Byggma ASA — Investor Presentation 2021

Jun 7, 2021

Company presentation

7 June 2021

[Byggma at a glance]

1

Disclaimer

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FINANCIAL INFORMATION

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COMPANY AND MARKET INFORMATION

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GOVERNING LAW AND JURISDICTION

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Byggma is a leading Nordic supplier of building product solutions

Introduction

• ^◼ Leading supplier of building product solutions in the Nordics, with a special focus on various boards, beams, windows & doors, and lighting products
• ^◼ Byggma owns 8 companies/ brands, operates 6 manufacturing facilities and distributes its products to all the leading building materials chains
• ^◼ Byggma is headquartered in Vennesla and employs ~700 people in total
• ^◼ The company has been listed on Oslo Stock Exchange since 1997 with ticker "BMA"

NOK 559m 2020 dividend

Byggma companies / brands

#1 market position for boards and beams in the Nordics and growing internationally

4

Highly attractive offering towards all the major building material chains in the Nordics

Byggma has a rich history characterized by successful acquisitions and product innovations

Byggma is set to continue demonstrated growth through identified growth avenues

Large growth potential for further consolidation within building material products

Several attractive M&A targets has been identified

Breakdown of identified M&A targets (# targets) Byggma M&A strategy and track record

• ^◼ Adjacent products include wood fibreboards, particle and MDF boards, and wall panel
• ^◼ New products include wind- and moisture barriers for roofs and walls, surface products, timber, decking and cladding panels
• ^◼ Majority of the targets have revenues in the range of NOK 100-1,000m
• ^◼ 4 targets have revenues exceeding NOK 1bn

Fragmented building material product market with large M&A potential

• ^◼ Byggma has a strong M&A track record having completed 9 acquisitions since IPO in 1997
  • ̶ The acquisitions have been highly successful and allowed Byggma to strengthen its position in established markets as well as expand the product offering and make Byggma a diversified provider of building material solutions
  • ̶ Company integration has been a core focus and Byggma has successfully grown the companies' topline and profitability post implementation
• ^◼ The Nordic building material market is highly fragmented with large potential for consolidation
• ^◼ Going forward, Byggma intends to be a part of a wider industry consolidation and has identified a shortlist of 11 potential M&A targets with a combined revenue of approx. NOK 17.6bn¹
• ^◼ The shortlist includes companies with supplementary product offering as well as new product segments with significant potential for synergy realization
  • ̶ Revenue synergies from capitalizing on Byggma's well-established and experienced sales and distribution channels to grow the revenues of the acquired companies
  • ̶ Cost synergies from utilizing Byggma's organisation and operational experience

Investment highlights

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	Market leading position	The leading Nordic provider of particle board, decorative interior panels, fibreboards, MDF interior walls & ◼ ceiling panels, and I-Beams Growing position in Europe and within adjacent product areas ◼
	Strong underlying market	>90% of revenues in the Nordics ◼ Large, stable and growing underlying market ◼ The Norwegian building materials industry is a NOK 50bn market, expected to grow ~4% in 2021 ◼
	Strong brands and broad portfolio of sustainable products	Recognized brands and continuous focus on product development ◼ Diversified portfolio from commodity products to highly refined products ◼ Utilizing renewable raw materials to provide sustainable building material solutions ◼
	Long history of growth	Long history of revenue growth (CAGR of 9% since 2000), both organically and through acquisitions ◼ Improving profitability, from 4% EBIT in 2018 to >9% in 2020, and with high cash conversion ◼ High dividend capacity, with NOK 559m distributed for 2020 ◼
	Well positioned for further growth and cash generation	Well defined growth strategy within all business areas, both organic and inorganic ◼ Large potential from transition to higher share of innovative and value-added products with higher average ◼ sales price Set to leverage on demonstrated M&A capabilities – with several targets identified ◼

Company

Leading Nordic presence, with growing international customer base

The largest share of Byggma's product offering relates to various boards

Increasing focus on higher refined products and solutions

Large potential from recent product innovations

14 Note: 1) Product launched in October 2020; 2) Product launched in September 2020

Targeted approach towards environmentally friendly production and initiatives

15

Byggma still has ample available production capacity and high growth potential from value-added products

Company / brand	Key financials (2020)	Nominal production capacity	Available capacity	Growth potential	Other potential
		300,000 m3 / year		Large potential from transitioning to higher share of innovative/ value-added products with higher average HIGH sales price	Production capacity can be expanded by ~10% by extending the manufactoring line
		60,000 ton / year		Growth potential both through available production capacity and innovative, higher priced products such as "Proff Vegg" HIGH
		m2 3.5 million / year		Growth potential both through available production capacity and innovative, higher priced products such as HIGH "Fuktbestandig"
		15 million running meters / year		Large potential through utilizing significant available production capacity. High international sales HIGH potential

Byggma operates 8 high-end manufacturing and distribution facilities

Huntonit AS Location: Vennesla, Agder Total area: 78,112m² Production area: 19,664m² Year of construction: 1948-1988

Uldal AS (Birkeland Eiendom AS) Location: Birkenes, Agder Total area: 15,100m² Production area: 4,930m² Year of construction: 1967-1991

Forestia AS Braskereidfoss Location: Våler, Innlandet Total area: 321,460m² Production area: 21,079m² Year of construction: 1969-1987 and 1997

Scan Lamps AS Location: Kristiansand, Agder Total area: 6,300m² Warehouse facility: 3,500m²

Year of construction: 1970 and 1979 Masonite Fastighet AB Location: Nordmaling, Sweden Total area: 187,585m² Production area: 38,107m²

Year of construction: 1921-2001

Aneta Belysning

Location: Växjö, Sweden Total area: 31,728m²

Warehouse facility: 6,500m²

Smartpanel Location: Fredrikstad, Viken Warehouse facility: 7,100m² Production area: 13,700m²

Byggform Location: Slemmestad, Viken Year of construction: 1989

17 Note: Byggma also owns another manufacturing facility which is leased to a third party – see next slide

5 facilities are owned and planned to be established under a separate company

Tenant	Lessor	Yearly rental income (NOKm)	Total leased area (m2)
Forestia AS	Forestia Eiendom AS	19.5	43,695
Huntonit AS	Huntonit Eiendom AS	15.0	29,194
Fibo AS (external)	Byggma Eiendom Lyngdal AS	12.4	18,063
Uldal AS	Birkeland Eiendom AS	4.0	8,052
Masonite Beams AB	Masonite Fastighet AB	7.51	26,440
Total		58.4	125,444

18 Note: 1) Assuming a SEK/NOK exchange rate of 99.96, per 20.05.2021

Experienced management team and organization

Geir Drangsland CEO

^◼ CEO in Byggma since 2009 and chairman from 2000-2009 ^◼ Currently CEO of Investor AS, main shareholder in Byggma ^◼ Previous roles include CFO in Idun AS, CFO in Elkjøp and finance director in Avantor ASA

^◼ MSc. in Economics and Business Administration from Norwegian Business School, BI

Roy Kenneth Grundetjern Head of IT

• ^◼ CIO in Byggma since 2008
• ^◼ Board member of Forestia, Smartpanel and Masonite Beams
• ^◼ Former experience includes position as CEO at Hunonit and various managerial positions in both private and public sectors
• ^◼ BSc. In Engineering and MBA from the University of Agder

Jens Unhammer CFO

• ^◼ CFO in Byggma since 2003 after joining as Finance Manager in 2000
• ^◼ 12 years of experience from the Øglænd Group, including positions as finance director in Cubus AS and CFO of Fibo-Trespo AS
• ^◼ MBA from the Norwegian Business School in Oslo (BI)

Richard Thompson Head of Logistics

• ^◼ Head of Logistics in Byggma since 2011
• ^◼ Joined Byggma 20 years ago, first as Manager customer service centre and later as Head of Logistics for Hunonit and Fibo-Trespo
• ^◼ Bachelor in Economics from Business Academy in Stavanger

Organization by company

Terje Sagbakken

CEO Forestia

Forestia

Sales Director Huntonit Huntonit

CEO

VD Masonite Beams Smartpanel

Other key employees

CEO

Sales Director Masonite Uldal & Lighting

Jonassen

Morten L.

