Investor presentation - First quarter 2016 results (PDF)

ams
Q1 2016 results
Alexander Everke, CEO
Michael Wachsler-Markowitsch, CFO
Moritz M. Gmeiner, Head of IR
April 2016
© ams AG 2016
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 2016
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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
• 600+ engineers
• More than 30 years of design experience
• 17 design centers, 2 manufacturing sites
• 2,100+ employees worldwide
• 8,000+ customers
© ams AG 2016
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Our focus
High performance sensors and analog ICs
Target markets
Core expertise
Consumer & Communications
Automotive, Industrial, Medical
65% of revenues (FY 2015)
35% of revenues (FY 2015)
Sensor solutions and sensor interfaces
Power management
Wireless
© ams AG 2016
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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 ALS - full light spectrum/light
temperature analysis improves display quality
• Classic ALS - legacy monochromatic ambient
light sensing for simple display management
• Proximity (Prox) - skin proximity detection
to control display/touchscreen on-state
High performance
light sensing
including gesture
and True Color
Broad coverage of consumer electronics markets
• Smartphones, tablet PCs, mobile devices, HDTV, PCs/notebooks
New opportunities: new consumer applications, industrial lighting
• New light sensor-based technologies to improve consumer devices
• True Color Sensing for advanced analysis of light environment
• Combination of LED driver and light sensing for building lighting
© ams AG 2016
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New business: CMOSIS
Expansion of optical sensor portfolio with high-end CMOS image sensors
Leader in high-end CMOS imaging
• High-performance area and line scan
Multiple growth
CMOS sensors
opportunities in
• Leading position in global shutter
industrial and medical
technology for excellent high-speed
image sensing
performance
• Low noise, global and rolling shutter,
high dynamic range, and high frame
rate solutions
• Advanced applications in machine vision,
medical, broadcast, traffic, scientific and photographic imaging
• Locations in Belgium, Germany, Portugal, U.S.
NanEye <1mm2 camera modules for endoscopy-type medical applications
• Significantly higher picture quality and robustness for better diagnostics
• Path to cost-efficient medical solutions
© ams AG 2016
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Wireless solutions – NFC, RFID
NFC solutions for mobile transactions
(Boosted NFC)
NFC boost license
• High performance ALM antenna boost
agreement with
technology
major NCC vendor
• Highest NFC reliability for wearables,
smartphones, and mobile devices
• Applications in device NFC, small form
factors and readers
• License agreement with major NFC controller chip vendor
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 2016
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Audio: MEMS microphone ICs, ANC
MEMS microphone interface ICs
•
•
•
•
Market leader in dynamic market
Around 1.6bn units shipped in 2015
Leading position in low noise solutions
Strong customer partnership focused on
high value market segments
Growing interest for
ANC in smartphonebundled earphones
ANC (active noise cancellation)
•
•
•
•
High performance technology offering pure analog
noise reduction, no DSP required
Significant audio quality improvement
Very low power consumption, minimized footprint,
comprehensive roadmap for enhanced feature set
High volume opportunities in smartphone/earphone applications
© ams AG 2016
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Industrial
Sensor solutions and sensor interfaces
Industrial automation, control, and sensing
• Motion control
• Industrial sensors including time-based sensors
• Drives and electrical motors
• Seismic sensor interfaces
Sampling CMOS
environmental
sensors
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
• CMOS monolithic relative humidity, pressure and temperature
sensors
© ams AG 2016
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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 2016
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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 object
detection
supports upcoming
applications
Safety systems and ADAS
• Advanced driver assistance/object detection LIDAR systems
• ESP (Electronic Stability Program), data bus networks
Battery power management
• Battery management for conventional, hybrid, and electric vehicles
• High efficiency power management
Environmental sensing
• Air quality sensing
• Relative humidity and temperature sensing
© ams AG 2016
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Scalable manufacturing model
In-house capacity + manufacturing partnerships
Wafer manufacturing
• 200mm internal fab, Austria
(180-190k 200mm-wafer equiv. p.a.)
