Slide 1: Siltronic AG Q1 2021 Conference Call Presentation
Siltronic AG Q1 2021 Conference Call Presentation May 7, 2021 © Siltronic AG
Slide 2: Update on tender offer from GlobalWafers
Update on tender offer from GlobalWafers Approvals received Approvals pending German Federal Cartel Office Japanese Fair Trade Commission Austrian Federal Cartel Agency US Federal Trade Commission Korean Fair Trade Commission State Administration for Market Regulation of the People’s Rep
Slide 3: Highlights: Financial figures Q1 2021
Highlights: Financial figures Q1 2021 Sales − EUR 316.1m (Q4 2020: EUR 284.5m) EBITDA − EUR 91.7m (Q4 2020: EUR 67.2m) − EBITDA margin: 29.0% (Q4 2020: 23.6%) EBIT − EUR 54.2m (Q4 2020: EUR 28.4m) − EBIT margin: 17.2% (Q4 2020: 10.0%) CapEx − EUR 36.9m (Q4 2020: EUR 58.2m) Net cash flow − EUR 27.9m
Slide 4: Silicon wafer area in Q1 2021 up q-o-q and y-o-y
Silicon wafer area in Q1 2021 up q-o-q and y-o-y Smartphones Industry / Auto Recovery trend Auto: strong recovery 5G: latest smartphone generation with Hybrid and electrical cars: share increasing growing content (cameras, memory) Industry applications: improving Servers / PC 300 mm epi on
Slide 5: Financials Q1 2021
Financials Q1 2021 © Siltronic AG
Slide 6: Sales up due to higher wafer area sold
Sales up due to higher wafer area sold Sales, in EUR m Ø FX rates Q1/20 Q2 Q3 Q4 Q1/21 EUR / 1.10 1.10 1.17 1.19 1.21 USD EUR / JPY 120 118 124 125 128 Comments Positive 323.1 316.1 Wafer area sold up q-o-q and y-o-y 300.1 299.3 284.5 Flattish price trend q-o-q Only minor FX impact q-o-q N
Slide 7: COGS up due to higher wafer area sold, COGS per wafer area down
COGS up due to higher wafer area sold COGS per wafer area down Cost of sales, in EUR m Gross profit, in EUR m / Gross margin, in % 29.8 30.7 28.0 26.1 25.6 224.0 227.5 221.0 210.8 211.7 89.3 99.1 78.2 88.6 72.8 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Selling,
Slide 8: High US-Dollar and Japanese Yen exposure
High US-Dollar and Japanese Yen exposure FX exposure, in % FX sensitivity ~ 10% Sales EBITDA unhedged ~ 25% 1 USD-cent change ~ EUR 6 million ~ EUR 4.5 million ~ 65% ~ 65% 1 JPY change ~ EUR 2.5 million ~ EUR 2 million Sales Costs USD SGD JPY EUR Other currency effects (mostly hedging), Comments in
Slide 9: Higher wafer area sold leads to higher EBITDA and EBIT
Higher wafer area sold leads to higher EBITDA and EBIT EBITDA, in EUR m / EBITDA margin, in % Depreciation, in EUR m 31.1 29.0 28.1 26.8 23.6 84.2 100.4 80.1 91.7 67.2 -30.9 -33.5 -36.5 -38.8 -37.5 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 EBIT, in EUR m / EBIT
Slide 10: Net profit of EUR 58.4 million in Q1 2021
Net profit of EUR 58.4 million in Q1 2021 Net profit, in EUR m EPS, in EUR 60.8 58.4 1.80 1.67 46.0 39.1 40.9 1.32 1.08 1.17 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Dividend payment, in EUR m Comments Net profit of EUR 58.4 million in Q1 2021; thereof EUR 50
Slide 11: Trade receivables and inventories increased due to higher demand
Trade receivables and inventories increased due to higher demand Working capital, in EUR m, Inventories and contract assets, in EUR m Working capital ratio to quarterly sales, in % 73 71 74 80 Inventories Contract assets 60 58 60 40 175.1 175.1 188.3 169.1 169.3 218.1 200.8 235.0 179.5 188.6 20 0 Ma
Slide 12: Strong equity ratio and solid net financial assets
Strong equity ratio and solid net financial assets Equity, in EUR m Provisions for pensions, Net financial assets, Equity ratio, in % in EUR m in EUR m 52.8 53.7 45.4 45.4 43.7 Interest rates IFRS USA 2.88% 2.46% 2.41% 2.07% 2.77% Germany 1.92% 1.23% 0.95% 0,69% 1.11% 1031 1079 867 833 872 606 567 5
Slide 13: Pension reserves decreased mainly due to higher IFRS interest rates in Q1
Pension reserves decreased mainly due to higher IFRS interest rates in Q1 DBO and pension reserves, in EUR m Comment 1,179 ~850 730 DBO of EUR 1,179 million – assets of EUR 730 million = EUR 449 million USA mostly funded 134 2.77% ~145 3% Pension reserves @3% = DBO of EUR 114 ~850 million – asse
Slide 14: Capex Q1 2021 significantly down vs. Q4 2020
Capex Q1 2021 significantly down vs. Q4 2020 Investment, in EUR m Comments Capex 2021 of around EUR 250m, mainly in 300 mm epi capabilities expansion of crystal pulling hall to 58.2 replace older equipment 46.0 48.3 35.1 36.9 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Siltronic AG – Q1 2021 Con
Slide 15: Strong net cash flow
Strong net cash flow Operating cash flow (OCF), in EUR m Customer prepayments net (PP), in EUR m 85.6 76.6 58.6 60.9 31.4 3.5 1.7 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 -21.6 -16.9 -10.5 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 CF Capex, in EUR m Net cash flow (NCF), in EUR m 40.9 26.7 28.6 27.9 -48
Slide 16: Outlook 2021
Outlook 2021 © Siltronic AG
Slide 17: Optimistic outlook for 2021 with some risks but even more opportunities
Optimistic outlook for 2021 with some risks but even more opportunities Smartphones are recovering with China showing growth. Continuous 5G phone releases increase especially DRAM and CIS demand due to more cameras. PCs booming: continuous home office could push PC demand strongly in 2021. Large par
Slide 18: Estimated silicon area market development
Estimated silicon area market development Silicon area share of Estimated development of Devices, silicon area share and their “content minus end markets (2020) end markets in 2021 density” effect Phones 25% DRAM 18% High uncertainty due PCs 20% NAND 23% to phone mix Servers 10% Logic 34% Industrial
Slide 19: Siltronic Outlook 2021 (as of April 20, 2021)
Siltronic Outlook 2021 (as of April 20, 2021) Sales − at least 10 percent above 2020 EBITDA margin − between 30 and 32 percent Depreciation − around EUR 155m to EUR 160m EBIT − significant increase Tax rate − significantly below 10% CapEx − around EUR 250m (mainly in 300 mm epi, capabilities and exp
Slide 20: 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 Petra Mueller email: investor.relations@siltronic.com T
Slide 21: 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 22: SILTRONIC AG
SILTRONIC AG | Einsteinstrasse 81677 Munich 172 Germany © Siltronic AG