Slide 1: Rapala VMC Corporation Full Year 2023
RAPALA VMC CORPORATION FULL YEAR 2023 1
Slide 2: Strong cash flow but sales and profitability down in a tough market environment
Strong cash flow but sales and profitability down from last year in a tough market environment Net sales (MEUR) Comparable operating profit (MEUR) Inventory value (MEUR) 3rd party products Group products -12.4 MEUR (-12%) -52.8 (-19.2%) 32.7 99.9 294.3 261.3 274.4 86.2 87.5 66.6 -9.7 MEUR 46.0 221.6
Slide 3: Short term outlook
Short term outlook – The Group expects 2024 full year comparable operating profit (excluding mark- to-market valuations of operative currency derivatives and other items affecting comparability) to increase from 2023. – Trading outlook for 2024 is improving as evidenced by better operational perform
Slide 4: Key Figures
KEY FIGURES MEUR 2023 FY 2022 FY Net sales 221,6 274,4 Operating profit 4,0 12,3 Operating profit, % of net sales 1,8 % 4,5 % Comparable operating profit 5,6 15,3 Comparable operating profit, % of net sales 2,5 % 5,6 % Net profit for the period -7,3 3,7 EPS (basic), EUR -0,20 0,10 Cash flow from ope
Slide 5: Operating environment remained tough due to global economic slowdown and high inflation
Operating environment remained tough due to the global economic slowdown and high inflation 2022 FY 38.9 -29% 2023 FY 27.8 (-11.1) 2022 FY 132.2 -16% 2023 FY 110.6 (-21.6) 2022 FY 70.6 -19% 2023 FY 57.1 (-13.5) 2022 FY 32.7 -20% 2023 FY 26.1 (-6.6) North America Nordic Rest of Europe Rest of the Wor
Slide 6: Relentless focus on cash generation and driving down inventory levels
Relentless focus on cash generation and driving down inventory levels resulted in a positive outcome Inventory (MEUR) Cash flow from operations (MEUR) -12% 99.9 86.2 87.5 +33.5 24.4 20.6 2021 FY 2022 FY 2023 FY -12.9 2021 FY 2022 FY 2023 FY ▪ End of December 2023 inventory was 87.5 MEUR – The change
Slide 7: Gearing ratio decreased and equity-to-assets ratio increased following hybrid bond
Gearing ratio decreased and equity-to-assets ratio increased from last year following the issuance of a 30 MEUR hybrid capital bond Gearing (%) Equity ratio (%) Net interest-bearing debt (MEUR) +10.9 pp. -25.2 pp. -26.1 77.0% 52.1% 107.1 44.2% 41.2% 80.9 50.7% 51.8% 70.6 2021 FY 2022 FY 2023 FY 2021
Slide 8: Appendix
APPENDIX
Slide 9: Geographical Net Sales
GEOGRAPHICAL NET SALES North America (MEUR) Nordic (MEUR) 134.8 132.2 110.6 104.2 95.4 55.1 56.6 45.5 38.9 27.8 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY Rest of Europe (MEUR) Rest of the World (MEUR) 78.4 81.3 80.6 70.6 57.1 33.6 33.3 33.4 32.7 26.1 2019 FY 202
Slide 10: Profit and Loss Statement
PROFIT AND LOSS STATEMENT MEUR 2023 FY 2022 FY Net sales 221,6 274,4 Other operating income 1,0 0,4 Materials and services 96,0 125,2 Personnel expenses 61,7 71,5 Other costs and expenses 48,0 52,3 Share of results in associates and joint ventures -1,3 -2,3 EBITDA 15,6 23,6 Depreciation, amortizatio
Slide 11: Balance Sheet
BALANCE SHEET MEUR 2023 FY 2022 FY ASSETS Non-current assets Intangible assets 101,7 84,7 Property, plant and equipment 25,8 28,6 Right-of-use asset 13,5 16,0 Non-current assets Interest-bearing 0,7 11,8 Non-interest-bearing 13,0 13,1 154,7 154,3 Current assets Inventories 87,5 99,9 Current assets I
Slide 12: Shares and Shareholders
SHARES AND SHAREHOLDERS Share Price Index Performance SHARE RELATED DATA (12/2023) 110 Market capitalization 117.0 MEUR 100 12-month high / low 5.13 / 2.60 EUR 90 All-time high / low 10.95 / 2.15 EUR 80 70 60 MAJOR SHAREHOLDERS (12/2023) % OF TOTAL 50 Viellard Migeon & Cie 39,2 % 40 12/22 03/23 06/2