• Net sales increased by 46 per cent to SEK 1,107.5M (756.8). The increase is due to the acquisition of Carrier ARW.
• Operating profit amounted to SEK 40.6M (54.9). Including one-time gains of SEK 53.2, operating profit was SEK 108.1M in 2008.
• Profit after tax amounted to SEK 26.7M (40.7). Including one-time gains of SEK 53.2M, profit after tax was SEK 93.9M in 2008.
• Profit per share amounted to SEK 1.46 (3.28). Including one-time gains, profit per share was SEK 7.58 in 2008.
• The acquisition of Carrier ARW and the directed non-cash issue to Carrier Corporation was completed in January.
• Action program according to plan aimed at reducing costs and increasing profitability.
The G & L Beijer Group was affected by the negative economic trend during the first quarter. However, the effects were limited by Beijer’s high proportion of sales to the aftermarket. Consolidated sales for the period rose by 46 per cent to SEK 1,107.5M (756.8). The increase is explained by the acquisition of Carrier ARW which is included in G & L Beijer’s accounts from 1 February 2009. However, the Group’s underlying sales, excluding the acquisition, are lower compared with the previous year. At the same time, the acquisition of Carrier ARW significantly strengthened the seasonal pattern with weak first and fourth quarters whilst the second and third quarters are strong. Demand during the first quarter of 2008 was on an historically high level.
THE BEIJER REF BUSINESS AREA’S sales increased by 62 per cent to 967.4M (598.7) as a result of the acquisition of Carrier ARW. Demand in the different markets showed a disparate picture. The Nordic countries and Central Europe, especially Switzerland, were stable as was South Africa whilst Eastern Europe, Southern Europe and the United Kingdom were weak. Sales for comparable units fell by three per cent. Currency effects affected sales positively by eight per cent. Sales for the acquired units, which were included in February and March, amounted to SEK 390M.
THE BEIJER TECH BUSINESS AREA’S sales amounted to SEK 140.1M (158.1). The fall is explained by the slowdown in demand from Beijer Tech’s principal customers in the manufacturing industry. However, the business area’s broad product portfolio and customer base were stabilising factors and mitigated the fall in sales.
Malmö, 23 April 2009
G & L Beijer AB
Joen Magnusson, Managing Director
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