Ebusco Holding N.v. · EURONEXT:EBUS
Ebusco — H1 2023 Earnings Presentation
20 slides from Ebusco's earnings presentation, 2023
Slide 1: Ebusco - Made to Move People
EsSUSCO MADE TO MOVE PEOPLE
Slide 2: Today's Presenters
TODAY’S PRESENTERS Bjorn Krook Peter Bijvelds Bob Fleuren CFO (ad interim) FOUNDER/CEO COO 2 Sensitivity: General
Slide 3: Cautionary Statement
CAUTIONARY STATEMENT Any forward-looking statements in this presentation refer to future events and may be expressed in a variety of ways, such as “expects”, “projects”, “anticipates”, “intends” or other similar words (“Forward-looking statements”). Ebusco Holding N.V. (“Ebusco”) has based these for
Slide 4: Agenda
AGENDA 1. Highlights 1H23 2. Financial performance 1H23 3. Outlook and strategic priorities 2023 4. Q&A 4 Sensitivity: General
Slide 5: Highlights 1H23
HIGHLIGHTS 1H23 5 Sensitivity: General
Slide 6: Operational Highlights 1H23
3.0 MILESTONE COMMERCIAL SUCCESS 2023 FRANCE First Ebusco 3.0 buses from serial Strong commercial momentum, with First nine buses ordered through the production delivered to the customer, orders won from Qbuzz, SWEG, and French public procurement agency showing strong vehicle performance Keolis amon
Slide 7: Financial Highlights 1H23
Revenue EBITDA €41.7 million €(43.5) million Revenue increased by 12.4% Mainly impacted by manufacturing despite delayed deliveries delays and significant increase in operating expenses FINANCIAL HIGHLIGHTS 1H23 CASH & CASH EQUIVALENTS ORDER BOOK MARKET SHARE €42.1 million 1,794 buses 4.7% Additiona
Slide 8: Order Book
ORDER BOOK BUSES ENERGY Fixed units Total MWh Fixed Call off Option Total Energy Storage System (ESS) 5 4,2 Ebusco 2.2 123 229 765 1,117 Mobile Energy Container (MEC) 20 58,0 Ebusco 3.0 546 0 131 677 Ebusco Maritime Battery (EMB) 2 10,0 Total 669 229 896 1,794 Total 27 72,2 8 Sensitivity: General
Slide 9: Increase Bus Assembly Capacity
• Slower ramp up than expected in Deurne due to impact of supply chain constraints and a shortage of skilled labour • Further increase production capacity in cooperation with bus assembly partners in Europe and Asia • Assembly partners have an experienced workforce available • Asian supply chain rec
Slide 10: Increase Casco Capacity
• Continuation of ramp up of casco production in Deurne • Start of the ramp-up of Rouen casco production in remainder of the year • Further increase casco capacity in cooperation with existing supplier • Decoupling composite parts production and casco assembly • Proprietary parts required for the ca
Slide 11: Financial Performance 1H23
FINANCIAL PERFORMANCE 1H23 11 General Sensitivity:
Slide 12: Profit & Loss Statement
PROFIT & LOSS STATEMENT 1 REVENUES Summary of financials (€k) H1-2023 H1-2022 Change • Revenue increased by 12.4% despite delayed deliveries 1 • Fewer buses contributed to revenue than expected due to Revenues 41,720 37,089 4,631 • Supply chain disruptions Y-o-y growth 12% 617% • Labour shortages Co
Slide 13: Gross Margin Reconciliation 1H23
GROSS MARGIN RECONCILIATION 1H23 RECONCILING ITEMS Adjusted for various incidental items negatively impacting gross margin, the normalized margin would have been 22.9%: 1 Penalties relate to customer compensation for late deliveries Inventory adjustments a/o relates to excess obsolete stock provisio
Slide 14: Cash Flow Statement
CASH FLOW STATEMENT Summary of financials (€k) H1-2023 H1-2022 Change EBITDA (43,510) (15,236) (28,274) CASH FLOW STATEMENT • Even though the net cash out of €53 million is mostly related to the negative Increase (decrease) provisions 1,616 (924) 2,540 EBITDA in the period, Change in NWC (553) (29,1
Slide 15: Balance Sheet
BALANCE SHEET Summary of financials (€k) 30-6-2023 31-12-2022 Change Intangible fixed assets 49,859 47,595 2,264 Tangible fixed assets 22,752 17,709 5,043 Financial fixed assets 29,343 17,442 11,901 Total fixed assets 101,954 82,746 19,208 1 1 FIXED ASSETS Contract assets and inventory 140,482 110,4
Slide 16: Outlook and Key Priorities 2023
OUTLOOK AND KEY PRIORITIES 2023 16 Sensitivity: General
Slide 17: Medium Term Objectives
Ebusco reiterates its medium-term objectives to produce over 3,000 zero emission buses per year with an EBITDA margin of 20-25% within the next five years. MEDIUM TERM OBJECTIVES 17 General Sensitivity:
Slide 18: Outlook & Key Priorities 2023
OUTLOOK & KEY PRIORITIES 2023 Ebusco expects to record a significant improvement in the operating result for the second half of 2023 compared to the first half of the year and a significant increase in sales over the full year 2023 compared to full year 2022. In 2024, the company expects to be EBITD
Slide 19: 19 General
19 General Sensitivity:
Slide 20: Thank You For Your Attention
THANK YOU FOR YOUR ATTENTION EBUSCO”’ MADE TO MOVE PEOPLE