Ebusco Holding N.v. · EURONEXT:EBUS
Ebusco — H1 2024 Earnings Presentation
22 slides from Ebusco's earnings presentation, 2024
Slide 1: Half Year Results 2024
HALF YEAR RESULTS 2024
Slide 2: Today's Speakers
TODAY'S SPEAKERS Michiel Peters Peter Bijvelds Roald Dogge Jurjen Jongma Co-CEO and Chairman Founder & Co-CEO COO CFO 2
Slide 3: 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 4: Agenda
Agenda 1 Overview HY 2024 2 Financial performance HY 2024 3 Guidance 2024 and Turnaround plan 4 Q&A 4
Slide 5: Overview HY 2024
OVERVIEW HY 2024 5
Slide 6: Operational Review
OPERATIONAL REVIEW Working with contract 98 buses delivered, Start up inefficiencies and manufacturers proven to be including first Ebusco 3.0 liquidity restraints resulting the right choice, unit buses assembled by in hampered scale-up and economics approaching contract manufacturers delayed delive
Slide 7: Order Book H1-2024
ORDERBOOK H1-2024 BUSES Product ENERGY Product Fixed Call off Option Total Fixed Option Total Ebusco 2.2 113 178 660 951 Energy Storage System (ESS) 2 0 2 Ebusco 3.0 584 0 127 711 Mobile Energy Container (MEC) 20 0 20 Ebusco Maritime Battery (EMB) 2 0 2 Ebusco Charging System (ECS) 7 5 12 Total 697
Slide 8: Financial Review
FINANCIAL REVIEW HY 2024 revenue EBITDA loss of Net loss arrived at €38.0 €60.7 million of €64.7million million Cash & Cash Contract assets of Inventories of equivalents of €56.8 million €113.1 million €8.2 million 8
Slide 9: Financial Performance HY 2024
FINANCIAL PERFORMANCE HY 2024 9
Slide 10: Profit and Loss Statement
PROFIT AND LOSS STATEMENT Summary of financials (€k) H1-2024 H1-2023 Change REVENUES Revenues 2 38,004 41,720 (3,716) • The revenue amounts to €38 million as the company missed Y-o-y growth -9% approximately €100 million due to production delays, including Cost of materials (50,024) (44,410) (5,614)
Slide 11: Gross Profit Normalisation
GROSS PROFIT NORMALISATION GROSS MARGIN • The total bus margin amounts to €9.0 million negative and is impacted by several items. The largest impact relates to late delivery penalties and direct damage claims from customers (€10.4 million). These penalties and claims to date do not fully represent c
Slide 12: Cash Flow Statement
CASH FLOW STATEMENT Summary of financials (€k) H1-2024 H1-2023 Change EBITDA (60,724) (43,510) (17,214) CASH FLOW FROM OPERATING ACTIVITIES Increase (decrease) provisions 7,373 1,616 5,757 • The total decrease in cash and cash equivalents amounted to €19.7 Change in NWC 27,088 (553) 27,641 million.
Slide 13: Balance Sheet
BALANCE SHEET Summary of financials (€k) 30/06/2024 31/12/2023 Change Intangible fixed assets 49,876 49,888 (12) Tangible fixed assets 37,058 38,300 (1,242) Financial fixed assets 4,436 3,161 1,275 Total fixed assets 91,370 91,349 21 Contract assets and inventory 169,940 174,181 (4,241) ASSETS Recei
Slide 14: Revenue Recognition
REVENUE RECOGNITION Revenue recognition accounting policy • Ebusco has historically solely recognised revenue over time for the supply of its buses due to the level of required customer customisation. • Ebusco’s product design and processes however reach a more mature and standardised state, enablin
Slide 15: Guidance & Turnaround Plan
GUIDANCE & TURNAROUND PLAN 15
Slide 16: Key Findings New Management
KEY FINDINGS NEW MANAGEMENT 1 2 3 4 Lack of management Stable and profitable Capital locked up in experience to execute Ebusco 2.2 business. Key employees very stock and work-in- “new product New Ebusco 3.0 committed despite progress, and spent on introduction” and performs well on the hardship, hav
Slide 17: Turnaround Plan
TURNAROUND PLAN Complete Simplify operational industrialisation of Gradual increase of footprint and existing product run rate to 40-50 establish reactive portfolio before buses per month by supply chain launching new the end of 2025 products Mobilise organisation Structural reduce by creating clari
Slide 18: Operational Footprint Simplification
OPERATIONAL FOOTPRINT SIMPLIFICATION Current set-up Future set-up 18
Slide 19: Clarification Turnaround Plan
CLARIFICATION TURNAROUND PLAN • Establish reactive supply chain • Shifting from push to pull logistics for both in-house and outsourced production • Simplification of physical goods flow • Stabilising and ramp up production • Implement slot planning based production schedule with a predetermined wee
Slide 20: Guidance 2024
(©) GUIDANCE 2024 CAPITAL MARKETS DAY 2024 EsSUSCO”
Slide 21: Q&A
Q&A 21
Slide 22: Ebusco – Made to Move People
ESUSCO” MADE TO MOVE PEOPLE www.ebusco.com