Slide 1: Half-Year Results 2020
Half-Year Results 2020 Heinz Kundert Chairman of the Board and CEO Nicola Rotondo Vice President, Group Controlling
Slide 2: Agenda
Agenda 01 Comet Group’s H1 2020 at a Glance 02 Financial Review 03 Outlook 04 Questions & Answers
Slide 3: Comet has a solid first half of 2020
Comet has a solid first half of 2020 • Significantly improved performance vs. previous-year period • Strong growth in semiconductor market (PCT division) more than compensated for lower demand in x-ray (IXM and IXS divisions) • Sound financial position – high level of investments in R&D and strategi
Slide 4: Comet: Half-year results improved on semiconductor sector strength
Performance at a glance Comet: Half-year results improved on semiconductor sector strength 182.3 10.3% 4.5 49.2% Net sales in CHF million EBITDA margin Free cash flow in CHF million Equity ratio (+3% vs. H1 2019) (vs. 4.8% in H1 2019) (vs. CHF 5.9 m in H1 2019) Strong demand from the EBITDA margin m
Slide 5: Performance of Comet Group and divisions
Performance at a glance Performance of Comet Group and divisions PCT IXM IXS EBT (54%*) (13%*) (29%*) (4%*) Division Net sales 182.3 96.9 30.2 53.7 7.5 in CHFm +3% vs. H1 2019 +33% vs. H1 2019 –18% vs. H1 2019 –20% vs. H1 2019 +6% vs. H1 2019 in CHFm / margin 18.8 18.6 4.2 –2.1 –0.3 EBITDA 10.3% 19.
Slide 6: PCT: EBITDA increased six-fold on high demand from the semiconductor industry
Review PCT: EBITDA increased six-fold on high demand from the semiconductor industry, key projects well on track First-half 2020 sales up 33% • Strong demand from semi sector Net sales EBITDA in CHF million in CHF million • Microchip producers investing in technology upgrades EBITDA margin at 19.2%
Slide 7: IXS: Realignment in full swing, results impacted by structural weakness and COVID-19
Review IXS: Realignment in full swing, results impacted by structural weakness in end markets and COVID-19 Sales decreased by 20% year-on-year • IXS impacted by COVID-19 pandemic Net sales EBITDA in CHF million in CHF million effects on industrial end markets • Weakness amplified by structural chall
Slide 8: IXM: Sales and margins decline due to market conditions; new product families launched
Review IXM: Sales and margins decline due to market conditions; new product families launched Sales declined by 18% in H1 2020 • Muted demand from the cyclical core Net sales EBITDA in CHF million in CHF million markets for non-destructive testing and security inspection EBITDA margin retreated to 1
Slide 9: EBT: At advanced stage in process to exit ebeam, costs halved
Review EBT: At advanced stage in process to exit ebeam, costs halved, EBITDA improved H1 sales up 6% vs. previous-year period Net sales EBITDA in CHF million in CHF million EBITDA loss nearly eliminated thanks to strict cost management H1 2019 H1 2020 -0.3 Process of disposal of ebeam division at an
Slide 10: Financial Review
Financial Review cemet group
Slide 11: Group achieves rise in net sales, significantly improved profitability and stable free cash flow
Financial Results Group achieves rise in net sales, significantly improved profitability and stable free cash flow Growth Profitability Net sales Net income EBITDA Free cash in CHF in CHF margin flow in CHF Increase of Increase of Increase of Decrease of 3.0% 9.6m 5.5 pp 1.4m from 177.0m to 182.3m f
Slide 12: Substantially better economic profit, stable equity ratio and slightly higher net debt
Financial Results Substantially better economic profit, stable equity ratio and slightly higher net debt Quality of balance sheet Earning power Net debt Equity Economic Return on in CHF ratio profit in CHF* capital employed* Increase vs. YE 2019 Down 0.8 pp vs. YE 2019 Increase year-over-year of Inc
Slide 13: Favorable product mix and significant reduction in cost base resulted in higher profitability
Financial Results Favorable product mix and significant reduction in cost base resulted in clearly higher operating profitability Change In CHF million H1 2020 H1 2019 Absolute in % • Book-to-bill of 1.13 and New orders 206.1 185.5 20.6 11.1% an increased backlog Order backlog 157.9 120.7 37.2 30.8%
Slide 14: Strong demand at PCT led to increase in NWC – Stable free cash flow
Financial Results Strong demand at PCT led to increase in NWC – Stable free cash flow due to lower capex Change in CHF million H1 2020 H1 2019 Absolute • Increased NWC of CHF 9.4m Net cash provided by operating activities 7.8 14.4 -6.6 as a result of strong market In % of net sales 4.3% 8.1% environ
Slide 15: Continuing sound balance sheet
Financial Results Continuing sound balance sheet in CHF millions H1 2020 YE 2019 Current assets 225.9 57.2% 217.2 55.5% • Increase in current assets Non-current assets 168.8 42.8% 174.5 44.5% related to working capital of Total assets 394.7 100% 391.7 100% PCT • Increase in current liabilities Curre
Slide 16: Sales performance of PCT makes up for slowdown of IXS and IXM
Financial Results Sales performance of PCT makes up for slowdown of IXS and IXM and for negative currency translation effects CHF million 3.0% +27.0 -11.1 -5.2 +1.1 -7.2 177.0 +0.7 182.3 Volume effect Negative in local currencies currency effect CHF 12.5m (+7.0%) (-4.0%) Net sales HY1 2019 PCT IXS I
Slide 17: EBITDA margin about 6pp above prior year on a comparable basis
Financial Results EBITDA margin about 6pp above prior year on a comparable basis +5.5pp 2.2% 10.7% 0.4% 10.3% 3.7% 4.8% +5.9pp 2019 Volume and Cost 2020@ fx impact 2020 as reported mix impact reduction constant fx as reported Half-Year Results 2020 13/08/2020 17
Slide 18: Net income about CHF 11m above prior year on a comparable basis
Financial Results Net income about CHF 11m above prior year on a comparable basis +9.6 Impacts after tax in CHFm 4.9 7.8 1.3 6.5 6.0 -3.1 +10.9 2019 Volume and Cost 2020@ fx impact 2020 as reported mix impact reduction constant fx as reported Half-Year Results 2020 13/08/2020 18
Slide 19: Outlook
03 Outlook
Slide 20: Comet continues to rapidly implement improvement initiatives
Summary Comet continues to rapidly implement improvement initiatives FUNDAMENTAL STRONG FINANCIAL “B OOST ” INITIATIVES GROWTH DRIVERS FOCUS ON THE CORE – FOOTING – – ACCELERATE INTACT – RF POWER AND FLEXIBILITY TO G ROWTH , INCREASE ACCELERATION IN X-RAY TECHNOLOGIES EXECUTE STRATEGY EFFICIENCY DIG
Slide 21: Outlook for H2 2020
Outlook Outlook for H2 2020 Driving forces for dynamic growth in the Industry analysts and associations expect solid growth in the semiconductor semi industry are stronger than ever market in H2 2020 Continuation of current business • Repositioning of X-Ray Systems (IXS) in full swing environment in
Slide 22: Q&A
04 Q&A cemet group
Slide 23: cemet
cemet group