Dometic Group Ab · OMXSTO:DOM
Dometic Group Ab — Q3 2015 Earnings Presentation
25 slides from Dometic Group Ab's earnings presentation, Oct 16, 2015
Slide 1: Dometic Group Interim Presentation Third quarter
Dometic Group Interim Presentation Third quarter 2015-10-16
Slide 2: 2015 Q3 highlights
2015 Q3 highlights • Strong organic growth • Margin improvement in all regions and most businesses • Underlying markets shows continued positive development • Positive response from all major RV shows in US and Europe • Aftermarket main contributor to the result improvement • Continued traction on o
Slide 3: Dometic Group – Q3
Dometic Group – Q3 Sales (SEKm) EBIT (1) (SEKm) Operating Cash Flow (1)(SEKm) 34% (22% comparable currency) 41% (22% comparable currency) Organic: 21% (10% comparable currency) Organic: 35% (17% comparable currency) 2 885 362 416 388 2 147 257 Q3 14 Q3 15 Q3 14 Q3 15 Q3 14 Q3 15 Atwood Q3 2015: Sale
Slide 4: US RV Market - OEM Shipments
US RV Market - OEM Shipments OEM Shipments: • Rolling three months August: 88 200 units (87 200) +1% • YTD August: 257 100 units (246 500) +4% • Rolling twelve months August 2015: 367 300 (342 300) +7% 400 Rolling Twelve Months (000s units) 350 300 250 200 150 100 50 0 Jun Dec Jun Dec Jun Dec Jun De
Slide 5: Europe RV Market Registrations
Europe RV Market Registrations • Rolling three July: 45 400 umits (39 700) +14% Rolling Twelve Months (000s units) • YTD July: 92 900 units (84 300) +10% 50 • Rolling Twelve months July 2015: 45 120 700 units (113 000) +7% 40 +10% 40 000 35 35 000 30 30 000 25 +14% 25 000 +11% 20 20 000 15 15 000 10
Slide 6: Europe Trucks (above 16 tons) Registrations
Europe Trucks (above 16 tons) Registrations • Rolling three August: 50 700 units (41 400) +22% • YTD August: 136 400 units (115 800) +18% • Rolling Twelve months August 2015: 205 700 (199 600) +3% Rolling Three Months (000s units) 70 60 50 40 30 20 10 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Au
Slide 7: US Powerboat Sales
US Powerboat Sales • Rolling twelve months August 2015 : 9,5% Rolling Twelve Months Change (%) Powerboat Category (%) August 15 15 YTD 2015 42 10 5 18 0 11 7 8 6 3 1 -5 -10 -9 -15 -21 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Aug OB (11 - 40ft) IB (14-30 ft) IB (31-40 ft) IB (41-62 ft) IB (63-99 ft) 1
Slide 8: Dometic Group Net Sales and EBIT
Dometic Group Net Sales and EBIT(1) % +34% 15% 14% 13% 13% 13% 12% 7% 3 202 2 875 2 885 2 450 2 147 2 207 2 001 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 EBIT Net Sales 8 ____________________ Dometic Group Interim Presentation Q3 2015 (1) EBIT before items affecting comparability.
Slide 9: Region Americas
Region Americas All Amounts in SEK Million Quarterly highlights Net Sales and EBIT(2) +46% at comparable currency • RV Business Area increased in both OEM as well as AM. +77% • Marine business area rose in both OEM and AM. 1 461 • CPV business area showed growth in OEM and decline in AM. • Increase
Slide 10: Region EMEA
Region EMEA All Amounts in SEK Million Quarterly highlights Net Sales and EBIT(2) +12% at comparable currency • RV Business Area showed growth in both OEM and AM. +16% • Marine business area decreased, with growth in 1 082 AM and softer OEM. • CPV business area increased in OEM and AM. 932 • Lodging
Slide 11: Region APAC
Region APAC All Amounts in SEK Million Quarterly highlights Net Sales and EBIT(2) • RV Business Area increased in AM and OEM. +14% at comparable currency • Marine Business Area decreased in OEM, but +15% increased in AM. 342 • CPV Business Area inreased in AM and decreased in OEM. 297 • Retail Busin
Slide 12: Dometic Group - trends
Dometic Group - trends Actual currency rolling 12 months Constant currency rolling 12 months Sales (msek) EBIT bef. i.a.c (msek) 11 500 1 400 11 000 1 350 1 300 10 500 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 Sep Jan 2014 Mar
