Slide 1: Q1 report 2018
Q1 report 2018 Jonas Wiström 3 May 2018
Slide 2: Weak start to the year
Weak start to the year ▪ Slightly negative sales development, -3% ▪ Weak earnings − Reported EBITA decreased from SEK 102m to SEK -18m ▪ Cashflow SEK -324m (-166) ▪ Jøtul divested ▪ Aibel signs NOK 8 billion LOI with Statoil (April) 2
Slide 3: Weak earnings development
Weak earnings development ▪ Plantasjen − EBITA-development, SEK -60m (-40%) − Cost restructuring SEK -23m − Cold March in the Nordics ▪ Diab − EBITA-development, SEK -22m (-89%) − Weak wind power segment − High commodity costs ▪ Underperformers, SEK -30m in EBITA − Kvdbil − TFS − Speed Group ▪ Aibel
Slide 4: Performance in the companies
Performance in the companies1) EBITA-development, Q1 2018, MSEK Performance of Ratos's company portfolio, Ratos's holding 2018 Q1 2017 Q1 Change % Aibel 35 45 -24% airteam 7 7 0% Bisnode 50 56 -10% Diab 3 25 -89% Gudrun Sjödén Group 1 1 -40% HENT 48 48 1% HL Display 21 14 52% Kvdbil -8 6 - Ledil 22
Slide 5: Company portfolio
Company portfolio Net sales trend* at 31 March 2018 (Local currency, Q1 2018) % 25 20 15 10 5 0 -5 -10 -15 -20 -25 Ledil Speed Plantasjen HENT Bisnode HL Oase Gudrun airteam Diab TFS Kvdbil Aibel Group Display Outdoors Sjödén Group * Adjusted for the size of Ratos’s holding. 5
Slide 6: Performance in the companies
Performance in the companies1) Q1 2018, MSEK Ratos’s holding Sales in the portfolio 4,503 -3% The portfolio’s EBITA -18 -118% Adjusted EBITA in the portfolio2) 13 -88% 1) Comparison with corresponding period last year and for comparable companies. 2) Excluding items affecting comparability. 6
Slide 7: Important events in the company portfolio
Important events in the company portfolio ▪ HENT − Strong order intake, NOK 3.2 billion (2.1) − Divestment of HENT Eiendomsinvest (April) ▪ airteam − Expanding to Sweden through acquisition of Luftkontroll Energy ▪ Speed Group − Acquisition of Samdistribution to obtain a geographical presence in the
Slide 8: Agenda for my first 100 days
Agenda for my first 100 days “Understand before you want to be understood” In detail understand and review ▪ Portfolio companies − Management − Board − Market − Performance ▪ Ratos AB − Organisation − Processes − Culture − Incentive systems ▪ Focus on existing holdings − Stability, profitability, gr
Slide 9: Achievements so far
Achievements so far 30 days left (of 100) ▪ Smaller investment organisation with a different mix of competences ▪ Changed incentive programs − Short term incentive program − Long term incentive program 9
Slide 10: Summary Q1
Summary Q1 ▪ Weak earnings in a small quarter ▪ Jøtul divested ▪ Changes in Ratos AB ▪ Continued strong financial position ▪ Finalizing my assessment of Ratos ▪ Aibel, Letter of Intent ▪ Stability, profitability, growth ▪ My mission: To increase shareholder value in a growing Ratos − Ratos’s Capital
Slide 11: Q&A
Q&A RATaS