Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Q4 2022 Earnings Presentation
17 slides from Thule Group Ab's earnings presentation, Feb 10, 2023
Slide 1: Year End Report, 2022/Q4
Year End Report, 2022/Q4 2022-02-10 M. Welander, CEO J. Lindqvist, CFO
Slide 2: 2022/Q4 and FY Results – A year with two phases
2022/Q4 and FY Results – A year with two phases 2022/Q4 – Challenged vs strong 2021/Q4 comp ▪ Sales FY of 1 651 MSEK (1 846), -21% Fx adjusted ▪ Region Europe & RoW -12.7% Fx adjusted ▪ Region Americas -33.7% Fx adjusted ▪ EBIT 4 MSEK vs 190 MSEK ▪ EBIT Margin at 0.2% (10.3%) ▪ Operational Cash Flow
Slide 3: 2023 start of year challenged by strong comps from 2022
2023 start of year challenged by strong comps from 2022 (MSEK) ▪ 2022/Q1 – Very strong vs. 2021 and 2019 3 400 3 314 ▪ +20% vs 2021/Q1 (reported currency) 3 229 2019 +13% vs 2021/Q1 (Fx adjusted) 3 200 +64% vs 2019/Q1 (Fx adjusted) 3 034 2020 3 000 2021 2 800 2 772 ▪ 2022/Q2 – In line with 2021, str
Slide 4: The bullwhip effect on bike related product sales impact 2021-2023 comps
The bullwhip effect on bike related product sales impact 2021-2023 comps Sales split by Bike related products in all 4 Product categories and Rest of Thule Group (R12 month) 12 000 60% 10 000 50% 8 000 40% 6 000 30% 4 000 20% 2 000 10% 0 0% 2019/Q1 2019/Q2 2019/Q3 2019/Q4 2020/Q1 2020/Q2 2020/Q3 202
Slide 5: Sustainability: Significantly reduced emissions in 2022
Sustainability: Significantly reduced emissions in 2022 Sustainability Greenhouse results in(2017-2022) Gas Emissions 2021 (ton (ton CO2e CO2e) / MSEK) 400 000 40 300 000 30 200 000 20 100 000 10 0 0 2018 2019 2020 2021 2022 Emissions (ton CO2eq) Emissions (ton CO2eq per MSEK) 5 2023-02-10 Thule Gro
Slide 6: "Product is King" approach with Product Portfolio broadening continues
”Product is King” approach with Product Portfolio broadening continues Sustainability results ProductinDevelopment 2021 spend as Share of Sales (2015-2022) 700 7,0% 600 6,0% 500 5,0% 400 4,0% 300 3,0% 200 2,0% 100 1,0% 0 0,0% 2015 2016 2017 2018 2019 2020 2021 2022 R&D spend R&D as Share of sales 6
Slide 7: 2022/Q4 Reported income statement
2022/Q4 Reported income statement Q4 YTD ▪ Sales decline in the quarter by 11% MSEK 2022 2021 2022 2021 ▪ -21% in constant currency ▪ Gross margin 31.5% (33.7%) Net sales 1 651 1 846 10 138 10 386 ▪ Lower volumes cost of unutilized Cost of goods sold -1 131 -1 225 -6 279 -6 226 production capacity
Slide 8: Thule Group Financials 2022/Q4: Cash Flow
Thule Group Financials 2022/Q4: Cash Flow Operating Working Capital Operating Working Capital ▪ 2022/Q4: High inventory continues to be main factor SEKm 32,3% 5000 ▪ Over-stock consists of bike-related products with main 30% season starting in the spring 4000 22,4% 25% 3 277 ▪ Operating working capi
Slide 9: Bike related categories dip vs. 2021 as retail pulls handbrake 2nd half of 2022
Bike related categories dip vs. 2021 as retail pulls handbrake 2nd half of 2022 Sport&Cargo Carriers RV Products Juvenile & Pet Packs, Bags & Luggage Share of Thule Group 62% 18% 11% 9% Sales 2022 (2021) (67%) (14%) (12%) (7%) Share of Eur&ROW Americas Eur&ROW Americas Eur&ROW Americas Eur&ROW Ameri
Slide 10: Sport&Cargo Carriers – Bike down in 2nd half, while cargo has strong year
Sport&Cargo Carriers – Bike down in 2nd half, while cargo has strong year ▪ 2022 FY: Decline of -17% Fx adjusted ▪ Region Europe&ROW -16% ▪ Region Americas -18% ▪ 2022 – Bike retail puts the brakes on in 2nd half ▪ Bike Racks – Great start, but very weak end of year (vs extreme comps) ▪ Strong pre-s
Slide 11: RV Products – Consumer interest still high, but vehicle backlog continues
RV Products – Consumer interest still high, but vehicle backlog continues ▪ 2022 FY: Growth of +17% Fx adjusted ▪ Region Europe&ROW +15% ▪ Region Americas +43% ▪ 2022 – Manufacturers started to catch up with demand ▪ Staycation trend combined with erratic automotive supply chain drove very long orde
Slide 12: Juvenile & Pet – Our strong bike related offer hit as retailer destock
Juvenile & Pet – Our strong bike related offer hit as retailer destock ▪ 2022 FY: Decline of -17% Fx adjusted ▪ Region Europe&ROW -17% ▪ Region Americas -16% ▪ 2022 – Overstock at bike retail hurts core offer ▪ Bike trailers: E-bike and bike commuting trend continues, but retailers had simply stocke
Slide 13: Packs, Bags & Luggage – Recovery after pandemic continues in 2022
Packs, Bags & Luggage – Recovery after pandemic continues in 2022 ▪ 2022 FY: Growth of +21% Fx adjusted ▪ Region Europe&ROW +20% ▪ Region Americas +21% ▪ 2022 – Back to Work and increased travel drives sales ▪ Whole supply chain sector constrained after dramatic factory cut-back in sector in 2020-20
Slide 14: 2023 Focus – Continue to drive our growth oriented strategy
2023 Focus – Continue to drive our growth oriented 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 ▪ Utili
Slide 15: Q&A
Q&A www.thulegroup.com 15 2023-02-10 Thule Group Year End Report Q4/2022
Slide 16: 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 17: Thule Group – Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED