Inficon Holding Ag · SIX:IFCN

Inficon — Q1 2013 Earnings Presentation

31 slides from Inficon's earnings presentation, Apr 19, 2013

  1. Slide 1: Slide 1

  2. Slide 2: Q1 2013 Earnings Conference Call

    INFICON Q1 2013 Earnings Conference Call April 19, 2013 Bad Ragaz, Switzerland

  3. Slide 3: Safe Harbor Statement

    Safe Harbor Statement This presentation contains forward-looking statements that reflect Management’s current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking s

  4. Slide 4: Speakers

    Speakers Lukas Winkler, President and CEO  Key figures Q1 2013  Target market business review  2013 expectations Matthias Tröndle, Vice President and CFO  Financials Q1 2013  Outlook 1 2008 Template - January 2008 4 19-April-2013 INFICON Q1 2013

  5. Slide 5: Q1 2013 – Key Figures

    Q1 2013 – Key Figures  Sequential sales increase with positive trend in Semiconductor market • Consolidated sales decrease of 10.0% to USD 72.7 million compared with Q1 2012, organic decrease of 6.3% • Sequential sales increase over Q4 2012 of 2.3%, organic growth 5.2% • Book-to-bill ratio 1  Oper

  6. Slide 6: Net Sales by End-Market

    Net Sales by End-Market USD 72.7 million in Q1 2013 vs. USD 80.7 million a year ago (-10%) 8% (11%) Q1-2013 (Q1-2012) 15% (16%) 42% (40%) 35% (33%) Emergency Response & Security Refrigeration & Air-Conditioning 1 2008 Template - January 2008 Specific Vacuum Process Industries: Solar, Display, Optics

  7. Slide 7: Emergency Response & Security

    Emergency Response & Security Q1 2013 2007 - 2012 CAGR 10.4%  Q1 2013 sales -35% vs. Q1 2012 and -30% vs. Q4 2012 28.6 27.8  Decrease vs. record-high level in Q1 2012 6.3 22.5 22.0 7.9  Large shipments to Japan and US 17.4 18.4 6.5 7.4 6.0 5.8 5.4 6.4 4.3 Market Trends 3.5 6.8 7.4 4.9 4.7 6.5  S

  8. Slide 8: Refrigeration & Air Conditioning

    Refrigeration & Air Conditioning incl. Automotive Q1 2013 2007 - 2012 CAGR 4.4%  Q1 2013 sales -14% vs. Q1 2012 50.4 47.8  Sequential increase of 5% 38.5 42.3 11.4 10.6 36.2  Continued market share gains 12.3 9.6 7.0 29.0 13.6 12.0 9.6 8.1 8.2 11.4 Market Trends 9.7 10.5 6.8 10.0 12.9 12.2  Indi

  9. Slide 9: Specific Vacuum Process Industries

    Specific Vacuum Process Industries Solar, Display, Optics & Semiconductor Q1 2013 2007 - 2012 CAGR 2.9%  Q1 2013 sales -5% vs. Q1 2012 110.7 mainly driven by lower Thin Film business 91.8 21.2 96.1  Sequential increase of 17% 83.2 78.4 21.5 • Successful Semi market recovery 22.6 26.1 27.4 16.4 • T

  10. Slide 10: General Vacuum Processes

    General Vacuum Processes Q1 2013 2007 - 2012 CAGR 5.1% 132.6  Q1 2013 sales -5% vs. Q1 2012 mainly 124.7 114.0 driven by lower private label sales 109.3 31.0 97.1 31.0  Sequential decrease of -0.3% 25.9 81.6 31.7 25.6 32.7 28.0 32.1 25.6 23.4 28.2 Market Trends 22.9 30.8 19.1 23.5 35.0 29.0 18.0 

  11. Slide 11: Outlook 2013 and beyond

    Outlook 2013 and beyond Mixed and sometimes challenging signals from different markets/regions  Improved demand in Semiconductor market, but ongoing low visibility • Investments in new equipment (OEM-business), • Continued success with sensors and software (at end-users) to increase yield  Increas

  12. Slide 12: Matthias Tröndle

    Matthias Tröndle Vice President & Chief Financial Officer

  13. Slide 13: Revenue (in USD million)

    Revenue (in USD million) 72.7 80.7 71.0 FX-Effect -10.0% - $ 0.5 +2.3% 72.7 Q1:12 Q1:13 Q4:12 Q1:13 1 Q1 2013 2008 Template sales - January 2008 decrease versus Q1 2012 in all end-markets. Strong sales increase in Specific Vacuum and RAC versus Q4 2012. 13 19-April-2013 INFICON Q1 2013

  14. Slide 14: Geographic Revenue Breakdown – Quarter

    Geographic Revenue Breakdown – Quarter (in USD million) Europe Asia-Pacific North America -30.2% -13.0% 36.4 28.5 25.4 24.8 +50.0% 21.9 35.3% 34.1% 45.0% 34.9% 14.6 18.1% 30.1% Q1:12 Q1:13 Q1:12 Q1:13 Q1:12 Q1:13 1 Increase 2008 Template in North - January 2008 America, decrease in Asia-Pacific and

  15. Slide 15: Revenue by End-Market

    Revenue by End-Market (in USD million) 80.7 71.0 72.7 -10.0% +2.3% 8.5 72.7 5.5 7.9 5.5 11.1 12.9 10.6 11.1 21.5 25.2 26.7 25.2 Emergency Response & Security Refrigeration & Air Conditioning Specific Vacuum Process Industries (Solar, Display, Optics & Semi) General Vacuum Processes 31.0 30.9 32.6 30

