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BE Group AB Interim / Quarterly Report 2024
3140_ir_2024-07-12_09e025ff-d266-47db-912d-52567e1cbfda.pdf
Interim / Quarterly Report
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Second quarter 2024
- Net sales decreased by 10% to SEK 1,272 M (1,406)
- The underlying operating result amounted to SEK 18 M (33)
- The operating result amounted to SEK 11 M (26), including inventory losses of SEK -7 M (-7)
- Result after tax amounted to SEK 1 M (19)
- Cash flow from operating activities amounted to SEK 21 M (132)
- Earnings per share amounted to SEK 0.13 (1.47)
First six months 2024
- Net sales decreased by 13% to SEK 2,577 M (2,964)
- The underlying operating result increased to SEK 60 M (43)
- The period was affected by items affecting comparability of SEK -27 M (-) related to closure of operations in the Baltics
- The operating result amounted to SEK 15 M (27), including inventory losses of SEK -18 M (-16)
- Result after tax amounted to SEK -3 M (16)
- Cash flow from operating activities amounted to SEK 65 M (358)
- Earnings per share amounted to SEK -0.21 (1.25)
"During the second quarter net sales decreased by 10 percent to SEK 1,272 M (1,406), which is mainly explained by lower market prices. In the main markets Sweden and Finland, sales in terms of tonnage increased by 6 percent which can largely be related to success of our own efforts and our sales initiatives."
Peter Andersson, President and CEO
| 2024 | 2023 | 2024 | 2023 | |||
|---|---|---|---|---|---|---|
| Results overview | Apr-Jun | Apr-Jun | Change | Jan-Jun | Jan-Jun | Change |
| Tonnage, thousands of tonnes | 73 | 73 | 0 | 149 | 154 | -5 |
| -of which organic tonnage, thousands of tonnes | 71 | 68 | 3 | 142 | 144 | -2 |
| Net sales, SEK M | 1,272 | 1,406 | -134 | 2,577 | 2,964 | -387 |
| Underlying operating result, SEK M | 18 | 33 | -15 | 60 | 43 | 17 |
| Operating result, SEK M | 11 | 26 | -15 | 15 | 27 | -12 |
| Profit/loss for the period, SEK M | 1 | 19 | -18 | -3 | 16 | -19 |
| Earnings per share, SEK | 0.13 | 1.47 | -1.34 | -0.21 | 1.25 | -1.46 |
| Cash flow from operating activities, SEK M | 21 | 132 | -111 | 65 | 358 | -293 |
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 2023, the Group reported sales of SEK 5.3 billion. BE Group has approximately 640 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.
Higher level of activity and tonnage growth
During the second quarter net sales decreased by 10 percent to SEK 1,272 M (1,406), which is mainly explained by lower market prices. The lower pricing has affected the gross margin and together this led to the underlying operating result amounting to SEK 18 M (33), corresponding to an operating margin of 1.4 percent (2.4). Operating result, including inventory losses, amounted to SEK 11 M (26). Cash flow remained positive at SEK 21 M (132).
For the first six months, the operating result including inventory losses, but adjusted for the Baltic operations that are being phased out, amounted to SEK 41 M (25), corresponding to an operating margin of 1.7 percent (0.9).
In the main markets Sweden and Finland, sales in terms of tonnage increased by 6 percent which can largely be related to success of our own efforts and our sales initiatives.
The closure of the operations in the Baltics that was announced at the end of March has progressed according to plan and will, in all material aspects, be concluded in the third quarter. The closure is expected to generate a positive cash flow of about SEK 30 M and will have a positive impact on the Group's future earnings.
Outlook
In the near future, the industrial sector is expected to continue at the same level. In general, the Finnish market has been under more pressure than the Swedish market due to political strikes in the first half of the year. This problem has now been resolved. The construction sector remains under pressure and is expected to continue at low levels. In total, the construction sector accounts for about 20 percent of sales in the main markets.
Sheet metal producers in Europe have varying levels of capacity utilisation, which is attributable to different distributions of customers in the automotive and construction sectors. The effect of some mills having low capacity utilisation is that prices in new quarterly and half-yearly contracts have been slightly pushed down. In contrast, there is an expectation of a small increase in spot prices when continental stockholders once again begin to fill their inventories in the autumn.
Our focus
Our most important focus is to increase and deepen the cooperation with our customers to win as much new business as possible, streamline the supply chain and continue to work with the cost side in order to achieve a healthy margin throughout the business. It is pleasing to see that some of our initiatives are beginning to show success and the ambition is for the company to be profitable regardless of the economic cycle and external factors.
With that said, we wish our customers, suppliers, employees, owners and other stakeholders a nice summer!
Peter Andersson President and CEO
"In the main markets Sweden and Finland, sales in terms of tonnage increased by 6 percent which can largely be related to success of our own efforts and our sales initiatives"
| Bridge 2023-2024 operating result SEK M | Q1 | Q2 | Q3 | Q4 | Jan-Jun |
|---|---|---|---|---|---|
| Operating result 2023 | 1 | 26 | -42 | -37 | 27 |
| Reversal of inventory gains (-)/losses (+) | 9 | 7 | 40 | 20 | 16 |
| Items affecting comparability | – | – | 6 | – | – |
| Underlying operating result 2023 | 10 | 33 | 4 | -17 | 43 |
| Change in sales | -26 | -17 | – | – | -43 |
| Change in underlying gross margin | 39 | -6 | – | – | 33 |
| Change in overhead costs | 19 | 8 | – | – | 27 |
| Underlying operating result 2024 | 42 | 18 | – | – | 60 |
| Reversal of inventory gains (+)/losses (-) | -11 | -7 | – | – | -18 |
| Items affecting comparability | -27 | – | – | – | -27 |
| Operating result 2024 | 4 | 11 | – | – | 15 |
Comments on the report
Second quarter
The Group's consolidated net sales for the period decreased by 10 percent compared to last year and amounted to SEK 1,272 M (1,406). The decline is explained by negative price and mix effects of -12 percent and closure of business of -3 percent partly compensated by organic tonnage growth of 5 percent. Steel prices were relatively stable compared with the first quarter. Tonnage to the manufacturing industry increased organically by 4 percent. Tonnage to the construction segment increased organically by 9 percent compared to low levels last year.
Lower steel prices and a weak demand, especially from the construction sector led to a decrease in gross profit to SEK 152 M (172), resulting in a gross margin of 12.0 percent (12.3). The operating result amounted to SEK 11 M (26), corresponding to an operating margin of 0.8 percent (1.9). Adjusted for inventory losses of SEK -7 M (-7), the underlying operating result amounted to SEK 18 M (33). The underlying operating margin for the period amounted to 1.4 percent (2.4).
The second quarter included four fewer trading days compared with the first quarter. The level of activity was higher in the second quarter and average delivered tonnage per trading day rose 8 percent compared with the first quarter.
First six months
During the first six months, the Group's net sales decreased by 13 percent compared to last year and amounted to SEK 2,577 M (2,964). This is explained by negative price and mix effects of -9 percent, closure of business of -2 percent and decreased organic tonnage of -2 percent. Tonnage in business area Sweden & Poland decreased by -1 percent and Finland & Baltics delivered organically -2 percent less. Gross profit amounted to SEK 317 M (331) and the gross margin increased to 12.3 percent (11.2).
The operating result amounted to SEK 15 M (27), corresponding to an operating margin of 0.6 percent (0.9). Adjusted for items affecting comparability of SEK -27 M (-) and inventory losses of SEK -18 M (-16), the underlying operating result increased to SEK 60 M (43). During the period, the underlying operating margin increased to 2.3 percent (1.5).
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.
Second quarter
Net sales decreased by 5 percent in the second quarter compared to last year and amounted to SEK 653 M (690). The decrease is explained by negative price and mix effects of -8 percent partly compensated by organic tonnage growth of 3 percent. The operating result amounted to SEK -1 M (11). Adjusted for inventory losses of SEK -7 M (-10), the underlying operating result amounted to SEK 6 M (20).
The Swedish operations provided tonnage growth of 4 percent but a weaker underlying operating result compared to last year. That as a result of lower steel prices and low demand within the construction sector, where above all rebar is burdening the gross margin. The Polish operations provided a negative operating result as a result of lower steel prices, somewhat lower volume and a continued pressured gross margin compared to last year.
Our joint venture AMBE provided a lower operating result. Gross margin was strengthened but was counteracted by reduced volumes and lower steel prices.
First six months
Net sales for the first six months decreased by 9 percent compared to last year, amounting to SEK 1,350 M (1,480). The decline is explained by negative price and mix effects of -8 percent and organic tonnage growth of -1 percent. Operating result increased to SEK 24 M (13). Adjusted for inventory losses of SEK -20 M (-28), the underlying operating result increased to SEK 44 M (40).
The business area includes the Group's operations in Finland and the three Baltic countries. The operations in the Baltics is under closure.
Second quarter
Net sales during the second quarter decreased by 13 percent compared to last year and amounted to SEK 632 M (727). It is explained by negative price and mix effects of -15 percent and closure of business of -7 percent partly compensated by organic tonnage growth of 8 percent. The operating result amounted to SEK 11 M (16). Adjusted for inventory gains of SEK 0 M (2), the underlying operating result amounted to SEK 11 M (12).
The Finnish operations increased by 8 percent in tonnage but generated lower sales and underlying operating result compared to last year as a result of lower steel prices and continued pressured gross margin.
The closure of the operations in the Baltics that was announced at the end of March has progressed according to plan and will, in all material aspects, be concluded in the third quarter. The closure is expected to generate a positive cash flow of about SEK 30 M and will have a positive impact on the Group's future earnings.
