Bufab Ab · OMXSTO:BUFAB
Bufab Ab — Q1 2014 Earnings Presentation
20 slides from Bufab Ab's earnings presentation, Apr 29, 2014
Slide 1: Q1 2014 Presentation
Q1 2014 Presentation Stockholm, April 29, 2014
Slide 2: Who we are
First quarter Who we are Bufab is a leading Supply Chain Partner. We provide C-Parts, covering everything from traditional fasteners to complicated processed and assembled components in different materials, and services to the industry worldwide, providing solutions in manufacturing, quality, sourci
Slide 3: Bufab Group
First quarter Bufab Group Established Approx 2 000 in 1977 MSEK in turnover Around 800 Headquarters in 120 000 employees Värnamo, Sweden articles 30 wholly owned Listed on the 12 000 In-house subsidiaries in stock exchange customers production 23 countries 3
Slide 4: Volume vs. value
First quarter Volume vs. value 4
Slide 5: Global Parts Productivity™
First quarter Global Parts Productivity™ Global Over Supplier 120 000 Network C-Parts Lower total cost Secured quality Reliable delivery Less complexity Focus on core CUSTOMER SATISFACTION In-house Production 5
Slide 6: Bufab’s strategy
First quarter Bufab’s strategy 1 2 3 Selective Accelerated growth Efficiency initiatives acquisitive growth 6
Slide 7: Financial targets
First quarter Financial targets Sales growth Bufab’s goal is to achieve average annual organic growth over a business cycle exceeding the growth of the manufacturing +3 ppt industry in countries where Bufab is active by three percentage points. In addition, Bufab intends to grow through acquisitions
Slide 8: Financial highlights, Group
First quarter Financial highlights, Group 12 month Quarter 1 Change Full year Change rolling SEK millions 2014 2013 % 2013/14 2013 % Order intake 563 520 8.3 2,115 2,072 2.1 Net sales 552 495 11.5 2,088 2,031 2.8 Gross margin, % 29.5 28.7 29.5 29.3 Adjusted operating profit 52* 41 27.3 214 203 5.4 A
Slide 9: Financial development, Group
First quarter Financial development, Group Quarterly year-on-year net sales growth, %* 2500 15 15 10 2000 12 10 LTM Net sales, SEK millions 6 1500 9 5 4 Margin, % 1000 6 0 -1 -3 500 3 -5 -6 -6 -6 -8 0 0 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 2013 2013 2013
Slide 10: Segment Sweden
First quarter Segment Sweden Quarter 1 Change 12 month Full year Change rolling SEK millions 2014 2013 % 2013/14 2013 % Order intake 268 263 1.8 1,003 998 0.5 Net sales 263 246 6.8 987 970 1.7 Adjusted operating profit 40 30 36.3 153 143 7.0 Adjusted operating margin, % 15.3 12.0 15.5 14.8 Good sale
Slide 11: Financial development, segment Sweden
First quarter Financial development, segment Sweden Quarterly year-on-year net sales growth, % 2000 20 15 10 1500 15 LTM Net sales, SEK millions 6 5 Margin, % 3 1000 10 0 -2 500 5 -3 -5 -4 -6 -7 -6 -9 0 0 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 2013 2013 20
Slide 12: Segment International
First quarter Segment International Quarter 1 Change 12 month Full year Change rolling SEK millions 2014 2013 % 2013/14 2013 % Order intake 295 257 14.9 1,112 1,074 3.5 Net sales 289 250 15.7 1,100 1,061 3.7 Adjusted operating profit 17 15 12.6 85 83 2.4 Adjusted operating margin, % 6.0 6.0 7.8 7.8
Slide 13: Financial development, segment International
First quarter Financial development, segment International Quarterly year-on-year net sales growth, %* 14 2000 20,0 15 13 10 1500 15,0 LTM Net sales, SEK millions 6 5 5 Margin, % 1000 10,0 0 500 5,0 -3 -5 -5 -6 -7 -8 0 0,0 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012
Slide 14: Net working capital
First quarter Net working capital 800 45,0% 600 40,0% As of % of net sales SEK millions 400 35,0% 200 30,0% 0 25,0% Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Net Working Capital As of % of net sales Q1 2014 increase in receivables 14
Slide 15: Summary Q1 2014
First quarter Summary Q1 2014 Strong growth in net sales – Weak Q1 2013 Good margin improvement – However higher costs in International, due to sales initiatives and costs in Finland Increased net working capital driven by growth – Increased net sales and therefore higher accounts receivables Order
Slide 16: Back up
BACK UP PBUEAB
Slide 17: Consolidated income statement
First quarter Consolidated income statement Quarter 1 SEK millions 2014 2013 Net sales 552 495 Cost of goods sold -390 -353 Gross profit 162 142 Distribution costs -82 -70 Administrative expenses -48 -29 Other operating income 5 5 Other operating expenses -4 -7 Operating profit 33 41 Profit/loss fro
Slide 18: Consolidated balance sheet
First quarter Consolidated balance sheet SEK millions 31-mar-14 31-mar-13 31-dec-13 ASSETS Non-current assets Intangible assets 742 739 739 Property, land and equipment 140 138 145 Financial assets 25 25 25 Total non-current assets 907 902 909 Current assets Inventories 635 556 626 Current receivabl
Slide 19: Key figures
First quarter Key figures Quarter 1 Change 2014 2013 % Order intake, SEK million 563 520 8.3 Net sales, SEK million 552 495 11.5 Gross profit, SEK million 162 142 14.4 Adjusted EBITDA, SEK million 60 49 23.6 Operating profit, SEK million 33 41 -18.0 Adjusted operating profit, SEK million 52 41 27.3
Slide 20: Shareholders
First quarter Shareholders Share of Number of capital and Shareholder shares votes, % Geographical distribution Bufab S.à.r.l 7,627,620 20.0 Lannebo Fonder 2,110,944 5.5 Carnegie Fonder 1,469,000 3.8 Sweden, 34% Handelsbanken Fonder 1,364,939 3.6 Luxemburg, 23% Enter Fonder 1,092,400 2.9 UK, 23% USA