Henrik Perbeck, President and CEO Henrik Perbeck, President and CEO

Stable demand and acquisitive growth

Group

Demand in the quarter was stable, with variations in the Group’s diversified customer base. We saw an improvement compared with the preceding quarter, but slightly lower volumes year on year. The Nordic region and North America remained the strongest regions, while demand in the rest of Europe and Asia was weaker, partly as a result of customers reducing their inventory levels. As supply chains have stabilized, we have taken action and reduced inventory levels.

Subsidiaries

Lesjöfors noted mixed demand, with variations between geographic regions and customer segments. Within the Chassis Springs business area, the start of the year was characterized by inventory reductions by our customers, but demand increased gradually during the quarter as the spring peak season approaches. Within Industrial Springs, the Nordics and the US were the strongest regions. In Asia and Central Europe, demand was generally weaker and varied more between customer segments and countries. Last year’s acquisition of John Evans’ Sons contributed profitable growth.

For Beijer Tech, which operates in the Nordic market, demand was favorable. Order bookings increased sharply, partly as a result of important new projects but also underpinned by broad demand in Norway and Sweden. Price increases contributed to profitable organic growth, and our most recent acquisition, Botek, got off to a good start with favorable earnings.

Strategy and acquisition

During the quarter, Beijer Alma renewed and secured robust financing to support the Group’s growth strategy.

Two additional acquisitions were carried out in January. Lesjöfors acquired Amatec, a successful spring distributor in the Netherlands. Beijer Tech acquired Botek, a manufacturer of scales and RFID systems for waste management vehicles. Botek offers highly technical proprietary products, commands a strong position in the Nordic region and is exposed to an interesting and growing international market.

In April, after the end of the quarter, the acquisition of Tollman Spring Company in the US was also completed. Tollman strengthens Lesjöfors’s position in industrial springs with a focus on smaller dimensions. The company has long-standing customer relationships in attractive customer segments. With this acquisition, Lesjöfors has advanced its position as a major spring group in the US market.

Henrik Perbeck, President and CEO

Q1 in summary

2023 Q1 2022 Q1 Change % Rolling 12 months 2022 full-year
Net revenues 1,693 1,460 16.0 6,099 5,866
Operating profit, EBIT 243 237 2.2 803 798
Operating margin, EBIT, % 14.3 16.3 – 13.2 13.6
Operating profit/loss EBIT 243 212 14.2 803 773
Profit after net financial items, EBIT 192 206 –6.9 690 704
Earnings per share, SEK ** 2.41 2.97 –19.00 15.36 15.92
Order bookings, MSEK 1,808 1,440 25.5 6,049 5,682
Net debt, MSEK * 2,136 1,691 26.3 – 1,833
Net debt/equity ratio, % * 53.3 59.6 – – 44.6
Cash flow after capital expenditures, excl aquisitions, MSEK ** 43.6 –84 – – 485

* comparison periods not recalculated in relation to Discontinued operations
** includes Discontinued operations

Condensed cash-flow statement, Group. MSEK

2023 Q1 2022 Q1 2022 full-year
Cash flow from operating activities before change in working capital and capital expenditures 232 280 958
Change in working capital, increase (–) decrease (+) –189 –364 –473
Cash flow from operating activities 44 –84 485
Investing activities –61 –61 –169
Divested companies less cash and cash equivalents – – 663
Acquired companies less cash and cash equivalents –248 –185 –1,285
Cash flow after capital expenditures –266 –330 –306
Financing activities 279 426 561
Change in cash and cash equivalents 13 95 255
Whereof cash and cash equivalents from discontinued operations – –55 600
Cash and cash equivalents at beginning of period 754 481 481
Exchange-rate fluctuations in cash and cash equivalents –2 2 19
Cash and cash equivalents at end of period 765 578 754

Lesjöfors

2023 Q1 2022 Q1 Change % Rolling 12 months 2022 full-year
Net revenues 1,195 1,021 17.1 4,248 4,073
Net revenues, Industry 969 772 25.4 3,455 3,259
Net revenues, Chassi Springs 227 249 –8.7 793 815
Operating profit EBITA 207 197 5.0 685 675
Operating margin, EBITA % 17.3 19.3 – 16.1 17
Operating profit, EBIT 194 191 1.8 644 641
Operating margin, EBIT % 16.3 18.7 – 15.2 15.7
Operating profit, EBIT 194 166 17.1 644 616
Order bookings 1,225 1,007 21.6 4,240 4,022

Beijer Tech

2023 Q1 2022 Q1 Change % Rolling 12 months 2022 full-year
Net revenues 498 439 13.4 1,849 1,790
Net revenues, Industrial Products 320 274 17.0 1,882 1,136
Net revenues, Fluid Technology 177 165 7.3 667 655
Operating profit EBITA 60 56 6.8 203 199
Operating margin, EBITA, % 12.0 12.8 – 11.0 11.1
Operating profit, EBIT 56 53 5.1 189 186
Operating margin, EBIT, % 11.2 12.0 – 10.2 10.4
Operating profit, EBIT 56 53 5.1 189 186
Order bookings 583 433 34.5 1,810 1,660

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