Basler AG closes the first three months 2024 as planned

Corporate News
Three-month result

Basler AG closes the first three months 2024 as planned  

• Incoming orders Euro 44.0 million (previous year: Euro 54.1 million, -19 %
• Sales Euro 43.5 million (previous year: Euro 56.3 million, -23 %)
• EBITDA Euro 1.0 million (previous year: Euro 3.6 million, -72 %)
• EBT Euro -3.6 million (previous year: Euro -1.6 million)
• EAT Euro -3.9 million (previous year: Euro -2.2 million)
• Free cash flow Euro -3.4 million (previous year: Euro -7.7 million)

Ahrensburg, May 7, 2024 – BASLER AG, a leading provider of image processing components for computer vision applications, is today presenting final figures for the first three months of 2024. 

Incoming orders amounted to Euro 44.0 million (previous year: Euro 54.1 million) in the first three months of 2024. Compared to the previous quarter, incoming orders grew by 14 % and were slightly higher than sales. Compared to the same period of the previous year, sales decreased by 23 % to Euro 43.5 million (previous year: Euro 56.3 million). The incoming orders to sales ratio was balanced for the first time in six quarters. The gross margin also improved and reached the previous year's level at 44.6 %.

The reason for the low level of incoming orders and sales was the persistently weak demand from the equipment industries for consumer electronics, logistics and laboratory automation in Asia and North America. In contrast, demand in Europe was relatively robust in the first quarter. Increased customer inventories resulting from over-ordering during the chip crisis further dampened already low demand. High interest rates and geopolitical tensions continued to prevent the business climate in capital goods markets from improving at the end of the quarter. 

The free cash flow, the sum of cash flow from operating activities and cash flow from investments, amounted to Euro -3.4 million (previous year: Euro -7.7 million).

The restructuring program was largely completed by the end of 2023 and the break-even point was reduced to below Euro 200 million in sales. As all follow-up measures are running according to plan and a weak start to the year has been taken into account in the forecast; the forecast for 2024 is confirmed. Accordingly, the management expects to achieve sales of between Euro 190 - 210 million and a pre-tax margin of between 0 – 5 %. 

The forecast takes into account the fact that excess inventories held by customers are expected to be largely reduced by the end of the second quarter and that the dampening effect on demand will continue to diminish until then. In terms of original demand, there are currently no signs of a positive turnaround in incoming orders, although this is expected in the second half of the year.   

The full quarterly report can be seen on the company website (www.baslerweb.com).

--------------------------------------------------------------------------

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