• CMOS + specialty analog down to 180nm
• External wafer sources: TSMC, UMC, GF
Construction for
U.S. wafer fab
project started
New wafer fab project in upstate New York, USA
• Renting new custom-built wafer fab from State of New York
• First buildout: 150k+ 200mm-wafer equiv. p.a., 130nm capable
• Construction started, expected start of ramp H1 2018E
• No depreciation on fab
• Significantly lower per-wafer cost to drive margin benefits
Test and assembly
• In-house test in Austria and the Philippines
• End-to-end fully integrated supply chain
© ams AG 2016
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Global value chain
Headquarters
Design centers
Test center
Sales offices
•
•
17 design centers
Austria, Switzerland, Italy (2), Spain, Slovenia, Germany (3), Belgium,
Netherlands, Portugal, Finland, USA (2), India, Japan
High volume test center
Philippines
© ams AG 2016
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Company highlights
Analog makes sense
© ams AG 2016
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Key figures
EURm
(IFRS)
Total revenues
2015
2014
Q1 2016
Q1 2015
623.1
+ 34.2%
464.4
137.2
- 10.5%
153.3
Gross margin
(adjusted 1) )
(IFRS reported)
56%
54%
56%
55%
57%
54%
56%
54%
Result from operations
(EBIT)
(adjusted 1) )
(IFRS reported)
167.1
147.3
120.5
105.4
28.2
19.7
43.4
38.2
148.7
+ 52.4%
97.5
13.6
- 67.8%
42.2
2.30 / 2.21
2.16 / 2.08
1.74 / 1.67
1.43 / 1.37
0.22 / 0.21
0.20 / 0.19
0.65 / 0.62
0.62 / 0.59
Net result
EPS (basic/diluted)
1) Adjusted
2) Earnings
CHF2)
EUR
for acquisition-related and share-based compensation costs
per share in CHF were converted using the average currency exchange rate for the respective periods
© ams AG 2016
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Financial results
EURm
Total revenues
700
Total revenues by market 2015
+ 34%
600
Automotive,
Industrial,
Medical
500
623.1
400
300
65%
464.4
- 11%
200
100
0
153.3
2014
2015
Q1 2015 Q1 2016
Total backlog
200
100%
64%
59%
Asia/Pacific
Consignment
stock agreements
approx. EUR 12-16m
150
60%
100
40%
20%
0%
Consumer &
Communications
137.2
Total revenues by region Q1 2015 / Q1 2016
80%
35%
3%
5%
Americas
119.4
126.2
50
33%
36%
Q1 2015
Q1 2016
Europe (EMEA)
0
Dec 31 2015
Mar 31 2016
© ams AG 2016
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Financial results
EURm, % of revenues
Gross profit, gross margin
400
R&D
56.4%1) 56.2%1)
125,0
350.41)
300
100,0
75,0
262.11)
200
56.1%1)
57.0%1)
86.01)
78.21)
100
0
2014
2015
16.6%
Q1 2015 Q1 2016
SG&A
17.3%
107.8
77.0
50,0
15.4%
25,0
23.7
0,0
2014
2015
24.0%
32.9
Q1 2015 Q1 2016
EBIT
16.5%
100
200
15.0%
76.9
100
50
14.9%
26.8%1)
167.11)
150
93.5
75
26.0%1)
120.51)
28.3%1)
17.1%
20.5%1)
50
25
22.8
0
2014
1)
2015
43.41)
23.5
Q1 2015 Q1 2016
0
2014
Excluding acquisition-related and share-based compensation costs
2015
28.21)
Q1 2015 Q1 2016
© ams AG 2016
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Financial results
EURm, % of revenues
Net result, EPS (basic/diluted)
175
180
CHF 2.30/2.21
EUR 2.16/2.08
150
125 CHF 1.74/1.67
EUR 1.43/1.37
100
97.5
75
120
CHF 0.65/0.62
EUR 0.62/0.59
CHF 0.22/0.21
EUR 0.20/0.19
42.2
25
13.6
2015
240
Net cash
180
Cash + short term invest.
