Investor presentation - Second quarter and half year 2012 results (PDF)

ams
Q2 / H1 results 2012
August 2012
Page
1
© ams
AG
What we do for our customers
ams provides
innovative analog
solutions
to the most
challenging
applications
in sensor
and sensor
interfaces,
power
management, and
wireless.
Page 2
ams overview
At a glance:
• Focus on high performance analog ICs
•
Ultra-low power, high accuracy, high integration design expertise
•
Specialize in sensors & sensor interfaces, power management,
and wireless solutions
•
Analog IDM: combining design + best-in-class manufacturing
By the numbers:
• 300+ analog engineers
•
Over 30 years of design experience
•
2011 revenues EUR 276m; Q2 2012 revenues EUR 96.1m
•
More than 1,200 employees worldwide
•
Over 6,500 customers worldwide
Page 3
Our focus
High performance analog ICs
Target Markets
Core Expertise
Consumer and Communications
Industrial, Medical, & Automotive
63% of revenues H1 2012
37% of revenues H1 2012
Sensor and Sensor
Interfaces
Power
Management
Wireless
Page 4
OUR MARKETS
CONSUMER AND COMMUNICATIONS
INDUSTRIAL
MEDICAL
AUTOMOTIVE
Page 5
Consumer & communications
Sensors and sensor interfaces, power management, wireless
Sensors
Power Management
Wireless
Innovative Products
• Light sensors
• MEMS microphone
ICs
• Hall/inductive/
capacitive sensors
• Lighting
management ICs
• Power management
ICs
• RFID readers
(HF/NFC)
• NFC active booster
• LF/HF/UHF transceivers / UHF readers
• Ultra-thin AF camera
(UTAF)
• Active noise
cancellation
(ANC)
• EasyPoint™ input
solution
• Wireless sensors
(lightning)
Page 6
Light sensors
Worldwide leader in intelligent integrated light sensors
Consumer electronics
• Smartphones
•
Tablets
•
HDTVs
•
PCs
Over 40% market
share worldwide
Sensor-driven lighting
• Smart home, industrial, retail, and outdoor lighting
Product types
• Ambient light sensors (ALS)
Measure ambient light to control
display brightness
•
Proximity sensors (Prox)
Detect proximity of target, e.g. user’s ear,
to control display and touchscreen on-state
•
Color sensors
Allow enhanced display picture quality
under varying light environments
•
Combo sensors
Integrated ALS, Prox and color solution
Page 7
MEMS microphones interfaces
MEMS microphone interfaces for smartphones, handsets, notebooks,
tablet PCs, and other portable devices
• Over 1 billion MEMS microphone ICs shipped in 2011
•
Low noise leader, excellent S/N ratio
•
Extensive portfolio, over 15 products
•
Industry leader with over 80% market share
•
Unmatched expertise in design and process
•
Market drivers:
- Ongoing adoption across devices
- Increasing number of MEMS
microphones per device
50% of mobile
phones used
MEMS mics in 2011
Source: IHS iSuppli
Page 8
Advanced mobile applications
ANC (Active noise cancellation)
• 100% analog
•
Superior noise reduction
•
Major advantages vs. DSP-based solutions:
low power consumption, low latency (delay)
•
Adopted by major brands (Jabra Supreme)
UTAF (Ultra-thin autofocus)
• World’s thinnest continuous AF solution for smartphone cameras
•
Technology of choice for HD video and photos >10 megapixels
•
Low power piezo motor; 2 ICs per module
•
Faster autofocus response
•
Significant opportunity; design-in decisions at
several major smartphone OEMs
Page 9
Wireless solutions
Authentication: UHF RFID reader solutions
• Integrated one-chip UHF reader solutions for large-scale,
cost-effective RFID deployment
•
Enables low solution cost for authentication in
fast-moving consumer goods
•
Applications: Drinks dispensing, consumables, goods tracking,
retail shrinkage prevention
Mobile Payment: Near Field Communications (NFC) solutions
• Global contactless payment to existing mobile phones
•
NFC and micro antenna in SIM or microSD card
•
Active booster technology with auto antenna tuning
•
Ensures 100% read rates
•
Fully EMVCo (Europay, MasterCard, VISA) compatible
Page 10
Industrial
Sensors and sensor interfaces
Industrial automation and control
• Motion control
•
Industrial sensors
•
Drives
2D and 3D position encoders
• Magnetic rotary and linear encoders
•
Integrated Hall sensors
Building automation & security
• HVAC
•
Bus systems
Seismic sensor interfaces
• Highest sensitivity converters
Page 11
Medical/Healthcare
Sensors and sensor interfaces, power management, wireless
Medical imaging: Leader in lowest noise solutions
• Computer tomography
•
Digital X-ray
•
Mammography
•
Ultrasound
Portable health devices
• Diabetes management
•
Heart rate monitors
Robotic surgical solutions
• Encoder-driven accuracy
Page 12
Computer tomography sensors
Lowest radiation dose, higher resolution
Innovation
• Direct combination of photo-detector and A/D converter into a highly
integrated detector module
•
Drastic reduction in power usage, heat dissipation & space required
•
Based on in-house TSV (Through Silicon Via) technology
Benefits
• Increases image resolution and allows earlier detection & diagnosis
•
Significantly lower radiation dose for patient safety
•
System power savings
“Revolutionary”
Source: SIEMENS MEDICAL
Page 13
Automotive
Sensors and sensor interfaces, bus systems, power management, wireless
Position sensing
• Pedal position technology
•
Gearbox (2WD/4WD)
•
Steering wheel position
Battery power management
• Battery management for conventional, hybrid, and electric vehicles
•
Highly-efficient power management
Safety systems
• Collision avoidance systems
•
ESP (Electronic Stability Program)
•
FlexRay® high bandwidth data network
Page 14
Proven manufacturing model
In-house capacity + partnerships: a scalable and robust growth model
Wafer manufacturing
• Specialty analog processes
•
200mm in-house fab (110k wafers p.a.)
