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    MIPS   SE0009216278

MIPS AB (PUBL)

(MIPS)
  Report
Delayed Quote. Delayed Nasdaq Stockholm - 08/02 11:29:50 am
939 SEK   +3.30%
07/23MIPS : Interim Report
PU
07/22MIPS : Interim report January – June 2021
PU
07/22MIPS : Interim report January - June 2021
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MIPS : insert_drive_fileYear end report

02/11/2021 | 04:17am EDT

11 FEBRUARY 2021

MIPS' presentation of the Year end report 2020

Key highlights

  • Strong performance in the quarter with 60% net sales growth (77% organic). Despite challenging start of the year, we manage to deliver 36% net sales growth (43% organic)

  • Good consumer demand in Bike continues. Record amount of customer projects, strong increase of customers and models on the market

  • First international customer in Safety announced in January

  • MIPS brand awareness - Next MIPS team athlete out. Launch of Product range structure. More consumer centric communication

  • Proposed dividend om SEK 3.50 per share, 71% of net earnings, well above ambition of 50%

  • Long-term financial target remains intact

We continue to expand our customer base

  • We now have 121 active brands all over the world

  • We grew with all our key customers, in all categories and all geographies we are present in

  • We have delivered MIPS BPS to 729 different helmet models

  • During 2020, we delivered 7.2m MIPS BPS units and have now delivered more than 20m units since inception

  • At the end of 2020 we had 6% of our addressable market

Bike - Good demand continue

  • High demand for MIPS solutions in bike helmets

  • Sales to bicycle helmets has been the main part of the sales for the fourth quarter

  • Industry expectations is that inventory levels will not normalize prior to mid 2021, which means that there will be bike helmets being produced also in Q1 and Q2

  • We see good interest for commuter helmets, recreational use and E-bike helmets

Snow - Different situation around the world

  • High interest for winter sports around the world but restrictions limits possibilities

  • Nordic and US ski resorts are to large extent open. Still limited possibilities to ski in South and Central Europe

  • The uncertainty of winter holiday season remains

- Mixed retail sales on different markets. Nordic

and US markets have decent sell out. Soft

performance south and central Europe

- Our expectations of a soft winter 20/21

remains

Moto - Strong sales continue

  • Strong sales in MOTO continues, mainly through increased penetration with existing customers

  • MX still the key driver, but Road motorcycle is gaining traction

  • Several initiatives launched to improve our position in Motorcycle

  • Good consumer demand expected coming quarters

6 6

Safety - International expansion started

  • Good interest in Safety category from both helmet manufacturers and construction companies

  • First larger customer onboard. Centurion, key PPE supplier for the UK market

  • New harness solution developed, bring possibilities for MIPS also in harness equipped helmets

  • No change to previous communication: Volumes will start to ramp up in 2021

Launch of Product ranges

  • Simplified product range makes it easer to choose and diversify our offering

  • Focus on educating consumers, empowering them to make more informed decisions when buying a helmet

  • MIPS has previously been a B2B-focused company. The launch is another step towards more consumer-centric brand identity

Team Mips

LEADING WORLD CLASS ATHLETESHENRIK HARLAUT

BRANDON SEMENUK

Most decorated x-games skier of all time

Most ever RedBull

Rampage wins

Development in our different categories

Fourth quarter/YTD 2020

MIPS has in total 121 buying customers (a customer can be active in several categories but only counted once in the "total customer" number)

Fourth quarter/YTD 2020

Fourth quarter/YTD 2020

Development in the fourth quarter

  • Net Sales increased by 60%, organic growth was 77%

  • Gross profit up 57%, gross margin down 160 bps to 73.3%

  • OPEX - continue to invest in strategic priorities

  • EBIT up 96% to SEK 76m (39), EBIT margin 54.4% (44.6)

  • Cash flow - strong increase of operating cash flow to SEK 49m (20)

MIPS Group (SEKm)

