Significant events after the end of the period
No significant events have taken place after the end of the period.
Transactions with related parties
No transactions took place between BE Group and related parties that had a material impact on the company’s financial position and results.
In accordance with the company’s procedures, a Nomination Committee has been appointed. The Nomination Committee consists of Petter Stillström (AB Traction), Alf Svedulf (Svedulf Fastighets AB), Johan Ahldin (The Pure Circle) and Jörgen Zahlin, Chairman of BE Group AB, who is also the convener for the Nomination Committee.
Annual General Meeting 2023
BE Group’s Annual General Meeting will take place on April 20, 2023, at 4:00 pm in Malmö, Sweden. Further information will be published on the company’s website.
Significant risks and uncertainties
Through its operations, BE Group is exposed to global macroeconomic factors, the competitive situation, structural changes in the market and the economy, as well as financial risks such as currency risks, interest risks, credit and counterparty risks. Within the companies of the Group, continuous processes are ongoing to identify existing risks and assess how these should be handled. The risk exposure is explained in the 2021 Annual Report, which was published in March 2022. Risks related to the war in Ukraine is described below.
The war in Ukraine
As Russia and Ukraine are major producers of iron ore and other inputs and European manufacturers are importing parts of their coal needs from Russia, the war will continue to have a major impact on the European steel market with shortages and sharp price increases as a possible consequence. About 10% of BE Group’s total steel purchases in 2021 came from Russian-controlled steel producers. The imposed sanctions resulted in BE Group immediately stopping orders and payments to companies subject to it. BE Group is monitoring the development closely and are working proactively with finding alternatives to secure the deliveries of steel. The effect of sanctions and potentially other consequences connected to the war may affect the company’s financial position.
The interim report was prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company’s interim report is prepared in compliance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities.
Refer to the 2021 Annual Report for details of the Group’s other accounting principles and definitions of certain terms. The principles applied are unchanged in relation to the Annual Report. In other regards, the new standards and interpretations that have come into effect from the financial year 2022 have had no significant effect on the financial reporting.