Financial targets and outcome

What BE Group earns should primarily be used to develop the business and generate returns for the owners. In light of this, the Board of Directors of BE Group has set three financial targets that are to be achieved in order for earnings to be considered adequate. The fulfilment of these targets can vary over time, depending among other things on what phase of development the Company is in and the current state of the economy.

Sales growth that exceeds the market growth

To measure growth in BE Group’s markets, the market statistics that the company receives for the distribution markets in Sweden and Finland are used. By comparing tonnage growth year on year in this data, the growth in the market is estimated. BE Group’s growth is measured in delivered tonnes in the Swedish, Finnish and Baltic markets. For Sweden, deliveries for the joint venture ArcelorMittal BE Group SSC AB are included. The target is to grow more than the market.


When this annual report was prepared, no complete market statistics were available to compare our growth with the market development. During the year, BE Group has had a negative market growth, including acquisitions, of -6 percent. The uncertain environment has led to Group management focusing on earnings and margin over market growth.

A profit margin of at least 5 percent

Profit margin is defined as the underlying operating margin (uEBIT%) in the past 12 months. The target level is set to at least 5 percent measured over a longer period of time. This corresponds to approximately SEK 344 M in underlying operating result (uEBIT) at current sales. The underlying operating result, i.e. the operating result excluding the impact of inventory gains or losses and items affecting comparability, is used to put focus on how the operating activities perform and develop.


The underlying operating margin amounted to 7.1 percent (9.8) for 2022 and thus the target was fulfilled.

At least 15 percent return on capital employed

As a measure of return, return on capital employed excl. IFRS 16 is used, defined as operating result excl. IFRS 16 in the past 12 months divided by the average capital employed excl. IFRS 16 (equity and interest-bearing liabilities). The target level is set to at least 15 percent. The measure is calculated based on recognized operating profit, i.e. including inventory gains and losses and items affecting comparability, to put focus on the actual returns to the owners.


The return on capital employed amounted to 20.3 percent (42.0) during the year and thus the target of 15 percent was fulfilled. However, the return decreased compared to an exceptionally strong 2021.

Growth greater than market
Underlying operating margin
Return on capital employed >15%