vbg group interim report january-september · vbg group interim report january-september 2016 q3...

VBG GROUPINTERIM REPORTJANUARY-SEPTEMBER2016

Q3

9.6%The Group’s turnover in the third quarter increased by 9.6 per cent to SEK 335.2 M (305.7).

15.4%The operating margin for the third quarter was 15.4 per cent (10.4).

VBG Group AB (publ) in Vänersborg is the Parent Company of an international engineering Group with wholly owned companies in Europe, the USA, Brazil, India and China. The Group’s operations are divided into three divisions – VBG Truck Equipment, Edscha Trailer Systems and Ringfeder Power Transmission – with products that are marketed under strong, well-known brands. VBG Group AB’s Series B share was introduced on the stock exchange in 1987 and is listed today on the Nasdaq OMX Stockholm Mid Cap list.

VBG GROUP INTERIM REPORT JANUARY-SEPTEMBER 2016

1

Third quarter of 2016:

• The Group’s net turnover increased by 9.6 per cent to SEK 335.2 M (305.7).

• Operating profit before items affecting comparability rose to SEK 51.7 M (38.8).

• Operating profit totalled SEK 51.7 M (31.9), with a margin of 15.4 per cent (10.4).

• Profit after financial items amounted to SEK 50.5 M (31.4), with a profit margin of

15.1 per cent (10.3).

• The Group’s profit after tax amounted to SEK 40.0 M (23.0).

• Earnings per share totalled SEK 3.20 (1.85).

First nine months of 2016:

• The Group’s net turnover increased by 8.8 per cent to SEK 1,079.2 M (992.3).

• Operating profit before items affecting comparability rose to SEK 151.5 M (125.2).

• Operating profit totalled SEK 151.5 M (118.3), with a margin of 14.0 per cent (11.9).

• Profit after financial items amounted to SEK 146.4 M (116.7), with a profit margin

of 13.6 per cent (11.8).

• The Group’s profit after tax totalled SEK 111.3 M (84.2).

• Earnings per share amounted to SEK 8.90 (6.74).

No significant events occurred after the close of the period.

KEY FIGURESGroup, SEK M Q3 2016 Q3 2015 9 months 2016 9 months 2015 Full-year 2015

Net turnover 335.2 305.7 1,079.2 992.3 1,315.3

Operating profit before items affecting comparability 51.7 38.8 151.5 125.2 149.9

Operating margin, % 15.4 12.7 14.0 12.6 11.4

Items affecting comparability — –6.92 — –6.92 –15.21

Reported operating profit 51.7 31.9 151.5 118.3 134.7

Reported operating margin, % 15.4 10.4 14.0 11.9 10.2

Profit after financial items 50.5 31.4 146.4 116.7 134.5

Profit margin, % 15.1 10.3 13.6 11.8 10.2

Profit after tax 40.0 23.0 111.3 84.2 95.5

Earnings per share, SEK 3.20 1.85 8.90 6.74 7.64

Return on capital employed (ROCE), cumulative, % — — 18.0 15.0 13.0

Return on equity (ROE), cumulative, % — — 15.8 13.3 11.3

Equity/assets ratio, % — — 71.1 67.4 69.2

1 Negative SEK 15.2 M, of which negative SEK 7.6 M pertaining to an increase provision for inventory obsolescence and negative SEK 7.6 M to the total acquisition-related costs for Henfel Ltda.

2 Acquisition costs for purchase of Henfel Ltda on 1 October 2015.

INTERIM REPORTJANUARY-SEPTEMBER 2016


2

THIS IS THE VBG GROUP

Vision

We are number one or two globally in the industrial niches in

which we are active. We make a difference by creating the

products and services of the future.

Business concept

The VBG Group will, within selected product and market seg-

ments, acquire, own and develop industrial companies in busi-

ness-to-business commerce with strong brands and good

growth potential. Based on a long-term commitment and with

a focus on growth and profitability, the VBG Group’s share-

holders will be offered attractive value growth.

Goals

• Minimum average annual turnover growth of 10 per cent

over a five-year period.

• Minimum average operating margin of 10 per cent over a

rolling five years.

Strategies

The Parent Company, VBG Group AB, is responsible for the

strategic governance of the Group as a whole. This entails the

approval and follow-up of divisional targets and strategies.

The responsibility also includes identifying and implementing

strategic acquisitions and providing support in the form of

industrial expertise, the allocation of capital, strategic HR work

to ensure that the operations’ long-term competency require-

ments are secured, as well as strategic IT work and the opera-

tion of all shared IT systems.

Strategies for the divisions:

• Strong brands and leading market positions

in selected niches.

• High customer value in the products.

• Diversified customer base.

• International expansion.

Stable ownership situation

The VBG Group’s principal owners comprise three foundations

that were established by the Group’s founder, Herman Krefting.

In accordance with their regulations, the foundations may not

divest their shares in the VBG Group. This structure has histori-

cally provided us with a high degree of financial stability and

continuity in the implementation of the Group’s strategy, which

in turn, has resulted in solid total returns for shareholders.

VBG GROUP IN THE WORLD

The Parent Company of the VBG Group and production and sales companies for the VBG Truck Equipment division are located in Scandinavia.

Production and sales companies for the VBG Truck Equipment, Ringfeder Power Transmission and Edscha Trailer Systems divisions are located in Europe.

Sales companies for the Ringfeder Power Transmission division, and production and sales company Onspot of North America for the VBG Truck Equipment division, are located in the USA.

Production and sales companies for the Ringfeder Power Transmis-sion division are located in Brazil.

Own companies Importers/Agents

Production and sales compa-nies for the Ringfeder Power Transmission division are located in India and China.

The VBG Group also has staff in Italy, Turkey, Canada and Thailand.


3

SALES BY DIVISION SALES BY MARKET

Sweden, 14%

Other Nordic countries, 10%

Germany, 30%

Other European countries, 23%

North America, 14%

Rest of world, 9%

VBG Truck Equipment, 53%

Edscha Trailer Systems, 17%

Ringfeder Power Transmission, 30%

This is the VBG Group, cont.