215.7
120
-180
25.1%
5.5%
30
38.5
2014
2015
Q1 2015 Q1 2016
Capital expenditures
100
15.1%
12.9%
80.1
60
70.1
61.0
40
16.7%
20
25.5
-161.5
0
Q1 2015 Q1 2016
7.5
80
-60
-120
124.1
155.0
60
0
155.6
60
Q1 2015 Q1 2016
Net cash, cash + short term investments
25.0%
90
0
2014
26.7%
150
148.7
50
0
Operating cash flow
Q1 2015 Q1 2016
2014
2015
15.9%
21.9
Q1 2015 Q1 2016
© ams AG 2016
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ams
Shaping the world with sensor solutions
© ams AG 2016
Profit and loss statement
EURm
(IFRS)
2015
2014
Q1 2016
Q1 2015
Total revenues
• Products
• Foundry
623.1
579.0
44.1
464.4
425.0
39.4
137.2
127.5
9.7
153.3
142.8
10.6
Gross profit
339.2
253.2
73.9
83.4
•
•
56.1%
54.4%
56.4%
54.5%
56.4%
53.9%
56.0%
54.4%
- 107.8
- 93.5
9.3
- 77.0
- 76.9
6.0
- 32.9
- 23.5
2.3
- 23.7
- 22.8
1.4
Result from operations (EBIT)
147.3
105.4
19.7
38.2
•
•
26.0%
23.6%
25.0%
22.7%
19.0%
14.4%
27.4%
24.9%
11.7
- 1.2
- 5.4
6.8
Result before tax
Income tax result
158.9
- 10.3
104.1
- 6.6
14.4
- 0.8
45.0
- 2.8
Net result
148.7
97.5
13.6
42.2
Gross margin (excl. acquisition-related costs)
Gross margin (IFRS reported)
Research and development
Selling, general and administrative
Other operating income/expenses
EBIT margin (excl. acquisition-related costs)
EBIT margin (IFRS reported)
Net financing costs
© ams AG 2016
Page 20
Balance sheet
EURm
Mar 31,
2016
Dec 31,
2015
Liabilities and equity
Mar 31,
2016
Cash and short term invest.
Trade receivables
Inventories
Other current assets
155.0
95.9
80.3
30.0
143.9
88.7
79.8
28.7
Interest-bearing debt
Trade liabilities
Tax liabilities
Provisions
Other liabilities
95.4
42.2
41.0
33.8
29.5
75.0
58.6
46.3
34.7
31.0
Total current assets
361.3
341.0
Total current liabilities
242.0
245.6
Fixed assets
Intangible assets
Investments
Deferred tax asset
Other non-current assets
262.3
568.1
1.7
34.8
6.2
256.6
582.0
1.9
34.8
7.0
Interest-bearing debt
Employee benefits
Provisions
Deferred tax liabilities
Other liabilities
221.1
33.1
0.0
55.5
5.9
200.2
32.4
0.0
57.9
6.0
Total non-current assets
873.2
882.3
Total non-current
liabilities
Shareholders’ equity
315.6
296.6
676.9
681.2
1,234.5
1,223.4
Assets (IFRS)
Total assets
1,234.5
1,223.4
Total liabil. and equity
Dec 31,
2015
© ams AG 2016
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Cash flow statement
EURm
(IFRS)
2015
2014
Q1 2016
Q1 2015
Income before tax
Depreciation
158.9
47.9
104.1
37.3
14.4
15.1
45.0
11.9
Cash flow from operations
152.9
126.0
7.5
38.5
Capital expenditures
- 80.1
- 70.1
- 21.9
- 25.5
Cash flow from investing activities
- 287.2
- 108.9
- 16.5
- 40.8
Proceeds from borrowings
Repayment of borrowings
Dividends paid
220.3
- 149.6
- 22.8
125.3
- 0.8
- 14.1
45.9
- 4.6
0
31.3
- 61.2
0
24.4
99.1
29.3
- 35.4
-100.1
120.3
15.5
- 28.8
103.6
203.7
119.1
174.8
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 2016
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