Vaisala Oyj Class A · OMXHEX:VAIAS
Vaisala Oyj Class A — Q4 2023 Earnings Presentation
21 slides from Vaisala Oyj Class A's earnings presentation, Feb 14, 2024
Slide 1: Record-high order book, Q4/23 operating result increased
Record-high order book, Q4/23 operating result increased Financial Statement Release January–December 2023 Kai Öistämö, President and CEO
Slide 2: Record-high order book, Q4/23 operating result increased
Record-high order book, Q4/23 operating result increased ▪ Strong orders received, +14% Y/Y ▪ Operating result margin 11.0 (8.9) % ▪ Cash from operating activities 29.5 (22.7) MEUR ▪ Board proposes dividend of EUR 0.75 (0.72) per share Net sales EBIT 147.4 (141.6) MEUR 16.3 (12.6) MEUR +4% Subscript
Slide 3: Highlights of 2023: technology leadership, engaged people, new ERP, and sustainability targets
Highlights of 2023: technology leadership, engaged people, new ERP, and sustainability targets Product launches 66% less New ERP system go-live early Jan 2024. plastic Celebrating 50 years of Employee HUMICAP® engagement Airport surface observation innovation 4.1/5 system to Kuwait Science-based emi
Slide 4: Q4/2023 orders received increased by 14%
Q4/2023 orders received increased by 14% MEUR Orders received 600 ▪ Orders received increased very strongly in Weather and Environment business 500 area, aviation strongest market segment 147.1 129.1 400 ▪ Orders received in Industrial Measurement business areas decreased 300 Y/Y 200 100 0 2019 2020
Slide 5: Q4/2023 order book EUR 173 million
Q4/2023 order book EUR 173 million MEUR Order book MEUR Order book delivery schedule 200 140 126.8 127.7 ▪ Year-end order book record- 180 120 high 160 ▪ Order book increased in 140 100 Weather and Environment 120 business area while it 80 decreased in Industrial 100 Measurements business area 60 80
Slide 6: Q4/2023 net sales increased by 4%
Q4/2023 net sales increased by 4% MEUR Net sales 600 ▪ Net sales increased in Weather and Environment business area and 500 147.4 decreased in Industrial Measurements 141.6 business area 400 ▪ Net sales increased very strongly in 300 aviation as well as in power and energy market segment, but on the
Slide 7: Q4/2023 operating result increased Y/Y
Q4/2023 operating result increased Y/Y MEUR Operating result 80 ▪ Gross margin improved to 54.3 (53.5) % 70 ▪ Component spot purchases had a 0.1 11.0% 60 8.9% 16.3 (3.0) percentage point negative impact 12.6 50 ▪ Operating expenses increased somewhat compared to previous year 40 30 20 10 0 2019 2020
Slide 8: Q4/23 orders received decreased by 8% Y/Y
INDUSTRIAL MEASUREMENTS Q4/23 orders received decreased by 8% Y/Y ▪ Orders received decreased in life science, industrial instruments and liquid measurements market segments ▪ Order book decreased to EUR 35.2 (41.8) million MEUR Orders received 250 200 64.4 59.4 150 100 50 0 2019 2020 2021 2022 Q4/2
Slide 9: Q4/23 operating result decreased
INDUSTRIAL MEASUREMENTS Q4/23 operating result decreased MEUR Net sales ▪ Net sales decreased in life science 250 market segment ▪ Gross margin improved to 60.7 (59.7) % 200 57.6 60.2 ▪ Additional material costs related to component spot purchases had a 0.0 150 (4.3) percentage point negative impact
Slide 10: Q4/23 orders received grew very strongly
WEATHER & ENVIRONMENT Q4/23 orders received grew very strongly ▪ Orders received increased in aviation, renewable energy and meteorology market segments ▪ Order book EUR 137.3 (112.8) million, +22% MEUR Orders received 350 300 250 87.7 64.7 200 150 100 50 0 2019 2020 2021 2022 Q4/23 Growth 37% in co
Slide 11: Q4/23 operating result margin improved clearly
WEATHER & ENVIRONMENT Q4/23 operating result margin improved clearly MEUR Net sales ▪ Net sales grew in all market segments, 350 very strongly in aviation and strongly in 300 renewable energy market segment 250 89.8 ▪ Gross margin improved to 50.3 (49.0) % 81.3 ▪ Additional material costs related to
Slide 12: 1-12/2023 financials
VAISALA 1-12/2023 financials
Slide 13: 1-12/2023 showed resilience
1-12/2023 showed resilience ▪ 1-12/2023 net sales growth 5% MEUR 1-12/2023 1-12/2022 ▪ Growth in constant currencies 8% Net sales 540.4 514.2 ▪ Gross margin improved to 55.8 (54.8) % Cost of goods sold -238.8 -232.2 ▪ Additional material costs related to Gross profit 301.7 282.0 component spot purch
Slide 14: 1-12/2023 cash flow from operating activities strong
1-12/2023 cash flow from operating activities strong MEUR 60 48.9 Cash and cash equivalents: 50 45.1 41.141.3 o End Q4/2023: 90.3 MEUR 40 36.0 o End Q4/2022: 55.5 MEUR 30 20 o Net working capital decreased 9.5 mainly due to decrease in 10 trade receivables 0 -10 -2.8 -4.9 -20 -12.9-13.6 -13.7 -15.1
Slide 15: Dividend development 2014–2023
Dividend development 2014–2023 EUR 1.20 1.00 0.80 0.50 0.60 0.40 0.75 0.68 0.72 0.55 0.58 0.61 0.61 0.45 0.48 0.50 0.20 0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 *2023 Dividend Return of capital/Additional dividend * Boards’ proposal All dividends have been adjusted to reflect increased numb
Slide 16: Strong financial position
Strong financial position MEUR 1-12/2023 1-12/2022 Equity per share 7.39 6.91 Return on equity % 18.9 18.7 Solvency ratio % 61.3 58.1 Capital expenditure 13.9 13.7 Cash and cash equivalents 90.3 55.5 Interest-bearing liabilities 62.1 63.4 Gearing % -10.5 3.2 16 14-Feb-24 Financial Statement Release
Slide 17: Market and business outlook
VAIHDA KUVA Market and business outlook
Slide 18: Market outlook for 2024
Market outlook for 2024 Growth Power and energy Liquid measurements Renewable energy Stable Industrial instruments Life science Meteorology Aviation Roads 18 14-Feb-24 Financial Statement Release January-December 2023
Slide 19: Business outlook for 2024
Business outlook for 2024 Net sales Vaisala estimates that its full-year 2024 net sales will be in the range of EUR 530–570 million Operating result (EBIT) Vaisala estimates that its full-year 2024 operating result (EBIT) will be in the range of EUR 63–78 million 19 14-Feb-24 Financial Statement Rel
Slide 20: Record-high order book, Q4/23 operating result increased
Record-high order book, Q4/23 operating result increased ▪ Strong orders received, +14% Y/Y ▪ Operating result margin 11.0 (8.9) % ▪ Cash from operating activities 29.5 (22.7) MEUR ▪ Board proposes dividend of EUR 0.75 (0.72) per share Net sales EBIT 147.4 (141.6) MEUR 16.3 (12.6) MEUR +4% Subscript
Slide 21: VAISALA
VAISALA