Melexis Nv · EURONEXT:MELE
Melexis Nv — Q3 2021 Earnings Presentation
37 slides from Melexis Nv's earnings presentation, Oct 27, 2021
Slide 1: Presentation results Q3 2021
Presentation results Q3 2021 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 1
Slide 2: What do we do?
What do we do? We create innovative micro-electronic solutions for the best imaginable future The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 2
Slide 3: Common denominator: sensing & driving is everywhere
Common denominator: sensing & driving is everywhere Automotive Home Motorcycles and e-bikes Consumer Industry Healthcare The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 3
Slide 4: Process flow
Process flow Chip design Wafer probe Final test 1 2 3 4 5 Idea Customer Wafer fab Assembly The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 4
Slide 5: Melexis strategy
Melexis strategy Leadership Leadershipinin Focus Focuson on sensing innovation sensingandand innovationinin driving drivingsolutions solutions Organic Organicgrowth, growth, automotive automotiveand and totoour selective selective our adjacent adjacent customers’ acquisitions acquisitions customers’
Slide 6: Approximately 1500 people on 3 continents
Approximately 1500 people on 3 continents Sales & Applications Belgium – Ieper, Tessenderlo Greater China – Shanghai, Shenzhen France – Grasse, Paris Germany – Erfurt, Dresden Japan – Yokohama USA – Detroit, San Jose South Korea – Seoul Switzerland - Bevaix Manufacturing Belgium – Ieper Bulgaria – S
Slide 7: presentation is ALL Rights ALL The content
The content The content of this of this presentation is presentation is CONFIDENTIAL CONFIDENTIAL & PROPRIETARY. ALL RightsALL & PROPRIETARY. Reserved. Rights Reserved. 7
Slide 8: Importance to stakeholders
Sustainable Development Goals (SDGs) Importance to stakeholders Impact on Melexis 8
Slide 9: Melexis supplied > 1.3 billion ICs worldwide in 2020
Melexis supplied > 1.3 billion ICs worldwide in 2020 • Magnetic position sensors • Pressure sensors • Inductive position sensors • Tire monitoring sensors • Current sensors • Temperature sensors • Latch & switch • Optical sensors • Embedded drivers • Sensor interfaces • Smart drivers • Embedded ligh
Slide 10: MELEXIS ICs SHAPE THE FUTURE
MELEXIS ICs SHAPE THE FUTURE The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 10
Slide 11: MELEXIS ICs SHAPE THE FUTURE: Planet
MELEXIS ICs MELEXIS IcsSHAPE SHAPETHE THEFUTURE FUTURE PLANET ELECTRIFICATION MICRO MOBILITY THERMAL MANAGEMENT The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 11
Slide 12: MELEXIS ICs SHAPE THE FUTURE: People
MELEXIS ICs SHAPE THE FUTURE PEOPLE USER EXPERIENCE SAFETY HEALTH The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 12
Slide 13: 13 chips in every new car
13 chips in every new car Applications containing Melexis ICs Disclaimer: Please note this list is not exhaustive and only includes some of the most common applications containing Melexis ICs. The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 13
Slide 14: Automotive - From 10 to 20 (ICs/car) – How?
Automotive - From 10 to 20 (ICs/car) – How? 14 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved.
Slide 15: Powertrain Systems
Internal Combustion Engine (ICE + uHEV) 48 Volt Mild Hybrid (mHEV) Powertrain Systems Full Hybrid (fHEV) - Plug-In Hybrid (pHEV) Electrical Vehicle (BEV – FCEV) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 15
Slide 16: Global vehicle production (million units)
Global vehicle production (million units) Electrification – Segmentation – Market Split Electrification ICE inside Source: IHS and Melexis estimates, updated Feb 01, 2021 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 16
Slide 17: Automotive - From 10 to 20 (ICs/car)
Automotive - From 10 to 20 (ICs/car) Internal Combustion Start/stop Engine (µHEV) (ICE) 48V mild hybrid (mHEV) Full hybrid (fHEV) Plug-in hybrid (pHEV) Electric vehicle (BEV - FCEV) 17 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved.
Slide 18: Powertrain Systems
Powertrain Systems Source: IHS and Melexis estimates, updated Feb 01, 2021 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 18
Slide 19: Chassis - Body - Safety Systems
Chassis - Body - Safety Systems Chassis Body Safety Braking – Steering – Suspension Lighting – HVAC - Others (Passive) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 19
Slide 20: Chassis – Body – Safety Systems
Chassis – Body – Safety Systems Source: IHS and Melexis estimates, updated Feb 01, 2021 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 20
Slide 21: Melexis in automotive
Melexis in automotive Source: IHS and Melexis estimates, updated Feb 01, 2021 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 21
Slide 22: Tesla Model Y / Models X, S and 3
Tesla Model Y / Models X, S and 3 Chassis - Body - Safety (46) Powertrain (12-14) Seat position (x2) Interior ambient lighting (x20) Seat belt buckle (x5) Dashboard GPU fan (x1) EV inverter (x2-4) ADAS/ICAS GPU fan (x1) HVAC blower (x1) HVAC pressure (x3) Water valve (x4) Water pump (x4) Intelligent
Slide 23: Mercedes EQS / S-Class
Cel, rev1.1, may-21 Mercedes EQS / S-Class Chassis - Body - Safety (170) Powertrain (6-9) Interior ambient lighting (>100) Rain light sensor (x1) Interior animated lighting (<35) 5G antenna fan (x1) ADAS GPU fan (x1) Dashboard GPU fan (x2) EV inverter (up to 6) Perfume diffuser fan (x1) PM 2.5 senso
Slide 24: Adjacent - From 10 to 20 (%Revenue) – How?
Adjacent - From 10 to 20 (%Revenue) – How? Carbon-neutral Alternative Well-being smart appliances, smart buildings, non-fossil energy, Mobility health, medical, wearable, 2–3 wheelers, e-mobility, micro- gaming… smart metering,… delivery, robotaxis, AGVs... Computing & Robotics automation, assisting
Slide 25: Evolution financials 2000-2021
3Q21 3Q21 3Q21 1Q21 1Q21 1Q21 3Q20 3Q20 3Q20 1Q20 1Q20 1Q20 3Q19 3Q19 3Q19 1Q19 1Q19 1Q19 3Q18 3Q18 3Q18 1Q18 1Q18 1Q18 3Q17 3Q17 3Q17 1Q17 1Q17 1Q17 3Q16 3Q16 3Q16 1Q16 1Q16 1Q16 3Q15 3Q15 3Q15 1Q15 1Q15 1Q15 3Q14 3Q14 3Q14 1Q14 1Q14 1Q14 3Q13 3Q13 3Q13 1Q13 1Q13 1Q13 3Q12 3Q12 3Q12 1Q12 1Q12 1Q12
Slide 26: % ASSP sales % automotive sales
% ASSP sales % automotive sales 75% 95% 73% 70% 90% 90% 65% 85% 60% 55% 80% 50% 75% 45% 70% 40% 65% 35% 30% 60% 2005 2007 2009 2011 2013 2015 2017 2019 2021 2005 2007 2009 2011 2013 2015 2017 2019 2021 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 26
Slide 27: Q3 2021 results at a glance
Q3 2021 results at a glance Sales Gross margin Operating result 162.8m EUR 43.4% 24.4% 70.6m EUR 39.7m EUR +34% Y-o-Y +57% Y-o-Y +153% Y-o-Y Net result Oper. cash flow Net cash 0.90 EPS (before wcap change) 59.1m EUR 36.5m EUR 50.3m EUR +155% Y-o-Y +145% Y-o-Y Outlook Melexis expects sales in the fo
Slide 28: Profit & loss
