Basler Ag · XETR:BSL
Basler — 9M 2022 Earnings Presentation
24 slides from Basler's earnings presentation, Nov 8, 2022
Slide 1: 9-Month Report 2022
9-Month Report 2022 November 8, 2022 Hardy Mehl | CFO/COO Public | © Basler AG
Slide 2: Disclaimer
Disclaimer This document includes forward looking statements on Basler AG, its subsidiaries and associates („Group“), and on the economic, political and/or legal conditions that may influence the business performance of Basler AG. These forward looking statements include, without limitation, stateme
Slide 3: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 3
Slide 4: Executive Summary: Market Environment
Executive Summary Market Environment Market Highlights ▪ YTD German industry for vision components billings +6 % and bookings +8 %* ▪ Chip supply has recovered, but still challenging for a few critical parts ▪ Market situation is changing: ▪ Market demand has been cooling off since Q2 ▪ Lead times a
Slide 5: Executive Summary: Basler Performance
Executive Summary Basler Performance Basler Highlights ▪ Successful closing of four M&A transactions until b/o September (2x Korea, Italy, France) - post merger integration ongoing ▪ Korea has been consolidated since b/o 2022; Italy since b/o Q3 ▪ Fast organizational growth in 2022 with more than 15
Slide 6: Executive Summary: The Team
Executive Summary The Team 37% Sales & Marketing • Ongoing hiring program until 22 % Production end of 2022 • M&A transaction: We have 1065* welcomed ~50 new colleagues in Korea and ~20 in Italy • € 24.6 mill. R&D investment; ~12 % from Sales 15 % Administration 26 % R&D *fulltime equivalent jobs, S
Slide 7: New Product Launches (1/2)
Executive Summary New Product Launches (1/2) ▪ Basler expanded its lighting portfolio by 200 further lighting products ▪ Basler launched various mainstream ace2 cameras with brand new 5GigE interface ▪ Eight new models high-end boost cameras with fitting framegrabber technologies Public | © Basler A
Slide 8: New Product Launches (2/2)
Executive Summary New Product Launches (2/2) Introduction of pylon 7 - for the first time Basler offers among numerous other options image processing algorithms and gradually expands the pylon Software Development Kit to the center of the offering Public | © Basler AG 8
Slide 9: New Product Launches @ Vision Show, Stuttgart
Executive Summary New Product Launches @ Vision Show, Stuttgart Public | © Basler AG 9
Slide 10: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 12
Slide 11: Development of Bookings and Billings
Financials Development of Bookings and Billings Order Backlog 88.5 e/o Sep 2022 85 85 85 5.3 ~124 Mio. € 74 70.8 67 66 64 6.6 61 55 49 50 50.4 7.6 Revenue mill. € Order Entry mill. € Cancellations of orders placed in 2021 mill. € Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 Public | © Basler AG 13
Slide 12: Revenue Split by Regions
Financials Revenue Split by Regions • Strong business in Korea • Weaker market/business in China Total € 205.2 million +25% 18% 26% 56% Americas EMEA Asia Public | © Basler AG 14
Slide 13: Development of Gross Profit and Margin
Financials Development of Gross Profit and Margin 54.6% 54.3% 51.2% 51.2% 49.1% 50.2% 47.6% 38.1 32.9 33.3 29.8 30.7 24.2 25.7 Gross Profit mill. € Gross Margin % Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 Public | © Basler AG 15
Slide 14: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin 18.1% 17.8% 13.9% 12.8% EBT % 8.7% EBT mill. € 7.7% 6.8% 10.8 9.9 9.5 9.2 5.6 3.8 3.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 Public | © Basler AG 16
Slide 15: P&L KPIs
Financials P&L KPIs (in € mill.) 9 Months 2022 9 Months 2021 +/- Order Entry 209.7 237.6 -12 % Sales 205.2 164.6 +25 % Gross Profit 102.0 86.9 +17% Gross Profit Margin 49.7 % 52.8 % -3.1 Pp. EBITDA 36.8 37.1 -1 % EBIT 24.7 24.9 -1 % EBT 24.3 24.5 -1 % EBT-Margin 11.8 % 14.9 % -3.1 Pp. Net Income 19.
Slide 16: Development of Free Cashflow
Financials Development of Free Cashflow 15.0 FCF mill. € 8.7 8.6 4.7 9.6 OCF mill. € 1.0 5.4 -3.1 -0.9 -5.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ICF mill. € -3.6 -5.5 -3.3 -6.0 -4.2 -2.9 -6.3 -5.4 -12.8 ** -28.1 * extraordinary M&A investments (DATVISION and IOVIS, Korea) -22.9 * ** extraordinary M&A investment 202
Slide 17: Cashflow and Liquidity
Financials Cashflow and Liquidity (in € mill.) 9 Months 9 Months 2022 2021 +/- Cash, b.o. period 54.8 47.9 +15 % Cashflow from 2.5 28.4 Operations 9/30/2022 12/31/2021 Cashflow from -41.1 -12.4 Investments Liabilites to Free Cashflow -38.6 16.0 banks -56.1 -36.1 Cash & 23.9 54.8 Cashflow from 7.6 -1
Slide 18: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 20
Slide 19: Share
Share Basler Share versus TecDax 120 Share split/ bonus shares 100 € 53.53 80 60 € 23.35 40 20 Basler Aktie TDXP Index 0 Public | © Basler AG 21
Slide 20: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 22
Slide 21: Outlook: Assumptions until end of 2022
Outlook Assumptions until e/o 2022 For the remainder of the year, we expect: ▪ Weak demand (incl. order horizon reduction) and further backlog corrections ▪ Sound production output but still limited by a few missing critical parts –> impact on some product lines ▪ Limited sales in December due to ho
Slide 22: Outlook: Forecast 2022
Outlook Forecast 2022 Under these assumptions we confirm our recently increased guidance for 2022: ▪ Revenue € 262 - 270 mill. ▪ EBT-Margin 10 - 12 % Public | © Basler AG 24
Slide 23: Financial Mid-term Plan
Outlook Financial Mid-term Plan >15% 12 % CAGR EBT-Margin 2025 ~400 mill. € 70 % Revenue CCR* * Cash Conversation Rate FCF/EAT (excl. M&A transactions) Public | © Basler AG Date | Author 25
Slide 24: Questions & Answers
Questions & Answers Hardy Mehl Phone +49 4102 463 0 Hardy.mehl@baslerweb.com Public | © Basler AG 26