Nilfisk Holding A/s · OMXCOP:NLFSK
Nilfisk Holding A/s — Investor Day (September 2017)
92 slides from Nilfisk Holding A/s's investor day presentation, Sep 19, 2017
Slide 1: Nilfisk – Capital Markets Day
Nilfisk – Capital Markets Day 19 September 2017
Slide 2: Forward looking statements
Forward looking statements This presentation and related comments contain forward-looking statements. Such statements are subject to many uncertainties and risks, as various factors, of which several are beyond Nilfisk A/S’ control, may cause that the actual development and results differ materially
Slide 3: The Nilfisk Leadership Team
The Nilfisk Leadership Team Hans Henrik Lund Karina Deacon Andy Ray Anders Terkildsen Serdar Ülger Vacant position CEO CFO Americas EMEA APAC Marketing Joined Nilfisk in 2017 Joined Nilfisk in 2016 Joined Nilfisk in 2016 Joined Nilfisk in 1998 Joined Nilfisk in 2005 Joining Nilfisk asap Lars Gjødsbø
Slide 4: Agenda for today
Agenda for today Time Section Page Presenter 9:15 1 Introduction to Nilfisk 5 Hans Henrik Lund Hans Henrik Lund / Andy Ray / 9:30 2 Nilfisk today 14 Lars Gjødsbøl Q&A 10:30 15 min break 10:45 3 Simplify and grow 40 Hans Henrik Lund / Karina Deacon 11:15 4 Leading the future 58 Hans Henrik Lund Q&A 1
Slide 5: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview 6 Summary Page 5
Slide 6: Why Nilfisk?
Why Nilfisk? Leading the future to provide enhanced value to our customers Clear path to simplify and grow the business Solid value creation in the attractive professional cleaning equipment industry Page 6
Slide 7: Nilfisk equity story highlights
Nilfisk equity story highlights 1 A global leader in the attractive professional cleaning equipment industry 2 Strong customer access and partner relationships 3 Extensive range of premium products and a reputable aftermarket offering 4 Low capital intensity through effective sourcing and assembly f
Slide 8: Universal need for cleaning and the effect of clean is valuable everywhere
Universal need for cleaning and the effect of clean is valuable everywhere All industries, private and public sector and households are potential Nilfisk customers Page 8
Slide 9: A leading provider of professional cleaning products and services in the high-end segment
A leading provider of professional cleaning products and services in the high-end segment Focused on attractive professional segment 100+ Professional 1,059 years in the 90% revenue for 2016 industry (EURm) 10% Consumer Revenue globally High-end focused provider Diversified offering diversified with
Slide 10: A rich heritage dating back to 1906
A rich heritage dating back to 1906 From small local Danish player… …growing through product and geographical expansion… …to becoming a global player 1906 1940/1955 1988 1989 2003 2005 2008 2017 Fisker & Nielsen First industrial Nilfisk starts Nilfisk acquired Establishes Establishes main Establishe
Slide 11: Sales-driven organization built on wealth of experience
Sales-driven organization built on wealth of experience Front-end focused organization… …with a sound mix of experience and development By number of FTEs1 By number of years Operations 8% >10 years at Nilfisk Support incl. R&D 30% <3 years at Nilfisk 24% 38% 55% Sales & Service 13% 15% Customer Serv
Slide 12: Nilfisk launched its Accelerate strategy in March 2015
Nilfisk launched its Accelerate strategy in March 2015 Growing our company to lead the industry Initiated in 2016 to support agile and commercial organization Accelerate Growing our company to lead the industry • New operational model • Organizational focus • Margin expansion Grow market share Stren
Slide 13: We are focused and we are local
We are focused and we are local Segments Revenue split1 Channel split1,2 High-end / mid-market split1,2 26% 25% 23% Americas 75% 77% 4% EMEA 45% Professional 55% 44% 96% 15% 45% APAC 8% 55% 85% Specialty 12% 50% 50% n.m. professional Consumer 10% 10% Specialty n.m. consumer 90% Note: (1) 2016 figure
Slide 14: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today A A global leader in the attractive professional cleaning equipment industry B Strong customer access and partner relationships C Extensive range of premium products and a reputable aftermarket offering D Low capital intensity through effective sourci
Slide 15: Professional cleaning equipment market estimated at EUR 7.5bn
The professional cleaning equipment market relevant to Nilfisk is estimated at a value of EUR 7.5bn Outer circles: Professional cleaning equipment market. Inner circles: Nilfisk 2016 revenue Geographical markets Product lines and service offering Market Market Floorcare Americas APAC Aftermarket equ
Slide 16: Nilfisk is a global leader in the fragmented professional high-end cleaning equipment market
Nilfisk is a global leader in the fragmented professional high-end cleaning equipment market Global Americas EMEA APAC (EUR 7.5bn)1 (EUR 3.2bn)1 (EUR 3.1bn)1 (EUR 1.2bn)1 ~8-10% ~6-8% ~11-13% ~16-18% 100+ % of players professional market market1 share2 High-end ~45-50% ~20-25% Competitive landscape3
Slide 17: Stable market growth and attractive growth opportunities
Stable market growth and attractive growth opportunities Market driven by underlying real GDP growth… …with attractive growth opportunities2 • The professional cleaning equipment market measured by volume generally follows real GDP growth • Nilfisk has grown above real GDP growth through economic cy
Slide 18: Cleaning has measurable value for customers
Cleaning has measurable value for customers More than 60% of customers agree: if a fast-food restaurant is clean, they go there more often Of people would avoid a business in the Cleaning reduces 94% future if they encountered dirty restrooms adverse effects for customers 2-6% reduced 39% drop in sa
Slide 19: Significant market expansion potential in the high-end segment
Significant market expansion potential in the high-end segment Cleaning equipment only constitutes ~10% of …which leads to significant opportunities for Total Cost of Cleaning… Nilfisk to grow market scope ILLUSTRATIVE Total customer cleaning costs Customer cleaning costs to decrease over time • The
Slide 20: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today A A global leader in the attractive professional cleaning equipment industry B Strong customer access and partner relationships C Extensive range of premium products and a reputable aftermarket offering D Low capital intensity through effective sourci
Slide 21: Deep understanding of strategic customer segments
Deep understanding of 10 strategic customer segments in the professional cleaning equipment market ~70% of the professional market1 Selected on the basis of highest financial attractiveness and highest ability to compete Contract Cleaners Retail ABM Carrefour Compass Group LIDL Sodexo REWE Pharma Au
Slide 22: Global sales force and strong customer access
Global sales force and strong customer access Global sales force and proven sales channels ensuring strong customer access Sales companies Export Global direct sales force Sales in 100+ countries Sales companies in 45 countries 1,700+ FTEs driving sales and aftermarket growth Direct • Large and dive
Slide 23: Our strong brands make a difference in a fragmented market
Our strong brands make a difference in a fragmented market Nilfisk brands Transition example High-end Mid-market Connecting a strong regional brand to the Nilfisk identity, significantly reducing complexity Global brands Strengthen and leverage Invest and grow High-end Mid-market Regional and local
Slide 24: Fast and reliable distribution setup
Fast and reliable distribution setup Distribution setup Delivery accuracy2 Highlights Americas Arkansas, US (20%1): In-house • Regional and local distribution Delivery of approx. 2 million • Professional machines and parts order lines / year setup Brøndby, DK (35%1): In-house – Central distribution
Slide 25: We have strengthened customer relationships
We have strengthened customer relationships Focused activities supporting higher customer satisfaction >80% improvement in NPS “I consider Nilfisk products to be first in class 33 and way above the competition with regards to ease of use, efficiency and most important, labor savings” – Dealer, US 18
Slide 26: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today A A global leader in the attractive professional cleaning equipment industry B Strong customer access and partner relationships C Extensive range of premium products and a reputable aftermarket offering D Low capital intensity through effective sourci
Slide 27: Industry leading product offering with significant aftermarket exposure
Industry leading product offering with significant aftermarket exposure Professional Consumer Aftermarket Floorcare 30% 35% Revenue1 18% 17% High pressure washers Vacuum cleaners Note: (1) Based on 2016 figures Page 27
Slide 28: Strong aftermarket and service offering maximizes product uptime
Strong aftermarket and service offering maximizes product uptime Maximizes uptime Service offerings Fleet management system Remote access to cleaning machines to monitor, verify and improve Easy and quick access to operational effectiveness professional service ensuring maximum uptime for custom
Slide 29: Customers choose Nilfisk products for Performance, Quality & Reliability
Customers choose Nilfisk products for Performance, Quality & Reliability Efficiency Durability Productivity Robustness Speed Ease of use Clients are very satisfied with Nilfisk's The product is very good, easy maintenance products, the evaluation is very good. Our by our workshops, which
Slide 30: Product development driven by customer insights
Product development driven by customer insights Case example: Attix Dust Extractor for Building & Construction Customer & Selecting innovation Concepting Development market insights projects “It does the job, Increased focus on workers’ Efficiency: Less frequent filter so I can do mine” health &
Slide 31: We have done it more than once
We have done it more than once Customer-insights driven product development Highlights New segment – SC100/SC250 New platform – SC500 • Products developed through deep customer insight and involvement • Products launched with innovative technologies – EcoFlex – SmartFlow – TrackClean – SilentTech Co
Slide 32: Product innovation driven through a global R&D set-up
Product innovation driven through a global R&D set-up Global R&D setup Highlights Global R&D Global R&D • Product development • Floorcare • Floorcare, HPW, and Vacs managed centrally, but • ~60 FTEs • ~ 90 FTEs based at four global competence centres – Three focused on Denmark Italy Hungary high-end
Slide 33: Quality designed into products and supported through the value chain
Quality designed into products and supported through the value chain Quality improvements with direct operational and financial impact Highlights Technical Failure Reports Warranty costs • Focused on designing quality into the products – from reactive to proactive Number of technical failure reports
Slide 34: Increased focus on innovation driving higher R&D spend
Increased focus on innovation driving higher R&D spend R&D spend increasing from 2012 to 2016 Comments EURm and % of revenue • Product offering is the primary driver of customer satisfaction 3.1% 3.1% 3.3% 3.5% 3.6% • Continuous improvement of product offering through customer-centric 38 product dev
Slide 35: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today A A global leader in the attractive professional cleaning equipment industry B Strong customer access and partner relationships C Extensive range of premium products and a reputable aftermarket offering D Low capital intensity through effective sourci
Slide 36: Global sourcing is essential in securing overall product competitiveness
Global sourcing is essential in securing overall product competitiveness Global procurement organization of 80 sourcing professionals with full supplier responsibility TCO Category teams negotiate commercial Cross functional global and regional Spend optimized with aim of minimizing terms with indiv
Slide 37: Global production footprint for cost efficiency and closeness to market
Global production footprint for cost efficiency and closeness to market Asset-light assembly focused setup Nilfisk footprint • Production in all major regions US (4 sites) Hungary (2 sites) China (2 sites) • Developed through • 10% of global • 30% of global • 30% of global production production prod
Slide 38: Low capital intensive business model
Low capital intensive business model Low tangible capex as % of revenue Highlights Average = 1.7% • Asset-light business enabling low tangible capex requirements of approx. 2% of annual revenue – Approx. 95% of production is 2.2% assembly-only 1.9% • Significant available capacity to support future
Slide 39: Q&A
QNilfisk Page 39
Slide 40: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview 6 Summary Page 40
Slide 41: Simplify and grow
Simplify and grow Margin expansion Organic revenue growth CAGR EBITDA margin before special items Organic growth 3-5% 13-15% 11% EUR 1,059m 2016 Medium term 2016 Medium term Overhead reductions Autonomous Key organic Sales and Service Excellence Key margin Global operations revenue expansion Mid-mar
Slide 42: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow A Margin expansion B Organic growth C M&A 4 Leading the future 5 Financial overview 6 Summary Page 42
Slide 43: Execution of the EUR 35m cost savings program on track
Execution of the EUR 35m cost savings program on track Initiatives realized as of June 2017… …full potential as from Dec 2019 EURm EURm 35 6 12 17 1 17 8 7 as of June 2017 as from December 2019 EBITDA positively impacted by cost savings of EUR 8m, The full cost saving potential is EUR 35m implying a
Slide 44: Overhead reductions through structural changes
Overhead reductions through structural changes Highlights Example of FTE outsourcing initiatives • A program of structural changes Example of outsourcing initiative Outsourcing benefits rather than incremental savings: – Optimizing span of control and Transfer of functions to delayering partner in I
Slide 45: Simplification opportunities in global operations
Simplification opportunities in global operations Optimization of sourcing Optimization of global production footprint Ongoing category reviews Eastern Europe Western Europe North America APAC Renegotiation and replacements of existing contracts Latin America Supplier base reduction of 25 - 50% Indi
Slide 46: Simplifying our product portfolio
Simplifying our product portfolio Streamlining existing product portfolio… … combined with clear modularization strategy Actively focusing on streamlining product portfolio Integration of modular part strategy to increase scale with clearly defined targets and progress follow-ups advantages and redu
Slide 47: We implement best practice for price management
We implement best practice for price management • List-price management Price-setting • Bundling and cross-selling • Spare parts and accessories Enablement & implementation • Volume curve Discounts • Deviations Pricing Playbook • Rebate guidelines • Exceptions Rebates • Co-op usage • Standardize ter
Slide 48: Simplify and grow
Simplify and grow Margin expansion Organic revenue growth CAGR EBITDA margin before special items Organic growth 3-5% 13-15% 11% EUR 1,059m 2016 Medium term 2016 Medium term Overhead reductions Autonomous Key organic Sales and Service Excellence Key margin Global operations revenue expansion Mid-mar
Slide 49: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow A Margin expansion B Organic growth C M&A 4 Leading the future 5 Financial overview 6 Summary Page 49
Slide 50: Liberty A50 – an industry leading autonomous cleaning solution
Liberty A50 – an industry leading autonomous cleaning solution Value proposition Liberty A50 Productivity Performance Safety • Self-learning with • Precision cleaning • Adapts to changing intelligent mapping (2 inches from the wall) environment • No supervision required • Consistency and • Stops whe
Slide 51: Sales Excellence to maximize top-line growth
Sales Excellence to maximize top-line growth Drive top-line growth… …with clear results that can be leveraged globally • Customer prioritization • Drive the performance Germany local US local culture sales team sales team • Customer segmentation • Individual sales targets • Sales force deployment li
Slide 52: A growing service business
A growing service business Deployment of best practice across countries… …and digitalizing customer service experience Aftermarket revenue share of total revenue Discover and adapt offering... …improving customer experience Deployment • Optimize digital • Engage with customers pick-up potential syst
Slide 53: Increased focus on the mid-market to tap into growth potential
Increased focus on the mid-market to tap into growth potential Focus on select …yielding strong position in Americas… …to be leveraged globally mid-markets... • Historically, focus on select mid- Select focus… …large potential • Initiatives initiated to secure markets, especially Americas Today: glo
Slide 54: Strategic accounts initiative implemented to target growth
Strategic accounts initiative implemented to target growth Strategic account focus… …providing strong US results… …being scaled globally US example • Piloting in the US Ensure focus on potential high value and growth accounts • Hired new global VP of Strategic Accounts to build +16% 116 global organ
Slide 55: Continue focus on select emerging markets
Continue focus on select emerging markets Current …and further into achievements… …being leveraged in China… other geographies • Successful country- Increased growth in China… …driven by new strategy for Chinese expansion • Top 5 largest emerging specific penetration markets1 account for strategies
Slide 56: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow A Margin expansion B Organic growth C M&A 4 Leading the future 5 Financial overview 6 Summary Page 56
Slide 57: M&A will continue to be important
M&A will continue to be important Average revenue growth of 1.8% from M&A over the past 10 years Target evaluation criteria Acquisitions focused on dealers and product companies Access to Access to markets channels Product or products Fit with professional segment • Typically EUR 2-5m Dealers1 compa
Slide 58: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview 6 Summary Page 58
Slide 59: Customer needs are shifting – enabled by technology
Customer needs are shifting – enabled by technology Customer needs Focus on Value of Clean Reliable and consistent Access to Clean when / execution where needed Effective monitoring, Cleaning that blends in Lower Total Cost of Clean documentation and validation Technology enablers Power source Robot
Slide 60: Nilfisk is focused on the future together with customers
Nilfisk is focused on the future together with customers Nilfisk is uniquely positioned to leverage its heritage into the digital age Page 60
Slide 61: Up to 10% of revenue from autonomous machines within 5-7 years
We believe up to 10% of Nilfisk’s revenue will come from autonomous machines within 5-7 years Nilfisk to focus on offering a portfolio of autonomous machines and services ILLUSTRATIVE Autonomous’ addressable market expected to increase Total customer cleaning costs Customer cleaning costs to decreas
Slide 62: Digitalized services will lead to higher customer value and loyalty
Digitalized services will lead to higher customer value and loyalty Predictive maintenance Service that self-diagnoses and communicates directly with Nilfisk’s maintenance centres and schedules maintenance if needed Documentation of clean Service that documents that the cleaning process has been per
Slide 63: We lead intelligent cleaning to make your business smarter
“We lead intelligent cleaning to make your business smarter” Page 63
Slide 64: Q&A
Page 64 ONilfisk
Slide 65: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview A Financial profile B Risk management and financing C Guidance and medium-term targets 6 Summary Page 65
Slide 66: Attractive business model and financial profile
Attractive business model and financial profile Healthy margins Asset-light setup Strong returns and Proven track record with further upside with operational cash generation of growth leverage 41.9% ~40% 14.6% 1.9% Gross margin operating profit potential Return on Capital Employed organic revenue gr
Slide 67: Growth over the past decade
Growth over the past decade Revenue development EURm Revenue +3.8%1 +1.9% +3% +1.8% 1,059 +0% +6% 980 -2% +3% 918 +6% 871 881 +1% 847 +7% -13% +7% 790 776 771 730 690 2006 2007 2008 2009 2010 2011 2012 2013 2014 20152 2016 Note: (1) Includes organic growth, acquisition growth and impact from changes
Slide 68: Organic revenue growth and gross profit
Organic revenue growth and gross profit EURm 2016 H1 2017 H1 2017 segment split Total revenue growth EURm 8.0% 3.2% Revenue Gross profit 1 Americas Net acquisitions 5.8% (0.4%) 27% 27% Currency (0.9%) 0.6% 2 EMEA Organic 3.1% 3.0% 43% 44% - Americas 1 2.6% 7.9% 3 APAC 7% 7% - EMEA 2 5.4% 3.6% - APAC
Slide 69: Margin growth through operational leverage
Margin growth through operational leverage Nilfisk cost structure and operational leverage % of revenue ~40% incremental 50-55% Variable costs operating profit margin1 given current cost and capacity structure 5-10% Semi-variable costs 30-35% Fixed costs Operating leverage from fixed cost base Opera
Slide 70: Increasing EBITDA margin before special items
Increasing EBITDA margin before special items driven by underlying revenue growth and cost saving initiatives EBITDA before special items Key margin expansion initiatives EURm and % of revenue Cost savings impact on EBITDA before special items (EURm)1 11.9% 11.9% 11.7% 10.0% 11.0% 11.2% 12.9% Full H
Slide 71: Asset-light business model with low capex requirements
Asset-light business model with low capex requirements Capex Comments EURm and % of revenue • Low tangible capex requirements (approx. 2% of 3.7% 3.4% 3.5% 4.5% 4.2% revenue) – ~95% of production is 44 45 assembly only 0.5% 0.4% • Significant available capacity to 33 33 support future growth 30 1.9%
Slide 72: Improving working capital
Improving working capital Working capital and cash conversion Comments EURm and % of revenue • Working capital 114.2% 91.0% 79.8% 86.0% 143.0% 63.0% 9.2% improvements driven by focused initiatives 19.4% 19.0% 19.2% 20.0% 17.6% 19.5% 16.6% • Cash conversion average 194 184 >100% over the past five 17
Slide 73: Increase in return on capital employed
Increase in return on capital employed Capital employed and RoCE Comments EURm • Increase in RoCE in 2017 driven by: 412 412 441 502 491 534 521 – Increase in EBIT before special items driven by operational improvements 17.5% 17.6% 16.9% 16.6% – Decrease in capital employed 14.6% from improvement in
