===== SIDA 1 =====

Beijer Ref AB
Q1-2023
English version

===== SIDA 2 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
2
First quarter
• Organic sales increased 14.5 per cent in the quarter compared to the previous year. Acquisition effects amounted to 30.2 per 
cent and currency effects were 5.8 per cent. Net sales increased by 50.5 per cent and amounted to SEK 7,378 million (4,903). 
• EBITA amounted to SEK 702 million (407), which is an increase of 72.4 per cent compared to the same period last year. The 
EBITA margin amounted to 9.5 per cent (8.3). 
• This is Beijer Ref’s best first quarter ever, excluding items affecting comparability, in both absolute terms and margin, based on 
the current structure. 
• The first quarter includes non-recurring costs related to the temporary financing regarding the acquisition of the North American 
operation Heritage Distribution of SEK 138 million, which is reported under the item “ Net financial income/expense”. 
• Operating cash flow amounted to SEK -209 million (-295) during the quarter. Operating cash flow in the quarter was still affected 
by the effects of the unstable supply chain in 2022. 
• Profit per share after dilution, and adjusted for items affecting comparability in the net financial income/expense, amounted to 
SEK 1.08 (0.65), which is an increase of 66.6 per cent. 
• The previously announced acquisitions of the HVACR company Heritage Distribution (North America), as well as Transport  
Cooling (South Africa) were completed in the first quarter. Heritage Distribution was completed and consolidated per January 20. 
• The announced rights issue was completed during the quarter. The rights issue was subscribed to 99.7 per cent with the support 
of subscription rights. Other shares were allotted to those who subscribed for shares without subscription rights. Overall, the 
rights issue was oversubscribed by 44 per cent.
The total amount in tables and statements might not always sum-up as there are rounding differences. The aim is to have each line item correspon -
ding to the source and it might therefore be rounding differences in the total.
1 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.
2 The measure has been adjusted for items affecting comparability regarding transaction costs, financial costs and tax related to the acquisition of
Heritage Distribution.
Key figures, SEK M Q1-23 Q1-22 ∆% R12 FY-22
Net sales 7 378 4 903 50.5 25 113 22 638
Organic sales, % 14.5 15.8 16.4
EBITA excluding items affecting comparability 702 407 72.4 2 511 2 217
EBITA margin excluding items affecting comparability, % 9.5 8.3 10.0 9.8
Items affecting comparability - - -245 -245
EBITA 702 407 72.4 2 266 1 971
Operating profit excluding items affecting comparability (EBIT) 666 393 69.6 2 418 2 145
Profit margin excluding items affecting comparability, % 9.0 8.0 9.6 9.5
Operating profit (EBIT) 666 393 69.6 2 173 1 900
Net profit 355 273 30.1 1 348 1 266
Profit per share after dilution, SEK 1
  Excluding items affecting comparability 2 1.08 0.65 66.6 3.97 3.54
  Including items affecting comparability 0.82 0.65 27.0 3.18 3.00
Operating cash flow -209 -295 - 262 176
Return on operating capital, excluding items affecting comparability,  (R12), % - - - 13.7 16.2
Return on equity (R12), % - - - 13.6 20.4
Beijer Ref AB
Q1-2023

===== SIDA 3 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
3
During the first quarter, we have continued to build on the 
success of 2022. All markets have shown positive growth and 
total sales amounted to SEK 7,378 million, which is an increase 
of 50 per cent over the same period last year, with organic growth 
of 15 per cent. Operating profit (EBITA) amounted to SEK 702 
million, which is an increase of 72 per cent compared to the 
same period last year. All segments recorded strong organic 
growth: HVAC 17 per cent, OEM 24 per cent and Commercial 
and Industrial Refrigeration 10 per cent.
During the quarter, we continued to have good demand for air/
air (AC products), primarily for heating. Increased awareness of 
energy efficiency and improved indoor environments are 
contributing factors. Also, the rising electricity prices in Europe 
have led to more and more people starting to see the cost 
benefits of using air/air as a complement to heating. 
We continue to focus on creating simple and seamless  
e-commerce experiences for our customers, resulting in 
increased sales and customer satisfaction. During the quarter, 
our digital sales continued their very good growth and we have 
had good development on both existing and new e-commerce 
platforms. Sales increased by 40 per cent, compared with the 
same period last year.
Uncertain supply chains are something the industry is still 
struggling with and which have had a negative impact on our 
warehouse stocks; we continue to see improvements, especially 
regarding lead times for products and components. We expect 
a normalisation of warehouse stocks, adjusted for our seasonal 
variations, in the second half of 2023.
I am pleased to inform that during the quarter (January 20) 
we completed the acquisition of the North American HVAC 
company Heritage Distribution, subject to customary completion 
conditions. This acquisition is an important step for Beijer Ref 
and reflects our commitment to expanding our global reach and 
meeting the needs of our customers in all corners of the world. 
Heritage Distribution has been integrated in line with our expec -
tations and reported good development in the first quarter. The 
integration of AAD (Australia) has also gone according to plan.
The Beijer Ref Exchange Programme for 2023 has been 
concluded. The programme has enabled participants to gain 
valuable insights from other parts of the organisation, learn 
new skills and build relationships with colleagues from different 
countries. A big thank you to all participants whose contributions 
have been crucial to the success of the program.
CEO comments
We continue to build on the successes from 2022
Finally, I would like to take this opportunity to welcome Heritage 
Distribution to the Beijer Ref family. They have an ambitious and 
dedicated team that brings many years of industry experience. 
Europe and the North America are now moving towards their 
summer season and, with a well thought-out strategy behind us 
and purposeful employees, we continue to create good condi -
tions for long-term growth.
CEO
Christopher Norbye

