Kvartalsrapport Q3 2023

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

Page 1 of 16 
 
 
 
 
Interim Report 1 April–30 June 2023 
 
First quarter (1 April–30 June 2023) 
 
 Revenue rose by 2 percent to MSEK 1,228 (1,200). 
 
 EBITA increased by 15 percent to MSEK 105 (91) and the EBITA margin improved to 8.6 percent (7.6). 
 
 Net profit totalled MSEK 48 (55). 
 
 Cash flow from operating activities increased by 127 percent to MSEK 179 (79). 
 
 Three acquisitions have been completed, one of which after the end of the period, with total annual revenue of 
approximately MSEK 160. 
 
 
 
 
 
 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 ∆ % 
30 Jun 
2023 
31 Mar  
2023 
Revenue 1,228 1,200 2 4,777 4,749 
EBITA 105 91 15 396  382 
EBITA margin, percent 8.6 7.6  8.3 8.0 
Profit after financial items 62 70 −11 263 271 
Net profit (after taxes) 48 55 −13 207 214 
Earnings per share before dilution, SEK 1.70 2.05  7.45 7.80 
Earnings per share after dilution, SEK 1.70 2.05  7.40 7.80 
P/WC, percent    22 21 
Cash flow from operating activities 179 79 127 433 333 
Equity/assets ratio, percent    40 39 
Number of employees at the end of the period 1,352 1,245 9 1,352 1,348 
 
Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year.

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 2 of 16 
CEO’s comments 
Good start to the new operating year 
The first quarter of the operating year was a continued step in the right direction. EBITA in the first quarter increased 
15 percent year on year and the EBITA margin rose by 1 percentage point to 8.6 percent. The increase was mainly driven 
by acquisitions with favourable profitability, an improved product mix and increased operational efficiency. We 
established concrete targets and activities for each company prior to the new fiscal year, focusing on earnings growth 
ahead of revenue growth. This contributed to a modest revenue growth of 2 percent in the quarter, with organic revenue 
declining by 8 percent. Combined with a reduction in working capital, the increase in earnings boosted cash flow from 
operating activities, which amounted to MSEK 179 during the quarter. 
 
Increased market uncertainty  
Our operations focus on the professional market and the main indicator for the Group´s underlying demand is number 
of employees in the construction and industrial sectors. Economic uncertainty increased during the quarter, particularly 
in the construction sector. In the construction sector at our largest markets Sweden and Norway there was a reduction of 
6 percent in the number of employees compared to last year. This resulted in weaker demand for several of our 
companies with end customers in the construction sector. Nonetheless, we are experiencing continued stable demand in 
the industrial sector, partly due to an increase in the number of employees in industry in the Nordic region. 
 
Company-specific activities to increase profitability, earnings, the margin and cash flow 
Given the increased economic uncertainty and the fact that we still have companies that are not delivering on their 
financial targets, we have intensified our efforts to improve our working capital efficiency and to continue improving our 
operating margin, which for some companies means efficiency measures. Our initiated cost savings are gradually taking 
effect, as evidenced by the continued reduction in like-for-like costs. We are continuing our efforts to improve our 
working capital efficiency, mainly by reducing inventory levels, which is expected to have a further positive effect on cash 
flow. 
 
Acquisitions of market-leading niche companies will continue 
We acquired two companies during the first quarter and one additional after the end of the reporting period. Through 
the acquisition of Tema Norge, we increased our presence in the growing niche of orbital and mechanised welding 
technology, an area where Tema Norge, together with our company Retco, is growing into a strong position in the Nordic 
market. During the quarter, we also acquired Elkington, the Swedish leader in floor access hatches for infrastructure and 
commercial premises projects. After the end of the reporting period, we acquired Itaab, the market leader in metal 
suspended ceilings in Sweden, mainly installed in public properties. The two most recent acquisitions are part of the 
Building Materials division and sell to niches in the construction sector that are expected to have underlying growth. The 
acquisitions provide the Group with annual revenue of approximately MSEK 160 with favourable profitability and based 
on our capital allocation model - the Focus Model - the focus will be on supporting the companies in their growth 
journey.   
 