Slide 74: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview A Financial profile B Risk management and financing C Guidance and medium-term targets 6 Summary Page 74
Slide 75: Post-demerger adjusted net income and capital structure
Post-demerger adjusted net income and capital structure Reported net income and adjusted net income Post-demerger capital structure2 Amount EURm 2016 reported 2016 adjusted Facility Maturity (EURm) Adjusted for the Demerger facility 450 Jul 2020 effects of Nilfisk’s EBIT after special items 54 54 ca
Slide 76: Foreign currency and raw materials risk management
Foreign currency and raw materials risk management Currency risk management principles Expected net currency exposure, next 12 months • A hedging policy is in place to limit the net P&L exposure EURm (exposure > EUR 10m from Q2 2017) from exchange rate changes 25 14 17 18 19 – The objective of Nilfi
Slide 77: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview A Financial profile B Risk management and financing C Guidance and medium-term targets 6 Summary Page 77
Slide 78: 2017 guidance and medium term targets (3-5 years)
2017 guidance and medium term targets (3-5 years) EBITDA margin before special Organic revenue growth RoCE items 2-4% 11.0-11.5% 2017 guidance 2017 guidance >20% medium term 3-5% p.a. 13.0-15.0% medium term medium term Page 78
Slide 79: Financial policy and capital allocation principles
Financial policy and capital allocation principles 1 Grow the business Leverage NIBD / EBITDA before special target items targeted at or below 2.5x Capital allocation 2 Ordinary dividends principles Payout ratio of approx. 1/3 of profit Dividend for the year (no payout in 2018 policy1 expected2) Exc
Slide 80: Agenda
Agenda 1 Introduction to Nilfisk 2 Nilfisk today 3 Simplify and grow 4 Leading the future 5 Financial overview 6 Summary Page 80
Slide 81: Nilfisk equity story highlights
Nilfisk equity story highlights 1 A global leader in the attractive professional cleaning equipment industry 2 Strong customer access and partner relationships 3 Extensive range of premium products and a reputable aftermarket offering 4 Low capital intensity through effective sourcing and assembly f
Slide 82: Q&A
me i Page 82 ONilfisk
Slide 83: Appendix
Appendix
Slide 84: Board of Directors
Board of Directors Jens Due Olsen René Svendsen-Tune Jens Maaløe Gitte Toft Nielsen Chairman Deputy Chairman Non-executive director Finance Employee representatives • Professional board member with experience • CEO of GN Store Nord and GN Audio • CEO of Terma from Bladt Industries, Royal Unibrew, Ko
Slide 85: Nilfisk organizational overview
Nilfisk organizational overview CEO Finance HR Strategy & Business Specialty Development Professional Specialty Consumer Americas EMEA APAC Products & Global Marketing Sales Sales Sales Services Operations Page 85
Slide 86: Floorcare
Floorcare Professional Consumers Product overview 1 30% Competitive advantages Products Key customer segments Portfolio characteristics Scrubber Combination • Complete product range with a wide range of Sweepers dryers machines sizes and features, covering all customer segment needs • Best in class
Slide 87: Vacuum cleaners
Vacuum cleaners Professional Consumers Product overview 1 18% Competitive advantages Products Key customer segments Portfolio characteristics Commercial Vacs • Outstanding power and refined technology for Contract Cleaners, perfect cleanliness Education and • Extensive range and accessories for dura
Slide 88: High pressure washers
High pressure washers Professional Consumers Product overview 1 17% Competitive advantages Products Key customer segments Portfolio characteristics Mobile HPW • High boiler efficiency Automotive, Building & Construction, Agriculture, • Intuitive, easy-to-use machines by optimal interfaces and ergono
Slide 89: Income statement
Income statement EURm 2016 H1 2016 H1 2017 Revenue 1,058.5 532.0 548.9 Cost of sales (615.1) (306.3) (308.4) Gross profit 443.4 225.7 240.5 Gross margin (%) 41.9% 42.4% 43.8% Research and development costs (30.0) (14.9) (16.1) Sales and distribution costs (236.4) (120.8) (128.7) Administrative costs
Slide 90: Balance sheet
Balance sheet EURm 2016 H1 2016 H1 2017 EURm 2016 H1 2016 H1 2017 Goodwill 179.3 173.6 169.6 Share capital 67.2 67.2 67.2 Trademarks 14.8 16.6 13.1 Reserves 3.1 (4.5) (10.0) Customer related assets 17.2 18.9 14.9 Retained comprehensive income 154.5 155.3 186.1 Development projects completed 39.4 33.
Slide 91: @Nilfisk
@Nilfisk
Slide 92: Nilfisk A/S
Nilfisk A/S Kornmarksvej 1 DK-2605 Brøndby Denmark T: +45 4323 8100 mail.com@nilfisk.com www.nilfisk.com ©2017 All rights reserved