Cash flow Beijer Ref AB

Equities

BEIJ B

SE0015949748

Electrical Components & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 12:00:00 2026-01-14 pm EST			5-day change	1st Jan Change
142.85 ^SEK	0.00%		-3.05%	-4.19%

07:04am	Öhman Small Cap Fund Unchanged in December – Improved Outlook for Small Caps in 2026	FW
Jan. 13	Lannebo Small Cap Fell by 0.9 Percent in December – Increased in NP3 Fastigheter and Reduced in Beijer Ref	FW

058d76130.KIoa3EFRUeQxpmztSU90cN9z_vFk3KFbSBFl1PK6s8o.fuhdn3FhNKFA7VugeXo5QLQUsJ4GnvMrMUUphYiKx6ZMululBRcgu0XuCw

Published financial data: BEIJER REF AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	14.06B	16.9B	22.64B	32.15B	35.66B
Other Revenues, Total	-	-	1M	-	-
Total Revenues	14.06B	16.9B	22.64B	32.15B	35.66B
Cost of Goods Sold, Total	9.8B	11.87B	15.81B	21.82B	24.15B
Gross Profit	4.26B	5.04B	6.83B	10.33B	11.51B
Selling General & Admin Expenses, Total	2.8B	3.22B	4.12B	6.34B	6.99B
Depreciation & Amortization - (IS)	442M	474M	571M	872M	989M
Other Operating Expenses	-12.83M	5.68M	90M	50M	53M
Other Operating Expenses, Total	3.23B	3.7B	4.78B	7.26B	8.03B
Operating Income	1.03B	1.33B	2.04B	3.07B	3.48B
Interest Expense, Total	-66.63M	-78.37M	-182M	-539M	-613M
Interest And Investment Income	7.32M	6.14M	6M	29M	43M
Net Interest Expenses	-59.31M	-72.24M	-176M	-510M	-570M
Currency Exchange Gains (Loss)	4.56M	23.72M	78M	88M	128M
Other Non Operating Income (Expenses)	250K	1.34M	1M	-77M	-39M
EBT, Excl. Unusual Items	975M	1.29B	1.95B	2.57B	3B
Merger & Related Restructuring Charges	-	-	-245M	-	-
Gain (Loss) On Sale Of Assets	1.88M	4.06M	20M	13M	8M
EBT, Incl. Unusual Items	977M	1.29B	1.72B	2.58B	3.01B
Income Tax Expense	248M	302M	456M	183M	749M
Earnings From Continuing Operations	729M	990M	1.26B	2.4B	2.26B
Net Income to Company	729M	990M	1.26B	2.4B	2.26B
Minority Interest	-6.27M	-10.64M	-17M	-25M	-32M
Net Income - (IS)	722M	979M	1.25B	2.38B	2.23B
Net Income to Common Incl Extra Items	722M	979M	1.25B	2.38B	2.23B
Net Income to Common Excl. Extra Items	722M	979M	1.25B	2.38B	2.23B
Per Share Items
Net EPS - Basic	1.9	2.58	3.28	4.88	4.39
Basic EPS - Continuing Operations	1.9	2.58	3.28	4.88	4.39
Basic Weighted Average Shares Outstanding	380M	380M	380M	487M	507M
Net EPS - Diluted	1.89	2.56	3.28	4.88	4.39
Diluted EPS - Continuing Operations	1.89	2.56	3.28	4.88	4.39
Diluted Weighted Average Shares Outstanding	382M	383M	380M	487M	507M
Normalized Basic EPS	1.59	2.09	3.15	3.25	3.64
Normalized Diluted EPS	1.58	2.08	3.15	3.25	3.64
Dividend Per Share	0.83	1.1	0.94	1.3	1.4
Payout Ratio	30.66	38.79	34.05	20.08	31.43
Supplemental Items
EBITDA	1.14B	1.45B	2.19B	3.4B	3.86B
EBITA	1.06B	1.36B	2.08B	3.22B	3.64B
EBIT	1.03B	1.33B	2.04B	3.07B	3.48B
EBITDAR	1.17B	1.46B	2.2B	3.41B	3.86B
Total Revenues (As Reported)	14.09B	16.95B	22.78B	32.27B	35.8B
Effective Tax Rate - (Ratio)	25.43	23.36	26.5	7.08	24.9
Total Current Taxes	248M	326M	511M	560M	770M
Total Deferred Taxes	24K	-24.16M	-56M	-377M	-21M
Normalized Net Income	603M	794M	1.2B	1.58B	1.84B
Interest on Long-Term Debt	26.96M	29.12M	38M	90M	110M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.9M	2.06M	3M	5M	2M
Net Rental Expense, Total	36.52M	7.51M	7M	10M	8M
Imputed Operating Lease Interest Expense	4.99M	1M	1.45M	4.57M	3.42M
Imputed Operating Lease Depreciation	31.53M	6.5M	5.55M	5.43M	4.58M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.15B	1B	1.52B	1.96B	3.06B
Total Cash And Short Term Investments	1.15B	1B	1.52B	1.96B	3.06B
Accounts Receivable, Total	2.07B	2.66B	3.68B	4.16B	4.46B
Other Receivables	243M	350M	339M	548M	898M
Total Receivables	2.31B	3.01B	4.02B	4.71B	5.35B
Inventory	3.39B	5.06B	7.39B	9.96B	11.72B
Prepaid Expenses	390M	233M	346M	481M	444M
Other Current Assets, Total	-	-	-1M	-1M	-1M
Total Current Assets	7.24B	9.3B	13.27B	17.11B	20.58B
Gross Property Plant And Equipment	2.69B	3.25B	3.9B	5.4B	6.44B
Accumulated Depreciation	-963M	-1.11B	-1.26B	-1.4B	-1.64B
Net Property Plant And Equipment	1.73B	2.15B	2.64B	4B	4.8B
Long-term Investments	39.86M	44.14M	32M	29M	26M
Goodwill	1.56B	2.67B	4.42B	11.89B	13.83B
Other Intangibles, Total	535M	791M	1.05B	5.53B	6.37B
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	180M	224M	299M	419M	363M
Deferred Charges Long-Term	4.55M	11.82M	16M	19M	15M
Other Long-Term Assets, Total	104M	112M	134M	179M	165M
Total Assets	11.4B	15.3B	21.86B	39.17B	46.15B
Liabilities
Accounts Payable, Total	1.64B	2.13B	2.58B	2.73B	3.2B
Accrued Expenses, Total	658M	695M	1.15B	1.09B	1.22B
Short-term Borrowings	94.99M	362M	389M	1.12B	2.94B
Current Portion of Long-Term Debt	3.4M	602M	2.22B	597M	1.19B
Current Portion of Leases	301M	353M	437M	534M	604M
Current Income Taxes Payable	50.4M	139M	188M	185M	410M
Other Current Liabilities	304M	704M	964M	1.73B	1.23B
Total Current Liabilities	3.05B	4.98B	7.93B	7.97B	10.79B
Long-Term Debt	2.62B	3.01B	4.19B	6.17B	6.07B
Long-Term Leases	919M	1.12B	1.38B	1.84B	1.86B
Pension & Other Post Retirement Benefits	158M	142M	110M	107M	131M
Deferred Tax Liability Non Current	105M	168M	245M	439M	545M
Other Non Current Liabilities	57.49M	610M	1.3B	1.2B	2.54B
Total Liabilities	6.91B	10.03B	15.15B	17.73B	21.93B
Common Stock, Total	372M	372M	372M	495M	495M
Additional Paid In Capital	901M	901M	901M	14.53B	14.53B
Retained Earnings	3.35B	3.9B	4.72B	6.44B	7.73B
Comprehensive Income and Other	-214M	-1.8M	607M	-148M	1.31B
Total Common Equity	4.41B	5.17B	6.6B	21.32B	24.07B
Minority Interest	76.38M	92.85M	111M	120M	150M
Total Equity	4.49B	5.27B	6.71B	21.44B	24.22B
Total Liabilities And Equity	11.4B	15.3B	21.86B	39.17B	46.15B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	380M	380M	380M	507M	507M
ECS Total Common Shares Outstanding	380M	380M	380M	507M	507M
Book Value / Share	11.62	13.6	17.36	42.07	47.48
Tangible Book Value	2.31B	1.71B	1.14B	3.9B	3.86B
Tangible Book Value Per Share	6.1	4.51	2.98	7.7	7.62
Total Debt	3.94B	5.45B	8.61B	10.25B	12.67B
Net Debt	2.79B	4.44B	7.09B	8.29B	9.61B
Debt Equivalent of Unfunded Proj. Benefit Obligation	156M	140M	99M	93M	111M
Debt Equivalent Oper. Leases	292M	60.06M	56M	80M	64M
Minority Interest, Total (Incl. Fin. Div)	76.38M	92.85M	111M	120M	150M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	138M	164M	245M	270M	219M
Inventories - Work In Process, Total	33.37M	71.27M	87M	140M	200M
Inventories - Finished Goods, Total	3.2B	5.04B	7.37B	10.07B	11.8B
Inventories - Others	13.09M	63.28M	94M	67M	278M
Buildings, Total	279M	-	458M	1.54B	2.17B
Machinery, Total	1.14B	-	1.61B	1.45B	1.69B
Full Time Employees	4K	4.2K	4.7K	5.99K	6.57K
Accumulated Allowance for Doubtful Accounts (Supple)	121M	144M	152M	202M	223M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	722M	979M	1.25B	2.38B	2.23B
Depreciation & Amortization - CF	392M	425M	499M	693M	785M
Amortization of Goodwill and Intangible Assets - (CF)	25.59M	27.69M	39M	147M	163M
Depreciation & Amortization, Total	417M	453M	538M	840M	948M
Amortization of Deferred Charges, Total - (CF)	24.26M	21.4M	33M	32M	41M
(Gain) Loss From Sale Of Asset	-1.88M	-4.06M	-20M	-5M	2M
Asset Writedown & Restructuring Costs	-1K	-9K	-	-	-
Other Operating Activities, Total	-49.58M	29.41M	252M	-724M	-11M
Change In Accounts Receivable	-288M	-91.9M	-537M	-157M	251M
Change In Inventories	218M	-1.15B	-1.6B	-382M	-339M
Change in Other Net Operating Assets	289M	-153M	164M	-226M	-39M
Cash from Operations	1.33B	89.12M	81M	1.75B	3.08B
Capital Expenditure	-186M	-202M	-220M	-360M	-445M
Sale of Property, Plant, and Equipment	9.56M	16.46M	25M	14M	17M
Cash Acquisitions	-180M	-578M	-1.14B	-8.92B	-2.31B
Divestitures	-	-	-	-	7M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-4.34M	-	-	-	-
Other Investing Activities, Total	8.52M	14.84M	8M	30M	2M
Cash from Investing	-352M	-749M	-1.33B	-9.24B	-2.73B
Long-Term Debt Issued, Total	-	1.29B	6.55B	24.14B	11.53B
Total Debt Issued	-	1.29B	6.55B	24.14B	11.53B
Long-Term Debt Repaid, Total	-335M	-353M	-4.41B	-29.36B	-10.14B
Total Debt Repaid	-335M	-353M	-4.41B	-29.36B	-10.14B
Issuance of Common Stock	-	45.32M	-	13.71B	14M
Repurchase of Common Stock	-	-	-21M	-39M	-
Common Dividends Paid	-221M	-380M	-425M	-477M	-700M
Common & Preferred Stock Dividends Paid	-221M	-380M	-425M	-477M	-700M
Other Financing Activities, Total	-3.6M	-133M	-2M	-8M	-35M
Cash from Financing	-560M	469M	1.69B	7.97B	665M
Foreign Exchange Rate Adjustments	-58.81M	40.99M	72M	-46M	85M
Miscellaneous Cash Flow Adjustments	2K	-	-	-	1M
Net Change in Cash	359M	-150M	514M	439M	1.1B
Supplemental Items
Cash Interest Paid	67.06M	83.77M	184M	618M	572M
Cash Income Tax Paid (Refund)	288M	290M	491M	658M	819M
Levered Free Cash Flow	1.2B	-137M	-721M	-464M	294M
Unlevered Free Cash Flow	1.24B	-88.27M	-607M	-127M	678M
Change In Net Working Capital	-344M	1.19B	2.24B	2.56B	2.04B
Net Debt Issued / Repaid	-335M	936M	2.14B	-5.22B	1.39B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.73	6.25	6.87	6.29	5.1
Return on Total Capital	7.73	8.72	9.81	8.16	6.34
Return On Equity %	16.45	20.3	21.12	17.05	9.9
Return on Common Equity	16.62	20.44	21.2	17.01	9.81
Margin Analysis
Gross Profit Margin %	30.29	29.79	30.16	32.13	32.28
SG&A Margin	19.92	19.06	18.22	19.71	19.6
EBITDA Margin %	8.09	8.59	9.67	10.57	10.82
EBITA Margin %	7.5	8.06	9.2	10	10.22
EBIT Margin %	7.32	7.9	9.02	9.55	9.76
Income From Continuing Operations Margin %	5.18	5.86	5.59	7.46	6.33
Net Income Margin %	5.14	5.79	5.51	7.39	6.24
Net Avail. For Common Margin %	5.14	5.79	5.51	7.39	6.24
Normalized Net Income Margin	4.29	4.7	5.3	4.92	5.17
Levered Free Cash Flow Margin	8.54	-0.81	-3.18	-1.44	0.83
Unlevered Free Cash Flow Margin	8.84	-0.52	-2.68	-0.39	1.9
Asset Turnover
Asset Turnover	1.25	1.27	1.22	1.05	0.84
Fixed Assets Turnover	8.75	8.73	9.46	9.69	8.11
Receivables Turnover (Average Receivables)	6.52	7.15	7.14	8.2	8.28
Inventory Turnover (Average Inventory)	2.74	2.81	2.54	2.52	2.23
Short Term Liquidity
Current Ratio	2.37	1.87	1.67	2.15	1.91
Quick Ratio	1.14	0.81	0.7	0.84	0.78
Operating Cash Flow to Current Liabilities	0.44	0.02	0.01	0.22	0.29
Days Sales Outstanding (Average Receivables)	56.17	51.06	51.12	44.53	44.22
Days Outstanding Inventory (Average Inventory)	133.36	129.87	143.66	145.11	164.32
Average Days Payable Outstanding	61.62	50.82	47.43	39.75	41.85
Cash Conversion Cycle (Average Days)	127.91	130.1	147.35	149.88	166.7
Long Term Solvency
Total Debt/Equity	87.76	103.45	128.27	47.8	52.31
Total Debt / Total Capital	46.74	50.85	56.19	32.34	34.35
LT Debt/Equity	78.86	78.43	82.93	37.33	32.74
Long-Term Debt / Total Capital	42	38.55	36.33	25.25	21.5
Total Liabilities / Total Assets	60.63	65.58	69.29	45.26	47.52
EBIT / Interest Expense	15.45	17.03	11.23	5.69	5.68
EBITDA / Interest Expense	21.72	22.81	14.18	7.25	7.23
