Balance Sheet Beijer Ref AB

Equities

BEIJ B

SE0015949748

Electrical Components & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 17:00:00 08/05/2026 BST			5-day change	1st Jan Change
125.40 ^SEK	-2.87%		-2.94%	-15.90%

04-27	Citigroup cuts Beijer Ref price target to SEK 143 (147), reiterates Neutral - BN	FW
04-24	Nordea trims Beijer Ref price target to SEK 193 (204), reiterates Buy	FW

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Published financial data: BEIJER REF AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	16.9B	22.64B	32.15B	35.66B	37.07B
Other Revenues, Total	-	1M	-	-	-
Total Revenues	16.9B	22.64B	32.15B	35.66B	37.07B
Cost of Goods Sold, Total	11.87B	15.81B	21.82B	24.15B	25.21B
Gross Profit	5.04B	6.83B	10.33B	11.51B	11.85B
Selling General & Admin Expenses, Total	3.22B	4.12B	6.34B	6.99B	7.33B
Depreciation & Amortization - (IS)	474M	571M	872M	989M	1.07B
Other Operating Expenses	5.68M	90M	50M	53M	24M
Other Operating Expenses, Total	3.7B	4.78B	7.26B	8.03B	8.43B
Operating Income	1.33B	2.04B	3.07B	3.48B	3.43B
Interest Expense, Total	-78.37M	-182M	-539M	-613M	-508M
Interest And Investment Income	6.14M	6M	29M	43M	63M
Net Interest Expenses	-72.24M	-176M	-510M	-570M	-445M
Currency Exchange Gains (Loss)	23.72M	78M	88M	128M	100M
Other Non Operating Income (Expenses)	1.34M	1M	-77M	-39M	0
EBT, Excl. Unusual Items	1.29B	1.95B	2.57B	3B	3.08B
Merger & Related Restructuring Charges	-	-245M	-	-	-
Gain (Loss) On Sale Of Assets	4.06M	20M	13M	8M	21M
EBT, Incl. Unusual Items	1.29B	1.72B	2.58B	3.01B	3.1B
Income Tax Expense	302M	456M	183M	749M	759M
Earnings From Continuing Operations	990M	1.26B	2.4B	2.26B	2.34B
Net Income to Company	990M	1.26B	2.4B	2.26B	2.34B
Minority Interest	-10.64M	-17M	-25M	-32M	-17M
Net Income - (IS)	979M	1.25B	2.38B	2.23B	2.33B
Net Income to Common Incl Extra Items	979M	1.25B	2.38B	2.23B	2.33B
Net Income to Common Excl. Extra Items	979M	1.25B	2.38B	2.23B	2.33B
Per Share Items
Net EPS - Basic	2.58	3.28	4.88	4.39	4.59
Basic EPS - Continuing Operations	2.58	3.28	4.88	4.39	4.59
Basic Weighted Average Shares Outstanding	380M	380M	487M	507M	507M
Net EPS - Diluted	2.56	3.28	4.88	4.39	4.59
Diluted EPS - Continuing Operations	2.56	3.28	4.88	4.39	4.59
Diluted Weighted Average Shares Outstanding	383M	380M	487M	507M	507M
Normalized Basic EPS	2.09	3.15	3.25	3.64	3.76
Normalized Diluted EPS	2.08	3.15	3.25	3.64	3.76
Dividend Per Share	1.1	0.94	1.3	1.4	1.5
Payout Ratio	38.79	34.05	20.08	31.43	36.11
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.45B	2.19B	3.4B	3.86B	3.82B
EBITA	1.36B	2.08B	3.22B	3.64B	3.6B
EBIT	1.33B	2.04B	3.07B	3.48B	3.43B
