Beijer Ref report: Full year 2022

BEIJER REF AB is a technology-oriented trading Group which, offers its customers competitive solutions within refrigeration and climate control. Beijer Ref is one of the largest refrigeration wholesalers in the world, and is represented in 42 countries in Europe, Africa, Asia and Oceania

Full year 2022
• Organic sales rose 16.4 per cent compared to the previous year. Acquisition effects amounted to 10.7 per cent and currency effects were 6.8 per cent. Net sales increased by 33.9 per cent to SEK 22,638 million (16,905).
• The group’s EBITA before items affecting comparability amounted to SEK 2,217 million (1,410), which is an increase of 57.2 per cent. Positive exchange rate effects of SEK 85 million (-22) are included in EBITA. The EBITA margin amounted to 9.8 per cent (8.3). 
• The group’s EBITA including items affecting comparability amounted to SEK 1,971 million (1,410).
• Items affecting comparability amounted to SEK -245 million (0). Financial net amounted to SEK -179 million (-69). Profit after tax for the group was SEK 1,266 million (990). Profit per share in total for the group after dilution before items affecting comparability amounted to SEK 3.86 (2.56). Profit per share total for the group after dilution amounted to SEK 3.28 (2.56).Operating cash flow amounted to SEK 176 million (-59).
• 2022 has been an active year and the company has made eight acquisitions. The acquisitions contribute positively to the group’s net profit.

"Of our geographical regions, Europe stood out above all and has had an accelerating demand for HVAC and OEM. Both of these product areas are in an expansive phase and during the quarter we invested in a build-up of stocks of critical components. All our markets in the southern hemisphere have experienced strong growth in environmentally friendly solutions in our OEM segment. During the quarter, we completed the previously announced acquisition of the Australian HVAC company AAD and HVAC Consolidated.
 
We established ourselves in the North American market on 15 December through the acquisition of the HVACR company Heritage Distribution. The transaction, which was finalised on 20 January, represents a significant milestone in Beijer Ref’s history and an important strategic step in our continued growth journey. Heritage Distribution offers an excellent platform from which we can continue to pursue consolidation. Work is now underway to integrate the company and benefit from value-creating synergies and common points of contact, such as environmentally friendly and innovative HVAC technologies.
 
To ensure that we continue to operate a sustainable business model, we signed letters of commitment to the Science Based Targets initiative (SBTi) during the quarter. The ambition is to set goals and definable action to limit global warming to a maximum of 1.5 degrees. Beijer Ref is actively working to contribute to sustainable societal development and has an important role when it comes to electrification and the programme to phase out F-gases. During the quarter, we also renewed our partnership with Danfoss, which includes an increased focus on sustainability.
 
It is with pleasure that I can sum up a successful 2022. Net sales totalled just over SEK 22,6 billion, which is an increase of 34 per cent compared with 2021. Organic growth was 16 per cent and, in parallel with organic growth, we have added eight new companies to the group. EBITA, excluding items affecting comparability, for the full year was SEK 2,217 million, which is an increase of 57.2 percent, and the corresponding margin was 9.8 percent."
 
Christopher Norbye
CEO
Beijer Ref