Market Director Lighting

Torunn Mangseth

Marketing Director

Product development and innovation is conducted in each separate company on a continuous basis

Market

Byggma produces and distributes products to two main market segments

Large and growing adressable RRE and newbuild market

The underlying markets have grown ~2% annually over the last decade

Norwegians are leading home improvement spenders…

Norwegians have a strong tradition of owning their homes Share of population owning their own homes3) (%)

• ^◼ More than 80% of Norwegians own their own home
• ^◼ As a consequence, no other country spends as much money per capita on home improvements as Norwegians do, totaling NOK 95bn spent on refurbishment in 2019, implying a 2010-2019 CAGR of 5%2)
  • ̶ Increasing wages, low interest rates and tax benefits underpins the financial capacity to invest in home refurbishment
• ^◼ From 2015-2020, 34% of Norwegians renovated their homes each year

Was spent pr. capita by Norwegians on home improvements in 2019 – more than any other country 63%

Was spent on residential refurbishment in Norway in 2019

Of Norwegian households have renovated during the past 12 months

Norwegian RRE market – key figures (2018)

41% 40%

22 Source: 1) Prognosenteret; 2) Prognosesenteret, including leisure homes; 3) Eurostat

…reflected in an increase in the building materials industry

• ^◼ The Norwegian market for paint and other building materials has grown fourfold over the last two decades
• ^◼ There is a strong seasonal pattern with higher sales during the summer
• ^◼ 2020 has been particularly strong following the Covid-19 pandemic
  • ̶ Most likely due to holiday travels abroad being substituted for refurbishment projects

• ^◼ The Norwegian building materials industry saw record levels in 2020
• ^◼ 2021 is expected to show a solid growth in this segment mainly due to the pandemic being exploited for RRE activity in the private segment
• ^◼ Byggma focuses on niche markets, thereby differentiating itself from the average building materials player

Financials

Strong topline and profitability improvements last few years

• ^◼ Organic growth from 2015-2018, while the growth from 2018 is a combination of organic growth initiatives and the acquisition of Smartpanel (2018) and Byggform (2019), adding NOK 117m in revenues in 2019, and NOK 34m in 2020 (full-year effect of the Byggform acquisition)
• ^◼ The growth in 2020 is partly related to realized market synergies from increased market share following the Smart Panel acquisition. Other growth drivers include change in product mix, volume increase (partly off-set by a drop in Europe), normal price increases and other (incl. currency)

• ^◼ Byggma has more than doubled its EBITDA and almost tripled its EBIT since 2018
• ^◼ The strong improvement is primarily due to realization of synergies from the Smart Panel acquisition, product mix optimization and normal price increases. Byggma has seen a normal increase in raw material prices and experienced unfavorable currency development, but has been able to offset this by increase prices to end users and ultimately improve the margins
• ^◼ In 2019, the EBITDA and EBIT have been adjusted for normalizations following the acquisition of Smartpanel in 2018

Numerous factors postively affecting the 2018 to 2020 revenue growth

Revenue bridge, 2018-2020 (NOKm) 1,655 69 18 62 117 1,783 73 42 94 34 26 2,052 Revenue 2018 Volume growth Product mix Price increase M&A Revenue 2019 Volume growth Product mix Price increase M&A Other Revenue 2020

2018-2019 revenue growth

• ^◼ Largely driven by full-year effect of the Smart Panel acquisition in 2018 and partly the Byggform acquisition in 2019. NOK 117m in total effect from these acquisitions
• ^◼ Other growth drivers include a normal price increase, offset by a volume loss in some segments. Part of the negative volume growth is due to change in product mix
• ^◼ Due to timing, the company was only able to realize a small part of the Smartpanel revenue synergies in 2019

2019-2020 revenue growth

• ^◼ A large part of the 2020 growth was driven by realizing revenue synergies from the Smartpanel acquisition (as illustrated by the price increase). Part of the price increase is also due to normal price increases for the other companies
• ^◼ The company experienced a volume growth partly offset by NOK 10m lower sales from UK and France due to the Covid-19 shutdown, and lower sales to the "Innlandet" county due to store shutdowns in 2020
• ^◼ Optimized product mix towards more innovative/value-added products also impacted positively
• ^◼ Full-year effects of the Byggform acquisition impacted revenues by NOK 34m, while currency conversion effects impacted revenues positively by NOK 26m

Segment financials

synergies from the Smartpanel acquisition, Byggform FY effect, volume growth, optimized product mix, price increase and other (incl. currency conversion)

Comments

• ^◼ 2018 is not directly comparable to 2019 due to segment reorganization and associated shift of sales from Boards to Beams
• ^◼ EBIT margin improvement is mainly due to realized synergies, product mix optimization and price increases following a normal increase in raw material prices
• ^◼ The majority of the difference in 2018 and 2019 is related to a segment reorganization and a shift of the sales from Boards to Beams

Beams

2018 2019 2020

30

2018 2019 2020

280 293

26

125

15

^◼ The EBIT improvement is related to a shutdown of the Varhaug facility as well as normal price increases

(19)

Windows

190 197 ²¹⁴

2018 2019 2020

6

(8)

2018 2019 2020

• ^◼ Byggma invested NOK 45m in a manufacturing line allowing increased efficiency and shorter delivery times for customers
• ^◼ This has given the company a competitive edge and ability to take a higher price for shorter delivery

^◼ EBIT improvement in 2020 due to a strategic decision involving increased share of sales to the professional electro market

Positive trend continued in Q1 2021

Breakdown of cost of goods sold

• If the NOK had been 5% weaker or stronger versus the SEK and all other variables had been constant, this would have resulted in a reduction/ increase in net profit of NOK 8.2m in 2020 (NOK 4.9m in 2019)
• A 5% increase in the price of the wood raw materials would negatively affect net profit by NOK 9.7m in 2020 (NOK 8.2m in 2019)
• A 5% increase in the cost of energy would negatively affect net profit by NOK 1.7m in 2002 (NOK 2.2m in 2019)

Robust cash conversion ratio

Operating cash flow and cash conversion (NOKm)

• ^◼ Byggma has a history of strong cash flow generation over the last years which is set to continue going forward
• ^◼ This has allowed the company to invest significantly in product innovation in addition to increased manufacturing capacity and efficiency
• ^◼ Since 2016, annual Capex amounts to approx. NOK 100m while maintaining an attractive dividend capacity
• ^◼ If desired, Byggma can manage annual maintenance Capex in the range of NOK 30- 50m and hence generate even stronger free cash flows going forward
• ^◼ Byggma has targeted a long-term dividend payout ratio of minimum 30%
  • ̶ The company will pay out a higher dividend when possible after evaluating various growth opportunities

Solid balance sheet

NOKm	YE 2020	Q1 2021
Balance sheet items
Fixed assets	964	946
Current assets	1,168	1,175
Total assets	2,132	2,121
Equity	990	1,024
Long-term liabilities	552	533
Short-term liabilities	589	565
Total equity and liabilities	2,132	2,121
Liquidity items
Short-term interest-bearing liabilities	144	137
Long-term interest-bearing liabilities	453	439
Total interest-bearing liabilities	597	575
Cash (excl. tax deductions)	509	483
Undrawn credit facilities	287	280
Liquidity reserve	797	763

• ^◼ Fixed assets mainly comprise real estate facilities and machinery
• ^◼ Majority of the current assets relates to inventory and accounts receivable in addition to the cash balance of NOK 483m
• ^◼ The total equity consist primarily of retained earnings from the strong financial performance over the last decades
• ^◼ Long-term liabilities include bank loans of NOK 350m and leasing liabilities of NOK 88m in addition to NOK 91m in deferred tax
• ^◼ The short-term liabilities primarily relates to accounts payable and short-term bank loans
• ^◼ With the disposable cash balanse of NOK 483m and the undrawn credit facility of NOK 280m, Byggma had an available liquidity reserve of NOK ~800m per Q1 2021 which allowed for a dividend payout of NOK 559m in Q2 2021

Byggma actively working to improve investor relations

Byggma to hold quarterly presentations from Q2 2021

Byggma plans to engage an IR representative shortly

Byggma aims to secure additional independent board member

Byggma to publish quarterly presentations from Q2 2021

33

Key takeaways

Key takeaways

Appendix

Continuous focus on innovation with several attractive product launches in 2020

Click-based wall boards without the need for filler and primer. The boards are paintable immediately after installation and are also suitable for tapestry

A ready to paint plain ceiling panel with a unique 4-sided locking profile Byggma's manufacturing and product offering contribute to a more environmentally friendly society

5.6%

The CO² abatement from Byggmas board products corresponds to 5.6% of the Norway's total road traffic emission

47%

Masonite's I-beam systems use 47% less raw material compared to massive tree constructions

12%

Huntonit's specific energy consumption has been reduced by 12% over the last 5 years

48%

Forestia's new closed cooling system has contributed to 48% reduction in use of cooling water

Byggma takes an active role towards sustainability and responsible production

Byggma's main goal is to develop and deliver sustainable solutions based on renewable raw materials and unique competense. Sustainability is, and has always been, a core element in Byggma's business model and a natural part of its overarching goal. Management and Board of Directors in Byggma wish for sustainability to be a natural part of operations and innovation in the Byggma group

Board of directors

Consolidated income statement

NOKm	2016	2017	2018	2019	2020	Q1 2020	Q1 2021
Sales revenue	1,515	1,619	1,655	1,783	2,052	532	560
Other revenue	16	18	22	23	23	7	6
Total revenue	1,531	1,637	1,678	1,807	2,075	539	565
COGS	(681)	(743)	(780)	(844)	(955)	(263)	(287)
Personnel expenses	(374)	(387)	(405)	(424)	(439)	(114)	(121)
D&A	(56)	(54)	(54)	(70)	(77)	(19)	(20)
Freight and complaints	(123)	(135)	(143)	(146)	(163)	(42)	(44)
Marketing	(69)	(75)	(72)	(91)	(93)	(16)	(16)
Other gains (losses)	(2)	6	1	(3)	1	(3)	(1)
Other OPEX	(140)	(154)	(159)	(156)	(157)	(30)	(25)
Total direct costs	(1,445)	(1,543)	(1,613)	(1,734)	(1,883)	(487)	(514)
EBIT	86	94	65	73	193	52	51
Financial income	6	6	7	7	5
Financial cost	(12)	(15)	(15)	(18)	(38)
Net financials	(6)	(9)	(9)	(11)	(33)	(22)	3
Profit before tax	81	84	56	62	160	31	54
Tax	(17)	(20)	(9)	(13)	(35)	(6)	(12)
Net profit	64	64	47	49	125	25	42

Consolidated balance sheet

Assets (NOKm)	Q1 2021	Equity and liabilities (NOKm)	Q1 2021
Fixed assets	917	Share capital	53
Non-tangible assets	24	Other equity	8
Deferred tax assets	5	Retained earnings	963
Long-term financial derivatives	-	Total equity	1,024
Other long-term receivables	1	Long-term liabilities	439
Total non-current assets	946	Long-term financial derivatives	3
Inventory	262	Deferred tax liabilities	91
Customer receivables	420	Total long-term liabilities	533
Short-term financial assets	-	Accounts payable	396
Cash and cash equivalents	494	Tax payable	30
Total current assets	1,175	Short-term liabilities	137
Total assets	2,121	Short-term financial derivatives	1
		Total short-term liabilities	564

Total short-term liabilities	564
Total liabilities	1,097
Total equity and liabilities	2,121

