G & L Beijer Nine-Month Report 2013

Net sales amounted to SEK 5,006.1M (5,215.0).

Operating profit before one-time items amounted to SEK 313.0M (331.2). Including
one-time items, profit for the first three quarters of 2013 was SEK 278.8M.

Net profit for the period excluding one-time items amounted to SEK 208.0M
(234.3). Including one-time items, net profit for the period was SEK 183.0M
(256.3).

Profit per share excluding one-time items amounted to SEK 4.72 (5.34) and to SEK
4.13 (5.86) including one-time items.

Strong third quarter with a six per cent growth in sales compared with the
corresponding quarter in the previous year. Operating profit increased by 20 per
cent for the same period.

G & L Beijer is a technology-oriented trading Group which, through a combination
of added-value agency products and products of the company’s own development,
offers competitive solutions within refrigeration and air conditioning.

Sales
G & L Beijer enjoyed a strong development during the third quarter of 2013, both
when compared with the corresponding quarter in the previous year and with the
previous quarters of the current year. The third quarter of 2013 was the Group’s
best individual quarter so far with regard to both sales and results for the
current operation.

Accumulated, consolidated sales are currently four per cent lower than for the
corresponding period in the previous year, SEK 5,006.1M (5,215.0). When adjusted
for currency effects as a result of the strong SEK, sales were unchanged
compared with the same period in the previous year.

Sales for the third quarter increased by approximately six per cent to SEK
1,830.4M (1,733.9). Currency effects affected sales marginally during the
period. The warm weather in Europe during the summer favoured Group sales. The
increased sales for the third quarter broke a negative trend of five quarters,
characterised by weak demand in Europe.

The increase for the quarter comprised all regions and virtually all countries
in which the Group operates. The Nordic countries reported strong development as
did the United Kingdom and Ireland. Southern and eastern Europe have stabilised
and also increased their sales. In central Europe sales turned and showed
growth. As earlier in the year, Southern Africa and Asia continued to enjoy
strong volume growth.

Results
Consolidated operating profit excluding one-time items of SEK 34.2M amounted to
SEK 313.0M (331.2) for the nine-month period. Including one-time items,
operating profit was SEK 278.8M for 2013. Operating profit for the third quarter
increased by 21 per cent to SEK 146.7M (121.1) compared with the corresponding
period in the previous year. The improved result for the third quarter is
explained by increased sales volumes and positive effects from the structural
measures initiated during the second quarter. The measures, which generate
gradual effects, are expected to produce total annual savings of approximately
SEK 25M.

The Group’s financial income/expense was SEK -23.8M (-2.3) for the first nine
months. Financial income/expense in 2012 included a capital gain of SEK 22.0M
from the divestment of a participation in an associated company. Financial
income/expense for the third quarter was SEK -8.8M (-10.1). Profit before tax
amounted to SEK 255.0M (328.9) for the first three quarters and to SEK 137.9M
(111.0) for the third quarter. Profit after tax was SEK 183.0M (256.3) for the
nine-month period and SEK 100.2M (83.9) for the third quarter. Profit per share
amounted to SEK 4.13 (5.86) for the nine-month period. Excluding one-time items,
profit per share was SEK 4.72 (5.34) for the same period.

Other financial information
Consolidated capital expenditure, including acqui­sitions, amounted to SEK 41.2M
(69.1) for the first three quarters. Liquid funds, including unutilised bank
overdraft facilities, were SEK 513.1M (469.5) on 30 September 2013.
Shareholders’ equity amounted to SEK 2,305.1M (2,340.4). The net debt was SEK
1,302.2M (1,324.4). The equity ratio amounted to 44.0 per cent (44.3). The
average number of employees during the period was 2,119 (2,127).

Significant events
In April, G & L Beijer acquired the Danish refrigeration wholesaler, FK Teknik,
which reported sales of approximately SEK 32M in 2012 and showed good
profita­bility. The company, founded in 1956, enjoys a very good reputation in
the market. FK Teknik has five employees. The acquisition is a step forward in a
consolidation of the Danish market. G & L Beijer already has a strong position
through its existing operation in Denmark. The acquisition is deemed to have a
marginal positive effect on G & L Beijer’s profit per share. FK Teknik is
included in G & L Beijer’s accounts from 1 April 2013.

In June, the Board of Directors appointed Per Bertland as the new Managing
Director and CEO of G & L Beijer. Per Bertland took up his duties on 1 July
2013. He has worked in different functions within the G & L Beijer Group since
1990. He has been Head of the Beijer Ref business area and a Member of the
Executive Management.

Risk assessment
The operations of the G & L Beijer Group are affected by a number of external
factors, the effects of which on the Group’s operating profit can be controlled
to a varying degree. The Group’s operations are dependent on the general
economic trend, especially in Europe, which controls the demand for G & L
Beijer’s products and services. Acquisitions are normally linked with risks such
as, for example, staff defection. Other operating risks, such as agency and
supplier agreements, product responsibility and delivery undertaking, technical
develop­ment, warranties, dependence on individuals, etc., are continually being
analysed and, when necessary, action is taken to reduce the Group’s risk
exposure. In its operations, G & L Beijer is exposed to financial risks such as
currency risk, interest risk and liquidity risk. The parent company’s risk
picture is the same as that of the Group. For further information, see G & L
Beijer’s Annual Report.

Financial information
- The Year-End Report for 2013 will be published in February 2014.
- The Annual Report for 2013 will be published in April 2014.

Malmö, 18 October 2013
G & L Beijer AB (publ)
Per Bertland, CEO

For further information, please contact:
Per Bertland, CEO
switchboard +46 40 35 89 00, mobile +46 705 98 13 73
Jonas Lindqvist, CFO
switchboard +46 40 35 89 00, mobile +46 705 90 89 04

www.beijers.com