Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Non-Deal Roadshow (May 2015)
26 slides from Thule Group Ab's roadshow presentation, May 2015
Slide 1: Roadshow Presentation
Roadshow Presentation May 2015
Slide 2: Today's Presenters
Today’s Presenters Magnus Welander Lennart Mauritzson Chief Executive Officer Chief Financial Officer Joined Thule Group: 2006, CEO since 2010 Joined Thule Group: Rejoined 2011 Born: 1966 Born: 1967 Previous Experience: Previous Experience: Business Area President Thule Group CFO Beijer
Slide 3: The Thule Group Vision – Active Life, Simplified
The Thule Group Vision – Active Life, Simplified Slide 3
Slide 4: Thule is a Global Premium Branded Sports&Outdoor Company
Thule is a Global Premium Branded Sports&Outdoor Company Net Sales by Segment 2014 Net Sales and Underlying EBIT Breakdown 2014 (SEKm) Outdoor&Bags Sport&Cargo Carriers 60% 4,693 Underlying EBIT Margin: Region 10% Americas 14.6% (13.6% 2013) 34% Bags for Electronic Devices 90% 686 1% 17% 99% Region
Slide 5: Transformation Since 2010 into a Brand-Centric Sports&Outdoor Company
Transformation Since 2010 into a Brand-Centric Sports&Outdoor Company Point 1 2009 2014 Trailer Outdoor&Bags 14% 58% Specialty Business and 10% Strategy Clearly Towing Outdoor&Bags Centered around 20% 90% Outdoor Core1 Specialty 8% Other Consolidated Centralised brand management Local brand
Slide 6: A Compelling Story in the Attractive Sports&Outdoor Market
A Compelling Story in the Attractive Sports&Outdoor Market 3 We Play to Win! 2 We Are a Global Leader 1 We Operate in an Attractive Market Strong New Product Development Management Team with Proven Differentiated Premium Brand Track-Record Favorable Mega-Trends Driving Global Route-to-Mark
Slide 7: Market Leading Product Development with Strong User Focused DNA
2 Market Leading Product Development with Strong User Focused DNA Trade Endorsement >20 Design and Trade Awards (2013-14) Top Management focus area Product Focus Across Passionate users within the company Organization 135 FTEs dedicated to product design & development Media Endorsement >100 Te
Slide 8: A Modern Approach to Consumer Communication
2 A Modern Approach to Consumer Communication Mobile device focused online platform (81 market version in 24 languages) Earned Media with PR and User Content as Driver Slide 8
Slide 9: A New Distribution Strategy Implemented from 2010
2 A New Distribution Strategy Implemented from 2010 A Structured Go-To-Market Approach Creating a Global Thule Retail Presence Category Captaincy Approach with Key Retail Chains Outdoor&Bags Thule Retail Partner Program for > 2,500 Key Account doors Smaller Stores > 2,100 Thule Retail Partner do
Slide 10: We Have a Strong Position in the Value Chain
2 We Have a Strong Position in the Value Chain Direct Material Spend by Supplier (2014) 10 Thule Group Assembly Sites Top 10 Suppliers Chicago 29% Seymour Perry Broad Hillerstorp Supply Base Haverhill Huta Menen Neumarkt Sao Paolo Molteno Sales by Customer (2014) Sales in 136 Countries Top 10 Custom
Slide 11: Multiple Avenues for Growth and Margin Expansion
3 Multiple Avenues for Growth and Margin Expansion Top Line Drivers Exploit Core Product Product and Continued Brand Enhancing Drive Profitability Offering and NPD Category Expansion Retail Expansion Enhancements Capabilities Category Captaincy Strengthen position in approach with brand focus in
Slide 12: Sport&Cargo Carriers – Leading Market Positions in All Regions
A Sport&Cargo Carriers – Leading Market Positions in All Regions Overview of Global Market Shares for Sport&Cargo Carriers North America Global Europe 54% 49% 52% 25% 9% 4% 5% 9% 6% 4% Thule Yakima Saris Thule YakimaMont Blanc Atera Thule Mont Blanc Atera #1 #1 #1 #1 Latin America RoW 28% 30% 27% 18
Slide 13: Bags for Electronic Devices – Multiple Initiatives to Drive Growth
B Bags for Electronic Devices – Multiple Initiatives to Drive Growth Key Focus for Growth 2015-2017 Focus on Growth Categories Brand refresh at 30-year anniversary Used in category since 2012 Mid-price brand Premium price brand Broad assortment Targeted assortment Broad distribution in
Slide 14: Other Outdoor&Bags – Broad New Product Expansions 2014-2015
C Other Outdoor&Bags – Broad New Product Expansions 2014-2015 Source: Company information Slide 14
Slide 15: 2015 Q1 Results
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Slide 16: Q1 2015 Highlights – Strong performance in Outdoor&Bags in Europe
Q1 2015 Highlights – Strong performance in Outdoor&Bags in Europe Net sales of SEK 1 366m (1 075) Outdoor&Bags +23.2% (+9.0% excluding currency effects) Specialty +65.2% (+33.4% excluding currency effects) Underlying EBIT of SEK 210m (156), underlying EBIT margin of 15.4% (14.5) Negative c
Slide 17: Q1 2015 – Financial highlights
Q1 2015 – Financial highlights Reported Net Sales Underlying EBIT and Margin SEKm SEKm 15.4% 1 366 14.5% 1 075 210 156 Thule Group Q1 2014 Q1 2015 Q1 2014 Q1 2015 Thule Group Thule Group SEKm SEKm 19.1% 18.7% 1 200 Outdoor 974 224 186 & Bags Q1 2014 Q1 2015 Q1 2014 Q1 2015 Outdoor&Bags Outdoor&Bags
Slide 18: Q1 2015 - Net Sales and EBIT by Segment
Q1 2015 - Net Sales and EBIT by Segment Outdoor&Bags Jan-Mar Change SEKm 2015 2014 Rep. Adjust. 1 Net sales 1 200 974 23.2% 9.0% - Region Europe & ROW 828 684 21.1% 12.8% - Region Americas 371 290 28.1% 1.3% Operating income 221 183 20.6% Underlying EBIT 224 186 20.5% 20.8% Operating margin, % 18.4%
Slide 19: Q1 2015 – Selection of Consumer Launches
Q1 2015 – Selection of Consumer Launches Thule VeloCompact tow-bar mounted bike carrier Thule Capstone hiking pack Thule RideAlong Mini bike child seat – Winner of IF Product Design Gold Award Slide 19
Slide 20: Reported Income Statement – Thule Group
Reported Income Statement – Thule Group Q1 Q1 Jan-Dec SEKm 2014 2015 2014 LTM Net sales 1,075 1,366 4,693 4,984 Cost of goods sold -646 -829 -2,861 -3,043 Gross income 429 538 1,832 1,941 Other operating revenue 4 2 5 3 Selling expenses -201 -246 -897 -941 Administrative expenses -72 -83 -298 -308 O
Slide 21: Operating Working Capital and Operational Cash Flow
Operating Working Capital and Operational Cash Flow Operating Working Capital Comments SEKm Operating working capital as of 31 March 2015 was 27.2% 28.6% as follows: 2 000 30% 24.8% − Inventory: SEK 954m (749) 1 424 1 500 1 172 1 084 20% − Accounts receivables: SEK 1 027m (781) 1 000 − Accounts pa
Slide 22: Q1 2015 in Summary – A good start to the year
Q1 2015 in Summary – A good start to the year Sales Thule Group growth of +11.5% (excl. Fx) Outdoor&Bags growth of +9.0% (excl. Fx), driven by strong performance in Europe Snow in Alp-region gives sales boost in Specialty, compared to very weak winter previous year Positive early signals on
Slide 23: Thule Group – 2015 Performance vs. Financial Targets
Thule Group – 2015 Performance vs. Financial Targets Constant Currency Net Sales Growth Organic Growth ≥5% 11.5% 9.0% 33.4% Thule Group Outdoor&Bags Specialty Increase from 14.5% (Q1/2014) Underlying LTM at 14.9% EBIT ≥15% 15.4% Margin In line with plans to reach goal mid-term 3.4x (YE 2014) Net Deb
Slide 24: Focus 2015 is to Capture Profitable Growth
Focus 2015 is to Capture Profitable Growth 2015 Focus Continue to Drive Profitable Organic Growth in Outdoor&Bags Segment Continued strong performance in Sport&Cargo Roll-out of new Active with Kids products portfolio Roll-out of Technical Backpacks Get growth in Bags for Electronic Device
Slide 25: Q&A
Q&A Slide 25
Slide 26: Disclaimer
Disclaimer This presentation has been prepared by Thule Group 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 presentation does not constitute