Dometic Group Ab · OMXSTO:DOM
Dometic Group Ab — Q1 2015 Earnings Presentation
22 slides from Dometic Group Ab's earnings presentation, Apr 30, 2015
Slide 1: Dometic Group Interim Presentation First Quarter 2015
Dometic Group Interim Presentation First quarter 2015-04-30
Slide 2: 2015 Q1 highlights
2015 Q1 highlights • Continued growth in all Regions • Growth in RV markets world wide • Good result development in EMEA. Growth also in Americas and APAC, but with softer conversion • Currency impact • Focus on efficiencies to optimize cost structure, to remain competitive • Price adjustments imple
Slide 3: Recent Strong Trading Momentum – YTD March
Recent Strong Trading Momentum – YTD March Sales (SEKm) EBITDA (SEKm) Operating Cash Flow (SEKm) 44% (28% comp. currency) 47% (26% comp. currency) Ex Atw: 22% Ex Atw: 23% (5% cc) (9% comp. currency) 2 875 438 37 426 2 001 298 2 449 -53 Q1 14 Q1 15 Q1 14 Q1 15 Q1 14 Q1 15 Atwood Dometic Dometic 3 1 O
Slide 4: US RV Market - OEM Shipments
US RV Market - OEM Shipments OEM Shipments: • YTD March: 97 100 units (90 000) +8% • Rolling twelve months March 2015: 363 800 (332 500) +9% 400 Rolling Twelve Months (000s units) 350 300 250 200 150 100 50 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Mar 10 10 11 11 12 12 13 13 14 14 15 ______________
Slide 5: Europe RV Market Registrations
Europe RV Market Registrations • YTD March: 28 700 units (25 900) +11% Rolling Twelve Months (000s units) • Rolling Twelve months March 2015: 45 114 300 units (109 800) +4% 40 35 +21% 12 000 30 11 000 10 000 25 9 000 +8% 8 000 +4% 20 7 000 6 000 15 5 000 4 000 10 3 000 +1% +4% -4% 5 2 000 1 000 0 0
Slide 6: Europe Trucks Registrations
Europe Trucks (above 16 tons) Registrations • YTD March: 50 700 units (44 300) +14% • Rolling Twelve months March 2015: 191 500 (201 100) -5% Rolling Three Months (000s units) 70 60 50 40 30 20 10 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Mar 10 10 11 11 12 12 13 13 14 14 15 ____________________ Sou
Slide 7: US Powerboat Sales
US Powerboat Sales • Rolling twelve months February 2015 : 9% Rolling Twelve Months Change (%) Powerboat Category (%) February 2015 15 YTD 2015 34 10 29 21 19 5 15 9 9 0 -5 -10 -17 -16 -15 -22 Jun Dec Jun Dec Jun Dec Jun Dec Jun Feb OB (11 - 40ft) IB (14-30 ft) IB (31-40 ft) IB (41-62 ft) IB (63-99
Slide 8: Region Americas
Region Americas All Amounts in SEK Million Quarterly highlights Net Sales and EBIT % +58% at comparable currency • RV Business Area increased in both OEM and AM. • Marine Business Area increased in both OEM as +95% well as AM. 14% • CPV Business Area show ed growth in OEM and 13% AM. 11% • Decrease
Slide 9: Region EMEA
Region EMEA All Amounts in SEK Million Quarterly highlights Net Sales and EBIT % +9% at comparable currency • RV Business Area showed strong growth in both OEM and AM. +15% 11% 11% • Marine Business Area increased despite soft OEM as AM showed growth. • CPV Business Area increased in OEM and AM. 9%
Slide 10: Region APAC
Region APAC All Amounts in SEK Million Quarterly highlights Net Sales and EBIT % • RV business area increased with strong OEM and decline in AM. +5% at comparable currency • Marine Business Area decreased in both OEM and AM. +17% 29% • CPV Business Area inreased in OEM and decreased in AM. 24% • Ret
Slide 11: Dometic Group - trends
Dometic Group - trends Actual currency rolling 12 months Constant currency rolling 12 months Sales (msek) EBIT (msek) 10 000 1 150 9 500 1 100 9 000 1 050 8 500 1 000 8 000 950 0 0 Jan Mar June Sept Dec Jan Mar Jan Mar June Sept Dec Jan Mar 2014 2015 2014 2015 EBIT (%) Operating cash flow (msek) 12,
Slide 12: Business Area Sales Development
Business Area Sales Development Rolling 12 Months, actual currency RV CPV 6 000 1 550 1 500 5 500 1 450 5 000 1 400 1 350 0 0 Jan Mar June Sept Dec Jan Mar Jan Mar June Sept Dec Jan Mar 2014 2015 2014 2015 Marine Other* 920 1 425 900 1 400 880 1 375 860 1 350 840 1 325 820 1 300 800 1 275 1 250 780
Slide 13: Dometic Group Net Sales Bridge
Dometic Group Net Sales Bridge (MSEK) 2 875 429 Translation FX details Share of fx Change in 193 Currency Impact impact FX 2 001 252 AUD 15 6% 8% CNY 3 1% 22% EUR 45 18% 5% USD 168 66% 24% HKD 10 4% 24% GBP 7 3% 16% Other 4 2% TOTAL 252 100% 13% 1403 Translation Organic Acquisitions 1503 FX Growth 1
Slide 14: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development Q1 ‘15 Y-o-Y Op. Cash Flow Comparison (SEKm) Core Working Capital Build-up (SEKm, %) 37 Core WC in 3 mths annualised sales Change in core WC 1 26% 26% 25% 25% 24% 24% 24% 23% 23% 23% 23% 21% 21% -53 373 343 Q1 2014 Q1 2015 244 253 200 Q1 ‘15 Y-o-Y Working Ca
Slide 15: Cash flow operating
Cash flow operating Q1 Q1 FY SEK Million 2015 2014 2014 Cash flows from operations Operating profit 423 255 937 Depreciation and amortization 72 43 206 Adjustment for result from sale of subsidiaries -87 – – Adjustments for other non-cash items -21 15 47 Changes in working capital Changes in invento
Slide 16: Cash flow financing
Cash flow financing Q1 Q1 FY SEK Million 2015 2014 2014 Net cash flow from operations 89 -130 940 Cash flow from investments Acquisitions -8 – -2 210 Investments in fixed assets -56 -52 -191 Proceeds from sale of fixed assets 1 – 12 Proceeds from sale of subsidiaries 671 – – Other investing activiti
Slide 17: Net debt leverage and Net debt details
Net debt leverage and Net debt details 7,6 6,5 6,9 6,7 6,7 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 (MSEK) Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 RCF 251 273 99 133 139 Capex 434 434 434 434 434 Senior term A 1 539 608 624 805 860 Senior term B 2 877 4 018 4 118 5 317 5 680 Local facilities 100 110
Slide 18: Product Launches
Product Launches Smart-D control panel Variable capacity chiller that connects and integrates for Marine all the equipment in the RV. 7 bottle compressor wine cellar 18 Dometic Group Interim Presentation Q1 2015
Slide 19: Q&A
Q&A 19 Dometic Group Interim Presentation Q1 2015
Slide 20: Appendix A Quarterly Summary Key Financials
Appendix A Quarterly Summary Key Financials Q1 Q1 LTM FY SEK Million 2015 2014 2015 2014 Net Sales 2,875 2,001 9,680 8,806 (1) 495 298 1,340 1,143 EBITDA % of Net Sales 17.2% 14.9% 13.8% 13.0% EBITDA before i. a. c. 438 298 1,364 1,224 % of Net Sales 15.3% 14.9% 14.1% 13.9% EBIT(1) 423 255 1,105 937
Slide 21: Appendix B Dometic Group AB (publ) Net Debt
Appendix B Dometic Group AB (publ) Net Debt(1) 1) All Amounts in SEK Million, reported financials 21
Slide 22: Disclaimer
Disclaimer This document contains statements that constitute forward looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different