Cherry Se · XETR:C3RY
Cherry — Q1 2022 Earnings Presentation
18 slides from Cherry's earnings presentation, May 11, 2022
Slide 1: Q1 2022 Investor Presentation
Q1 2022 INVESTOR PRESENTATION May 11, 2022
Slide 2: Today's Presenters
TODAY’S PRESENTERS Rolf Unterberger Bernd Wagner - CEO - CFO Q1 2022 Investor Presentation - May 11, 2022 2
Slide 3: Cherry at a Glance – Financial Highlights Q1 2022
CHERRY AT A GLANCE – FINANCIAL HIGHLIGHTS Q1 2022 € 33.0m 13.4% 544 Revenue down 12.6% from Q1/2021*, EBITDA margin (adj.) down 15.6pp.* Employees down 1.8%* (yet up 18.6% from Q1/2020*) € -2.7m € 39.5m M&A Operating cashflow Net cash Ongoing discussions with potential targets Global market leader I
Slide 4: Cherry Gaming – Latest Developments
CHERRY GAMING – LATEST DEVELOPMENTS NEW SWITCHES / SWITCH VERSIONS ULP tactile switch launch will be published end of Q2 New switch featuring a customizable functionality allowing for a competitive advantage and a completely new gaming experience available for marketing in Q3 COMPACT GAMING KEYBOARD
Slide 5: Cherry Professional – Latest Developments
CHERRY PROFESSIONAL – LATEST DEVELOPMENTS E-COMMERCE – CURRENT STATUS DIGITAL HEALTH – CURRENT AFFAIRS E-commerce Europe setup is ongoing and on track. Focus is Strong focus on cooperation with gematic and The Federal now on the digital sales market in the USA as a further Ministry of Health expansi
Slide 6: Performance Q1 2022 Overview
PERFORMANCE Q1 2022 OVERVIEW IN €M/ AS INDICATED Q1 2022 Q1 2021* ∆ CHALLENGING MARKET Revenue 33.0 37.7 -12.6% ENVIRONMENT CONTINUES IN Q1 Gross profit 9.8 15.5 -36.6% Gross profit margin 29.9% 41.1% -11.2pp. EBITDA (adj.) 4.4 11.0 -59.8% Underlying growth drivers remain fully intact despite EBITDA
Slide 7: Revenue Growth Burdened by Current Headwinds
REVENUE GROWTH BURDENED BY CURRENT HEADWINDS Mixed revenue momentum in business areas REVENUE IN €M. 50 45 PROFESSIONAL sales up 11.8% to € 21.1m supported by: Successful roll-out of e-Health-Terminals ST-1506 40 € 37.7m Successful continuation of e-commerce business in Q1 2022 35 € 33.0m 30 € 27.8m
Slide 8: Double-Digit Group Profitability Sustained
DOUBLE-DIGIT GROUP PROFITABILITY SUSTAINED Reduced fixed cost coverage in GAMING business area burdens operating profitability EBITDA MARGINS (ADJ.) 13.4% EBITDA MARGIN (ADJ.) IN Q1 2022 40% 35% 34,1% 16.7% EBITDA margin (adj.) in PROFESSIONAL business 30% influenced by: 25% Increased prices for raw
Slide 9: Strong Financial Position as of Mar. 31, 2022
STRONG FINANCIAL POSITION AS OF MAR. 31, 2022 Well positioned to finance growth ASSETS [IN €M.] EQUITY & LIABILITIES [IN €M.] 450 450 400 400 Trade payables Trade payables current debt current debt 350 Liquidity Liquidity 350 Non-current debt Non-current debt 300 Trade Receivables 300 Trade Receivab
Slide 10: Forecast FY 2022 Confirmed – Further Outlook
FORECAST FY 2022 CONFIRMED – FURTHER OUTLOOK Continuation of profitable growth path despite adverse market conditions Q1 2021* Q1 2022 FORECAST FY 2022 FURTHER OUTLOOK IN €M/ AS INDICATED Revenue 37.7 33.0 170 – 190 GAMING EBITDA margin (adj.) 29.0% 13.4% 23 to 26% temporary increases in material pr
Slide 11: Appendix
APPENDIX
Slide 12: Share Performance / Current Shareholder Structure
SHARE PERFORMANCE / CURRENT SHAREHOLDER STRUCTURE RELATIVE SHARE PERFORMANCE SHAREHOLDER STRUCTURE 120% UBS Bank AG Glenernie Capital Ltd Janus Henderson 3,2% 3,2% 110% 3,2% 100% Ophir Asset 90% Management 80% 3,8% 70% The Capital Group 60% 5,0% 50% Swedbank Robur 40% Fonder 5,0% Remaining 30% DWS A
Slide 13: Reconciliation to Alternative Performance Measures (ESMA)
RECONCILIATION TO ALTERNATIVE PERFORMANCE MEASURES (ESMA) IN € MILLION Q1 2022 Q1 2021* IN € 000 Q1 2022 Q1 2021* Consolidated profit/loss -0.253 2.356 Adjusted EBIT 0.486 7.528 + Income taxes 0.200 0.699 + Depreciation and amortization 3.918 3.424 + Financial result 0.468 3.627 Adjusted EBITDA 4.40
Slide 14: Cherry Virtual AGM on June 8, 2022
CHERRY VIRTUAL AGM ON JUNE 8, 2022, AT 10:00 A.M. (CEST) AGENDA HIGHLIGHTS INVESTORPORTAL AND DOCUMENTS Resolution on the approval of the Compensation Report for the 2021 Registered shareholders have the opportunity to follow the Annual financial year General Meeting live via video streaming on the
Slide 15: Financial Calendar 2022
FINANCIAL CALENDAR 2022 Date Event May 11 Interim Financial Statement Q1 2022 May 12 – 13 HAIB - Stockpicker Summit May 17 ABN AMRO – ODDO BHF – BeNeLux Roadshow (virtual) May 23 – 25 Equity Forum June 8 Annual General Meeting (virtual) August 11 Half-year Financial Report 2022 September 5 – 6 Equit
Slide 16: Key Investment Highlights – Why Invest in Cherry?
KEY INVESTMENT HIGHLIGHTS – WHY INVEST IN CHERRY? Global market leader Innovation and quality leadership Brand recognition Solid financial profile Established market position as global Impressive track record since 1953 in High international brand recognition and High profitability and attractive ca
Slide 17: Forward Looking Statements
FORWARD LOOKING STATEMENTS Disclaimer This presentation contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Cherry AG and involve known and unknown risks and uncertainties that could cause actual results, performance
Slide 18: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Cherry AG Dr. Kai Holtmann │ Head of Investor Relations Einsteinstrasse 174 │ Bogenhausen 81677 München, Deutschland E-Mail [email protected] Tel. +49 175 1971503 Fax +49 9643 20 61 900 Internet www.cherry.de