Slide 1: FY23 Financial Results
FY23 Financial Results March 4, 2024 Stephan Haferl, CEO Nicola Rotondo, Interim CFO Comet AG Herrengasse 10 CH-3175 Flamatt T +41 31 744 90 00 www.comet.tech
Slide 2: Cautionary statement regarding Forward Looking Statements
Cautionary statement regarding Forward Looking Statements This document contains forward-looking statements about the Comet Group that may be subject to uncertainty and risk. Readers should therefore be aware that such statements may deviate from actual future outcomes or events. Forward- looking st
Slide 3: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2024 FY23 Financial Results 3/4/2024 3
Slide 4: FY23: challenges mastered, progress made
FY23: challenges mastered, progress made Correction in the semi cycle weighed on results • Net sales significantly below record results of FY22 • Profitability declined, double-digit margin achieved 397.5 11.3% Net sales in CHF million EBITDA margin Significant milestones reached (–32.2% vs. FY22) (
Slide 5: Robust year in traditional industrial markets, correction in semi cycle
Robust year in traditional industrial markets, correction in semi cycle with pronounced weakness in memory Semiconductors Automotive Aerospace Security Cycle bottomed out in H2; signs Tangible growth in automotive Air traffic: a year of strong growth, Security market volume remains of recovery towar
Slide 6: Unlocking future market potential across divisions
Unlocking future market potential across divisions PCT IXS IXM Acceleration of Synertia® market introduction CA20 system launched for semi applications Sales of new products driving growth Multiple design wins with Synertia® New contracts signed with semiconductor Investments in leading-edge x-ray t
Slide 7: Emerging stronger from a year of transition
Emerging stronger from a year of Replace with picture from AR 2021 transition replace pic with 75y banner • Strong impact of the semiconductor cycle correction • Turning point reached in Q4/23 • Well positioned for the expected upswing • PCT: increased resilience, commercialization of Synertia® • IX
Slide 8: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2024 FY23 Financial Results 3/4/2024 8
Slide 9: Financial highlights FY23
Financial highlights FY23 • Strong Q4 performance and solid H2 results • IXM with a record year • Dividend at CHF 1.00/share • Equity ratio increased vs. PY • Continued strong cash position with low debt enabled further investments despite unfavorable market conditions
Slide 10: Group: lower cost base and sales progression in H2
Group: lower cost base and sales progression in H2 Net sales* [in CHF million] EBITDA margin -30% -7% +45% 6.9% 16.1% -22% 154 107 100 78 113 207 191 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 H1/23 H2/23 H2 vs. H1 improvement: increased factory Group: PCT as main driver of the strong Q4 performance utilization
Slide 11: Margin improvements at IXS and IXM cushioned PCT
Margin improvements at IXS and IXM cushioned PCT Net sales [in CHF million] EBITDA margin PCT 27.5% IXS IXM 4.2% 23.8% 1.2% 17.7% 381.4 130.4 9.7% 117.0 100.3 88.6 193.2 FY22 FY23 FY22 FY23 FY22 YF23 Net sales −49.4% Net sales −10.3% Net sales +13.1% EBITDA 18.7m CHF EBITDA 4.9m CHF EBITDA 23.8m CHF
Slide 12: Net sales declined, gross margin at a good level
Net sales declined, gross margin at a good level in CHF million, otherwise indicated FY23 FY22 Y-O-Y (3) Net sales 397.5 586.4 –32.2% Gross margin 41.0% 44.6% –3.6pp EBITDA 45.0 118.9 –62.2% EBITDA margin 11.3% 20.3% –9.0pp Net income 15.4 78.1 –80.3% Free cash flow (1) –0.6 42.2 –42.8m Return on ca
Slide 13: Balance sheet remained strong through the cycle
Balance sheet remained strong through the cycle; freedom to invest in future growth in CHF million, otherwise indicated FY23 FY22 Y-O-Y (3) Cash and cash equivalents 86.7 125.9 –31.2% CapEx (1) 26.4 22.8 +15.8% CapEx as % of sales 6.6% 3.9% +2.7pp Net working capital 116.7 150.2 –22.2% Net working c
Slide 14: Committed to shareholder return
Committed to shareholder return FY23 FY22 Y-O-Y (2) Equity (in million CHF) 296.1 331.5 –10.7% Equity ratio (1) 62.5% 59.5% +3.0pp Earnings per share (in CHF) 1.98 10.05 –80.3% Dividend per share (in CHF) 1.00 3.70 –2.70 Pay-out ratio 50.5% 36.8% +13.7pp (1) equity/total assets (2) rounding differen
Slide 15: Financial summary FY23
Financial summary FY23 • Group: prudent financial policy and cost reductions mainly effective in H2 enabled to master a difficult 2023 • Divisions: record year for IXM, IXS improved profitability • Strong balance sheet enables funding of R&D and expansion beyond the peak of the next semi cycle • Rea
Slide 16: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2024 FY23 Financial Results 3/4/2024 16
Slide 17: FY24: green shoots in semiconductors, other markets slower
FY24: green shoots in semiconductors, other markets on a slower trajectory due to macro concerns Semiconductors Automotive Aerospace Security Exact shape/timing of recovery Passenger car production to stall Commercial air traffic: pre- Growth trend in aviation and (2) uncertain; acceleration in H2/2
Slide 18: Growth-oriented roadmaps for the divisions
Growth-oriented roadmaps for the divisions • Continue to commercialize the Synertia® RF power delivery platform PCT • Intensify key account management • Expand Penang as a strategic best-cost manufacturing location • Targeted portfolio expansion IXS • Use co-creation as an innovation engine • Streng
Slide 19: FY24: ready for the upswing
FY24: ready for the upswing • Semi industry: Guidance FY24 slight upward trend in H1 likely to accelerate in H2 • Wafer fabrication equipment to grow at a moderate pace Revenue (in million CHF) • Muted outlook for the traditional industries (automotive, aerospace) 440 to 480 • Operational and busine
Slide 20: Appendix
Appendix cemet group
Slide 21: Consolidated statement of income
Appendix Consolidated statement of income in thousands of CHF FY23 FY22 Y-O-Y Net sales 397,453 586,395 –32.2% Gross profit 162,926 261,633 –37.7% • Other operating income 7,843 4,899 +60.1% • Development expenses (60,712) (63,766) –4.8% • Marketing and Selling expenses (45,725) (54,687) –16.4% • G&
Slide 22: Consolidated statement of cash flows
Appendix Consolidated statement of cash flows in thousands of CHF FY23 FY22 Y-O-Y Net cash provided by operating activities 22,257 64,407 –65.4% In % of net sales 5.6% 11.0% –5.4pp Net cash (used in) investing activities (22,841) (22,234) +2.7% Free cash flow –584 42,173 In % of net sales –0.1% 7.2%
Slide 23: Consolidated balance sheet
Appendix Consolidated balance sheet in thousands of CHF YE23 in % YE22 in % Current assets 265,035 56.0 344,761 61.9 Non-current assets 208,543 44.0 212,039 38.1 Total assets 473,578 100.0 556,801 100.0 Current liabilities 77,919 16.5 128,002 23.0 Non-current liabilities 99,568 21.0 97,267 17.5 Tota
Slide 24: Net sales walk FY22 to FY23
Appendix Net sales walk FY22 to FY23 in CHF million –32.2% Volume effect Currency effect in local currencies CHF 25.1m CHF 163.8 (–27.9%) (–4.3%) FY23 Financial Results 3/4/2024 24
Slide 25: EBITDA margin walk FY22 to FY23
Appendix EBITDA margin walk FY22 to FY23 -9.0pp -10.5pp 21.8% 20.3% +1.5pp -8.5pp 11.3% -1.6pp -0.4pp FY23 Financial Results 3/4/2024 25
Slide 26: cemet
cemet group