Slide 1: Half-Year Results 2024
Half-Year Results 2024 Cicor Technologies Ltd. July 24, 2024 Alexander Hagemann, CEO Peter Neumann, CFO
Slide 2: Disclaimer
July 24, 2024 Disclaimer The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Cicor Technologies Ltd. This information or any copy thereof may not be sent or taken to or distributed in a
Slide 3: Cicor Group in HY1 2024
Alexander Hagemann Cicor Group in HY1 2024 3
Slide 4: Turning ideas into advanced electronic solutions
Electronification of everything Turning ideas into advanced electronic solutions Medical Industrial Aerospace & Defence (A&D) 24% of sales in HY1 2024 33% of sales in HY1 2024 24% of sales in HY1 2024 Cicor helps improve Cicor is at the forefront Solutions from Cicor in global healthcare by the of t
Slide 5: A strong platform for organic growth and industry consolidation
Unchanged strategy A strong platform for organic growth and industry consolidation Focus on our three Strategic customer Active consolidation core markets with relationships through through M&A highly profitable excellent solution high-mix/low-volume finding, differentiated businesses technology por
Slide 6: One stop shop – creating strategic partnerships with customers
Contract development and manufacturing organisation - CDMO One stop shop – creating strategic partnerships with customers 6
Slide 7: Close to customers and competitive
Expanding Cicor’s global footprint Close to customers and competitive 7
Slide 8: Key Messages from HY1 2024
Cicor Group in HY1/2024 Key Messages from HY1 2024 Significant growth in net sales to CHF 231.3 million, making Cicor one of Europe’s top tier electronics manufacturers Net sales growth of 16.1% year-on-year, driven by acquisitions Constant EBITDA operating margin of 10.7% Fourfold increase of free
Slide 9: Balanced exposure to strategic markets, focus on Europe
Cicor Group in HY1/2024 Balanced exposure to strategic markets, focus on Europe 9
Slide 10: EMS Division – growth driver with leading profitability
Electronic Manufacturing Services (EMS) EMS Division – growth driver with leading profitability Net sales Growth strategy – M&A CHF 208.5m STS Defence, +16.5% from HY1 2023 Evolution Medtec & TT Electronics IoT Closed in Q1 EBITDA margin Contributing 24.3% to sales growth 11.6% HY1 2023: 11.4% S
Slide 11: M&A supports strategy, making Cicor a stronger company
Acquisitions completed in H1 2024 M&A supports strategy, making Cicor a stronger company Expand Cicor’s platform for the UK market combined with the other announced UK-based acquisitions (i.e., Axis Electronics and two of the three Tech & engineering provider of acquired TT Electronics businesses) s
Slide 12: AS Division – technology leader with regained strength
Advanced Substrates (AS) AS Division – technology leader with regained strength Net sales Cicor site in Boudry, Switzerland CHF 23.9m Successful multi- +15.7% from HY1 2023 year excellence programme EBITDA margin Resulting in an ever more robust 14.4% and future-proof business HY1 2023: 11.8% Sh
Slide 13: Financial Results HY1 2024
Peter Neumann Financial Results HY1 2024 13
Slide 14: Change in Accounting Principles – Offset Goodwill in Equity
Half-Year Report 2024 Change in Accounting Principles – Offset Goodwill in Equity in CHF million June 2023 (6 months) December 2023 (12 months) • Cicor changed its accounting policy that goodwill reported change restated reported change restated from acquisitions will be offset directly against Good
Slide 15: Long-term view – Impact of Cicor growth strategy
Half-Year Report 2024 Long-term view – Impact of Cicor growth strategy CHF million % 400 20 • Cicor achieves best half-year results ever in terms 350 of Sales and EBITDA, demonstrating the success 300 191 15 of its growth strategy 250 155 • Strong sales contribution from newly acquired 200 10 122 10
Slide 16: Financial achievements Half-Year 2024
Half-Year Report 2024 Financial achievements Half-Year 2024 CHF million Orders received Net sales EBITDA EBIT Net profit FCF excl. Acquisition +15.9% +303.2% +16.1% -9.2% 24.7 21.1 221.4 231.3 201.1 21.3 199.2 13.1% +53.9% 15.1 13.4 11.9 7.7 5.2 ROS ROS ROS ROS ROS ROS 10.7% 10.7% 6.7% 6.5% 3.9% 5.1
Slide 17: Performance 2020 – 2024
Half-Year Report 2024 Performance 2020 – 2024 Cicor Group EMS Division AS Division CHF million % CHF million % CHF million % 400 390 20 400 20 400 20 348 350 350 350 313 18.0% 300 15 300 15 300 16.8% 15 191 270 239 169 14.4% 250 231 250 209 250 215 155 13.2% 200 10 200 181 135 11.4% 11.6% 10 200 11.
