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Annual Report 2018

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Annual Report 2018 Annual Report 2018 1 CEO’s report Refrigeration that lasts Acquisitions page 8 page 14 page 18 The balance between hot and cold Many contexts depend on an exact temperature being achieved. A food product that must be cooled to a certain number of degrees or an interior to provide a comforta- ble room temperature. Most of the businesses around us – shops, offices and restaurants – depend on having sta- ble cooling, heating and air conditioning available. Beijer Ref is a world-leading group that provides both knowled- ge and products in refrigeration and air conditioning. Own manufacturing page 20 CONTENTS The year in brief ..........................4 Purchasing ............................... 22 The Beijer share ....................... 44 This is Beijer Ref .........................6 Logistics ................................... 23 Group summary ....................... 46 CEO’s report ................................8 Digitalisation ............................ 24 Corporate governance ............ 48 Business model ........................12 Sustainability ........................... 26 Risks and risk handling ........... 52 Customer Case .........................14 Market trends ........................... 30 The Board of Directors ............ 54 Strategy and goals ...................16 Brands ...................................... 34 Group Management ................ 56 Acquisitions ..............................18 Organisation ............................. 36 Financial information .............. 58 Own manufacturing ................. 20 Regions ..................................... 38 Glossary ................................... 93 To the shareholders ................. 94 2 THE BEIJER REF SHARE PERFORMANCE The Beijer Ref share SEK OMX Stockholm 190 171 152 133 114 95 76 57 38 19 2014 2015 2016 2017 2018 2019 PROFIT AND DIVIDEND PER SHARE SEK 6 5 4 3 2 1 0 2014 2015 2016 2017 2018 Profit per share Dividend The Beijer Ref share page 44 GENERAL INFORMATION Beijer Ref AB is a public limited company with corporate identity number 556040-8113. The company has its registered office in Malmö, Sweden. All amounts are expressed in Swedish kronor with the abbreviation ‘SEK K’ for thousand kronor and ‘SEK M’ for million kronor. Figures in brackets refer to 2017 unless otherwise stated. The total amount in tables and statements might not always summarize as there are rounding differences. The aim is to have each line item corresponding to the source and it might therefore be rounding differences in the total. Data about markets and the competitive situation are Beijer Ref’s own assessments if no other source is specified. This report contains future-oriented infor- mation based on Beijer Ref’s analysis and assessments made at the beginning of 2019. Although the company’s management is of the opinion that the anticipations evident from such future-oriented information are reasonable, no guarantee can be given that these anticipations will be proved to be correct. The formal Annual Report comprises pages 46-47 and 58-88. This Annual Report is published on the company’s website (beijerref.com). Printed copies will be sent on request to shareholders and other interested parties by Beijer Ref. A complete list of addresses over the Group’s companies is available on www.beijerref.com. 3 The year in brief SALES OPERATING PROFIT sek m sek m 13 000 1 040 12 000 960 11 000 880 10 000 800 9 000 720 8 000 640 7 000 560 6 000 480 5 000 400 4 000 320 3 000 240 2 000 160 1 000 80 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 KEY FIGURES 2018 2017 2016 2015 2014 Sales, sek m 13 015 9 830 9 045 8 361 7 189 Operating profit, sek m 1 085 725 593 567 481 Profit after tax, sek m 780 521 399 373 325 Profit per share, sek 6.07 4.02 3.06 2.88 2.49 Dividend per share, sek* 3.00 1.92 1.83 1.75 1.67 Market value, sek 145.9 105.5 72.0 66.8 42.5 *) For 2018, in accordance with the Board of Directors’ proposal 32% 50% 56% Large Net sales Operating profit Increased Cap increase increase dividend As from 2019 4 THE YEAR IN BRIEF Quarter 1 • The acquisition of the refrigeration wholesaler TecsaReco is approved by the competition authorities in southern Africa. • Beijer Ref acquires the leading refrigeration wholesaler Heatcraft in Australia. The transaction is the largest acquisition outside Europe in the group’s history and doubles Beijer Refs’ sales in the region Asia Pacific. • The collaboration with Mitsubishi Heavy Industries (MHI) is expanded with the formation of a new jointly-owned company, 3DPlus, in the United Kingdom. Beijer Ref now has exclusive rights to distribute MHI in the UK. Quarter 2 • Beijer Ref acquires the French HVAC distributor GH2C, a leading distributor of the well-known air