Investor presentation - First quarter 2015 results (PDF)

ams
First quarter results 2015
Kirk Laney, CEO
Michael Wachsler-Markowitsch, CFO
Moritz Gmeiner, Head of IR
April 2015
© ams AG 2015
We are shaping the world with sensor solutions
We provide high
performance
analog solutions
to the most
challenging
applications
in sensors,
sensor
interfaces,
power
management, and
wireless.
© ams AG 2015
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ams at a glance
Our business
• Focus on high performance analog semiconductors
• Sensor solutions, sensor interfaces, power management, wireless
• Ultra-low power, highest accuracy, sensitivity and integration
• World class analog design + in-house manufacturing
• Best-in-class solutions for leading OEMs
By the numbers
• 450 analog engineers
• Over 30 years of design experience
• Revenues
Q1 2015 EUR153m/$173m (Q1 2014: EUR86m/$118m)
FY 2014 EUR464m/$614m (2013: EUR378m/$502m)
• 1,700+ employees worldwide
• 8,000+ customers
© ams AG 2015
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Our focus
High performance sensors and analog ICs
Target markets
Core expertise
Consumer & Communications
Industrial, Medical, Automotive
64% of revenues (FY 2014)
36% of revenues (FY 2014)
Sensor solutions,
sensor interfaces
Power
management
Wireless
© ams AG 2015
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OUR MARKETS
CONSUMER AND COMMUNICATIONS
INDUSTRIAL, MEDICAL, AUTOMOTIVE
© ams AG 2015
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Light sensors
Worldwide leader in intelligent integrated light sensors
Sensor solutions
• Gesture - sense hand movement in proximity of
device surface to create touchless interface
• RGB color - for full analysis of light spectrum
and temperature; enhance display picture quality
• Ambient light (ALS) - measure monochromatic
ambient light to control display brightness
• Proximity (Prox) - detect proximity of user’s ear
to control display/touchscreen on-state
Gesture 4-in-1
module in
successful platforms
Broad coverage of consumer electronics markets
• Smartphones, tablet PCs, mobile devices, HDTV, PCs, notebooks
New application: Cognitive lighting
• Major light sensor-based opportunity becomes reality
• Dynamic management improves industrial, home and office lighting
• Combining LED control and sensor technologies
© ams AG 2015
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Emerging: Cognitive lighting
Smart lighting management integrates sensing and control to unlock energy savings
Sensor innovation
• AS72xx Autonomous Daylighting Managers industry’s first integrated IoT-connected
chip-scale smart lighting managers
• Combine photopic sensors including nano-optic
filters with LED control and wireless connectivity
• Sense ambient daylight to deliver constant
lux levels as amount of outside light varies
• Bring cost-effective sensing, control and
connectivity to luminaires and light engines
First products
launched for major
mid-term opportunity
Benefits
• Highly integrated system-level sensing and control
offers major reduction in system cost and time-to-market
• Network-enabled architecture for IoT connectivity via BLE,
ZigBee, WiFi, Ethernet/PoE or other networks
• Smart lighting sensor solutions create natural,
convergent IoT sensor hubs within smart buildings
© ams AG 2015
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Wireless solutions – NFC, RFID
NFC solutions for mobile transactions
• Patented antenna boost technology
with automatic tuning
• Antenna booster enables fully reliable
mobile device NFC transactions
• Solutions for smartphone NFC, boosted
secure elements, NFC on SIM/microSD
card and reader implementations
• Full roadmap to exploit technology leadership
Ongoing high
volume NFC
booster shipments
RFID solutions for authentication
• Integrated one-chip UHF readers and other RFID
solutions offer low solution cost to help RFID deployment
• Applications: consumables, materials tracking and authentication,