(EBITDA - Capex) / Interest Expense	18.93	20.23	12.97	6.58	6.5
Total Debt / EBITDA	2.72	3.05	3.34	2.62	2.86
Net Debt / EBITDA	1.93	2.49	2.75	2.12	2.17
Total Debt / (EBITDA - Capex)	3.12	3.44	3.65	2.89	3.18
Net Debt / (EBITDA - Capex)	2.21	2.8	3	2.34	2.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-5.1	20.21	33.92	42.02	10.92
Gross Profit, 1 Yr. Growth %	-8.67	18.24	35.58	51.3	11.46
EBITDA, 1 Yr. Growth %	-14.13	27.71	50.93	74.74	13.54
EBITA, 1 Yr. Growth %	-14.96	29.13	52.86	75.16	13.31
EBIT, 1 Yr. Growth %	-15.44	29.65	53.15	70.78	13.42
Earnings From Cont. Operations, 1 Yr. Growth %	-16.52	35.88	27.78	89.72	-5.88
Net Income, 1 Yr. Growth %	-16.35	35.59	27.48	90.3	-6.23
Normalized Net Income, 1 Yr. Growth %	-16.19	31.66	51.04	51.15	16.55
Diluted EPS Before Extra, 1 Yr. Growth %	-16.37	35.45	28.12	48.71	-10
Accounts Receivable, 1 Yr. Growth %	-7.93	28.57	38.38	13.09	7.01
Inventory, 1 Yr. Growth %	-9.76	49.22	46.11	34.81	17.69
Net Property, Plant and Equip., 1 Yr. Growth %	16.42	24.12	23.22	51.15	20.15
Total Assets, 1 Yr. Growth %	2.9	34.2	42.9	79.15	17.81
Tangible Book Value, 1 Yr. Growth %	7.45	-25.92	-33.82	243.88	-0.97
Common Equity, 1 Yr. Growth %	3.04	17.23	27.64	222.93	12.86
Cash From Operations, 1 Yr. Growth %	5.97	-93.3	-8.99	2.06K	75.7
Capital Expenditures, 1 Yr. Growth %	13.09	8.74	8.91	63.64	23.61
Levered Free Cash Flow, 1 Yr. Growth %	48.74	-111.42	423.56	-46.98	-163.5
Unlevered Free Cash Flow, 1 Yr. Growth %	46.44	-107.1	582.64	-83.33	-634.09
Dividend Per Share, 1 Yr. Growth %	42.86	32	-14.55	38.3	7.69
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.95	6.81	26.88	37.91	25.51
Gross Profit, 2 Yr. CAGR %	1.49	3.92	26.62	43.21	29.86
EBITDA, 2 Yr. CAGR %	-1.39	4.72	38.78	53.01	40.86
EBITA, 2 Yr. CAGR %	-2.06	4.79	40.46	53.66	40.88
EBIT, 2 Yr. CAGR %	-2.36	4.7	40.86	51.68	39.18
Earnings From Cont. Operations, 2 Yr. CAGR %	-3.32	6.51	31.77	55.7	33.63
Net Income, 2 Yr. CAGR %	-3.1	6.5	31.44	55.75	33.58
Normalized Net Income, 2 Yr. CAGR %	-3.61	5.04	41	41.12	32.73
Diluted EPS Before Extra, 2 Yr. CAGR %	-3.11	6.43	31.74	38.03	15.69
Accounts Receivable, 2 Yr. CAGR %	-3.1	8.8	33.38	25.1	10.01
Inventory, 2 Yr. CAGR %	-1.7	16.04	47.66	40.35	25.96
Net Property, Plant and Equip., 2 Yr. CAGR %	94.27	20.21	23.67	36.47	34.76
Total Assets, 2 Yr. CAGR %	7.61	17.52	38.48	60	45.28
Tangible Book Value, 2 Yr. CAGR %	19.04	-10.78	-29.96	50.86	84.53
Common Equity, 2 Yr. CAGR %	9.14	9.91	22.33	103.03	90.91
Cash From Operations, 2 Yr. CAGR %	38.83	-73.36	-75.33	343.81	516.64
Capital Expenditures, 2 Yr. CAGR %	18.2	10.89	8.81	33.5	42.22
Levered Free Cash Flow, 2 Yr. CAGR %	160.29	-58.78	-22.54	83.52	-41.97
