Invisio Ab · OMXSTO:IVSO
Invisio Ab — Q1 2022 Earnings Presentation
16 slides from Invisio Ab's earnings presentation, May 5, 2022
Slide 1: First Quarter 2022 Investor Conference Call
Protection at work, a better life at home Protection at work, a better life at home COMPANY CONFIDENTIAL Investor Conference Call, May 5, 2022 First Quarter 2022 CEO Lars Højgård Hansen 1
Slide 2: Highlights in Q1 2022
Highlights in Q1 2022 • Record high order intake. • Strongest order book ever. • Deliveries still lagging • New framework agreement and a large first order with a European vehicle program. • Several substantial orders and a new framework agreement with the UK MoD. COMPANY CONFIDENTIAL • Larger defen
Slide 3: Financial result Q1, 2022
Financial result Q1, 2022 2022 2021 2021 SEK in millions Jan-Mar Jan-Mar ∆% Full year Revenue 137.4 143.7 -4 593.0 Gross profit 82.1 82.7 -1 340.4 Gross margin, % 59.7 57.5 57.4 EBITDA 7.8 23.5 -67 69.9 EBITDA margin, % 5.7 16.3 11.8 Operating profit/loss -3.8 12.8 -130 24.9 Operating margin, % -2.8
Slide 4: Record high order intake and order book
Record high order intake and order book … Order intake per quarter and rolling 12 months Order book per quarter and rolling 12 months (SEK million) (SEK million) 450 1 000 600 300 400 350 800 500 250 300 400 200 250 600 200 300 150 400 150 200 100 100 200 50 100 50 0 0 0 0 Q3 2021 Q3 2020 Q3 2019 Q3
Slide 5: Lagging deliveries affect sales but gross margin at a sound level
Lagging deliveries affect sales but gross margin at a sound level Sales per quarter and rolling Gross profit per quarter (MSEK) and 12 months (MSEK) rolling 12 months (per cent) 250 700 150 65% 600 200 120 62% 500 150 400 90 59% 100 300 60 56% 200 50 30 53% 100 0 0 0 50% Q3 2021 Q3 2020 Q3 2019 Q3 2
Slide 6: OPEX trending flat but weak sales strain margins
OPEX trending flat but weak sales strain margins Operating expenses per quarter EBITDA per quarter (MSEK) EBIT per quarter (MSEK) and (SEK million) and rolling 12 months (per cent) rolling 12 months (per cent) 100 80 30% 95 30% 80 25% 75 25% 60 60 20% 20% 55 40 15% 15% 40 35 10% 10% 20 20 5% 15 5% 0
Slide 7: Five-year framework agreement and a first order of SEK 91 million
55-year framework agreement, worth up to SEK 275 million, and a first order of SEK 91 million INVISIO has received a first initial order under the five-year framework agreement that the company announced in early 2022. The contract is with the system integrator of the end-customer’s vehicle moderniz
Slide 8: Orders and agreements with UK MoD
Orders and agreements with UK MoD 1) SEK 89 million order for the new INVISIO V-Series Gen II platform for use on armored fighting vehicles. 2) Further deliveries to the Tactical Hearing Protection System Dismounted Close Combat Users program. Order value SEK 29 million. COMPANY CONFIDENTIAL 3) Long
Slide 9: Greater geopolitical uncertainty
Greater geopolitical uncertainty Substantially increased defense budgets in coming years. • Short term: limited impact on INVISIO. • Long term: larger budgets and more soldiers will mean an increased demand. COMPANY CONFIDENTIAL The need for modern communication equipment with hearing protection is
Slide 10: Outlook: return to more normal conditions and continued strong order intake
We believe in a return to more normal conditions during the year and a continued strong order intake. Particular focus during 2022 will lie on marketing of our many new products. We will resume our geographic expansion, mainly in Asia, but also in the Middle East and South America. COMPANY CONFIDENT
Slide 11: Questions and answers
COMPANY CONFIDENTIAL 11 Questions and answers
Slide 12: Appendix
Appendix INVISIO
Slide 13: Condensed consolidated income statement and statement of comprehensive income
Condensed consolidated income statement and consolidated statement of comprehensive income 2022 2021 2021 SEK in millions Note Jan-Mar Jan-Mar Full year Revenue 2 137.4 143.7 593.0 Cost of goods sold -55.4 -61.1 -252.6 Gross profit 82.1 82.7 340.4 Operating expenses* 3 -85.9 -69.9 -315.5 Operating p
Slide 14: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position SEK in millions Assets Note 31/03/2022 31/03/2021 31/12/2021 Goodwill 54.4 54.7 54.5 Capitalized development costs 3 93.6 96.6 92.6 Other intangible assets 3 86.0 104.4 89.3 Property, plant and equipment 3 16.2 19.2 17.1 Right-of-use assets, lea
Slide 15: Condensed consolidated statement of cash flow
Condensed consolidated statement of cash flow 2022 2021 2021 SEK in millions Note Jan-Mar Jan-Mar Full year Operating activities Profit/loss before tax -4.0 10.7 23.5 Adjustments for non-cash items 16.3 12.4 47.7 Income tax paid -1.4 -1.0 -9.0 Cash flow from operating activities before changes in wo
Slide 16: Depreciation/amortization
Depreciation/amortization 2022 2021 2021 SEK in millions Q1 Q1 Full year Depreciation of capitalized development costs 5.1 4.5 18.9 Amortization of Other intangible assets* 3.3 2.0 11.1 Amortization of Right of use assets, leases 1.8 3.1 9.3 Depreciation of Property, plant and equipment 1.4 1.2 5.7