2009 FULL YEAR
- Net sales increased by 57 per cent to SEK 5,263.2M (3,356.6).
- Operating profit amounted to SEK 300.7M (283.2).
Including one-time gains of SEK 53.2M, operating profit was SEK 336.4M in 2008.
- Profit after tax amounted to SEK 206.0M (202.0).
Including one-time gains of SEK 53.2M, profit after tax was SEK 255.2M in 2008.
- Profit per share amounted to SEK 10.07 (16.29).
Including one-time gains, profit per share was SEK 20.58 in 2008.
- Strong cash flow from operations including change in working capital equivalent to SEK 21.69 per share.
- The Board of Directors proposes a dividend of SEK 6.50 per share (6.00).

FOURTH QUARTER
- Increased profit for the period.
- Positive end of the year.

SALES
G & L Beijer ended the year on a positive note. Full-year sales increased by 57 per cent to SEK 5,263.2M (3,356.6). Sales for the fourth quarter rose by 63 per cent to 1,270.6M (778.0). The sales increase for the full year and for the fourth quarter is explained by the acquisition of Carrier ARW which is included in G & L Beijer’s accounts from 1 February 2009.

THE BEIJER REF BUSINESS AREA’S sales increased by 75 per cent to SEK 4,757.8M (2,714.1) for the full year. Sales for the fourth quarter rose by 83 per cent to SEK 1,140.0M (624.4). The increase is due to the acquisition of Carrier ARW. Full-year sales for comparable units fell by six per cent. Currency effects had a positive impact on sales of approximately six per cent. Sales for the acquired operations, which were included during February-December, amounted to SEK 2,304M. Sales for the acquired operations amounted to SEK 592.8M for the fourth quarter.

THE BEIJER TECH BUSINESS AREA’S sales amounted to SEK 505.4M (642.5) for the full year. Sales for the fourth quarter amounted to SEK 130.6M (153.6). The fall is due to the weak demand within the manufacturing industry in which Beijer Tech’s main customers are located. During the second half of the year there were signs of a recovery compared with the corresponding period last year.

OPERATING PROFIT
The Group’s operating profit increased to SEK 300.7M (283.2) for the full year. Including one-time gains of SEK 53.2M, profit for 2008 amounted to SEK 336.4M. Profit for the fourth quarter increased by 50 per cent to SEK 67,6M (45.0).

BEIJER REF’S operating profit for the full year increased by 21 per cent to SEK 299.3M (247.7). Including one-time gains of SEK 22.7M, the result for 2008 was SEK 270.4M. Operating profit for the fourth quarter increased by 59 per cent to SEK 67.9M (42.8). The acquired units contributed positively to the result. Different savings measures generated the desired effect. The co-ordination with the acquired units proceeded according to plan.

Operating profit for BEIJER TECH amounted to SEK 20.6M (55.1) for the full year. Including one-time gains of SEK 30.5M, the result was SEK 85.6 for 2008. Operating profit for the fourth quarter amounted to SEK 4.7M (7.5). The fall in profit is mainly explained by lower sales volumes. Non-recurring costs of approximately SEK 6M were charged to the full-year result. At the same time, savings programmes mitigated the fall in profit.

PROFIT BEFORE AND AFTER TAX
The Group’s financial income/expense amounted to SEK -10.8M (-14.4) for the full year and to SEK 0.1M (-2.2) for the fourth quarter. Financial income/expense includes a share in the profits of Malmö Hamn of SEK 7.4M (9.4) and SEK 1.2M (3.4) for the respective period. Profit before taxes amounted to SEK 289.9M (322.0) for the full year and to SEK 67.7M (42.8) for the fourth quarter. Profit after tax amounted to SEK 206.0M (255.2) and to SEK 42.7M (31.2) for the respective period. Profit per share amounted to SEK 10.07 (16.29) for the full year. Including one-time gains, profit per share amounted to SEK 20.58 for 2008. Profit per share for the fourth quarter amounted to SEK 2.09 (2.52).

DIVIDEND
The Board of Directors proposes a dividend of SEK 6.50 per share (6.00).

OTHER FINANCIAL INFORMATION
Consolidated capital expenditure, including acquisitions, amounted to SEK 1,160.3M (91.6) for the full year. Cash flow from current operations, including changes in working capital, amounted to SEK 443.7M (67.2). Liquid funds, including unutilised bank overdraft facilities, were SEK 537.6M (192.7) at the year end. Share¬holders’ equity amounted to SEK 2,175.5M (990.0). The increase is explained by the non-cash issue on the acquisition of Carrier ARW and net profit for the year. The non-cash issue added shareholders’ equity of SEK 1,055.5M to the Group. The value of the newly-issued shares is based on the market value on the date of acquisition. Net indebtedness amounted to SEK 400.2M (617.6). The equity ratio was 54.1 per cent (44.6). The average number of employees during the year was 1,765 (1,036).

SIGNIFICANT EVENTS
On 13 January 2009, G & L Beijer signed a final purchase agreement to acquire Carrier ARW. An Extraordinary General Meeting on 29 January 2009 resolved to carry out a non-cash issue by issuing 358,710 class A shares and 8,437,429 class B shares to Carrier Corporation and, therefore, increase the company’s share capital by SEK 153,932,432.50 as payment for the acquisition of Carrier ARW. This meant that G & L Beijer’s shareholders before the transaction and Carrier Corporation hold 66.7 per cent and 33.3 per cent respectively of the votes and 58.5 per cent and 41.5 respectively of the capital in the company.

The transaction was completed on 30 January 2009. The total capital contributed in kind has been valued at SEK 1,055.5M. Carrier ARW is included in G & L Beijer’s accounts from 1 February 2009.

The merger of G & L Beijer’s and Carrier ARW’s operations creates a strong group within refrigeration wholesale distribution in Europe and a solid platform for global expansion. G & L Beijer and Carrier complement each other in Europe. Carrier is also a big operator in South Africa. The merged operations work in 22 countries, including the Nordic countries and the Baltic States, United Kingdom, Holland, Spain, Belgium, Switzerland, France, Italy, some countries in Eastern Europe, and South Africa. Carrier ARW also contributes an extended product portfolio to G & L Beijer’s current product programme.

G & L Beijer acquired the hose and rubber company, Slang-Pac AB in Stockholm, through its Beijer Tech business area. Slang-Pac, which reports sales of SEK 40M and has 14 employees, is included in G & L Beijer’s accounts from 1 November 2009.

RISK ASSESSMENT
The operations of the G & L Beijer Group are affected by a number of external factors, the effects of which on the Group’s operating profit can be controlled to a varying degree. The Group’s business areas are dependent on the general economic trend, especially in Europe, which controls the demand for the business areas’ products and services. Acquisitions are normally linked with risks, for example staff defection. Other operating risks such as agency and supplier agreements, product responsibility and delivery undertaking, technical development, warranties, dependence on individuals, etc, are continually being analysed and, when necessary, action is taken to reduce the Group’s risk exposure. In its operations, G & L Beijer AB is exposed to financial risks such as currency risk, interest risk and liquidity risk. The parent company’s risk picture is the same as that of the Group.

FINANCIAL INFORMATION
- The Annual Report for 2009 will be published on the company’s website, www.beijers.com, at the beginning of April 2010. It will also be mailed to the shareholders.
- The Three-Month Report for 2010 will be published on 27 April 2010.
- The Annual Meeting of shareholders will held in Malmö on Wednesday 28 April 2010.
- The Six-Month Report for 2010 will be published on 16 July 2010.
- The Nine-Month Report for 2010 will be published on 21 October 2010.
- The Year-End Report for 2010 will be published in February 2011.

Malmö, 10 February 2010
G & L Beijer AB (publ)
Board of Directors

For further information,
please contact Joen Magnusson, Managing Director:
Switchboard +46 40 35 89 00, mobile +46 709 26 50 91

This Interim Report has not been the subject of special examination
by the company’s auditors.

ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34.

As far as G & L Beijer AB is concerned, the following issued standards and interpretations, which came into force on 1 January 2009, have been deemed to be relevant to the formulation of the financial report and its reporting principles:

- IFRS 8, Operational segments.
This standard takes as its starting point that segmental information shall be presented from the management’s perspective. G & L Beijer AB’s segmental information has already in the past been based on the internal reporting provided by the highest executive decision maker (The Managing Director). The
result is that G & L Beijer AB’s segmental classification does not change compared with what has previously been presented in accordance with IAS 14.

- IAS 1, Layout of financial reports.
The amendment to this standard involves a change to the layout of the financial reports. In accordance with IAS 1, G & L Beijer AB has chosen to present the Group’s total results divided into two reports, a profit and loss account and a report on the other total results. In addition, the Group’s change in the shareholders’ equity statement reports only transactions with the owners.

Otherwise, G & L Beijer AB continues to apply the same reporting principles and valuation methods as those described in the latest Annual Report.

www.beijers.com