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Beijer Ref Q1 2023

First quarter

  • Organic sales increased 14.5 per cent in the quarter compared to the previous year. Acquisition effects amounted to 30.2 per cent and currency effects were 5.8 per cent. Net sales increased by 50.5 per cent and amounted to SEK 7,378 million (4,903).
  • EBITA amounted to SEK 702 million (407), which is an increase of 72.4 per cent compared to the same period last year. The EBITA margin amounted to 9.5 per cent (8.3).
  • This is Beijer Ref’s best first quarter ever, excluding items affecting comparability, in both absolute terms and margin, based on the current structure.
  • The first quarter includes non-recurring costs related to the temporary financing regarding the acquisition of the North American operation Heritage Distribution of SEK 138 million, which is reported under the item “Net financial income/expense”.
  • Operating cash flow amounted to SEK -209 million (-295) during the quarter. Operating cash flow in the quarter was still affected by the effects of the unstable supply chain in 2022.
  • Profit per share after dilution, and adjusted for items affecting comparability in the net financial income/expense, amounted to SEK 1.08 (0.65), which is an increase of 66.6 per cent.
  • The previously announced acquisitions of the HVACR company Heritage Distribution (North America), as well as Transport Cooling (South Africa) were completed in the first quarter. Heritage Distribution was completed and consolidated per January 20.
  • The announced rights issue was completed during the quarter. The rights issue was subscribed to 99.7 per cent with the support of subscription rights. Other shares were allotted to those who subscribed for shares without subscription rights. Overall, the rights issue was oversubscribed by 44 per cent.

CEO comments

During the first quarter, we have continued to build on the success of 2022. All markets have shown positive growth and total sales amounted to SEK 7,378 million, which is an increase of 50 per cent over the same period last year, with organic growth of 15 per cent. Operating profit (EBITA) amounted to SEK 702 million, which is an increase of 72 per cent compared to the same period last year. All segments recorded strong organic growth: HVAC 17 per cent, OEM 24 per cent and Commercial and Industrial Refrigeration 10 per cent.

During the quarter, we continued to have good demand for air/air (AC products), primarily for heating. Increased awareness of energy efficiency and improved indoor environments are contributing factors. Also, the rising electricity prices in Europe have led to more and more people starting to see the cost benefits of using air/air as a complement to heating.

We continue to focus on creating simple and seamless e-commerce experiences for our customers, resulting in increased sales and customer satisfaction. During the quarter, our digital sales continued their very good growth and we have had good development on both existing and new e-commerce platforms. Sales increased by 40 per cent, compared with the same period last year.

Uncertain supply chains are something the industry is still struggling with and which have had a negative impact on our warehouse stocks; we continue to see improvements, especially regarding lead times for products and components. We expect a normalisation of warehouse stocks, adjusted for our seasonal variations, in the second half of 2023.

I am pleased to inform that during the quarter (January 20) we completed the acquisition of the North American HVAC company Heritage Distribution, subject to customary completion conditions. This acquisition is an important step for Beijer Ref and reflects our commitment to expanding our global reach and meeting the needs of our customers in all corners of the world. Heritage Distribution has been integrated in line with our expectations and reported good development in the first quarter. The integration of AAD (Australia) has also gone according to plan.

The Beijer Ref Exchange Programme for 2023 has been concluded. The programme has enabled participants to gain valuable insights from other parts of the organisation, learn new skills and build relationships with colleagues from different countries. A big thank you to all participants whose contributions have been crucial to the success of the program.

Finally, I would like to take this opportunity to welcome Heritage Distribution to the Beijer Ref family. They have an ambitious and dedicated team that brings many years of industry experience. Europe and the North America are now moving towards their summer season and, with a well thought-out strategy behind us and purposeful employees, we continue to create good conditions for long-term growth.

Christopher Norbye

Telephone conference Q1 2023 
The company invites investors, analysts and the media to attend a telephone conference at which CEO Christopher Norbye and CFO Ulf Berghult will present the interim report for the first quarter of 2023. The presentation is held in English. The meeting is on April 25 at 13.30 CET. Connect to the presentation at the link below.


To participate in the telephone conference, call the number:
SE: +46 8 505 163 86
US: +1 412 317 6300
UK: +44 20 319 84884
Pin code: 9905201#

The presentation will also be available on the company’s website from 12.00 on April 25.

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

This interim report has not been the subject of examination by the Company’s Auditors.

Malmö April 25, 2023

Beijer Ref AB (publ)
Christopher Norbye, CEO

For more information on this report:
Ulf Berghult, CFO
Telephone 040-35 89 00

Niklas Willstrand, Global Corporate Communications Manager
Telephone 040-35 89 00


This disclosure contains information that Beijer Ref AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 25-04-2023 12:00 CET.