Bufab Ab · OMXSTO:BUFAB
Bufab Ab — Q2 2016 Earnings Presentation
13 slides from Bufab Ab's earnings presentation, Jul 19, 2016
Slide 1: Q2 2016 Presentation
Q2 2016 Presentation ee
Slide 2: Second Quarter 2016
SECOND QUARTER 2016 Growth o Strong contribution from acquired companies, o …but also 5% organic growth o Both International and Sweden o Market share increase in International. Also positive calendar effect Improved profitability and strong cash flow o Improvement in gross and operating margins
Slide 3: Second Quarter 2016 Group financials
SECOND QUARTER 2016 12 month Quarter 2 Δ Jan-Jun Δ rolling Full year SEK millions 2016 2015 % 2016 2015 % 2015/16 2015 Order intake 739 648 14 1,478 1,263 17 2,677 2,463 Net sales 762 661 15 1,480 1,270 17 2,669 2,458 Gross profit 223 181 23 429 351 22 755 677 Gross margin, % 29.3 27.4 29.0 27.6 28.
Slide 4: Quarterly year-on-year net sales growth
SECOND QUARTER 2016 Quarterly Year-on-Year net sales growth Organic growth Acquisitions and currency translation L12M Net Sales, MSEK L12M EBIT (adj), MSEK 20 3000 300 15 2500 250 LTM Adj Op Res, SEK million 10 LTM Net sales, SEK millions 2000 200 Percent 5 1500 150 0 1000 100 -5 500 50 -10 0 0 4
Slide 5: Gross margin and currency effects
SECOND QUARTER 2016 Gross margin 31% 30% 29% 28% 27% 26% 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 Gross Margin, % L12M Gross Margin, % Currency effects, MSEK 0 0 -10 -5 -20 -30 -10 -40 -15 -50 -60 -20 -70 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 1
Slide 6: Second Quarter 2016 Sweden
SECOND QUARTER 2016 12 month Quarter 2 Δ Jan-Jun Δ rolling SEK millions 2016 2015 % 2016 2015 % 2015/16 2015 Order intake 258 243 6 509 500 2 941 932 Net sales 272 262 4 515 513 0 940 937 Gross profit 82 75 10 154 147 5 276 269 Gross margin, % 30.3 28.5 30.0 28.7 29.4 28.7 Operating expenses -42 -40
Slide 7: Sweden net sales growth and LTM
SECOND QUARTER 2016 Quarterly Year-on-Year net sales growth Organic growth Currency translation effects and acquisition 8 L12M Net Sales, MSEK L12M EBIT (adj), MSEK 2000 200 6 4 1500 150 LTM Adj Op Res, SEK million LTM Net sales, SEK millions 2 0 Percent 1000 100 -2 -4 -6 500 50 -8 -10 0 0 7
Slide 8: Second Quarter 2016 International
SECOND QUARTER 2016 12 month Quarter 2 Δ Jan-Jun Δ rolling SEK millions 2016 2015 % 2016 2015 % 2015/16 2015 Order intake 481 405 19 969 764 27 1,736 1,531 Net sales 491 399 23 965 757 27 1,729 1,521 Gross profit 144 109 32 282 210 35 492 419 Gross margin, % 29.4 27.4 29.2 27.7 28.4 27.5 Operating e
Slide 9: International net sales growth and LTM
SECOND QUARTER 2016 Quarterly Year-on-Year net sales growth Organic growth Acquisitions and currency translation 35 L12M Net Sales, MSEK L12M EBIT (adj), MSEK 30 2000 200 25 20 1500 150 LTM Adj Op Res, SEK million LTM Net sales, SEK millions 15 Percent 10 1000 100 5 0 -5 500 50 -10 -15 0 0 9
Slide 10: Exposure to GBP
SECOND QUARTER 2016 Exposure to GBP ~10% of net sales and ~15% of operating profit in the UK Net GBP inflow of ~120 MSEK on a full-year basis—negative transaction effects—intend to counter with price increases Net assets (equity) in GBP—hedged by acquisition loan in GBP in same amount—net is
Slide 11: Working capital and operating cash flow
SECOND QUARTER 2016 40% 38% Long-term work in order to improve continues, primarily 36% o Inventory management o Payment terms to suppliers 34% Very strong operating cash flow 118 (64) MSEK 32% NWC/NS excluding Apex Stainless 30% Fasteners: 34.4% (36.5%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2014
Slide 12: EBIT bridge Q2 2015 to Q2 2016
SECOND QUARTER 2016 Group Sweden International EBIT Q2 2015 58 35 31 Currency -2 -1 -2 Volume +7 +1 +6 Price/cost/mix & other +7 +3 +5 Acquisitions +12 +2 +10 EBIT Q2 2016 82 40 50 12
Slide 13: Strong second quarter
SECOND QUARTER 2016 Strong second quarter: growth, improved profitability, and strong cash flow Organic growth in both Sweden and International— market share gains and calendar effect Brexit vote had no significant impact in quarter, but increases uncertainty about future demand Continued hi