Bufab Ab · OMXSTO:BUFAB
Bufab Ab — Q3 2015 Earnings Presentation
11 slides from Bufab Ab's earnings presentation, Oct 23, 2015
Slide 1: Third quarter 2015 Presentation
Third quarter 2015 Presentation October 23, 2015
Slide 2: Third quarter: Growth despite weaker underlying demand
THIRD QUARTER Growth despite weaker underlying demand Improved market shares in International Stable market shares in Sweden (excluding one customer to manufacturing unit) Improved result Measures taken due to profit pressure from currencies showing good result – price, purchasing and cost savings G
Slide 3: Third quarter: Group results
THIRD QUARTER 12 month Quarter 3 Δ Jan-Sep Δ rolling Full year Δ SEK millions 2015 2014 % 2015 2014 % 2014/15 2014 % Order intake 582 528 10 1,846 1,656 11 2,384 2,195 9 Net sales 577 536 8 1,847 1,667 11 2,379 2,198 8 Gross margin, % 27.5 28.4 27.6 29.5 27.7 29.2 Operating margin, % 9.0 8.9 8.6 8.4
Slide 4: Group LTM net sales and organic growth
THIRD QUARTER Quarterly organic year-on-year net 2500 250 sales growth, %* 15 2000 200 10 10 LTM Adj Op Res, SEK million LTM Net sales, SEK millions 8 6 6 1500 150 5 4 4 4 2 0 0 1000 100 -5 500 50 -10 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 0 2013 2013 2014 2014 2014 2014 2015 2015 2015 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 5: Third quarter: Sweden
THIRD QUARTER 12 month Quarter 3 Δ Jan-Sep Δ rolling SEK millions 2015 2014 % 2015 2014 % 2014/15 2014 Order intake 208 212 -2 708 736 -4 940 968 Net sales 206 220 -6 719 752 -4 948 982 Gross margin, % 29.2 30.6 28.9 32.1 29.2 31.7 Operating margin, % 11.8 13.3 12.3 15.5 12.2 14.6 Adjusted operating
Slide 6: Sweden LTM net sales and growth
THIRD QUARTER Quarterly year-on-year net sales growth, % 2000 200 15 10 LTM Adj Op Res, SEK million LTM Net sales, SEK millions 1500 150 6 5 3 2 1000 100 1 0 500 50 -2 -3 -5 -5 -6 -6 -10 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2013 2014 2014 2014 2014 2015 2015 2015 2013 2013
Slide 7: Third quarter: International
THIRD QUARTER 12 month Quarter 3 Δ Jan-Sep Δ rolling Δ SEK millions 2015 2014 % 2015 2014 % 2014/15 2014 % Order intake 374 316 18 1,137 921 24 1,444 1,227 18 Net sales 371 316 17 1,128 914 23 1,430 1,217 18 Gross margin, % 27.5 27.5 27.6 28.1 27.6 28.0 Operating margin, % 8.5 7.3 7.9 6.9 7.1 6.2 Ad
Slide 8: International LTM net sales and organic growth
THIRD QUARTER Quarterly year-on-year organic net sales growth, %* 2000 200 15 14 14 13 11 10 10 9 1500 150 LTM Adj Op Res, SEK million LTM Net sales, SEK millions 8 6 4 5 1000 100 0 500 50 -5 -10 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2013 2014 2014 2014 2014 2015 2015 2015 2
Slide 9: Working capital and operating cash flow
THIRD QUARTER As of % of net sales 40,0% Positive effect from lower receivables which was partly 38,0% offset by higher inventory levels 36,0% Long term work in order to improve continues, primarily o Inventory management 34,0% o Payment terms to suppliers Good YTD operating cash flow : 32,0% 142 (6
Slide 10: Adjusted EBIT bridge Q3 2014 to Q3 2015
THIRD QUARTER Group Sweden International Adjusted EBIT Q3 2014 48 29 23 Currency -10 -8 -2 Volume -4 -7 3 Price/cost/mix & other 14 10 3 Acquisition 4 5 Adjusted EBIT Q3 2015 52 24 32 10
Slide 11: Summary and outlook
THIRD QUARTER Weaker underlying demand, uncertainty going forward Unchanged organic net sales Favorable contribution from Flos Good profit development in International Strong execution of actions on price and cost offsets currency impact in the quarter… …leading to improved profit and stable margins