Bergman & Beving 2005/2006
ANNUAL REPORT 1 APRIL 2005– 31 MARCH 2006
BERGMAN & BEVING ANNUAL REPORT 1 APRIL 2005–31 MARCH 2006
Bergman & Beving AB (publ)
BERGMAN & BEVING DEVELOPMENT AB
P.O. Box 770, Sidensvansvägen 10
SE-191 27 Sollentuna, Sweden Telephone +46-8-623 61 90 Fax +46-8-623 17 08 info@bb.se
LUNA AB
Sandbergsvägen 3
SE-441 80 Alingsås, Sweden Telephone +46-322-60 60 00 Fax +46-322-60 62 03 info@luna.se
ESSVE PRODUKTER AB
P.O. Box 770, Sidensvansvägen 10 SE-191 27 Sollentuna, Sweden Telephone +46-8-623 61 00 Fax +46-8-92 68 65 info@essve.se
GIGANT ARBETSPLATS AB
Sandbergsvägen 3
SE-441 80 Alingsås, Sweden Telephone +46-322-60 68 00 Fax +46-322-60 68 40 gigant@gigant.se
MOMENTUM INDUSTRIAL MAINTENANCE SUPPLY AB
P.O. Box 6184, von Utfallsgatan 16B
SE-400 60 Gothenburg, Sweden Telephone +46-31-340 99 00 Fax +46-31-340 99 20
mail@momentum-industrial.com
SKYDDA PROTECTING PEOPLE EUROPE AB
Karlsnäs Industriområde
SE-523 85 Ulricehamn, Sweden Telephone +46-321-67 73 00 Fax +46-321-67 72 96 skydda@skydda.se
GRUNDA AB
Karlsnäs Industriområde SE-523 85 Ulricehamn, Sweden Telephone +46-321-67 76 00 Fax +46-321-67 74 05 grunda@grunda.se
BERGMAN & BEVING INTEGRATION AB
Östermalmsgatan 87D
SE-114 59 Stockholm, Sweden Telephone +46-8-450 26 70 Fax +46-8-450 26 71 info@bbintegration.com
BERGMAN & BEVING SERVICES AB
Östermalmsgatan 87D
SE-114 59 Stockholm, Sweden Telephone +46-322-60 67 00 Fax +46-322-60 67 01 info@bbservices.se
BERGMAN & BEVING AB (publ)P.O. Box 10024, Karlavägen 76 SE-100 55 Stockholm, Sweden Telephone +46-8-660 10 30 Fax +46-8-660 58 70 info@bb.se www.bb.se
ADDRESSES
Bergman & Beving provides the industrial and construction sectors in Northern Europe with tools, industrial consumables and industrial components, and related services.
The Group has annual revenues of approximately SEK 5.7 billion and approximately 2,100 employees.
CONTENTS
2005/2006 in Summary 1
President’s Statement 2
This is Bergman & Beving
Bergman & Beving in Brief 4
Products and Product Brands 8
Market Channels 12
Other Group Businesses 17
Competence and Responsibility 18
Bergman & Beving 100 years 20
Annual Accounts 2005/2006
Administration Report 21
Reporting by Operating Area 24
Consolidated Income Statement 25
Consolidated Balance Sheet 26
Consolidated Statement of Recognised
Income and Expenses 27
Consolidated Cash Flow Statement 28
Parent Company Income Statement 29
Parent Company Balance Sheet 30
Statement of the Parent Company’s
Recognised Income and Expenses 31 Parent Company Cash Flow Statement 32
Notes 33
Proposed Allocation of Earnings 74
Audit Report 75
Corporate Governance Report 76
Board of Directors and Management 80
Risks and Risk Management 82
The Bergman & Beving Share 83
The Group in Figures Over Five Years 86
Other Information
The Companies in the Bergman & Beving Group 88
Financial Information 2006/2007 90
Annual General Meeting 2006 91
Addresses III
This document is in all respects a translation of the Swedish original Annual Report. In the event of any differences between this translation and the Swedish original, the latter shall prevail.
Bergman & Beving’s legal Annual Report (Annual Accounts) is comprised of pages 21 – 74. These pages have been examined by the Company’s auditors in accordance with the Audit Report on page 75.
OPERATING YEAR 2005/2006 –
STRONG EARNINGS PERFORMANCE AND REINFORCED GEOGRAPHICAL POSITION
THE GROUP IN FIGURES 2005/2006 2004/2005
net revenues, mSeK 5,058 3,863
Operating income, 2, mSeK 302 202
income before taxes, 2, mSeK 287 89
net income for the year, mSeK 209 200
Per share in SEK
net income for the year 7.45 7.25
of which items affecting comparability 0.20 1.75
Cash flow from current operations 10.50 9.45
Shareholders’ equity 38.95 33.75
Dividend 3.50 3 2.75
return on equity2, % 20% 7%
equity ratio, % 36% 4%
average number of employees 1,817 ,696
refers to the group, not including the businesses sold and/or discontinued during the 2004/2005 financial year.
2 refers to income not including items affecting comparability.
3 as proposed by the board of Directors.
The earnings performance was strong during the operating year, and a majority of the companies in the Bergman & Beving Group improved their reported earnings compared to the preceding year.
Operating income, not including items affecting comparability, increased by 50 percent to mSeK 302.
net revenues increased by 3 percent to more than SeK 5 billion, and the organic growth for comparable units amounted to 0 percent during the year.
During the operating year, the Bergman & Beving Group took possession of seven acquired businesses, with aggregate annual revenues of approximately MSEK 900.
The acquisition of the ruuska group, one of Finland’s largest distributors of industrial components and consumables with net revenues of approximately mSeK 350 million and district offices, has significantly strengthened bergman & beving’s operations in Finland.
Other completed acquisitions of industrial reseller businesses in Sweden and norway strengthened bergman & beving’s and the TOOLS chain’s positions in their respective local markets.
After the end of the operating year, as of 20 June 2006, a further nine industrial reseller businesses in Sweden, Finland and Norway have been acquired, with aggregate annual revenues of approximately MSEK 385.
bergman & beving intends to continue to strengthen its market position and to exploit the effects of the positions taken.
aPriL 20 june
2005 2006
THE BERGMAN & BEVING SHARE, SEK
2005/2006 in SummarY
Class b share
affärsvärlden’s Composite index
70
45
20
95
70
The past year was, in many ways, a favourable year for the Bergman &
Beving Group. The industrial economy was good, which resulted in a positive volume development. Virtually all of the Group’s units increased their earnings. The aggregate growth in income for the Group amounted to 50 percent. The structural development continued in the various parts of the Group. The acquisition efforts during the year resulted in taking possession of seven acquired businesses, with approximately MSEK 900 in acquired annual revenues. In Finland, we had the pleasure of welcoming Ruuska Group into the Group. Ruuska Group has a strong position in the market with its eleven district offices in eastern and southern Finland.
The Group’s net revenues increased from SEK 3.9 billion to SEK 5.1 billion during the year. At present (in June 2006) the Group has revenues at an annual rate of approximately SEK 5.7 billion.
Our core activities are now completely dominating in the Group and represent, after some years’ refinement process, approximately 95 percent of the net revenues.
All of the Product Companies reported increased revenues and earnings. During the year, four of the five Product Companies achieved the Group’s overall profitability targets. The Product Companies have,
in a very praiseworthy manner, combined good profitability with in- creased volumes, at the same time as intensive efforts within important areas have been made, such as developing proprietary brands and in- creasing integration with other parts of the Group.
Several of the Swedish Market Companies that were in the Group at the beginning of the year have increased their earnings compared with the preceding year. Part of the increase can probably be explained by the Group’s profitability models, which begin to be applied as soon as a company becomes a member of the Group. All of the Market Companies have made very meritorious efforts in the integration process that took place during the year.
Momentum increased its operating income from MSEK 33 to 43 dur- ing the year, at the same time as the company continued its work in devel- oping both its product range and internal routines in a very good way.
The Group’s service companies have, in an excellent way, maintained a very high degree of service given the increased volumes that have followed from, among other things, the organic growth in a positive economy and a substantial number of acquisitions.
We have the pleasure of noting that the number of employees in the Group has increased by a total of 348 persons during the year, primarily as a consequence of the acquisitions completed. At present, the Group has approximately 2,100 employees.
WE REALISE AND DEVELOP OUR STRATEGIES
The strategy that we communicated a few years ago is being realised and we have become strengthened by the progress that we have achieved so far.
During 2005/2006, we have focused more on Finland than previ- ously. The acquisition efforts also included Norway during the latter part of the year.
Internal projects have been run in an effort to gradually increase the power of the purchasing processes and market processes, while at the same time increasing the internal efficiency.
We are continuing our efforts in developing our own proprietary product brands and during the year a purchasing company in China was established – a business which will be coordinated with the Group’s company in Taiwan. The development work on our proprietary product brands is becoming steadily more systematic and professional.
The eternal striving to make our flows of goods and information more efficient has involved investments in both IT systems and the logistics operations.
The conceptual development within the partner chain TOOLS con- tinues. TOOLS is now the largest industrial reseller chain in the Nordic region, with representations in more than 150 locations. The TOOLS chain is made up of a mix of independent partner companies and the Group’s Market Companies. The chain is at the moment performing a comprehensive training programme with the aim of increasing the compe- tence and creating uniform attitudes within important areas. Naturally, training also creates conditions for further conceptual development.
“The strategy is being realised, and we become strengthened from the progress
that we have achieved so far.”
ANOTHER FANTASTIC YEAR FOR BERGMAN & BEVING!
2005/2006 was yet another fantastic year for the bergman & beving group: reinforced positions, developed concepts, taking possession of seven acquired businesses and a fifty percent improvement in earnings.
PreSiDenT’S STaTemenT
AN ORGANISATION IN CONTINUAL GROWTH
The growth in the Group, the increased presence in all parts of the value chain apart from manufacturing and the market trends continually place new requirements on our organisation. We attempt, as far as possible, to follow the guideline that organisational development must be characterised by evolution, rather than revolution. Sometimes, however, the development steps become larger.
During the year, Bergman & Beving Services was created with the responsibility for the Group’s logistics, IT operations, product informa- tion and a number of administrative services. Bergman & Beving Services has approximately 280 employees.
This past year has also seen relatively large development steps within Bergman & Beving Integration. Three separate country organisations have been established for the coordination and development of the Group’s own reseller businesses in Sweden, Norway and Finland.
Country organisations have also been established for operation and Nordic coordination of the TOOLS chain in Sweden, Norway and Finland. Conceptual development in the reseller businesses is coordi- nated within Bergman & Beving Integration.
INTEGRATION WORK POSES AN EXCITING CHALLENGE Over a period of a little more than two years, Bergman & Beving has acquired 24 businesses with approximately 550 employees. The number of new companies and new employees joining the Bergman & Beving
Group through these acquisitions poses a challenge in itself. The fact that our intensive acquisition process creates a stream of new companies and new employees into the Group makes the challenge of creating a controlled integration even more exciting.
The first grounds are laid as early as in the acquisition process. During the acquisition process plans are laid for how the process of integration is to be carried out. Responsible persons from the Group and from the com- pany being acquired are given the opportunity to discuss their respective future roles before the acquisition has taken place.
The integration process starts immediately consecutively with the closing of the acquisition. Stringent requirements are placed on man- agement and employees in both the newly acquired company and in the welcoming Group. Given the current rate of acquisitions, the new com- panies in the Group have to play a very active part themselves in the in- tegration process, if the result is to be positive. It requires a lot of plan- ning. It also requires extensive commitment. Operations must not cease in the acquired company. At the same time as the operations continue according to the normal rules of play, the company is expected to be- come an integrated part of the Group. New reporting structures are implemented. New contact surfaces are established. New definitions of responsibility are developed. New planning models are introduced.
All employees have a lot of questions that have to be addressed.
Different cultures are unified. The acquired companies become part of the Group’s vision. All of this poses a challenge. The personal commit-
ment that I see is impressive. Despite all of the hard work, I am usually met by happy and smiling employees who are proud of all of the ad- vances that have been made through the process of integration. I find this extremely stimulating myself.
RUUSKA GROUP GIVES A STRONG POSITION IN FINLAND I am pleased with the acquisition of the Ruuska Group for several reasons.
Ruuska Group has, with its 11 district offices and 130 employees, a strong position in eastern and southern Finland. Through Ruuska Group, the Group achieves proximity to important customers and customer groups in Finland. Ruuska Group has also permitted us to prove a hypothesis in reality.
Approximately 45 percent of the Ruuska Group’s product range consists of products that are common with Momentum’s product range. A further 45 percent of the products can be found in the TOOLS chain’s product range.
