Interim / Quarterly Report • Aug 13, 2014
Interim / Quarterly Report
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| Quarter 2 | Δ | Jan-Jun | Δ | 12 month rolling |
Full year | Δ | |||
|---|---|---|---|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | % | 2014 | 2013 | % | 2013/14 | 2013 | % |
| Order intake | 565 | 530 | 6.5 | 1,128 | 1,050 | 7.4 | 2,150 | 2,072 | 3.7 |
| Net sales | 579 | 534 | 8.4 | 1,131 | 1,029 | 9.9 | 2,132 | 2,031 | 5.0 |
| Gross profit | 177 | 162 | 9.3 | 339 | 304 | 11.7 | 632 | 596 | 6.0 |
| Gross margin, % | 30.5 | 30.3 | 30.0 | 29.5 | 29.6 | 29.3 | |||
| Operating profit | 60 | 58 | 3.7 | 93 | 98 | -5.2 | 196 | 201 | -2.6 |
| Operating margin, % | 10.3 | 10.8 | 8.2 | 9.5 | 9.2 | 9.9 | |||
| Adjusted operating profit | 60 | 58 | 3.7 | 111 | 98 | 13.6 | 216 | 203 | 6.6 |
| Adjusted operating margin, % | 10.3 | 10.8 | 9.9 | 9.5 | 10.1 | 10.0 | |||
| Profit after tax | 44 | 40 | 8.4 | 61 | 63 | -3.0 | 129 | 131 | -1.5 |
| Earnings per share | 1.16 | 1.07 | 8.4 | 1.61 | 1.66 | -3.0 | 3.38 | 3.43 | -1.5 |
For definitions, see page 16.
NET SALES
SEK 579 m
SALES GROWTH
+8.4%
OPERATING PROFIT SEK 60 m
ADJUSTED OPERATING PROFIT SEK 60 m
OPERATING MARGIN 10.3%
ADJUSTED OPERATING MARGIN 10.3%
During the second quarter, Bufab's order intake, net sales and operating profit increased. The primary reasons for the positive trend were that the market shares rose while the underlying demand also increased. However, it should be noted that the underlying demand for 2013 was weak, especially during the first quarter but increased successively during the remainder of 2013.
It is gratifying that we continue to increase our market shares. According to our assessment, this is a direct result of our growth strategy and our investments in the sales organisation. The growth rate is higher for segment International than for segment Sweden due to a slightly weaker demand in Sweden and the relocation of sales from segment Sweden to segment International due to customers' production relocation.
Our continued investment in growth during the year has resulted in higher selling costs than in 2013. This is in line with our strategy. However, taking into account the economic trend that is difficult to
Jörgen Rosengren, President and CEO
assess, in the near future, we will become more restrained in further expanding the sales organisation.
Improved efficiency is the second pillar of our strategy. During the first half of the year, we succeeded in initiatives, which resulted mainly in reduced purchase prices and lower costs in the logistics chain. The results of these initiatives are visible in a higher gross margin. Work on further efficiency improvements is ongoing.
The third pillar of the strategy is value-creating acquisitions. The evaluation of potential acquisition opportunities is a continuous activity, with a focus on acquisition candidates with growth synergies.
In general, we are confident in our strategy and its results. The underlying demand is currently difficult to assess. However, we see good opportunities to continue to capture market shares. This, combined with continuing stable order intake, means that we have good confidence for the rest of the year.
Bufab Holding AB (publ), Corporate Registration Number 556685-6240, is a trading company that offers its customers a fullservice solution as Supply Chain Partner for sourcing, quality control and logistics for C-Parts (screws, nuts, etc.). Bufab's Global Parts ProductivityTM customer offering aims to improve productivity in customers' value chain for C-Parts.
Bufab was founded in 1977 in Småland and is an international company with operations in 23 countries. The head office is located in Värnamo, Sweden and Bufab has about 800 employees. Bufab's sales for 2013 amounted to SEK 2,031 million and operating profit was SEK 201 million. The Bufab share is listed on NASDAQ OMX Stockholm, under the ticker "BUFAB."
The order intake rose 6.5 percent to SEK 565 million (530). The order intake was lower than the net sales, which is normal for the second quarter.
