EQS-Adhoc: Basler AG confirms business figures for 2023: Annual result confirmed, supervisory board supports proposal for appropriation of profits, outlook for 2024

Publication of inside information in accordance with Article 17 of Regulation (EU) No. 596/2024 (MAR)
Business figures / annual financial statements

Basler AG confirms business figures for 2023: Annual result confirmed, supervisory board supports proposal for appropriation of profits, outlook for 2024 

• Sales Euro 203.1 million (2022: Euro 272.2 million, -25 %)
• Incoming orders Euro 166.9 million (2022: Euro 248.4 million, -33 %)
• EBITDA Euro 1.7 million (2022: Euro 45.8 million, -96 %)
• EBITDA before restructuring expenses Euro 8.5 million
• EBT Euro -20.2 million (2022: Euro 28.3 million, >-100 %)
• EBT before restructuring expenses Euro -8.0 million
• EAT Euro -13.8 million (2022: Euro 21.4 million, >-100 %)
• Result per share Euro -0.45 million (2022: Euro 0.71, >-100 %)
• Free cash flow Euro -9.2 million (2022: Euro -31.8 million)
• Forecast 2024: Sales Euro 190 million to Euro 210 million, pre-tax return 0 % to 5 %

Ahrensburg, March 27, 2024 – Basler AG, a leading supplier of image processing solutions for computer vision applications, is today publishing its audited annual financial statements for the financial year 2023. The financial statements have been confirmed by the supervisory board.  

After a decade and a half of uninterrupted profitable growth, compared to the previous year, incoming orders of the Basler group reduced by 33 % to Euro 166.9 million (previous year: Euro 248.4 million), sales declined by 25 % to Euro 203.1 million (previous year: Euro 272.2 million), resulting in a pre-tax loss of Euro -20.2 million (previous year: Euro 28.3 million). One-time restructuring expenses amounted to Euro 12.2 million and accounted for a significant portion of the pre-tax loss.

With these results, Basler AG closes the financial year in line with the mid-year revision of the forecast made in November, which foresaw sales between Euro 200 million Euro 205 million with a pre-tax loss between Euro 18 million and Euro 20 million for the financial year 2023.

The free cash flow as sum of the cash flow from operating activities and the cash flow from investments reached a value of Euro -9.2 million (previous year: Euro -31.8 million). This was particularly burdened by the high organizational costs with declining sales and one-time special payments, as well as high investments due to the installation of the new building and the S/4 HANA project at the beginning of the year.

At its meeting today, the supervisory board of Basler AG approved the management board's proposal for the appropriation of profits for fiscal year 2023. In view of the high loss and the drastic measures in fiscal year 2023, as well as to protect liquidity and further restore the company's resilience in a macroeconomic market situation fraught with uncertainty, a proposal will be made to the annual general meeting to suspend the payment of a dividend for fiscal year 2023. The proposal is in line with the company's dividend policy of paying 30 % of net income, depending on business development and planned investments in the company's growth and future. The company's dividend policy remains unchanged.

The measures provided for in the restructuring program launched in mid-2023 were successfully implemented as planned by the end of 2023 and reduce, from today's perspective, the group's profit threshold to below € 200 million in sales revenues in 2024.

The Basler group started the 2024 financial year with a low order backlog. The order situation in the first few weeks of the new financial year showed a positive trend, but the absolute level of incoming orders remained weak and was still below the break-even point, even taking into account the streamlined cost structure.

Based on the incoming order trend of the last months, the improving inventory situation at customers and the forecasts of relevant trade associations as well as direct feedback from customers, the management expects sales within a corridor of Euro 190 million to Euro 210 million for the fiscal year 2024. Depending on the business development within this corridor, the group is targeting a pre-tax profit margin of between 0 % and 5 % for the fiscal year 2024. The recovery is expected to start gradually over the course of the year. In the first quarter, management expects sales of less than € 45 million and a pre-tax loss due to the increasing but weak incoming orders in recent months. 

In the medium term, the management is much more optimistic and expects to return the company to its average sales growth path of 15 %. This medium-term outlook is based on the conviction that the computer vision market will grow due to increasing digitalization, automation and new applications, and that Basler will benefit disproportionately from this growth due to its strong market position and successful transformation into a solution provider. The management aims to achieve sales of € 300 million with a pre-tax return of at least 12 % by 2027 at the latest. This forecast assumes that there will be a recovery in the key vertical markets by 2025 at the latest and that access to the Chinese market will be maintained despite ongoing geopolitical tensions and intense competition. 

In addition to these economic goals, social and environmental goals are also pursued as part of sustainable corporate development. The management strives to combine the triad of economy, ecology and social issues in the most synergetic way possible and to contribute to improving the quality of life with computer vision technology. The Basler group aims to be carbon neutral in Scopes 1 and 2 by 2030.

The full annual report can be found on the company’s website (www.baslerweb.com).

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Basler AG is an international leader and experienced expert in computer vision. The company offers a broad coordinated portfolio of vision hardware and software. In addition, it enables customers to solve their vision application issues by developing customer-specific products or solutions. Founded in 1988, the Basler Group employs more than 1,000 people at its headquarters in Ahrensburg, Germany, as well as other sales and development locations throughout Europe, Asia, and North America. 

Basler AG, Hardy Mehl (CFO/COO), An der Strusbek 60 – 62, 22926 Ahrensburg, Tel. +49 (0)4102-463101, ir/baslerweb.com, www.baslerweb.com, ISIN DE 0005102008 

1869137  27-March-2024 CET/CEST