Slide 1: Cicor Technologies Ltd. Investora 2023
Cicor Technologies Ltd. Investora 2023 September 13, 2023 Alexander Hagemann (CEO) Peter Neumann (CFO)
Slide 2: Disclaimer
September 13, 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 distribut
Slide 3: The Cicor Group
Alexander Hagemann The Cicor Group cicor.com 3
Slide 4: The Cicor Group - Facts and figures
The Cicor Group - Facts and figures Hightech Electronics Solution Provider 15 2,500 Production sites, resilient Cicor employees setup in Europe and Asia Sales to strategic target markets Sales growth 1HY23 84% 26% to CHF 199m Industrial, Medical, Organic growth of 9.5% Aerospace & Defence Sales 2023
Slide 5: Cicor "inside" in three core markets
Ubiquitos highend electronic components Cicor “inside” in three core markets Revenue split by target market 16% Others Industrial 41% 16% Aerospace & Defence Medical 27% Industrial Medical Aerospace & Development and Advanced medical Defence production of complex devices combining Highly reliable so
Slide 6: Industrial - Tiny things make big things run smoothly
Cicor core markets Industrial - Tiny things make big things run smoothly Important role in improving efficiency of industry Digital transformation, IoT, increasing automation and Application examples smart cities require sensors whose electronic parts are becoming increasingly complex and miniaturiz
Slide 7: Medical Technology – A focus of our eyes and ears
Cicor core markets Medical Technology – A focus of our eyes and ears For global healthcare Application examples Medical technology is critical to improving global healthcare. At Cicor, we have been developing and • Hearing aids and cochlear producing highly complex medical devices for decades, impla
Slide 8: Aerospace & Defence – The space is Cicor's limit
Cicor core markets Aerospace & Defence – The space is Cicor’s limit Satellites and Mars robots operate with Cicor parts Application examples Operationally relevant Cicor parts are in remote- controlled Mars robots and other space market products. • Communication Overall, 50 percent of satellites ope
Slide 9: From design to finished product
Cicor’s complete service offering From design to finished product Maintenance Product Development Modification Hard- and Software Engineering Repair Services Mechanical Design Refurbishment Test Development Obsolescence Management Redesign Electronic Manufacturing Services New Product Introduction P
Slide 10: Global footprint
Global footprint Solution power close to customers and operational excellence
Slide 11: Strategy
Alexander Hagemann Strategy cicor.com 11
Slide 12: A good market to be in
Development of EMS market in Europe A good market to be in European EMS market with inherent structural growth Source: Weiss Engineering (in4ma) September 8, 2023
Slide 13: Electronics Manufacturing Services (EMS) in full swing
Electronics Manufacturing Services (EMS) in full swing Megatrends drive momentum – 8-10% organic growth of addressable market Electronics market growth driven by automation, connectivity and electrification* ~ 5% CAGR + ~ 2% CAGR OEM focus on core competencies and outsource development and productio
Slide 14: Cicor operates in the sweet-spot of scale at attractive margins
Positioned in the most attractive segment of electronics manufacturing Cicor operates in the sweet-spot of scale at attractive margins EBITDA Margin Tier 4: Small local players ≥14% Tier 3: High Mix / Low Volume A.I.M. 12% 10% Tier 2: Low Mix / High Vol. A.I.M. 8% 6% Tier 1: Low Mix / High Volume C.
Slide 15: Cicor is well positioned to benefit from megatrends
EMS market trends and Cicor positioning Cicor is well positioned to benefit from megatrends Capacity to ‚own the trend‘ Megatrends accelerate EMS market Cicor manufacturing infrastructure supports organic growth growth to CAGR of 6.9% to CHF 500 million without further factory expansion On the safe
Slide 16: 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 17: Making Cicor a European leader one country at a time
Multi-regional strategy Making Cicor a European leader one country at a time • Replicating the proven business model by acquiring highly focused and profitable EMS in UK and Germany: • Axis Electronics (11/2021) is the leader in aerospace & defense in the UK • SMT Elektronik (04/2022) and Phoenix Me
Slide 18: Clients choose Cicor as one-stop shop for our target markets
Competitive landscape Clients choose Cicor as one-stop shop for our target markets Industries Solutions Engineering Precision Hybrid Printed Medical Industrial A&D Automotive EMS Metalwork PCB Services Plastics Circuits Electronics ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Slide 19: Financial Results 1HY2023
Peter Neumann Financial Results 1HY2023 cicor.com 19
Slide 20: Long-term view – Impact of Cicor growth strategy
Long-term view – Impact of Cicor growth strategy Performance 2018 – 2023 313 300 20% 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 150 106 10.7% 10% 9.9% 9.7% 10.3% 9.8% 9.0%
Slide 21: 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 15.0 15.2 +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 202
Slide 22: 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% 313 300 300 300 19.1% 9.2% 270 10% 248 254 15% 8.0% 8.1% 8.4% 16.9% 17.8% 15% 250 239 250 250 215 155 199 8% 14.0% 14.4% 185 193 195 135 200 125 122 122 200 179 200 106
Slide 23: 1HY23 P&L with record high in net sales and EBITDA
1HY23 P&L with record high in net sales and EBITDA 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
Slide 24: Sales contribution – strong EMS division
Sales contribution – strong EMS division HY 2023 in CHF million +26.2% (+41.4) 199.2 • Strong organic sales growth (11.1%) -2.8 +0.2 -5.3 +17.5 in EMS division and good contribution +31.8 from newly acquired companies 157.7 Organic growth: • Negative currency impact of -3.4% CHF +14.9 mio (CHF -5.3
Slide 25: Balance sheet supports further growth
Balance sheet supports further growth Consolidated Balance Sheet in TCHF Jun Dec in % in % 2023 2022 • Net debt of CHF 63.0 million increased Current assets 286’407 70.8 251’422 68.6 by CHF 18.4 million, CHF 22.0 million Non-current assets 118’286 29.2 115’313 31.4 was used for the acquisition of To
Slide 26: Positive cash flow from operating activities
Positive cash flow from operating activities Consolidated Cash Flow Statement in TCHF HY 23 HY 22 • Positive cash flow from operating activities Net profit 4 894 812 (CHF 10.9 mn, 1H22 CHF –16.7 mn) Depreciation, amortization and impairment 10 798 9 878 driven by strong net income performance Other
Slide 27: 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% 11.4% cost of capital 11.3% 11.3% Rolling Core EBIT in MCHF 10.3% 9.8% • Increase in ROIC due to strong 20 9.1% 9.0% 10 8.5% Core EBIT contribution in the last ROIC in % 15 6.7%
Slide 28: Core Earnings per share increase thanks to good operating profitability
Core Earnings per share increase thanks to good operating profitability 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% N
Slide 29: Value accretive acquisitions
Value accretive 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 fo
Slide 30: Outlook 2023
Alexander Hagemann Outlook 2023 cicor.com 30
Slide 31: 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 32: Cicor – an asset for your portfolio
Reasons to invest Cicor – an asset for your portfolio • Market with resilient growth and current tailwinds‚ outsourcing‘ and nearshoring‘ • Strategy targeting the profitable segments of the market: Industrial, Medical Technology, Aerospace & Defence • Value accretive buy and build ambition with disc
Slide 33: Analysts
Cicor Technologies Ltd. Analysts Kepler Cheuvreux Research Partners AG Zürcher Kantonalbank Patrick Steiner Reto Huber Bernd Laux psteiner@keplercheuvreux.com reto.huber@researchpartners.ch bernd.laux@zkb.ch +43 (1) 20 577 383 +41 44 533 40 30 +41 44 292 37 23 Baader Helvea Alster Research Emrah Bas
Slide 34: Agenda 2023
Investor Relations Agenda 2023 October 16 Business Update Q3/2023ss Update Q3/2023 December 4 Cicor Capital Markets Event 2023, Zurich (Switzerland) September 13 Investora 2023, Zurich (Switzerland) November 27-29 Deutsches Eigenkapitalforum 2023, Frankfurt (Germany)
Slide 35: 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
Slide 36: Thank You
Thank You cicor.com Cicor Group @cicorgroup