Q EKORNES ASA May 4th 2016

Transcription

1 Q EKORNES ASA May 4th 2016

2 Agenda Highlights Opera<onal review Financial review Summary and outlook 2

3 Highlights Record first quarter revenues of NOK 918.5m YoY quarterly revenue growth driven by currency and Svane Hedge accoun<ng discon<nued, improving margins Stressless revenues stable, low order book Stable development within IMG Strong results and development within Svane 3

4 Financial results NOK million Opera<ng revenues NOK million Reported EBIT & margin NOK million Adjusted EBIT & margin ,7 749,2 767,4 787,5 918, ,5 % 197,3 12,4 % 9,6 % 8,3 % 95,4 7,7 % 82,9 62,4 60,6 25 % 20 % 15 % 10 % 5 % ,7 % 13,9 % 11,5 % 10,6 % 127,3 9,9 % 112,7 100,2 79,7 77,9 25 % 20 % 15 % 10 % 5 % 0 Q1 Q2 Q3 Q4 Q Q1 Q2 Q3 Q4 Q % 0 Q1 Q2 Q3 Q4 Q % 4

5 Opera<onal review

6 Segments operaing revenue NOK million ,5 867,7 749,2 767,4 787,5 750 Stressless ,6 583,7 591,0 592,0 711,8 IMG Svane ,0 104,7 101,6 118,2 107,2 67,5 48,4 62,4 61,1 87,4 Q1 Q2 Q3 Q4 Q Contract 6

7 Stressless Stable revenues, small improved margin level Opera<ng revenue and EBIT- margin (adj) NOK million Stable quarterly revenue development when adjus<ng for currency effects and non- hedge accoun<ng Slight improvement in adjusted EBIT margin ,6 583,7 591,0 592,0 13,6 % 10,8 % 10,3 % 5,8 % 711,8 11,1 % 25 % 20 % 15 % 10 % 5 % 0 Q1 Q2 Q3 Q4 Q % Opera<ng Revenues EBIT- margin (adjusted) 7

8 ProducIon Stressless seats per day in Q1, sequen<ally up from per day in Q4 Produc<on issues in October and December Produc<on of some of the new models launched in the autumn of started up in January Produc<on capacity at seats per day Dependent on product mix New models to be introduced adding complexity Focus on produc<on efficiency measures 8

9 Stressless Mixed market development Stable development in most markets Distribu<on strategy evolved in H2 15, main collec<on split into two collec<ons to enable marke<ng flexibility Norway UK/Ireland Southern Europe USA/Canada/Mexico Asia sales includes: China Hong Kong Taiwan Korea Singapore Malaysia Indonesia India MauriIus Other Nordic Central- Europe Contract/Other markets Japan Australia / NZ 9

10 Stressless 10

11 IMG Stable development in revenues, increased margin Opera<ng revenues in 1Q were on a par with the year before Opera<ng margin of 28.7% in Q1, up from Q1 due to Posi<ve effect from raw materials Change in product mix Opera<ng revenue and opera<ng margin NOK million % ,0 104,7 118,2 35 % 107,2 101,6 28.7% 30 % 80 29,7 % 29,1 % 28,7 % 25 % 60 22,8 % 23,6 % 20 % % 10 % 20 5 % 0 Q1 Q2 Q3 Q4 Q % OperaIng Revenues EBIT- margin (adjusted) 11

12 IMG Market fluctuaions Increased sales in Sweden, USA, Australia and New Zealand Sales in Norway and Canada markets weaker Low ac<vity in Central Europe USA/Canada/Mexico Norway and Other Nordic Asia & Other 12

13 Svane PosiIve performance coninues Opera<ng revenue and opera<ng margin Q1 revenues NOK 87.4m, up NOK 19.9m. Opera<ng margin of 18.5 % in Q1. Improvement in opera<ng performance due to increased sales revenues and value- chain efficiencies Q1 is normally a strong quarter for the segment NOK million ,5 0,8 % 48,4-14,0 % OperaIng Revenues 62,4 61,1 0,6 % 9,1 % 87,4 18,5 % Q1 Q2 Q3 Q4 Q EBIT- margin (adjusted) 30 % 25 % 20 % 15 % 10 % 5 % 0 % - 5 % - 10 % - 15 % 13

14 Svane PosiIve market developments in Q1 Norway Central- Europe Other Nordic Higher revenue in almost all markets in the first quarter. Stable development in Germany 14

15 Ekornes Contract Slightly negaive development Opera<ng revenue and opera<ng margin NOK million 40 % Q1 revenue NOK 12m, down NOK 0.5m vs 1Q 15 Shipping market weak Slight decrease in margins ,5 12,4 12,4 16,2 21,3 % 12,0 32 % 24 % 16 % 4 11,7 % 12,1 % 12,9 % 10,0 % 8 % 0 0 % Q1 Q2 Q3 Q4 Q OperaIng Revenues EBIT- margin (adjusted) 15

