Slide 1: Duell Corporation Half-Year Financial Report
Duell Corporation Half-Year Financial Report September 2021 - February 2022 and Second Quarter 1
Slide 2: A leading Nordic powersports aftermarket distributor
A leading Nordic powersports aftermarket distributor +29.1% NET SALES GROWTH DUELL’S ESTABLISHED MARKETS DUELL’S ACTIVE MARKETS 9/2020–8/2021 10.5% Adjusted EBITA 77 M€ (102) NET SALES (PRO FORMA) 9/2020–8/2021 9/2020–8/2021 Veghel, Deventer SALES OFFICE Around WAREHOUSE • 150,000 SKUs • 340 brands
Slide 3: Q2 and H1 2022 Business update
Q2 and H1 2022 Business update 3
Slide 4: Q2: Strong net sales growth despite supply headwinds
Q2: Strong net sales growth despite supply headwinds • 12% organic growth driven by snowmobile and ATV • EUR 2 million missed sales due to Net sales grew by 57% longer delivery lead times • Integration of the acquisitions in Europe proceeding well • Adjusted EBITA margin 7.7% (11.5%) EBITA improved
Slide 5: Net sales grew by 64% and adjusted EBITA improved by 26% in H1 2022
Net sales grew by 64% and adjusted EBITA improved by 26% in H1 2022 FY 2021 H1 2022 H1 2021 Q2 2022 Q2 2021 Key figures and ratios (9/20- (9/2021- (9/2020- (12/2021- (12/2020- EUR thousand 8/21) • Net sales growth in all 2/2022) 2/2021) 2/2022) 2/2021) markets Net sales 54,237 32,992 27,103 17,224 7
Slide 6: Increased uncertainty in the operating environment
Increased uncertainty in the operating environment External factors • The market uncertainty caused by COVID-19 pandemic will continue • Market visibility has weakened further, due to the Russian invasion of Ukraine • Duell’s direct exposure to these two markets are not material as it doesn’t have o
Slide 7: Seasonality is typical in Duell's sales by quarters
Seasonality is typical in Duell's sales by quarters Quarterly net sales development, EUR million 27.2 27.1 24.8 • Q2 is winter season in the 19.0 Nordics, especially 15.7 17.3 snowmobile and ATV categories • EUR 2 million worth of sales missed due to longer delivery Q1 Q2 Q3 Q4 Q1 Q2 lead times 2021
Slide 8: Duell outlook 2022 and mid-term financial targets
Duell outlook 2022 and mid-term financial targets Target Description Latest audited report Organic net sales “In 2022, Duell expects its net sales growth to be at least Organic net sales growth in Outlook growth in 2022 FY 2021 15%. Organic net sales growth is calculated excluding the 2022 24.1% 15%
Slide 9: Strategic objectives and cornerstones
Strategic objectives and cornerstones Strategic cornerstones and related Key strategic objectives achievements • Geographical market expansion • To become the best partner for dealers and brand • TMV acquisition strengthening position in the Benelux market owners throughout Europe • Partner for buil
Slide 10: Three important acquisitions to drive market expansion
Three important acquisitions to drive market expansion Deal highlights (June 2021) 1) Deal highlights (August 2021) 1) Deal highlights (February 2022) 1) Strong market position in Benelux and Strong offroad market position in Benelux • a Germany • a market position in France Strong • a but also in t
Slide 11: Summary of H1
Summary of H1 • First half in line of expectations despite market uncertainty • Inventory levels have been raised to ensure future sales and customer deliveries • The integration of acquisitions are progressing as planned and the mapping of new targets continues to be active • The implementation of
Slide 12: H1/Q2
H1/Q2 12