Mycronic Ab · OMXSTO:MYCR
Mycronic Ab — Micronic Laser Systems — Q1 2004 Earnings Presentation
18 slides from Mycronic Ab's earnings presentation, May 3, 2004
Slide 1: Micronic Laser Systems AB Q1, 2004
Pushing the limits Micronic Laser Systems AB Q1, 2004 Sven Löfquist, President & CEO Carl-Johan Blomberg, CFO 1
Slide 2: Micronic in Every Home
Pushing the limits Micronic in Every Home Camera Camcorder LCD-TV Phone PC Components Laptop Photomasks 2
Slide 3: The Link between Design and Mass Production
Pushing the limits The Link between Design and Mass Production Photomasks – made by the Pattern Generator is the master for mass production PG Market drivers: • Number of designs • Technology • Photomask cost 3
Slide 4: Micronic in the Industry
Pushing the limits Micronic in the Industry Micronic’s laser pattern generators write photomasks for electronic components Sigma7300 LRS11000 Advanced semiconductors Flat panel displays for monitors, laptops, phones and TVs Omega6600 MP80+ Mainstream semiconductors Semiconductor packaging Image sens
Slide 5: Key Events Q1, 2004
Pushing the limits Key Events Q1, 2004 • Micronic received order for an LRS11000 system. • Micronic received a substantial dual system order for an LRS15000 system and an MMS15000 mask metrology system. • Three new members of the Board were elected. • The distribution agreement with Hakuto in Japan
Slide 6: New Sales Organization
Pushing the limits New Sales Organization Sales to be handled directly on our main markets in Japan and USA • Improved customer relations • Increased sales efforts • Reduced costs Japan USA Subsidiary established 1994 1996 Installed base Dec, 2003 48% 20% Employees Dec, 2003 43 24 6
Slide 7: Order Intake
Pushing the limits Order Intake SEK million 600 1400 Strong order 500 1200 intake continues 1000 400 Two LRS system 800 orders and one 300 MMS system 600 200 400 100 200 0 0 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 Order intake Rolling 12 months 7
Slide 8: Order Backlog
Pushing the limits Order Backlog SEK million 1000 900 Backlog continues to 800 increase 700 600 Strong backlog 500 also for 2005 400 300 200 100 0 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 8
Slide 9: Net Sales
Pushing the limits Net Sales SEK million 200 600,0 180 Q1 sales in line 500,0 160 with expectations 140 400,0 120 100 300,0 80 60 200,0 40 100,0 20 0 0,0 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 Net sales including service Rolling 12 months 9
Slide 10: Gross Margin
Pushing the limits Gross Margin 60% 50% Gross margin 40% over 50 % 30% 20% 10% 0% -10% -20% Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 10
Slide 11: Total R&D Spending
Pushing the limits Total R&D Spending SEK million 100 R&D resources split 90 on Sigma, LRS15000 80 and MMS15000 70 60 50 40 30 20 10 0 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004 R&D spending Reported cost 11
Slide 12: Balance Sheet Items March 31, 2004
Pushing the limits Balance Sheet Items March 31, 2004 SEK million 31 March, 2004 31 Dec, 2003 Fixed assets 685 661 - whereof intangible assets 340 312 Inventories 347 295 Accounts receivables 59 41 Cash 500 588 Advance payments from customers 164 145 12
Slide 13: Cash Flow Analysis Q1, 2004
Pushing the limits Cash Flow Analysis Q1, 2004 SEK million Q1, 2004 Full year, 2003 Cash flow from operations -16 - 50 Change in working capital - 33 220 Cash flow from operations after changes in working capital - 49 170 Investments - 36 - 218 Financing -3 348 Cash flow - 88 300 13
Slide 14: Display, Metrology & Packaging
Pushing the limits Display, Metrology & Packaging • The rapid growth of the flat panel display market continues • Metrology system market in line with our expectations • Capacity utilization within packaging is high, still no impact on order intake Two orders for MMS15000 mask metrology systems have
Slide 15: Why such an increase in the Display Pattern Generator Market?
Pushing the limits Why such an increase in the Display Pattern Generator Market? 1. Increased consumer demand Mask Size vs PG Throughput for LCD-TV (arbitrary units) 500% 2. New factories for flat panel displays use larger photomasks 400% Mask size than previous generations 300% 200% PG throughput 3
Slide 16: Semiconductor
Pushing the limits Semiconductor • The semiconductor industry recovery is expected to continue • Commercial photomask manufacturers estimate growth in 2004 A Sigma7300 system is presently undergoing technical evaluations at a customer site 16
Slide 17: "The workhorse" – The Omega System
Pushing the limits ”The workhorse” – The Omega System • Stable production system • High up-time, average 97% during 2003 • 10 systems world-wide since 2000 Micronic named 2003 supplier of the year by Microchip Technology 17
Slide 18: Outlook 2004
Pushing the limits Outlook 2004 • The order intake for the first half year is expected to be in line with the same period last year (SEK 418 million) • Sales for the full year is expected to well exceed the record year 2000 (SEK 704 million) 18
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