Beijer Electronics Group — Interim / Quarterly Report 2013

Jul 12, 2013

January–JUNE 2013

Healthy order intake but weak profit in the second quarter

First half-year

• • Order intake was 721.4 MSEK (724.5).
• • Net sales were 663.8 MSEK (689.1).
• • Operating profit was 37.3 MSEK (52.0).
• • Profit after tax amounted to 17.5 MSEK (20.8).
• • Earnings per share were 0.93 SEK (1.00).

Second quarter

• • Order intake was 364.1 MSEK (371.5).
• • Net sales were 336.0 MSEK (350.2).
• • Operating profit was 12.6 MSEK (26.5).
• • Profit after tax: 0.7 MSEK (8.0).
• • Earnings per share were 0.11 SEK (0.38).
• • Acquisition of 15% of Altus Sistemas of Brazil.
• • Acquisition of Turkish distributor Petek Teknoloji.

Interim Report Beijer Electronics AB

Comments from Fredrik Jönsson, CEO

"Beijer Electronics progressed in two different directions in the second quarter. In absolute terms, order intake was the best third quarter to date. Sales were poor and also negatively affected by currency effects. In turn, lower sales had a sharp impact on our profit numbers, which were clearly below our estimates.

The discrepancy in sales and profit relate to the HMI Products business area. Apart from significantly lower sales, HMI Products experienced disruptions to manufacturing and the logistics chain of its new operator terminals. Actions have been taken, which caused costs, in segments including manufacturing, which exerted pressure on the business area's gross margin. In combination with lower sales, this had a significant negative impact on business area profit.

The good order intake indicates increased sales going forward, and with costs under control, we anticipate a positive turnaround of HMI Products' business in the second half-year.

The IDC business area maintained its stable progress, with a sharp upturn in underlying order intake and some sales increase. The business area's long-term initiatives are now paying off. Simultaneously, profit was charged with higher amortization of capitalized product development expenses.

The Automation business area continued to struggle with inconsistent and weak demand on the market, affecting the business area's order intake and sales. Despite this, Automation was able to post increased operating profit. Additionally, Automation has secured new OEM accounts with the new products it has launched, and the business area is now preparing aggressively for the fall, with a series of new product launches.

Beijer Electronics advanced its positioning further, by acquiring 15% of Altus Sistemas of Brazil and Petek Teknoloji ofTurkey in thesecond quarter. Altus, where we hold an option to increase our holding to 49%, develops and manufactures high-technology control systems that we can market globally. Petek is a full-range automation vendor with exciting growth prospects in the region.

Beijer Electronics' sales and profit made weak progress in the second quarter, and in the first half-year overall. But, against the background of the healthy order intake in the past period, we think that operations will perform positively in the second half-year, with higher sales and better profit than in the first half-year."

Market and Surrounding World

The global industrial automation market continued to featuresubstantial demand fluctuations in thesecond quarter, while the geographical differences in growth rates persist.

The American market achieved high growth. In Europe, the outlook was divided, with good demand in certain markets, while demand was restrained on others. Demand in Asia remained poor.

	Sales Quarter 2			Operating Profit Quarter 2		Sales 6 Mth.		Operating Profit 6 Mth.
MSEK	1306	1206	1306	1206	1306	1206	1306	1206
Automation business area	112.3	116.5	6.6	6.3	234.5	241.2	16.7	15.9
HMI Products business area	149.1	166.6	4.3	21.1	284.8	312.2	12.7	34.4
IDC business area	96.8	95.1	4.8	7.7	188.2	188.8	12.9	15.6
Intra-group sales	-22.2	-28.0			-43.7	-53.1
Group adjustments and depreciation			-3.1	-8.6			-5.0	-14.0
Beijer Electronics Group	336.0	350.2	12.6	26.5	663.8	689.1	37.3	52.0

Business Area Sales and Operating Profit

The Group in the Second Quarter

The group's order intake was 364.1 MSEK (371.5) in the second quarter of 2013. The decrease is due to the major order from Toshiba being in the 2012 reporting period, and negative currency effects. Currency adjusted, order intake was up by 2%.

Group sales decreased by 4% to 336.0 MSEK (350.2). Currency adjusted, sales were largely unchanged. The HMI Products and Automation business areas reported lower sales, while IDC's sales increased. Sales in Sweden, which is the group's singlelargest market, were unchanged. Sales in Norway increased, but decreased in Denmark and Finland. Sales in the rest of Europe, as in the US and Asia, performed weakly in the quarter.

The group's operating profit before depreciation and amortization was 28.2 MSEK (38.3). Operating profit was 12.6 MSEK (26.5), equating to an operating margin of 3.7% (7.6). All of the profit deterioration is due to lower profitability in HMI Products and higher depreciation and amortization.

Total development expenses, which relate to the HMI Products and IDC business areas, were 26.5 MSEK (29.2). Profit before tax was 8.3 MSEK (21.9). The net financial income/expense was -4.3 MSEK (-4.6). Profit afterestimated tax was 0.7 MSEK(8.0).Thetax expensefor the quarter includes -4.3 MSEK of non-recurring effects. Earnings per share after estimated tax were 0.11 SEK (0.38).

The Group in the First Half-year

Order intake was unchanged in the first half-year, at 721.4 MSEK (724.5). Currency adjusted, it increased by 3%.

The group's sales were down 4%, and amounted to 663.8 MSEK (689.1).Currency adjusted, sales werelargely unchanged. The group's operating profit before depreciation and amortization was 68.0 MSEK (79.4). Operating profit was 37.3 MSEK (52.0).Thisequated to an operating margin of 5.6% (7.5). Thelower profit is dueto lower sales volumes in HMI Products.

Total development expenses, which relate to the HMI Products and IDC business areas, were 53.1 MSEK (56.3).

The profit beforetax was 31.8 MSEK (41.2). Net financial income/expense was -5.5 MSEK (-10.8). Profit after estimated tax was 17.5 MSEK (20.8). Earnings per share after estimated tax were 0.93 SEK (1.00).

The bars and left-hand scale indicate quarterly sales. The curve and right-hand scale show rolling four quarter sales.

The bars and left-hand scale indicate quarterly profit after depreciation. The curve and right-hand scale show rolling four quarter profit after depreciation.

HMI Products Business Area – Weak Quarter but Healthy Order Book

HMI Products' progress was mixed in the period.The positives included good order intake. The negatives Included poor sales performance, due to factors including lower order intakein thesecond half-year 2012. In addition, the new series of operator terminals were affected by problems in manufacturing and thelogistics chain. Extensive actions resulting in increased expenses to solve these problems, which in combination with lower sales, affected profit negatively.

Second Quarter

Business area order intakeincreased by 4% to 163.6 MSEK (156.8). Currency adjusted, the increase was 8%. Sales were down by 11% to 149.1 MSEK (166.6). Currency adjusted, the decrease was limited to 7%. The lower sales are mainly explained by downturns in Asia and the US. Operating profit before depreciation and amortization was 10.2 MSEK (26.5). Operating profit was 4.3 MSEK (21.1). The operating margin was 2.9% (12.7). The profit downturn is due to lower sales volumes and higher manufacturing expenses.

First Half-year

Order intake was up by 4% to 328.6 MSEK (315.7). Currency adjusted, it increased by 8%. Sales decreased by 9% to 284.8 MSEK (312.2). Currency adjusted, the decrease was 6%. Operating profit before depreciation and amortization was 24.4 MSEK (46.0). Operating profit amounted to 12.7 MSEK (34.4). The operating margin was 4.5% (11.0). The profit decrease is due to lower sales volumes and higher manufacturing expenses.

MSEK Rolling four quarters MSEK Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 2010 2011 2012 2013

The bars and left-hand scale indicate quarterly sales. The curve and right-hand scale show rolling four quarter sales.

Sales, HMI Products Sales by Geographical Market, HMI Products

Sales by geographical market for the first half-year of 2013 compared to 2012.

Automation Business Area – Improved Profitability in a Challenging Market

The Automation business area's market still featured a regularity, with wide fluctuations between different months. April and May saw good demand, but slowed sharply in June. Generally, the market is hesitant, especially in terms of major orders. Lower order intake and sales are due to reduced demand in Denmark, Norway and Finland. Sales in Sweden werestable. Despitelower sales, Automation was ableto report improved profit. Automation signed a master agreement with Alfa Laval on tailored operator terminals. Automation also secured a new three-year distribution agreement with Mitsubishi Electric. Additionally, Automation had a number of major design wins in the half-year, with deliveries scheduled for the next three years.

