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Bufab Group: Interim report January – September 2023


Strong cash flow and stable underlying results

Third quarter of 2023

  • Net sales declined by -2 percent to SEK 2,071 million (2,122). Organic growth was -7 percent and order intake was somewhat lower than net sales.
  • Adjusted operating profit (EBITA) was SEK 260 million (274), corresponding to an operating margin of 12.6 percent (12.9).
  • Operating profit (EBITA) was SEK 220 million (272) and the operating margin was 10.6 percent (12.8).
  • Earnings per share decreased by 46 percent to SEK 2.56 (4.71).
  • Operating cash flow amounted to SEK 417 million (-5), corresponding to a cash conversion ratio of 178 percent (-2).
  • The key figure net debt/EBITDA improved and amounted to 2.7 (3.4).

January – September 2023

  • Net sales increased by 6 percent to SEK 6,737 million (6,358). Organic growth was -5 percent and order intake was somewhat lower than net sales.
  • Adjusted operating profit (EBITA) was SEK 892 million (845), corresponding to an operating margin of 13.2 percent (13.3). 
  • Operating profit (EBITA) increased by 15 percent to SEK 862 million (748) and the operating margin was 12.8 percent (11.8).
  • Earnings per share increased by 5 percent to SEK 13.30 (12.64).
  • Operating cash flow amounted to SEK 1,242 million (-38), corresponding to a cash conversion ratio of 137 percent (-5).
Q3 ∆ Jan-Sep ∆ LTM Full-year 
MSEK202320222023202222/23 2022
Order intake1,9832,071-46,5666,36138,7688,453
Net sales2,0712,122-26,7376,35868,8118,431
Gross profit601601-01,9251,80772,5072,389
Gross margin (%) 29.028.328.628.428.528.3
Operating expenses-381-32916-1,063-1,0590-1,404-1,399
Share of net sales (%) -18.4-15.5-15.8-16.6-15.9-16.6
Operating profit (EBITA)220272-19862748151,104990
Operating margin EBITA (%) 10.612.812.811.812.511.7
Operating profit (EBITA), adjusted260274-589284561,1311,084
Operating margin EBITA (%), adjusted 12.612.913.213.312.812.9
Operating profit202250-19809705151,034930
Operating margin (%) 9.811.812.011.111.711.0
Profit after tax98177-455034746638609
Earnings per share, SEK2.564.71-4613.3012.64516.8916.23

CEO’s overview

Bufab had a continued solid performance during the third quarter, reporting strong cash flow and stable underlying results.

Sales growth amounted to -2 percent. Organic growth amounted to -7 percent and was negatively impacted by strong comparative figures and a lower demand in some industrial segments.

In particular, Segment East and UK/North America noted a decline, especially sectors that experienced a tailwind during the pandemic, such as furniture, kitchen, outdoor recreation and health. Sectors that reported a strong demand during the quarter were energy, automotive and defence. Segment West had a good development during the quarter, supported by high demand and increased market shares. Order intake for the Group was slightly lower than net sales.

The gross margin increased, mainly due to a better customer and business mix in both the UK and North America.

The share of operating expenses increased year on year. The increase was essentially due to remeasurement of additional purchase considerations, which amounted to SEK -40 in the quarter compared with SEK -2 million in the comparison period.

Adjusted for the above items affecting comparability, the operating margin amounted to 12.6 percent (12.9).

Segments West and North had a positive impact on the results for the quarter, whereas Segment East’s impact was negative.

Our focused work to strengthen cash flow is continuing to yield results. Operating cash flow improved significantly year on year due to a strong improvement in working capital. We anticipate a continued strong cash flow during the year. Our objective is to gradually reduce the key ratio Net debt/EBITDA, which improved during the quarter and amounted to 2.7 (3.4).

We are seeing good results from the integration of the most recent acquisitions and at the same time, we are moving forward with several potential acquisition candidates.

We are also continuing to integrate sustainability throughout our operations – an increasingly important area for us and our customers. In 2023, we prepared for compliance with the EU’s new legal requirements regarding the Corporate Sustainability Reporting Directive (CSRD) and we have a strong customer offering as regards to sustainability that encompasses both legal and voluntary requirements that are well suited to the needs of both large and small customers.

Lately, the market outlook has become more uncertain, which was reflected in Bufab’s organic growth during the quarter. However, we have a large and well-diversified customer base and article portfolio, with a good spread of risk among various industries and markets. Our short-term priorities that we established last year stand firm: to capture market share, maintain a good margin and improve cash flow.

I look forward to welcoming investors, analysts, and the media to our Capital Markets Day on 6 December in Stockholm, where we will present Bufab’s updated strategy, growth opportunities and execution going forward.

Finally, I want to thank all our customers around the world for the trust they show in us and to extend a big thank you to our 1,800 “solutionists” worldwide.

Erik Lundén
President and CEO

Conference call

A conference call will be held on 26 October 2023 at 10:00 a.m. CEST. 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.


Erik Lundén                                                   Pär Ihrskog
President & CEO                                             CFO
+46 370 69 69 00                                          +46 370 69 69 00

Bufab AB (publ)
Box 2266
SE-331 02, Värnamo, Sweden
Corp. Reg. No. 556685-6240
Phone: +46 370 69 69 00

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 contact on 26 October 2023 at 7:30 a.m. CEST.

About Bufab

Bufab AB (publ) is a trading company that offers its customers a full-service solution as a Supply Chain Partner for sourcing, quality control and logistics for C-parts

Bufab was founded in 1977 in Småland, Sweden, and is an international company with operations in 28 countries. The head office is located in Värnamo, Sweden, and Bufab has about 1,800 employees. Bufab’s net sales for the past 12 months amounted to SEK 8.8 billion and the operating margin was 12.5 percent. The Bufab share is listed on Nasdaq Stockholm, under the ticker “BUFAB”. Please visit for more information


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