• Profit for the year increased by 45 per cent to SEK 374.1M (258.7)
including a capital gain of SEK 51.7M from the divestment of shares in
Beijer Alma.

• Profit per share amounted to SEK 16.98 (18,85). Excluding the capital
gain, profit per share amounted to SEK 15.19 (12.25).

• The Board of Directors proposes a dividend of SEK 9.00 (8.00).

• Share split 2:1.

The above relates to the remaining operation

G & L Beijer (STO:BEIJB) 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 ended the year robustly with strong growth and a
significant increase in profit. It meant that the Group reported its
highest sales so far and a new record profit from the current operation.
Sales for the 2011 full year increased by 16 per cent to SEK 5,846.4M
(5,044.3). Organically, sales increased by approximately seven per cent.
At the end of the first quarter of 2010, the Beijer Tech business area
was divested, which means that Beijer Tech’s sales and results are not
included in the comparative figures for 2010. The subsidiary, AIA, was
divested at the end of 2011 and is not included in sales and profit for
2011 as these items relate only to the remaining operation.

Consolidated sales for the fourth quarter increased by 38 per cent to
SEK 1,630.1M (1,178.1). The large acquisitions of Toshiba’s operation
within refrigeration and air conditioning, and United Refrigeration’s
refrigeration wholesale operation in France and the United Kingdom,
accounted for the majority of the sales increase. Other acquisitions
during the year also affected sales positively. Organic growth for the
fourth quarter amounted to approximately five per cent.

During the year, the organic volume increase comprised all markets in
which G & L Beijer operates. Sales in the Nordic market developed as
they did for the Group as a whole. Southern Europe, including France,
Italy and Spain, reported slightly stronger growth whilst the
development in the United Kingdom and Central Europe was somewhat
weaker. Eastern Europe reported very strong growth, albeit from lower
levels. In South Africa, the development was also positive with strong
growth. The acquisitions of Carrier’s refrigeration wholesale operation
in Thailand and the Italian company, SCM Frigo, continued to develop
very positively.

Results Consolidated operating profit for the full year rose by 26 per
cent to SEK 432.5M (344.0). The result improvement is explained by
increased sales volumes, acquisitions and continued strict cost control.
Operating profit for the fourth quarter increased by 50 per cent to SEK
120.2M (80.1). The increase is due to increased volume and synergy
effects from acquisitions.

The Group’s financial income/expense for the full year amounted to SEK
55.4M (1.0) and to SEK -0.1M (-0.5) for the fourth quarter. Financial
income/expense includes the capital gain of SEK 51.7M (0) from the
divestment of shares in Beijer Alma and a share in profits of associated
companies of SEK 12.7M (8.0) for the full year. The fourth quarter
included a share in profits of SEK 1.5M (2.0).

Profit before taxes increased to SEK 487.9M (345.0) for the full year.
Profit for the fourth quarter increased to SEK 120.1M (79.6). Profit
after tax amounted to SEK 374.1M (258.7) for the full year and to SEK
104.5M (61.1) for the fourth quarter. Profit per share amounted to SEK
16.98 (18.85) for the full year. Excluding the capital gain, profit per
share amounted to SEK 15.19 (12.25).

Dividend The Board of Directors proposes that the Annual Meeting of
shareholders resolves that a dividend of SEK 9.00 (8.00) per share shall
be paid for the 2011 financial year. This is equivalent to a total of
SEK 190.8M if the shares currently held by the company are excluded.

Split The Board of Directors proposes that the 2012 Annual Meeting of
Shareholders resolves upon a share split 2:1 aimed at improving the
liquidity in the share.

Other financial information Consolidated capital expenditure including
acquisitions amounted to SEK 991.6M (36.3) for the 2011 full year.
Liquid funds, including unutilised bank overdraft facilities, were SEK
677.2M (478.4) at the year end. Shareholders’ equity amounted to SEK
2,433.4M (2,358.7). Net indebtedness amounted to SEK 1,141.1M (395.4).
The equity ratio was 47.8 per cent (59.4). The average number of
employees during the year was 1,945 (1,657).

Significant events At the end of 2010, G & L Beijer acquired the assets
in Carrier Corporation’s refrigeration wholesale operation in Thailand.
During the first quarter of 2011, G & L Beijer acquired the Italian SCM
Frigo group. SCM Frigo designs, develops and builds chillers. Initially,
G & L Beijer acquired 51 per cent of the shares in SCM Frigo with an
option to acquire the remaining 49 per cent. Both companies are included
in G & L Beijer’s accounts from 1 January 2011.

During the first quarter, G & L Beijer divested its entire holding of
2.7 million shares in Beijer Alma, equivalent to 9.0 per cent of capital
and 4.5 per cent of votes. The divestment generated sales proceeds of
approximately SEK 365M and G & L Beijer made a capital gain of SEK 51.7M.

In September, G & L Beijer completed its acquisition of Toshiba’s
distribution operation within refrigeration, heating and air
conditioning in eleven European countries from Carrier Corporation. As a
result, G & L Beijer strengthens its positions in the European market.
The transaction meant that Carrier transferred staff and net assets to G
& L Beijer. The operation has around 160 employees. The acquired
operation is included in G & L Beijer’s accounts from 1 October 2011.
The total consideration amounted to SEK 620M. The acquired net assets,
which mainly consist of stock items and operating liabilities, amounted
to SEK 200M and the surplus value was SEK 420M. The majority of the
surplus value is deemed to be tax-deductible and is being further
investigated. During 2011, the acquisition affected consolidated net
sales by approximately SEK 242M. The acquisition would have affected
consolidated net sales by approximately SEK 1,170M had it been included
in the Group for the full year.

During the fourth quarter, G & L Beijer completed its acquisition of
United Refrigeration’s refrigeration wholesale operations in France and
the United Kingdom. With the acquisitions, G & L Beijer strengthens its
position further in the French and British markets. The acquisition
included two companies, the French company, Cofriset, and the British
company, United Refrigeration (UK) Ltd. The acquired companies are
included in the consolidated accounts from 1 October 2011. The total
consideration for the acquisitions amounted to SEK 167M. The acquired
net assets, which mainly consist of stock, trade debtors and operating
liabilities, amounted to SEK 74M, which means a surplus value of SEK
93M. The majority of the surplus value consists of goodwill and is not
tax-deductible. During 2011, the acquisitions affected the Group’s net
sales by SEK 140M. The acquisitions would have affected consolidated net
sales by approximately SEK 618M had they been included for the full year.

In November, G & L Beijer carried out two acquisitions in South Africa
and Mozambique which strengthens the Group’s position in southern
Africa. In South Africa, 100 per cent of Phoenix Racks (Pty) Ltd was
acquired. Phoenix Racks manufactures customer-adapted refrigeration
units. The company reports annual sales of approximately SEK 35M and has
23 employees. In Mozambique, G & L Beijer acquired a newly-formed
company which had acquired the assets in the company, Logos Industrias.
Logos Industrias carries out refrigeration wholesale operations and is a
distributor of products manufactured by G & L Beijer’s South African
operation. The company reports sales of approximately SEK 15M and has
five employees. Initially, G & L Beijer acquired 40 per cent of the
newly-formed company with an option to acquire the remaining 60 per cent
within 24 months. The companies are included in the consolidated
accounts from the fourth quarter of 2011. The total consideration for
the acquisitions amounted SEK 17.3M and has had only a marginal effect
on the Group’s net sales and results during 2011.

At the end of the year, G & L Beijer divested the operation in its
Swedish subsidiary, Asarum Industriaktiebolag (AIA), to the Italian
LU-VE Group. At the same time, G & L Beijer entered into a global
collaboration agreement with LU-VE to distribute its products. The
divestment of AIA was a step forward in G & L Beijer’s strategy to
consolidate its operation into distribution of products within
refrigeration and air conditioning. AIA’s main operation is the
production of heat exchangers. The company reports sales of
approximately SEK 100M and has 75 employees. G & L Beijer’s sales will
reduce by around SEK 50M net. Profit per share will be marginally
affected positively during 2012.

After the end of the financial year, G & L Beijer acquired the Norwegian
company, Ecofrigo, in January 2012. The company is project oriented
within distribution of environment-friendly chillers and refrigerants.
Ecofrigo reports sales of approximately SEK 35M and the company has six
employees. The acquisition is expected to have a marginal positive
effect on G & L Beijer’s profit per share. Ecofrigo is included in G & L
Beijer’s accounts from January 2012.

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, 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.

Financial information - The Annual Report for 2011 will be published in
April 2012. - The Three-Month Report for 2012 will be published on 25
April 2012.

Malmö, 9 February 2012 G & L Beijer AB (publ) Board of Directors

This interim report has not been the subject of an examination by the
company’s auditors.

www.beijers.com

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