===== SIDA 4 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
4
50%
Sales increase
1 Acquisition effect is calculated 12 months after the date of takeover. For more information regarding Beijer Ref’s acquisitions, please see acquisition 
table on p. 17. 
2 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.
3  The measure has been adjusted for items affecting comparability regarding transaction costs, financial costs and tax related to the acquisition of
Heritage Distribution.
15%
Organic growth
72%
EBITA-increase
67%*
Increase
result/share
Net sales
Organic sales increased 14.5 per cent in the quarter compared to 
the previous year. Acquisition effects amounted to 30.2 per cent 
and currency effects were 5.8 per cent. Net sales increased by 
50.5 per cent to SEK 7,378 million (4,903).
The EMEA and APAC regions reported growth of 26 per cent and 
34 per cent, respectively, in the quarter. North America reported 
sales better than expected, in terms of seasonal variations.
The first quarter is seasonally weaker, but this year the quarter 
has been influenced by good growth in the HVAC and OEM prod -
uct segments, which reported organic growth of 17 per cent and 
24 per cent respectively. Commercial and Industrial Refrigeration 
continues its stable development and reported organic growth of 
10 per cent in the quarter.
Result
The group’s EBITA totalled SEK 702 million (407) during the first 
quarter, which is an increase of 72.4 per cent. Positive exchange 
rate effects of SEK 22.8 million (13.6) are included in EBITA. 
The EBITA margin amounted to 9.5 per cent (8.3). The improved 
profit is mainly due to higher organic growth and contributions 
from acquired companies.
Net financial income/expense amounted to -207 MSEK (-25) 
affected by non-recurring costs relating to the temporary financ -
ing regarding the acquisition of the North American operation 
Heritage Distribution of 138 MSEK. In addition, the net financial 
income/expense is affected by a higher indebtedness and 
interest rate as well as by a higher interest burden from IFRS 16, 
which in part comes from acquired operations. The tax rate in the 
quarter amounted to 23 per cent (26).
Profit before tax was SEK 459 million (367). Profit for the period 
totalled SEK 355 million (273). Profit per share after dilution 
and before items affecting comparability amounted to SEK 1.08 
(0.65), which is an increase of 66.6 per cent. Profit per share 
after dilution amounted to SEK 0.82 (0.65). Comparative figures 
related to profit per share are recalculated as a result of the rights 
issue that was completed in March 2023.
Financial overview, SEK M Q1-23 Q1-22 ∆% R12 FY-22
Net sales 7 378 4 903 50.5 25 113 22 638
   Organic change, % 14.5 15.8 16.4
   Change through acquisition 1, % 30.2 10.0 10.7
   Exchange rate fluctuation, % 5.8 5.6 6.8
   Change total, % 50.5 31.4 33.9
EBITA, excluding items affecting comparability 702 407 72.4 2 511 2 217
EBITA margin excluding items affecting comparability,  % 9.5 8.3 10.0 9.8
Items affecting comparability - - -245 -245
EBITA 702 407 72.4 2 266 1 971
Operating profit excluding items affecting comparability (EBIT) 666 393 69.6 2 418 2 145
Profit margin excluding items affecting comparability,  % 9.0 8.0 9.6 9.5
Operating profit (EBIT) 666 393 69.6 2 173 1 900
Net financial income/expense , excluding items affecting comparability -69 -25 -222 -179
Net financial income/expense , items affecting comparability -138 - -138 -
Net financial income/expense -207 -25 -360 -179
Tax -104 -95 -465 -456
Net profit 355 273 30.1 1 348 1 266
Profit per share after dilution, SEK 2
   Excluding items affecting comparability 3 1.08 0.65 66.6 3.97 3.54
   Including items affecting comparability 0.82 0.65 27.0 3.18 3.00
First quarter
2023
*Excluding items affecting comparability

===== SIDA 5 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
5
Operating cash flow and Net debt, SEK M Q1-23 Q1-22 R12 FY-22
Operating profit excl. items affecting comparability (EBIT) 666 393 2 418 2 145
Depreciation/write-downs on tangible assets 161 119 542 500
Amortisation/write-downs on intangible assets 36 14 93 72
EBITDA excluding items affecting comparability 863 526 3 054 2 717
Changes in working capital -892 -730 -2 132 -1 970
Investments in tangible fixed assets -65 -40 -220 -195
Payments related to amortisation of lease liabilities -114 -91 -408 -386
Non-cash generated items -2 40 -32 10
Operating cash flow -209 -295 262 176
Net debt 7 259 5 363 7 204
Of which:
Pension debt 110 144 110
Leasing liabilities, according to IFRS 16 2 318 1 521 1 814
Net debt excluding pension and leasing liabilities 4 832 3 698 5 280
Authorised credit limit 10 010 4 990 22 620
Of which remains to be utilised 3 647 839 16 930
Net debt/EBITDA 2.58 2.70 2.92
Net debt/EBITDA excluding items affecting comparability 2.38 2.70 2.65
Net debt/EBITDA excl leasing liabilities , pension liability and items affecting comparability 1.86 2.30 2.30
Cash flow and net debt
Operating cash flow amounted to SEK -209 million (-295). 
Operating cash flow in the quarter was still affected by the effects 
of the unstable supply chain in 2022. Our work to normalise our 
operating capital continues and will only have a significant effect 
in the second half of 2023.
Net debts at the end of the quarter amounted to SEK 7,259 
million (5,363) and were affected by a higher tie-up of working 
capital, as well as by acquisition activities. Net debt in relation to 
EBITDA amounted to 2.58 (2.70). Net debt in relation to adjusted 
EBITDA amounted to 2.38 (2.70). Excluding lease liabilities 
(IFRS 16) and pension liabilities, net debt amount to SEK 4,832 
million (3,698). Adjusted net debt in relation to adjusted EBITDA 
amounted to 1.86 (2.30).
At the end of the period, the company had credit facilities 
amounting to SEK 10,010 million (4,990), of which unutilised 
credits amounted to SEK 3,647 million (839). For approximately 
two months in the quarter, a bridge facility was used, amounting 
to SEK 13,600 million, which was included in connection with the 
acquisition of Heritage Distribution. The bridge facility was repaid 
using the proceeds from the rights issue.

===== SIDA 6 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
6
0
1 000
2 000
3 000
4 000
5 000
6 000
Operating segment
EMEA
Excluding items affecting comparability, SEK M Q1-23 Q1-22 ∆% R12 FY-22
Net sales 4 903 3 886 26.2 19 249 18 232
   Of which exchange rate fluctuation , % 5.8 5.8 6.1
EBITA 490 340 44.0 2 141 1 991
EBITA margin, % 10.0 8.8 11.1 10.9
EBIT 476 329 44.8 2 080 1 932
EBIT, % 9.7 8.5 10.8 10.6
Sales increased by 26 per cent in the quarter. Good growth in all 
regions except Africa, which reported slightly lower growth. OEM 
reported a growth of 38 per cent and Commercial and Industrial 
Refrigeration a growth of 20 per cent. HVAC reported a growth of 
30 per cent with good sales, especially in Central and Southern 
Europe. Currency effects contributed 5.8 per cent during the 
quarter.
EBITA increased by 44 per cent to SEK 490 million (340), which 
mainly can be explained by good organic growth. The EBITA 
margin amounted to 10.0 per cent (8.8). During the quarter, the 
acquisition of the South African company Transport Cooling was 
completed and consolidated from 1 February.
Net sales per 
product area
Commercial and Industrial Refrigeration 42% (44)
HVAC 50% (49) Q1 2022
OEM 8% (7) Q1 2023
Reported sales per 
product group
Commercial
and Industrial 
Refrigeration
OEM HVAC Total
20%
38%
30%
26%
SEK M

===== SIDA 7 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
7
0
200
400
600
800
1 000
1 200
1 400
1 600
Operating segment
APAC
Excluding items affecting comparability, SEK M Q1-23 Q1-22 ∆% R12 FY-22
Net sales 1 389 1 039 33.6 4 822 4 473
   Of which exchange rate fluctuation , % 5.5 5.3 9.5
EBITA 141 96 47.0 422 377
EBITA margin, % 10.1 9.2 8.8 8.4
EBIT 137 93 46.4 410 367
EBIT, % 9.8 9.0 8.5 8.2
Commercial and Industrial Refrigeration 30% (34)
HVAC 55% (48)
OEM 16% (18)
16%
15%
53%
34%
Sales during the quarter increased by 34 per cent compared to 
the same period last year. Australia in particular reported a strong 
quarter. HVAC reported growth of 53 per cent coming from acqui-
sitions (AAD) and organic growth. OEM reports a growth of 15 per 
cent. Commercial and Industrial Refrigeration increased by 16 per 
cent during the quarter. Currency effects contributed 5.5 per cent 
during the quarter.
EBITA increased by 47 per cent to SEK 141 million (96), which 
mainly can be explained by good organic growth and acquisitions. 
The EBITA margin amounted to 10.1 per cent (9.2).
Net sales per 
product area
Reported sales per 
product group
Commercial
and Industrial 
Refrigeration
OEM HVAC Total
Q1 2022
Q1 2023
SEK M

===== SIDA 8 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
8
Operating segment
North America
Excluding items affecting comparability, SEK M Q1-23 Q1-22 ∆% R12 FY-22
Net sales 1 118 - 1 118 -
EBITA 121 - 121 -
EBITA margin, % 10.9 - 10.9 -
EBIT 104 - 104 -
EBIT, % 9.3 - 9.3 -
Heritage Distribution was consolidated from January 20 and the 
first quarter came in better than expected in terms of both sales 
and margin. Sales were SEK 1,118 million and an EBITA of SEK 
121 million with an EBITA margin of 10.9 per cent. The first and 
fourth quarters are seasonally the weakest quarters. The market 
was characterised by lower volumes, above all in new construc-
tion, while the replacement market and spare parts sales continue 
to be stable (majority of sales).
There is a continuing component shortage, above all within com-
mercial products but also within the replacement market related 
to the new environmental requirements. We expect this situation 
to improve during the latter part of the year. We continue to invest 
in our new platform in North America across systems, people, 
products and integration to drive our strategic agenda.

===== SIDA 9 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
9
Significant events during the quarter
The previously announced acquisitions of the HVACR company 
Heritage Distribution (North America) and Transport Cooling 
(South Africa) were completed during the first quarter.
The announced rights issue comprising 126,781,856 class 
B shares was completed in March. SEK 13,946 million has 
been raised through the issue. Costs for the issue net after tax 
amounted to SEK 186 million. The total impact on equity thus 
amounts to SEK 13,760 million.
Significant events after the quarter
On April 25, Beijer Ref entered into a binding agreement to 
acquire 70 per cent of the shares in Condex, with an option to 
acquire the remaining share.
Annual General Meeting and dividend
The Annual General Meeting is held in Malmö on 25 April 2023. 
The board proposes a dividend of SEK 477 million (419), corre -
sponding to 38 per cent (43) of the net profit for 2022.
Sustainability
Sustainability is a well-integrated part of Beijer Ref. Doing 
business based on sound standards is a responsibility that the 
group takes very seriously, while at the same time it is woven in 
as a natural approach in all parts of the organisation. Beijer Ref’s 
sustainability strategy is based on the UN’s sustainable develop -
ment goals in Agenda 2030, which cover economy, society and 
the environment.
Beijer Ref believes that it is in the environmental field that Beijer 
Ref can make the biggest difference. In order to further strength -
en the work to develop environmentally friendly refrigeration 
technology, the group measures the proportion of Beijer Ref’s 
OEM sales that is environmentally friendly. The goal is for it to 
increase from today’s 39 per cent to 50 per cent by 2025. On our 
website and in the annual report, we give more information about 
our goals and how we perform in relation to the goals.
Risk description 
Beijer Ref group’s operations are affected by a number of 
external factors whose effects on the group’s operating profit can 
be monitored to varying degrees. The group’s operations depend 
on general economic developments, which govern demand for 
Beijer Ref’s products and services.
Acquisitions are normally associated with risks, such as loss 
of key personnel. Other operating risks, such as agency and 
supplier agreements, product liability and delivery commitments, 
technical development, guarantees, dependence on individuals 
etc., are continuously analysed. If necessary, measures are 
taken to reduce the group’s risk exposure. In its operations, 
Beijer Ref is exposed to financial risks such as foreign exchange 
risk, interest rate risk and liquidity risk. The parent company’s risk 
pattern is the same as that of the group. For further information, 
see the group’s annual report. 
 
Accounting principles
This interim report was prepared in accordance with IAS 34, the 
Swedish Annual Reports Act and RFR 2. Beijer Ref continues 
to apply the same accounting policies and valuation methods as 
described in the most recent annual report. Information pursuant 
to IAS 34.16A, in addition to disclosure in the financial reports 
and their associated notes, also appears in other parts of the 
interim report.  
Financial instruments
A financial asset or financial liability is recognised in the balance 
sheet when the company becomes a party to the instrument’s 
contractual terms. A financial asset is removed from the balance 
sheet once all the benefits and risks associated with ownership 
have been transferred. A financial liability is removed from the 
balance sheet when the obligation in the agreement is fulfilled or 
otherwise concluded.
Financial instruments are initially valued at fair value and then 
at fair value or accrued acquisition value depending on clas -
sification. Financial instruments reported at acquisition value 
are initially reported at an amount corresponding to the fair 
value of the instrument with an addition for transaction costs. 
Financial instruments reported at fair value are initially reported 
at an amount corresponding to the fair value of the instrument; 
transaction costs are expensed directly. A financial instrument 
is classified when first reported based on the purpose for which 
it has been acquired. The classification determines how the 
financial instrument is measured after the first entry as described 
below.
All financial derivative instruments are reported on an ongoing 
basis at fair value. Purchases and sales of financial assets are 
recognised on the transaction date, which is the date when the 
group commits to purchase or sell the asset. 
Other
Related party transactions
No significant changes have occurred for the group or for the 
parent company regarding transactions or relationships with 
related parties, compared to what is described in Note 32 of the 
Annual Report for 2022.
Key assessments and assumptions for accounting purposes
The management and board make assessments and assump -
tions about the future. These assessments and assumptions 
affect reported assets and liabilities, income and expenses and 
other information provided. These assessments are based on 
historical experience and the different assumptions deemed 
reasonable under the circumstances. The areas identified as 
important have not changed since the 2022 annual report was 
issued and are described in more detail in Note 4.

===== SIDA 10 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
10
This disclosure contains information that Beijer Ref AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). 
The information was submitted for publication, through the agency of the contact person, at 12.00 CET on April 25, 2023.
Telephone conference Q1 2023 
The company invites investors, analysts and the media to attend 
a telephone conference at which CEO Christopher Norbye and 
CFO Ulf Berghult will present the interim report for the first quar -
ter of 2023. The presentation is held in English. The meeting is 
on April 25 at 13.30 CET. Connect to the presentation at the link 
below.
Webcast: https://financialhearings.com/event/46503
 
To participate in the telephone conference, call the number:
SE: +46 8 505 163 86 
US: +1 412 317 6300 
UK: +44 20 319 84884
Pin code: 9905201#
The presentation will also be available on the company’s website 
www.beijerref.com from 12.00 on April 25.
This interim report for Beijer Ref AB (publ) has been 
submitted following approval by the Board of Directors.
This interim report has not been the subject of 
examination by the Company’s Auditors.
Malmö April 25, 2023
Beijer Ref AB (publ)
Christopher Norbye, CEO
For more information on this report:
Ulf Berghult, CFO
Telephone 040-35 89 00
E-mail ubt@beijerref.com
Niklas Willstrand, Global Corporate Communications Manager
Telephone 040-35 89 00
E-mail nwd@beijerref.com

===== SIDA 11 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
11
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
Financial overview
Net sales per 
product area
Net sales per 
segment
North America 15% (-)
R12
Commercial and Industrial
Refrigeration 36% (42)
APAC 19% (21) HVAC 56% (49)
EMEA 66% (79)
Quarter
OEM 8% (10)
0
5 000
10 000
15 000
20 000
25 000
30 000
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Net sales, SEK M
Net debt/EBITDA excl. items 
aff. comparability
Operating cash flow, SEK M EBITA excl. items aff. 
comparability, SEK M
0,0
0,5
1,0
1,5
2,0
2,5
3,0
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Organic sales per product group
10%
24%
17%
15%
Profit per share excl. items 
aff. comparability, SEK
Q
QQ
QQR12
R12Ratio
R12
-400
-200
0
200
400
600
800
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
0
500
1 000
1 500
2 000
2 500
3 000
0
100
200
300
400
500
600
700
800
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Commercial
and Industrial 
Refrigeration
OEM HVAC Total
Q1 2022
Q1 2023
SEK M

===== SIDA 12 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
12
Summarised profit and loss account, SEK M Q1-23 Q1-22 R12 FY-22
Net sales 7 378 4 903 25 113 22 638
Other operating income 26 22 149 145
Operating expenses -6 540 -4 399 -22 453 -20 312
Depreciation and write-down of intangible and tangible fixed assets -197 -133 -635 -571
Operating profit (EBIT) 666 393 2 173 1 900
Net financial income/expense -207 -25 -360 -179
Profit before tax 459 367 1 813 1 721
Tax -104 -95 -465 -456
Net profit 355 273 1 348 1 266
Net profit attributable to:
The parent company’s shareholders 351 270 1 330 1 248
Non-controlling interests 4 3 18 17
Net profit per share before diluation, SEK 1 0.82 0.65 3.18 3.00
Net profit per share after diluation, SEK 1 0.82 0.65 3.18 3.00
The Group’s summarised report on other comprehensive income, SEK M Q1-23 Q1-22 R12 FY-22
Net profit 355 273 1 348 1 266
Other comprehensive income:
Items which will not be reversed in the profit and loss account -1 -4 51 48
Income tax relating to components in above item 0 1 -14 -13
Items which can later be reversed in the profit and loss account -87 208 313 608
Income tax relating to components in above items 11 -3 25 11
Total comprehensive income for the period 279 475 1 723 1 919
Attributable to:
The parent copmany’s shareholders 275 477 1 690 1 892
Non-controlling interests 4 -2 33 27
1 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.

===== SIDA 13 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
13
Summarised balance sheet, SEK M 31 Mar 23 31 Mar 22 31 Dec 22
ASSETS
Intangible fixed assets 16 663 3 955 5 484
Tangible fixed assets 1 492 724 872
Right of use assets 2 271 1 484 1 771
Deferred tax asset 333 240 299
Other fixed assets 167 155 167
Total fixed assets 20 926 6 558 8 592
Inventories 10 589 6 035 7 389
Trade debtors 4 821 3 279 3 681
Other receivables 683 695 685
Liquid funds 1 689 860 1 518
Total current assets 17 781 10 870 13 272
Total assets 38 707 17 427 21 864
EQUITY AND LIABILITIES
Equity 20 675 5 743 6 714
Total equity 20 675 5 743 6 714
Long-term liabilities 7 023 5 435 6 975
Deferred tax liabilities 848 175 245
Total long-term liabilities 7 870 5 610 7 220
Trade creditors 3 896 2 696 2 586
Other liabilities 6 265 3 378 5 344
Total current liabilities 10 161 6 075 7 930
Total equity and liabilities 38 707 17 427 21 864
Of which interest-bearing liabilities 8 948 6 223 8 722