Slide 13: Business Area Sales Development
Business Area Sales Development Rolling 12 Months, actual currency RV CPV 7 500 1 800 7 000 +50% 1 750 1 700 +26% 6 500 1 650 1 600 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 Sep Jan 2014 Mar June Sept Dec Mar 2015 Jun Sep Marine Other* 1 025 1 160 1
Slide 14: Dometic Group Net Sales Bridge
Dometic Group Net Sales Bridge (SEKm) 15% 2 885 Translation FX details 10% Share of FX 9% 2 147 Impact impact change USD 154 84% 19% EUR 16 8% 2% AUD 0 0% 0% HKD 3 2% 16% GBP 7 4% 11% CNY 4 2% 17% Other 1 1% Total 184 9% Q3 2014 Translation Organic Acquisitions/ Q3 2015 FX Growth divestments 14 Dome
Slide 15: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development Q3 ‘15 Y-o-Y Op. cash flow comparison (SEKm) Core working capital build-up (SEKm, %) 416 Core WC in 3 mths annualised sales Change in core WC 1 388 26,0% 25,6% 25,0% 24,9% 24,8% 24,2% 24,0% 23,4% 22,9% 22,9% 22,6% 21,4% 20,2% Q3 2014 Q3 2015 373 343 244 253
Slide 16: Operating Cash flow
Operating Cash flow Q3 Q3 YTD YTD FY SEK million 2015 2014 2015 2014 2014 Cash flows from operations EBITDA 441 305 1 472 976 1 143 Adjustment for result from sale of subsidiaries 1 – -83 – – Adjustments for other non-cash items 12 -27 -10 24 47 Changes in working capital Changes in inventories -1 4
Slide 17: Cash flow financing
Cash flow financing Q3 Q3 YTD YTD FY SEK million 2015 2014 2015 2014 2014 Net cash flow from operations 403 399 877 566 940 Cash flow from investments Acquisitions -2 -58 -12 -58 -2 210 Investments in fixed assets -58 -39 -188 -125 -191 Proceeds from sale of fixed assets 2 8 3 9 12 Proceeds from sal
Slide 18: Net debt leverage and Net debt details
Net debt leverage and Net debt details 7.5 6.6 6.6 5.6 5.1 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 (MSEK) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 RCF 99 133 139 87 0 Capex 434 434 434 434 434 Senior term A 624 805 860 826 819 Senior term B 4,118 5,317 5,680 5,076 5,055 Local facilities 91 58 11 14 6
Slide 19: Key ratios
Key ratios Q3 Q3 YTD YTD LTM 2015 2014 2015 2014 2015 Sales Growth, %(1) 22 4 22 6 17 Organic growth, % 10 4 8 6 6 Profitability EBIT bef. i.a.c, % 12.6 12.0 13.5 13.0 12.3 EBITDA bef i.a.c ,% 15.1 14.2 16.0 15.1 14.9 Cost efficiency Sales & admin to sales,% 17.4 19.8 16.2 18.5 16.9 Investments Cape
Slide 20: Product Launches
Product Launches Blizzard NXT New RV air condition unit for the US Thermo cup holder For known premium car manufacturer Saneo toilet First caravan toilet with rotating bowl 20 Dometic Group Interim Presentation Q3 2015
Slide 21: Q&A
Q&A 21 Dometic Group Interim Presentation Q3 2015
Slide 22: Appendix A Quarterly Summary Key Financials
Appendix A Quarterly Summary Key Financials Q3 Q3 YTD YTD LTM FY SEK million 2015 2014 2015 2014 2015 2014 Net sales 2,885 2,147 8,962 6,599 11,169 8,806 EBITDA 441 305 1,472 976 1,638 1,143 % of net sales 15.3% 14.2% 16.4% 14.8% 14.7% 13.0% EBITDA before i.a.c. 436 305 1,431 994 1,661 1,224 % of ne
Slide 23: Appendix B Dometic Group AB (publ) Net Debt
Appendix B Dometic Group AB (publ) Net Debt SEKm Net Debt 30 September 2015 31 December 2014 RCF 0 133 CAPEX 434 434 Senior term A 819 805 Senior term B 5 055 5 317 Local Facilities 60 58 Total Senior Debt 6 368 6 748 Senior PIK Notes 2 662 2 976 Accrued Interest 153 218 Cash 522 592 Total Net Debt
Slide 24: Appendix C Net Sales with Atwood split by Region
Appendix C Net Sales with Atwood split by Region SEKm Q3 Q2 Q1 YTD Region 2015 2015 2015 2015 Americas 1,461 1,523 1,350 4,334 EMEA 1,082 1,336 1,134 3,552 APAC 342 343 322 1,007 Medical – – 69 69 Total Net sales, external 2,885 3,202 2,875 8,962 24 Dometic Group Interim Presentation Q3 2015
Slide 25: 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