DIVISIONS

RINGFEDER POWER TRANSMISSION

By virtue of its own strong brands, the division is a recognised global market leader in selected niches within mechanical power transmission as well as energy and shock absorption. The divi-sion’s brands are Ringfeder, Tschan, Gerwah and Ecoloc. The customers are found in such widely disparate industrial markets as construction, machinery, power and mining.

VBG TRUCK EQUIPMENT

By virtue of its own strong brands, the division is an interna-tionally leading supplier of coupling equipment for trucks with heavy trailers, where the division accounts for more than 50 per cent of the global market via the Ringfeder and VBG brands. The division also has Onspot – automatic tyre chains with a world-leading position in its niche.

EDSCHA TRAILER SYSTEMS

By virtue of its own strong brands, the division is an interna-tionally leading supplier of equipment for trailers. The division accounts for more than 40 per cent of the global market for sliding roofs via the Edscha Trailer Systems and Sesam brands.

BRANDS

Ny bild önskas

Our divisions


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For the first time in its history, VBG Truck Equipment’s operating margin surpassed 20 per cent during a third quarter.

The Group has displayed a positive earnings trend during the

year and the third quarter was no different. Our operating

margin of more than 15 per cent exceeded my ambitious

expectations. The market for our vehicle-related operations

remains strong – a trend that is perhaps most clearly reflected

in VBG Truck Equipment’s sales. The division delivered another

outstanding result during the third quarter of the year. Edscha

Trailer Systems, on the other hand, experienced a slight slow-

down in the trailer market, which is the division’s principal

market. Ringfeder Power Transmission, which mainly operates

in the heavy industry markets, continued to face a challenging

market scenario. Most of the division’s other market segments,

such as the packaging and automation industries, are strong at

present but only a minor portion of the division’s sales are car-

ried out in these segments, so the upswing has not had a

noticeable impact on the division’s earnings.

AMBITIOUS EXPECTATIONS MET


5

VBG Truck Equipment – strongest third quarter to date

For the first time in its history, VBG Truck Equipment’s operat-

ing margin surpassed 20 per cent during a third quarter. The

recent impressive performances of the division has motivated

the management team to remain proactive in its efforts to

further bolster its strong position. A good example of this is

the division’s successful sales of complete coupling systems in

Germany. For the past two years, the division’s German sales

organisation has taken a new approach to cultivating the market

in order to move closer to its end users and end customers.

We can now clearly see that these efforts have enabled VBG

Truck Equipment to capture market shares in Germany. This

was particularly evident at the IAA International Motor Show

in Germany, where we noted that many trucks displayed by

the major international vehicle manufacturers were equipped

with our coupling systems.

Another example of the division’s successful work is its

focus on digital marketing for the Onspot brand. Although it is

too early to draw any meaningful conclusions, the new

method has already started generating new customer contacts

in both Europe and the USA.

Edscha Trailer Systems – slightly weaker increase in volume

Compared with the first two quarters of the year, Edscha

Trailer Systems reported a slightly weaker volume increase

during the third quarter, resulting in an operating margin of

10 per cent. This slowdown was not entirely unexpected, how-

ever, since a review of several previous third quarters shows

that volume decreases are a common occurrence for the divi-

sion in the third quarter. One reason for this has to do with

the calendar. Several of the division’s largest customers are

located in Germany, which has its main holiday period in August.

Ringfeder Power Transmission – action programme taking shape

I was pleased to see Ringfeder Power Transmission end the

third quarter on a high note. In terms of earnings, the divi-

sion’s decline appears to have stabilised thanks to the

cost-saving measures already implemented. However, this

does not change the fact that the division must take greater

action to further reduce its costs. The action programme is

beginning to take shape but is not yet finished and most mea-

sures will not be implemented until the fourth quarter.

The division’s most recent acquisition, Henfel, certainly did

not have the optimal conditions to deliver strong earnings,

considering the political turbulence and major recession facing

Brazil over the past year. Nevertheless, the company has con-

tributed positively to Ringfeder Power Transmission’s earnings

performance throughout 2016.

Overall, I believe that this will provide Ringfeder Power

Transmission with an excellent position once heavy industry

recovers from its current recession.


6

GROUP TREND

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Net turnover 1,079.2 335.2 372.4 371.6 1,315.3 323.0 992.3 305.7 331.5 355.1 1,186.8 303.4

Operating profit before items affecting comparability 151.5 51.7 48.6 51.1 149.9 24.7 125.2 38.8 30.7 55.7 128.1 31.8

Operating margin, % 14.0 15.4 13.1 13.7 11.4 7.6 12.6 12.7 9.3 15.7 10.8 10.5

Items affecting comparability — — — — –15.24 –8.34 –6.93 –6.93 — — –7.22 –60.01

Reported operating profit/loss 151.5 51.7 48.6 51.1 134.7 16.4 118.3 31.9 30.7 55.7 120.9 –28.2

Reported operating margin, % 14.0 15.4 13.1 13.7 10.2 5.1 11.9 10.4 9.3 15.7 10.2 –9.3

Profit/loss after financial items 146.4 50.5 47.1 48.9 134.5 17.8 116.7 31.4 29.8 55.5 112.7 –29.7

Profit margin, % 13.6 15.1 12.6 13.2 10.2 5.5 11.8 10.3 9.0 15.6 9.5 –9.8

Profit/loss after tax 111.3 40.0 36.3 34.9 95.5 11.3 84.2 23.0 20.7 40.5 78.9 –37.8

Cash flow after investing activities 99.2 67.6 6.6 25.0 –10.3 –82.7 72.4 40.7 13.2 18.5 97.3 53.4

Earnings/loss per share, SEK 8.90 3.20 2.91 2.79 7.64 0.90 6.74 1.85 1.65 3.24 6.31 –3.02

Equity per share 80.22 80.22 75.29 72.95 69.71 69.71 69.73 69.73 66.65 68.92 65.40 65.40

ROCE (cumulative), % 18.0 18.0 18.3 19.0 13.0 13.0 15.0 15.0 16.8 21.2 12.5 12.5

ROE (cumulative), % 15.8 15.8 15.7 15.6 11.3 11.3 13.3 13.3 14.8 19.3 10.1 10.1

Equity/assets ratio, % 71.1 71.1 68.9 68.5 69.2 69.2 67.4 67.4 66.8 67.1 67.6 67.6

GROUP

Turnover and earnings

Third quarter of 2016

The turnover of SEK 335.2 M (305.7) was 9.6 per cent higher

compared with the third quarter of 2015. Acquired operations

(Henfel Ltda. acquired on 1 October 2015) accounted for SEK

12.7 M of the increase, corresponding to 3.8 percentage points.

Taking into account the exchange rate changes between the

quarters, the actual organic volume increase was 6.4 per cent.

Consolidated operating profit before items affecting compa-

rability increased sharply to SEK 51.7 M (38.8), with an oper-

ating margin of 15.4 per cent (12.7).

Reported operating profit totalled a net amount of SEK 51.7

M (31.9), with an operating margin of 15.4 per cent (10.4).

Operating profit in the third quarter of the preceding year was

charged with an item affecting comparability totalling nega-

tive SEK 6.9 M for costs attributable to the acquisition of the

Brazilian company Henfel Ltda.

Operating profit also included Group-wide overheads in the

Parent Company of SEK 2.1 M (2.6) that were not allocated to

the divisions.

Net financial items for the quarter amounted to an expense

of SEK 1.3 M (expense: 0.5), and, accordingly, profit after

financial items was SEK 50.5 M (31.4).

Profit after tax totalled SEK 40.0 M (23.0) and earnings per

share amounted to SEK 3.2 (1.85).

NET TURNOVER, SEK M PROFIT AFTER FINANCIAL ITEMS*, SEK M

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* Excluding items affecting comparability.

1 Negative SEK 60.0 M in impairment of goodwill in Edscha Trailer Systems.2 Negative SEK 7.2 M, of which SEK 6.0 M pertains to the capital gain on divest-

ment of Armaton, SEK 46.8 M to negative goodwill from the acquisition of Tschan GmbH and negative SEK 60.0 M to impairment of goodwill in Edscha Trailer Systems.

3 Negative SEK 6.9 M in acquisition costs pertaining to the acquisition of Henfel Ltda on 1 October 2015.

4 Negative SEK 7.6 M in acquisition-related costs for Henfel Ltda., of which negative SEK 0.7 M in the fourth quarter, and negative SEK 7.6 M pertaining to an increased provi-sion for inventory obsolescence due to a changed valuation model in the fourth quarter.


7

First nine months of 2016

The Group’s turnover increased 8.8 per cent to SEK 1,079.2 M

(992.3) compared with the year-earlier period. The acquisition

of the Brazilian company Henfel Ltda. accounted for SEK 42.2

M of the increase, corresponding to 3.9 percentage points.

Taking into account the exchange rate changes between the

periods in 2016 and 2015, the actual organic volume growth

was 4.6 per cent.

Operating profit before items affecting comparability

totalled SEK 151.5 M (125.2), with an operating margin of

14.0 per cent (12.6). Reported operating profit totalled a net

amount of SEK 151.5 M (118.3), compared with result for the

year-earlier period, which included an item affecting compara-

bility of negative SEK 6.9 M pertaining to acquisition costs

related to the purchase of Henfel Ltda. Operating profit

included Group-wide overheads in the Parent Company of SEK

7.9 M (11.9) that were not allocated to the divisions.

Net financial items for the first nine months of the year

amounted to an expense of SEK 5.1 M (expense: 1.6), and,

accordingly, profit after financial items was SEK 146.4 M (116.7).

Profit after tax totalled SEK 111.3 M (84.2) and earnings per

share amounted to SEK 8.90 (6.74).

Return on capital employed was 18.0 per cent (15.0) and

return on equity was 15.8 per cent (13.3). The Group’s equity/

assets ratio increased compared with year-end 2015 to 71.1

per cent (69.2).

Capital expenditures

The Group’s new capital expenditures during the third quarter

amounted to SEK 6.6 M (6.5), while total new capital expendi-

tures for the first nine months of the year amounted to SEK

26.8 M (20.2).

Financial position

Profit after tax for the nine-month period amounted to SEK

111.3 M (84.2). Other comprehensive income for the first nine

months of the year amounted to SEK 60.5 M (7.4), corre-

sponding to total comprehensive income of SEK 171.8 M

(91.6). After the payment of dividends totalling SEK 40.6 M

(37.5) to the shareholders, equity amounted to SEK 1,002.7 M

at 30 September (871.5 at year-end).

The Group’s equity/assets ratio increased compared with

year-end 2015 to 71.1 per cent (69.2).

Cash and cash equivalents at the end of September

amounted to SEK 195.5 M (143.6 at year-end), and there were

unutilised credit facilities of SEK 196.5 M (140.4), resulting in

an available liquidity of SEK 392.0 M (338.5 at year-end).

The Group’s interest-bearing net cash/net debt (including

pension liability) declined SEK 65.4 M during the third quarter,

which meant that the Group’s net debt of negative SEK 5.2 M

was once again negative, meaning net cash (net debt at year-

end was SEK 47.1 M).

The ratio of interest-bearing net cash/net debt to equity was

negative 0.01 at 30 September (pos: 0.05 at 31 December 2015).

The Group’s aggregate goodwill amounted to SEK 350.3 M

(269.6 at year-end), which in relation to equity was a ratio of

0.35 (0.31).

Cash flow

Cash flow from operating activities during the first nine

months of the year amounted to SEK 144.6 M (96.4 for the

corresponding period in 2015). Paid new capital expenditures

during the period amounted to SEK 45.4 M (24.0). Dividends

totalling SEK 40.6 M (37.5) were paid to the shareholders. The

Group’s total non-current and current financial liabilities

decreased by a net of SEK 6.7 M (0.5) during the first nine

months of the year. Consequently, net cash flow for the period

was SEK 51.9 M (34.4).

