Osai Automation System Spa · MIL:OSA
Osai Automation System Spa — Investor Presentation (February 2021)
27 slides from Osai Automation System Spa's investor presentation, February 2021
Slide 1: Company Presentation
Company Presentation Strictly private and confidential
Slide 2: Disclaimer
Disclaimer IMPORTANT YOU MUST READ THE FOLLOWING BEFORE CONTINUING • THIS PRESENTATION (THE “PRESENTATION”) HAS BEEN PREPARED BY OSAI A.S. S.P.A. (THE “COMPANY”) FOR INFORMATION PURPOSES ONLY, AND CONTAINS ONLY SUMMARY INFORMATION. FURTHERMORE, IT HAS BEEN DRAFTED WITHOUT CLAIMING TO BE EXHAUSTIVE.
Slide 3: Disclaimer
Disclaimer • NO RECOMMENDATION. THE SOLE PURPOSE OF THIS PRESENTATION IS TO PROVIDE THE INFORMATION. THIS PRESENTATION CONTAINS ONLY SUMMARY INFORMATION AND DOES NOT PURPORT TO AND IS NOT INTENDED TO CONTAIN ALL OF THE INFORMATION THAT MAY BE REQUIRED TO EVALUATE, AND SHOULD NOT BE RELIED UPON IN CO
Slide 4: Company overview
today’s speaker and opening remarks Company overview Strictly private and confidential 4
Slide 5: Management
Management MIRELLA FERRERO MARCO GUOLO SIMONE FERRARO FABIO BENETTI CARLO FRIGATO EXECUTIVE CHAIR CTO SALES MANAGER CEO CFO ▪ 1992 – date: Co- ▪ 2011 – date: CTO (Chief ▪ 2016 – date: Osai A.S. ▪ Oct2020: Osai A.S.’s ▪ 2018 – date: Osai A.S. Founder, Company Technology Officer) - HR Director, Genera
Slide 6: Current Group and Shareholding Structure
Current Group and Shareholding Structure Mirella Ferrero Free Float 63,10% 36,90% Osai Automation System S.p.A. Osai A.S. G.m.b.H. Osai A.S. Dalian Co. Osai A.S. USA Co. (Monaco – Germany) Ltd (Zhuhai – China) (Dallas – USA) 100% 100% 100% B.o.D. Mirella Ferrero Virgilio Giorza Fabio Benetti Sergio
Slide 7: A Success Story
A Success Story 2015 Start of the Oct 2015 1994 ADIR project Upon the Introduction of for the untimely death 2018 laser recovery of of the founder, First burn-in his sister Mirella Dec 2016 1991 technology and precious system takes over the The company 2019 Osai founded subsequent Nov 2009 metals -
Slide 8: Business Overview: What
Business Overview: Introduction What ▪ Founded in 1991 from the idea of its founder, Carlo Ferrero, Osai is a leading international operator for the design and construction of machines and systems for automatic assembly and testing. It has a diversified portfolio of technologies, such as: o Micro as
Slide 9: Business Overview: Where
Business Overview: Introduction Where ▪ The production plant is located in the municipality of Parella (close to Turin) and covers an area of more than 6.500 mq, over three buildings. ▪ The company has 181 employees, highly qualified in the following sectors: o R&D o Project management o Sales engin
Slide 10: Business Overview: How
Business Overview: Introduction How ▪ Osai is a solution provider of product lines for component clients operating principally in high- technology sectors. ▪ The co-development activity between Osai (Systems Integrator) and the client allows the design and manufacture of advanced components which de
Slide 11: Business Overview: Turnover
Business Overview: Introduction Turnover ▪ Consistent double digit revenue growth (CAGR 2007-2019: +14.8%). Ebitda Margin ▪ EBITDA margin constantly between 11% and 16% over the last 12 years. ▪ In 2019, the Semiconductors (46%) and Automation (28%) divisions achieved 74% of company turnover, of a t
Slide 12: People: Osai's most important asset
People: Osai’s most important asset Other Technicians Professionally The Group has invested heavily in human resources in the last decade. Qualified Engineers 10.9 * * * * Consolidated Data Total FTE at 30-06-2020: # 181 Strictly private and confidential 12
Slide 13: Divisions
Divisions Semiconductors (46% of rev.) The semiconductor business is Osai’s main business line, following its entry into the sector in 2011. The systems are used in semiconductor testing, assembly and automation processes, and are destined for global markets, notably the USA, China Automation (28% o
Slide 14: Products
Products Divisions Automation Electronics Semiconductors Applied Lasers Standard Workstations Rotary tables PCB Laser marking Assembly Burn-in test General Laser and Systems Test handlers Automation Purpose welding customised for MEMS Laser sensors marking products Tests handlers for power modules C
Slide 15: Key Investment Highlights
Key Investment Highlights ATTRACTIVE, GROWING MARKETS Automation Semiconductor Industrial Laser Electronics market market market market 152 23 481 4 €Bn1 €Bn2 €Bn3 €Bn4 2019 REVENUES BY GROUP 10.10 €m 6.42 €m 16.15 €m 1.25 €m DIVISION PRODUCT TYPE Complete personalised Standard and flexible Test Han
Slide 16: Financials Overview
Financials Overview Strictly private and confidential 16
Slide 17: P&L 2017-2019A
P&L 2017-2019A Revenues (€m) Ebitda (€m) YoY Ebitda +6.9% +15.3% 11.7% 16.3% 15.0% Growth margin 35.26 28.60 30.57 4.97 5.29 3.35 2017 2018 2019 2017 2018 2019 Ebit (€m) Net Income (€m) Ebit Net Inc. 6.6% 10.4% 9.2% 2.9% 5.6% 5.4% margin margin 3.25 1.89 3.19 1.71 1.88 0.84 2017 2018 2019 2017 2018
Slide 18: BS 2017-2019A
BS 2017-2019A Capital Structure (€m) CAPEX & R&D costs (€m) ROI 9.6% 15.6% 13.4% % of 2,95 2.99 * 8.6% 7.3% 7.2% Rev. NFP/ 2.53 3.56x 2.55x 2.54x 2.45 Equity 2.22 24.30 0.84 0.93 20.47 1,55 19.63 1.22 17.43 15.32 14.70 1.61 1.60 1.61 1.60 1.00 1.00 4.31 5.77 6.87 2017 2018 2019 2017 2018 2019 2017 2
Slide 19: 1H 2020
1H 2020 Revenues (€m) Ebitda (€m) Ebitda 10.2% 13.7% margin 5% 9% 11% 29% 46% 14.16 11.12 1.52 1.44 Electronic Semiconductor 1H19 1H20 Automation Laser 1H19 1H20 Service Ebit (€m) Net Income (€m) Ebit Net Inc. 3.7% 5.0% 0.7% 1.9% margin margin 0.56 0.21 0.53 0.10 1H19 1H20 1H19 1H20 Strictly private
Slide 20: Orders & Backlog
Orders & Backlog Orders Key Remarks 22.0 22.8 ▪ The decline connected to Covid19 in Q2 2020 is evident ▪ In the 9M 2020 orders were in line with the previous year, highlighting +30% -29% the full recovery of the business in the 3Q2020 10.0 9.9 +31% 7.7 ▪ Backlog represents the sum of 7.0 orders defi
Slide 21: Strategies & Use Of Proceeds
Strategies & Use Of Proceeds Strictly private and confidential 21
Slide 22: Future strategies 2021-2023
Future strategies 2021-2023 From a “sales driven” to a “business driven” company A new horizon RE4M project circular economy ACTIONS New Human Capital (+45 FTE) Clients and orders chosen and accepted Organic Growth based on expected margins and payment to catch the terms undisputed opportunities for
Slide 23: Use of proceeds
Use of proceeds Investment plan 2021-2023 of about 16 €m in 4 directions: circular economy (RE4M), human capital, research & development, external growth. These investments, which are part of company strategy regardless of the IPO, could also be financed via the capital raise. 9€m 7€m Short-Medium t
Slide 24: Operation Performance
Operation Performance Quotazione a €1.50 IPO Date 03/11/2020 10,00 2,53 3,00 x 100000 2,38 Market Borsa Italiana – AIM Italia 9,00 2,45 2,39 6 €m primary offer 2,29 2,50 8,00 Offering 750 €k secondary offer 7,00 1,62 1,90 Structure 1,80 2,00 1,68 15% of total offer 6,00 Free float 36.9%
Slide 25: A new Circular Economy project RE4M – Electronics waste recycling
A new Circular Economy project RE4M – Electronics waste recycling 3. PRE- INSPECTION 2. PCB CLEANING 1. PCB FROM 5. HEATING 4. PRE-HEATING AND PRE- PROCESS BULK TREATMENT TREATMENT SELECTION 6. SELECTION AND ROBOTIC SORTING OF COMPONENTS Expected capex: 5 €m Potential target clients: 342 centers jus
Slide 26: Annex
Annex Strictly private and confidential 26
Slide 27: Financials
Financials Profit & Loss Balance Sheet P&L (€m) Multipl 2017 2018 2019 30/06/2019 30/06/2020 BS (€m) 2017 2018 2019 30/06/2020 Revenues 28,60 30,57 35,26 14,16 11,12 Trade Receivables 7,55 9,29 11,33 7,87 Other revenues 0,70 0,53 0,74 0,37 0,35 Inventories 16,45 14,65 15,82 18,71 Delta WIP 4,58 (2,9
Osai Automation System — Investor Presentation (February 2021) on 6ix