Cicor Technologies · SIX:CICN
Cicor Technologies — Deutsches Eigenkapitalforum 2023
36 slides from Cicor Technologies's conference presentation, Nov 29, 2023
Slide 1: Cicor Technologies Ltd. - Deutsches Eigenkapitalforum 2023
Cicor Technologies Ltd. Deutsches Eigenkapitalforum 2023 Frankfurt - November 29, 2023 Alexander Hagemann (CEO) Peter Neumann (CFO)
Slide 2: Disclaimer
November 29, 2023 Disclaimer 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 distribute
Slide 3: The Cicor Group
Alexander Hagemann The Cicor Group cicor.com 3
Slide 4: The Cicor Group - Facts and figures
The Cicor Group - Facts and figures Hightech Electronics Solution Provider 15 2,500 Production sites, resilient Cicor employees setup in Europe and Asia Sales to strategic target markets Sales growth YTD Q3/2023 84% 25% to CHF 294.5m Industrial, Medical, Organic growth of 10.2% Aerospace & Defence S
Slide 5: Cicor "inside" in three core markets
Ubiquitos highend electronic components Cicor “inside” in three core markets Revenue split by target market (H1/2023) 16% Others Industrial 41% 16% Aerospace & Defence Medical Industrial Medical Aerospace & 27% Development and Advanced medical Defence production of complex devices combining Highly r
Slide 6: Industrial - Tiny things make big things run smoothly
Cicor core markets Industrial - Tiny things make big things run smoothly Important role in improving efficiency of industry • IoT Application examples • Increasing automation • Smart homes and cities • Temperature control • Complex and miniaturized sensors systems • Robots can perform even more soph
Slide 7: Medical Technology – A focus of our eyes and ears
Cicor core markets Medical Technology – A focus of our eyes and ears Critical for improving global healthcare Application examples • Highly complex medical devices • Combining increasingly sophisticated functions • Hearing aids and cochlear • Integrated quality assurance implants • Specialized manuf
Slide 8: Aerospace & Defence – The space is Cicor's limit
Cicor core markets Aerospace & Defence – The space is Cicor’s limit Satellites and Mars robots operate with Cicor parts Application examples • Highly reliable equipment • Mission and life-critical applications • Communication • Strategic international programs modules for satellites • Partnering wit
Slide 9: One stop shop – from design to finished product
Cicor’s complete service offering One stop shop – from design to finished product Maintenance Modification Repair Services Product Development Refurbishment Hard- and Software Engineering Obsolescence Management Mechanical Design Test Development Redesign Electronic Manufacturing Services Precision
Slide 10: Close to customers and competitive - global footprint for CHF 500m sales
Global footprint Close to customers and competitive - global footprint for CHF 500m sales
Slide 11: Strategy
Alexander Hagemann Strategy cicor.com 11
Slide 12: A good market to be in
Development of EMS market in Europe A good market to be in European EMS market with inherent structural growth Source: Weiss Engineering (in4ma) September 8, 2023
Slide 13: Electronics Manufacturing Services (EMS) in full swing
Electronics Manufacturing Services (EMS) in full swing Megatrends drive momentum – 8-10% organic growth of addressable market Electronics market growth driven by automation, connectivity and electrification* ~ 5% CAGR + ~ 2% CAGR OEM focus on core competencies and outsource development and productio
Slide 14: Cicor operates in the sweet-spot of scale at attractive margins
Positioned in the most attractive segment of electronics manufacturing Cicor operates in the sweet-spot of scale at attractive margins EBITDA Margin Tier 4: Small local players ≥14% Tier 3: High Mix / Low Volume A.I.M. 12% 10% Tier 2: Low Mix / High Vol. A.I.M. 8% 6% Tier 1: Low Mix / High Volume C.
Slide 15: Cicor is well positioned to benefit from megatrends
EMS market trends and Cicor positioning Cicor is well positioned to benefit from megatrends Capacity to ‚own the trend‘ Megatrends accelerate EMS market Cicor manufacturing infrastructure supports organic growth growth to CAGR of 6.9% to CHF 500 million without further factory expansion On the safe
Slide 16: A strong platform for organic growth and industry consolidation
Cicor strategy A strong platform for organic growth and industry consolidation Focus on our three Strategic customer Active consolidation core markets with relationships through M&A highly profitable through excellent high-mix/low-volume solution finding, businesses differentiated technology portfol
Slide 17: Making Cicor a European leader one country at a time
Multi-regional strategy Making Cicor a European leader one country at a time • UK market leader with focus on Aerospace & Defense after acquisition of Axis Electronics (11/2021) and STS Defence (signing in 11/2023 with closing expected within coming weeks) • Strong position in Germany after acquisit
Slide 18: Clients choose Cicor as one-stop shop for our target markets
Competitive landscape Clients choose Cicor as one-stop shop for our target markets Industries Solutions Engineering Precision Hybrid Printed Medical Industrial A&D Automotive EMS Metalwork PCB Services Plastics Circuits Electronics ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Slide 19: Cicor reports strong year-to-date sales growth of 25%, outlook remains positive
Business Update Q3/2023 Cicor reports strong year-to-date sales growth of 25%, outlook remains positive YTD (9 months) figures: • Sales of CHF 294.5 million (09/2022: CHF 235.6 million) • Organic growth of 10.2% • Order intake of CHF 329.4 million (09/2023: CHF 283.4million) • Book-to-bill ratio of
Slide 20: Cicor & Clayens - a perfect match
Strategic Partnership Cicor & Clayens - a perfect match One-Stop CDMO, with unmatched know-how in both plastics and electronics Customized and integrated technical solutions, from concept to market Global complementary manufacturing capabilities 7 500 people, 46 plants and 20 cleanrooms Accelerated
Slide 21: Financial Results 1HY2023
Peter Neumann Financial Results 1HY2023 cicor.com 21
Slide 22: Long-term view – Impact of Cicor growth strategy
Long-term view – Impact of Cicor growth strategy Performance 2018 – 2023 313 300 20% 248 254 250 239 • Cicor achieves best half-year results ever in terms of sales 215 155 15% 199 and EBITDA, demonstrating the success of its growth 200 122 125 122 strategy 150 106 10.7% 10% 9.9% 9.7% 10.3% 9.8% 9.0%
Slide 23: Record sales and core results from organic growth and acquisitions
Record sales and core results from organic growth and acquisitions Key figures H1/2023 1 1 Orders received Net sales EBITDA Core EBIT ) Core net profit ) +21.8% +26.2% +42.0% 221.4 21.3 199.2 +57.5% 181.8 157.7 15.0 15.2 +86.5% 9.7 9.2 4.9 9.5% 10.7% 6.1% 7.6% 3.1% 4.6% (ROS) 2022 2023 2022 2023 202
Slide 24: Performance 2018 – 2023
Performance 2018 – 2023 Profitable growth in EMS Division Cicor Group EMS Division AS Division 11.4% 350 20% 350 10.7% 12% 350 20% 313 300 300 300 19.1% 9.2% 270 10% 248 254 15% 8.0% 8.1% 8.4% 16.9% 17.8% 15% 250 239 250 250 215 155 199 8% 14.0% 14.4% 185 193 195 135 200 125 122 122 200 179 200 106
Slide 25: Balance sheet supports further growth
Balance sheet supports further growth Consolidated Balance Sheet in TCHF Jun Dec in % in % 2023 2022 • Net debt of CHF 63.0 million increased Current assets 286’407 70.8 251’422 68.6 by CHF 18.4 million, CHF 22.0 million Non-current assets 118’286 29.2 115’313 31.4 was used for the acquisition of To
Slide 26: Positive cash flow from operating activities
Positive cash flow from operating activities Consolidated Cash Flow Statement in TCHF HY 23 HY 22 • Positive cash flow from operating activities Net profit 4 894 812 (CHF 10.9 mn, 1H22 CHF –16.7 mn) Depreciation, amortization and impairment 10 798 9 878 driven by strong net income performance Other
Slide 27: Return on Invested Capital
Return on Invested Capital ROIC • ROIC in the first half of 2023 well 30 15 above Cicor’s weighted average 12.5% 25 11.9% 11.4% cost of capital 11.3% 11.3% Rolling Core EBIT in MCHF 10.3% 9.8% • Increase in ROIC due to strong 20 9.1% 9.0% 10 8.5% Core EBIT contribution in the last ROIC in % 15 6.7%
Slide 28: Core Earnings per share increase thanks to good operating profitability
Core Earnings per share increase thanks to good operating profitability Key Figures per Share HY 2023 / HY 2022 • Number of Treasury shares HY 23 HY 22 Change % reduced in H2/2022 for settlement of an M+A related earn-out liability Number of registered shares issued 30.6. 3 411 169 3 409 542 +0.0% N
Slide 29: Successful Renewal and Increase in Financing
Successful Renewal and Increase in Financing 2023 MCHF Previously New Change • Financing has a maturity of four years with two, 1-year extension options. Revolving Credit Facility 80 120 40 Acquisition Line - Existing 75 75 0 • Provides flexibility for future operational and acquisition Acquisition
Slide 30: Outlook 2023
Alexander Hagemann Outlook 2023 cicor.com 30
Slide 31: Continued growth expected in 2023 despite challenging environment
Outlook 2023 Continued growth expected in 2023 despite challenging environment • The continued growth momentum in order intake and sales leads to higher expectations than previously communicated (If the geopolitical, economic and financial environment does not deteriorate further) • Expect 2023 sale
Slide 32: Cicor – an asset for your portfolio
Reasons to invest Cicor – an asset for your portfolio • Market with resilient growth and current tailwinds‚ outsourcing‘ and nearshoring‘ • Strategy targeting the profitable segments of the market: Industrial, Medical Technology, Aerospace & Defence • Value accretive buy and build ambition with disc
Slide 33: Analysts
Cicor Technologies Ltd. Analysts Kepler Cheuvreux Research Partners AG Zürcher Kantonalbank Patrick Steiner Reto Huber Bernd Laux psteiner@keplercheuvreux.com reto.huber@researchpartners.ch bernd.laux@zkb.ch +43 (1) 20 577 383 +41 44 533 40 30 +41 44 292 37 23 Baader Helvea Alster Research Emrah Bas
Slide 34: Agenda 2023
Investor Relations Agenda 2023 December 4 Cicor Capital Markets Event 2023, Zurich (Switzerland) November 27-29 Deutsches Eigenkapitalforum 2023, Frankfurt (Germany)
Slide 35: Contacts
Investor Relations Contacts Alexander Hagemann Peter Neumann Michael Götti CEO CFO VP Corporate Marketing & Communications Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland investor@cicor.com | +41 71 913 73 00
Slide 36: Thank You
Thank You cicor.com Cicor Group @cicorgroup
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