Slide 1: 2023/Q1 Report
2023/Q1 Report 2023-04-27 M. Welander, CEO J. Lindqvist, CFO
Slide 2: 2023/Q1 – Slow start due to high retail stock levels, but good profitability
2023/Q1 – Slow start due to high retail stock levels, but good profitability ▪ Sales 2,226 MSEK, -31% Fx adjusted vs PY ▪ In line with expectations, as compared with extremely strong comps 2022/Q1 and impacted by high inventory levels in Bike Retail ▪ +12% vs pre-pandemic 2019/Q1 (Fx adjusted) ▪ Gro
Slide 3: Thule Group Sales by Quarter (Reported currency)
Thule Group Sales by Quarter (Reported currency) ▪ 2023/Q1 – Weak vs extreme 2022 and 3 400 3 314 OK vs pre-pandemic 2019 3 229 2019 ▪ -27% vs 2022/Q1 (reported currency) 3 200 -31% vs 2022/Q1 (Fx adjusted) 3 034 2020 +12% vs 2019/Q1 (Fx adjusted) 3 000 ▪ 2022/Q1 by far most difficult comp, as 2021
Slide 4: Region Europe & RoW: Bike category still hit hard by high retail stock levels
Region Europe & RoW: Bike category still hit hard by high retail stock levels ▪ 2023/Q1 Net sales 1,698 MSEK (2,158) -26% decline (constant currency) ▪ Bike category hit hard by a period with heavy retail destocking, and also as compared to PY, same quarter, with stock build-up ▪ Retailers generally
Slide 5: Region Americas: N. American retailers reduce inventory levels
Region Americas: N. American retailers reduce inventory levels ▪ 2023/Q1 Net sales 528 MSEK (876) -45% decline (constant currency) ▪ Bike category hit hard by a period with heavy retail destocking, and also as compared to PY, same quarter, with stock build-up ▪ N. American retailers generally cautio
Slide 6: Thule Group Financials 2023/Q1: Reported income statement
Thule Group Financials 2023/Q1: Reported income statement Q1 Q1 Full-year Full-year ▪ Sales decline in the quarter by 27% ▪ -31% in constant currency SEK MSEK 2023 2023 2022 2022 LTM LTM 2022 2022 ▪ Gross margin 41.2% (40.0%) ▪ Price increases in 2022 and reduced freight costs et sales Net sales 2 2
Slide 7: Thule Group Financials 2023/Q1: Cash Flow
Thule Group Financials 2023/Q1: Cash Flow Operating Working Capital Operating Working Capital MSEK ▪ Operating working capital slightly lower than 36,6% 2022/Q1, with inventory 6% down, excl. FX 5000 40% 31,8% 4000 ▪ Operating working capital, 31 Mar. 2023: 30% 3000 21,1% ▪ Inventory: 2 999 MSEK (3
Slide 8: Strong marketing push to drive brand building and sales in coming period
Strong marketing push to drive brand building and sales in coming period ▪ We continue dial up the ”lifestyle” positioning by utilizing all the great new products, but also with more emotionally loaded marketing initiatives ▪ Digital focus at the core for the future and great recent steps taken with
Slide 9: More new products than ever launched in the coming 18 months
More new products than ever launched in the coming 18 months ▪ Key Consumer launches Spring 2023 ▪ Thule Approach – most spacious roof top tent in the market ▪ Thule Arcos – energy-efficient premium rear of car cargo box ▪ Thule Caprock – premium lifestyle roof platform ▪ Thule Epos – revolutionary
Slide 10: Thule Epos – New innovative premium towbar/hitch bike carrier
Thule Epos – New innovative premium towbar/hitch bike carrier 10 2023-04-27 Thule Group 2023/Q1 Investor- and Analyst Presentation
Slide 11: 2023 Focus – Continue to drive our growth strategy
2023 Focus – Continue to drive our growth strategy ▪ Growth focused strategy remains unchanged ▪ Prices kept stable after several increases 2021-2022 ▪ Drive profitable organic sales growth via great products ▪ Strengthen the global lifestyle Thule brand further with Bring your life ▪ Utilize strong
Slide 12: Q&A
Q&A 12 2023-04-27 Thule Group 2023/Q1 Investor- and Analyst Presentation
Slide 13: 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
Slide 14: Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED