Slide 1: Rapala VMC Corporation 1st Half 2023
RAPALA VMC CORPORATION 1st HALF 2023 1
Slide 2: Declining sales and profitability amidst challenging trading environment – savings program started
Declining sales and profitability amidst challenging trading environment – savings program started in operating expenses Net sales (MEUR) Comparable operating profit (MEUR) Inventory value (MEUR) Group products 3rd party products -19.2 MEUR (-16%) -30.5 (-21%) 26.5 117.7 159.6 -10.2 MEUR 148.4 98.5
Slide 3: Short term outlook updated on June 30, 2023
Short term outlook updated on June 30, 2023 – The Group expects 2023 full year comparable operating profit (excluding mark- to-market valuations of operative currency derivatives and other items affecting comparability) to be significantly below the previous year. – Market outlook for 2023 continues
Slide 4: Key Figures
KEY FIGURES MEUR 2023 H1 2022 H1 Net sales 117,9 148,4 Operating profit 4,4 13,6 Operating profit, % of net sales 3,7 % 9,2 % Comparable operating profit 5,3 15,5 Comparable operating profit, % of net sales 4,5 % 10,5 % Net profit for the period -1,1 8,7 EPS (basic), EUR -0,03 0,22 Cash flow from op
Slide 5: Trading conditions remained challenging due to the global economic slowdown and high inflation
Trading conditions remained challenging due to the global economic slowdown and high inflation 2022 H1 20.1 -33% 2023 H1 13.4 (-6.7) 2022 H1 69.2 -16% 2023 H1 58.3 (-10.9) 2022 H1 42.6 -23% 2023 H1 32.8 (-9.8) 2022 H1 16.5 -19% 2023 H1 13.4 (-3.1) North America Nordic Rest of Europe Rest of the Worl
Slide 6: Cash flow from operations supported by net change in working capital
Cash flow from operations supported by net change in working capital. Comparison period impacted by resolving supply chain disruption and build-up of record high winter business inventory Inventory (MEUR) Cash flow from operations (MEUR) -16% 117.7 98.5 23.1 +27.2 73.8 18.6 2021 H1 2022 H1 2023 H1 -
Slide 7: Gearing ratio increased and equity-to-assets ratio decreased, temporary covenant changes agreed
Gearing ratio increased and equity-to-assets ratio decreased from the last year, temporary changes to financial covenants agreed Gearing (%) Equity ratio (%) Net interest-bearing debt (MEUR) +6.7 pp. -1.5 73.4% 53.8% -0.6 pp. 99.4 98.0 66.7% 42.3% 41.7% 18.6% 30.5 2021 H1 2022 H1 2023 H1 2021 H1 202
Slide 8: Appendix
APPENDIX
Slide 9: Geographical Net Sales
GEOGRAPHICAL NET SALES North America (MEUR) Nordic (MEUR) 69.9 69.2 58.3 48.6 40.4 30.9 22.3 25.3 20.1 13.4 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 Rest of Europe (MEUR) Rest of the World (MEUR) 45.9 46.8 41.6 42.6 32.8 15.7 17.6 16.5 12.8 13.4 2019 H1 2020 H1
Slide 10: Profit and Loss Statement
PROFIT AND LOSS STATEMENT MEUR 2023 H1 2022 H1 Net sales 117,9 148,4 Other operating income 0,2 0,3 Materials and services 48,0 63,9 Personnel expenses 33,6 37,4 Other costs and expenses 25,1 27,3 Share of results in associates and joint ventures -1,3 -0,7 EBITDA 10,0 19,4 Depreciation, amortization
Slide 11: Balance Sheet
BALANCE SHEET PMEUR 20231 20221 ASSETS Non-current assets Intangible assets 85.9 84.0 Property, plant and equipment 27.9 27.0 Right-of-use asset 5.7 59 Non-current assets Interest-bearing 14.3 8,3 Non-interest-bearing 1,3 15.1 155.0 150,4 Current assets Inventories 98.5 7.7 Current assets Interest-b
Slide 12: Shares and Shareholders
SHARES AND SHAREHOLDERS Share Price Index Performance 120 SHARE RELATED DATA (6/2023) Market capitalization 140.7 MEUR 100 12-month high / low 6.64 / 3.51 EUR All-time high / low 10.95 / 2.15 EUR 80 60 MAJOR SHAREHOLDERS (6/2023) % OF TOTAL 40 Viellard Migeon & Cie 39,9 % 06/22 09/22 12/22 03/23 06/