Investor presentation - Second quarter and first half 2015 results (PDF)

ams
Q2 2015 results
Kirk Laney, CEO
Michael Wachsler-Markowitsch, CFO
Moritz Gmeiner, Head of IR
July 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
• Best-in-class solutions for leading OEMs
By the numbers
• 500 analog engineers
• Over 30 years of design experience
• Revenues
Q2 2015 EUR170m/$187m (Q2 2014: EUR106m/$146m)
H1 2015 EUR323m/$360m (H1 2014: EUR193m/$264m)
• 1,800+ 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
71% of revenues (H1 2015)
29% of revenues (H1 2015)
Sensor solutions,
sensor interfaces
Power
management
Wireless
© ams AG 2015
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OUR MARKETS
CONSUMER & COMMUNICATIONS
INDUSTRIAL, MEDICAL, AUTOMOTIVE
© ams AG 2015
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Light sensors
Worldwide leader in intelligent integrated light sensors
Sensor solutions
• Gesture - hand movement sensing near
device surface creates touchless interface
• RGB color - full light spectrum/light temperature
analysis enhances display quality
• Ambient light (ALS) - monochromatic ambient
light measurement for display management
• Proximity (Prox) - skin proximity detection
to control display/touchscreen on-state
Gesture module in
multiple platforms,
pipeline for new
applications
Broad coverage of consumer electronics markets
• Smartphones, tablet PCs, mobile devices, HDTV, PCs, notebooks
New areas: Cognitive industrial lighting, new consumer application
• Major opportunities over coming years
• Combining LED driver and sensor technologies for building lighting
• New light sensor-based technology for consumer devices
© ams AG 2015
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Wireless solutions – NFC, RFID
NFC solutions for mobile transactions
(Boosted NFC)
NFC boost license
• Patented antenna boost technology
agreement with
with high performance ALM
major NCC vendor
• Best-in-class NFC reliability for smartphones, mobile devices and wearables
• Smartphone/device NFC, boosted secure
elements, NFC on SIM/microSD card and
reader implementations
• Multi-year roadmap to exploit technology leadership
• License agreement with major NFC controller chip (NCC)
vendor targeting high volume consumer opportunities
RFID solutions for authentication
• Integrated one-chip UHF readers and RFID solutions
for lower cost RFID deployment
• Materials tracking and authentication, supply chain security
© ams AG 2015
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Audio: MEMS microphone ICs, ANC
MEMS microphone interface ICs
•
•
•
•
Market leader in dynamic market
Product portfolio serving wide spectrum of
end customer requirements
Leading position in low noise solutions
Strong customer partnership focusing on
high value market segments
ANC moving into
in-box bundled
accessories
ANC (active noise cancellation)
•
•
•
•
Technology leader offering pure analog
noise reduction, no DSP needed
Significant audio quality improvement
Very low power, minimized footprint
High volume opportunities in smartphones and mobile devices
© ams AG 2015
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Power management solutions for mobile devices
Specialty PMICs and power management components for optimum system performance
Specialty PMIC and power management solutions
• High performance PMIC design to
drive low-power system performance
• Added value for clamshell devices
and small form factors including wearables
• Tight analog integration allows significantly
reduced footprint
• Programmable solutions maximize battery
life and enable superior device performance
Building
power management
revenue pipeline
© 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
• Broad portfolio of integrated high performance Hall sensors
Building automation and security
• HVAC + Safety
• Sensor networking and bus systems
Environmental sensing
• Relative humidity, pressure and temperature
Seismic sensor interfaces
© ams AG 2015
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Emerging: Cognitive industrial lighting
Smart lighting management integrates sensing and control to unlock energy savings
Sensor innovation
• Industry’s first integrated IoT-connected
chip-scale smart lighting managers
• Photopic sensors with nano-optic filters, high
efficiency LED drivers and wireless connectivity
• Ambient daylight sensing delivers constant
lux levels as amount of outside light varies
• Cost-effective sensing, control and connectivity
for luminaires and light engines
First products
sampling for major
mid-term opportunity
Benefits
• Significant energy savings potential from smart LED illumination
• Integrated system-level sensing and control for major reduction
in system cost and time-to-market
• Protocol-agnostic networked architecture for easy IoT connectivity
• Smart lighting sensor solutions bring convergent IoT sensor hubs
to smart buildings
© 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 and throttle position
• Transmission (clutch, gear shift)
• Steering wheel angle and torque
• Brushless motor control applications
LIDAR collision
avoidance ADAS
continues model
penetration
Battery power management
• Battery management for conventional, hybrid, and electric vehicles
• High efficiency power management
Safety systems and ADAS
• Collision avoidance LIDAR systems (ADAS for object detection)
• ESP (Electronic Stability Program), FlexRay® data networks
Environmental sensing
• Air quality sensing
• Relative humidity and temperature sensing
© ams AG 2015
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Scalable manufacturing model
In-house capacity + manufacturing partnerships
Wafer manufacturing, Austria
• 200mm in-house fab (180-190k wafer equiv. p.a.)
