Cicor Technologies · SIX:CICN
Cicor Technologies — Baader Helvea Swiss Equities Conference 2024
34 slides from Cicor Technologies's conference presentation, Jan 10, 2024
Slide 1: Cicor Technologies Ltd.
Cicor Technologies Ltd. Baader Helvea Swiss Equities Conference 2024 January 10, 2024
Slide 2: Disclaimer
January 10, 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 i
Slide 3: The Cicor Group
Alexander Hagemann The Cicor Group 3
Slide 4: The Cicor Group - Facts and figures
The Cicor Group - Facts and figures High-tech Electronics CDMO* Sales growth YTD Q3/2023 EBITDA margin H1/2023 25% to CHF 294.5M 10.7% (+120bp) Organic growth of 10.2% Sales 2023E CHF 380-410M Sales to strategic markets Market position Europe (EMS) 84% No 9, goal top 1-3 Industrial, Medical, In each
Slide 5: "Cicor inside" in three core markets
Electronification of everything “Cicor inside” in three core markets Industrial Medical Aerospace & Other Defense 41% 16% 16% 27% H1/2023 share of net sales 5
Slide 6: Industrial – sense, control, automate
Cicor core markets Industrial – sense, control, automate Application examples • Semiconductor equipment • Test, measurement, control systems • Robotics • Sensors • Smart building 6
Slide 7: Medical – Improving global healthcare
Cicor core markets Medical – Improving global healthcare Application examples • Hearing aids • Surgery robots • Pacemakers and defibrillators • Medical imaging systems • Smart drug delivery devices • Neurostimulators 7
Slide 8: Aerospace & Defence – The space is Cicor's limit
Cicor core markets Aerospace & Defence – The space is Cicor’s limit Application examples • Communication modules for satellites • T/R modules for radar systems • Camera systems for Mars robot • High-end aerospace electronics • Passenger aircraft entertainment systems 8
Slide 9: One stop shop – from design to finished product
Contract design and manufacturing organisation - CDMO One stop shop – from design to finished product Maintenance Modification Repair Services Product Development Refurbishment Hard- and Software Engineering Obsolescence Management Mechanical Design Test Development Redesign Electronic Manufacturing
Slide 10: Close to customers and competitive - footprint for CHF 500m sales
Global footprint Close to customers and competitive - footprint for CHF 500m sales 10
Slide 11: Strategy
Alexander Hagemann Strategy 11
Slide 12: A strong platform for organic growth and industry consolidation
Cicor 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 portfol
Slide 13: A good market to be in
Development of EMS market in Europe A good market to be in European EMS market with inherent structural growth Source: Weiss Engineering (in4ma) September 8, 2023 13
Slide 14: Megatrends drive momentum – 8-10% growth of addressed market
Cicor’s addressed market Megatrends drive momentum – 8-10% growth of addressed market Electronics market growth driven by automation, connectivity and electronification* ~ 5% CAGR + OEM focus on core competencies and outsource development and production** ~ 2% CAGR + Near- / reshoring trend – Client
Slide 15: Cicor operates in the sweet-spot of scale at attractive margins
Positioned in the most attractive segment of electronics manufacturing Cicor operates in the sweet-spot of scale at attractive margins EBITDA Margin Tier 4: Small local players ≥14% Tier 3: High Mix / Low Volume A.I.M. 12% 10% Tier 2: Low Mix / High Vol. A.I.M. 8% 6% Tier 1: Low Mix / High Volume C.
Slide 16: Cicor is well positioned to benefit from megatrends
EMS market trends Cicor is well positioned to benefit from megatrends Capacity to ‚own the trend‘ Megatrends accelerate EMS market Cicor manufacturing infrastructure supports organic growth growth to CAGR of 6.9% to CHF 500 million without further factory expansion On the safe side of the economic c
Slide 17: Making Cicor a European leader one country at a time
Multi-regional strategy Making Cicor a European leader one country at a time • UK market leader with focus on Aerospace & Defense after acquisition of Axis Electronics (11/2021) and STS Defence (signing in 11/2023 with closing expected within coming months) • Strong position in Germany after acquisi
Slide 18: Cicor & Clayens - a perfect match
Strategic Partnership Cicor & Clayens - a perfect match One-Stop CDMO, with unmatched know-how in both plastics and electronics Customized and integrated technical solutions, from concept to market Global complementary manufacturing capabilities 7 500 people, 46 plants and 20 cleanrooms Accelerated
Slide 19: Financials
Peter Neumann Financials cicor.com 19
Slide 20: 25% year-to-date sales growth and positive outlook
Business Update Q3/2023 25% year-to-date sales growth and positive outlook YTD (9 months) figures: • Sales of CHF 294.5 million (09/2022: CHF 235.6 million) • Organic growth of 10.2% • Order intake of CHF 329.4 million (09/2023: CHF 283.4 million) • Book-to-bill ratio of 1.12 20
Slide 21: Record sales and core results from organic growth and acquisitions
Key figures H1/2023 Record sales and core results from organic growth and acquisitions 1) 1) Orders received Net sales EBITDA Core EBIT Core net profit +21.8% +26.2% +42.0% 221.4 21.3 199.2 +57.5% 181.8 157.7 15.2 15.0 +86.5% 9.7 9.2 4.9 9.5% 10.7% 6.1% 7.6% 3.1% 4.6% (ROS) 2022 2023 2022 2023 2022
Slide 22: Profitable growth in EMS Division
Profitable growth in EMS Division Performance 2018 – 2023 Cicor Group EMS Division AS Division 11.4% 350 20% 350 10.7% 12% 350 20% 313 300 300 9.2% 300 19.1% 270 10% 254 8.4% 17.8% 248 239 15% 8.0% 8.1% 16.9% 15% 250 250 250 215 155 8% 199 195 14.0% 14.4% 200 200 185 193 135 200 125 122 106 122 179
Slide 23: Balance sheet supports further growth
Consolidated Balance Sheet in TCHF Balance sheet supports further growth Jun Dec in % in % 2023 2022 • Net debt of CHF 63.0 million increased Current assets 286’407 70.8 251’422 68.6 by CHF 18.4 million, CHF 22.0 million Non-current assets 118’286 29.2 115’313 31.4 was used for the acquisition of To
Slide 24: Positive cash flow from operating activities
Consolidated Cash Flow Statement in TCHF Positive cash flow from operating activities HY 23 HY 22 • Positive cash flow from operating activities Net profit 4 894 812 (CHF 10.9 million, 1H22 CHF –16.7 million) Depreciation, amortization and impairment 10 798 9 878 driven by strong net income performa
Slide 25: ROIC - Return on Invested Capital
ROIC Return on Invested Capital 30 15 • ROIC in the first half of 2023 well 12.5% above Cicor’s weighted average 25 11.9% cost of capital 11.4% 11.3% 11.3% Rolling Core EBIT in MCHF 10.3% 9.8% • Increase in ROIC due to strong 20 9.1% 9.0% 10 8.5% Core EBIT contribution in the last ROIC in % 6.7% twe
Slide 26: Core Earnings per share increase thanks to good operating profitability
Key Figures per Share HY 2023 / HY 2022 Core Earnings per share increase thanks to good operating profitability • Number of Treasury shares reduced HY 23 HY 22 Change % in H2/2022 for settlement of an M+A related earn-out liability Number of registered shares issued 30.6. 3 411 169 3 409 542 +0.0% N
Slide 27: Cicor's acquisitions deliver excellent results
M&A results Cicor’s acquisitions deliver excellent results Phoenix Mecano Thin film Axis Electronics SMT Elektronik STS Defence Digital Elektronik business of AFT Date of completion Nov 2021 May 2022 Jan 2023 March 2023 expected in 2023 Core geography UK Germany Germany/Tunesia Germany UK Core indus
Slide 28: Outlook & Closing
Alexander Hagemann Outlook & Closing 28
Slide 29: Robust sales and earnings growth
Guidance Robust sales and earnings growth • 5:1 ratio of new customers won vs. customers lost • YTD book-to-bill ratio of 1.12 – orderbook covering almost one year • Full year 2023 guidance: • Net sales of CHF 380 - 410 million • Operating result (EBITDA) of CHF 40 – 45 million 29
Slide 30: Financial mid-term objectives
Financial mid-term objectives: 3 - 4 year horizon Continuing on the growth trajectory Organic Growth Revenue Profitability Other Core EBIT Core ROIC 1) 7 - 10% >600 7 – 10% >15% Net Debt / EBITDA p.A. million EBITDA <2.75 10 – 13% Capex 2) CHF 4) up to 3% • Cicor is well positioned to face economic
Slide 31: Cicor – an asset for your portfolio
Reasons to invest Cicor – an asset for your portfolio • Market with resilient growth driven by megatrends of electronification‚ outsourcing and nearshoring • Strategy targeting the most profitable segments of the market: Industrial, Medical, Aerospace & Defense • Value accretive buy and build strate
Slide 32: Agenda 2024
Investor Relations Agenda 2024 March 6 Annual Report & Sustainability Report 2023 April 16 Business Update Q1/2024 April 18 Annual General Meeting (AGM) 2024 in Zurich July 24 Interim Report 2024 October 15 Business Update Q3/2024 We plan to participate in various conferences and roadshows during 20
Slide 33: Contacts
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 33
Slide 34: Thank you
Thank you cicor.com Cicor Group @cicor.group
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