Cicor Technologies · SIX:CICN
Cicor Technologies — Investor Day (November 2022)
44 slides from Cicor Technologies's investor day presentation, Nov 21, 2022
Slide 1: Capital Markets Event 2022
Capital Markets Event 2022 Cicor Technologies Ltd. November 21, 2022
Slide 2: Disclaimer
Disclaimer November 21, 2022 The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Cicor Technologies Ltd. This information or any copy thereof may not be sent or taken to or distributed
Slide 3: Agenda
Agenda November 21, 2022 16:00 Arrival of the guests 16:30 Welcome Alexander Hagemann (CEO) Progress in implementing Cicor's strategy Alexander Hagemann (CEO) Latest developments at Cicor Alexander Hagemann (CEO) Peter Neumann (CFO) Collaboration with Cicor from a customer's perspective Dr. Angelica
Slide 4: The Cicor Group
Alexander Hagemann The Cicor Group
Slide 5: Electronic solutions for a world driven by technological progress
Electronic solutions for a world driven by technological progress Cicor application examples 30% of hearing aids use 50% of satellites operate Cicor supports the drive to Cicor technology to help reliably with solutions ever higher performing people hear better made by Cicor computer chips 5
Slide 6: Cicor is a globally active provider of full-cycle electronic solutions
Cicor is a globally active provider of full-cycle electronic solutions Short profile Best-in-class services from research and development to manufacturing and supply chain management Trusted technology partner for leaders in attractive markets: Medical, Industrial, Aerospace & Defence 2,200 em
Slide 7: Progress in implementing Cicor's strategy
Alexander Hagemann Progress in implementing Cicor's strategy
Slide 8: Cicor delivers on the growth strategy announced in 2021
Cicor delivers on the growth strategy announced in 2021 H1 of 2022: Record orders, sales and EBITDA Axis Electronics (11/2021) delivers results: Excellent operational and financial performance, strong position in U.K. market and in the A&D sector in general to drive future organic growth SMT Ele
Slide 9: Megatrends drive growth of Electronics Manufacturing Service (EMS) market
Megatrends drive growth of Electronics Manufacturing Service (EMS) market Tailwinds for Cicor 2026 Ever growing demand for electronics and digital 2021 devices worldwide OEM focusing on their core competency, share of outsourcing increases Nearshoring, reshoring and alternatives to China: Cico
Slide 10: Positioned in the most attractive segment of electronics manufacturing
Positioned in the most attractive segment of electronics manufacturing Cicor operates in the sweet-spot of scale combined with attractive margins EBITDA Margin Tier 4: Small local players ≥14% EMS Tier 3: High Mix / Low Volume A.I.M. 12% EMS EMS EMS EMS EMS 10% EMS Tier 2: Low Mix / High Vol. A.I.M.
Slide 11: Growing market share
Growing market share Strengthened position amongst European peers Market leader Strong home base in Switzerland: Overall overall market leader No. 2 in targeted A.I.M.* markets in D-A-CH region Improved A.I.M.* market position in Europe from no. 15 (2018) to no. 9 (2021) No. 2 in target Targ
Slide 12: The European EMS sector consolidates
The European EMS sector consolidates The strong are getting stronger while the weak are getting weaker Cicor is amongst the most profitable listed EMS companies worldwide, exceeding the median EBITDA margin by 2.3 percentage points*, as the result of focus on high-mix/low-volume business in the at
Slide 13: Cicor strategy
Cicor strategy A strong platform for organic growth and industry consolidation A one-stop-shop with unmatched depth of value added for the customers: Consulting – Engineering – Technologies – Execution Journey from “exchangeable supplier” to “integral value chain partner” Strong, loyal custome
Slide 14: Multi-regional strategy
Multi-regional strategy Making Cicor a European leader one country at a time… Customer proximity is essential to foster close collaboration especially in engineering Successful Cicor business model in Switzerland is now replicated in United Kingdom and Germany Scale Engineering and prototypi
Slide 15: Multi-regional strategy
Multi-regional strategy …backed by a global competitive operations network Main production sites in best-cost countries with preferential treatment by Europa and US: Romania Indonesia Vietnam Addition of Tunisia with excellent mix of cost, proximity, availability of labor Singapore as As
Slide 16: Latest developments at Cicor
Alexander Hagemann & Peter Neumann Latest developments at Cicor
Slide 17: Acquisition of Phoenix Mecano Digital Elektronik and Phoenix Mecano Digital Tunisia
Acquisition of Phoenix Mecano Digital Elektronik and Phoenix Mecano Digital Tunisia Signed on 14 November 2022, closing expected in 2-4 months and being subject to customary closing conditions 100% shares of PMDE and PMDT acquired from Phoenex Mecano AG, Stein am Rhein Financed with additional
Slide 18: PMDE: Integration with Cicor Germany
PMDE: Integration with Cicor Germany Integration to be started after antitrust clearance After integration to Cicor, combined sales in Germany to exceed EUR 70 million and total EMS sales in Germany ca. EUR 100m Strengthened presence in Germany, enhanced chances for optimal use of production cap
Slide 19: PMDT: integration with EMS Europe
PMDT: integration with EMS Europe Integration work to be started after antitrust clearance Free Trade Area with EU and established process for export/import Significant savings for EMS Europe from focusing in Tunisia on labor- Tunis intensive products Complementary to Cicor‘s EMS Sites in Euro
Slide 20: Impact of Axis, SMT & PMDE/PMDT Acquisitions on Cicor
