Dometic Group Ab · OMXSTO:DOM
Dometic Group Ab — Q2 2013 Earnings Presentation
21 slides from Dometic Group Ab's earnings presentation, Jul 19, 2013
Slide 1: Dometic Group Interim Presentation Second Quarter
Dometic Group Interim Presentation Second Quarter 19 July 2013
Slide 2: US RV Market - OEM Shipments
US RV Market - OEM Shipments OEM Shipments: • YTD May: 144 000 units (127 500) +13% • Rolling twelve months May 2013: 302 000 units (261 000) +15% 400 Rolling Twelve Months (000s units) 350 300 250 200 150 100 50 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec May 08 08 09 09 10 10 11 11 12 12 13 ________
Slide 3: Europe RV Market Registrations
Europe RV Market Registrations • Rolling twelve months May 2013: 114 100 units (123 300) -7% Rolling Twelve Months (000s units) 45 2013 2012 Change Germany YTD 23 643 23 833 -1% 40 May 6 692 6 840 -2% 35 France YTD 12 975 14 756 -12% May 2 874 3 234 -11% 30 Sweden YTD 3 322 3 437 -3% 25 May 1 193 1
Slide 4: Europe Trucks (above 16 tons) Registrations
Europe Trucks (above 16 tons) Registrations • Rolling twelve months May 2013: 175 500 units (199 300) -12% Rolling Three Months (000s units) 80 70 60 50 40 30 20 10 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec May 08 08 09 09 10 10 11 11 12 12 13 ____________________ Source: ACEA for EU15 and EFTA 4
Slide 5: US Powerboat Sales
US Powerboat Sales • Rolling twelve months May 2013 : +6% Rolling Twelve Months Change (%) Powerboat Category (%) 15 62 10 May 13 5 YTD 2013 0 -5 -10 24 -15 13 -20 4 3 2 -25 -1 -30 -7 -35 -14 -14 June Dec Jun Dec Jun Dec Jun Dec May 09 09 10 10 11 11 12 12 13 OB (11 - 40ft) IB (14-30 ft) IB (31-40 f
Slide 6: Business area Americas
Business area Americas All Amounts in SEK Million, reported financials +1% 841 850 Quarterly Highlights 733 • RV segment increased in both OE and AM as a 632 result of general market increase and due to the 504 late spring • Marine segment increased in OE from continued success in commercial work bo
Slide 7: Business area EMEA
Business area EMEA All Amounts in SEK Million, reported financials -8% Quarterly Highlights 1.203 1.110 • RV segment declined in line with general market in 882 OE whilst aftermarket increased in the quarter 847 748 • Marine segment increased during the quarter in both OE and AM • CPV was flat in th
Slide 8: Business area APAC
Business area APAC All Amounts in SEK Million, reported financials +4% 286 Quarterly Highlights 263 264 255 250 • RV segment increased in the quarter mainly due to new product launches • In Retail sales increased significantly through continued success of the CFX portable cooling box in Austrialia a
Slide 9: Business area Medical
Business area Medical All Amounts in SEK Million, reported financials -25% 87 Quarterly Highlights • Weak performance in cold chain and medical 62 62 61 refrigeration mainly in Africa • Asia developed well during the quarter 47 • The Solar Direct Drive product line continues to be successful Q2 2012
Slide 10: Net Sales Development
Net Sales Development All Amounts in SEK Million and in Constant Currency 2,2882,2492,261 1,9951,958 1,835 1,8951,890 1,5471,605 1% -4% Q2 2013 Q2 2013 Q1 Q2 Q3 Q4 Reported Constant Growth Currency 2011 2012 2013 Growth 10
Slide 11: Net Sales by Market and Channel
Net Sales by Market and Channel Net Sales Split in Constant Currency Q2 2013 Q2 2013 Medical 2%(3%) EMEA OEM Americas 38% (35%) 50% (54%) AM 46% (45%) 52% (52%) 12% (11%) Asia Pacific ____________________ (1) Percentage in brackets denotes sales split for the same quarter previous year and includes
Slide 12: EBIT Development
EBIT Development All Amounts in SEK Million and in Constant Currency 449 359 332 279 266 268 240 227 146 79 -7% -9% Q2 2013 Q2 2013 Q1 Q2 Q3 Q4 Reported Constant ____________________ Growth Currency (1) EBIT is before items affecting comparability. 2011 2012 2013 Growth 12
Slide 13: Core Working Capital
Core Working Capital All Amounts in SEK Million, reported financials % 2,076 1,950 30 27% 26% 26% 25% 25 24% 24% 23% 22% 21% 20 19% 1,743 1,737 15 10 5 1,084 1,114 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 -901 -751 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 Core working capital as a % of LTM sales Q2
Slide 14: Operational Cash flow
Operational Cash flow (1) All Amounts in SEK Million, reported financials 498 390 344 303 239 178 200 49 -120 -204 Q1 Q2 Q3 Q4 2011 2012 2013 ____________________ (1) Before i.a.c. is comprised of EBITDA (before items affecting comparability) +/- Change in Working Capital – Net Capital Expenditures
Slide 15: Renegotiated senior financing terms
Renegotiated senior financing terms EQT Equity investment Up to SEK 400 million additional investment from EQT V during Q3/Q4 Prepayment Up to SEK 400 million of prepayment Amortization profile Reduced amortization until 2016 3 806 Amortization extended to 2018 2 999 Previous Senior Facility Renegot
Slide 16: Product Developments
Product Developments Significant Product Launches: RV: Penguin rooftop AC with remote control Retail: New absorption wine cellar CPV: Customer specific compressor fridge for agricultural applications 16
Slide 17: Q&A
&A @ Dometic GROUP
Slide 18: Appendix A Quarterly Summary Key Financials
Appendix A Quarterly Summary Key Financials Q2 Q2 Change (%) H1 H1 Change (%) LTM FY (2) (2) SEK Million 2013 2012 Rep. Adj. 2013 2012 Rep. Adj. 2013 2012 Net sales 2 271 2 361 -4% 1% 4 096 4 391 -7% -3% 7 627 7 922 EBITDA before i. a. c. 387 423 -9% -4% 668 745 -10% -6% 1 069 1 146 % of Net sales 1
Slide 19: Appendix B Cash Flow Bridge
Appendix B Cash Flow Bridge All Amounts in SEK Million, reported financials 303 46 47 55 242 0 12 22 29 Operational Capex items Interest Interest Other Income Non Cash Net Cash Cash Flow affecting Paid Received Financial Taxes Paid Items Flow From After Items comparability Items Paid Operating Affec
Slide 20: Appendix C Dometic Group AB (publ) Net Debt
Appendix C Dometic Group AB (publ) Net Debt (1) All Amounts in SEK Million, reported financials Net Debt 30 June 2013 31 December 2012 RCF 353 227 Capex 434 294 Senior term A 1 905 2 180 Senior term B 2 947 2 999 Local facilities 216 62 Total Senior Debt 5 855 5 762 Senior PIK Notes 2 277 2 094 Accr
Slide 21: 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