Vusion · EURONEXT:VU
Vusion — SES-imagotag — H1 2022 Earnings Presentation
13 slides from Vusion's earnings presentation, Sep 8, 2022
Slide 1: H1 2022 Results
H1 2022 RESULTS Analyst conference call Thursday, September 8, 2022
Slide 2: Strong Profit Growth
SES-imagotag – H1 2022 Results STRONG PROFIT GROWTH > H1 sales at €286m, +41% vs H1 2021 > Order entries +25% to €385m > EBITDA of €25.3m, +68% growth vs. H1 2021 > EBITDA margin at 8.9% (+1.5 pts vs year-ago) > Net income of €4.9m, growth of +380% vs H1 2021) > FY 2022 revenue expected at €600m+, w
Slide 3: Revenue by Geography
Revenue by Geography (€m) H1 2022 Sales 300 €286m EUROPE 250 › H1 2022 growth +41% €203m 200 221 › 12-month Rolling growth +41% +35% 150 157 AMERICAS & APAC 100 › H1 2022 growth +41% 50 +40% › 12-month Rolling growth 46 64 22% of total +35% 0 H1 2021 H1 2022 AMERICA & APAC EUROPE 3
Slide 4: Margins and Operational Leverage Drive Profits Up
SES-imagotag – H1 2022 Results MARGINS AND OPERATIONAL LEVERAGE DRIVE PROFITS UP Change vs. In €m H1 2022 H1 2021 Year ago Revenue 285.9 202.8 +41% Variable Cost Margin 61.1 42.3 +44% % of revenue 21.4% 20.8% +0.6 pts Operating Expense (35.7) (27.2) +31% > VCM rate at 21.4%, +0.6 pts % of revenue -1
Slide 5: Strong EBITDA margin growth (+1.5 pts)
Strong EBITDA margin growth (+1.5 pts) +0.9 pts +0.6 pts EBITDA increase by +68% at €25.3m driven by: > VAS +65% revenue growth 8.9% > Prices increase 7.4% €25.3m > Operational leverage €15m Partially offset by negative forex impact & components’ price increase H1 2021 VCM Rate Impact Opex H1 2022 5
Slide 6: Software, Services and Non-ESL Solutions (VAS) up +65%, to €45m
Software, Services and Non-ESL Solutions (VAS) up +65%, to €45m ESL vs. VAS Sales (H1 2022) VAS as a % of Sales 25% 20% VAS 15.8% Software, services ESL 84.2% 15.8% and Non-ESL solutions + fixings, APs 15% 13.5% and accessories 10% 5% 2018 H1 2021 H1 2022 2023e 6
Slide 7: Opex ratio continues to improve toward 10% target
Opex ratio continues to improve toward 10% target 19% 16% 14% 12% 10% 59.1 47.2 46.5 2019 2020 2021 H1 2022 2023 Opex 7
Slide 8: Capex under control
Capex under control €m H1 2022 H1 2021 R&D and IT investments 12.8 10.2 Industrial investments 1.4 1.3 Hardware as a Service 0.5 2.3 Others 1.1 0.5 Total CAPEX 15.8 14.3 8
Slide 9: Limited cash consumption despite strong growth
Limited cash consumption despite strong growth Reminder: H1 2022 H1 2021 FY 2021 EBITDA (before IFRS16) 24,2 13,9 30,0 Capex (15,8) (14,3) (30,0) Before IFRS 16 Change in Working Capital (22,1) (9,1) (3,3) Operational Cash-Flow (13,7) (9,4) (3,2) Financial result (0,8) (0,8) 0,2 Tax (0,3) (0,1) (1,1
Slide 10: EBIT to EBITDA Reconciliation
EBIT to EBITDA Reconciliation As of June 30 In €m 2022 2021 Operating Income (EBIT) 8.4 2.4 - Goodwill amortization (0.5) (0.5) - Equity / debt / M&A related fees 0 0 - Performance Shares Plan (IFRS2) (3.5) (0.8) = Current EBIT 12.3 3.7 - Fixed & Intangible Asset Depreciation Expense (13.0) (11.3) =
Slide 11: Outlook
Outlook Despite: › A complex geopolitical context › A global supply chain that remains strained › Inflationary headwinds The Group remains confident in its ability to deliver 2022 top-line of €600m+ and the continuation of its profitable growth strategy. November 9, 2022 (Hybrid – Paris + online) Ca
Slide 12: Post-closing event: Changes to the JV in China and new strategic partnership with BOE YiYun
Post-closing event: Changes to the JV in China and new strategic and equity partnership with BOE YiYun > On July 22, 2022, SES-imagotag’s Board of Directors approved the transfer of the 51% share the company holds in its JV in China in exchange for 9.5% of BOE-YiYun > Through this operation, the SES
Slide 13: H1 2022 Results
H1 2022 RESULTS Analyst conference call Thursday, September 8, 2022