Basler Ag · XETR:BSL
Basler — Q1 2022 Earnings Presentation
24 slides from Basler's earnings presentation, May 4, 2022
Slide 1: 3-Month Report 2022
3-Month Report 2022 May 4, 2022 Hardy Mehl | CFO/COO Public | © Basler AG
Slide 2: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 2
Slide 3: Executive Summary: Market Environment
Executive Summary Market Environment Market Highlights ▪ German industry for vision components billings +13 % and bookings +16 %* ▪ Strong demand started to cool of a bit at the end of the quarter ▪ High order backlogs and long lead times/order horizons ▪ Chip supply remains challenging ▪ Consolidat
Slide 4: Executive Summary: Basler Performance
Executive Summary Basler Performance Basler Highlights ▪ Bookings up 25 % and billings up 21 %, quarterly sales record with € 66.3 million ▪ Earnings before tax margin 14 % ▪ Stable gross margins in comparison to HY2 2022 ▪ Free cash flow with significant extraordinary effects due to acquisitions in
Slide 5: Executive Summary: The Team
Executive Summary The Team 39% Sales & Marketing • Ongoing hiring program with over 22 % Production 100 new hires in 2022 • M&A transaction: We have 998* welcomed ~50 new colleagues in Korea b/o 2022 (incl.) 15 % Administration 24 % R&D *fulltime equivalent jobs, March 31st, 2022 Public | © Basler A
Slide 6: Main Product Introductions Q1/2022
Executive Summary Main Product Introductions Q1/2022 High investments in R&D in Q1 (€ 7.8 million; ~12% from sales) but still disrupted by the impact of the cyber attack that had happened at the end of last year. As planned, only a few new products were launched in Q1, 2022: ▪ Basler continues to ex
Slide 7: Full-Line Provider
Executive Summary Full-Line Provider Integration / Customized Solutions Products / Components Software © Public | © Basler AG 7
Slide 8: From Camera Manufacturer to Full Range Provider
Executive Summary From Camera Manufacturer to Full Range Provider Computer Vision Processing/Embedded Full Range Product Portfolio Provider Lenses Cables Cameras Factory Medical & ITS Logistics Retail Automation Life Science Markets/Applications Public | © Basler AG 8
Slide 9: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 9
Slide 10: Development of Bookings and Billings
Financials Development of Bookings and Billings 85 85 85 84 Revenue mill. € 67 66 Order Entry mill. € 61 55 49 50 Q1 Q2 Q3 Q4 Q1 2021 2022 Public | © Basler AG 10
Slide 11: Revenue Split by Regions
Financials Revenue Split by Regions Total 66.3 mill. Euro 17% 27% 56% Americas EMEA Asia Public | © Basler AG 11
Slide 12: Development of Gross Profit and Margin
Financials Development of Gross Profit and Margin Gross Profit mill. € 54.6% 54.3% Gross Margin % 51.2% 49.1% 50.2% 32.9 33.3 29.8 25.7 24.2 Q1 Q2 Q3 Q4 Q1 2021 2022 Public | © Basler AG 12
Slide 13: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin 18.1% 17.8% EBT % 13.9% EBT mill. € 7.7% 6.8% 10.8 9.9 9.2 3.8 3.4 Q1 Q2 Q3 Q4 Q1 2021 2022 Public | © Basler AG 13
Slide 14: P&L KPIs Q1/2022 versus Q1/2021
Financials P&L KPIs Q1/2022 versus Q1/2021 (€ mill.) Q1/2021 Q1/2022 +/- Order Entry 67.3 84.2 +25 % Sales 54.6 66.3 +21 % Gross Profit 54.6 % 50.2 % -4.4 Pp. EBITDA 14.7 13.4 -9 % EBIT 10.1 9.3 -8 % EBT 9.9 9.2 -7 % EBT-Margin 18.1 % 13.9 % -4.3 Pp. Net Income 7.8 6.8 -13 % EPS* 0.78 0.68 -13 % *Al
Slide 15: Development Free Cashflow
Financials Development Free Cashflow FCF mill. € 15.0 OCF mill. € 8.7 ICF mill. € 4.7 9.6 1.0 5.4 -3.1 -5.1* Q1 Q2 Q3 Q4 Q1 -3.6 -3.3 -2.9 -5.5 -6.0 * Increasing AR due to higher sales and inventory increase ** by M&A transactions -22.9 ** extraordinary M&A investments (DATVISION and IOVIS, Korea) -
Slide 16: Liquidity and Cashflow Q1/2022 vs. Q1/2021
Financials Liquidity and Cashflow Q1/2022 vs. Q1/2021 (in € mill.) 2021 2022 +/- Cash, b.o. period 47.9 54.8 +15 % Cashflow from Operations 4.7 -5.1 n.a. Cashflow from Investments -3.6 -22.9 n.a. Free Cashflow 1.0 -28.1 n.a. Cashflow from Financing -1.9 13.6 n.a Cash, e.o. period 47.0 40.4 -14 % Pub
Slide 17: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 17
Slide 18: Basler Share versus TecDax
Share Basler Share versus TecDax 120 100 80 60 40 Basler Aktie 20 TDXP Index 0 Public | © Basler AG 18
Slide 19: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 19
Slide 20: Outlook: Market Environment
Outlook Market Environment For 2022, we expect: ▪ Order entries and order horizons to stay high in HY1 and starting to slow down in HY2 ▪ Revenue growth limited by supply shortages ▪ Gross margins continues to be impacted by expensive spot buys ▪ Organization and thus HR and Opex costs to increase o
Slide 21: Forecast 2022
Outlook Forecast 2022 Under these assumptions we confirm our guidance with a double digit growth and a sound profitability for 2022: ▪ Revenue 235 - 265 mill. € ▪ EBT-Margin 9 - 12 % We will continue to hire and further scale up the organization in order to support our mid-term plan… Public | © Basl
Slide 22: Financial Mid-term Plan
Outlook Financial Mid-term Plan >15% 12 % CAGR EBT-Margin 2025 ~400 mill. € 70 % Revenue CCR* * C ash C onversation Rate FCF/EAT (excl. M&A transactions) Public | © Basler AG Date | Author 22
Slide 23: Disclaimer
Disclaimer This document includes forward looking statements on Basler AG, its subsidiaries and associates, and on the economic und political conditions that may influence the business performance of Basler AG. All these statements are based on assumptions made by the Executive Board using informati
Slide 24: Questions & Answers
Questions & Answers Verena Fehling Phone +49 4102 463 101 Verena.Fehling@baslerweb.com Public | © Basler AG 24