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FY 2020 RESULTS PRESENTATIONMarch 31, 2021
2020 Achievements
SUSTAINABLE STRONG GROWTH
10-year CAGR: +21% p.a.--------------------------------FY20: - Revenue +17%- Order Entry +35% --------------------------------FY19:- Revenue +32%- Order Entry +34%
2020 sales: €290m (+17%)
Continued growth in 2020 despite COVID:
2020 OE: €455m (+35%)
0
50
100
150
200
250
300
350
400
450
500
2016 2017 2018 2019 2020e
OE in M€ Sales in M€
HIGHLY RESILIENT MARKET
4
2020 FY SALES
Q4 Sales of €97m (+29%)
H2 Sales of €172m (+36%)
Record increase in Q4 order entries to €200m (€455m on a full year basis)
Good visibility around improved outlook for 2021
50.867.6 73.4
98.5
246 245268
290
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100
150
200
250
300
350
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100
150
2020-Q1 2020-Q2 2020-Q3 2020-Q4
Revenue
Quarter 12 month rolling
71,893,8 87,7
202,0361 379 373
455
0
100
200
300
400
500
0
50
100
150
200
250
2020-Q1 2020-Q2 2020-Q3 2020-Q4
Order Entry
Quarter 12 month rolling
3684
144
160
67
47
2019 2020
APAC & Americas EMEA excl. France France
5
EUROPE -2% vs 2019- Strong impact of COVID- Contrasted situation between
Germany & North Europe (stronggrowth) and France & South Europe (tough impact of pandemicon sales)
- Europe back to growth in H2
AMERICA & APAC +133%- €84m i.e. 29% of total revenues- Breakthrough in North America
-31%
+133%
REVENUES BYGEOGRAPHY(€M)
Breakthrough in America- 11 clients among Top 50 north american retailers including 4 among Top10- 4 roll-outs started and 7 promising pilots underway or about to start- Already 2,000+ stores installed in the region- SES-imagotag is N°1
Revenue in M€
+11%
248290
2020 FY Results
7
2020 FY RESULTS
+17% revenue growth
Strong profitabilityimprovement
VCM +25%
EBITDA x4
Net Loss -42%(Positive Net Profit in H2)
2020 2019 Changes 2020 / 2019
Revenues 290,3 247,6 17%
Variable Costs Margin 63,2 50,5 25% % of revenues 21,8% 20,4% +1.4 pt
Opex (47,2) (46,5) 2% % of revenues -16,3% -18,8% -2.5 pts
EBITDA 16,0 4,0 300% % of revenues 5,5% 1,6% +3.4 pts
Depreciation (18,9) (13,8) 37%Current EBIT (2,9) (9,8) -70%
% of revenues -1% -4% +3 pts
Non-recurring / non-cash items (2,1) (4,8) -56%EBIT (5,0) (14,6) -66%
% of revenues -2% -6% +4 pts
Financial Income / (Loss) (3,8) (2,3) 66%Tax 1,2 3,8 -69%
Net Income / (Loss) (7,6) (13,1) -42% % of revenues -3% -5% +2 pts
Strong EBITDA improvement at constant EUR/USD exchange rate
€m
8
• 2020 Ebitda x4 vs. 2019
• Ebitda growth driven
• by higher volume
• higher margins on deals
• Strict Opex control
• Limited impact of the EUR/USD exchange rate vs. 2019
4.0
16.08.7
1.6
2.5
-0.8
Ebitda 2019 Volume effect 2019 / 2020EUR/USD impact
VCM rate impact Opex Ebitda 2020
1.6%
5.5%
2019 2020
VAS ESL
9
ESL revenues grew +11%
VAS revenues grew +64%
VAS represent 13% of total revenues (vs. 10%+ in 2019)
VAS revenues are more profitable than ESL
REVENUES ESL VS.VAS*(€M)
*Definitions:
ESL Revenues à ESL and related hardware (fixings, access points, accessories)
VAS Revenues à Value-Added Software, Services and Solutions (non-ESL)
+64%
+11%
248
290
13%+
2019 2020
ESL IB ESL NI
10
Installed Base (IB) ESL revenues include recurring reassortment, replacements, extensions, on alreadyinstalled stores
IB revenues represent 25%+ of total ESL revenues
IB revenues grow approx. +20% p.a. ie the Revenues CAGR over the last years
Installed Base revenues show a higher margin than New Installations revenues in average
ESL REVENUES BREAKDOWNINSTALLED BASE (IB) VS NEW INSTALLATIONS (NI)
ESL revenues
NI
IB27%25%
+22%
Opex ratio continues to improve toward our ~10% target€m and % of sales
11
+2%
40.0 46.547.2
21%
19%16%
10%
-3%
2%
7%
12%
17%
22%
0
15
30
45
60
2018 2019 2020 2023
Opex Opex ratio
EBIT to EBITDA reconciliation(€m)
12
As of,
in M€ Dec. 31, 2020 Dec. 31, 2019
Operating Income (EBIT) (5.0) (14.6)- GdW amortization (0.9) (0.9)- Equity / debt / M&A related fees (0.3) (0.8)- Performance Shares Plan (IFRS2) (0.7)- Onerous contracts (0.9)- Disaster (0.9)- US / China custom duties (1.1)- End-of-life product depreciation (1.3)- Others 0.7 0.2= Current EBIT (2.9) (9.8)
- Fixed & Intangible Asset Depreciation Expense (18.9) (13.8)= EBITDA 16.0 4.0
Positive Net Cash EoY
13
€m / before IFRS16 FY 2020 FY 2019
EBITDA 13.4 1.7Capex (29.5) (36.2)Change in Working Capital 6.4 41.2
Operational Cash-Flow (9.7) 6.7Financial result (3.8) (2.3)Tax (0.6)Others 0.6 (4.0)
Total Cash-flow (13.5) 0.4Capital Increase 34.3
Change in Net Debt (13.5) 34.7
Net Cash / (Debt) before IFRS16 3.8 17.3Cash 88.6 73.1Debt (before impact of IFRS16) -84.8 -55.8Debt (after impact of IFRS16) -89.0 -76.5change in Net Cash / (Debt) before IFRS 16 -13.5
Total investments decreased by -20% (-8M€) but R&D and innovation efforts are strengthened
14
€m FY 2020 FY 2019
R&D and IT investments 18.1 14.0Industrial investments 2.3 16.5
Customer base acquisition JV China 2.6Hardware as a service 7.7 2.5
Others 1.4 1.6
TOTAL CAPEX 29.5 37.2
Business model and profitability drivers
15
Profit improvement drivers
1. High value-add solutions on-top of ESL installed base2. Continued operational leverage3. Cost competitiveness
2018 2019 2020 2023
in % of sales
MCV OPEX EBITDA
26%
21%
4%1.6%
18.8%
20.4%
VCM
OPEX
EBITDA
Strong €/$ impact
Operational leverageLocal critical massDigitization of all processes for higher efficiency
Target 10%
Target 15% EBITDA margin
Target 25%Higher mix of SWS / VASHigher recurring revenue frominstalled baseCost optimizations
5.5%
16.3%
21.8%
4459 63
82 81
111
177153
188
247
290
0
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250
300
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue in €m
2023
ROW
Europe
VUSION-23 PLAN
10% >25% 50%
ACCELERATIONWORLDWIDE
2023~€800mEBITDA 15%
2021~€400mACCELERATIONEUROPE+TAKE-OFF ROW10-year CAGR +20% p.a.
2021
2020€290m(+17%)
2020
THANK YOU & STAY SAFE!