  16. Slide 16: Gross Profit Margin (in %)

    Gross Profit Margin (in %) 123 bps 50.7% 49.5% Q1:12 Q1:13 1 Increase driven by favorable product mix. 2008 Template - January 2008 16 19-April-2013 INFICON Q1 2013

  17. Slide 17: Research & Development (in USD million)

    Research & Development (in USD million) 8.7% -2.2% 7.0 6.9 8.7% 8.9% 9.5% 8.7% Q1:12 Q1:13 1 R&D cost level stable. Continued development efforts. 2008 Template - January 2008 17 19-April-2013 INFICON Q1 2013

  18. Slide 18: Selling, General & Administrative (in USD million)

    Selling, General & Administrative (in USD million) +0.6% 18.5 18.4 22.8% 25.4% 22.8% 24.1% Q1:12 Q1:13 1 SG&A stable, Q1 2013 up due to continued investments 2008 Template - January 2008 in sales force, new hires, and acquisitions. 18 19-April-2013 INFICON Q1 2013

  19. Slide 19: Income from Operations (in USD million)

    Income from Operations (in USD million) 17.9% -21.1% 14.5 11.5 18.0% 18.0% 15.8% Q1:12 Q1:13 1 Decrease driven by lower sales volume, 2008 Template - January 2008 partially compensated by strong Gross Margin. 19 19-April-2013 INFICON Q1 2013

  20. Slide 20: Income Tax Provision (in USD million)

    Income Tax Provision (in USD million) -14.0% 3.3 2.8 24.1% 17.4% 24.1% 24.5% Q1:12 Q1:13 1 Decrease in line with EBIT development. 2008 Template - January 2008 20 19-April-2013 INFICON Q1 2013

  21. Slide 21: Net Income (in USD million)

    Net Income (in USD million) -15.9% 10.3 8.7 12.7% 11.9% Q1:12 Q1:13 1 2008 Template - January 2008 Under-proportional decrease. 21 19-April-2013 INFICON Q1 2013

  22. Slide 22: EPS (USD/Share; diluted)

    EPS (USD/Share; diluted) -18.4% 4.64 3.79 Q1:12 Q1:13 1 In line with changes in Net Income. 2008 Template - January 2008 22 19-April-2013 INFICON Q1 2013

  23. Slide 23: Balance Sheet Highlights (in USD million)

    Balance Sheet Highlights (in USD million) Q1:13 Q4:12 Cash & Short-term Inv. 97.2 92.2 Short-term Debt - 2.3 Long-term Debt - - Q1:13 Q4:12 Days Sales Outstanding 44.7 45.3 Inventory Turns 4.4 4.5 Working Capital 20.5% 21.7% 1 Solid balance sheet. No more short-term debt. 2008 Template - January 200

  24. Slide 24: Cash Flow (in USD million)

    Cash Flow (in USD million) +53% 3.4 2.2 Q1:12 Q1:13 1 Increase in cash 2008 Template - January 2008 flow mainly due to improved working capital. 24 19-April-2013 INFICON Q1 2013

  25. Slide 25: Equity Ratio (in %)

    Equity Ratio (in %) 314 bps 82.7% 79.6% Q4:12 Q1:13 1 Further increase – solid balance sheet structure. 2008 Template - January 2008 25 19-April-2013 INFICON Q1 2013

  26. Slide 26: Working Capital and Working Capital Ratio

    Working Capital and Working Capital Ratio (Inv + AR – AP) (WC as % of sales) 68.1 67.6 63.3 65.0 62.4 61.3 61.7 59.1 59.8 59.4 52.8 47.8 42.5 22.3% 21.4% 21.7% 20.8% 20.7% 20.9% 20.3% 20.5% 19.4% 19.3% 19.7% 19.3% 17.7% Q1:10 Q2:10 Q3:10 Q4:10 Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Q2:12 Q3:12 Q4:12 Q1:13 1

  27. Slide 27: Capital Expenditures (in USD million, as % of sales)

    Capital Expenditures (in USD million, as % of sales) CapExp ($M) 3.2% 2.2% 2.2% 2.6% 2.5% 1.7% 1.9% 1.9% 1.9% 1.4% 1.3% 1.0% 2.6 0.9% 2.1 1.8 1.8 1.5 1.6 1.4 1.4 1.3 0.9 0.9 0.6 0.7 Q1:10 Q2:10 Q3:10 Q4:10 Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Q2:12 Q3:12 Q4:12 Q1:13 1 CapEx decreased in Q1 2013 2008 Templa

  28. Slide 28: Full Year 2013 Guidance

    Full Year 2013 Guidance Sales (USD M) 312 320 297 320 256 265 237 212 280 191 182 Full Year 2013 Guidance: confirmed Based on previous performance and current expectations for our end-markets. 2005 2006 2007 2008 2009 2010 2011 2012 2013 57 53 57 Sales 280 – 320 USD million Operating Income (USD M)

  29. Slide 29: Corporate Calendar FY 2013

    Corporate Calendar FY 2013  Annual General Meeting of Shareholders Wednesday, April 24, 2013  Q2 2013 Earnings Conference Call Thursday, August 8, 2013  Q3 2013 Earnings Conference Call Tuesday, October 22, 2013  Q4 2013 Earnings Conference March 2014 **Earnings dates are subject to change** 1 2

  30. Slide 30: Thank You !

    Thank You ! Q&A

  31. Slide 31: INFICON

    6) INFICON struments for Intelligent Control™

Inficon — Q1 2013 Earnings Presentation on 6ix