Elmos Semiconductor SE · XETR:ELG
Elmos Semiconductor — Analysts' Conference 2016
31 slides from Elmos Semiconductor's conference presentation, Mar 16, 2016
Slide 1: Analysts' Conference March 16, 2016
Analysts‘ Conference March 16, 2016
Slide 2: Table of Content
Table of Content The Expert in Analog Mixed Signal Solutions Elmos’ Growth Drivers Financial Overview 2015 & Outlook 2016 2
Slide 3: The Expert in Analog Mixed Signal Solutions
The Expert in Analog Mixed Signal Solutions Analog mixed signal ICs since 1984 Long product life cycles Focus on automotive applications Roughly 1,100 employees worldwide Fablite strategy for a flexible Innovation driven by significant production network investment in R&D (16.9% of sales
Slide 4: Global Organization with German Roots
Global Organization with German Roots Headquarter in Dortmund, Germany Own Productions in Dortmund and Milpitas, USA Worldwide Footprint: Focus on local application support 4
Slide 5: Elmos supplies the Car Industry
Elmos supplies the Car Industry Selected Elmos automotive customers Car OEMs trust in Elmos technology Baojun 5
Slide 6: Table of Content
Table of Content The Expert in Analog Mixed Signal Solutions Elmos’ Growth Drivers Financial Overview 2015 & Outlook 2016 6
Slide 7: Business Line 1: Sensors
Business Line 1: Sensors We know when things are changing. Ultrasonic/Infrared/Pressure/Passive Infrared … Parking made easy Without pressing a button Keep your distance (Parking Systems) (Gesture Control) (ACC Systems) 7
Slide 8: Business Line 1: Sensor IC Portfolio
Business Line 1: Sensor IC Portfolio Ultrasonic Infrared Park Distance, Flow Meter, Proximity and Distance Rain and Smoke and Automatic Parking Fuel Level Gesture (ToF) Ambient Light Dust Detector Pressure Passive Infrared Other Side Airbag and Respirator, Sensor Presence Temperature, Other Sensor P
Slide 9: Business Line 2: Motor Control
Business Line 2: Motor Control We know how the motor is supposed to turn. DC/BLDC/Stepper Motor Open and close Pretty cool Powerful & quiet as a (Grille Shutter) (Water Pump) whisper (Cooling Fan) 9
Slide 10: Business Line 2: Automotive Motor Applications
Business Line 2: Automotive Motor Applications LED Cooling HVAC Blower Grille Shutter Fuel Pump HVAC Flaps Engine Cooling Fan Headlight Adjust Water Pump Oil Pump 10
Slide 11: Business Line 3: Embedded Solutions
Business Line 3: Embedded Solutions We know how cars light the way and become safer. Lighting/Safety/Interface/Power/Infotainment Comfy atmosphere Shining beauty Safety comes first (Ambient Lighting) (LED Front/Rear Light) (Airbag Systems) 11
Slide 12: Business Line 3: Embedded Solutions
Business Line 3: Embedded Solutions LED RGB Interior LED Head Light LED Rear Light Infotainment Antenna / USB Safety Squib Drivers Others: FlexRay, PSI5, KNX, IO-Link 12
Slide 13: Growth Drivers for Elmos' future Development
Growth Drivers for Elmos‘ future Development 1 2 WORLDWIDE MEGATRENDS INTERNATIONAL MARKETS Asia/Pacific - Share of total Sales +75% 31.4% 26.7% 23.4% 20.5% 17.9% 2011 2012 2013 2014 2015 Over proportional growth in Asia for over 5 years in a row Intact market environment offers Increasing activitie
Slide 14: Growth Drivers for Elmos' future Development
Growth Drivers for Elmos‘ future Development 3 4 MORE ASSPs FABLITE STRATEGY Significant Share of share in Elmos sales 2015: Goal: ASSP sales 12% wafer sourcing own fabs fully loaded ~35% ASSP sales are ~25% ~20% continuously rising Majority of ICs in development are ASSPs 2013 2014 2015 future
Slide 15: Table of Content
Table of Content The Expert in Analog Mixed Signal Solutions Elmos’ Growth Drivers Financial Overview 2015 & Outlook 2016 15
Slide 16: Guidance 2015 achieved
Guidance 2015 achieved Guidance (as of October 27, 2015) Actual achievements 2015 Sales (2015 vs. 2014) Roughly 4% sales growth 4.8% At around the previous year’s level EBIT margin (EBIT margin 2014: 10.8%) 11.2% Capex disregarding one-off effect* Less than 15% of sales 11.3% Adjusted free cas
Slide 17: Sales Growth in 2015
Sales Growth in 2015 Yearly Sales (million Euro) & Gross margin (%) Quarterly Sales (million Euro) & Gross margin (%) 219.6 55.3 54.3 54.6 55.3 209.5 180.1 189.1 43.6% 42.2% 41.9% 43.1% 41.7% 41.3% 42.0% 40.5% 2012 2013 2014 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Gross margin suffered from strong
Slide 18: Opex Growth is underproportional to Sales Growth
Opex Growth is underproportional to Sales Growth R&D (in million Euro/ % of sales) Distribution (in million Euro/ % of sales) 36.1 37.1 35.0 34.4 18.1 19.0 19.0 17.7 19.4% 18.2% 17.2% 16.9% 9.8% 9.6% 9.1% 8.7% 2012 2013 2014 2015 2012 2013 2014 2015 Admin (in million Euro/ % of sales) Opex (in milli
Slide 19: EBIT and EBIT Margin
EBIT and EBIT Margin Yearly EBIT (in million Euro) & EBIT Margin (in %) Quarterly EBIT (in million Euro) & EBIT Margin (in %) 24.5 22.6 7.1 7.0 6.3 12.7 12.9% 12.6% 11.5 10.8% 11.2% 11.5% 4.1 6.4% 6.7% 7.6% 2012 2013 2014 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Continuous improvement of EBIT and EBIT
Slide 20: Net Income, Basic EPS and Return on Invested Capital
Net Income*, Basic EPS and Return on Invested Capital Net Income* (m €) & Basic EPS (€) Return on Invested Capital (%) 13.3% 13.6% 18.3 16.2 8.0% 7.4% 9.4 8.1 0.94 0.82 0.42 0.49 2012 2013 2014 2015 2012 2013 2014 2015 2014 was supported by one-off tax effects Positive RoIC development in 2015 t
Slide 21: Positive net Cash Situation due to strong Focus on Cash Flow Generation
Positive net Cash Situation due to strong Focus on Cash Flow Generation Operating Cash Flow (million Euro) Capex (million Euro & % of sales) 50.3 30.5 40.0 24.7 2 17.9 25.2 15.6 14.6% 21.4 9.9% 11.3% 8.2% 2012 2013 2014 2015 2012 2013 2014 2015 Adjusted Free Cash Flow1 (million Euro) Net Cash (milli
Slide 22: Steady Dividend Payments since 2010
Steady Dividend Payments since 2010 Dividend (in Euro) +32% 0.33 0.33 +25% 0.25 0.25 0.25 0.20 2010 2011 2012 2013 2014 2015* Prerequisite for future dividend payment: earnings as well as cash flow development sustainably positive * Proposal for the AGM on May 11th, 2016 22
Slide 23: Outlook – Economic Environment
Outlook – Economic Environment Market (Source) Forecast Global Economy (IWF) +3.4% (2016) Automotive Market (VDA) +2.0% (December 1, 2015) / +5.0% (February 29, 2016) Worldwide Automotive +4.5% (Average 2016-2021) Semiconductor Market (ZVEI) Press Overview 23
Slide 24: Elmos Guidance for 2016
Elmos Guidance for 2016 Guidance as of February 18, 2016 Sales 2% - 6% sales growth EBIT margin Roughly 10% of sales Capex Less than 12% of sales Adjusted free cash flow* Positive Assumed exchange rate 1.10 US-Dollar / Euro * Cash flow from operating activities less capital expenditures for intangib
Slide 25: Thank you for your attention
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Slide 26: Elmos Semiconductor AG
Elmos Semiconductor AG Heinrich-Hertz-Str. 1 | 44227 Dortmund | Germany Telephone: + 49 231 75 49 0 | Telefax: + 49 231 75 49 149 info@elmos.com | www.elmos.com DISCLAIMER This presentation contains forward-looking statements based on beliefs of Elmos‘ management. Such statements reflect the company
Slide 27: Elmos Shareholder Structure set for long-term Perspective
Elmos Shareholder Structure set for long-term Perspective Listed at Weyer Beteiligungsgesellschaft mbH German Stock and related parties Exchange Anchor 20.10% shareholders hold controlling stake 14.22% ZOE-VVG GmbH and A well governed related and transparent 14.96% parties company Free float 4
Slide 28: Research Coverage
Research Coverage Deutsche Bank Johannes Schaller Hold DZ Bank Harald Schnitzer Buy equinet Bank AG Adrian Pehl Buy Hauck & Aufhäuser Tim Wunderlich Buy Mirabaud Securities Susan Anthony Hold Montega AG Dr. Thomas Umlauft Buy Natixis Securities Stéphane Houri Hold Oddo Seydler Bank A
Slide 29: Key Financials – Five-year Overview
Key Financials – Five-year Overview In million Euro unless otherwise indicated 2011 2012 2013 2014 2015 Sales 194.3 180.1 189.1 209.5 219.6 Gross profit 89.6 76.1 79.2 91.4 91.6 R&D 32.5 35.0 34.4 36.1 37.1 Operating income 24.2 7.6 10.3 19.4 18.1 EBIT 26.6 11.5 12.7 22.6 24.5 Net income attributabl
Slide 30: Balance Sheet
Balance Sheet In million Euro unless otherwise indicated 2011 2012 2013 2014 2015 Intangible assets 29.2 30.2 26.7 21.4 20.8 Property, plant and equipment 75.3 76.3 72.4 82.4 91.0 Other non-current assets 18.6 27.6 54.6 48.3 36.7 Inventories 36.4 38.5 40.5 53.2 57.2 Trade receivables 28.7 27.6 38.5
Slide 31: Cash flow data
Cash flow data In million Euro unless otherwise indicated 2011 2012 2013 2014 2015 Cash flow from operating activities 33.2 25.2 21.4 40.0 50.3 % of sales 17.1% 14.0% 11.3% 19.1% 22.9% Capital expenditures -19.4 -17.9 -15.6 -30.5 -24.71 for intangible assets and property, plant and equipment % of sa