Basler Ag · XETR:BSL
Basler — Q1 2015 Earnings Presentation
41 slides from Basler's earnings presentation, May 6, 2015
Slide 1: Final Results Q1 2015
Final Results Q1 2015 Hardy Mehl (CFO/COO) May 6th, 2015 1
Slide 2: Disclaimer
Disclaimer This document includes forward looking statements on Basler AG, its subsidiaries and associates, and on the economic und political conditions that may influence the business performance of Basler AG. All these statements are based on assumptions made by the Executive Board using informati
Slide 3: Agenda
Agenda Company Profile Growth Strategy Review & Financials Outlook 3
Slide 4: Company Profile: Who We Are
Company Profile Who We Are A public listed family business The most trusted name in industrial cameras Founded in 1988 417 employees* Revenues € 79 million (2014) Headquarters in Ahrensburg, Germany *FTEs as of March 31, 2015 4
Slide 5: Company Profile: What We Make
Company Profile What We Make Cameras, made for professional users (e.g. OEMs) usage in investment goods (i.e. integration into machines) automated imaging applications (e.g. quality inspection, license plate reading, blood analysis, face recognition) 8 - 10 year product life cycle 5
Slide 6: Company Profile: Which Markets We Serve
Company Profile Which Markets We Serve FACTORY ITS Medical Misc. & Sales: 60–70 % Sales: 10-15% Sales: 10-15% New Business CAGR: + CAGR: ++ CAGR: ++ Sales: 5–10 % CAGR: +++ 6
Slide 7: Company Profile: Our Employees
Company Profile Our Employees PRODUCTION 25% SALES & MARKETING 417* 30% ADMINISTRATION R&D 21% 24% *417 fulltime equivalent jobs as of March 31, 2015 7
Slide 8: Experienced Management-Team
Company Profile Experienced Management-Team Dr. Dietmar Ley Arndt Bake John P. Jennings Hardy Mehl (Chief Executive Officer) (Chief Marketing Officer) (Chief Commercial Officer) (Chief Financial Officer, Chief Operations Officer) ▪ Joined Basler in 1993 ▪ Joined Basler in 2001 ▪ Joined Basler in 199
Slide 9: Basler Share
Company Profile Basler Share *as of March 31, 2015 9
Slide 10: Agenda
Agenda Company Profile Growth Strategy Review & Financials Outlook 10
Slide 11: What Drives Us: Our Vision
What Drives Us Our Vision Advances in technology will improve the quality of our lives We give technology the power of sight 11
Slide 12: We Are Helping to Inspect Steel, Paper and Plastic
Vision & Mission We Are Helping to Inspect Steel, Paper and Plastic 12
Slide 13: We Are Helping To Make American School Buses Safer
Vision & Mission We Are Helping To Make American School Buses Safer 13
Slide 14: We Are Helping To Make Tunnels Safer
Vision & Mission We Are Helping To Make Tunnels Safer 14
Slide 15: We Are Helping to Analyze Sports Events
Vision & Mission We Are Helping to Analyze Sports Events 15
Slide 16: We Are Helping To Develop Better Eye-Care
Vision & Mission We Are Helping To Develop Better Eye-Care 16
Slide 17: We Are Helping To Make Trains Safer
Vision & Mission We Are Helping To Make Trains Safer 17
Slide 18: Where We Are Going: Strategic Goals
Where We Are Going Strategic Goals* *Mid-term goals, 2019 18
Slide 19: How We'll Get There: Strategy, Market Position
How We’ll Get There Strategy, Market Position High Tomorrow End ■ Maintain position in High-End ■ Expand position Mainstream in Mainstream ■ Expand position in Entry-Level Entry Level 19
Slide 20: Our Cameras Helping To Make Autonomous Construction Machines?
How We’ll Get There Our Cameras Helping To Make Autonomous Construction Machines? 20
Slide 21: Our Cameras Helping To Make Kiosks Easier To Use?
How We’ll Get There Our Cameras Helping To Make Kiosks Easier To Use? 21
Slide 22: Our Cameras Helping To Automate Self-Checkout Systems?
How We’ll Get There Our Cameras Helping To Automate Self-Checkout Systems? 22
Slide 23: Basler Growth Story – Camera Revenue
How We Measure Up Basler Growth Story – Camera Revenue 80 m€ Average annual growth ~ 21% Average market growth ~ 10% 60 m€ 40 m€ 20 m€ m€ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * Numbers in million € 23
Slide 24: Basler Growth Story – Sold Camera Units
How We Measure Up Basler Growth Story – Sold Camera Units 200 175 150 Average annual growth = 38% 125 100 75 50 25 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * Numbers in k Production Units 24
Slide 25: Agenda
Agenda Company Profile Growth Strategy Review & Financials Outlook 25
Slide 26: Highlights Q1 2015 (1/2)
Review Q1 2015 Highlights Q1 2015 (1/2) Our revenue was positively impacted by large block order for the Asian electronics industry We grew significantly faster than the German image processing components industry* We increased results considerably compared to the first quarter of the previous
Slide 27: Highlights Q1 2015 (2/2)
Review Q1 2015 Highlights Q1 2015 (2/2) We launched the entry level product line “Basler pulse” to address out-of-factory markets We further scaled up the company and hired 15 new employees within the first quarter We increased and modernized our circuit board production 27
Slide 28: Revenues & Order Entry
Revenues & Order Entry Last 9 Quarters Order Entry 21.0 € mill. 20,000 K€ Revenues 22.3 € mill. 15,000 K€ 10,000 K€ Revenue [K€] Order Entry [K€] 5,000 K€ 0 K€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 28
Slide 29: Gross Profit
Gross Profit Absolute and by percentage 14,000 K€ 53.5% 54% Product mix 52.3% Depreciation on material 52.0% 12,000 K€ 50.9% 52% 51.0% 49.0% 50.1% 50.3% 10,000 K€ 50% 47.0% 8,000 K€ 48% 6,000 K€ Gross Profit [K€] 46% Gross Profit [%] 4,000 K€ 2,000 K€ 44% 0 K€ 42% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 201
Slide 30: Earnings Before Tax
Earnings Before Tax Absolute and by Percentage 4,500 K€ 24% 4,000 K€ 18.4% 18.2% 3,500 K€ 19% 13.5% 3,000 K€ 12.2% 12.0% 12.1% 14% 2,500 K€ 11.1% 10.8% 2,000 K€ EBT [K€] 7.0% 9% 1,500 K€ EBT [%] 1,000 K€ 4% 500 K€ 0 K€ -1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 30
Slide 31: Free Cash Flow
Free Cash Flow By Quarters 4,000 K€ • Working Capital • Bonus payout 2014 3,000 K€ • Capex 2,000 K€ 1,000 K€ 0 K€ -1,000 K€ -2,000 K€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 31
Slide 32: Results Q1 2015: Profit & Loss
Results Q1 2015 Profit & Loss Q1/2014 Q1/2015 +/- Order Entry 19.3 21.0 +9% Sales 17.2 22.3 +30% Gross Profit 8.7 10.9 +25% EBIT 2.3 3.2 +39% EBT 1.9 3.0 +58% Net Income 1.3 2.3 +77% EPS* 0.39 0.72 +85% *All numbers other than EPS in € mill., EPS in € 32
Slide 33: Results Q1 2015: Regional Revenue Breakdown
Results Q1 2015 Regional Revenue Breakdown 18% 51% 31% 19% 43% 38% *as of March 31, 2015 33
Slide 34: Results Q1 2015: Cashflow
Results Q1 2015 Cashflow Q1/2015 Q1/2014 +/- Cash, 9.7 12.8 +32% b.o. period Cashflow from 1.6 1.6 Operations Cashflow from -1.8 -2.9 Investments Free -0.2 -1.3 Change in liquid funds Cashflow -2.5 € mill. Cashflow from -0.9 -1.2 Financing Cash, 8.6 10.4 +21% e.o. period *All numbers in € mill. 34
Slide 35: Results Q1 2015: Net Cash
Results Q1 2015 Net Cash March 31st, March 31st, +/- 2014 2015 Liabilities -5.9 -8.1 +37% to banks Cash & Cash 8.6 10.4 +21% equivalents Net Cash 2.7 2.3 -15% *Numbers in € mill. 35
Slide 36: Basler Share versus TecDax
Results Q1 2015 Basler Share versus TecDax 36
Slide 37: Agenda
Agenda Company Profile Growth Strategy Review & Financials Outlook 37
Slide 38: Outlook: Macro Environment
Outlook Macro Environment Market is forecasted to grow with approximately 5% (Source: VDMA) Macro-economic uncertainties are assumed to have limited business effects Strong US Dollar will lead to positive margin effects, subdued by natural and financial hedge Stable Japanese Yen anticipated
Slide 39: Outlook: Mid-term Critical Success Factors
Outlook Mid-term Critical Success Factors Further expand market leadership in Gigabit-Ethernet camera market Ramp-up USB3 product line & leverage early-mover advantage Successful launch of new products: Basler dart, Basler pulse, Basler ace models and Basler lenses Leverage market opportunit
Slide 40: Outlook: Guidance 2015
Outlook Guidance 2015 Sales € 81 – 84 mill. EBT-Margin 9 – 10 % Positive free cashflow 40
Slide 41: Ask Questions
Ask Questions Get Answers Verena.Fehling@baslerweb.com Tel. +49 4102 463 101 41