Nimbus Group Ab · OMXSTO:BOAT
Nimbus Group Ab — Q3 2022 Earnings Presentation
15 slides from Nimbus Group Ab's earnings presentation, 2022
Slide 1: Nimbus Group third quarter report 2022
Nimbus Group third quarter report 2022 Healthy sales despite disruptions in delivery flows 1
Slide 2: Today's Presenters
Today’s Presenters Jan-Erik Lindström Rasmus Alvemyr CEO CFO 2
Slide 3: Highlights of the third Quarter 2022
Highlights of the third Quarter 2022 • Sales increased by 13 % to 402 mSEK (355) • EBITA amounted to 45 mSEK (43) • EBITA margin 11,1 % (12,0%) • Order book is 1 051 mSEK (960) • Launch of the brand new Aquador series • Continuing supply chain disturbances • Softer demand for commodity boats < 1mSEK
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 SEKm 1 139 +9% 1 051 1 051 • 3rd quarter orderbook increased by 9 % compared with 960 L/Y 854 • Pre-payments amounted to 12 % (L/Y 11%) of total 708 731 orderbook value • The orderbook in North America increased to 182 MS
Slide 8: Sales Development Per Market Q3 2022 vs Q3 2021
Sales Development Per Market Q3 2022 vs Q3 2021 SEKm • Sales development negatively impacted by outboard engine shortages (especially affecting Sweden) • Sales contribution from Herholdt Andersen amounts to 7 mSEK -20% 215 171 +49% 107 + 31% +174% 72 64 60 46 23 Sweden Nordics Europe Other markets 2
Slide 9: Continued Good Sales Development
Continued Good Sales Development • LTM sales increase by 48 mSEK compared with Q2 LTM • Organic growth of +10,8% in 3rd quarter +16% SEKm +19% Distribution of sales in the third quarter 100% 90% 80% 47% 70% 60% 1 637 1 684 60% 1 546 50% 1 455 1 413 40% 1 185 +13% 30% 53% 927 20% 40% 10% 0% 355 402 2
Slide 10: EBITA Development
EBITA Development • Gross-margin amounted 21,1% (20,3%) • Increased OPEX due to investments in the North America organization • Negative impact from supply chain disturbances SEKm 200 11,4% 11,2% 14% 50 14% 12,0% 11,1% 180 11,4% 10,8% 45 12% 12% 160 40 140 10% 35 10% 120 30 8% 8% 100 6,8% 25 6% 6% 8
Slide 11: Working Capital
Working Capital • NWC / LTM has increased to 20,6% (L/Y 6%) • Increased NWC in the period due to seasonality • Continued temporary increased NWC levels due to supply-chain disturbances SEKm 32% 19% 21% 18% 17% 10% 8% 6% 299 166 210 85 113 258 160 347 2019 2020 Q1-21 -32 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22
Slide 12: Financial Targets
Financial Targets FINANCIAL TARGETS 2022 Q3 LTM Growth >10% +16,0% (Q3 LTM vs. FY 2021) EBITA margin 10% 11,2% 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: Great Group Potential in North American Market
Great Group Potential in North American Market • Attractive and updated product portfolio • New to the Market – Great Interest in Group Offerings • Products Well-suited for the North American Market and Customer Demand • Participation at Fort Lauderdale International MARKET KEY FEATURES • Nimbus Gro
Slide 14: Ownership in Nimbus 20220930
Ownership in Nimbus 20220930 # Owner BOAT Votes % 1 R12 Kapital 4 242 984 21,90 2 Håkan Roos (RoosGruppen) 1 942 307 10,02 3 ODIN Fonder 1 750 000 9,03 4 Nordnet Pensionsförsäkring 1 582 158 8,16 5 Fort Cambridge Investments S.A. 1 289 928 6,66 6 Lazard Asset Management 791 475 4,08 7 OP Fonder 780
Slide 15: Q&A
Q&A Financial calendar: Q4 2022 report February 7th 2023 15