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 2022.

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 24 M (58) and derived from intra-Group services. These intra-Group services mainly include the subsidiaries’ use of the BE Group brand and central expenses for IT 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 (-25), SEK 11 M (25) was allocated to the subsidiaries. The operating result amounted to SEK 13 M (34) for the quarter. For the full-year, net sales amounted to SEK 128 M (148) and the operating result to SEK 64 M (81).

Net financial items for the quarter amounted to SEK 4 M (3). Profit before tax amounted to SEK -81 M (76), due to group contributions, and profit after tax amounted to SEK -62 M (61). At the end of the period, cash and equivalents in the Parent Company amounted to SEK 64 M (31).

Net financial items for the year amounted to SEK 97 M (266). Profit before tax amounted to SEK 63 M (386) and profit after tax was SEK 70 M (360). Investments in the Parent Company amounted to SEK 44 M (0).

Group

Net financial items and tax

The Group’s consolidated net financial items in the fourth quarter amounted to SEK -5 M (-5), of which net interest amounted to SEK -5 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 -23 M (-18) and net interest to SEK -25 M (-18), of which SEK -10 M (-10) relates to leasing according to IFRS 16.

Taxes for the fourth quarter amounted to SEK 8 M (23). Profit after tax amounted to SEK -34 M (-101) and was SEK -60 M (324) for the full-year.

Cash flow

The Group’s consolidated working capital amounted to SEK 684 M (1,130) at the end of the period and the average working capital tied-up for the fourth quarter was 15.5 percent (21.0). The lower working capital is mainly explained by decreased inventory value, which amounted to SEK 792 M (1,127) at the end of the period and decreased accounts receivable which amounted to SEK 532 M (675) at the end of the period. The decrease in inventory value is due to lower average prices and an adjustment of inventory levels as a consequence of lower demand. Cash flow from operating activities amounted to SEK 150 M (152) during the quarter and increased to SEK 491 M (204) for the full-year. Cash flow from investing activities amounted to SEK -63 M (-6) for the fourth quarter and to SEK -145 M (-56) for the full-year, of which SEK 44 M is related to a new business system. Cash flow after investments thus amounted to SEK 87 M (146) during the fourth quarter and to SEK 346 M (148) 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 224 M (200) and the interest-bearing net debt excl. IFRS 16 was SEK 259 M (357). Equity amounted to SEK 1,424 M (1,637) at the end of the period.

Organization, structure and employees

The number of employees amounted to 657 compared to 665 at the same time last year. The average number of employees during the year amounted to 678 (654).