consolidated items | -1 | 0 | -9 | -4 | -10 | -15 |
| Group | 193 | 14 | 394 | 84 | 96 | 406 |
Underlying operating margin per segment 2)
| | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Sweden & Poland | 12.1% | -1.4% | 7.5% | 1.9% | 1.8% | 6.4% |
| Finland & Baltics | 15.5% | 4.5% | 13.0% | 4.3% | 3.9% | 11.1% |
| Parent Company & consolidated items | neg | neg | neg | neg | neg | neg |
| Group | 14.0% | 1.8% | 10.1% | 3.0% | 2.6% | 8.5% |
Depreciation per segment
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Sweden & Poland | 4 | 3 | 12 | 9 | 13 | 16 |
| Finland & Baltics | 2 | 3 | 8 | 10 | 13 | 11 |
| Parent Company & consolidated items | 23 | 22 | 69 | 67 | 89 | 91 |
| Group | 29 | 28 | 89 | 86 | 115 | 118 |
Investments in tangible and intangible assets per segment
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Sweden & Poland | 4 | 3 | 8 | 15 | 17 | 10 |
| Finland & Baltics | 3 | 0 | 5 | 1 | 2 | 6 |
| Parent Company & consolidated items | 0 | 0 | 3 | 0 | 2 | 5 |
| Group | 7 | 3 | 16 | 16 | 21 | 21 |
1) Operating profit/loss (EBIT) adjusted for inventory gains and losses and items affecting comparability. Inventory gains and losses are the differences between the cost of goods sold at acquisition value and the cost of goods sold at replacement cost. The Group's internal model is used to calculate inventory gains and losses and has not been subject for review by the Group's auditor.
2) Underlying operating result (uEBIT) as a percentage of net sales.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Key data
| (SEK M unless otherwise stated) | 2021Jul-Sep | 2020Jul-Sep | 2021Jan-Sep | 2020Jan-Sep | 2020Full-year | Rolling12 months |
|---|---|---|---|---|---|---|
| Net sales | 1,375 | 744 | 3,878 | 2,797 | 3,672 | 4,753 |
| Earnings measurements | ||||||
| Gross result | 316 | 105 | 819 | 413 | 548 | 954 |
| Underlying gross result | 301 | 114 | 769 | 434 | 563 | 898 |
| Operating result (EBIT) | 219 | 4 | 463 | 21 | 39 | 481 |
| Underlying operating result (uEBIT) | 193 | 14 | 394 | 84 | 96 | 406 |
| Margin measurements | ||||||
| Gross margin | 23.0% | 14.1% | 21.1% | 14.8% | 14.9% | 20.1% |
| Underlying gross margin | 21.9% | 15.3% | 19.8% | 15.5% | 15.3% | 18.9% |
| Operating margin | 15.9% | 0.5% | 11.9% | 0.7% | 1.1% | 10.1% |
| Underlying operating margin | 14.0% | 1.8% | 10.1% | 3.0% | 2.6% | 8.5% |
| Capital structure | ||||||
| Net debt excl. IFRS 16 1) | 98 | 281 | 98 | 281 | 156 | 98 |
| Net debt/equity ratio excl. IFRS 16 1) | 8% | 30% | 8% | 30% | 17% | 8% |
| Working capital at end of period | 610 | 474 | 610 | 474 | 343 | 610 |
| Working capital (average) | 523 | 464 | 441 | 499 | 468 | 448 |
| Capital employed (average) excl. IFRS 16 1) | 1,467 | 1,258 | 1,393 | 1,323 | 1,305 | 1,376 |
| Working capital tied-up | 9.5% | 15.6% | 8.5% | 13.4% | 12.8% | 9.4% |
| Return | ||||||
| Return on capital employed excl. IFRS 16 1) | 59.1% | 0.5% | 43.6% | 1.3% | 2.3% | 34.3% |
| Per share data | ||||||
| Earnings per share (SEK) | 13.49 | -0.32 | 28.10 | -0.73 | 0.33 | 29.16 |
| Earnings per share after dilution (SEK) | 13.49 | -0.32 | 28.10 | -0.73 | 0.33 | 29.16 |
| Equity per share (SEK) | 98.68 | 70.87 | 98.68 | 70.87 | 69.73 | 98.68 |
| Cash flow from operating activities per share (SEK) | 0.50 | 0.06 | 11.36 | 14.56 | 26.28 | 23.08 |
| Shares outstanding at period end (thousands) | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Number of shares (thousands) before and after dilution | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Growth | ||||||
| Sales growth | 85% | -24% | 39% | -17% | -16% | 26% |
