FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 =====
Interim Report 1 April–30 June 2024
First quarter (1 April–30 June 2024)
❖ Revenue rose by 2 percent to MSEK 1,253 (1,228).
❖ EBITA increased by 13 percent to MSEK 119 (105) and the EBITA margin improved to 9.5 percent (8.6).
❖ Net profit rose by 21 percent to MSEK 58 (48).
❖ Cash flow from operating activities increased by 8 percent to MSEK 194 (179).
❖ Two acquisitions have been completed, one of which after the end of the period, with total annual revenue of
approximately MSEK 75.
❖ Earnings per share for the most recent 12-month period amounted to SEK 7.40 before and after dilution, compared
with SEK 7.15 for the 2023/2024 financial year.
3 months Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
∆ %
30 Jun
2024
31 Mar
2024
Revenue 1,253 1,228 2 4,748 4,723
EBITA 119 105 13 452 438
EBITA margin, percent 9.5 8.6 9.5 9.3
Profit after financial items 74 62 19 273 261
Net profit (after taxes) 58 48 21 211 201
Earnings per share before dilution, SEK 1.95 1.70 7.40 7.15
Earnings per share after dilution, SEK 1.95 1.70 7.40 7.15
P/WC, percent 27 26
Cash flow from operating activities 194 179 8 678 663
Equity/assets ratio, percent 37 37
Number of employees at the end of the period 1,339 1,352 -1 1,339 1,340
Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year.
===== SIDA 2 =====
Interim Report 2024/2025
1 April–30 June 2024
2 (20)
CEO’s comments
A quarter that brought us closer to our goals
The new operating year began with a continued positive trend in earnings, profitability and cash flow. EBITA increased by
13 percent to MSEK 119 (105), the EBITA margin rose to 9.5 percent (8.6) and we have now improved our earnings for 18
consecutive quarters.
Revenue rose by 2 percent during the quarter. However, in organic terms, we saw a decline of 7 percent, mainly due to
weaker underlying demand in both the construction and the manufacturing sectors. Nonetheless, our assessment is that
demand has stabilised at the current level. Companies with low profitability continued to phase out low-margin business,
which contributed to an increase in the contribution margin ratio of more than 1 percentage point during the quarter, and
further efficiency improvements resulted in a continued reduction in the Group’s like-for-like costs. We continued to
lower our working capital and reduced our inventories organically by over MSEK 200 year on year. The combination of
increased earnings and lower working capital meant that profitability (P/WC) improved to 27 percent (22). Along with the
fact that interest rates this quarter were on a par with the same quarter last year, this increase in operating profit meant
that profit before tax increased by 19 percent to MSEK 74 million (62). Cash flow from operating activities rose to MSEK
194, enabling a continued reduction of the Group’s net loan liability despite completed acquisitions.
New division names reflect our broadened acquisition strategy
Ahead of the new financial year, we changed the names of our three divisions to better reflect our strategic development
and the Group’s broader focus. The divisions are now called Core Solutions, Industrial Equipment and Safety Technology.
The companies in Core Solutions offer products and solutions that form part of the customer’s end product – for example,
fastening products, metal suspended ceilings, and fire seals for marine vessels. Industrial Equipment delivers solutions
such as tools, instruments and machinery needed to complete the end customer’s products. Safety Technology focuses
on safety products and solutions in areas such as personal safety, perimeter protection, technical safety and fire safety.
Our acquisition objectives remain unchanged
Since the beginning of the financial year, we have conducted two new acquisitions. The first was Maskinab, a leading
supplier of machinery for sheet metal processing mainly to Swedish industrial customers. Together with our company
Belano, which operates in the same niche but targets the construction market, we are becoming a leader in sheet metal
processing machinery for the construction and manufacturing sectors. The most recent acquisition was Spraylat, a
leading player that manufactures and sells temporary protective coatings for windows. Since both of these companies
have profitability above 45 percent, our focus for them will be growth. We continue to see good market conditions for
acquiring high-quality, niche B2B companies in line with our acquisition objectives, and we have the necessary funds,
over SEK 1 billion, to finance and execute acquisitions.
Strong confidence in our decentralised governance model
Although several of our businesses are experiencing weak demand, we have strong confidence in our decentralised
governance model, whereby each company acts on an individual basis. This includes streamlining and improving our
product mix to strengthen the companies in the short term but also to position them to face a stronger market going
forward. We invest for growth in companies with growth potential and satisfactory profitability. The Group’s broad
exposure, with 31 profit centres in various sectors, combined with our acquisition strategy means we are well equipped to
continue to deliver on our financial targets.
Stockholm, July 2024
Magnus Söderlind
President & CEO
===== SIDA 3 =====
Interim Report 2024/2025
1 April–30 June 2024
3 (20)
Profit and revenue
First quarter (April–June 2024)
Revenue rose by 2 percent to MSEK 1,253 (1,228).
Acquired revenue growth amounted to 9 percent.
Exchange-rate fluctuations had a marginal impact on
revenue. Revenue decreased by 7 percent organically,
primarily as a result of weaker demand related to
current economic climate in the construction industry.
Demand from customers in the construction sector in
the Nordic region remained weak, while demand in
commercial real estate and infrastructure projects
remained stable. Demand from industrial customers
was somewhat weaker in general during the quarter.
Demand appears to have stabilised, however, albeit
from a low level.
EBITA for the first quarter increased by 13 percent to
MSEK 119 (105) and the EBITA margin improved to 9.5
percent (8.6). While the improvement operating profit
was mainly attributable to acquired units, lower organic
costs and improved gross margins also had a positive
impact earnings. In line with our strategy, completed
acquisitions have reduced our dependency on Nordic
resellers and increased the share of sales outside the
Nordic region.
Profit after financial items rose by 19 percent to
MSEK 74 (62). Net profit increased by 21 percent to
MSEK 58 (48) and earnings per share for the rolling 12-
month period amounted to SEK 7.40 after dilution,
compared with SEK 7.15 for the 2023/2024 financial
year.
1 200
1 073
1 239 1 237 1 228
1 094
1 187 1 214 1 253
Q1
2022/2023
Q2 Q3 Q4 Q1
2023/2024
Q2 Q3 Q4 Q1
2024/2025
REVENUE
MSEK
91 84
103 104 105 107 110 116 119
Q1
2022/2023
Q2 Q3 Q4 Q1
2023/2024
Q2 Q3 Q4 Q1
2024/2025
EBITA
MSEK
941)
68% 70% 72% 72%
32% 30% 28% 28%
31 Mar 2022 31 Mar 2023 31 Mar 2024 30 Jun 2024
REVENUE PER TYPE OF BRAND
ROLLING 12 MONTHS
Own proprietary brands Other brands
40% 36% 35% 36%
27% 25% 24% 23%
9% 11% 11% 10%
3% 3% 5% 6%
21% 25% 25% 25%
31 Mar 2022 31 Mar 2023 31 Mar 2024 30 Jun 2024
REVENUE PER COUNTRY
ROLLING 12 MONTHS
Sweden Norway Finland
The UK Other countries
1) The delivery problems due to the IT attack on Luna’s logistics provider had negative impact of approximately MSEK 10 on EBITA.
===== SIDA 4 =====
Interim Report 2024/2025
1 April–30 June 2024
4 (20)
Performance by division
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
∆ %
30 Jun
2024
31 Mar
2024
Revenue
Core Solutions 388 393 -1 1,405 1,410
Safety Technology 416 405 3 1,615 1,604
Industrial Equipment 457 439 4 1,759 1,741
Group-wide/eliminations -8 -9 -31 -32
Total revenue 1,253 1,228 2 4,748 4,723
EBITA
Core Solutions 45 50 -10 145 150
Safety Technology 34 34 0 116 116
Industrial Equipment 46 31 48 204 189
Group-wide/eliminations* -6 -10 -13 -17
Total EBITA 119 105 13 452 438
Depreciation and amortisation in connection with
acquisitions
-19
-14
-71
-66
Operating profit 100 91 381 372
Financial income and expenses -26 -29 -108 -111
Profit before taxes 74 62 273 261
EBITA margin, percent
Core Solutions 11.6 12.7 10.3 10.6
Safety Technology 8.2 8.4 7.2 7.2
Industrial Equipment 10.1 7.1 11.6 10.9
Total EBITA margin 9.5 8.6 9.5 9.3
* IFRS 16 does not affect operational follow-up or follow-up of earnings from the divisions.
New division names
The names of the divisions were changed at the start of
the financial year. To better reflect the nature of the
operations, the Building Materials division is now Core
Solutions, Workplace Safety has changed its name to
Safety Technology, and Tools & Consumables is now
Industrial Equipment. The corporate structure of the
divisions remains unchanged.
Core Solutions
First quarter (April–June 2024)
Core Solutions’ revenue amounted to MSEK 388 (393).
EBITA amounted to MSEK 45 (50) and the EBITA margin
was 11.6 percent (12.7).
Demand from customers in the construction sector in
the Nordic region remained weak and revenue declined
for ESSVE, the division’s largest company, in most of its
geographic areas. The majority of the companies in the
division experienced weaker demand. Itaab and
Elkington experienced continued strong demand from
customers in commercial buildings and infrastructure.
As in the previous quarter, marine sales for Fire
Protection remained strong, while sales of onshore
products were weaker.
Safety Technology
First quarter (April–June 2024)
Safety Technology’s revenue rose by 3 percent to MSEK
416 (405). EBITA amounted to MSEK 34 (34) and the
EBITA margin was 8.2 percent (8.4).
Demand for the companies in Safety Technology
stabilised during the quarter. A slight improvement was
noted, primarily for companies delivering to resellers.
Guide, Cresto and SIS Group posted increased sales.
The weaker demand negatively impacted earnings,
particularly as completed cost measures have not yet
had their full effect. This was offset by the earnings of
the recently acquired company Ateco.
===== SIDA 5 =====
Interim Report 2024/2025
1 April–30 June 2024
5 (20)
Industrial Equipment
First quarter (April–June 2024)
Industrial Equipment’s revenue rose by 4 percent to
MSEK 457 (439). EBITA increased by 48 percent to
MSEK 46 (31) and the EBITA margin improved to 10.1
percent (7.1).
Demand for the division’s companies was varied in the
quarter. Companies targeted at resellers continued to
experience a weak market, while other companies in
the division experienced a stable or favourable market.
Luna continued to adjust its costs to combat the effects
of the weak reseller market. Earnings and the operating
margin both continued to improve, primarily as a result
of recently acquired companies.
Group-wide expenses and
eliminations
Group-wide items and eliminations for the first quarter
amounted to MSEK -6 (-10). The Parent Company’s
revenue amounted to MSEK 10 (10) and profit after
financial items amounted to MSEK 10 (15) for the first
quarter.
Employees
At the end of the period, the number of employees in
the Group totalled 1,339, compared with 1,340 at the
beginning of the financial year. During the period, three
employees were gained via acquisitions. The number of
employees decreased organically by 136 compared with
the same period last year.
Corporate acquisitions
On 2 April 2024, Industrial Equipment acquired all of the
shares in Maskinab Teknik AB. Maskinab is a leading
supplier of machinery for sheet metal processing with
annual revenue of approximately MSEK 35.
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
Total
Customer relations, etc. 211
Other non-current assets 16
Other assets 200
Deferred tax liability, net -49
Other operating liabilities -81
Acquired net assets 297
Goodwill 167
Non-controlling interest -40
Purchase considerations 424
Less: Purchase considerations, unpaid -90
Less: Cash and cash equivalents in
acquired companies
-95
Net change in cash and cash equivalents -239
Goodwill is based on the expected future sales trend
and profitability of the acquired companies.
The unpaid purchase considerations of MSEK 90 are
contingent and are estimated to amount to a maximum
of MSEK 100. The contingent considerations will fall due
within three years.
Acquisition analyses older than 12 months are
considered finalised.
===== SIDA 6 =====
Interim Report 2024/2025
1 April–30 June 2024
6 (20)
Acquisition
Closing
Rev.
MSEK*
No. of
empl.
Division
Tema Norge, Norway Apr 2023 45 8 Industrial Equipment
Elkington, Sweden Jun 2023 40 6 Core Solutions
Itaab, Sweden Jul 2023 75 23 Core Solutions
Sandbergs, Sweden Aug 2023 60 8 Industrial Equipment
Ateco, Sweden Nov 2023 50 9 Safety Technology
Orbital Fabrications, UK Dec 2023 180 80 Industrial Equipment
Maskinab Teknik, Sweden Apr 2024 35 3 Industrial Equipment
* Refers to the situation assessed on a full-year basis on the date of acquisition.
