B&c Speakers S.p.a. · MIL:BEC
B&c Speakers — Investor Presentation (2023)
28 slides from B&c Speakers's investor presentation, 2023
Slide 1: Investor Presentation Financials 2022
INVESTOR PRESENTATION FINANCIALS 2022 BCSPEAKERS.COM
Slide 2: COMPANY COMPANY OVERVIEW OVERVIEW AND
COMPANY COMPANY OVERVIEW OVERVIEW AND AND MARKET MARKET REFERENCE REFERENCE (3-8) (3-12) PRODUCTS PRODUCTS && BUSINESS BUSINESS MODEL MODEL (9- 17) (13-17) FINANCIALS FINANCIALS (19-28) (18-25) 2 BCSPEAKERS.COM
Slide 3: Company Overview
3 COMPANY OVERVIEW MARKET LEADERS B&C Speakers is a worldwide leader in the design, production, distribution and marketing of professional electro-acoustic INTERNATIONAL DISTRIBUTION transducers. B&C products are sold directly to OEM manufacturers around Designs and distributes loudspeaker component
Slide 4: 100% Made in Italy
100% MADE IN ITALY REGGIO EMILIA BAGNO A RIPOLI (FLORENCE) Used in both large event sound reinforcement systems and fixed installation systems such as stadiums, theatres, cinemas and more The R&D Department, with 10% of B&C’s 180 employees, is in constant cooperation with top Pro Audio OEM manufactu
Slide 5: Architettura Sonora
ARCHITETTURA SONORA Division of the B&C Speakers Group, Architettura Sonora is a revolutionary designer of unique, high-performance audio solutions and outdoor acoustic experiences, with an increasing imprint in the indoor world. AS, as we call it, has quickly become a pioneer in the industry All pr
Slide 6: Reference Market
6 REFERENCE MARKET B&C components are typically applied in the Professional Loudspeaker Market, also known as “PRO”. Within this market, B&C primarily serves the Pre-COVID, the Pro audio market segment was expected to reach $2.5 billion with TOURING&RENTAL and PORTABLE SOUND (Including Musical Instr
Slide 7: Loudspeaker market presence
7 L O U M D A S R P K E E A T K E R S Legend: Colour describe our actual presence in the market from 0 (grey) to 5 (Full Red) BCSPEAKERS.COM
Slide 8: Pro Audio Segmentation
PRO AUDIO SEGMENTATION Installed Installed Cinema Touring Portable Commercial & Rental Leisure Sound Sound & Utilities Night club/Bars Touring & Mobile DJ Zoos Shopping centre Concert Weddings Theme parks Hotels Theatre Rental Small events Libraries Hospitals Events eg. Museums Service stations Spor
Slide 9: Touring & Rental Segment
9 400-450 market TOURING & RENTAL value SEGMENT • During Covid was the most negatively impacted market due to pandemic restrictions • Market has been recovered the pre covid value and is expected to growth in the incoming years. • The growth is driven by willingness of consumers to spend on shared e
Slide 10: Portable Sound Segment
10 800-850 market PORTABLE SOUND value SEGMENT • During the last decade, the quality and performance level of Portable Sound and Musical Instrument Amplifier products has improved significantly. • After a race to the bottom on selling prices at the turn of this century, the market is now demanding m
Slide 11: Installed Segment
11 1500 market INSTALLED SEGMENT value Leisure, Commercial & Utilities With return of spectators sports stadiums are experiencing recovery. The upcoming year's Houses of slate of major sporting events can worship continue growing, especi significantly increase pro audio ally in US that is by far sal
Slide 12: Cinema
12 CINEMA 60 market value • Cinema market was hit more than other market by covid restrictions • The covid heritage accelerate the growth of content streaming site • Despite that challenges Cinema sector will set to bounce back, but it takes more than 4/5 years to full recovery • Consumers will be l
Slide 13: Products & Business Model
PRODUCTS & BUSINESS MODEL 13 BCSPEAKERS.COM
Slide 14: Primary Range of Products
14 PRIMARY RANGE OF PRODUCTS B&C’s products require higher technology, light weight, reliability, and consistently manufactured transducers, which B&C’s competitors cannot provide. LOW FREQUENCY DRIVERS OR HIGH FREQUENCY DRIVERS 27% HIGH FREQUENCY HORNS 2% COAXIAL COMPONENTS 13% CONE DRIVERS 58% The
Slide 15: Business Overview New Opportunities
BUSINESS OVERVIEW NEW OPPORTUNITIES INVESTMENT CAR AUDIO Potential investment for automatic MARKET production lines thanks to PNRR Since 2021, B&C Group is increasing resources. LOOKING for new production its presence in the fast growing Car buildings, especially in China and US to Audio After Marke
Slide 16: Business Model
BUSINESS MODEL Output CUSTOMERS and B&C R&D CUSTOM PRODUCTS CUSTOMERS and B&C SALES 150/180 NEW PRODUCTS PER YEAR AUTONOMOUS PROJECTS CATALOGUE PRODUCTS Distribution channels Suppliers Manufacturin INDUSTRIAL CUSTOMERS (> 250) FINISHED SINGLE PARTS BASED ON B&C PROPRIETARY INCOMING COMPONENT g& PROD
Slide 17: Clients
CLIENTS B&C’s clients are professional audio system producers like Bose, Yamaha, Around 80% of the Company sales are of custom-made products, sold directly to Martin Audio, Nexo, D&B Audiotechnic, QSC Audio, these OEMs (Original Equipment Manufacturers). Whereas, the remaining share L-Acoustics, Yor
Slide 18: 18
18 BCSPEAKERS.COM
Slide 19: B&C Speakers
B&C SPEAKERS EBITDA MARGIN 2022 has represented the best in term of production and in terms of turnover in the whole B&C group history. Number of goods produced (and sold) during the period are greater by 21% 24% in respect to 2019. Group order back log gives us a good perspective for the whole 2023
Slide 20: Growth Prospectives
GROWTH PROSPECTIVES • B&C enjoyed continued growth with a record level of orders already confirmed for the end of current year. • The view for 2023, is very positive, additional growth in term of volumes to be estimated at double digit. • In order to fuel such additional growth B&C is looking for ne
Slide 21: Geographical Revenue Breakdown
GEOGRAPHICAL REVENUE BREAKDOWN EUROPE NORTH 47% AMERICA ASIA ITALY 23% PACIFIC 6% 17% MIDDLE EAST 1% LATIN AMERICA 6% BCSPEAKERS.COM 21
Slide 22: Top Line Evolution
TOP LINE EVOLUTION 90 80 70 • In respect to 2019 turnover we could consider that volumes will be greater by 21% at year end, the 60 rest of the growth is driven by price effects 50 40 82,1 • 2022 shows record Group revenues at 82M€ 30 54,5 56,3 • 1Q 2023 will reach double digit growth respect 20 38,
Slide 23: P&L – Consolidated
90.000 P&L – CONSOLIDATED 82.102 80.000 70.000 60.000 56.278 50.000 45.233 40.000 31.975 36,4% 30.000 38,6% 24,7% 20.000 22,1% 35,5% 22,3% 36,2% 14,9% 18,3% 10.000 15,4% 19,0% 14,5% 16,0% 11,3% 9,0% 5,2% 0 2019 2020 2021 2022 REVENUE GROSS MARGIN EBITDA EBIT NET PROFIT BCSPEAKERS.COM 23
Slide 24: Quarter Economics
QUARTER ECONOMICS Revenues (€m) EBITDA (€m) EBITDA Margin (%) 30,0 30,0% 27% 27% 25,0 24,7% 23,0% 23% 24,0 25,0% • 2022 has shown two quarters in a row 22,9% 22,9% 21% as the best ones ever for B&C Group 20,3% 20,3% 20% 20,7 20,2 20,0 18,8% 20,0% 19% 17,2 • Second part of 2023 is expected even 15,0
Slide 25: Strong Cash Generation and Attractive Dividend Policy
STRONG CASH GENERATION AND ATTRACTIVE DIVIDEND POLICY Cash Flow Conversion Ratio FCF produce per year (€m) FCF/EBITDA (%) FCF/Net Profit (%) FCF 140 140 128 133 FCF 2010-2022: 60,1 11,5 120 100 91 86 83 7,8 80 8 7,2 80 74 74 72 70 62 63 60 48 45 45 48 46 4,3 3,9 39 38 3,6 37 3,4 40 29 2,8 28 2,5 1,9
Slide 26: Contacts
BCSPEAKERS.COM CONTACTS Investors Relations Lorenzo Coppini-CEO Via Poggiomoro, 1 – Vallina 50012 email: investors@bcspeakers.com Francesco Spapperi-CFO Davide Norelli- Bagno a Ripoli (FI) Italy Phone: +39 Controller 055 6572303
Slide 27: Safe Harbour Statement
SAFE HARBOUR STATEMENT Consequently, no forward-looking statement can be guaranteed and actual Certain statements in this slide show, including those addressing the future results, performance, or achievements may vary materially from those Company’s beliefs, plans, objectives, estimates or expectat
Slide 28: Thank You
THANK YOU BCSPEAKERS.COM