Personnel

At 30 September 2016, there were 721 employees in the VBG

Group (748 at year-end), including 177 (184) in Sweden.

During the first nine months of the year, the Group employed

an average of 698 persons (594 during the year-earlier period).

Of these, 180 (184) were active in Sweden. The cost of salaries

and social security contributions was SEK 274.7 M (266.5).

Per share data

Earnings per share for the first nine months of the year

amounted to SEK 8.90 (6.74). Equity per share was SEK 80.22

at 30 September 2016, compared with SEK 69.73 at the same

date last year and SEK 69.71 at year-end.

The number of shareholders declined by 95 in the third

quarter and amounted to 4,109 at 30 September (4,126 at

year-end).


8

Third quarter of 2016• Turnover rose 8.4 per cent to SEK 172.3 M (158.9).• Operating profit totalled SEK 35.8 M (26.3),

with a margin of 20.8 per cent (16.6).

Turnover in VBG Truck Equipment increased 8.4 per cent to

SEK 172.3 M (158.9).

Translation of the turnover of foreign Group companies to

Swedish kronor had a negative effect on the division’s turnover,

and the actual volume increase amounted to 9.7 per cent.

The division increased its operating profit to SEK 35.8 M (26.3)

and the operating margin improved to 20.8 per cent (16.6).

First nine months of 2016• Turnover rose 7.7 per cent to SEK 559.9 M (520.1).• Operating profit totalled SEK 107.9 M (90.7),


Turnover increased 7.7 per cent to SEK 559.9 M (520.1). Taking

into account the translation of the turnover of foreign subsidiar-

ies to SEK, the actual volume increase was 7.8 per cent.

Operating profit increased to SEK 107.9 M (90.7), with an

operating margin of 19.3 per cent (17.4).

VBG TRUCK EQUIPMENT

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NET TURNOVER, SEK M OPERATING PROFIT*, SEK M

* Before items affecting comparability.

TURNOVER/EARNINGS

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Net turnover 559.9 172.3 194.1 193.4 697.7 177.6 520.1 158.9 172.6 188.6 636.6 166.9


Operating margin, % 19.3 20.8 18.0 19.2 16.8 15.0 17.4 16.6 14.5 20.9 15.3 17.7

Items affecting comparability — — — — –1.72 –1.72 — — — — 6.01 —

Reported operating profit 107.9 35.8 35.0 37.1 115.7 25.0 90.7 26.3 25.0 39.4 103.7 29.5

Reported operating margin, % 19.3 20.8 18.0 19.2 16.6 14.1 17.4 16.6 14.5 20.9 16.3 17.7

1 SEK 6.0 M in capital gains from the divestment of the Armaton product area.2 Negative SEK 1.7 M pertaining to an increased provision for inventory obsolescence due to changed valuation model in the fourth quarter.

TURNOVER BY MARKET

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Sweden 148.9 45.4 51.8 51.5 188.8 45.4 143.4 45.6 48.0 49.8 174.4 42.1

Other Nordic countries 93.4 27.4 34.1 31.9 115.4 28.3 87.1 22.8 30.9 33.4 106.8 24.9

Germany 81.6 23.8 30.4 27.4 101.1 24.6 76.5 25.4 24.7 26.4 90.8 20.7

Other European countries 136.2 40.4 50.0 45.8 159.4 38.4 121.0 35.2 39.3 46.5 143.8 37.3

North America 56.4 18.7 14.9 22.8 80.6 27.4 53.2 19.5 15.6 18.1 59.1 21.2

Rest of world 43.4 16.6 13.0 13.8 52.4 13.5 38.9 10.4 14.1 14.4 61.7 20.7

VBG Truck Equipment 559.9 172.3 194.2 193.2 697.7 177.6 520.1 158.9 172.6 188.6 636.6 166.9

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2016




Third quarter of 2016• Turnover rose 26.4 per cent to SEK 61.2 M (48.4).• Operating profit amounted to SEK 6.1 M (2.1),


Edscha Trailer Systems’ turnover increased 26.4 per cent to

SEK 61.2 M (48.4) compared with the year-earlier period. The

translation of the turnover of foreign subsidiaries to SEK had a

negative impact, resulting in an actual volume increase of 26.6

per cent. The division delivered a better result than in the third

quarter of 2015. Operating profit amounted to SEK 6.1 M

(2.1), with an operating margin of 10.0 per cent (4.3).

First nine months of 2016• Turnover rose 23.8 per cent to SEK 204.5 M

(165.2).• Operating profit amounted to SEK 24.1 M

(10.2), with a margin of 11.8 per cent (6.2).

Throughout the year, Edscha Trailer Systems has continued to

perform well, with turnover for the first nine months of the

year increasing 23.8 per cent to SEK 204.5 M (165.2). As a

result of this increase in turnover, the Group’s adjusted operat-

ing profit rose to SEK 24.1 M (10.2), with an operating margin

of 11.8 per cent (6.2).

TURNOVER/EARNINGS

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Net turnover 204.5 61.2 74.8 68.5 221.7 56.5 165.2 48.4 58.4 58.4 219.8 49.2

Operating profit/loss before items affecting comparability 24.1 6.1 9.2 8.8 13.9 3.7 10.2 2.1 3.2 4.9 7.3 –1.6

Operating margin, % 11.8 10.0 12.3 12.8 6.3 6.5 6.2 4.3 5.5 8.4 3.3 –3.3

Items affecting comparability — — — — –0.92 –0.92 — — — — –60.01 –60.01

Reported operating profit/loss 24.1 6.1 9.2 8.8 13.0 2.8 10.2 2.1 3.2 4.9 –52.7 –61.6

Reported operating margin, % 11.8 10.0 12.3 12.8 5.9 5.0 6.2 4.3 5.5 8.4 –24.0 –125.2

1 Negative SEK 60.0 M in impairment of consolidated goodwill in Edscha Trailer Systems.2 Negative SEK 0.9 M pertaining to an increased provision for inventory obsolescence due to a changed valuation model in the fourth quarter.

