Cicor Technologies · SIX:CICN
Cicor Technologies — H1 2023 Earnings Presentation
26 slides from Cicor Technologies's earnings presentation, Jul 25, 2023
Slide 1: Half-Year Results 2023
Half-Year Results 2023 Cicor Technologies Ltd. July 25, 2023 Alexander Hagemann (CEO) Peter Neumann (CFO)
Slide 2: Disclaimer
July 25, 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 distributed in a
Slide 3: The Cicor Group in H1 of 2023
Alexander Hagemann The Cicor Group in H1 of 2023 cicor.com 3
Slide 4: Full-cycle electronic solutions for a safe, connected world
Cicor in action Full-cycle electronic solutions for a safe, connected world Medical Technology Aerospace and Defence Industrial 27% share of sales 16% share of sales 41% share of sales Cicor helps people hear Cicor solutions make Cicor participates in better, enables progress planes reliable, latest
Slide 5: 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 6: Cicor is well positioned to thrive in the present environment
EMS market trends and Cicor actions Cicor is well positioned to thrive in the present environment Megatrends accelerate EMS market growth Cicor manufacturing infrastructure supports from 2013-2022 CAGR of 4.8% to 2022-2030 organic growth to CHF 500 million without CAGR of 6.9% further factory expans
Slide 7: Key messages from first half-year
Cicor in 2023 Key messages from first half-year Strong underlying business with 9.5% organic growth and book-to-bill-rate of 1.1 The acquisition of new Cicor companies in Germany lifts yoy growth rate to 26.2% Operating margin at new all-time high of 10.7% EBITDA Supply chain tensions decreased and
Slide 8: Sales in strategic markets further increased from 80% to 84%
Sales by Industry and Region Sales in strategic markets further increased from 80% to 84% cicor.com 8
Slide 9: EMS Division
Electronic Manufacturing Services (EMS) EMS Division Growth strategy – M&A Sales run-rate in Germany Cicor Digital ca. EUR 100m Elektronik Making Cicor a strong player in Europe’s largest market Acquired 1.1.2023, integration as planned, positive performance Vietnam factory space Share of Cicor grou
Slide 10: AS Division
Advanced Substrates (AS) AS Division Sales decline in H1 Positive outlook for H2 Reduced shipments of PCB to a Increased demand from large medical customer, end of a multi- medical customer for hybrid year contract for hybrid substrates substrates Add-on acquisition Share of Cicor group sales AF
Slide 11: Financial Results H1 2023
Peter Neumann Financial Results H1 2023 cicor.com 11
Slide 12: Long-term view – Impact of Cicor growth strategy
Long-term view – Impact of Cicor growth strategy Performance 2018 – 2023 313 20% 300 248 254 250 239 • 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 106 10% 150 10.3% 10.7% 9.9% 9.0% 9.7% 9.8%
Slide 13: 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 15.2 15.0 +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 2022
Slide 14: 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 9.2% 300 19.1% 270 10% 248 254 15% 8.0% 8.1% 8.4% 16.9% 17.8% 15% 250 239 250 250 215 155 8% 199 195 14.0% 14.4% 200 200 185 193 135 200 125 122 106 122 179
Slide 15: Consolidated Income Statement
Consolidated Income Statement in TCHF HY 23 in % HY 22 in % %YoY • Record high in Net sales and EBITDA Net sales 199 152 100.0 157 747 100.0 26.2 • Strong contribution from EMS division Material expenses -109 443 -55.0 -85 785 -54.4 27.6 results in increased EBITDA margin of Operating expenses -68 3
Slide 16: Sales contribution
Sales contribution HY 2023 in CHF million +26.2% (+41.4) 199.2 • Strong organic sales growth in EMS -2.8 +0.2 -5.3 +17.5 division and good contribution from +31.8 newly acquired companies 157.7 Organic growth: • Negative currency impact of -3.4% CHF +14.9 mio (+9.5%) (CHF -5.3 mio) mainly due to the
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet in TCHF Jun Dec in % in % 2023 2022 • All bank covenants are met as of June Current assets 286’407 70.8 251’422 68.6 2023 (equity ratio > 30.0% and leverage Non-current assets 118’286 29.2 115’313 31.4 net debt / EBITDA < 2.75 including Total Assets 404’693 100.0 366’735 1
Slide 18: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement in TCHF HY 23 HY 22 • Positive cash flow from operating activities Net profit 4 894 812 driven by strong net income performance Depreciation, amortization and impairment 10 798 9 878 and focus on working capital management Other non cash items 2 597 696 Changes in wo
Slide 19: 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% cost of capital 11.4% 11.3% 11.3% Rolling Core EBIT in MCHF 10.3% 9.8% 20 9.1% 9.0% 10 • Increase in ROIC due to strong 8.5% Core EBIT contribution in the last ROIC in % 15 twelv
Slide 20: Key Figures per Share
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% Number of Treasury shares 30.6. - 251 267 - 340 073 -26.1% • The conversi
Slide 21: Acquisitions
Acquisitions Two acquisitions successfully completed in the first half of 2023 HY 2023 Cicor Digital Elektronik • Two sites in Thuringia (Germany) and one site in Cash paid 24 866 Borj-Cedria (Tunisia) Direct costs related to acquisition 578 • Closing of share deal in January 2023 for a Purchase con
Slide 22: Outlook 2023
Alexander Hagemann Outlook 2023 cicor.com 22
Slide 23: 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 24: Agenda 2023
Investor Relations Agenda 2023 July 25 Interim Report 2023 October 16 Business Update Q3/2023 November 13 Cicor Capital Markets Event 2023, Zurich (Switzerland) September 13 Investora 2023, Zurich (Switzerland) November 27-29 Deutsches Eigenkapitalforum 2023, Frankfurt (Germany) cicor.com 24
Slide 25: 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 cicor.com 25
Slide 26: Thank You
Thank You cicor.com Cicor Group @cicorgroup