AUTONOMOUS VEHICLES FOR SMART INDUSTRY - November 2019 - by Balyo
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AUTONOMOUS VEHICLES
FOR SMART INDUSTRY
November 2019
Disclaimer
This presentation contains forward-looking statements about the Company’s business and prospects. Such forward-looking statements are based on
numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future,
which may not be accurate. Such forward-looking statements also involve known and unknown risks, uncertainties and other factors which may
cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. All statements other than statements of historical facts included in this presentation,
including, without limitation, those regarding the Company’s financial position, business and regulatory strategy, plans and objectives of
management for future operations (including development plans and objectives relating to our products), are forward looking statements. These
statements may refer in particular to Balyo management’s business strategies, its expansion and growth of operations, future events, trends or
objectives and expectations, which are naturally subject to risks and contingencies that may lead to actual results materially differing from those
explicitly or implicitly included in these statements. Balyo, its affiliates, directors, advisors, employees and representatives, expressly disclaim any
liability whatsoever for such forward-looking statements. Balyo does not undertake to update or revise the forward-looking statements that may be
presented in this document to reflect new information, future events or for any other reason and any opinion expressed in this presentation is
subject to change without notice. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking
information and statements. These risks and uncertainties include those discussed or identified under Chapter 4 “Facteurs de Risques” in the
Document de Base filed by Balyo with the AMF.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, BALYO shares.
© BALYO | November 2019 2
Your contacts
Fabien Bardinet Pascal RIALLAND
Chairman (from 01/01/2020) CEO (from 01/01/2020)
ESCEM in Tours Tsinghua University in Beijing, INSEAD in
Singapore, ENSAT in Toulouse
S&W Associés, Exco, Cora Hungary, Credigen
Bank, Sofinco, Aldebaran Robotics, Violet EK Automation, ALTRAN, Cap Gemini, Homesun
Benoît De La Motte
CFO
EM Lyon, MBA Pace University of New York, CPA
PwC, Thales, Carmat, Nexeya, SAP, Diebold
© BALYO | November 2019 3
Material handling, one of the largest playground for autonomous
vehicles
More than 5 million
Material handling vehicles deployed around the world
€33 billion
Annual global expenditures on material handling
More than 80%
Of handling vehicles operating costs
related to driver costs
€200 billion
Annual global expenditures on pallet handling
$380 million
Estimated annual expenditures on material handling of a major client
But, less than 1% of pallets moved today by robots !
Company estimates © BALYO | February 2019 4
Our response
© BALYO | February 2019 5
BALYO: A smart and global robotic solution, easy to integrate
Simple
Competitive
Autonomous Global
© BALYO | November 2019 6
Two strategic alliances for a global reach
A unique, standard and global robot range
Tugger-, Pallet-, Stacker-, CB-Stacker-, Reach- & VNA- Robots
No.2 worldwide No.5 worldwide
No.1 in Europe No.2 in the United States
No.3 in Asia More than 6,500 employees
More than 33,000 employees €3.2 billion revenue in 2018
Groupe €8.0 billion revenue in 2018
© BALYO | November 2019 7
Global Partnership
70% of worldwide market addressable through Linde MH and Hyster-Yale Group
EMEA
APAC
AMERICAS
USA Europe China
933 sales rep.(1) 1,200 sales rep.(1) 280 sales rep.(1)
4 733 techniciens(1) 6,700 technicians(1) 1,050 technicians(1)
(1) Note : Linde MH and Hyster-Yale Group © BALYO | November 2019 8
Win/Win partnership
Response to customer demand Access to global sales
and maintenance networks
Development of turnkey Value
robotics solutions Access to material handling
sharing expertise
Access to a new growth driver and a range of standard products
Networks quick adoption Ease to international deployment
with limited investments
Local 1st level maintenance
Long-term global agreements
with our partners
© BALYO | November 2019 9
Major commercial agreement with Amazon
Potential entry of AMAZON in
BALYO’s capital up to 29% Confirmation of the added value of
BALYO’s robotic solutions
Depending on the level of orders by A 7 years
AMAZON up to EUR 300m A decisive step in BALYO’s
commercial development to boost the
Strong expectations from Amazon agreement deployment of its solutions
towards’ BALYO’s technology
A unique agreement that provides
strong visibility
Agreement supported by BALYO’s industrial partners and major shareholders
© BALYO | November 2019 10A pioneer taking off
Take-off
€16,4m Sales
Product focus +218%
IPO - €45m Agreement
Euronext Paris with Amazon
€14m raised Implantations
Technological foundations Robolution Singapore & China
bpifrance
Seventure 1st global
Appointment Linde MH deployments:
€2.7m raised Hyster-Yale Group
of Fabien Bardinet Alliance Valéo, FM Logistic, P&G
€2.0m raised Seventure Alliance
Seventure bpifrance
Implantation 2019
USA
First Launch
implementations of MOVEBOX
(Saint Gobain, 2018
Inception Baccarat…)
2017
2016
2015
2005 2010 2012 2013 2014
© BALYO | November 2019 11MARKET & COMPETITION Logistics "robolution" of industry 4.0
