Slide 1: Siltronic AG FY 2021 Conference Call Presentation
Siltronic AG FY 2021 Conference Call Presentation March 9, 2022 © Siltronic AG
Slide 2: 2021 dominated by strong market demand and significant volume growth and full fab utilization
2021 dominated by strong market demand and significant volume growth and full fab utilization Full year 2021 comments High demand driven by strong semiconductor market Sales volume up due to higher volume from previous brownfield expansions Full capacity utilization for all products since mid
Slide 3: Highlights 2021: Financial figures FY 2021
Highlights 2021: Financial figures FY 2021 Sales − EUR 1,405.4 mn (2020: EUR 1,207.0 mn) EBITDA − EUR 466.4 mn (2020: EUR 332.0 mn) − EBITDA margin: 33.2% (2020: 27.5%) EBIT − EUR 316.9 mn (2020: EUR 192.2 mn) − EBIT margin: 22.5% (2020: 15.9%) CapEx − EUR 425.6 mn (2020: EUR 187.6 mn) Net cash flow
Slide 4: Electronics value chain continued to grow in 2021
Electronics value chain continued to grow in 2021 Increasing demand for electronic devices and new applications drive semiconductor growth, which in turn fuels silicon demand Electronics USD 1,850 bn Semiconductors USD 543 bn Semiconductor silicon wafers USD 12.6 bn Silicon for electronic applicatio
Slide 5: Major 300 mm capacity expansion projects well on track
Major 300 mm capacity expansion projects well on track FabNext in Singapore Project on track, piling completed LTAs with prepayments for around 80 % of FabNext capacity signed Conservative financing approach largely based on existing liquidity and future cashflows First shipments to customers in ear
Slide 6: Siltronic Climate Action Program - aligned with Paris agreement to limit global warming to 1.5°C
Siltronic Climate Action Program - aligned with Paris agreement to limit global warming to 1.5°C Siltronic Climate Action Program CSR targets until 2030 Siltronic commits to Science Based Target Reduce specific energy consumption initiative to limit global warming to 1.5°C: by 20%1 Increase waste
Slide 7: Financials 2021
Financials 2021 © Siltronic AG
Slide 8: Revenues significantly up y-o-y due to higher wafer area sold
Revenues significantly up y-o-y due to higher wafer area sold Sales, in EUR mn Comments 371.6 376.6 Positive 341.1 Significant increase of wafer 316.1 area sold y-o-y 284.5 ASP in Euro slightly down y-o-y Negative Burdened by strong Euro in H1 Impact of higher energy costs since late Q3
Slide 9: Higher wafer area sold lead to higher COGS y-o-y
Higher wafer area sold lead to higher COGS y-o-y Cost of sales, in EUR mn Gross profit, in EUR mn / Gross margin, in % 32.0 34.1 252.6 248.2 28.0 30.8 25.6 235.9 227.5 105.2 119.0 128.4 211.7 88.6 72.8 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Selling, R&D and a
Slide 10: High US-Dollar and Japanese Yen exposure
High US-Dollar and Japanese Yen exposure FX exposure, in % FX sensitivity ~ 9% Sales EBITDA ~ 17% Unhedged 1 USD-cent change ~ EUR 8.5 mn ~ EUR 7 mn ~ 62% ~ 74% ~ EUR 1.4 mn 1 JPY change ~ EUR 1.9 mn Sales Costs USD SGD JPY EUR Other currency effects (mostly hedging), Comments in EUR mn 5 Strong E
Slide 11: Impact of GlobalWafers tender offer on costs and margins
Impact of GlobalWafers tender offer on costs and margins Costs and reversal of provisions related to tender offer, in EUR mn Comments Q1-Q3 Legal and capital markets related expenses due to tender offer Included in administrative expenses 9.9 Q4 Reversal of 2020 capital market related expenses
Slide 12: Strong EBITDA, supported by extraordinary effects in Q4
Strong EBITDA, supported by extraordinary effects in Q4 EBITDA, in EUR mn / EBITDA margin, in % Depreciation, in EUR mn 38.2 31.7 33.1 29.0 23.6 122.9 143.7 91.7 108.0 67.2 -38.8 -37.5 -38.4 -39.0 -34.5 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 79.3 93.8 110.8 124.2 131.3 Q4 2020 Q1 2021 Q2 2021 Q3 20
Slide 13: Higher net profit of EUR 290 million in 2021
