Vusion · EURONEXT:VU
Vusion — SES-imagotag — H1 2021 Earnings Presentation
12 slides from Vusion's earnings presentation, Sep 6, 2021
Slide 1: H1 Results – Analysts Conference Call
H1 Results Analysts Conference Call September 6, 2021
Slide 2: Positive results in the first half of 2021
SES-imagotag: Positive results in the first half of 2021 71% growth in sales to €203m (vs. H1 2020) 87% growth in order entries to €309m (vs. H1 2020) EBITDA growth at €15m, i.e. 7% of sales (vs. -€0.2m / 0% in H1 2020) Positive net result at €1m (vs. -€9.8m in H1 2020) 2
Slide 3: H1 sales & new Orders
H1 sales & new Orders 300 Revenue by semester 375 400 HY 12 month rolling 350 250 290 203 300 • H1 revenue above target at €203m 248 245 200 228 172 250 188 (+71% growth vs H1-2020) 150 121 126 118 200 107 150 • Cumulated 12 months revenue reach €375m 100 100 (+53%) 50 50 • Strong growth in every re
Slide 4: Revenues by Geography (€M)
Rolling 12-month revenue - June 30th REVENUES BY AMERICA & APAC EUROPE GEOGRAPHY 400 (€M) 300 +54% 283 200 EUROPE 184 100 - 12 months growth 54% +52% 92 60 0 - H1 growth +94% 2020 2021 H1 revenue (6 months) AMERICA & APAC AMERICA & APAC EUROPE - 12 months growth +52% 300 - H1 growth +23% 200 NB: US
Slide 5: 2021 H1 Results
2021 H1 RESULTS H1 2021 / H1 2021 H1 2020 H1 2020 Revenues 202.8 118.4 +71% Improvement on all the lines! Variable Costs Margin 42.3 22.6 +87% % of revenues 20,8% 19,1% +1.7 pt VCM ratio up by 1.7pt Opex % of revenues (27.2) 13% (22.8) 19% 20% -6 pts EBITDA 15.0 (0.2) N/A Opex ratio down by 6pt % of
Slide 6: Strong EBITDA improvement at constant EUR/USD exchange rate
Strong EBITDA improvement at constant EUR/USD exchange rate €m • H1 2021 Ebitda close to FY 2020 Ebitda 3,6 - 4,5 15,0 • Ebitda growth driven by: 7% - Revenue growth 15,9 7% - Positive EUR/USD - Increasing ratio VAS - 0,2 Ebitda H1 2020 Volume effect VCM rate impact Opex Ebitda H1 2021 - Despite com
Slide 7: Value-Added Services (VAS) Revenues
VALUE-ADDED SERVICES (VAS) REVENUES VAS in % of sales 25% ESL vs VAS in % of Revenues (H1 2021) 20% 15% 13.5% VAS% grew to 13.5% of total 10% revenues in H1-2021 and is ESL 13,5% VAS 10% expected to reach ~15% in H2-21 Value-Added + fixings, APs Software, Full cloud stores rose to 5,700 & accessorie
Slide 8: 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% 13% 13% 45 40 47,2 12% 46,5 10% 30 7% 15 2% 0 -3% 2018 2019 2020 H1 2021 2023 Opex Opex ratio 8
Slide 9: CAPEX under control
CAPEX under control €m H1 2021 H1 2020 R&D & IT investments 10,2 10.5 Industrial investments 1.3 1.4 Hardware as a service 2.3 2.9 Others 0.5 0.8 TOTAL CAPEX 14.3 15.5 H1 2020 CAPEX were impacted by SAP initial implementation. IT CAPEX decrease more than offset the increase in R&D in H1 2021 vs. H1
Slide 10: Limited and controlled cash consumption
Limited and controlled cash consumption Reminder: €m / before IFRS16 H1 2021 H1 2020 FY 2020 EBITDA 13.9 (1.5) 13.4 Capex (14.4) (15.5) (29.5) Change in Working Capital (9.1) (25.0) 6.4 Operational Cash-Flow (9.5) (42.0) (9.7) Financial result (0.8) (1.9) (3.8) Tax (0.1) (0.6) Others 1.2 0.4 0.6 Tot
Slide 11: EBIT to EBITDA reconciliation
EBIT to EBITDA reconciliation (€m) As of. June 30, June 30, in M€ 2021 2020 Operating Income (EBIT) 2.4 (9.6) (-) GdW amortization (0.5) (0.5) (-) Equity / debt / M&A related fees (0.3) (-) Performance Shares Plan (IFRS2) (0.8) = Current EBIT 3.7 (8.8) (-) Fixed & Intangible Asset Depreciation Expen
Slide 12: Outlook
OUTLOOK 2021 target sales at ~€400m (~38% growth) Strong sales momentum in all regions (EU / ROW) Digitalization becoming top of agenda for retailers Strong backlog and pipeline Record H1 in line with target Sales at €203m (+71%) Order intake at €309m (+87%) Some uncertainties remain which affect cu