TURNOVER BY MARKET

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Sweden 0.2 0.0 0.1 0.1 0.3 0.1 0.2 0.0 0.1 0.1 0.3 0.1


Germany 131.6 40.8 47.4 44.7 133.8 37.6 96.2 24.3 38.6 33.3 136.3 33.3


Rest of world 1.0 0.1 0.5 0.4 0.9 0.0 0.9 0.0 0.4 0.5 0.3 0.0

Edscha Trailer Systems 204.5 61.2 74.8 69.8 221.7 56.5 165.2 48.4 58.4 58.4 219.8 49.2


10


Third quarter of 2016• Turnover rose 3.4 per cent to SEK 101.7 M (98.4).• Operating profit before items affecting

comparability amounted to SEK 11.9 M (13.0).• Operating profit totalled SEK 11.9 M (6.1), with

a margin of 11.7 per cent (6.2).

In the third quarter, turnover increased 3.4 per cent to SEK

101.7 M (98.4). Henfel Ltda., which was acquired on 1 Octo-

ber 2015, reported turnover of SEK 12.7 M in the third quar-

ter, thereby accounting for 12.5 percentage points of the

increase in turnover. The underlying organic growth was thus

a negative 9.6 per cent. Taking into account the movements in

exchange rates between the quarters, the actual organic vol-

ume decrease was a negative 8.8 per cent.


totalled SEK 11.9 M (13.0), with an operating margin of 11.7

per cent (13.2).

Accordingly, operating profit for the third quarter amounted

to SEK 11.9 M (6.1), with an operating margin of 11.7 per cent

(6.2). The acquisition of Henfel Ltda, which took place on 1

October 2015, resulted in acquisition costs in the third quarter

of 2015 corresponding to SEK 6.9 M.

First nine months of 2016• Turnover rose 2.6 per cent to SEK 314.8 M (307.0).• Operating profit before items affecting

comparability amounted to SEK 27.3 M (36.2).• Operating profit totalled SEK 27.3 M (29.3),


Turnover increased 2.6 per cent to SEK 314.8 M (307.0). Henfel

Ltda accounted for 13.4 percentage points of the volume

increase and the underlying organic changed amounted to a

decrease of 11.2 per cent. After adjustment for exchange rate

changes, the actual organic volume decrease was 11.1 per cent.

Operating profit before items affecting comparability for the

first nine months of the year amounted to SEK 27.3 M (36.2),

with an operating margin of 8.7 per cent (11.8). Reported oper-

ating profit totalled a net SEK 27.3 M (29.3) and the margin was

8.7 per cent (9.5).

TURNOVER/EARNINGS

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Net turnover 314.8 101.7 103.5 109.6 395.9 88.9 307.0 98.4 100.5 108.1 330.4 87.3

Operating profit/loss before items affecting comparability 27.3 11.9 7.2 8.2 34.3 –1.9 36.2 13.0 7.7 15.5 36.2 6.3

Operating margin, % 8.7 11.7 7.0 7.5 8.7 –2.1 11.8 13.2 7.7 14.3 11.0 7.2

Items affecting comparability — — — — –12.62 –5.72 –6.92 –6.92 — — 46.81 —

Reported operating profit/loss 27.3 11.9 7.2 8.2 21.7 –7.6 29.3 6.1 7.7 15.5 83.0 6.3

Reported operating margin, % 8.7 11.7 7.0 7.5 5.5 –8.6 9.5 6.2 7.7 14.3 25.1 7.2

1 SEK 46.8 M in negative goodwill from the acquisition of Tschan GmbH.2 Negative SEK 7.6 M in acquisition-related costs for Henfel Ltda, of which negative SEK 0.7 M in the fourth quarter, negative SEK 6.9 M in the third quarter

and negative SEK 5.0 M pertaining to an increased provision for inventory obsolescence due to a changed valuation model in the fourth quarter.


11

0

100

200

300

500

400

0

25

50

75

125

100

2013Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q2 Q3 Q4 Q1

2014 2015


2016

0

15

30

45

60

0

5

15

10

20

2013Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q2 Q3

Q4Q1

2014 2015


2016



TURNOVER BY MARKET

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Sweden 3.3 1.3 0.8 1.2 4.4 0.7 3.7 1.2 1.4 1.1 4.1 1.4


Germany 117.1 38.9 37.3 41.6 164.5 39.8 124.7 40.6 40.5 43.6 127.8 33.2


North America 64.3 19.7 22.2 22.4 104.2 21.1 83.1 23.5 28.0 31.6 96.1 27.0

Rest of world 87.4 28.5 26.9 32.0 60.9 13.5 47.4 17.0 15.6 14.8 56.6 14.6

Ringfeder Power Transmission 314.8 101.7 103.5 110.3 395.9 88.9 307.0 98.4 100.5 108.1 330.4 87.3

Ringfeder Power Transmission, cont.


12

Parent Company

VBG Group AB’s operations are focused on managing, devel-

oping and coordinating the Group. The assets in the Parent

Company consist primarily of shares in subsidiaries and trade-

marks. The company also owns the industrial property in

Vänersborg that is rented by the subsidiary VBG Group Truck

Equipment AB.

The objective is that the Group’s intellectual property in the

form of trademarks and other rights should be gathered in the

Parent Company. VBG Group AB focuses on maintaining and

developing all the Group’s trademarks and rights.

The Parent Company’s net turnover pertains primarily to

intra-Group services, licence revenues and rentals and amounted

to SEK 16.9 M (15.4) during the first nine months of the year.

The operating loss for the first nine months of the year was SEK

11.0 M (loss: 15.2). Profit after dividends from Group companies

and net financial items totalled SEK 40.2 M (55.7).

Accounting policies

The VBG Group applies International Financial Reporting Stan-

dards (IFRSs) as adopted by the EU in its consolidated

accounts. This report has been prepared in accordance with

IAS 34, Interim Financial Reporting, and the Swedish Annual

Accounts Act.

The Parent Company’s financial statements have been prepared

in accordance with the Swedish Annual Accounts Act and RFR 2.

The accounting policies that have been applied in the prepara-

tion of this report, as well as definitions of key figures, etc., are

described in Note 1 of VBG Group AB’s annual report for 2015.

OTHER INFORMATION

Risks and uncertainty factors

The Group’s and the Parent Company’s significant risks and

uncertainty factors include business-related operational risks

in the form of commodity risks, product risks, development

risks, intellectual property risks, environmental risks, political

risks, business interruption and property risks, cyclical risks, IT

security risks and legal risks. To these can be added financial

risks such as financing risks, liquidity risks, interest rate risks,

currency risks and credit and counterparty risks.

For a more detailed description of the Group’s risks and risk

management, see VBG Group AB’s annual report for 2015,

Note 2.

Outlook for 2016

The company makes no forecast.

Financial information 2016/2017

Year-end report 2016 16 February 2017

Interim report, three months 2017 27 April 2017

Annual General Meeting 2017 27 April 2017

Related party transactions

There have been no related party transactions in 2016 that

have significantly affected the company’s financial position

and results. Related party transactions during 2015 are dis-

closed in Note 6 in the annual report for 2015.

Vänersborg, 20 October 2016VBG Group AB (publ)

Anders Birgersson

Managing Director and CEO

No significant events occurred after the close of the period.

NOTE

This information is of the type that VBG Group AB is obligated

to disclose in accordance with the EU Market Abuse regulation

and the Swedish Securities Market Act. The information was

submitted for publication on 20 October 2016 at 1:30 p.m.

Press releases in the third quarter of 2016

VBG Group deepens partnership with one

of its largest customers 30 Sep 2016

Interim report Jan-Jun 2016 24 Aug 2016

For further information, please contact:

Anders Birgersson, Managing Director and CEO

Telephone: +46 521 27 77 67, +46 702 27 77 78

E-mail: [email protected]


13

REVIEW REPORT

Introduction

We have reviewed the interim report for VBG Group AB

(publ), Corp. ID no. 556069-0751, for the period 1 January to

30 September 2016. The Board of Directors and the Managing

Director are responsible for the preparation and presentation

of this interim financial information in accordance with IAS 34

and the Annual Accounts Act. Our responsibility is to express

a conclusion regarding this interim financial information based

on our review.

Aim and scope of review

We conducted our review in accordance with the International

Standard on Review Engagements ISRE 2410, “Review of

Interim Financial Information Performed by the Independent

Auditor of the Entity”. A review consists of making inquiries,

primarily of persons responsible for financial and accounting

matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted

in accordance with International Standards on Auditing (ISA)

and other generally accepted auditing standards in Sweden.

The procedures performed in a review do not enable us to

obtain a level of assurance that would make us aware of all

significant matters that might be identified in an audit. There-

fore, the conclusion expressed based on a review does not

give the same level of assurance as a conclusion expressed

based on an audit.

Conclusion

Based on our review, nothing has come to our attention that

causes us to believe that the accompanying interim financial

information has not, in all material respects, been prepared in

accordance with IAS 34 and the Annual Accounts Act as

regards the Group and in accordance with the Annual

Accounts Act as regards the Parent Company.

Gothenburg, 20 October 2016

Öhrlings PricewaterhouseCoopers AB

Fredrik Göransson

Authorised Public Accountant


15

Consolidated Income Statement and Statement of Comprehensive Income – Highlights

SEK MQ3

Jul-Sep 2016Q3

Jul-Sep 20159 months

Jan-Sep 20169 months

Jan-Sep 2015Full-year

2015

Net turnover 335.2 305.7 1,079.2 992.3 1,315.3

Cost of goods sold –192.5 –178.0 –623.8 –573.4 –777.8

Gross profit 142.7 127.7 455.4 418.9 537.4

Selling expenses –53.5 –50.3 –169.1 –158.0 –211.4

Administrative expenses –32.0 –37.2 –106.7 –113.9 –150.7

Research and development costs –8.9 –8.3 –28.9 –30.0 –40.6

Other operating income and expenses 3.4 0.0 0.8 1.3 0.0

Operating profit 51.7 31.9 151.5 118.3 134.7

Net financial items –1.3 –0.5 –5.1 –1.6 –0.2

Profit after financial items 50.4 31.4 146.4 116.7 134.5

Tax –10.4 –8.4 –35.1 –32.5 –41.3

Profit for the period 40.0 23.0 111.3 84.2 93.2

Profit for the period attributable to Parent Company shareholders 40.0 23.0 111.3 84.2 93.2

Depreciation and amortisation charged to profit –10.3 –10.4 –31.0 –31.3 –43.3

Other comprehensive income

Profit for the period 40.0 23.0 111.3 84.2 93.2

Items that will not be reversed in the Income Statement

Effect of translation of defined-benefit pension plans, net after tax 0.0 0.0 0.0 0.0 3.6

Items that may later be reversed in the Income Statement

Translation differences pertaining to foreign operations 19.9 18.7 60.0 9.2 –9.5

Translation differences pertaining to hedge accounting for net investments in foreign operations 1.3 –3.2 0.4 –1.8 1.8

Other comprehensive income, net after tax 21.3 15.5 60.5 7.4 –4.1

Comprehensive income for the period 61.3 38.5 171.8 91.6 89.1

Comprehensive income for the period attributable to Parent Com-pany shareholders 61.3 38.5 171.8 91.6 89.1

Earnings per share, basic and diluted, SEK 3.20 1.88 8.90 6.77 7.45

Number of shares at end of period (‘000) 12,502 12,502 12,502 12,502 12,502

Average number of shares during the period 12,502 12,502 12,502 12,502 12,502

Number of own shares at end of period 1,192 1,192 1,192 1,192 1,192

Average number of own shares 1,192 1,192 1,192 1,192 1,192


16

Turnover and earnings by segment

SEK M

VBG Truck Equipment

Edscha Trailer

Systems

Ringfeder Power

TransmissionGroup-

wide Group

2016

Q3 Jul-Sep Net turnover 172.3 61.2 101.7 335.2

Operating profit/loss before items affecting comparability 35.8 6.1 11.9 –2.1 51.7

