Business concept

Beijer Ref shall have an operation concentrated on refrigeration, air conditioning and heat pumps.


Beijer Ref shall have an operation concentrated on refrigeration, air conditioning and heat pumps.

The resources are primarily concentrated on the wholesale operation but also on own development of advanced eco-friendly refrigeration systems. Beijer Ref will continue to grow organically and through supplementary acquisitions in existing and new markets, both in Europe and in the rest of the world.

- The Group will give priority to long-term planning and stability in its business relationships.

- The primary interest groups consist of shareholders, customers, co-workers and suppliers.

Business model

Beijer Ref’s business model has been sustainable and stable over the years. The fundamental concept is the focus on trading operations and on the distribution of refrigeration components, refrigeration systems and air conditioning. The business model is based on Business-To-Business operation (B2B).

The Group’s value chain consists of: purchasing; own manufacturing and customer adaptation of products by contributing technical expertise; efficient logistics and warehousing; system solutions; and by offering technical support and service. An important part is the collaboration with customers where the Group’s knowledge and experience of the market can be converted into products which meet the customers’ requirements and demands.

Beijer Ref identifies and evaluates critical variables in the value chain, which means that the customer’s operation and the running of it are put into focus. These variables include: decentralisation; local presence; accessibility; rapid and efficient logistics; technical expertise; and service. Long-term planning and stability are characteristics which typify the Group’s relationships with suppliers and customers. At the same time, the ability to change is also a cornerstone. The Group has undergone gradual changes and adaptations to new market conditions. Operations have been divested and new operations have been added.

Growth through acquisition

The majority of the Group’s markets are mature but, normally, show an organic growth rate which exceeds GDP by around two per cent, mainly due to the link with the food industry which has a stable underlying growth. Beijer Ref strives to increase growth, partly through acquisition. Over the past ten years, 2006-2015, the Group has reported average annual organic growth of around three per cent.

As a leading operator, Beijer Ref can develop an independent partnership with suppliers which gives them access to a large market. Through the Group’s network of branches, the products can be cost-efficiently marketed and distributed to a large customer base.

The business model generates stable results. During the latest five-year period, operating profit has increased by 11.6 per cent per annum on average. The operating margin (operating profit in relation to sales) has averaged 6.5 per cent during this five-year period. It has shown variations with a high of 7.4 per cent and a low of 5.7 per cent.

During the same period, return on capital employed in operations averaged 12.9 per cent. Return on equity was 13.1 per cent on average.


Beijer Ref aims to further strengthen its position as a leading operator in the world and to continue to grow as a global operator. The objective is to grow faster than the market.

The Group aims to achieve a return on capital employed in operations of at least 11 per cent.

The Group aims to have good cash flows and a high-dividend capacity. The objective is to distribute more than 30 per cent of profit after tax. However, the level will be weighted every year against the Group’s capital requirements and prospects for the future.

The equity ratio shall not normally fall below 30 per cent.

Read more in the Annual Report.