Ncab Group Ab · OMXSTO:NCAB
Ncab Group Ab — Q4 2020 Earnings Presentation
23 slides from Ncab Group Ab's earnings presentation, Feb 23, 2021
Slide 1: Charged for the future
Charged for the future Q4 NCAB 23.2 2021 NCAB GROUP © | Q4 2020 PRESENTATION 1
Slide 2: Today's presenters
Today’s presenters PETER KRUK ANDERS FORSÉN CEO CFO NCAB GROUP © | Q4 2020 PRESENTATION 2
Slide 3: Summary of Q4 2020 for NCAB
Summary of Q4 2020 for NCAB Continued market recovery across all segments with accelerated pace in EV charging applications Solid net sales growth and profitability development in line with Q3 order intake Acquisitions major contributors to growth in Q4 Very strong order intake reflective of market
Slide 4: Acquisition of PreventPCB in Italy
FEB 22 2021 Acquisition of PreventPCB in Italy Based in Vergiate outside Milano in Italy. Leading PCB Supplier in Italy and also serves customers in Switzerland. Prevent is serving customers in the HMLV (High Mix Low Volume) segment, with a strong quality focus and has in-house laboratory. The turno
Slide 5: Mission and vision
17 45 474 27 companies markets specialists factories MISSION VISION PCBs for demanding customers, The Number 1 PCB Producer on time with zero defects, produced wherever we are. sustainably at the lowest total cost. NCAB GROUP © | Q4 2020 PRESENTATION 5
Slide 6: PCBs for making PCB-As
THIS IS WHAT WE DO PCBs for making PCB-As NCAB GROUP © | Q4 2020 PRESENTATION 6
Slide 7: Our attractive niche – HMLV
Our attractive niche – HMLV MIX (<USD 2,000 per order line) High-Mix Low-Volume (HMLV) > Higher product value > Higher quality demand High > Less price pressure > Harder to buy direct High-Volume (>USD 2,000 per order line) Low VOLUME High Low NCAB GROUP © | Q4 2020 PRESENTATION 7 (>50 sqm per order
Slide 8: Our journey of profitable growth
PD Circuit M- Multiprint, Flatfield BBG Prevent UAE 2012 Wave Altus 2015 2020 2020 2021 2014 2019 Our journey of profitable growth 1993–2003 2004–2011 2012– Finland Denmark Russia Spain Poland France Italy Benelux Sweden Macedonia Norway China Germany UK USA Malaysia CAGR: 15,5 % 2 115 1 781 1 617 1
Slide 9: Q4 in numbers
Q4 in numbers Strong result and growth boosted by acquisitions especially in USD Q4 515 59 52.2 10.1% 2020 Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin Change vs +22% +32% +27% +0.4 Q4 2019 NCAB GROUP © | Q4 2020 PRESENTATION 9
Slide 10: Jan-Dec 2020 full year
Jan-Dec 2020 full year Jan- Dec 2,115 230 191* 9.0%* Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin 2020 Change vs +19% +22% +15% - 0.3 2019 * EBITA excl. transaction costs = 206 MSEK and EBITA-margin 9,7% NCAB GROUP © | Q4 2020 PRESENTATION 10
Slide 11: Differences between the segments in Q4
Differences between the segments in Q4 Growth EBITA margin NORDIC -5% 16.1 % + 38 % incl Flatfield EUROPE - 6 % excl 6.0 % + 91 % incl Altus, BBG tariffs NORTH AMERICA +/- 0 % excl 5.9 % EAST - 12 % 17.5% NCAB GROUP © | Q4 2020 PRESENTATION 11
Slide 12: Increased top-line growth due to acquisitions
Increased top-line growth due to acquisitions 2,115 1,781 1,617 1,226 1,400 1,203 31.7% 30.3% 30.2% 31.3% 30.3% Lower Gross margin 27.4% due to Acquisitions In 2020 2015 2016 2017 2018 2019 2020 Net sales, MSEK Gross margin, % NCAB GROUP © | Q4 2020 PRESENTATION 12
