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Bufab AB
Annual Report • Feb 6, 2025
2898_10-k_2025-02-06_b264383c-8138-41b0-af57-cc865a257800.pdf
Annual Report
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Year-end report
January – December 2024
Q4
Successful implementation of the strategy and acquisition of VITAL in Italy
Fourth quarter of 2024
- Net sales declined by -4.1 percent to SEK 1,863 million (1,943). Organic growth was -1.5 percent and order intake was somewhat lower than net sales
- Adjusted operating profit (EBITA) was SEK 201 million (229), corresponding to an operating margin of 10.8 percent (11.8)
- Operating profit (EBITA) was SEK 179 million (181) and the operating margin was 9.6 percent (9.3)
- Earnings per share amounted to SEK 2.96 (1.87)
- Cash flow from operating activities amounted to SEK 125 million (321), corresponding to a cash conversion ratio of 68 percent (168)
- Net debt/EBITDA, adjusted, was 2.8 (2.6).
- Acquisition of VITAL S.p.A with annual sales of approximately EUR 48 million
Key figures
| Q4 | ∆ | Jan-Dec | ∆ | |||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | % | 2024 | 2023 | % |
| Order intake | 1 835 | 2 036 | -9,9 | 7 814 | 8 602 | -9,2 |
| Net sales | 1 863 | 1 943 | -4,1 | 8 035 | 8 680 | -7,4 |
| Gross profit | 554 | 569 | -2,7 | 2 389 | 2 494 | -4,2 |
| Gross margin (%) | 29,7 | 29,3 | 29,7 | 28,7 | ||
| Operating expenses | -376 | -388 | -3,2 | -1 429 | -1 451 | -1,5 |
| Share of net sales (%) | -20,2 | -20,0 | -17,8 | -16,7 | ||
| Operating profit (EBITA) | 179 | 181 | -1,6 | 959 | 1 043 | -8,0 |
| Operating margin EBITA (%) | 9,6 | 9,3 | 11,9 | 12,0 | ||
| Operating profit (EBITA), adjusted | 201 | 229 -12,3 | 959 | 1 121 -14,4 | ||
| Operating margin EBITA, (%) adjusted | 10,8 | 11,8 | 11,9 | 12,9 | ||
| Operating profit | 161 | 165 | -2,5 | 891 | 974 | -8,5 |
| Operating margin (%) | 8,6 | 8,5 | 11,1 | 11,2 | ||
| Profit after tax | 112 | 71 | 56,6 | 551 | 574 | -4,0 |
| Earnings per share, SEK | 2,96 | 1,87 | 58,3 | 14,57 | 15,17 | -4,0 |
| Cash flow from operating activities | 125 | 321 -61,2 | 1 101 | 1 446 -23,8 | ||
| Net debt / EBITDA, adjusted | 2,8 | 2,6 | 6,7 | - | - |
Full-year 2024
- Net sales declined by -7.4 percent to SEK 8,035 million (8,680). Organic growth was -5.4 percent and order intake was lower than net sales
- Adjusted operating profit (EBITA) was SEK 959 million (1,121), corresponding to an operating margin of 11.9 percent (12.9)
- Operating profit (EBITA) decreased by 8.0 percent to SEK 959 million (1,043) and the operating margin was 11.9 percent (12.0).
- Earnings per share amounted to SEK 14.57 (15.17)
- Cash flow from operating activities amounted to SEK 1,101 million (1,446), corresponding to a cash conversion ratio of 111 percent (132)
- The Board of Directors proposes a dividend of SEK 5.25 (5.00) per share
10.8 Operating margin (EBITA), adjusted
Rolling 12 months
%
3 000
Net sales, SEK million
0
Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24
500
Quarter
0
2 000
4 000
6 000
8 000
10 000
CEO's overview
Bufab reported an increased gross margin in the fourth quarter, in a continued cautious market. The acquisition of VITAL, with net sales of EUR 48 million, strengthens Bufab's position on the Italian market.
2024 was another good year for Bufab. We delivered a record-strong gross margin and a stable operating margin, despite lower demand. During the year, we have successfully implemented our strategy across the business. We strengthened the added value we deliver to customers by an expanded service and product portfolio. One example is the implementation of a record number of new logistics solutions during the year that strengthen our customer relationships and provide us with an increased growth rate. We also acquired VITAL, a leading Italian distributor of C-parts, and divested the manufacturing companies Bufab Lann and Hallborn Metall. In conclusion, we are in a good position to be able to deliver on our profitability target.
During the fourth quarter, the market trend continued to be cautious, resulting in organic growth of -1.5 percent. However, the organic growth showed an improvement compared to the third quarter, when it was -2.6 percent. We continue to see large variations between different sectors. As earlier in the year, strongest development was noted in the energy and defence secors. Market conditions in the important mobile home and trailer segment remained challenging, although it looks brighter ahread, and the trend was also weak in the construction, automotive, bath, kitchen and
outdoor recreation sectors. Region Asia-Pacific continued to report strong organic growth of a full 27.4 percent.
The gross margin increased by 0.4 percentage points during the quarter to 29.7 percent, driven mainly by our trading business. For the full year, the gross margin amounted to 29.7 (28.7) percent, the highest level ever for a single year. This improvement is a result of the long-term work that started in 2023 to develop our value proposition to customers, improve our customer and product mix and achieve purchasing savings.
Operating expenses declined relative to the comparative quarter but adjusted for remeasured additional purchase considerations in the comparative period, operating expenses increased. The increase is mainly due to one-off costs but also currency effects. Our work with cost control continues throughout the organisation. The adjusted operating margin was 10.8 (11.8) percent.
Region West and Asia-Pacific recorded good results ,while Europe North & East, Americas, and UK/ Ireland noted a weaker trend during the quarter.
Cash flow from operating activities amounted to SEK 125 million (321) for the quarter and was
negatively impacted by investments in inventories. Net debt/EBITDA was 2.8 (2.6).
We continue, according to plan, to implement our strategy and our short-term priorities remain: to capture market share, gradually improve our margin and deliver a strong cash flow.
A focus area for in our strategy is to broaden our customer base and offering to new and adjacent market segments through organic growth and strategic acquisitions. I am very pleased that we during the year, were able to finalise the acquisition of VITAL, a leading Italian distributor of C-parts, with net sales of EUR 48 million and an operating profit margin above Bufab's 2026 profitability target. We see VITAL as a great opportunity to build up our presence in Italy and increase our service level to the customers we are currently supporting there. VITAL is a stepping stone of a suitable size with a great reputation that in the future can be used as a platform for add-on acquisitions and drive market consolidation in a highly fragmented market.
2024 was a challenging year in terms of demand. If we look ahead, uncertainty remains, but at the same time, we see indications of improved demand from the general industry.
However, increased tariffs from the US may impact Bufab's operations in the US in the short term while in the longer term we may benefit as we are a large and stable supplier that handles these disturbances better than smaller players. We follow the development carefully and will work actively together with both customers and suppliers to handle the situation.
Our efforts to strengthen the gross margin and our focus on cost control, will put us in a strong position once the market rebounds. That said, we take a bright view of the future and the direction our company is taking.
Finally, I want to thank all our customers around the world the world for the trust you have shown us during the year and send a big thank you to our 1,800 "solutionists" worldwide for a great job during 2024.
Erik Lundén President and CEO
The Group in brief
Fourth quarter
Order intake decreased to SEK 1 835 million (2,036) and was slightly lower than net sales. Net sales declined by -4.1 percent to SEK 1 863 million (1,943). Of the total change in sales, 0.5 percent was attributable to currency effects, -3.1 percent to acquisitions/divestment and -1.5 percent to organic growth.
The gross margin strengthened compared with the preceding year to 29.7 percent (29.3).
Operating expenses declined relative to the comparative quarter but adjusted for remeasured additional purchase considerations of SEK -48 million in the comparative period, operating expenses increased. The increase was mainly due to increasing obsolescence reserves of SEK 17 million related to a limited product group, acquisition/divestment costs and restructuring costs of SEK 22 million and negative currency effects of SEK 7 million.
Adjusted operating profit (EBITA) decreased to SEK 201 million (229), corresponding to an operating margin of 10,8 percent (11.8). Operating profit (EBITA) decreased to SEK 179 million (181), corresponding to an operating margin of 9,6 percent (9.3).
Earnings per share amounted to SEK 2,96 (1.87).
January – December
Order intake decreased to SEK 7 814 million (8,602) and was lower than net sales. Net sales declined by -7.4 percent to SEK 8 035 million (8,680). Of the total growth, -0.4 percent was attributable to currency effects, -1.6 percent to acquisitions/divestments and -5.4 percent to organic growth.
The gross margin strengthened compared with the preceding year to 29.7 percent (28.7).
The share of operating expenses increased to 17.8 percent (16.7). The increase compared with last year was mainly due to lower volumes, inflationary effects and higher obsolescence reserves, but also to remeasured additional purchase considerations for the full year, which were SEK +11 million compared with SEK -78 million in the comparison period.
Adjusted operating profit (EBITA) declined to SEK 959 million (1,121), corresponding to an operating margin of 11.9 percent (12.9). Operating profit (EBITA) declined to SEK 959 million (1,043) and the operating margin was 11.9 percent (12.0).
Earnings per share amounted to SEK 14.57 (15.17)
| 2024 | 04 | |||||||
|---|---|---|---|---|---|---|---|---|
| Group | Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |||
| Organic growth | -1.5 | -0.6 | -0.1 | -11.3 | -5.1 | 27,4 | ||
| Currency translation effects | 0.5 | 0,2 | -1.2 | -2.0 | 4.6 | 2,0 | ||
| Acquisitions | 1.9 | 8.4 | ||||||
| Divestments | -5.0 | -12.0 | ||||||
Recognised growth |
-4.1 | -12.4 | 7.1 | -13.3 | -0.5 | 29.4 |
| 2024 | lan-Dec | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group | Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | ||||
| Organic growth | -5.4 | -4.5 | -4.4 | -10.0 | -7.7 | 4 4 | |||
| Currency translation effects | -0.4 | 0.1 | -2,1 | -3.1 | 2,3 | -1,3 | |||
| Acquisitions | 0.4 | 1.8 | |||||||
| Divestments | -2.0 | -5.1 | |||||||
| Recognised growth | -7.4 | -9.5 | -4.7 | -13.1 | -5.4 | 3.1 |
Cash conversion
Financial items and tax
The Group's net financial items totalled SEK -41 million (-71) for the fourth quarter, of which exchange-rate differences accounted for SEK 3 million (-17) and interest expense for SEK -47 million (-50). For the full year, net financial items amounted to SEK -196 million (-219), of which exchange-rate differences accounted for SEK -3 million (-3) and interest expense for SEK -191 million (-210). The Group's profit after financial items was SEK 120 million (93) for the quarter and SEK 695 million (755) for the full year.
The improvement in net financial items for the quarter compared with the comparative period is primarily attributable to exchange-rate differences.
The tax expense for the quarter was SEK -9 million (-22), resulting in an effective tax rate of 7,2 percent (23,7). The lower tax rate for the quarter was mainly attributable to utilisation of loss carry-forwards. The full-year tax expense was SEK -144 million (-181), implying an effective tax rate of 20,7 percent (24,0).
Cash flow, working capital and financial position
Cash flow from operating activities amounted to SEK 125 million (321), corresponding to a cash conversion ratio of 68 percent (168). For the full year, cash flow from operating activities amounted to SEK 1 101 million (1,446), corresponding to a cash conversion ratio of 111 percent (132)
Cash flow from operating activities was lower than in the comparative period, and was a result of lower earnings and increased inventory.
Working capital as a percentage of net sales was 40 percent (36). The decline was due to an increased accumulation of inventory and also to negative currency effects.
As per 31 December 2024, adjusted net debt totalled SEK 2,757 million (2,861) and the debt/equity ratio was 86 percent (99). During the quarter, net debt increased by SEK 390 million, mainly due to the acquisition of VITAL. The lower net debt compared with the preceding year was attributable to the favourable operating cash flow over the previous four quarters.
The key figure net debt/EBITDA, adjusted, was 2.8 (2.6) on 31 December 2024.
Operating cash flow and cash conversion ratio
Net debt/EBITDA, adjusted
Cash flow from operating activities SEK million
Operating expenses increased by 22 MSEK compared to the same quarter last year. The increase is mainly due to obsolescence reserves related to a limited product group,
The adjusted operating profit decreased by 29 MSEK, resulting in an adjusted operating
Sales growth
Region Europe North & East
Share of total sales
negative currency effects, and inflation effects.
margin of 10.5 percent (12.8).
-12.4%
10.5 Operating margin (EBITA), adjusted
%
Net sales, SEK million
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
The region consists of Bufab's operations in Sweden, Finland, Norway, Denmark, Poland, Hungary, Romania, the Baltic States and Slovakia.
Fourth quarter
Revenue growth was -12.4 percent in the quarter and the organic growth was -0.6 percent. The divestment of Bufab Lann and Hallborn Metall earlier in the year impacted revenue by -12.0 percent. The market situation in kitchens and bathrooms remained challenging, and Bufab Finland also noted weak development. Meanwhile, Tilka Trading, acquired in 2021, saw strong demand during the quarter.
Gross margin improved by 2.7 percentage points year-on-year. The strengthened gross margin is due to active work on the customer offering, an improved customer and product mix, and purchasing savings in the region.
Key figures
| Q4 | ∆ | Jan-Dec | ∆ | |||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | % | 2024 | 2023 | % |
| Order intake | 695 | 831 | -16 | 2 888 | 3 424 | -16 |
| Net sales | 701 | 800 | -12 | 3 103 | 3 429 | -9 |
| Gross profit | 209 | 218 | -4 | 888 | 920 | -3 |
| Gross margin (%) | 29,9 | 27,2 | 28,6 | 26,8 | ||
| Operating expenses | -137 | -115 | 19 | -519 | -480 | 8 |
| Share of net sales (%) | -19,5 | -14,4 | -16,7 | -14,0 | ||
| Operating profit (EBITA) | 73 | 103 | -29 | 368 | 440 | -16 |
| Operating margin EBITA (%) | 10,4 | 12,8 | 11,9 | 12,8 | ||
| Operating profit (EBITA), adjusted | 74 | 103 | -28 | 362 | 440 | -18 |
| Operating margin EBITA, (%) adjusted | 10,5 | 12,8 | 11,7 | 12,8 |
Region Europe West
The region consists of Bufab's operations in France, the Netherlands, Germany, the Czech Republic, Austria, Spain, Türkiye and Italy.
Share of total sales
Sales growth
11.1 %
Operating margin (EBITA), adjusted
Fourth quarter
Sales growth amounted to 7.1 percent in the quarter and the organic growth was -0.1 percent. Of the total change in sales, 8.4 percent was attributable to the acquisition of VITAL. The energy industry continued to develop well, especially in Bufab France and Bufab Czech Republic, compensating for lower activity levels in the automotive and construction industries.
The gross margin improved by 0.4 percentage points year-on-year, due to purchasing savings, price increases and an improved customer mix.
Key figures
| Q4 | ∆ | Jan-Dec | ∆ | |||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | % | 2024 | 2023 | % |
| Order intake | 464 | 451 | 3 | 1 878 | 1 902 | -1 |
| Net sales | 460 | 429 | 7 | 1 861 | 1 951 | -5 |
| Gross profit | 112 | 103 | 9 | 467 | 474 | -2 |
| Gross margin (%) | 24,3 | 23,9 | 25,0 | 24,3 | ||
| Operating expenses | -62 | -57 | 9 | -234 | -229 | 3 |
| Share of net sales (%) | -13,4 | -13,3 | -12,6 | -11,7 | ||
| Operating profit (EBITA) | 50 | 46 | 10 | 233 | 245 | -5 |
| Operating margin EBITA (%) | 10,9 | 10,7 | 12,5 | 12,6 | ||
| Operating profit (EBITA), adjusted | 51 | 46 | 12 | 234 | 245 | -4 |
| Operating margin EBITA, (%) adjusted | 11,1 | 10,7 | 12,6 | 12,6 |
Operating expenses increased by SEK 5 million year-on-year, mainly related to VITAL and inflationary effects. The share of operating expenses to sales was in line with last year.
The adjusted operating profit increased by SEK 5 million, resulting in an adjusted operating margin of 11.1 percent (10.7).
Net sales, SEK million
Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Quarter
Region Americas
The region comprises Bufab's operations in the US and Mexico.
Share of total sales
7.6% Operating margin (EBITA), adjusted
Fourth quarter
Sales growth amounted to -13.3 percent in the quarter and the organic growth was -11.3 percent. The decline was attributable to the low demand in the mobile home and trailer market, which are important to American Bolt and Screw, and also in the automotive industry, which especially impacted Component Solutions Group. Higher tariffs from the US may impact Bufab's operations in the region in the short term.
The gross margin declined by 1.8 percentage points year-on-year due to price reduction for one customer with quarterly pricing at our company American Bolt and Screw.
Operating expenses decreased by SEK 3 million year-on-year thanks to a good cost control despite the sharp sales decline. The share of operating expenses to sales increased year-on-year.
The adjusted operating profit decreased by SEK 11 million, resulting in an adjusted operating margin of 7.6 percent (11.0).
Net sales, SEK million
Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
Quarter
Key figures
| Q4 | ∆ | Jan-Dec | ∆ | |||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | % | 2024 | 2023 | % |
| Order intake | 221 | 230 | -4 | 1 004 | 1 092 | -8 |
| Net sales | 223 | 258 | -13 | 1 028 | 1 182 | -13 |
| Gross profit | 74 | 91 | -18 | 360 | 412 | -13 |
| Gross margin (%) | 33,3 | 35,1 | 35,0 | 34,8 | ||
| Operating expenses | -59 | -62 | -5 | -246 | -235 | 5 |
| Share of net sales (%) | -26,6 | -24,1 | -23,9 | -19,8 | ||
| Operating profit (EBITA) | 15 | 28 | -47 | 114 | 177 | -35 |
| Operating margin EBITA (%) | 6,7 | 11,0 | 11,1 | 15,0 | ||
| Operating profit (EBITA), adjusted | 17 | 28 | -40 | 116 | 174 | -33 |
| Operating margin EBITA, (%) adjusted | 7,6 | 11,0 | 11,3 | 14,7 |
Region UK/Ireland
The region comprises Bufab's operations in the UK and Ireland.
Share of total sales
Fourth quarter
Key figures
Sales growth amounted to -0.5 percent in the quarter and the organic growth was -5.1 percent. The decline was attributable to lower market prices, which impacted Apex
The gross margin declined by 3.8 percentage points from a high level last year, mainly due to higher global freight rates which peaked during the previous quarter, but impacts the profitability in the quarter.
Operating expenses decreased sharply in the quarter as the comparable quarter was impacted by a negative effect from remeasurement of additional purchase considerations of SEK 48 million. Adjusted for this, both operating expenses and the
The adjusted operating profit decreased by SEK 13 million, resulting in an adjusted
Sales growth
9.0 %
Operating margin (EBITA), adjusted
Net sales, SEK million
QuarterRolling 12 months
Operating profit (EBITA) adjusted, SEK million
Stainless Fasteners and TIMCO.
share of operating expenses to sales were in line with last year.
operating margin of 9.0 percent (11.8).
∆ ∆ MSEK 2024 2023 % 2024 2023 % Order intake 350 441 -21 1 561 1 754 -11 Net sales 364 366 -1 1 586 1 676 -5 Gross profit 112 126 -11 516 537 -4 Gross margin (%) 30,7 34,5 32,5 32,1 Operating expenses -82 -131 -37 -330 -405 -18 Share of net sales (%) -22,6 -35,8 -20,8 -24,1 Operating profit (EBITA) 30 -5 -711 186 133 40 Q4 Jan-Dec
Operating margin EBITA (%) 8,1 -1,3 11,7 7,9 Operating profit (EBITA), adjusted 33 43 -25 185 214 -13 Operating margin EBITA, (%) adjusted 9,0 11,8 11,7 12,8
Summary CEO's overview Financial performance Financial statements Other information
Region Asia-Pacific
The region consists of Bufab's operations in China, India, Singapore and other countries in Southeast Asia.
Share of total sales
Sales growth
16.5%
Operating margin (EBITA), adjusted
Fourth quarter
Key figures
Sales growth amounted to 29.4 percent in the quarter and the organic growth was 27.4 percent. The organic growth was strong in all companies, led by Kian Soon, which had a positive impact from a large project business, but also due to a strong growth in Bufab Shanghai.
The gross margin improved by 1.3 percentage points year-on-year, due to purchasing savings in combination with a favourable customer and product mix.
Operating expenses were in line with last year and the share of operating expenses to sales decreased year-on-year, impacted positively by currency effects and good cost control. At the same time, the region continued to invest in the sales force throughout the region.
The adjusted operating profit increased by SEK 9 million, resulting in an adjusted operating margin of 16.5 percent (11.2).
Quarter Rolling 12 months
Operating profit (EBITA) adjusted, SEK million
| Q4 | Jan-Dec ∆ |
∆ | |||||
|---|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | % | 2024 | 2023 | % | |
| Order intake | 106 | 84 | 27 | 482 | 431 | 12 | |
| Net sales | 116 | 90 | 29 | 457 | 443 | 3 | |
| Gross profit | 38 | 28 | 35 | 142 | 137 | 4 | |
| Gross margin (%) | 32,2 | 30,9 | 31,2 | 31,0 | |||
| Operating expenses | -18 | -18 | 3 | -80 | -74 | 9 | |
| Share of net sales (%) | -15,7 | -19,7 | -17,6 | -16,6 | |||
| Operating profit (EBITA) | 19 | 10 | 90 | 62 | 64 | -2 | |
| Operating margin EBITA (%) | 16,5 | 11,2 | 13,6 | 14,4 | |||
| Operating profit (EBITA), adjusted | 19 | 10 | 90 | 62 | 64 | -2 | |
| Operating margin EBITA, (%) adjusted | 16,5 | 11,2 | 13,6 | 14,4 |
Financial statements
Condensed Consolidated Income Statement Statement of Comprehensive Income
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 |
| Net sales | 1 863 | 1 943 | 8 035 | 8 680 |
| Costs of goods sold | -1 309 | -1 374 | -5 646 | -6 186 |
| Gross profit | 554 | 569 | 2 389 | 2 494 |
| Distribution costs | -239 | -220 | -971 | -920 |
| Administative expenses | -157 | -135 | -590 | -552 |
| Other operating income and operating expenses | 3 | -50 | 63 | -48 |
| Operating profit | 161 | 164 | 891 | 974 |
| Profit/loss from financial items | ||||
| Interest income and similar profit/loss items | 6 | 3 | 13 | 15 |
| Interest expenses and similar profit/loss items | -47 | -74 | -209 | -234 |
| Profit after financial items | 120 | 93 | 695 | 755 |
| Tax on net profit for the period | -9 | -22 | -144 | -181 |
| Profit after tax | 112 | 71 | 551 | 574 |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Profit after tax | 112 | 71 | 551 | 574 | |
| Other comprehensive income | |||||
| Items that will not be reclassified in profit or loss | |||||
| Actuarial loss / profit on pension obligations, net after tax | -3 | -1 | -3 | -1 | |
| Items that may be reclassified subsequently to profit or loss | |||||
| Translation differences / Currency hedging net after tax | 78 | -92 | 127 | -14 | |
| Other comprehensive income after tax | 75 | -93 | 124 | -15 | |
| Total comprehensive income | 187 | -22 | 675 | 559 | |
| Total comprehensive income attributable to: | |||||
| Parent Company shareholders | 187 | -22 | 675 | 559 |
Earnings per share
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEK | 2024 | 2023 | 2024 | 2023 | |
| Earnings per share | 2,96 | 1,87 | 14,57 | 15,17 | |
| Weighted number of shares outstanding before dilution, thousands | 37 897 | 37 888 | 37 878 | 37 825 | |
| Diluted earnings per share, SEK | 2,94 | 1,86 | 14,50 | 15,03 | |
| Weighted number of shares outstanding after dilution, thousands | 38 102 | 38 081 | 38 063 | 38 157 |
Condensed Consolidated Balance Sheet
| 31 Dec | |||
|---|---|---|---|
| MSEK | 2024 | 2023 | |
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | 3 724 | 3 289 | |
| Property plant and equipment | 783 | 769 | |
| Financial assets | 43 | 32 | |
| Total non-current assets | 4 551 | 4 090 | |
| Current assets | |||
| Inventories | 2 803 | 2 857 | |
| Current receivables | 1 627 | 1 435 | |
| Cash and cash equivalents | 211 | 218 | |
| Total current assets | 4 640 | 4 510 | |
| Total assets | 9 191 | 8 600 |
| 2024 | |
|---|---|
| 3 899 | 3 418 |
| 3 265 | 3 346 |
| 368 | 201 |
| 3 633 | 3 547 |
| 315 | 271 |
| 1 345 | 1 364 |
| 1 659 | 1 635 |
| 9 191 | 8 600 |
Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement
| MSEK | 2024 | 2023 |
|---|---|---|
| Equity at beginning of year | 3 418 | 3 036 |
| Comprehensive income | ||
| Profit after tax | 551 | 574 |
| Other comprehensive income | ||
| Items that will not be reclassified in profit or loss | ||
| Actuarial loss / profit on pension obligations, net after tax | -3 | -1 |
| Items that may be reclassified in profit or loss | ||
| Translation differences / Currency hedging net after tax | 127 | -14 |
| Total comprehensive income | 675 | 559 |
| Transactions with shareholders | ||
| Option programme | - | - |
| Issued call options | 4 | 5 |
| Redemption call options | 8 | 19 |
| Repurchase of own shares | -17 | -21 |
| Dividend to shareholders | -189 | -180 |
| Total transactions with shareholders | -194 | -177 |
| Equity at end of period | 3 899 | 3 418 |
| 31 Dec | Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | ||
| Operating activities | ||||||
| Profit before financial items | 161 | 165 | 891 | 974 | ||
| Depreciation and amortization | 69 | 76 | 280 | 278 | ||
| Interest and other finance income | 7 | -12 | 9 | 15 | ||
| Interest and other finance expenses | -47 | -60 | -209 | -234 | ||
| Other non-cash items | 4 | 48 | -72 | 81 | ||
| Income tax paid | -32 | -32 | -182 | -178 | ||
| Cash flow from operations | 161 | 185 | 717 | 936 | ||
| Changes in working capital | ||||||
| Increase (-)/decrease (+) in inventories | -179 | 85 | 215 | 584 | ||
| Increase (-)/decrease (+) in operating receivables | 96 | 179 | -18 | 110 | ||
| Increase (+)/decrease (-) in operating liabilities | 47 | -128 | 187 | -184 | ||
| Cash flow from operating activities | 125 | 321 | 1 101 | 1 446 | ||
| Investing activities | ||||||
| Purchase of intangible assets | -8 | -3 | -15 | -8 | ||
| Acquisition of property, plant and equipment | -12 | -13 | -64 | -78 | ||
| Company acquisitions including additional purchase considerations | -356 | -22 | -525 | -648 | ||
| Företagsförvärv försäljning | - | 110 | ||||
| Cash flow from (-used in) investing activities | -376 | -38 | -493 | -734 | ||
| Financing activities | ||||||
| Dividend paid | - | -86 | -189 | -180 | ||
| Option programme | 6 | 3 | -5 | 3 | ||
| Increase (+)/decrease (-) in borrowings | 240 | -322 | -429 | -636 | ||
| Cash flow from financing activities | 246 | -405 | -623 | -813 | ||
| Cash flow for (-used in) the period | -5 | -122 | -16 | -101 | ||
| Cash and cash equivalents at the beginning of the period | 208 | 362 | 218 | 322 | ||
| Translation differences | 8 | -22 | 9 | -3 | ||
| Cash and cash equivalents at the end of the period | 211 | 218 | 211 | 218 |
The Group's Segment Reporting
| Europe North & East | UK/Ireland | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 | Q3 24 | Q4 24 | MSEK | ||||||
| Net sales | 853 | 968 | 900 | 760 | 800 | 868 | 867 | 668 | 701 | Net sales |
| Gross profit | 221 | 261 | 237 | 204 | 218 | 236 | 246 | 197 | 209 | Gross profit |
| Gross margin (%) | 25,9 | 27,0 | 26,4 | 26,8 | 27,2 | 27,2 | 28,4 | 29,4 | 29,9 | |
| Operating expenses | -119 | -121 | -128 | -116 | -115 | -143 | -145 | -94 | -137 | |
| Share of net sales (%) | -14,0 | -12,5 | -14,3 | -15,3 | -14,4 | -16,5 | -16,7 | -14,1 | -19,5 | |
| Operating profit (EBITA) | 101 | 140 | 109 | 88 | 103 | 92 | 101 | 102 | 73 | |
| Operating margin EBITA (%) | 11,9 | 14,5 | 12,1 | 11,5 | 12,8 | 10,6 | 11,7 | 15,3 | 10,4 | |
| Operating profit (EBITA), adjusted | 101 | 140 | 109 | 88 | 103 | 92 | 101 | 95 | 74 | |
| Operating margin EBITA, (%) adjusted | 11,9 | 14,5 | 12,1 | 11,5 | 12,8 | 10,6 | 11,7 | 14,2 | 10,5 | |
| Europe West | Asia-Pacific | |||||||||
| MSEK | Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 | Q3 24 | Q4 24 | MSEK | ||||||
| Net sales | 425 | 546 | 501 | 475 | 429 | 490 | 469 | 443 | 460 | Net sales |
| Gross profit | 108 | 134 | 120 | 117 | 103 | 123 | 119 | 113 | 112 | Gross profit |
| Gross margin (%) | 25,5 | 24,6 | 23,8 | 24,6 | 23,9 | 25,1 | 25,3 | 25,6 | 24,3 | |
| Operating expenses | -60 | -58 | -57 | -57 | -57 | -59 | -60 | -53 | -62 | |
| Share of net sales (%) | -14,2 | -10,6 | -11,5 | -11,9 | -13,3 | -12,0 | -12,9 | -12,0 | -13,4 | |
| Operating profit (EBITA) | 48 | 77 | 62 | 60 | 46 | 64 | 58 | 61 | 50 | |
| Operating margin EBITA (%) | 11,2 | 14,0 | 12,4 | 12,7 | 10,7 | 13,1 | 12,4 | 13,7 | 10,9 | |
| Operating profit (EBITA), adjusted | 48 | 77 | 62 | 60 | 46 | 64 | 58 | 61 | 51 | |
| Operating margin EBITA, (%) adjusted | 11,2 | 14,0 | 12,4 | 12,7 | 10,7 | 13,1 | 12,4 | 13,7 | 11,1 | |
| Americas | Group | |||||||||
| MSEK | Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 | Q3 24 | Q4 24 | MSEK | ||||||
| Net sales | 299 | 315 | 315 | 295 | 258 | 278 | 278 | 248 | 223 | Net sales |
| Gross profit | 98 | 107 | 113 | 101 | 91 | 98 | 100 | 87 | 74 | Gross profit |
| Gross margin (%) | 32,9 | 33,9 | 36,0 | 34,2 | 35,1 | 35,2 | 36,1 | 35,2 | 33,3 | |
| Operating expenses | -61 | -71 | -40 | -61 | -62 | -62 | -68 | -56 | -59 | |
| Share of net sales (%) | -20,3 | -22,5 | -12,8 | -20,7 | -24,1 | -22,3 | -24,5 | -22,7 | -26,6 | |
| Operating profit (EBITA) | 38 | 36 | 73 | 40 | 28 | 36 | 32 | 31 | 15 | |
| Operating margin EBITA (%) | 12,6 | 11,4 | 23,2 | 13,4 | 11,0 | 12,9 | 11,6 | 12,5 | 6,7 | |
| Operating profit (EBITA), adjusted | 35 | 44 | 61 | 40 | 28 | 36 | 32 | 31 | 17 |
Operating margin EBITA, (%) adjusted 11,6 14,0 19,4 13,4 11,0 12,9 11,6 12,5 7,6
| MSEK | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 24 | Q4 24 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 382 | 427 | 442 | 441 | 366 | 398 | 415 | 409 | 364 |
| Gross profit | 113 | 127 | 139 | 144 | 126 | 131 | 138 | 135 | 112 |
| Gross margin (%) | 29,6 | 29,9 | 31,5 | 32,8 | 34,5 | 32,8 | 33,2 | 33,1 | 30,7 |
| Operating expenses | -70 | -67 | -82 | -124 | -131 | -82 | -82 | -84 | -82 |
| Share of net sales (%) | -18,4 | -15,7 | -18,7 | -28,2 | -35,8 | -20,7 | -19,7 | -20,6 | -22,6 |
| Operating profit (EBITA) | 43 | 60 | 57 | 20 | -5 | 48 | 56 | 51 | 30 |
| Operating margin EBITA (%) | 11,2 | 14,1 | 12,8 | 4,6 | -1,3 | 12,2 | 13,6 | 12,5 | 8,1 |
| Operating profit (EBITA), adjusted | 43 | 54 | 57 | 60 | 43 | 48 | 53 | 51 | 33 |
| Operating margin EBITA, (%) adjusted | 11,2 | 12,7 | 12,8 | 13,7 | 11,8 | 12,2 | 12,8 | 12,5 | 9,0 |
| Asia-Pacific | |||||||||
| MSEK | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 24 | Q4 24 |
| Net sales | 112 | 131 | 122 | 100 | 90 | 116 | 114 | 110 | 116 |
| Gross profit | 34 | 41 | 37 | 31 | 28 | 37 | 34 | 34 | 38 |
| Gross margin (%) | 30,5 | 31,3 | 30,4 | 31,3 | 30,9 | 31,5 | 30,2 | 30,6 | 32,2 |
| Operating expenses | -19 | -19 | -18 | -19 | -18 | -18 | -20 | -24 | -18 |
| Share of net sales (%) | -17,3 | -14,6 | -14,8 | -18,7 | -19,7 | -15,6 | -17,6 | -21,6 | -15,7 |
| Operating profit (EBITA) | 15 | 22 | 19 | 13 | 10 | 19 | 14 | 10 | 19 |
| Operating margin EBITA (%) | 13,1 | 16,7 | 15,6 | 12,6 | 11,2 | 16,0 | 12,6 | 9,0 | 16,5 |
| Operating profit (EBITA), adjusted | 15 | 22 | 19 | 13 | 10 | 19 | 14 | 10 | 19 |
| Operating margin EBITA, (%) adjusted | 13,1 | 16,7 | 15,6 | 12,6 | 11,2 | 16,0 | 12,6 | 9,0 | 16,5 |
| Group | |||||||||
| MSEK | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 24 | Q4 24 |
| Net sales | 2 074 | 2 386 | 2 280 | 2 071 | 1 943 | 2 149 | 2 142 | 1 880 | 1 863 |
| Gross profit | 583 | 675 | 649 | 601 | 569 | 625 | 639 | 575 | 554 |
| Gross margin (%) | 28,1 | 28,3 | 28,5 | 29,0 | 29,3 | 29,1 | 29,8 | 30,6 | 29,7 |
| Operating expenses | -341 | -351 | -331 | -381 | -388 | -365 | -376 | -317 | -379 |
| Share of net sales (%) | -16,4 | -14,7 | -14,5 | -18,4 | -20,0 | -17,0 | -17,6 | -16,8 | -20,3 |
| Operating profit (EBITA) | 242 | 323 | 319 | 220 | 181 | 259 | 263 | 258 | 179 |
| Operating margin EBITA (%) | 11,7 | 13,5 | 14,0 | 10,6 | 9,3 | 12,1 | 12,3 | 13,7 | 9,6 |
| Operating profit (EBITA), adjusted | 239 | 325 | 307 | 260 | 229 | 259 | 261 | 239 | 201 |
| Operating margin EBITA, (%) adjusted | 11,5 | 13,6 | 13,4 | 12,6 | 11,8 | 12,1 | 12,2 | 12,7 | 10,8 |
Consolidated Key Figures
| Q4 | ∆ | Jan-Dec | ∆ | |||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | ||
| Order intake | 1 835 | 2 036 -10% | 7 814 | 8 602 | -9% | |
| Net sales | 1 863 | 1 943 | -4% | 8 035 | 8 680 | -7% |
| Gross profit | 554 | 569 | -3% | 2 389 | 2 494 | -4% |
| EBITDA | 230 | 242 | -5% | 1 159 | 1 252 | -7% |
| EBITDA, adjusted | 185 | 192 | -3% | 991 | 1 097 -10% | |
| Operating profit (EBITA) | 179 | 181 | -2% | 959 | 1 043 | -8% |
| Operating profit (EBITA), adjusted | 201 | 229 -12% | 959 | 1 121 -14% | ||
| Operating profit | 161 | 165 | -3% | 891 | 974 | -9% |
| Profit after tax | 112 | 71 | 57% | 551 | 574 | -4% |
| Gross margin | 29,7% | 29,3% | 29,7% | 28,7% | ||
| Operating margin EBITA | 9,6% | 9,3% | 11,9% | 12,0% | ||
| Operating margin EBITA, adjusted | 10,8% | 11,8% | 11,9% | 12,9% | ||
| Operating margin | 8,6% | 8,5% | 11,1% | 11,2% | ||
| Net margin | 6,0% | 3,7% | 6,9% | 6,6% | ||
| Net debt, SEK million | 3 369 | 3 399 | -1% | |||
| Net debt, adjusted, SEK million | 2 757 | 2 861 | -4% | |||
| Debt/equity ratio, (%) | 86 | 99 -13% | ||||
| Net debt / EBITDA, adjusted | 2,8 | 2,6 | 7% | |||
| Working capital, SEK million | 3 084 | 2 929 | 5% | |||
| Average working capital, SEK million | 3 047 | 3 448 | ||||
| Working capital in relation to net sales, (%) | 38 | 33 | ||||
| Solidity (%) | 42 | 40 | ||||
| Return on capital employed (%) | 12,5 | 13,8 | ||||
| Cash flow from operating activities | 125 | 321 -61% | ||||
| Earnings per share, SEK | 2,96 | 1,87 | 58% | 14,57 | 15,17 | -4% |
Condensed Parent Company Income Statement Condensed Parent Company Balance Sheet
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Administative expenses | -7 | -6 | -25 | -20 | |
| Other operating revenue | 0 | 4 | 8 | 11 | |
| Operating profit | -7 | -2 | -17 | -9 | |
| Profit/loss from financial items | - | - | 190 | 150 | |
| Interest income and similar profit/loss items | 4 | 0 | 0 | 1 | |
| Interest expenses and similar profit/loss items | -2 | - | -2 | -0 | |
| Profit after financial items | -5 | -2 | 171 | 142 | |
| Appropriations | 35 | 98 | 35 | 98 | |
| Tax on net profit for the period | -5 | -20 | -5 | -20 | |
| Profit after tax | 26 | 76 | 201 | 220 |
| 31 Dec | ||||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | ||
| Assets | ||||
| Fixed assets | ||||
| Financial assets | ||||
| Investments in group companies | 845 | 845 | ||
| Other assets | ||||
| Other non-current receivables | 2 | 1 | ||
| Total non-current assets | 847 | 846 | ||
| Current assets | ||||
| Receivables from Group companies | 354 | 372 | ||
| Other current receivables | 19 | 4 | ||
| Cash and cash equivalents | - | - | ||
| Total current assets | 373 | 376 | ||
| Total assets | 1 220 | 1 222 | ||
| 31 Dec | ||||
| MSEK | 2024 | 2023 | ||
| Equity and liabilities | ||||
| Equity | 1 123 | 1 116 | ||
| Untaxed reserves | 82 | 97 | ||
| Non-current liabilities | ||||
| Other non-current liabilities | 2 | 1 | ||
| Total non-current liabilities | 2 | 1 | ||
| Current liabilities | ||||
| Trade payables | 1 | 1 | ||
| Other current liabilities | 12 | 8 | ||
| Total current liabilities | 13 | 9 | ||
| Total equity and liabilities | 1 220 | 1 222 |
Other information
Accounting policies
This year-end report has been prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company's financial statements were prepared in accordance with the Swedish Annual Accounts Act, Chapter 9 and the Swedish Financial Reporting Board's recommendation RFR 2. The accounting policies applied correspond to the accounting policies and measurement principles presented in the 2023 Annual Report. The 2023 Annual Report is available at www.bufabgroup.com
Risks and risk management
Exposure to risk is a natural part of business activity, and this is reflected in Bufab's approach to risk management. Risk management aims to identify and prevent risks and to limit any loss or damage from these risks. The main risks to which the Group is exposed relate to the impact of the economy on demand. For further information regarding risks and risk management, see Note 3 of the 2023 Annual Report.
Seasonal variations
Bufab has no significant seasonal variation in its sales, but sales over the year vary based on the number of production days in each quarter for customers.
Related-party transactions
No related-party transactions occurred during the year, except for the payment of the fee to the Board of Directors, remuneration of the President and senior executives, and new subscription for call options within the framework of the long-term share-based incentive programme adopted at the Annual General Meeting under the terms outlined in more detail below. Further, the redemption of the long-term share-based incentive programme adopted at the 2021 Annual General Meeting was implemented on the terms contained in the 2023 Annual Report.
Acquisitions
On 26 November 2024, all shares in VITAL S.p.A, a distributor of C-parts, were acquired. The company is based in Milan, Italy. The purchase consideration amounted to SEK 624 million, of which SEK million 129 is conditional. Unconditional purchase price amounted to SEK 495 million whereof SEK 367 million was paid upon acquisition date and SEK 128 million is deferred purchase price and is due for payment during 2025 and 2026. The conditional purchase price consideration, which is performancebased (a so-called earn-out) and comprises a maximum of SEK 129 million, can be paid during the period 2025-2028 and is contingent upon the acquired company's future operating profit performance.
VITAL S.p.A. is included in Bufab's Region Europe West. Transaction costs resulting from the acquisition are estimated at SEK 8 million.
From the date of its acquisition, the acquired company contributed SEK 36 million and SEK 7 million to the Group's revenues and profit before tax, respectively.
If the acquisition had occurred on 1 January 2024, the Group's revenues and profit before tax at 31 December 2024 would have amounted to SEK 524 million and SEK 97 million, respectively.
| Net assets acquired (MSEK) |
IFRS16 effect | Total | |
|---|---|---|---|
| Intangible assets | 9 | 9 | |
| Other non-current assets | 19 | 28 | 47 |
| Inventories | 150 | 150 | |
| Other current assets | 208 | 208 | |
| Cash and cash equivalents | 20 | 20 | |
| Deferred tax liabilities | -2 | -2 | |
| Other liabilities | -86 | -28 | -114 |
| Identifiable net assets | 318 | 0.0 | 318 |
| Goodwill | 306 | 306 | |
| Total purchase price* | 624 | 624 | |
| Deductible and additional items: | |||
| Cash and cash equivalents in acquired business |
-20 | -20 | |
| Deferred purchase price |
-128 | -128 | |
| Additional purchase price (earn-out) |
-129 | -129 | |
| Impact on the Group's cash and cash equivalents: |
347 | 0.0 | 347 |
* Purchase consideration excluding acquisition costs
The acquisition analysis above is preliminary. Goodwill arising in connection with the acquisition is attributable to the knowledge accrued in the acquired company and the established and consolidated market positions and anticipated profitability.
Additional purchase considerations
The Group's liabilities for contingent considerations attributable to acquisitions are measured at fair value. These items are recognised at fair value in the balance sheet with changes in value recognised in profit or loss. Total recognised liabilities for additional purchase considerations amounted to SEK 324 million at 31 December 2024 (280), of which SEK 231 million (50) was recognised as Non-current liabilities, noninterest-bearing and SEK 93 million (230) was recognised as Current liabilities, noninterest-bearing in the consolidated balance sheet. The reported additional purchase considerations are included – according to the Group's definition – in the amounts for "net indebtedness" and "net debt, adjusted" from the time when they are finally calculated until they are paid out.
Significant events during the quarter
During the quarter, VITAL S.p.A., was acquired, a leading Italian distributor of C-parts. The company has 57 employees and net sales of EUR 48 million in 2023, with an operating margin that surpasses Bufab's 2026 profitability target.
Employees
The number of employees in the Group at 31 December 2024 amounted to 1,762 (1,782).
Contingent liabilities and collaterals
No additional significant changes were made to the company's contingent liabilities during the quarter.
Dividend
The Board of Directors proposes a dividend of SEK 5.25 (5.00) per share for 2024, corresponding to a total dividend of SEK 199 million (190). The proposed record date is 29 April 2025 and the expected payment date is 5 May 2025, with the share being traded without entitlement to a dividend as of 28 April 2025.
Annual General Meeting
The Annual General Meeting (AGM) of Bufab AB (publ) will be held in Värnamo, Sweden, on 24 April 2025 at 10:30 a.m. Notice of the AGM will be available on Bufab's website, www.bufabgroup.com on 21 March 2025. The Annual Report for 2024 will be published no later than 3 April 2025.
Audit review
This interim report has not been examined by the company's auditors.
Definitions of key figures
Gross margin, %
Gross profit as a percentage of net sales for the period
EBITDA
Operating profit before depreciation, amortisation and impairment
EBITDA, adjusted
Operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets according to IFRS 16 Leases. This key figure is intended to present a comparable EBITDA as though IAS 17 continued to be applied.
Operating profit (EBITA)
Gross profit less operating expenses.
Net debt
Interest-bearing liabilities, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Net debt, adjusted
Interest-bearing liabilities, excluding lease liabilities according to IFRS 16, less cash and cash equivalents and interest-bearing assets, calculated at the end of the period
Debt/equity ratio, % Net debt divided by equity, calculated at the end of the period
Net debt/EBITDA, adjusted Net debt, adjusted, at the end of the period divided by EBITDA, adjusted, in the last twelve months
Operating expenses
Total distribution costs, administrative expenses, other operating income/expenses excluding depreciation, amortisation and impairment of acquisition-related intangible assets
Working capital
Total current assets less cash and cash equivalents less current non-interest-bearing liabilities, calculated at the end of the period
Working capital in relation to net sales, %
Working capital as a percentage of net sales in the last twelve months
Equity/assets ratio, %
Equity as a percentage of total assets, calculated at the end of the period.
Return on capital employed (ROCE), %
Profit after financial items plus interest expenses as a percentage of average equity and average interest-bearing liabilities.
Cash conversion
Cash flow from operating activities divided by EBITDA, adjusted
Earnings per share
Profit after tax for the period divided by the average number of common shares
Performance measures not defined in accordance with IFRS
Bufab uses certain performance measures not defined in the rules for financial reporting adopted by Bufab. The purpose of these performance measures is to provide a better understanding of the performance of the operations. It should be pointed out that these alternative performance measures, as they are defined, are not fully comparable with other companies' performance measures with the same name.
Organic growth
Bufab has operations in many countries with different currencies, it is therefore essential to provide an understanding of the company's performance without currency effects when translating foreign subsidiaries. In addition, Bufab has an important strategic objective in carrying out value-generating acquisitions. For these reasons, growth is also recognised excluding currency effects when translating foreign subsidiaries and excluding acquired operations within the term Organic growth. This performance measure is expressed in percentage points of last year's net sales.
| Q4 | ||||||
|---|---|---|---|---|---|---|
| 2024 | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | |
| Organic growth | -1,5 | -0,6 | -0,1 | -11,3 | -5,1 | 27,4 |
| Currency translation effects | 0,5 | 0,2 | -1,2 | -2,0 | 4,6 | 2,0 |
| Acquisitions | 1,9 | - | 8,4 | - | - | - |
| Divestments | -5,0 | -12,0 | - | - | - | - |
| Recognised growth | -4,1 | -12,4 | 7,1 | -13,3 | -0,5 | 29,4 |
| Jan-Dec | |||||||
|---|---|---|---|---|---|---|---|
| 2024 | Group Europe North & East | Europe West | Americas | UK/Ireland | Asia-Pacific | ||
| Organic growth | -5,4 | -4,5 | -4,4 | -10,0 | -7,7 | 4,4 | |
| Currency translation effects | -0,4 | 0,1 | -2,1 | -3,1 | 2,3 | -1,3 | |
| Acquisitions | 0,4 | - | 1,8 | - | - | - | |
| Divestments | -2,0 | -5,1 | - | - | - | - | |
| Recognised growth | -7,4 | -9,5 | -4,7 | -13,1 | -5,4 | 3,1 |
EBITDA
EBITDA is an expression of operating profit before depreciation, amortisation and impairment. The performance measure is defined below.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 |
| Operating profit | 161 | 166 | 891 | 974 |
| Depreciation and amortization | 68 | 76 | 269 | 278 |
| EBITDA | 230 | 242 | 1 159 | 1 252 |
EBITDA, adjusted
The performance measure EBITDA, adjusted, is an expression of operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets and interest expenses on lease liabilities according to IFRS 16. The performance measure is defined below.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 |
| Operating profit | 161 | 166 | 891 | 974 |
| Depreciation and amortization | 68 | 76 | 269 | 278 |
| Less: amortisation on right-of-use assets according to IFRS 16 |
-39 | -44 | -148 | -138 |
| Less: interest expenses on lease liabilities according to IFRS 16 |
-6 | -7 | -19 | -17 |
| EBITDA, adjusted | 185 | 192 | 991 | 1 097 |
EBITA
Bufab's growth strategy includes the acquisition of companies. For the purpose of illustrating the underlying operation's performance, management has chosen to monitor EBITA (operating profit before depreciation, amortisation and impairment of acquired intangible assets). The performance measure is defined below.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 |
| Operating profit | 161 | 166 | 891 | 974 |
| Depreciation and amortisation of | ||||
| acquired intangible assets | 17 | 16 | 69 | 69 |
| EBITA | 179 | 181 | 959 | 1 043 |
EBITA, adjusted
The key figure Operating profit (EBITA) adjusted is an expression of the operating profit excluding items affecting comparability, which include but are not limited to restructuring costs, remeasurement of additional purchase considerations, and gains and losses in conjunction with divestment of operations.
Operating expenses
Operating expenses is an expression of operating expenses before depreciation, amortisation and impairment of acquired intangible assets. The performance measure is defined below.
| Q4 | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 |
| Distribution costs | -239 | -220 | -971 | -920 |
| Administative expenses | -157 | -135 | -590 | -552 |
| Other operating income and operating | ||||
| expenses | 3 | -50 | 63 | -48 |
| Depreciation and amortisation of | ||||
| acquired intangible assets | 17 | 18 | 69 | 69 |
| Operating expenses | -376 | -388 | -1 429 | -1 451 |
Working capital
Because Bufab is a trading company, working capital represents a large share of the balance sheet's value. In order to optimise the company's cash generation, management focuses on the local company's development, and thereby the entire Group's development, of working capital as it is defined below.
| 31 Dec | ||
|---|---|---|
| MSEK | 2024 | 2023 |
| Current assets | 4 640 | 4 510 |
| Less: cash and cash equivalents | -211 | -218 |
| Less: current non-interest-bearing liabilities excluding | ||
| liabilities for additional purchase prices | #NAMN? | #NAMN? |
| Working capital on the balance-sheet date | #NAMN? | #NAMN? |
Net debt
Net debt is an expression of how large the financial borrowing is in the company in absolute figures after deductions for cash and cash equivalents. The performance measure is defined below.
| 31 Dec | ||
|---|---|---|
| MSEK | 2024 | 2023 |
| Non-current liabilities, interest bearing | 3 265 | 3 346 |
| Current liabilities, interest bearing | 315 | 271 |
| Less: cash and cash equivalents | -211 | -218 |
| Less: other interest-bearing receivables | - | - |
| Net debt on balance-sheet date | 3 369 | 3 399 |
Net debt, adjusted
Net debt, adjusted, is an expression of how large the financial borrowing is in the company in absolute figures after deductions for lease liabilities according to IFRS 16 and cash and cash equivalents. The performance measure is defined below.
| 31 Dec | ||
|---|---|---|
| MSEK | 2024 | 2023 |
| Non-current liabilities, interest bearing | 3 265 | 3 346 |
| Current liabilities, interest bearing | 315 | 271 |
| Less: lease liabilities according to IFRS 16 | -612 | -538 |
| Less: cash and cash equivalents | -211 | -218 |
| Less: other interest-bearing receivables | - | - |
| Net debt, adjusted, on the balance-sheet date | 2 757 | 2 861 |
Return on capital employed
Return on capital employed is an expression of profitability after taking into account the amount of capital utilised. The performance measure is defined below.
| 31 Dec | ||
|---|---|---|
| MSEK | 2024 | 2023 |
| Result after financial items L12M | 687 | 754 |
| Interest expense | -213 | -256 |
| Average shareholder´s equity | 3 691 | 3 416 |
| Average interest-bearing liabilities | 3 580 | 3 918 |
| Return on capital employed | 12,5% | 13,8% |
Information and addresses
Conference call
A conference call will be held on 6 February 2025 at 10:00 a.m. CET. Erik Lundén, President and CEO, and Pär Ihrskog, CFO, will present the results. Analysts and investors who wish to ask questions are asked to connect to the presentation via the following Teams link: Click here to join the meeting and use the "Raise Your Hand" function during the Q&A session.
Calendar
Interim report Q1, 2025: 24 April 2025 Annual General Meeting 2025: 24 April 2025 Interim report Q2, 2025: 15 July 2025 Interim Report Q3, 2025: 24 October 2025
Contact
Erik Lundén Pär Ihrskog President and CEO CFO +46 370 69 69 00 +46 370 69 69 00 [email protected] [email protected]
Bufab AB (publ) Box 2266 SE-331 02, Värnamo, Sweden Corp. Reg. No. 556685-6240 Phone: +46 370 69 69 00 www.bufabgroup.com
This information is such that Bufab AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation. The information was submitted for publication by the aforementioned contacts on 6 February 2025 at 7:30 a.m. CET.
About Bufab
Bufab is a trading company that offers its customers a fullservice solution as a Supply Chain Partner for sourcing, quality control, sustainability and logistics for C-Parts.
Bufab was founded in 1977 in Småland, Sweden, and is an international Group that currently consists of more than 50 companies. The Group has about 1,800 employees in 29 countries and annual sales in 2024 amounted to SEK 8.0 billion. The share has been listed on Nasdaq Stockholm since 2014. Please visit www.bufabgroup.com for more information.
Sister companies
