Bravida Holding Ab · OMXSTO:BRAV
Bravida Holding Ab — Q4 2023 Earnings Presentation
21 slides from Bravida Holding Ab's earnings presentation, Feb 15, 2024
Slide 1: Bravida Q4 2023
Bravida Q4 2023 Mattias Johansson, CEO Åsa Neving, CFO 15 February 2024
Slide 2: Bravida brings buildings to life – throughout the Nordic region
Bravida brings buildings to life – throughout the Nordic region Bravida is the Nordic region’s leading supplier of holistic, >360 climate smart solutions for branches buildings and facilities. Our long-term goal is to be climate neutral throughout our 13,800 value chain by 2045, so that our employee
Slide 3: The Bravida investment case
The Bravida investment case In recent years, Bravida has delivered stable growth while maintaining Stable and profitable growth with strong cash flows EBITA margins and strong cash conversion With our size and broad competence, we are well positioned to grow in Leader in our industry in the Nordic r
Slide 4: We delivered improved cash flows and order book momentum, and propose a higher dividend
We delivered improved cash flows and order book momentum, and propose a higher dividend Q4 Dividend increase per share from IPO, SEK and CAGR 3.50 Cash flow YoY 3.25 +29% 3.00 +17% 2.50 2.25 2.00 Order intake YoY +25% 1.55 1.25 1.00 Service revenues 48% 2016 2017 2018 2019 2020 2021 2022 2023 2024 4
Slide 5: Q4 highlights
Q4 highlights Net sales +2% • -2% organic growth, organic growth in Sweden, and Norway • 3% growth from acquisitions and 1% from FX Service Order intake • Increased sales in the service business +25% sales growth • Order intake increased in Sweden and Denmark, +6% in total +25% for the group • EBITA
Slide 6: 2023 highlights
2023 highlights Net sales +12% • 6% organic growth, organic growth in all countries Service sales growth • 4% growth from acquisitions and 2% from FX +12% Order backlog • Increased sales in both service and installation Installation SEK 17,000m • Order intake improving in Sweden, Denmark sales growt
Slide 7: Net sales performance in Q4, SEKm
Net sales performance in Q4, SEKm Sales growth +2% 7,945 8,106 -120 234 47 • Organic growth -2% • Growth in the service business • Organic growth in Sweden and Norway • Growth from acquisitions +3% • FX effects +1% Net sales Q4 Organic growth M&A Currency effect Net sales Q4 2022 2023 7
Slide 8: EBITA, SEKm
EBITA, SEKm • EBITA-margin 7.4 (8.4)% • EBITA-margin improved in Norway and was robust in Sweden during the quarter – • Operational challenges and resulting write- 1,726 1,697 downs in three Danish regions brought down the group margin – ‒ Ongoing detailed assessment of the margin underperformance,
Slide 9: Order intake and backlog, SEKm
• Growing order backlog in the quarter, SEK 541m Order intake and backlog, SEKm • Stable order backlog YoY • Order intake increased by +25% YoY in Q4, growth in Sweden and Denmark • Three large infrastructure orders, in total SEK 1.6bn Order intake LTM and per quarter Order backlog (installation onl
Slide 10: Sustainability
Sustainability LTIFR (lost time injury frequency rate) LTM • LTIFR on Group level, -3% 16.0 • Significantly lower LTIFR in Finland and Norway but higher in Denmark 13.5 12.1 • Norway well below target, <5.5 12.0 11.7 • 25% of all 8,700 vehicles are electric driven 8.9 • Change in CO2 emissions from
Slide 11: Acquisitions 2023
Acquisitions 2023 • 17 acquisitions completed in 2023, adding 2 bolt-ons SEK 1.4bn in annual sales SEK 633m • Continue to see good acquisition opportunities Finland Sweden • Strong pipeline of potential candidates to continue our strategy of selective M&A growth Norway 5 bolt-ons SEK 225m SEK 7 bolt
Slide 12: Group Q4 2023
Group Q4 2023 – Q4 2023 Q4 2022 17,000 16,881 – SEKm Q4 2023 Q4 2022 2023 2022 Net sales 8,106 7,945 29,423 26,303 8,106 7,945 8,544 6,816 EBITA 597 669 1,726 1,697 EBITA-margin 7.4% 8.4% 5.9% 6.5% Order intake 8,544 6,816 29,355 25,803 – Net sales Order intake Order backlog Order backlog 17,000 16,
Slide 13: Sweden Q4 2023
Sweden Q4 2023 9,497 9,045 Q4 2023 Q4 2022 SEKm Q4 2023 Q4 2022 2023 2022 Net sales 4,024 3,856 14,414 13,040 4,779 4,024 3,856 EBITA 453 439 1,106 1,017 3,246 EBITA-margin 11.3% 11.4% 7.7% 7.8% Order intake 4,779 3,246 14,866 12,756 Order backlog 9,497 9,045 9,497 9,045 Net sales Order intake Order
Slide 14: Norway Q4 2023
Norway Q4 2023 3,431 2,559 Q4 2023 Q4 2022 2023 2022 1,694 SEKm Q4 2023 Q4 2022 1,622 1,414 1,430 Net sales 1,694 1,622 5,932 5,555 EBITA 99 78 320 283 EBITA-margin 5.9% 4.8% 5.4% 5.1% Order intake 1,414 1,430 5,128 5,179 Order backlog 2,559 3,431 2,559 3,431 Net sales Order intake Order backlog • G
Slide 15: Denmark Q4 2023
Denmark Q4 2023 3,635 3,229 Q4 2023 SEKm Q4 2023 Q4 2022 2023 2022 Q4 2022 Net sales 1,847 1,953 6,935 6,038 1,953 1,970 1,847 EBITA 2 117 198 308 1,530 EBITA-margin 0.1% 6.0% 2.9% 5.1% Order intake 1,970 1,530 7,346 5,930 Order backlog 3,635 3,229 3,635 3,229 Net sales Order intake Order backlog •
Slide 16: Finland Q4 2023
Finland Q4 2023 1,308 1,177 Q4 2023 SEKm Q4 2023 Q4 2022 2023 2022 Q4 2022 Net sales 599 581 2,245 1,812 677 599 581 EBITA 37 40 87 96 438 EBITA-margin 6.1% 6.9% 3.9% 5.3% Order intake 438 677 2,119 2,081 Order backlog 1,308 1,177 1,308 1,177 Net sales Order intake Order backlog • Growth in sales +3
Slide 17: Net debt and cash flow, SEKm
Net debt and cash flow, SEKm Operating cash flow, SEKm Key highlights 2,000 Strong cash flow improvement, partially driven by our focus on NWC 1,592 Cash conversion improved QoQ to 73% (87), Financial position Q4 2023 its highest level in 2023 – we expect this 1,500 1,435 1,417 positive trend to
Slide 18: Market outlook
Market outlook • Overall stable demand for service activities, with some challenges in installation continuing – variation between geographies • Favourable market conditions for projects in e.g., infrastructure, industry, defence facilities and civil engineering – providing business opportunities •
Slide 19: Financial targets
Financial targets >7% >100% <2.5x Net debt/EBITDA EBITA margin Cash conversion Target leverage ratio >5% >50% of net profit Sales growth Target pay-out ratio 19
Slide 20: Upcoming events
Upcoming events Day Event 7 May 2024 Interim Report Q1 2024 7 May AGM 12 July Interim Report Q2 2024 22 October Interim Report Q3 2024 20
Slide 21: We bring buildings to life.
We bring buildings to life. <>bravida