Second Quarter

Business area order intake was down by 7% to 109.3 MSEK (117.2). Currency adjusted, order intake was down by 5%. Automation's sales were down by 4% to 112.3 MSEK (116.5), and currency adjusted, were down by 1%. Operating profit before depreciation and amortization was 7.5 MSEK (7.2). Operating profit increased to 6.6 MSEK (6.3), equating to an operating margin of 5.9% (5.4).

First Half-year

Order intakereduced by 9% to 226.7 MSEK (249.5), and by 7% currency adjusted. Automation's sales were down by 3% to 234.5 MSEK (241.2). Currency adjusted, they were down by 1%. Operating profit before depreciation and amortization was 18.4 MSEK (17.8). Operating profit increased to 16.7 MSEK (15.9),equivalent to an operating margin of 7.1% (6.6).

Sales, Automation

The bars and left-hand scale indicate quarterly sales. The curve and right-hand scale show rolling four quarter sales.

Sales by Geographical Market, Automation

Sales by geographical market for the first first half-year of 2013 compared to 2012.

Industrial Data Communication Business Area

– Investments Consolidate Strong Positioning

The IDC business area made stable progress, with a brisk upturn in underlying order Intake. At the midpoint of the year, the order book was at its highest to date. The WeOS and IP-train software initiatives have scored continued successes. Sales to OEM customers normalized, and good progress is being maintained in the US.

Second Quarter

Business area order intake amounted to 117.0 MSEK (120.5). Currency adjusted, order intake increased by 1%. Lower ongoing order intakeisexplained by the major order secured from Toshiba, which was reported in 2012. Adjusted for this order, order intake was up by 27% in the quarter. Sales increased by 2% to 96.8 MSEK (95.1). Operating profit before depreciation and amortization was 11.3 MSEK (12.4). Operating profit was 4.8 MSEK (7.7), equating to a margin of 5.0% (8.1). The decreasein operating profit is due to higher depreciation and amortization.

First Half-year

Order intake was up by 1% to 217.1 MSEK (215.2). Currency adjusted, orderintakeincreased by 4%. Sales were 188.2 MSEK (188.8). Operating profit before depreciation and amortization was 25.8 MSEK (24.4). Operating profit was 12.9 MSEK (15.7). This corresponded to a margin of 6.9% (8.3). The lower operating profit is due to higher depreciation and amortization.

Sales by geographical market for the first first half-year of 2013 compared to 2012.

Other Financial Information

Group investments including capitalized development expenses and acquisitions amounted to 127.6 MSEK(35.5) in the first half-year. Cash flow from operating activities was 78.8 MSEK (28.2). Equity was 368.6 MSEK (399.8) as of June 30, 2013. The equity ratio was 25.6% (27.7). Cash and cash equivalents were 103.7 MSEK (137.0). Net debt was 646.5 MSEK (543.8). The increase is explained by the final payment for the acquisitions of QSI of the US and Korenix ofTaiwan being submitted, as well as payment for the acquisitions of Altus of Brazil and Petek of Turkey. The average number of employees was 745 (744).

Prospects for 2013

Beijer Electronics reported lower sales and profit for the first half-year 2013. However, order intake performed positively in the period. Accordingly, Beijer Electronics is expected to report increased sales and higher profit in the second half-year compared to the first half-year.

Significant Events

In April 2013, Beijer Electronics signed a three-year distributor agreement with Mitsubishi Electric. This agreement means this collaboration, which has been in place for over 30 years, will continue, with Beijer Electronics serving as main distributor of Mitsubishi Electric's automation products on the Nordic and Baltic markets.

Coincident with this new agreement, Beijer Electronics repurchased the 15% minority stake that Mitsubishi Electric held in the Automation business area. The repurchase streamlines the relationship with Mitsubishi Electric, which is a supplier and customer of Beijer Electronics, and is consistent with Beijer Electronics' strategy of wholly owned subsidiaries, and becoming a leading vendor of user-friendly automation solutions on a global basis.

In April 2013, Beijer Electronics acquired 15% of Altus Sistemas de Automaticao S.A of Brazil, with an option to acquire up to 49% of this company. Altus develops and manufactures high-technology control systems.The acquisition means Beijer Electronics is consolidating its presence on the Brazilian market, and gaining access to high-quality control system products for the global market.

In May 2013, Beijer Electronics acquiredTurkish automation company PetekTeknoloji. Petek, which has been Beijer Electronics' distributor inTurkey since 2005, is a full-range automation vendor, with annualized sales of 2 MUSD. The acquisition means Beijer Electronics gaining a direct channel to a growing market, with ongoing investment in the automotive, water and waste, and other industries.

Accounting Principles

For the group, this Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicableregulations of the Swedish Annual Accounts Act. TheInterim Report forthe parent company has been prepared in accordance with the Swedish Annual Accounts Act's chapter 9, Interim Reporting. The accounting principles applied for the group and parent company are consistent with those accounting principles used when preparing the latest annual accounts,with theexception of the accounting standard IAS 19 'Employee Benefits.'

The Amendment of accounting standard to IAS 19 'Employee Benefits' means that since 1 January 2013, the group no longer applies what is termed 'the corridor method' when accounting for pension obligations. Actuarial gains and losses on pension obligations are now recognized in other comprehensive income as they arise. Due to this change of principal, previous year's comparative figures, including key figures, have been restated, and the effect of the amendment is disclosed separately in the Interim Report.

This Report has not been reviewed by the company's Auditors.

Malmö, Sweden, July 12, 2013 Fredrik Jönsson CEO and President

For more information, please contact: CEO and President Fredrik Jönsson, tel +46 (0)40 35 86 10, +46 (0)70 517 1626 or CFO Anna Belfrage, tel +46 (0)40 35 86 53, +46 (0)70 635 8653.

Anders Ilstam Chairman of the Board Ulrika Hagdahl Board member

Bo Elisson Board member Fredrik Jönsson Board member CEO

Christer Öjdemark Board member

Bert Åke Eriksson Board member

Maria Khorsand Board member

Interim Report in Summary Interim Report in Summary

Income Statement—Group

SEK 000	Quarter 2, 2013	Quarter 2, 2012	6 Mth. 2013	6 Mth. 2012	Full Year, 2012
Net turnover	336,047	350,151	663,760	689,141	20121,367,163
Other operating revenue	923	2,118	1,180	1,144	-2,423
Operating expenses excluding depreciation and amortisation	-308,735	-313,935	-596,955	-610,897	-1,206,085
Operating profit before depreciation and amortization	28,235	38,334	67 985	79 388	158 655
Amortization, intangible assets	-11,276	-9,468	-22,429	-19,162	-40,822
Depreciation, property, plant and equipment	-4,384	-2,351	-8,250	-8,239	-18,293
Operating profit	12,575	26,515	37,306	51,987	99,540
Net financial items	-4,286	-4,655	-5,482	-10,780	-26,419
Profit before tax	8,289	21,860	31,824	41,207	73,121
Estimated tax	-7,586	-13,858	-14,318	-20,384	-19,765
Net profit	703	8,002	17,506	20,823	53,356
Attributable to equity holders of the parent	2,044	7,312	17,714	18,982	49,939
Attributable to minority interest	-1,341	690	-208	1,841	3,417
Earnings per share, SEK a	0.11	0.38	0.93	1.00	2.62

a) The number of shares in the company has increased as a result of a new share issue of 133,122 shares, now totaling 19,067 ,586 (18,934,464 ). Earnings per share for earlier periods have been adjusted.

Statement of Comprehensive Income

SEK 000	Quarter 2, 2013	Quarter 2, 2012	6 Mth. 2013	6 Mth. 2012	Full Year, 2012
Net profit	703	8,002	17,506	20,823	53,356
Actuarial gains and losses		-1,360		-2,412	-6,183
Translation differences	15,969	11,224	2,079	3,114	-11,845
Comprehensive income	16,672	17,866	19,585	21,525	35,328
Attributable to equity holders of the parent	15,207	17,430	16,793	19,762	31,998
Attributable to minority interest	1,465	436	2,792	1,763	3,330

Balance Sheet—Group

SEK 000	June 30, 2013	June 30, 2012	Dec 31, 2012
Assets
Fixed assets	861,331	816,436	776,692
Current assets	483,722	570,330	518,834
Cash equivalents and short-term investments	103,657	137,007	128,469
Total assets	1,448,710	1,523,773	1,423,995
Liabilities and shareholders' equity
Shareholders' equity	368,577	372,164	384,400
Minority share of shareholders' equity	2,792	20,649	21,316
Long-term liabilities	570,144	579,454	545,613
Current liabilities	507,197	551,506	472,666
Total liabilities and shareholders' equity	1,448,710	1,523,773	1,423,995
Of which interest-bearing liabilities	750,159	709,677	650,091

Statement of Changes to Shareholders' Equity—Group

SEK 000	June 30, 2013	June 30, 2012	Dec 31, 2012
Attribute of all to parent company shareholders
Opening equity, while in January. One, in accordance with adopted balance sheet	415,843	420,265	420,265
Change of accounting principles	-31,443	-25,260	-25,260
New share issue	45
Additional paid-in capital	8,049
Dividend	-23,668	-42,603	-42,603
Acquisition	-17,042
Totalresultat	16,793	19,762	31,998
Closing equity	368,577	372,164	384,400
Attributable to non-controlling interests
Opening equity, January. One	21,316	18,886	18,886
Dividend
Acquisition	-21,316		-900
Comprehensive income	2,792	1,763	3,330
Closing equity	2,792	20,649	21,316

Key Figures

	June 30, 2013	June 30, 2012	Dec 31, 2012
Operating margin, %	5.6	7.5	7.3
Profit margin, %	2.6	3.0	3.9
Equity ratio, %	25.6	25.8	28.5
Shareholders' equity per share, SEK	19.3	19.5	20.2
Earnings per share, SEK	0.93	1.00	2.62
Return on equity after tax, %	13.1	16.6	13.0
Return on capital employed, %	8.5	12.7	9.6
Return on net operating assets, %	13.3	17.1	15.1
Average number of employees	745	744	752

Cash Flow Statement—Group

Tkr	June 30, 2013	June 30, 2012	Dec 31, 2012
Cash flow from operating activities before
changes in working capital	43,363	36,233	93,331
Change in working capital	35,402	-8,088	6,447
Cash flow from operating activities	78,765	28,145	99,778
Cash flow from investing activities	-127,629	-35,472	-49,778
Cash flow from finance activities	48,577	8,287	-53,421
Dividends paid	-23,668	-42,603	-43,503
Change in cash equivalents	-23,955	-41,643	-46,924
Cash equivalents and short-term investments, opening balance	128,469	178,258	178,258
Exchange rate change, cash equivalents	-857	392	-2,865
Cash equivalents and short-term investments,
closing balance	103,657	137,007	128,469

Operating Segments

SEK,000	Quarter,2 2013	Quarter,2 2012	6 Mth. 2013	6 Mth. 2012	Full,Year, 2012
Net turnover
Automation	112,293	116,513	234,492	241,206	478,983
HMI Products	149,069	166,636	284,756	312,172	620,281
IDC	96,767	95,061	188,158	188,815	370,340
Group adjustments	-22,082	-28,059	-43,646	-53,052	-102,441
Group	336,047	350,151	663,760	689,141	1,367,163
Operating profit before depreciation and amortization
Automation	7,463	7,166	18,384	17,756	34,049
HMI Products	10,187	26,527	24,406	45,956	81,412
IDC	11,327	12,408	25,784	24,388	47,233
Parent company	-2,911	-2,453	-7,411	-6,421	-5,056
Group adjustments	2,169	-5,314	6,822	-2,291	1,017
Group	28,235	38,334	67,985	79,388	158,655
Operating profit
Automation	6,643	6,283	16,721	15,931	30,353
HMI Products	4,254	21,102	12,724	34,391	58,661
IDC	4,798	7,727	12,928	15,637	27,302
Parent company	-4,605	-3,445	-10,843	-8,416	-10,841
Group adjustments	1,485	-5,152	5,776	-5,556	-5,935
Group	12,575	26,515	37,306	51,987	99,540

Change of accounting principle

Since 1 January 2013, the group no longer applies what is termed 'the corridor method' when accounting for pension obligations. Actuarial gains and losses on pension obligations are now recognized in other comprehensive income as they arise. The effect of this change of principle on comparative figures is stated in the following table.

Effect of change of accounting principle

	According to previous principle	Transition effect	According to new principle
	June. 30, 2012		June. 30, 2012
Assets
Fixed assets	808,851	7,585	816,436
Current assets	570,330		570,330
Cash and cash equivalents and short-term investments	137,007		137,007
Total assets	1,516,188	7,585	1,523,773
Equity and liabilities
Equity attributable to parent company shareholders	399,836	-27,672	372,164
Non-controlling interests	20,649		20,649
Long-term liabilities	544,197	35,257	579,454
Current liabilities	551,506		551,506
Total equity and liabilities	1,516,188	7,585	1,523,773
Of which interest-bearing liabilities	680,835	28,842	709,677

Effect of change of accounting principle, cont.

	According to	Transition effect	According to
	previous principle		new principle
	June. 30, 2012		June. 30, 2012
Assets
Fixed assets	769,742	6,950	776,692
Current assets	518,834		518,834
Cash and cash equivalents and short-term investments	128,469		128,469
Total assets	1,417,045	6,950	1,423,995
Equity and liabilities
Equity attributable to parent company shareholders	415,843	-31,443	384,400
Non-controlling interests	21,316		21,316
Long-term liabilities	507,220	38,393	545,613
Current liabilities	472,666		472,666
Total equity and liabilities	1,417,045	6,950	1,423,995
Of which interest-bearing liabilities	618,498	31,593	650,091

Income Statement—Parent Company

SEK 000	Quarter 2 2013	Quarter 2 2012	6 Mth. 2013	6 Mth. 2012	Full Year, 2012
Net turnover	15,175	17,017	30,351	31,090	64,359
Operating expenses	-19,780	-20,464	-41,194	-39,508	-75,200
Operating profit	-4,605	-3,447	-10,843	-8,418	-10,841
Net financial items *	7,593	6,845	5,443	-1,360	-1,641
Profit before tax	2,988	3,398	-5,400	-9,778	-12,482
Appropriations	985		1,970		19,826
Estimated tax	-2,155	-481	-569	2,971	1,574
Net profit	1,818	2,917	-3,999	-6,807	8,918
* of which is dividends from subsidiaries	5.0	3.7	5.0	3.7	18.8

Balance Sheet—Parent Company

SEK 000	2013-06-30	2012-06-30	2012-12-31
Assets
Fixed assets	860,993	684,108	672,756
Current assets	23,659	21,131	33,569, a)
Cash equivalents and short-term investments	9,724	244	269
Total assets	894,376	705,483	706,594
Liabilities and shareholders' equity
Shareholders' equity	47,833	31,681	67,406,a)
Untaxed reserves	5,895	14,284	7,865
Long-term liabilities	525,645	419,919	398,341
Current liabilities	315,003	239,599	232,982
Total liabilities and shareholders' equity	894,376	705,483	706,594
Of which interest-bearing liabilities	665,614	634,561	570,194

a) The net profit of the parent company has improved by 20 MSEK since

the Financial Statement for 2012, as a result of an anticipated dividend.

Beijer Electronics AB

Beijer Electronics is a fast-growing technology company active in industrial automation and data communications.The company develops and markets products and solutions that focus on the user. Since its start-up in 1981, Beijer Electronics has evolved into a multinational group present in 22 countries. The company is listed on NASDAQ OMX Nordic Exchange Small Cap list under the ticker BELE.

More Information

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Financial Calendar

October 25, 2013 Nine-month Interim Report
February 7, 2014 Financial Statement

The RTU32 R Utility Controller

Beijer Electronics has secured a 9.5 MSEK order from FMV (the Swedish Defence Matériel Administration). The order includes 350 RTU32 Rs, which will be installed to replace existing, obsolete technology over a four-year period. The RTU32 R, produced by Brodersen Systems of Denmark, is a control system that uses a standard Internet protocol called SNMP (Simple Network Management Protocol), to monitor and control critical processes. RTU32 R has high security and redundancy, time-stamped communication and alarm processing, which makes it ideal for applications in theenergy sector and infrastructure.

Read more at www.beijer.se

Head office

Beijer Electronics AB (publ) Box 426, Stora Varvsgatan 13a 201 24 Malmö, Sweden Corp. ID no. 556025-1851 www.beijerelectronics.se | +46 (0)40 35 86 00