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BE Group AB Interim / Quarterly Report 2023
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Interim / Quarterly Report
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BE
BE GROUP
INTERIM REPORT
BE Group AB (publ)
January – June 2023
Second quarter 2023
- Net sales decreased by 31% to SEK 1,406 M (2,044)
- The underlying operating result amounted to SEK 33 M (291)
- The operating result amounted to SEK 26 M (313), including inventory gains and losses of SEK -7 M (22)
- Result after tax amounted to SEK 19 M (251)
- Cash flow from operating activities increased to SEK 132 M (127)
- Earnings per share amounted to SEK 1.47 (19.30)
- A new credit agreement has been signed with a credit facility of SEK 775 M
First six months 2023
- Net sales decreased by 24% to SEK 2,964 M (3,889)
- The underlying operating result amounted to SEK 43 M (471)
- The operating result amounted to SEK 27 M (497), including inventory gains and losses of SEK -16 M (26)
- Result after tax amounted to SEK 16 M (399)
- Cash flow from operating activities increased to SEK 358 M (235)
- Earnings per share amounted to SEK 1.25 (30.71)
"The reason for the weak result is, as in the last quarter, a decline in tonnage of 18% and a price reduction of 17% compared to the second quarter last year which pushed down the gross margin. The Group’s main operations in Sweden and Finland has, as a consequence of changes in the surrounding world, lost significant turnover which led to the Group ending up on an unacceptably low profitability level. BE Group has increased focus on measures to enhance efficiency and margin. The ambition is that the company should be profitable regardless of the economic situation or factors from the surrounding world"
Peter Andersson, President and CEO
| Results overview | 2023 Apr-Jun | 2022 Apr-Jun | Change | 2023 Jan-Jun | 2022 Jan-Jun | Change |
|---|---|---|---|---|---|---|
| Tonnage, thousands of tonnes | 73 | 88 | -15 | 154 | 180 | -26 |
| Net sales, SEK M | 1,406 | 2,044 | -638 | 2,964 | 3,889 | -925 |
| Underlying operating result, SEK M | 33 | 291 | -258 | 43 | 471 | -428 |
| Operating result, SEK M | 26 | 313 | -287 | 27 | 497 | -470 |
| Profit/loss for the period, SEK M | 19 | 251 | -232 | 16 | 399 | -383 |
| Earnings per share, SEK | 1.47 | 19.30 | -17.83 | 1.25 | 30.71 | -29.46 |
| Cash flow from operating activities, SEK M | 132 | 127 | 5 | 358 | 235 | 123 |
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 2022, the Group reported sales of SEK 6.9 billion. BE Group has approximately 650 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-June 2023
"BE Group has increased focus on measures to enhance efficiency and margin"
Statement from the CEO
Reduced demand, mainly from the construction industry, led to a decrease in net sales of 31% during the second quarter to SEK 1,406 M (2,044). This, together with gross margins under pressure, led to a decrease in underlying operating result to SEK 33 M (291). Inventory losses amounted to SEK -7 M (22) and consequently the operating result amounted to SEK 26 M (313). However, the cash flow was strong and amounted to SEK 132 M (127) from operating activities, primarily by adapting inventory levels. For the first six months, cash flow amounted to SEK 358 M (235).
The reason for the weak result is, as in the last quarter, a decline in tonnage of 18% and a price reduction of 17% compared to the second quarter last year which pushed down the gross margin.
The Group’s main operations in Sweden and Finland has, as a consequence of changes in the surrounding world, lost significant turnover which led to the Group ending up on an unacceptably low profitability level. BE Group has increased focus on measures to enhance efficiency and margin. The ambition is that the company should be profitable regardless of the economic situation or factors from the surrounding world.
Outlook
Spot prices for long products fell somewhat in the second quarter and are expected to remain relatively stable from the current level in the third quarter. Flat products rose in the first quarter, peaking in April and then falling again. The price level in the third quarter is expected to be in line with the current price level, which is confirmed by analyst firms.
Demand in the third quarter is expected to overall be in line with the second quarter, adjusted for the holiday period. Given the tight market conditions, the gross margin is expected to remain under pressure.
Investment in the future
Decided investments are running according to plan and the fully automated saw and machining line for long products at BE Group's Turku facility was finalized during the quarter.
In addition, decision has been made to invest in a transition to water-based paint at the Norrköping facility. The investment is of a minor nature but an important piece of the puzzle in our sustainability work. The investment leads to a significant increase in capacity, which strengthens the company's offering in the form of shorter lead times. The project will be completed by the end of the year.
In May, it was announced that we had signed a cooperation agreement with SSAB regarding fossil-free steel for the Finnish market and in June, a new long-term credit agreement of SEK 775 M was signed with SEB. Different kind of investments, but nonetheless very important.