Ruuska Group has succeeded in unifying both the distribution requirements in the broad product range and the competency requirement in those product ranges that require advice in comprehensive solutions that are so appreciated by the industrial customers. Ruuska Group’s expertise will be important in the development of tomorrow’s conceptual solutions.
WE ARE NOW CONTINUING ON THE WAY FORWARD As we now have entered into the 2006/2007 operating year we will con- tinue our efforts in the same way as in previous years. We will continue in accordance with the strategy that has been applied in the last few years. In the operations, much of the work will be applied to increased integration between the Group’s various operating areas, as well as development of new concepts and support systems. All in an effort to exploit as much effect as possible from the position that we have created. In parallel with this, we will continue to work on further reinforcement of our market position.
THANK YOU FOR ALL THE VALUABLE AND PROFITABLE EFFORTS!
I would like to express my great gratitude to all employees for all of the effort you have made in the past year!
I have been very pleased with a combination of:
• High activity in the daily operations
• Intensive integration work
• Intensive efforts in the development of concepts
• Intensive efforts in creating synergies
• Intensive efforts in creating an efficient value chain
… and all of this while achieving increased profitability and growth!
A huge thank you for all your positive attitude, for all of your fan- tastic commitment and for all your great achievements!
I am looking forward to continuing our exciting journey and hope for a continued good development!
Stefan Wigren
PreSiDenT’S STaTemenT
“The personal commitment
that I see is impressive.”
The Bergman & Beving Group is one of the Nordic region’s largest suppliers of:
>> Tools, machinery, personal protection equipment, fastening
elements, workplace equipment and other industrial consumables.
>> Industrial components for bearings, sealing, transmission and automation.
>> Related services.
The end customers are mainly companies within the processing, engineering and manufacturing industries, as well as construction and housing companies. A limited part of the sales are also aimed at the DIY (Do-It-Yourself) and private markets. The Group’s primary geographical target market is currently the Nordic and Baltic regions.
Sales to end customers are primarily through industrial and con- struction resellers, who offer services and skills in local markets. The re- sellers consist of the Group’s own Market Companies, as well as partner affiliated and independent businesses.
The Bergman & Beving Group has created some of the market’s strongest comprehensive offerings, based on a broad and deep range of high-quality products and efficient IT and logistics solutions, coupled with complementary services within end customer and reseller training and service.
The product portfolios for the Group companies include strong brands from suppliers in Asia, Europe and North America, who are world leaders in their own respective market niches. An increasing share of the products, within market niches where there are no clear world market leaders, are marketed under the Group’s own proprietary brands.
The Group’s business and market roles are illustrated on pages 6-7.
BERGMAN & BEVING IN BRIEF
bergman & beving provides nordic industry and the construction sector with tools, industrial consumables and industrial components.
MULTI-LOCAL MARKET LEADERSHIP AND AN EFFICIENT VALUE CHAIN
Bergman & Beving’s overall goals are to:
• Achieve market leadership in many local target markets.
• Create an efficient flow of products and information throughout the entire value chain from manufacturer to end customer.
Bergman & Beving is permeated by its belief in decentralised business responsibility. Within this framework there is coordination within certain areas in order to achieve economies of scale. Examples of such areas include IT and logistics. Cost efficiency in solutions and products is and will remain to be vital.
PROFITABILITY GOAL
Bergman & Beving’s long-term profitability goal is to achieve a return on working capital (P/WC) of at least 45 percent per year, both for the Group as a whole as well as for each respective operating area. Each Group company compiles its respective business plan based on, among other things, the following simple model:
Focus on profitability
Focus on profitability and growth
Focus on growth with maintained profitability
P/WC 25% 45%
P/WC 25% 45%
Computed as operating income, not including items affecting compara- bility, divided by average working capital (simplified to include only inventories and accounts receivable, less accounts payable).
The model means that:
• Profitable units prioritise growth with maintained profitability.
• Less profitable units prioritise efforts that lead to the profitability goals.
Reseller End Customers
Wholesaler Manufacturer/
Brand supplier
bergman & beving in brieF
In 2006, Bergman & Beving celebrates 100 years, and it has been listed on the Stockholm Stock Exchange for 30 years. See page 20 for a brief description of the Group’s historical development up to the present time.
THE VALUE CHAIN FOR INDUSTRIAL CONSUMABLES AND INDUSTRIAL COMPONENTS
STRENGTHENED MARKET POSITION AND PROFITABILITY
The bergman & beving group has reinforced its market position and profitability over the past few years through a process of acquisitions and refinement of its operations.
Bergman & Beving has worked on focusing the Group’s resources on its core business since the spring of 2002. The strategic guidelines have been based on a few key words; focus, market strength, efficiency and refinement.
A number of subsidiaries and companies have therefore been dis- posed of and/or discontinued with the aim of increasing the refinement of the Group’s operations. The largest transaction was the sale of the business area Bergman & Beving MediTech in the spring of 2005.
The Group’s core business now represents approximately 95 percent of the net revenues on an annual basis (see below).
Since the spring of 2004, Bergman & Beving has strengthened the Group’s market position significantly, primarily through the acquisitions of Momentum, 24 industrial reseller businesses, as well as companies within the framework of the Group’s Product Companies.
The Bergman & Beving Group is one of the largest players in the Nordic consumables market and is an active participant in the consoli- dation that is now taking place. The Group intends to continue to strengthen its market position, in part through acquisitions, and to exploit the effects of the positions taken.
bergman & beving in brieF
Corporate acquisitions in the core business and corporate disposals 2001 – 2006.
STRATEGIC CORNERSTONES OPERATIONS/MEASURES IMPLEMENTED 1. Invest in economies of scale
2. Secure brand control
3. Secure distribution
• Continual reinforcement of the group’s joint logistics platform with efficient central warehouses in alingsås and ulricehamn, respectively.
• Development and operation of iT solutions for integration in the various parts of the value chain, efficient e-commerce solutions, as well as handling of product information, etc.
• bergman & beving Services creates the prerequisites for cost-effective coordination of administrative services.
• The acquisition of TengTools international in Taiwan in the spring of 2002 provided access to a strong and well-positioned product brand in hand tools.
• Focused development work and complementary acquisitions gradually increase the Product Companies’ sales of their own proprietary product brands within selected market niches. at present, sales of proprietary brands make up one third of Product Companies’ total revenues.
• bergman & beving operates the largest chain for industrial resellers in the nordic region, TOOLS, which is represented in more than 50 locations in Sweden, norway and Finland.
