Q1 2019 Presentation 25 April 2019
First quarter Q1 2019 In Brief • Continued healthy growth: +15% o Order intake in line with sales o 6% acquired, 6% organic and 3% currency Increased market share and stable demand o • Increased operating profit (+13%) and stable margin Gross margin lower, o but also lower percentage of operating expenses Strong EBITA growth; margin stable at 11% o International showed strong performance in all metrics, o Sweden burdened by low gross margin • Best-ever sales, operating profit and net profit in a quarter • Continued investments in Leadership 2020 2
First quarter Financial highlights, Group 12-months Quarter 1 Full year Δ rolling SEK million 2019 2018 2019/18 2018 % Order intake 1,084 944 3,938 3,798 15 Net sales 1,091 945 3,932 3,786 15 Gross profit 304 277 10 1,114 1,088 % 27.9 29.3 28.3 28.6 Operating expenses -184 -171 -734 -721 6 % 16.9 18.1 18.7 19.0 Operating profit (EBITA) 119 106 13 380 367 % 10.9 11.2 9.7 9.7 EBITA Q1 2018 106 Currencies +1 Volume +15 Price/cost/mix/other -7 Acquisitions +3 EBITA Q1 2019 119 3
First quarter Financial development, Group Quarterly Net Sales growth Net Sales EBITA Organic growth Acquisitions and currency translation 4500 450 25 4000 400 20 3500 350 LTM Net Sales, SEK millions LTM EBITA, SEK million 3000 300 15 2500 250 Percent 10 2000 200 1500 150 5 1000 100 0 500 50 0 0 -5 4
First quarter Segment International Rolling 12 Quarter 1 Full year Δ months SEK million 2019 2018 2019/18 2018 % Order intake 725 647 12 2,726 2,648 Net sales 731 648 13 2,698 2,615 Gross profit 217 192 13 813 788 % 29.8 29.7 30.2 30.1 Operating expenses -132 -121 -509 -498 9 % 18.1 18.7 18.5 19.0 Operating profit (EBITA) 85 71 304 290 20 % 11.7 11.0 11.3 11.1 EBITA Q1 2018 71 Net sales grew by 13%, whereof 8% organic Currencies +5 Higher underlying demand and increased market share Volume +16 Price/cost/mix/other -7 Strong gross margin in line with last year: currencies, price increases Acquisition 0 Good growth and cost control drive record high EBITA and margin EBITA Q1 2019 85 5
First quarter Financial development, International Quarterly Net Sales growth Net Sales EBITA Organic growth Acquisitions and currency translation 3500 350 35 30 3000 300 LTM Net Sales, SEK millions 25 2500 250 LTM EBITA, SEK million 20 2000 200 Percent 15 1500 150 10 1000 100 5 500 50 0 0 0 -5 6
First quarter Segment Sweden Rolling 12 Quarter 1 Full year Δ months SEK million 2019 2018 2019/18 2018 % Order intake 359 297 1,211 1,149 21 Net sales 360 297 21 1,235 1,172 Gross profit 91 89 325 323 2 % 25.3 29.9 26.3 27.6 Operating expenses -53 -47 13 -203 -197 % 14.7 15.8 16.4 16.8 Operating profit (EBITA) 38 42 122 126 -10 % 10.6 14.1 9.9 10.8 Net sales up by 21%, whereof 20% due to the acquisition of Rudhäll EBITA Q1 2018 42 Unchanged underlying demand and market share Currencies -4 Volume 0 Gross margin down due to purchasing prices, a weak SEK and limited organic growth Price/cost/mix/other -3 Acquisition +3 EBITA and margin considerably lower, despite good cost control EBITA Q1 2019 38 Further price increases and sourcing savings to restore gross margin 7
First quarter Financial development, Sweden Quarterly Net Sales growth Organic growth Currency translation effects and acquisition Net Sales EBITA 25 2000 200 20 LTM Net Sales, SEK millions 1500 150 15 LTM EBITA, SEK million 10 Percent 1000 100 5 0 500 50 -5 0 0 -10 8
First quarter Acquisitions since 2014 9
First quarter EBITA Bridge Group International Sweden Other EBITA Q1 2018 106 71 42 -7 Currency +1 +5 -4 0 Volume +15 +16 0 0 Price/cost/mix/other -7 -7 -3 +3 Acquisitions +3 0 +3 0 EBITA Q1 2019 119 85 38 -4 10
Outlook Summary and outlook Q1 2019 in summary • Continued execution of strategy, and significant investments in Leadership • Strong growth: stable demand + market share + acquisitions • Lower gross margin due to weak gross margin in segment Sweden • Good growth and cost control drive record results in International, and for the Group Outlook • Raw materials prices leveled off end 2018 • Focus 2019 o Short term: manage cycle, increase share, and improve gross margin o Long-term: continued investments in our “Leadership 2020” initiatives • Always: quality and customer first, and look for opportunities to strengthen Bufab • Still macroeconomic uncertainty, but optimistic about the remainder of the year 11
Q&A Q&A 12 www.bufab.com
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