•
Technology nodes: 0.18µm – 0.35µm – 0.8µm
•
Best-in-class efficiency
•
Multi-source security: TSMC, UMC, IBM
•
Zero-defect program
Assembly and test
• In-house test in Austria and Philippines;
Philippines expansion in 2012
•
Multi-source assembly locations
•
End-to-end fully integrated supply chain
Page 15
Quality and responsibility commitment
Quality commitment
• Certified under ISO/TS16949 (automotive), ISO/TS13485 (medical),
ISO 14001 (environment)
•
Zero defect commitment: 2011 field failure rate return < .06ppm
•
Global quality systems
•
Top customer rankings
Corporate responsibility
• Member of the UN Global Compact
•
Implemented conflict metals/hazardous-use materials program
•
CDP (Carbon Disclosure Project)
•
70% reduction of CO2 since 2003; goal to be carbon-neutral by 2015
Page 16
Global value chain
•
8 design centers: Austria, Switzerland, Italy (2), Spain, USA (2), India
•
Growing distribution revenues:
2011 >15% of total; 2012E further expansion
•
Over 30 distributors worldwide including
- Future Electronics
- Digi-Key
- Mouser
Page 17
Key figures
EURm
(IAS, unaudited)
H1 2012
H1 2011
Q2 2012
Q2 2011
186.8
+ 65%
113.0
96.1
+ 66%
57.9
54%
51%
51%
51%
54%
52%
51%
51%
Result from operations (EBIT)
39.6
+ 151%
15.8
21.3
+ 180%
7.6
Net result
38.9
+ 178%
14.0
19.7
+ 198%
6.6
3.68 / 3.53
3.06 / 2.93
1.74 / 1.70
1.37 / 1.34
1.87 / 1.77
1.56 / 1.48
0.80 / 0.78
0.65 / 0.63
Total revenues
Gross margin (before amortization charge)
(incl. amortization charge)
EPS (basic/diluted)
CHF
EUR
Page 18
Financial results
EURm
Total revenues
Total revenues by market H1 2012
250
200
+ 65%
186.8
150
100
Industrial,
Medical,
Automotive
113.0
Consumer and
Communications
96.1
57.9
H1 2011 H1 2012
Q2 2011 Q2 2012
Total revenues by region 2011 / H1 2012
100%
80%
63%
+ 66%
50
0
37%
Total backlog
150
46%
62%
Asia/Pacific
5%
Americas
33%
Europe (EMEA)
60%
Consignment
stock agreements
approx. €12m
100
10%
40%
20%
0%
44%
2011
H1 2012
50
0
100.5
106.8
Mar 31 2012
Jun 30 2012
Page 19
Financial results
EURm, % of revenues
Gross profit, gross margins
150
R&D
60
53.6%1)
20.3%
51.0%
100
95.7
50
54.1%1)
39%
15.6%
40
20.0%
51.1%
15.6%
20
57.7
49.8
29.1
23.0
29.6
0
H1 2011 H1 2012
13%
11.6
Q2 2011 Q2 2012
SG&A
0
H1 2011 H1 2012
15.0
Q2 2011 Q2 2012
EBIT
60
60
21.2%
19.7%
15.8%
40
14.0%
40
21.1%
29.6
20
13.2%
20
22.3
12.2
H1 2011 H1 2012
22.2%
39.6
15.8%
0
48%
Q2 2011 Q2 2012
21.3
15.8
15.2
0
7.6
H1 2011 H1 2012
Q2 2011 Q2 2012
Page 20
1)
before amortization charge
Financial results
EURm, % of revenues
Net results, EPS (basic/diluted)
60
40
60
CHF3.68/3.53
EUR3.06/2.93
CHF1.74/1.70
EUR1.37/1.34
39%
49.4
40
38.9
20
CHF1.87/1.77
EUR1.56/1.48
CHF0.80/0.78
EUR0.65/0.63
14.0
0
Operating cash flow
30.9
20
24.8
19.7
6.6
H1 2011 H1 2012
48%
Q2 2011 Q2 2012
Net debt, cash + short term investments
13%
0
H1 2011 H1 2012
16.3
Q2 2011 Q2 2012
Capital expenditures
20
100
Net debt
Cash + short term invest.
