Basler Ag · XETR:BSL
Basler — H1 2022 Earnings Presentation
26 slides from Basler's earnings presentation, Aug 3, 2022
Slide 1: 6-Month Report 2022
6-Month Report 2022 August 3, 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 ▪ German industry for vision components billings and bookings +5 %* ▪ Chip supply has remained challenging and has slowed down sales ▪ High order backlogs and long lead times/order horizons ▪ Consolidation trend ongoing *Source: VDMA by e/o June
Slide 5: Executive Summary: Basler Performance
Executive Summary Basler Performance Basler Highlights ▪ Closing of four M&A transactions until b/o July (2x Korea, Italy, France) ▪ Bookings down 3 %, expected normalization has started in Q2 ▪ Billings up 14 % resulting in HY sales record with € 130.8 million ▪ Earnings margin around upper end of
Slide 6: Executive Summary: The Team
Executive Summary The Team 38% Sales & Marketing • Ongoing hiring program in 22 % Production 2022 • M&A transaction: We have 1020* welcomed ~50 new colleagues in Korea b/o 2022 (incl.) • € 16.1 mill. R&D investment; 12.3 % from Sales 15 % Administration 25 % R&D *fulltime equivalent jobs, June 30th,
Slide 7: Executive Summary: Shows and Awards
Executive Summary Shows and Awards ▪ The company successfully presented itself at three trade fairs in June – analytica 2022 and automatica 2022 in Munich and on the embedded world 2022 in Nuremberg ▪ We are very pleased that the company received the Best Managed Companies Award for the third time i
Slide 8: New Product Launches (1/2)
Executive Summary New Product Launches (1/2) ▪ Basler continues to expand its 3D imaging offering and adds an industrial-grade stereo camera series ▪ Basler launched an upgrade of the Dust Protection MED Feature Set that is available immediately for eight of the 22 Basler MED ace camera series ▪ In
Slide 9: 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 9
Slide 10: Full-Line Provider
Executive Summary Full-Line Provider CUSTOMIZED SOLUTIONS + Public | © Basler AG 10
Slide 11: From Camera Manufacturer to Vision Toolbox Supplier
Executive Summary From Camera Manufacturer to Vision Toolbox Supplier Product Portfolio Software Computer Vision Full Range Processing/Embedded Provider Lenses Cables Factory Medical & Cameras ITS Logistics Retail Automation Life Science Markets/Applications Public | © Basler AG 11
Slide 12: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 12
Slide 13: Development of Bookings and Billings
Financials Development of Bookings and Billings Order Backlog 85 85 85 84 ~145 Mio. € 67 66 64 64 61 55 49 50 Revenue mill. € Order Entry mill. € Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 Public | © Basler AG 13
Slide 14: Revenue Split by Regions
Financials Revenue Split by Regions • Strong business in Korea • Weaker market in China Total € 130.8 million 17% 25% 58% Americas EMEA Asia Public | © Basler AG 14
Slide 15: Development of Gross Profit and Margin
Financials Development of Gross Profit and Margin Multiple Effects: 54.6% 54.3% • Low production output • Weak China business 51.2% • Strong third party 49.1% 50.2% sales in Korea 47.6% • Stock clearance in 32.9 33.3 Korea (M&A effect) 29.8 30.7 • Increasing material costs 25.7 24.2 Gross Margin % G
Slide 16: Development of EBT and EBT-Margin
Financials Development of EBT and EBT-Margin EBT mill. € 18.1% 17.8% EBT % 13.9% 8.7% 7.7% 6.8% 10.8 9.9 9.2 5.6 3.8 3.4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 Public | © Basler AG 16
Slide 17: P&L KPIs 1st HY/2022 versus 1st HY/2021
Financials P&L KPIs 1st HY/2022 versus 1st HY/2021 (in € mill.) 1st HY/2022 1st HY/2021 +/- Order Entry 147.9 152.4 -3 % Sales 130.8 115.2 +14 % Gross Profit 63.9 62.7 +2% Gross Profit Margin 48.9 % 54.4 % -5.5 Pp. EBITDA 23.0 29.7 -23 % EBIT 15.0 21.0 -29 % EBT 14.8 20.8 -29 % EBT-Margin 11.3 % 18.
Slide 18: Development of Free Cashflow
Financials Development of Free Cashflow FCF mill. € OCF mill. € 15.0 8.7 ICF mill. € 4.7 9.6 1.0 5.4 -3.1 -5.1 -0.9 Q1 Q2 Q3 Q4 Q1 Q2 -3.6 -3.3 -6.0 -6.3 -5.5 -2.9 -5.4 -28.1 -22.9 * * extraordinary M&A investment (DATVISION and IOVIS, Korea) 2021 2022 Public | © Basler AG 18
Slide 19: Liquidity and Cashflow 1st HY/2022 vs. 1st HY/2021
Financials Liquidity and Cashflow 1st HY/2022 vs. 1st HY/2021 (in € mill.) 1st HY/2022 1st HY/2021 +/- Cash, b.o. period 54.8 47.9 +15 % Cashflow from Operations -6.1 19.7 >-100 % Cashflow from Investments -28.3 -9.1 >100 % Free Cashflow -34.4 10.6 >-100 % Cashflow from Financing 11.6 -12.8 >-100 %
Slide 20: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 20
Slide 21: Basler Share versus TecDax
Share Basler Share versus TecDax 120 100 80 60 € 160.60 40 € 76.50 20 Basler Aktie TDXP Index 0 Public | © Basler AG 21
Slide 22: Agenda
Agenda 1. Executive Summary 2. Financials 3. Share 4. Outlook Public | © Basler AG 22
Slide 23: Outlook: Assumptions HY2 2022
Outlook Assumptions HY2 2022 For HY2 2022, we expect: ▪ order entries and order horizons to further normalize ▪ production output and revenue growth still mainly limited by supply shortages ▪ gross margins to slightly increase by positive pricing effects and less extraordinary M&A effects (stock cle
Slide 24: Outlook: Forecast 2022
Outlook Forecast 2022 Under these assumptions we confirm our guidance with a double digit growth and a sound profitability for 2022: ▪ Revenue € 235 - 265 mill. ▪ EBT-Margin 9 - 12 % We will continue to hire and further scale up the organization in order to support our mid-term plan… Public | © Basl
Slide 25: 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 26: Questions & Answers
Questions & Answers Hardy Mehl Phone +49 4102 463 0 Hardy.mehl@baslerweb.com Public | © Basler AG 26