Operating margin, % 20.8 10.0 11.7 15.4

Reported operating profit/loss 35.8 6.1 11.9 –2.1 51.7

Reported operating margin, % 20.8 10.0 11.7 15.3

Net financial items –1.3 –1.3

Profit after financial items 50.4

9 months Jan-Sep Net turnover 559.9 204.5 314.8 1,079.2







2015

Q3 Jul-Sep Net turnover 158.9 48.4 98.4 305.7



Items affecting comparability –6.9 –6.9





9 months Jan-Sep Net turnover 520.1 165.2 307.0 992.3



Items affecting comparability –6.9 –6.9






17

Changes in Group equity

SEK M 9 months 2016 9 months 2015 Full-year 2015

Opening equity according to balance sheet at 31 December 871.5 817.6 817.6

Total comprehensive income for the period 171.8 91.6 91.4

Dividend –40.6 –37.5 –37.5

Equity at end of period 1,002.7 871.7 871.5

Cash Flow Statement – Highlights


Cash flow from operating activities before changes in working capital 209.2 111.9 151.8

Change in working capital –64.6 –15.5 –20.1

Cash flow from operating activities 144.6 96.4 131.7

Cash flow from investing activities –45.4 –24.0 –142.0

Cash flow from financing activities –47.3 –38.0 –40.7

Cash flow for the period 51.9 34.4 –51.0

Cash and cash equivalents at start of year 143.9 195.6 195.6

Translation difference, cash and cash equivalents –0.3 1.7 –0.6

Cash and cash equivalents at end of period 195.5 231.7 144.0

Unutilised overdraft facilities 196.5 140.4 194.5

Available cash and cash equivalents 392.0 372.1 338.5

Key figures for Group


Profit margin (ROS), % 13.6 11.8 10.2

Return on equity (ROE), % 15.8 13.3 11.0

Return on capital employed (ROCE), % 18.0 15.0 13.0

Equity/assets ratio, % 71.1 67.4 69.2

Equity per share, SEK 80.22 69.73 69.71

Cash flow per share (before change in working capital), SEK 16.73 8.95 12.14

Share price at end of period, SEK 137.75 112.00 121.00

Number of employees, average 698 594 636

Consolidated Balance Sheet – Highlights

SEK M 30 Sep 2016 30 Sep 2015 31 Dec 2015

Goodwill 350.3 269.6 324.1

Other intangible assets 60.3 50.9 61.2

Property, plant and equipment 223.0 193.8 215.8

Long-term investments 18.7 20.8 18.2

Total non-current assets 652.3 535.1 619.3

Inventories 288.1 272.8 264.6

Receivables 274.6 252.8 231.0

Cash and cash equivalents 195.5 231.7 143.9

Total current assets 758.2 757.3 639.5

TOTAL ASSETS 1,410.5 1,292.4 1,258.8

Equity 1,002.7 871.7 871.5

Non-current liabilities 232.5 242.5 236.4

Current liabilities 175.3 178.2 150.9

TOTAL EQUITY AND LIABILITIES 1,410.5 1,292.4 1,258.8


18

Parent Company Balance Sheet

SEK M 30 Sep 2016 30 Sep 2015 31 Dec 2015

Other intangible assets 5.5 7.0 6.5

Property, plant and equipment 6.3 8.1 7.6

Long-term investments 661.8 558.1 661.8

Total non-current assets 673.6 573.2 675.9

Receivables 58.0 94.1 51.6

Cash and cash equivalents 138.2 141.9 85.0

Total current assets 196.2 236.0 136.6

TOTAL ASSETS 869.8 809.2 812.5

Equity 512.6 496.5 510.4

Untaxed reserves 13.1 15.2 13.1

Provisions 12.7 12.3 12.7

Non-current liabilities 2.1 10.5 8.4

Current liabilities 329.3 274.7 267.9

TOTAL EQUITY AND LIABILITIES 869.8 809.2 812.5

Parent Company Income Statement


Net turnover 16.9 15.4 26.5

Operating expenses –27.9 –30.6 –49.4

Operating loss –11.0 –15.2 –22.9

Net financial items 51.2 70.9 72.6

Profit after financial items 40.2 55.7 49.7

Appropriations — — 19.8

Tax 0.0 0.0 0.0

Profit after tax and comprehensive income for the period 40.2 55.7 69.5

INTEREST-BEARING NET CASH/NET DEBT

SEK MQ3

2016Q2

2016Q1

2016Full-year

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q3

2014

Group

Bank balances 195.6 129.5 165.3 143.9 231.7 186.3 216.2 195.6 140.5

Provisions for pensions –173.9 –170.5 –167.3 –165.6 –174.2 –171.5 –171.1 –172.7 –162.6

Overdraft facilities 0.0 0.0 0.0 0.0 –3.3 0.0 0.0 0.0 –1.0

Loans –16.5 –19.3 –21.9 –25.5 –29.0 –31.8 –37.5 –39.2 –40.6

Interest-bearing net cash(+)/net debt(–) 5.2 –60.2 –23.9 –47.1 25.1 –16.9 7.6 –16.3 –63.8

Reconciliation between IFRS and key figures used

Certain information in this report that is used by company

management and analysts to assess the Group’s performance

has not been prepared in accordance with IFRS. Company

management believes that this information make it easier for

investors to analyse the Group’s earnings performance and

financial structure. Investors should view this information as a

supplement rather than a replacement of financial reporting in

accordance with IFRS.

Interest-bearing net cash/net debt

Interest-bearing loan liabilities and provisions less cash and

cash equivalents.


Operating profit adjusted by items affecting comparability.

Items affecting comparability are recognised separately in the

financial statements when this is necessary to explain the

Group’s earnings. Items affecting comparability refer to mate-

rial income or expense items that are recognised separately

due to the significance of their character or amount.


