Bufab Ab · OMXSTO:BUFAB
Bufab Ab — Q1 2021 Earnings Presentation
17 slides from Bufab Ab's earnings presentation, Apr 20, 2021
Slide 1: Slide 1
Slide 2: Q1-2021 presentation
Q1-2021 presentation April 20, 2021
Slide 3: Continued strong growth and significantly improved profitability
Continued strong growth and significantly improved profitability • Operationally very challenging quarter: strained supply chains and increasing component/freight cost • Despite this, all-time-high quarterly sales, operating profit and earnings • Sales up +8% – 14% organic, -6% currency. Weak compar
Slide 4: Financial highlights, Group
Financial highlights, Group 12-months Quarter 1 Δ Full year rolling SEK million 2021 2020 % 2021/20 2020 Order intake 1,481 1,321 12 4,987 4,827 Net sales 1,423 1,316 8 4,863 4,756 Gross profit 397 351 13 1,298 1,252 % 27.9 26.7 26.7 26.3 Operating expenses -220 -226 -3 -765 -771 % -15.5 -17.2 -15.7
Slide 5: Financial development, Group
Financial development, Group Quarterly Net Sales growth Net sales and EBITA Organic growth Total growth Net Sales EBITA 30 6 000 600 20 500 4 800 LTM Net Sales, SEK millions 10 400 LTM EBITA, SEK million 3 600 Percent 0 300 2 400 -10 200 1 200 -20 100 -30 0 0
Slide 6: Segment North
Segment North 12-months Quarter 1 Δ Full year rolling Order intake 629 565 11 2,116 2,052 Net sales 599 554 8 2,050 2,005 Gross profit 159 137 16 487 465 % 26.5 24.8 23.8 23.2 Operating expenses -86 -82 -5 -280 -276 % -14.4 -14.8 -13.7 -13.7 Operating profit (EBITA) 73 56 30 206 189 % 12.2 10.1 10.0
Slide 7: Segment West
Segment West 12-months Quarter 1 Δ Full year rolling Order intake 318 299 6 1,066 1,047 Net sales 314 301 4 1,041 1,028 Gross profit 82 75 9 264 257 % 26.1 25.1 25.4 25.0 Operating expenses -47 -52 10 -166 -171 % -15.0 -17.4 -15.9 -16.7 Operating profit (EBITA) 35 23 52 98 86 % 11.1 7.7 9.4 8.3 • Or
Slide 8: Segment East
Segment East 12-months Quarter 1 Δ Full year rolling Order intake 234 189 24 770 725 Net sales 216 189 14 742 715 Gross profit 68 59 15 236 227 % 31.5 31.0 31.8 31.8 Operating expenses -29 -32 9 -122 -125 % -13.4 -17.0 -16.4 -17.4 Operating profit (EBITA) 39 27 44 115 103 % 18.1 14.1 15.5 14.4 • Str
Slide 9: Segment UK/North America
Segment UK/North America 12-months Quarter 1 Δ Full year rolling Order intake 301 268 12 1,035 1,002 Net sales 293 272 8 1,029 1,008 Gross profit 93 85 9 325 317 % 31.7 31.4 31.6 31.4 Operating expenses -52 -56 7 -185 -189 % -17.7 -20.6 -18.0 -18.7 Operating profit (EBITA) 41 29 41 140 128 % 14.0 10
Slide 10: Strong cash flow fuels active acquisition strategy
Strong cash flow fuels active acquisition strategy Operating cash flow and cash conversion Net debt/EBITDA adj, x 250 4,5 4 200 3,5 3 150 2,5 100 2 1,5 50 1 0,5 0 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBITDA
Slide 11: EBITDA Bridge
EBITDA Bridge EBITA Q1 2020 126 Currencies -11 Volume +55 Cost + price/mix/other +13 Acquisitions -6 EBITA Q1 2021 177 EBITA Q1 2020 126 North 16 West 11 East 12 UK/North America 12 EBITA Q1 2021 177
Slide 12: Consolidator in a fragmented market
Consolidator in a fragmented market ~50 acquisitions since 1977 9 acquisitions 550 employees since 2014 1,900 MSEK
Slide 13: Our New Plan
Our New Plan HOW WE WORK • Customer & Quality First Sustainable • Solutionist Leadership • ”Pull” • Local Business, Global Teamwork
Slide 14: Raised financial targets 2020-2025
Raised financial targets 2020-2025 Continued strong Improved Continued growth of Financial Profitable Profitability Dividend Stability Growth 15% 12% 30-60% 2-3x EPS Growth EBITA Margin Yearly Dividend ND/EBITDA 10% NS Growth Organic+Acquired Latest 2023 As % of Net Profit
Slide 15: (Important) first steps on a long journey
(Important) first steps on a long journey Examples from our 2020 Sustainability Report CO2 eq. emissions CO2 eq. emissions Renewable electricity Income tax paid Scope 1 & 2 Scope 1 & 2 Metric tonnes Metric tonnes/MSEK sales % of total MSEK 1,986 0.47 74% 92 (2,822) (0.66) (69%) (73) -29% +5 -30% PPT
Slide 16: Summary and Outlook
Summary and Outlook First quarter • Operationally challenging, but all-time-high sales, profit. Much stronger balance sheet. Demand improvement all segments, increased market share, dramatically improved efficiency • Very strained supply chains, and increasing component/freight cost Outlook • Increa
Slide 17: Q&A
Q&A