Annual report and
Sustainability report
2021
The year in brief | 4 |
This is Beijer Ref | 6 |
CEO's report | 8 |
Trends and driving forces | 12 |
Our business | 14 |
Strategy and goals | 16 |
Acquisitions | 20 |
Own manufacturing - OEM | 22 |
Supply chain | 28 |
Digitalisation | 30 |
Sustainability | 32 |
Case: Fenagy | 40 |
Organisation | 44 |
Regions | 48 |
The Beijer Ref share | 54 |
Director's report | 58 |
Corporate governance | 60 |
Risk and risk handling | 66 |
The Board of Directors | 68 |
Group Management | 70 |
Financial information | 72 |
ESG Data | 116 |
Glossory | 118 |
To the shareholders | 120 |
GENERAL INFORMATION
Beijer Ref AB is a public limited company with corporate identity number 556040-8113. The company has its registered office in Malmö, Sweden. All amounts are expressed in Swedish kronor with the abbreviation 'SEK K' for thousand kronor and 'SEK M' for million kronor. Figures in brackets refer to 2020
unless otherwise stated.
The total amount in tables and statements might not always summarize as there are rounding differences. The aim is to have each line item corresponding to the source and it might therefore be rounding differences in the total. Data about markets and the competitive situation are Beijer Ref's own assessments if no other source is specified. This report contains future-oriented information based on Beijer Ref's analysis and assessments made at the beginning of 2022. Although the company's management is of the opinion that the anticipations evident from such future-oriented information are reasonable, no guarantee can be given that these anticipations will be proved to be correct. The formal Annual Report comprises pages 58-59 and 73-113. The Sustainability Report comprises pages 32-39 and information on pages 12-15, 17, 22-25,44-45, 59, 66-67 and 116-117.
This Annual Report and Sustainability Report is published on the company's website (beijerref.com). Printed copies will be sent on request to shareholders and other interested parties by Beijer Ref. A complete list of addresses over the Group's companies is available on www.beijerref.com. This document is a translation of the Swedish language version. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct.
Beijer Ref snapshot
Vision
Sustainable temperature control for all
Mission
Striving to always be the preferred provider of sustainable refrigeration
and HVAC solutions. Making customers' life easier by offering a broad assortment of the right products at the right time, together with excellent customer service through our skilled and engaged employees.
Sales
16,9 billion SEK in sales 2021.
Employees
4 200 in 39 countries in Europe, Asia Pacific and Africa.
Our core values
Committed
Engaged
Straightforward
United
Branches
over 450
The year
in brief
mkr | SALES | mkr | OPERATING PROFIT | |||||||||
18 000 | 1 400 | |||||||||||
16 000 | 1 200 | |||||||||||
14 000 | ||||||||||||
1 000 | ||||||||||||
12 000 | ||||||||||||
800 | ||||||||||||
10 000 | ||||||||||||
8 000 | 600 | |||||||||||
6 000 | 400 | |||||||||||
4 000 | ||||||||||||
200 | ||||||||||||
2 000 | ||||||||||||
0 | 0 | |||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2017 | 2018 | 2019 | 2020 | 2021 |
KEY FIGURES
2021 | 2020 | |
Net sales, sek m | 16 905 | 14 062 |
EBITDA, sek m | 1 835 | 1 477 |
Operating profit, sek m | 1 361 | 1 036 |
Profit after tax, sek m | 990 | 729 |
Earnings per share, sek1 | 2,58 | 1,90 |
Dividend per share, sek2 | 1,10 | 1,00 |
Purchase price per share, sek | 198 | 125 |
- Before dilution
- For 2021, in accordance with the Board of Directors' proposal
4
THE YEAR IN BRIEF
20% | 31% | 35% | 2,5 |
Sales | Earnings | Profit increase | Net debt |
increase | increase | per share | EBITDA |
Q1
- Beijer Ref starts the year with the acquisition of Complete Air Supply - an Australian HVAC distribution company.
- Per Bertland announces that he will step down as CEO of Beijer Ref in 2021.
- Beijer Ref makes its first acquisition in Germany by becoming the majority owner of the HVAC company Coolair.
Q2
- Christopher Norbye is appointed CEO of Beijer Ref, to take up his role during the third quarter.
- The group signs a three-year agreement with Emerson for the European market. Emerson is a global software, technology and engineering company and, like Beijer Ref, is a leader in the refrigeration and air conditioning industry.
- To strengthen its position in Oceania, Beijer Ref acquires the assets of the Australian HVAC company, Industrial Refrigera- tion Components (IRC). At the same time, the group also signs an exclusive partnership agreement for the distribution of LU-VE products in Australia and New Zealand.
Q3
- Beijer Ref becomes the majority owner of the Danish in-house manufacturing company Fenagy, which provides the condi- tions for growth in the industrial heat pump segment in Europe.
- The group establishes itself on the Greek market by acquiring 80% of the shares in the air conditioning company Inventor, with the option to acquire the remaining shares. The company has many years of experience in the HVAC segment and has a strong recognition factor with its own brand, Inventor.
- Beijer Ref strengthens its presence in Oceania by acquiring all the shares of Froid et Clim Distribution (FCD) - an HVAC&R distribution company operating in New Caledonia.
- Christopher Norbye takes over as CEO.
- The group continues its expansion in Australia with the acquisition of HVAC company Armcor.
Q4
- Beijer Ref completes the acquisition of Inventor after the Romanian competition authority approves the acquisition.
- The group continues to grow in Oceania by acquiring Australian HVAC distributor Airstream.
- Beijer Ref ends the year with a new acquisition in Oceania - Clima Solutions, an HVAC distributor based in Auckland, New Zealand, and buying the remaining shares (40%) in Patton Albury, an HVAC&R wholesaler based in Albury, Australia.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Beijer Ref AB published this content on 08 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2022 14:01:01 UTC.