first sensor - we empower the future · 2019-12-31 · | 8 sales revenues (eur m)/cagr strategy...

COMPANY PRESENTATION

WE LEAD THE FUTURE

www.first-sensor.com | 2

OUR EXECUTIVE BOARDDr. Rothweiler and Dr. Gollwitzer are experienced industry managers

Dr. Dirk RothweilerCEO

since Jan. 1, 2017appointed until Dec. 31, 2019

Dr. Mathias GollwitzerCFO

since Aug. 10, 2015appointed until Aug. 9, 2022

2015 CFO, First Sensor AG

2012 Vice President Group Controlling, EnBW Energie Baden-Württemberg AG

2008 CFO, Mercedes-Benz France SAS

2006 Director Corporate Controlling, DaimlerChrysler AG

2005 CFO, DaimlerChrylser Belgium/Luxembourg NV/SA

2002 Director Research and Technology, Daimler AG

1999 CEO, Temic Sprachverarbeitung GmbH

1995 Director Division Controlling, Telefunken Systemtechnik GmbH

1992 Expert Adviser Finance/Controlling, Deutsche Aerospace AG

2017 CEO, First Sensor AG

2008 Executive Vice President Optical Systems, Jenoptik AG

2005 Vice President Sales and Service, TCZ

2000 Managing Director Asia-Pacific, Süss Microtec Co. Ltd.

1999 Director Sales & Marketing, Süss Microtec AG

1995 Project Manager for the Semiconductor Technology Division, Carl Zeiss

1995 Doctorate from the Department of Engineering, RWTH Aachen

FIRST SENSOR AT A GLANCE


OUR COMPETENCIESWith chip & packaging expertise we offer standard sensors & solutions

SENSOR SOLUTIONS & SYSTEMS

STANDARD SENSORS

MICROELECTRONIC PACKAGING

SEMICONDUCTOR PRODUCTION

SALES SHARE

30%

SALES SHARE

70%


OUR COMPETENCIESWe are an expert for photonics, pressure & advanced electronics

Photonics Pressure Advanced ElectronicsSALES SHARE

40%

SALES SHARE

45%

SALES SHARE

15%


OUR PRESENCEWe are internationally positioned


SALES SHARENORTH AMERICA

12% SALES SHAREEUROPE

76%

SALES SHAREASIA

12%


OUR PRESENCEAround the globe, we are active in three growing B2B markets

Length Measurement

Radiation and Security

Smart Building

Industrial Process Control

Aerospace

Breathing and respiration

Dialysis

Endoscopy

Diagnostics

Advanced driver assistance systems

OEM pressure sensors

SALES SHARE INDUSTRIAL

50%

SALES SHARE MEDICAL

20%

SALES SHARE MOBILITY

30%


Sales revenues (EUR m)/CAGR

Strategy

New APD generation for autonomous machines

Expanding pressure business in Asia with H and K series

Strengthening photonic business in North America

Global Electronics Market (EUR bn)

INDUSTRIAL AT A GLANCEWe support customers’ increasing demand for industrial automation

2016 2017 2018 2019Source: ZVEI

2014 2018e

3.8%

+/-0% +6% +5% +4%

Competitors


Global Medtech Market (US-Dollar bn)

Competitors

MEDICAL AT A GLANCEWe participate in the ongoing technical progress in medicine

2018 2019 2020 2021


Source: Evaluate Ltd.

2014 2018e

11.7%

+5.3%+5.5% +5.1% +4.9%

Strategy

Next generation H series

Increasing production capacities

Growth with digital imaging


Strategy

Volume production with new camera family

Sensor fusion with Embedded ECU & software competencies

Growth with commercial & special vehicles

Light vehicles sales volume (m)

MOBILITY AT A GLANCEWe are a strategic partner for realizing a new idea of transportation


Source: AlixPartners

2014 2018e

7.9%

2018 2019 2020 2021

+2.1%+3.2% +3.0% +2.9%

Competitors


2014 2018e2014 2018e

2014 2018e 2014 2018e

FINANCIAL FIGURES AT A GLANCEWe improved sales revenues, profitability and financial strength


Net debt (EUR m)

EBIT (EUR m)/CAGR

Earnings per share (EUR)

10

6.4%

- 15.8%

31.9%

+ 0.70€

OUR STRATEGY FOR PROFITABLE GROWTH



Target Markets Key Products & Customers Forward Integration Internationalisierung

Industrial

Medical

Mobility

Sensor System

Sensor

Component

Chip

We generate and utilize economies of scale in four dimensions

Internationalization

Germany

Europe

North America

Asia

1 2 3 4

Operative Excellence

Key Customers

> 1 M € p.a.