Impact of Axis, SMT & PMDE/PMDT Acquisitions on Cicor Important step to execute the Cicor growth strategy 38% higher Net Sales and 58% higher EBITDA on pro forma 2021 vs. Cicor reported figures CY 2021 [CHF Cicor Cicor + Axis Cicor + Axis + SMT Cicor + Axis + SMT million] (reported) (pro-forma)*)
Slide 21: Financials
cicor Peter Neumann Financials
Slide 22: Long-term view – Impact of Cicor growth strategy
Long-term view – Impact of Cicor growth strategy Performance 2017 – 2022 Cicor Group 300 20% Cicor achieved highest ever 1st half-year results across 250 248 254 239 sales and EBITDA – growth strategy delivering. 217 215 15% 200 122 125 150 108 9.9% 9.8% 106 122 9.7% 9.5% 10% Change in sales exc
Slide 23: Record sales and core results from organic growth and acquisitions
Record sales and core results from organic growth and acquisitions Key figures H1/2022 Orders received Net sales EBITDA Core EBIT 1) Core net profit 1) +29.5% 15.0 +30.0% +35.2% 11.6 +45.4% 181.8 157.7 9.7 139.8 116.7 6.6 -4.1% 5.2 4.9 ROS: ROS: ROS: 9.9% 9.5% 5.7% 6.1% 4.4% 3.1% 2021 2022 2021 2022
Slide 24: Positive impact of acquisitions - Pro-forma performance
Positive impact of acquisitions - Pro-forma performance All figures in CHF million Acquisition of Axis (Consolidation as of December 2021) Reported Pro-Forma Half Year and SMT (consolidation as of May 2022) significantly Revenue 157.7 164.0 2022 EBITDA impact our half-year and last twelve month re
Slide 25: Mandatory Convertible Bond
Mandatory Convertible Bond MCB January 22 - Cicor Group successfully completed the offering of its mandatory convertible bond with OEP acquiring CHF 8.077 million of the CHF 20 million issued bond September 22 – Cicor requested reopening with issuance of remaining CHF 40.188 million Conversion
Slide 26: Collaboration with Cicor from a customer's perspective
Dr. Angelica Kohlmann (Bloom Diagnostics) Collaboration with Cicor from a customer's perspective
Slide 27: Case study: Device development in real life
Andreas Thomann Case study: Device development in real life
Slide 28: Design and Engineering services
Design and Engineering services Overview of Design and Engineering Services provided by Cicor R&D services Test development NPI engineering Research in technologies Integrated test concepts Production technology Product development Test systems development Production process HW/SW deve
Slide 29: Products & Services
Design and Engineering services Customer binding Business Case Research and NPI PCBA Device Distribution Marketing & After-sales and Use Product Assembly Assembly Sales services Specification Development Product Idea Research Process Purchasing Device Assembly Packaging Marketing Support services En
Slide 30: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Bloom Lab in a Nutshell 30
Slide 31: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Technical Concept of the Bloom Lab Image sensor and optical lense CPU and Bluetooth board NFC and status indication Inserted test strip 31
Slide 32: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Timeline First Contact & Mock-up Sample Prototype 1 Prototype 3 Start series Offering Phase production 2017 2018 2019 2020 2021 2022 Pre-project, Product Provision of the Changes and feasbility studies & development documents required product specification for certificat
Slide 33: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Documentation 33
Slide 34: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Documentation Figures Documentation 624 Requirements 540 Test cases 66 Change requests 34
Slide 35: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Hardware Design Figures Hardware Design 1 CPU Core with 800MHz 6 PCB Layers 415 Components 35
Slide 36: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Mechanical Design Figures Mechanical Design 10 Design revisions 42 Parts 8 Injection molding tools 36
Slide 37: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Software Development Figures Software 5 engineers in peak times 40k Lines of code 37
Slide 38: Case Study Bloom Diagnostics
Case Study Bloom Diagnostics Efforts Efforts spent 20% 30% 10% ~6.5 ◼ Software person-years ◼ Hardware at Cicor ◼ Verification ◼ Mechanical Design ◼ PM and Documentation 10% 30% 38
Slide 39: Conclusion & Outlook 2022
Alexander Hagemann Conclusion & Outlook 2022
Slide 40: Conclusion
Conclusion Key take-aways Megatrends are supporting growth of the worldwide electronics manufacturing services (EMS) market of 6.8% (CAGR 2021-2026) Cicor’s business model as a full-cycle electronics solution provider is well differentiated to its peers, resulting in one of the highest operating
Slide 41: Outlook
Outlook Expectations for 2022 Order intakes have accelerated again through conversion of record-high project pipeline despite weakness of some consumer-related business Significantly improved material availability and some improvement in the supply chain Positive outlook as structural growth o
Slide 42: Investor Relations
Investor Relations Agenda 2022/2023 Capital Markets Event November 21, 2022 in Zurich (Switzerland) Deutsches Eigenkapitalforum November 28 - 30, 2022 in Frankfurt (Germany) Baader Swiss Equities Conference January 11 - 13, 2023 in Bad Ragaz (Switzerland) Annual Report 2022 March 02, 2023
Slide 43: Investor Relations
Investor Relations Contacts Alexander Hagemann Peter Neumann Michael Götti CEO CFO VP Corporate Marketing & Communications Cicor Management AG Gebenloostrasse 15 CH - 9552 Bronschhofen investor@cicor.com +41 71 913 73 00 43
Slide 44: Thank you for your attention
Thank you for your attention www.cicor.com/investors investor@cicor.com