Nimbus Group AB · OMXSTO:BOAT
Nimbus Group AB — Q2 2023 Earnings Presentation
14 slides from Nimbus Group AB's earnings presentation, 2023
Slide 1: Nimbus Group second quarter report 2023
Nimbus Group second quarter report 2023 Decline in small motorboats offset by continued favorable demand for large boats second quarter of 2023 1
Slide 2: Today's Presenters
Today’s Presenters Jan-Erik Lindström Rasmus Alvemyr CEO CFO 2
Slide 3: Highlights of the second Quarter 2023
Highlights of the second Quarter 2023 • Sales increase by 4 % to 756 mSEK (724) • EBITA amounted to 83.3 mSEK (131.5) • EBITA margin 11,0 % (18,2 %) • Order book increased to 1 103 mSEK ( 1 051) • Strong order Book development in north America, now representing 56%, i.e. our no. 1 market • Continued
Slide 4: This is Nimbus Group
This is Nimbus Group Founded in 1968 Long history of international sales True house of brands well-known brands 2021, May - acquisition of Marine Store 2022, Feb - acquisition of Herholdt Andersen AS 2022, June - Own establishment in North America 2022, Aug – Launch of new Aquador series 2023, Jan –
Slide 5: Asset-Light Production Platform (reminder)
Asset-Light Production Platform (reminder) Production facilities Footprint Internal production Scalable cost base Production efficiencies Outsourced production setup A modular boat-building process Cost variability based on days to achieve synergies while to reduce cost – safeguarding brand distinct
Slide 6: Strong underlying market with fundamental global drivers
Strong underlying market with fundamental global drivers Overall wealth is increasing Increased popularity of “Staycation” Ageing boat fleet Technical development . 6
Slide 7: Orderbook Development
Orderbook Development • Orderbook increased by 5% compared with L/Y Orderbook driven by North America SEKm 1 241 1 139 1 103 • Orderbook geographically well balanced in 960 1 051 1 051 953 930 relation to world market, North America 854 representing 56%. 708 731 502 • EW represents 154 mSEK with a s
Slide 8: Sales Development Per Market Q2 2023 vs Q2 2022
Sales Development Per Market Q2 2023 vs Q2 2022 • Strong development in North America, Europe and Other markets • Sales dropped in Sweden and Nordic, mainly driven by lower volumes at own dealerships -25% SEKm 410 308 + 47% -32% +245% 184 152 137 125 93 + 148% 44 8 20 North America Sweden Nordics Eu
Slide 9: Sales Development
Sales Development • Net sales in Q2 increased by +4%, affected by currency and EW acquisition 55 • Organic growth was –5,4 % (currency and acquisition driven) Distribution of sales in the second quarter +10% 500 450 SEKm 436 400 423 350 +5% 300 320 301 +4% 250 1751 1800 1640 200 1455 150 1011 1060 9
Slide 10: EBITA Development
EBITA Development Decreased EBITA-margin in Q2 to 11.0% (L/Y 18.2%), mainly effected by: • Lower dealership sales in the Nordics and lower volume and share of double margin sales highly impacting Q2 • Disadvantageous currency development with increased costs that has not been able to push further to
Slide 11: Working Capital
Working Capital • Decreased NWC in Q2 due to seasonality effects (release of inventory levels) • Still high dealership inventory levels due to softer market • NWC / LTM amounts to 26.5 % (L/Y 9.8%) 29,6% SEKm 26,5% 22,8% 20,6% 16,7% 9,8% Lower NWC due to pandemic effects 258 160 347 400 520 478 Q1-2
Slide 12: Financial Targets
Financial Targets Growth >10% EBITA margin 10% Capital structure - No Financial debt Dividend policy 30% 12
Slide 13: Good traction on North American expansion plan
Good traction on North American expansion plan KEY ENABLERS • Acquisition of EdgeWater Power Boats • Several new product launched supporting the expansion • Strengthened dealer network • Strengthened group presence with local organisation and HQ • Facilitating local production capacity expansion MAR
Slide 14: Q&A
Q&A Financial calendar: October 25th Q3 Report 14