Amtech Systems, Inc. · NASDAQ:ASYS
Amtech Systems — Investor Presentation (November 2011)
25 slides from Amtech Systems's investor presentation, Nov 16, 2011
Slide 1: Amtech Systems, Inc.
Amtech Systems, Inc. Solar | Semiconductor | LED Nasdaq: ASYS J.S. Whang Chairman & CEO Brad Anderson Executive Vice President & CFO November 2011 AMTECH SYSTEMS, INC. 1 Solar | Semiconductor | LED
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in the following presentation relate to future results that are forward looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, changes in the technologie
Slide 3: Investment Highlights
Investment Highlights The Market Leader in Solar Diffusion Processing Systems Enable High Efficiency, Low Cost Solar Cell Manufacturing Process Technology Roadmap for Continued Differentiation Superior Revenue Growth and Financial Returns Track Record of Successful Acquisition Integration Strong Man
Slide 4: Amtech at a Glance
Amtech at a Glance • Founded in 1981, entered the solar market in 2006 Subsidiaries – Headquartered in Tempe, AZ – 450 employees worldwide – Global presence with 6 locations worldwide – Technical expertise: 12 Ph.D.’s • Global supplier of solar & semiconductor process equipment and automation system
Slide 5: Business Model (Successful Acquisitions & Technology Innovation)
Business Model (Successful Acquisitions & Technology Innovation) Acquisitions ATMOSCAN (from Intel) (from Hitachi-KE) 1981 1983 1994 1997 2004 2006 2007 2008 2009 2011 Joint Development 3-party Collaboration New Technology: PECVD New Technology: Solar Company Agreement with ECN Agreement: focused 10
Slide 6: High Growth Solar End-Market
High Growth Solar End-Market 2010 - 2015 Global Cumulative Installed Capacity Key Characteristics 200,000 EPIA Policy Driven (upside case) • Global installed PV capacity has grown 150,000 from 1.5GW in 2000 to 39.5GW in 2010 – MW Installed 39% CAGR 100,000 50,000 • Aggressive new capacity expansions
Slide 7: Big Four silicon producers' expansion plans
Big Four silicon producers’ expansion plans Near-term cost target: $20/kg / Long-term cost target: $15/kg ($22.90/kg) +*1 *1 Hemlock targets 90,000 by 2015; Wacker and OCI have not announced plans past 2013; GCL’s latest target is in 2012 AMTECH SYSTEMS, INC. Data Source: Photon International, April
Slide 8: The Role of Equipment Providers
The Role of Equipment Providers Shift from a capacity market to a technology market Cell Manufacturers Focus Role of the Equipment Providers • No longer a supply constrained market • Improve cell efficiencies through technology differentiation • “Me-too” and undifferentiated high cost • Increase sca
Slide 9: A Reliable Industry Player
A Reliable Industry Player Serving the worldwide solar-, semiconductor and MEMS industries with a total installed base of >1800 systems Market leader of diffusion furnaces in the solar industry, with a total installed production capacity of >15 GW (~500 systems) Shipped Production Capacity / year Pr
Slide 10: Our Strategy
Our Strategy Capitalize on growth opportunities in the solar industry by leveraging our leading diffusion furnace market share, top-tier customer relationships, and track record of technological innovation Provide next generation technology solutions that will enable higher solar conversion efficien
Slide 11: Amtech Products, Brands & Applications
Amtech Products, Brands & Applications Furnace Automation & Wafer Carriers, Templates & Process Equipment Wafer Handling Systems Polishing Tools P-Type and N-Type Diffusion Furnaces S-300 PECVD PSG Dry Etch Solar Cells & Semiconductor Chips LED & Silicon Wafers AMTECH SYSTEMS, INC. Solar | Semicondu
Slide 12: Our Position in the Solar Value Chain
Our Position in the Solar Value Chain Polycrystalline Cleaning / Texturing Diffusion / Doping* Ingot & Wafers Crystalline silicon cell equipment spending is PSG Etching / Removal* expected to reach $4.4 billion in 2011 (1) PV Cells AR Coating* Screen Printing / Metallization Solar Modules •Our exist
