Basler Ag · XETR:BSL
Basler — 9M 2023 Earnings Presentation
24 slides from Basler's earnings presentation, Nov 8, 2023
Slide 1: 9-Months Report 2023
9-Months Report 2023 November 8, 2023 Hardy Mehl | CFO/COO Public | © Basler AG
Slide 2: Disclaimer
Disclaimer This document includes forward looking statements Should these views or assumptions prove to be on Basler AG, its subsidiaries and associates wholly or partly incorrect, or should further risks („Group“), and on the economic, political and/or arise, actual business performance may differ
Slide 3: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 3
Slide 4: Executive Summary: Market Environment
Executive Summary Market Environment Market Situation ▪ Difficult market conditions in China after zero Covid policy. Rebound still muted and high competition intensity due to domestic manufacturers ▪ Asia Pacific remains weak due to ongoing low demand from semicon and consumer electronics as well a
Slide 5: Executive Summary: Basler Results
Executive Summary Basler Results first 9 months Basler Results ▪ Bookings down -39 %, billings down -23 %. Weaker than European peers due to higher exposure to Americas and Asia ▪ Strong regional differences: EMEA billings up +10 % ▪ Weak gross profit margins of 43.4% due to spot buys legacy, curren
Slide 6: Executive Summary: The Team
Executive Summary The Team FTEs e/o September 2023 ▪ Appr. 100 FTEs reduced since e/o Q1 36 % Sales & Marketing 21 % Production ▪ 9 Months 2023 R&D investments 1,035 € 29.4 mill. ▪ R&D quota up to 19 % from sales due to significant increase 15 % of R&D staff combined with low Administration revenue
Slide 7: Recent New Product Launches (1/2)
Executive Summary Recent New Product Launches (1/2) ▪ Release of pylon 7.4, Basler‘s own software development kit ▪ Added support for the latest Boost V cameras and CXP-12 inferface cards. Public | © Basler AG 7
Slide 8: Recent New Product Launches (2/2)
Executive Summary Recent New Product Launches (2/2) Redesign of the baslerweb.com website Public | © Basler AG 8
Slide 9: From Camera Manufacturer to Full Range Provider
Executive Summary From Camera Manufacturer to Full Range Provider Software COMPUTER VISION Product Portfolio FULL RANGE PROVIDER Processing/Embedded Lenses Cables Factory Medical & Life ITS Logistics Retail Automation Science Cameras Markets/Applications Public | © Basler AG 9
Slide 10: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 10
Slide 11: Development of Bookings and Billings
Financials Development of Bookings and Billings 88.5 Revenue 5.3 mill. € 74 67 Order Entry 66 64 70.8 mill. € 6.6 60 56 Cancellations 54.1 50.4 of orders placed 41 in previous 7.6 38.7 13.3 39.9 years mill. € 34.3 3.1 0.9 9.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 Public | © Basler AG 11
Slide 12: Revenue Split by Regions
Financials Revenue Split by Regions 9 Months 2023 Sound growth in Europe Weak markets in Asia and US Total € 157.5 million 16% 38% 46% Americas EMEA Asia Public | © Basler AG 12
Slide 13: Development of Gross Profit and Margin
Financials Development of Gross Profit and Margin Blend of negative effects: ▪ spot-buys legacy ▪ currency effects ▪ Price pressure in China ▪ Lower economies of scale (esp. Q3) ▪ Material depreciation (Q3) 50.2% 51.2% 47.6% 44.5% 45.0% 44.6% 39.3% 38.1 33.3 30.7 29.8 26.9 25.1 16.3 Gross Margin % Q
Slide 14: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin EBT % 13.9% 8.7% 12.8% 6.0% EBT mill. € -2.8% 3.0% EBT before restructuring -39.3% costs mill. € 9.2 9.5 5.6 4.0 1.8 -1.6 -6.0 -16.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 Public | © Basler AG 14
Slide 15: P&L KPIs
Financials P&L KPIs (in € mill.) 9 Months 2023 9 Months 2022 +/- Order Entry 128.3 209.7 -39 % Sales 157.5 205.2 -23 % Gross Profit 68.3 102.0 -33 % Gross Profit Margin 43.4 % 49.7 % -6.3 Pp. Adjusted EBITDA (before restr.) 9.7 EBITDA 3.3 36.8 >-100 % Adjusted EBT (before restr.) -5.8 EBT -16.1 24.3
Slide 16: Cashflow
Financials Cashflow (in € mill.) 9 Months 9 Months +/- 2023 2022 Cash, b.o. period 28.7 54.8 -48 % Cashflow from -0.1 2.5 >-100 % Operations Cashflow from -11.0 -41.1 -73 % Investments Free Cashflow -11.1 -38.6 -71 % Cashflow from Financing 16.1 7.6 >+100 % Cash, e.o. period 33.7 23.9 +41 % Public |
Slide 17: Development of Free Cashflow
Financials Development of Free Cashflow (in € mill.) 9.9 8.6 FCF mill. € 6.8 2.3 1.0 -5.1 -0.9 -3.3 OCF mill. € -1.9 -1.5 -4.2 -2.5 ICF mill. € -3.1 -4.2 -6.3 -7.7 -5.4 -4.4 -12.8** -28.1 * -22.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 * extraordinary M&A investment (DATVISION and IOVIS, Korea) ** extraordin
Slide 18: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 18
Slide 19: Basler Share vs. TecDax
Share Basler Share vs. TecDax € 29.85 € 9.80 Public | © Basler AG 19
Slide 20: Basler Shareholder Structure
Share Basler Shareholder Structure 3 % Universal Investment 4 % Dr. Dietmar Ley (CEO) 5 % 7-lndustries Holding B.V. 2 % Treasury Shares 5 % lnvesco Advisers; lnc. 53 % Norbert Basler Holding GmbH 28 % Free Float *as e/o September 2023 Public | © Basler AG 20
Slide 21: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 21
Slide 22: Outlook: Assumptions Upcoming Months
Outlook Assumptions Upcoming Months ▪ Weak market conditions to continue until end of 2023 ▪ Bookings to stay on low levels – recovery expected earliest b.o. 2024 ▪ Geopolitical uncertainties to remain ▪ Ongoing highly competitive landscape in China ▪ Europe is expected to continue to cool down in Q
Slide 23: Outlook: Forecast 2023
Outlook Forecast 2023 We confirm our fiscal year 2023 guidance and narrow down the corridor at the lower end of the prognosis: ▪ Revenue € 200 - 205 mill. ▪ Pre-tax loss € 18 - 20 mill.* *incl. extraordinary one-time restructuring costs expected within corridor of € 11 – 13 mill. Public | © Basler A
Slide 24: Questions & Answers
Questions & Answers Hardy Mehl Phone +49 4102 463 0 Hardy.mehl@baslerweb.com Public | © Basler AG 24