Presentation to Bondholders June 2020
Disclaimer Acceptance of limitations : The information in this presentation (the “ Material ”) is presented by Strömma Turism & Sjöfart AB (publ ) (the “ Company ” and together with its direct and indirect subsidiaries, the “ Group ”) solely for use in connection with the proposal for extension and amendment of the bond terms in respect of bonds with ISIN SE0008322333 issued by the Company (the “ Bonds ”) (the “ Amendment Process ”). The intended recipients are determined solely by Carnegie Investment Bank AB (publ) and Danske Bank A/S, Danmark, Sverige Filial (the “ Joint Bookrunners ”) together with the Company. By attending a meeting where this Material is presented or by reading this Material you agree t o be bound by the terms, conditions and limitations described below. This Material has been prepared exclusively for the benefit and internal use of the addressee and no part of this Material or the information it contains may be reproduced or redistributed to any other person unless expressly agreed in writing by the Joint Bookrunners. Use of this Material : This Material does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. 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 in this Material. The content of this Material is not to be construed as legal, credit, business, investment or tax advice. No financial advice : The Joint Bookrunners are not giving and are not intending to give financial advice to any potential investor, and this Material shall not be deemed to be financial advice from the Joint Bookrunners to any potential investor. Only a limited due diligence has been carried out in connection with the preparation of this Material. Thus, there may be risks related to the Group which are not included in this Material and which could have a negative effect on the Group’s operations, financial position, earnings and result. Participation, by the means of the Amendment Process, involves a high level of risk and several factors could cause the actual results or performance of the Company to be different from what may be expressed or implied by statements contained in this Material. Investors should not subscribe for or purchase any financial instruments or securities only on the basis of the information provided herein and acknowledge that each investor will be solely responsible for and rely on its own assessment of the market and the market position of the Group and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Group. Investors are encouraged to request from the Company and other sources such additional information as they require to enable them to make informed investment decisions, to seek advice from their own legal, tax and financial advisors and to exercise an independent analysis and judgment of the merits of the Company. No liability : Although the Company has endeavored to give a correct and complete picture of the Company, neither the Company nor the Joint Bookrunners can be held liable for any loss or damage of any kind arising from the use of this Material. Information sources : The information in this Material is presented by the Company and has been produced by the Company assisted by the Joint Bookrunners exclusively for information purposes. This Material may contain forward-looking statements that reflect the Company’s current views with respect to certain future events and potential financial performance. Such stat ements are only forecasts and no guarantee can be given that such expectations are correct. No information in this Material has been independently verified by the Company or the Joint Bookrunners. The information relating to the Company does not constitute a complete overview of the Company and must be supplemented by the reader wishing such completeness. Actuality : This Material is dated 4 June 2020. Neither the Company nor the Joint Bookrunners can guarantee that there has been no change in the affairs of the Company since such date, nor do they intend to, or assume any obligation to, update or correct any information included in this Material. This Material may however be changed, supplemented or corrected without notification. Conflicts of interest : The Joint Bookrunners and the Joint Bookrunners ’ clients and/or employees may hold shares, options or other securities of any issuer referred to in this report and may, as principal or agent, buy or sell such securities. Prospectus : This Material does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129. Accordingly, this Material has not been approved by any supervisory authority. Distribution : The information in this Material is not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. No securities referred to in this Material have been or will be registered by the Company under the U.S. Securities Ac t of 1933, as amended (the “ Securities Act ”) or the securities laws of any state of the United States. This Material may not be distributed into or in the United States or to any “US person” (as defined in Rule 902 of Regulation S under the Securities A ct). The distribution of this Material in other jurisdictions may be restricted by law and persons into whose possession this Material comes should inform themselves about, and observe, such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. Amended terms and conditions : Any investor holding Bonds and any potential investor investing in the Bonds will be bound by the amended terms and conditions of the Bonds which the investor acknowledges having accepted following a requisite majority having approved the amended terms and conditions at a written procedure, and as applicable, following any subscription of the Bonds. Applicable law : This Material is subject to Swedish law, and any dispute arising in respect of this Material is subject to the exclusive jurisdiction of Swedish courts (with District court of Stockholm as court of first instance). 2
Agenda 1.Company and financial update 2. Impact from Covid-19 and outlook 3. Transaction background and proposed amendments 4. Appendix 5. Risk factors Strictly private and confidential 3 3
1. Company and financial update Stromma at a glance Stromma – a leading experiences provider since 1800s SEKm Stromma in brief Geographic presence 1,049 • Stromma is a leading provider of Sales in 2019 Sales per geographic area experiences within sightseeing in northern 2% and continental Europe, including tours, 7.5 m 5%4% Sweden entertainment and activities for tourists, Netherlands 17% Guests in 2019 45% Denmark FINLAND SWEDEN local residents and companies Finland ALESUND GEIRANGER Norway • Stromma’s history is dating back to the early Germany NORWAY 37 % 26% HELSINKI BERGEN 1800s and currently operates in 15 locations UPPSALA OSLO STOCKHOLM Equity ratio in 2019 with headquarters in Stockholm, Sweden STAVANGER GOTHENBURG • The Rettig family has since the DENMARK ~120 establishment of Stromma been the AARHUS MALMÖ COPENHAGEN principal owner – today Stromma is fully Ships NETHERLANDS controlled by Hans von Rettig’s family AMSTERDAM interest BERLIN UTRECHT ~100 GERMANY Busses STROMMA’S ACTIVITIES AND EXPERIENCE OFFERING RESTAURANT VESSELS SIGHTSEEING SIGHTSEEING BUSSES CANAL BIKES SMALL BOATS 4
1. Company and financial update The agenda for 2020 and onwards is to strengthen the business The new Stromma will have a focus on optimising the current operations EXPANSION PHASE (2016-2019) STRENGTHENING THE BUSINESS (2020 AND ONWARDS) • • Focus on growth by expanding Stromma’s offering After years of successfully expanding business, in both existing and new markets, including the Stromma’s focus is now to consolidate existing Netherlands and Germany, to further strengthen operations and enhance profitability the market position and geographical footprint • The new strategy puts less emphasis on expansion • Expansion has been achieved both organically by and new investments, and concentrates on way of greenfield investments and through maximising the potential of current operations, acquisitions optimising distribution channels and assuring a slim and flexible cost base • As a testimony of the strategy, the group has • demonstrated a sales CAGR of 9.3% between Furthermore, Stromma will evaluate existing Q4’16 and Q4 ’19 operations with the purpose to identify any excess capacity or low-margin business that can be • The growth strategy has required significant divested investments in vessels, boats and busses, which • have been funded with a combination of Well-positioned for continued digitalisation of the internally generated cash flow, debt and equity to industry and online sales assure financial stability SUPPORTIVE OWNER IS PART OF “Our owner has been essential in the strategic journey of Stromma and THE FOUNDATION BUILDING is fully committed to the business as evidenced by SEK 225m in equity STROMMAS FUTURE FINANCIAL contribution in 2019 followed by a SEK 75m contribution in conjunction STABILITY with the contemplated bond transaction” Patric Sjöberg, CEO 5
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