BALYO: a disruptive solution
Two coexisting approaches
AUTOMATED GUIDED VEHICLES (AGV) ROBOTICS
Traditional automatic vehicles Autonomous vehicles
Custom-built vehicles Standard vehicles
Navigation requiring additional Geo-navigation
infrastructure Niche market Mass market Quick integration
High costs and long-time Low volumes Scalable solution with limited resources
integration
Low gross margin High gross margin Flexibility
Non-evolutive solution
Simple, global
High maintenance maintenance
© BALYO | November 2019 13Competition: compelling advantages
Commercial and technical
scalability/maintainability
Balyo robots
AGV with OEM
AGV
Standardization
© BALYO | November 2019 14Positioning: compelling advantages
Customer value
Balyo robots
AGV with OEM
AGV
Customer relevance
Customization Standard Safety Flexibility Dual Global Services Maintainability ROI
Mode sales
© BALYO | November 2019 15STRATEGY
Support orders exponential growth
and accelerate business transformationBALYO’s autonomous vehicle
Navigation & traffic Robot integration Customers’ system
management integration
SLAM Calculator integration in Connection to ERP/WMS
standard trucks 30,000
Geo-navigation Interface with customer man-days
Application–specific environment Cobotique invested in R&D
Logistic process equipment
optimization Cobotics
Standard interface
Flexible between Balyo Safety assessment 25% revenues
technology and standard allocated to R&D in 2018
Evolutive truck Customer training
Dual mode: manual use
and auto
BALYO has eliminated technological constraints in terms of mobility,
maintainability and scalability
© BALYO | June 2019 172- Business expansion
200+ sites use 500+ robots in 30 countries over 4 continents!
Our sales targets : Tier 1, in 4 sectors and 3 geographic areas
AUTOMOTIVE RETAIL LOGISTICS CONSUMER GOODS
Signed and/or delivered projects
© BALYO | November 2019 18Profitability target and sales objectives
Mid-term Long-term
Revenue Long term
> €200m Operating profit
̴ 20%
© BALYO | November 2019 19OUR STRENGTHS
Technological response
to manufacturers’ constraintsAn experienced team team
Fabien BARDINET Pascal RIALLAND
Chairman and CEO Deputy CEO
Karim Alec LAFOURCADE Philipp SCHMIDT- Franck BELLONE Benoît DE LA
MOKADDEM COO - Operations HOLZMANN CXO - Experience MOTTE
CTO – R&D CSO - Sales CFO - Finance
IFP, PSA Group, Softbank Robotics, Valmont Group, Volvo Trucks, JCB
AAQIUS DxO, Sagem CNH
206 Workforce breakdown by Region (1)
(% of total workforce)
employees in 5 countries(1)
APAC EMEA
16 158
USA
32
Note : (1) as of December 31, 2018
© BALYO | November 2019 21BALYO’s autonomous vehicle
Navigation & traffic Robot integration Customers’ system
management integration
SLAM Calculator integration in Connection to ERP/WMS
standard trucks 30,000
Geo-navigation Interface with customer man-days
Application–specific environment Cobotique invested in R&D
Logistic process equipment
optimization Cobotics
Standard interface
Flexible between Balyo Safety assessment >25% revenues
technology and standard allocated to R&D in 2018
Evolutive truck Customer training
Dual mode: manual use
and auto
BALYO has eliminated technological constraints in terms of mobility,
maintainability and scalability
© BALYO | November 2019 22Serving global clients
More than 30 clients on 3 continents including:
3 major references
120+ 70+
bots bots
$80 billion revenue $1.1 billion revenue $51 billion revenue
110,000 employees 20 000 employees 120,000 employees
300 locations 3,300,000 m2 of warehouse 38 industrial sites
worldwide
150 manufacturing sites
4,200 material handling
150 distribution centers
vehicles fleet
8,500 material handling vehicles
33% of warehouse area operated in
fleet
France
28 distribution centers in France
© BALYO | November 2019 23An established industrial organization
Germany
HQ - Paris
Boston
Greenville
Masate, Italy Xiamen, China
Singapore
Americas EMEA APAC
Current production capacity of 1,000 robots/year
Potential production capacity: several thousand robots/year, using our partners’ production capacity
© BALYO | November 2019 24FINANCIAL PERFORMANCE
Multiple sources of revenue
6 to 9 months 5 to 7 years
3 payments (advance, truck delivery, system installation) Recurring
revenue
Balyo‘s product sales: 70% Balyo’s software, services & maintenance sales: 30%
Sale of robots Sale of Sale of System Maintenance
(+ embedded hardware software installation
software) accessories (“Robot
manager”)
50% Partners Hardware: Partners
50% Balyo 100% Balyo 100% Balyo 100% Balyo Robots: Balyo
© BALYO | November 2019 26Sales for 9M 2019: +15%* increase
+ Backlog & Order intakes (€m) + Revenue (€m)
+15% *
16,9
23,0
14,7
13,7
8,4
4,0
Q3 2018 Q3 2019 9M 2018 9M 2019
Backlog Order intake
* A growth of 20% to €17.6m after the restatement related to the inclusion of the IFRS2 charge relative to the allocation of BSAs
Dynamic revenue growth however limited by a slowdown in the sales momentum
in 2019
© BALYO | November 2019 272019 half-year results
1
June 30, June 30, Revenue in H1 2019: +25% increase compared to H1 2018,
IFRS (€k) before accounting for the IFRS2 charge, hampered by
2018 2019
temporary slowdown in sales momentum
Sales revenue 9,71 12,14
IFRS 2 charge related to the 2
- -0,69 The decline in gross margin is mainly due to the IFRS 2
Amazon BSAs charge as, without the adjustment, the gross margin would
Sales revenue reported 9,71 11,45 equal 20%.
COGS -7,56 -9,71
Gross margin 2,15 1,74 3
Margin (%) 22% 15% Increase in Sales & Marketing and G&A expenses are due to
the launching of more sales and marketing initiatives this
R&D -3,17 -2,70 year
Sales & Marketing -2,71 -3,27
G&A -3,37 -3,55
Share-based payment -0,76 -0,16 4
IFRS Accounting treatment of Amazon Warrants:
Operating profit -7,86 -7,94 • Considered as a selling price discount
Financial result 0,16 -0,13 • IFRS2 expenses recorded in parallel with revenue
recognition
Net result -7,70 -8,08 • Expenses recorded on a quarterly basis
© BALYO | November 2019 28Cash Flow analysis as of June 30, 2019
1
June 30, June 30,
IFRS (€k) Cash used for operating activities decreased following the
2018 2019 adjustment of the terms of payment with the industrial
partners
Cash used for operating activities -10,846 -5,504
Cash used for investing activities -0,754 -0,597 2
Cash provided for financing Capex mainly related to the production of softwares
0,150 -0,841 (ERP to manage all phases of a robot's life, from
activities
production to remote management)
Change in cash -11,491 -6,938
Cash & cash equivalents 19,190 7,990
© BALYO | November 2019 29Balance sheet as of June 30, 2019
IFRS (€k) December 31, 2018 June 30, 2019
Non-current assets 4,050 9,001
Inventories 3,181 5,080
Trade accounts receivables 19,279 15,741
Other receivables 4,507 3,596
Cash & cash equivalents 14,963 8,146
Total assets 45,980 41,563
Shareholders’ equity 22,165 14,981
Financial debt (long term) 784 4,700
Non-current liabilities 998,3 4,964
Trade notes and accounts payables 10,942 10,699
Tax and employee-related payables 2,391 2,803
Other current liabilities 8,256 6,061
Total liabilities 45,980 41,563
© BALYO | November 2019 30APPENDICES
Shareholding structure 31/12/2018 (excluding dilution)
Total founders and
Management
3.10%
Free float
38.97%
Seventure Partners
25.93%
Hyster Yale
Group
4.27%
BpiFrance
Linde Material Investissement
Handling 15.97%
6.35%
Total Financial
Shareholders
Amiral Gestion 47.32%
5.42%
Total Industrial
Shareholders
10.62%
© BALYO | November 2019 32Board of directors
A board that reflects the shareholding structure and complies
with Middlenext Corporate Governance Code
Corinne Jouanny Bénédicte Huot de Luze
Independent member Independent member
Fabien Bardinet Christophe
Chairman & CEO Lautray
Suzanne S. Xavier
Taylor Deleplace
© BALYO | November 2019 33Robotization: a tangible economic impact for the industry
Per-hour cost: robot vs. human operator
(€/hour, France)
Source : IFR, INSEE, Eurostat - Roland Berger Of Robots and Men-in logistics Towards a confident
vision of logistics in 2025
© BALYO | November 2019 34Market potential
“ Autonomous driving is the future! The combination of technology
innovation, competitive forces, benefits and regulations are fueling
this transformation.”
Roland Berger study – Autonomous driving
November 2014
Global market for material
handling vehicles in 2016
739 841 units/year
Market conversion assumption 10% 15% 20%
Robotization rate 1.5 1.5 1.5
Number of robotic vehicles sold/year 110,976 166,464 221,952
Global market for robotic material handling vehicles (1) €6.3bn €9.5bn €12.7bn
Balyo – OEM market share 20%
Note : (1) Sur la base d’un prix de vente moyen de 57 K€
© BALYO | November 2019 35You can also read
