Himax Technologies, Inc. · NASDAQ:HIMX
Himax Technologies — Investor Presentation (August 2013)
28 slides from Himax Technologies's investor presentation, August 2013
Slide 1: Drive for better vision – Investor Presentation
Drive for better vision HIMX A fabless semiconductor solution provider dedicated for imaging processing technologies Investor Presentation August , 2013 Himax Technologies, Technologies Inc. Inc 奇景光電股份有限公司
Slide 2: Forward Looking Statements
Forward Looking g Statements Factors that could cause actual events or results to differ materially include, but not limited to, general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed
Slide 3: Investment Highlights
Investment Highlights g g 1 Leading Display Driver Provider z Worldwide leading display driver player with a wide range of drivers portfolio for panels of all sizes and in-house intellectual property 2 Diversifying Revenues and Customers z Top tier T ti customers t globally l b ll z Diversifying rev
Slide 4: Selected Financials
Selected Financials Fiscal Year December 31st Last-Traded Price (08/14/13) $6.67 Basic Weighted Ave. Out. ADS (06/30/13) 170.0M Diluted Weighted Ave. Out. ADS (06/30/13) 171.9M Market Capitalization (08/14/13) $1.14M Insider Ownership* ~31.7% 2Q2013 2Q2012 1Q2013 YoY QoQ Revenues $207.0M $189.5M $17
Slide 5: Company Overview
Company p y Overview z Fabless semiconductor provider with world leading Headquarter: Tainan, Taiwan visual imaging processing technologies z Global market leader in TFT-LCD display driver and timing controller ICs z Pioneer in mobile p projector j microdisplays p y z Growth momentum in timing contr
Slide 6: Himax Operating Companies
Himax Operating p g Companies p Hi Himax T Technologies h l i Ltd Himax Media Solutions Solutions, Inc. z Display Drivers and Tcon z ASIC Service and IP Licensing z Touch Controllers z Monitor and Projector Scalers z Wafer Level Optics and modules z Infinity Color Technology for CIS z 2D to 3D Conve
Slide 7: Himax's Products – Strength in Mobile Devices
Himax’s Products – Strength g in Mobile Devices CMOS Image Sensors with Display Drivers FSI/BSI Technologies Wafer Level Optics Timing Controllers (Tcon) Display Panel Camera Module - Display Driver - CMOS Image Sensor - Tcon - Wafer Level Optics - PMIC ASIC service and IP Touch Panel Licensing - Co
Slide 8: Skilled Management of Complex Supply Chains
Skilled Management g of Complex p Supply pp y Chains Display Driver and CMOS Sensor Supply Chain Wafer Fabrication Gold Bumping / Packaging Processed Tape Chip Probe Testing Assembly and Testing / FT and RW 8
Slide 9: Himax's Global Footprint
Himax’s Global Footprint p Taiwan - Headquarters Tainan T i Headquarters Design Manufacturing Operations S l /M k ti Sales/Marketing Technical support Taipei Design Sales/Marketing Technical support Hsinchu Design Sales/Marketing Technical support U.S. China Japan Korea Irvine Beijing Ninbo Shenzhen
Slide 10: Shipment and Revenue Track Record
Shipment p and Revenue Track Record Consistent shipment growth Volume Revenues (unit, M) (US$ M) 10
Slide 11: Gross Margin and Net Income (2007-2012)
Gross Margin g and Net Income ((2007~ 2012)) Gross Margin (%) (US$ M) (US$ M) (%) z 2011 4Q marks k the h iinflection fl i z S Successful f l transformation f i z OPEX 2012 vs. 2011 z 2012 EPS iincreased d point for gross margin in 2012 to increase sales excluding one-time items 3.9 times to $30.2 c
Slide 12: Quarterly Financial Performance
Quarterly y Financial Performance (US$ M) Revenues (%) Gross Margin $207.0 $189.5 $190.4 $190.6 $175.7 Non--Driver Non $169 2 $166.7 $169.2 $166 7 $160.6 $162.1 $141.1 S/M Large z Successfully embarked on business z 2Q13 GM is the highest GM level since 3Q08 transformation in 4Q11 z Gross margin imp
Slide 13: Product Mix
Product Mix More balanced product mix: z Fast growing small and medium-sized panel driver business z Increasing percentage of non-driver products to diversify sales base and contribute higher g g gross margin g z Moved away from low-margin feature phones Revenues $918 $833 $692 $643 $633 $737 $207 (
Slide 14: Revenue Breakdown
Revenue Breakdown Largely reduced dependence on one single customer: z Himax has successfully diversified revenues with wins from new and existing customers by introducing new products and leveraging relationships to cross- sell products z Innolux made up only 25.0% of revenues in 2Q13, down from a
Slide 15: Cash Dividend and Share Buyback
Cash Dividend and Share Buyback y Cash Dividend Per ADS Share Buyback Programs z Cumulatively distributed ~$281 $281 million of cash z Initiated four share buyback programs totaling dividend since IPO ~$158 million since 2007 z $42.4 million paid on July 31, 2013, $11 million in z Repurchased a tota
Slide 16: Worldwide Flat Panel Display Forecast
Worldwide Flat Panel Display p y Forecast (Source: DisplaySearch , as of 11/2012) z Smartphone and tablet are expected to grow at stronger annual growth rates z G Growth th in i Chi China outpaces t other th regions i 16
Slide 17: Leading Display Driver Provider
Leading g Display p y Driver Provider 2013 Q1 Display Driver Market Share Growing Market Share of HIMX Small/ Medium-sized Panel Driver by Application z One of the leading players in display driver ICs z Strong growth in small and medium-sized medium sized z Key differentiation from IC peers - total
Slide 18: Growth Opportunity #1 – Mobile Display Drivers
Growth Opportunity pp y #1 – Mobile Display p y Drivers z Leading position to be solidified due to higher resolution migration trend z Work closely with panel partners and also tier-one brand customers to develop next-generation g high-resolution g mobile devices z Customer base including 1-tier int
Slide 19: Growth Opportunity #2 – CMOS Image Sensors
Growth Opportunity pp y #2 – CMOS Image g Sensors z Premium quality CMOS image sensor products Traditional camera module t capture to t the th US$11 US$11.3B 3B market k t (2016) (2016): Wafer level camera module High sensitivity and low noise design in highly integrated products Targeting smart
Slide 20: Growth Opportunity #3 – LCOS Micro Display
Growth Opportunity pp y #3 – LCOS Micro Display p y z Proprietary LCOS pico-projector z Primary product focus is Head- solutions: Mounted Display (HMD) Successfully adopted in camera and LCOS technology superior to other handset applications competing technologies in HMD Volume track record -
Slide 21: Growth Opportunity #4 – Touch Panel Controller
Growth Opportunity pp y #4 – Touch Panel Controller z Sales tripled in 2012 due to increased share of sales to leading smartphone brand customer t and d new shipments hi t tto China Chi h handset d t players l z Expanding product offerings to cover larger panels for tablet applications, targeting bo
Slide 22: Income Statement
Income Statement (US$’000) 2Q-2013 2Q 2013 2Q-2012 2Q 2012 1Q-2013 Y2012 Y2011 For the Fiscal Period Ended (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) Revenues from others, net $164,421 $126,164 $131,717 $485,281 $374,788 Revenues from related parties, net * 42,536 63,346 44,019 251,974
Slide 23: Balance Sheet
Balance Sheet June 30, 2013 June 30, 2012 March 31, 2013 (US$’000) (Unaudited) (Unaudited) (Unaudited) Assets Current Assets: Cash, cash equivalents and marketable securities available-for-sale $147,117 $103,159 $158,884 Restricted cash equivalents and marketable securities 74,100 63,000 74,100 Acco
Slide 24: Summary Cash Flow
Summary y Cash Flow 2Q-2013 2Q-2012 1Q-2013 2012FY 2011FY (US$’000) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) Net income $18,074 $14,917 $12,578 $50,138 $9,507 Depreciation and amortization 3,554 3,165 3,155 13,299 12,795 Share-based compensation expenses 450 510 456 1,936 4,190 Deferr
Slide 25: Management
Management g Dr. Biing-Seng Wu, Chairman of the Board - Dr. Wu, the founder of Himax, previously served as President, CEO and a director of Himax Taiwan. As a pioneer of TFT-LCD panel industry in Taiwan, Dr. Wu has been active in the TFT-LCD p panel industryy for over 20 yyears. With 61 p patents re
Slide 26: Board of Directors
Board of Directors Position Name Title Chairman Dr. Biing-Seng Wu Founder of the Company Independend Director Dr. Yan-Kuin Su President, Kun Shan University Independend Director Dr. Hsiung-Ku Chen Consultant, Color Imaging Promotion Office Independend Director Yuan-Chuan Horng Assistant Vice Preside
Slide 27: Contact Information
Contact Information C Company C Contact Investor Relations Jackie Chang, CFO John Mattio, SVP +886-2-2370-3999 #22300 p MZ Group +1-949-585-9838 #252 Main: +1-212-301-7130 jackie_chang@himax.com.tw Mobile: +1-203-297-3911 Penny Lin, IR Director j h john.mattio@mzgroup.us tti @ +886-2-2370-3999 #2232
Slide 28: Drive for better vision
—) Himax Drive for better vision
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