Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Q3 2022 Earnings Presentation
14 slides from Thule Group Ab's earnings presentation, Oct 27, 2022
Slide 1: 2022 Jul-Sep Report
2022 Jul-Sep Report October 27, 2022 M. Welander, CEO J. Lindqvist, CFO
Slide 2: Executive Summary 2022/Q3: Rapid slow-down in bike related categories
Executive Summary 2022/Q3: Rapid slow-down in bike related categories ▪ Sales 2,139 MSEK -29% Fx adjusted vs PY ▪ Region Europe & RoW: 1,418 MSEK (1,922) -29% Fx adj. ▪ Region Americas: 721 MSEK (850) -29% Fx adj. ▪ Gross Margin at 33.9% (40.6%) ▪ Fx adjusted decrease of 6.3 p.p. vs 2021/Q3 ▪ Consid
Slide 3: 2022/Q3 – Net Sales and EBIT development
2022/Q3 – Net Sales and EBIT development Reported Net Sales EBIT and Margin MSEK MSEK 2 772 24.2% -23% 2 139 -29%1 9.0% 670 Q3 -71% -73%1 193 Q3 2021 Q3 2022 Q3 2021 Q3 2022 MSEK MSEK 25.2% 8 540 8 487 20.1% -1% -7%2 2 150 -21% 1 703 YTD -24%2 YTD 2021 YTD 2022 YTD 2021 YTD 2022 1 Constant currency
Slide 4: Thule Group Sales by Quarter (Reported currency)
Thule Group Sales by Quarter (Reported currency) (MSEK) ▪ 2022/Q1 – Very strong vs. 2021 and 2019 3 400 3 314 ▪ +20% vs 2021/Q1 (reported currency) 3 229 +13% vs 2021/Q1 (Fx adjusted) 2019 +64% vs 2019/Q1 (Fx adjusted) 3 200 3 034 2020 ▪ 2022/Q2 – In line with 2021, strong vs. 2019 3 000 2021 ▪ +3%
Slide 5: Thule Group Sales by Quarter – Bike related of Total
Thule Group Sales by Quarter (Reported currency) – Bike related of Total Bio SEK ▪ Background for sharing Bike related share of total across all 4 Product categories ▪ Throughout 2021 we saw an exceptional year within Bike related products over all four quarters, as communicated numerous times 3.0 ▪
Slide 6: Region Europe & RoW: Bike retail hits the brakes
Region Europe & RoW: Bike retail hits the brakes ▪ 2022/Q3 Net sales 1 418 MSEK (1 922) -29% decline (constant currency) ▪ Bike related product category sales reduced much more than anticipated vs extraordinarily strong 2021/Q3 ▪ Good start for Roof Racks and Boxes during summer vacationing period,
Slide 7: Region Americas: Bike categories hit hard
Region Americas: Bike categories hit hard ▪ 2022/Q3 Net sales 721 MSEK (850) -29%vs PY (constant currency) ▪ Bike related product category sales reduced much more than anticipated vs extraordinarily strong 2021/Q3 ▪ Sport&Cargo Carriers - Box sales strong during vacation period ▪ Packs, Bags & Lugga
Slide 8: 2022/Q3 Reported income statement
2022/Q3 Reported income statement Jul - Sep Jan - Sep Full-year ▪ Sales decline in the period by 23% 2022 2021 2022 2021 LTM 2021 ▪ - 29% in constant currency ▪ Gross Margin 33.9% (40.6%) Net sales 2 139 2 772 8 487 8 540 10 333 10 386 ▪ Main impact coming from lower Cost of goods sold -1 415 -1 647
Slide 9: Thule Group Financials 2022/Q3: Cash Flow
Thule Group Financials 2022/Q3: Cash Flow Operating Working Capital Operating Working Capital MSEK ▪ High inventory levels main factor 34,4% 5000 35% ▪ Operating working capital, 30 Sep. 2022: 30% ▪ Inventory: 3 140 MSEK (1 589) 4000 3 557 25% currency effect +174 MSEK 19,1% 19,2% 3000 20% ▪ Account
Slide 10: Coming quarters – Operational focus to handle challenging market
Coming quarters – Operational focus to handle challenging market ▪ Exceptionally strong comparative periods (2021/Q4 and 2022/Q1) ▪ Facing a very cautious retail sector and consumers in general being under cost pressure ▪ We have reduced staffing levels in plants for lower volumes ▪ Product mix will
Slide 11: Still convinced about Long-term Strategic Plan and Financial Targets 2030
Still convinced about Long-term Strategic Plan and Financial Targets 2030 SUSTAINABILITY REVENUE 20 bn. SEK by 2030 Meet ambitious PROFIT Maintain >20% EBIT-Margin Science Based Targets for reduction of greenhouse gas emissions CASH DIVIDEND >75% of annual Net Income 11 2022-10-27 Thule Group 2022/Q
Slide 12: Q&A
Q&A 12 2022-10-27 Thule Group 2022/Q3 Investor and Analyst Presentation
Slide 13: 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 14: Thule Group – Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED