Nimbus Group AB (publ) increased its sales by 7 percent to MSEK 361 (338) during the fourth quarter 2023 due to continued good sales of premium boats. Organic growth totaled -20 percent which is explained entirely by lower sales of smaller boats and external brands. The continued strategic shift towards premium boats involved restructuring and non-recurring costs which burdened the quarter. EBITA for the quarter amounted to MSEK -4 (10) and the EBITA margin to -1.2 percent (3.1). Excluding non-recurring costs, EBITA margin amounted to 1.5 percent.
Organic sales of small boats decreased by 38 percent while organic sales of premium boats were unchanged.
“The development during the fourth quarter provides clear support for our strategy which involves greater focus on premium boats. While sales of smaller boats dropped significantly, organic sales of premium boats actually remained unchanged. And this is despite the fact that the comparative quarter was also affected by both timing-related and waning pandemic effects”, says Jan-Erik Lindström, CEO of Nimbus Group.
| FOURTH QUARTER October – December 2023 | FULL YEAR January – December 2023 |
| Net sales for the fourth quarter increased 7 percent to MSEK 361 (338). | Net sales totaled MSEK 1,898 up 8 percent year-on-year (1,751). |
| Organic growth totaled -20 percent. EBITA amounted to MSEK -4 (10) including non-recurrent costs of MSEK 10. |
Organic growth totaled -5 percent. EBITA amounted to MSEK 100 (192), including non-recurrent costs of MSEK 10. |
| The EBITA margin was -1.2 percent (3.1) and 1.5 percent excluding non-recurrent costs. | The EBITA margin was 5.2 percent (11.0) and 5.8 percent excluding non-recurrent costs. |
| Operating cash flow amounted to MSEK -69 (-63). | Operating cash flow amounted to MSEK -153 (-146). |
| The order book totaled MSEK 759 (930). | Earnings per share amounted to SEK 2.15 (7.72). |
| Fourth quarter | Full year | |||||
| 2023 | 2022 | % | 2023 | 2022 | % | |
| Net sales, MSEK | 360.5 | 337.9 | 7 | 1,898.4 | 1,751.2 | 8 |
| Operating result, MSEK | -4.6 | 10.2 | -145 | 99.1 | 192.0 | -48 |
| EBITA, MSEK | -4.4 | 10.3 | -143 | 99.7 | 192.5 | -48 |
| EBITA-margin, % | -1.2% | 3.1% | -4.3pe | 5.2% | 11.0% | -5.7pe |
| Result for the period, MSEK | -22.1 | 3.0 | -844 | 45.0 | 149.6 | -70 |
| Operating cash flow, MSEK | -68.8 | -63.0 | 9 | -153.2 | -146.3 | 5 |
| Earnings per share | -1.04 | 0.15 | -776 | 2.15 | 7.72 | -72 |
Link to the report: https://nimbusgroup.se/en/reports-and-presentations/
Analyst conference call: A webcast telephone conference will be held today at 10:00 a.m. during which President and CEO Jan-Erik Lindström will present the report together with CFO Rasmus Alvemyr. The presentation will be followed by a Q&A session. The presentation will be held in English. If you wish to participate via teleconference, please register using the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
Call Access (financialhearings.com)
You can also follow and listen to the presentation and the conference call using the below web link:.
Nimbus Q4 Report 2023 (financialhearings.com)