41

Consolidated cash flow statement

NOKm	2016	2017	2018	2019	2020
Operating activities
Cash flow from operations	118	205	94	102	230
Interest expense	(15)	(17)	(19)	(22)	(24)
Interest income	6	6	7	7	5
Taxes paid	(19)	(13)	(28)	(9)	(4)
Cash flow from operating activities	91	181	53	79	207
Investing activities
Purchase of subsidiaries	-	-	-	(21)	-
Purchase of fixed assets	(89)	(107)	(98)	(90)	(59)
Sale of fixed assets	0	5	1	1	1
Purchase of non-tangible assets	(3)	(10)	(7)	(2)	(2)
Group loans	(0)	-	-	(12)	(27)
Cash flow from investing activities	(91)	(113)	(104)	(125)	(87)
Financing activities
Repurchase of shares	-	-	(11)	(4)	(0)
Dividend paid	(79)	(36)	(7)	(7)	(7)
Cash flow distributed to shareholders	(79)	(36)	(18)	(11)	(7)
Change in accounts payable	(3)	-	-	4	(3)
New debt raised	47	39	149	50	150
Debt down payment	(33)	(34)	(63)	(49)	(62)
Change in interest-bearing receivables	-	0	(0)	-	-
Cash flow from external financing	11	6	86	5	85
Cash flow from financing activities	(68)	(30)	68	(6)	78
Change in cash and cash equivalents	(69)	38	17	(52)	197
Currency gains (losses)	(1)	1	1	(3)	5

Net interest-bearing debt per Q1 2021

Net interest-bearing debt (NOKm)

Shareholder overview per 1 June 2021

Shareholder	# shares	% ownership
Investor AS 1)	47,533,790	68.07%
Sørlands-Vekst AS 1)	10,000,000	14.32%
Investor 6 AS 1)	4,000,000	5.73%
TEG Invest AS	686,320	0.98%
Beeline AS	531,760	0.76%
Leif Magne Thu	502,210	0.72%
Narmont AS	485,640	0.70%
Gunnar Bernhard Brandsberg	290,550	0.42%
Øystein Akselsen	259,000	0.37%
Jomaho AS	198,680	0.28%
Geir Drangsland 1)	192,200	0.28%
Ingus AS	175,760	0.25%
Avanza Bank AB	175,510	0.25%
Nordnet Bank AB	145,460	0.21%
Olav Roger Lassesen	120,000	0.17%
Nordnet Livsforsikring AS	106,380	0.15%
Jarel AS	105,000	0.15%
Knut Henning Larsen	100,000	0.14%
Asbjørn Rudolf Nerland	100,000	0.14%
Torbjørn Seielstad	96,180	0.14%
Other	4,028,770	5.77%
Total	69,833,210	100.00%

44 Note: 1) Per 1 June 2021, CEO Geir Drangsland and related parties control 61,840,920 shares in Byggma ASA. This amounts to 88.56% of the shares in Byggma ASA

Subsidiaries of Byggma ASA

Company	Acquisition date	Headquarter	Book value in Byggma1 (NOKm)
Aneta Belysning AB	01.01.2005	Växjö, Sweden	27,453
AS Byggform	12.09.2019	Asker	22,744
Birkeland Eiendom AS	03.06.2004	Birkeland	8,354
Byggma Eiendom AS	31.03.2003	Lyngdal	15,250
Forestia AS	01.03.2006	Braskereidsfoss	58,446
Grammaholmen Fastighet AB (owned by Masonite Fastighet AB)	29.05.2019	Rundvik, Sweden	-
Huntonit AB	01.01.1996	Stockholm, Sweden	96
Huntonit AS	25.04.1997	Vennesla	26,736
Masonite Beams AB	01.08.2006	Rundvik, Sweden	11,970
Masonite Beams AS	29.05.2020	Mo i Rana	1,765
Masonite Fastighet AB	09.09.2011	Rundvik, Sweden	4,250
RBI Interiør AB (owned by Smartpanel AS)	04.07.2018	Västra Frölunda, Sweden	-
Rolf Dolven AS (owned by Scan Lamps AS)	16.11.2004	Vennesla	-
Scan Lamps AS	06.06.2002	Kristiansand	15,355
Scan Lamps VTA AS (owned by Scan Lamps AS)	20.09.2017	Kristiansand	-
Smart Board Production AB (owned by Smartpanel AS)	13.09.2018	Västra Frölunda, Sweden	-
Smartpanel AS	28.06.2018	Fredrikstad	20,000
Uldal AS	03.06.2004	Birkeland	21,955
Total			234,374