First six months
Net sales for the first six months decreased by 17 percent compared to last year, amounting to SEK 1,253 M (1,509). The decline is explained by negative price and mix effects of -12 percent, closure of business of -4 percent and organic tonnage growth of -2 percent partly compensated by positive currency effects of 1 percent. Operating result amounted to SEK -10 M (19). Adjusted for inventory gains of SEK 2 M (11) and items affecting comparability of SEK -27 M (-), the underlying operating result increased to SEK 15 M (6).
Organisation
Petteri Korpioja has been recruited as new Managing Director for the Finnish operations and will be a member of Group Management. Petteri will start in the beginning of November at the latest.
The Group & Parent Company
Net financial items and tax
The Group's consolidated net financial items in the second quarter amounted to SEK -9 M (-4), of which net interest amounted to SEK -8 M (-7). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -2 M (-3). Net financial items for the first six months amounted to SEK -13 M (-9) and net interest to SEK -14 M (-13), of which SEK -5 M (-5) relates to IFRS 16.
Taxes for the second quarter amounted to SEK -1 M (-3). Profit after tax amounted to SEK 1 M (19) and was SEK -3 M (16) for the first six months.
Cash flow
The Group's consolidated working capital amounted to SEK 681 M (792) at the end of the period and the average working capital tied-up for the second quarter was 13.4 percent (15.3). The lower working capital is mainly explained by decreased inventory value, which amounted to SEK 790 M (999) at the end of the period. The decrease in inventory value is due to lower average prices and decreased inventory levels. Cash flow from operating activities amounted to SEK 21 M (132) during the quarter and to SEK 65 M (358) for the first six months.
Cash flow from investing activities amounted to SEK -16 M (-24) during the quarter and to SEK -42 M (-72) for the first six months and mainly refers to the investment in a new business system. Cash flow after investments thus amounted to SEK 5 M (108) during the second quarter and to SEK 23 M (286) 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 198 M (338) and the interest-bearing net debt excl. IFRS 16 was SEK 289 M (203). Equity amounted to SEK 1,434 M (1,536) at the end of the period.
Organization, structure and employees
The number of employees amounted to 638 compared to 696 at the same time last year. The average number of employees during the quarter amounted to 643 (689).
Parent Company & consolidated items
Parent Company & consolidated items include the Parent Company and Group eliminations. For additional information see the Annual Report for 2023.
The effects regarding IFRS 16 were reported under Parent Company & consolidated items and have not been allocated to the two business areas.
Parent Company
Sales for the second quarter of the Parent Company, BE Group AB (publ), amounted to SEK 33 M (35) 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 -16 M (-18), SEK 16 M (14) was allocated to the subsidiaries. The operating result amounted to SEK 17 M (17).
Net financial items for the quarter amounted to SEK 2 M (46) mainly attributable to no dividends being received from subsidiaries. Profit before tax amounted to SEK 19 M (63) and profit after tax amounted to SEK 15 M (58). Investments in the Parent Company during the quarter amounted to SEK 17 M (0). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 17 M (181).
Net financial items for the first six months amounted to SEK 8 M (49). Profit before tax amounted to SEK 43 M (81) and profit after tax amounted to SEK 34 M (73). Investments in the Parent Company for the first six months amounted to SEK 37 M (0).
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 2023 Annual Report, which was published in March 2024.
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 2023 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 2024 have had no significant effect on the financial reporting.
Future information
Future reporting dates
BE Group AB (publ) intends to publish financial information on the following dates:
- The Interim Report for January-September 2024 will be published on October 17, 2024
- The Year-end report will be published in January 2025
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 12, 2024 BE Group AB (publ)
Anders Rothstein Chairman of the Board
Monika Gutén Member of the Board Lars Olof Nilsson Member of the Board
Mats O Paulsson Member of the Board
Petter 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. CEST on July 12, 2024.
Condensed consolidated income statement
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | ||
|---|---|---|---|---|---|---|---|
| (SEK M) | Note | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Net sales | 1,272 | 1,406 | 2,577 | 2,964 | 5,328 | 4,941 | |
| Cost of goods sold | 1 | -1,120 | -1,234 | -2,260 | -2,633 | -4,784 | -4,411 |
| Gross profit | 152 | 172 | 317 | 331 | 544 | 530 | |
| Selling expenses | 1 | -109 | -125 | -225 | -249 | -473 | -449 |
| Administrative expenses | 1 | -35 | -37 | -69 | -72 | -131 | -128 |
| Other operating income and expenses | 2 | -2 | 5 | -19 | 4 | -15 | -38 |
| Participation in joint venture | 5 | 11 | 11 | 13 | 23 | 21 | |
| Operating profit/loss | 11 | 26 | 15 | 27 | -52 | -64 | |
| Financial items | -9 | -4 | -13 | -9 | -23 | -27 | |
| Profit/loss before tax | 2 | 22 | 2 | 18 | -75 | -91 | |
| Tax | -1 | -3 | -5 | -2 | 15 | 12 | |
| Profit/loss for the period | 1 | 19 | -3 | 16 | -60 | -79 | |
| Earnings per share (SEK) | 0.13 | 1.47 | -0.21 | 1.25 | -4.59 | -6.05 | |
| Earnings per share after dilution (SEK) | 0.13 | 1.47 | -0.21 | 1.25 | -4.59 | -6.05 |
Consolidated statement of comprehensive income
| (SEK M) | 2024 Apr-Jun |
2023 Apr-Jun |
2024 Jan-Jun |
2023 Jan-Jun |
2023 Full-year |
Rolling 12 months |
|---|---|---|---|---|---|---|
| Profit/loss for the period | 1 | 19 | -3 | 16 | -60 | -79 |
| Other comprehensive income | ||||||
| Items that may later be reclassified to profit/loss for the period | ||||||
| Translation differences | -6 | 30 | 13 | 39 | 3 | -23 |
| Total other comprehensive income | -6 | 30 | 13 | 39 | 3 | -23 |
| Comprehensive income for the period | -5 | 49 | 10 | 55 | -57 | -102 |
Condensed consolidated balance sheet
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| (SEK M) Note |
Jun 30 | Jun 30 | Dec 31 |
| Goodwill | 589 | 599 | 582 |
| Other intangible assets | 84 | 6 | 49 |
| Tangible assets | 223 | 206 | 213 |
| Right of use assets | 436 | 511 | 473 |
| Investment in joint venture | 186 | 181 | 191 |
| Financial assets | 0 | 0 | 0 |
| Deferred tax assets | 33 | 12 | 28 |
| Total non-current assets | 1,551 | 1,515 | 1,536 |
| Inventories | 790 | 999 | 792 |
| Accounts receivable | 639 | 731 | 532 |
| Other receivables | 84 | 169 | 88 |
| Cash and equivalents | 48 | 188 | 74 |
| Total current assets | 1,561 | 2,087 | 1,486 |
| Total assets 3 |
3,112 | 3,602 | 3,022 |
| Equity | 1,434 | 1,536 | 1,424 |
| Non-current interest-bearing liabilities | 337 | 391 | 334 |
| Non-current leasing liabilities | 339 | 414 | 376 |
| Deferred tax liability | 53 | 50 | 52 |
| Total non-current liabilities | 729 | 855 | 762 |
| Current interest-bearing liabilities | 0 | 0 | 0 |
| Current leasing liabilities | 103 | 103 | 103 |
| Accounts payable | 628 | 776 | 528 |
| Other current liabilities | 204 | 331 | 201 |
| Other current provisions | 14 | 1 | 4 |
| Total current liabilities | 949 | 1,211 | 836 |
| Total equity and liabilities 3 |
3,112 | 3,602 | 3,022 |
Condensed consolidated cash-flow statement
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Operating result | 11 | 26 | 15 | 27 | -52 | -64 |
| Adjustment for non-cash items | 22 | -50 | 53 | -65 | 88 | 206 |
| – of which, amortization/depreciation | 32 | 32 | 64 | 61 | 121 | 124 |
| – of which, other items | -10 | -82 | -11 | -126 | -33 | 82 |
| Interest received | 3 | 1 | 7 | 3 | 8 | 12 |
| Interest paid | -10 | -8 | -21 | -16 | -33 | -38 |
| Income tax paid | -6 | -6 | -48 | -45 | -28 | -31 |
| Change in working capital | 1 | 169 | 59 | 454 | 508 | 113 |
| Cash flow from operating activities | 21 | 132 | 65 | 358 | 491 | 198 |
| Changes in intangible assets | -17 | 0 | -37 | 0 | -44 | -81 |
| Changes in tangible assets | -15 | -24 | -21 | -72 | -101 | -50 |
| Changes in shares in joint venture | 16 | – | 16 | – | – | 16 |
| Other cash flow from investing activities | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow after investments | 5 | 108 | 23 | 286 | 346 | 83 |
| 1) Cash flow from financing activities |
12 | -60 | -49 | -149 | -322 | -222 |
| Cash flow for the period | 17 | 48 | -26 | 137 | 24 | -139 |
| Translation differences in cash and equivalents | -1 | 1 | 0 | 1 | 0 | -1 |
| Change in cash and equivalents | 16 | 49 | -26 | 138 | 24 | -140 |
The cash flow from financing activities for the full-year 2023 contains the total decided dividend of SEK -156 M for 2022. 1)
Condensed statement of changes in equity
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Equity at beginning of period | 1,439 | 1,643 | 1,424 | 1,637 | 1,637 | 1,536 |
| Comprehensive income for the period | -5 | 49 | 10 | 55 | -57 | -102 |
| Dividend | – | -156 | – | -156 | -156 | – |
| Equity at end of period | 1,434 | 1,536 | 1,434 | 1,536 | 1,424 | 1,434 |
Note 1 Amortizations and depreciations
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Amortization of intangible assets | 1 | 1 | 2 | 2 | 3 | 3 |
| Depreciation of tangible assets | 7 | 6 | 14 | 11 | 24 | 27 |
| Depreciation of right of use assets | 24 | 25 | 48 | 48 | 94 | 94 |
| Total amortizations and depreciations | 32 | 32 | 64 | 61 | 121 | 124 |
Note 2 Items affecting comparability
| (SEK M) | 2024 Apr-Jun |
2023 Apr-Jun |
2024 Jan-Jun |
2023 Jan-Jun |
2023 Full-year |
Rolling 12 months |
|---|---|---|---|---|---|---|
| Restructuring expenses | – | – | -27 | – | -6 | -33 |
| Total items affecting comparability | – | – | -27 | – | -6 | -33 |
Note 3 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. All financial instruments estimated at fair value is included in level 2.