Profit & loss Q3 2021 versus Q3 2020 versus Q2 2021 P&L account Q3 2021 % of Sales Q3 2020 % of Sales Q2 2021 % of Sales (in million EUR) Sales 162.8 100.0% 121.6 100.0% 159.1 100.0% Cost of goods sold -92.2 -56.6% -76.7 -63.1% -92.0 -57.8% Gross margin 70.6 43.4% 44.9 36.9% 67.1 42.2% R&D -19.6 -12
Slide 29: 9M 2021 results at a glance
9M 2021 results at a glance Sales Gross margin Operating result 477.6m EUR 42.5% 23.2% 203.0m EUR 110.6m EUR +33% Y-o-Y +45% Y-o-Y +122% Y-o-Y Net result Oper. cash flow Net cash 2.42 EPS (before wcap change) 59.1m EUR 97.8m EUR 150.5m EUR +101% Y-o-Y +116% Y-o-Y Outlook Melexis expects sales in the
Slide 30: Profit & loss
Profit & loss 9M 2021 versus 9M 2020 P&L account 9M 2021 % of Sales 9M 2020 % of Sales (in million EUR) Sales 477.6 100.0% 360.1 100.0% Cost of goods sold -274.6 -57.5% -220.4 -61.2% Gross margin 203.0 42.5% 139.7 38.8% R&D -58.4 -12.2% -57.4 -16.0% G&A -23.3 -4.9% -22.3 -6.2% Selling -10.7 -2.2% -1
Slide 31: Balance sheet
Balance sheet Q3 2021 versus Q3 2020 versus Q2 2021 Balance Sheet Q3 2021 Q3 2020 Q2 2021 (in million EUR) Total assets 478.9 454.8 465.3 Current assets Cash 51.8 78.8 59.0 Inventory 131.3 131.6 128.5 A/R Trade 85.8 63.5 80.7 Non-current assets 169.6 167.8 169.6 Shareholders' equity 407.8 343.4 370.
Slide 32: Q3 2021 cash flow
Q3 2021 cash flow Mln. EUR Free cash flow of 25m EUR in 3Q21 30m EUR debt repaid in 3Q21 (21m EUR in 3Q20) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 32
Slide 33: 9M 2021 cash flow
9M 2021 cash flow Mln. EUR Free cash flow of 65m EUR 36m EUR dividend paid to the in 9M21 shareholders of Melexis in 9M21 (41m EUR in 9M20) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 33
Slide 34: Dividend yield
Dividend yield Gross dividend per share (EUR) 2005 0.50 Based on average share price 2006 0.50 2007 0.60 EUR 2008 0.60 2.50 9% 2009 0.00 8% 2010 0.30 2.00 7% 2011 0.60 6% 2012 0.65 1.50 5% 2013 0.70 4% 2014 1.00 1.00 3% 2015 1.90 2% 2016 2.00 0.50 1% 2017 2.10 0.00 0% 2018 2.20 2019 1.30 2020 2.20 D
Slide 35: Shareholders structure & shareholder return
Shareholders structure & shareholder return Shareholder structure on Shareholder Return 30 June 2021 2002-2021 200 Return investment 2002-2021 = 17% per year 180 160 140 120 Xtrion 50% 50% 100 Public 80 60 40 20 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Share price Total return (incl. rein
Slide 36: Industry firsts from Melexis
Industry firsts from Melexis 2020 2012 2018 MLX81116 multi-channel Next generation Triaxis® RGB-LED driver enabling high- Single chip LIN RGB driver IC Position sensor IC and speed light animations with Pressure sensor featuring SENT Hall-effect current sensors the MeLiBu™ communication 16x4 pixel i
Slide 37: Melexis Investor Relations
Melexis Investor Relations investor@melexis.com Karen van Griensven CFO +32 (0)13 67 07 79 Valerie Kerfs IR Professional The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 37