EBITDAR	1.46B	2.2B	3.41B	3.86B	3.83B
Total Revenues (As Reported)	16.95B	22.78B	32.27B	35.8B	37.32B
Effective Tax Rate - (Ratio)	23.36	26.5	7.08	24.9	24.47
Total Current Taxes	326M	511M	560M	770M	680M
Total Deferred Taxes	-24.16M	-56M	-377M	-21M	78M
Normalized Net Income	794M	1.2B	1.58B	1.84B	1.91B
Interest on Long-Term Debt	29.12M	38M	90M	110M	113M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.06M	3M	5M	2M	7M
Net Rental Expense, Total	7.51M	7M	10M	8M	8M
Imputed Operating Lease Interest Expense	1M	1.45M	4.57M	3.42M	2.54M
Imputed Operating Lease Depreciation	6.5M	5.55M	5.43M	4.58M	5.46M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1B	1.52B	1.96B	3.06B	3.42B
Total Cash And Short Term Investments	1B	1.52B	1.96B	3.06B	3.42B
Accounts Receivable, Total	2.66B	3.68B	4.16B	4.46B	4.41B
Other Receivables	350M	339M	548M	898M	914M
Total Receivables	3.01B	4.02B	4.71B	5.35B	5.33B
Inventory	5.06B	7.39B	9.96B	11.72B	10.8B
Prepaid Expenses	233M	346M	481M	444M	495M
Other Current Assets, Total	-	-1M	-1M	-1M	-
Total Current Assets	9.3B	13.27B	17.11B	20.58B	20.04B
Gross Property Plant And Equipment	3.25B	3.9B	5.4B	6.44B	6.55B
Accumulated Depreciation	-1.11B	-1.26B	-1.4B	-1.64B	-1.7B
Net Property Plant And Equipment	2.15B	2.64B	4B	4.8B	4.85B
Long-term Investments	44.14M	32M	29M	26M	26M
Goodwill	2.67B	4.42B	11.89B	13.83B	13.28B
Other Intangibles, Total	791M	1.05B	5.53B	6.37B	5.59B
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	224M	299M	419M	363M	539M
Deferred Charges Long-Term	11.82M	16M	19M	15M	23M
Other Long-Term Assets, Total	112M	134M	179M	165M	170M
Total Assets	15.3B	21.86B	39.17B	46.15B	44.52B
Liabilities
Accounts Payable, Total	2.13B	2.58B	2.73B	3.2B	2.99B
Accrued Expenses, Total	695M	1.15B	1.09B	1.22B	1.31B
Short-term Borrowings	362M	389M	1.12B	2.94B	2.35B
Current Portion of Long-Term Debt	602M	2.22B	597M	1.19B	3.71B
Current Portion of Leases	353M	437M	534M	604M	597M
Current Income Taxes Payable	139M	188M	185M	410M	410M
Other Current Liabilities	704M	964M	1.73B	1.23B	2.01B
Total Current Liabilities	4.98B	7.93B	7.97B	10.79B	13.38B
Long-Term Debt	3.01B	4.19B	6.17B	6.07B	4.38B
Long-Term Leases	1.12B	1.38B	1.84B	1.86B	1.88B
Pension & Other Post Retirement Benefits	142M	110M	107M	131M	108M
Deferred Tax Liability Non Current	168M	245M	439M	545M	538M
Other Non Current Liabilities	610M	1.3B	1.2B	2.54B	2.34B
Total Liabilities	10.03B	15.15B	17.73B	21.93B	22.63B
Common Stock, Total	372M	372M	495M	495M	495M
Additional Paid In Capital	901M	901M	14.53B	14.53B	14.53B
Retained Earnings	3.9B	4.72B	6.44B	7.73B	8.71B
Comprehensive Income and Other	-1.8M	607M	-148M	1.31B	-1.94B
Total Common Equity	5.17B	6.6B	21.32B	24.07B	21.8B
Minority Interest	92.85M	111M	120M	150M	96M
Total Equity	5.27B	6.71B	21.44B	24.22B	21.89B
Total Liabilities And Equity	15.3B	21.86B	39.17B	46.15B	44.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	380M	380M	507M	507M	507M
ECS Total Common Shares Outstanding	380M	380M	507M	507M	507M
Book Value / Share	13.6	17.36	42.07	47.48	43
Tangible Book Value	1.71B	1.14B	3.9B	3.86B	2.92B
Tangible Book Value Per Share	4.51	2.98	7.7	7.62	5.77
Total Debt	5.45B	8.61B	10.25B	12.67B	12.92B
Net Debt	4.44B	7.09B	8.29B	9.61B	9.5B
Debt Equivalent of Unfunded Proj. Benefit Obligation	140M	99M	93M	111M	84M
Debt Equivalent Oper. Leases	60.06M	56M	80M	64M	64M
Minority Interest, Total (Incl. Fin. Div)	92.85M	111M	120M	150M	96M
Account Code - Inventory Valuation	6	6	6	6	3
Inventories - Raw Materials, Total	164M	245M	270M	219M	210M
Inventories - Work In Process, Total	71.27M	87M	140M	200M	204M
Inventories - Finished Goods, Total	5.04B	7.37B	10.07B	11.8B	10.99B
Inventories - Others	63.28M	94M	67M	278M	226M
Buildings, Total	-	458M	1.54B	2.17B	1.79B
Machinery, Total	-	1.61B	1.45B	1.69B	2.21B
Full Time Employees	4.2K	4.7K	5.99K	6.57K	6.64K
Part Time Employees	-	-	-	-	352
Accumulated Allowance for Doubtful Accounts (Supple)	144M	152M	202M	223M	211M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	979M	1.25B	2.38B	2.23B	2.33B
Depreciation & Amortization - CF	425M	499M	693M	785M	845M
Amortization of Goodwill and Intangible Assets - (CF)	27.69M	39M	147M	163M	174M
Depreciation & Amortization, Total	453M	538M	840M	948M	1.02B
Amortization of Deferred Charges, Total - (CF)	21.4M	33M	32M	41M	43M
(Gain) Loss From Sale Of Asset	-4.06M	-20M	-5M	2M	-9M
Asset Writedown & Restructuring Costs	-9K	-	-	-	8M
Other Operating Activities, Total	29.41M	252M	-724M	-11M	174M
Change In Accounts Receivable	-91.9M	-537M	-157M	251M	-812M
Change In Inventories	-1.15B	-1.6B	-382M	-339M	678M
Change in Other Net Operating Assets	-153M	164M	-226M	-39M	782M
Cash from Operations	89.12M	81M	1.75B	3.08B	4.21B
Capital Expenditure	-202M	-220M	-360M	-445M	-421M
Sale of Property, Plant, and Equipment	16.46M	25M	14M	17M	29M
Cash Acquisitions	-578M	-1.14B	-8.92B	-2.31B	-2.34B
Divestitures	-	-	-	7M	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	14.84M	8M	30M	2M	-1M
Cash from Investing	-749M	-1.33B	-9.24B	-2.73B	-2.74B
Long-Term Debt Issued, Total	1.29B	6.55B	24.14B	11.53B	14.42B
Total Debt Issued	1.29B	6.55B	24.14B	11.53B	14.42B
Long-Term Debt Repaid, Total	-353M	-4.41B	-29.36B	-10.14B	-14.5B
Total Debt Repaid	-353M	-4.41B	-29.36B	-10.14B	-14.5B
Issuance of Common Stock	45.32M	-	13.71B	14M	26M
Repurchase of Common Stock	-	-21M	-39M	-	-
Common Dividends Paid	-380M	-425M	-477M	-700M	-840M
Common & Preferred Stock Dividends Paid	-380M	-425M	-477M	-700M	-840M
Other Financing Activities, Total	-133M	-2M	-8M	-35M	-14M
Cash from Financing	469M	1.69B	7.97B	665M	-898M
Foreign Exchange Rate Adjustments	40.99M	72M	-46M	85M	-218M
Miscellaneous Cash Flow Adjustments	-	-	-	1M	-
Net Change in Cash	-150M	514M	439M	1.1B	358M
Supplemental Items
Cash Interest Paid	83.77M	184M	618M	572M	450M
Cash Income Tax Paid (Refund)	290M	491M	658M	819M	654M
Levered Free Cash Flow	-137M	-721M	-464M	294M	4.03B
Unlevered Free Cash Flow	-88.27M	-607M	-127M	678M	4.35B
Change In Net Working Capital	1.19B	2.24B	2.56B	2.04B	-1.57B
Net Debt Issued / Repaid	936M	2.14B	-5.22B	1.39B	-70M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.25	6.87	6.29	5.1	4.72
Return on Total Capital	8.72	9.81	8.16	6.34	5.97
Return On Equity %	20.3	21.12	17.05	9.9	10.16
Return on Common Equity	20.44	21.2	17.01	9.81	10.14
Margin Analysis
Gross Profit Margin %	29.79	30.16	32.13	32.28	31.98
SG&A Margin	19.06	18.22	19.71	19.6	19.79
EBITDA Margin %	8.59	9.67	10.57	10.82	10.32
EBITA Margin %	8.06	9.2	10	10.22	9.71
EBIT Margin %	7.9	9.02	9.55	9.76	9.24
Income From Continuing Operations Margin %	5.86	5.59	7.46	6.33	6.32
Net Income Margin %	5.79	5.51	7.39	6.24	6.28
Net Avail. For Common Margin %	5.79	5.51	7.39	6.24	6.28
Normalized Net Income Margin	4.7	5.3	4.92	5.17	5.15
Levered Free Cash Flow Margin	-0.81	-3.18	-1.44	0.83	10.88
Unlevered Free Cash Flow Margin	-0.52	-2.68	-0.39	1.9	11.74
Asset Turnover
Asset Turnover	1.27	1.22	1.05	0.84	0.82
Fixed Assets Turnover	8.73	9.46	9.69	8.11	7.68
Receivables Turnover (Average Receivables)	7.15	7.14	8.2	8.28	8.36
Inventory Turnover (Average Inventory)	2.81	2.54	2.52	2.23	2.24
Short Term Liquidity
Current Ratio	1.87	1.67	2.15	1.91	1.5
Quick Ratio	0.81	0.7	0.84	0.78	0.65
Operating Cash Flow to Current Liabilities	0.02	0.01	0.22	0.29	0.31
Days Sales Outstanding (Average Receivables)	51.06	51.12	44.53	44.22	43.66
Days Outstanding Inventory (Average Inventory)	129.87	143.66	145.11	164.32	163.03
Average Days Payable Outstanding	50.82	47.43	39.75	41.85	46.51
Cash Conversion Cycle (Average Days)	130.1	147.35	149.88	166.7	160.18
Long Term Solvency
Total Debt/Equity	103.45	128.27	47.8	52.31	59.01
Total Debt / Total Capital	50.85	56.19	32.34	34.35	37.11
LT Debt/Equity	78.43	82.93	37.33	32.74	28.58
Long-Term Debt / Total Capital	38.55	36.33	25.25	21.5	17.98
Total Liabilities / Total Assets	65.58	69.29	45.26	47.52	50.83
EBIT / Interest Expense	17.03	11.23	5.69	5.68	6.74
EBITDA / Interest Expense	22.81	14.18	7.25	7.23	8.75
(EBITDA - Capex) / Interest Expense	20.23	12.97	6.58	6.5	7.92
Total Debt / EBITDA	3.05	3.34	2.62	2.86	2.91
Net Debt / EBITDA	2.49	2.75	2.12	2.17	2.14
Total Debt / (EBITDA - Capex)	3.44	3.65	2.89	3.18	3.21
Net Debt / (EBITDA - Capex)	2.8	3	2.34	2.41	2.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	20.21	33.92	42.02	10.92	3.94
Gross Profit, 1 Yr. Growth %	18.24	35.58	51.3	11.46	2.96
EBITDA, 1 Yr. Growth %	27.71	50.93	74.74	13.54	-0.86
EBITA, 1 Yr. Growth %	29.13	52.86	75.16	13.31	-1.21
EBIT, 1 Yr. Growth %	29.65	53.15	70.78	13.42	-1.58
Earnings From Cont. Operations, 1 Yr. Growth %	35.88	27.78	89.72	-5.88	3.72
Net Income, 1 Yr. Growth %	35.59	27.48	90.3	-6.23	4.45
Normalized Net Income, 1 Yr. Growth %	31.66	51.04	51.15	16.55	3.56
Diluted EPS Before Extra, 1 Yr. Growth %	35.45	28.12	48.71	-10	4.5
Accounts Receivable, 1 Yr. Growth %	28.57	38.38	13.09	7.01	-0.97
Inventory, 1 Yr. Growth %	49.22	46.11	34.81	17.69	-7.87
Net Property, Plant and Equip., 1 Yr. Growth %	24.12	23.22	51.15	20.15	1.08
Total Assets, 1 Yr. Growth %	34.2	42.9	79.15	17.81	-3.53
Tangible Book Value, 1 Yr. Growth %	-25.92	-33.82	243.88	-0.97	-24.37
Common Equity, 1 Yr. Growth %	17.23	27.64	222.93	12.86	-9.44
Cash From Operations, 1 Yr. Growth %	-93.3	-8.99	2.06K	75.7	36.66
Capital Expenditures, 1 Yr. Growth %	8.74	8.91	63.64	23.61	-5.39
Levered Free Cash Flow, 1 Yr. Growth %	-111.42	423.56	-46.98	-163.5	1.27K
Unlevered Free Cash Flow, 1 Yr. Growth %	-107.1	582.64	-83.33	-634.09	542.13
Dividend Per Share, 1 Yr. Growth %	32	-14.55	38.3	7.69	7.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.81	26.88	37.91	25.51	7.38
Gross Profit, 2 Yr. CAGR %	3.92	26.62	43.21	29.86	7.13
EBITDA, 2 Yr. CAGR %	4.72	38.78	53.01	40.86	6.1
EBITA, 2 Yr. CAGR %	4.79	40.46	53.66	40.88	5.8
EBIT, 2 Yr. CAGR %	4.7	40.86	51.68	39.18	5.66
Earnings From Cont. Operations, 2 Yr. CAGR %	6.51	31.77	55.7	33.63	-1.19
Net Income, 2 Yr. CAGR %	6.5	31.44	55.75	33.58	-1.04
Normalized Net Income, 2 Yr. CAGR %	5.04	41	41.12	32.73	9.87
Diluted EPS Before Extra, 2 Yr. CAGR %	6.43	31.74	38.03	15.69	-3.02
Accounts Receivable, 2 Yr. CAGR %	8.8	33.38	25.1	10.01	2.95
Inventory, 2 Yr. CAGR %	16.04	47.66	40.35	25.96	4.13
Net Property, Plant and Equip., 2 Yr. CAGR %	20.21	23.67	36.47	34.76	10.21
Total Assets, 2 Yr. CAGR %	17.52	38.48	60	45.28	6.61
Tangible Book Value, 2 Yr. CAGR %	-10.78	-29.96	50.86	84.53	-13.46
Common Equity, 2 Yr. CAGR %	9.91	22.33	103.03	90.91	1.1
Cash From Operations, 2 Yr. CAGR %	-73.36	-75.33	343.81	516.64	54.95
Capital Expenditures, 2 Yr. CAGR %	10.89	8.81	33.5	42.22	8.14
Levered Free Cash Flow, 2 Yr. CAGR %	-58.78	-22.54	83.52	-41.97	194.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	-67.75	-30.11	19.44	-5.63	485.62
Dividend Per Share, 2 Yr. CAGR %	37.33	6.21	8.71	22.04	7.42
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.11	15.18	31.74	28.25	17.86
Gross Profit, 3 Yr. CAGR %	6.79	13.55	34.35	31.73	20.19
EBITDA, 3 Yr. CAGR %	7.49	18.26	44.03	38.52	25.3
EBITA, 3 Yr. CAGR %	7.4	18.83	44.98	38.82	25.16
EBIT, 3 Yr. CAGR %	7.32	18.83	43.91	37.67	24
Earnings From Cont. Operations, 3 Yr. CAGR %	8.29	13.17	48.79	31.65	22.81
Net Income, 3 Yr. CAGR %	8.38	13.06	48.7	31.52	23.06
Normalized Net Income, 3 Yr. CAGR %	6.95	18.55	37.88	32.4	22.19
Diluted EPS Before Extra, 3 Yr. CAGR %	8.34	13.22	37.17	19.69	11.83
Accounts Receivable, 3 Yr. CAGR %	6.48	17.88	26.24	18.76	6.22
Inventory, 3 Yr. CAGR %	12.98	25.31	43.25	32.35	13.49
Net Property, Plant and Equip., 3 Yr. CAGR %	67.32	21.2	32.22	30.8	22.44
Total Assets, 3 Yr. CAGR %	15.83	25.43	50.9	44.48	26.75
Tangible Book Value, 3 Yr. CAGR %	1.63	-19.22	19.04	31.11	37.07
Common Equity, 3 Yr. CAGR %	11.77	15.53	69.07	66.94	48.89
Cash From Operations, 3 Yr. CAGR %	-49.46	-59.89	9.63	225.88	273.16
Capital Expenditures, 3 Yr. CAGR %	14.96	10.22	24.66	30.12	24.15
Levered Free Cash Flow, 3 Yr. CAGR %	-8.18	-3.72	-27.19	28.84	66.45
Unlevered Free Cash Flow, 3 Yr. CAGR %	-16.18	-10.57	-53.27	96.77	78.83
Dividend Per Share, 3 Yr. CAGR %	3.23	17.24	15.98	8.37	16.86
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	13.32	18.16	19.83	19.2	21.39
Gross Profit, 5 Yr. CAGR %	13.12	17.89	20.09	19.81	22.72
EBITDA, 5 Yr. CAGR %	17.49	22.52	23.77	23.84	27.45
EBITA, 5 Yr. CAGR %	17.92	22.99	23.93	24.04	27.82
EBIT, 5 Yr. CAGR %	18.04	23.09	23.23	23.38	27.18
Earnings From Cont. Operations, 5 Yr. CAGR %	19.96	19.42	25.22	20.95	26.32
Net Income, 5 Yr. CAGR %	20.29	19.54	25.29	20.86	26.35
Normalized Net Income, 5 Yr. CAGR %	18.8	22.95	19.49	20.69	25.91
Diluted EPS Before Extra, 5 Yr. CAGR %	20.23	19.61	19.36	14.2	19.41
Accounts Receivable, 5 Yr. CAGR %	11.28	16.35	13.57	14.67	16.35
Inventory, 5 Yr. CAGR %	15.27	22.94	23.22	25.57	26.09
Net Property, Plant and Equip., 5 Yr. CAGR %	47.58	53.33	54.22	26.46	22.93
Total Assets, 5 Yr. CAGR %	17.42	23.98	31.81	33.02	31.32
Tangible Book Value, 5 Yr. CAGR %	6.1	-6.18	19.04	12.41	4.78
Common Equity, 5 Yr. CAGR %	12.15	15.35	41.92	41.24	37.64
Cash From Operations, 5 Yr. CAGR %	6.61	-30.57	20.49	19.66	25.9
Capital Expenditures, 5 Yr. CAGR %	22.24	27.73	22.04	22.05	17.77
Levered Free Cash Flow, 5 Yr. CAGR %	-7.18	17.07	21.2	-18.27	27.41
Unlevered Free Cash Flow, 5 Yr. CAGR %	-13.15	11.86	-3.28	-4.41	28.48
Dividend Per Share, 5 Yr. CAGR %	12.48	7.99	5.39	19.14	12.47