Dometic Group Ab · OMXSTO:DOM
Dometic Group Ab — Q2 2015 Earnings Presentation
23 slides from Dometic Group Ab's earnings presentation, Jul 17, 2015
Slide 1: Dometic Group Interim Presentation Second quarter 2015
Dometic Group Interim Presentation Second quarter 2015-07-17
Slide 2: 2015 Q2 highlights
2015 Q2 highlights • Increased sales and improved earnings in essentially all businesses world wide. • Continued growth in RV markets. • Good result development in EMEA and Americas. • Pricing initiatives implemented in all Regions, with main effects in AM. • Good traction in cost initiatives. • Hig
Slide 3: Recent Strong Trading Momentum – Q2
Recent Strong Trading Momentum – Q2 Sales (SEKm) EBITDA (SEKm) Operating Cash Flow (SEKm) 31% (17% comparable currency) 42% (24% comparable currency) Organic: 17% (5% comparable currency) Organic: 29% (11% comparable currency) 3 202 557 342 2 450 287 391 Q2 14 Q2 15 Q2 14 Q2 15 Q2 14 Q2 15 Atwood Q2
Slide 4: US RV Market - OEM Shipments
US RV Market - OEM Shipments OEM Shipments: • Rolling three months May: 108 300 units (103 000) +5% • YTD May: 168 900 units (159 300) +6% • Rolling twelve months May 2015: 366 400 (339 100) +9% 400 Rolling Twelve Months (000s units) 350 300 250 200 150 100 50 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun D
Slide 5: Europe RV Market Registrations
Europe RV Market Registrations • Rolling three May: 52 400 umits (47 900) +9% Rolling Twelve Months (000s units) • YTD May: 64 000 units (59 800) +5% 45 • Rolling Twelve months May 2015: 115 900 units (110 800) +5% 40 35 30 000 +8% 30 25 000 25 20 000 20 +11% +7% 15 000 15 10 000 10 -7% +5% -3% 5 5
Slide 6: Europe Trucks (above 16 tons) Registrations
Europe Trucks (above 16 tons) Registrations • Rolling three May: 55 900 units (46 800) +20% • YTD May: 85 700 units (74 400) +15% • Rolling Twelve months May 2015: 196 400 (200 700) -2% Rolling Three Months (000s units) 70 60 50 40 30 20 10 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec May 10 10 11 11 1
Slide 7: US Powerboat Sales
US Powerboat Sales • Rolling twelve months May 2015 : 8% Rolling Twelve Months Change (%) Powerboat Category (%) May 15 15 YTD 2015 88 10 5 0 26 -5 14 12 5 7 -10 -1 -2 -15 -13 -14 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec May OB (11 - 40ft) IB (14-30 ft) IB (31-40 ft) IB (41-62 ft) IB (63-99 ft) 10 10
Slide 8: Region Americas
Region Americas All Amounts in SEK Million Quarterly highlights Net Sales and EBIT % +42% at comparable currency • RV Business Area increased in both OEM as +77% well as AM. 15% • Marine business area increased in both OEM 14% and AM. 13% • CPV business area showed growth in OEM and decline in AM. 1
Slide 9: Region EMEA
Region EMEA All Amounts in SEK Million Quarterly highlights Net Sales and EBIT % +7% at comparable currency • RV Business Area showed growth in both OEM +10% and AM. 13% • Marine business area increased in both OEM and AM 11% 11% • CPV business area increased in OEM and AM. • Lodging business area i
Slide 10: Region APAC
Region APAC All Amounts in SEK Million Quarterly highlights Net Sales and EBIT % • RV Business Area increased in AM and softer OEM. -2% at comparable currency +7% • Marine Business Area decreased in OEM, but 24% increased in AM. 23% 22% 22% • CPV Business Area inreased in AM and 21% decreased in OEM
Slide 11: Dometic Group - trends
Dometic Group - trends Actual currency rolling 12 months Constant currency rolling 12 months Sales (msek) EBIT (msek) 10 500 1 300 1 250 10 000 1 200 9 500 1 150 9 000 1 100 1 050 8 500 1 000 8 000 950 0 0 Jan 2014 Mar June Sept Dec Mar 2015 Jun Jan 2014 Mar June Sept Dec Mar 2015 Jun EBIT (%) Opera