Considerations of MSEK 7 pertaining to previous years’ acquisitions were paid during the financial year. No
remeasurements of contingent considerations or option liabilities related to minority interests were performed during the
period.
Profitability, cash flow and
financial position
Profitability, measured as the return on working capital
(P/WC), amounted to 27 percent (22). The return on
equity was 9 percent (9).
Cash flow from operating activities for the quarter
totalled MSEK 194 (179). Working capital decreased
during the period by MSEK 44, mainly a result of a
decline in inventory levels.
Cash flow was impacted by net investments in non-
current assets of MSEK 17 (18) and MSEK 35 (98)
pertaining to acquisitions.
The Group’s operational net loan liability at the end of
the period amounted to MSEK 962 (1,065), excluding
expensed pension obligations of MSEK 553 (485) and
lease liabilities of MSEK 429 (433). Cash and cash
equivalents, including unutilised granted credit
facilities, totalled MSEK 1,077 (971).
Financial income and expenses amounted to
MSEK -26 (-29) for the quarter, of which the net expense
for bank financing amounted to MSEK -19 (-17).
The equity/assets ratio was 37 percent (40). Equity per
share increased to SEK 84.55, compared with SEK 83.00
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 22 percent.
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 1,060,656 10,606,560 3.9 28.7
Class B shares, 1 vote per share 26,375,760 26,375,760 96.1 71.3
Total number of shares before
repurchasing
27,436,416
36,982,320
100.0
100.0
Of which, repurchased Class B shares -726,043 2.6 2.0
Total number of shares after
repurchasing
26,710,373
The share price on 30 June 2024 was SEK 296.00. The average number of treasury shares was 728,276 during the period
and 726,043 at the end of the period. The average purchase price for the repurchased shares was SEK 87.88 per share.
===== SIDA 7 =====
Interim Report 2024/2025
1 April–30 June 2024
7 (20)
CALL OPTION PROGRAMMES
Outstanding programmes
No. of
options
Corresponding
no. of shares
% of
total shares
Redemption
price
Redemption period
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 option programme 2023/2027 250,000 250,000 0.9 181.10 9 Sep 2026–4 Jun 2027
Call options issued for repurchased shares resulted in an insignificant dilution effect. In the first quarter of the year, the
2020/2024 call option programme expired.
Events after the end of the period
On 1 July, Division Core Solutions acquired all of the shares in Spraylat International Limited. The company manufactures
and sells temporary protective coatings for windows. The company has revenue of approximately MGBP 3.
Annual General Meeting
The Annual General Meeting (AGM) of Bergman & Beving AB will be held on Thursday, 29 August 2024, 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, 16 July 2024
Magnus Söderlind
President & CEO
This report has not been reviewed by the Company’s auditors.
Other information
Publication
The information in this report is such 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 16 July 2024.
Dates for forthcoming financial information
❖ The 2024 AGM will be held on 29 August 2024 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16,
Stockholm
❖ Interim Report 1 April–30 September 2024 will be published on 23 October 2024
❖ Interim Report 1 April–31 December 2024 will be presented on 5 February 2025
❖ Financial Report 1 April 2024–31 March 2025 will be published on 9 May 2025.