Key Products

> 1 M€ p.a.




Sensor System

Sensor

Component

Chip



Germany

Europe

North America

Asia

1 2 3 4


Key Customers

> 1 M € p.a.

Key Products

> 1 M€ p.a.

Industrial

Medical

Mobility


Source: Sick AG

DIMENSION 1: CLEAR FOCUS ON THREE TARGET MARKETSThe industrial market is marked by smart processes

Intelligent sensor systems controlapplications such as conditionmonitoring, predictive maintananceor human-machine collaboration.


DIMENSION 1: CLEAR FOCUS ON THREE TARGET MARKETSThe medical market is characterized by miniaturization & digital health

Devices in the nanometer range for new applications, e.g. ventilators for home use, are no longer merely visions of the future.


DIMENSION 1: CLEAR FOCUS ON THREE TARGET MARKETSThe mobility market is driven by a new idea of transportation

The trend towards partially and fully autonomous vehicles is possible only thanks to sensor-based driver assistance systems.




Industrial

Medical

Mobility

Sensor System

Sensor

Component

Chip



Germany

Europe

North America

Asia

1 2 3 4


Key Customers

> 1 M € p.a.

Key Products

> 1 M€ p.a.


Single respective product developments result in relatively large quantities and therefore sales volumes.

Sales per head in both sales and engineering increases – our existing team will be able to handle larger revenue streams.

Our supply chain and own production will gain in productivity and can be managed with fewer resources per revenue.

With higher quantities per part, our purchasing power will increase.

With more varietal purity we increase the stability of our value creation process.

Lead time, on time delivery and quality will improve as a result.

„Mix & Noise“ in operations are decreased due to reduced parts variety and transactions per revenue.

Our growth becomes more scalable and our profitability increases.

DIMENSION 2: CLEAR FOCUS ON KEY CUSTOMERS & PRODUCTSWhy is this efficient?

Key Customers Key Products




Industrial

Medical

Mobility

Sensor System

Sensor

Component

Chip



Germany

Europe

North America

Asia

1 2 3 4


Key Customers

> 1 M € p.a.

Key Products

> 1 M€ p.a.


Integrated Manufacturing Services

Multi Sensor Systems

DIMENSION 3: CLEAR FOCUS ON FORWARD INTEGRATIONWe base our forward integration initiatives on clear product roadmaps

Radiation

FlowLevel

Pressure Acceleration

Optical




Industrial

Medical

Mobility

Sensor System

Sensor

Component

Chip



Germany

Europe

North Amerika

Asia

1 2 3 4


Key Customers

> 1 M € p.a.

Key Products

> 1 M€ p.a.


We have started six core initiatives to improve our operative excellence

Lead Time, On-Time Delivery, Quality

Top Initiatives

Harmonized Core Processes

Portfolio Optimization

OneERP

THE FUNDAMENT: FOCUS ON OPERATIVE EXCELLENCE

Implemented at 4 sites, next 2 sites in 2019

Ongoing project

T‘s & C‘s Harmonization

Continued project execution

Portfolio Consolidation Review of further product families


THE FUNDAMENT: FOCUS ON OPERATIVE EXCELLENCEPortfolio consolidation: Casestudy for one selected product family

PRODUCTS

A products B products C products

CU

STO

MER

S

A c

ust

om

ers 11 %

products8 % 5 %

69 %customers

6 % > 1 %

B c

ust

om

ers 6 % 12 % 17 %

12 % 9 % 1 %

C c

ust

om

ers > 1 % 3 % 38 %

> 1 % > 1 % 2 %

Threshold order quantities for new products

Minimum order quantities for existing products

Recommendation of product alternatives

Last call options if necessary

Bundling of demand

Top Measures

GROWTH DRIVERS


GROWTH DRIVERSWe concentrate on three growth drivers

Camera Pressure

LiDAR



Camera Pressure

LiDAR


GROWTH DRIVER LIDARMain reasons for accidents are preventable human mistakes

Mistakes of car drivers1 63.9 %

Mistakes of bicyclists 2 13.5 %

Bad road conditions3 7.7 %

Mistakes of motorbike riders4 7.2 %

Mistakes of truck drivers5 5.7 %

Mistakes of pedestrians6 3.5 %

Technical issues7 0.9 %Source: German Federal Statistical Office 2016


Autonomous Levels

Level 1

Assisted Driving

Level 2

Partly Automated

Level 3

Highly Automated

Level 4

Fully Automated

Level 5

Driverless

Functionality

Active Cruise Control (ACC)

Lane departure warning system (LDWS)

Lane Keep Assist (LKA)

Park Assist (PA)

Automatic Emergency Brake (AEB)

Driver Monitoring (DM)

Traffic Jam Assist (TJA)

Autopilot on Highway (AP)

Autopilot everywhere

SensorsUltrasonicRadar (long range)

Front CameraSurround Camera

Radar (short range)

Driver CameraLIDAR

SENSOR Fusion SENSOR Fusion

GROWTH DRIVER LIDARTherefore cars become more and more autonomous

++++


GROWTH DRIVER LIDARSensors in vehicles assist the driver and provide more road safety

Surround View

Surround View

Blind SpotDetection

Blind SpotDetection

ParkAssist

Rear ColissionWarning

ParkAssist

Cross TrafficAlert

Traffic Sign Recognition

Lane Keep Assist

Emergency Braking

Pedestrian Detection

Collision Avoidance

Adaptive Cruise Control

Distance Measurement

Long-RangeRadar

Short-/ Medium-Range Radar

LiDAR Camera Ultrasound

Mirror Replacement

Mirror Replacement

Driver Monitoring

Driver Information


GROWTH DRIVER LIDARLiDAR is an important technology for many of these safety applications

Surround View

Surround View

Blind SpotDetection

Blind SpotDetection

ParkAssist


ParkAssist

Cross TrafficAlert


Lane Keep Assist

Emergency Braking


Collision Avoidance



Long-RangeRadar



Mirror Replacement

Mirror Replacement

Driver Monitoring

Driver Information


GROWTH DRIVER LIDARReason: LiDAR provides the highest resolution even for large distances

CriteriaLiDAR

(pulsed ToF)

Radar

Ultra-sonic

Cameras

PMDShort distance

Long distance

Mono Stereo

Max range (m) 150 -250 55 - 100 150 - 200 2 - 440 - 60

(120 coarse)60 7 - 10

Min range (m) 1 0,25 - 1 1 0.25 0.3 0.3 0.3 – 0.8

Precision (m) 0.1 (newer: 0.04) 0.25 – 0.75 0.3 – 3.75 Very good 3 0.2 – 0.3 good

Velocity measurementIndirectly via distance t1-t0

directly via Doppler effect hardly hardlyIndirect via

dist.Indirect via

dist.

Horizontal field of view

30° - 180° 55° Scan: 120° 16°, Scan: 60° 60° 45° - 190° 45° 40 - 69°

Horizontal resolution 0.01° - 1° 10.5° 3.5° bad < 0.1° - 0.3° < 0.1° 0.2°

Vertical field of view

3° - 16° 3° - 13° 3° - 13° 30° 45° 45° 40 - 56°

Verticalresolution

0.8° - 1° 4.5° 4.5° bad < 0.1° < 0.1° 0.2°


GROWTH DRIVER LIDARFirst Sensor is an important supplier for detectors in LiDAR systems

Source: YOLE


GROWTH DRIVER LIDARIn our LiDAR business we stand out through eight key respects

Highest sensitivity for 905nm

AEC-Q 101 qualified APD arrays

20+ years experience in APDs

Chip & packaging company

Lowest noise

Customizing capability for die, package and

modules in-house

ISO TS 16949 certified production and testing

1 2 3 4

5 6 7

Innovative roadmap

8


GROWTH DRIVER LIDARWith our APD we have captured a leading share for more than 10 years

… 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

12 Pixel APD-Array in ceramic package for ACC

Few Pixel APD-Array in SMD packagefor ACC / AEC-Q 101 qualified by FIS

Receiver module withAPD-Array, HV, TIA, MUX, Timing discriminator

Receiver modulewith APD andelectronicsintegrated in onepackage

Industrial hybrids(APD+TIA in one package)

Single APD with amplifier

Gesture recognitionwith 64 pixel APD-Array

DARPA Urban Challenge; First Sensor APDs in all winning teams


GROWTH DRIVER LIDARTherefore we will participate in the growth of the driver assist market

2017: 94 m vehicles produced (2.2% CAGR 17-22, 2017 IHS Markit)

Automotive semiconductor revenue for ADAS grows with 20.9% (CAGR 17-22, 2017 IHS Markit)

Estimates as high as 10% of new cars with self-driving features in 2020

Global driver assist market will grow to $102 billion by 2030

Source: Lux Research 2017



Camera Pressure

LiDAR


GROWTH DRIVER CAMERABesides LiDAR, cameras are irreplaceable for a safe surround view

On Board Sensor Capability LIDAR(Detection &

ranging)

Camera(Monitoring & classification)

RADAR(Detection &

ranging)

V2X & Cellular*

(Information)

Map &Location

(Information)

Detection Performance

Traffic objects Car/Trucks

Motorcycle

Bicycle

Pedestrian

Animal

Debris

Infrastructure traffic constraints

Road marking

Traffic signs

Traffic lights

Path/Road structure

Curve

Guard rails

Wall/ObstacleDynamic Static

360° View

Robustness Rain/Snow

Fog

Night* Depends on coverage


Surround View

Surround View

Blind SpotDetection

Blind SpotDetection

ParkAssist


ParkAssist

Cross TrafficAlert


Lane Keep Assist

Emergency Braking


Collision Avoidance



Long-RangeRadar



Mirror Replacement

Mirror Replacement

Driver Monitoring

Driver Information

GROWTH DRIVER CAMERAThey support and complement LiDAR functionalities


GROWTH DRIVER CAMERAIn our camera business we stand out through eight key respects

Camera to system concept

Embedded ECU platform for sensor

fusion

Long-standing camera experience

Tailor maid solutions also possible in small-

scale production

New industrialized “Blue Next” camera

generation

Automotive network in new markets

Specialist for harsh environment and low-

light applications

1 2 3 4

5 6 7

Production and development “Made

in Germany”

8


GROWTH DRIVER CAMERAWe have many years of experience in the development of cameras

… 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Analog camera harsh environment

Ethernet camera formonitoring/security

with high environment requirements

iCAMreference camera

Quiet Wire Automotive

with Micrel and Marvell PHY

switch technology

iCAM Ethernet interface and

integratedG-Sensor

Digital front view

automotive

Digital front view

automotive

LVDS-VersionOV10635

AR0132 AT

Vx6640 with STV0991 and BroadRreach

BLUE NEXT New camera generation based on modular platform designed for volume production, ASIL-conform

Robust camerafor construction machinery and special vehicles

Embedded System for applications like surround view, mirror replacement, object recognition and ADAS

2 Mpx LVDS camera OV2775


GROWTH DRIVER CAMERAWith our expertise we participate in the growing camera market


GROWTH DRIVER CAMERAOur focus is on target customers & leads with significant annual sales

Segments

Customers

LIDAR Cameras Camera SystemsADAS Systems

Multiple SensorsSensor Fusion

Car OEM &Tier 1

Components Customized cameras

Commercial & Special vehicles

OEM & Tier 1

Components, Subsystems andManufacturing services

Standard cameras, tailor made solutions

Surround view,Mirror replacement,Blind spot detection

Turn assist,Break assist,Platooning,Pedestrian recognition,Autonomous driving


GROWTH DRIVERWe concentrate on three growth drivers

Camera Pressure

LiDAR


GROWTH DRIVER PRESSUREWe offer a broad range from ultra-low to high pressure sensors

H-Family

L-Family

Transmitter

sensEdge sensors

1 mbar100 Pa0,015 psi

10 mbar1 kPa0,15 psi

100 mbar10 kPa1,5 psi

1 bar100 kPa15 psi

10 bar1 MPa150 psi

100 bar10 MPa1.500 psi

1.000 bar100 MPa15.000 psi


GROWTH DRIVER PRESSUREWe cover the value chain from chip to sensors and sensor systems

(Process) Transmitters

Multi sensor systems

Chip

Oil filledSSO/SSI

Cu

sto

mer

sensEdgeModule

Component

Systems or OEM Products

dry packageL/H-Platform


GROWTH DRIVER PRESSUREOur pressure sensors business is driven by megatrends, too

Smart Health Green MobilitySmart Factory

Sou

rce:

Mar

kets

An

dM

arke

ts, K

ESSI

AGlobal market ($100 mn)

Sou

rce:

Sta

tist

a

Global light vehicle assembly & share of alternative drives (mn units)

Sou

rce:

Pw

CA

uto

fact

s

2016

462

2018

513

2020

566

6598

142

2016 2018 2020

Global market ($100 mn)

3% 2018

10%

202010% 50%

2016 2018 2020

10810193

FINANCIAL KEY FIGURES9M INTERIM REPORT


FINANCIAL KEY FIGURESWe reported sales up 6.4% on the previous year’s figure

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Total sales in € million

102.6 114.8 108.2

115.1

92.282.1


FINANCIAL KEY FIGURESDemand in Industrial, Medical & Mobility markets increases constantly

50.8 56.2 53.8 55.5 57.8

15.617.3 24.1 20.4

25.825.8

29.236.8

32.331.5

9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

INDUSTRIAL MEDICAL MOBILITY

114.8108.2

115,1

Sales by target market in € million

92.2

102.6


FINANCIAL KEY FIGURESWe are moving forward with our internationalization

52,3%32,4%

5,2%

9,7%

0,4%

9M 2015

50,6%

32,8%

7,6%

8,6%

0,4%

9M 2016

50,9%

28,3%

10,5%

9,9%

0,4%

9M 2017

49,7%

25,8%

11,9%

11,9%

0,7%

9M 2018

DACH region Rest of Europe North America Asia Rest of World

Sales by region in %


FINANCIAL KEY FIGURESOur strategy for profitable growth shows first results in the EBIT line

11.8 %10.1 %

3.5 2.3 8.4 7.5

4.3%

5.1%

2.2%

7.3%

6.9%

7.5%

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

0

1

2

3

4

5

6

7

8

9

10

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

EBIT in € million EBIT margin in %

4.7 8.6


FINANCIAL KEY FIGURESThis success is also reflected by our net profit and earnings per share

1.4 2.6 0.4 5.9 3.0 5.7

0.12

0.23

0.02

0.54

0.28

0.55

0

1000

2000

3000

4000

5000

6000

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Net profit for the period in € million Earnings per share (EUR)


FINANCIAL KEY FIGURESOur working capital is up due to higher stocks securing further growth

29.031.6

39.2 40.0 41.1 44.5

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Working Capital in € million


FINANCIAL KEY FIGURESTherefore our operating cash flow is further reduced

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Operating cash flow in € million

102.6

8.8

5.6

-1.1

92.2

10.4

7.9

4.1


FINANCIAL KEY FIGURESAt the same time we improved our free cash flow slightly

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Free cash flow in € million

5.0

-2.3

-5.3

4.0

3.2

-2.0


FINANCIAL KEY FIGURESIn total we have continously improved our financial strength

71.273.9 73.1

76.880.2

86.3

48.3 49.0 49.249.7 50.7

53.3

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Shareholders' equity in € million Equity ratio in %


FINANCIAL KEY FIGURESThis is also reflected by a reduced net debt

35.0

31.2

36.1

29.427.5 26.9

9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018

Net debt in € million

THE SHARE


FIRST SENSOR SHAREDespite turbulences at stock exchanges our share is back on track

60,00

80,00

100,00

120,00

140,00

160,00

180,00

01.12.2017 01.01.2018 01.02.2018 01.03.2018 01.04.2018 01.05.2018 01.06.2018 01.07.2018 01.08.2018 01.09.2018 01.10.2018 01.11.2018

First Sensor TecDAX Prime All Share


FIRST SENSOR SHAREOur main investor is considering to sell its shares; we have assigned Goldman Sachs to accompany this process

Market Cap:

Traded Stocks/Day:

30 Day High:

30 Day Low:

Index Ranking Free FloatMarket Capitalization:

Index Ranking Turnover:

€ 189.5 m

22,897

€19.75

€14.00

60

48

Key facts*

* November 15, 2018

FINANCIAL CALENDAR


FINANCIAL CALENDARThe Oddo BHF Forum in Lyon is your next possibility to meet us

When?* What?

10./11.01.2019 Oddo BHF Forum 2019, Lyon

19./20.02.2019 Oddo BHF German Conference 2019, Frankfurt

21.03.2019 Annual Report 2018 & Press Conference, Berlin

03.05.2019 Annual General Meeting 2019, Berlin

14.05.2019 Interim Report Q1 2019

14./15.05.2019 German Spring Conference 2019, Frankfurt

14.08.2019 6M Financial Report 2019

14.11.2019 Interim Report Q3 2019

*As we can not rule out the possibilities of delays, we recommend that you consult the latest set of dates at www.first-sensor.com.

WE LEAD THE FUTURE

This presentation contains forward-looking statements. This presentation does not represent any solicitation to purchase shares of First Sensor AG. Rather it is intended exclusively for information purposes with regard to possible future developments at the company. All future-oriented information in this presentation was produced on the basis of probability-based planning and represents statements regarding the future which cannot be guaranteed. Rounding differences may occur.

First Sensor AG, Investor RelationsT +49 30 63 99 23 760E [email protected]

first sensor - we empower the future · 2019-12-31 · | 8 sales revenues (eur m)/cagr strategy...

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