Nimbus Group Ab · OMXSTO:BOAT
Nimbus Group Ab — Q2 2022 Earnings Presentation
15 slides from Nimbus Group Ab's earnings presentation, 2022
Slide 1: A Good Quarter Despite Engine Supply Disturbances
Nimbus Group second quarter report 2022 A Good Quarter Despite Engine Supply Disturbances 1
Slide 2: Today's Presenters
Today’s Presenters Jan-Erik Lindström Rasmus Alvemyr CEO CFO 2
Slide 3: Highlights of the Second Quarter 2022
Highlights of the Second Quarter 2022 • Sales increased by 14 % to 724 mSEK (633) • EBITA amounted to 132 mSEK (113) • EBITA margin 18,2 % (17,8%) • Order book is 1 051 mSEK (731) • Next step taken in North America – key recruitment in Justin Joyner • Outboard engines supply chain disturbances • Sal
Slide 4: This is Nimbus Group
This is Nimbus Group • Founded in 1968 • Long history of international sales • True house of brands • Well-known Scandinavian brands • 2021, Feb - listed on Nasdaq First North • 2021, May - acquisition of Marine Store • 2022, Feb - acquisition of Herholdt Andersen AS • 2022, June - Own establishment
Slide 5: Asset Light Production Platform
Asset Light Production Platform Production facilities Internal production Footprint Outsourced production Scalable cost base setup Production efficiencies Cost variability based on days A modular boat-building process to to reduce cost – achieve synergies while safeguarding brand distinction and bra
Slide 6: Strong underlying market with fundamental drivers
Strong underlying market with fundamental drivers Overall wealth is increasing Increased popularity of “Staycation” Ageing boat fleet Technical development . 6
Slide 7: Continuous Growth in Orderbook
Continuous Growth in Orderbook - Only Planned Production Orders Included 1 241 • 2nd quarter orderbook increased by 44 % compared +44% SEKm 1 139 with L/Y 1 051 • Pre-payments amounted to 11 % (L/Y 14%) of total 960 orderbook value 854 • Not all orders confirmed due to capacity restraints – 708 731
Slide 8: Sales Development Per Market Q2 2022 vs Q2 2021
Sales Development Per Market Q2 2022 vs Q2 2021 SEKm • Sales development negatively impacted by outboard engine shortages (Sweden and the Nordics) • Sales contribution from Herholdt Andersen amounting to 59 mSEK -1% 414 411 +26% +48% 137 125 +107% 109 85 25 52 Sweden Nordics Europe Other markets 202
Slide 9: Continued Good Sales Development
Continued Good Sales Development • LTM sales increase by 91 mSEK compared with Q1 • Organic growth of +13% in 2nd quarter +13% IFRS SEKm Sales by own reseller lower this quarter +22% 42% 37% +14% 1637 1546 1455 63% 58% 1011 927 829 725 633 0 0 2020 2021 Q1 LTM Q2 LTM Q2 ISO Q2 ISO Q2 YTD Q2 YTD 2022
Slide 10: EBITA Development
EBITA Development SEKm 200 11,4% 14% 140 18,2% 20% 17,8% 180 11,4% 10,8% 18% 12% 120 160 16% 10% 100 14% 140 12% 120 80 8% 10% 100 6,8% 60 6% 8% 80 40 6% 60 4% 4% 40 20 2% 2% 186 113 132 20 63 166 167 0 0% 0 0% 2021 Q2 2022 Q2 2020 2021 Q1 2022 LTM Q2 2022 LTM EBITA EBITA-margin EBITA EBITA-margin 1
Slide 11: Working Capital
Working Capital • NWC / LTM sales in Q2 amounts to 9,7% • Temporary increased inventory levels - impacted by outboard engine shortages (net sales effect estimated to 100 mSEK) • Cash effects in Q2: Release +67 mSEK due to sale of Mariestad property and –90 mSEK from payment for Herholdt Andersen acq
Slide 12: Financial Targets
Financial Targets FINANCIAL TARGETS 2022 Q2 LTM Growth >10% +13% (Q2 LTM vs. FY 2021) EBITA margin 10% 11,4% LTM Capital structure No financial debt No financial debt For FY 2021 Dividend policy 30% 1,50 SEK / share was (22% of net result FY -21) 12
Slide 13: Local Organization Established – New North American Office
• Local Organization Established • New North American Office in Annapolis • Key Recruitment – Justin Joyner • Attractive Product Portfolio Ready for Market Introduction • Several new dealers contracted MARKET KEY FEATURES • World’s Single Largest Motorboat Market • Ageing Fleet (46% Being Built befo
Slide 14: Ownership in Nimbus 20220630
Ownership in Nimbus 20220630 # Owner BOAT Votes % 1 R12 Kapital 4 242 984 21,9 2 Håkan Roos (RoosGruppen) 1 942 307 10,02 3 ODIN Fonder 1 750 000 9,03 4 Nordnet Pensionsförsäkring 1 515 637 7,82 5 Fort Cambridge Investments S.A. 1 289 928 6,66 6 OP Fonder 800 000 4,13 7 Lazard Asset Management 774 4
Slide 15: Q&A
Q&A Financial calendar: Q3 2022 report November 9th Q4 2022 report February 7th 2023 15