Basler Ag · XETR:BSL
Basler — H1 2024 Earnings Presentation
26 slides from Basler's earnings presentation, Aug 8, 2024
Slide 1: Six-Month Report 2024
Six-Month Report 2024 August 8, 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 HY1
Executive Summary Weak Market Environment HY1 Weak market demand continuing across all regions. After a relatively robust 2023, European region cooling-off too. Slight signs of recovery in logistics and semiconductor. All other verticals still slow. Inventory levels at customers reducing but still a
Slide 5: Basler Situation HY1
Executive Summary Basler Situation HY1 We are making progress. Topline still impacted by weak market environment. HY1-2024 vs. HY1-2023: Bookings yoy -2 %, billings yoy -20 % Q2-2024 vs. Q1-2024: Bookings +10 %, billings +14 % Gross profit margin improving HY1-2024: 46.5 %, Q2-2024: 48.1 % Restructu
Slide 6: Team
Executive Summary Team FTEs e/o HY1/2023 FTEs e/o HY1/2024 38 % 21 % 39 % 22 % Sales & Sales & Marketing Production Marketing Production 1,117 882 15 % 14 % Administration Administration 26 % 25 % R&D R&D Public | © Basler AG 6
Slide 7: Q2-2024 New Product Launches
Executive Summary Q2-2024 New Product Launches 3D image processing product line Frame Grabber portfolio expanded by industrial-grade Stereo Visard expanded by powerful, programmable camera series. imaFlex CXP-12 Quad model. ace 2 X short-wave infrared camera family Software portfolio expanded by fou
Slide 8: Investment in Robot Vision Company
Investment in Robot Vision Company We aquired a 25.1 % stake in Roboception GmbH, one of the pioneering companies in the field of intelligent 3D sensors for robotic vision. About Roboception GmbH Founded in 2015, based in Munich ~ 14 employees Core products: 3D sensors & 3D software suite www.roboce
Slide 9: Product Portfolio
Executive Summary From Camera Manufacturer to Full Range Provider Product Portfolio Software Computer Vision Solutions Provider Processing/ Embedded Lenses Cables Factory Medical & ITS Logistics Retail 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 39.9* 41.5 38.6 * * 34.3 * Revenue mill. € Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 Order Entry mill. € * order entry in 2023 excluding cancellations of orders placed in previous years; no significant amount of cancellation
Slide 12: Regional Revenue Split HY1-2024
Financials Regional Revenue Split HY1-2024 Regional distribution of sales has shifted slightly back from EMEA towards HY1-2024 Sales: € 93.0 mill. Asia. 16% 35% 49% Americas EMEA Asia Public | © Basler AG 12
Slide 13: Development of Gross Profit and Gross Profit-Margin
Financials Development of Gross Profit and Gross Profit-Margin Significant improvement of gross margin despite 48.1% 45.0% negative influences: 44.6% 44.6% 39.3% Spot buys legacy 38.2% Currency effects (RMB, Yen) 25.1 26.9 23.8 Price pressure China 17.4 19.4 16.3 Low economies of scale/ low utilizat
Slide 14: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin Market headwinds resulted 3.0% 2.6% -2.8% in sales around break-even -9.0% -8.3% point Achieved significant -39.3% improvements in cost structures and 1.8 1.3 gross profit margins -2.2 -1.6 -6.0 -3.6 -4.1 EBT % -16.3 EBT mill. € Q1 Q2 Q3 Q4 Q1 Q2 EBT befo
Slide 15: P&L KPIs, HY1-2024 vs. HY1-2023
Financials P&L KPIs, HY1-2024 vs. HY1-2023 (in mill. €) HY1-2024 HY1-2023 +/- Order Entry 92.5 94.0 -2 % Sales 93.0 116.1 -20 % Gross Profit 43.2 52.0 -17 % Gross Profit Margin 46.5 % 44.8 % +1.7 Pp. EBITDA 7.1 10.7 -34 % EBIT -1.8 1.0 >-100 % EBT -2.3 0.2 >-100 % EBT-Margin -2.5 % 0.2 % -2.7 Pp. Ne
Slide 16: Development of Free Cashflow
Financials Development of Free Cashflow 4.3 5.1 Free Cashflow Improvement from Q1 to Q2 2.3 1.0 1.9 Weak markets muted -3.3 1.3 -1.2 earnings and operational cashflow -1.5 -1.9 Slow inventory reduction due -2.5 -2.4 -3.4 to weak demand -2.2 -3.8 -4.2 Investment in Roboception (25,1%) in Q2-2024 -7.7
Slide 17: Liquidity and Cashflow, HY1-2024 vs. HY1-2023
Financials Liquidity and Cashflow, HY1-2024 vs. HY1-2023 (in mill. €) Cashflow HY1-2024 HY1-2023 +/- Cash, b.o. period 32.2 28.7 +12 % Cashflow from Operations 3.9 -1.0 >100 % Cashflow from Investments -6.0 -8.5 -30 % Free Cashflow -2.1 -9.6 - 78 % Cashflow from Financing -6.4 16.2 >-100 % Cash, e.o
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 € 10.62 Public | © Basler AG 19
Slide 20: Basler Shareholder Structure
Share Basler Shareholder Structure 5 % Union Investment 3 % Universal Investment 53 % Norbert Basler Holding GmbH 4 % Dr. Dietmar Ley (CEO) 2 % Treasury Shares 33 % Free Float *as e/o June 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: HY2-2024 Assumptions
Outlook HY2-2024 Assumptions We expect a stepwise but slower recovery of market demand Market demand to rise gradually towards year end Muted sales to continue due to excess inventories at clients. Inventory levels at customers to normalize over the course of the coming months Geopolitical uncertain
Slide 23: Forecast 2024
Outlook Forecast 2024 Under these assumptions we confirm and narrow our guidance for 2024: Revenue 190 - 200 mill. € (before 190 – 210 mill. €) EBT-Margin 0 − 3 % (before 0 – 5 %) Moderate topline improvement over the course of HY2-2024 Further gross margin improvements in HY2-2024 Ongoing tight ope
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 expected t
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