Slide 1: Annual Results 2018
Annual Results 2018 Press Conference – 14 March 2019 Alexander Hagemann (CEO) & Patric Schoch (CFO) 1
Slide 2: Disclaimer
Disclaimer 14 March 2019 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 in a
Slide 3: The Cicor Group
Alexander Hagemann The Cicor Group 3
Slide 4: The Cicor Group at a glance
The Cicor Group At a glance The Swiss leader in design and manufacturing of advanced electronics Advanced Microelectronics and Substrates (AMS) Division: Technology leader Electronic Solutions (ES) Division: Full solution provider Milestones 1966: Founded as manufacturer of Printed Circuit
Slide 5: Leading technologies for advanced electronics
Leading technologies for advanced electronics An unparalleled offering of products and services AMS Division ES Division Hybrids & microelectronics Printed circuit boards (PCB) Electronic manufacturing services (EMS) High precision electronic High-density and ultra-high- Engineering of advance
Slide 6: Case Study: 3D PLUS space applications
Case Study: 3D PLUS space applications Printed circuit boards for highest integration and reliability 3D PLUS is a World-leading supplier of high-density micro-electronics with more than 100 000 modules in space Cicor enables miniaturization in aerospace, medical and industrial electronics Cicor
Slide 7: Case study: Belimed Infection Control
Case study: Belimed Infection Control Design and manufacturing of medical equipment Belimed is a leading global supplier of cleaning, disinfection and sterilization solutions for medical and life science applications. Development of electronic control platform including all hardware and software
Slide 8: Served markets
Served markets Partnering with market and technology leaders Medical Industrial Aerospace … and many more Cicor Technologies Ltd. Annual Results 2018 8
Slide 9: Global footprint
Global footprint High tech and competitiveness - close to the customer Cicor Technologies Ltd. Annual Results 2018 9
Slide 10: Cicor in 2018
Alexander Hagemann Cicor in 2018 10
Slide 11: Cicor in 2018
Cicor in 2018 Year of high growth and successful projects AMS Division further increased its share of group sales to 25.4 % (2017: 24.4 %) Strategic markets very strong: Share of industrial, medical, aerospace & defence markets at 77.0 % (2017: 74.4 %) Acceleration in Europe, ROW mostly flat N
Slide 12: Division AMS – growing strongly
Division AMS – growing strongly AMS fully develops its margin potential 18% revenue growth as result of technology leadership and active market development 82% EBIT increase from improved capacity utilization and production processes 5-year contract above CHF 20m for thin film substrates for a
Slide 13: Division ES – fit for the future
Division ES – fit for the future Acceleration of business towards the end of the year Arad (Romania) new factory project within schedule and budget, no supply disruptions during the move Acceleration in Asia during H2 Batam (Indonesia) factory expansion and consolidation of plastic injection m
Slide 14: New Romania factory – highlight for Division ES
New Romania factory – highlight for Division ES The most modern setup for electronics manufacturing in Europe Founded in 1996, Cicor Arad (Romania) has achieved average annual sales growth above 20% since 2013 New state-of-the art building with 13’500 sqm of space completed in 9 months, as sched
Slide 15: Improving operational excellence
Improving operational excellence 35 % productivity improvement since 2015 Labor productivity Mix improvement through accelerated growth of the AMS 140% Division 130% Operational excellence and lean conversion progressing well in several factories 120% Leveraging the existing production network
Slide 16: Expanding technology leadership
Expanding technology leadership The most advanced platform for miniaturized substrates Experienced in 3-Dimensional Molded Interconnect Devices (3D-MID) since 2011 A pioneer in printed electronics that will revolutionize electronics in the same way as 3D-Printing revolutionizes mechanics Insta
Slide 17: Financial Results 2018
Patric Schoch Financial Results 2018 17
Slide 18: Financial achievements 2018
Financial achievements 2018 All figures at actual FX rates Orders received Net sales EBIT EBITDA Net profit +18.0% +28.0% +14.5% 277.8 24.6 248.1 235.5 +45.0% 216.7 19.2 15.2 +44.9% 8.9% 9.9% 10.5 9.6 4.8% 6.1% 6.7 (ROS) 3.1% 3.9% 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2018 Book-to-bill
Slide 19: Half-year results 2015 - 2018
Half-year results 2015 - 2018 All figures at actual FX rates +12.8% +16.2% 1st half-year 2nd half-year 122.9 125.2 109.0 107.7 92.1 92.9 96.5 88.5 Net Sales 2015 2016 2017 2018 2015 2016 2017 2018 +32.7% +23.1% 13.0 11.6 9.4 9.8 7.9 EBITDA 5.3 6.2 -0.5 2015 2016 2017 2018 2015 2016 2017 2018 Cicor T
Slide 20: Performance 2014 - 2018
Performance 2014 - 2018 All figures at actual FX rates Total Group in mCHF AMS Division in mCHF ES Division in mCHF 248 19.1% 250 20% 250 20% 250 20% 217 15.9% 202 200 181 189 200 200 185 125 15% 13.3% 15% 15% 164 108 146 147 150 100 9.9% 150 9.9% 150 131 9.7% 89 97 8.9% 9.6% 94 10% 10% 79 8.0% 10%
Slide 21: Net Profit development 2018 vs. 2017
Net Profit development 2018 vs. 2017 +2.9 14 (+44.9%) -1.6 12 -0.7 -0.3 10 +6.9 -1.4 9.6 in CHF million 8 of which Current 6.7 CHF -0.4 income tax mio from FX 2018: 22.1% 6 variances (2017: 22.4%) 3.9% 4 ROS: 3.1% 2 0 2017 Margin Overhead Depr. & Financial Tax 2018 change and others Amort. result ex
Slide 22: Capex and depreciation for PPE
Capex and depreciation for PPE* High capex for new plant in Arad in 2018 PPE Capex in TCHF PPE Depreciation in TCHF Capex / Depreciation ratio Average 2009 – 2018 = 1.25 18 831 2.2 2.1 1.9 1.9 15 293 2.0 Land 13 168 Arad 1.8 9 036 1.6 10 618 8 788 8 702 8 452 8 311 8 466 7 849 1.4 8 453 8 362 8 392
Slide 23: Consolidated income statement
Consolidated income statement in TCHF Actual Actual in % in % %YoY 2017 2018 Net sales 216 728 100.00 248 115 100.00 14.5 Material expenses -112 690 -52.0 -130 757 -52.7 16.0 Operating expenses -84 795 -39.2 -92 728 -37.4 9.4 Restructuring 0 0 0 0 0 Depreciation and -8 738 -4.0 -9 396 -3.8 7.5 amort
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet in TCHF Actual in % Actual in % 2017 2018 Current assets 120 443 71.3 137 282 70.7 Non-current assets 48 606 28.7 56 924 29.3 Total assets 169 049 100.0 194 206 100.0 Current liabilities 49 673 29.3 61 759 31.8 Non-current liabilities 50 684 30.0 57 310 29.5 Equity 68 692
Slide 25: Cash Flow Statement
Cash Flow Statement in TCHF Actual Actual 2017 2018 Profit / (Loss) before tax 8 633 13 043 Non cash items 9 772 11 949 Changes in working capital¹ -6 630 -12 237 Interest, tax paid / received -2 697 -2 507 Cash flow from operations 9 078 10 248 Property, plant and equipment (net) -6 349 -16 313 Int
Slide 26: Summary and Outlook 2019
Alexander Hagemann Summary and Outlook 2019 26
Slide 27: 2018 – a year of progress in most areas
2018 – a year of progress in most areas Positive outlook despite slowdown of global GDP growth Record high order book and a good start into 2019 provide confidence for the coming months Deterioration of macroeconomic environment Important new customer wins in both divisions Cost of Romania f
Slide 28: Distribution of earnings
Distribution of earnings 2018 Significantly increased results Healthy balance sheet with an equity ratio of 38.7% Net debt to EBITDA leverage at 1.14 The Board of Directors therefore will propose a tax free distribution from capital contribution reserves of CHF 1.00 per share (2017: CHF 0.70
Slide 29: Mid-term targets
Mid-term targets Cicor Technologies Ltd. Market Focus Topline growth EBIT target Profit distribution Above the Industrial growth of Stable and Medical global 6 - 8% increasing Aerospace electronics Dividends production Cicor Technologies Ltd. Annual Results 2018 29
Slide 30: Agenda and Contacts
Alexander Hagemann Agenda and Contacts 30
Slide 31: Investor Relations – Agenda 2019/2020
Investor Relations Agenda 2019/2020 Annual shareholder meeting 2019 16 April 2019 in Boudry NE Interim report 2019 15 August 2019 Annual Report 2019 March 2020 Cicor Technologies Ltd. Annual Results 2018 31
Slide 32: Investor Relations – Contacts
Investor Relations Contacts Alexander Hagemann Patric Schoch Michael Götti CEO CFO VP Corporate Marketing & Communications Cicor Management AG Gebenloostrasse 15 CH - 9552 Bronschhofen investor@cicor.com +41 71 913 73 00 Cicor Technologies Ltd. Annual Results 2018 32
Slide 33: Thank you for your attention.
Thank you for your attention. www.cicor.com/investors 33