Ebusco Holding N.v. · EURONEXT:EBUS
Ebusco — Investor Presentation (August 2022)
31 slides from Ebusco's investor presentation, August 2022
Slide 1: August 2022
AUGUST 2022 Sensitivity: General Sensitivity: General
Slide 2: Introduction
INTRODUCTION 3 Sensitivity: Sensitivity: General General
Slide 3: Sensitivity: General Sensitivity:
3 Sensitivity: Sensitivity: General General
Slide 4: Driven by innovation, total cost of ownership, reliability
DRIVEN BY INNOVATION TOTAL COST RELIABILITY OF OWNERSHIP 4 Sensitivity: Sensitivity: General General
Slide 5: Ebusco at the heart of turnkey EV ecosystem
EBUSCO AT THE HEART OF TURNKEY EV - ECOSYSTEM Charging Storage Charger Energy storage solutions (ESS) Installation Off-the-grid Infrastructure Local energy After sales Grid alignment Fleet management Smart charging Maintenance contract Bi-directional charging (V2G) Supply chain Peak balancing Energy
Slide 6: In-house development of proprietary hardware and software innovations
IN-HOUSE DEVELOPMENT OF PROPRIETARY HARDWARE AND SOFTWARE INNOVATIONS LIGHTWEIGHT BATTERY TECHNOLOGY INNOVATIVE SCALABLE COMPOSITE BODY & CHARGING SOFTWARE MANUFACTURING Composite body Cobalt free Dedicated software platform In-house production Aerospace technology Recycle- and reusability Real-time
Slide 7: Disruptive customer proposition with lowest total cost of ownership
DISRUPTIVE CUSTOMER PROPOSITION WITH LOWEST TOTAL COST OF OWNERSHIP WEIGHT RANGE LIFESPAN MAINTENANCE COST 9500 kg Up to 575 km 1 Up to 25 years Fewer moving parts 2 2 3 4 27% lighter 55% longer 67% higher Reduced Ebusco 3.0 versus key competitors Calculations based on €2,700k residual values post 1
Slide 8: Performance Ebusco 3.0 exceeding expectations
KM 157.0 KM KM 181.7 KM AVERAGE SPEED 12.5 KM/H AVERAGE SPEED 12.4 KM/H OUTSIDE 0-6 DEGREES OUTSIDE 0-6 DEGREES TEMPERATURE TEMPERATURE START TIME 12-02-2022 07:15 START TIME 12-02-2022 07:00 END TIME 12-02-2022 21:50 END TIME 12-02-2022 22:00 PERFORMANCE EBUSCO 3.0 kWh/km kWh/km 1.2 1.2 EXCEEDING 1
Slide 9: Real-world validation
Blue chip and loyal client base REAL-WORLD VALIDATION Demonstrated by a strong track record ACTIVE IN * 9 COUNTRIES BUSES ON THE ROAD > 400 CHARGERS > 65 KILOMETERS DRIVEN > 57.000.000 KM CO2 SAVED MULTIOBU S > 53.000.000 KG *Buses delivered and contracted Source: Company information as at 11 August
Slide 10: Pure BEV OEMs are at a fundamental advantage
PURE BEV OEMS ARE AT A FUNDAMENTAL ADVANTAGE Barriers to success for traditional OEMs The path to a competitive product takes multiple years BE bus re-design (in years) 1 2 3 4 5 6 • Complex organizational structures with several Slow Decision management layers Knowledge & team Making • Entrepreneur
Slide 11: Composite production and assembly process
PHASE 1 PHASE 2 PHASE 3 PHASE 4 COMPOSITE PRODUCTION COMPOSITE BODY BONDING GENERAL ASSEMBLY PRE-DELIVERY INSPECTION In-House two step process: (i) beam Beams and skins are trimmed to size Inspection takes place over seven General assembly takes place over and (ii) skin production workstations five
Slide 12: Clear and rapid roll-out strategy
CLEAR AND RAPID ROLL-OUT STRATEGY HQ in Deurne – The Netherlands Production set-up serves as a blueprint for international roll-out Types of production facilities OEM CKD PDI Orig. Complete Pre-delivery Production equipment Knock-down inspection phases manufactur er Composite production Composite bo
Slide 13: Entrepreneurial management team with track record in commercialisation and growth
ENTREPRENEURIAL MANAGEMENT TEAM WITH TRACK RECORD IN COMMERCIALISATION AND GROWTH 25% Peter Bijvelds Bob Fleuren Paul van Beers Founder/CEO COO CFO Pioneer in (public) Inventor of Ebusco’s 20+ years’ experience transportation and lightweight technology in M&A and electrification corporate finance Tj
Slide 14: Why Ebusco
WHY EBUSCO 1 Rapidly fast-growing and virtually untapped market opportunity and EV ecosystem 2 Pioneer proven through extensive real-road experience 3 Disruptive proposition with lowest TCO enabled by continued innovation 4 Proprietary scalable technologies providing superior performance 5 Capturing
Slide 15: Highlights 2021 & YTD 2022
HIGHLIGHTS 2021 & YTD 2022 15 Sensitivity: General Sensitivity: General
Slide 16: Operational highlights 1H22
Successfully attracted Capacity ramp up for LOI signed for location and retained talent 3.0 in France 123% growth in First mass delivery First equipment headcount expected in 2022 ordered OPERATIONAL HIGHLIGHTS 1H22 First 3.0 18m entered First tender in homologation North America & First right-hand
Slide 17: Financial highlights 1H22
Revenue Gross margin EBITDA 1H22 1H22 1H22 €37.1m 16.2% €(15.2)m Strong recovery +10.7%-points YoY Higher OPEX & seasonality € FINANCIAL HIGHLIGHTS 1H22 Financial position Order book 1H22 YTD22 €151.4m 1,307 buses Available for ramp up Ongoing high tendering plan activity 17 Sensitivity: General Sen
Slide 18: Order book continued to grow
ORDER BOOK CONTINUED TO GROW FIXED CONTRACTS Ebusco 3.0 orders: 204 buses (12m and 18m) New contracts for Svealandstrafiken, Barcelona (AMB) and Nobina 1,274 1400 1,274 1,307 325 buses with a fixed contract in our order book 1200 1000 CALL OFF 800 First orders received from Deutsche Bahn under the c
Slide 19: Production capacity
PRODUCTION CAPACITY Ramp up remains on track for production of 500 3.0 buses in our Deurne location Ramp up on track for increase of 2.2 PDI capacity Learning curve remains steep with first mass production order of Connexxion and follow-on orders First 18m Ebusco 3.0 successfully put in homologation
Slide 20: Expansion strategy
Letter-of-intent signed in July to lease part of the Renault facility near Rouen Project management team is being setup and first equipment orders have been placed Total expected capex of €10 million in the next 18 months Phased approach: start with Casco & PDI, growth model towards potential OEM fa
Slide 21: Supply chain disruption and shortages
SUPPLY CHAIN DISRUPTION AND SHORTAGES • Although certain areas in the supply chain are improving such as semiconductors, the overall situation remains fragile and highly unpredictable • Safety stock has been crucial in keeping production running for both the 2.2 and 3.0 buses • Engineering time and
Slide 22: Financial performance first half 2022
FINANCIAL PERFORMANCE FIRST HALF 2022 22 Sensitivity: General Sensitivity: General
Slide 23: Profit & loss statement
PROFIT & LOSS STATEMENT 1 REVENUES Summary of financials (€k) H1 2022 H1 2021 • Revenue driven by order intake in second half of 2021 1 Revenues 37,089 5,172 • Shipped 71 buses in 1H22 (vs. 5 in 1H21) • Delivered 31 buses in 1H22 (vs. 73 in 1H21) Y-o-y growth 617% -68% • Revenue is generally second
Slide 24: Cash flow statement
CASH FLOW STATEMENT Summary of financials (€k) H1 2022 H1 2021 EBITDA (15,236) (9,400) 1 NET CASH FLOW OPERATING ACTIVITIES Increase (decrease) provisions (924) (141) • Change in Net Working Capital: 1 Share based payment expense 149 0 1. Higher contract assets (€31.5 million) related to delivery 2H
Slide 25: Balance sheet
BALANCE SHEET Summary of financials (€k) H1 2022 YE 2021 Intangible fixed assets 46,522 46,199 Tangible fixed assets 16,327 15,024 Financial fixed assets 11,176 7,344 1 Total fixed assets 74,025 68,567 1 FIXED ASSETS Contract assets and inventory 70,540 35,780 • Intangible fixed assets mainly consis
Slide 26: Outlook and strategic priorities 2022
OUTLOOK AND STRATEGIC PRIORITIES 2022 26 Sensitivity: General Sensitivity: General
Slide 27: Outlook and strategic priorities 2022
OUTLOOK AND STRATEGIC PRIORITIES 2022 We re-iterate that based on the current order book, ongoing tender activity and anticipated deliveries in 2022, management expects a sharp increase in revenue in 2022 compared to 2021. We however also re-iterate that Ebusco is not immune to the ongoing geopoliti
Slide 28: YTD 2022 recap
YTD 2022 RECAP RECORD HIGH € ORDER BOOK INVESTED FOR PROVEN AND ROBUST FUTURE GROWTH 3.0 MANUFACTURING CONCEPT OPERATIONAL ON TRACK FOR PERFORMANCE INTERNATIONAL ROLL 3.0 EXCEEDING OUT PLAN EXPECTATIONS 28 Sensitivity: General Sensitivity: General
Slide 29: Cautionary statement
CAUTIONARY STATEMENT Any forward-looking statements in this presentation refer to future events and may be expressed in a variety of ways, such as “expects”, “projects”, “anticipates”, “intends” or other similar words (“Forward-looking statements”). Ebusco Holding N.V. (“Ebusco”) has based these for
Slide 30: Driven by innovation, total cost of ownership, reliability
DRIVEN BY INNOVATION TOTAL COST RELIABILITY OF OWNERSHIP 3021 Sensitivity: General Sensitivity: General
Slide 31: Sensitivity: General Sensitivity: General
Sensitivity: General Sensitivity: General