Beijer Electronics Group AB’s Annual Report 2020 now available in English-Language
BEIJER GROUP is taking new steps after the past year, which was dominated by the global spread of Covid-19. Even though the pandemic is not over yet and there is uncertainty about continued development in the short term, BEIJER GROUP can emerge stronger from the economic crisis. The measures implemented in 2020 have created a solid platform for profitable growth when demand picks up again. This is stated in BEIJER GROUP's annual report for 2020 in English-language, which is published today on the company's website www.beijergroup.com.
In 2020, BEIJER GROUP took a number of measures to reduce the spread of Covid-19 and also implemented an action program that had the intended effect with a reduced long-term cost level. At the same time, the selective investments in product development went according to plan and a high level of customer activities could be maintained. BEIJER GROUP was negatively affected by Covid-19 with globally lower demand. This meant that the Group showed lower sales in 2020 after three years of good growth. The lower sales affected the result, which was also burdened with costs for the action program and negative currency effects. Cash flow developed strongly despite a lower operating profit and the financial position improved at the same time as net debt decreased.
CEO Per Samuelsson writes in the CEO's comment that the Group's largest business unit Westermo, despite the challenges, was able to show good stability, while Beijer Electronics and Korenix had a tougher year. But with implemented measures, BEIJER GROUP has laid a solid platform for profitable growth when demand picks up again. Given the information that is currently available, BEIJER GROUP has good prospects of showing a better financial outcome for 2021 compared with 2020.
In connection with the Annual Report, BEIJER GROUP presents a Sustainability Report which is published separately on the website. The Annual Report presents a summary of the report.
This disclosure contains information that Beijer Electronics Group is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact persons, on June 8, 2021, at 14:00 CEST.
For more information please contact:
President and CEO, Per Samuelsson, tel 46 (0)40 35 86 10, mobile 46 (0)708 58 54 40
Executive VP and CFO Joakim Laurén, tel 46 (0)40 35 84 96, mobile 46 (0)703 35 84 96.
Beijer Electronics GroupAB (publ) is a growing powerhouse of innovators within mission-critical industrial digital technology and IIoT. With a strong focus on the connection between people, technology and data, we share a pride in having some of the world's leading global companies as our core customers. Since its start-up in 1981, BEIJER GROUP has evolved into a multinational group of complementary business entities with sales over 1.4 billion SEK in 2020.
The company is listed on the Nasdaq Stockholm Main Market under the ticker BELE. www.beijergroup.com