Melexis Nv · EURONEXT:MELE
Melexis Nv — FY2018 Earnings Presentation
32 slides from Melexis Nv's earnings presentation, Feb 6, 2018
Slide 1: Presentation results FY18
Presentation results FY18 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 1
Slide 2: What do we do?
What do we do? We create innovative micro-electronic solutions for the best imaginable future The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 2
Slide 3: Typical process flow
Typical process flow Chip design Wafer probe Final test 1 2 3 4 5 Idea Customer Wafer fab Assembly The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 3
Slide 4: presentation is ALL Rights ALL The content
The content The content of this of this presentation is presentation is CONFIDENTIAL CONFIDENTIAL & PROPRIETARY. ALL RightsALL & PROPRIETARY. Reserved. Rights Reserved. 4
Slide 5: Melexis strategy
Melexis strategy Leadership in Focus on sensing and Organic innovation in driving growth, automotive and solutions selective adjacent to our customers’ acquisitions markets advantage The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 5
Slide 6: Common denominator: sensing & driving is everywhere
Common denominator: sensing & driving is everywhere Automotive Home Motorcycles and e-bikes Consumer Industry Healthcare The content of this presentation presentation isisCONFIDENTIAL CONFIDENTIAL&&PROPRIETARY. PROPRIETARY.ALL ALLRights RightsReserved. Reserved. 6
Slide 7: Sense & Drive, Sense & Light
Melexis supplied in 2018 worldwide > 1.4 billion ICs with an average of 11 ICs / car Sense & Drive Sense & Light • Magnetic position sensors • Pressure sensors • Inductive position sensors • Tire monitoring sensors • Current sensors • Temperature sensors • Latch & switch • Optical sensors • Embedded
Slide 8: 11 chips in every new car
11 chips in every new car The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 8
Slide 9: Over 1500 people on 3 continents
Over 1500 people on 3 continents Sales & Applications Belgium – Ieper, Tessenderlo Greater China – Shanghai France – Grasse, Paris Germany – Erfurt, Dresden Japan – Yokohama USA – Nashua, Detroit, San Jose South Korea – Seoul Switzerland - Bevaix Manufacturing Belgium – Ieper Bulgaria – Sofia France
Slide 10: Automotive market trends 2018-2022
Automotive market trends 2018-2022 Automotive semiconductor demand CAGR 5-9% CAGR 2018-2022: 7.5% Semiconductor (SA Oct 2018) content in cars CAGR 2-6% CAGR 2018-2022: 5.3% (SA Oct 2018) Vehicle assembly CAGR 2-4% CAGR 2018-2022: 2.6% (LMC Automotive Q3 2018) The content of this presentation is CONF
Slide 11: Melexis vs Automotive Trends
Melexis vs Automotive Trends The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 11
Slide 12: Melexis vs Automotive Trends
Melexis vs Automotive Trends The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 12
Slide 13: Powertrain Systems
Powertrain Systems Levels of Electrification The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 13
Slide 14: Powertrain Systems
Powertrain Systems Electrification – Segmentation – Market Split Electrification ICE inside Source: Strategy Analytics and Melexis estimates The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 14
Slide 15: Powertrain Systems
Internal Combustion Engine (ICE + uHEV) 48 Volt Mild Hybrid (mHEV) Powertrain Systems Full Hybrid (fHEV) - Plug-In Hybrid (pHEV) Electrical Vehicle (BEV – FCEV) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 15
Slide 16: Powertrain Systems
Powertrain Systems The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 16 Source: Strategy Analytics and Melexis estimates
Slide 17: Chassis - Body - Safety Systems
Chassis - Body - Safety Systems Chassis Body Safety Breaking – Steering – Suspension Lighting – HVAC - Others (Passive) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 17
Slide 18: Chassis – Body – Safety Systems
Chassis – Body – Safety Systems The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 18 Source: Strategy Analytics and Melexis estimates
Slide 19: Melexis in automotive
Melexis in automotive The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 19 Source: Strategy Analytics and Melexis estimates
Slide 20: BMW 530e
BMW 530e The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 20
Slide 21: Melexis beyond automotive
Melexis beyond automotive Sensors & drivers for similar challenges • White goods – Focus on CO2 • Motorcycles and e-bikes • Industry 4.0 – Closed loop control • Robotics – Focus on autonomy • Drones • Thermal information – People detection • Environmental imaging • Industrial position sensing • Powe
Slide 22: Our market position
Our market position Magnetic position Automotive sensors Automotive sensors Magnetic sensors semiconductors Latch & switch Ambient lighting # 14 #4 #3 #1 Source: Strategy Analytics 2018 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 22 and Melexis estimates
Slide 23: Melexis ranking 14th in automotive semiconductor
Melexis ranking 14th in automotive semiconductor Automotive semiconductor sales 2017 (mln. USD) 5 year CAGR (2012-2017) 5000 60% 4500 50% 4000 3500 40% 3000 30% 2500 2000 20% +13% 1500 10% 1000 503 0% 500 0 ON Semi -10% ST Qualcomm Sanken Nexperia Vishay Microchip Maxim Allegro NXP Rohm Cypress Micr
Slide 24: Melexis ranking 4th in automotive sensors
Melexis ranking 4th in automotive sensors Automotive sensor sales 2017 (mln. USD) 5 year CAGR (2012-2017) 1000 20% +19% 900 800 15% 700 600 10% 500 390 400 5% 300 200 0% 100 0 -5% Bosch Allegro ON Semi NXP Melexis Infineon ADI Micronas TI mln. %change USD y-o-y 1 2 3 4 5 6 7 8 9 The content of this
Slide 25: Evolution financials 2000-2018
4Q18 4Q18 4Q18 2Q18 2Q18 2Q18 4Q17 4Q17 4Q17 2Q17 2Q17 2Q17 4Q16 4Q16 4Q16 2Q16 2Q16 2Q16 4Q15 4Q15 4Q15 2Q15 2Q15 2Q15 4Q14 4Q14 4Q14 2Q14 2Q14 2Q14 4Q13 4Q13 4Q13 2Q13 2Q13 2Q13 4Q12 4Q12 4Q12 2Q12 2Q12 2Q12 4Q11 4Q11 4Q11 2Q11 2Q11 2Q11 4Q10 4Q10 4Q10 2Q10 2Q10 2Q10 4Q09 4Q09 4Q09 2Q09 2Q09 2Q09
Slide 26: % ASSP sales, % automotive sales
% ASSP sales % automotive sales 70% 67.1% 100% 65% 95% 93% 60% 90% 55% 85% 50% 80% 45% 75% 40% 70% 35% 65% 30% 60% 2005 2007 2009 2011 2013 2015 2017 2005 2007 2009 2011 2013 2015 2017 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 26
Slide 27: FY 2018 results at a glance
FY 2018 results at a glance Sales Gross margin Operating result 569.4m EUR 45.9% 24.3% 261.1m EUR 138.5m EUR +11% Y-o-Y +11% Y-o-Y +4% Y-o-Y Net result Oper. cash flow Net debt 2.86 EPS (before wcap change) 0.4m EUR 115.5m EUR 175.3m EUR +14% Y-o-Y +4% Y-o-Y Outlook Melexis expects sales in the firs
Slide 28: Profit & loss
Profit & loss FY 2018 versus FY 2017 P&L account FY 2018 % of Sales FY 2017 % of Sales (in million EUR) Sales 569.37 100.0% 511.66 100.0% Cost of goods sold -308.23 -54.1% -276.27 -54.0% Gross margin 261.14 45.9% 235.40 46.0% R&D -78.01 -13.7% -69.48 -13.6% G&A -30.07 -5.3% -23.84 -4.7% Selling -14.
Slide 29: Balance sheet
Balance sheet Q4 2018 versus Q4 2017 Balance Sheet 4Q 2018 4Q 2017 Total assets 428.0 403.4 Current assets 240.4 254.3 Cash 34.5 75.5 Inventory 120.6 97.6 A/R Trade 75.2 68.8 A/R from related parties 0.2 0.4 Non-current assets 187.6 149.0 Shareholders' equity 326.1 294.3 Interest bearing debt 35.0 1
Slide 30: Dividend yield
Dividend yield Gross dividend per share (EUR) 2002 0.50 Based on average share price 2003 0.50 (*) 2004 1.00 EUR 2005 0.50 2.50 9% 2006 0.50 8% 2007 0.60 2.00 7% 2008 0.60 6% 2009 0.00 1.50 5% 2010 0.30 4% 2011 0.60 1.00 3% 2012 0.65 2% 2013 0.70 0.50 1% 2014 1.00 0.00 0% 2015 1.90 2016 2.00 2017 2.
Slide 31: Shareholders structure & shareholder return
Shareholders structure & shareholder return Shareholder structure on Shareholder Return 31 Dec 2018 2002-2018 160 Return investment 2002-2018 = 17% per year 140 120 100 45.57% Xtrion 53.58% Treasury Shares 80 Public 60 40 20 0.86% 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 Share price Total retu
Slide 32: Melexis Investor Relations
Melexis Investor Relations Karen van Griensven CFO Geert Reynders investor@melexis.com Investor Relations +32 (0)13 67 07 79 Hilde Noels Investor Relations Assistant Joren Vanvelk Financial Analyst The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 35