Slide 1: Mips' presentation of the Q2 2022 interim report
21 JULY 2022 Mips’ presentation of the Q2 2022 interim report 1
Slide 2: Key highlights
Key highlights • Strong second quarter with net sales growth of 45% (25% organic) • Good development in all our categories, despite challenging market conditions • Strong improvement in EBIT, mainly from higher sales • No disruption in supply chain during the quarter • New strategy and financial tar
Slide 3: Sport: Strong sales in the quarter mainly driven by snow helmets
Sport Strong sales in the quarter mainly driven by strong sales in snow helmets • Good quarter in Sport with 48% growth, YTD sales growth now at 52% • Snow continue to be the main driver of growth • Growth in bike during the quarter • Retail inventory of bicycle helmets now restored, however unbalan
Slide 4: Moto: Good development despite a very strong prior year comparator
Moto Good development in Moto, despite a very strong prior year comparator • Growth of 14% in the quarter despite a very strong prior year comparator (370%) • Good development in both on and off-road helmets • Moto sales increased significantly during last quarters and is becoming a more material pa
Slide 5: Safety: Still modest sales, pipeline filling up
Safety Still modest sales, however pipeline filling up and volume will be more material throughout the year • In total 10 different brand that has launched helmets with Mips so far • Partnership with UK:s largest distributor Arco announced during the quarter • Organization being established to drive
Slide 6: Supply chain
Supply chain • Supply chain remained challenging during the quarter, however low impact on sales • Limited impact from raw material cost increases. Cost inflation expected long term. • Supply chain expected to remain unpredictable coming quarters 2022 I Q2 interim report 6
Slide 7: Development in our categories
CATEGORIES Development in our categories SPORTS MOTO SAFETY Sports Q2 YTD Moto Q2 YTD Safety Q2 YTD Revenue SEKm 194 (131) 319 (209) Revenue SEKm 11 (10) 23 (14) Revenue SEKm 1 (0) 1 (1) Growth % 48 52 Growth % 14 56 Growth % 54 30 2022 I Q2 interim report 7
Slide 8: Development in the second quarter
FINANCIAL PERFORMANCE Development in the second quarter Q2 22 Q2 21 • Strong development in the second quarter with 45% net sales growth (25% organic) Net sales 206 142 45% • OPEX – continue to invest in strategic priorities • EBIT up 48% to SEK 107m (72), EBIT margin Gross profit 151 105 45% 51.7%
Slide 9: Development first six month
FINANCIAL PERFORMANCE Development first six month YTD YTD • Strong development for the first six months with 22 21 53% net sales growth (33% organic) Net sales 343 225 53% • OPEX – continue to invest in strategic priorities • EBIT up 52% to SEK 168m (111), EBIT margin Gross profit 250 165 52% 49.1%
Slide 10: Balance sheet and cash flow
Balance sheet Cash flow from operating activities (SEKm) 81 and cash flow 69 71 56 55 49 37 29 24 23 20 15 • Cash and Cash Equivalents at SEK 8 12 398m (302) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 • Cash flow of 55 (56), net sales increase 2019 2020 2021 2022 offset by increase in accounts receiv
Slide 11: Summary
Summary SEKm Net sales SEKm rolling 12 months • Record sales in the quarter with improved EBIT%, rolling 12 months 726 profitability 662 608 550 • Overall good demand for Mips products. Bike 467 demand unpredictable short-term, longer-term 365 391 54% 54% 52% 53% 53% 312 demand is expected to remain
Slide 12: Q&A
Q&A 2022 I Q2 interim report 12
Slide 13: Safety for helmets
Safety for helmets 2022 | Q2 interim report
Slide 14: Disclaimer
Disclaimer IMPORTANT MESSAGE FROM MIPS AB This presentation has been prepared by Mips AB (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentati