Invisio Ab · OMXSTO:IVSO
Invisio Ab — Q2 2022 Earnings Presentation
16 slides from Invisio Ab's earnings presentation, Jul 22, 2022
Slide 1: Protection at work, a better life at home
Protection at work, a better life at home Protection at work, a better life at home COMPANY CONFIDENTIAL Investor Conference Call July 22, 2022 Interim Report January –June 2022 1 CEO Lars Højgård Hansen
Slide 2: Highlights in Q2, 2022
Highlights in Q2, 2022 • Positive market development • Strongest order book ever • Deliveries still lagging • Contract with the UK MoD • Larger defense budgets and more soldiers will increase demand • James Ewing, SVP Racal Acoustics COMPANY CONFIDENTIAL and member of Group Management retires 2
Slide 3: Financial result Q2, 2022
Financial result Q2, 2022 SEK in millions 2022 Q2 2021 Q2 Difference % 2022 Jan-Jun 2021 Jan-Jun Difference % 2021 Full year Revenue 153.7 154.3 0 291.1 298.1 -2 593.0 Gross profit 88.4 89.6 -1 170.4 172.2 -1 340.4 Gross margin % 57.5 58.0 58.5 57.8 57.4 EBITDA 3.4 25.6 -87 11.2 49.1 -77 69.9 EBITDA
Slide 4: Orderbook per cent stronger in H1 2022
Orderbook 80 per cent stronger in H1 2022 … Order intake per quarter and rolling 12 months Order book per quarter and rolling 12 months (SEK million) (SEK million) 450 1,000 600 400 400 350 800 500 350 300 300 400 250 250 600 300 200 200 400 150 200 150 100 100 200 100 50 50 0 0 0 0 COMPANY CONFIDEN
Slide 5: Regarding the orderbook
Regarding the orderbook • Deliveries of our products take place with various time perspectives. • For products under the INVISIO brand deliveries are usually within 2-6 months. • Deliveries of products under the Racal Acoustics brand - often lie further in the future - a first part-delivery to be wi
Slide 6: Continued component shortages and transport challenges
Continued component shortages and transport challenges Sales per quarter and rolling Gross profit per quarter (MSEK) and 12 months (MSEK) rolling 12 months (per cent) 250 700 150 65% 600 200 120 62% 500 150 400 90 59% 100 300 60 56% 200 50 30 53% 100 0 0 0 50% Q2 2021 Q2 2021 Q2 2020 Q2 2022 Q2 2020
Slide 7: Higher activity increases OPEX by SEK million
Higher activity increases OPEX by SEK 10 million, of which SEK 5 million is a one-time cost Operating expenses per quarter EBITDA per quarter (MSEK) EBIT per quarter (MSEK) and (SEK million) and rolling 12 months (per cent) rolling 12 months (per cent) 120 80 30% 95 30% 100 25% 25% 75 60 20% 80 20%
Slide 8: Another contract with UK MoD
Another contract with UK MoD Three-year In-Service Support contract with the UK MoD renewed in April – holding an option for another two years. Three larger orders and agreements with the UK MoD in 2022. COMPANY CONFIDENTIAL 8
Slide 9: Greater geopolitical uncertainty
Greater geopolitical uncertainty Substantially increased defense budgets in coming years. • Short term: limited impact on INVISIO. • Long term: larger budgets and more soldiers will mean an increased demand. COMPANY CONFIDENTIAL The need for modern communication equipment with hearing protection is
Slide 10: Continued positive expectations for 2022
Continued positive expectations for 2022 Supply and deliveries in the first half of 2022 have been challenging. A gradual return to more normal conditions in the second half of the year and a continued strong intake of orders. Focus on marketing of our numerous new product solutions, while we intend
Slide 11: Questions and answers
COMPANY CONFIDENTIAL 11 Questions and answers
Slide 12: Appendix
Appendix INVISIO
Slide 13: Condensed consolidated income statement and consolidated statement of comprehensive income
Condensed consolidated income statement and consolidated statement of comprehensive income 2022 2021 2022 2021 2021 SEK in millions Note Q2 Q2 Jan-Jun Jan-Jun Full year Revenue 2 153.7 154.3 291.1 298.1 593.0 Cost of goods sold -65.3 -64.8 -120.7 -125.9 -252.6 Gross profit 88.4 89.6 170.4 172.2 340.
Slide 14: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position SEK in millions Assets Note 30/06/2022 30/06/2021 31/12/2021 Goodwill 55.5 57.5 54.5 Capitalized development costs 3 97.3 95.9 92.6 Other intangible assets 3 84.4 92.1 89.3 Property, plant and equipment 3 15.9 18.5 17.1 Right-of-use assets, leas
Slide 15: Condensed consolidated statement of cash flow
Condensed consolidated statement of cash flow 2022 2021 2022 2021 2021 SEK in millions Note Q2 Q2 Jan-Jun Jan-Jun Full year Operating activities Profit/loss before tax -8.0 13.0 -12.0 23.8 23.5 Adjustments for non-cash items 11.6 12.0 28.0 24.4 47.7 Income tax paid -7.4 -1.2 -8.8 -2.2 -9.0 Cash flow
Slide 16: Depreciation/amortization
Depreciation/amortization 2022 2021 2021 SEK in millions Q1 Q1 Full year Depreciation of capitalized development costs 5.1 4.5 18.9 Amortization of Other intangible assets* 3.3 2.0 11.1 Amortization of Right of use assets, leases 1.8 3.1 9.3 Depreciation of Property, plant and equipment 1.4 1.2 5.7