Earnings expansion will continue  
Despite a potentially weaker underlying market, I believe that we have favourable conditions to increase the Group's 
profitability, margin and cash flow through improvements in our 26 companies and through further acquisitions during 
the operating year. I therefore strongly believe that Bergman & Beving will continue to deliver on the target established 
in April 2021 of reaching an operating profit of at least MSEK 500 latest by the 2025/2026 operating year. 
 
 
Stockholm, July 2023 
 
Magnus Söderlind  
President & CEO

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 3 of 16 
Profit and revenue 
First quarter (1 April–30 June 2023) 
Revenue rose by 2 percent to MSEK 1,228 (1,200). 
Revenue decreased by 8 percent organically due to the 
continued replacement of low-margin transactions in 
combination with a somewhat weaker market and the 
negative effect of lower orders in the spring period for 
ESSVE. Acquired revenue growth amounted to 9 
percent and exchange-rate fluctuations had a positive 
impact of 1 percent on revenue. 
Economic uncertainty increased during the quarter, 
particularly in the construction sector where we 
noted weaker demand for our companies among 
end customers in the Nordic region, although sales 
related to repairs, alterations and extensions were 
more stable.  
 
Demand from industrial customers was stable but 
resellers’ reductions of buffer inventories affected 
several of the Group’s companies. 
EBITA for the first quarter increased by 15 percent to 
MSEK 105 (91) and the EBITA margin improved to 
8.6 percent (7.6).  
Profit after financial items totalled MSEK 62 (70). 
Financial expenses were negatively impacted by higher 
interest expenses for bank loans, a higher IFRS 16-
related interest expense on a higher lease liability that 
now includes a new logistics facility and the 
remeasurement of loans in foreign currency. Net profit 
amounted to MSEK 48 (55) and earnings per share on a 
rolling 12-month basis totalled SEK 7.40 (7.70) after 
dilution.

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 4 of 16 
Performance by division 
 3 months Rolling 12 months 
 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 ∆ % 
30 Jun 
2023 
31 Mar 
2023 
Revenue      
Building Materials 393 389 1 1,383 1,379 
Workplace Safety 405 411 −1 1,650 1,656 
Tools & Consumables 439 410 7 1,781 1,752 
Group-wide/eliminations −9 –10  −37 –38 
Total revenue 1,228 1,200 2 4,777 4,749 
       
EBITA      
Building Materials 50 37 35 127 114 
Workplace Safety 34 39 -13 147 152 
Tools & Consumables 31 17 82 135 121 
Group-wide/eliminations −10 –2  −13 –5 
Total EBITA 105 91 15 396 382 
      
EBITA margin, percent      
Building Materials 12.7 9.5  9.2 8.3 
Workplace Safety 8.4 9.5  8.9 9.2 
Tools & Consumables 7.1 4.1  7.6 6.9 
Total EBITA margin 8.6 7.6  8.3 8.0 
Performance by division – first 
quarter 
Building Materials 
Building Materials’ revenue increased by 1 percent to 
MSEK 393 (389). EBITA increased by 35 percent to MSEK 
50 (37) and the EBITA margin improved to 12.7 percent 
(9.5). 
Demand from construction customers in Sweden and 
Norway was weaker in the quarter, but new 
construction customers, which account for a smaller 
portion of the division’s sales, exhibited considerably 
lower demand. The earnings increase in the division 
was mainly related to acquisitions and operational 
improvements within ESSVE, which continued its 
positive earnings performance. During the quarter, 
ESSVE renewed its cooperation agreement with its 
largest customer in Norway, providing the conditions 
for ESSVE to further increase its business volume. KGC 
will expand outside Sweden after signing a new 
agreement covering Sweden, Norway and Denmark 
with a Nordic bricklaying and tiling company during the 
quarter. The division’s latest acquisitions, Kiilax and 
Elkington, delivered as expected during the quarter. 
Workplace Safety 
Revenue in Workplace Safety amounted to MSEK 
405 (411). EBITA totalled MSEK 34 (39) and the EBITA 
margin totalled 8.4 percent (9.5).  
The decrease in the number of employees in the 
construction industry in Sweden and Norway, our 
largest markets, has resulted in weaker demand for 
personal protective equipment in the construction 
sector, while demand for personal protective 
equipment remained stable in industry. At the same 
time, several of the division’s companies were 
negatively impacted by customers’ decisions to reduce 
their buffer inventories, which was also the main 
reason for the lower earnings. Cresto continued its 
strong earnings trend with underlying stable demand. 
Tools & Consumables 
Tools & Consumables’ revenue increased by 7 percent 
to MSEK 439 (410). EBITA rose by 82 percent to MSEK 
31 (17) and the EBITA margin improved to 7.1 percent 
(4.1). 
Demand from resellers in the construction sector was 
weaker, while demand from resellers in industry was 
more stable. For the companies in the division, which 
conduct more direct transactions with industry 
customers, demand remained strong.  
Several of the division’s companies continued to report 
positive trends, and all companies except Luna had an 
operating margin of more than 10 percent. Luna 
continued its transition and its underlying positive 
earnings trend, replacing unprofitable volume products 
with higher-margin products. During the quarter, Luna 
ended its collaboration with its external logistics 
partner and started delivering from the new logistics 
facility in Ulricehamn, which is expected to provide

