BE Group Year-end Report 2022

26 January 2023, 14:00

Fourth quarter

  • Net sales decreased by 3% to SEK 1,472 M (1,510)
  • The underlying operating result amounted to SEK -50 M (135)
  • The operating result amounted to SEK -119 M (158), including inventory gains and losses of SEK -69 M (23)
  • Result after tax amounted to SEK -101 M (130)
  • Cash flow from operating activities increased to SEK 152 M (-115)
  • Earnings per share amounted to SEK -7.79 (10.00)
  • The Board of Directors proposes dividend of SEK 12 (12) per share for the financial year of 2022 to be paid in two installments; SEK 6 per share in April 2023 and SEK 6 per share in October 2023

Statement from the CEO
The prevailing business environment during the fourth quarter resulted in decreased demand. At the same time, steel prices have dropped sharply compared to before summer when larger purchases took place, which led to a significantly decreased gross margin. Net sales fell marginally by 3% to SEK 1,472 M (1,510) compared with the previous year while the underlying operating result decreased to SEK -50 M (135). Operating result, including inventory gains and losses, amounted to SEK -119 M (158).

Net sales in Business area Sweden & Poland increased with 4% in the quarter while the operating result decreased to SEK -15 M (96) which is explained by a decrease in gross margin and inventory losses of SEK 28 M.

Net sales in Business area Finland & Baltics decreased with 9% in the quarter while the operating result decreased to SEK -98 M (84) which is also explained by a decrease in gross margin and inventory losses of SEK 39 M. Net sales for Sweden & Poland consist of 20% direct sales and has a larger share of contracted customers and long cooperations. The business for Finland & Baltics is shorter in its character and is therefore more affected by the material price decrease. Similarly, the result rose quicker during the year in Finland & Baltics when the prices rose rapidly in connection with Russia’s invasion of Ukraine.

The joint venture, ArcelorMittal BE Group SSC AB, contributed negatively with SEK 2 M which is significantly weaker than the fourth quarter previous year when they contributed positively with SEK 25 M.

On the positive side is cash flow from operating activities, which amounted to SEK 152 M (-115), primarily related to freed up working capital through adjustment of inventory replenishment.

Net sales for full-year 2022 amounted to SEK 6,875 M (5,388) and the operating result, including inventory gains and losses, amounted to SEK 418 M (621), corresponding to an operating margin of 6.1% (11.5).

The surrounding world
The close-down of blast furnaces in Europe amounts to about 20% of the total capacity, at the same time that the real need has decreased by about 6%. This has so far resulted in longer lead times and increased spot prices. In the beginning of 2023, some steel producers had stopped the incoming orders in order to plan their capacity and not promise more then what can be produced. The conclusion is that the capacity reductions have worked. If no external events occur, it´s reasonable to assume that the prices will be stabilized on the levels of today which is just above the lowest levels in the beginning of December. Analysis firms confirm the conclusion.

Regardless of external factors, a lot of steel is used even in bad times. BE Group will, just like usual, handle the situation with a focus on customers, hard work and a belief in our basic idea.

Investment in the future
In the second quarter of 2023, a new, fully automated sawing and machining line for long products will be brought into operation at BE Group’s Turku facility in Finland. In addition to considerable rationalization and efficiency enhancement, the investment will both strengthen and broaden BE Group’s offering to new and existing customers. Regular transports between BE Group’s other facilities mean that the investment is also intended to support markets outside Finland.

During the fourth quarter, BE Group moved its head office and sales office in the southern parts of Sweden to new, efficient, facilities in Malmö which also leads to rent savings.

Peter Andersson, President and CEO

For further information, please contact:
Peter Andersson, President and CEO
Tel: +46 706 53 76 55, email:

Christoffer Franzén, CFO
Tel: +46 705 46 90 05, email:

This information is information that BE Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2:00 p.m. CET on January 26, 2023.

BE Group AB (publ), which is listed on the Nasdaq Stockholm exchange, is a trading and service company in steel, stainless steel and aluminium. BE Group offers efficient distribution and value-adding production services to customers primarily in the construction and manufacturing industries. In 2022, the Group reported sales of SEK 6.9 billion. BE Group has approximately 650 employees, with Sweden and Finland as its largest markets. The head office is located in Malmö, Sweden. Read more about BE Group at