Higher net profit of EUR 290 million in 2021 Net profit, in EUR mn EPS, in EUR 93.7 2.79 64.0 73.6 1.83 2.15 58.4 1.67 40.9 1.17 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Dividend payment, in EUR mn Comments Net profit of EUR 290 mn in 2021; thereof EUR 253 mn
Slide 14: Increase in inventories, contract assets and trade receivables due to higher wafer area sold
Increase in inventories, contract assets and trade receivables due to higher wafer area sold Working capital, in EUR mn, Inventories and contract assets, in EUR mn Working capital ratio to quarterly sales, in % 80 Inventories Contract assets 71 74 68 65 61 60 209.5 224.5 188.3 199.0 40 175.1 235.0 2
Slide 15: Equity ratio increased to 54%, net financial assets grew further
Equity ratio increased to 54%, net financial assets grew further Equity, in EUR mn Provisions for pensions, Net financial assets, Equity ratio, in % in EUR mn in EUR mn 53.7 53.7 54.0 54.9 45.4 Interest rates IFRS USA 2.07% 2.77% 2.39% 2.42% 2.51% Germany 0.69% 1.11% 1.14% 1.19% 1.23% 1319 1192 1079
Slide 16: High Capex in 2022 mostly for expansion projects
High Capex in 2022 mostly for expansion projects Investment, in EUR mn Comments Capex guidance 2022 EUR 1.100 mn 2/3 of capex allocated to FabNext 300 mm epi capacity capabilities for future design rules expansion of crystal pulling hall in Freiberg Conservative financing approach for Fa
Slide 17: Strong OCF, Net cash flow in line with expectation
Strong OCF, Net cash flow in line with expectation Operating cash flow (OCF), in EUR mn Customer prepayments net (PP), in EUR mn 197.0 92.7 104.7 122.8 76.6 10.9 31.4 3.5 1.7 1.6 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 CF Capex, in EUR mn Net cash flow (NCF),
Slide 18: Outlook 2022
Outlook 2022 © Siltronic AG
Slide 19: 2022 all about invest projects, price development and inflation
2022 all about invest projects, price development and inflation Opportunities Good start into 2022 Continued strong demand and high fab loading expected Positive market momentum and significant price increases expected Growth drivers in end applications remain solid as Silicon content in s
Slide 20: 300 mm demand expected to follow its historical growth trajectory after 12.8% growth in 2021
300 mm demand expected to follow its historical growth trajectory after 12.8% growth in 2021. 300 mm market and demand forecast in k wafers per month 10.000 6.0 % 8.000 CAGR: 6.8 % 6.000 4.000 2.000 0 10 11 12 13 14 15 16 17 18 19 20 21 22E 23F 24F 25F Source: Siltronic Marketing Feb 2022 Siltronic
Slide 21: Strong end markets continue to drive silicon wafer demand
Strong end markets continue to drive silicon wafer demand Smartphones Industry / Auto Stable to positive unit sales expected Auto supply chain still impacted by supply shortages 5G drives content growth Shift to chip-rich premium cars / acceleration in Trend to multiple cameras continues d
Slide 22: Siltronic Outlook 2022 (as of March 9, 2022)
Siltronic Outlook 2022 (as of March 9, 2022) Sales − 15 to 22 percent increase EBITDA margin − increase to 34 to 37 percent (incl. termination fee) Depreciation − around EUR 185 mn EBIT − significant increase Tax rate − between 10 to 15 percent CapEx − around EUR 1,100 mn (2/3 allocated to the const
Slide 23: Contact and Additional Information
Contact and Additional Information Issuer and Contact Additional Information Siltronic AG ISIN: DE000WAF3001 Einsteinstraße 172 WKN: WAF300 D-81677 München Deutsche Börse: WAF Listing: Frankfurt Stock Exchange Investor Relations: Prime Standard Dr. Rupert Krautbauer email: investor.relations@siltron
Slide 24: Disclaimer
Disclaimer The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements contained in this presentation may be statements of future expectations, future financial performance and other forward-looking statements
Slide 25: Siltronic AG | Einsteinstrasse
SILTRONIC AG | Einsteinstrasse 81677 Munich 172 Germany © Siltronic AG