August 2021 - Cary Group

Cary Group, a leading European vehicle glass repair and replacement service provider, today presents selected information on the company’s financial and operational development for the second quarter of 2021.

Anders Jensen, CEO of Cary Group, comments:
”In the second quarter, demand picked up again in our key markets, following an easing of Covid-19 related lock-down measures, and Cary Group was able to deliver strong growth of 40%. Our M&A journey continued with the acquisition of Quick Car Fix in Norway, specialising in SMART repair (Small to Medium Area Repair Techniques). In total, we closed seven acquisitions in the quarter.

Profitability amounted to 17.8% (21.9) and was affected by increased marketing spend as markets continue to reopen and costs for rebranding in Norway, lower cost base in the second quarter of 2020 in connection with the Covid-19 outbreak and a negative mix effect through relatively higher sales in Rest of Europe.

The number of workshops including mobile units increased by 12% to 601 in the second quarter, compared with 536 in the second quarter of 2020. A strong geographical presence plays an important role in our aim to offer our services as close to our customers as possible.

After the end of the period, we completed the acquisition of Ralarsa, Spain's second largest player in within automotive glass repair and replacement. The acquisition represents a further important step in our continued expansion in Europe, where Spain is the second country, after UK, outside of the Nordics. Spain is one of the leading markets in Europe and Ralarsa fits well into Cary Group’s business.”

Second quarter 2021

Net sales increased by 40% to SEK 575m (412).
Adjusted EBITA increased to SEK 102m (90), corresponding to an adjusted EBITA margin of 17.8% (21.9).
Operating profit (EBIT) rose to SEK 85m (76).

First six months of 2021

Net sales increased by 21% to SEK 1,032m (852).
Adjusted EBITA increased to SEK 175m (151), corresponding to an adjusted EBITA margin of 17.0% (17.7).
Operating profit (EBIT) amounted to SEK 146m (127).

Significant events during the second quarter

In April, Cary Group acquired 80% of the Norwegian company Quick Car Fix which specialises in SMART Repair – Small to Medium Area Repair Techniques. Quick Car Fix reported total revenue of approximately NOK 57m in 2020, corresponding to approximately SEK 55m.

Significant events after the end of the period

In early July, Cary Group acquired Autoklinik in Malmö, which specialises in auto body repair. Autoklinik i Malmö had total revenue of approximately SEK 38m in 2020.
In late July, Cary Group also acquired Auto Cristal Ralarsa ("Ralarsa"), Spain's second largest automotive glass repair and replacement company. In 2020, Ralarsa operated more than 235 workshops, of which 155 are franchise-owned, and 85 mobile units. Total sales, including sales from franchise businesses, amounted to EUR 51m and net sales attributable to the company totalled EUR 25m. The company has approximately 375 employees. Ralarsa's profitability is in line with that of Cary Group.

Financial summary

SEKm	2021 Q2	2020 Q2	Δ%	2021 Q1-2	2020 Q1-2	Δ%	2020 Full year
Net sales	575	412	39.7%	1,032	852	21.1%	1,651
EBITA*	94	88	7.1%	164	146	12.3%	239
EBITA-margin, %*	16.3%	21.3%	–	15.9%	17.1%	–	14.5%
Adjusted EBITA**	102	90	13.5%	175	151	16.2%	247
Adjusted EBITA-margin, %**	17.8%	21.9%	–	17.0%	17.7%	–	15.0%
Operating result (EBIT)	85	76	11.4%	146	127	15.0%	211

* EBITA is Operating profit before amortisation of intangible assets. EBITA margin is calculated as EBITA as a percentage of the Company's net sales.
** Adjusted EBITA is Operating profit before amortisation of intangible non-current assets, adjusted for items affecting comparability. Adjusted EBITA margin is calculated as Adjusted EBITA as a percentage of the Company's net sales.

For more information, please contact:

Anders Jensen, CEO of Cary Group
anders.jensen@carygroup.comor+46 10 102 98 74

Helene Gustafsson, Head of IR & Corporate Communication at Cary Group
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway, UK and Spain, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Ryds bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Danglas, Cary, Quick Car Fix, Autoklinik and Auto Cristal Ralarsa are our well known and successful brands with a total of 524 workshops and 397 mobile units. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visitwww.carygroup.com.

press-release-31-august-2021

Cary Group, a leading European vehicle glass repair and replacement service provider, today announces the acquisition of Auto Cristal Ralarsa (“Ralarsa”), the second largest vehicle glass repair and replacement company in Spain. In 2020, Ralarsa had over 235 workshops, of which 155 franchised owned, as well as 85 mobile units. Total sales including franchise revenue amounted to EUR 51 million and net sales attributable to the company was EUR 25 million. The company has around 375 employees.

“I am pleased to welcome yet another strong and well-appreciated brand to Cary Group. With the same set of values deriving from its history of a family-owned company and strong relationships with insurance providers, a leading market position and a profitability in line with Cary Group’s, Ralarsa is a logical addition to our business and our way of working. The Spanish market for vehicle glass repair, replacement and calibration is an important part of the European market with a strong growth outlook for the coming years, driven by a growing car fleet, increased mileage per car and increased complexity of windscreens driving the need for calibration. The acquisition of Ralarsa constitutes a great step in expanding our footprint in Europe and brings a solid platform for further acceleration of our pan-European expansion”, says Anders Jensen, CEO of Cary Group.

Ralarsa specialises in vehicle glass repair and replacement, including calibration of Advanced Driver Assistance Systems (ADAS). The company operates through own and franchise workshops and mobile units and has three own distribution and logistics warehouses, in Barcelona, Madrid, and Sevilla. Ralarsa operates nationally and has over 235 workshops, of which 155 franchised owned, across the whole country.

The company is headquartered in Barcelona and was founded in 1978. Ralarsa’s current CEO, Joan Jordi Arsalaguet, will continue as the CEO under Cary Group’s ownership. The acquisition, which relates to a 100 percent stake in Ralarsa, was signed and closed on 29 July 2021 and will be part of Cary Group’s business from the third quarter of 2021.

For more information, please contact:

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway and the UK, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Ryds bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Danglas, Cary and Quick Car Fix are our well known and successful brands with a total of 289 workshops, 314 mobile units, 1,000 employees and SEK 1,650m in turnover. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visitwww.carygroup.com.

press-release-4-august-2021

anders-jensen-with-juan-alberto-arsalaguet

Cary Group reports strong growth and further acquisitions during the second quarter

Cary Group takes next step in pan-European expansion by acquiring Ralarsa in Spain