Nimbus Group Ab · OMXSTO:BOAT
Nimbus Group Ab — Q1 2023 Earnings Presentation
15 slides from Nimbus Group Ab's earnings presentation, 2023
Slide 1: Nimbus Group first quarter report 2023
Nimbus Group first quarter report 2023 Strategic acquisition and healthy sales characterize first 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 first Quarter 2023
Highlights of the first Quarter 2023 • Sales increase by 6 % to 304 mSEK (287), organic growth -2% but effected by timing on the new US business model • Improved EBITA to 7.7 mSEK (6.2) • EBITA margin 2.5 % (2.2 %) • Order book at 953 mSEK (1,241), with North America representing 26% • Order book st
Slide 4: This is Nimbus Group
This is Nimbus Group • Founded in 1968 • Long history of international sales • True house of brands • Well-known Scandinavian brands • 2021, Feb - listed on Nasdaq First North • 2021, May - acquisition of Marine Store • 2022, Feb - acquisition of Herholdt Andersen AS • 2022, June - Own establishment
Slide 5: Asset-Light Production Platform (reminder)
Asset-Light Production Platform (reminder) Production facilities Internal production Footprint Outsourced production Scalable cost base setup Production efficiencies Cost variability based on days A modular boat-building process to to reduce cost – achieve synergies while safeguarding brand distinct
Slide 6: Strong underlying market with fundamental drivers
Strong underlying market with fundamental drivers Overall wealth is increasing Increased popularity of “Staycation” Ageing boat fleet Technical development . 6
Slide 7: Orderbook development
Orderbook development Orderbook SEKm 1 241 1 139 • Orderbook decreased by 23 % compared with L/Y 1 051 1 051 driven by lower sales of low-end boats 960 930 953 854 • Orderbook well balanced geographically, whereof 708 731 North America 26% 502 • Orderbook in 2021 and beginning of 2022 boosted by the
Slide 8: Sales Development Per Market Q1 2023 vs Q1 2022
Sales Development Per Market Q1 2023 vs Q1 2022 SEKm • Stable sales vs L/Y in Sweden, Nordics and Europe. • Strong increase by + 59% in other markets, driven by north America. -1% 101 100 -5% -3% + 59% 71 74 72 68 65 41 Sweden Nordics Europe Other markets 2022Q1 2023Q1 8
Slide 9: Sales Development
Sales Development • Net sales in SEK increased by +6%, affected by currency, organically it was –2 % • Q1 seasonally weaker quarter due to regional effects, especially in Sweden and the Nordics • Organic growth LTM Q1 amounted to +11,3% +1% SEKm +14% Distribution of sales in the first quarter 100% 7
Slide 10: EBITA Development
EBITA Development • Slightly improved EBITA-margin in Q1 to 2.5% (L/Y 2.1%) • Traditionally low levels in a seasonally weaker quarter • EBITA improvement driven by higher sales volumes and improved productivity following stabilized supply chain SEKm 9 2,5% 3% 250 14% 11,4% 11,0% 11,0% 8 12% 2,2% 3%
Slide 11: Working Capital
Working Capital • Increased NWC in Q1 due to seasonality effects (higher stock levels) • Higher dealership stock levels due to softer market • Overall stock levels are on reasonable levels in relation to total sales and softening of market, but positioned somewhat pre season • Temporary effect from
Slide 12: Financial Targets
Financial Targets FINANCIAL TARGETS 2023 Q1 LTM Growth >10% +11,3% EBITA margin 10% 11,0% Capital structure No financial debt No financial debt Previous dividend Dividend policy 30% proposal withdrawn 12
Slide 13: Good traction on multi-level North American expansion plan
Good traction on multi-level North American expansion plan • Acquisition of EdgeWater PowerBoats • Several new product launched in Q1 2023 supporting the expansion • Strengthened dealer network • Strengthened group presence with local organisation and HQ • Broader participation in relevant boat show
Slide 14: Ownership in Nimbus 20230331
Ownership in Nimbus 20230331 Owner Shares % R12 Kapital 4 667 282 21,90% Håkan Roos (RoosGruppen) 2 301 538 10,80% ODIN Fonder 1 925 000 9,03% Nordnet Pensionsförsäkring 1 635 274 7,67% Fort Cambridge Investments S.A. 1 289 928 6,66% Celox Holding AB 800 000 4,13% Lazard Asset Management 742 322 3,4
Slide 15: Q & A
Q&A Financial calendar: May 16th AGM July 18th Q2 Report 15