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 2020.

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 39 M (7) 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. Out of the total costs for the Parent Company, of SEK 11 M (10), SEK 8 M (4) was allocated to the subsidiaries. The operating result amounted to SEK 28 M (12) in the quarter. For the full-year, net sales amounted to SEK 104 M (79) and the operating result to SEK 60 M (53).

Net financial items for the quarter amounted to SEK 1 M (15). Profit before tax amounted to SEK 153 M (12) and profit after tax amounted to SEK 121 M (15). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 38 M (152).

Net financial items for the full-year amounted to SEK 98 M (37). Profit before tax amounted to SEK 282 M (75) and profit after tax was SEK 244 M (73). Investments in the Parent Company amounted to SEK 3 M (2).

Group

Net financial items and tax

The Group’s consolidated net financial items in the fourth quarter amounted to SEK 0 M (1), of which net interest amounted to SEK -3 M (-4). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -2 M (-2). Net financial items for the full-year amounted to SEK -17 M (-28) and net interest to SEK -14 M (-18), of which SEK -10 M (-11) is related to leasing according to IFRS 16.

Taxes for the fourth quarter amounted to SEK -28 M (-6). Profit after tax amounted to SEK 130 M (13) and to SEK 495 M (4) for the full-year including items affecting comparability of SEK 0 M (-40).

Cash flow

The Group’s consolidated working capital amounted to SEK 856 M (343) at the end of the period and the average working capital tied-up for the fourth quarter was 12.1 percent (11.7). Cash flow from operating activities amounted to SEK -115 M (152) during the quarter and to SEK 32 M (341) for the full-year. As a result of rising steel prices and long delivery times on incoming material, working capital increased by SEK 202 M in the quarter and by SEK 535 M for the full-year. Cash flow from investing activities amounted to SEK -10 M (-5) during the fourth quarter and SEK -25 M (-21) for the full-year. Cash flow after investments thus amounted to SEK -125 M (147) during the fourth quarter and SEK 7 M (320) 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 154 M (316) and the interest-bearing net debt excl. IFRS 16 was SEK 241 M (156). Equity amounted to SEK 1,413 M (905) at the end of the period and the net debt/equity ratio amounted to 17 percent (17).

Organization, structure and employees

The number of employees increased to 627 compared to 618 at the same time last year. The average number of employees during the year amounted to 621 (633).

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