Net sales rose 8.4 percent to SEK 579 million (534). Adjusted for currency effects, the increase was 6.4 percent. The increase was due to strategic initiatives resulting in higher market shares for segment International as well as an improved underlying demand.
Operating profit rose to SEK 60 million (58). Earnings were positively impacted by the higher net sales, as well as savings in purchasing and logistics, and negatively impacted by higher personnel costs for the sales organisation, primarily in segment International.
The order intake rose 7.4 percent to SEK 1,128 million (1,050) and was in line with net sales.
Net sales increased 9.9 percent to SEK 1,131 million (1,029). Adjusted for currency effects, the increase was 8.4 percent. An improved underlying demand and higher market shares in segment International resulting from strategic initiatives were the main reasons for the increase.
Operating profit amounted to SEK 93 million (98). During the first quarter, operating profit was charged with non-recurring costs of SEK 18 million pertaining to Bufab's listing. Adjusted for non-recurring items, operating profit amounted to SEK 111 million (98), corresponding to an adjusted operating margin of 9.9 percent (9.5). Earnings were positively impacted by the higher net sales, as well as savings in purchasing and logistics, and negatively impacted by higher personnel costs for the sales organisation, primarily in segment International.
The Group's net financial items amounted to a negative SEK 1 million (neg: 4) for the second quarter and a negative SEK 10 million (neg: 14) for the first half year. The net financial items were positively impacted by exchange-rate differences totalling SEK 4 million in the second quarter and SEK 2 million for the first half of the year.
The Group's profit after financial items amounted to SEK 59 million (54) for the second quarter and SEK 83 million (84) for the first half year.
The tax expense for the second quarter was SEK 15 million (14) and SEK 22 million (21) for the half year.
| Quarter 2 | Jan–Jun | |||
|---|---|---|---|---|
| SEK millions | 2014 | 2013 | 2014 | 2013 |
| Operating profit | 60 | 58 | 93 | 98 |
| Depreciation/amortisation and impairment | 8 | 8 | 16 | 16 |
| Other non-cash items | 0 | -1 | 0 | -1 |
| Changes in working capital | -35 | -5 | -62 | 18 |
| Cash flow from activities | 33 | 60 | 47 | 131 |
| Investments | -9 | -4 | -13 | -6 |
| Operational cash flow | 24 | 56 | 34 | 125 |
Operating cash flow amounted to SEK 24 million (56). The lower operating cash flow during the period was mainly due to higher working capital, primarily higher accounts receivable and higher inventories resulting from increased sales volumes. In addition to this, accounts payable decreased SEK 13 million pertaining to payment of costs attributable to Bufab's listing on the stock market. The operating cash flow was SEK 34 million (125) for the first half of the year.
The working capital in relation to net sales was 35.8 percent, which is an improvement compared with the year-earlier period, but weaker than the first quarter. Initiatives aimed at optimizing working capital are continuing.
On 30 June, the Group's net debt totalled SEK 611 million (640) and the debt/equity ratio was 56 percent (68).
Net sales rose 2.5 percent to SEK 269 million (263). The increase was primarily attributable to an improved underlying demand compared with the year-earlier period. However, the increase was offset by customers' production relocation from Sweden, which had a negative impact on segment Sweden but a positive impact on segment International.
Operating profit amounted to SEK 47 million (42), corresponding to an operating margin of 17.5 percent (16.1). Earnings were positively impacted by a higher capacity utilisation, savings in purchasing and logistics, as well as inventory revaluation of SEK 3 million.
Net sales rose 4.5 percent to SEK 532 million (509). The increase was primarily attributable to an improved underlying demand compared with the year-earlier period. However, the increase was offset by customers' production relocation from Sweden, which had a negative impact on the Sweden segment but a positive impact on the International segment.
Operating profit amounted to SEK 87 million (72), corresponding to an adjusted operating margin of 16.4 percent (14.1). Earnings were positively impacted by a higher capacity utilisation and savings in purchasing and logistics.
| Quarter 2 | Δ | Jan-Jun | Δ | 12 month rolling |
Full year |
Δ | |||
|---|---|---|---|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | % | 2014 | 2013 | % | 2013/14 | 2013 | % |
| Order intake* | 255 | 257 | -0.7 | 523 | 520 | 0.6 | 1,001 | 998 | 0.3 |
| Net sales* | 269 | 263 | 2.5 | 532 | 509 | 4.5 | 993 | 970 | 2.4 |
| Operating profit | 47 | 42 | 11.7 | 87 | 72 | 21.8 | 161 | 145 | 10.8 |
| Operating margin, % | 17.5 | 16.1 | 16.4 | 14.1 | 16.2 | 14.9 | |||
| Adjusted operating profit | 47 | 42 | 11.7 | 87 | 72 | 21.8 | 159 | 143 | 10.9 |
| Adjusted operating margin, % | 17.5 | 16.1 | 16.4 | 14.1 | 16.0 | 14.8 |
*Pertains to net sales and order intake from external customers.
THE QUARTER IN BRIEF
46% NET SALES SEK 269 m SHARE OF TOTAL SALES SALES GROWTH
OPERATING PROFIT
SEK 47 m
ADJUSTED OPERATING PROFIT SEK 47 m
OPERATING MARGIN 17.5%
ADJUSTED OPERATING MARGIN 17.5%
Net sales rose 14.1 percent to SEK 310 million (271). Adjusted for currency effects, the increase was 10.2 percent. The increase was due to strategic initiatives that resulted in higher market shares for the segment, as well as improved underlying demand.
Operating profit for the period was SEK 23 million (23), corresponding to an operating margin of 7.3 percent (8.5). Earnings were positively impacted by higher net sales, but negatively by the higher cost level in the segment resulting from the investment in the sales organisation. During the year-earlier period, earnings were positively impacted by SEK 4 million pertaining to a project business, as well as a revaluation item.
Net sales rose 15.1 percent to SEK 599 million (520). Adjusted for currency effects, the increase in net sales was 12.1 percent. The increase was due to strategic initiatives that resulted in higher market shares for the segment, as well as an improved underlying demand.
Operating profit for the period was SEK 40 million (38), corresponding to an operating margin of 6.6 percent (7.2). Earnings were positively impacted by higher net sales but negatively by the higher cost level in the segment resulting from the investment in the sales organisation.
| Quarter 2 | Δ | Jan-Jun | Δ | 12 month rolling |
Full year |
Δ | |||
|---|---|---|---|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | % | 2014 | 2013 | % | 2013/14 | 2013 | % |
| Order intake* | 310 | 273 | 13.4 | 605 | 530 | 14.1 | 1,149 | 1,074 | 6.9 |
| Net sales* | 310 | 271 | 14.1 | 599 | 520 | 15.1 | 1,140 | 1,061 | 7.4 |
| Operating profit | 23 | 23 | -2.4 | 40 | 38 | 5.5 | 86 | 84 | 2.5 |
| Operating margin, % | 7.3 | 8.5 | 6.6 | 7.2 | 7.6 | 7.9 | |||
| Adjusted operating profit | 23 | 23 | -2.4 | 40 | 38 | 5.5 | 85 | 83 | 2.5 |
| Adjusted operating margin, % | 7.3 | 8.5 | 6.6 | 7.2 | 7.5 | 7.8 |
*Pertains to net sales and order intake from external customers.
OPERATING PROFIT SEK 23 million
ADJUSTED OPERATING PROFIT SEK 23 million
OPERATING MARGIN 7.3%
ADJUSTED OPERATING MARGIN 7.3%
| Quarter 2 | Jan–Jun | ||||
|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | 2014 | 2013 | |
| Net sales | 579 | 534 | 1,131 | 1,029 | |
| Cost of goods sold | -402 | -372 | -791 | -725 | |
| Gross profit | 177 | 162 | 339 | 304 | |
| Distribution costs | -86 | -76 | -168 | -147 | |
| Administrative expenses | -34 | -33 | -82 | -62 | |
| Other operating income | 8 | 10 | 13 | 15 | |
| Other operating expenses | -4 | -5 | -8 | -12 | |
| Operating profit Note 1 |
60 | 58 | 93 | 98 | |
| Profit/loss from financial items | |||||
| Interest and similar income | 2 | 0 | 2 | 1 | |
| Interest and similar expenses | -3 | -4 | -12 | -15 | |
| Profit after financial items | 59 | 54 | 83 | 84 | |
| Tax on profit of the period | -15 | -14 | -22 | -21 | |
| Profit after tax | 44 | 40 | 61 | 63 |
| Quarter 2 | Jan–Jun | |||||
|---|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | 2014 | 2013 | ||
| Profit after tax | 44 | 40 | 61 | 63 | ||
| Other comprehensive income | ||||||
| Items that will not be reclassified subsequently to profit or loss |
||||||
| Actuarial gains and losses, net of tax | - | - | - | - | ||
| Items that may be reclassified subsequently to profit or loss |
||||||
| Translation differences | 10 | 13 | 12 | 1 | ||
| Other comprehensive income after tax | 10 | 13 | 12 | 1 | ||
| Total comprehensive income | 54 | 53 | 73 | 64 | ||
| Total comprehensive income attributable to: | ||||||
| Parent company shareholders | 54 | 53 | 73 | 64 |
| Quarter 2 | Jan–Jun | |||
|---|---|---|---|---|
| SEK | 2014 | 2013 | 2014 | 2013 |
| Earnings per share | 1.16 | 1.07 | 1.61 | 1.66 |
| Weighted number of shares outstanding, thousands | 38,110.5 | 38,110.5 | 38,110.5 | 38,110.5 |
| Diluted earnings per share | 1.16 | 1.07 | 1.61 | 1.66 |
| Weighted number of shares outstanding after dilution, thousands |
38,110.5 | 38,110.5 | 38,110.5 | 38,110.5 |
| Quarter 2 | Jan–Jun | |||||
|---|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | 2014 | 2013 | ||
| Total non-recurring items with effect on gross profit | - | - | - | - | ||
| Costs for listing at NASDAQ OMX | - | - | -18 | - | ||
| Total non-recurring items with effect on operating expenses |
0 | 0 | -18 | 0 | ||
| Total non-recurring items with effect on operating profit |
0 | 0 | -18 | 0 |
| 30-jun-14 | 30-jun-13 | 31-dec-13 | |
|---|---|---|---|
| SEK millions | |||
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 744 | 740 | 739 |
| Property, land and equipment | 146 | 135 | 145 |
| Financial assets | 24 | 25 | 25 |
| Total non-current assets | 914 | 900 | 909 |
| Current assets | |||
| Inventories | 657 | 575 | 626 |
| Current receivables | 522 | 492 | 440 |
| Cash and cash equivalents | 79 | 84 | 98 |
| Total current assets | 1,258 | 1,151 | 1,164 |
| Total assets | 2,172 | 2,051 | 2,073 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,085 | 940 | 1,012 |
| Non-current liabilities | |||
| Non-current liabilities, interest bearing | 599 | 508 | 479 |
| Non-current liabilities, non-interest bearing | 29 | 26 | 29 |
| Total non-current liabilities | 628 | 534 | 508 |
| Current liabilities | |||
| Current liabilities, interest bearing | 91 | 216 | 227 |
| Current liabilities, non-interest bearing | 368 | 361 | 326 |
| Total current liabilities | 459 | 577 | 553 |
| Total equity and liabilities | 2,172 | 2,051 | 2,073 |
| SEK millions | 30-jun-14 | 30-jun-13 | 31-dec-13 |
|---|---|---|---|
| Equity at beginning of year | 1,012 | 876 | 876 |
| Comprehensive income | |||
| Profit after tax | 61 | 63 | 131 |
| Other comprehensive income | |||
| Items that will not be reclassified subsequently to profit or loss | |||
| Actuarial gain on pension obligations, net of tax | - | - | 1 |
| Items that may be reclassified subsequently to profit or loss | |||
| Translation differences | 12 | 1 | 4 |
| Total comprehensive income | 73 | 64 | 136 |
| Owner transactions | |||
| Dividend to parent company shareholders | - | - | -2 |
| Capital paid in through shareholder contributions | - | - | 2 |
| Total owner transactions | 0 | 0 | 0 |
| Equity at end of period | 1,085 | 940 | 1,012 |
| Quarter 2 | Jan–Jun | |||
|---|---|---|---|---|
| SEK millions | 2014 | 2013 | 2014 | 2013 |
| Operating activities | ||||
| Profit before financial items | 60 | 58 | 93 | 98 |
| Depreciation/amortisation and impairment | 8 | 8 | 16 | 16 |
| Interest and other financial costs | -4 | -6 | -11 | -13 |
| Other non-cash items | 0 | -1 | 0 | -1 |
| Income tax paid | -14 | -12 | -28 | -37 |
| Cash flow from operating activities before changes in working capital |
50 | 47 | 70 | 63 |
| Changes in working capital | ||||
| Increase (-)/decrease (+) in inventories | -15 | -11 | -24 | 10 |
| Increase (-)/decrease (+) in operating receivables | -20 | -23 | -81 | -38 |
| Increase (+)/decrease (-) in operating liabilities | 0 | 29 | 43 | 46 |
| Cash flow from operating activities | 15 | 42 | 8 | 81 |
| Investing activities | ||||
| Acquisition of property, plant and equipment | -9 | -4 | -13 | -6 |
| Acquisition of intangible assets | -1 | - | -3 | - |
| Cash flow from investing activities | -10 | -4 | -16 | -6 |
| Financing activities | ||||
| Repayment of borrowings | -4 | -37 | -13 | -80 |
| Cash flow from financing activities | -4 | -37 | -13 | -80 |
| Cash flow for the period | 1 | 1 | -21 | -5 |
| Cash and cash equivalents at beginning of period | 76 | 80 | 98 | 88 |
| Exchange differences | 2 | 3 | 2 | 1 |
| Cash and cash equivalents at end of period | 79 | 84 | 79 | 84 |
| Accumulated | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2013 | 2014 | ||||||||
| Sweden | Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | Q 3 | Q 4 | Q 2 | Q 2 | |
| Net sales | 246 | 263 | 218 | 243 | 263 | 269 | 509 | 532 | |||
| Operating profit/loss | 30 | 42 | 33 | 40 | 40 | 47 | 72 | 87 | |||
| Operating margin, % | 12.0 | 16.1 | 15.0 | 16.7 | 15.3 | 17.5 | 14.1 | 16.4 | |||
| Adjusted operating profit/loss | 30 | 42 | 31 | 40 | 40 | 47 | 72 | 87 | |||
| Adjusted operating margin, % | 12.0 | 16.1 | 14.3 | 16.7 | 15.3 | 17.5 | 14.1 | 16.4 |
| Accumulated | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2013 | 2014 | ||||||||
| International | Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | Q 3 | Q 4 | Q 2 | Q 2 |
| Net sales | 250 | 271 | 272 | 269 | 289 | 310 | 520 | 599 | ||
| Operating profit/loss | 15 | 23 | 27 | 20 | 17 | 23 | 38 | 40 | ||
| Operating margin, % | 6.0 | 8.5 | 9.8 | 7.3 | 6.0 | 7.3 | 7.2 | 6.6 | ||
| Adjusted operating profit/loss | 15 | 23 | 27 | 19 | 17 | 23 | 38 | 40 | ||
| Adjusted operating margin, % | 6.0 | 8.5 | 9.8 | 7.0 | 6.0 | 7.3 | 7.2 | 6.6 |
| 2013 | 2014 | 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other | Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | Q 3 | Q 4 | Q 2 | Q 2 | |
| Net sales | - | - | - | - | - | - | - | - | |||
| Operating profit/loss | -4 | -8 | -8 | -8 | -23 | -10 | -12 | -34 | |||
| Operating margin, % | - | - | - | - | - | - | - | - | |||
| Adjusted operating profit/loss | -4 | -8 | -8 | -4 | -5 | -10 | -12 | -16 | |||
| Adjusted operating margin, % | - | - | - | - | - | - | - | - |