Slide 13: Growth in net sales due to acquisitions
Growth in net sales due to acquisitions MSEK Net sales from comparable units 700 increased in USD by 6 % while it declined in SEK by 5 % 600 514.9 Overall net sales growth of 32% in 500 422.4 USD, in SEK 22% growth due to 400 acquisitions 300 Order intake increased by 57% in 200 USD and 42% in SEK,
Slide 14: Stronger result and EBITA margin in the quarter
Stronger result and EBITA margin in the quarter MSEK 52.2 53 13,0% EBITA increased to 52.2 MSEK (41.2) 41.2 11,0% 43 10.1% EBITA margin of 10.1% (9.7) 9.7% 9,0% Earnings per share reached 2.07 33 SEK (1.88) 7,0% 23 State support from Italy amounted to 5,0% 0,4 MSEK 13 3,0% Operating costs still low
Slide 15: Nordic
SEGMENTS Nordic 5% MSEK Sales growth in USD 180 20% Net sales in USD grew by 5% but in 160 18% SEK it was down 5 % to 118.5 MSEK 16.1% 16% (125.1) 140 12.6% 14% 120 Order intake increased by 36 % in 125.1 12% 100 118.5 USD and 21% in SEK. Especially 10% Norway had a strong order intake. 80 8% 60 EBI
Slide 16: Europe
SEGMENTS MSEK 53% Europe Sales growth in USD 20% Net sales increased by 53% in USD and in SEK by 38% to 204.3, without 204.3 18% 200 Flatfield an an increase of 5% in USD. 16% Order intake increased by 77 % in USD 14% 148.4 and 59% in SEK to 283 MSEK. 150 12% Remaining strong market in Germany 10% a
Slide 17: North America
MSEK SEGMENTS North America 140 102% 14% Net sales growth in USD Net sales increased by 102 % in USD 120 12% and by 91 % in SEK to 113 MSEK (59) 113.8 or. Excluding acquisitions sales were 100 9.4% 10% flat. EBITA increased to 6.8 MSEK (5.5), 80 8% 6.0% corresponding to a margin of 6.0% 59.0 60 6% (
Slide 18: East
SEGMENTS East MSEK 0% Net sales in USD 20% Net sales flat in USD and 120 17.5% 18% decreased by 12% in SEK to 16% 100 13.4% 79.0 MSEK (89.7) 14% 80 EBITA increased to 13.9 MSEK 79.0 12% 89.7 10% (12.0), corresponding to a 60 8% margin of 17.5% (13.4) 40 6% Order intake increased 12% in 20 4% 2% USD
Slide 19: KPIs
KPIs December December 2020 2019 ROE, % 24.3 39.8 Net debt/EBITDA -0.4 0.2 Equity/Asset ratio, % 47.2 39.9 Net working capital, MSEK 163.0 125.8 Available liquidity, MSEK 661.3 196.2 Dividend (suggested), SEK/share 5.00 - NCAB GROUP © | Q4 2020 PRESENTATION 19
Slide 20: Outcome vs Financial targets, medium term
Outcome vs Financial targets, medium term -1% i USD 9% -0,4 69% Dividend expected to Annual average growth Average adjusted EBITA Net debt/adjusted correspond to at least before acquisitions of margin of EBITDA less than 8% 8% 2x 50% of net profit NCAB GROUP © | Q4 2020 PRESENTATION 20
Slide 21: Delivering on our strategic plan
Delivering on our strategic plan Consolidate market Expand geographically Deeper collaboration with existing customers Increase market share in Europe, USA and East NCAB GROUP © | Q4 2020 PRESENTATION 21
Slide 22: Q&A
Q&A 22
Slide 23: Next quarterly report
Next quarterly report: First quarter 2021, 7 May 2021 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROUP © | Q2 2020 PRESENTATION 23