B&c Speakers S.p.a. · MIL:BEC
B&c Speakers — Investor Presentation (2022)
29 slides from B&c Speakers's investor presentation, 2022
Slide 1: B&C Speakers
B&C SPEAKERS) ® www.bcspeakers.com
Slide 2: Company Overview
COMPANY OVERVIEW MARKET LEADERS INTERNATIONAL DISTRIBUTION B&C Speakers is a worldwide leader in the design, production, B&C products are sold directly to OEM manufacturers around distribution and marketing of professional electro-acoustic the globe, as well as through a network of distributors, wit
Slide 3: Reference Market
REFERENCE MARKET B&C components are typically applied in PRO audio market, also Music streaming services have collapsed the recorded music known as “PRO”. B&C primarily serves the PRO and Musical revenue stream for performing artists. Most artists must now Instrument (MI) market segments. Some B&C t
Slide 4: Market
MARKET Legend: Colour describe our actual presence in the market from 0 (grey) to 5 (Full Red) 4 BCSPEAKERS.COM
Slide 5: Primary Range of Products
PRIMARY RANGE OF PRODUCTS LOW FREQUENCY DRIVERS OR HIGH FREQUENCY DRIVERS 27% HIGH FREQUENCY HORNS 2% COAXIAL COMPONENTS 13% CONE DRIVERS 58% The use of Neodymium magnets in The range includes constant COMBINED LOW/HIGH B&C, the first to launch the HPL B&C high frequency drivers has not directivity
Slide 6: Made in Italy
100% MADE IN ITALY 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 176 employees, is in constant cooperation with top Pro Audio OEM manufacturers across the world 5 production buil
Slide 7: BCSPEAKERS.COM
7 BCSPEAKERS.COM
Slide 8: MI Market Segment
MI MARKET SEGMENT 8 BCSPEAKERS.COM
Slide 9: MI Market Segment
MI MARKET SEGMENT During the last decade, the quality and performance level of MI products has improved significantly. After a race to the bottom on selling prices at the turn of this century, the market is now demanding much higher performance products. Low cost solutions are just not getting the j
Slide 10: PRO Market Segment
PRO MARKET SEGMENT 10 BCSPEAKERS.COM
Slide 11: PRO Market Segment
PRO MARKET SEGMENT Before the arrival of COVID-19, the global Pro audio market segment was expected to reach around $2,5 billion, growing at a CAGR of close to 4% during 2021-2027, mainly thanks to higher consumer spending on concerts, sporting events, and festivals. During 2018 and 2019, we saw sol
Slide 12: B&C Speakers
B&C SPEAKERS After a bad 2020, B&C registered a good recover during 2021 with €45,2 mn of revenues. Thanks to increased volumes and efficiencies built during pandemic 19% EBITDA margin was reached back. Financial stability reinforced, reaching a net cash position of €1.5mn (in May 2021 B&C paid 2.9m
Slide 13: Recovery after COVID Crisis
RECOVERY AFTER COVID 19 CRISIS While revenues from the Pro Audio market segment fell There are strong indications that B&C will recover fast to strongly during much of 2020, B&C enjoyed solid growth pre Covid levels; in particular the Order Backlog that has in the after-market Car Audio segment, by
Slide 14: Recovery after COVID Crisis
RECOVERY AFTER COVID 19 CRISIS B&C enjoyed continued growth and strategic alliance development in the Chinese market also during 21 (in 2020 Chinese market was the most performant one during the second half). Many new, higher quality and more sophisticated OEM manufacturers are working hard to appro
Slide 15: Business Overview: New Opportunities
BUSINESS OVERVIEW NEW OPPORTUNITIES CENTRALISED INVESTMENT DISTRIBUTION Potential investment for Starting from 2020, B&C Group automatic production lines is managing distribution from one thanks to PNRR resources. single Company, Sound&Vision, in order to give customers an higher choice of products
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 Suppliers Distribution channels INDUSTRIAL CUSTOMERS SINGLE PARTS BASED ON INCOMING Manufacturing FINISHED (> 250) PRODUCTS B&C PROPRIETARY DESIGN
Slide 17: Clients
CLIENTS B&C’s clients are professional audio system producers like Bose, Around 80% of the Company sales are of custom-made products, Yamaha, Martin Audio, Nexo, D&B Audiotechnic, QSC Audio, sold directly to these OEMs (Original Equipment Manufacturers). L-Acoustics, Yorkville Sound, Turbosound, Mey
Slide 18: Geographical Revenue Breakdown
GEOGRAPHICAL REVENUE BREAKDOWN 18 BCSPEAKERS.COM
Slide 19: Architettura Sonora
ARCHITETTURA SONORA Launch in 2009 as a 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
Slide 20: Architettura Sonora
ARCHITETTURA SONORA Architettura Sonora particularly values sound design in strict relation to architecture and landscape, both for its acoustic qualities but also for the wide range of materials that a client can choose from. This allows designers to harmonize the “sound layer” with any project of
Slide 21: Top Line Evolution
TOP LINE EVOLUTION Revenues (€m) Solid revenues growth delivered since the early 2000s. Revenues easily recovered post financial crisis and more than doubled ever since, mainly thanks to a sound business model. 2021 show Group revenues at 45,2M€. Growth has been more recently achieved also inorganic
Slide 22: Strong Cash Generation and Attractive Dividend Policy
STRONG CASH GENERATION AND ATTRACTIVE DIVIDEND POLICY Cash Flow Conversion Ratio FCF produce per year (€m) 436 12 436 11,5 150 140 133 128 FCF 2000-2021: 58,3 2016 Dividend include an extraordinary item of 6.5m 9 112,5 8 7,8 7,2 91 86 83 80 74 74 6 75 70 72 62 63 4,3 3,9 48 48 46 3,6 45 45 3,4 37 39
Slide 23: Quarter Economics
QUARTER ECONOMICS During 2021 turnover has significantly increased quarter by quarter reaching an amount of sales at Q4 2021 greater than Q4 2019 Q4 2021 has been affected by unusually frequent import air freight that have impacted Ebitda margin by 2.5% 23 BCSPEAKERS.COM
Slide 24: Key Stock Information
KEY STOCK INFORMATION • 2016 DPS includes an extraordinary item of €0.60 24 BCSPEAKERS.COM
Slide 25: 2021 Summary P&L – Consolidated
2021 SUMMARY P&L – CONSOLIDATED 25 BCSPEAKERS.COM
Slide 26: 2021 Cash Flow Statement Summary Consolidated
2021 CASH FLOW STATEMENT SUMMARY CONSOLIDATED 26 BCSPEAKERS.COM
Slide 27: Contacts
CONTACTS Investors Relations Lorenzo Coppini-CEO Francesco Spapperi-CFO Davide Norelli-Controller Via Poggiomoro, 1 – Vallina 50012 Bagno a Ripoli (FI) Italy Phone: +39 055 6572303 email: investors@bcspeakers.com 27 BCSPEAKERS.COM
Slide 28: Safe Harbour Statement
SAFE HARBOUR STATEMENT Certain statements in this slide show, including those addressing Consequently, no forward-looking statement can be guaranteed the Company’s beliefs, plans, objectives, estimates or expectations and actual future results, performance, or achievements may of possible future res
Slide 29: Thank You!
THANK YOU! LD B&C SPEAKERS} an)