===== SIDA 14 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
14
Equity, SEK M 31 Mar 2331 Mar 23 31 Mar 2231 Mar 22 31 Dec 2231 Dec 22
Opening balance 6 714 5 266 5 266
Net profit 355 273 1 266
Other comprehensive income for the period -76 202 654
Total comprehensive income for the period 279 475 1 919
Rights issue 13 760 - -
Option premium obtained with the issue of option programme LTIP 2022-2025 - - 7
Purchase of own shares - - -21
Dividend to shareholders for 2021 - - -419
Dividend to shareholders’ with non-controlling interest -13 -1 -9
Non-controlling interest arising on business combinations - 3 -
Change in fair value of liabilities linked to acquisitions -65 - -29
Closing balance 20 675 5 743 6 714
Summarised consolidated cash flow analysis, SEK M Q1-23 Q1-22Q1-22 R12R12 FY-22FY-22
Operating profit (EBIT) 666 393 2 173 1 900
Non-cash generated items 196 174 869 846
Paid interest -221 -30 -375 -184
Paid income tax -153 -90 -554 -491
Realisation result on sale of tangible fixed assets -1 - -20 -20
Changes in working capital -892 -730 -2 132 -1 970
Cash flow from current operations -405 -283 -40 81
Cash flow from investment operations -7 241 -357 -8 215 -1 331
Cash flow from financial operations -5 817 568 -3 874 2 511
Payments related to amortisation of lease liabilities -114 -91 -408 -386
Rights issue, net after costs and tax 13 760 - 13 760 -
Dividend paid -13 -1 -446 -434
Change in liquid funds 170 -164 777 442
Exchange rate difference in liquid funds 0 21 51 72
Liquid funds at the beginning of the period 1 518 1 004 860 1 004
Liquid funds at the period end 1 689 860 1 689 1 518
Key figures* 31 Mar 23 31 Mar 22 31 Dec 22
Equity ratio, % 53.4 33.0 30.7
Return on equity (R12), % 13.6 20.9 20.4
Return on operating capital, excluding items affecting comparability,  (R12), % 13.7 15.3 16.2
Debt/equity, ratio 0.4 0.9 1.1
Interest coverage, excluding items affecting comparability, ratio 7.6 13.3 11.8
Net debt/EBITDA 2.58 2.70 2.92
Net debt/EBITDA excluding items affecting comparability 2.38 2.70 2.65
Net debt/EBITDA excluding leasing liabilities , pension liability and items affecting comparability 1.86 2.30 2.30
Average number of employees 5 734 4 354 4 720
Number of outstanding shares 507 127 426 380 468 980 380 345 570
Holding of own shares1 1 958 500 1 835 090 1 958 500
Total number of shares 509 085 926 382 304 070 382 304 070
Average number of outstanding shares 2 425 571 846 415 512 175 415 478 482
1 Holdings of own shares includes the delivery of shares to participants in the options programme. The option programs expire in June 2024 and June 
2025, respectively.
2 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.
*The table contains alternative key figures, for more details see p. 19.

===== SIDA 15 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
15
Reporting for segments
Operating segments
The group’s operations are divided into operating segments 
based on how the company’s executive decision-makers, i.e. 
the CEO, follow the operations. As of the first quarter of 2023, 
the group has the following segments; EMEA, APAC and North 
America.
The previous operating segments Nordics, Central Europe, 
Southern Europe, Eastern Europe and Africa, which were 
reported separately, are now included in EMEA. The former 
operating segment Asia Pacific is included in APAC and Heritage 
Distribution is included in North America.
The segment report for the regions contains net sales, EBIT and 
EBIT per cent. Internal sales within each segment are eliminated 
in net sales, internal sales between segments are eliminated at 
the total level.
Net sales, SEK M Q1-23 Q1-22 ∆% R12 FY-22
APAC 1 389 1 039 34 4 822 4 473
EMEA 4 903 3 886 26 19 249 18 232
North America 1 118 - - 1 118 -
Eliminations -32 -23 - -76 -66
Group 7 378 4 903 50 25 113 22 638
Operating profit (EBIT), SEK M Q1-23 Q1-22 ∆% R12 FY-22
APAC 137 93 46 410 367
EMEA 476 329 45 2 080 1 932
North America 104 - - 104 -
Other -51 -30 - -175 -154
Group 666 393 70 2 418 2 145
Items affecting comparability - - - -245 -245
Group incl. items affecting comparability 666 393 70 2 173 1 900
EBIT, % Q1-23 Q1-22 ∆ R12 FY-22
APAC 9.8 9.0 0.9 8.5 8.2
EMEA 9.7 8.5 1.2 10.8 10.6
North America 9.3 - 9.3 9.3 -
Group 9.0 8.0 1.0 9.6 9.5
Group incl. items affecting comparability 9.0 8.0 1.0 8.7 8.4

===== SIDA 16 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
16
Net sales, SEK M Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 Q2-21 Q1-21
APAC 1 389 1 350 1 090 993 1 039 1 017 778 757 834
EMEA 4 903 4 492 4 897 4 956 3 886 3 265 3 568 3 812 2 904
North America 1 118 - - - - - - - -
Eliminations -32 -24 -8 -11 -23 -11 -5 -7 -8
Group 7 378 5 818 5 979 5 938 4 903 4 271 4 341 4 562 3 731
Operating profit (EBIT), SEK M Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 Q2-21 Q1-21
APAC 137 123 81 70 93 102 38 43 67
EMEA 476 457 576 570 329 264 342 389 211
North America 104 - - - - - - - -
Other -51 -37 -50 -37 -30 -40 -26 -14 -15
Group 666 543 607 603 393 326 354 418 263
Items affecting comparability - -245 - - - - - - -
Group incl. items affecting 
comparability 666 298 607 603 393 326 354 418 263
EBIT, % Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 Q2-21 Q1-21
APAC 9.8 9.1 7.4 7.0 9.0 10.0 4.9 5.6 8.0
EMEA 9.7 10.2 11.8 11.5 8.5 8.1 9.6 10.2 7.3
North America 9.3 - - - - - - - -
Group 9.0 9.3 10.1 10.2 8.0 7.6 8.2 9.2 7.0
Group incl. items affecting 
comparability 9.0 5.1 10.1 10.2 8.0 7.6 8.2 9.2 7.0
Overview per segment
Quarter
Sales per product group
In the tables below, net sales are distributed by respective product 
group, i.e. HVAC, OEM and Commercial and Industrial Refriger-
ation
Net sales, SEK M Q1-23 Q1-22 ∆% R12 FY-22
HVAC 4 110 2 387 72 13 447 11 724
OEM 608 469 29 2 310 2 172
Commercial and Industrial Refrigeration 2 660 2 047 30 9 356 8 742
Group 7 378 4 903 50 25 113 22 638
Net sales, SEK M Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 Q2-21 Q1-21
HVAC 4 110 3 030 3 131 3 175 2 387 1 926 1 998 2 268 1 668
OEM 608 599 577 527 469 448 400 403 367
Commercial and Industrial 
Refrigeration 2 660 2 189 2 271 2 236 2 047 1 897 1 943 1 891 1 696
Group 7 378 5 818 5 979 5 938 4 903 4 271 4 341 4 562 3 731