Slide 18: Consolidated Income Statement
Half-Year Report 2024 Consolidated Income Statement CHF million HY 2024 in % HY 2023 in % %YoY • Record high in Net sales and EBITDA restated • EBITDA margin stable at 10.7% despite Net sales 231’297 100.0 199’152 100.0 16.1 negative one-time impacts of Material expenses -119’406 -51.6 -109’443 -55.
Slide 19: Sales contribution
Half-Year Report 2024 Sales contribution CHF million • Strong contribution from newly acquired +16.1% companies (+32.1) -3.1 231.3 -11.1 2.9 -0.6 • Negative currency impact due to +43.9 depreciation of GBP, EUR, RON and USD 199.2 against CHF Organic growth: • Organic decline in EMS division due to C
Slide 20: Consolidated Balance Sheet
Half-Year Report 2024 Consolidated Balance Sheet CHF million Jun 24 in % Dec 2023 in % • Net debt increased by CHF 36.2 million of which CHF 51.0 million was used for the restated acquisition of businesses Current assets 302’705 72.4 251’896 73.1 Non-current assets 115’288 27.6 92’626 26.9 • Financi
Slide 21: Consolidated Cash Flow Statement
Half-Year Report 2024 Consolidated Cash Flow Statement CHF million HY 2024 HY 2023 • Strong cash flow from operating activities driven by strong net income performance restated and proven working capital management Net profit 11’886 7’722 Depreciation, amortization and impairment 9’613 7’969 • Moder
Slide 22: Return on Invested Capital
Half-Year Report 2024 Return on Invested Capital CHF million % • ROIC above Cicor’s cost of capital 40 15 • New ROIC definition in line with the change 35 12.0% 11.4% in accounting for goodwill as disclosed in 30 footnote 9.5% 9.1% 10 25 8.6% 8.6% 8.0% • Steady increase in ROIC demonstrates 7.5% 20
Slide 23: Operating Net Working Capital
Half-Year Report 2024 Operating Net Working Capital CHF million % • Absolute increase in ONWC due to 200 50 acquisitions 45 • Favorable development in ONWC in % of 40 150 34% 35% net sales as a result of improved inventory 35 management (customer funded inventory) 29% 29% 26% 30 24% 100 25 20 146 13
Slide 24: Key Figures per Share
Half-Year Report 2024 Key Figures per Share HY 2024 HY 2023 %YoY • Favorable EPS and market restated 0.0% capitalization trends demonstrate Number of registered shares issued 30.6. 3’478’616 3’411’169 2.0% strong shareholder value creation Number of Treasury shares 30.6. -307’929 -251’267 22.6% Numb
Slide 25: Long-term development of Earnings per Share
Half-Year Report 2024 Long-term development of Earnings per Share CHF million CHF • Positive development of EPS as a result 20 4.0 of improved Net Profit performance 3.70 3.5 • Dilution on EPS due to the issuance of the Mandatory Convertible Note 15 2.69 3.0 2.44 2.5 10 1.77 1.74 2.0 1.62 1.33 15.1
Slide 26: Three M&A transactions completed in HY 2024
Half-Year Report 2024 Three M&A transactions completed in HY 2024 CHF million HY 2024 STS Defence • One operating site in Gosport (UK), specialized in engineering solutions for the UK A&D sector Purchase consideration 54’359 • Closing of the share deal in January 2024 for a consideration of Direct c
Slide 27: Outlook 2024
Alexander Hagemann Outlook 2024 27
Slide 28: Continued growth expected in 2024
Outlook 2024 Continued growth expected in 2024 • Expected increase in order intake and sales in the existing business • Progress in integrating newly acquired companies • This leads to a higher guidance than previously communicated (provided there are no significant changes in the economic, geopolit
Slide 29: Agenda 2024
Outlook 2024 Agenda 2024 October 15 Business Update Q3/2024 September 18 Investora 2024 in Zurich September 23 Baader Investment Conference 2024 in Munich November 25-27 Deutsches Eigenkapitalforum in Frankfurt December Cicor Capital Markets Event 2024 in Zurich 29
Slide 30: Analysts
Cicor Technologies Ltd. Analysts Kepler Cheuvreux Research Partners Zürcher Kantonalbank Patrick Steiner Reto Huber Bernd Laux psteiner@keplercheuvreux.com reto.huber@researchpartners.ch bernd.laux@zkb.ch +43 (1) 20 577 383 +41 44 533 40 30 +41 44 292 37 23 Baader Helvea mwb Research Zana Mamelli Al
Slide 31: Investor Relations Contacts
Cicor Technologies Ltd. Investor Relations Contacts Alexander Hagemann Peter Neumann Michael Götti CEO CFO VP Corporate Marketing & Communications Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland investor@cicor.com | +41 71 913 73 00 31
Slide 32: Thank You
Thank You cicor.com Cicor Group @cicor.group