Balco Group Ab · OMXSTO:BALCO
Balco Group Ab — Q1 2021 Earnings Presentation
18 slides from Balco Group Ab's earnings presentation, May 20, 2021
Slide 1: Q1 report 1 January – 31 March 2021
Q1 report 1 January – 31 March 2021 20 May 2021 Kenneth Lundahl CEO Michael Grindborn, CFO 1
Slide 2: Snapshot of Balco
Snapshot of Balco The leading provider of complete glazed balcony systems in the Nordics Geographic overview • +30 years in the market for balcony systems • Provider of the leading glazed balcony systems in the market: - one-stop shop, inhouse expertise, own development and production - own sales fo
Slide 3: Q1 – Acquisitions strengthen Balco’s customer offering
Q1 – Acquisitions strengthen Balco’s customer offering Sales and profit, negatively affected by Covid-19 1 - Order intake +5% higher than sales. - Order backlog increased by 40 MSEK in the quarter. - Net sales 250 MSEK (321) and Operating profit 22 MSEK (34) Covid-19 2 - Covid-19 with a continued hi
Slide 4: Q1 financial highlights
Q1 financial highlights Order intake, net sales and profit, negatively affected by Covid-19 • Net sales amounted to 250 MSEK (321) Net sales • Renovation accounted for 79% of sales and New Build for 21% • Order intake was 5% higher than net sales and amounted to 263 MSEK (341) Order intake and order
Slide 5: Q1 – Order intake, net sales and profit, negatively affected by Covid-19
Q1 – Order intake, net sales and profit, negatively affected by Covid-19 Order intake Order backlog MSEK MSEK 28% -23% 341 1 561 263 1 128 2020 Q1 2021 Q1 2020 Q1 2021 Q1 Revenue Operating profit MSEK MSEK -22% -36% 34 321 250 22 2020 Q1 2021 Q1 2020 Q1 2021 Q1 5
Slide 6: Q1 – development per business segment
Q1 – development per business segment Renovation segment – negatively affected by Covid-19 Order intake Order backlog MSEK MSEK -30% -7% 1 341 265 246 935 2020 Q1 2021 Q1 2020 Q1 2021 Q1 Revenue Operating profit MSEK MSEK -29% -43% 282 32 199 18 2020 Q1 2021 Q1 2020 Q1 2021 Q1 6
Slide 7: Q1 – development per business segment
Q1 – development per business segment New Build – increased sales from Maritime and Stora Fasad Order intake Order backlog MSEK MSEK -12% -77% 220 75 193 17 2020 Q1 2021 Q1 2020 Q1 2021 Q1 Revenue Operating profit MSEK MSEK 31% 31% 52 40 4 3 2020 Q1 2021 Q1 2020 Q1 2021 Q1 7
Slide 8: Strong financial position
Strong financial position Equity ratio and balance sheet strong, prepared for more acquisitions Equity/asset ratio • Equity/asset ratio at 50.5% (46.1) • Net debt/EBITDA at 0.4x (0.9) Net debt/EBITDA • Net debt (excl. leasing)/EBITDA at 0.2x (0.6) • Profit after tax 16 MSEK (25) for the quarter, cor
Slide 9: Financial targets
Financial targets BALCO FIGURES Q1 2021, R12 REVENUE GROWTH GROWTH “Balco shall achieve growth of 10% per year” -11% adj. EBIT MARGIN PROFITABILITY “Balco shall achieve an operating profit margin (EBIT) of at least 13 percent. 10.8% NET DEBT/ adj. EBITDA CAPITAL “Interest-bearing net debt shall not
Slide 10: Sustainability initiatives
Sustainability initiatives • Materials and construction last for at least 90 years and are fully Lifetime 90 years recyclable thereafter only need two minor services • Balco city balconies last for over 70 years Energy savings and • Energy savings of 15-30% depending on product and conditions reduce
Slide 11: New acquisition strengthens and complements Balco’s product offering
New acquisition strengthens and complements Balco’s product offering Background - RK Teknik offers balconies for extensions, renovation and new constructions, contracting and assembly operations as well as thereto related services and undertakings for the Swedish market 1 - The company's products, w
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Slide 13: Financial appendix
Financial appendix 13
Slide 14: Consolidated income statement
Consolidated income statement 14
Slide 15: Consolidated balance sheet
Consolidated balance sheet 31-mar 31-mar 31-dec MSEK 2021 2020 2020 ASSETS Non-current assets Goodwill 418,4 401,5 400,9 Other intangible assets 62,4 52,4 48,5 Concessions 42,8 49,2 42,5 Property, plant and equipment 127,9 136,3 129,8 Financial assets 0,1 3,1 1,4 Deferred tax assets 0,6 2,1 0,6 Tota
Slide 16: Consolidated cash flow statement
Consolidated cash flow statement Jan-Mar Apr-Mar Jan-Dec MSEK 2021 2020 2020/21 2020 Operating activities Operating profit (EBIT) 21,9 34,2 103,0 115,4 Adjustment for non-cash items 9,1 3,6 44,1 38,6 Interest received 0,1 0,1 0,2 0,2 Interest paid -1,5 -2,1 -9,2 -9,8 Income tax paid 9,5 -19,6 -6,6 -
Slide 17: Key ratios
Key ratios Jan-Mar AprMar Jan-Dec MSEK 2021 2020 2020/24 2020 Net sales 2504 321,2-1129,3 12000 Order intake 263,1 340,6 855,3 932,7 Order backlog 1127.6 15609 1127.6 10866 Gross profit 63,2 80,4 2722 -289,4 EBITDA 30,6 43,6 139,9 153,0 Adjusted EBITDA 306 43,6 159,4 172,4 Operating profit (EBIT) 21
Slide 18: Segments financials
Segments financials Jan-Mar Apr-Mar Jan-Dec Net sales, MSEK 2021 2020 2020/21 2020 Renovation 198,7 281,6 1 012,8 1 095,7 New Build 51,7 39,6 116,4 104,3 Group other 5,8 5,6 21,5 21,3 Elimination -5,8 -5,6 -21,5 -21,3 Total Net Sales 250,4 321,2 1 129,3 1 200,0 Jan-Mar Apr-Mar Jan-Dec Operating prof