Q4 20

Q4 19

%

Net sales

140

87

60

Gross profit

103

66

57

Gross margin %

73.3

74.9

-

Operating profit (EBIT)

76

39

96

Operating margin (EBIT) %

54.4

44.6

-

Cash flow from operating activities

49

20

146

Development full year 2020

  • Net Sales increased by 36%, organic growth was 43%

  • Gross profit up 34%, gross margin down 130 bps to 72.8%. Adjusting

    for acquisitions, gross margin down 100 bps to 73.1%

  • OPEX - continue to invest in strategic priorities

  • Adjusted EBIT was SEK 168m (110), adjusted EBIT margin 46.2%

    (41.2)

  • Cash flow - increase in operating cash flow to SEK 116m (63)

MIPS Group (SEKm)

FY 20

FY 19

%

Net sales

365

268

36

Gross profit

265

198

34

Gross margin %

72.8

74.1

-

Operating profit (EBIT)

167

108

55

Operating margin (EBIT) %

45.8

40.3

-

Adjusted Operating profit (EBIT)

168

110

53

Adjusted Operating margin (EBIT) %

46.2

41.2

-

Cash flow from operating activities

116

63

83

Balance sheet and cash flow

  • Strong improvement of Cash flow from operating activities with SEK 49m (20) in the quarter

CASH FLOW FROM OPERATING ACTIVITIES (SEKm)

  • Cash and Cash Equivalents at SEK 272m (192)

  • Dividend of 3.50 SEK (3.00) being proposed

  • Equity ratio 82% (87)

KEY BALANCE SHEET ITEMS AND CASH FLOW

49

31

29

24

24

23

20

15

12 10 4 0 6 1 8 6

12

8

3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -9 2016 2017 2018 2019 2020

MIPS Group (SEKm)

Q4 20

Q4 19

Total Assets

517

343

Equity

426

298

Equity ratio %

82

87

Cash & Equivalents

272

192

MIPS Group (SEKm)

Q4 20

Q4 19

Cash flow from operating activities

49

20

Summary

  • Strong quarter mainly driven by good demand for bike helmets

  • The strong consumer demand is expected to continue, assuming no dramatic change to current situation

  • Continued high project activity, strong momentum in all three categories

  • We continue our activities to drive the awareness of MIPS brand

  • Good position to deliver according to the 2025 plan

*Adjusted for costs in connection with the company's IPO during 2016 and 2017 and costs relating to acquisitions during 2019 and first and second quarter 2020. Adjusted EBIT margin includes legal costs relating to the company's previous litigation processes

DISCLAIMER

Important message from MIPS AB

This presentation has been prepared by MIPS AB (publ) (the "Company") solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.

Statements in this presentation, which are not historical facts, such as expectations, anticipations, beliefs and estimates, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements.

This presentation may contain various forward-looking statements that reflect management's current views with respect to future events and financial and operational performance. The words "believe," "expect," "anticipate," "intend," "may," "plan," "estimate," "should," "could," "aim," "target," "might," or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company's control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include but are not limited to the Company's ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brand, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

2020 | Q3 Report

Disclaimer

MIPS AB published this content on 11 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2021 09:16:01 UTC.


ę Publicnow 2021
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Financials
Sales 2021 535 M 62,2 M 62,2 M
Net income 2021 215 M 25,0 M 25,0 M
Net cash 2021 393 M 45,8 M 45,8 M
P/E ratio 2021 115x
Yield 2021 0,48%
Capitalization 24 581 M 2 866 M 2 862 M
EV / Sales 2021 45,2x
EV / Sales 2022 35,2x
Nbr of Employees 74
Free-Float 100,0%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 939,00 SEK
Average target price 990,00 SEK
Spread / Average Target 5,43%
EPS Revisions
Managers and Directors
Max Strandwitz President & Chief Executive Officer
Karin Mari Bohlin Rosenthal Chief Financial Officer
Jan Magnus Welander Chairman
Hans Peter Halldin Chief Science Officer
Shuyi Isaksson Head-Operations
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