2010 earnings - riber · (x11 vs. 2009) riber – 2010 full-year earnings – march 2011 11110000...
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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 – 2010 full-year earnings – March 2011 333
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
Riber – 2010 full-year earnings – March 2011 4
• 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
Riber – 2010 full-year earnings – March 2011 555
Epitaxy substrate
Molecular beam
Molecular beam shutter
Evaporation sources
Growth chamber
Cells: OEM positioning
OLED production value chain
Riber – 2010 full-year earnings – March 2011 6
© Tokki
Global base of leading clients
Two profiles for RIBER clients
University
laboratories and
Riber – 2010 full-year earnings – March 2011 7777
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
Riber – 2010 full-year earnings – March 2011 9999
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)
Riber – 2010 full-year earnings – March 2011 10101010
(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
Riber – 2010 full-year earnings – March 2011
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%
Riber – 2010 full-year earnings – March 2011 14141414
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
Riber – 2010 full-year earnings – March 2011 15151515
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
Riber – 2010 full-year earnings – March 2011 1616
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
Riber – 2010 full-year earnings – March 2011 17171717
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%
Riber – 2010 full-year earnings – March 2011 18
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
Riber – 2010 full-year earnings – March 2011 19
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
Riber – 2010 full-year earnings – March 2011 21
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
Riber – 2010 full-year earnings – March 2011 2222
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
Riber – 2010 full-year earnings – March 2011 23
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
Riber – 2010 full-year earnings – March 2011 24
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
Riber – 2010 full-year earnings – March 2011 25
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
Riber – 2010 full-year earnings – March 2011 26
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
Riber – 2010 full-year earnings – March 2011 27
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
Riber – 2010 full-year earnings – March 2011 2929
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
Riber – 2010 full-year earnings – March 2011
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
Riber – 2010 full-year earnings – March 2011 323232
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
Riber – 2010 full-year earnings – March 2011 333333
Market capitalization: €68.4 M (€3.54 per share at March 22, 2011)
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