Parent Company & consolidated items

Parent Company & consolidated items include the Parent Company, Group eliminations and also parts of the Group’s operations undergoing restructuring. For additional information see the Annual Report for 2019.

The effects regarding IFRS 16 were reported under Parent Company & consolidated items and have not been allocated to the two business areas.

Sales for the first quarter of the Parent Company, BE Group AB (publ), amounted to SEK 24 M (27) during the period and derived from intra-Group services. These intra-Group services mainly include central expenses for IT and business systems, the subsidiaries’ use of the BE Group brand and Finance. These expenses are distributed and invoiced to all subsidiaries in the Group. In the result follow-up of the business areas, these intra-group expenses have been eliminated except for expenses for IT and business systems which are included in the result for the business areas since the first quarter 2020. Comparative numbers have been restated. Out of the total costs for the Parent Company, of SEK 12 M (14), SEK 10 M (11) was allocated to the subsidiaries. The operating result amounted to SEK 13 M (13).

Net financial items for the quarter amounted to SEK 15 M (-11). Profit before tax amounted to SEK 28 M (2) and profit after tax amounted to SEK 30 M (0). Investments in the Parent Company amounted to SEK 0 M (0). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 17 M (127).

Group

Net financial items and tax

The Group´s consolidated net financial items in the first quarter amounted to SEK -25 M (-6), mainly attributable to negative currency effects. Net interest amounted to SEK -5 M (-6). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -3 M (-3).

Taxes for the first quarter amounted to SEK 6 M (-8). Profit after tax amounted to SEK -23 M (20).

Cash flow

The Group´s consolidated working capital amounted to SEK 520 M (568) at the end of the period and the average working capital tied-up for the first quarter was 11.9 percent (11.8). Cash flow from operating activities increased to SEK 93 M (62) during the quarter. Cash flow from investing activities amounted to SEK -7 M (-15). Cash flow after investments thus amounted to SEK 86 M (47).

Financial position and liquidity

At the end of the period, consolidated cash and cash equivalents, including overdraft facilities, amounted to SEK 195 M (237) and the interest-bearing net debt excl. IFRS 16 was SEK 322 M (418). Equity amounted to SEK 937 M (922) at the end of the period.

Organization, structure and employees

The number of employees amounted to 635 compared to 661 at the same time last year. The average number of employees during the quarter amounted to 637 (664).

The Group´s cash flow from operating activities, SEK M

The comparative figures for 2018 are prepared according to previous accounting principles regarding leasing (IAS 17).