Vusion · EURONEXT:VU
Vusion — FY2020 Earnings Presentation
17 slides from Vusion's earnings presentation, Mar 31, 2021
Slide 1: FY 2020 Results Presentation
FY 2020 RESULTS PRESENTATION March 31, 2021
Slide 2: 2020 Achievements
2020 Achievements
Slide 3: Sustainable Strong Growth
SUSTAINABLE OE in M€ Sales in M€ Continued growth STRONG GROWTH 500 in 2020 despite COVID: 450 2020 OE: €455m (+35%) HIGHLY RESILIENT 400 MARKET 350 10-year CAGR: +21% p.a. -------------------------------- 300 2020 sales: FY20: €290m (+17%) 250 - Revenue +17% - Order Entry +35% 200 -----------------
Slide 4: 2020 FY Sales
2020 FY SALES Revenue 290 350 268 300 150 246 245 250 98.5 100 200 67.6 73.4 150 50.8 50 100 50 Q4 Sales of €97m (+29%) 0 0 2020-Q1 2020-Q2 2020-Q3 2020-Q4 H2 Sales of €172m (+36%) Quarter 12 month rolling Record increase in Q4 order entries to €200m (€455m on a 250 Order Entry 455 500 full year bas
Slide 5: Revenues by Geography (€M)
Revenue in M€ REVENUES BY 290 GEOGRAPHY 248 (€M) -31% 47 67 EUROPE -2% vs 2019 - Strong impact of COVID 160 - Contrasted situation between +11% Germany & North Europe (strong 144 growth) and France & South Europe (tough impact of pandemic +133% on sales) 84 36 - Europe back to growth in H2 2019 2020
Slide 6: 2020 FY Results
2020 FY Results
Slide 7: 2020 FY Results
2020 FY RESULTS Changes 2020 / 2020 2019 2019 Revenues 290,3 247,6 17% +17% revenue growth Variable Costs Margin 63,2 50,5 25% Strong profitability % of revenues 21,8% 20,4% +1.4 pt (47,2) (46,5) 2% improvement Opex -16,3% -18,8% -2.5 pts % of revenues EBITDA 16,0 4,0 300% VCM +25% % of revenues 5,5
Slide 8: Strong EBITDA improvement at constant EUR/USD exchange rate
Strong EBITDA improvement at constant EUR/USD exchange rate €m • 2020 Ebitda x4 vs. 2019 -0.8 2.5 • Ebitda growth driven 1.6 • by higher volume 16.0 • higher margins on 8.7 5.5% deals • Strict Opex control 4.0 1.6% • Limited impact of the EUR/USD exchange rate Ebitda 2019 Volume effect 2019 / 2020 V
Slide 9: Revenues ESL vs. VAS (€M)
REVENUES ESL VS. 290 VAS* 248 (€M) ESL revenues grew +11% +11% VAS revenues grew +64% VAS represent 13% of +64% total revenues (vs. 10%+ 13%+ in 2019) 2019 2020 VAS revenues are more VAS ESL profitable than ESL *Definitions: ESL Revenues à ESL and related hardware (fixings, access points, accessorie
Slide 10: ESL Revenues Breakdown
ESL REVENUES BREAKDOWN ESL revenues INSTALLED BASE (IB) VS NEW INSTALLATIONS (NI) Installed Base (IB) ESL revenues include recurring reassortment, replacements, extensions, on already installed stores NI IB revenues represent 25%+ of total ESL revenues IB revenues grow approx. +20% p.a. +22% ie the
Slide 11: Opex ratio continues to improve toward our ~10% target
Opex ratio continues to improve toward our ~10% target €m and % of sales 21% 22% 19% 60 16% 17% +2% 45 47.2 10% 12% 46.5 40.0 30 7% 15 2% 0 -3% 2018 2019 2020 2023 Opex Opex ratio 11
Slide 12: EBIT to EBITDA reconciliation (€m)
EBIT to EBITDA reconciliation (€m) As of, in M€ Dec. 31, 2020 Dec. 31, 2019 Operating Income (EBIT) (5.0) (14.6) - GdW amortization (0.9) (0.9) - Equity / debt / M&A related fees (0.3) (0.8) - Performance Shares Plan (IFRS2) (0.7) - Onerous contracts (0.9) - Disaster (0.9) - US / China custom duties
Slide 13: Positive Net Cash EoY
Positive Net Cash EoY €m / before IFRS16 FY 2020 FY 2019 EBITDA 13.4 1.7 Capex (29.5) (36.2) Change in Working Capital 6.4 41.2 Operational Cash-Flow (9.7) 6.7 Financial result (3.8) (2.3) Tax (0.6) Others 0.6 (4.0) Total Cash-flow (13.5) 0.4 Capital Increase 34.3 Change in Net Debt (13.5) 34.7 Net
Slide 14: Total investments decreased by 20% but R&D and innovation strengthened
Total investments decreased by -20% (-8M€) but R&D and innovation efforts are strengthened €m FY 2020 FY 2019 R&D and IT investments 18.1 14.0 Industrial investments 2.3 16.5 Customer base acquisition JV China 2.6 Hardware as a service 7.7 2.5 Others 1.4 1.6 TOTAL CAPEX 29.5 37.2 14
Slide 15: Business model and profitability drivers
Business model and profitability drivers Profit 1. High value-add solutions on-top of ESL installed base improvement 2. Continued operational leverage drivers 3. Cost competitiveness in % of sales Higher mix of SWS / VAS VCM 26% Strong €/$ impact Higher recurring revenue from Target 25% 21.8% instal
Slide 16: Vusion-23 Plan
VUSION-23 PLAN 2023 ~€800m EBITDA 15% Revenue in €m ACCELERATION 2021 WORLDWIDE 2020 ~€400m €290m (+17 ACCELERATION 300 290%) EUROPE + 247 TAKE-OFF 250 10-year CAGR +20% p.a. ROW 188 200 177 153 150 111 ROW 100 82 81 10% >25% 50% 59 63 44 50 Europe 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 17: Thank you & stay safe!
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