| - of which organic tonnage growth | 21% | -16% | 14% | -11% | -10% | 10% |
| - of which price and mix changes | 65% | -6% | 27% | -5% | -5% | 18% |
| - of which currency effects | -1% | -2% | -2% | -1% | -1% | -2% |
| Other | ||||||
| Average number of employees | 625 | 636 | 619 | 636 | 633 | 628 |
| Inventory gains and losses | 26 | -10 | 69 | -23 | -17 | 75 |
| Shipped tonnage (thousands of tonnes) | 77 | 64 | 263 | 231 | 307 | 339 |
1) To visualize the development of BE Group's financial position, some information is in the key figure overview that is not defined in IFRS. A reconciliation/bridge between alternative performance measures used in this report and the closest IFRS measure is presented under Alternative performance measures.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Condensed parent company income statement
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Net sales | 21 | 23 | 65 | 72 | 79 | 72 |
| Administrative expenses | -10 | -9 | -33 | -32 | -42 | -43 |
| Other operating income and expenses | 0 | 1 | 0 | 1 | 16 | 15 |
| Operating profit/loss | 11 | 15 | 32 | 41 | 53 | 44 |
| Financial items | 1 | -1 | 97 | 22 | 37 | 112 |
| Profit/loss after financial items | 12 | 14 | 129 | 63 | 90 | 156 |
| Appropriations | – | – | – | – | -15 | -15 |
| Profit/loss before tax | 12 | 14 | 129 | 63 | 75 | 141 |
| Tax | -2 | -3 | -6 | -5 | -2 | -3 |
| Profit/loss for the period, or comprehensive income for the period | 10 | 11 | 123 | 58 | 73 | 138 |
Condensed parent company balance sheet
| (SEK M) | 2021
Sep 30 | 2020
Sep 30 | 2020
Dec 31 |
| --- | --- | --- | --- |
| Intangible assets | 5 | 1 | 1 |
| Tangible assets | 0 | 0 | 2 |
| Financial assets | 900 | 905 | 906 |
| Total non-current assets | 905 | 906 | 909 |
| Current receivables | 96 | 167 | 108 |
| Cash and equivalents | 171 | 88 | 152 |
| Total current assets | 267 | 255 | 260 |
| Total assets | 1,172 | 1,161 | 1,169 |
| Equity | 838 | 699 | 715 |
| Non-current liabilities | 210 | 312 | 305 |
| Current liabilities | 124 | 150 | 149 |
| Total equity and liabilities | 1,172 | 1,161 | 1,169 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Key data – multi-quarter summary
| (SEK M unless otherwise stated) | 2021 Jul-Sep | 2021 Apr-Jun | 2021 Jan-Mar | 2020 Oct-Dec | 2020 Jul-Sep | 2020 Apr-Jun | 2020 Jan-Mar | 2019 Oct-Dec | 2019 Jul-Sep |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1,375 | 1,403 | 1,100 | 875 | 744 | 935 | 1,118 | 984 | 977 |
| Earnings measurements | |||||||||
| Gross result | 316 | 296 | 207 | 135 | 105 | 138 | 170 | 138 | 137 |
| Underlying gross result | 301 | 275 | 193 | 129 | 114 | 140 | 180 | 138 | 136 |
| Operating result (EBIT) | 219 | 158 | 86 | 18 | 4 | 21 | -4 | 8 | 14 |
| Underlying operating result (uEBIT) | 193 | 133 | 68 | 12 | 14 | 28 | 42 | 9 | 13 |
| Margin measurements | |||||||||
| Gross margin | 23.0% | 21.1% | 18.9% | 15.5% | 14.1% | 14.7% | 15.2% | 14.0% | 14.0% |
| Underlying gross margin | 21.9% | 19.6% | 17.5% | 14.8% | 15.3% | 14.9% | 16.1% | 14.1% | 13.9% |
| Operating margin | 15.9% | 11.3% | 7.8% | 2.1% | 0.5% | 2.2% | -0.4% | 0.8% | 1.5% |
| Underlying operating margin | 14.0% | 9.5% | 6.1% | 1.4% | 1.8% | 3.0% | 3.8% | 0.9% | 1.4% |
| Capital structure | |||||||||
| Net debt excl. IFRS 16 1) | 98 | 75 | 124 | 156 | 281 | 254 | 322 | 373 | 431 |
| Net debt/equity ratio excl. IFRS 16 1) | 8% | 7% | 13% | 17% | 30% | 27% | 34% | 40% | 46% |
| Working capital at end of period | 610 | 434 | 376 | 343 | 474 | 455 | 520 | 549 | 608 |
| Working capital (average) | 523 | 405 | 360 | 409 | 464 | 487 | 534 | 578 | 580 |
| Capital employed (average) excl. IFRS 16 1) | 1,467 | 1,387 | 1,318 | 1,272 | 1,258 | 1,258 | 1,389 | 1,463 | 1,477 |
| Working capital tied-up | 9.5% | 7.2% | 8.2% | 11.7% | 15.6% | 13.0% | 11.9% | 14.7% | 14.8% |
| Return | |||||||||
| Return on capital employed excl. IFRS 16 1) | 59.1% | 44.9% | 25.1% | 5.1% | 0.5% | 5.8% | -1.2% | 1.5% | 4.0% |
| Per share data | |||||||||
| Earnings per share (SEK) | 13.49 | 9.74 | 4.88 | 1.06 | -0.32 | 1.34 | -1.75 | 0.57 | 0.30 |
| Earnings per share after dilution (SEK) | 13.49 | 9.74 | 4.88 | 1.06 | -0.32 | 1.34 | -1.75 | 0.57 | 0.30 |
| Equity per share (SEK) | 98.68 | 84.82 | 75.55 | 69.73 | 70.87 | 70.92 | 72.19 | 71.05 | 71.80 |
| Cash flow from operating activities per share (SEK) | 0.50 | 6.24 | 4.62 | 11.72 | 0.06 | 7.32 | 7.18 | 6.50 | -1.03 |
| Shares outstanding at period end (thousands) | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Number of shares (thousands) before and after dilution | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Growth | |||||||||
| Sales growth | 85% | 50% | -2% | -11% | -24% | -22% | -7% | -15% | -12% |
| - of which organic tonnage growth | 21% | 28% | -3% | -1% | -16% | -17% | -5% | -17% | -11% |
| - of which price and mix changes | 65% | 25% | 4% | -8% | -6% | -5% | -3% | 1% | -2% |
| - of which currency effects | -1% | -3% | -3% | -2% | -2% | 0% | 1% | 1% | 1% |
| Other | |||||||||
| Average number of employees | 625 | 616 | 613 | 625 | 636 | 637 | 637 | 644 | 646 |
| Inventory gains and losses | 26 | 25 | 18 | 6 | -10 | -2 | -11 | -1 | 1 |
| Shipped tonnage (thousands of tonnes) | 77 | 98 | 88 | 76 | 64 | 77 | 90 | 77 | 75 |
1) To visualize the development of BE Group's financial position, some information is in the key figure overview that is not defined in IFRS. A reconciliation/bridge between alternative performance measures used in this report and the closest IFRS measure is presented under Alternative performance measures.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Alternative performance measures
The Group uses a number of alternative performance measures in its report. The alternative performance measures that BE Group considers significant are the following:
Underlying operating result (uEBIT)
| (SEK M) | 2021
Jul-Sep | 2020
Jul-Sep | 2021
Jan-Sep | 2020
Jan-Sep | 2020
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Operating result | 219 | 4 | 463 | 21 | 39 | 481 |
| Reversal of inventory gains (-)/losses (+) | -26 | 10 | -69 | 23 | 17 | -75 |
| Adjustment for items affecting comparability | – | – | – | 40 | 40 | – |
| Group | 193 | 14 | 394 | 84 | 96 | 406 |
Working capital
| (SEK M) | 2021
Sep 30 | 2020
Sep 30 | 2020
Dec 31 |
| --- | --- | --- | --- |
| Inventories | 770 | 553 | 501 |
| Accounts receivable | 866 | 450 | 376 |
| Other receivables | 34 | 42 | 42 |
| Deduction accounts payable | -783 | -402 | -414 |
| Deduction other current liabilities | -277 | -169 | -162 |
| Rounding | – | – | – |
| Group | 610 | 474 | 343 |
Average working capital is an average for each period based on quarterly data.
Net debt excl. IFRS 16
| (SEK M) | 2021
Sep 30 | 2020
Sep 30 | 2020
Dec 31 |
| --- | --- | --- | --- |
| Non-current interest-bearing liabilities and leasing liabilities | 679 | 842 | 778 |
| Current interest-bearing liabilities and leasing liabilities | 97 | 91 | 85 |
| Deduction leasing liabilities | -501 | -550 | -541 |
| Deduction financial assets | 0 | 0 | 0 |
| Deduction cash and equivalents | -176 | -102 | -166 |
| Rounding | -1 | – | – |
| Group | 98 | 281 | 156 |
Net debt/equity ratio excl. IFRS 16 is calculated as net debt excl. IFRS 16 divided by Equity.
Capital employed excl. IFRS 16
| (SEK M) | 2021
Sep 30 | 2020
Sep 30 | 2020
Dec 31 |
| --- | --- | --- | --- |
| Equity excl. IFRS 16 | 1,287 | 926 | 912 |
| Non-current interest-bearing liabilities and leasing liabilities | 679 | 842 | 778 |
| Current interest-bearing liabilities and leasing liabilities | 97 | 91 | 85 |
| Deduction leasing liabilities | -501 | -550 | -541 |
| Rounding | – | – | – |
| Group | 1,562 | 1,309 | 1,234 |
Average capital employed excl. IFRS 16 is an average for each period based on quarterly data.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
Definitions of key data
Adjusted results measurements
| Underlying gross result | The underlying gross result is the reported gross result adjusted for inventory gains and losses (deductions for gains and additions for losses). |
|---|---|
| Underlying operating result (uEBIT) | Operating result (EBIT) before items affecting comparability adjusted for inventory gains and losses (deductions for gains and additions for losses). |
| Items affecting comparability | Items that do not have any link to the normal operations of the Group or that are of a non-recurring nature, where a reporting together with other items in the consolidated comprehensive income statement would have given a comparison distortion effect that would have made it difficult to judge the development of the ordinary operations for an outside viewer. |
| Adjusted margin measurements | |
| Underlying gross margin | Underlying gross result as a percentage of net sales. |
| Underlying operating margin | Underlying operating result (uEBIT) as a percentage of net sales. |
| Capital structure | |
| Net debt excl. IFRS 16 | Interest-bearing liabilities excluding leasing liabilities acc. to IFRS 16 less cash and equivalents and financial assets. |
| Net debt/equity ratio excl. IFRS 16 | Net debt excl. IFRS 16 divided by equity excl. IFRS 16. |
| Working capital | Inventories and current receivables less current liabilities, excluding provisions and interest-bearing liabilities. |
| Working capital (average) | Inventories and current receivables less current liabilities, excluding provisions and interest-bearing liabilities. This measure represents an average for each period based on quarterly data. |
| Capital employed excl. IFRS 16 | Equity excl. IFRS 16 plus interest-bearing liabilities excl. leasing liabilities acc. to IFRS 16. |
| Capital employed (average) excl. IFRS 16 | Equity excl. IFRS 16 plus interest-bearing liabilities excl. leasing liabilities acc. to IFRS 16. This measure represents an average for each period based on quarterly data. |
| Working capital tied-up | Average working capital, as a percentage of annually adjusted net sales. |
| Return on capital | |
| Return on capital employed excl. IFRS 16 | Annually adjusted operating result excl. IFRS 16, as a percentage of average capital employed excl. IFRS 16. |
| Per share data | |
| Earnings per share | Profit/loss for the period divided by the average number of shares outstanding during the period. |
| Equity per share | Equity divided by the number of shares outstanding at the end of the period. |
| Cash flow per share from operating activities | Cash flow from operating activities divided by the average number of shares for the period. |
| Shares outstanding at the end of the period | Shares outstanding at the end of the period adjusted for rights issues and share splits. |
| Average number of shares | Weighted average number of shares outstanding during the period, adjusted for rights issued and share splits. |
| Growth | |
| Sales growth | Change in net sales from the preceding period in percent. |
| Other | |
| Inventory gains and losses | The difference between the cost of goods sold at acquisition value and the cost of goods sold at replacement cost. |
Please refer to the 2020 annual report for other definitions of key data.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim Report January-September 2021
About BE Group
A leading steel service company in Northern Europe
BE Group is a trading and service company in the steel and metal industry. Customers mainly operate in the construction and manufacturing industries in Sweden, Finland and the Baltic States, where BE Group is one of the market's leading actors.
With extensive expertise and efficient processes in purchasing, logistics and production, BE Group offers inventory sales, production service and direct deliveries to customers based on their specific needs for steel and metal products. BE Group has approximately 630 employees and sales of SEK 3.7 billion in 2020. The head office is located in Malmö, Sweden.
BUSINESS IDEA
BE Group is an independent efficient distributor of steel, stainless steel, aluminum and value adding services to Nordic manufacturing and construction companies.
Number of employees
approx. 630
Net sales
SEK 3.7
billion
21