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 5 of 16 
quality and cost advantages in the long term. The 
acquired units performed in accordance with, or 
exceeded, expectations. 
Group-wide and eliminations 
Group-wide items and eliminations for the first quarter 
amounted to MSEK -10 (-2) because running-in costs for 
the new logistics facility. 
The Parent Company’s revenue amounted to  
MSEK 10 (9) and profit after financial items amounted 
to MSEK 15 (5) for the period. 
Employees 
At the end of the period, the number of employees in 
the Group totalled 1,352, compared with 1,348 at the 
beginning of the financial year. During the period,  
14 employees were gained via acquisitions. 
Corporate acquisitions 
On 3 April, Tools & Consumables acquired all of the 
shares in Tema Norge AS. Tema Norge is a leading 
player in Norway in orbital welding and mechanised 
welding technology and generates annual revenue of 
approximately MSEK 45. 
On 12 June, the Building Materials division acquired all 
of the shares in Elkington AB. The company is a leading 
actor in Sweden in floor access hatches but also sells 
related products in wall and roof hatches.  The 
company has annual revenue of approximately 
MSEK 40.  
Bergman & Beving normally uses an acquisition model 
with a base consideration and a contingent 
consideration. The outcome of the contingent 
consideration depends on the future earnings of the 
acquired company. 
Preliminary purchase price allocations for the 
acquisitions over the past 12 months: 
Fair value of  
acquired assets and liabilities MSEK 
Customer relations, etc. 209 
Other non-current assets 9 
Other assets 190 
Deferred tax liability, net −43 
Current liabilities −65 
Acquired net assets 300 
Goodwill  171 
Non-controlling interest −31 
Purchase considerations 440 
Less: Purchase considerations, unpaid −97 
Less: Cash and cash equivalents in acquired 
companies −70 
Net change in cash and cash equivalents −273 
The unpaid purchase considerations of MSEK 97 are 
contingent and are estimated to amount to a maximum 
of MSEK 97. The contingent considerations will fall due 
within three years. 
Acquisition analyses older than 12 months are 
considered finalised. 
Acquisition 
 
Closing 
Rev. 
MSEK* 
No. of 
empl.* Division 
Polartherm, 
Finland 
Aug 
2022 127 57 
Tools & 
Consumables 
A.T.E. Solutions, 
UK 
Feb 
2023 32 17 
Tools & 
Consumables 
Kiilax, 
Finland 
Feb 
2023 100 24 
Building 
Materials 
Tema Norge, 
Norway 
Apr 
  2023 45 8 
Tools & 
Consumables 
Elkington, 
Sweden 
Jun 
2023 40 6 
Building 
Materials 
* Refers to the situation assessed on a full-year basis on the 
date of acquisition. 
Considerations of MSEK 6 pertaining to previous years’ 
acquisitions were paid during the quarter. No 
remeasurement of contingent considerations was 
carried out during the period.   
 
Profitability, cash flow and 
financial position 
Profitability, measured as the return on working capital 
(P/WC), amounted to 22 percent (22). The return on 
equity was 9 percent (11). 
Cash flow from operating activities for the quarter 
amounted to MSEK 179 (79). Working capital decreased 
during the quarter by MSEK 39, primarily due to lower 
inventory levels.  
Cash flow was charged with net investments in non-
current assets of MSEK 18 (11) and MSEK 98 (67) 
pertaining to acquisitions.  
The Group’s operational net loan liability at the end of 
the period amounted to MSEK 1,065 (923), excluding 
expensed pension obligations of MSEK 485 (529) and 
lease liabilities according to IFRS 16 of MSEK 433 (364). 
Cash and cash equivalents, including unutilised 
granted credit facilities, totalled MSEK 971 (586). 
Financial income and expenses amounted to MSEK -29 
(-12) for the quarter, of which the net expense for bank 
financing amounted to MSEK -17 (-4) for the quarter. 
The equity/assets ratio was 40 percent (38). Equity per 
share increased to SEK 88.55, compared with SEK 84.35 
at the beginning of the year.  
The Swedish tax rate, which is also the Parent 
Company’s tax rate, was 20.6 percent. The Group’s 
weighted average tax rate, with its current geographic 
mix, was approximately 21 percent.

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 6 of 16 
Share structure and repurchase of shares 
At the end of the period, share capital totalled MSEK 56.9 and was distributed by class of share as follows: 
SHARE STRUCTURE 
Class of share 
 
No. of shares 
 
No. of votes 
 
% of capital 
 
% of votes 
Class A shares, 10 votes per share 1,062,436 10,624,360 3.9 28.7 
Class B shares, 1 vote per share 26,373,980 26,373,980 96.1 71.3 
Total number of shares before 
repurchasing 27,436,416 36,998,340 100.0 100.0 
Of which, repurchased Class B shares −798,343  2.9 2.2 
Total number of shares after 
repurchasing 26,638,073 
   
The share price on 30 June 2023 was SEK 172.60. The average number of treasury shares was 829,480 during the period 
and 798,343 at the end of the period. The average purchase price for the repurchased shares was SEK 87.88 per share. 
CALL OPTION PROGRAMMES 
Outstanding programmes No. of options 
Corresponding 
no. of shares 
% of total 
shares 
Redemption 
price Redemption period 
Call option programme 2020/2024 244,000 244,000 0.9%   99.50 11 Sep 2023–7 Jun 2024 
Call option programme 2021/2025 178,000 178,000 0.6% 197.30 16 Sep 2024–12 Jun 2025 
Call option programme 2022/2026 210,000 210,000 0.8% 106.10 9 Sep 2025–5 Jun 2026 
Call options issued for repurchased shares resulted in an insignificant dilution effect. 
During the quarter, the 2019/2023 call option programme expired. 
Events after the end of the period 
On 6 July 2023, Bergman & Beving acquired all of the shares in Itaab Trading AB. The company will be part of the Building 
Materials division. Itaab is the leading manufacturer and supplier of metal suspended ceilings in Sweden with annual 
revenue of approximately MSEK 75. 
Annual General Meeting 
The Annual General Meeting (AGM) of Bergman & Beving AB will be held on 24 August 2023 at 4:00 p.m. CEST at IVA 
Conference Centre, Grev Turegatan 16, Stockholm. The notice of the AGM will be published in July and will be available 
at www.bergmanbeving.com. 
 
Stockholm, 14 July 2023 
 
Magnus Söderlind 
President & CEO 
 
 
This report has not been subject to special review by the Company’s auditors. 
 
 
Other information 
Publication 
This information is information that Bergman & Beving AB (publ) is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out 
below, at 7:45 a.m. CEST on 14 July 2023.

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 7 of 16 
Dates for forthcoming financial information 
 The 2023 AGM will be held on 24 August 2023 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16, 
Stockholm. 
 Interim Report 1 April–30 September 2023 will be published on 19 October 2023. 
 Interim Report 1 April–31 December 2023 will be published on 9 February 2024. 
 Financial Report 1 April 2023–31 March 2024 will be published on 15 May 2024. 
Contact information 
Magnus Söderlind, President and CEO, tel: +46 10 454 77 00 
Peter Schön, CFO, tel: +46 70 339 89 99 
 
Visit www.bergmanbeving.com to download reports, presentations and press releases.

