Thule Group Ab · OMXSTO:THULE
Thule Group Ab — Shareholder Meeting (April 2023)
22 slides from Thule Group Ab's shareholder meeting presentation, Apr 27, 2023
Slide 1: CEO Presentation AGM 2023
CEO Presentation AGM 2023 2023-04-27 Magnus Welander, CEO
Slide 2: 2022 – Second best year ever, but with two very different halves
2022 – Second best year ever, but with two very different halves ▪ Sales 10.1 Bio SEK ▪ EBIT 1.7 Bio SEK ▪ Operational Cash Flow +530 MSEK ▪ Proposed ordinary dividend of SEK 9.20 per share ▪ Sales 2022/H1 +4% while Sales 2022/H2 -26% Fx Adj. (Bio SEK) (Bio SEK) 12,0 3,0 10,0 2,5 8,0 2,0 6,0 1,5 4,0
Slide 3: Sustainability: Net Zero 2050 commitment and reduced emissions in 2022
Sustainability: Net Zero 2050 commitment and reduced emissions in 2022 SustainabilityGas Scope 1-3: Greenhouse results in 2021(2017-2022) Emissions (ton (ton CO2e CO2e) / MSEK) 400 000 40 300 000 30 200 000 20 100 000 10 0 0 2019 2020 2021 2022 Emissions (ton CO2eq) Emissions (ton CO2eq per MSEK) 3
Slide 4: Sport&Cargo Carriers – Important volume driving launches coming period
Sport&Cargo Carriers – Important volume driving launches coming period 62% of Thule Group Sales ▪ 2022 vs 2021 -17% Fx adj. ▪ 2022 vs 2019 +39% FX ad. +11% CAGR Fx adj. ▪ 2022 – Bike retail puts the brakes on in 2nd half ▪ Bike Racks – Great start, but very weak end of year ▪ Cargo (boxes, baskets)
Slide 5: RV Products – Consumer interest still high, but vehicle backlog impacts
RV Products – Consumer interest still high, but vehicle backlog impacts 18% of Thule Group Sales ▪ 2022 vs 2021 +17% Fx adj. ▪ 2022 vs 2019 +70% Fx ad. +19% CAGR Fx adj. ▪ 2022 – Manufacturers started to catch up with demand ▪ Staycation trend & erratic vehicle supply chain drove very long orderbook
Slide 6: Juvenile & Pet – Our strong bike related offer impacted by retail destocking
Juvenile & Pet – Our strong bike related offer impacted by retail destocking 11% of Thule Group Sales ▪ 2022 vs 2021 -17% Fx adj. ▪ 2022 vs 2019 +54% Fx ad. +16% CAGR Fx adj. ▪ 2022 – Overstock at bike retail hurts core offer ▪ Bike trailers: E-bike and bike commuting trend continues, but retailers
Slide 7: Packs, Bags & Luggage – Recovery after pandemic hit continues in 2023
Packs, Bags & Luggage – Recovery after pandemic hit continues in 2023 9% of Thule Group Sales ▪ 2022 vs 2021 +21% Fx adj. ▪ 2022 vs 2019 +10% Fx ad. +3% CAGR Fx adj. ▪ 2022 – Back to Work and increased travel drives sales ▪ Supply chain constrained after cut-back in sector in 2020-2021 ▪ Everyday ba
Slide 8: 2023 Focus – Continue to drive our growth oriented strategy
2023 Focus – Continue to drive our growth oriented strategy ▪ Product portfolio broadening and new products fuel growth ▪ Increased DTC sales share with improved thule.com ▪ Continuous improvements in our Supply Chain set-up ▪ Lowest level of production staffing in last 5 years at beginning of year,
Slide 9: Passing the ball to a new CEO – A personal look back and into the future
Passing the ball to a new CEO – A personal look back and into the future 9 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 10: Strong market trends existing already before pandemic expected to continue
Strong market trends existing already before pandemic expected to continue Bike commuting & Biking for fun Active ”Staycations” 1 3 5 Lifestyle brands with quality and sustainability postioning Smaller cars trigger transport needs Healthier & more active 55+ generation 2 4 10 2023-04-27 Thule Group
Slide 11: "Product is King" approach with Product Portfolio broadening continues
”Product is King” approach with Product Portfolio broadening continues Sustainability Product Development results spend in 2021 as Share of Sales (2015-2022) (MSEK) 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
Slide 12: 2023 Consumer Launches: Thule Epos – Premium bike carrier
2023 Consumer Launches: Thule Epos – Premium bike carrier 12 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 13: 2023 Consumer Launches: Thule Arcos – Premium rear of car cargo box
2023 Consumer Launches: Thule Arcos – Premium rear of car cargo box 13 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 14: 2023 Consumer Launches: Thule CapRock – Premium cargo platform
2023 Consumer Launches: Thule CapRock – Premium cargo platform 14 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 15: 2023 Consumer Launches: Thule Approach – Premium Roof Top Tent
2023 Consumer Launches: Thule Approach – Premium Roof Top Tent 15 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 16: Thule – A lifestyle brand built on genuine and solid pillars
Thule – A lifestyle brand built on genuine and solid pillars INSPIRING GENUINE REAL BRAND POSITIONING BRAND PROMISE BRAND CONNECTION CONSISTENCY 16 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 17: A flexible Supply Chain with strong in-house manufacturing competence
A flexible Supply Chain with strong in-house manufacturing competence ▪ At the core we deliver safe products with high quality ▪ We always consider sustainability in all aspects ▪ Retail customers and consumers offered flexibility and high service levels ▪ Efficiencies with diverse portfolio – focus
Slide 18: Sustainability an integral part of everything we do
Sustainability an integral part of everything we do Caring about nature Caring about Engaging with people and society the community 18 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 19: Strong value creation since the IPO
Strong value creation since the IPO ▪ ~7 Bio SEK total dividend since IPO – same as Total Market Cap at IPO ▪ Outperformed OMX Index with +228% since IPO (SEK/share) 600 500 400 300 200 100 0 Thule Group OMX (Index) * Total dividend incl. Proposed dividend 2023; 2024-11-26 IPO at 70 SEK/share as com
Slide 20: Long-term Targets 2030
Long-term Targets 2030 SUSTAINABILITY REVENUE 20 Bio SEK by 2030 Meet ambitious PROFIT >20% EBIT-Margin Science Based Targets for reduction of greenhouse gas emissions CASH DIVIDEND >75% of annual Net Income 20 2023-04-27 Thule Group AGM 2023 - CEO Presentation
Slide 21: Thule Group – Active Life, Simplified
Thule Group») ACTIVE LIFE, SIMPLIFIED
Slide 22: 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