===== SIDA 17 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
17
Company acquisitions
For each acquisition, the company performs a materiality assess-
ment based on sales, product area and market. It is our assess-
ment that an acquisition is material in cases where the sales 
of the acquired company exceed 5 per cent of the group’s total 
sales. During the year, four acquisitions were consolidated in the 
group’s accounts, of which Heritage Distribution was assessed 
as a material acquisition, the other three acquisitions were each 
deemed immaterial. Of the consolidated acquisitions for the year, 
two of the acquisitions are acquisitions of asset deals. Information 
about the acquisitions is provided in the table below.
2023
First quarter
The previously announced acquisitions of Heritage Distribution 
and Transport Cooling were completed during the first quarter. 
Beijer Ref acquired approximately 95 per cent of the shares of 
Heritage Distribution and holds a put/call option to acquire the 
remaining shares. Beijer Ref also acquired Roobear Ltd and 
acquired assets of AFM (Belgium), during the quarter. AFM has 
been integrated into the company Beijer Ref Belgium.
2022
First quarter
During the corresponding quarter last year, Beijer Ref acquired 80 
per cent of the shares of Deltron, with an option to acquire the re-
maining shares. Beijer Ref signed two new agreements to acquire 
all assets in Mackay Air Supply and GMR Supplies during the first 
quarter of 2022.
Accounting for acquisitions
Identified customer lists are written off over 10 years, while brands 
are judged to have an indefinite lifespan and are not written off. 
Most accrued acquisition goodwill is explained by synergy gains 
with the group’s existing operations. During the first quarter of 
2023, one of the acquisitions was made with an option to acquire 
the remaining shares within the time span 2023–2027. The option 
has been valued at the likely outcome and entered as current 
and non-current liability; this liability amounts to SEK 509 million. 
Acquisitions that include a put/call option where ownership will 
amount to 100 per cent, are consolidated in their entirety at the 
time of acquisition.
Acquisition costs for acquisitions completed during the first quar-
ter in 2023 and burdened to 2023’s profit amount to approximately 
SEK 0.4 million and are included in other costs. Acquisition costs 
and the acquisition calculations are preliminary. The acquisition 
calculation for the company that was acquired during the first 
quarter of 2022 has now been determined. No significant adjust-
ment has been made in the calculation.
Acquisitions after the balance sheet date
On the fifth of April, Beijer Ref entered into a binding agreement to 
acquire 100 per cent of the assets of Shravan Engineering, India. 
In connection with the acquisition, Beijer Ref is starting a new 
company in India, in which the sellers will reinvest 26 per cent of 
the purchase price. Annual sales amount to approximately SEK 
53 million and operations will be included in Beijer Ref’s accounts 
from the second quarter of 2023.
On April 25, Beijer Ref entered into a binding agreement to 
acquire 70 per cent of the shares in Condex, with an option to 
acquire the remaining share. Condex is a leading HVAC distribu-
tor in Bulgaria with an annual turnover of approximately SEK 350 
million and good profitability. The company will be consolidated 
during third quarter 2023.
Consolidated acquisitions Consolidated from Segments Net sales, SEK M Number of employees
2023
Companies
Heritage Distribution January 20 North America 6 492 800
Transport Cooling SA (asset deal) February EMEA 150 90
Roobear Ltd February EMEA 3 1
AFM (asset deal) March EMEA 20 4
2022
Companies
Deltron January EMEA 400 110
Mackay Air Supply och GMR Supplies (asset deals) April APAC 50 8
EID August EMEA 170 20
Easy Air Conditioning October EMEA 70 8
AAD och HVAC Consolidated November APAC 800 125
Acquisitions not yet consolidated Consolidated from Segments Net sales, SEK M Number of employees
Shravan Engineering (asset deal) Q2 2023 APAC 53 22
Condex Q3 2023 EMEA 350 41

===== SIDA 18 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
18
Acquisitions of companies, SEK M Heritage Distribution Other acquisitions Q1-23 Q1-22
Fair value in the Group:
Intangible assets 4 435 8 4 443 37
Tangible and financial fixed assets 1 135 14 1 149 16
Deferred tax asset - - - 1
Inventories 1 891 110 2 001 58
Other current assets 558 26 584 73
Liquid funds 432 1 433 82
Deferred tax liability -631 -2 -633 -6
Provisions - - - -1
Other current liabilities -1 013 -52 -1 064 -88
Liabilities to credit institutions -5 619 - -5 619 -
Total identifiable net assets: 1 188 106 1 294 172
Goodwill 6 801 41 6 842 355
Effect on the cash flow:
Consideration -7 989 -146 -8 135 -527
Non-paid consideration 509 - 509 207
Repaid consideration for previous years’ acquisitions - 14 14 -
Liquid funds in acquired companies 432 1 433 82
Total -7 048 -132 -7 180 -238
Parent company balance sheet in summary, SEK M 31 Mar 23 31 Mar 22 31 Dec 22
ASSETS
Intangible fixed assets 7 6 6
Tangible fixed assets 4 5 4
Financial fixed assets 19 457 6 398 7 472
Current assets 3 794 1 111 2 284
Total assets 23 261 7 520 9 766
EQUITY AND LIABILITIES
Shareholders’ equity 15 811 1 948 2 119
Long-term liabilities 4 132 4 102 4 810
Current liabilities 3 318 1 470 2 837
Total equity and liabilities 23 261 7 520 9 766
Parent company profit and loss account in summary, SEK M Q1-23 Q1-22 R12 FY-22
Operating income 2 3 123 124
Operating expenses -58 -37 -198 -177
Depreciation and write-down of intangible and tangible fixed assets -1 -1 -3 -3
Operating profit (EBIT) -57 -35 -78 -56
Net financial income/expense -102 22 -219 -95
Result of participations in Group companies 56 - 688 632
Profit before appropriations -103 -13 391 481
Appropriations - - 102 102
Profit before tax -103 -13 493 583
Tax 34 - 44 10
Net profit -69 -13 537 593
The table shows the total cash flow impact from acquisition activities. The list of identifiable net assets refers to acquisitions made during the first quarter 
of 2023 and the first quarter of 2022, respectively. Other acquisitions include the impact of the acquisitions of Transport Cooling, Roobear and AFM. 
These companies have been merged in the above table as the respective acquisitions individually are not significant.

===== SIDA 19 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
19
ARW
Air Condition & Refrigeration Wholesale.
Chiller
Liquid refrigeration unit.
CO2 equivalent
A measurement of greenhouse gas emissions and how much 
carbon dioxide is needed to produce the same effect on the 
climate.
F-gas
Synthetic gases containing fluorine, such as HCFCs and HFCs.
GWP
Global Warming Potential.
HCFC
HydroChloroFluoroCarbons, which affects the ozone layer and 
contribute to global warming.
HFC
HydroFluoroCarbons, Fluorised greenhouse gases which contri -
bute to global warming.
HFO
HydroFluoroOlefins, synthetic environmentally friendly refrige -
rants.
HORECA
Hotels, Restaurants, Catering.
HVAC
Heating, Ventilation, Air Conditioning.
OEM
Original Equipment Manufacturer.
Transcritical
Heat transfer with gas cooler.
EMEA
APAC
North America
CSR
Corporate Social Responsibility.
KPI
Key Performance Indicator.
PIM
Product Information Management, centralised management of 
product information that is needed to market and sell the pro -
ducts through one or more distribution channels.
Trade terms Operating segments
Definitions of key figures
Other
Beijer Ref uses a number of alternative key figures. The group believes that the key figures are useful to users of the financial state -
ments as a complement to the profit and loss account and balance sheet and cash flow statement. Examples of alternative key figures 
linked to financial position: return on equity and operating capital, net liabilities, debt to equity ratio and equity/assets ratio. The group 
also uses the cash flow measurement of operating cash flow to give an indication of the funds that the business generates in order to 
be able to carry out strategic investments, make amortisations and provide returns to shareholders. The performance measurements 
EBITDA, EBITA and EBIT are measurements that Beijer Ref considers relevant for investors who wish to understand the business’s 
profit generation. For further description including calculations and key figures, see https://www.beijerref.com/alternative-performan -
ce-measures/.

===== SIDA 20 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
20
This is Beijer Ref
The Beijer Ref Group is focused on trade and distributor activities 
within refrigeration products, air conditioning and heat pumps. 
The product range mainly consists of products from leading 
international manufacturers and in addition some manufacturing 
of our own products combined with service and support for the 
products. The group creates added value by adding technical 
expertise to the products, providing knowledge and experience 
about the market and providing efficient logistics and ware-
housing.
Beijer Ref supplies customers across large parts of the world 
with a wide range of products. Through its 143 subsidiaries in 
Europe, North America, Africa and Asia and Oceania, sales, 
purchasing, logistics and distribution are handled. Part of the 
sales comes from own production. The business is divided into 
three operating segments: EMEA, APAC and North America. 
Growth occurs both organically and through the acquisition of 
companies that complement current operations.
Seasonal effects
Beijer Ref’s sales are seasonally dependent as demand for refri -
geration and air conditioning is at its peak during the warm months 
of the year. It means that demand in the northern hemisphere is 
at its peak during the second and third quarters whilst demand in 
the southern hemisphere is at its peak during the first and fourth 
quarters.
Financial calender 2023
• Beijer Ref’s AGM is held on April 25, 2023
• Interim report for the second quarter will be published  
July 20, 2023
• Interim report for the third quarter will be published  
October 24, 2023
• Interim report for the fourth quarter will be published  
January 31, 2024
Beijer Ref in brief

===== SIDA 21 =====

Beijer Ref AB
Q1 2023 – Published on April 25, 2023
21
Stortorget 8, 211 34 Malmö
Telephone 040-35 89 00
Corporate ID 556040-8113
www.beijerref.com
This document is a translation of the Swedish language version. In the event of any discrepancies between this translation 
and the original Swedish document, the latter shall be deemed correct.