Unlevered Free Cash Flow, 2 Yr. CAGR %	187.98	-67.75	-30.11	19.44	-5.63
Dividend Per Share, 2 Yr. CAGR %	-8.71	37.33	6.21	8.71	22.04
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	12.68	9.11	15.18	31.74	28.25
Gross Profit, 3 Yr. CAGR %	12.41	6.79	13.55	34.35	31.73
EBITDA, 3 Yr. CAGR %	12.75	7.49	18.26	44.03	38.52
EBITA, 3 Yr. CAGR %	12.57	7.4	18.83	44.98	38.82
EBIT, 3 Yr. CAGR %	12.51	7.32	18.83	43.91	37.67
Earnings From Cont. Operations, 3 Yr. CAGR %	11.84	8.29	13.17	48.79	31.65
Net Income, 3 Yr. CAGR %	12.21	8.38	13.06	48.7	31.52
Normalized Net Income, 3 Yr. CAGR %	12.21	6.95	18.55	37.88	32.4
Diluted EPS Before Extra, 3 Yr. CAGR %	12.15	8.34	13.22	37.17	19.69
Accounts Receivable, 3 Yr. CAGR %	6.22	6.48	17.88	26.24	18.76
Inventory, 3 Yr. CAGR %	8.8	12.98	25.31	43.25	32.35
Net Property, Plant and Equip., 3 Yr. CAGR %	76.97	67.32	21.2	32.22	30.8
Total Assets, 3 Yr. CAGR %	15.17	15.83	25.43	50.9	44.48
Tangible Book Value, 3 Yr. CAGR %	14.02	1.63	-19.22	19.04	31.11
Common Equity, 3 Yr. CAGR %	10.92	11.77	15.53	69.07	66.94
Cash From Operations, 3 Yr. CAGR %	38.37	-49.46	-59.89	9.63	225.88
Capital Expenditures, 3 Yr. CAGR %	42.14	14.96	10.22	24.66	30.12
Levered Free Cash Flow, 3 Yr. CAGR %	54.18	-8.18	-3.72	-27.19	28.84
Unlevered Free Cash Flow, 3 Yr. CAGR %	53.06	-16.18	-10.57	-53.27	96.77
Dividend Per Share, 3 Yr. CAGR %	9.2	3.23	17.24	15.98	8.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.96	13.32	18.16	19.83	19.2
Gross Profit, 5 Yr. CAGR %	10.93	13.12	17.89	20.09	19.81
EBITDA, 5 Yr. CAGR %	12.83	17.49	22.52	23.77	23.84
EBITA, 5 Yr. CAGR %	12.87	17.92	22.99	23.93	24.04
EBIT, 5 Yr. CAGR %	12.89	18.04	23.09	23.23	23.38
Earnings From Cont. Operations, 5 Yr. CAGR %	14.32	19.96	19.42	25.22	20.95
Net Income, 5 Yr. CAGR %	14.55	20.29	19.54	25.29	20.86
Normalized Net Income, 5 Yr. CAGR %	13.45	18.8	22.95	19.49	20.69
Diluted EPS Before Extra, 5 Yr. CAGR %	14.51	20.23	19.61	19.36	14.2
Accounts Receivable, 5 Yr. CAGR %	4.42	11.28	16.35	13.57	14.67
Inventory, 5 Yr. CAGR %	11.32	15.27	22.94	23.22	25.57
Net Property, Plant and Equip., 5 Yr. CAGR %	44.26	47.58	53.33	54.22	26.46
Total Assets, 5 Yr. CAGR %	13.55	17.42	23.98	31.81	33.02
Tangible Book Value, 5 Yr. CAGR %	15.87	6.1	-6.18	19.04	12.41
Common Equity, 5 Yr. CAGR %	11.21	12.15	15.35	41.92	41.24
Cash From Operations, 5 Yr. CAGR %	21.85	6.61	-30.57	20.49	19.66
Capital Expenditures, 5 Yr. CAGR %	31.89	22.24	27.73	22.04	22.05
Levered Free Cash Flow, 5 Yr. CAGR %	33.57	-7.18	17.07	21.2	-18.27
Unlevered Free Cash Flow, 5 Yr. CAGR %	32.18	-13.15	11.86	-3.28	-4.41
Dividend Per Share, 5 Yr. CAGR %	7.39	12.48	7.99	5.39	19.14