• The acquisition of momentum in the spring of 2004 gave the group a strong position as a supplier of indus- trial components to nordic industry.
• acquisitions of 24 industry reseller businesses in Sweden, norway and Finland since the autumn of 2004, with aggregate revenues of approximately mSeK ,750 per annum.
6,000 5,000 4,000
3,000
2,000
,000 0
300
250
200
50
00
50
0 Other businesses
Core business Net revenues, MSEK
Acquisitions
• Sjögren industrihandel
• g. Sohlberg
• aKab
• Stenlunds järnvaru
• maskinisten
• ruuska group (Fi)
• verktøy maskin (nO) Disposals
• ana Ädelmetall
Income, MSEK
2001/2002 2002/2003 2003/2004 2004/2005 2005/2006
Acquisitions
• Pultti-nurkka (Fi)
• Fossum & ingerø (nO)
• PS Produkt Sp.(PL)
Disposals
• Forssbergs Dental
Acquisitions
• TengTools international (TW)
• Cresto Safety
Acquisitions
• brandt international
• momentum imS
Acquisitions
• verktygs- specialisten
• Ferms agenturer
• verkstadsservice
• eKOS
• järnmagasinet
• bergöös järnhandel
• industrimagasi- net i Söderhamn
• viab
• eriksson & Dahl- berg järnhandel
• mPi Teknik
Disposals
• bergman & beving mediTech
• Kaltoplast
• jaktia NB: income refers to the operating income, not including items affecting comparability,
for the group as a whole.
responsibility for development and operation of services within logistics, administration, product information, and iT.
BERGMAN & BEVING’S BUSINESS AND ROLES IN THE MARKET
The customers’ demand for suppliers who have the ability to offer efficient and profitable comprehensive solutions is constantly on the increase, which sets requirements on continual development and coordination of the product range and services. bergman & beving is therefore working actively to reinforce the group’s roles along the entire
BERGMAN
& BEVING Value chain
Market role
Examples of Group companies Strategy
Group company- category
Secure brand control avoid manufacturing Product Companies
Business bergman & beving has established a strong product portfolio, partly through close cooperation with world leading manufacturers and brand suppliers, and partly through the Product Companies’ development of their own proprietary product brands within selected market niches. The group does not normally involve itself in own industrial manufacturing.
Seek economies of scale within product ranges, iT and logistics
Product Companies
bergman & beving’s Product Companies offer an attractive range of products, efficient iT and logistics solutions, as well as services in marketing, customer training and product development. market oriented organisations with a good understanding of the end customers’ needs, in combination with high product and application knowledge, reinforce the group’s market Companies and other resellers.
With its own local district offices, momentum combines the wholesaling function with the role of a reseller within industrial components.
Wholesalers
The wholesaler stage is characterised by a few large regional players and a number of smal- ler, specialised wholesalers. The increased consolidation in the manufacturing stage over the last few years has led to increased geo- graphical distance between the manufacturer and end customer. at the same time, the reseller stage requires a wide range of produc- ts and a cost-effective purchasing process and inventory. Stringent requirements are also set for efficient exchange of information, prima- rily in the areas of product information, order and logistics flow. The demand for increased coordination and integration between resellers and wholesalers is one of the driving forces behind profitability and competitiveness.
Manufacturers/Brand suppliers
The manufacturer stage is made up of major players with broad product rang- es, as well as smaller suppliers with more specialised offerings.
The market is global
and the degree of consolidation in continually on the increase, amongst other things with the intention of gaining economies of scale.
bergman & beving in brieF
Tools and machinery Personal protection equipment
Fastening elements industrial and construc- tion consumables
Workplace equipment Product Companies – with specialist competence, products and services within various market niches
Specialist competence, products and services within industrial components.
Close cooperation
Sales of tools, industrial consumables and industrial components, as well as related services, primarily to the manufacturing and processing industry in the nordic region, followed by the construc- tion industry. a lesser part of the sales go to the Do-it-Yourself/
Private market.
Secure distribution
market Companies
END CUSTOMERS 2005/2006
n industrial sector 64%
n Construction sector 20%
n DiY (Do-it-Yourself)/Private market 6%
n Other industries 0%
SALES BY COUNTRY 2005/2006 n Sweden 66%
n norway 8%
n Finland 7%
n Others 8%
Övriga GDS Byggnads Tillverknings
Övriga GDS Byggnads Tillverknings
Resellers
The reseller sector consists of small to medium-sized independent and chain affiliated players, focusing on local markets. in addition to easy, rapid and safe supply of consumables and components, the local resellers offer qua- lified advice and service. The end customers’
change in purchasing habits by demanding overall general agreements, often at a national level, and a high level of reliability in delivery has increased the significance of coordination in the reseller sector and increased efficiency
in the value chain. Smaller independent players are finding it increasingly dif- ficult to meet customers’ requirements for increased integration and coordi- nation in order to achieve cost-efficiency, which is driving consolidation in the industry. Chain affiliation in the reseller sector has become more important, both from a marketing and an efficiency perspective.
End customers
The end customers are primarily companies within the industrial and construction sectors in the nordic region, the baltic States and Poland. The customers’ require- ments for reliable quality at a lower total cost, high skills and levels of service, as well as reduced lead times, have increased over the past few years. as a result of this, ever larger parts of the purchases are made through local resellers within
the framework of overall agreements that are entered into at group level between the end customers and one or more suppliers.
bergman & beving in brieF
bergman & beving operates TOOLS, the largest industrial reseller chain in the nordic region, which is represented in more than 50 locations. The TOOLS chain is made up of both independent partners and those reseller businesses that are owned by the group (market Companies). The group is continually strengthening its own position in the reseller sector by acquisitions of reseller businesses, as well as by strategic collaboration agreements with reseller chains.
momentum is one of the largest suppliers of industrial components in the nordic region, with its own district offices in 25 locations in Sweden. The acquisition of the ruuska group in Finland has given bergman & beving a leading position within distribution of industrial components and services to the Finnish processing industry.
value chain, from manufacturer to end customer, including acquisitions, strategic collaborations and partnerships.
The aim is to create efficient flows and standardised interfaces between the various parts of the chain.
responsibility for development and operation of services within logistics, administration, product information, and iT.
Partner resellers and the Group’s own Market Companies
Independent resellers
Specialist competence, products and services within industrial components.
PRODUCT COMPANIES IN THE BERGMAN & BEVING GROUP
1Luna offers quality tools and machinery to the industrial and construction sectors, with a well adapted mix of own strong pro- prietary brands and product brands from world-leading manufacturers. The product range includes hand and measuring tools, compressed air tools, torque tools, cutting tools, sheet metal
and wood machines, as well as soldering and welding equip- ment.
Luna’s net revenues amounted to mSeK ,358 (,57) and ope- rating income to mSeK 03 (65). The number of employees amounted to 482.
SOME OF THE MARKET’S STRONGEST OFFERINGS
based on a good understanding of the end customers’ needs, combined with deep product and application know-how, the Product Companies provide the group’s market Companies and other resellers with the products and services they require. Quality and cost efficiency are important key words for the Product Companies.
logistics and administration, high competence and concepts for effective end customer cultivation. The companies also work with complimenta- ry services within support and service. This work is conducted in close cooperation with end customers, resellers and manufacturers.
THE MOST EFFICIENT SUPPLIER
The Product Companies are facing competition from well-known manufacturers with direct sales to end customers, resellers within specific product areas and regional wholesalers with broad ranges of products. The Bergman & Beving Group’s goal is to be the most efficient supplier from the customers’ perspective, through high accessibility, levels of service and cost-efficiency. Efficient systems for purchasing and sales contribute to lowering the resellers’ and end customers’ total purchasing cost. The interaction between resellers and the Product Companies with respect to product ranges, working capital, market activities, etc. increases the prerequisites for both parties to be profitable.
UNIQUE OFFERINGS CREATE BUSINESS
– COORDINATION CREATES PREREQUISITES FOR INCREASED PROFITABILITY
The Group’s five Product Companies face similar market conditions and challenges, which is why the benefits of coordination are consider- able. This does not least apply to such areas as purchasing, concept development for cooperative partners and resellers, as well as develop- ment of customised comprehensive solutions. At the same time, each respective Product Company’s specific offerings, unique conditions and individual mix of width and depth in the product range and services offered create strong competitive advantages in the market for the different companies.
The Bergman & Beving Group has Product Companies within the following product and application areas: tools and machinery; personal protection equipment; fastening elements; industrial and construction consumables; and workplace equipment. The respective Product Company works with purchasing, product development and sales, as well as related services within these different areas. Sales are primarily through the Group’s Market Companies, the industrial resellers in the TOOLS chain, as well as other local industrial and construction resellers in the Nordic region. The Product Companies’ sales outside the Nordic region have increased over the past few years, especially in the Baltic States and Poland.
INCREASED DEMANDS FOR COMPREHENSIVE SOLUTIONS
The need for suppliers who have the capacity to offer comprehensive solutions is constantly on the increase in the reseller sector, which sets requirements for continual development and coordination of the product ranges, concepts and services. At the same time, the market conditions for the Product Companies have, to a large extent, been affected by the current consolidation in the reseller sector in the Nordic market over the past few years. The large reseller chains are getting bigger, while the independent resellers are becoming fewer. As a result, the Product Companies’ long-term collaborations with the resellers in the TOOLS chain, the Group’s own Market Companies, the construc- tion reseller chain Interpares, as well as other cooperative partners, are thus becoming even more important. A growing proportion of the purchasing comes from manufacturers and suppliers in Asia, and the Product Companies have established a purchasing company in China.
In addition to their well adapted product ranges and strong proprie- tary brands, the Product Companies offer their customers cost-effective
PrODuCTS anD PrODuCT branDS
Skydda is one of the principal suppli- ers of solutions and equipment for personal protection in the nordic region. The product range is built up around work clothes and shoes, work gloves, technical protection and fall protection.
Skydda’s net revenues amoun- ted to mSeK 720 (603) and operating income to mSeK 68 (55).
The number of employees amoun-
ted to 03. Leif reinholdsson, President
essve is the nordic region’s leading company in fasteners and sealing. The end customers are offered effective solutions and high quality products for complete installations regardless of material (e.g. wood, concrete or steel). a majority of the sales are of proprietary brands, for example within the product areas fastening elements, drill
bits, screws, adhesives and joint seals, as well as fire protection. The concepts are reinforced by electric hand tools from makita and gas and compressed air nailing tools from Paslode.
essve’s net revenues amounted to mSeK 56
(5) and operating income to mSeK 39 (27). The number of employees amounted to 56.
bengt margård, President ulf Carlsson,
President
reported data refer to the 2005/2006 operating year (with comparison figures for the 2004/2005 operating year in parenthesis). all reported income figures refer to operating income, not including items affecting comparability. reported data on the number of employees refer to the end of the 2005/2006 operating year as of 3 march 2006.
Leading edge skills, concept development and training strengthen Skydda’s offerings
Skydda has developed its offering in personal protection equipment based on solid industry know-how, a both wide and deep product range, as well as extensive knowledge of the end customers working environment and relevant regulatory framework. Examples of areas where Skydda creates added value for resellers and end customers include risk analysis, advice on product selection, user instructions, technical support and training. In addition to this, Skydda possesses some of the market’s most efficient solutions for marketing, sales, communication and distribution. Increased awareness of personal protection, development of design and functionality, and increased use of advanced and specialised equipment have increased the demand for Skydda’s products and services.
Luna combines a wide product range with high accessibility and application competence
Luna’s strong position in the market for tools and machinery builds on a wide range of products, high accessibility, cost-efficient logistics, good application competence and strong concepts for end customer cultivation. The proprietary brands are an important precondition for Luna’s continued geographical expansion, primarily on the European market. Luna’s proprietary brands TengTools, Race and Limit have developed positively within the framework for the European tool group Toolstars with partner affiliated distributors in 20 countries.
PrODuCTS anD PrODuCT branDS
grunda offers a compre- hensive range of high quality consumables to the construction, industrial and housing markets in Sweden, norway and Finland, built up around various product areas:
Construction consumables, electrics and HvaC, fittings and security, and cleaning material.
grunda’s net revenues amoun- ted to mSeK 338 (36) and operating income to mSeK 5 (5). The number of employees amoun- ted to 43.
SHARE OF THE GROUP’S TOTAL NET REVENUES n Luna 27%
n Skydda 4%
n essve %
n grunda 7%
n gigant 6%
Övriga GDS Byggnads Tillverknings
SHARE OF THE GROUP’S OPERATING INCOME n Luna 34%
n Skydda 23%
n essve 3%
n grunda 5%
n gigant 4%
Övriga GDS Byggnads Tillverknings
SHARE OF THE GROUP’S NUMBER OF EMPLOYEES
n Luna 24%
n Skydda 5%
n essve 8%
n grunda 2%
n gigant 3%
Övriga GDS Byggnads Tillverknings
gigant markets everything from individual and standardised products to assembled workplaces and complete turnkey solutions for design of ergonomic and efficient industrial workplaces. The business is built up around four product areas: Furnishings, storage, lifting and transportation, in which gigant offers a wide, high quality
range of relevant pro- ducts and customised solutions.
gigant’s net revenues amounted to mSeK 284 (202) and operating income to mSeK 3 (7). The number of employees amounted to 69.
Leif Törnqvist, President Sture Hellstrand,
President
Luna is one of the largest suppliers of tools and machinery to the industrial and construction sectors in the nordic region.
Skydda offers high application and product know-how in the personal protection.
Gigant develops ergonomic and effective workplace solutions Important trends for Gigant are the end customers’ needs for a supplier who can offer turnkey solutions and take responsibility for the totality, as well as a general increase in interest for working environmental matters. Gigant’s layout and quotation system, “Gigant 3D”, provides the customer with a complete 3D image of what the completed solu- tion will look like in their own environment. Through strategic acquisitions based on strong concepts and a varied customer base, which includes many customer categories and industries, Gigant’s market position has strengthened. Gigant’s sales technicians visit the end customers for analysis of needs and solutions.
Grunda – the complete supplier of industrial and construction consumables
Grunda’s goal is, through their well-developed purchasing and sales systems, to simplify for the reseller in everything from product selection, aggregated purchasing and shop design to sales activities and end customer cultivation with effective offerings and services. The reseller gets a unique solution that improves the overview, simplifies admini- stration and ultimately frees up time for increasing sales to end cus- tomers. With a focus on concrete actions for increased profitability for customers, Grunda offers, among other things, customised training for resellers in the areas of product know-how, sales training and effects of increased purchasing coordination. Some training is also offered to end customers. One example of a focus area is locks and security.
Essve focuses on strong proprietary brands and customised comprehensive solutions in fastening
The majority of Essve’s end customers are professional users in the construction industry, such as construction companies and building contractors in electrics, HVAC, sheet metal and glass. Other customer segments are the engineering, automotive and electronics industries, as well as the offshore industry. Based on the specific needs of respective area, Essve has developed a number of customised comprehensive solutions. A typical such solution is built up around selected fastening products and electric hand tools, as well as advice on the most efficient way of fastening within the framework of the customer’s business and needs. The company works in a focused way on its own design and type approval, and maintains control of the entire process for its proprietary brands from specification and manufacturing to delivery to the end customer.
PRODUCTS AND PRODUCT BRANDS
gigant supplies everything from complete workplaces to individual products for good ergonomics and efficiency.
essve combines products under proprietary brands with machines from world-leader manu- facturers – for effective fastenings solutions.
grunda’s comprehensive solu- tions for industrial and construc- tion consumables strengthen profitability for both resellers and end customers.
PRODUCTS AND PRODUCT BRANDS
Luna Skydda Essve Grunda Gigant
EXAMPLES OF BERGMAN & BEVING’S PRODUCT BRANDS
Hand tools
Compressed air machines
Measuring tools
Hand tools
Work gloves
Work clothes
Fall protection
Fall protection
Protective glasses
Fastenings
Fire seals
Construction and industrial components
Lift columns and telescopic tables Workplace equipment
BERGMAN & BEVING SERVICES – EFFICIENT SERVICES FOR THE SUPPLY CHAIN OF THE FUTURE
Bergman & Beving is renowned for its efficient and competitive logistics and service solutions for the industrial and construction sectors in the Nordic region. As a part of the group’s continued efforts to increase efficiency in the supply chain of the future - from manufacturer to end user – and with the intention of reinforcing further the group’s iT and logistics function, Bergman & Beving formed a group service compa- ny in the spring of 2006, Bergman & Beving Services. Services is responsible for the group’s development, coordination and operations of services in the areas logistics, administration, product information and iT. The customers include the group’s own Product Companies and market Companies, as well as other businesses that place stringent requirements on efficient logistics and service solutions.
“It is with great pleasure that I can establish that we are coordi- nating the Bergman & Beving Group’s service operations into one company”, says Anders möller, President of Bergman & Beving Services. “This will give us a focused centre for Group-wide devel- opment of our current and future services to both existing and new customers, for example for the TOOLS chain and its part- ners. The formation of Bergman & Beving Services also makes us into an interesting employer for leading edge competence in our core areas, which ensures that the Group will be able to continue to maintain its leading position in efficient supply solutions for tools and consumables to Nordic industry.”
Bergman & Beving Services is a result of a merger of the former subsidiaries Bergman &
Beving infoTrans, Logistikpartner and Luna Servicepartner. The operations are mainly run PROPRIETARY BRANDS REINFORCE THE OFFERING
The development of proprietary product brands has become ever more important for the Product Companies with the aim of increasing sales, strengthening the collaborations with end customers and resellers as well as manufacturers and subcontractors, and increasing trading margins. Proprietary product brands are built up in prioritised areas where there are no overt world-leading brand suppliers. The goal is to establish a leading market position within each selected segment. The industrial production will continue to completely take place outside the Group.
The Product Companies’ process for developing proprietary product brands has gradually become more and more systematic, and the share of proprietary brands has developed positively in all Product Companies over the last few years. Of the Product Companies’ total sales, propri- etary brands today make up approximately 33 percent. The proprietary brands are then combined with other brands from prioritised suppliers and manufacturers. This gives the Product Companies competitive product portfolios, in which the different brands reinforce each other, which benefits all parties.
Technical chemicals and paint tools Cleaning materials and absorbents
n Bergman & Beving integration 24%
n momentum 14%
SHARE OF THE GROUP’S TOTAL NET REVENUES Bergman & Beving integration
is responsible for the group’s integration forwards in the value chain. The work includes development of concepts for partner relations, operations of the Nordic region’s leading industrial reseller chain – TOOLS, and administration and development of the group’s own reseller businesses (market Companies).
integration’s net revenues amounted to mSeK 1,213 (342) and operating income to mSeK 36 (4). The number of employees amounted to 589.
Johan Falk, President
STRONG POSITIONS IN MORE THAN 180 LOCATIONS IN THE NORDIC REGION
The group’s own market Companies, momentum, Ruuska group, and the partner affiliated industrial resellers in TOOLS make Bergman & Beving into one of the largest industrial suppliers in the Nordic region.
The Bergman & Beving Group’s main market channels for tools and industrial consumables consist of the resellers in the TOOLS chain, the Group’s own Market Companies, as well as other chain affiliated or independent industrial, construction and hardware resellers in the Nordic region. The local businesses offer products, service and competence in their respective markets, primarily to professional users within the manufacturing and construction industries. A smaller proportion of the sales is aimed at the Do-It-Yourself/Private market.
In the product area industrial components, the division Momentum works with sales of products and services in logistics, service and train- ing through its 25 own district offices in Sweden, as well as subsidiaries in Norway and Denmark. The customers can be found within, among others, the process and manufacturing industry, for example paper/pulp, sawmills, vehicles, food processing and engineering.
Through the acquisition of Ruuska Group, the Bergman & Beving Group has taken a leading position as supplier of components and con- sumables also to the Finnish processing industry.
STRONG DRIVING FORCES BEHIND STRUCTURAL CHANGE Proximity to the customers is the resellers’ most important means of compe- tition. The end customers are striving for easy, rapid and reliable supply of consumables and components. The requirements for guaranteed quality at a lower total cost, high competence and levels of service, as well as reduced lead times, have increased over the past few years. The customers try, to an ever greater extent, to optimise total purchasing costs, also including the alternative cost of not having the right articles available at the right time. As a result of this, a larger part of the purchasing takes place through local resellers within the framework of overall agreements that are entered into at Group level between the end customers and one or more suppliers.
Chain affiliation or other forms of long-term collaboration will there- fore be ever more important for the local resellers. The end customers’
increasing demands for an efficient purchasing process require increased integration and coordination if cost efficiency is to be achieved, which is an important driving force for the continued consolidation in the reseller sector. There are, for example, large economies of scale in, among other things, purchasing and development of IT and logistics systems.
momentum is one of the principal concept and product sup- pliers on the Nordic market for industrial components.
momentum currently works within four product areas:
Roller bearings, transmission, sealing and automation.
The product range includes products from world-leading manufacturers and suppliers such as SKF, Simrit, Opti- belt, Renold and SmC Pneumatic.
momentum’s net revenues amounted to mSeK 688 (600) and operating income to mSeK 43 (33). The num- ber of employees amounted to 280.
SHARE OF THE GROUP’S OPERATING INCOME
SHARE OF THE GROUP’S NUMBER OF EMPLOYEES
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MARKET CHANNELS WITHIN BERGMAN & BEVING
11 Reported data refer to the 2005/2006 operating year (with comparison figures for the 2004/2005 operating year in parenthesis). All reported income figures refer to operating income, not including items affecting comparability. Reported data on the number of employees refer to the end of the 2005/2006 operating year as of 31 march 2006.
n Bergman & Beving integration 12%
n momentum 14%
n Bergman & Beving integration 30%
n momentum 14%
Jerry Höglund, President
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ONE OF THE LARGEST INDUSTRIAL SUPPLIERS Bergman & Beving’s goal is to continue to have a leading role in the consolidation process in the reseller sector. Through the businesses in Bergman & Beving Integration and Momentum, the Group is today one of the largest suppliers of industrial consumables and industrial
components in the Nordic region, with their own or partner affiliated representations in more than 180 locations (see map). The competitors are primarily other national reseller chains, and in certain locations other local reseller businesses.
R
Partners in the TOOLS chain The group’s own market Companies
momentum with district officesRuuska group with district offices
Based on the group’s own market Companies, momentum and Ruuska group, as well as partners in the TOOLS chain, the Bergman & Beving group holds strong positions in more than 180 locations in the Nordic region.
Acquired market Companies and/or market Companies taken possession of in 2005/2006, as well as so far in 2006/2007 (as of 20 June 2006) are presented with logotypes in the map.
BERGMAN & BEVING INTEGRATION
DEVELOPS THE OFFERING TO END CUSTOMER In order to respond to the end customers’ needs, Bergman & Beving Integration is working to create structures and concepts which, through partnerships with forward-striving resellers and the Group’s own Market Companies, create competitive customer offerings. The work is carried out in three main areas: Concept development; operations and development of the TOOLS chain; and administration and develop- ment of the Group’s own Market Companies. The ultimate aim is to create market force and profitability for both partners and the Group.
TOOLS – The Nordic region’s leading industrial reseller chain One important activity in Integration is the further development and operations of the TOOLS chain. TOOLS offers professional end users wide product ranges and comprehensive solutions in a large number of areas, and it has today representation in over 150 locations in Sweden, Norway and Finland. The chain consists of both partner affiliated industrial reseller businesses and the Group’s own Market Companies.
At present, TOOLS represents total aggregated revenues of approxi- mately SEK 5 billion at the end customer level.
The total agenda for TOOLS consists of five main processes:
Products and purchasing, profitability, national accounts, IT and logis- tics, and marketing. With commitment from the entire chain and coor- dination by TOOLS centrally, continual work on a project basis is con- ducted in each of these areas.
With the aim of making the business more efficient and improve the service for end customers, a new joint business management system solution will, among other things, be implemented during 2006 and 2007. Simplified order making, automatic stock replenishment, in- creased adaptation to consumption patterns and optimised distribution
mARKeT CHANNeLS
are examples of achievements made possible by advanced IT systems.
The opportunities for continued geographical expansion of the TOOLS concept are considered to be good, and during 2005/2006 Integration established three separate national organisations for opera- tions and Nordic coordination of TOOLS in Sweden, Norway and Finland.
The Market Companies – the industrial customers’ best friend!
Following the acquisitions in recent years and as of 20 June 2006, the Bergman & Beving Group has a total of some 30 Market Companies, which are represented in around 60 locations in Sweden, Finland and Norway. The Market Companies run successful reselling businesses in their respective local markets. The companies have a lot in common regarding conditions and operative challenges, and the opportunities for coordination are thus large – with a focus on what is best for the Market Companies. In total, the Group’s Market Companies have annual revenues of approximately SEK 2 billion.
The Market Companies’ range of services includes carrying out detailed analyses together with the end customers of their needs for ac- cess to various articles. The results of these analyses are subsequently used to create action plans that the Market Company and the customer can agree upon. The purpose of this preparatory work is to minimise the cost of production disturbance for the customer, at the same time as the Market Companies’ handling costs and capital tied up are limited. The Market Companies’ collective knowledge about the suppliers market and logistics conditions are vital building blocks in this work.
Rapid technical developments, and the diversity of products that end customers need, set stringent requirements to continual competence development at the customers. One very important function for the
irrespective of the working situation and environment within industry, the construction sector, the workshops, etc., the end customers set stringent requirements for quality in the resellers’ range of both products and services.
Market Companies is, therefore, to train customers, both by themselves within selected areas, and in collaboration with the Product Companies and other suppliers in areas that require deep specialist skills.
Strengthened position in the construction sector In addition to the industrial sector, the construction industry is an important customer group for the Group. Some of the Market Companies have, in collaboration with the Product Companies, developed strong concepts for end customers in the construction sector.
In addition, in the autumn of 2005 the Group acquired Stenlunds Järnvaru, which is a local distributor of consumables for construction resellers in Stockholm and Sundsvall. The Group’s different initiatives and activities aimed at the construction industry and construction
resellers are coordinated by Bergman & Beving Construction.
Together with the Product Companies, Integration entered into a strategic cooperative agreement with the construction reseller chain Interpares during 2004/2005 with the aim of offering these resellers efficient supply solutions for industrial consumables.
THE ACQUISITION OF RUUSKA GROUP
The acquisition of Ruuska Group, one of Finland’s largest industrial resellers, strengthens the Bergman & Beving Group’s position as a supplier of industrial components and consumables for Nordic industry.
Ruuska Group’s customer offerings in Finland correspond very well with Momentum’s and the TOOLS chain’s offerings. See also the presentation below.
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STRATEGIC ACQUISITION OF RUUSKA GROUP
During 2005/2006 Bergman & Beving acquired Ruuska group – one of Finland’s largest distributors of industrial components and consumables. Ruuska group’s customers are companies within, among others, the paper and pulp industry, chemical processing industry, power and food processing industry, and the retail sector. The product range includes ball and roller bearings, hand tools, personal protection equipment, seals, welding and fastening elements, as well as other industrial and construction consumables.
The core of Ruuska group’s sales activities is the company’s total 11 district offices in southern Finland, which create proximity to the customers. Ruuska group offers the customers a high degree of customisation in its technical solutions and logistics concept. The basis for Ruuska group’s customer offerings is a joint range
of products from world-leading suppliers, complemented by local expertise and local customer responsibility. The district offices are supported by central functions for iT, logistics and administration.
“The acquisition of Ruuska Group is an important step in the Bergman & Beving Group’s strivings to provide industrial customers throughout the Nordic region with profitable supply solutions for industrial components and consumables,” states Stefan Wigren, President & CeO of Bergman & Beving.
The acquisition of Ruuska group has been complemented by further corporate acquisitions in Finland during the spring of 2006.
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MOMENTUM
MINIMISES PRODUCTION DOWNTIME FOR INDUSTRY Increased capital rationalisation of spare parts held in inventory at major industrial companies, as well as the companies’ efforts to reduce the number of suppliers, have led to consolidation in the Nordic market for industrial components over the past few years. Collaboration and partnership are key words in the relationship between both customers and suppliers – with a striving to achieve cost-efficiency for purchasing of both products and services.
Momentum combines an efficient wholesale function with its own district offices and local inventories in 25 locations in Sweden, as well as in one location in Norway and one location in Denmark. The core of Momentum’s operations is to help the customers in Nordic industry to minimise downtime in their industrial production by offering high quality components, efficient logistics solutions, and service and cus- tomised training. The local units offer everything from individual prod- ucts and service with high accessibility to comprehensive solutions.
“Trouble Free Supply”
Based on Momentum’s strong market position and successful concepts, the company today collaborates with a large number of leading industrial companies in the Nordic region for efficient component supply. Momentum offers, amongst other things, a unique logistics solution that is marketed under the brand “Trouble Free Supply”, and which includes product range planning and improved purchasing and inventory routines. This also allows the customers to minimise the capital tied up in local maintenance inventories as well as the costs for planning of industrial components needs. Momentum’s competitors are primarily local resellers of industrial components in Sweden, who cultivate customers in specific regions.
momentum offers, among other things, training in assembly, disassembly and maintenance of industrial components.
momentum combines industrial components from world- leading manufacturers with concepts and services for in- creased quality, efficiency and operational reliability.
OTHeR gROUP BUSiNeSSeS
BERGMAN & BEVING DEVELOPMENT
Apart from its core business in tools, industrial consumables and industrial components, the Bergman & Beving group also consists of four niche companies with various business focuses. These companies are assembled in division Bergman & Beving Development.
Bergman & Beving Development encompasses those com- panies in the group that are in a development phase and/or which have a business focus that lies outside the group’s core business. Development’s role is to create good prerequi- sites for positive development of each respective company’s operations, taking the specific situation of each company into account.
Development’s net revenues during the 2005/2006 operating year amounted to mSeK 277 (295) and operating income, not including items affecting comparability, to mSeK 0 (–9). The number of employees amounted to 92 as of 31 march 2006.
COMPANIES IN BERGMAN & BEVING DEVELOPMENT
Anders Petter markets a carefully selected range of household goods under the proprietary brand Anders Petter. The emphasis is on fryers and other cook ware, knives, cutlery and kitchen utensils. Sales are through glass and porcelain retail trade, as well as hardware and construction retail trade. The company has revenues of approximately mSeK 60 per year.
The german subsidiary Mager & Wedemeyer offers a wide range of tooling machines for the engineering industry in northern germany.
The product range consists primarily of CNC machines, as well as drills, saw and grinding machines from world-leading suppliers, in- cluding mazak, ingersoll and mitsubishi. The company has revenues of approximately mSeK 120 per year.
Nordiska Dental develops, manufactures and markets various types of dental filling materials under its own proprietary brands. The company has scored success with, among other things, its launch and sales of its own in-house-developed all-ceramic filling material, Cerana.
Nordiska Dental has sales to more than 70 countries and has revenues of approximately mSeK 40 per year.
The Specialpapper Group manufactures and markets a wide range of paper products to customers in trade, industry and transportation in the Nordic region. The product range includes diagram paper, printer rolls for cash register and queue systems, as well as media and accessories for large-format inkjet printers. The Specialpapper group has revenues of approximately mSeK 55 million.
Johan Sjö, President n Bergman & Beving Development 5%
SHARE OF THE GROUP’S TOTAL NET REVENUES 2005/2006