Peter Andersson
President and CEO
| Bridge 2022-2023 operating result SEK M | Q1 | Q2 | Q3 | Q4 | Jan-Jun |
|---|---|---|---|---|---|
| Operating result 2022 | 184 | 313 | 40 | -119 | 497 |
| Reversal of inventory gains (-)/losses (+) | -4 | -22 | 27 | 69 | -26 |
| Underlying operating result 2022 | 180 | 291 | 67 | -50 | 471 |
| Change in sales | -50 | -139 | - | - | -189 |
| Change in underlying gross margin | -112 | -126 | - | - | -238 |
| Change in overhead costs | -8 | 7 | - | - | -1 |
| Underlying operating result 2023 | 10 | 33 | - | - | 43 |
| Reversal of inventory gains (+)/losses (-) | -9 | -7 | - | - | -16 |
| Operating result 2023 | 1 | 26 | - | - | 27 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Comments on the report
Second quarter
The Group's consolidated net sales for the period decreased by 31 percent compared to last year, amounting to SEK 1,406 M (2,044). The decline is explained by organic tonnage growth of -18 percent, price and mix effects of -17 percent and divestments of -1 percent, partly compensated by positive currency effects of 5 percent. The economic slowdown and rising interest rates have contributed to reduced demand and a sharp slowdown in the construction industry, while demand from the manufacturing industry and OEM customers remains stable.
Reduced demand and lower steel prices combined with the sale of high priced inventory, pressured gross profit to SEK 172 M (458) which resulted in a gross margin of 12.3 percent (22.4). The operating result amounted to SEK 26 M (312), corresponding to an operating margin of 1.9 percent (15.3). Adjusted for inventory gains and losses of SEK -7 M (22), the underlying operating result amounted to SEK 33 M (291). During the period, the underlying operating margin amounted to 2.4 percent (14.2).
Steel prices in the second quarter were relatively stable, resulting in the gross margin improving by 2 percentage points compared with the first quarter.
First six months
During the first six months, the Group's net sales decreased by 24 percent compared to last year and amounted to SEK 2,964 M (3,889). Tonnage in business area Sweden & Poland decreased organically by -24 percent and Finland & Baltics delivered -12 percent less. Gross profit amounted to SEK 331 M (785) and the gross margin amounted to 11.2 percent (20.2).
The operating result amounted to SEK 27 M (497), corresponding to an operating margin of 0.9 percent (12.8). Adjusted for inventory gains and losses of SEK -16 M (26), the underlying operating result amounted to SEK 43 M (471). During the period, the underlying operating margin amounted to 1.5 percent (12.1).
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-June 2023
The business area includes the Group's operations in Sweden consisting of the companies BE Group Sverige, BE Group Produktion Arvika, the joint venture ArcelorMittal BE Group SSC AB as well as the Polish operation BE Group Poland. Lecor Stålteknik was divested on July 1, 2022.
Second quarter
Net sales decreased by 33 percent in the second quarter compared to last year and amounted to SEK 690 M (1,032). The decline is explained by organic tonnage growth of -24 percent, price and mix effects of -8 percent and acquisitions and divestments of -1 percent. The operating result amounted to SEK 11 M (130). Adjusted for inventory gains and losses of SEK -10 M (17), the underlying operating result amounted to SEK 20 M (113).
The Swedish operations provided a weak underlying operating result compared with the previous year, which is a direct consequence of a sharp decrease in demand in the construction industry and lower steel prices resulting in a gross margin under continued pressure. In the second quarter, there was a modest increase in steel prices compared with the first quarter, which led to a slightly better gross margin.
Our joint venture AMBE delivered slightly lower volumes and operating result. This was due to lower steel prices compared with the previous year. Slightly higher steel prices compared with the first quarter strengthened the gross margin.
First six months
Net sales for the first six months decreased by 21 percent compared to last year, amounting to SEK 1,480 M (1,874). The decline is explained by organic tonnage growth of -18 percent and price and mix effects of -3 percent. Operating result amounted to SEK 13 M (206). Adjusted for inventory gains and losses of SEK -28 M (24), the underlying operating result amounted to SEK 40 M (182).
BUSINESS AREA SWEDEN & POLAND, SALES GROWTH AND UNDERLYING OPERATING RESULT PER QUARTER
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
BUSINESS AREA FINLAND & BALTICS
The business area includes the Group's operations in Finland and the three Baltic countries.
Second quarter
Net sales decreased by 28 percent compared to the second quarter last year amounting to SEK 727 M (1,015). The decline is explained by price and mix effects of -27 percent and organic tonnage growth of -12 percent partly compensated by positive currency effects of 9 percent. The operating result amounted to SEK 16 M (187). Adjusted for inventory gains and losses of SEK 2 M (5), the underlying operating result amounted to SEK 12 M (181).
The Finnish operations generated a weak underlying operating result compared to last year as a consequence of significantly lower steel prices and a gross margin under continued pressure which is explained by high priced inventory being sold. Slightly higher steel prices compared to the last quarter contributed to a strengthened gross margin.
The Baltic operations provided a continued negative result, which is explained by low demand in combination with lower steel prices which put pressure on gross margin.
First six months
Net sales for the first six months decreased by 26 percent compared to last year, amounting to SEK 1,509 M (2,028). The decline is explained by price and mix effects of -20 percent and organic tonnage growth of -15 percent partly compensated by positive currency effects of 8 percent. The operating result amounted to SEK 19 M (299) and adjusted for inventory gains and losses of SEK 11 M (2), the underlying operating result amounted to SEK 6 M (297).
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 2022.
The effects regarding IFRS 16 were reported under Parent Company & consolidated items and have not been allocated to the business areas.
Sales for the second quarter of the Parent Company, BE Group AB (publ), amounted to SEK 35 M (30) during the period and derived from intra-Group services. These intra-Group services mainly include the subsidiaries' use of the BE Group brand and central expenses for IT 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 -18 M (-15), SEK 14 M (10) was allocated to the subsidiaries. The operating result amounted to SEK 17 M (15).
Net financial items for the quarter decreased to SEK 46 M (253) mainly attributable to lower dividend from subsidiaries. Profit before tax amounted to SEK 63 M (268) and profit after tax amounted to SEK 58 M (265). Investments in the Parent Company during the quarter amounted to SEK 0 M (0). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 181 M (157).
Net financial items for the first six months amounted to SEK 49 M (256). Profit before tax amounted to SEK 81 M (287) and profit after tax was SEK 73 M (280). Investments in the Parent Company for the first six months amounted to SEK 0 M (0).
Group
Net financial items and tax
The Group's consolidated net financial items in the second quarter amounted to SEK -4 M (-5), of which net interest amounted to SEK -7 M (-4). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -3 M (-3). Net financial items for the first six months amounted to SEK -9 M (-7) and net interest to SEK -13 M (-7), of which SEK -5 M (-5) relates to IFRS 16.
Taxes for the second quarter amounted to SEK -3 M (-57). Profit after tax amounted to SEK 19 M (251) and was SEK 16 M (399) for the first six months.
Cash flow
The Group's consolidated working capital amounted to SEK 792 M (1,070) at the end of the period and the average working capital tied-up for the second quarter was 15.3 percent (12.2). The lower working capital is mainly attributable to decreased accounts receivable and the decreased inventory value, which amounted to SEK 999 M (1,396) at the end of the period. The decrease in inventory value is due to lower average prices and adjustment of inventory levels as a consequence of lower demand in the second quarter. Cash flow from operating activities increased to SEK 132 M (127) during the quarter and to SEK 358 M (235) for the first six months.
Cash flow from investing activities amounted to SEK -24 M (-23) for the quarter and to SEK -72 M (-29) for the first six months and mainly refers to the investment in the fully automated saw and machining line in Finland. Cash flow after investments increased to SEK 108 M (104) during the second quarter and to SEK 286 M (206) for the first six months.
Financial position and liquidity
At the end of the period, consolidated cash and cash equivalents, including overdraft facilities, amounted to SEK 338 M (318) and the interest-bearing net debt excl. IFRS 16 was SEK 203 M (237). Equity amounted to SEK 1,536 M (1,688) at the end of the period.
During the second quarter, a new credit agreement was signed with a credit facility of SEK 775 M. The agreement has a maturity of three years with an option for extension by another two years. This ensures long-term financing of the company's operations.
Organization, structure and employees
The number of employees amounted to 696 compared to 667 at the same time last year. The average number of employees during the quarter amounted to 689 (665).
THE GROUP'S CASH FLOW FROM OPERATING ACTIVITIES, SEK M
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
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.
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 2022 Annual Report, which was published in March 2023.
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.
Refer to the 2022 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 2023 have had no significant effect on the financial reporting.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Future information
Future reporting dates
BE Group AB (publ) intends to publish financial information on the following dates:
- The Interim Report for January–September 2023 will be published on October 18, 2023
- The Year-end report 2023 will be published in January, 2024
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].
The Board of Directors and the President hereby certify that this interim report provides an accurate overview of the operations, position and earnings of the Parent Company and the Group companies, and that it describes the material risks and uncertainties faced by the Parent Company and the Group companies.
Malmö, July 13, 2023
BE Group AB (publ)
Jörgen Zahlin
Chairman of the Board
Monika Gutén
Member of the Board
Lars Olof Nilsson
Member of the Board
Mats O Paulsson
Member of the Board
Peter Stillström
Member of the Board
Ida Strömberg
Employee Representative
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: Krusegatan 19B
Corp. Reg. No: 556578-4724, Tel: +46 (0)40 38 42 00
[email protected], www.begroup.com
This report has not 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 and the Securities Market Act. The information was submitted for publication through the agency of the contact persons set out above at 11:00 a.m. CET on July 13, 2023.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Condensed consolidated income statement
| (SEK M) | Note | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|---|
| Net sales | 1,406 | 2,044 | 2,964 | 3,889 | 6,875 | 5,950 | |
| Cost of goods sold | 1 | -1,234 | -1,586 | -2,633 | -3,104 | -5,866 | -5,395 |
| Gross profit | 172 | 458 | 331 | 785 | 1,009 | 555 | |
| Selling expenses | 1 | -125 | -130 | -249 | -252 | -482 | -479 |
| Administrative expenses | 1 | -37 | -33 | -72 | -62 | -134 | -144 |
| Other operating income and expenses | 5 | -7 | 4 | -7 | -9 | 2 | |
| Participation in joint venture | 11 | 25 | 13 | 33 | 34 | 14 | |
| Operating profit/loss | 26 | 313 | 27 | 497 | 418 | -52 | |
| Financial items | -4 | -5 | -9 | -7 | -18 | -20 | |
| Profit/loss before tax | 22 | 308 | 18 | 490 | 400 | -72 | |
| Tax | -3 | -57 | -2 | -91 | -76 | 13 | |
| Profit/loss for the period | 19 | 251 | 16 | 399 | 324 | -59 | |
| Earnings per share (SEK) | 1.47 | 19.30 | 1.25 | 30.71 | 24.96 | -4.50 | |
| Earnings per share after dilution (SEK) | 1.47 | 19.30 | 1.25 | 30.71 | 24.96 | -4.50 |
Consolidated statement of comprehensive income
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Mar | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Profit/loss for the period | 19 | 251 | 16 | 399 | 324 | -59 |
| Other comprehensive income | ||||||
| Items that may later be reclassified to profit/loss for the period | ||||||
| Translation differences | 30 | 25 | 39 | 32 | 56 | 63 |
| Total other comprehensive income | 30 | 25 | 39 | 32 | 56 | 63 |
| Comprehensive income for the period | 49 | 276 | 55 | 431 | 380 | 4 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Condensed consolidated balance sheet
| (SEK M) | Note | 2023 | 2022 | 2022 |
|---|---|---|---|---|
| Jun 30 | Jun 30 | Dec 31 | ||
| Goodwill | 599 | 572 | 583 | |
| Other intangible assets | 6 | 9 | 7 | |
| Tangible assets | 206 | 109 | 138 | |
| Right of use assets | 511 | 545 | 494 | |
| Investment in joint venture | 181 | 209 | 183 | |
| Financial assets | 0 | 0 | 0 | |
| Deferred tax assets | 12 | 4 | 6 | |
| Total non-current assets | 1,515 | 1,448 | 1,411 | |
| Inventories | 999 | 1,396 | 1,127 | |
| Accounts receivable | 731 | 1,126 | 675 | |
| Other receivables | 169 | 40 | 78 | |
| Cash and equivalents | 188 | 168 | 50 | |
| Total current assets | 2,087 | 2,730 | 1,930 | |
| Total assets | 2 | 3,602 | 4,178 | 3,341 |
| Equity | 1,536 | 1,688 | 1,637 | |
| Non-current interest-bearing liabilities | 391 | 398 | 406 | |
| Non-current leasing liabilities | 414 | 445 | 405 | |
| Deferred tax liability | 50 | 44 | 48 | |
| Total non-current liabilities | 855 | 887 | 859 | |
| Current interest-bearing liabilities | 0 | 8 | 1 | |
| Current leasing liabilities | 103 | 102 | 94 | |
| Accounts payable | 776 | 1,041 | 480 | |
| Other current liabilities | 331 | 451 | 269 | |
| Other current provisions | 1 | 1 | 1 | |
| Total current liabilities | 1,211 | 1,603 | 845 | |
| Total equity and liabilities | 2 | 3,602 | 4,178 | 3,341 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Condensed consolidated cash-flow statement
| (SEK M) | 2023
Apr-Jun | 2022
Apr-Jun | 2023
Jan-Jun | 2022
Jan-Jun | 2022
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Operating result | 26 | 313 | 27 | 497 | 418 | -52 |
| Adjustment for non-cash items | -50 | 20 | -65 | 35 | 173 | 73 |
| – of which, amortization/depreciation | 32 | 29 | 61 | 56 | 115 | 120 |
| – of which, other items 1) | -82 | -9 | -126 | -21 | 58 | -47 |
| Interest received | 1 | 1 | 3 | 2 | 6 | 7 |
| Interest paid | -8 | -5 | -16 | -9 | -23 | -30 |
| Income tax paid | -6 | -9 | -45 | -11 | -53 | -87 |
| Change in working capital | 169 | -193 | 454 | -279 | -317 | 416 |
| Cash flow from operating activities | 132 | 127 | 358 | 235 | 204 | 327 |
| Acquisitions/divestments of subsidiaries | 0 | -9 | 0 | -9 | -7 | 2 |
| Changes in intangible assets | 0 | 0 | 0 | 0 | -1 | -1 |
| Changes in tangible assets | -24 | -14 | -72 | -20 | -48 | -100 |
| Other cash flow from investing activities | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow after investments | 108 | 104 | 286 | 206 | 148 | 228 |
| Cash flow from financing activities 1) | -60 | -56 | -149 | -94 | -155 | -210 |
| Cash flow for the period | 48 | 48 | 137 | 112 | -7 | 18 |
| Translation differences in cash and equivalents | 1 | 1 | 1 | 2 | 3 | 2 |
| Change in cash and equivalents | 49 | 49 | 138 | 114 | -4 | 20 |
1) The cash flow contains the total decided dividend of SEK -156 M to be paid for the financial year 2022, of which SEK -78 M was paid in April and SEK -78 M will be paid in October 2023.
Condensed statement of changes in equity
| (SEK M) | 2023
Apr-Jun | 2022
Apr-Jun | 2023
Jan-Jun | 2022
Jan-Jun | 2022
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Equity at beginning of period | 1,643 | 1,568 | 1,637 | 1,413 | 1,413 | 1,688 |
| Comprehensive income for the period | 49 | 276 | 55 | 431 | 380 | 4 |
| Dividend | -156 | -156 | -156 | -156 | -156 | -156 |
| Equity at end of period | 1,536 | 1,688 | 1,536 | 1,688 | 1,637 | 1,536 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Note 1 Amortizations and depreciations
| (SEK M) | 2023
Apr-Jun | 2022
Apr-Jun | 2023
Jan-Jun | 2022
Jan-Jun | 2022
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Amortization of intangible assets | 1 | 1 | 2 | 2 | 4 | 4 |
| Depreciation of tangible assets | 6 | 4 | 11 | 10 | 21 | 22 |
| Depreciation of right of use assets | 25 | 24 | 48 | 44 | 90 | 94 |
| Total amortizations and depreciations | 32 | 29 | 61 | 56 | 115 | 120 |
Note 2 Valuation of financial assets and liabilities
Fair value for long-term borrowing corresponds in all material respects with the carrying amount as the borrowing runs at a variable interest rate and the own credit risk has not changed significantly. Fair value for other financial assets and liabilities corresponds in all material respects with the carrying amount as they are short-term and the discounting effect is not considered to be significant.
12
Segment reporting
Net sales by business area
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 690 | 1,032 | 1,480 | 1,874 | 3,408 | 3,014 |
| Finland & Baltics | 727 | 1,015 | 1,509 | 2,028 | 3,497 | 2,978 |
| Parent Company & consolidated items | -11 | -3 | -25 | -13 | -30 | -42 |
| Group | 1,406 | 2,044 | 2,964 | 3,889 | 6,875 | 5,950 |
Net sales by business area and product group
| 2023 | Sweden & Poland | Finland & Baltics | Parent company & consolidated items | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Jan-Jun | Apr-Jun | Jan-Jun | Apr-Jun | Jan-Jun | Apr-Jun | Jan-Jun | Rolling 12 months |
| Long steel products | 313 | 678 | 192 | 412 | 0 | 0 | 505 | 1,090 | 2,353 |
| Flat steel products | 273 | 567 | 378 | 769 | 0 | 0 | 651 | 1,336 | 2,563 |
| Stainless steel | 79 | 177 | 112 | 235 | 0 | 0 | 191 | 412 | 778 |
| Aluminium | 16 | 37 | 31 | 64 | 0 | 0 | 47 | 101 | 208 |
| Other | 9 | 21 | 14 | 29 | -11 | -25 | 12 | 25 | 48 |
| Total | 690 | 1,480 | 727 | 1,509 | -11 | -25 | 1,406 | 2,964 | 5,950 |
| 2022 | Sweden & Poland | Finland & Baltics | Parent company & consolidated items | Total | |||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (SEK M) | Apr-Jun | Jan-Jun | Apr-Jun | Jan-Jun | Apr-Jun | Jan-Jun | Apr-Jun | Jan-Jun | 2022 Full-year |
| Long steel products | 568 | 964 | 299 | 598 | 0 | 0 | 867 | 1,562 | 2,825 |
| Flat steel products | 288 | 546 | 527 | 1,030 | 0 | 0 | 815 | 1,576 | 2,803 |
| Stainless steel | 117 | 238 | 141 | 289 | 0 | 0 | 258 | 527 | 893 |
| Aluminium | 22 | 57 | 42 | 92 | 0 | 0 | 64 | 149 | 256 |
| Other | 37 | 69 | 6 | 19 | -3 | -13 | 40 | 75 | 98 |
| Total | 1,032 | 1,874 | 1,015 | 2,028 | -3 | -13 | 2,044 | 3,889 | 6,875 |
Net sales by country based on customer's domicile
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden | 648 | 1,011 | 1,387 | 1,836 | 3,261 | 2,812 |
| Finland | 655 | 918 | 1,352 | 1,812 | 3,162 | 2,702 |
| Other | 103 | 115 | 225 | 241 | 452 | 436 |
| Group | 1,406 | 2,044 | 2,964 | 3,889 | 6,875 | 5,950 |
Shipped tonnage per segment
| (Thousands of thonnes) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 34 | 45 | 74 | 86 | 157 | 145 |
| Finland & Baltics | 38 | 44 | 81 | 95 | 164 | 150 |
| Parent Company & consolidated items | 1 | -1 | -1 | -1 | -1 | -1 |
| Group | 73 | 88 | 154 | 180 | 320 | 294 |
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Operating result (EBIT) per segment
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 11 | 130 | 13 | 206 | 217 | 24 |
| Finland & Baltics | 16 | 187 | 19 | 299 | 217 | -63 |
| Parent Company & consolidated items | -1 | -4 | -5 | -8 | -16 | -13 |
| Group | 26 | 313 | 27 | 497 | 418 | -52 |
Operating margin per segment
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 1.6% | 12.6% | 0.9% | 11.0% | 6.4% | 0.8% |
| Finland & Baltics | 2.2% | 18.4% | 1.2% | 14.7% | 6.2% | -2.1% |
| Parent Company & consolidated items | neg | neg | neg | neg | neg | neg |
| Group | 1.9% | 15.3% | 0.9% | 12.8% | 6.1% | -0.9% |
Underlying operating result (uEBIT) per segment 1)
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 20 | 113 | 40 | 182 | 236 | 94 |
| Finland & Baltics | 12 | 181 | 6 | 297 | 267 | -24 |
| Parent Company & consolidated items | 1 | -3 | -3 | -8 | -15 | -10 |
| Group | 33 | 291 | 43 | 471 | 488 | 60 |
Underlying operating margin per segment 2)
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 3.0% | 11.0% | 2.7% | 9.7% | 6.9% | 3.1% |
| Finland & Baltics | 1.7% | 17.9% | 0.4% | 14.6% | 7.6% | -0.8% |
| Parent Company & consolidated items | neg | neg | neg | neg | neg | neg |
| Group | 2.4% | 14.2% | 1.5% | 12.1% | 7.1% | 1.0% |
Depreciation per segment
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 3 | 3 | 6 | 6 | 12 | 12 |
| Finland & Baltics | 3 | 2 | 6 | 5 | 11 | 12 |
| Parent Company & consolidated items | 26 | 24 | 49 | 45 | 92 | 96 |
| Group | 32 | 29 | 61 | 56 | 115 | 120 |
Investments in tangible and intangible assets per segment
| (SEK M) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 6 | 1 | 10 | 3 | 6 | 13 |
| Finland & Baltics | 18 | 13 | 62 | 17 | 47 | 92 |
| Parent Company & consolidated items | 0 | 0 | 0 | 0 | 0 | 0 |
| Group | 24 | 14 | 72 | 20 | 53 | 105 |
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-June 2023
Key data
| (SEK M unless otherwise stated) | 2023 Apr-Jun | 2022 Apr-Jun | 2023 Jan-Jun | 2022 Jan-Jun | 2022 Full-year | Rolling 12 months |
|---|---|---|---|---|---|---|
| Net sales | 1,406 | 2,044 | 2,964 | 3,889 | 6,875 | 5,950 |
| Earnings measurements | ||||||
| Gross result | 172 | 458 | 331 | 785 | 1,009 | 555 |
| Underlying gross result | 181 | 446 | 341 | 768 | 1,075 | 648 |
| Operating result (EBIT) | 26 | 313 | 27 | 497 | 418 | -52 |
| Underlying operating result (uEBIT) | 33 | 291 | 43 | 471 | 488 | 60 |
| Margin measurements | ||||||
| Gross margin | 12.3% | 22.4% | 11.2% | 20.2% | 14.7% | 9.3% |
| Underlying gross margin | 12.8% | 21.8% | 11.5% | 19.7% | 15.6% | 10.9% |
| Operating margin | 1.9% | 15.3% | 0.9% | 12.8% | 6.1% | -0.9% |
| Underlying operating margin | 2.4% | 14.2% | 1.5% | 12.1% | 7.1% | 1.0% |
| Capital structure | ||||||
| Net debt excl. IFRS 16 1) | 203 | 237 | 203 | 237 | 357 | 203 |
| Net debt/equity ratio excl. IFRS 16 1) | 13.2% | 14.0% | 13.2% | 14.0% | 21.7% | 13.2% |
| Working capital at end of period | 792 | 1,070 | 792 | 1,070 | 1,130 | 792 |
| Working capital (average) | 861 | 996 | 951 | 949 | 1,064 | 1,052 |
| Capital employed (average) excl. IFRS 16 1) | 1,964 | 1,977 | 1,994 | 1,890 | 2,003 | 2,075 |
| Working capital tied-up | 15.3% | 12.2% | 16.0% | 12.2% | 15.5% | 17.7% |
| Return | ||||||
| Return on capital employed excl. IFRS 16 1) | 4.9% | 62.6% | 2.2% | 52.0% | 20.3% | -3.1% |
| Per share data | ||||||
| Earnings per share (SEK) | 1.47 | 19.30 | 1.25 | 30.71 | 24.96 | -4.50 |
| Earnings per share after dilution (SEK) | 1.47 | 19.30 | 1.25 | 30.71 | 24.96 | -4.50 |
| Equity per share (SEK) | 118.32 | 130.04 | 118.32 | 130.04 | 126.11 | 118.32 |
| Cash flow from operating activities per share (SEK) | 10.16 | 9.79 | 27.54 | 18.13 | 15.72 | 25.12 |
| Shares outstanding at period end (thousands) | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Average number of shares (thousands) | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Growth | ||||||
| Sales growth | -31% | 46% | -24% | 55% | 28% | -12% |
| - of which organic tonnage growth | -18% | -14% | -17% | -5% | -9% | -16% |
| - of which price and mix changes | -17% | 54% | -10% | 57% | 32% | -1% |
| - of which currency effects | 5% | 2% | 4% | 2% | 2% | 4% |
| - of which acquisitions | 0% | 4% | 0% | 1% | 3% | 2% |
| - of which divestments | -1% | - | -1% | - | 0% | -1% |
| Other | ||||||
| Average number of employees | 689 | 665 | 681 | 652 | 654 | 671 |
| Inventory gains and losses | -7 | 22 | -16 | 26 | -70 | -112 |
| Shipped tonnage (thousands of tonnes) | 73 | 88 | 154 | 180 | 320 | 294 |
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-June 2023
Condensed parent company income statement
| (SEK M) | 2023
Apr-Jun | 2022
Apr-Jun | 2023
Jan-Jun | 2022
Jan-Jun | 2022
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Net sales | 35 | 30 | 69 | 60 | 148 | 157 |
| Administrative expenses | -18 | -15 | -37 | -29 | -68 | -76 |
| Other operating income and expenses | 0 | 0 | 0 | 0 | 1 | 1 |
| Operating profit/loss | 17 | 15 | 32 | 31 | 81 | 82 |
| Financial items | 46 | 253 | 49 | 256 | 266 | 59 |
| Profit/loss after financial items | 63 | 268 | 81 | 287 | 347 | 141 |
| Appropriations | - | - | - | - | 39 | 39 |
| Profit/loss before tax | 63 | 268 | 81 | 287 | 386 | 180 |
| Tax | -5 | -3 | -8 | -7 | -26 | -27 |
| Profit/loss for the period, or comprehensive income for the period | 58 | 265 | 73 | 280 | 360 | 153 |
Condensed parent company balance sheet
| (SEK M) | 2023
Jun 30 | 2022
Jun 30 | 2022
Dec 31 |
| --- | --- | --- | --- |
| Intangible assets | 2 | 4 | 3 |
| Tangible assets | 0 | 0 | 0 |
| Financial assets | 874 | 881 | 873 |
| Total non-current assets | 876 | 885 | 876 |
| Current receivables | 172 | 145 | 377 |
| Cash and equivalents | 181 | 157 | 31 |
| Total current assets | 353 | 302 | 408 |
| Total assets | 1,229 | 1,187 | 1,284 |
| Equity | 1,080 | 1,083 | 1,163 |
| Non-current liabilities | - | 39 | 39 |
| Current liabilities | 149 | 65 | 82 |
| Total equity and liabilities | 1,229 | 1,187 | 1,284 |
Total decided dividend for the financial year 2022 amounts to SEK 156 M, of which SEK 78 M was paid in April and SEK 78 M will be paid in October 2023.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
Key data – multi-quarter summary
| (SEK M unless otherwise stated) | 2023 Apr-Jun | 2023 Jan-Mar | 2022 Oct-Dec | 2022 Jul-Sep | 2022 Apr-Jun | 2022 Jan-Mar | 2021 Oct-Dec | 2021 Jul-Sep | 2021 Apr-Jun |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1,406 | 1,558 | 1,472 | 1,514 | 2,044 | 1,845 | 1,510 | 1,375 | 1,403 |
| Earnings measurements | |||||||||
| Gross result | 172 | 159 | 51 | 173 | 458 | 327 | 283 | 316 | 296 |
| Underlying gross result | 181 | 160 | 110 | 197 | 446 | 322 | 269 | 301 | 275 |
| Operating result (EBIT) | 26 | 1 | -119 | 40 | 313 | 184 | 158 | 219 | 158 |
| Underlying operating result (uEBIT) | 33 | 10 | -50 | 67 | 291 | 180 | 135 | 193 | 133 |
| Margin measurements | |||||||||
| Gross margin | 12.3% | 10.2% | 3.4% | 11.5% | 22.4% | 17.7% | 18.7% | 23.0% | 21.1% |
| Underlying gross margin | 12.8% | 10.3% | 7.4% | 13.0% | 21.8% | 17.5% | 17.8% | 21.9% | 19.6% |
| Operating margin | 1.9% | 0.0% | -8.1% | 2.6% | 15.3% | 10.0% | 10.4% | 15.9% | 11.3% |
| Underlying operating margin | 2.4% | 0.6% | -3.4% | 4.4% | 14.2% | 9.8% | 9.0% | 14.0% | 9.5% |
| Capital structure | |||||||||
| Net debt excl. IFRS 16 1) | 203 | 204 | 357 | 475 | 237 | 159 | 241 | 98 | 75 |
| Net debt/equity ratio excl. IFRS 16 1) | 13.2% | 12.4% | 21.7% | 27.4% | 14.0% | 10.1% | 17.0% | 7.6% | 6.7% |
| Working capital at end of period | 792 | 931 | 1,130 | 1,340 | 1,070 | 920 | 856 | 610 | 434 |
| Working capital (average) | 861 | 1,031 | 1,234 | 1,204 | 996 | 889 | 734 | 523 | 405 |
| Capital employed (average) excl. IFRS 16 1) | 1,964 | 2,023 | 2,173 | 2,197 | 1,977 | 1,785 | 1,639 | 1,467 | 1,387 |
| Working capital tied-up | 15.3% | 16.5% | 21.0% | 19.9% | 12.2% | 12.0% | 12.1% | 9.5% | 7.2% |
| Return | |||||||||
| Return on capital employed excl. IFRS 16 1) | 4.9% | -0.4% | -22.3% | 6.8% | 62.6% | 40.9% | 38.3% | 59.1% | 44.9% |
| Per share data | |||||||||
| Earnings per share (SEK) | 1.47 | -0.22 | -7.79 | 2.05 | 19.30 | 11.41 | 10.00 | 13.49 | 9.74 |
| Earnings per share after dilution (SEK) | 1.47 | -0.22 | -7.79 | 2.05 | 19.30 | 11.41 | 10.00 | 13.49 | 9.74 |
| Equity per share (SEK) | 118.32 | 126.57 | 126.11 | 133.30 | 130.04 | 120.80 | 108.84 | 98.68 | 84.82 |
| Cash flow from operating activities per share (SEK) | 10.16 | 17.37 | 11.75 | -14.14 | 9.79 | 8.35 | -8.87 | 0.50 | 6.24 |
| Shares outstanding at period end (thousands) | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Average number of shares (thousands) | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 | 12,983 |
| Growth | |||||||||
| Sales growth | -31% | -16% | -3% | 10% | 46% | 68% | 73% | 85% | 50% |
| - of which organic tonnage growth | -18% | -15% | -14% | -15% | -14% | 4% | 4% | 21% | 28% |
| - of which price and mix changes | -17% | -5% | 5% | 19% | 54% | 62% | 70% | 65% | 25% |
| - of which currency effects | 5% | 4% | 5% | 3% | 2% | 2% | -1% | -1% | -3% |
| - of which acquisitions | 0% | 1% | 3% | 4% | 4% | - | - | - | - |
| - of which divestments | -1% | -1% | -2% | -1% | - | - | - | - | - |
| Other | |||||||||
| Average number of employees | 689 | 674 | 656 | 656 | 665 | 645 | 627 | 625 | 616 |
| Inventory gains and losses | -7 | -9 | -69 | -27 | 22 | 4 | 23 | 26 | 25 |
| Shipped tonnage (thousands of tonnes) | 73 | 81 | 72 | 68 | 88 | 92 | 79 | 77 | 98 |
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-June 2023
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) | 2023
Apr-Jun | 2022
Apr-Jun | 2023
Jan-Jun | 2022
Jan-Jun | 2022
Full-year | Rolling
12 months |
| --- | --- | --- | --- | --- | --- | --- |
| Operating result | 26 | 313 | 27 | 497 | 418 | -52 |
| Reversal of inventory gains (-)/losses (+) | 7 | -22 | 16 | -26 | 70 | 112 |
| Adjustment for items affecting comparability | - | - | - | - | - | - |
| Group | 33 | 291 | 43 | 471 | 488 | 60 |
Working capital
| (SEK M) | 2023
Jun 30 | 2022
Jun 30 | 2022
Dec 31 |
| --- | --- | --- | --- |
| Inventories | 999 | 1,396 | 1,127 |
| Accounts receivable | 731 | 1,126 | 675 |
| Other receivables | 169 | 40 | 78 |
| Deduction accounts payable | -776 | -1,041 | -480 |
| Deduction other current liabilities | -331 | -451 | -269 |
| Rounding | - | - | -1 |
| Group | 792 | 1,070 | 1,130 |
Average working capital is an average for each period based on quarterly data.
Net debt excl. IFRS 16
| (SEK M) | 2023
Jun 30 | 2022
Jun 30 | 2022
Dec 31 |
| --- | --- | --- | --- |
| Non-current interest-bearing liabilities and leasing liabilities | 805 | 843 | 811 |
| Current interest-bearing liabilities and leasing liabilities | 103 | 110 | 95 |
| Deduction leasing liabilities | -517 | -547 | -499 |
| Deduction financial assets | 0 | 0 | 0 |
| Deduction cash and equivalents | -188 | -168 | -50 |
| Rounding | - | -1 | - |
| Group | 203 | 237 | 357 |
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) | 2023
Jun 30 | 2022
Jun 30 | 2022
Dec 31 |
| --- | --- | --- | --- |
| Equity excl. IFRS 16 | 1,544 | 1,695 | 1,645 |
| Non-current interest-bearing liabilities and leasing liabilities | 805 | 843 | 811 |
| Current interest-bearing liabilities and leasing liabilities | 103 | 110 | 95 |
| Deduction leasing liabilities | -517 | -547 | -499 |
| Rounding | - | - | - |
| Group | 1,935 | 2,101 | 2,052 |
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-June 2023
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 published 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 published 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 (before and after dilution) 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 2022 annual report for other definitions of key data.
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023
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 650 employees and sales of SEK 6.9 billion in 2022. The head office is located in Malmö, Sweden.
Number of employees
approx. 650
Net sales
SEK 6.9
billion
BUSINESS IDEA
BE Group is an independent efficient distributor of steel, stainless steel, aluminum and value adding services to Nordic manufacturing and construction companies.
- Sales
- Production
- Warehouse
BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-June 2023