Siltronic Ag · XETR:WAF

Siltronic — Q1 2022 Earnings Presentation

21 slides from Siltronic's earnings presentation, May 10, 2022

  1. Slide 1: Siltronic AG Q1 2022 Conference Call Presentation

    Siltronic AG Q1 2022 Conference Call Presentation May 10, 2022 © Siltronic AG

  2. Slide 2: Highlights: Strong growth in Q1 2022

    Highlights: Strong growth in Q1 2022 Sales − EUR 417.0 mn (Q4 2021: EUR 376.6 mn) EBITDA − EUR 186.0 mn (incl. 50 mn termination fee, Q4 2021: EUR 143.7 mn) − EBITDA margin: 44.6 % (Q4 2021: 38.2 %) EBIT − EUR 143.7 mn (Q4 2021: EUR 109.2 mn) − EBIT margin: 34.5 % (Q4 2021: 29.0 %) CapEx − EUR 205.7

  3. Slide 3: Solid demand from end markets led to strong wafer sales in Q1

    Solid demand from end markets led to strong wafer sales in Q1 Smartphones Industry / Auto  Ongoing trend to more cameras and  Auto even more impacted by supply chain memory per phone disruptions  5G continues to drive content growth  Mix shifting to cars with more electronics  Lockdowns in Chin

  4. Slide 4: Expansion projects are proceeding according to plan

    Expansion projects are proceeding according to plan FabNext in Singapore Project timeline and budget on track Customer LTAs with pre-pay in place for 80 % of FabNext capacity throughout the ramp phase First shipments to customers in early 2024 New crystal pulling hall in Freiberg Project is proceedi

  5. Slide 5: Financials Q1 2022

    Financials Q1 2022 © Siltronic AG

  6. Slide 6: Strong sales growth driven by significantly higher ASP

    Strong sales growth driven by significantly higher ASP Sales, in EUR m Ø FX rates Q1/21 Q2 Q3 Q4 Q1/22 EUR / 1.21 1.21 1.18 1.14 1.12 USD EUR / JPY 128 132 130 130 130 Comments 417.0 371.6 376.6  Wafer area sold only slightly up q-o-q 341.1  ASP significantly up q-o-q 316.1  Favorable FX q-o-q Q1

  7. Slide 7: Higher COGS due to inflation

    Higher COGS due to inflation Cost of sales, in EUR mn Gross profit, in EUR mn / Gross margin, in % 32.0 34.1 32.5 30.8 28.0 281.4 235.9 252.6 248.2 227.5 119.0 128.4 135.6 88.6 105.2 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Selling, R&D and admin expenses, in E

  8. Slide 8: High US-Dollar and Japanese Yen exposure

    High US-Dollar and Japanese Yen exposure FX exposure, in % FX sensitivity ~ 10% Sales EBITDA ~ 16% Unhedged 1 USD-/SGD-cent change ~ EUR 10.5 mn ~ EUR 7.5 mn ~ 64% ~ 74% 1 JPY change ~ EUR 2.0 mn ~ EUR 1.7 mn Sales Costs USD SGD JPY EUR Other currency effects (mostly hedging), Comments in EUR mn 5.0

  9. Slide 9: Strong EBITDA, supported by the termination fee

    Strong EBITDA, supported by the termination fee EBITDA, in EUR mn / EBITDA margin, in % Depreciation, in EUR mn 38.2 44.6 31.7 33.1 29.0 186.0 122.9 143.7 91.7 108.0 -37.5 -38.4 -39.0 -34.5 -42.3 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 93.8 110.8 124.2 131.3 135.9 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1

  10. Slide 10: Net profit of EUR 114.8 million in Q1 2022

    Net profit of EUR 114.8 million in Q1 2022 Net profit, in EUR mn EPS, in EUR 114.8 3.47 93.7 2.79 58.4 64.0 73.6 1.83 2.15 1.67 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Dividend payment, in EUR mn Comments  Higher tax rate in Q1: Break fee fully taxable in Ger

  11. Slide 11: Increased trade liabilities (high Capex) reduce working capital

    Increased trade liabilities (high Capex) reduce working capital Working capital, in EUR mn, Inventories and contract assets, in EUR mn Working capital ratio to quarterly sales, in % Inventories Contract assets 74 68 65 61 46 246.2 209.5 224.5 188.3 199.0 235.0 232.4 240.2 230.2 193.7 Mar 21 Jun 21 S

  12. Slide 12: Equity ratio grew to 56%, strong increase in net financial assets

    Equity ratio grew to 56%, strong increase in net financial assets Equity, in EUR mn Provisions for pensions, Net financial assets, Equity ratio, in % in EUR mn in EUR mn 55.9 53.7 54.0 54.9 53.7 Interest rates IFRS USA 2.77% 2.39% 2.42% 2.51% 3.22% Germany 1.11% 1.14% 1.19% 1.23% 1.86% 1575 1319 709

  13. Slide 13: High CAPEX in Q1 mostly related to expansion projects

    High CAPEX in Q1 mostly related to expansion projects Investment, in EUR m Comments  Capex guidance 2022 EUR 1.100 mn  Project-related high capex in Q1 2022  major share of capex allocated to FabNext  300 mm epi capacity  capabilities for future design rules 281.8  expansion of crystal pulling

  14. Slide 14: Financing plan predicts a low leverage throughout the expansion projects

    Financing plan predicts a low leverage throughout the expansion projects Change in cash 2021 - 2024, in mn EUR Liquidity 31.12.2021 555 incl. 287 prepayments Operating CF 2022-2024 Additional Prepayments for Fab Next Dividends 40%, no capital increase Fab Next capex 2022-24 ~ 1,900 Other capex  Cur

  15. Slide 15: Strong OCF, Net cash flow in line with expectation

    Strong OCF, Net cash flow in line with expectation Operating cash flow (OCF), in EUR mn Prepayments net (PP), in EUR mn 92.6 100.5 273.7 197.0 104.7 122.8 76.6 1.7 1.6 10.9 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 CF Capex, in EUR mn Net cash flow (NCF), in EUR

  16. Slide 16: Outlook 2022

    Outlook 2022 © Siltronic AG

  17. Slide 17: Siltronic's strategy is aligned with global demand growth

    Siltronic’s strategy is aligned with global demand growth Expected Global Silicon Wafer Area Demand Silicon demand growth in advanced in mn inch² technologies CAGR +7% Innovation to keep top position +6% in leading-edge technology 16,000 12,000 Efficiency programs and cost roadmaps 8,000 4,000 Smoot

  18. Slide 18: Siltronic Outlook 2022 (unchanged, as of March 9, 2022)

    Siltronic Outlook 2022 (unchanged, as of March 9, 2022) Sales − 15 to 22 percent increase EBITDA margin − increase to 34 to 37 percent (incl. termination fee) Depreciation − around EUR 185 mn EBIT − significant increase Tax rate − between 10 to 15 percent CapEx − around EUR 1,100 mn (2/3 allocated t

  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

    SILTRONIC AG | Einsteinstrasse 81677 Munich 172 Germany © Siltronic AG

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