Year-end report Jan-Dec February, 2018

Transcription

1 1 Year-end report Jan-Dec February, 2018

2 Executive summary on development We follow our strategic plan Good sales growth continues Supply chain back on track Efficiency improvements according to plan Two acquisitions in 2017 Concepts and processes including e in focus 2

3 Market development Strong markets but with some question marks High GDP-growth in general Stable to increased consumer confidence Strong demand for new houses/dwellings Raw material prices increasing Sharper competition in some markets Development in real estate markets (Scandinavia)? Financial restrictions for consumer lending? 3

4 Q Inwido performance Good growth and stabalised profitability Continued good growth in sales, +4% Order intake, +2% Second best operating EBITA ever in Q4, SEK 201 million Denmark a top performer e-commerce continues to grow fast (> 20% in 2017) Supply chain disturbances have been resolved 4

5 2017 Inwido development Good sales but profit below our expectations Key figures: Sales increase of 12% to SEK million Order backlog +5% Operating EBITA SEK 649 million (673) Operating EBITA margin 10.2% (11.9) Two acquisitions in 2017 Several digital products and concepts launched Dividend proposal SEK

6 Q4 Sweden-Norway Effects of supply chain disturbances noticeable in the quarter Consumer confidence on a healthy level Disturbances in supply chain affecting efficiency and result Not higher than expected and resolved The segment mix still less favourable than wanted Total sales: +3% Total order backlog per end of quarter: +/- 0% 6

7 Q4 - Finland Strong order intake in all sales channels Good GDP development and high consumer confidence Back on track within consumer sales organizations Higher share of industry sales affects profitability slightly negatively Total sales: +3% Total order backlog per end of quarter: +21% 7

8 Q4 - Denmark A strong year ended with a strong quarter Continued strong market indicators high consumer confidence Positive development in all sales channels Good segment mix Total sales: +10% Total order backlog per end of quarter: -23% (tough comparable figures and shortened delivery times) 8

9 Q4 - EBE Continued strong growth for e-commerce Good or stable growth in all markets except partly UK e-commerce order intake growth of 20% Efficiency measures in UK and Austrian business Total sales: -2% Total order backlog per end of quarter: -1% 9

10 Outlook Good prerequisites for Inwido The need for our products is still good Markets are overall rather positive Inwido s underlying performance is good We are well positioned within e and digital Supply chain back on track Challenges are: Getting the right and enough competence Political and financial uncertainties Consumers in Sweden? 10

11 Focus areas near term Overall plan unchanged Ebita +10% on average yearly 1. Consolidate normalized supply chain 2. Pricing and segment mix 3. Organic and acquisition based growth 4. Efficiency and cost improvements (100m program) 5. Continue to launch e products, concepts, processes 11

12 Q4 and full year 2017

13 Good growth - stabilised operating EBITA Re-evaluation of Outrup affecting EBITA by SEK 39 million 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 % % Earnings per share before dilution, SEK (non-ifrs) % % EPS non-ifrs: adjusted for items affecting comparability and for impairment of goodwill as well as amortization and impairment of other intangible assets that arose in conjunction with company acquisitions. 13

14 Positive sales growth and order intake in the quarter SALES AND ORDER INTAKE Q4 (SEKm) Sales in total + 4% Order intake in total 2% Acquisitions

15 Highest order backlog ever in fourth quarter, +5% vs last year ORDER BACKLOG (SEKm) Q1 13 Q2 13 Q3 13 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 Q

16 Margin affected by short term supply chain issues and customer mix ,6% OP EBITA (SEKm) and OP EBITA MARGIN (%) 13,3% ,9% 11,3% ,0% 12,0% ,3% 10,2% 10,0% 400 8,0% ,0% 4,0% 100 2,0% 0 Oktober - December January - December 0,0%

17 Efficiency and cost improvement program Initiated Q Total savings > SEK 100 million One-time restructuring cost of SEK 82 million whereof; SEK 63 million in Q4 whereof SEK 42 million were write down of fixed assets SEK 19 million for Väröbacka, Sweden will be taken in Q1 Full effect from 2019, with start in H

18 Net debt vs. EBITDA SEKm ,0 2, , ,5 1, ,5 0 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 0,0 NetDebt (SEKm) Net Debt vs OP EBITDA 18

19 Thank you! Questions? 19