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 fourth quarter of the Parent Company, BE Group AB (publ), amounted to SEK 7 M (15) 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 10 M (13), SEK 4 M (7) was allocated to the subsidiaries. The operating result amounted to SEK 12 M (2) in the quarter. For the full-year, net sales amounted to SEK 79 M (97) and the operating result to SEK 53 M (44).

Net financial items for the quarter amounted to SEK 15 M (7). Profit before tax amounted to SEK 12 M (9) and profit after tax amounted to SEK 15 M (5). At the end of the period, cash and equivalents in the Parent Company increased to SEK 152 M (145).

Net financial items for the full-year amounted to SEK 37 M (-3). Profit before tax amounted to SEK 75 M (48) and profit after tax was SEK 73 M (38). Investments in the Parent Company amounted to SEK 2 M (0).

Group

Net financial items and tax

The Group’s consolidated net financial items in the fourth quarter amounted to SEK 1 M (5), of which net interest amounted to SEK -4 M (-6). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -2 M (-3). Net financial items for the full-year amounted to SEK -28 M (-16) and net interest amounted to SEK -18 M (-22) of which SEK -11 M (-11) is related to leasing according to IFRS 16.

Taxes for the fourth quarter amounted to SEK -6 M (-6). Profit after tax amounted to SEK 13 M (7) and was SEK 4 M (50) for the full-year including items affecting comparability of SEK -40 M (-).

Cash flow

The Group’s consolidated working capital amounted to SEK 343 M (549) at the end of the period and the average working capital tied-up for the fourth quarter was 11.7 percent (14.7). Cash flow from operating activities amounted to SEK 152 M (85) during the quarter, of which SEK 22 M (20) refers to IFRS 16, and to SEK 341 M (200) for the full-year of which SEK 89 M (78) refers to IFRS 16. In addition to this, approximately SEK 30 M refers to a deferral of tax payments. Cash flow from investing activities amounted to SEK -5 M (-16) during the fourth quarter and SEK -21 M (-37) for the full-year. Cash flow after investments thus amounted to SEK 147 M (69) during the fourth quarter and SEK 320 M (163) for the full-year.

Financial position and liquidity

At the end of the period, consolidated cash and cash equivalents, including overdraft facilities, amounted to SEK 316 M (318) and the interest-bearing net debt excl. IFRS 16 was SEK 156 M (373). Equity amounted to SEK 905 M (922) at the end of the period and the net debt/equity ratio amounted to 17 percent (40).

Organization, structure and employees

The number of employees decreased to 618 compared to 639 at the same time last year. The average number of employees during the year amounted to 633 (652).

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).

The figures for 2019 and 2020 includes the effects of IFRS 16.