Investor Presentation • Mar 31, 2023
Investor Presentation
Open in ViewerOpens in native device viewer
ANNUAL REPORT FY 2022 EARNINGS CALL
March 31, 2023
This document is being presented solely for informational purposes and should not be treated as giving investment advice and does not constitute or form part of, and should not be construed as, an offer to buy or subscribe, nor an invitation to submit an offer to buy or subscribe any of Brockhaus Technologies AG's ("BKHT") securities. It is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. All and any evaluations or assessments stated herein represent our personal opinions. We advise you that some of the information is based on statements by third persons, and that no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.
This presentation contains certain forward-looking statements relating to the business, financial performance and results of BKHT and its (future) subsidiaries (collectively the "Brockhaus Technologies") and/ or the industries in which Brockhaus Technologies operates. Forward looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including potential transactions, assumptions, opinions and views of Brockhaus Technologies or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in the markets in which Brockhaus Technologies operates, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and Brockhaus Technologies' ability to achieve synergies from acquisitions. In general, the further development and impact of the Russian invasion of Ukraine, the persistent supply bottlenecks, the ongoing acute energy crisis, turbulences in the banking sector, the rising inflation, and the significant rise in interest rates is uncertain. Brockhaus Technologies does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forwardlooking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of Brockhaus Technologies with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of Brockhaus Technologies since such date. Consequently, Brockhaus Technologies does not undertake any obligation to review, update or confirm recipients' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.
For information on performance indicators, please refer to Note 6 of BKHT's consolidated financial statements for 2022.
Neither Brockhaus Technologies, nor any of its respective board members, directors, officers, employees, affiliates, agents or advisers nor any other person shall assume any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein, or otherwise arising in connection with this presentation.
This presentation is made available on the express understanding that it does not contain all information that may be required to evaluate the purchase of or investment in any securities of BKHT. This presentation is accordingly not intended to form the basis of any investment decision and does not constitute or contain (express or implied) any recommendation to do so.
Record year for BKHT with continued profitable growth across all business segments in FY 2022
FY 2022 guidance exceeded both in terms of revenue as well as adj. EBITDA, even after upwards correction during 2022
High value realization for shareholders through sale of Palas at nearly 4x of the cash invested by BKHT in 2018
Very solid balance sheet composition with cash and cash equivalents of €71 million as per year end 2022 and a net leverage ratio of 0.7x adj. EBITDA
Note: For definitions and detailed explanations of the alternative performance measures, please refer to page 87 onwards of our 2022 Annual Report.
+19.7% +14.6% +23.7% 6.1 6.7 7.4 8.8 7.2 7.6 9.2 12.0 Q1 Q2 Q3 Q4 +36.9%
| Financial Technologies | Security Technologies | Total | Central Functions and Consolidation |
Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| [€ thousand] | 2022 | 2021 (pro-forma) |
2022 | 2021 (pro-forma) |
2022 | 2021 (pro-forma) |
2022 | 2021 (pro-forma) |
2022 | 2021 (pro-forma) |
| Revenue before PPA | 109,229 | 72,555 | 36,086 | 32,688 | 145,315 | 105,243 | 2 | 2 | 145,318 | 105,245 |
| Revenue growth | 50.5% | 10.4% | 38.1% | 38.1% | ||||||
| Gross Profit before PPA | 67,727 | 51,243 | 26,331 | 22,502 | 94,058 | 73,745 | 269 | 166 | 94,327 | 73,910 |
| Gross Profit Margin | 62.0% | 70.6% | 73.0% | 68.9% | 64.7% | 70.1% | 64.9% | 70.2% | ||
| Adjusted EBITDA | 46,544 | 39,765 | 8,617 | 8,315 | 55,161 | 48,080 | (5,155) | (7,261) | 50,006 | 40,819 |
| Adjusted EBITDA Margin | 42.6% | 54.8% | 23.9% | 25.5% | 38.0% | 45.7% | 34.4% | 38.8% | ||
| Adjusted EBIT | 44,586 | 38,767 | 7,485 | 7,318 | 52,072 | 46,085 | (5,311) | (7,369) | 46,761 | 38,716 |
| Adjusted EBIT Margin | 40.8% | 53.4% | 20.7% | 22.4% | 35.8% | 43.8% | 32.2% | 36.8% |
Available financing capacity driven by significant deleveraging allows for future growth through new acquisitions
Very conservative leverage ratio of ~0.7x adj. EBITDA 2022 (target value of ~2.5x)
High balance sheet quality underlining resilience of our business
Record year for Bikeleasing in terms of all financial and operating KPIs
Excluding the ~€7 million one-off effect in 2021, like-for-like revenue growth amounts to +67% in 2022
# of facilitated bikes grew by +46% to ~118k
# of corporate customers grew to ~45,000 with ~2.5 million employees
Cash & cash equivalents grew to €23.7m despite voluntary, early repayment of acquisition loans in the amount of €21m
▪ Expansion of Bikeleasing's IT / software development team to 7 FTE
+10% revenue growth in 2022 due to lifting of travel and contact restrictions in the Western hemisphere
EBITDA margin still under its sustainable level of 35%, due to unchanged fixed cost basis (for the sake of future growth) as well as lower-margin kvm-tec
Normalization of supply chain situation and materials costs starting into 2023
▪ As part of the post-acquisition integration process, both technology standards have been combined and bridged in a completely new "hybrid" solution
▪ Following the complete lifting of travel and contact restrictions within the US, IHSE USA delivered a historic record year 2022 (excl. solitary projects)
Revenue
(2022: €143m | +16 to +23%)
Adj. EBITDA margin
35%
(2022: 34,4%)
Well on track building one of Germany's leading technology groups
Corresponding adj. EBITDA
€58m - €61m
(2022: €50m | +16 to +23%)
Thurn-und-Taxis-Platz 6 60313 Frankfurt am Main, Germany
Phone: +49 69 20 43 40 90 Fax: +49 69 20 43 40 971 E-Mail: [email protected] Web: www.brockhaus-technologies.com
IR Distribution List | Newsletter | Follow us on
Executive Board: Marco Brockhaus (Chair), Dr. Marcel Wilhelm Chair of the Supervisory Board: Dr. Othmar Belker Registry Court: Frankfurt am Main Local Court Register Number: HRB 109637
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.