Lumibird SA · EURONEXT:LBIRD
Lumibird SA — Investor Presentation (October 2020)
29 slides from Lumibird SA's investor presentation, October 2020
Slide 1: Investor Presentation October 2020
? one Maun | Investor Presentation October 2020
Slide 2: Speakers
Speakers ( ) a ~ Pierre VALLALTA Advisor Strategy & Finance Jean-Marc GENDRE Aude NOMBLOT-GOURHAND Deputy CEO Secretary General - CFO
Slide 3: Agenda
1 2020: resilience in crisis 2 Increase in H1 2020 current operating income 3 Focus : Lumibird Medical brands integration 4 Strategy and outlook
Slide 4: Resilience in crisis
RESILIENCE IN CRISIS
Slide 5: A leading European laser company with a global presence
A leading European laser company with a global presence Lumibird exports its solutions to over 100 countries A dynamic of €1 51 -7 m continuous growth 2019 pro forma revenues €23.7m 2019 pro forma EBITDA eo ye 7 100.7 { P 85.1 15.6% ° 2019 pro forma EBITDA margin 63.0 7 production sites Bozeman (USA
Slide 6: COVID-19 impact
COVID-19 impact Continuity plan rolled out since March Operations continued on all group sites 70% of the capacity maintained in March-May, back to 100% mid-June R&D teams focused on mid-term high potential projects Markets mainly resilient Defense, Medical No orders cancelled at this stage Some are
Slide 7: H1 2020: contraction limited to -11.5%
H1 2020: contraction limited to -11.5% €51.7m €45.8m Defense & Space €8.6m -12.0% qa3n & Scientific Laser . Lidar Sensors €9,1m -10.5% H1 2019 H1 2020 Mmmm aser a Medical pro forma H1 2020 Pro forma : integrating Ellex as of 1st January 2020
Slide 8: H1 2020 highlights
H1 2020 highlights ASER DIVISION Industrial & Scientific LIDAR Sensors Defense & Space €12.3m (-8.0%) €9.1m (+2.2%) €8.6m (-27%) + Business hampered by ~ Contrasting performances - Less active schedules for + Cancellation of major European the closure of + Dynamism of Halo operations on ophthalmolog
Slide 9: Finances
FINANCES A INCREASE IN H1 CURRENT OPERATING INCOME: MARGINS IMPROVING
Slide 10: Financial highlights
Financial highlights INCOME STATEMENT Adverse economic effects: + Business decrease + Payment fraud Favourable structuring effects: * Positive impact of vertical integration (Halo- Photonics, Optotek) + Improvement of the margin rate : + Favourable production cycle on defense contracts + Optimisatio
Slide 11: Key figure H1 2020
Key figure H1 2020 (€m) H1 2019 H1 2020 i Change in % Revenues 51.7 45.8 -5.9 -11.5% Gross margin 30.6 30.4 -0.2 -0.7% % 59.2% 65.5% EBITDA 6.7 7.6 +0.9 +13.3% % 13.0% 16.7% Current operating income 2.6 2.9 40.3 +9.7% % 5.1% 7.1% Operating income 2.6 (2.1) 4.7 ~ 184% Financial income and expenses (0
Slide 12: Current operating income for each division
Current operating income for each division H1 2019 H1 2020 fem) Laser Medical TOTAL Laser Medical Revenues 34.0 17.7 51.7 30.0 15.8 Gross margin 20.6 10.0 30.6 20.5 9.9 % 60.6% 56.5% 59.2% 68.3% 62.6% EBITDA 47 2.0 6.7 5.7 2.0 % 14.0% 11.2% 13.0% 18.9% 12.4% Current operating income 1.6 1.0 2.6 2.3
Slide 13: Breakdown of change in current operating income
Breakdown of change in current operating income (€m) . (€m) TOTAL Laser Medical Breakdown of change in current Current op. incomeH1 2019 —.2.6 1.6 1.0 operating income (€m) _ Current op, income/2019 acquisitions _—_-+0.6 0.6 Ns 6 2.8 0. La! ~ 2.9 Decrease in net external expenses 26 -.3 == p : -0.3
Slide 14: From current operating income to net income (Group share)
From current operating income to net income (Group share) (€m) $1 2019 $1 2020 poner a Current operating income 2.6 2.9 +0.3 Operating income 2.6 (2.1) “47 Financial income and expenses (0.3) (0.5) -0.2 Income tax (0.4) 0.7 +11 Net income 1.8 (1.9) -3.7 Operating income — non-recurring components: -
Slide 15: Balance sheet at June 30, 2020
