Siltronic Ag · XETR:WAF

Siltronic — Q3 2021 Earnings Presentation

21 slides from Siltronic's earnings presentation, Oct 26, 2021

  1. Slide 1: Siltronic AG Q3 2021 Conference Call Presentation

    Siltronic AG Q3 2021 Conference Call Presentation October 26, 2021 © Siltronic AG

  2. Slide 2: Update on GlobalWafers' tender offer

    Update on GlobalWafers‘ tender offer  Completion of merger likely to be delayed due to protracted discussions with authorities on regulatory clearances  Constructive discussions with the authorities on the terms of the outstanding clearances continue 7 approvals received 3 approvals pending  Germ

  3. Slide 3: Fab Next project well on track

    Fab Next project well on track  Groundwork and piling started  Customer demand higher than Fab Next capacity  Ground-breaking ceremony on October 26, 2021  Additional LTAs for Fab Next capacity signed, on track to achieving high portion of additional volume Picture Siltronic AG: image of the exi

  4. Slide 4: Strong end markets drove silicon wafer demand in Q3

    Strong end markets drove silicon wafer demand in Q3 Smartphones Industry / Auto  Recovering unit sales, but impacted by  Auto continues recovery but impacted by chip shortages supply shortages  Ongoing trend to more cameras and  xEVs share accelerating memory per phone  Industrial orders contin

  5. Slide 5: Highlights: Financial figures Q3 2021

    Highlights: Financial figures Q3 2021 Sales − EUR 371.6m (Q2 2021: EUR 341.1m) EBITDA − EUR 122.9m (Q2 2021: EUR 108.0m) − EBITDA margin: 33.1% (Q2 2021: 31.7%) EBIT − EUR 83.9m (Q2 2021: EUR 69.6m) − EBIT margin: 22.6% (Q2 2021: 20.4%) CapEx − EUR 54.1m (Q2 2021: EUR 52.8m) Net cash flow − EUR 70.1

  6. Slide 6: Financials Q3 2021

    Financials Q3 2021 © Siltronic AG

  7. Slide 7: Strong sales growth based on higher wafer area sold and slightly increased ASP

    Strong sales growth based on higher wafer area sold and slightly increased ASP Sales, in EUR m Ø FX rates Q3/20 Q4 Q1/21 Q2 Q3 EUR / 1.17 1.19 1.21 1.21 1.18 USD EUR / JPY 124 125 128 132 130 Comments 371.6  Wafer area sold up q-o-q 341.1  ASP slightly up q-o-q 299.3 316.1 284.5  Favorable FX q-o

  8. Slide 8: COGS up due to higher wafer area sold

    COGS up due to higher wafer area sold Cost of sales, in EUR m Gross profit, in EUR m / Gross margin, in % 30.8 32.0 235.9 252.6 26.1 25.6 28.0 221.0 211.7 227.5 105.2 119.0 78.2 72.8 88.6 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Selling, general and admin expen

  9. Slide 9: High US-Dollar and Japanese Yen exposure

    High US-Dollar and Japanese Yen exposure FX exposure, in % FX sensitivity ~ 9% Sales EBITDA ~ 17% unhedged 1 USD-cent change ~ EUR 8.5 million ~ EUR 7 million ~ 65% 1 JPY change ~ EUR 1.8 million ~ EUR 1.4 million ~ 74% Sales Costs USD SGD JPY EUR Other currency effects (mostly hedging), Comments in

  10. Slide 10: Strong EBITDA and EBIT driven by wafer area, ASP and FX

    Strong EBITDA and EBIT driven by wafer area, ASP and FX EBITDA, in EUR m / EBITDA margin, in % Depreciation, in EUR m 31.7 33.1 26.8 29.0 23.6 108.0 122.9 80.1 67.2 91.7 -36.5 -38.8 -37.5 -38.4 -39.0 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 EBIT, in EUR m / EBI

  11. Slide 11: Net profit of EUR 74 million in Q3 2021

    Net profit of EUR 74 million in Q3 2021 Net profit, in EUR m EPS, in EUR 64.0 73.6 1.83 2.15 58.4 1.67 39.1 40.9 1.08 1.17 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Dividend payment, in EUR m Comments  Net profit of EUR 73.6 million in Q3 2021; thereof EUR 64.5

  12. Slide 12: Trade receivables and inventories high due to increased demand

    Trade receivables and inventories high due to increased demand Working capital, in EUR m, Inventories and contract assets, in EUR m Working capital ratio to quarterly sales, in % 73 74 Inventories Contract assets 71 68 65 199.0 209.5 169.3 175.1 188.3 218.1 235.0 232.4 240.2 200.8 Sep 20 Dec 20 Mar

  13. Slide 13: Strong equity ratio and strong net financial assets

    Strong equity ratio and strong net financial assets Equity, in EUR m Provisions for pensions, Net financial assets, Equity ratio, in % in EUR m in EUR m 54.9 53.7 54.0 45.4 43.7 Interest rates IFRS USA 2.41% 2.07% 2.77% 2.39% 2.42% GER 0.95% 0.69% 1.11% 1.14% 1.19% 1192 1079 1084 833 872 606 605 567

  14. Slide 14: Largest portion of planned capex in 2021 to be spent in Q4

    Largest portion of planned capex in 2021 to be spent in Q4 Investment, in EUR m Comments  Capex guidance 2021 EUR 400m  Project-related high capex in Q4 2021  300 mm epi capacities  capabilities  expansion of crystal pulling hall in Freiberg  Fab Next in Singapore 58,2 52,8 54,1 35,1 36,9 Q3 2

  15. Slide 15: Strong net cash flow year to date

    Strong net cash flow year to date Operating cash flow (OCF), in EUR m Customer prepayments net (PP), in EUR m 122.8 104.7 76.6 60.9 10.9 31.4 3.5 1.7 1.6 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 -10.5 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 CF Capex, in EUR m Net cash flow (NCF), in EUR m 70.1 43.3 2

  16. Slide 16: Outlook 2021

    Outlook 2021 © Siltronic AG

  17. Slide 17: 300 mm demand in 2021 is back on its historical growth trajectory

    300 mm demand in 2021 is back on its historical growth trajectory 300 mm market and demand forecast, in k wafers per month 8.000 6.000 4.000 2.000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Siltronic estimate Siltronic AG – Q3 2021 Conference Call Presentation October 26,

  18. Slide 18: Siltronic Outlook 2021 (as of October 26, 2021)

    Siltronic Outlook 2021 (as of October 26, 2021) Sales − a good 15 percent above 2020 EBITDA margin − approximately 32 percent Depreciation − around EUR 155m to EUR 160m EBIT − significant increase Tax rate − significantly below 10% CapEx − around EUR 400m (mainly in 300 mm epi, capabilities and expa

  19. Slide 19: 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 Dr. Rupert Krautbauer email: investor.relations@siltron

  20. Slide 20: 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

  21. Slide 21: Siltronic AG, Einsteinstrasse, Munich

    SILTRONIC AG | Einsteinstrasse 81677 Munich 172 Germany © Siltronic AG

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