Slide 1: FY 2022 Results
FY 2022 Results 2022 FY Results Investor Meeting Analysts Conference Call March 8, 2023 Public Use – Information is available for all
Slide 2: Strong profitable growth in 2022 in line with guidance despite major headwinds
Strong profitable growth in 2022 in line with guidance despite major headwinds CMD 11/9 €m 2021 2022e 2022 actual Revenue 423 600+ 621 VCM 91.5 125-132 131.4 % of sales 21.6% 21-22% 21.2% Opex (59.1) ~(72) (72.9) % of sales 14% 12% 11.7% EBITDA 32.3 53-60 58.6 % of sales 7.6% 9-10% 9.4% 2
Slide 3: 2022 FY Results
2022 FY Results (€m) * FY 2022 FY 2021 D Revenues 620.9 422.9 +47% Variable Costs Margin 131.4 91.5 +44% % of revenues 21.2% 21.6% -0.4pt › +47% revenue growth Opex (72.9) (59.1) +23% % of revenues -11.7% -14.0% -2.3 pts › €58.6m EBITDA (+81% vs. 2021) EBITDA 58.6 32.3 +81% 9.4% of sales. +2pts vs.
Slide 4: 2022 Major Headwinds: EUR/USD Exchange Rate
2022 Major Headwinds EUR/USD Exchange Rate EUR / USD Evolution 1,3 1,2 › 100% COGS denominated in USD 1,2 › In 2022 we succeeded in invoicing 1,1 50% of our revenues in USD 1,1 › The evolution of the EUR/USD 1,0 exchange rate resulted in a 1,0 detrimental impact on the VCM rate: 0,9 › At constant EU
Slide 5: 2022 Major Headwinds: Unit Costs Increase due to past supply chain shortages
2022 Major Headwinds Unit Costs Increase due to past supply chain shortages Reference Unit COGS Evolution 2.6" Unit COGS Evolution 108 106 › Throughout 2021 and 2022 ESL Unit 104 COGS in USD have continuously increased due to the tensions on the 102 components market 100 98 › However, improving tren
Slide 6: Opex ratio keeps improving towards ~10% target
Opex ratio keeps improving towards ~10% target €m and % of sales 110 21% 19% 20% 16% 95 14% 15% 80 12% 72,8 10% 65 59,1 5% 50 46,5 47,2 0% 40 35 -5% 20 -10% 2018 2019 2020 2021 2022 Opex Opex ratio 6
Slide 7: EBITDA almost doubled in 2022 vs. 2021
EBITDA almost doubled in 2022 vs. 2021 Combined effects of: €m (+) VAS improving profitability. (-) EUR/USD Forex (+) price increases (-) higher COGS 80 -2,8 70 -13,7 60 42,8 › Strong EBITDA increase 50 by +81% (+1.8pt) › driven by Revenue growth 40 › despite major headwinds 30 58,6 offsetting selli
Slide 8: R&D Capex increase to develop our next-generation digital shelf system
R&D Capex increase to develop our next-generation digital shelf system €m 60 51.1 50 40 R&D + IT › Capex increased from €30m to 29.9 €51m mainly driven by R&D 30 Other capitalized expenses to develop our Hardware as a service next-generation digital shelf system 20 Industrial 10 0 2021 2022 8
Slide 9: Leverage < 1x despite significant R&D investments and China JV de-consolidation
Leverage < 1x despite significant R&D investments Before IFRS 16 and China JV de-consolidation FY 2022 FY 2021 EBITDA 56.3 30.0 Capex (51.3) (29.9) Change in Working Capital (27.7) (3.3) Operational Cash-Flow (22.7) (3.2) Financial result (5.2) (0.2) › Improving Ebitda partially offset by Tax (2.0)
Slide 10: Outlook 2023 in line with VUSION'27 plan
Outlook 2023 in line with VUSION’27 plan › For 2023, the order book and opportunities pipeline support a high-level of confidence in our top-line objective of €800m. › Based on the favorable trend in components’ costs and forex, combined with the expected strong increase in VAS, the Group anticipate
Slide 11: VUSION 2027 Key figures
VUSION 2027 Key figures €m 2017 2022 2027e Revenue 153 621 2,200 VCM 40 131.4 700 % of sales 26% 21.2% 32% Opex (34) (72.9) (220) % of sales 22% 11.7% 10% EBITDA 6 58.6 480 % of sales 4% 9.4% 22% 11