H2apex Group Sca · XETR:H2A
H2apex Group Sca — exceet Group — FY2014 Earnings Presentation
37 slides from H2apex Group Sca's earnings presentation, February 2015
Slide 1: Investor Relation Presentation
Investor Relation Presentation February 2015 exceet Group | November 2013
Slide 2: Agenda
▪ Business Model ▪ Selected Applications & Operational Highlights ▪ Financial Review & Analysis ▪ Growth Strategy & Group Strengths 2 exceet Group | February 2015
Slide 3: exceet Group at a Glance
EXCEET GROUP AT A GLANCE Technology Group providing development, (in EUR million) FY 2012 FY 2013 FY2014 production and services for intelligent electronics in the Health, Industry and Net Sales 188.8 190.8 185.3 Security markets. EBITDA 16.5 18.3 19.0 The group combines know-how in EBITDA Margin 8.
Slide 4: Our Segments
OUR SEGMENTS Reporting Segments* Competences Applications End Markets ECMS Health Miniaturization 70% Hearing aid 70% Certified Box- Ultrasound Building device 33% of group net sales Machine ESS control Industry Embedding unit Lithography system 4% Precise Placement 36% of group net sales IDMS Secur
Slide 5: Agenda
▪ Business Model ▪ Selected Applications & Operational Highlights ▪ Financial Review & Analysis ▪ Growth Strategy & Group Strengths 5 exceet Group | February 2015
Slide 6: Body Wearable Electronics
BODY WEARABLE ELECTRONICS Strategic focus Electronics in sophisticated applications Focus on miniaturized electronics for Hearing Aid EEG sophisticated applications in life supporting systems, diagnostic and Body Area Network Smart Implants ambient assisted living Cardiac Monitoring Focus on hig
Slide 7: Body Wearable Electronics
BODY WEARABLE ELECTRONICS Store Wearable Monitor securely Wearable vital sign device by exceet Mobile monitoring APP Secure cloud storage Highlights Advantages for customers/users exceet will manufacture new body monitor New product aims to assist patients under including a charging station medi
Slide 8: Implantable Cardioverter Defibrillator
IMPLANTABLE CARDIOVERTER DEFIBRILLATOR 4-Layer Ridgit-Flex Board by exceet Newest generation of Implantable Cardioverter Defibrillator Description Advantages for customers/users exceet provides the PCB for a subcutaneous Remote Patient Management with weight implantable cardioverter defibrillato
Slide 9: Portable Diagnosis Device
PORTABLE DIAGNOSIS DEVICE Development partnership for Mobile diagnosis device electronic device Description Advantages for costumers/users exceet provides industrial ultrasound The technology enables EMTs to distinguish technology with a multi-frequency ultrasound between ischemia (vascular bloc
Slide 10: Multi-Channel Optic Transceiver
MULTI-CHANNEL OPTIC TRANSCEIVER Optical Signal Multi-Channel Optic Transceiver Electronic Signal Description Advantages for customers/users Optical signals are converted to electrical Reduction of cost and space in the field of information via integrated detectors and further data-communication
Slide 11: Industrial IoT Positioning
INDUSTRIAL IoT POSITIONING Rationale for LUCOM acquisition New Business Models Degree of industrial IoT (M2M) complexity DEVICE Analysing & INNVOATION ESS progressing of integrated data CONNECTIVITY INTEGRATION Secure transmission of data COMPLIANCE LUCOM PLATFORM Customized connection of machines c
Slide 12: German Health Insurance Card (eGK)
GERMAN HEALTH INSURANCE CARD (eGK*)) *) eGK = elektronische Gesundheitskarte Card Production Telematics Infrastructure Design & Development IT Security Consulting Chip, RFID, NFC, etc. Central service platform for insurance data management Security & Integration Security concept, data securi
Slide 13: Operational Highlights
