Nimbus Group Ab · OMXSTO:BOAT
Nimbus Group Ab — FY2021 Earnings Presentation
19 slides from Nimbus Group Ab's earnings presentation, February 2022
Slide 1: Nimbus Group year-end report 2021
Nimbus Group year-end report 2021 A strong ending of a special year Strong end to a special year Flipper 900 DC 1
Slide 2: Today's presenters
Today’s presenters Jan-Erik Lindström Rasmus Alvemyr CEO CFO 2
Slide 3: Highlights of the fourth quarter 2021
Highlights of the fourth quarter 2021 • Sales increased by 65 % to 271 Mkr (164) • EBITA amounted to 5,6 Mkr (0,5) • EBITA margin up to 2,1 % (0,3%) • Order book is now 1 139 Mkr (Q3 960) • After the quarter: • Acquisition of Herholdt Andersen AS in Norway • End-customer sold boats in new locations
Slide 4: The full year 2021 – Strong demand AND acquisitions
The full year 2021 – Strong demand AND acquisitions • Sales increased by 57% to 1455 Mkr (927) • IFRS effect on net sales -99 Mkr. • EBITA amounted to 166,4 Mkr (63,3) • EBITA margin up to 11,4% (6,8%) • Order book is now 1 139 Mkr (708) • Significantly improved production capacity • Partly affected
Slide 5: This is Nimbus Group
This is Nimbus Group • Founded in 1968 • Long history of international trade • True house of well known Scandinavian brands • Powerful brand equity of quality and timeless design • 2021, 9th Feb listed on Nasdaq First North • 2021, 17th May acquisition of Marine Store • 2022, 17th Feb acquisition of
Slide 6: Acquisition of Herholdt Andersen AS
Acquisition of Herholdt Andersen AS § Sales of 94 mNOK in 2021 § EBITDA 19 mNOK § Purchase price 76 mNOK § Accretive to Nimbus Groups EPS 2022 § Fullservice high quality boatdealer in a strategic boating area § Sales of Axopar, Jeannaeu, Brig, Buster and Yamarin § Including service an repair 6
Slide 7: Asset light production platform
Asset light production platform Production facilities Internal production Scalable cost base Production Footprint Outsourced production setup efficiencies Cost variability based on days Hulls to be more standardised to reduce cost – three months to remove significant share of cost Low-variable • >3
Slide 8: A record high orderbook
A record high orderbook - only planned production orders counted • Since not all orders can be confirmed due to capacity restraints, there is a substantial amount of non-confirmed orders on top of the order book. 1 139 SEKm • 4th quarter orderbook increased by 19 % from Q3 and 61 % from Q4 2020 960
Slide 9: Why invest in Nimbus – a reminder from our IPO in feb 2021
Why invest in Nimbus – a reminder from our IPO in feb 2021 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 afterma
Slide 10: Sales development per market FY 2021 vs FY 2020
Sales development per market FY 2021 vs FY 2020 SEKm • Strong growth in all markets • Overall growth of +57% +59% 790 497 +39% +36% 276 231 199 170 +156% 159 62 Sweden Nordics Europe Other markets (North America) 10 2020 2021
Slide 11: Strong sales development
Strong sales development • Strong underlying market for both full year and Q4 • Sales contribution from Marine Store amounts to 195 Mkr FY 21 Share of sales comming from own / external dealers in Q4 100% 81% 84% IFRS 80% SEKm +57% 1 455 60% 927 40% 20% 19% 16% +65% 271 0% 164 2021 2020 Egna återförs
Slide 12: EBITA on a steady increase
EBITA on a steady increase SEKm New accounting principles - IFRS Old accounting principles – Swedish GAAP 180 11,4% 12% 180 12% 10,7% 160 10% 160 140 10% 140 120 8% 6,8% 120 8% 100 100 6% 5,7% 6% 80 80 60 4% 60 4% 40 40 2% 2% 20 20 63 166 58 166 0 0% 0 0% 2020 2021 2020 2021 EBITA EBITA-margin EBITA
Slide 13: IFRS – Transition effect P&L 2021
IFRS – Transition effect P&L 2021 Swedish GAAP IFRS transition effect IFRS Comments P&L (MSEK) Net sales 1 555 -99 1 455 A) Other 37 0 37 Net income 1 592 -99 1 492 Raw materials and supplies -668 0 -668 Traded goods -390 89 -301 A) Other external costs -145 29 -116 B) Personell costs -204 0 -204 EB
Slide 14: IFRS – Transition effect BS 2021
IFRS – Transition effect BS 2021 BALANCE SHEET Swedish GAAP IFRS transition effect IFRS ASSETS Intangible assets 292 13 305 Tangible assets 99 74 173 Current assets Inventory 380 -14 366 Short therm recivables Trade recievables 141 21 162 Other recivables 55 12 67 Cash 154 154 TOTAL ASSETS 1 121 106
Slide 15: Working capital
Working capital • Strong development with low NWC in relation to previous periods • NWC / LTM sales in Q4 7,8% SEKm 361 328 299 281 266 239 210 169 166 113 85 -32 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 15
Slide 16: Financial targets
Financial targets FINANCIAL TARGETS FY 2021 Growth >10% 59% EBITA margin 10% 11,4% Capital No financial debt No financial debt structure Dividend proposal of Dividend policy 30% 1,50 SEK / share (22% of net result) 16
Slide 17: We continue to deliver on our targets!
We continue to deliver on our targets! 5 Value accretive acquisitions and forward 4 integration Increase presence in - Aquisition of North America 3 Marine Store - Herholdt Improve aftermarket Anderssen offering and - Densified 2 presence dealer network Expand and - Several new densify locations 1 d
Slide 18: Ownership in Nimbus 20220131
Ownership in Nimbus 20220131 18
Slide 19: Q&A
Q&A Next report: Q1 2022 May 3 AGM: May 18, Gothenburg 19