Slide 1: Interim Report Q1 2024
INTERIM REPORT Q1 2024 © CTEK AB
Slide 2: Today's presenters
Today’s presenters HENRIK FAGRENIUS THOM MATHISEN CEO CFO © CTEK AB
Slide 3: A proud heritage that drives our future
A proud heritage that drives our future The CTEK story starts over 25 years ago in Vikmanshyttan, a small village in Dalarna in Sweden. This is where our founder – Swedish inventor Bengt Wahlqvist – created the first ever battery charger to use electronic pulse technology. © CTEK SWEDEN AB
Slide 4: From Sweden with love
From Sweden with love ALL OUR PRODUCTS ARE DESIGNED, DEVELOPED AND TESTED IN SWEDEN • CTEK secures its market position through high technical competence and focus on innovation throughout the development process. • About one third of the company's employees work in research and development at the
Slide 5: CTEKs two technologies and subsegments
CTEKs two technologies and subsegments EVSE DESTINATION CHARGERS PORTABLE EV CHARGERS CLIENT BRAND Installed at public destinations, offices Portable chargers for use away from Installed in garages, driveways or at etc. home (e.g. holiday homes) residential properties Low voltage CONSUMER PROFESSION
Slide 6: CTEKs go to market strategy
CTEKs go to market strategy TWO SALES DIVISIONS DIVIDED BY CUSTOMER TYPE EVSE Customer examples Product examples Low Voltage Automotive Ultium charger Chargestorm Connected Professional Charging point operators Customized solutions for EVSE and Low Voltage primarily for vehicle manufacturers, chargi
Slide 7: CTEK Q1 2024 Financial Overview
CTEK Q1 2024 FINANCIAL OVERVIEW 201 54.0 19 MSEK PERCENT MSEK NET SALES GROSS MARGIN ADJUSTED EBITA 45 17 2.2x MSEK PERCENT CASH FLOW EVSE SHARE OF NET SALES NET DEBT/ADJUSTED EBITDA © CTEK SWEDEN AB
Slide 8: Q1 2024 Key Take Aways
Q1 2024 KEY TAKE AWAYS Continuously good cash flow and increased profitability • The continuously good cash flow, as a result of the cost reducing activities and NWC focus, allowed for us to amortize our loans by SEK 100m • The adj. EBITA margin increased by 6,7 p.p. to 9,7% (3,0) Strong Low Voltage
Slide 9: Q1 2024 Financials
, fe UTGANG bos Q1 2024 Financials CTEK
Slide 10: Key financials Q1 2024
Key financials Q1 2024 Comments Q1 2024 SEKm 2024 Q1 2023 Q1 Full year 2023 Consumer 131.6 120.9 530.8 • Net sales decreased to SEK 201m (246m), -18% adjusted for currency. Professional 69.1 125.0 352.2 Central 0.0 0.0 1.2 • EVSE products accounted for 17% (39%) of total sales. Total net sales 200.8
Slide 11: Consumer Division
Consumer Division CONTINUOUSLY STRONG LOW VOLTAGE SALES 1% • Net sales increased 8% to SEK 132m 34% (121m) in Q1 2024, or 9% adjusted for currency. • Adjusted EBITDA amounted to SEK 47m (45m), corresponding to a margin of 35.9% (36.9%). 66% 99% CS ONE Consumer div. Low Voltage Professional div. EVSE
Slide 12: Professional Division
Professional Division FOCUS ON COST CONTROL SHOWING RESULTS • Net sales decreased with 45% to SEK 69m 34% 49% (125m) in Q1 2024. CHARGESTORM CONNECTED 3 • The majority of the decline in net sales derives from significantly lower EVSE volumes to North America. 66% 51% • Adjusted EBITDA amounted to SE
Slide 13: Cash flow and CAPEX
Cash flow and CAPEX Cash flow and financial position • Cash flow from operating activities amounted to SEK 45m (36m) in the period • Capex during the period amounted to SEK -17m (-24m). • Cash flow after investment activities in the period was SEK 26m (9m). • Cash and cash equivalents at the end of
Slide 14: Summary and future
CS ONE Summary and future © CTEK AB
Slide 15: 3 phases to get back to growth and profitability
3 phases to get back to growth and profitability To be achieved before moving to Phase 3: • Adj. EBITA on track to reach financial target • Continuous stable positive cash flow • Net debt ratio below financial target To be achieved before moving to Phase 2: • Healthy OPEX level • LTM positive cash f
Slide 16: Summary Q1 2024
Summary Q1 2024 • Continuously good cash flow and increased profitability • Net debt ratio reduced to 2,2x (2,7) • Continual growth in Low Voltage sales • Significantly lower EVSE volumes for the North American market • Positive trends for EVSE in the Nordics • 3 phases back to profitable growth © C
Slide 17: Questions
Questions ctek.com © CTEK AB