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19 July 2017 Värnamo
Q2 2017 Presentation
Second quarter
Q2 2017 In Brief• Continued organic growth, despite negative calendar effects
o Market share gains in both International and Swedeno Underlying demand higher in segment International and
significantly higher in Sweden
• Unusually high order intake for second quarter
• Weaker marginso Lower gross margin, primarily in Sweden
• Higher purchasing prices recent quarters, driven by raw material prices• Price increases to customers being implemented, but not yet enough to
compensate• 3 MSEK of acquisition-related costs charged to Opex in quarter
• Acquisition of Thunderbolts in the UK
2
Net sales Q2 Strong order intake, higher than net sales Net sales increased by 8%, whereof 3% organic
Neg. calendar effects of approx. 5% Improved market share in both segments Underlying demand significantly higher in Sweden and
somewhat higher in International
Operating profit Q2 2016 82
Currencies 0
Volume +6
Price/cost/mix/other -11
Acquisitions 0
Operating profit Q2 2017 77
3
Quarter 2 Δ Jan–Jun Δ 12-monthsrolling Full year
SEK millions 2017 2016 % 2017 2016 % 2016/17 2016
Order intake 833 739 13 1,644 1,478 11 3,053 2,887
Net sales 823 762 8 1,638 1,480 11 3,004 2,847
Gross profit 232 223 4 471 429 10 870 828
Gross margin, % 28.2 29.3 28.7 29.0 29.0 29.1
Operating expenses -155 -141 10 -304 -276 10 -584 -556
Operating profit/loss 77 82 -6 167 153 9 286 272
Operating margin, % 9.4 10.8 10.2 10.3 9.5 9.6
Profit/loss after tax 54 59 -9 116 108 7 171 163
Adjusted profit/loss after tax 54 59 -9 116 108 7 195 187
Earnings per share, SEK 1.41 1.55 -9 3.05 2.84 7 4.49 4.29
Adjusted earnings per share, SEK 1.41 1.55 -9 3.05 2.84 7 5.12 4.92
Second quarter
Financial highlights, Group
Second quarter
Financial development, Group
-10
-5
0
5
10
15
20
Perc
ent
Quarterly Year-on-Year net sales growthOrganic growth Acquisitions and currency translation
0
50
100
150
200
250
300
350
0
500
1000
1500
2000
2500
3000
3500
LTM
Adj
Op
Res
, SEK
milli
on
LTM
Net
sal
es, S
EK m
illion
s
L12M Net Sales, MSEK L12M EBIT (adj), MSEK
4
Second quarter
Segment International
Net sales Q2 Order intake higher than net sales Net sales grew by 10%, whereof 2% organic Negative calendar effects Higher market shares in several markets Underlying demand somewhat higher adjusted for
negative calendar effects
Operating profit Q2 2016 50
Currencies +1
Volume +3
Price/cost/mix/other -5
Acquisition +3
Operating profit Q2 2017 52
*Refers to net sales and order intake from external customers
5
Quarter 2 Δ Jan–Jun Δ12-
monthsrolling
Full year
SEK millions 2017 2016 % 2017 2016 % 2016/17 2016
Order intake* 551 481 14 1,082 969 12 2,020 1,907
Net sales* 541 491 10 1,077 965 12 1,992 1,880
Gross profit 156 144 8 312 282 11 577 547
Gross margin, % 28.8 29.4 29.0 29.2 29.0 29.1
Operating expenses -104 -94 10 -205 -185 11 -392 -372
Operating profit/loss 52 50 4 107 97 10 185 175
Operating margin, % 9.6 10.2 9.9 10.0 9.3 9.3
Second quarter
Financial development, International
0
50
100
150
200
0
500
1000
1500
2000
LTM Adj O
p Res, SEK m
illionLTM
Net
sal
es, S
EK m
illion
s
L12M Net Sales, MSEK L12M EBIT (adj), MSEK
-15
-10
-5
0
5
10
15
20
25
30
35
Perc
ent
Quarterly Year-on-Year net sales growthOrganic growth Acquisitions and currency translation
6
Quarter 2 ΔJan–Jun Δ
12-monthsRolling
Full year
SEK millions 2017 2016 % 2017 2016 % 2016/17 2016
Order intake* 282 258 9 562 509 10 1,033 980
Net sales* 282 272 4 561 515 9 1,013 968
Gross profit/loss 81 82 -1 168 154 9 308 295
Gross margin, % 28.9 30.3 29.9 30.0 30.4 30.5
Operating expenses -44 -42 4 -89 -82 8 -172 -165
Operating profit/loss 37 40 -6 78 72 9 137 130
Operating margin, % 13.2 14.6 14.0 13.9 13.5 13.4
Second quarter
Net sales Q2 Order intake in line with net sales Net sales increased by 4%, whereof 4% organic
Negative calendar effects Market share increase Strong underlying demand
Operating profit Q2 2016 40Currencies -1
Volume +3
Price/cost/mix/other -5
Acquisition 0
Operating profit Q1 2017 37
Segment Sweden
7
*Pertains to net sales and order intake from external customers
Second quarter
Financial development, Sweden
-15
-10
-5
0
5
10
15
20
Perc
ent
Quarterly Year-on-Year net sales growth
Organic growth Currency translation effects and acquisition
0
50
100
150
200
0
500
1000
1500
2000
LTM Adj O
p Res, SEK m
illion
LTM
Net
sal
es, S
EK m
illion
s
L12M Net Sales, MSEK L12M EBIT (adj), MSEK
8
Second quarter
Acquisitions since 2014
9
NWC as % of Net Sales (12 months rolling)
30
31
32
33
34
35
36
37
38
39
40
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Excluding APEX Bufab Group
10
Second quarter
Second quarter
EBIT Bridge
Group International Sweden OtherEBIT Q2 2016 82 50 40 -8
Currency 0 +1 -1 0
Volume +6 +3 +3 0
Price/cost/mix & other -11 -5 -5 -1
Acquisitions 0 +3 0 -3EBIT Q2 2017 77 52 37 -12
11
Second quarter
Summary and outlook• Continued good growth in second quarter despite calendar effects
o Organic growth both segments despite negative calendar effects o Good market share gains and higher underlying demand
• …but weaker gross margin: raw materials-driven purchasing prices
• Outlooko Trend towards higher purchasing prices seems to have leveled offo Price increases to customers being implementedo Unusually strong order intake in Q2o Unchanged ambition level
• Strategy workingo Market shares and Efficiencyo Acquisitionso Bufab Best Practice
12
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Q&A
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