• Incoming orders: Euro 209.7 million (previous year: Euro 237.6 million, -12 %)
• Sales: Euro 205.2 million (previous year: Euro 164.6 million, +25 %)
• EBITDA: Euro 36.8 million (previous year: Euro 37.1 million, -1 %)
• Earnings before taxes: Euro 24.3 million (previous year: Euro 24.5 million, -1 %)
• Pre-tax profit margin: 11.8 % (previous year: 14.9 %, -3,1 Pp.)
• Net profit for the period: Euro 19.2 million (previous year: Euro 18.7 million +3 %)
• Free cash flow: Euro -38.6 million (previous year: Euro 16.0 million,      >-100 %)

BASLER AG, a leading provider of image processing components for computer vision applications, is today presenting final figures for the first nine months of 2022.

In the first nine months, the Basler group reached a new sales record and broke the barrier of 1,000 employees. Supply chain problems, covid restrictions, particularly in China, a cooling demand as well as the active strategic efforts to become a full range provider for image processing components with direct market access dominated the financial year 2022 to date.

Compared to the reference period 2021, sales increased by 25 % to Euro 205.2 million (previous year: Euro 164.6 million). Incoming orders decreased, adjusted for cancellations from orders from fiscal year 2021, by 12 % to Euro 209.7 million (previous year: Euro 237.6 million). High incoming orders and book-to-bill ratios persisted into the first quarter and then changed in the course of the first nine months. Accumulated, the ratio of orders received to sales is slightly positive.

At the end of September 2022, the VDMA (Verband Deutscher Maschinen- und Anlagenbau, German Engineering Federation) reported an increase in sales of 6 % for the German manufacturers of image processing components compared to the previous year. According to VDMA, the industry’s incoming orders increased by 8 % in the same period. With a considerably higher sales growth, the Basler group gained further market shares in the reporting period. However, incoming orders show Basler’s high share of business in Asia, which from experience is more early-cyclical and volatile.

At Euro 24.3 million, earnings before taxes reached approximately the previous year’s level (previous year: Euro 24.5 million). The pre-tax return rate amounted to 11.8 % (previous year: 14.9 %) and was on a solid level in the upper range of the forecast. The net profit for the period amounted to Euro 19.2 million and was thus 3 % above the previous year’s value of Euro 18.7 million. 

The cash flow positions in the accumulated fiscal year 2022 are very strongly influenced by extraordinary effects of the multiple M&A transactions. Against this background, the free cash flow amounted to Euro -38.6 million (previous year: Euro 16.0 million) in the reporting period. After a strong investment phase with a high working capital in the first nine months, the management expects a clearly positive free cash flow in the upcoming months.

Despite ongoing selective supply bottlenecks, declining incoming orders, cancellations, lockdown-related demand reduction in China and a slowing economy, management is generally optimistic about the rest of the year and recently increased its full-year forecast. The sales forecast was adjusted upwards from € 235 – 265 million to € 262 – 270 million. At the same time, the forecast corridor for the pre-tax return margin was narrowed to 10 – 12 %.

Even though the current macroeconomic and geopolitical outlook is very gloomy, the company is nevertheless highly motivated, determined, and optimistic about achieving our medium-term target of turning the Basler group to a full range provider and reaching a sales level of € 400 million by 2025.

The full nine-month report 2022 can be seen on the company‘s website (www.baslerweb.com).