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 8 of 16 
Reporting by quarter 
 2023/2024 2022/2023 2021/2022 
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Revenue          
Building Materials 393 382 298 310 389 400 277 288 375 
Workplace Safety 405 425 442 378 411 402 452 351 428 
Tools & Consumables 439 438 509 395 410 413 444 385 399 
Group-wide/eliminations −9 −8 −10 −10 –10 −10 −10 −10 −9 
Total revenue 1,228 1,237 1,239 1,073 1,200 1,205 1,163 1,014 1,193 
           
EBITA          
Building Materials 50 40 11 26 37 29 10 21 34 
Workplace Safety 34 29 49 35 39 37 43 29 36 
Tools & Consumables 31 35 45 24 17 25 33 31 14 
Group-wide/eliminations −10 0 −2 −1 –2 −3 −2 0 −6 
Total EBITA 105 104 103 84 91 88 84 81 78 
          
EBITA margin, percent          
Building Materials 12.7 10.5 3.7 8.4 9.5 7.3 3.6 7.3 9.1 
Workplace Safety 8.4 6.8 11.1 9.3 9.5 9.2 9.5 8.3 8.4 
Tools & Consumables 7.1 8.0 8.8 6.1 4.1 6.1 7.4 8.1 3.5 
Total EBITA margin 8.6 8.4 8.3 7.8 7.6 7.3 7.2 8.0 6.5

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 9 of 16 
Group summary 
CONSOLIDATED INCOME STATEMENT 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
 2023 
31 Mar 
2023 
Revenue 1,228 1,200 4,777 4,749 
Other operating income 6 3 47 44 
Total operating income 1,234 1,203 4,824 4,793 
Cost of goods sold −665 –674 −2,618 −2,627 
Personnel costs −253 –233 −951 −931 
Depreciation, amortisation and impairment losses  −66 –55 −243 −232 
Other operating expenses –159 -159 -664 −664 
Total operating expenses -1,143 –1,121 −4,476 −4,454 
Operating profit 91 82 348 339 
Financial income and expenses −29 –12 −85 −68 
Profit after financial items 62 70 263 271 
Taxes −14 –15 −56 −57 
Net profit  48 55 207 214 
 
Of which, attributable to Parent Company shareholders 45 54 198 207 
Of which, attributable to non-controlling interest 3 1 9 7 
 
EBITA 105 91 396 382 
 
Earnings per share before dilution, SEK  1.70 2.05 7.45 7.80 
Earnings per share after dilution, SEK 1.70 2.05 7.40 7.80 
 
Number of shares outstanding before dilution, ‘000 26,638 26,568 26,638 26,575 
Weighted number of shares before dilution, ‘000 26,607 26,534 26,577 26,560 
Weighted number of shares after dilution, ‘000 26,805 26,622 26,784 26,586 
  
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
 2023 
31 Mar 
2023 
Net profit 48 55 207 214 
Other comprehensive income     
Remeasurement of defined-benefit pension plans – 78 42 120 
Tax attributable to components that will not be reclassified – –16 −9 −25 
Components that will not be reclassified to net profit – 62 33 95 
Translation differences 61 11 94 44 
Fair value changes for the year in cash-flow hedges −3 2 1 6 
Tax attributable to components that will be reclassified 1 0 0 −1 
Components that will be reclassified to net profit 59 13 95 49 
Other comprehensive income 59 75 128 144 
Total comprehensive income for the period 107 130 335 358 
Of which, attributable to Parent Company shareholders 102 129 323 350 
Of which, attributable to non-controlling interest 5 1 12 8

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 10 of 16 
CONSOLIDATED BALANCE SHEET 
MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 
Assets    
Goodwill 1,884 1,687 1,815 
Other intangible non-current assets 671 486 604 
Tangible non-current assets 145 128 140 
Right-of-use assets 435 356 441 
Financial non-current assets 6 6 5 
Deferred tax assets 35 74 34 
Inventory 1,291 1,332 1,360 
Accounts receivable 941 953 969 
Other current receivables 178 186 161 
Cash and cash equivalents 231 212 220 
Total assets 5,817 5,420 5,749 
    