Balance sheet at June 30, 2020 ASSETS Of which €m 30/06/2020 Ellexentry Non-current assets 134.8 43.3 Goodwill 69.3 29.8 Intangible assets 35.8 73 Property, plant and equipment 208 Ga Other non-current assets 8.9 O41 31/12/2019 A 90.5 40.1 LIABILITIES Shareholders’ equity Non-current liabilities Non
Slide 16: Controlled cash flow generation
Controlled cash flow generation € 201 H1 201 H1 2020 . [ee 0 Z Of which: Cash-flow from operations (before financial expenses + Payment fraud impact: -€4.0m and tax) 19.9 6.5 2.7 _ Change in working capital -0.1 -7.8 73.5 QUANTEL MEDICAL building 0.8 Taxes paid -0.3 -0.2 - Technical facilities 1.0 O
Slide 17: Healthy financial situation
Healthy financial situation Gross debt repayment schedule (€m) Change in net financial debt 28.0 26.6 2. I ss 2 ! ! 1 11.8 11.1 I 75 i a ! | 1 2.6 +10.6 >tyr— 1to2yrs-2to3yrs~3toAyrs © toSyrs => Syrs | -35.6 1 an Breakdown of gross financial debt I TF a I 5.0 I I 08 ZZ -18.2 t NFD Cash flowfrom Indu
Slide 18: H1 2020 pro forma financials
H1 2020 pro forma financials (unaudited) / income statement At 30/06/2020 (€m) Lumibird Ellex Pro forma Revenues 45.8 19.7 65.5 Gross margin 30.4 10.8 41.2 % 66.3% 54.7% 62.9% EBITDA 7.6 2.4 10.0 Current operating income 2.9 1.4 4.3
Slide 19: Focus: Lumibird Medical brands integration
Slide 20: Major player for ophthalmology laser treatment and ultrasound diagnosis
Major player for ophthalmology laser treatment and ultrasound diagnosis 2 core business lines Finished Global sales network products Treatment lasers Diagnostic ultrasounds 3% 4, areas of expertise countries distributors 52.9% of 2019 pro forma > 50% direct sales revenues Glaucoma Cataracts Retinal
Slide 21: Synergies between brands
Synergies between brands Serving growth and profitability ch in order to meet tl Strong branded products and complementary know-how of the ophthalmic market Group inte; finance) ion synergies on purchasing and support functions (HR, IT and
Slide 22: Update on the integration of Ellex
Update on the integration of Ellex Implementation of synergies starting at Closing+o O og Synergies @ Integration aa Sales and marketing Group financial reporting Technology «<< Ellex Machine Shop >> * Unique direct sales force on * Joint management of ° EMS: integrated * Daily reporting of all the
Slide 23: Outlook
,QUTLOOK
Slide 24: A long-term strategy based on both organic and external growth
A long-term strategy based on both organic and external growth Ambition for leadership, both technological and commercial, for the Laser and Medical sector: strengthening in the ophthalmology market - diagnostic and treatment - with a reinforced global presence; strengthening in the Lidar markets to
Slide 25: Strategic objectives
Strategic objectives Combining external growth and organic growth LIDAR Strategy Further strengthening technological leadership Medical Potential for L3 semi-autonomous cars. Growth driven by major contracts Z Diversification outside of ophthalmology Non-automotive LiDAR (30 scanning, wind sensing,
Slide 26: Appendix
Slide 27: Shareholding structure
Shareholding structure Public Esira/Eurodyne 48.07 % 51.93 % 27
Slide 28: 2019 pro forma financials
2019 pro forma financials (unaudited) / income statement At 31/12/2019 (€m) Lumibird Ellex Pro forma Revenues 110.7 40.9 151.7 Gross margin 67.1 22.3 89.5 % 60.6% 54.5% 59.0% External expenses (14.0) (7.6) (21.6) Salaries and payroll taxes (32.2) (12.2) (44.4) Other expenses or grants 0.1 03 0.3 EBI
Slide 29: 2019 pro forma financials
2019 pro forma financials (unaudited) / balance sheet At 31/12/2019 (€m) Lumibird Ellex Financing Combination Pro forma Total assets 193.8 44.0 22.6 (26.0) 234.4 Shareholders’ equity 124.9 26.0 3.0 (26.0) 124.9 Gross financial debt 32.1 8.6 22.6 63.2 Cash and equivalent 50.3 7.0 22.6 (62.5) 17.3 Pro