OPERATIONAL HIGHLIGHTS By installing sales teams in the USA and in Scandinavia exceet further enhances sales force Sales Geographic expansion shows first results: portable blood analysis device for usage in casualty clearing stations and a X-ray doses recorder for the French market exceet Card Group
Slide 14: Agenda
▪ Business Model ▪ Selected Applications & Operational Highlights ▪ Financial Review & Analysis ▪ Growth Strategy & Group Strengths 14 exceet Group | February 2015
Slide 15: Financial Highlights
FINANCIAL HIGHLIGHTS ▪ Full Year 2014 Revenues are down 2.9% to ▪ Free Cash Flow EUR 6.6 million EUR 185.3 million (2013: EUR 6.9 million) Free Cash driven by: Revenues ▪ Organic growth: (3.4%) Flow ▪ Improving EBITDA Margin ▪ FX impact: 0.3% ▪ Reduced Capex ▪ 2014 EBITDA up 4.3% to EUR 19.0 million
Slide 16: Net Sales Full Year 2014 and Q4 2014
NET SALES (in EUR 1’000) Q4 2014 49’007 (4’525) 44’482 351 419 45’252 Actual Q4 2013 Organic decline Like for like FX Impact Scope changes Actual Q4 2014 Full year 2014 190’765 (6’528) 184’237 565 510 185’312 Actual Q4 2013 Organic decline Like for like FX Impact Scope changes Actual 2014 FX rate EU
Slide 17: EBITDA Full Year 2014 and Q4 2014
EBITDA (in EUR 1’000) Q4 2014 3’879 0 3’879 (41) 3’838 31 80 3’949 0 3’949 Actual Q4 Non-recurring Recurring Organic Like for like FX Impact Scope Impact Recurring Non-recurring Actual Q4 2013 items decline EBITDA items 2014 Full year 2014 18’258 0 18’258 614 18’872 58 112 19’042 0 19’042 Actual 201
Slide 18: Net Working Capital
NET WORKING CAPITAL (in EUR million) 70 100,0 93,1 85,6 90,0 85,2 60 81,6 79,0 75,3 71,0 73,0 74,3 80,0 50 63,4 64,4 Trade payables 70,0 62,4 Other current liabilities Inventories 60,0 40 Accrued expenses / deffered income 50,0 Current income tax liabilites 30 40,0 20 30,0 Trade receivables 20,0 10
Slide 19: From EBITDA to Free Cash Flow
FROM EBITDA TO FREE CASH FLOW (in EUR 1’000) 19.042 149 4.646 951 1.493 5.496 6.605 Group reported EBITDA Non-cash itmes Taxes paid Interest paid Change in NWC Net Capex Free Cash Flow recorded above EBITDA Free Cash Flow in EUR 6.6 million versus EUR 6.9 million in 2013 Main Free Cash Flow Drivers:
Slide 20: Net Debt
NET DEBT (in EUR 1’000) 7.035 (6.605) 3.312 (285) 5.668 315 9.440 Actual 2013 Free Cash Flow Acquisition of Impact of FX rates on Repayment Others Actual 2014 subsidiaries cash Shareholder loan Borrowings 1) 38,205 Borrowings 40,394 Cash (31,170) Cash (30,954) Net Debt 7,035 Net Debt 9,440 Net debt
Slide 21: Actuals & Medium-Term Targets
ACTUALS & MEDIUM-TERM TARGETS Group sales (EUR million) Organic Growth Rate (%) 12.4% 10.8% 188,8 190,8 185,3 7.9% 170,5 ~5.0% 1.9% (2.4%) (2.2%) (3.4%) 50,9 (6.4%) (6.8%) 43,1 47,8 49,0 48,4 44,5 47,2 45,2 (7.9%) Medium- (9.2%) term target (16.5%) FY 2011 FY 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 FY
Slide 22: Agenda
▪ Business Model ▪ Selected Applications & Operational Highlights ▪ Financial Review & Analysis ▪ Growth Strategy & Group Strengths 22 exceet Group | February 2015
Slide 23: Growth Strategy
GROWTH STRATEGY ▪ Exploit fragmented market structure ▪ Leverage customer ▪ Enhance value chain coverage relationships Market Existing Consolidation Customers ▪ Expansion of ▪ Extend customer base technological through new healthcare capabilities applications e.g. Ultra HDI ▪ e.g. medical implants T
Slide 24: Group Strengths
GROUP STRENGTHS Strong skills in development & manufacturing of miniaturized electronic components, modules & Miniaturization systems Specialist with many years of experience in development and manufacturing of complete medical Health devices and experienced Partner for FDA approvals & certification
Slide 25: Is exciting