16 Total order receipts and reserve NOK million Q1 Q2 Q3 Q4 Q Order receipts NOK 929m, up NOK 68m vs Q1 15 Stressless down, IMG slightly up and Svane up Total order reserve NOK 280m, down NOK 64m vs. Q1 15 Stressless down, IMG up No planned capacity changes in Q2, order situa<on monitored Total order receipts Total order reserve 16

17 Financial results (preliminary and unaudited)

18 OperaIng revenue NOK million ,7 749,2 767,4 787,5 918,5 Q1 revenue up NOK 50.8m from Q Growth driven by Stressless (currency) and Svane IMG and Contract on par with 1Q Nega<ve currency effects of NOK 44m from realized hedging contracts 0 Q1 Q2 Q3 Q4 Q

19 Hedge accouning disconinued As part of efforts to improve effec<veness, hedge accoun<ng is discon<nued from Q1 16 Value change for unrealized hedge contract will from Q be reported as a part of the EBIT. In addi<on adjusted EBIT will be included in reports and presenta<ons. Adjustments; con<ngent considera<on IMG and change in unrealized hedge contracts 19

20 OperaIng earnings and operaing margin NOK million ,3 40 % ,3 112,7 100,2 95,4 21,5 % 82,9 79,7 77,9 62,4 14,7 % 60,6 13,9 % 11,5 % 12,4 % 10,6 % 9,6 % 9,9 % 8,3 % 7,7 % Q1 Q2 Q3 Q4 Q % 30 % 25 % 20 % 15 % 10 % 5 % 0 % EBIT- margin at 21.5 % 13.9% adjusted for IMG accruals and change in value of cash flow hedging Margins affected by posi<ve development in Svane and IMG EBIT (reported) EBIT- margin (reported) EBIT (adjusted) EBIT- margin (adjusted) 20

21 Increase in adjusted operaion margin Con<ngent considera<on purchase price IMG Accruals of NOK 17.3m, same as in Q1 Nega<ve impact on opera<ng earnings (IFRS) in line with expecta<ons Realiza<on currency hedge in Q1 of a nega<ve NOK 44m, with nega<ve impact on opera<ng earnings Stressless - segment above 10% in Q1 Employee- bonus - accrual made end of Q1 of NOK 2.6m 21

22 Earnings per share EPS per quarter EPS 12 months rolling NOK NOK NOK 3,50 7,00 8,00 3,00 2,50 2,00 1,50 1,00 0,50 0,00 1,98 Q1 0,77 Q2 1,42 Q3 0,83 Q4 2,94 Q ,00 5,00 4,00 3,00 2,00 1,00 0,00 5,15 4,79 4,91 4,99 5,96 Q1 Q2 Q3 Q4 Q ,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00 EPS per year 7,45 6,95 6,04 5,00 4, Improvement in EPS Q mainly due to end currency hedge 22

23 Cash flow Decrease working capital mainly due to decrease in current liabili<es NOK 145m decrease in short term debt in Q1. Down NOK 22.4m in Q1 investments at low NOK 3.8m NOK million Cash (17) (23) EBT Paid taxes Depr. & other operaronal acrvires (26) (4) Change Investment inventory, acrvires AR and AP (145) Net financing acrvires 183 Cash

24 Financial posiion Compared to YE : Short term interest bearing debt NOK 164m, down 144.7m Well within covenants Undrawn facili<es close to NOK 500m Total non- current liabili<es decreased to 98.1m. Con<ngent considera<on regarding IMG classified as current liabili<es from 1Q Current assets, excluding cash, up NOK 4.1m Equity ra<o 59.6%, up from 52.3% dividend of NOK 147m will be paid in Q Increase value forward contracts NOK 135.6m NOK million Non- current assets Non- Current assets Other current assets Other current assets Cash Asset Cash Equity Equity Non- current liabiliies Non- Current liabiliies liabiliies Current liabiliies Equity and liabili<es 24

25 Dividend NOK per share 9,00 7,50 7,50 7,50 7,00 7,50 5,50 5,50 3,50 4,00 4,

26 Summary and outlook

27 Summary and outlook Record first quarter revenues of NOK 918.5m YoY quarterly revenue growth driven by currency and Svane Hedge accoun<ng discon<nued, improving margins Stressless revenues stable, but low order book Stable development within IMG Strong results and development within Svane Focus on cost and produc<on effec<veness, and sales and marke<ng development 27

28 Financial calendar Jul 15 th 2016 Nov 7 th 2016 Q2 presenta<on Q3 presenta<on CEO: Olav Holst- Dyrnes olav.holst.dyrnes@ekornes.com Mobile: CFO: Trine- Marie Hagen trine- marie.hagen@ekornes.com Mobile: