Basler Ag · XETR:BSL
Basler — Q1 2020 Earnings Presentation
23 slides from Basler's earnings presentation, May 7, 2020
Slide 1: Quarterly Report Q1 2020
Quarterly Report Q1 2020 May 7, 2020 Hardy Mehl | CFO/COO Public | © Basler AG
Slide 2: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 2
Slide 3: Executive Summary: Covid-19 Impact
Executive Summary Covid-19 Impact Highest priority on employees’ health has been successful. No infection within the Basler team as of today. The Basler team did a great job and is highly motivated. Organization has been able to continue all operations and successfully serviced the customer with
Slide 4: Executive Summary: Highlights Q1/2020 (1/3)
Executive Summary Highlights Q1/2020 (1/3) Market Environment German industry for vision components billings +2% and bookings +3%* Increasing business in capex goods semicon/electronics Continuing growth in medical and logistics applications Automotive industry remains weak and additionally
Slide 5: Highlights Q1/2020 (2/3): New Product Introductions & Innovations
Executive Summary Highlights Q1/2020 (2/3) New Product Introductions & Innovations Launch of 16 new models based on the new ace 2 platform Start of series production of ace 2 Basic and Pro Publishing of new pylon release 6.1 Upgrading of the MED ace cameras with dust protection Introductio
Slide 6: Highlights Q1/2020 (3/3)
Executive Summary Highlights Q1/2020 (3/3) 36% Sales & Marketing An increase of 16 FTEs 25 % Production since Dec. 31, 2019 806* 15 % Administration 24 % R&D *fulltime equivalent jobs in average for the fiscal year (FTE) Public | © Basler AG 6
Slide 7: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 7
Slide 8: Development of Bookings and Billings
Financials Development of Bookings and Billings Revenues mill. € 53 Order Entries mill. € 45 46 44 44 42 42 42 41 38 40 39 39 39 34 35 34 33 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 Public | © Basler AG 8
Slide 9: Revenue Split by Regions
Financials Revenue Split by Regions Basler AG Headquarters 1 Ahrensburg, Germany 1 5 Basler Subsidiaries 2 7 8 2 Exton, U.S. 6 3 Taiwan 3 4 Singapur Total € 43.7 million 5 Silicon Software 2018 4 6 Basler China 2019 7 Korea 20 % 29% 51 % 8 Japan Americas EMEA Asia Public | © Basler AG 9
Slide 10: Development of Gross Profit and Margin by Quarter
Financials Development of Gross Profit and Margin by Quarter 52.6% 52.6% Gross Margin % *extraordinary stock effects due to China M&A Gross Profit mill. € 51.2% * 50.1% * 48.8% 23.0 21.2 20.7 20.4 19.7 Q1 Q2 Q3 Q4 Q1 2019 2020 Public | © Basler AG 10
Slide 11: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin 14.3% 14.4% EBT % EBT mill. € 9.7% 9.8% 7.9% 5.9 6.3 4.1 3.8 3.1 Q1 Q2 Q3 Q4 Q1 2019 2020 Public | © Basler AG 11
Slide 12: P&L KPIs Q1/2020 versus Q1/2019
Financials P&L KPIs Q1/2020 versus Q1/2019 (mill. €) Q1/2020 Q1/2019 +/- Order Entry 52.9 42.0 +26% Sales 43.7 39.3 +11% Gross Profit 52.6% 50.1% +2.5 Pp. EBITDA 9.5 6.0 +58% EBIT 6.4 3.2 +100% EBT 6.3 3.1 +103% Net Income 4.7 1.5 +213% EPS* 0.47 0.15 +213% *All numbers other than EPS in € mill., EP
Slide 13: Development Free Cashflow
Financials Development Free Cashflow FCF mill. € 10.8 OCF mill. € 8.1 6.7 5.0 ICF mill. € 1.9 2.0 -0.9 -1.9 Q1 Q2 Q3 Q4 Q1 -6.2 -3.9 -4.8 -5.8 -5.3 -10.4 -18.5 * * extraordinary M&A investment (MVLZ, China) 2019 2020 Public | © Basler AG 13
Slide 14: Liquidity and Cashflow
Financials Liquidity and Cashflow (in mill. €) March Dec. 31st, Q1/2020 Q1/2019 31st, 2020 2019 Cash, Liabilities b.o. period 35.2 31.8 to banks -25.7 -19.5 Cashflow from Cash & Cash Operations 2.0 -0.9 equivalents 38.4 35.2 Cashflow from Operative Investments -3.9 -5.3 Net Cash 12.7 15.7 Free Cashf
Slide 15: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 15
Slide 16: Basler Share versus TecDax
Share Basler Share versus TecDax - Basler Share - TDXP Index Number of shares: 10.5 million, Prime Standard 150,00 140,00 Market cap e.o. March 2020: 130,00 € 374.8 million 120,00 110,00 100,00 90,00 80,00 Public | © Basler AG 16
Slide 17: Dividend Proposal for 2019
Share Dividend Proposal for 2019 Lower payout ratio for 2019 due to high risks and uncertainties of Covid-19 crisis 0.67 30% 0.53 Payout ratio from EAT 25% 28% 28% Dividend per share 20% (adjusted to 10.5 million shares) 0.25 0.26 0.23 0.19 0.16 0.10 2012 2013 2014 2015 2016 2017 2018 2019 proposal
Slide 18: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 18
Slide 19: Outlook: Market Environment
Outlook Market Environment We experienced high demand in the first quarter. However, the potential second row effects of Covid-19 for our industry are uncertain and the visibility is low. For the second quarter, we expect: demand from semicon/electronics, medical and logistics to remain good con
Slide 20: Basler 2020 1st HY Guidance
Outlook Basler 2020 1st HY Guidance Considering the current supply and demand situation we confirm our guidance for the 1st HY at the upper end: First 6 months 2020 Revenue € 78 million EBT-Margin 9 - 10 % Public | © Basler AG 20
Slide 21: 2023 Outlook: Financial Mid-term Plan
2023 Outlook Financial Mid-term Plan 15% 12% CAGR EBT Margin 2023 €250 mill. 70% Revenue CCR* * Cash Conversation Rate FCF/EAT (excl. M&A transactions) ** Mid-term goals, 2023 Public | © Basler AG 21
Slide 22: Disclaimer
Disclaimer This document includes forward looking statements on Basler AG, its subsidiaries and associates, and on the economic und political conditions that may influence the business performance of Basler AG. All these statements are based on assumptions made by the Executive Board using informati
Slide 23: Questions & Answers
Questions & Answers Verena Fehling Phone +49 4102 463 101 Verena.Fehling@baslerweb.com Public | © Basler AG 23