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 2024/2025
1 April–30 June 2024
8 (20)
Reporting by quarter
2024/2025 2023/2024 2022/2023
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue
Core Solutions 388 349 322 346 393 382 298 310 389
Safety Technology 416 412 433 354 405 425 442 378 411
Industrial Equipment 457 459 441 402 439 438 509 395 410
Group-wide/eliminations -8 -6 -9 -8 -9 -8 -10 -10 -10
Total revenue 1,253 1,214 1,187 1,094 1,228 1,237 1,239 1,073 1,200
EBITA
Core Solutions 45 46 17 37 50 40 11 26 37
Safety Technology 34 23 40 19 34 29 49 35 39
Industrial Equipment 46 51 57 50 31 35 45 24 17
Group-wide/eliminations -6 -4 -4 1 -10 0 -2 -1 -2
Total EBITA 119 116 110 107 105 104 103 84 91
EBITA margin, percent
Core Solutions 11.6 13.2 5.3 10.7 12.7 10.5 3.7 8.4 9.5
Safety Technology 8.2 5.6 9.2 5.4 8.4 6.8 11.1 9.3 9.5
Industrial Equipment 10.1 11.1 12.9 12.4 7.1 8.0 8.8 6.1 4.1
Total EBITA margin 9.5 9.6 9.3 9.8 8.6 8.4 8.3 7.8 7.6
===== SIDA 9 =====
Interim Report 2024/2025
1 April–30 June 2024
9 (20)
Group summary
CONSOLIDATED INCOME STATEMENT
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Revenue 1,253 1,228 4,748 4,723
Other operating income 3 6 36 39
Total operating income 1,256 1,234 4,784 4,762
Cost of goods sold -659 -665 -2,457 -2,463
Personnel costs -267 -253 -1,032 -1,018
Depreciation, amortisation and impairment losses -74 -66 -292 -284
Other operating expenses -156 -159 -622 -625
Total operating expenses -1,156 -1,143 -4,403 -4,390
Operating profit 100 91 381 372
Financial income and expenses -26 -29 -108 -111
Profit after financial items 74 62 273 261
Taxes -16 -14 -62 -60
Net profit 58 48 211 201
Of which, attributable to Parent Company shareholders
52
45
198
191
Of which, attributable to non-controlling interest 6 3
13 10
EBITA 119 105 452 438
Earnings per share before dilution, SEK 1.95 1.70 7.40 7.15
Earnings per share after dilution, SEK 1.95 1.70 7.40 7.15
Number of shares outstanding before dilution, ‘000 26,710 26,638 26,710 26,707
Weighted number of shares before dilution, ‘000 26,708 26,607 26,679 26,654
Weighted number of shares after dilution, ‘000 26,948 26,805 26,823 26,801
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Net profit 58 48 211 201
Other comprehensive income
Remeasurement of defined-benefit pension plans – – -91 -91
Tax attributable to components that will not be reclassified – – 19 19
Components that will not be reclassified to net profit – – -72 -72
Translation differences -14 61 -43 32
Fair value changes for the year in cash-flow hedges 0 -3 1 -2
Tax attributable to components that will be reclassified 0 1 -1 0
Components that will be reclassified to net profit -14 59 -43 30
Other comprehensive income -14 59 -115 -42
Total comprehensive income for the period 44 107 96 159
Of which, attributable to Parent Company shareholders 37 102 82 147
Of which, attributable to non-controlling interest 7 5 14 12
===== SIDA 10 =====
Interim Report 2024/2025
1 April–30 June 2024
10 (20)
CONSOLIDATED BALANCE SHEET
MSEK
30 Jun 2024
30 Jun 2023
31 Mar 2024
Assets
Goodwill 2,037 1,884 2,018
Other intangible non-current assets 786 671 781
Tangible non-current assets 156 145 157
Right-of-use assets 427 435 442
Financial non-current assets 4 6 4
Deferred tax assets 58 35 59
Total non-current assets 3,468 3,176 3,461
Inventories 1,127 1,291 1,189
Accounts receivable 925 941 936
Other current receivables 165 178 180
Cash and cash equivalents 340 231 296
Total current assets 2,557 2,641 2,601
Total assets 6,025 5,817 6,062
Equity and liabilities
Equity attributable to Parent Company shareholders 2,145 2,289 2,108
Non-controlling interest 111 64 105
Total equity 2,256 2,353 2,213
Non-current interest-bearing liabilities 1,330 1,377 1,374
Provisions for pensions 553 485 558
Other non-current liabilities and provisions 442 239 424
Total non-current liabilities 2,325 2,101 2,356
Current interest-bearing liabilities 401 352 421
Accounts payable 479 448 484
Other current liabilities 564 563 588
Total current liabilities 1,444 1,363 1,493
Total equity and liabilities 6,025 5,817 6,062
CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE
TO PARENT COMPANY SHAREHOLDERS
MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024
Opening equity 2,108 2,181 2,181
Dividend – – -96
Exercise and purchase of options for repurchased shares 0 6 10
Option liabilities, acquisitions1 – – -134
Total comprehensive income for the period 37 102 147
Closing equity 2,145 2,289 2,108
1 Refers to the value of put options issued in connection with acquisitions of partly owned subsidiaries. The minority shareholders are
entitled to sell shares to Bergman & Beving. The option price is based on the expected future financial performance of the acquired
operations.
===== SIDA 11 =====
Interim Report 2024/2025
1 April–30 June 2024
11 (20)
CONSOLIDATED CASH-FLOW STATEMENT
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Operating activities before changes in working capital 150 140 465 455
Changes in working capital 44 39 213 208
Cash flow from operating activities 194 179 678 663
Investments in intangible and tangible assets -17 -18 -57 -58
Proceeds from sale of intangible and tangible assets 1 0 3 2
Acquisition of businesses -35 -98 -249 -312
Cash flow from investing activities -51 -116 -303 -368
Dividend, Parent Company shareholders – – -96 -96
Borrowings 4 0 139 135
Repayment of loans -55 -14 -134 -93
Repayment of leases -37 -35 -151 -149
Other financing activities -8 -13 -15 -20
Cash flow from financing activities -96 -62 -257 -223
Cash flow for the period 47 1 118 72
Cash and cash equivalents at the beginning of the period 296 220 231 220
Cash flow for the period 47 1 118 72
Exchange-rate differences in cash and cash equivalents -3 10 -9 4
Cash and cash equivalents at the end of the period 340 231 340 296
Compilation of key financial ratios
KEY FINANCIAL RATIOS
Rolling 12 months
MSEK
30 Jun
2024
31 Mar
2024
31 Mar
2023
31 Mar
2022
31 Mar
2021
Revenue 4,748 4,723 4,749 4,575 4,311
EBITDA 673 656 571 503 426
EBITA 452 438 382 331 271
EBITA margin, percent 9.5 9.3 8.0 7.2 6.3
Operating profit 381 372 339 298 247
Operating margin, percent 8.0 7.9 7.1 6.5 5.7
Profit after financial items 273 261 271 259 212
Net profit 211 201 214 202 166
Profit margin, percent 5.7 5.5 5.7 5.7 4.9
Return on working capital (P/WC), percent 27 26 21 22 20
Return on capital employed, percent
Return on equity, percent
9
9
9
9
8
10
8
11
7
10
Operational net loan liability (closing balance) 962 1,057 1,090 889 697
Operational net debt/equity ratio 0.4 0.5 0.5 0.5 0.4
Operational net loan liability/EBITDA
excl. IFRS 16, multiple
1.9
2.1
2.5
2.3
2.2
Equity (closing balance) 2,256 2,213 2,240 1,932 1,715
Equity/assets ratio, percent 37 37 39 36 35
Number of employees at the end of the period 1,339 1,340 1,348 1,227 1,129
===== SIDA 12 =====
Interim Report 2024/2025
1 April–30 June 2024
12 (20)
KEY PER-SHARE DATA Rolling 12 months
SEK
30 Jun
2024
31 Mar
2024
31 Mar
2023
31 Mar
2022
31 Mar
2021
Earnings before dilution 7.40 7.15 7.80 7.55 6.15
Earnings after dilution 7.40 7.15 7.80 7.50 6.15
Cash flow from operating activities 25.40 24.85 12.55 8.50 14.40
Equity 84.55 83.00 84.35 72.85 64.40
Share price 296.00 209.50 128.40 141.40 121.40
Parent Company summary
INCOME STATEMENT
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Revenue 10 10 41 41
Other operating income – – 0 0
Total operating income 10 10 41 41
Operating expenses -16 -12 -57 -53
Operating loss -6 -2 -16 -12
Financial income and expenses 16 17 57 58
Profit after financial items 10 15 41 46
Appropriations – – 11 11
Profit before taxes 10 15 52 57
Taxes -2 -3 1 0
Net profit 8 12 53 57
STATEMENT OF COMPREHENSIVE INCOME
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Net profit 8 12 53 57
Fair value changes for the year in cash-flow hedges 0 -3 1 -2
Taxes attributable to other comprehensive income 0 1 -1 0
Components that will be reclassified to net profit 0 -2 0 -2
Other comprehensive income 0 -2 0 -2
Total comprehensive income for the period 8 10 53 55
===== SIDA 13 =====
Interim Report 2024/2025
1 April–30 June 2024
13 (20)
BALANCE SHEET
MSEK
30 Jun 2024 30 Jun 2023 31 Mar 2024
Assets
Tangible non-current assets 1 1 1
Financial non-current assets 2,552 2,584 2,570
Current receivables 1,326 996 1,385
Cash and bank 1 0 1
Total assets 3,880 3,581 3,957
Equity, provisions and liabilities
Equity 1,121 1,159 1,113
Untaxed reserves – 6 –
Provisions 43 42 43
Non-current liabilities 1,239 1,256 1,280
Current liabilities 1,477 1,118 1,521
Total equity, provisions and liabilities 3,880 3,581 3,957
===== SIDA 14 =====
Interim Report 2024/2025
1 April–30 June 2024
14 (20)
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 2023/2024. Disclosures are provided in the financial statements and accompanying notes as well as other sections of
the interim report.
New or amended accounting standards
The additions and amendments to standards applicable during the year are not assessed to have any material impact on
the financial statements. 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
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Sweden 453 435 1,677 1,659
Norway 270 281 1,114 1,125
Finland 112 148 474 510
UK 96 51 302 257
Other countries 322 313 1,181 1,172
Revenue 1,253 1,228 4,748 4,723
3. Fair value of financial instruments
30 Jun 2024 31 Mar 2024
MSEK
Carrying
amount
Level 2
Level 3
Carrying
amount
Level 2
Level 3
Derivative hedging instruments 0 0 – 1 1 –
Total financial assets at fair value per level 0 0 – 1 1 –
Derivative hedging instruments
–
–
–
–
–
–
Contingent considerations 173 – 173 172 – 172
Total financial liabilities at fair value per level 173 – 173 172 – 172
Financial instruments measured at fair value are presented in the table above. Derivatives belong to Level 2 of the fair value
hierarchy. Derivatives that comprise foreign-exchange forward contracts are measured at fair value by discounting the
difference between the contracted forward rate and the forward rate that can be contracted on the balance-sheet date for
the remaining contract period.
===== SIDA 15 =====
Interim Report 2024/2025
1 April–30 June 2024
15 (20)
Contingent considerations regarding acquired operations are classified in Level 3, meaning that measurement is based on
the expected future financial performance of the acquired operations as assessed by management.
No transfers between Level 2 and Level 3 took place during the period. For the Group’s other financial assets and liabilities,
the fair value is estimated to be equal to the carrying amount.
Contingent considerations, MSEK
30 Jun 2024 31 Mar 2024
Opening balance 172 108
Acquisitions for the year 8 107
Purchase consideration paid -7 -8
Revaluation of preliminary purchase price allocations – -21
Reversal through profit or loss – -14
Exchange-rate differences 0 0
Closing balance 173 172
4. Leases
Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement.
MSEK
30 Jun 2024 30 Jun 2023 31 Mar 2024
Right-of-use assets 427 435 442
Non-current lease liabilities 285 292 299
Current lease liabilities 144 141 143
3 months
Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Depreciation of right-of-use assets -38 -37 -156 -155
Interest on lease liabilities -4 -4 -15 -15
IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions.
5. Risks and uncertainties
While the uncertain geopolitical situation, general conditions and inflation remain unchanged, they have had minor
impact on the Group to date. During the financial year, no significant changes occurred with respect to risks and
uncertainties for the Group or the Parent Company. For information about these risks and uncertainties, refer to pages
62–65 of Bergman & Beving’s Annual Report for 2023/2024.
6. 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.
===== SIDA 16 =====
Interim Report 2024/2025
1 April–30 June 2024
16 (20)
Definitions
Return on equity1, 2
Net profit for the rolling 12-month period divided by average 12-month equity.
Return on equity measures, from an ownership perspective, the return generated by the owners’ invested capital.
Return on working capital (P/WC)1
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.
P /WC is used to analyse profitability and is a measure that encourages high EBITA and low working capital requirements.
Bergman & Beving’s profitability target is for each unit in the Group to achieve profitability of at least 45 percent. Refer to the
reconciliation table on page 18.
Return on capital employed1
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.
Return on capital employed shows the Group’s profitability in relation to externally financed capital and equity.
EBITA1
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.
EBITA is used to analyse profitability generated from operating activities. Refer to the reconciliation table on page 18.
EBITA margin1
EBITA for the period as a percentage of revenue.
The EBITA margin is used to show the profitability ratio of operating activities.
EBITDA1
Operating profit for the period before depreciation/amortisation and impairment losses.
EBITDA is used to analyse profitability generated from operating activities. The Group also uses EBITDA excluding
depreciation of right-of-use assets. Refer to the reconciliation table on page 18.
Equity per share1, 2
Equity divided by the weighted number of shares at the end of the period.
Equity per share measures the amount of equity attributable to each share and is presented to facilitate the analyses and
decisions of investors.
Change in revenue for comparable units1
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.
Used to analyse the underlying sales growth driven by changes in volume, range and prices for similar products and services
between different periods. Refer to the reconciliation table on page 18.
Cash flow per share1
Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares.
===== SIDA 17 =====
Interim Report 2024/2025
1 April–30 June 2024
17 (20)
The measure is used to enable investors to easily analyse the size of the surplus from operating activities that is generated
per share.
Operational net loan liability1
Interest-bearing liabilities excluding lease liabilities and provisions for pensions less cash and cash equivalents.
Operational net loan liability is used to follow the debt trend and to analyse the Group’s total debt excluding lease liabilities
and provisions for pensions. Refer to the reconciliation table on page 19.
Operational net debt/equity ratio1, 2
Operational net loan liability divided by equity.
Operational net debt/equity ratio measures, from an ownership perspective, the relationship between operational net loan
liability and the owners’ invested capital. Refer to the reconciliation table on page 19.
Profit after financial items1
Profit before taxes for the period.
Used to analyse operational profitability including financial activities.
Earnings per share
Net profit attributable to the Parent Company shareholders divided by the weighted number of shares.
Operating profit1
Operating income less operating expenses.
The measure is used to describe the Group’s earnings before interest and taxes.
Operating margin1
Operating profit for the period as a percentage of revenue.
The measure is used to state the percentage of revenue remaining to cover interest and tax as well as to generate profit after
the company’s costs have been paid.
Equity/assets ratio1, 2
Equity as a percentage of the balance-sheet total.
The equity/assets ratio is used to analyse financial risk and shows the proportion of assets that are financed through equity.
Profit margin1
Net profit after financial items as a percentage of revenue.
Profit margin is used to assess the Group’s profit generation before tax and shows the proportion of revenue that the Group
may retain in profit before taxes.
Weighted number of shares
Average number of shares outstanding before or after dilution. Shares held by the company 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) The performance measure is an alternative performance measure in accordance with ESMA’s guidelines
2) Minority shares are included in equity when this performance measure is calculated
===== SIDA 18 =====
Interim Report 2024/2025
1 April–30 June 2024
18 (20)
Reconciliation tables 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 3 months
Percentage change
Apr–Jun
2024
Apr–Jun
2023
Comparable units in local currency -7 -8
Currency effects 0 1
Acquisitions/divestments 9 9
Total – change 2 2
EBITA 3 months Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Operating profit 100 91 381 372
Depreciation and amortisation in connection with
acquisitions 19 14 71 66
EBITA 119 105 452 438
EBITDA 3 months Rolling 12 months
MSEK
Apr–Jun
2024
Apr–Jun
2023
30 Jun
2024
31 Mar
2024
Operating profit 100 91 381 372
Depreciation, amortisation and impairment losses 74 66 292 284
EBITDA 174 157 673 656
Depreciation of right-of-use assets -38 -37 -156 -155
EBITDA excl. IFRS 16 136 120 517 501
Return on working capital (P/WC) Rolling 12 months
MSEK
30 Jun
2024
30 Jun
2023
31 Mar
2024
EBITA (P) 452 396 438
Average working capital (WC)
Inventories 1,231 1,398 1,275
Accounts receivable 885 904 892
Accounts payable -455 -489 -453
Total – average WC 1,661 1,813 1,714
P/WC, percent 27 22 26
===== SIDA 19 =====
Interim Report 2024/2025
1 April–30 June 2024
19 (20)
Operational net loan liability and operational net
debt/equity ratio
MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024
Financial net liabilities 2,284 2,214 2,353
Pensions -553 -485 -558
Lease liabilities -429 -433 -442
Cash and cash equivalents -340 -231 -296
Operational net loan liability 962 1,065 1,057
Equity 2,256 2,353 2,213
Operational net debt/equity ratio 0.4 0.5 0.5
===== SIDA 20 =====
Interim Report 2024/2025
1 April–30 June 2024
20 (20)
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 70 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: