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Datalogic Investor Presentation 2024
4452_ct_2024-03-14_0c874c62-7035-48b2-9c62-148da5fafb05.pdf
Investor Presentation
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FY 2023 Results Conference Call
MARCH 14TH,2024
INTERNAL Datalogic Confidential
FY 2023 & Q4 2023 Results
FY 2023 Results, €m
Q4 2023 Results, €m
| REVENUES €119.6 -32.9% |
GOM €47.3 39.6% (+0.2 pp) |
Adj. EBITDA €6.2 5.2% (-8.3 pp) |
NET RESULT €-1.3 -1.1% (-9.4 pp) |
|---|---|---|---|
Net Debt at €35.3M
FY 2023 Highlights: improved industrial margins and operating cash flow generation despite negative volume impact
Revenues decreased by 18.0%, due to a negative demand in all market segment and geographical areas
R&D Cash Out at €66.7M, at 12.4% on revenues (9.8% in 2022), maintaining solid levels of R&D investments
Gross Operating Margin, improving at 41.8% compared to 40.1% in FY2022 (+1.7 pp) thanks to positive effects of price, mix and productivity which offset heavy volumes reduction
Positive price/mix across main geographies and product lines
Adj EBITDA margin at 9.2% (12.3% in 2022), mainly due to negative volumes, partially offset by positive price/mix, productivity and costs savings
Net Debt at €35.3M, thanks to a sound +€32.5M operating cash flow generation, fueled by tight control on Net Working Capital
Group Revenues by Geography and Market Segment
| EMEAI | AMERICAS | APAC | Total Datalogic | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €m | FY 2023 | FY 2022 | Var % | FY 2023 | FY 2022 | Var % | FY 2023 | FY 2022 | Var % | FY 2023 | FY 2022 | Var % |
| Data Capture | 173.3 | 220.1 | (21.3%) | 114.7 | 130.0 | (11.8%) | 32.2 | 47.6 | (32.4%) | 320.2 | 397.7 | (19.5%) |
| Industrial Automation | 117.8 | 135.1 | (12.8%) | 46.8 | 52.5 | (10.9%) | 35.4 | 53.0 | (33.1%) | 200.1 | 240.5 | (16.8%) |
| Total DL Business | 291.1 | 355.2 | (18.0%) | 161.4 | 182.5 | (11.5%) | 67.6 | 100.6 | (32.8%) | 520.2 | 638.3 | (18.5%) |
| Informatics | - | - | - | 17.0 | 18.2 | (6.7%) | - | - | - | 17.0 | 18.2 | (6.7%) |
| Intra division | - | - | - | (0.6) | (1.8) | - | - | - | - | (0.6) | (1.8) | - |
| Total Datalogic | 291.1 | 355.2 | (18.0%) | 177.8 | 198.8 | (10.6%) | 67.6 | 100.6 | (32.8%) | 536.6 | 654.6 | ((18.0%)) |
% on Group Revenues % on DL Business Revenues
New Products Launches and Innovation
R&D at 12.4%, +2.7 bps vs LY (9.8%). Commitment to Product Development Roadmap continues
FY 2023 P&L
| € m | FY 2023 | FY 2022 restated* |
Var % | |
|---|---|---|---|---|
| Revenues | 536.6 | 654.6 | (18.0%) | |
| Gross Margin | 224.4 | 262.5 | ||
| % on Revenues | 41.8% | 40.1% | +1.7 pp | |
| Operating expenses | (207.5) | (213.4) | ||
| % on Revenues | (38.7%) | (32.6%) | -6.1 pp | |
| Adjusted EBITDA |
49.5 | 80.3 | ||
| % Adj. Ebitda margin | 9.2% | 12.3% | -3.0 pp | |
| Adjusted EBIT |
16.9 | 49.1 | ||
| % Adj. Ebit margin | 3.1% | 7.5% | -4.4 pp | |
| EBIT | 9.6 | 40.9 | ||
| % Ebit margin | 1.8% | 6.3% | -4.5 pp | |
| Net Result | 9.5 | 30.1 | ||
| % on Revenues | 1.8% | 4.6% | -2.8 pp |
- Gross Margin at 41.8% (+1.7 pp YoY) thanks to positive pricing/mix and productivity offsetting negative volumes
- Lower operating expenses at €207.5m, but preserving continuous investments in R&D and S&D
- Adj EBITDA margin at 9.2% (-3.0 pp YoY), due to highly negative volume impact on operating expenses, partially offset by gross margin improvement
- Net Result at €9.5m vs €30.1m in 2022
* Restatement mainly due to reclassification of some installation costs from S&D to COGS
EBITDA Adj: actual vs last year
€ m
Sale of 100% share capital in Informatics Holdings, Inc.
Informatics is a stand-alone company actively engaged in the non-core business of marketing and distributing software products and solutions tailored for small and medium-sized companies mainly in the US. The company was acquired in 2005 and it is based in Plano, Texas.
Buyer
On March 7, 2024, Datalogic S.p.A. sold its 100% stake in Informatics to an affiliate of the U.S. private equity firm Renovo Capital LLC.
- The disposal value was agreed upon at USD 34 million
- EV/EBITDA adj 2023 at around 10x
Rationale
- Divestment of a non-core asset to focus on the core business IA & DC
- Additional financial resources to support growth, both organically and through M&A
Contacts
IR CONTACTS
IR Manager
Alessandro D'Aniello Tel. +39 051 3147109 [email protected] Via Candini, 2 40012 Lippo di Calderara di Reno Bologna – Italy
IR Advisor
Vincenza Colucci CDR Communication Srl Tel. +39 335 6909547 [email protected]
IR Assistant
Daniela Giglioli Tel. +39 051 3147109 Fax +39 051 3147205 [email protected]
NEXT EVENTS
March 21, 2024 Euronext STAR Conference
April 30, 2024 Shareholders' Meeting
May 15, 2024 Q1 2024 Results
DATALOGIC ON LINE
www.datalogic.com
THANK YOU
This presentation contains statements that are neither reported financial results nor other historical information. These statements are forward-looking statements. These forward-looking statements rely on a number of assumptions and are subject to a number of risks and uncertainties, many of which are outside the control of Datalogic S.p.A., that could cause actual results to differ materially from those expressed in or implied by such statements, such as future market conditions, currency fluctuations, the behavior of other market participants and the actions of governmental and state regulators
© 2024 Datalogic S.p.A. and/or its affiliates - All rights reserved. • Without limiting the rights under copyright, no part of this documentation may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means, or for any purpose, without the express written permission of Datalogic S.p.A. and/or its affiliates • Datalogic and the Datalogic logo are registered trademarks of Datalogic S.p.A. in many countries, including the U.S. and the E.U. • All other trademarks and brands are property of their respective owners.
INTERNAL Datalogic Confidential
Datalogic S.p.A.
Via Candini, 2 - 40012 Lippo di Calderara di Reno - Bologna (Italy) Tel. +39 051 3147011 | Fax +39 051 3147205 [email protected] www.datalogic.com
