Slide 1: 2023/Q2 Report
2023/Q2 Report 2023-07-19 M. Welander, CEO J. Lindqvist, CFO
Slide 2: Executive Summary: 2023/Q2 started slow, but with best ever Gross Margin
Executive Summary: 2023/Q2 started slow, but with best ever Gross Margin ▪ Sales of 3,029 MSEK (3,314), -15% Fx adjusted ▪ +23% vs pre-pandemic 2019/Q2 (Fx adjusted) ▪ Monthly trend positive ▪ Gross Margin improves +1.3 p.p. vs 2022/Q2 to highest ever quarterly gross margin at 43.6% ▪ POSITIVE: Pric
Slide 3: Thule Group Sales by Quarter (Reported currency)
Thule Group Sales by Quarter (Reported currency) ▪ 2023/Q1 – Weak vs extreme 2022 (MSEK) OK vs 2019 ▪ -31% vs 2022/Q1 (Fx adjusted) +12% vs 2019/Q1 (Fx adjusted) 2019 ▪ High inventory in Bike retail 2020 2021 ▪ 2023/Q2 – Weak vs extreme 2022 2022 Good vs 2019 ▪ -9% vs 2022/Q2 (reported currency) 202
Slide 4: Region Europe & RoW: Bike category still hit hard by high retail stock levels
Region Europe & RoW: Bike category still hit hard by high retail stock levels ▪ 2023/Q2 Net sales 2,247 MSEK (2,412) -14% decline (constant currency) vs 2022/Q2 +26% growth (constant currency) vs 2019/Q2 ▪ Strong improvement month over month as bike category hit hard in the start of the quarter a wi
Slide 5: Region Americas: N. American retailers reduce inventory levels
Region Americas: N. American retailers reduce inventory levels ▪ 2023/Q2 Net sales 782 MSEK (902) -18% decline (constant currency) vs 2022/Q2 +10% growth (constant currency) vs 2019/Q2 ▪ Bike category hit hard at the beginning of the period with heavy retail destocking, and also as compared to same
Slide 6: Thule Group Financials 2023/Q2: Cash Flow
Thule Group Financials 2023/Q2: Cash Flow Operating Working Capital Operating Working Capital MSEK ▪ 2023/Q2: Operating working capital down as 39,0% inventory is reduced according to plan 5000 35,7% 40% 4000 30% ▪ Operating working capital, 30 Jun. 2023: 3 914 ▪ Inventory: 2 691 MSEK (3 148) 3000 1
Slide 7: More new product launches than ever in the coming 18 months
More new product launches than ever in the coming 18 months ▪ Key Consumer launches Spring 2023 ▪ Thule Approach – most spacious roof top tent in the market ▪ Thule Arcos – energy-efficient premium rear of car cargo box ▪ Thule Caprock – premium lifestyle roof platform ▪ Thule Epos – revolutionary p
Slide 8: 2023/H2 Focus – Continue to drive our growth strategy
2023/H2 Focus – Continue to drive our growth strategy ▪ Growth focused strategy remains unchanged ▪ Prices kept stable after several increases 2021-2022 ▪ Drive profitable organic sales growth via great products ▪ Strengthen the global lifestyle Thule brand further ▪ Utilize well-invested back-end t
Slide 9: We have invested for future profitable growth
We have invested for future profitable growth Product Development (MSEK & share of sales %, LTM) CapEx (MSEK & share of sales %, LTM) 800 8,0% 600 6,0% 700 7,0% 500 5,0% 600 6,0% 400 4,0% 500 5,0% 400 4,0% 300 3,0% 300 3,0% 200 2,0% 200 2,0% 100 1,0% 100 1,0% 0 0,0% 0 0,0% 2015 2016 2017 2018 2019 2
Slide 10: Time to hand over (with a proud smile) to a new CEO
Time to hand over (with a proud smile) to a new CEO ▪ This, my 35th quarterly report as stock listed CEO, will be my last as I on August 9th hand over to Mattias Ankarberg, who will move from board member to take over as new CEO ▪ I am very proud over what I and my colleagues have achieved together
Slide 11: Q&A
Q&A
Slide 12: Disclaimer
Disclaimer ▪ This presentation has been prepared by Thule Group AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute
Slide 13: Thule Group – Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED