Parent Company & consolidated items

Parent Company & consolidated items include the Parent Company, Group eliminations and also parts of the Group’s operations undergoing restructuring (BE Group Czech Republic, BE Group Slovakia, BE Group Produktion Eskilstuna and RTS Estonia). BE Group Produktion Eskilstuna has been reported under Parent Company and Group items since the fourth quarter of 2017. Comparative numbers have been restated.

The restructuring of these operations, approved by the Board of BE Group partly in the first quarter of 2016 and partly in the second quarter of 2017, are completed. The exit from remaining business in Prerov, Czech Republic, is ongoing. In total, the operations under restructuring had sales of SEK 14 M (29) in the third quarter with an underlying operating result of SEK 0 M (-5). For the first nine months, net sales amounted to SEK 43 M (137) and the underlying operating result to SEK 0 M (-24).

Third quarter sales in the Parent Company, BE Group AB (publ), which consist of intra-Group services, amounted to SEK 27 M (12). Operating result amounted to SEK 13 M (-1).

Net financial items in the first nine months amounted to SEK 7 M (29). Profit before tax increased to SEK 46 M (24) and profit after tax was SEK 40 M (26). Investments in the Parent Company amounted to SEK 1 M (-). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 41 M (123).

Group

Net financial items and tax

The Group´s consolidated net financial items in the third quarter amounted to SEK -3 M (-6), of which net interest accounted for SEK -3 M (-4). Net financial items for the first nine months amounted to SEK -12 M (-17) and net interest was SEK -9 M (-13). On an annual basis, consolidated net interest corresponded to 2.5 percent (3.2) of average interest-bearing net debt.

Taxes for the third quarter amounted to SEK -8 M (-4). Profit after tax increased to SEK 23 M (9) and amounted to SEK 69 M (29) for the first nine months including items affecting comparability and one-off costs of SEK -28 M (-42).

Cash flow

The Group´s consolidated working capital amounted to SEK 617 M (480) at the end of the period and the average working capital tied-up for the third quarter was 13.4 percent (13.8). Cash flow from operating activities amounted to SEK -10 M (97) during the quarter and SEK 6 M (85) for the first nine months. Cash flow from investing activities was SEK -11 M (19) for the third quarter and SEK -22 M (14) for the first nine months. Cash flow after investments therefore amounted to SEK -21 M (116) in the third quarter and SEK -16 M (99) for the first nine months.

Financial position and liquidity

At the end of the period, consolidated cash and cash equivalents, including overdraft facilities, amounted to SEK 137 M (234) and the consolidated interest-bearing net debt was SEK 513 M (465). Equity amounted to SEK 882 M (801) at the end of the period and the net debt/equity ratio amounted to 58 percent (58).

Organization, structure and employees

The number of employees decreased to 665 compared with 703 at the same time in the previous year. The decrease is mainly due to the restructuring done last year. The average number of employees during the third quarter amounted to 665 (709).

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