Nibe Industrier Ab Class B · OMXSTO:NIBE_B
Nibe Industrier Ab Class B — Q3 2024 Earnings Presentation
33 slides from Nibe Industrier Ab Class B's earnings presentation, Nov 15, 2024
Slide 1: NIBE Q1-3 2024
NIBE Q1-3 2024
Slide 2: Our Business environment: more stable market with adjusted cost structure
Q1-3 2024 Our Business environment More stable market with adjusted cost structure • A more stable market in most of • We expect a gradual improvement Europe and North America going forward in, all three business • Inventory reductions among areas distributors for heat pumps create a • Our ambition
Slide 3: Group key figures Q1-Q3 2024
Q1-3 2024 2024 2023 Past 12 2023 Q1-Q3 Q1-Q3 months Full year Invoiced sales MSEK 29,496 34,993 41,152 46,649 Growth % -15.7 +23.2 -11.8 +16.4 of which acquired % +4.3 +5.8 +5.0 +6.2 Gross margin % 28.8* 33.7 30.1* 33.6 Operating profit MSEK 2,097* 5,381 3,690* 6,973 Growth % -61.0 +35.4 -64.3 +18.9
Slide 4: Group key figures Q3 2024
Q1-3 2024 2024 2023 Q3 Q3 Invoiced sales MSEK 9,967 11,514 Growth % -13.4 15.1 of which acquired % +1.8 +6.3 Gross margin % 29.8 33.8 Operating profit MSEK 912 1,779 Growth % -48.7 +21.4 Operating margin % 9.2 15.4 Profit after net financial items MSEK 626 1,598 Growth % -60.8 +10.1 Net profit margi
Slide 5: Net sales, past nine quarters
Q1-3 2024 Net sales Past nine quarters (in millions of SEK)
Slide 6: Profit after financial items, past nine quarters
Q1-3 2024 Profit after financial items Past nine quarters (in millions of SEK)* *Profit and key ratios have been calculated excluding items affecting comparability
Slide 7: More stable market, but still challenging
Q1-3 2024 More stable market, but still challenging • More stable market, but still • The action program is implemented challenging environment in both Europe according to plan and will be completed and North America in quarter 4, with full impact in 2025 • More acceptable inventory in the • We expe
Slide 8: Business area results Q1-Q3 2024
Q1-3 2024 2024 2023 Q1-Q3 Q1-Q3 Net sales MSEK 18,852 23,697 Operating profit MSEK 1,564* 4,375 Operating margin % 8.3* 18.5 *Profit and key ratios have been calculated excluding items affecting comparability
Slide 9: More acceptable inventory levels, but big variations
Q1-3 2024 More acceptable inventory levels, but big variations • Continued significant variations between • The action program is implemented and will different segments in the business area be completed in quarter 4, with full impact in 2025 • A movement towards more acceptable inventory levels wit
Slide 10: Business area results Q1-Q3 2024
Q1-3 2024 2024 2023 Q1-Q3 Q1-Q3 Net sales MSEK 8,241 8,915 Operating profit MSEK 439* 758 Operating margin % 5.3* 8.5 *Profit and key ratios have been calculated excluding items affecting comparability
Slide 11: More acceptable inventory levels, and return to traditional seasonal pattern
Q1-3 2024 More acceptable inventory levels, and return to a traditional seasonal pattern • Large regional variations in sales, but • The action program is implemented and will distribution chains overall heading towards be completed in quarter 4, with full impact in more acceptable inventory levels
Slide 12: Net sales and operating profit Q1-Q3 2024
Q1-3 2024 2024 2023 Q1-Q3 Q1-Q3 Net sales MSEK 2,701 3,432 Operating profit MSEK 86* 365 Operating margin % 3.2* 10.6 *Profit and key ratios have been calculated excluding items affecting comparability
Slide 13: Distribution of net sales
Q1-3 2024 Distribution of net sales NIBE Stoves NIBE Element NIBE Climate Solutions
Slide 14: Distribution of adjusted operating profit
Q1-3 2024 Distribution of adjusted operating profit NIBE Stoves NIBE Element NIBE Climate Solutions
Slide 15: Geographical distribution of Group sales
Q1-3 2024 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 16: NIBE Climate Solutions Q1-Q3 2024
Q1-3 2024 2024 2023 Past 12 2023 Q1-Q3 Q1-Q3 months Full year Net sales MSEK 18,852 23,697 26,527 31,373 Growth % -20.4 +29.5 -15.7 +20.3 of which acquired % +5.5 +5.0 +6.1 +5.9 Gross margin % 31.5* 36.6 33.1* 36.7 Operating profit MSEK 1,564* 4,375 2,785* 5,596 Growth % -64.3 +54.2 -66.1 +29.0 Oper
Slide 17: NIBE Climate Solutions Q3 2024
Q1-3 2024 2024 2023 Q3 Q3 Net sales MSEK 6,502 7,839 Growth % -17.1 +23.6 of which acquired % 2.0 6.4 Gross margin % 32.5 37.1 Operating profit MSEK 726 1,484 Growth % -51.1 +45.3 Operating margin % 11.2 18.9
Slide 18: Geographical distribution of Group sales
Q1-3 2024 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 19: NIBE Element Q1-Q3 2024
Q1-3 2024 2024 2023 Past 12 2023 Q1-Q3 Q1-Q3 months Full year Net sales MSEK 8,241 8,915 11,223 11,898 Growth % -7.6 +11.6 -5.3 +8.9 of which acquired % +1.7 +3.2 +1.6 +2.6 Gross margin % 19.8* 20.9 19.7* 20.6 Operating profit MSEK 439* 758 622* 942 Growth % -42.1 -13.3 -64.3 -16.1 Operating margin
Slide 20: NIBE Element Q3 2024
Q1-3 2024 2024 2023 Q3 Q3 Net sales MSEK 2,711 2,945 Growth % -8.0 +3.7 of which acquired % +1.5 +3.7 Gross margin % 20.9 20.5 Operating profit MSEK 160 235 Growth % -31.9 -27.5 Operating margin % 5.9 8.0
Slide 21: Geographical distribution of Group sales
Q1-3 2024 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 22: NIBE Stoves Q1-Q3 2024
Q1-3 2024 2024 2023 Past 12 2023 Q1-Q3 Q1-Q3 months Full year Net sales MSEK 2,701 3,432 4,027 4,758 Growth % -21.3 +23.8 -13.8 +18.6 of which acquired % +1.3 +17.5 +4.6 +16.3 Gross margin % 33.6* 36.9 34.4* 36.6 Operating profit MSEK 86* 365 254* 533 Growth % -76.4 +9.0 -62.8 -3.3 Operating margin
Slide 23: NIBE Stoves Q3 2024
Q1-3 2024 2024 2023 Q3 Q3 Net sales MSEK 847 1,096 Growth % -22.7 +5.2 of which acquired % +0.5 +11.7 Gross margin % 34.0 34.9 Operating profit MSEK 24 99 Growth % -75.8 -28.5 Operating margin % 2.8 9.0
Slide 24: Geographical distribution of Group sales
Q1-3 2024 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 25: Balance sheet
Q1-3 2024 Balance sheet 2024 2023 2023 30 Sep 30 Sep 31 Dec Intangible assets MSEK 30,922 32,031 31,014 Tangible assets MSEK 12,758 10,798 11,568 Financial assets MSEK 1,443 1,237 1,324 Non-financial current assets MSEK 18,948 23,153 19,915 Financial current assets MSEK 4,486 4,161 4,283 Total asset
Slide 26: Balance sheet
Q1-3 2024 Balance sheet 2024 2023 2023 30 Sep 30 Sep 31 Dec Equity MSEK 29,320 31,688 30,207 Long term liabilities– Non interest-bearing MSEK 5,107 5,836 5,410 Long term liabilities– Interest-bearing MSEK 17,815 18,044 16,922 Current liabilities– Non interest-bearing MSEK 8,549 11,504 9,716 Current
Slide 27: Cash flow analysis
Q1-3 2024 Cash flow analysis 2024 2023 2023 Jan-Sep Jan-Sep Jan-Dec Cash flow – operating MSEK 1,788 5,096 6,473 activities Change in working capital MSEK -251 -3,510 -3,893 Investments – current MSEK -1,989 -2,276 -3,852 operations Operating cash flow MSEK -452 -690 -1,272 Acquisitions MSEK -595 -8
Slide 28: Key financial figures
Q1-3 2024 Key financial figures 2024 2023 2023 Jan-Sep Jan-Sep Jan-Dec Investments MSEK 2,018 10,908 13,038 of which in current MSEK 1,989 2,276 3,852 operations Unappropriated liq, assets MSEK 5,119 4,750 4,979 Interest bearing % 87.2 70.5 75.4 liabilities/Equity Net debt/EBITDA times 3.5* 2.0 2.1
Slide 29: Key financial figures
Q1-3 2024 Key financial figures 2024 2023 2023 Jan-Sep Jan-Sep Jan-Dec Working capital MSEK 14,885 15,810 14,482 incl cash and bank Working capital % 36.2 33.9 31.0 incl cash and bank Working capital MSEK 10,399 11,649 10,199 excl cash and bank Working capital % 25.3 25.0 21.9 excl cash and bank
Slide 30: Key financial figures
Q1-3 2024 Key financial figures 2024 2023 2023 Jan-Sep Jan-Sep Jan-Dec Return on % 7.6* 16.4 16.1 capital employed Return on equity % 6.9* 17.9 17.3 Net profit/share SEK 0.34* 1.89 2.37 Equity/share SEK 14.52 15.69 14.96 Closing day share price SEK 55.66 71.80 70.80 *Key ratios have been calculated
Slide 31: NIBE Group
a1 & A NIBE GROUP
Slide 32: Thank you for your attention
Thank your for your attention. 32
Slide 33: NIBE
NIBE