Nimbus Group Ab · OMXSTO:BOAT
Nimbus Group Ab — Q4 2020 Earnings Presentation
16 slides from Nimbus Group Ab's earnings presentation, Mar 17, 2021
Slide 1: A Glowing Fourth Quarter – As Expected
A GLOWING FOURTH QUARTER – AS EXPECTED Q4 2020 PRESENTATION MARCH 17 2021
Slide 2: Today's presenters
Today’s presenters Jan-Erik Lindström Rasmus Alvemyr CEO CFO 2
Slide 3: Highlights of the fourth quarter 2020
Highlights of the fourth quarter 2020 • Sales in line with expectations in the 4:th quarter at SEK 198 m (+10%). • EBITA amounted to SEK -3,6 million(-5,1) • EBITA effected by one-off items of 9,2 million • Adjusted for that EBITA amounted to SEK 6,1 million • Order book continued to grow +41% • Som
Slide 4: Why invest in Nimbus – a reminder
Why invest in Nimbus – a reminder 1 Strong underlying market with several fundamental drivers 2 True house of brands with strong and distinctive brand portfolio Attractive position in value chain with opportunities to further improve 3 dealership offering and develop aftermarket services Asset light
Slide 5: This is Nimbus Group
This is Nimbus Group • Founded in 1968 • Long history of international trade • Well known scandivian brands • 2012 reconstructed by new owners R12 • 2018 acquired Alukin • 2019 acquired Bella Veneet • 2021 listed on Nasdaq First North 5
Slide 6: Today a true house of brands – for the dealers' sake
Today a true house of brands – for the dealers’ sake Model examples Share of Group new 51% 15% 13% 9% 6% 5% 2% boat sales Serving a growing market Technical development Aging boat fleet Market growth Increased popularity of “Staycation” CAGR 7% Overall wealth is increasing 6
Slide 7: Asset light production platform
Asset light production platform Production facilities Internal production Increase variable Production Footprint Outsourced production share of cost base efficiencies Cost variability based on days Hulls to be more standardised to reduce cost – three months to remove significant share of cost Crucia
Slide 8: Dealership network with room for improvement
Dealership network with room for improvement Huge opportunity to ride the North American wave.. Nordic markets Other markets 57 dealers in the Nordics Example white spots 25 dealers in the rest of Europe ..and steps are taken to grow the interesting aftermarket Oceania 8
Slide 9: Order book very strong
Order book very strong SEKm • 4th quarter orderbook increased by 41 % from the 3:rd quarter to 708. • Comeback in main markets in Europe • US market remaining strong • Order backlog continues to be strong 708 502 386 149 136 Q4-17 Q4-18 Q4-19 Q3-20 Q4-20 9
Slide 10: Strong sales in the quarter and the whole 2020
Strong sales in the quarter and the whole 2020 SEKm Sales by region Other • 4th quarter strong, as expected. 12% Sweden • Europe coming back from a weak year 29% • Sweden and Nordic still growing • Nimbus and Flipper sales successes Europe 40% Nordic 19% 1 029 930 Sales split dealers 100% 62% 61% 90
Slide 11: Ebita and Ebita margin
Ebita and Ebita margin 72 58 • Ebita in Q4 amounted to SEK -3,1 million (-5,4) • Adjused Ebita in Q4 amounted to SEK 6,1 (-5,4) 43 million • Extraordinary costs amounted to SEK 9,2 million in Q4, SEKm (whereof IPO costs 2,1, increase of reserves 3,2 23 5,7% and write-downs 3,9) 4,8% 4,7% 10 • Ebita
Slide 12: Working capital
Working capital NET WORKING CAPITAL SEKm • NWC / LTM sales in Q4 16,1% (32,2%) 361 328 299 281 266 239 205 169 166 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 12
Slide 13: Financial targets
Financial targets HISTORICAL AVERAGE (2017-LTM Q3 2020) Growth >10% 43% EBITA margin 10% 4.7% Capital structure No financial debt n.a. Dividend policy 30% n.a. 2021 Guidance Target to reach net sales of SEK 1,150-1,225m in 2021, I e 12-19% from 2020 13
Slide 14: 2021 onwards – an exciting journey ahead
2021 onwards – an exciting journey ahead Illustrative 5 Value accretive acquisitions and forward 4 integration Increase presence in North America 3 Improve aftermarket offering and 2 presence Expand and densify dealership 1 network in Europe Development of current offering and organisation Today Fut
Slide 15: Ownership in Nimbus after the listing
Ownership in Nimbus after the listing § 15 largest owners as of end feb 2021 # Shareholder BOAT Votes Country Verified 1 R12 Kapital Holdco AB 6 392 996 32,99% Sweden 2021-02-28 2 Håkan Roos (RoosGruppen) 1 942 307 10,02% Sweden 2021-02-28 3 Fort Cambridge Investments S.A. 1 289 928 6,66% Luxemburg
Slide 16: Q&A
Q&A § Next report Q1 2021 May, 11 16