Basler Ag · XETR:BSL
Basler — Q1 2023 Earnings Presentation
23 slides from Basler's earnings presentation, May 4, 2023
Slide 1: Three-Month Report 2023
Three-Month Report 2023 May 4, 2023 Hardy Mehl | CFO/COO Public | © Basler AG
Slide 2: Disclaimer
Disclaimer This document includes forward looking statements Should these views or assumptions prove to be on Basler AG, its subsidiaries and associates wholly or partly incorrect, or should further risks („Group“), and on the economic, political and/or arise, actual business performance may differ
Slide 3: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 3
Slide 4: Executive Summary: Market Environment
Executive Summary Market Environment Market Situation ▪ German industry for vision components billings -4 % and bookings -13 %* ▪ Chip supply further normalized in Q1, 2023 ▪ Significant regional differences: ▪ Difficult market conditions in China after zero Covid policy. Rebound still muted besides
Slide 5: Executive Summary: Basler Performance
Executive Summary Basler Performance Basler Performance ▪ Bookings down -39 %, billings down -15 % ▪ High exposure to weak vertical markets and regions ▪ Ongoing cancellations in Asia, especially China ▪ Pre-tax earnings margin of -2.8 % ▪ Successful Go-Live of SAP S/4 Hana. Challenging hypercare ph
Slide 6: Executive Summary: Environmental Policy
Executive Summary Environmental Policy Basler's climate and environmental policy defines the following targets: ▪ net zero emissions in Scopes 1 and 2 by the end of 2030 ▪ a significant reduction of Scope 3 emissions in relation to sales Public | © Basler AG 6
Slide 7: Executive Summary: The Team
Executive Summary The Team FTEs e/o March 2023 37 % Sales & Marketing 21 % Production 1,139 15 % Administration 27 % R&D € 10.1 mill. R&D investments in Q1 2023 19 % from sales due to signification increase of R&D staff combined with low revenue level in Q1 Public | © Basler AG 7
Slide 8: Product Portfolio
Executive Summary From Camera Manufacturer to Full Range Provider Software COMPUTER VISION Product Portfolio FULL RANGE PROVIDER Processing/Embedded Lenses Cables Factory Medical & Life ITS Logistics Retail Automation Science Cameras 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 88.5 5.3 74 70.8 67 66 64 6.6 56 54.1 50.4 Revenue 7.6 38.7 13.3 mill. € 3.1 Order Entry mill. € Cancellations of orders placed in previous years mill. € Q1 Q2 Q3 Q4 Q1 2022 2023 Public | © Basler AG 10
Slide 11: Revenue Split by Regions Q1 2023
Financials Revenue Split by Regions Q1 2023 Strong business in Europe Weak markets in Asia and US Total € 56.3 million 14% 37% 49% Americas EMEA Asia Public | © Basler AG 11
Slide 12: Development of Gross Profit and Margin
Financials Development of Gross Profit and Margin 50.2% 51.2% 47.6% 44.5% 44.6% 38.1 33.3 30.7 29.8 25.1 Gross Margin % Gross Profit mill. € Q1 Q2 Q3 Q4 Q1 2022 2023 Public | © Basler AG 12
Slide 13: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin 13.9% 12.8% EBT % 9.2 8.7% 9.5 EBT mill. € 5.6 6.0% 4.0 -1.6 Q1 Q2 Q3 Q4 Q1 -2.8% 2022 2023 Public | © Basler AG 13
Slide 14: P&L KPIs Q1/2023 versus Q1/2022
Financials P&L KPIs Q1/2023 versus Q1/2022 (in € mill.) Q1/2023 Q1/2022 +/- Order Entry 54.1 88.5 -39 % Sales 56.3 66.3 -15 % Gross Profit 25.1 33.3 -25 % Gross Profit Margin 44.6 % 50.2 % -5.6 Pp. EBITDA 3.6 13.4 -73 % EBIT -1.2 9.3 >-100 % EBT -1.6 9.2 >-100 % EBT-Margin -2.8 % 13.9 % -16.7 Pp. Ne
Slide 15: Development of Free Cashflow
Financials Development of Free Cashflow 9.9 8.6 FCF mill. € 6.8 -5.1 -0.9 -3.3 OCF mill. € ICF mill. € -4.2 -3.1 -6.3 -5.4 -7.7 -4.4 -12.8** -28.1 -22.9 * Q1 Q2 Q3 Q4 Q1 2022 2023 * extraordinary M&A investment (DATVISION and IOVIS, Korea) ** extraordinary M&A investment (Basler Italy and Basler Fra
Slide 16: Cashflow Q1-2023 vs. Q1-2022
Financials Cashflow Q1-2023 vs. Q1-2022 (in € mill.) CASHFLOW Q1/2023 Q1/2022 +/- Cash, b.o. period 28.7 54.8 -48 % Cashflow from -3.3 -5.1 -36 % Operations Cashflow from -4.4 -22.9 -81 % Investments Free Cashflow -7.7 -28.1 -73 % Cashflow from Financing -2.0 13.6 >-100 % Cash, e.o. period 19.0 40.4
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 140 120 100 80 € 29.85 60 € 22.25 40 20 Basler Aktie 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: Assumptions upcoming 2023
Outlook Assumptions upcoming 2023 For upcoming 2023, we expect: ▪ Gloomy market conditions: ▪ order entries to stay on a low level in Q2 but cancellations will phase out ▪ recovery expected in HY2/2023 ▪ geopolitical uncertainties remain ▪ high competition intensity in China ▪ Gross margins expected
Slide 21: Outlook: Forecast 2023
Outlook Forecast 2023 Under these assumptions and even with the very weak start into the year we confirm our guidance for 2023: ▪ Revenue € 235 - 265 mill. ▪ EBT-Margin 5 - 8 % In order to keep the company above 5% pre-tax profit margin even in the lower area of the revenue corridor we already imple
Slide 22: Outlook: Financial Mid-term Plan
Outlook Financial Mid-term Plan >15 % 12 % CAGR EBT Margin 2025 € 400 mill. 70 % Revenue CCR* * Cash Conversation Rate FCF/EAT (excl. M&A transactions) Public | © Basler AG 22
Slide 23: Questions & Answers
Questions & Answers Hardy Mehl Phone +49 4102 463 0 Hardy.mehl@baslerweb.com Public | © Basler AG 23