19

OPERATING PROFIT BEFORE ITEMS AFFECTING COMPARABILITY

SEK M9 months

2016Q3

2016Q2

2016Q1

2016Full-year

2015Q4

20159 months

2015Q3

2015Q2

2015Q1

2015Full-year

2014Q4

2014

Group


Items affecting comparability — — — — –15.2 –8.3 — — — — –7.2 –60.0

Reported operating profit 151.5 51.7 48.6 51.1 134.7 16.4 118.3 31.9 30.7 55.7 120.9 –28.2

VBG TRUCK EQUIPMENT



Reported operating profit 27.3 11.9 7.2 8.2 21.7 –7.6 29.3 6.1 7.7 15.5 83.0 6.3


Operating profit before items affecting comparability 24.1 6.1 9.2 8.8 13.9 3.7 10.2 2.1 3.2 4.9 7.3 –1.6

Items affecting comparability — — 0.0 — –0.9 –0.9 — — — — –60.0 –60.0

Reported operating profit 24.1 6.1 9.2 8.8 13.0 2.8 10.2 2.1 3.2 4.9 –52.7 –61.6


Operating profit before items affecting comparability 27.3 11.9 7.2 8.2 34.3 –1.9 36.2 13.0 7.7 15.5 36.2 6.3


Reported operating profit 27.3 11.9 7.2 8.2 21.7 –7.6 29.3 6.1 7.7 15.5 83.0 6.3

Actual organic growth

Net turnover excluding effects of exchange rate and structural changes,

meaning acquired or divested operations.

ACTUAL ORGANIC GROWTH

SEK M Q3 2016 Q3 2015 Share9 months

20169 months

2015 Share

Group

Net turnover 335.2 305.7 9.6% 1,079.2 992.3 8.8%

Currency effect 2.8 — — 1.1 — —

Acquired volume –12.7 — — –42.3 — —

Currency-adjusted change in volume 325.3 305.7 6.4% 1,038.0 992.3 4.6%

VBG TRUCK EQUIPMENT

Net turnover 172.3 158.9 8.4% 559.9 520.1 7.7%


Acquired volume — — — — — —

Currency-adjusted change in volume 174.4 158.9 9.7% 560.5 520.1 7.8%


Net turnover 61.2 48.4 26.4% 204.5 165.2 23.8%


Acquired volume — — — — — —

Currency-adjusted change in volume 61.4 48.4 26.6% 204.7 165.2 23.8%


Net turnover 101.7 98.4 3.4% 314.8 307.0 2.7%


Acquired volume –12.7 — — –42.3 — —

Currency-adjusted change in volume 89.6 98.4 –8.8% 272.8 307.0 –11.1%


Germany EUROPEAN TRAILER SYSTEMS GMBHIm Moerser Feld 1fDE-47441 MoersTel +49 2841 6070 700Fax +49 2841 6070 777

Czech RepublicEUROPEAN TRAILER SYSTEMS S.R.O.Ke Gabrielce 786CZ-39470 Kamenice nad LipouTel +420 565 422 402Fax +420 565 422 405

VBG TRUCK EQUIPMENT

Sweden VBG GROUP TRUCK EQUIPMENT AB Box 1216SE-462 28 VänersborgTel +46 521 27 77 00, Fax +46 521 27 77 90

GermanyVBG GROUP TRUCK EQUIPMENT GMBHPostfach 13 06 55DE-47758 KrefeldTel +49 2151 835-0Fax +49 2151 835-200/207

DenmarkVBG GROUP SALES A/SIndustribuen 20–22DK-5592 EjbyTel +45 64 46 19 19Fax +45 64 46 10 88

NorwayVBG GROUP SALES ASPostboks 94 LeirdalNO-1009 OsloTel +47 23 14 16 60Fax +47 23 14 16 61

UKVBG GROUP SALES LIMITEDUnit 9, Willow CourtWest Quay Road, Winwick QuayWarrington, Cheshire WA2 8UFTel +44 1925 23 41 11Fax +44 1925 23 42 22

BelgiumVBG GROUP TRUCK EQUIPMENT NVIndustrie Zuid Zone 2.2Lochtemanweg 50BE-3580 BeringenTel +32 11 458 379Fax +32 11 458 378

USAONSPOT OF NORTH AMERICA, INC.P.O. Box 1077North Vernon, IN 47265-5077Tel +1 800 224 2467Fax +1 812 346 1819

Branch:555 Lordship BlvdStratford, CT 06615-7124Tel +1 800 766 7768Fax +1 203 380 0777

FranceONSPOT E.U.R.L14 Route de SarrebruckFR-57645 Montoy-FlanvilleTel +33 387 763 080Fax +33 387 761 944

VBG GROUP

SwedenVBG GROUP AB (publ) Box 1216SE-462 28 VänersborgTel +46 521 27 77 00Street address: Herman Kreftings gata 4www.vbggroup.com


GermanyRINGFEDER POWER TRANSMISSION GMBHWerner-Heisenberg-Straße 18 DE-64823 Groß-UmstadtTel +49 6078-9385-0Fax +49 6078-9385-100

RINGFEDER POWER TRANSMISSION TSCHAN GMBHPostfach 2166DE-66521 NeunkirchenTel +49 6821 866 0Fax +49 6821 866 4111

Czech RepublicRINGFEDER POWER TRANSMISSION S.R.O. Oty Kovala 1172CZ-33441 DobranyTel +420 377 201 511Fax +420 377 900 860

USARINGFEDER POWER TRANSMISSION USA CORPORATION165 Carver AvenueWestwood, NJ 07675Tel +1 201 666 3320Fax +1 201 664 6053

IndiaRINGFEDER POWER TRANSMISSION INDIA PRIVATE LTD.Plot No. 4, Door No. 220Mount Poonamallee High RoadKattuppakkamChennai-600056Tel +91 44 2679 1411Fax +91 44 2679 1422

ChinaKUNSHAN RINGFEDER POWER TRANSMISSION CO., LTD.No. 10, Dexin RoadZhangpu 215321Kunshan, Jiangsu ProvinceTel +86 512 5745 3960Fax +86 512 5745 3961

BrazilHENFEL INDÚSTRIA METALÚRGICA LTDA.Major Hilario Tavares Pinheiro, 3447 Cep 14871 - 300Jaboticabal, SPTel +55 16 3209 3422Fax +55 16 3202 3563

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