Bravida Holding Ab · OMXSTO:BRAV
Bravida Holding Ab — Q1 2024 Earnings Presentation
19 slides from Bravida Holding Ab's earnings presentation, May 7, 2024
Slide 1: Bravida Q1 2024
Bravida Q1 2024 Mattias Johansson, CEO Åsa Neving, CFO 7 May 2024
Slide 2: Bravida brings buildings to life – throughout the Nordic region
Bravida brings buildings to life – throughout the Nordic region Bravida is the Nordic region’s leading supplier of holistic, >360 climate smart solutions for branches buildings and facilities. Our long-term goal is to be climate neutral throughout our 14,000 value chain by 2045, so that our employee
Slide 3: The Bravida investment case
The Bravida investment case In recent years, Bravida has delivered stable growth while maintaining Stable and profitable growth with strong cash flows EBITA margins and strong cash conversion With our size and broad competence, we are well positioned to grow in Leader in our industry in the Nordic r
Slide 4: Q1 highlights
Q1 highlights Order intake • Net sales -2%, with robust service sales. Organic growth -6% +16% in line with previous estimates and 4% growth from acquisitions • Order intake increased in all countries. Strong increase of +16% for the group Net sales • Order backlog SEK +835m in the quarter • Strong
Slide 5: Net sales performance in Q1, SEKm
Net sales performance in Q1, SEKm Sales growth -2% 7,429 7,275 -435 317 -36 Share of service sales increased slightly, compared to the first quarter of 2023 Organic growth -6% in line with previous estimates Growth from acquisitions +4% FX effects 0% Net sales Q1 Organic growth M&A Currency ef
Slide 6: EBITA, SEKm
EBITA, SEKm – 370 • EBITA-margin 4.0 (5.0)% • Number of measures taken to improve – 294 profitability, such as integrating the Growth Segment division (one-off SEK 9m) into our regional divisions as well as reduced staffing centrally and in local branches – • EBITA-margin improved in Norway despite
Slide 7: Order intake and backlog, SEKm
Order intake and backlog, SEKm • Order intake increased by +16% YoY in Q1, growth in all countries • Growing order backlog in the quarter, SEK 835m • Two large orders in Sweden a SEK 500m in data centre order Order intake LTM and per quarter Order backlog (installation only) 9,000 35,000 20,000 17,8
Slide 8: Sustainability
Sustainability LTIFR (lost time injury frequency rate) LTM • Significant improvement on LTIFR on Group 16.0 level, -25% • Group LTIFR at 5.6 (7.5) nearing the target, <5.5 12.5 12.0 11.6 11.5 • Lower LTIFR in all countries 10.3 • Norway and Sweden below target, <5.5 8.0 7.5 7.4 • 28% of all 8,700 ve
Slide 9: Acquisitions 2024
Acquisitions 2024 • 5 acquisitions completed in 2024, adding SEK 285m in annual sales • Integration of Thunestvedt Group progressing according to plan • No acquisitions in Denmark, focus on Sweden Finland turnaround • Strong pipeline of potential candidates to Norway continue our strategy of selecti
Slide 10: Sweden Q1 2024
Sweden Q1 2024 9,862 9,120 Q1 2024 Q1 2023 SEKm Q1 2024 Q1 2023 Net sales 3,473 3,624 3,624 3,838 3,699 3,473 EBITA 172 198 EBITA-margin 5.0% 5.5% Order intake 3,838 3,699 Order backlog 9,862 9,120 Net sales Order intake Order backlog • Growth in sales -4% • Organic growth -7%, growth from acquisiti
Slide 11: Norway Q1 2024
Norway Q1 2024 2,927 2,447 Q1 2024 SEKm Q1 2024 Q1 2023 Q1 2023 1,621 1,587 1,514 Net sales 1,621 1,587 1,276 EBITA 79 77 EBITA-margin 4.9% 4.8% Order intake 1,514 1,276 Order backlog 2,447 2,927 Net sales order intake Order backlog • Growth in sales +2% • Organic growth -4%, growth from acquisition
Slide 12: Denmark Q1 2024
Denmark Q1 2024 4,151 Q1 2024 SEKm Q1 2024 Q1 2023 2,966 Q1 2023 Net sales 1,633 1,682 EBITA 16 68 1,998 1,633 1,682 EBITA-margin 1.0% 4.0% 1,343 Order intake 1,998 1,343 Order backlog 4,151 2,966 • Sales growth -3% related to the Installation business Net sales order intake Order backlog 68 • Organ
Slide 13: Finland Q1 2024
Finland Q1 2024 1,375 1,230 SEKm Q1 2024 Q1 2023 Net sales 573 554 EBITA 7 20 573 554 590 544 EBITA-margin 1.3% 3.7% Order intake 590 544 Order backlog 1,375 1,230 Net sales order intake Order backlog • Growth in sales +3% • Organic growth -7%, on the back of a soft market. Growth from acquisitions
Slide 14: Net debt and cash flow, SEKm
Net debt and cash flow, SEKm Operating cash flow, SEKm Key highlights 2,000 1,756 Strong cash flow improvement, partially Financial position Q1 2024 driven by our focus on NWC 1,500 Cash conversion improved QoQ to 90% (70), Cash balances 986 1,310 its highest level since Q1 2022 – we expect this
Slide 15: Market outlook
Market outlook • Stable demand for service activities, with some challenges in installation continuing – variation between geographies • Favourable market conditions for projects in e.g., infrastructure, industry, defence facilities and civil engineering – providing business opportunities • We will
Slide 16: Financial targets
Financial targets >7% >100% <2.5x Net debt/EBITDA EBITA margin Cash conversion Target leverage ratio >5% >50% of net profit Sales growth Target pay-out ratio 16
Slide 17: Summary Q1 2024
Summary Q1 2024 • Sales growth -2%, with robust service sales, organic growth -6%, growth from acquisitions +4% • As previously anticipated, the EBITA-margin was affected by challenges in Denmark but also weaker markets in south of Sweden and Finland • Good performance in Norway with margin improvin
Slide 18: Upcoming events
Upcoming events Day Event 12 July Interim Report Q2 2024 22 October Interim Report Q3 2024 18
Slide 19: We bring buildings to life.
We bring buildings to life. <>bravida