Slide 1: TCM Group A/S Interim Report January-March 2019
TCM Group A/S Interim Report January-March 2019 May 7, 2019
Slide 2: A strong start of 2019 - with 17% organic growth in Q1
A strong start of 2019 - with 17% organic growth in Q1 Revenue 17% 250 mDKK organic (214 mDKK) growth Cash conversion Adjusted EBITA 94% 33 mDKK (109%) (28 mDKK) NWC ratio Adjusted EBITA -7.3% growth (-7.9%) 16% Adj. EBITA margin 13.2% (13.3%) 2
Slide 3: Business update Q1 2019
Business update Q1 2019 Positive Danish market development in 2019 of 1-2%, but continued good activity in Q1. TCM Group continued to gain market share with organic growth in Denmark of 19% Growth in B2C and B2B, however B2B with the highest growth rate Number of branded stores increased to 66
Slide 4: Financial highlights Q1
Financial highlights Q1 Q1 2019 Net revenue 250 mDKK (214) Organic growth of 17% Growth in Q1 was supported by a higher number of production days compared to LY Adjusted EBITA 33 mDKK (28) – up 16% Adjusted EBITA margin 13.2% (13.3%) EBIT 31 mDKK (25) – up 26% EBIT margin 12.4% (11.5%)
Slide 5: Strong revenue growth
Strong revenue growth 2019 2018 Jan-Mar Jan-Mar Net revenue (mDKK) 250 214 - Organic growth 17% 19% growth in DK Q1 comments revenue Strong organic growth in DK +19% Growth in B2C and B2B, however B2B with the 3% growth in highest growth rate revenue outside Higher share of revenue from 3rd pa
Slide 6: Improved earnings
Improved earnings 2019 2018 Jan-Mar Jan-Mar Net revenue (mDKK) 250 214 - Gross Margin 25.4% 26.2% Adjusted EBITA (mDKK) 33 28 - Adj. EBITA margin 13.2% 13.3% EBIT (mDKK) 31 25 - EBIT margin 12.4% 11.5% Q1 comments Revenue growth converted to growth in EBITA Gross margin adversely affected by a s
Slide 7: NWC ratio on par with last year
NWC ratio on par with last year 2019 2018 Mar Mar Net working capital (mDKK) -68 -65 NWC ratio -7.3% -7.9% NIBD (mDKK) 139 207 Leverage (x EBITDA) 0.85 1.50 Q1 comments NWC improved compared to last year, but NWC ratio was adversely impacted by the timing of Easter on debtor balances NIBD decrea
Slide 8: High cash conversion continued
High cash conversion continued 2019 2018 Jan-Mar Jan-Mar Operating profit (mDKK) 31 25 Depreciation and amortization (mDKK) 5 4 Change in NWC (mDKK) -26 -16 Tax a.o (mDKK) -5 -4 Capex excl. acquisitions (mDKK) -2 16 Operating cash flow excl. acquisitions 2 25 (mDKK) Cash conversion 94% 109% Q1 comme
Slide 9: Financial outlook 2019
Financial outlook 2019 TCM Group We confirm our full-year guidance for 2019: Net revenue: 960-1,000 mDKK corresponding to growth of 7-11%. The Danish market is expected to grow by 1-2%. Adjusted EBITA: 155-165mDKK EBIT: 145-155mDKK 9
Slide 10: Q&A
Q&A