Derivative instruments
| (SEK M) | 2024 Apr-Jun |
2023 Apr-Jun |
2024 Jan-Jun |
2023 Jan-Jun |
2023 Full-year |
|---|---|---|---|---|---|
| Financial assets | |||||
| Currency hedge | – | – | – | – | – |
| Total | – | – | – | – | – |
| Financial liabilities | |||||
| Currency hedge | -2 | – | -2 | – | -14 |
| Total | -2 | – | -2 | – | -14 |
Segment reporting
Net sales by business area
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Sweden & Poland | 653 | 690 | 1,350 | 1,480 | 2,641 | 2,511 |
| Finland & Baltics | 632 | 727 | 1,253 | 1,509 | 2,729 | 2,473 |
| Parent Company & consolidated items | -13 | -11 | -26 | -25 | -42 | -43 |
| Group | 1,272 | 1,406 | 2,577 | 2,964 | 5,328 | 4,941 |
Net sales by business area and product group
| 2024 | Parent company & consolidated items |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sweden & Poland Finland & Baltics |
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 |
284 | 588 | 184 | 359 | 0 | 0 | 468 | 947 | 1,820 | |
| Flat steel products |
276 | 572 | 308 | 632 | 0 | 0 | 584 | 1,204 | 2,297 | |
| Stainless steel | 73 | 147 | 94 | 174 | 0 | 0 | 167 | 321 | 615 | |
| Aluminium | 12 | 26 | 31 | 59 | 0 | 0 | 43 | 85 | 170 | |
| Other | 8 | 17 | 15 | 29 | -13 | -26 | 10 | 20 | 39 | |
| Total | 653 | 1,350 | 632 | 1,253 | -13 | -26 | 1,272 | 2,577 | 4,941 |
| 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 | 2023 Full-year |
|
| Long steel products |
313 | 678 | 192 | 412 | 0 | 0 | 505 | 1,090 | 1,963 | |
| Flat steel products |
273 | 567 | 378 | 769 | 0 | 0 | 651 | 1,336 | 2,429 | |
| Stainless steel | 79 | 177 | 112 | 235 | 0 | 0 | 191 | 412 | 706 | |
| Aluminium | 16 | 37 | 31 | 64 | 0 | 0 | 47 | 101 | 186 | |
| Other | 9 | 21 | 14 | 29 | -11 | -25 | 12 | 25 | 44 | |
| Total | 690 | 1,480 | 727 | 1,509 | -11 | -25 | 1,406 | 2,964 | 5,328 |
Net sales by country based on customer´s domicile
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Sweden | 589 | 648 | 1,267 | 1,387 | 2,549 | 2,429 |
| Finland | 605 | 655 | 1,152 | 1,352 | 2,430 | 2,230 |
| Other | 78 | 103 | 158 | 225 | 349 | 282 |
| Group | 1,272 | 1,406 | 2,577 | 2,964 | 5,328 | 4,941 |
Shipped tonnage per segment
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (Thousands of thonnes) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Sweden & Poland | 36 | 34 | 73 | 74 | 137 | 136 |
| Finland & Baltics | 38 | 38 | 77 | 81 | 151 | 147 |
| Parent Company & consolidated items | -1 | 1 | -1 | -1 | -3 | -3 |
| Group | 73 | 73 | 149 | 154 | 285 | 280 |
Operating result (EBIT) per segment
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Sweden & Poland | -1 | 11 | 24 | 13 | -24 | -13 |
| Finland & Baltics | 11 | 16 | -10 | 19 | -22 | -51 |
| Parent Company & consolidated items | 1 | -1 | 1 | -5 | -6 | 0 |
| Group | 11 | 26 | 15 | 27 | -52 | -64 |
Operating margin per segment
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months | |
| Sweden & Poland | -0.1% | 1.6% | 1.8% | 0.9% | -0.9% | -0.5% |
| Finland & Baltics | 1.7% | 2.2% | -0.8% | 1.2% | -0.8% | -2.1% |
| Parent Company & consolidated items | N/A | N/A | N/A | N/A | N/A | N/A |
| Group | 0.8% | 1.9% | 0.6% | 0.9% | -1.0% | -1.3% |
Underlying operating result (uEBIT) per segment 1)
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Sweden & Poland | 6 | 20 | 44 | 40 | 39 | 43 |
| Finland & Baltics | 11 | 12 | 15 | 6 | -5 | 4 |
| Parent Company & consolidated items | 1 | 1 | 1 | -3 | -4 | 0 |
| Group | 18 | 33 | 60 | 43 | 30 | 47 |
Underlying operating margin per segment 2)
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months | |
| Sweden & Poland | 1.0% | 3.0% | 3.3% | 2.7% | 1.5% | 1.7% |
| Finland & Baltics | 1.7% | 1.7% | 1.2% | 0.4% | -0.2% | 0.2% |
| Parent Company & consolidated items | N/A | N/A | N/A | N/A | N/A | N/A |
| Group | 1.4% | 2.4% | 2.3% | 1.5% | 0.6% | 1.0% |
Depreciation per segment
| (SEK M) | 2024 Apr-Jun |
2023 Apr-Jun |
2024 Jan-Jun |
2023 Jan-Jun |
2023 Full-year |
Rolling 12 months |
|---|---|---|---|---|---|---|
| Sweden & Poland | 3 | 3 | 6 | 6 | 12 | 12 |
| Finland & Baltics | 5 | 3 | 9 | 6 | 13 | 16 |
| Parent Company & consolidated items | 24 | 26 | 49 | 49 | 96 | 96 |
| Group | 32 | 32 | 64 | 61 | 121 | 124 |
Investments in tangible and intangible assets per segment
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Sweden & Poland | 11 | 6 | 16 | 10 | 27 | 33 |
| Finland & Baltics | 4 | 18 | 5 | 62 | 75 | 18 |
| Parent Company & consolidated items | 17 | 0 | 37 | 0 | 44 | 81 |
| Group | 32 | 24 | 58 | 72 | 146 | 132 |
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. 1)
Underlying operating result (uEBIT) as a percentage of net sales. 2)
Key data
| (SEK M unless otherwise stated) | 2024 Apr-Jun |
2023 Apr-Jun |
2024 Jan-Jun |
2023 Jan-Jun |
2023 Full-year |
Rolling 12 months |
|---|---|---|---|---|---|---|
| Net sales | 1,272 | 1,406 | 2,577 | 2,964 | 5,328 | 4,941 |
| Earnings measurements | ||||||
| Gross result | 152 | 172 | 317 | 331 | 544 | 530 |
| Underlying gross result | 157 | 181 | 331 | 341 | 606 | 596 |
| Operating result (EBIT) | 11 | 26 | 15 | 27 | -52 | -64 |
| Underlying operating result (uEBIT) | 18 | 33 | 60 | 43 | 30 | 47 |
| Margin measurements | ||||||
| Gross margin | 12.0% | 12.3% | 12.3% | 11.2% | 10.2% | 10.7% |
| Underlying gross margin | 12.4% | 12.8% | 12.8% | 11.5% | 11.4% | 12.1% |
| Operating margin | 0.8% | 1.9% | 0.6% | 0.9% | -1.0% | -1.3% |
| Underlying operating margin | 1.4% | 2.4% | 2.3% | 1.5% | 0.6% | 0.9% |
| Capital structure | ||||||
| 1) Net debt excl. IFRS 16 |
289 | 203 | 289 | 203 | 259 | 289 |
| 1) Net debt/equity ratio excl. IFRS 16 |
20.1% | 13.2% | 20.1% | 13.2% | 18.1% | 20.1% |
| Working capital at end of period | 681 | 792 | 681 | 792 | 683 | 681 |
| Working capital (average) | 684 | 861 | 683 | 951 | 863 | 724 |
| 1) Capital employed (average) excl. IFRS 16 |
1,764 | 1,964 | 1,764 | 1,994 | 1,899 | 1,795 |
| Working capital tied-up | 13.4% | 15.3% | 13.3% | 16.0% | 16.2% | 14.6% |
| Return | ||||||
| 1) Return on capital employed excl. IFRS 16 |
2.1% | 4.9% | 1.6% | 2.2% | -3.1% | -3.8% |
| Per share data | ||||||
| Earnings per share (SEK) | 0.13 | 1.47 | -0.21 | 1.25 | -4.59 | -6.05 |
| Earnings per share after dilution (SEK) | 0.13 | 1.47 | -0.21 | 1.25 | -4.59 | -6.05 |
| Equity per share (SEK) | 110.45 | 118.32 | 110.45 | 118.32 | 109.68 | 110.45 |
| Cash flow from operating activities per share (SEK) | 1.63 | 10.16 | 5.01 | 27.54 | 37.85 | 15.32 |
| 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 | -10% | -31% | -13% | -24% | -23% | -17% |
| – of which organic tonnage growth | 5% | -18% | -2% | -17% | -12% | -5% |
| – of which price and mix changes | -12% | -17% | -9% | -10% | -15% | -14% |
| – of which currency effects | 0% | 5% | 0% | 4% | 4% | 2% |
| – of which acquisitions | 0% | 0% | 0% | 0% | 1% | 0% |
| – of which divestments | -3% | -1% | -2% | -1% | -1% | 0% |
| Other | ||||||
| Average number of employees | 643 | 689 | 648 | 681 | 678 | 666 |
| Inventory gains and losses | -7 | -7 | -18 | -16 | -76 | -78 |
| Shipped tonnage (thousands of tonnes) | 73 | 73 | 149 | 154 | 285 | 280 |
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. 1)
Condensed parent company income statement
| (SEK M) | 2024 Apr-Jun |
2023 Apr-Jun |
2024 Jan-Jun |
2023 Jan-Jun |
2023 Full-year |
Rolling 12 months |
|---|---|---|---|---|---|---|
| Net sales | 33 | 35 | 67 | 69 | 128 | 126 |
| Administrative expenses | -15 | -18 | -32 | -37 | -64 | -59 |
| Other operating income and expenses | -1 | 0 | 0 | 0 | 0 | 0 |
| Operating profit/loss | 17 | 17 | 35 | 32 | 64 | 67 |
| Financial items | 2 | 46 | 8 | 49 | 97 | 56 |
| Profit/loss after financial items | 19 | 63 | 43 | 81 | 161 | 123 |
| Appropriations | – | – | – | – | -98 | -98 |
| Profit/loss before tax | 19 | 63 | 43 | 81 | 63 | 25 |
| Tax | -4 | -5 | -9 | -8 | 7 | 6 |
| Profit/loss for the period, or comprehensive income for the period |
15 | 58 | 34 | 73 | 70 | 31 |
Condensed parent company balance sheet
| (SEK M) | 2024 Jun 30 |
2023 Jun 30 |
2023 Dec 31 |
|---|---|---|---|
| Intangible assets | 81 | 2 | 45 |
| Tangible assets | 0 | 0 | 0 |
| Financial assets | 880 | 874 | 880 |
| Total non-current assets | 961 | 876 | 925 |
| Current receivables | 175 | 172 | 232 |
| Cash and equivalents | 17 | 181 | 64 |
| Total current assets | 192 | 353 | 296 |
| Total assets | 1,153 | 1,229 | 1,221 |
| Equity | 1,111 | 1,080 | 1,077 |
| Non-current liabilities | – | – | – |
| Current liabilities | 42 | 149 | 144 |
| Total equity and liabilities | 1,153 | 1,229 | 1,221 |
Key data – multi-quarter summary
| (SEK M unless otherwise stated) | 2024 Apr-Jun |
2024 Jan-Mar |
2023 Oct-Dec |
2023 Jul-Sep |
2023 Apr-Jun |
2023 Jan-Mar |
2022 Oct-Dec |
2022 Jul-Sep |
2022 Apr-Jun |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1,272 | 1,305 | 1,177 | 1,187 | 1,406 | 1,558 | 1,472 | 1,514 | 2,044 |
| Earnings measurements | |||||||||
| Gross result | 152 | 165 | 114 | 99 | 172 | 159 | 51 | 173 | 458 |
| Underlying gross result | 157 | 174 | 131 | 134 | 181 | 160 | 110 | 197 | 446 |
| Operating result (EBIT) | 11 | 4 | -37 | -42 | 26 | 1 | -119 | 40 | 313 |
| Underlying operating result (uEBIT) | 18 | 42 | -17 | 4 | 33 | 10 | -50 | 67 | 291 |
| Margin measurements | |||||||||
| Gross margin | 12.0% | 12.6% | 9.6% | 8.3% | 12.3% | 10.2% | 3.4% | 11.5% | 22.4% |
| Underlying gross margin | 12.4% | 13.3% | 11.1% | 11.3% | 12.8% | 10.3% | 7.4% | 13.0% | 21.8% |
| Operating margin | 0.8% | 0.3% | -3.2% | -3.5% | 1.9% | 0.0% | -8.1% | 2.6% | 15.3% |
| Underlying operating margin | 1.4% | 3.2% | -1.4% | 0.3% | 2.4% | 0.6% | -3.4% | 4.4% | 14.2% |
| Capital structure | |||||||||
| 1) Net debt excl. IFRS 16 |
289 | 271 | 259 | 251 | 203 | 204 | 357 | 475 | 237 |
| 1) Net debt/equity ratio excl. IFRS 16 |
20.1% | 18.7% | 18.1% | 16.9% | 13.2% | 12.4% | 21.7% | 27.4% | 14.0% |
| Working capital at end of period | 681 | 686 | 683 | 777 | 792 | 931 | 1,130 | 1,340 | 1,070 |
| Working capital (average) | 684 | 684 | 730 | 784 | 861 | 1,031 | 1,234 | 1,204 | 996 |
| 1) Capital employed (average) excl. IFRS 16 |
1,764 | 1,757 | 1,757 | 1,842 | 1,964 | 2,023 | 2,173 | 2,197 | 1,977 |
| Working capital tied-up | 13.4% | 13.1% | 15.5% | 16.5% | 15.3% | 16.5% | 21.0% | 19.9% | 12.2% |
| Return | |||||||||
| 1) Return on capital employed excl. IFRS 16 |
2.1% | 1.0% | -8.6% | -9.5% | 4.9% | -0.4% | -22.3% | 6.8% | 62.6% |
| Per share data | |||||||||
| Earnings per share (SEK) | 0.13 | -0.35 | -2.58 | -3.27 | 1.47 | -0.22 | -7.79 | 2.05 | 19.30 |
| Earnings per share after dilution (SEK) | 0.13 | -0.35 | -2.58 | -3.27 | 1.47 | -0.22 | -7.79 | 2.05 | 19.30 |
| Equity per share (SEK) | 110.45 | 110.87 | 109.68 | 113.75 | 118.32 | 126.57 | 126.11 | 133.30 | 130.04 |
| Cash flow from operating activities per share (SEK) | 1.63 | 3.38 | 11.62 | -1.31 | 10.16 | 17.37 | 11.75 | -14.14 | 9.79 |
| 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 | -10% | -16% | -20% | -22% | -31% | -16% | -3% | 10% | 46% |
| – of which organic tonnage growth | 5% | -7% | -6% | -6% | -18% | -15% | -14% | -15% | -14% |
| – of which price and mix changes | -12% | -10% | -16% | -21% | -17% | -5% | 5% | 19% | 54% |
| – of which currency effects | 0% | 1% | 2% | 5% | 5% | 4% | 5% | 3% | 2% |
| – of which acquisitions | 0% | 0% | 0% | 0% | 0% | 1% | 3% | 4% | 4% |
| – of which divestments | -3% | 0% | 0% | 0% | -1% | -1% | -2% | -1% | – |
| Other | |||||||||
| Average number of employees | 643 | 652 | 673 | 692 | 689 | 674 | 656 | 656 | 665 |
| Inventory gains and losses | -7 | -11 | -20 | -40 | -7 | -9 | -69 | -27 | 22 |
| Shipped tonnage (thousands of tonnes) | 73 | 76 | 67 | 64 | 73 | 81 | 72 | 68 | 88 |
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. 1)
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)
| 2024 | 2023 | 2024 | 2023 | 2023 | Rolling | |
|---|---|---|---|---|---|---|
| (SEK M) | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full-year | 12 months |
| Operating result | 11 | 26 | 15 | 27 | -52 | -64 |
| Reversal of inventory gains (-)/losses (+) | 7 | 7 | 18 | 16 | 76 | 78 |
| Adjustment for items affecting comparability | – | – | 27 | – | 6 | 33 |
| Group | 18 | 33 | 60 | 43 | 30 | 47 |
Working capital
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| (SEK M) | Jun 30 | Jun 30 | Dec 31 |
| Inventories | 790 | 999 | 792 |
| Accounts receivable | 639 | 731 | 532 |
| Other receivables | 84 | 169 | 88 |
| Deduction accounts payable | -628 | -776 | -528 |
| Deduction other current liabilities | -204 | -331 | -201 |
| Rounding | – | – | – |
| Group | 681 | 792 | 683 |
Average working capital is an average for each period based on quarterly data.
Net debt excl. IFRS 16
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| (SEK M) | Jun 30 | Jun 30 | Dec 31 |
| Non-current interest-bearing liabilities and leasing liabilities | 676 | 805 | 710 |
| Current interest-bearing liabilities and leasing liabilities | 103 | 103 | 103 |
| Deduction leasing liabilities | -442 | -517 | -479 |
| Deduction financial assets | 0 | 0 | 0 |
| Deduction cash and equivalents | -48 | -188 | -74 |
| Rounding | – | – | -1 |
| Group | 289 | 203 | 259 |
Net debt/equity ratio excl. IFRS 16 is calculated as net debt excl. IFRS 16 divided by Equity.
Capital employed excl. IFRS 16
| 2024 | 2023 | 2023 | |
|---|---|---|---|
| (SEK M) | Jun 30 | Jun 30 | Dec 31 |
| Equity excl. IFRS 16 | 1,441 | 1,544 | 1,431 |
| Non-current interest-bearing liabilities and leasing liabilities | 676 | 805 | 710 |
| Current interest-bearing liabilities and leasing liabilities | 103 | 103 | 103 |
| Deduction leasing liabilities | -442 | -517 | -479 |
| Rounding | – | – | – |
| Group | 1,778 | 1,935 | 1,765 |
Average capital employed excl. IFRS 16 is an average for each period based on quarterly data.
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 diffcult 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 2023 annual report for other definitions of key data.
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 640 employees and sales of SEK 5.3 billion in 2023. 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. 640
Net sales
SEK 5.3 billion
Sales Production Warehouse