Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Q4 2021 Earnings Presentation
16 slides from Thule Group Ab's earnings presentation, Feb 9, 2022
Slide 1: Year End Report, Q4/2021
Year End Report, Q4/2021 2022-02-09 M. Welander, CEO J. Lindqvist, CFO
Slide 2: 2021/Q4 and FY Results – Sales momentum continues in a very strong 2021
2021/Q4 and FY Results – Sales momentum continues in a very strong 2021 2021/Q4 – Good quarter vs very strong 2020/Q4 comp ▪ Sales 1 846 MSEK, +14% Fx adjusted vs PY ▪ Region Europe & RoW: +8% Fx adjusted ▪ Region Americas: +27% Fx adjusted ▪ Gross Margin at 33.7% (40.0%) ▪ High raw material and fre
Slide 3: Sustainability: Reduced emissions in 2021 (despite significant sales growth)
Sustainability: Reduced emissions in 2021 (despite significant sales growth) Sustainability Greenhouse results in(2017-2021) Gas Emissions 2021 (ton CO2e (ton CO2e) / MSEK) 35 000 7,0 30 000 6,0 25 000 5,0 20 000 4,0 Recycling rate (%; Target >96%) 15 000 3,0 10 000 2,0 5 000 1,0 0 0,0 2017 2018 201
Slide 4: 2021/Q4 and 2021 FY - Reported income statement
2021/Q4 and 2021 FY - Reported income statement Q4 YTD ▪ Q4Sales growth +15% inYTD the quarter in reported currency MSEK 2021 2020 2021 2020 2021 2020 2021 2020 ▪ Gross margin 33.7% (40.0%) Net sales 1 846 1 605 10 386 7 828 1 846 ▪ Higher raw material- 1 605 and freight7expenses, 10 386 828 not ful
Slide 5: 2021/Q4 and 2021 FY: OWC and Cash Flow
2021/Q4 and 2021 FY: OWC and Cash Flow Operating Working Capital Operating Working Capital ▪ Q4: Inventory build-up ahead of season SEKm 4000 22,4% 25% ▪ Operating working capital, 31 Dec. 2021: 18,0% 20% ▪ Inventory: 2 510 MSEK (1 068) 3000 15,0% currency effect +46 MSEK 2 326 15% ▪ Accounts receiv
Slide 6: Thule Group Sales by Quarter (Reported currency)
Thule Group Sales by Quarter (Reported currency) ▪ 2021/Q1 – Very strong, also vs. 2019 3 400 ▪ +46% vs 2020/Q1 (reported currency) 3 229 2018 +56% vs 2020/Q1 (Fx adjusted) 3 200 ▪ +45% vs 2019/Q1 (Fx adjusted) 2019 3 000 ▪ 2020/Q1 hit from mid-March with lock-downs 2020 ▪ Retailers placed orders ea
Slide 7: 2021 FY: Sales Development by Region and Product Category
2021 FY: Sales Development by Region and Product Category Sport&Cargo Carriers RV Products Active with Kids Packs, Bags & Luggage Share of Thule Group 67% 14% 12% 7% Sales 2021 FY (2020 FY) (64%) (15%) (13%) (8%) Europe&RoW Americas Europe&RoW Americas Europe&RoW Americas Europe&RoW Americas Share o
Slide 8: Sport&Cargo Carriers – Winner in strong bike and outdoors market
Sport&Cargo Carriers – Winner in strong bike and outdoors market ▪ 2021 FY: Growth of +43% Fx adjusted ▪ Region Europe&ROW +38% ▪ Region Americas +54% ▪ 2021 - Great products, flexible supply chain and biking boom ▪ Bike Racks: Strong market momentum in all major markets ▪ Roof Racks: Local active t
Slide 9: RV Products – Staycation trend creates high demand
RV Products – Staycation trend creates high demand ▪ 2021 FY: Growth of +34% Fx adjusted ▪ Region Europe&ROW +30% ▪ Region Americas +113% ▪ 2021 – Strong consumer trend, but manufacturers challenged ▪ Staycation trend and possibility to flexible travel in your own small bubble ▪ Smaller vans continu
Slide 10: Active with Kids – Another very strong growth year
Active with Kids – Another very strong growth year ▪ 2021 FY: Growth of +35% Fx adjusted ▪ Region Europe&ROW +33% ▪ Region Americas +43% ▪ 2021 – Biking boom and broadened stroller assortment ▪ Bike trailers: E-bike and bike commuting trend continues ▪ Child Bike Seats: Boosted by biking boom with l
Slide 11: Packs, Bags & Luggage – Recovery from weak 2020
Packs, Bags & Luggage – Recovery from weak 2020 ▪ 2021 FY: Growth of +12% Fx adjusted ▪ Region Europe&ROW +6% ▪ Region Americas +17% ▪ 2021 – Luggage sector hit hard and no Back-to-Campus season ▪ Sport bags & Tech packs: Strong hiking and biking pack sales ▪ Everyday bags: Limited Back-to-Campus /
Slide 12: 2021 Full year: Another fantastic year for the Thule brand
2021 Full year: Another fantastic year for the Thule brand Share of Sales by Brand 2021 8% (8) 4% (6) 88% (86) Thule Other Thule Group OEM & Private label 12 2022-02-09 Thule Group Year End Report Q4/2021
Slide 13: 2022 Focus – Continue to drive our growth oriented strategy
2022 Focus – Continue to drive our growth oriented strategy ▪ Growth focused strategy remains unchanged ▪ Price increases to offset cost increases (implemented January 2022) ▪ Drive profitable organic sales growth via great products ▪ Strengthen the Thule brand by using the motto Bring your life ▪ U
Slide 14: Q&A
Q&A www.thulegroup.com 14 2022-02-09 Thule Group Year End Report Q4/2021
Slide 15: 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 16: Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED