Svedbergs Group Ab Class B · OMXSTO:SVED_B
Svedbergs Group Ab Class B — Svedbergs i Dalstorp — Q2 2024 Earnings Presentation
25 slides from Svedbergs Group Ab Class B's earnings presentation, Jul 18, 2024
Slide 1: Q2 2024
Q2 2024
Slide 2: Svedbergs Group invests in the finest independent brands in Europe
Svedbergs Group invests in the finest independent brands in Europe, that design, produce and market sustainable products and services for the bathroom. We will grow organically and through acquisitions that complement the current business through a broader geographical presence, new product categori
Slide 3: Our brand companies
SVEDBERGS 3 GROUP Our brand companies Sales per segment, Q2 2024 SVEDBERGS Thebalux 19% (-) (}) Macro Design cassge 7 Roper ROPER RHODES° ssn BATH fF © THEBALUX Svedbergs 8% (28) Macro Design 8% (10) Cassoe 4% (5)
Slide 4: Highlights Q2
4 Highlights Q2 • Strong first 6 months for 2024 • Very good performance in UK and NL, Roper Rhodes increased sales, gross margin and EBITA • A weaker sales development in the Swedish and Finnish markets and contract sales in the Svedbergs segment • Macro Design and Cass • Improved gross margin • Co
Slide 5: Net Sales per segment/geography Q2
5 Net Sales per segment/geography Q2 • Strong sales in Roper Rhodes, UK and Thebalux, NL • The acquisition of Roper Rhodes and Thebalux have changed the market mix, Q2 30% in the Nordics • Soft demand in the Svedbergs segment • Thebalux and Netherlands stands for 18%
Slide 6: Net Sales per segment/geography Q1-Q2 2024
6 Net Sales per segment/geography Q1-Q2 2024 • Strong sales in Roper Rhodes and UK • The acquisition of Roper Rhodes and Thebalux have changed the market mix, YTD Q2 30% in the Nordics • Soft demand in the Svedbergs segment • Thebalux stands for 19%
Slide 7: Svedbergs (Dalstorp, Västra Götaland, Sweden)
Svedbergs (Dalstorp, Västra Götaland, Sweden) • Turnover 2023: MSEK 504 • FTE (SE, FI, NO, DK) 153 • Geography: Nordic Q2-24 Q2-23 Idx YTD 24 YTD 23 Idx Ext sales 102 128 80 215 274 79 EBITA 1 13 10 10 38 25 EBITA% 1,3 10,4 12 4,4 13,8 32 “A room to live and enjoy”
Slide 8: Macro Design (Laholm, Halland, Sweden)
Macro Design (Laholm, Halland, Sweden) • Turnover 2023: MSEK 170 • FTE (SE, NO) 46 • Geography: Sweden and Norway Q2-24 Q2-23 Idx YTD 24 YTD 23 Idx Ext sales 43 43 100 86 87 98 EBITA 4 3 126 8 7 115 EBITA% 9,3 7,4 126 9,5 8,1 117 “Attractive design, functionality and quality at a lower price four ou
Slide 9: Cassøe (Herning, Denmark)
Cassøe (Herning, Jylland, Danmark) • Turnover 2023: MSEK 89 • FTE (DK) 15 • Geography: Denmark and Norway Q2-24 Q2-23 Idx YTD 24 YTD 23 Idx Ext sales 25 22 111 47 46 103 EBITA 5 5 108 9 10 98 EBITA% 20,2 20,8 97 19,9 21,0 95 ”Cassøe markets and distributes designed quality products with the customer
Slide 10: Roper Rhodes (Bath, UK)
Roper Rhodes (Bath, UK) • Turnover 2023: MSEK 1 062 • FTE (UK, IRE) 209 • Geography: UK and Ireland Q2-24 Q2-23 Idx YTD 24 YTD 23 Idx Ext sales 285 262 109 574 525 109 EBITA 49 39 126 98 76 129 EBITA% 17,2 14,9 116 17,1 14,5 118 “UK's bathroom brand of choice, by providing excellent and sustainable
Slide 11: Thebalux (Zutphen/Veghel, the Netherlands)
Thebalux (Zutphen/Veghel, the Netherlands) • Turnover 2023*: MSEK 375 • FTE (NL) 96 • Geography: NL, DE, BE * Proforma Q2-24 Q2-23 Idx YTD 24 YTD 23 Idx Ext sales 107 - 211 - EBITA 28 - 54 - EBITA% 26,2 25,5
Slide 12: Q2 in numbers
| SVEDBERGS GRol Q2 in numbers -
Slide 13: Net Sales development Q2 2024
13 Net Sales development Q2 2024 • Net sales for the period amounted to SEK 562 million (456), corresponding to an increase of 23 percent compared to the previous year 23% 562 • Organic growth -2 percent 107 • The acquisition of Thebalux had a 456 positive impact of almost 23 percent -7 7 • Currency
Slide 14: Net Sales development Q1-Q2 2024
14 Net Sales development Q1-Q2 2024 • Net sales YTD amounted to SEK 1 134 million (931), corresponding to an increase of 22 percent compared to the previous year 22% • Organic growth -3 percent 1’134 • The acquisition of Thebalux had a positive 211 impact of just over 23 percent 931 -32 23 • Currenc
Slide 15: Net Sales Development Q2 2024
15 Net Sales Development Q2 2024 • Net Sales slightly lower in Q2 vs Q1, 23 percent higher vs PY • Positive impact by the acquisition of Thebalux • Roper Rhodes performs well, organic growth positive with 6 percent
Slide 16: Profit & Margins Q2/YTD 2024
16 Profit & Margins Q2/YTD 2024 • Gross Margin and EBITA slightly lower in Q2 vs Q1 mainly due to challenging market conditions in the Nordics • Price adjustments made and cost reductions achieved • High focus on cost control
Slide 17: Cash flow and Financial position Q2/YTD 2024
17 Cash flow and Financial position Q2/YTD 2024 • Free Cash Flow in Q2 positive mainly assigned to decreased accounts receivables 2024 2023 2022 • Free Cash Flow YTD impacted by payments of customer YTD YTD YTD bonuses in Q1 Net Debt, Mkr 767 639 716 Investments, Mkr 47 14 19 Equity Ratio, % 48 43 3
Slide 18: Net debt and leverage YTD Q2
18 Net debt and leverage YTD Q2 • Net debt 767 MSEK (639) YTD • Net debt IFRS 16 impact MSEK 78 (33) • Net Debt/EBITDA at 2.3 (2.3) incl Earn Out Roper Rhodes and Thebalux, MSEK 196 (172)
Slide 19: Development Net debt and leverage
19 Development Net debt and leverage • Net debt and leverage downward trend • Amortization of loan and good result has a positive impact 2024
Slide 20: Outlook and summary
20 Outlook and summary • Launch new products and drive proactive sales to increase our market presence • Drive Operational excellence and efficiency • Sustainability in all that we are doing • Looking for potential acquisitions that complement the group
Slide 21: Q2 in numbers
21 Q2 in numbers Net Sales Net Sales Net sales increases by 23% to 562 MSEK (456) MSEK Organic Growth -2% EBITA EBITA 76 MSEK (58), EBITA% 13,5% (12,6) MSEK Cash Flow Operations: 119 MSEK (106) Cash Flow MSEK Free Cash Flow: 112 MSEK (100) Net debt to EBITDA: Leverage 2.3 x (2.3) incl earn out UK an
Slide 22: Q1-Q2 in numbers
22 Q1-Q2 in numbers Net Sales Net Sales Net sales increases by 22% to 1 134 MSEK (931) MSEK Organic Growth -3% EBITA EBITA 159 MSEK (122), EBITA% 14,1% (13,1) MSEK Cash Flow Operations: 70 MSEK (104) Cash Flow MSEK Free Cash Flow: 53 MSEK (89) Net debt to EBITDA: Leverage 2.3 x (2.3) incl earn out U
Slide 23: Questions
23 Questions • We will now answer questions live and previously sent to ir@svedbergsgroup.com • To participate, please follow the link in the press release from 9 July, which you find on www.svedberggroup.se under Press.
Slide 24: Per-Arne Andersson, CEO; Ann-Sofie Davidsson, CFO
24 Per-Arne Andersson, CEO Ann-Sofie Davidsson, CFO
Slide 25: Q&A
Q&A Per-Arne Andersson CEO Ann-Sofie Davidsson CFO