Equity and liabilities    
Equity attributable to Parent Company shareholders 2,289 2,049 2,181 
Non-controlling interest 64 18 59 
Non-current interest-bearing liabilities 1,377 1,110 1,362 
Provisions for pensions 485 529 490 
Other non-current liabilities and provisions 239 186 207 
Current interest-bearing liabilities 352 389 385 
Accounts payable 448 563 487 
Other current liabilities 563 576 578 
Total equity and liabilities 5,817 5,420 5,749 
    
Operational net loan liability 1,065 923 1,090 
 
CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS 
MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 
Opening equity 2,181 1,915 1,915 
Dividend – – −90 
Exercise and purchase of options for repurchased shares 6 5 6 
Total comprehensive income for the period 102 129 350 
Closing equity 2,289 2,049 2,181

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 11 of 16 
CONSOLIDATED CASH-FLOW STATEMENT 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Operating activities before changes in working capital 140 129 400 389 
Changes in working capital 39 –50 33 −56 
Cash flow from operating activities 179 79 433 333 
Investments in intangible and tangible assets −18 –11 −52 −45 
Proceeds from sale of intangible and tangible assets 0 0 0 0 
Acquisition of businesses −98 –67 −286 -255 
Disposal of businesses − − 19 19 
Cash flow before financing 63 1 114 52 
Financing activities −62 24 −111 −25 
Cash flow for the period 1 25 3 27 
     
Cash and cash equivalents at the beginning of the period 220 182 212 182 
Cash flow for the period 1 25 3 27 
Exchange-rate differences in cash and cash equivalents 10 5 16 11 
Cash and cash equivalents at the end of the period 231 212 231 220 
 
Compilation of key financial ratios 
 
KEY RATIOS     Rolling 12 months 
MSEK 
30 Jun 
2023 
31 Mar 
2023 
31 Mar 
2022 
31 Mar 
2021 
31 Mar 
2020 
Revenue 4,777 4,749 4,575 4,311 4,060 
EBITDA 591 571 503 426 353 
EBITA 396 382 331 271 208 
EBITA margin, percent 8.3 8.0 7.2 6.3 5.1 
Operating profit 348 339 298 247 189 
Operating margin, percent 7.3 7.1 6.5 5.7 4.7 
Profit after financial items 263 271 259 212 155 
Net profit 207 214 202 166 116 
Profit margin, percent 5.5 5.7 5.7 4.9 3.8 
      
Return on working capital (P/WC), percent 22 21 22 20 16 
Return on capital employed, percent 8 8 8 7 6 
Return on equity, percent 9 10 11 10 7 
Operational net loan liability (closing balance) 1,065 1,090 889 697 695 
Operational net debt/equity ratio 0.5 0.5 0.5 0.4 0.4 
Operational net loan liability/EBITDA, multiple 1.8 1.9 1.8 1.6 2.0 
Equity (closing balance) 2,353 2,240 1,932 1,715 1,643 
Equity/assets ratio, percent 40 39 36 35 35 
      
Number of employees at the end of the period 1,352 1,348 1,227 1,129 1,083 
 
KEY PER-SHARE DATA    Rolling 12 months 
 
SEK 
30 Jun 
2023 
31 Mar 
2023 
31 Mar 
2022 
31 Mar 
2021 
31 Mar 
2020 
Earnings before dilution 7.45 7.80 7.55 6.15 4.30 
Earnings after dilution 7.40 7.80 7.50 6.15 4.30 
Cash flow from operating activities 16.30 12.55 8.50 14.40 8.25 
Equity 88.55 84.35 72.85 64.40 61.10 
Share price 172.60 128.40 141.40 121.40 50.30

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 12 of 16 
Parent Company summary 
INCOME STATEMENT 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Revenue 10 9 38 37 
Other operating income – – 0 0 
Total operating income 10 9 38 37 
Operating expenses −12 –15 −51 −54 
Operating loss −2 –6 −13 −17 
Financial income and expenses 17 11 53 47 
Profit after financial items 15 5 40 30 
Appropriations – – 15 15 
Profit before taxes 15 5 55 45 
Taxes −3 –1 −3 −1 
Net profit 12 4 52 44 
 
STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months 
MSEK  
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Net profit 12 4 52 44 
Fair value changes for the year in cash-flow hedges −3 2 1 6 
Taxes attributable to other comprehensive income 1 0 0 −1 
Components that will be reclassified to net profit −2 2 1 5 
Other comprehensive income −2 2 1 5 
Total comprehensive income for the period 10 6 53 49 
 
BALANCE SHEET 
MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 
Assets    
Intangible non-current assets – 0 – 
Tangible non-current assets 1 2 2 
Financial non-current assets 2,584 2,540 2,583 
Current receivables 996 708 1,121 
Cash and bank 0 1 1 
Total assets 3,581 3,251 3,707 
     
Equity, provisions and liabilities    
Equity 1,159 1,190 1,144 
Untaxed reserves 6 49 6 
Provisions 42 40 43 
Non-current liabilities 1,256 860 1,283 
Current liabilities 1,118 1,112 1,231 
Total equity, provisions and liabilities 3,581 3,251 3,707

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

Interim Report 2023/2024 
1 April–30 June 2023 
Page 13 of 16 
Notes 
1. Accounting policies 
This Interim Report was prepared in accordance with IFRS and by applying IAS 34, Interim Financial Reporting, the 
Swedish Annual Accounts Act and the Swedish Securities Market Act. The Interim Report for the Parent Company was 
prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms to 
the provisions detailed in RFR 2 Accounting for Legal Entities.  
The same accounting policies and bases of judgement have been applied in this Interim Report as in the Annual Report 
for 2022/2023. Disclosures are provided in the financial statements and accompanying notes as well as other sections of 
the interim report. 
New or amended accounting standards which take effect in coming periods 
A number of new and amended IFRS have not yet come into effect and have not been applied in advance in the 
preparation of this financial statement. The amended IFRS to be applied in the future are not expected to have any 
material impact on the Group’s financial statements.  
2. Revenue per geographic area 
The Group primarily conducts operations in Sweden, Norway and Finland and revenue presented for the geographic 
markets is based on the domicile of the customers. 
 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Sweden 435 471 1,701 1,737 
Norway 281 308 1,168 1,195 
Finland 148 124 531 507 
Other countries 364 297 1,377 1,310 
Revenue 1,228 1,200 4,777 4,749 
3. Leases 
Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement. 
MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 
Right-of-use assets 435 356 441 
Non-current lease liabilities 292 243 297 
Current lease liabilities 141 121 140 
 
 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Depreciation of right-of-use assets −37 –33 −139 −135 
Interest on lease liabilities −4 –2 −11 −9 
 IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions. 
The increase in right-of-use assets and lease liabilities pertains primarily to the new logistics facility. The new lease gave 
rise to an increase of MSEK 1 in IFRS 16 interest for the quarter. 
4. Risks and uncertainties 
The uncertain geopolitical situation, the general conditions and inflation have intensified, but have had a marginal 
impact on the Group to date. Otherwise, no significant changes occurred during the financial year with respect to risks 
and uncertainties, for either the Group or the Parent Company. For information about these risks and uncertainties, refer 
to pages 58–61 of Bergman & Beving’s Annual Report for 2022/2023. 
5. Transactions with related parties 
No transactions having a material impact on the Group’s position or earnings occurred between Bergman & Beving and 
its related parties during the financial year.

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6. Alternative performance measures 
Bergman & Beving uses certain financial performance measures in its analysis of the operations and their performance 
that are not calculated in accordance with IFRS. The Company believes that these performance measures provide 
valuable information for investors, since they enable a more accurate assessment of current trends when combined with 
other key financial ratios calculated in accordance with IFRS. Since listed companies do not always calculate these 
performance measures ratios in the same way, there is no guarantee that the information is comparable with other 
companies’ performance measures of the same name. 
Change in revenue 
Comparable units refer to sales in local currency from units that were part of the Group during the current period and the 
entire corresponding period in the preceding year. Acquisitions/divestments refer to the acquisition or divestment of 
units during the corresponding period. 
 3 months 
Percentage change in revenue for: 
Apr–Jun 
2023 
Apr–Jun 
2022 
Comparable units in local currency −8 –4 
Currency effects 1 2 
Acquisitions/divestments 9 3 
Total – change 2 1 
EBITA 
Operating profit for the period before impairment of goodwill and amortisation and impairment of other intangible 
assets in connection with corporate acquisitions and equivalent transactions. 
 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Operating profit 91 82 348 339 
Depreciation and amortisation in connection with acquisitions 14 9 48 43 
EBITA 105 91 396 382 
EBITDA 
Operating profit for the period before depreciation/amortisation and impairment losses. 
 3 months Rolling 12 months 
MSEK 
Apr–Jun 
2023 
Apr–Jun 
2022 
30 Jun 
2023 
31 Mar 
2023 
Operating profit 91 82 348 339 
Depreciation, amortisation and impairment losses 66 55 243 232 
EBITDA 157 137 591 571 
Return on working capital (P/WC) 
Bergman & Beving’s profitability target is for each unit in the Group to achieve profitability of at least 45 percent, 
measured as EBITA (P) for the rolling 12-month period as a percentage of average 12 months’ working capital (WC), 
defined as inventories plus accounts receivable less accounts payable. 
                                                                                                                                                     Rolling 12 months 
MSEK 
30 Jun 
2023 
30 Jun 
2022 
31 Mar 
2023 
EBITA (P)  396 344 382 
Average working capital (WC)    
Inventory 1,398 1,243 1,389 
Accounts receivable 904 883 924 
Accounts payable −489 –557 −516 
Total – average WC 1,813 1,569 1,797 
P/WC, percent 22 22 21

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7. Other definitions 
Return on equity1 
Net profit for the rolling 12-month period divided by average equity. 
Return on capital employed 
Profit after financial items plus financial expenses for the rolling 12-month period divided by the average balance-sheet 
total less non-interest-bearing liabilities. 
EBITA margin 
EBITA for the period as a percentage of revenue. 
Equity per share1 
Equity divided by the weighted number of shares at the end of the period. 
Cash flow per share 
Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares. 
Operational net loan liability 
Interest-bearing liabilities excluding lease liabilities and provisions for pensions less cash and cash equivalents. 
Operational net debt/equity ratio1 
Operational net loan liability divided by equity. 
Earnings per share 
Net profit attributable to the Parent Company shareholders divided by the weighted number of shares. 
Operating margin  
Operating profit for the period as a percentage of revenue. 
Equity/assets ratio1 
Equity as a percentage of the balance-sheet total. 
Profit margin 
Net profit after financial items as a percentage of revenue. 
Weighted number of shares 
Average number of shares outstanding before or after dilution. Shares held by Bergman & Beving are not included in the 
number of shares outstanding. Dilution effects arise due to call options that can be settled using shares in share-based 
incentive programmes. The call options have a dilution effect when the average share price during the period is higher 
than the redemption price of the call options. 
 
1 Minority shares are included in equity when this performance measure is calculated.

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1 April–30 June 2023 
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Bergman & Beving in brief 
 Bergman & Beving, founded in 1906, is a Swedish listed corporate group with extensive experience in acquiring 
and developing leading niche companies from a long-term ownership perspective. 
 Bergman & Beving’s vision is to be a leading niche supplier of productive, safe and sustainable solutions to 
companies. 
 Our decentralised governance model means that we strive for leading positions through organic growth and add-
on acquisitions in existing niches and through acquisitions in new niches. 
 Through our products, we are represented at over 5,000 sales outlets and by distributors in approximately 
25 countries. 
 Our primary market is the Nordic region, which accounts for approximately 75 percent of revenue. 
 We aim to be a sustainable company where we actively work to create long-term value for society and our 
shareholders while limiting the impact of our operations on the environment. 
 The subsidiaries in the Group are operated with decentralised business responsibility, with a focus on simplicity, 
responsibility and freedom, efficiency, openness and a willingness to change.  
Our business units: