Slide 1: Siltronic AG Q1 2023 Conference Call Presentation
Siltronic AG Q1 2023 Conference Call Presentation May 11, 2023 © Siltronic AG
Slide 2: Industry weakness impacts Siltronics Q1 2023 earnings
Industry weakness impacts Siltronics Q1 2023 earnings Sales − EUR 404.4 mn (Q4 2022: EUR 472.1 mn) EBITDA − EUR 125.2 mn (Q4 2022: EUR 168.1 mn) − EBITDA margin: 31.0 % (Q4 2022: 35.6 %) EBIT − EUR 77.8 mn (Q4 2022: EUR 124.8 mn) − EBIT margin: 19.2 % (Q4 2022: 26.4 %) CapEx − EUR 259.8 mn (Q4 2022:
Slide 3: FabNext in Singapore fully on track
FabNext in Singapore fully on track Siltronic AG – Q1 2023 Conference Call Presentation May 11, 2023 3
Slide 4: Financials Q1 2023
Financials Q1 2023 © Siltronic AG
Slide 5: Sales decreased due to weaker demand and a stronger Euro
Sales decreased due to weaker demand and a stronger Euro Sales, in EUR mn Ø FX rates Q1/22 Q2 Q3 Q4 Q1/23 EUR/USD 1.12 1.07 1.01 1.02 1.07 EUR/JPY 130 138 139 144 142 Comments 417.0 442.2 474.0 472.1 404.4 Wafer area sold down q-o-q Unfavorable FX rate for EUR/USD q-o-q Q1 22 Q2 22 Q3 22 Q4 22 Q
Slide 6: Gross profit decreased due to lower wafer area sold
Gross profit decreased due to lower wafer area sold Cost of sales, in EUR mn Gross profit, in EUR mn / Gross margin, in % 36.1 32.5 32.8 34.6 28.7 281.4 297.1 309.8 301.6 288.2 135.6 145.1 164.2 170.5 116.2 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Selling, R&D
Slide 7: Strengthening of the Euro in Q1 2023 vs. Q4 2022
Strengthening of the Euro in Q1 2023 vs. Q4 2022 FX exposure, in % FX sensitivity ~ 9% Sales EBITDA ~ 14% Unhedged 1 USD-/SGD-cent change ~ EUR 11 mn ~ EUR 7 mn ~ 59% ~ 77% 1 JPY change ~ EUR 1.5 mn ~ EUR 1.2 mn Sales Costs USD SGD JPY EUR Other currency effects (mostly hedging), Comments 05 in EUR
Slide 8: EBITDA margin of 31 percent in Q1 2023
EBITDA margin of 31 percent in Q1 2023 EBITDA, in EUR mn / EBITDA margin, in % Depreciation, in EUR mn 44.6 36.0 35.6 33.2 31.0 186.0 147.0 170.5 168.1 125.2 -42.3 -44.2 -46.2 -43.3 -47.4 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 136 EBIT, in EUR mn / EBIT margi
Slide 9: Net profit of EUR 73 million in Q1 2023
Net profit of EUR 73 million in Q1 2023 Net profit, in EUR mn EPS, in EUR 114.8 91.1 109.9 118.6 72.5 3,47 2,66 3,32 3,56 2,20 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Dividend payment, in EUR mn Comments Net profit of EUR 73 mn in Q1 2023; thereof EUR 66 mn
Slide 10: Equity exceeds EUR 2.0 bn
Equity exceeds EUR 2.0 bn Equity, in EUR mn Provisions for pensions, Financial assets and debt, Equity ratio, in % in EUR mn in EUR mn 55.9 56.7 56.8 Net financial assets, in EUR mn 51.0 51.1 709 597 553 374 284 Interest rates IFRS USA 3.22% 4.16% 4.85% 4.90% 4.68% Germany 1.86% 3.30% 3.69% 3.72% 3.
Slide 11: Net cash flow negative due to high Capex
Net cash flow negative due to high Capex Operating cash flow (OCF), in EUR mn Prepayments net (PP), in EUR mn including prepayments 273.7 150.0 100.5 88.5 98,2 191.1 189.8 146.7 21,8 -9,8 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 CF Capex, in EUR mn Net cash flo
Slide 12: Major Capex in 2023 mostly for FabNext
Major Capex in 2023 mostly for FabNext Investment, in EUR mn Comments Capex 2023 slightly above 2022 Mostly for FabNext Completion of Freiberg crystal pulling hall Capabilities for future design rules Capex 2024 roughly down by half Depreciation will almost double in 2024 Conservative
Slide 13: Four pillars of debt financing for capex projects including FabNext
Four pillars of debt financing for capex projects including FabNext € ESG-linked promissory note loan € 300 mn with terms of five, seven and ten years S$ Bilateral loan in Singapore Dollar denomination S$ 450 mn, draw-down in 2022 and 2023 € European Investment Bank bilateral loan € 200 mn, drawn-do
Slide 14: Outlook 2023
Outlook 2023 © Siltronic AG
Slide 15: The end markets are expected to stagnate in 2023
The end markets are expected to stagnate in 2023 (excluding inventory reductions) Consumption of wafers by Wafer demand growth 2023 Verbrauch end use 2022Wafer nach Endanwendung minimal growth Smartphones 22% 0% PCs 17% -17% Servers 11% 15% Industrial 16% 2% Automotive 14% 17% Others 20% 1% Source:
Slide 16: Inventory reductions anticipated to reduce wafer demand by more than 10% y-o-y
Inventory reductions at multiple levels of the value chain are anticipated to reduce wafer demand by more than 10% y-o-y Composition of growth drivers for wafer market, in % Zusammensetzung der Wachstumstreiber für Si TAM, in %-Punkten Inventory Reduction at >10% Growth of end markets customers and
Slide 17: Siltronic Outlook 2023 (as of May 11, 2023)
Siltronic Outlook 2023 (as of May 11, 2023) 2023 Outlook Q2 Outlook Sales significantly below 2022 Sales comparable to Q1 EBITDA margin significantly below 2022 EBITDA margin 27 – 31 % Depreciation around EUR 220 mn No improvement in H2 expected EBIT significant decrease Tax rate mid single-digit %-
Slide 18: Contact and Additional Information
Contact and Additional Information Issuer and Contact Additional Information Siltronic AG ISIN: DE000WAF3001 Einsteinstraße 172 WKN: WAF300 D-81677 München Deutsche Börse: WAF Listing: Frankfurt Stock Exchange Investor Relations: Prime Standard Verena Stütze E-mail: investor.relations@siltronic.com
Slide 19: Disclaimer
Disclaimer The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements contained in this presentation may be statements of future expectations, future financial performance and other forward-looking statements
Slide 20: Siltronic AG | Einsteinstrasse
SILTRONIC AG | Einsteinstrasse 81677 Munich 172 Germany © Siltronic AG