Basler Ag · XETR:BSL
Basler — 9M 2012 Earnings Presentation
47 slides from Basler's earnings presentation, Nov 8, 2012
Slide 1: Final Results 9 Months 2012
Final Results 9 Months 2012 November 8th, 2012 Dietmar Ley, CEO 1
Slide 2: 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 3: Agenda
Agenda Company Profile Markets & Applications Strategy Final Results 9 Months 2012 Outlook Full Year 2012 3
Slide 4: This is Basler
This is Basler Company Profile The most trusted name in digital cameras Global category leader A quarter century of insight driven innovation Publicity traded 2011 revenue €55.1 million 290 employees Headquarters in Ahrensburg, Germany 4
Slide 5: What we Make – Core Competencies
What we Make – Core Competencies Company Profile Broadest product portfolio Industrial and network applications Area and line scan acquisitions CCD and CMOS sensors USB3, GigE, Fast Ethernet, FireWire , Camera Link interfaces 5
Slide 6: Which Markets we Serve
Which Markets we Serve Markets & Applications TRAFFIC & SURVEILLANCE TRANSPORTATION MANUFACTURING MEDICAL & LIFE SCIENCES NEW BUSINESS 6
Slide 7: Who relies on us
Who relies on us Key Product Applications Manufacturing Automotive Semiconductor/Electronics/ FPD Food Pharmaceutical Packaging 7
Slide 8: Who relies on us
Who relies on us Key Product Applications Traffic & Transporation Toll collection Speed limit/traffic light enforcement Parking enforcement Traffic density measurement 8
Slide 9: Who relies on us
Who relies on us Key Product Applications Traffic & Transporation: Railway track inspection 9
Slide 10: Who relies on us
Who relies on us Key Product Applications Traffic & Transportation: Tunnel inspection 10
Slide 11: Who relies on us
Who relies on us Key Product Applications Medical & Life Sciences Microscopy Ophthalmology Tomography Lab automation 11
Slide 12: Who relies on us
Who relies on us Key Product Applications Medical & Life Sciences: Blood fraction analysis 12
Slide 13: Who relies on us
Who relies on us Key Product Applications Medical & Life Sciences: Blood fraction analysis 13
Slide 14: Who relies on us
Who relies on us Key Product Applications Surveillance Banking Gaming Education Security 14
Slide 15: Who relies on us
Who relies on us Key Product Applications Surveillance: Under Vehicle Inspection 15
Slide 16: Who relies on us
Who relies on us Key Product Applications Surveillance: Under vehicle inspection 16
Slide 17: What drives us
What drives us Our Vision Advances in technology will improve the quality of our lives We give technology the power of sight 17
Slide 18: Strategic Goals
BASLER’ Strategic Goals Strategy No.1 Industrial Cameras ra melee >300 K REVENUE UNITS 18
Slide 19: Where we are going
Where we are going Our Primary Objective To become number one in industrial cameras 19
Slide 20: How we’ll get there
How we’ll get there Strategy Deliver innovation that drives business for our customers 20
Slide 21: How we’ll get there
How we’ll get there Strategy Deliver innovation that drives business for our customers Deliver unparalleled quality and reliability 21
Slide 22: How we’ll get there
How we’ll get there Strategy Deliver innovation that drives business for our customers Deliver unparalleled quality and reliability A team culture of creative collaboration 22
Slide 23: How we’ll get there: Market Segmentation
How we’ll get there Strategy, Market Segmentation High End Mainstream Entry Level 23
Slide 24: How we’ll get there: Market Segmentation
How we’ll get there Strategy, Market Segmentation High High End End ■ High data rate ■ Specialty interfaces ■ Specialty features Large-format lenses Mainstream ■ ■ Average sales price >€1.500 / pc. Entry Level 24
Slide 25: How we’ll get there: Market Segmentation
How we’ll get there Strategy, Market Segmentation High Mainstream End ■ Medium data rate ■ Standard IT interfaces ■ Standard lenses ■ Average sales price Mainstream app. €600 / pc. Entry Level 25
Slide 26: How we’ll get there: Market Segmentation
How we’ll get there Strategy, Market Segmentation High Entry Level End ■ Low-medium data rate ■ Standard IT interfaces ■ Compact lenses ■ Average sales price Mainstream app. €250 / pc. Entry Level 26
Slide 27: How we’ll get there: Market Position
How we’ll get there Strategy, Market Position High Today End ■ Some participation in High-End segment ■ Strong foothold in Mainstream segment Mainstream ■ Fast-growing share in Entry-Level segment Entry Level 27
Slide 28: How we’ll get there: Growth Strategy
How we’ll get there Strategy, Market Position High Growth Strategy End ■ Maintain position in High-End segment ■ Expand position in Mainstream segment Mainstream ■ Expand position in Entry-Level segment Entry Level 28
Slide 29: What we’ve achieved
What we’ve achieved Ranked Number One On an annual basis, more Basler digital industrial cameras are shipped worldwide than any other brand 29
Slide 30: What we’re made of
What we’re made of 289 Employees* PRODUCTION 20% SALES & MARKETING 35% ADMINISTRATION 18% R&D 27% *average no. fulltime equivalent jobs as of September 30th, 2012 30
Slide 31: Camera Business: Growth Path
Camera Business Growth Path / Strategy 60 ~52,0 50 46,1 40,7 40 29,5 30 27,6 23,3 23,3 20 15,3 15,9 12,0 7,9 10 5,5 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e Camera Revenue, actual (€ mill.) Strategic Path CAGR = 20% (€ mill.) 31
Slide 32: Camera Business: % of Group Revenue
Camera Business % of Group Revenue / Strategy 100% >90% 90% 84% 80% 80% 69% 70% 60% 55% 53% 50% 45% 40% 35% 34% 31% 30% 30% 22% 20% 10% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e 32
Slide 33: Summary
Summary Final Results 9 Months 2012 YTD results better than expected Camera business running above plan Solutions business running - as expected – weak Outlook stable Guidance increased 33
Slide 34: Key Figures
Key Figures Group, Final Results 9 Months 2012 9 Months 9 Months 2011 2012 +/- Order Entry 42.4 44.5 +5 % Revenue 41.4 41.8 +1 % Gross Profit 17.9 19.1 +7 % EBIT 5.8 5.0 -14 % EBT 4.8 4.2 -13 % Net Income 3.2 2.8 -13 % EPS* 0.92 0.81 -12 % € million, * € per share 34
Slide 35: Key Figures
Key Figures Group, Final Results Q3/2012 42,4 Q3/2011 Q3/2012 +/- Order Entry 12.2 15.7 +29 % Revenue 13.2 16.6 +26 % Gross Profit 5.7 7.7 +35 % EBIT 1.9 2.4 +26 % EBT 1.5 2.0 +33 % Net Income 1.0 1.2 +20 % EPS* 0.27 0.35 +30 % € million, * € per share 35
Slide 36: Progression of Financial KPI‘s
Progression of Financial KPI‘s Group, Final Results 9 Months 2012 Order Entry Revenue EBT 17,8 17,2 16,6 15,8 15,7 15,0 14,4 13,7 13,8 13,6 13,3 13,3 13,1 13,2 12,6 12,9 12,2 12,3 11,8 11,7 10,6 9,3 1,8 1,9 2,0 1,6 1,6 1,5 0,9 0,9 1,0 1,2 0,4 Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q
Slide 37: Regional Revenue Distribution
Regional Revenue Distribution Group, Final Results 9 Months 2012 Americas EMEA Asia-Pacific 25%() 37%() 38%() 37
Slide 38: Key Figures
Key Figures Business Segments, Final Results 9 Months 2012 Components 9 Months 9 Months +/- 2011 2012 Strong results in Components Order Entry 37.1 41.2 +11 % ▪ 9 Months-results in bookings, billings & Revenue 34.6 38.7 +12 % earnings mark all-time high’s EBIT 8.0 10.2 +28 % Weak results in Solution
Slide 39: Cashflow
Cashflow Final Results 9 Months 2012 9 Months 9 Months +/- Operating cash flow down 2011 2012 due to growth in camera business Cash, b.o. ▪ Receivables (+ € 2.5 period 9.1 7.4 19 % mill.) CF, operations 9.2 8.4 -9% CF, investments -5.2 -5.2 0% Cash flow from Financing Free CF 4.0 3.2 - 20 % down due
Slide 40: Operative Net Cash
Operative Net Cash Final Results 9 Months 2012 Dec. Sept. +/- 31st, 30th, 2011 2012 Liabilities to banks -5.0 -3.4 -32 % Total debt -5.0 -3.4 -32 % Cash & cash equivalents 7.4 4.7 -36 % Operative Net Cash 2.4 1.3 -46 % * € million 40
Slide 41: Basler Share
Basler Share Final Results 9 Months 2012 General Share price e.o. 9 Months: €10.57 (PY: €11.00; -4%) Market cap e.o. 9 Months: €35.2 million Average daily trading volume during 9 Months: 1,822 shares Status share buy-back 1st program fully completed by b.o. April 2nd program completed
Slide 42: Basler Share
Basler Share Shareholder Structure / Final Results 9 Months 2012 42
Slide 43: Outlook
Outlook Environment Euro-zone uncertainties having little influence on demand from European customers so far Softening demand from Asia Pacific ( Semiconductor/Electronics) to continue until Q1-2013 Weak Euro helpful for offshore business 2013 environment expected to be mediocre like in 201
Slide 44: Outlook
Outlook Basler Situation YTD-results better than expected, Q4-2012 results expected to be according to plan Demand for cameras remaining stable, benefitting from well-distributed market & customer mix and up-to-date product portfolio Demand for LCD inspection solutions starting to pick-up agai
Slide 45: Outlook
Outlook Guidance 2012 Guidance increased due to better-than-expected YTD-results and stable Q4-outlook Revenue € 54 – 56 mill. (was € 52 - 54 mill.) EBT-margin 9% – 10% (was 8% – 9%) 45
Slide 46: Ask Questions
Ask Questions Get Answers Verena.Fehling@baslerweb.com Tel. +49 4102 463 101 46
Slide 47: Management
Management Appendix Arndt Bake Dr. Dietmar Ley John P. Jennings (Chief Operations Officer) (Chief Executive Officer) (Chief Commercial Officer) ▪ Joined Basler in 2001 ▪ Joined Basler in 1993 ▪ Joined Basler in 1998 ▪ Appointed as COO in 2011 ▪ Appointed as CEO in 2000 ▪ Appointed as CCO in 2005 ▪ R