• CMOS + specialty analog, down to 180nm
• Best-in-class efficiency
• Multi-source security: TSMC, UMC, GF
Plan to rent new
custom-built
U.S. wafer fab,
ramp early 2018
New wafer fab project in upstate New York, USA
• Plan to rent new fab custom-built by State of New York
• No depreciation on fab, significant cost-per-wafer benefits
• First buildout: 150k+ 200mm-wafer equiv. p.a., 130nm capable
• Production ramp expected early 2018
Assembly and test
• In-house test in Austria and the Philippines
• End-to-end fully integrated supply chain
© ams AG 2015
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Global value chain
Headquarters
Design centers
Test center
Sales offices
•
•
•
New design center in the Netherlands from CMOS sensor acquisition
14 design centers
Austria, Switzerland, Italy (2), Spain, Slovenia, Germany (2), Netherlands,
Finland, USA (2), India, Japan
High volume test center
Philippines
© ams AG 2015
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Company highlights
Analog makes sense
© ams AG 2015
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Key figures
EURm
(IAS)
H1 2015
H1 2014
Q2 2015
Q2 2014
Total revenues
322.9
+ 67.6%
192.6
169.5
+ 59.5%
106.3
Gross margin
(excl. acquisition-related costs)
(incl. acquisition-related costs)
56%
54%
56%
54%
56%
54%
57%
55%
Result from
operations
(EBIT)
(excl. acquisition-related costs)
(incl. acquisition-related costs)
90.5
82.8
44.3
39.4
48.5
44.6
26.4
24.0
84.0
+ 127.7%
36.9
41.8
+ 88.1%
22.2
1.28 / 1.23
1.22 / 1.17
0.66 / 0.632)
0.54 / 0.522)
0.63 / 0.61
0.61 / 0.58
0.40 / 0.382)
0.33 / 0.312)
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
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Financial results
EURm
Total revenues
Total revenues by market H1 2015
500
400
Industrial,
Medical,
Automotive
+ 68%
300
322.9
200
192.6
169.5
106.3
H1 2014 H1 2015
Q2 2014 Q2 2015
Total revenues by region H1 2014 /H1 2015
100%
80%
48%
65%
150
Asia/Pacific
40%
47%
H1 2014
150.7
133.3
100
5%
0%
Total backlog
200
60%
20%
Consumer &
Communications
71%
+ 59%
100
0
29%
4%
Americas
31%
Europe (EMEA)
H1 2015
Consignment
stock agreements
approx. EUR15-18m
50
0
Mar 31 2015
Jun 30 2015
© ams AG 2015
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Financial results
EURm, % of revenues
Gross profit, gross margin
R&D
100
300
56.5%1) 56.0%1)
17.8%
75
200
175.7
56.6%1) 56.0%1)
15.6%
16.8%
50
50.3
100
104.6
92.3
34.4
25
58.1
0
H1 2014 H1 2015
17.9
Q2 2014 Q2 2015
SG&A
H1 2014 H1 2015
26.7
Q2 2014 Q2 2015
EBIT
125
100
25.6%2)
2)
100 20.5%
17.8%
75
14.8%
75
17.1%
50
14.7%
47.8
34.2
25
18.2
0
0
15.7%
H1 2014 H1 2015
1)
25.0
Q2 2014 Q2 2015
excl. acquisition-related costs
82.82)
26.3%2)
22.6%2)
50
44.62)
39.42)
25
24.02)
0
H1 2014 H1 2015
2)
Q2 2014 Q2 2015
incl. acquisition-related costs
© ams AG 2015
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Financial results
EURm, % of revenues
Net result, EPS (basic/diluted)
Operating cash flow
125
150
CHF 1.28/1.23
EUR 1.22/1.17
100
75
CHF 0.66/0.631)
EUR 0.54/0.521)
120
CHF 0.63/0.61
EUR 0.61/0.58
CHF 0.40/0.381)
EUR 0.33/0.311)
36.9
23.0%
90
84.0
50
25
25.0%
41.8
31.9%
30
48.2
33.9
22.2
0
H1 2014 H1 2015
Q2 2014 Q2 2015
Net cash, cash + short term investments
Net cash
250
Cash + short term invest.
0
H1 2014 H1 2015
199.2
60
40
40.0
100
71.9
11.2
0
14.1%
H1 2014 H1 2015
adjusted for share split of 1:5
16.0%
11.9%
20
17.0
0
1)
45.7
45.4
H1 2014 H1 2015
Q2 2014 Q2 2015
80
150
50
30.1
Capital expenditures
20.8%
200
17.8%
74.4
60
H1 2014 H1 2015
20.1
Q2 2014 Q2 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)
H1 2015
H1 2014
Q2 2015
Q2 2014
322.9
300.4
22.5
192.6
172.3
20.3
169.5
157.6
11.9
106.3
95.5
10.8
Gross profit
• Gross margin (incl. acquisition-related costs)
175.7
54.4%
104.6
54.3%
92.3
54.4%
58.1
54,7%
Research and development
Selling, general and administrative
Other operating income/expenses
- 50.3
- 47.8
5.3
- 34.4
- 34.2
3.4
- 26.7
- 25.0
3.9
- 17.9
- 18.2
2.0
82.8
39.4
44.6
24.0
Operating margin
25.6%
20.5%
26.3%
22.6%
Net financing result
7.4
- 0.8
0.6
- 0.7
Result before tax
Income tax result
90.2
- 6.2
38.6
- 1.7
45.2
- 3.4
23.3
- 1.1
Net result
84.0
36.9
41.8
22.2
1.28 / 1.23
1.22 / 1.17
0.66 / 0.632)
0.54 / 0.522)
0.63 / 0.61
0.61 / 0.58
0.40 / 0.382)
0.33 / 0.312)
Total revenues
• Products
• Foundry
Result from operations (EBIT)
(incl. acquisition-related costs)
•
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
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Balance sheet
EURm
Jun 30,
2015
Dec 31,
2014
Liabilities and equity
Jun 30,
2015
Cash and short term invest.
Trade receivables
Inventories
Other current assets
199.2
101.6
64.4
16.8
229.6
79.0
59.9
18.3
Interest-bearing debt
Trade liabilities
Provisions
Other liabilities
4.8
46.0
42.7
43.9
38.5
51.0
37.6
42.1
Total current assets
381.9
386.7
Total current liabilities
137.4
169.2
Fixed assets
Intangible assets
Investments
Deferred tax asset
Other non-current assets
233.4
331.6
1.6
34.2
8.2
204.1
315.7
6.5
34.1
7.7
Interest-bearing debt
Employee benefits
Provisions
Deferred tax liabilities
Other liabilities
148.9
28.5
29.9
19.4
7.3
146.1
27.0
27.1
20.8
8.9
Total non-current assets
609.0
568.2
Total non-current
liabilities
Shareholders’ equity
233.9
230.0
619.6
555.8
Total liabil. and equity
990.9
955.0
Assets (IAS)
Total assets
990.9
955.0
Dec 31,
2014
© ams AG 2015
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Cash flow statement
EURm
(IAS)
H1 2015
H1 2014
Q2 2015
Q2 2014
Income before tax
Depreciation
90.2
23.9
38.6
17.2
45.2
12.0
23.3
8.8
Cash flow from operations
74.4
48.2
30.1
34.0
Capital expenditures
- 45.7
- 40.0
- 20.1
- 17.0
Cash flow from investing activities
- 57.5
- 55.3
- 16.7
- 32.4
Proceeds from borrowings
Repayment of borrowings
Dividends paid
Changes resulting from capital increase
64.1
- 33.7
- 22.8
0.9
1.0
- 0.4
- 14.1
2.6
32.8
- 33.7
- 22.8
0.4
1.0
- 0.4
- 14.1
1.2
Cash flow from financing activities
- 68.1
- 26.1
- 27.0
- 24.2
Change in cash and cash equivalents
- 44.6
- 32.8
- 15.8
- 22.3
159.1
50.5
159.1
50.5
(incl. effects of changes in foreign exchange rates)
Cash and cash equivalents at end of period
© ams AG 2015
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