Basler Ag · XETR:BSL
Basler — Q1 2024 Earnings Presentation
24 slides from Basler's earnings presentation, May 7, 2024
Slide 1: Three-Month Report 2024
Three-Month Report 2024 May 7, 2024 Hardy Mehl | CFO/COO Public | © Basler AG 1
Slide 2: Disclaimer
Disclaimer This document includes forward looking statements on Should these views or assumptions prove to be wholly or Basler AG, its subsidiaries and associates („Group“), and on partly incorrect, or should further risks arise, actual business the economic, political and/or legal conditions that m
Slide 3: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 3
Slide 4: A challenging Environment
Executive Summary A challenging Environment Weak market conditions in North America and Asia continued. Early/slight indications of recovery Inventory levels at customers shrank but were still above normal in Q1 and therefore muted the already weak demand Customers in North America and Asia become m
Slide 5: Basler Situation Q1
Executive Summary Basler Situation Q1 Bookings yoy down -19%, billings yoy down -23 % Balanced book-to-bill ratio, bookings grew 13% Q1/2024 vs. Q4/2023 Significant improvement of gross margin compared to HY2 2023 Restructuring measures successfully executed. Break-even-point reduced to <200 million
Slide 6: The Team
Executive Summary The Team FTEs e/o Q1/2023 FTEs e/o Q1/2024 37 % 21 % 38 % 22 % Sales & Sales & Marketing Production Marketing Production 1,139 918 15 % 14 % Administration Administration 27 % 26 % R&D R&D Public | © Basler AG 7
Slide 7: New Product Launches in Q1 2024
Executive Summary New Product Launches in Q1 2024 New model series of stereo cameras with coordinated application software complements The new version of VisualApplets contains Basler’s 3D product new features to empower best FPGA graphical programming for CoaXPress and Camera Link frame grabbers. A
Slide 8: Product Portfolio
Executive Summary From Camera Manufacturer to Full Range Provider Product Portfolio Software Computer Vision Solution Provider Processing/ Embedded Lenses Cables Factory Medical & ITS Logistics Retail Automation Life Science Cameras Markets/Applications Public | © Basler AG 11
Slide 9: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 12
Slide 10: Development of Bookings and Billings
Financials Development of Bookings and Billings 59.8 56.3 54.1 * 46.0 39.9 * 41.5 43.5 44.0 38.6 * 34.3 * * Revenue mill. € Q1 Q2 Q3 Q4 Q1 2023 2024 Order Entry mill. € * Order entry in 2023 excluding cancellations of orders placed in previous years; no significant amount of cancellations in 2024 Pu
Slide 11: Revenue Split by Regions
Financials Revenue Split by Regions Total € 44.0 million 15% 35% 50% Americas EMEA Asia Public | © Basler AG 14
Slide 12: Development of Gross Profit and Margin
Financials Development of Gross Profit and Margin Significant improvement of 44.6% 45.0% 44.6% gross margin despite negative 39.3% influences: 38.2% Spot buys legacy Currency effects (RMB,Yen) 25.1 26.9 Price pressure China 17.4 19.4 16.3 Low economies of scale/utilization rate Q1 Q2 Q3 Q4 Q1 Gross
Slide 13: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin Loss before tax 3.0% -2.8% Weak markets especially in -9.0% -8.3% North America and Asia resulted in sales below -39.3% break-even point 1.8 -2.2 -1.6 -6.0 -3.6 -4.1 EBT % -16.3 EBT mill. € Q1 Q2 Q3 Q4 Q1 EBT before restructuring 2023 2024 costs mill. € P
Slide 14: P&L KPIs Q1/2024 versus Q1/2023
Financials P&L KPIs Q1/2024 versus Q1/2023 (in mill. €) Q1/2024 Q1/2023 +/- Order Entry 44.0 56.3 -19 % Sales 43.5 54.1 -23 % Gross Profit 19.4 25.1 -23 % Gross Profit Margin 44.6 % 44.6 % - EBITDA 1.0 3.6 -72 % EBIT -3.3 -1.2 - EBT -3.6 -1.6 - EBT-Margin -8.3 % -2.8 % -5.4 Pp. Net Income -3.9 -2.2
Slide 15: Development of Free Cashflow
Financials Development of Free Cashflow 4.3 Negativ Free Cashflow 2.3 Weak markets/billings 1.0 1.9 caused low earnings -3.3 -1.2 Weak markets prevented -1.5 further destocking -1.9 -2.5 -2.4 -3.4 Tight management of -2.2 investments -4.2 -7.7 -4.4 FCF mill. € OCF mill. € Q1 Q2 Q3 Q4 Q1 ICF mill. €
Slide 16: Liquidity and Cashflow Q1/2024 vs. Q1/2023
Financials Liquidity and Cashflow Q1/2024 vs. Q1/2023 (in mill. €) Cashflow Q1/2024 Q1/2023 +/- Cash, b.o. period 32.2 28.7 +12 % Cashflow from Operations -1.2 -3.3 - Cashflow from Investments -2.2 -4.4 - Free Cashflow -3.4 -7.7 - Cashflow from Financing -3.1 -2.0 - Cash, e.o. period 25.7 19.0 +35 %
Slide 17: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 20
Slide 18: Basler Share vs. TecDax
Share Basler Share vs. TecDax € 11.74 € 10.80 Public | © Basler AG 21
Slide 19: Basler Shareholder Structure
Company Profile Basler Shareholder Structure 5 % Union Investment 3 % Universal Investment 53 % Norbert Basler Holding GmbH 4 % Dr. Dietmar Ley (CEO) 2 % Treasury Shares 33 % Free Float *as e/o April 2024 Public | © Basler AG 22
Slide 20: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 23
Slide 21: Assumptions upcoming Quarters
Outlook Assumptions upcoming Quarters We expect: Stepwise recovery of markets: − demand is expected to rise gradually over the course of the year − HY1 demand still muted by excessive inventories − recovery in consumer electronics and logistics expected in HY2 − geopolitical uncertainties remain − h
Slide 22: Forecast 2024
Outlook Forecast 2024 Under these assumptions we confirm for 2024: Revenue € 190 - 210 mill. EBT-Margin 0 − 5 % Expect topline improvement over the course of the year Further improvement of gross margin Ongoing tight opex/capex management Public | © Basler AG 25
Slide 23: Financial Mid-term Plan
Outlook Financial Mid-term Plan Mid-term perspective/assumptions convinced that computer vision market will continue to >15 % 12 % grow with high single digit CAGR long term CAGR EBT Margin Basler’s strategy addresses a wider market and offers more room for differentiation 2027 market recovery needs
Slide 24: Questions & Answers
Questions & Answers Hardy Mehl Phone +49 4102 463 0 Hardy.mehl@baslerweb.com Public | © Basler AG 27