15
75
75.7
50
25
58.7
38.8
5
34.0
12.8
10
7.7
4.0
0
Q1 2012 Q2 2012
Q1 2012 Q2 2012
0
H1 2011 H1 2012
4.5
Q2 2011 Q2 2012
Page 21
Company highlights
Analog makes sense
Page 22
Thank you
www.ams.com
PageAG
23
© ams
Profit and loss statement
EURm
(IAS, unaudited)
H1 2012
H1 2011
Q2 2012
Q2 2011
186.8
174.1
12.7
113.0
97.9
15.1
96.1
89.9
6.3
57.9
49.9
8.0
Gross profit
• Gross margin incl. amortization charge
95.7
51.2%
57.7
51.0%
49.8
51.8%
29.6
51.1%
Research and development
Selling, general and administrative
Other operating income/expenses
- 29.1
- 29.6
2.6
- 23.0
- 22.3
3.3
- 15.0
- 15.2
1.7
- 11.6
- 12.2
1.9
Result from operations (EBIT)
• Operating margin
39.6
21.2%
15.8
14.0%
21.3
22.2%
7.6
13.2%
Net financing costs
- 0.8
- 0.9
- 1.8
- 0.6
Result before tax
Income tax result
38.8
0.1
14.9
- 0.9
19.6
0.1
7.0
- 0.4
Net result
38.9
14.0
19.7
6.6
3.68 / 3.53
3.06 / 2.93
1.74 / 1.70
1.37 / 1.34
1.87 / 1.77
1.56 / 1.48
0.80 / 0.78
0.65 / 0.63
Total revenues
• Products
• Foundry
EPS (basic/diluted)
CHF
EUR
Page 24
Balance sheet
EURm
Jun 30,
2012
Dec 31,
2011
Liabilities and equity
Jun 30,
2012
58.7
56.7
62.9
9.3
65.0
39.7
58.8
7.8
Interest-bearing debt
Trade liabilities
Provisions
Other liabilities
32.7
28.7
17.2
24.9
9.4
17.1
15.6
16.3
Total current assets
187.6
171.3
Total current liabilities
103.5
58.3
Fixed assets
Intangible assets
Investments
Deferred tax asset
Other non-current assets
122.5
225.5
6.6
32.2
7.3
117.2
224.3
6.3
32.2
7.2
Interest-bearing debt
Employee benefits
Provisions
Other liabilities
60.0
15.1
22.1
22.0
108.1
14.5
21.3
24.2
Total non-current assets
394.1
387.3
Total non-current
liabilities
Shareholders’ equity
119.2
168.0
359.0
332.2
Total assets
581.7
558.6
Assets (IAS, full year audited)
Cash and short term invest.
Trade receivables
Inventories
Other current assets
Total assets
581.7
558.6
Dec 31,
2011
Page 25
Cash flow statement
EURm
(IAS, unaudited)
H1 2012
H1 2011
Q2 2012
Q2 2011
Income before tax
Depreciation
38.8
16.8
14.9
11.6
19.6
8.1
7.0
5.9
Cash flow from operations
49.4
30.9
24.8
16.3
Capital expenditures
- 12.8
- 7.7
- 4.5
- 4.0
Cash flow from investing activities
- 17.2
- 0.4
- 9.2
- 4.3
Proceeds from borrowings
Repayment of borrowings
Dividends paid
1.6
- 25.4
- 8.1
11.4
- 2.9
- 5.3
1.2
- 23.6
- 8.1
10.7
- 0.9
- 5.3
Cash flow from financing activities
- 44.0
- 1.1
- 37.8
1.5
Change in cash and cash equivalents
- 11.7
29.4
- 22.1
13.5
40.0
52.4
40.0
52.4
Cash and cash equivalents at end of period
Page 26