Slide 12: Business Area Sales Development
Business Area Sales Development Rolling 12 Months, actual currency RV CPV 6 500 1 650 +40% 1 600 +17% 6 000 1 550 5 500 1 500 1 450 5 000 1 400 1 350 0 0 Jan 2014 Mar June Sept Dec Mar 2015 Jun Jan 2014 Mar June Sept Dec Mar 2015 Jun Marine Other* 975 1 120 950 925 +19% 1 100 +6% 1 080 900 1 060 875
Slide 13: Dometic Group Net Sales Bridge
Dometic Group Net Sales Bridge (SEKm) 3 202 Translation FX details 361 131 Share of fx Change 2 450 259 Impact impact in fx USD 201 78% 23% EUR 22 8% 2% AUD 8 3% 4% HKD 9 3% 23% GBP 9 3% 13% CNY 7 3% 24% Other 4 1% Total 259 11% 1406 Translation Organic Acquisitions/ 1506 FX Growth divestments 13 Do
Slide 14: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development Q2 ‘15 Y-o-Y Op. cash flow comparison (SEKm) Core working capital build-up (SEKm, %) 342 Core WC in 3 mths annualised sales Change in core WC 1 287 26% 26% 25% 25% 24% 24% 24% 23% 23% 23% 21% 21% 20% Q2 2014 Q2 2015 373 343 244 253 200 Q2 ‘15 Y-o-Y working c
Slide 15: Cash flow operating
Cash flow operating Q2 Q2 H1 H1 FY SEK million 2015 2014 2015 2014 2014 Cash flows from operations Operating profit 463 325 886 580 937 Depreciation and amortization 73 48 145 91 206 Adjustment for result from sale of subsidiaries 3 – -84 – – Adjustments for other non-cash items -1 36 -22 51 47 Chan
Slide 16: Cash flow financing
Cash flow financing Q2 Q2 H1 H1 FY SEK million 2015 2014 2015 2014 2014 Net cash flow from operations 385 297 474 167 940 Cash flow from investments Acquisitions -2 – -10 – -2 210 Investments in fixed assets -74 -34 -130 -86 -191 Proceeds from sale of fixed assets 0 1 1 1 12 Proceeds from sale of su
Slide 17: Net debt leverage and Net debt details
Net debt leverage and Net debt details 7.5 6.8 6.6 6.6 5.6 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 (SEKm) Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 RCF 273 99 133 139 87 Capex 434 434 434 434 434 Senior term A 608 624 805 860 826 Senior term B 4,018 4,118 5,317 5,680 5,076 Local facilities 110 91 58 1
Slide 18: Key ratios
Key ratios Q2 Q2 H1 H1 LTM 2015 2014 2015 2014 2015 Sales Growth, % 31 8 37 9 18 Organic growth, % 5 5 7 7 4 Profitability EBIT bef. i.a.c, % 15.1 14.0 14.0 13.4 12.2 EBITDA bef i.a.c ,% 17.4 15.9 16.4 15.5 14.7 Cost efficiency Sales & admin to sales,% 15.1 17.1 15.6 17.9 17.4 Investments Capex, to
Slide 19: Product Launches
Product Launches Power awning With powered accessory channel and LED in tube New Drawer minibar Based on new thermoelectric technology New rearview video camera + screen 19 Dometic Group Interim Presentation Q2 2015
Slide 20: Q&A
Q&A 20 Dometic Group Interim Presentation Q2 2015
Slide 21: Appendix A: Quarterly Summary Key Financials
Appendix A Quarterly Summary Key Financials Q2 Q2 H1 H1 LTM FY SEK million 2015 2014 2015 2014 2015 2014 Net sales 3,202 2,450 6,077 4,451 10,432 8,806 EBITDA 536 373 1,031 671 1,503 1,143 % of net sales 16.7% 15.2% 17.0% 15.1% 14.4% 13.0% EBITDA before i.a.c. 557 391 995 689 1,530 1,224 % of net sa
Slide 22: Appendix B: Dometic Group AB (publ) Net Debt
Appendix B Dometic Group AB (publ) Net Debt SEKm Net Debt 30 June 2015 31 December 2014 RCF 87 133 CAPEX 434 434 Senior term A 826 805 Senior term B 5,076 5,317 Local Facilities 14 58 Total Senior Debt 6,439 6,748 Senior PIK Notes 2,612 2,976 Accrued Interest 213 218 Cash 462 592 Total Net Debt 8,80
Slide 23: Disclaimer
Disclaimer This document contains statements that constitute forward looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different