Slide 1: TCM Group A/S Interim Report April-June 2019
TCM Group A/S Interim Report April-June 2019 August 14, 2019
Slide 2: A strong Q2 - with 11% organic revenue growth
A strong Q2 - with 11% organic revenue growth Revenue 11.3% 258 mDKK organic (232 mDKK) growth Cash conversion Adjusted EBITA 102.6% 44 mDKK (103.6%) (41 mDKK) NWC ratio Adjusted EBITA -7.1% growth (-6.1%) 8.4% Adj. EBITA margin 17.1% (17.5%) 2
Slide 3: Business update Q2 2019
Business update Q2 2019 Positive Danish market development in 2019 of 1-2% and TCM Group continued to gain market share with organic growth in Denmark of 14% Growth primarily driven by B2B through the branded stores in Denmark Number of branded stores increased to 67 (62) We have raised our
Slide 4: Financial highlights Q2
Financial highlights Q2 Q2 2019 Net revenue 258 mDKK (232) Organic growth of 11.3% Growth in Q2 despite fewer production days compared to LY Adjusted EBITA 44 mDKK (41) – up 8.4% Adjusted EBITA margin 17.1% (17.5%) EBIT 42 mDKK (39) – up 8.8% EBIT margin 16.3% (16.7%) 4
Slide 5: Financial highlights YTD H1
Financial highlights YTD H1 H1 2019 Net revenue 508 mDKK (446) Organic growth of 13.9% Adjusted EBITA 77 mDKK (69) – up 11.4% Adjusted EBITA margin 15.1% (15.5%) EBIT 73 mDKK (63) – up 15.6% EBIT margin 14.4% (14.2%) 5
Slide 6: Strong revenue growth
Strong revenue growth 2019 2018 2019 2018 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Net revenue (mDKK) 258 232 508 446 - Organic growth 11.3% 13.9% 14.1% growth in DK revenue Q2 comments Strong organic growth in DK +14.1% Growth driven by B2B and a higher share of revenue 10.7% decline in from 3rd party p
Slide 7: Improved earnings
Improved earnings 2019 2018 2019 2018 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Net revenue (mDKK) 258 232 508 446 - Gross Margin 28.6% 29.8% 27.0% 28.1% Adjusted EBITA (mDKK) 44 41 77 69 - Adj. EBITA margin 17.1% 17.5% 15.1% 15.5% EBIT (mDKK) 42 39 73 63 - EBIT margin 16.3% 16.7% 14.4% 14.2% Q2 comments Re
Slide 8: NWC ratio improved
NWC ratio improved 2019 2018 Jun Jun Net working capital (mDKK) -69 -51 NWC ratio -7.1% -6.1% NIBD (mDKK) 151 189 Leverage (x EBITDA) 0.8 1.2 Q2 comments NWC improved compared to last year both in nominal and relative terms driven by higher trade payables (higher activity level) NIBD increased b
Slide 9: High cash conversion continued
High cash conversion continued 2019 2018 2019 2018 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Operating profit (mDKK) 42 39 73 63 Depreciation and amortization (mDKK) 5 4 10 8 Change in NWC (mDKK) 1 -14 -26 -29 Tax a.o (mDKK) 0 0 -5 -4 Capex excl. acquisitions (mDKK) -2 -1 -5 15 Operating cash flow excl. acqui
Slide 10: Financial outlook 2019
Financial outlook 2019 TCM Group We have raised our full-year guidance for 2019: Net revenue: 1,000-1,030mDKK corresponding to growth of 11-14% (previously 960-1,000 mDKK) Adjusted EBITA: 160-170mDKK (previously 155-165mDKK) EBIT: 150-160mDKK (previously 145-155mDKK) 10
Slide 11: Q&A
Q&A