2010 earnings - riber · (x11 vs. 2009) riber – 2010 full-year earnings – march 2011 11110000...

2010 earnings

March 24, 2011

Contents

RIBER’s profile

Business in 2010

Strong growth in earnings over 2010

Riber – 2010 full-year earnings – March 2011 2

Strong growth in earnings over 2010

Growth drivers

Outlook

Stock market data

RIBER in brief

RIBER is the specialist for systems producing semiconductor alloys and

depositing complex materials in ultra-thin layers

Global market leader for molecular beam epitaxy (MBE)

Recent diversification on groundbreaking technologies: CIGS solar cells, OLED, new generation MRAM and CMOS

RIBER machines and equipment make it possible to develop very high-


RIBER machines and equipment make it possible to develop very high-

performance compound materials

Quicker microprocessors and memory

Low-consumption and high-intensity lighting

Fine sensors (luminosity, magnetism, molecular structure, etc.)

RIBER, leading-edge technological expertise in the nanotechnology

sector, recognized by the best research establishments

Molecular beam epitaxy (MBE) machines

Service contracts, accessories and spare

parts

Material deposit industrial tools and

effusion cells

Development

around three product lines

MBE cells OLED cells


• Technical and scientific support;• Technical support on request for

system upgrades;• Curative and preventative

maintenance service (decontamination, cleaning and refurbishing, etc.)

RIBER is an integrated company with control over its entire value chain

54% of 2010 revenues 15% of 2010 revenues 31% of 2010 revenues

Selenium deposit tools for producing solar panels

Molecular Beam Epitaxy (MBE)

Growth chamber


Epitaxy substrate

Molecular beam

Molecular beam shutter

Evaporation sources

Growth chamber

Cells: OEM positioning

OLED production value chain


© Tokki

Global base of leading clients

Two profiles for RIBER clients

University

laboratories and


Industrial firms from

electronic,

new energies and

lighting sectors

research centers

Business in 2010

2010 highlightsSystems business

"Systems" revenues up 10%

10 systems delivered, including 2 production systems

Good level of orders, with 16 systems in 2010, compared with 12 in 2009

Continued dynamic commercial development on the research market: 11 research systems sold in 2010

Clear upturn on industrial markets: 5 production systems sold in 2010, following a


Clear upturn on industrial markets: 5 production systems sold in 2010, following a sluggish year in 2009

Strong development of sales in emerging markets, with 11 machines ordered in Russia, India, China and Singapore

Active innovation policy maintained, with new models of MBE systems

currently being developed

Two new models of MBE systems

Strengthening of the range on GaN and oxide applications

2010 highlightsCells and Components/Services business lines

Effusion cell sales up 24% in relation to 2009

Development of sales of dedicated cells for manufacturing OLED screens, with a significant contract in Asia, further strengthened at the start of 2011

Development of the range of industrial evaporation sources for CIGS solar panel manufacturing and first sales to leading players

Strong growth in the deliverable order book, representing €2.2 M at December 31, 2010 (x11 vs. 2009)


(x11 vs. 2009)

Growth in the services and accessories business in line with objectives:

+38% in relation to 2009

Growth driven by new products and stronger organization

Development buoyed by the upturn in semiconductor markets and moves to capitalize on VG markets

Change in the product mix

At December 31 2010 2009

€ M % € M %

Systems 11.1 54 10.1 58 +10%

Riber – 2010 full-year earnings – March 2011

Of which, production systems 4.6 22 0.0 0 -

Services and accessories 6.5 31 4.8 28 +38%

Cells and sources 3.1 15 2.4 14 +24%

Total 20.7 100 17.4 100 +20%

11111111

Global leadership consolidated

57%27%

16%

Europe

Asia

USA

Breakdown of installed base Breakdown of sales in 2010

36%28%

Europe

Asia


57%27% USA

RIBER controls around 800 installed systems out of a total network of

approximately 1,250 systems (with more than 80% research systems)

Global network of around 30 agents or distributors

Subsidiary in the US and representative office in China

36%

USA

12121212

Strong growth in earningsover 2010

2010 earningsIncome statement

(€ M - IFRS) 2010 2009 ��

Revenues 20.7 17.4 +20%

Margin on cost of sales

% of revenues

7.837.7%

5.833.2%

+36%

Change in provisions on inventories 1.5 0.7 +100%

Gross margin% of revenues

9.344.9%

6.537.4%

+44%


Sales and marketing costsResearch and development costsAdministrative costsOther income and expenses

(3.8)(2.0)(1.5)(0.4)

(2.9)(1.2)(1.7)(0.0)

+31%+62%-13%x18

Operating income% of revenues

1.67.8%

0.63.3%

+180%

Pre-tax earnings 1.8 0.4 x4.2

Net income% of revenues

1.88.6%

0.42.5%

x4.2

Very sound financial positionBalance sheet at December 31, 2010

1.1

9.2

22.8

Fixed assets

Financial assetsShareholders' equity

Assets Liabilities


14.8

11.7

1.1

10.5

Current assets

Cash and near cash

Non-current liabilities

Current liabilities

€35.7 M

Net cash multiplied

by three in two years

Change in net cash position*(€ M)

5.6

9.6


3.0

5.6

2008 2009 2010

* Cash – financial debt

Stronger cash generation

(€ M) 2010 2009

Operating cash flow 5.8 3.6

Of which, cash flow from operations after cost of financial debt and tax

3.5 0.4

Change in working capital 1.0 4.0

Condensed cash flow statement


Investing cash flow (1.1) (0.6)

Financing cash flow (0.8) (0.5)

Change in cash position 3.9 2.5

Opening cash position 6.6 4.1

Closing cash position 10.5 6.6

Improving financial ratios

(IFRS) 2010 2009

Operational return on capital

Cash flow from operations / equity 15.2% 1.6%

Cash flow

Cash flow from operations / revenues 16.7% -1.3%


Cash flow from operations / revenues 16.7% -1.3%

Financial independence

Equity / balance sheet total 64.0% 73.4%

R&D

% of payroll for R&D 17.2% 18.7%

2010 dividend

2010 2009 2008

Dividend per share €0.06 €0.04 NA


Dividend per share €0.06 €0.04 NA

Average share price €1.82 €1.16 €1.03

Yield 3.3% 3.4% NA

Growth drivers

Research

Production

Business model

with technological drivers identified

MBE 49 oxide

200 mm

Evaporation sources


1996 2000 2004 20081990 19941982 19861978 2012

VAC500

VAC 6000/20000

V-S/G RF-Se

V-S/G-Se

Evaporation sources

MBE

Jet Se 40000

OLED

Solar

Strategy

Continuing to develop the Services business

Developing the MBE Systems range

New applications

Clusters and instrumentation

Developing the MBE Cells range


Developing the MBE Cells range

Stronger sales drive

Rationalization of the range

Developing the OEM Cells range

Factory testing on CIGS cells with Leybold Optics

Major OLED Gen 5.5 contracts in Asia

New concepts for OEM MBE systems

Looking for industrial partnership

Strengthening the leadership on MBE systems

Improving the products and continuing to roll out an aggressive sales

policyContinued market share gains on the research marketTechnological lead to capitalize on the upturn on industrial marketsImpetus from new entrants in microelectronics research (Russia, India, China)

Showcasing RIBER’s qualityHighlighting RIBER’s innovation and quality in all requests for proposals


Highlighting RIBER’s innovation and quality in all requests for proposalsProviding faultless service support

Participating in the development of future applicationsClose ties with the scientific community and new industrial partnersNew model for MBE systems under development New applications

Target to sell 16 MBE machines ever year from 2012

Further strengthening service activities

Capitalizing on the installed base of around 800 MBE systems to

further strengthen revenues for spare parts, services and components

Change in service revenues (€ M)

4,8

6,5

Structuring the businessRationalization of the product portfolioStrengthening of the teams

Renewing the commercial offeringSupport contract policyProfitable management of system obsolescence


3,7

2008 2009 2010

Revenue target of €8 M for 2012

Profitable management of system obsolescence

Improving the service offering on emerging

marketsStrengthening of the team based in Shanghai Continued development in India and Russia

Maximizing use of the fleet of VG machinesContracts with the main industrial clientsInsourcing of the offering

Positioning the group on

high-potential applications

Supplying OEM components for OLED production

Development of dedicated cells for manufacturing OLEDs (Organic

LEDs)Applications: high-luminosity flexible screens,

Growing use of OLEDs

in flexible screen applications


flexible screens, production of lighting surfaces, signage

Industrialization of a range of

OLED cells and first major

contracts

250% growth in OLED

revenues in 2011

Source: Displaysearch, 2010

Positioning the group on

high-potential applications

Supplying OEM components for manufacturingthin-layer solar panels (CIGS, etc.)

Development of cells for manufacturing

thin-layer solar panels with CGIS alloysApplications: high-output CIGS panels (< $1 / Watt)5 cells required to produce 100 MW

Thin-layer solar cell market (installed capacity per year in MW)

20000

25000


5 cells required to produce 100 MWRoll-to-roll industrial production

Production units in

partnership with

leading players

(Leybold Optics,

etc.)

Source: GBI Research, 2010

0

5000

10000

15000

2009 2010 (p) 2012 (p) 2014 (p) 2016 (p) 2018 (p) 2020 (p)

Pro

ductio

n (

MW

)

Participating in the

development of future MBE applications

"More than Moore” program MBE, a response to the calculation speed and storage challenges

RIBER's strong focus on the silicon production sector with

the MPVD300Active participation in the development of semiconductor manufacturing techniques expected from 2015 onApplications: compound semiconductor passivation and ultrarapid MRAM and CMOS manufacturing


MRAM and CMOS manufacturing

Development of a very competitive oxide layer depositing

technique in conjunction with IMEC

System in qualification phase with a major industrial player

in Asia

MPVD300

In time, incorporating molecular beam epitaxy into the silicon manufacturing chain

Outlook

2828

Strong visibility

Order book up 3.8x over one year

2.0

6.5

21.8


Systems Components and after-sales service

(€ M)

Feb 28, 2010 Feb 28, 2011

Cells

3.0

1.9

5.613.3

Outlook for 2011

Further growth in revenues

Positive trend for systems sales

Growth in cells business driven by new technologies

Development of customer service and accessories sales

Further improvement in profitability


Further improvement in profitability

Major potential for development over the medium and long term

30

Stock market and shareholding

Shareholding structure

Listed on NYSE-EURONEXT Paris Eurolist C since 2000

Part of the CAC Small, CAC Mid & Small and CAC IT indexes NG Invest.

21.1%

Shareholding Public NYSE-Euronext information


ISIN: FR0000075954

Reuters: RIBE.PA

Bloomberg: RIB FP

Certification by OSEO-ANVAR, the dedicated French innovation agency, renewed in July 2009, enabling it to qualify for French innovation mutual funds (FCPI)

ISA Finances

14,0%

Ormylia

7,6

Michel

Picault6,4%

Float 50.9%

Change in the share price


Market capitalization: €68.4 M (€3.54 per share at March 22, 2011)

Questions and answers

2010 earnings - riber · (x11 vs. 2009) riber – 2010 full-year earnings – march 2011 11110000...

Documents