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Beijer Ref Q4-2021

“2021 was a successful year for Bei­jer Ref, despite major disruptions in the supply chain and a number of lockdowns in our markets. With our decentralised business model and our dedicated employees, we have managed to achieve a sales increa­se of 20%. In 2021, we delivered both strong organic growth and acquisi­tion growth, while operating profit increased by 31%. It is particularly gratifying that all product areas show organic growth during the year. Ove­rall, the company had a good end to 2021 and we are entering 2022 with a strong order book”, says Christopher Norbye, CEO Beijer Ref.


Fourth quarter

  • Net sales increased by 25.3% (-0.8) in the fourth quarter compared to the same period the previous year and amounted to SEK 4,271 million (3,408). Organic growth was 11.6% (-0.6). Acquisition effects amounted to 12.8% (6.1) and currency effects amounted to 0.8% (-6.2).
  • EBITA amounted to SEK 338 million (271), corresponding to an EBITA margin of 7.9% (7.9). Operating profit amounted to SEK 326 million (256), an increase of 27.4% compared with the previous year. The operating margin amounted to 7.6% (7.5).
  • Profit before tax was SEK 303 million (239). Interest costs are higher than in the previous year due to completed acquisitions. Net debt/EBITDA amounted to 2.5 (2.0).
  • Cash flow from current activities before change in working capital was positive and amounted to SEK 335 million (210). The company’s liquidity has been good and the company has built up stocks during the quarter to meet the increased demand. Unused credit facilities to SEK 1,020 million (1,516). During the quarter, the company has taken up loans of SEK 600 million.
  • Profit per share before and after dilution was SEK 0.66 (0.47) and SEK 0.65 (0.47) respectively.
  • The acquisition of 80% of the shares in the air conditioning company Inventor AG in Greece was completed during the fourth quarter. The company has sales of just over SEK 800 million and about 80 employees. The company is included from 1 October in the company’s accounts in the southern region of EMEA. The company has also made two additional acquisitions: Airstream and Clima Solutions, both in the APAC region.
  • Acquired annual sales during the fourth quarter amount to approximately SEK 900 million; in total the acquisi­tions have contributed SEK 437 million in sales to the fourth quarter.



The company invites investors, analysts and the media to attend a telephone conference at which CEO Christop­her Norbye and CFO Maria Rydén will present the interim report for the fourth quarter of 2021. The presentation is held in English and lasts about 30 minutes. The meeting is on 27 January at 10.00 CET.


Audiocast & teleconference:



Teleconference: Dial-in-number:

SE: +468 505 583 55

UK: +44 333 30 092 70

US: +16 46 722 49 57


The presentation will also be available on the company’s website from 08.40 on 27 January.


This interim report for Beijer Ref AB (publ) has been submitted following approval by the Board of Directors.


Malmö, 27 January 2022

Beijer Ref AB (publ)

Christopher Norbye, CEO


For more information on this report:

Christopher Norbye, CEO – 076-736 00 64

Maria Rydén, CFO – 073-429 25 65


This information is information that Beijer Ref AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 CET on 27 January 2022.