Slide 1: 2022 Jan-March Report
2022 Jan-March Report April 26, 2022 M. Welander, CEO J. Lindqvist, CFO
Slide 2: Thule Group 2022/Q1 – A very good start to the year
Thule Group 2022/Q1 – A very good start to the year ▪ Sales 3,034 MSEK +13% Fx adjusted vs PY ▪ Region Europe & RoW: 2,158 MSEK (1,917) +9% Fx adjusted ▪ Region Americas: 876 MSEK (621) +27% Fx adjusted ▪ Gross Margin at 40.0% (41.3%) ▪ Fx adjusted decline of 0.3 p.p. vs very strong 2021/Q1 ▪ Price
Slide 3: Thule Group Sales by Quarter (Reported currency)
Thule Group Sales by Quarter (Reported currency) ▪ A strong start to the year, despite many 3 400 negative external factors 3 229 2019 3 200 ▪ 2022/Q1 – Very strong, also vs. 2019 3 034 2020 ▪ +20% vs 2021/Q1 (reported currency) 3 000 +13% vs 2021/Q1 (Fx adjusted) 2021 +64% vs 2019/Q1 (Fx adjusted)
Slide 4: Region Europe & RoW: Continued strong momentum
Region Europe & RoW: Continued strong momentum ▪ 2022/Q1 Net sales 2,158 MSEK (1,917) +9% growth (constant currency) ▪ The Russian invasion of Ukraine is deeply disturbing on a humanitarian level and of impacts any business – but limited impact for Thule Group ▪ Our decision to stop business in Russ
Slide 5: Region Americas: Growth across all markets and categories
Region Americas: Growth across all markets and categories ▪ 2022/Q1 Net sales 876 MSEK (621) +27% growth (constant currency) ▪ Sales growth in all markets with Canada growing the fastest ▪ Growth across Sport&Cargo Carriers category as consumers take local vacations with cars as their means of trans
Slide 6: 2022/Q1 Reported income statement
2022/Q1 Reported income statement ▪ Sales growth +20% in reported currency, Q1 Full-year Q1 Full-year +13% in constant currency 2022 2021 LTM 2021 2022 2021 LTM 2021 ▪ Gross margin 40.0% (41.3%) Net sales 3 034 2 538 10 881 10 386 3 034 ▪ 2 538 raw material- Higher 10 881 and freight 10 386 expenses
Slide 7: Thule Group Financials 2022/Q1: Cash Flow
Thule Group Financials 2022/Q1: Cash Flow Operating Working Capital Operating Working Capital MSEK ▪ Q1: Inventory build-up for the season and to create resilience against current supply chain disturbances 5000 31,8% 35% 30% ▪ Operating working capital, 31 Mar. 2022: 4000 23,0% 3 460 21,1% 25% ▪ Inv
Slide 8: Group: Inventory levels increased to cope with erratic Supply Chain
Thule Group: Inventory levels increased to cope with erratic Supply Chain Quarterly Inventory Value (MSEK) and R12 months sales (Bio SEK) ▪ Thule Group has, during the last decade, successfully focused on high On-Time-In-Full (OTIF) deliveries with OTIF short lead-times (next day deliveries) to reta
Slide 9: 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 ▪ Drive profitable organic sales growth via great products ▪ Continue strengthen the Thule brand by using the motto Bring your life ▪ Utilize strong back
Slide 10: Q&A
Q&A 10 2022-04-26 Thule Group 2022, Q1 Investor- and Analyst Presentation
Slide 11: 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 12: Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED