Ebusco Holding N.v. · EURONEXT:EBUS
Ebusco — FY2023 Earnings Presentation
23 slides from Ebusco's earnings presentation, 2024
Slide 1: Full Year Results 2023
Sensitivity: General FULL YEAR RESULTS 2023
Slide 2: Management Board
MANAGEMENT BOARD Peter Bijvelds Frank Meurs Bob Fleuren Jurjen Jongma Founder & Co-CEO Co-CEO ad interim COO CFO 2 23
Slide 3: Cautionary Statement
Cautionary Statement Any forward-looking statements in this presentation refer to future events and may be expressed in a variety of ways, such as “expects”, “projects”, “anticipates”, “intends” or other similar words (“Forward-looking statements”). Ebusco Holding N.V. (“Ebusco”) has based these for
Slide 4: Agenda
Agenda 1 Overview 2023 2 Financial Performance 2023 3 Outlook 2024 4 Q&A 4 43
Slide 5: Overview 2023
OVERVIEW 2023 53
Slide 6: Operational Review
OPERATIONAL REVIEW Order book grew from Assembly strategy 900,000 kilometres driven 1,474 to 1,719 buses, implemented with first buses with the Ebusco 3.0 buses enabling production well shipped within six months by our customers into 2025 after start production Exceptional real road performance of t
Slide 7: Order Book
ORDER BOOK BUSES ENERGY Fixed Option Energy Storage System (ESS) 4 - Fixed Call off Option Total Mobile Energy Container (MEC) 20 - Ebusco 2.2 158 199 660 1,017 Ebusco Maritime Battery (EMB) 2 - Ebusco 3.0 575 0 127 702 Ebusco Charging System (ECS) 12 5 Total 733 199 787 1,719 Total 38 5 73
Slide 8: Financial Review
FINANCIAL REVIEW Cash & Cash 2023 revenue arrived EBITDA loss of Net loss for the year equivalants of at €102.4 million €95.7 million of €120.1 million €27.9 million Successfull ABB & Contract assets of Inventories of €106.5 convertible bond €67.6 million million placement end of 2023 8 83
Slide 9: Management Actions to Drive Improvements
MANAGEMENT ACTIONS TO DRIVE IMPROVEMENTS I. II. III. New leadership team New assembly strategy Cost and working in place implemented capital reduction 9 93
Slide 10: I. New Leadership Team in Place
I. NEW LEADERSHIP TEAM IN PLACE Accelerate and implement the adapted assembly strategy • New CFO since September 2023 and Co-CEO ad interim on board since January 2024 • New COO will start on 1 June 2024 focused on production, supply chain, and procurement • Redesigned organisational structure with
Slide 11: II. Adjusted Assembly Strategy
II. ADJUSTED ASSEMBLY STRATEGY Scale up of production through third-party assembly partners Rational • Improved delivery reliability • Flexible cost base • De-risking supply chain • Access to a deeper pool of skilled employees • Higher vehicle gross margin Results • First shipment within 6 months af
Slide 12: III. Cost and Working Capital Reductions
III. COST AND WORKING CAPITAL REDUCTIONS Leading to improved performance and increased predictability Cost reductions • Structural lower direct employee expenditures due to adapted production strategy • Reduced commercial activities outside of Europe • Other operational cost efficiency measures Work
Slide 13: 288 Ebusco 3.0 Buses Are in Production
288 EBUSCO 3.0 BUSES ARE IN PRODUCTION Throughout various stages 198 145 92 53 50 18 33 301 buses in design and sourcing phase 288 buses in production/delivery phase Design & Transport Assembly Transport Assembly Procurement PDI/Delivery Engineering parts casco casco & CSE bus 133
Slide 14: Financial Performance 2023
FINANCIAL PERFORMANCE 2023 143
Slide 15: Profit and Loss Statement
PROFIT AND LOSS STATEMENT 1 REVENUES • Supply chain disruptions and a delayed transfer of ownership of buses as well as delay in certification of Ebusco Energy containers shifted deliveries from 2023 to 2024 • Revenue impacted negatively due to late delivery penalties (€5.3 Summary of financials (€k
Slide 16: Revenue Bridge Guidance 2023 vs FY2023
REVENUE BRIDGE GUIDANCE 2023 VS FY2023 Revenue FY 2023 (€k) 1 2 3 1 BUS REVENUE SHIFTED INTO 2024 2 IFRS 15 AND PENALTIES 3 MEC REVENUE SHIFTED INTO 2024 • Delayed finalization of assembly and ownership transfer • Higher Penalties and Future Performance Obligations • Delayed certification of Mobile
Slide 17: Gross Profit Normalisation
GROSS PROFIT NORMALISATION Adjusted bus gross profit (€k) 6,000 24,333 2,889 1 IFRS 15 & PENALTIES 9,723 • Future performance obligations of €4.5 million • Late delivery penalties on project of €5.3 million 2 PROJECT RE-ALLOCATION COST 5,721 • Mainly cost for wo onerous contracts for an amount of €2
Slide 18: Cash Flow Statement
CASH FLOW STATEMENT Summary of financials (€k) 2023 2022 Change EBITDA (95.733) (34.808) (60.925) Increase (decrease) provisions 8.863 (206) 9.069 1 NET CASH FLOW OPERATING ACTIVITIES Change in NWC (16.935) (64.016) 47.081 • Change in net working capital: Gain/ (Loss) on disposal of PP&A 75 - 75 1.
Slide 19: Balance Sheet
BALANCE SHEET Summary of financials (€k) 2023 2022 Change 1 FIXED ASSETS Intangible fixed assets 49,888 47,595 2,293 1 Tangible fixed assets 38,299 17,709 20,590 • Large increase in tangible fixed assets mainly due to investments Financial fixed assets 3,161 17,442 (14,281) in warehouse Venray and t
Slide 20: Outlook 2024
OUTLOOK 2024 203
Slide 21: Outlook 2024
OUTLOOK 2024 • Key management actions will structurally improve financial and operational performance and increase predictability in 2024 and beyond • 2024 revenue expectation in excess of €325 million reiterated • 2024 operational expenditures expected to arrive below the 2023 level • The combinati
Slide 22: Q&A
Q&A 223
Slide 23: Made to Move People
ESUSCO” MADE TO MOVE PEOPLE www.ebusco.com