Shelly Group Plc · BSESOF:SLYG
Shelly — FY2023 Earnings Presentation
34 slides from Shelly's earnings presentation, Feb 27, 2024
Slide 1: Trading Update 2023
Trading Update 2023 February 27th, 2024
Slide 2: Your speakers today
Your speakers today Highlights Wolfgang Kirsch CO-CEO Strategy & Operations Product Dimitar Dimitrov CO-CEO Research & Development Financial Wolfgang Kirsch Details & CO-CEO Outlook Strategy & Operations
Slide 3: We make Smart Building Solutions
We make Smart Building Solutions …enabling an eco-friendly connected world
Slide 4: Leading Smart Building Platform
Leading Smart Building Platform 13 M ** +5.0 M >100 Devices sold Last 12 months Countries 3.0 M ** +900 K Households Last 12 months 1.250 K ** +573 K Cloud users Last 12 months **since 2018
Slide 5: Highlights
Highlights 2023 Wolfgang Kirsch
Slide 6: Key Highlights 2023
Key Highlights 2023 • All KPIs and guidance met • Revenue growth in all relevant markets • Successfull enlargement of distribution channels • Significant growth of adressable customer ownership • Strategic widening of product portfolio • Perfect product line-up for further growth
Slide 7: Financial Highlights 2023
Financial Highlights 2023 (in million EUR) Revenue EBIT Cash +83.5% +57.3% +1.3 +10.2% -1.2 +56.6% 30.4 47.6 74.9 9.5 10.4 19.1 15.6 14.4 15.7 2021 2022 2023 2021 2022 2023 Cash 31.12.21 Cash 31.12.22 Cash 31.12.23 Growth Rate in 2023 on EBIT Margin increased from 21.9% Growth fully financed from op
Slide 8: Capital Market Highlights 2023
Capital MarketHighlights2023 • Capital market conferences • Hamburger Investoren Tage Frühjahr • Münchner Kapitalmarkt Konferenz • Hamburger Investoren Tage Herbst • Rüttnauer Research Konferenz • Baader Investment Konferenz • Micro Cap Club Conference Chicago • Eigenkapitalforum Frankfurt • 5 Roads
Slide 9: Growing do-it-yourself distribution platform
Growingdo-it-yourself distribution platform • Amazon Direct Vendor Business • Germany since H2/22 • Rollout to France, Italy, Spain & BeNeLux in 2023 • USA and Australia planned for 2024 • Important steps from online to physical retail • Hornbach, Germany and Austria • Euronics, Italy • Leroy Merlin
Slide 10: Growing professional distribution platform
Growing professional distribution platform • First contracts with new electric wholesalers (Pro-Market) in DACH and Nordics • +4000 trained installers • Technical School Program started in Germany & Nordics - +90 schools onboarded
Slide 11: Large & Growing Community
Large& GrowingCommunity Reach in social media and community more than doubled • +10 social channels / +250k followers +6k • +2.2M social post reach • Independent Shelly support groups with +150k members +12k • +2000 user generated videos +9k +150k +110k
Slide 12: Product
Product Dimitar Dimitrov
Slide 13: Wider product range is one driver for more revenue
Wider product range is one driver for more revenue 70 * 85 * 15 • 2023: 6 Products updated 8 21 New products released 21 3 New product categories 49 * 6 • 2024 YTD: 8 Products updated 15 New products released • 2024 Outlook 40-60 New products and product updates 2022 2023 2024 YTD * Excluding Access
Slide 14: Bluetooth product range increased
• Bluetooth product • Full range of Z-Wave devices range increased • Latest technology • Long battery lifespan (Z-Wave 800) • Very competitive prices • 50% cheaper than competition • easy to install
Slide 15: New App launched; Premium version
• New App launched in February ´23 • Premium Version started in August ´23 • Still in trial period, but promising first results • First step into recurring revenues
Slide 16: Financial Update & Strategy
Financial Update & Strategy Wolfgang Kirsch
Slide 17: Revenue Q / Q
Revenue Q / Q (in million EUR) Revenue Q1 Revenue Q2 Revenue Q3 Revenue Q4 CAGR 69.39% +70.4% CAGR 75.9% +42.9% CAGR 36.0% CAGR 42.6% +61.0% +46.1% +116.6% +68.4% +39.2% +14.6% 7.7 8.8 14.1 6.8 9.5 13.9 5.2 11.3 16.1 10.7 18.0 30.8 Q1 21 Q1 22 Q1 23 Q2 21 Q2 22 Q2 23 Q3 21 Q3 22 Q3 23 Q4 21 Q4 22 Q4
Slide 18: EBIT Q / Q
EBIT Q / Q (in million EUR) EBIT Q1 EBIT Q2 EBIT Q3 EBIT Q4 CAGR 68.5% +55.8% CAGR 39.9% +113.5% CAGR34.5% CAGR 29.5% +59.3% +110.7% +84.4% +5.2% -14.2% -9.4% 2.2 2.3 2.3 3.7 1.8 1.6 3.3 1.7 3.1 4.9 3.7 3.4 7.2 Q1 21 Q1 22 Q1 23 Q2 21 Q2 22 Q2 23 Q3 21 Q3 22 Q3 23 Q4 21 Q4 22 Q4 23 Strong EBIT growt
Slide 19: Regional share and growth
Regional share and growth (in million EUR) 36.7 +108% • Strongest region with over-proportional 17.7 development DACH 49,0% • Local structure and new channel policy enables stronger 2023 growth rate 2022 2023 32.7 Rest of +29% • Good development supported by first success Europe 26.6 in France 43,7%
Slide 20: Profit & Loss 2023
Profit & Loss 2023 (in million EUR) Period Revenue 2021 30.426 2022 47.641 +56.6% 2023 74.926 +57.3% • COGS impacted by currency rate, optimized supply chain and product mix Gross Profit Gross Margin 16.764 55.1% 23.955 50.3% +42.9% 42.790 57.1% +78:6% • Margin above Budget Sales & Marketing -1.378
Slide 21: Cash Flow
Cash Flow (in million EUR) 7.7 • Inventory reduced from 11.8 Mio. to 9.3 Mio. 14.4 -4.1 -2.2 -0.057 15.7 • 3.5 Mio. higher prepayments to factories • CFI reflects the GOAP acquisition in January 2023 + investments in R&D • CFF in particular related to payment of dividend • 11 Mio. higher customer re
Slide 22: Guidance vs. Achievement
Guidance vs. Achievement
Slide 23: Guidance vs. Achievement 2023
Guidance vs. Achievement 2023 (in million EUR) Targets 2022 Baseline 2023 Guidance 2023 Actual Revenue 47.6 72 74.9 YoY Growth 56.6% 51.0% 57.4% EBIT 10.4 >17.0 19.1 EBIT Margin 22% >23% 25.5%
Slide 24: Guidance 2024
Guidance 2024 (in million EUR) Targets 2023 2024 Revenue 74.9 105 YoY Growth 57.4% 40.2% EBIT 19.1 26 EBIT Margin 25.5% 25%
Slide 25: Summary – 2023
Summary – 2023 • Qubino Acquisition successfully completed – Full • Continuing strong and • Headcount doubled in the line of new products on the profitable growth (+57.3%) last 12 month - mainly in R&D market and Sales • EBIT grows faster than • New channel strategy revenue (+83.5%) • Slower headcou
Slide 26: Forward Looking Goals – 2024-2026
Forward Looking Goals –2024-2026 • Growing to • Continue building strong • Stay technically ahead of +200 EURm (2026) structures to enable faster competition - Benefit from growth new Shelly Chip & Operating • EBIT target of System +50 EURm (2026) • Move from a hardware and software brand towards a
Slide 27: Q & A
Q&A Scan to download Scan to subscribe to the presentation newsletter
Slide 28: Appendix
Appendix
Slide 29: Investor relations
Investor relations 1 HY events Feb Apr Apr May June 27 24 30 16 Q4 2023 MKK MicroCap Q1 General Meeting Trading Münchener Investors Trading of the Update Kapitalmarkt Club Update Shareholders Konferenz Showcase Guidance Las Vegas Update on 2024 Strategy
Slide 30: Investor relations
Investor relations 2 HY events Aug Aug Oct Nov Nov 15 21-22 23-26 14 25-27 H1 HIT Baader Q3 Eigenkapital Trading Hamburger Investment Trading Forum Update Investorentage Conference Update Frankfurt Munich 103 Cherni Vrah Blvd, corporate.shelly.com/publications/financial-results/ investors@shelly.com
Slide 31: Definitions
Definitions Term Definition Term Definition Earnings before interest and taxes (EBIT) is an indicator of a company’s profitability. EBIT can be calculated as revenue minus expenses Inorganic Inorganic growth arises from mergers or takeovers rather than an EBIT excluding tax and interest. Growth incr
Slide 32: Appendix - Notice to reporting
Appendix - Notice to reporting The following presentation, including any printed or electronic copy of these slides, the talks given Presentation includes statistics, data and other information relating to markets, market sizes, by the presenters, the information communicated during any delivery of
Slide 33: Investor relations
Investor relations Denitsa Georgieva Investor Relations Officer investors@shelly.com
Slide 34: Trading Update 2023
Trading Update 2023 February 27th, 2024