Slide 1: Interim Q4-2023
Interim Q4-2023 INTERIM REPORT Q4-2023 1
Slide 2: Table of Content
1. Highlights TABLE OF 2. Financials CONTENT 3. Summary 4. Q&A INTERIM REPORT Q4-2023 2
Slide 3: Beijer Ref in brief
Beijer Ref in brief Net sales Employees Markets Branches Customers 32 150 6 024 45 >500 >200 000 (LTM MSEK) INTERIM REPORT Q4-2023 3
Slide 4: Highlights 2023 – Group
Highlights 2023 – Group Eventful year with strong development • Sales at 32 150 MSEK (22 638), an increase of 42 percent • EBITA, excluding items affecting comparability, of 3 398 MSEK and growth of 53% and margin improvement from 9,8% to 10,6% • Good operational cash flow of +2 490 MSEK • Net profi
Slide 5: Highlights Q4-2023 – Group
Highlights Q4-2023 – Group Record cash flow ends an eventful year Sales at 7 627 MSEK (5 818), an increase of 31 percent • Organic sales decreased by 4 percent • Acquisition impact of +33 percent • FX impact of +2 percent • EBITA, excluding items affecting comparability, at 721 MSEK (570), correspon
Slide 6: Highlights Q4-2023 – Group: organic growth by product group
Highlights Q4-2023 – Group Organic growth in the quarter was -4% compared to +18% LY Organic growth by product groups • Product group HVAC had a negative organic growth in Q4 -8% – mainly 4 due to a very strong Q4 2022 (+29%), driven by the energy situation in 4% 0 0% Europe 2022/2023 -1 • The OEM s
Slide 7: Highlights Q4-2023 – Division EMEA
Highlights Q4-2023 – Division EMEA Stable quarter finishes off a strong year • Full year sales growth of 11% and EBITA growth of 15% • Sales decreased by 2% in the quarter, excluding currency effects – affected by high comps, especially in the HVAC segment (+43%) • OEM continues to deliver well and
Slide 8: Highlights Q4-2023 – Division APAC
Highlights Q4-2023 – Division APAC Good quarter • Full year sales growth of 26% and EBITA growth of 30% • Sales in the quarter increased by 20%, excluding currency effects • Strong growth in HVAC and Commercial & Industrial Refrigeration of +25% respectively +23% • The OEM segment decreased by 3% in
Slide 9: Highlights Q4-2023 – Division North America
Highlights Q4-2023 – Division North America Our US platform continues to develop well • Sales in the quarter were in line with seasonal variations, but slightly below expectations due to lower activity in the residential replacement market • Despite lower sales and seasonality, the EBITA margin deve
Slide 10: Financials Q4-2023
Financials Q4-2023 Organic EBITA* EPS change* Sales growth growth (change in EBITA, %) (change in %) 31% 26% -14% -4% * Excluding items affecting comparability - Rights issue in March 2023 impacted average outstanding shares INTERIM REPORT Q4-2023 10
Slide 11: Sales
Financials Q4-2023 – Sales MSEK 9 000 8 500 8 000 +33% 7 500 7 000 1 911 6 500 +2% -4% 6 000 144 245 5 500 7 627 5 000 5 818 500 0 Q4 22 FX Organic M&A Q4 23 INTERIM REPORT Q4-2023 11
Slide 12: Sales development, %
Financials Q4-2023 – Sales development, % % 55 50 45 40 35 30 25 50 46 20 42 37 38 36 15 31 30 31 25 10 5 13 7 0 -1 -5 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 INTERIM REPORT Q4-2023 12
Slide 13: HVAC organic sales development, %
Financials Q4-2023 – HVAC organic sales development, % % 45 40 35 30 25 20 42 15 29 26 10 20 17 15 12 15 5 3 6 0 -1 -5 -11 -8 -10 -15 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 INTERIM REPORT Q4-2023 13
Slide 14: EBITA
Financials Q4-2023 – EBITA* Quarter FY +26% +53% 721 9.8 9.5 3 398 10.6 9.8 570 2 217 Q4 22 Q4 23 Q4 22 Q4 23 2022 2023 2022 2023 EBITA MSEK EBITA % EBITA MSEK EBITA % * Excluding items affecting comparability INTERIM REPORT Q4-2023 14
Slide 15: EBITA development
Financials Q4-2023 – EBITA* development MSEK % 1 100 11.7 12 11.3 1 000 11 10.4 10.4 900 9.8 9.5 9.5 10 800 9 700 8.3 7.9 600 8 500 1 016 959 7 400 702 721 6 300 618 622 570 5 200 407 338 100 4 0 3 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 EBITA EBITA % * Excluding items affecting compar
Slide 16: P&L
Financials Q4-2023 – P&L * Rights issue in March 2023 impacted average outstanding shares INTERIM REPORT Q4-2023 16
Slide 17: Earnings per share
Financials Q4-2023 – Earnings per share* SEK 5,0 +23% 4,5 4,0 3,5 3,0 2,5 4,33 2,0 3,54 1,5 1,0 -14% 0,5 0,88 0,76 0,0 Q4 22 Q4 23 2022 2023 * Excluding items affecting comparability - Rights issue in March 2023 impacted average outstanding shares INTERIM REPORT Q4-2023 17
Slide 18: Operating cash flow
Financials Q4-2023 – Operating cash flow MSEK 2 200 2 000 119 130 1 800 1 1 600 1 159 1 400 1 200 1 000 1 810 800 600 400 901 200 0 EBITDA* Working capital Capex Leasing Other Q4 23 * Excluding items affecting comparability INTERIM REPORT Q4-2023 18
Slide 19: Operating cash flow
Financials Q4-2023 – Operating cash flow MSEK 2 000 1 500 1 000 1 810 500 1 084 633 307 0 -313 -295 -209 -196 -358 -500 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 INTERIM REPORT Q4-2023 19
Slide 20: Net debt
Financials Q4-2023 – Net debt Net debt Net debt / EBITDA* excl. leasing and pension 2.6 2.5 2.4 2.3 2.3 2.3 2.2 2.1 2.0 2.0 1.9 1.9 1.8 1.7 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 * Excluding items affecting comparability INTERIM REPORT Q4-2023 20
Slide 21: High level summary 2023
High level summary 2023 2023 – Eventful year with strong development • Total sales growth of 42% coming from organic growth of 1%, acquisitions growth of 35% and FX impact of +5% • EBITA, excl. IAC, of 3 398 MSEK and growth of 53% • Good EBITA margin, excl. IAC, improvement from 9,8% to 10,6% • Soli
Slide 22: Summary Q4
Summary Q4 Q4 – stable quarter with record cash flow and good profitability • Total sales growth of 31% (organic -4%) • EBITA, excl. IAC, growth of 26% with a margin of 9,5% – however diluted by high M&A costs in the quarter of approximately 25 MSEK (7) • Operating cash flow at +1 810 MSEK – the hig
Slide 23: Q&A
Q&A INTERIM REPORT Q4-2023 23
Slide 24: Thank you
Thank you INTERIM REPORT Q4-2023 24