q2 2019 presentation - bufab group · net sales grew by 8%, whereof 5% organic somewhat higher...

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Q2 2019 Presentation July 18, 2019

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Page 1: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Q2 2019Presentation

July 18, 2019

Page 2: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Second quarter

Q2 2019 In Brief• Sales up +11%

o Somewhat lower underlying demando Order intake slightly below saleso Despite this: organic growth 3% due to increased share

• Operating profit improved over strong comparableso Lower gross margin, but also lower percentage of operating expenseso EBITA improved in both segments, margin slightly down at 9.5%o International: good result, but margin slightly downo Sweden: recovery in gross margin and good cost control

• Strong cash flow

• Acquisition HT BENDIX in July: SEK 500m sales, good margin

• Continued investments in Leadership 20202

Page 3: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

EBITA Q2 2018 98Currencies +3

Volume +7

Price/cost/mix/other -4

Acquisitions -1

EBITA Q2 2019 103

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Second quarter

Financial highlights, GroupQuarter 2 Δ Jan–June Δ 12-months

rolling Full year

SEK million 2019 2018 % 2019 2018 % 2018/19 2018

Order intake 1,080 979 10 2,164 1,923 13 4,039 3,798

Net sales 1,089 980 11 2,180 1,925 13 4,041 3,786

Gross profit 303 282 8 607 559 9 1,136 1,088

% 27.8 28.8 27.8 29.0 28.1 28.7

Operating expenses -200 -184 9 -385 -355 8 -751 -721

% 18.4 18.8 17.6 18.4 -18.6 19.0

Operating profit (EBITA) 103 98 5 222 204 9 385 367

% 9.5 10.0 10.2 10.6 9.5 9.7

Page 4: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Financial development, Group

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Second quarter

Page 5: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Second quarter

Segment International

Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share

Gross margin slightly down at 29.6%

EBITA increased only marginally but 1H development strong

Continued investment in strategic areas

EBITA Q2 2018 77Currencies +2Volume +13Price/cost/mix/other -14Acquisition 0EBITA Q2 2019 79

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Quarter 2 Δ Jan–June Δ 12-monthsRolling Full year

SEK million 2019 2018 % 2019 2018 % 2018/19 2018

Order intake 725 675 7 1,450 1,322 10 2,776 2,648

Net sales 730 676 8 1,460 1,323 10 2,752 2,615

Gross profit 216 202 7 434 394 10 828 788

% 29.6 29.9 29.7 29.8 30.1 30.1

Operating expenses -137 -125 10 -269 -245 10 -522 -498

% 18.8 18.5 18.4 18.5 19.1 19.1

Operating profit (EBITA) 79 77 3 165 149 11 306 290

% 10.9 11.4 11.3 11.3 11.1 11.1

Page 6: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Second quarter

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Page 7: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Net sales up by 18%, whereof 19% due to the acquisition of Rudhäll Lower underlying demand and unchanged market share

Gross margin down year-on-year, but despite weak SEK stronger than recent quarters EBITA improvement due to price increases, cost control and the

acquisition of Rudhäll Focus on price and sourcing savings to restore gross margin

EBITA Q2 2018 34Currencies +1

Volume -6

Price/cost/mix/other +7

Acquisition +2

EBITA Q2 2019 37

Segment Sweden

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Second quarter

Quarter 2 Δ Jan–June Δ 12-monthsrolling

Full year

SEK million 2019 2018 % 2019 2018 % 2018/19 2018

Order intake 355 304 17 714 601 19 1,262 1,149

Net sales 360 304 18 719 602 20 1,289 1,172

Gross profit 93 87 7 184 176 5 331 323

% 25.8 28.6 25.6 29.2 25.7 27.6

Operating expenses -56 -53 5 -109 -100 9 -206 -197

% 15.5 17.4 15.1 16.6 16.0 16.8

Operating profit (EBITA) 37 34 8 75 76 -3 125 126

% 10.2 11.3 10.5 12.6 9.7 10.8

Page 8: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Second quarter

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Page 10: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Second quarter

EBITA Bridge

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Group International Sweden Other

EBITA Q2 2018 98 77 34 -13

Currency +3 +2 +1 0

Volume +7 +13 -6 0

Price/cost/mix/other -4 -14 +7 +3

Acquisitions -1 0 +2 -3

EBITA Q2 2019 103 79 37 -13

Page 11: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

Outlook

Summary and outlookQ2 2019 in summary • Continued execution of strategy, and significant investments in Leadership• Somewhat lower organic growth and order intake • Improved operating profit in both segments and strong cash flow

Outlook• Priorities going forward

o Continue investment in Leadership 2020 strategy

o Focus on implementation and results, e.g., sourcing savings

o Realize potential for internal efficiency gains

• Good confidence in continued good development despite market uncertainty

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Page 12: Q2 2019 Presentation - Bufab Group · Net sales grew by 8%, whereof 5% organic Somewhat higher underlying demand and increased market share Gross margin slightly down at 29.6%

12 www.bufab.com

Q&A

Q&A