Slide 1: FY2022 Financial Results
FY2022 Financial Results March 2, 2023 Stephan Haferl, CEO Lisa Pataki, CFO Comet AG Herrengasse 10 CH-3175 Flamatt T +41 31 744 90 00 www.comet.tech
Slide 2: Cautionary statement regarding Forward Looking Statements
Cautionary statement regarding Forward Looking Statements This document contains forward-looking statements about the Comet Group that may be subject to uncertainty and risk. Readers should therefore be aware that such statements may deviate from actual future outcomes or events. Forward- looking st
Slide 3: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2023
Slide 4: 2022: record year for Comet
2022: record year for Comet Record financial results in a demanding year marked by global turbulence Significant milestones reached 586.4 20.3% Net sales in CHF million EBITDA margin • Key innovations launched (+14.1% vs. 2021) (FY2021: 20.0%) • Matchbox production transfer to Penang completed • Sit
Slide 5: Semi cycle has turned, other end markets trending up
Semi cycle has turned, other end markets trending up Semiconductors Automotive Aerospace Security Roaring demand in first three Tangible recovery in automotive Travel increased after pandemic Security market volume remains quarters, cycle turned in Q4 demand restrictions were lifted on a high level
Slide 6: Comet Group in FY22: major milestones achieved
Comet Group in FY22: major milestones achieved Expanded production Exploited growth opportunities Strengthened portfolio for Maintained strategic focus: profitably in the core markets further growth Boost program Matchboxes transferred to Strengthened presence in Asian Synertia® RF power delivery Co
Slide 7: Divisions in 2022: plenty of light, a few shadows
Divisions in 2022: plenty of light, a few shadows PCT IXS IXM • Market launch of Synertia®: targeting high • Portfolio streamlining completed • New products driven by strong demand single-digit million in revenues in FY23 • New hardware and software products from both traditional NDT and new markets
Slide 8: Summary 2022
Summary 2022 Replace with picture from AR 2021 replace pic with 75y banner • Very good results underscore a strategy on track • Challenges have intensified during the year • PCT: record year, market correction started in Q4/22 • IXS: portfolio repositioned, all eyes on profitable growth • IXM: good
Slide 9: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2023
Slide 10: Financial highlights
Financial highlights replace pic with • Best sales and EBITDA in Comet’s history: dividend raised to CHF 3.70/share 75y banner • Q4/22 macroeconomic and geopolitical challenges prevented an even better result • Semi market correction curbed backlog and order income: book-to-bill of 0.92 at year-en
Slide 11: Net sales reach record levels, solid margin expansion
Net sales reach record levels, solid margin expansion in CHF millions 2022 2021 Y-O-Y (4) Net sales 586.4 513.7 +14.1% Gross margin 44.6% 43.4% +120 bps EBITDA (1) 118.9 102.7 +15.7% EBITDA margin (1) 20.3% 20.0% +30 bps Net income 78.1 67.4 +15.8% Free cash flow (2) 42.2 57.8 −27.0% Return on capit
Slide 12: Semi-related results a triumph despite headwinds pressuring margins in x-ray
Semi-related results a triumph despite headwinds pressuring margins in x-ray Net sales [in CHF million] EBITDA margin PCT IXS IXM 29.9% (1) 19.4% 26.3% 6.4% 17.7% 27.5% 1.2% 381.4 306.1 88.6 138.9 130.4 78.9 FY21 FY22 FY21 FY22 FY21 FY22 Net sales +24.6% Net sales −6.2% Net sales +12.3% EBITDA 104.9
Slide 13: Balance Sheet remains strong; Comet well positioned to capitalize on semi cycle rebound
Balance Sheet remains strong; Comet well positioned to capitalize on semi cycle rebound in CHF million, otherwise indicated 2022 2021 Y-O-Y (3) Cash and cash equivalents 125.9 115.5 +9.0% CapEx (1) 22.8 11.5 +98.4% CapEx as % of sales 3.9% 2.2% +160 bps Net working capital 150.2 107.6 +39.6% Net wor
Slide 14: Strong operational performance drives growth strategy and higher return to shareholders
Strong operational performance drives growth strategy and incrementally higher return to shareholders 2022 2021 Y-O-Y (2) Equity (in million CHF) 331.5 275.0 +20.6% Equity ratio (1) 59.5% 57.0% +250 bps Earnings per share (in CHF) 10.05 8.68 +15.8% Dividend per share (in CHF) 3.70 3.50 +5.7% Pay-out
Slide 15: Financial summary 2022
Financial summary 2022 replace pic with 75y banner • Group: improved margins on record sales growth • Divisions: solid margin expansion in semi-related businesses, x-ray businesses experienced some headwinds • Strong balance sheet enables − funding of mission-critical R&D, − financing of expansion p
Slide 16: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2023
Slide 17: Short-term pain in semiconductors, other markets on a steady growth path
Short-term pain in semiconductors, other markets on a steady growth path Semiconductors Automotive Aerospace Security Semi downcycle has a stronghold Passenger car production Continuation of rebound in FY23, Need for more security solutions on FY23; timing of recovery expected to grow by 4% (2) in s
Slide 18: Preparing for future growth while managing the semiconductor downturn
Preparing for future growth while managing the semiconductor downturn • Adapt the organization to the current market situation • Ensure organizational readiness for the next upswing PCT • Drive market introduction of Synertia®, expand customer base • Implement expansion in Penang, initiate next expa
Slide 19: 2023: a transitional year on the way to new heights
2023: a transitional year on the way to new heights Macroeconomic factors determining Comet’s trajectory in Guidance FY23 2023 remain difficult to assess Decline in wafer fabrication equipment spending in FY23 • No reasonable and reliable forecast • Proactively address cost structure, mainly in PCT
Slide 20: Appendix
Appendix cemet group
Slide 21: Consolidated statement of income
Consolidated statement of income in thousands of CHF FY 2022 FY 2021 Y-O-Y Net sales 586,395 513,721 +14.1% Gross profit 261,633 222,800 +17.4% • Other operating income 4,899 3,682 +33.1% • Development expenses (63,766) (55,344) +15.2% • Marketing and Selling expenses (54,687) (47,637) +14.8% • G&A
Slide 22: Consolidated statement of cash flows
Consolidated statement of cash flows in thousands of CHF 2022 2021 Y-O-Y Net cash provided by operating activities 64,407 70,489 –8.6% In % of net sales 11.0% 13.7% –270 bps Net cash (used in) investing activities (22,234) (12,722) +74.8% Free cash flow 42,173 57,767 –27.0% In % of net sales 7.2% 11
Slide 23: Consolidated balance sheet
Consolidated balance sheet in thousands of CHF 2022 in % 2021 in % Current assets 344,761 61.9 296,299 61.4 Non-current assets 212,039 38.1 186,042 38.6 Total assets 556,801 100.0 482,341 100.0 Current liabilities 128,002 23.0 117,957 24.5 Non-current liabilities 97,267 17.5 89,402 18.5 Total liabil
Slide 24: Net sales walk FY 2021 to FY 2022
Net sales walk FY 2021 to FY 2022 in CHF million +14.1% Currency effect CHF 6.4m (1.2%) Volume effect in local currencies CHF 66.3m (12.9%) FY2022 Financial Results 3/2/2023 24
Slide 25: EBITDA margin walk FY 2021 to FY 2022
EBITDA margin walk FY 2021 to FY 2022 + 180 bps − 150 bps FY2022 Financial Results 3/2/2023 25
Slide 26: cemet
cemet group