is exciting exceet Group | November 2013
Slide 26: Annex
Annex 26 exceet Group | February 2015
Slide 27: History of exceet
HISTORY OF EXCEET exceet’s history 2006 2008 2009 2010 2011 2012 2014 Add-on acquisitions Acquisition of Merger with Card Acquisition of Acquisition of Acquisition of Acquisition of of ECR AG and GS Mikrap AG and Factory Group1) Winter AG and AuthentiDate Inplastor Gmbh Valtronic Swiss PCB AG AEMtec
Slide 28: Top Customers
TOP CUSTOMERS Top 10 Customer = 39% of total Sales Selected References Customer Revenue in EUR million BERTELSMANN TRANS LINK BARCLAYCARD PHILIPS Health 17.9 CERN PHONAK Industry 14.0 COCHLEAR POSTBANK DELPHI RED BULL Health 7.9 DINERS CLUB RITTAL Health 7.4 DORNIER ROCHE DIAGNOSTICS DOUGLAS SANDOZ
Slide 29: Production & Engineering Sites
PRODUCTION & ENGINEERING SITES ECMS ESS IDMS Berlin, D Design, development, Düsseldorf, D industrialization and series Groningen, NL Software, Services (Cloud Services) and production for high-end complex Development & Production Consulting for Secure Business Processes electronic and electrooptical
Slide 30: Ownership – Class A Shares
OWNERSHIP – CLASS A SHARES Eiflia Holdings GmbH 0.7% Hans Hofstetter 1.1% exceet Group (treasury shares) 2.2% Roland Lienau 0.5% Management (MM Reutner, Wolny, Trommershausen) 5.7% Free Float 28.1% Class A Shares: Oranje-Nassau Participaties B.V. (Wendel) 27.8% 20,523,695 Greenock S.à r.l. (VM Capit
Slide 31: Ownership – Class B and C Shares
OWNERSHIP - CLASS B AND C SHARES Class B (Founding) Shares Class C (Earn-Out) Shares 5.21 million shares 9.0 million shares Oranje-Nassau Participaties B.V. (Wendel) 89.00% Greenock S.à r.l. (Vorndran Mannheims Capital) 87.30% Prof. Hermann Simon 5.50% Ulrich Reutner 6.05% Roland Lienau 5.50% Robert
Slide 32: Management Team
MANAGEMENT TEAM 2012 Ulrich Reutner Wolf-Günter Freese Robert Wolny Jan Trommershausen Chief Executive Officer Chief Financial Officer Chief Operating Officer IDMS Chief Operating Officer ECMS 32 exceet Group | February 2015
Slide 33: Consolidated Financials: Income Statement
CONSOLIDATED FINANCIALS January – December 2014 / January – December 2013 Income Statement (in EUR 1'000) 2014 2013 Revenue 185'312 190'765 Cost of sales (152'249) (158'508) Gross profit 33'063 32'257 % margin 17.8% 16.9% Distribution costs (13'335) (13'617) Administrative expenses (12'483) (12'185)
Slide 34: Consolidated Financials: Balance Sheet
CONSOLIDATED FINANCIALS 31 December 2014 / 31 December 2013 Assets (in EUR 1'000) 31 December 2014 31 December 2013 Tangible assets 34'246 35'425 Intangible assets 61'063 58'597 Deferred tax assets 1'335 836 Other non current assets 213 209 Inventories 31'593 31'335 Trade receivables, net 21'091 22'
Slide 35: Consolidated Financials: Cash Flow Statement
CONSOLIDATED FINANCIALS January – December 2014 / January – December 2013 Cash Flow Statement (in EUR 1'000) Jan. - Dec. 2014 Jan. - Dec. 2013 Earnings before taxes 6'877 9'881 Depreciation, amortization & impairment charges 10'115 10'465 Interest income / (expenses), net 1'039 1'184 Change in fair
Slide 36: Consolidated Financials: Segment Results
CONSOLIDATED FINANCIALS January – December 2014 / January – December 2013 ECMS IDMS ESS Corporate & Eliminations Group Others Consolidation Jan. - Dec. Jan. - Dec. Jan. - Dec. Jan. - Dec Jan. - Dec. Jan. - Dec. (in EUR 1'000) 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 Revenue 129'35
Slide 37: Disclaimer & Contact
DISCLAIMER & CONTACT This presentation contains forward-looking statements based on beliefs of exceet Group SE management. Such statements reflect current views of exceet Group SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially