Year end report Jan Dec February, 2019

Transcription

1 Year end report Jan Dec February, 2019

2 2

3 3 Who is Henrik Hjalmarsson? Born: 1976 Previous positions: SVP Inwido Sweden-Norway ( ), CEO Findus Nordic ( ), CEO Findus Sweden and Denmark ( ) Education: MSc Mechanical Engineering with Technolgy Management, University of Lund Lives in: Lomma, outside Malmö Family: Married with two children At Inwido since: 2017

4 Year end report Jan Dec February, 2019

5 5 Market highlights Q4 Signs of a general softening of the market Industry market turning down; building starts and new permits clear signs Consumer demand overall at healthy levels, but with large local variations Tough competition, especially in Sweden Consumer confidence turning down in all major markets, albeit from high levels Increased raw material prices; glass, wood and aluminum

6 6 Q Inwido performance Strong performance - but with some challenges Sales development continued to hold up +5% organically -2% - Elitfönster, Pihla and Tiivi the negative deviations e-commerce growing organically >30% and with good margins Second highest operating EBITA so far in a Q4 = 215 MSEK (201) - Largest Danish companies delivering well - Elitfönster the main deviator Order backlog -7% Consumer share continued to grow Cost efficiency initiatives paying off Implementation of more customer focused Simplify strategy according to plan

7 7 Inwido development full year 2018 Key figures: - Sales increase of 5% to SEK 6,667 million - Operating EBITA SEK 657 million (649) - Operating EBITA margin 9.9% (10.2) In general tougher competition, but the picture is scattered Two acquisitions during the year New governance structure for better customer focus and efficiency launched in Q4 UK and Norwegian companies turned to profit during the year Dividend proposal SEK 2.50

8 8 Q4 Inwido North Increased competition impacting margins Market conditions are somewhat challenging: - Decreasing industry market volumes - Increasing competition Mitigation actions: - Simplify new governance model - Consumer growth initiatives - Efficiency measures Norwegian companies good development Reported sales Q4: -1% to SEK 1,089 million Operating EBITA margin Q4: 8.2% (10.8) Order backlog per end of quarter: -14% Net sales split between market segments, LTM 39% Con sumer 61% Industry

9 9 Q4 Inwido South Continued growth and further improved profitability Market conditions still on a good level in Denmark - good delivery from our companies in this market Strong e-commerce growth and profitability development Important UK turnaround in Q4 and full year 2018 Reported sales Q4: 16% to SEK 730 million Operating EBITA margin Q4: 19.1% (16.5) Order backlog per end of quarter: 14% Net sales split between market segments, LTM 6% Con sumer 94% Industry

10 10 Outlook Signs of softening market Demand is levelling out but in most markets on a decent level consumer confidence good indication Industry market decreasing substantially in some segments and markets Danish market still quite stable with high demand Markets in Sweden and Finland still challenging, but with consumer market opportunity e-commerce expected to continue to grow Q1 = low season = low consumer activity

11 11 Most important short term 1. Simplify, enabling customer focused and decentralized decision making, implemented all across the group 2. Strengthen balance sheet to allow for further acquisitions 3. Elitfönster initiatives 4. Further cost and efficiency improvements 5. Investments in IT and digitalization

12 Q4 and FY 2018 in numbers

13 13 Fourth quarter better than last year Q4 Full-year SEKm Change Change Net sales % % Gross margin, % Operating EBITA % % Operating EBITA margin, % EBITA % % EBITA margin, % Profit after tax % % Earnings per share before dilution, SEK % %

14 14 Cost saving program launched last year is on track Expenses from 2017.Q4 to 2018.Q4 (SEKm) Net savings within expenses of SEK 35m, adjusted for fx and acquisitions in Q4, 2018 Installation teams in UK Closure of Väröbacka, Sweden Austria Closure of loss making business in Denmark 2017.Q4 Savings 2018.Q4 adj Acqusitions and other FX 2018.Q4 adj

15 15 Continued growth thanks to strong consumer sales SALES AND ORDER INTAKE Q4 (SEKm) Acquisitions Reported sales + 5% Reported order intake + 4% (flat excluding acquisitions)

16 16 Lower order backlog compared to LY ORDER BACKLOG (SEKm) Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

17 17 Improved margin and OP EBITA in the quarter OP EBITA (SEKm) and OP EBITA MARGIN (%) in Q4 and YTD ,3% ,0% ,3% 11,5% 11,9% 10,2% 9,9% 12,0% 10,0% 400 8,0% ,0% 4,0% 100 2,0% 0 October - December January - December 0,0%

18 18 Acquisitions have a total margin of 11.3% OP EBITA (SEKm) Acquisitions % OP EBITA 9.4% OP EBITA 11.3% Acquisitions

19 19 Net debt vs. EBITDA Decreased Net Debt vs EBITDA by 50 bps in H SEKm bps in H2 4, bps in H2 3, , ,0 0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 0,0 NetDebt (SEKm) Net Debt vs OP EBITDA

20 Thank you! Questions?