| 2013 | 2014 | 2013 | 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Group | Q 1 | Q 2 | Q 3 | Q 4 | Q 1 | Q 2 | Q 3 | Q 4 | Q 2 | Q 2 |
| Net sales | 495 | 534 | 490 | 512 | 552 | 579 | 1,029 | 1,131 | ||
| Operating profit/loss | 41 | 58 | 51 | 52 | 33 | 60 | 98 | 93 | ||
| Operating margin, % | 8.2 | 10.8 | 10.4 | 10.2 | 6.0 | 10.3 | 9.5 | 8.2 | ||
| Adjusted operating profit/loss | 41 | 58 | 49 | 55 | 52 | 60 | 98 | 111 | ||
| Adjusted operating margin, % | 8.2 | 10.8 | 10.1 | 10.8 | 9.4 | 10.3 | 9.5 | 9.9 |
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Accumulated | |||||
|---|---|---|---|---|---|
| Quarter 2 | Δ | Jan-Jun | Δ | |||
|---|---|---|---|---|---|---|
| 2014 | 2013 | % | 2014 | 2013 | % | |
| Order intake, SEK million | 565 | 530 | 6.5 | 1,128 | 1,050 | 7.4 |
| Net sales, SEK million | 579 | 534 | 8.4 | 1,131 | 1,029 | 9.9 |
| Gross profit, SEK million | 177 | 162 | 9.3 | 339 | 304 | 11.7 |
| Adjusted EBITDA, SEK million | 68 | 65 | 3.5 | 127 | 114 | 11.7 |
| Operating profit, SEK million | 60 | 58 | 3.7 | 93 | 98 | -5.2 |
| Adjusted operating profit, SEK million | 60 | 58 | 3.7 | 111 | 98 | 13.6 |
| Profit after tax, SEK million | 44 | 40 | 8.4 | 61 | 63 | -3.0 |
| Gross margin, % | 30.5 | 30.3 | 30.0 | 29.5 | ||
| Operating margin, % | 10.3 | 10.8 | 8.2 | 9.5 | ||
| Adjusted operating margin, % | 10.3 | 10.8 | 9.9 | 9.5 | ||
| Net margin, % | 7.7 | 7.6 | 5.4 | 6.1 | ||
| Net debt, SEK million | 611 | 640 | -4.5 | |||
| Debt/equity ratio, % | 56 | 68 | ||||
| Net debt / adjusted EBITDA | 2.5 | 3.3 | ||||
| Working capital, SEK million | 811 | 706 | ||||
| Working capital / net sales, % | 35.8 | 36.0 | ||||
| Equity/assets ratio, % | 50 | 46 | ||||
| Operating cash flow, SEK million | 24 | 56 | 34 | 125 | ||
| Earnings per share, SEK | 1.16 | 1.07 | 1.61 | 1.66 |
For definitions, see page 16.
| Quarter 2 | Jan–Jun | |||||
|---|---|---|---|---|---|---|
| SEK millions | 2014 | 2013 | 2014 | 2013 | ||
| Administrative expenses | -1 | -2 | -20 | -3 | ||
| Operating profit | -1 | -2 | -20 | -3 | ||
| Profit/loss from financial items | ||||||
| Interest and similar expenses | - | - | - | - | ||
| Profit after financial items | -1 | -2 | -20 | -3 | ||
| Appropriations | - | - | - | - | ||
| Tax on profit of the period | 0 | - | 4 | 1 | ||
| Profit after tax | -1 | -2 | -16 | -2 | ||
| Other comprehensive income | - | - | - | - | ||
| Total comprehensive income | -1 | -2 | -16 | -2 |
*Including listing costs totalling SEK 18 million for the first quarter of 2014
| SEK millions | 30-jun-14 | 30-jun-13 | 31-dec-13 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | |||
| Participations in Group companies | 845 | 845 | 845 |
| Total non-current assets | 845 | 845 | 845 |
| Current assets | |||
| Receivables from Group companies | 342 | 226 | 341 |
| Other receivables | 22 | 16 | 7 |
| Cash and cash equivalents | 4 | 0 | 3 |
| Total current assets | 368 | 242 | 351 |
| Total assets | 1,213 | 1,087 | 1,196 |
| EQUITY AND LIABILITIES | |||
| Equity | 869 | 819 | 884 |
| Untaxed reserves | 58 | 31 | 58 |
| Non-current interest-bearing liabilities | |||
| Other non-current liabilities | - | - | - |
| Total non-current liabilities | 0 | 0 | 0 |
| Current non-interest-bearing liabilities | |||
| Liabilities to Group companies | 283 | 234 | 250 |
| Other current liabilities | 3 | 3 | 4 |
| Total current liabilities | 286 | 237 | 254 |
| Total equity and liabilities | 1,213 | 1,087 | 1,196 |
This interim report has been prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company's accounts 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 2013 Annual Report. The 2013 Annual Report is available at www.bufab.com.
Exposure to risk is a natural part of business activity and this is reflected in Bufab's approach to risk management. The aim is to identify and prevent risks and to limit any loss or damage from these risks. The main risks to which the Group is exposed are related to the impact of the economy on demand. For further information, see Note 3 of the 2013 Annual Report.
Bufab has no essential seasonal variation but sales throughout the year vary depending on the number of customers' production days in each quarter. Sales and operating profit are normally lowest in the third quarter.
During the first quarter, the redemption of preference shares, as well as the offset issue, were implemented and one Board member utilised his warrants. There were no other related-party transactions during the period.
The number of employees in the Group as of June 30, 2014 was 808 and on June 30, 2013 was 761.
There were no significant changes in contingent liabilities during the period.
This interim report has not been examined by the company's auditors.
Interim Report January–September 4 November 2014
Year-end report January – December 20 February 2015
The Board of Director and the President certify that, according to our knowledge, the half-year report has been prepared in accordance with the accounting principles applicable to Swedish listed companies, that the information provided presents a fair overview of the facts, and that nothing of a significant nature which could influence the view created by the report has been omitted.
Värnamo, August 13 2014
Chairman of the Board President
Sven-Olof Kulldorff Jörgen Rosengren
Board member Board member Board member
Hans Björstrand Ulf Rosberg Adam Samuelsson
Johan Sjö Gunnar Tindberg Board member Board member
Gross margin, % Gross profit as a percentage of net sales during the period
Adjusted gross profit Gross profit adjusted for non-recurring items
Adjusted gross margin, % Adjusted gross profit as a percentage of net sales during the period
EBITDA Operating profit before depreciation, amortisation and impairment
Adjusted EBITDA Adjusted operating profit before depreciation, amortisation and impairment
Operating margin, % Operating profit as a percentage of net sales during the period
Operating profit adjusted for non-recurring items
Adjusted operating margin, %
Adjusted operating profit as a percentage of net sales during the period
Net debt
Interest-bearing liabilities less 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 at the end of the period as a percentage of adjusted EBITDA in the last twelve months
Total current assets less cash and cash equivalents less current non-interest-bearing liabilities, calculated at the end of the period
Working capital/net sales, % Average working capital (calculated as the average of the past four quarters) 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
Operating profit adjusted for depreciation/amortisation, impairment and other non-cash items less changes in working capital and investments
Profit after tax divided by the average number of common shares adjusted for the set-off issue and the 80:1 share split that were conducted during the first quarter 2014
A conference call will be held on August 13, 2014 at 10.00 CET. Jörgen Rosengren, President & CEO and Thomas Ekström, CFO will present the result. The call will be held in English.
In order to participate, please use one of the following numbers; +44 (0) 1452 555566, UK 08444933800, Luxembourg 20880695, Sweden 0850336434 or US 16315107498. Conference code, 70034626.
Please dial in 5-10 minutes ahead in order to register.
This information is in accordance with the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act and/or the regulations of NASDAQ OMX Stockholm. The information was submitted for publication at August 13, 2014 at 08.00.
Jörgen Rosengren CEO +46 370 69 69 01 [email protected]
Boel Sundvall Communications & IR +46 370 69 69 61 [email protected] Thomas Ekström CFO +46 370 69 94 01 [email protected]
Bufab Holding AB (publ) Box 2266 SE-331 02 Värnamo, Corp. Reg. No. 556685-6240 Tel: Tel. +46 (0)370 69 69 00 Fax +46 (0)370 69 69 10
www.bufab.com
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