Basler Ag · XETR:BSL
Basler — 9M 2024 Earnings Presentation
26 slides from Basler's earnings presentation, Nov 7, 2024
Slide 1: Nine-Month Report 2024
Nine-Month Report 2024 November 7, 2024 Hardy Mehl | CFO/COO Public | © Basler AG 1
Slide 2: Disclaimer
Disclaimer This document includes forward looking statements on Should these views or assumptions prove to be wholly or Basler AG, its subsidiaries and associates („Group“), and on partly incorrect, or should further risks arise, actual business the economic, political and/or legal conditions that m
Slide 3: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook 5. Q & A Public | © Basler AG 3
Slide 4: Weak Market Environment
Executive Summary Weak Market Environment Weak market demand continuing across all regions. After a relatively robust 2023, European region cooling-off in the first 9 months 2024. Slight recovery signs in HY1/2024 were interrupted in Q3 2024 due to seasonality effects and another market slowdown. In
Slide 5: Basler Situation 9 Months 2024
Executive Summary Basler Situation 9 Months 2024 9 months 2024 vs. 9 months 2023: Bookings yoy +4 %, Billings yoy -13 % Gross profit margin improving 9 months 2024: 46.5 %, 9 months 2023: 43.4% Pre-tax earnings: 9 months 2024: -4.9 mill. €, 9 months 2023 -16.1 mill. € Market slowdown in Q3 and outlo
Slide 6: Team
Executive Summary Team FTEs e/o Q3/2023 FTEs e/o Q3/2024 36 % 21 % 39 % 22 % Sales & Sales & Marketing Production Marketing Production 1,036 869 15 % 14 % Administration Administration 28 % 25 % R&D R&D R&D Quota: 18.7% R&D Quota: 15.5% Public | © Basler AG 6
Slide 7: Upcoming Changes in the Management Board
Executive Summary Upcoming Changes in the Management Board Hardy Mehl Alexander Dr. Dietmar Ley Temme Chief Financial Officer, Chief Executive Chief Commercial Chief Operations Officer Officer Officer Alex Temme will leave the company by e/o the year Hardy Mehl will take over the CCO role of Alex Te
Slide 8: Q3-2024 New Product Launches
Executive Summary Q3-2024 New Product Launches Software portfolio expanded by new pylon AI. Basler presented on the VISION in Stuttgart line scan, area scan,3D cameras and matching lenses, illuminations, processor boards and pylon AI Public | © Basler AG 8
Slide 9: Product Portfolio
Growth Strategy From Camera Manufacturer to Full Range Provider Product Portfolio Software Computer Vision Solution Provider Processing/ Embedded Lenses Cables Factory Medical & ITS Logistics Retail Agriculture Automation Life Science Cameras Markets/Applications Public | © Basler AG 9
Slide 10: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook 5. Q & A Public | © Basler AG 10
Slide 11: Development of Bookings and Billings
Financials Development of Bookings and Billings 59.8 56.3 * 54.1 49.5 48.5 45.6 43.5 44.0 43.741.0 39.9 * 41.5 38.6 * 34.3 * * Revenue mill. € Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 Order Entry mill. € * order entry in 2023 excluding cancellations of orders placed in previous years; no significant amount of
Slide 12: Regional Revenue Split 9 Months 2024
Financials Regional Revenue Split 9 Months 2024 9 Months 2024 Sales: € 136.7 mill. 16% 36% 48% Americas EMEA Asia Public | © Basler AG 12
Slide 13: Development of Gross Profit and Gross Margin
Financials Development of Gross Profit and Gross Margin Significant improvement since HY2 2023. Slight gross margin 48.1% 46.5% drop in Q3 2024 mainly caused 44.6% 45.0% 44.6% by low revenue and thus lower 39.3% 38.2% economies of scale 25.1 26.9 23.8 19.4 20.3 16.3 17.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Gross M
Slide 14: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin Another market slowdown in 3.0% 2.6% -2.8% -5.9% Q3 2024 caused again a drop -9.0% -8.3% in sales and a pre tax loss. -39.3% 1.8 1.3 -1.6 -2.6 -3.6 -4.1 EBT % -16.3 EBT mill. € Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 Public | © Basler AG 14
Slide 15: Profit & Loss KPIs
Financials Profit & Loss KPIs 9 Months 9 Months +/- 2024 2023 Order Entry 133.5 128.3 4% Sales 136.7 157.5 -13 % Gross Profit 63.5 68.3 -7 % Gross Profit Margin 46.5 % 43.4 % 3.1 Pp. EBITDA 9.0 3.3 >100 % EBT -4.9 -16.1 - EBT-Margin -3.6 % -10.2 % 6.6 Pp. Net Income -6.7 -17.5 62 % EPS* -0.22 -0.58
Slide 16: Development of Free Cashflow
Financials Development of Free Cashflow 8.9 M&A Investments: Q2 2024 Investment in 5.1 Roboception (25,1%) 4.3 2.3 3.6 Q3 2024 Investment in 1.0 1.9 -1.2 Basler France (75 %) -3.3 1.3 -1.5 -1.9 -2.5 -2.4 -3.4 -2.2 -3.8 -4.2 -5.3 -7.7 -4.4 FCF mill. € Q1 Q2 Q3 Q4 Q1 Q2 Q3 OCF mill. € 2023 2024 ICF mi
Slide 17: Liquidity and Cashflow, 9 Months 2024 vs. 9 Months 2023
Financials Liquidity and Cashflow, 9 Months 2024 vs. 9 Months 2023 (in mill. €) Cashflow 9 Months 2024 9 Months 2023 +/- Cash, b.o. period 32.2 28.7 +12 % Cashflow from Operations 12.8 -0.1 >100 % Cashflow from Investments -11.3 -11.0 -3 % Free Cashflow 1.5 -11.1 - Cashflow from Financing -9.8 16.1
Slide 18: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook 5. Q & A Public | © Basler AG 18
Slide 19: Basler Share vs. TecDax
Share Basler Share vs. TecDax € 11.74 € 8.99 Public | © Basler AG 19
Slide 20: Basler Shareholder Structure
Share Basler Shareholder Structure 5 % Universal Investment 3 % Union Investment 53 % Norbert Basler Holding GmbH 4 % Dr. Dietmar Ley (CEO) 2 % Treasury Shares 33 % Free Float *as e/o September 2024 Public | © Basler AG 20
Slide 21: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook 5. Q & A Public | © Basler AG 21
Slide 22: Q4/2024 Assumptions
Outlook Q4/2024 Assumptions We expect no recovery of the markets in 2024, but a sequential improvement of bookings Expect bookings to rise in Q4 compared to Q3 mainly due to seasonal effects Muted sales to continue due to excess inventories at clients. Inventory levels for most customers to normaliz
Slide 23: Forecast 2024
Outlook Forecast 2024 Under these assumptions we lowered our guidance for 2024: Revenue 178 - 184 mill. € (before 190 – 200 mill. €) EBT -8 to -12 mill. € (before EBT-Margin 0 – 3 %) Lowering personnel costs by further reduction of FTEs EBT guidance includes ~5.5 mill. € one-off costs Ongoing tight
Slide 24: Financial Mid-term Plan
Outlook Financial Mid-term Plan Mid-term perspective/assumptions Computer vision market will start to grow again – >15 % 12 % high single digit long-term CAGR expected CAGR EBT Margin Basler’s strategy addressing a bigger market, offering more room for differentiation 2027 Market recovery needs to s
Slide 25: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook 5. Q & A Public | © Basler AG 25
Slide 26: Questions & Answers
Questions & Answers Hardy Mehl Phone +49 4102 463 0 Hardy.mehl@baslerweb.com Public | © Basler AG 26