conditioning brands, including Toshiba, in France. • The acquisition of Heatcraft Australia is finalised and consolidated. • SCM Ref Africa presents its first CO2 transcritical rack. • Beijer Ref Academy, a new training centre for environmentally-friendly refrigeration technology, is inaugurated at SCM Frigo in Italy. • Beijer Ref launches a call option programme for the employees. Quarter 3 • Beijer Ref acquires the Spanish HVAC distributor Lumelco. The company works closely with Mitsubishi Heavy Industries and has held exclusive rights to distribute the brand in Spain and Portugal for more than 35 years. • The formation of 3DPlus in the United Kingdom is finalised. Quarter 4 • Several of the group’s subsidiaries participate in one of the industry’s largest trade fairs, Chillventa in Nürnberg, Germany. • Beijer Ref produces a company certificate programme as a complement to bank financing. • Beijer Ref meets its commitments to the options programme. • Beijer Ref acquires the remaining 40 per cent of the shares in Metjak, Australia. 5 This is Beijer Ref One of the world’s largest refrigeration wholesalers. Beijer Ref is a trading group that provi- duct development work is carried out • Commercial refrigeration des customers over most of the world in which environmentally-friendly alter- • Industrial refrigeration with a broad range of products in the natives are developed under their own • Comfort cooling (HVAC) fields of commercial and industrial re- brands. frigeration, as well as heating and air The end customer might be, for example, conditioning. The company is listed on In-house production has been imple- a grocery store or a restaurant with re- Nasdaq Stockholm, Large Cap segment. mented in subsidiaries in Italy, France, frigeration and freezer technology or an the Netherlands, Sweden, South Africa, office that needs air conditioning. They PRODUCTS Thailand, China and Australia. These all frequently buy their refrigeration and The products primarily consist of refri- companies today supply markets across air conditioning solutions via an installer geration and air conditioning units, heat large parts of the world with both stan- who buys technology, refrigeration units exchangers and refrigerants as well as dard solutions and customised total and components from Beijer Ref. Orders spare parts for these. Most of the pro- concepts for end customers that wish to can be for both complete product solu- duct range comes from leading supp- reduce their carbon footprint. tions and spare parts. The after-sales liers such as Toshiba, Carrier, Mitsubishi market accounts for a significant share Heavy Industries, Danfoss and Bitzer. A GEOGRAPHICAL COVERAGE of Beijer Ref’s net sales. smaller part of the sales comes from the The group has around 3,700 employ- company’s own production of environ- ees, working in 36 countries. Our head DISTRIBUTION AND SALES mentally friendly refrigeration products office is in Malmö. With wholly-owned Beijer Ref mainly distributes its products based primarily on natural refrigerants. subsidiaries in Europe, Africa, Asia and through its own network of branches. Oceania, Beijer Ref is one of the world’s IN-HOUSE PRODUCTION OF largest refrigeration wholesalers. The group also has warehouses and ENVIRONMENTALLY-FRIENDLY logistics centres in each market. Beijer TECHNOLOGY CUSTOMERS AND MARKET Ref also owns three refrigerant filling For a number of years, Beijer Ref has Beijer Ref’s products in the field of re- stations. The subsidiaries trade either also been focusing on in-house product frigeration, freezer and air conditioning under Beijer Ref’s name or under their development and the manufacturing of systems can be found in all kinds of buil- local names. refrigeration systems and heat pumps. dings, in everything from department In the OEM (Original Equipment Manu- stores and shops to petrol stations and facturing) segment, innovation and pro- offices. The products meet the demand primarily in three segments: 6 THIS IS BEIJER REF Commercial Industrial Own manufacturing Comfort cooling refrigeration refrigeration (OEM) (HVAC) Refrigeration installations Process refrigeration In-house manufacturing of Climate control and for, among others, grocery supplied to, for example, eco-friendly refrigeration ventilation for homes, stores, restaurants ice rinks, manufacturing systems and heat pumps. offices and shops. and hotels. and food industry and the offshore sector. SIX GEOGRAPHICAL REGIONS Beijer Ref operates across several Europe continents and has divided its geographical markets into six 71% regions: the Nordic region, Central Europe, Southern Europe, Eastern Europe, Africa and Asia Pacific. The structure of regional trading areas achieves efficiency in the supply chain, sales and logistics. • The map shows the split of sales after completion
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