supply chain and retail security
© ams AG 2015
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Success: NFC antenna booster
Technology leader enabling reliable NFC for mobile transactions
Wireless innovation
• Advanced analog active tag NFC booster
• Active antenna boost overcomes reception
problems in smartphones or for small form
factor antennas
• Designed for ultra small form factor applications
including wearables
Continuing growth
contribution given
NFC momentum
Benefits
• High Frequency (HF) active antenna booster
amplifies the antenna by >80x for NFC in small areas
• Shrinks antenna size to barely visible miniature footprint
• Ensures 100% read rate overcoming field-dampening
metal environments
• Enables NFC on SIM cards and boosted secure elements
• Patented solution for reliable NFC in smartphones, mobile devices
and wearables
© ams AG 2015
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Audio: MEMS microphone ICs, ANC
MEMS microphone interface ICs
•
•
•
•
Market leader in very dynamic market
Product portfolio serving wide spectrum of
end customer requirements
Leading position in low noise solutions
Strong customer partnership focusing on
higher value market segments
ANC moving into
in-box bundled
accessories
ANC (active noise cancellation)
•
•
•
Technology leader offering pure analog
noise reduction without need for DSP
Significant audio quality improvement
at very low power and minimized footprint
Emerging high volume opportunities
in smartphones and mobile devices
© ams AG 2015
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Power management solutions for mobile devices
Specialty PMIC solutions for optimum system performance
Specialty PMIC solutions
• High performance PMIC design for
Building
optimum system performance
specialty PMIC
• Added value for clamshell devices
revenue stream
and small form factor wearables
• Support leading mobile graphics processor
vendor’s current and upcoming platforms
• Tight analog integration means significantly
reduced footprint
• Programmable solutions maximize battery
life and enable superior graphics or camera performance
© ams AG 2015
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Industrial
Sensor solutions and sensor interfaces
Industrial automation and control
• Motion control
• Industrial sensors including time-based sensors
• Drives and electrical motors
2D and 3D position encoders
• Magnetic rotary and linear encoders
• Integrated high performance Hall sensors
• Broad portfolio for widest range of applications
Building automation and security
• HVAC
• Safety
• Sensor networking and bus systems
Seismic sensor interfaces
• Very high sensitivity sensor solutions
© ams AG 2015
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Medical
Sensor solutions and sensor interfaces, power management, wireless
Medical imaging: Leader in lowest noise sensor solutions
• Computed tomography
• Digital X-ray
• Mammography
• Ultrasound
Personal health devices
• Heart rate monitors
• Diabetes management
Robotic surgical solutions
• Encoder-driven accuracy
© ams AG 2015
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Automotive
Sensor solutions and sensor interfaces, bus systems, power management
Position sensing
• Pedal & throttle position
• Transmission (clutch, gear shift)
• Steering wheel angle and torque
• Brushless motor control applications
LIDAR collision
avoidance continues
model penetration
Battery power management
• Battery management for conventional, hybrid, and electric vehicles
• High efficiency power management
Safety systems
• Collision avoidance LIDAR systems (ADAS for object detection)
• ESP (Electronic Stability Program)
• FlexRay® high bandwidth data network
Gas sensing
• Air quality sensing
© ams AG 2015
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Scalable manufacturing for profitable growth
In-house capacity + manufacturing partnerships
Wafer manufacturing
• 200mm in-house fab (2015E 180k wafers p.a.)
• CMOS nodes: 0.18µm – 0.35µm – 0.8µm
• Specialty analog processes
• Best-in-class efficiency
• Multi-source security: TSMC, UMC, IBM
Fab capacity
expansion: step 1
ramped, step 2
nearing completion
Assembly and test
• In-house test in Austria and the Philippines
• Multi-source assembly locations
• End-to-end fully integrated supply chain
• Further expansion of test capacity in 2015
© ams AG 2015
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Global value chain
Headquarters
Design centers
Test center
Sales offices
•
•
•
•
Adding design resources for multi-year project pipeline
13 design centers
Austria, Switzerland, Italy (2), Spain, Slovenia, Finland, USA (2), India,
Germany (2), Japan
High volume test center
Philippines
Continuing growth in distribution design-ins and revenues
© ams AG 2015
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Quality and responsibility commitment
Quality commitment
• Certified under
- ISO/TS16949 (automotive)
- ISO/TS13485 (medical)
- ISO 14001 (environment)
• Zero defect commitment with industry-leading field failure rates
• Global quality systems with local resources/labs in key markets
• Top rankings by customers
Corporate responsibility
• Member of the UN Global Compact
• CDP (Carbon Disclosure Project) participant
• Conflict metals/hazardous-use materials program implemented
• 70% reduction of CO2 footprint since 2003;
ongoing reduction measures
© ams AG 2015
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Company highlights
Analog makes sense
© ams AG 2015
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Key figures
EURm
(IAS)
Total revenues
2014
2013
Q1 2015
Q1 2014
464.4
+ 22.9%
377.8
153.3
+ 77.7%
86.3
Gross margin
(excl. acquisition-related costs)
(incl. acquisition-related costs)
56%
55%
55%
52%
56%
54%
56%
54%
Result from
operations
(EBIT)
(excl. acquisition-related costs)
(incl. acquisition-related costs)
116.1
105.4
73.9
63.9
42.1
38.2
17.9
15.4
97.5
+ 60.4%
60.8
42.2
+ 187.5%
14.7
1.74 / 1.67
1.43 / 1.37
1.11 / 1.072)
0.90 / 0.872)
0.65 / 0.62
0.62 / 0.59
0.26 / 0.252)
0.22 / 0.212)
Net result
EPS (basic/diluted)
1)
CHF
EUR
1) Earnings per share in CHF were converted using the average currency exchange rate for the respective periods
2) Earnings per share have been adjusted to reflect the share split of 1:5
© ams AG 2015
Page 19
Financial results
EURm
Total revenues
500
+ 23%
464.4
400
300
Total revenues by market 2014
Industrial,
Medical,
Automotive
377.8
200
36%
64%
+ 78%
Consumer &
Communications
153.3
100
86.3
0
2013
2014
Q1 2014 Q1 2015
Total revenues by region 2013 / 2014
100%
Total backlog
200
Asia/Pacific
80%
59%
57%
150
60%
4%
40%
6%
20%
35%
39%
2013
2014
0%
Americas
Europe (EMEA)
100
150.7
Consignment
stock agreements
approx. EUR10-12m
131.3
50
0
Dec 31 2014
Mar 31 2015
© ams AG 2015
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Financial results
EURm, % of revenues
Gross profit, gross margin
300
54.7%1)
R&D
56.4%1)
100
75
253.2
200
18.1%
16.6%
77.0
68.5
198.0
56.3%1) 56.0%1)
50
19.1%
100
83.4
25
16.5
46.5
0
2013
2014
Q1 2014 Q1 2015
SG&A
15.4%
0
2013
2014
23.7
Q1 2014 Q1 2015
EBIT
100
18.3%
125
16.5%
16.9%2)
100
75
69.0
76.9
50
14.9%
25
16.0
2013
1)
2014
105.42)
75
18.5%
0
22.7%2)
22.8
Q1 2014 Q1 2015
excl. acquisition-related costs
24.9%2)
17.9%2)
63.92)
50
38.22)
25
15.42)
0
2013
2)
2014
Q1 2014 Q1 2015
incl. acquisition-related costs
© ams AG 2015
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Financial results
EURm, % of revenues
Net result, EPS (basic/diluted)
125
Operating cash flow
150
CHF 1.74/1.67
EUR 1.43/1.37
100
CHF 1.11/1.071)
EUR 0.90/0.871)
120
CHF 0.65/0.62
EUR 0.62/0.59
60.8
CHF 0.26/0.251)
EUR 0.22/0.211)
25
2013
2014
42.2
Q1 2014 Q1 2015
Net cash, cash + short term investments
Net cash
250
Cash + short term invest.
200
100.2
28.9%
16.5%
60
14.7
0
90
28.0%
130.2
97.5
75
50
26.5%
215.7
44.3
30
0
14.3
2013
2014
Q1 2014 Q1 2015
Capital expenditures
80
12.5%
15.1%
70.1
60
26.7%
150
40
47.1
16.7%
100
94.1
50
34.0
0
Q1 2014 Q1 2015
1)
20
23.0
61.0
0
Q1 2014 Q1 2015
adjusted for share split of 1:5
2013
2014
25.5
Q1 2014 Q1 2015
© ams AG 2015
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Thank you
Please visit our website www.ams.com
© ams AG 2015
Profit and loss statement
EURm
(IAS)
2014
2013
Q1 2015
Q1 2014
Total revenues
• Products
• Foundry
464.4
425.0
39.4
377.8
343.0
34.8
153.3
142.8
10.6
86.3
76.8
9.5
Gross profit
• Gross margin (incl. acquisition-related costs)
253.2
54.5%
198.0
52.4%
83.4
54.4%
46.5
53.9%
Research and development
Selling, general and administrative
Other operating income/expenses
- 77.0
- 76.9
6.0
- 68.5
- 69.0
3.3
- 23.7
- 22.8
1.4
- 16.5
- 16.0
1.3
Result from operations (EBIT)
105.4
63.9
38.2
15.4
(
(
(
(
Operating margin
22.7%
16.9%
24.9%
17.9%
Net financing costs
- 1.2
- 0.5
6.8
- 0.1
104.1
- 6.6
63.4
- 2.6
45.0
- 2.8
15.4
- 0.7
97.5
60.8
42.2
14.7
1.74 / 1.67
1.43 / 1.37
1.11 / 1.072)
0.90 / 0.872)
0.65 / 0.62
0.62 / 0.59
0.26 / 0.252)
0.22 / 0.212)
(incl. acquisition-related costs)
•
Result before tax
Income tax result
Net result
EPS (basic/diluted)
CHF1)
EUR
1) Earnings per share in CHF were converted using the average currency exchange rate for the respective periods
2) Earnings per share have been adjusted to reflect the share split of 1:5
© ams AG 2015
Page 24
Balance sheet
EURm
Mar 31,
2015
Dec 31,
2014
Liabilities and equity
Mar 31,
2015
Cash and short term invest.
Trade receivables
Inventories
Other current assets
215.6
90.7
62.8
16.8
229.6
79.0
59.9
18.3
Interest-bearing debt
Trade liabilities
Provisions
Other liabilities
38.1
48.8
39.7
44.8
38.5
51.0
37.6
42.1
Total current assets
386.0
386.7
Total current liabilities
171.5
169.2
Fixed assets
Intangible assets
Investments
Deferred tax asset
Other non-current assets
223.4
338.1
6.6
34.2
7.9
204.1
315.7
6.5
34.1
7.7
Interest-bearing debt
Employee benefits
Provisions
Deferred tax liabilities
Other liabilities
116.5
27.9
30.8
21.1
10.8
146.1
27.0
27.1
20.8
8.9
Total non-current assets
610.2
568.2
Total non-current
liabilities
Shareholders’ equity
207.0
230.0
617.7
555.8
Total liabil. and equity
996.2
955.0
Assets (IAS)
Total assets
996.2
955.0
Dec 31,
2014
© ams AG 2015
Page 25
Cash flow statement
EURm
(IAS)
2014
2013
Q1 2015
Q1 2014
Income before tax
Depreciation
104.1
37.3
63.4
35.2
45.0
11.9
15.4
8.5
Cash flow from operations
130.2
100.2
44.3
14.3
Capital expenditures
- 70.1
- 47.1
- 25.5
- 23.0
- 108.9
- 46.8
- 40.8
- 22.9
125.3
- 0.8
-14.1
14.0
- 33.6
- 19.4
31.3
- 61.2
0
0
0
0
99.1
- 37.9
- 41.1
- 1.9
120.3
15.4
- 28.8
- 10.5
203.7
83.4
174.8
72.8
Cash flow from investing activities
Proceeds from borrowings
Repayment of borrowings
Dividends paid
Cash flow from financing activities
Change in cash and cash equivalents
(incl. effects of changes in foreign exchange rates)
Cash and cash equivalents at end of period
© ams AG 2015
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