Slide 1: H1 2023 results
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Slide 2: Disclaimer
Disclaimer This report contains forward-looking statements. These statements are based on current experience, estimates and projections of the Management Board and the information available at the time this report was prepared. They are not guarantees of future performance and results and are subjec
Slide 3: Agenda
Agenda H1 2023 Highlights Financial Review Outlook & Closing Remarks Q&A 3
Slide 4: H1 2023 Highlights
H1 2023 Highlights - the heart of your CALS | performance
Slide 5: e-bike: slow start to 2023 foreseen; downturn greater-than-expected
e-bike: slow start to 2023 foreseen; downturn greater-than-expected 5
Slide 6: e-bike market: supply and demand unbalances across the board
e-bike market: supply and demand unbalances across the board Deviations to 2023 assumptions driven by: 2022 stockpiling Lacklustre end consumer demand on the back of challenging macro environment Unfavorable weather conditions in the European market in Spring Slower-than-assumed stock depletion, can
Slide 7: Slow e-bike destocking continued to weigh on performance in H1 2023
Slow e-bike destocking continued to weigh on performance in H1 2023 Slow start of the year as expected, Group revenue at EUR 57.2 million Gross margin practically unchanged y-o-y at 51.7% Lack of operating leverage impacting profitability, adjusted EBITDA margin at 5.2% Strong balance sheet and liqu
Slide 8: Financial Review
Financial Review the heart of your | lGears | ihestet
Slide 9: Revenue and Profitability trajectory impacted by e-Mobility & e-Tools
Revenue and Profitability trajectory impacted by e-Mobility & e-Tools Sales of goods (in EUR million) Gross profit (in EUR million) Adjusted EBITDA (in EUR million) 36.8 70.0 40.0 10.0 8.2 29.6 -28.6% 56.7 8.0 24.4 30.0 17.4 6.0 -36.1% 20.0 23.3 14.9 4.0 3.0 10.0 9.3% 2.0 22.3 24.4 52.0% 51.7% 11.6%
Slide 10: Free Cash Flow in line with FY 2023 guidance
Free Cash Flow in line with FY 2023 guidance Free Cash Flow bridge (in EUR million) 0 • Net cash flow from operating activities -2 • Lower EBITDA due to operational -4 -7.4 leverage -10.9 • Positive contribution from WC -6 -8 -1.8 management 0.1 0.1 -10 -1.9 -12 H1 2022 Operating Investing Net paid
Slide 11: Robust financial position – full manoeuvrability
Robust financial position – full manoeuvrability Net Debt and leverage position (in EUR million) • Net Debt – Net debt/LTM adj. EBITDA at 1.0x – Total net debt at EUR 10.2 million 10.2 in H1 2023 vs. net cash EUR 2.7 11.0 10.0 9.0 4.5 million at yearend 2022 8.0 7.0 3.5 – No increase in liabilities
Slide 12: Outlook & Closing Remarks
Outlook & Closing Remarks the ‘of your | ars | perrormance”
Slide 13: e-bike growth model unchanged with upside optionalities
e-bike growth model unchanged with upside optionalities Fundamental drivers intact Strong platform to support future growth Environmental Regulations Sustainable transportation Steady customer base = Change in Stable competitive & industrial environment = Ongoing consumer habits urbanisation (recrea
Slide 14: Refining resource management to boost business potential
Refining resource management to boost business potential Development & Capex Capacity Change Cost control industrialization preservation utilization management processes Mid term Long term Ongoing assessment of measures to mitigate temporary Optimally positioning for scale in the future slowdowns an
Slide 15: Confirming guidance for 2023
Confirming guidance for 2023 2023 Targets Revenue 2023 EUR 115 – 123 million Guidance Adjusted EBITDA EUR 5 – 9 million Free Cash Flow neg. EUR 9 – 12 million FY 2023 guidance assumptions • Overall, economic uncertainty and constraints are expected to continue • Demand temporarily impacted by high s
Slide 16: Mid-term outlook – promising markets will drive growth
Mid-term outlook – promising markets will drive growth Mid-term outlook… Group revenue of EUR 180 - 200 million, Of which e-Mobility 55% - 60% 250.0 180-200 …supported by: 200.0 01. Customer wins and strong existing pipeline 150.0 115 - 123 02. Product specialization and segmentation 100.0 50.0 03.
Slide 17: Well positioned for future growth.
Well positioned for future growth. CEO’s initial observation confirmed: A Group with outstanding expertise, offering innovative high-quality and mission-critical components 17
Slide 18: Q&A
Q&A the heart of your byGears | Snes of