Slide 13: Providing A Next Generation Technology Roadmap
Providing A Next Generation Technology Roadmap N-Type Diffusion Furnace Ion Implant • Our proprietary N-type furnace has a • Our Kingstone acquisition offers an ion demonstrated record of improving implant roadmap for next generation customer efficiency higher efficiency cell processes – N-type furn
Slide 14: Our Solar Technology Road Map
Our Solar Technology Road Map Cell Type / Up to 18% ~20% ~22% ~24% 25%+ Tool P-Type* / Furnace P-Type* Standard N-Type* P-Type Ion Implant / Furnace N-Type* / PSG-BSG Ion Implanter** Interdigitated Back Contact (IBC) / Ion Implant / Furnace / PECVD Heterojunction with Intrinsic Thin Layer (HIT) / PE
Slide 15: Aligned with Leading Asian Customers
Aligned with Leading Asian Customers • Amtech supports the leading global PV manufacturers as production continues to expand throughout Asia • Diversified customer base with varying CapEx investment cycles – top 3 customers change quarterly and yearly FY: 2008 FY: 2009 FY: 2010 FY: 2011 YTD Top 3 Cu
Slide 16: Management Overview
Management Overview Member Position Experience • 37 years of semiconductor & solar Chief Executive Officer & experience J.S. Whang • Siltronics Chairman • U.S. Quartz • 30 years of semiconductor and Fokko Pentinga President solar experience • Tempress Systems • 26 years of experience Brad Anderson C
Slide 17: Financial Overview
Financial Overview AMTECH SYSTEMS, INC. 17 Solar | Semiconductor | LED
Slide 18: Annual Order Trend (solar/semi)
Annual Order Trend (solar/semi) $240M 220 200 $188M Solar 180 Semi 160 140 200 120 $107M 162 100 80 73 60 $55M 40 22 $35M 20 22 40 33 34 26 13 0 2007 2008 2009 2010 2011 Fiscal Year (Oct. 1 – Sept. 30) AMTECH SYSTEMS, INC. 18 18 Solar | Semiconductor | LED 18
Slide 19: Long-Term Revenue Growth Track Record
Long-Term Revenue Growth Track Record FYE 9/30 +126.6% +105.6% ($ in millions) $247 $120 $80 $53 $40 $46 2006 2007 2008 2009 2010 2011 AMTECH SYSTEMS, INC. 19 19 Solar | Semiconductor | LED
Slide 20: FY11 (ending September 30) Highlights
FY11 (ending September 30) Highlights • Record net revenue of $246.7 million; +106% YoY Revenue • Record solar revenue of $211.9 million +114% YoY • Gross margin of 37% vs. 36% in FY10 Gross Margin • Driven by efficient capacity utilization from higher volume EPS • Strong profitability: FY11 EPS of
Slide 21: Q4 FY11 (ending September 30) Highlights
Q4 FY11 (ending September 30) Highlights Revenue • Record revenue of $59.9 million; -17% sequentially & +32% YoY • ’10 affected by inventory write-downs Gross margin of 34% vs. 39% in Q4’ Gross Margin and other adjustments EPS • ’10 EPS of $0.31 per share vs. $0.58 in Q4’ • $85.9 million including $
Slide 22: Quarterly Revenues
Quarterly Revenues FYE: 9/30 ($ in millions) $72 $61 $60 $54 $43 $45 $16 $16 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 AMTECH SYSTEMS, INC. 22 22 Solar | Semiconductor | LED
Slide 23: Balance Sheet
Balance Sheet ($ in millions) ’11 (9/30/11) Q4’ Cash - unrestricted $67.4 Working Capital $94.0 Total Assets $205.9 Total Debt $0.0 Total Liabilities $83.5 ’ Equity Stockholders’ $122.3 (1) (1) Includes non-controlling interest of $6.8 million. AMTECH SYSTEMS, INC. 23 23 Solar | Semiconductor | LED
Slide 24: Investment Highlights
Investment Highlights The Market Leader in Solar Diffusion Processing Systems Enable High Efficiency, Low Cost Solar Cell Manufacturing Process Technology Roadmap for Continued Differentiation Superior Revenue Growth and Financial Returns Track Record of Successful Acquisition Integration Strong Man
Slide 25: Thank You!
Thank You! AMTECH SYSTEMS, INC. 25 Solar | Semiconductor | LED
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