Slide 1: Siltronic AG Q2 2021 Conference Call Presentation
Siltronic AG Q2 2021 Conference Call Presentation July 28, 2021 © Siltronic AG
Slide 2: Update on tender offer from GlobalWafers
Update on tender offer from GlobalWafers Approvals received Approvals pending German Federal Cartel Office Japanese Fair Trade Commission Austrian Federal Cartel Agency US Federal Trade Commission Korean Fair Trade Commission State Administration for Market Regulation of the People’s Rep
Slide 3: Siltronic Fab Next at Group site in Singapore
Siltronic Fab Next at Group site in Singapore − most modern and cost-efficient 300 mm fab Fab Next − construction to start in 2021 − first wafers out in 2024 − R&D hub Burghausen will support expansion on technology topics − very strong market demand Investment rationale − customer capacity expansio
Slide 4: Silicon wafer area in Q2 2021 up q-o-q and y-o-y
Silicon wafer area in Q2 2021 up q-o-q and y-o-y Smartphones Industry / Auto Q2 demand softer due to Q1 pull-in Auto: continue recovery but are limited by effects, seasonality and chip shortages supply shortages 5G role with higher content per device out xEVs: share accelerating continues
Slide 5: Highlights: Financial figures Q2 2021
Highlights: Financial figures Q2 2021 Sales − EUR 341.1m (Q1 2021: EUR 316.1m) EBITDA − EUR 108.0m (Q1 2021: EUR 91.7m) − EBITDA margin: 31.7% (Q1 2021: 29.0%) EBIT − EUR 69.6m (Q1 2021: EUR 54.2m) − EBIT margin: 20.4% (Q1 2021: 17.2%) CapEx − EUR 52.8m (Q1 2021: EUR 36.9m) Net cash flow − EUR 43.3m
Slide 6: Financials Q2 2021
Financials Q2 2021 © Siltronic AG
Slide 7: Strong sales growth based on higher wafer area sold and increase in market share
Strong sales growth based on higher wafer area sold and increase in market share Sales, in EUR m Ø FX rates Q2/20 Q3 Q4 Q1/21 Q2 EUR / 1.10 1.17 1.19 1.21 1.21 USD EUR / JPY 118 124 125 128 132 Comments Positive 323.1 341.1 299.3 316.1 Wafer area sold up q-o-q and y-o-y 284.5 ASP flattish q-o-
Slide 8: COGS up due to higher wafer area sold
COGS up due to higher wafer area sold COGS per wafer area down Cost of sales, in EUR m Gross profit, in EUR m / Gross margin, in % 30.7 28.0 30.8 26.1 25.6 224.0 235.9 227.5 221.0 211.7 99.1 88.6 105.2 78.2 72.8 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Selling,
Slide 9: High US-Dollar and Japanese Yen exposure
High US-Dollar and Japanese Yen exposure FX exposure, in % FX sensitivity ~ 10% Sales EBITDA unhedged ~ 25% 1 USD-cent change ~ EUR 6 million ~ EUR 4.5 million ~ 65% ~ 65% 1 JPY change ~ EUR 2.5 million ~ EUR 2 million Sales Costs USD SGD JPY EUR Other currency effects (mostly hedging), Comments in
Slide 10: Higher wafer area sold leads to strong EBITDA and EBIT
Higher wafer area sold leads to strong EBITDA and EBIT EBITDA, in EUR m / EBITDA margin, in % Depreciation, in EUR m 31.1 31.7 26.8 29.0 23.6 100.4 80.1 91.7 108.0 67.2 -33.5 -36.5 -38.8 -37.5 -38.4 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 EBIT, in EUR m / EBIT
Slide 11: Net profit of EUR 64 million in Q2 2021
Net profit of EUR 64 million in Q2 2021 Net profit, in EUR m EPS, in EUR 60.8 58.4 64.0 1.80 1.67 1.83 39.1 40.9 1.08 1.17 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Dividend payment, in EUR m Comments Net profit of EUR 64.0 million in Q2 2021; thereof EUR 54.9
Slide 12: Trade receivables and inventories high due to increased demand
Trade receivables and inventories high due to increased demand Working capital, in EUR m, Inventories and contract assets, in EUR m Working capital ratio to quarterly sales, in % 73 71 74 80 Inventories Contract assets 68 58 60 188.3 199.0 40 175.1 169.3 175.1 218.1 200.8 235.0 232.4 188.6 20 0 Jun
Slide 13: Strong equity ratio and solid net financial assets
Strong equity ratio and solid net financial assets Equity, in EUR m Provisions for pensions, Net financial assets, Equity ratio, in % in EUR m in EUR m 53.7 54.0 45.4 45.4 43.7 Interest rates IFRS USA 2.46% 2.41% 2.07% 2.77% 2.39% Germany 1.23% 0.95% 0,69% 1.11% 1.14% 1079 1084 867 833 872 606 567 5
Slide 14: Pension reserves decreased mainly due to higher IFRS interest rates
Pension reserves decreased mainly due to higher IFRS interest rates DBO and pension reserves, in EUR m Comment 1,183 ~830 746 DBO of EUR 1,183 million ./. assets of EUR 746 million = EUR 437 million USA mostly funded 139 2.39% ~130 3% 117 Pension reserves @3% = DBO of EUR ~830 million ./. assets
Slide 15: Capex Q2 2021 significantly up vs. Q1 2021
Capex Q2 2021 significantly up vs. Q1 2021 Investment, in EUR m Comments Capex in H1 2021 MOB epi capacities capabilities expansion of crystal pulling hall to 58.2 replace older equipment in Freiberg 52.8 48.3 35.1 36.9 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Siltronic AG – Q2 2021 Confere
Slide 16: Strong net cash flow
Strong net cash flow Operating cash flow (OCF), in EUR m Customer prepayments net (PP), in EUR m 104.7 76.6 58.6 60.9 10,9 31.4 3,5 1,7 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 -16,9 -10,5 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 CF Capex, in EUR m Net cash flow (NCF), in EUR m 26.7 28.6 27.9 43.3 -48
Slide 17: Outlook 2021
Outlook 2021 © Siltronic AG
Slide 18: Further shift in main applications of silicon demand
Further shift in main applications of silicon demand Logic and Power grow fastest Wafer area sold, in million cm2 Estimated wafer area growth of 15% in 2021 25% 7% 19% 24% 1% Chromebooks 0% 10% 4% 15% 17% 10% 6% 1% xEVs 0% 1% 0% 18% Other 42% 2020 2000 Source: Silttronic Marketing July 2021 based on
Slide 19: Siltronic Outlook 2021 (as of July 27, 2021)
Siltronic Outlook 2021 (as of July 27, 2021) Sales − at least 10 percent above 2020 EBITDA margin − between 30 and 32 percent Depreciation − around EUR 155m to EUR 160m EBIT − significant increase Tax rate − significantly below 10% CapEx − around EUR 400m (mainly in 300 mm epi, capabilities and expa
Slide 20: 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 Petra Mueller email: investor.relations@siltronic.com T
Slide 21: 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
Slide 22: SILTRONIC AG
SILTRONIC AG | Einsteinstrasse 81677 Munich 172 Germany © Siltronic AG