investora cicor technologies ltd 12092013
TRANSCRIPT
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Investora 2013Cicor Technologies Ltd.
Patric Schoch, CEO ad interim / CFO
12.09.13Investora 2013
Erich Trinkler, Executive Vice PresidentCicor Electronic Solutions
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The Cicor Group
! Global acting Swiss group of leading! PCB (Printed Circuit Boards)! Microelectronics and! Electronic Solutions (Electronic Manufacturing Services) companies
! From engineering and prototyping to high volume production! 11 production sites in Europe and Asia with over 1700 employees! Sales organization in Europe, America, Asia! Listed on the SIX Swiss Exchange: CICN
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Net Sales in CHF million
2008 208,4
2009 160,1
2010 183,02011 178,7
2012 176,0
H1 2013 94,3
2008 -21,6
2009 -7,7
2010 0,12011 -2,4
2012 6,3
H1 2013 1,2
Net Profit in CHF million
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Shareholding per 31.12.2012
12.09.13Investora 2013
!"#$%"&'(%$ *+$,-+,$%
!"#$%&"'"( %*+'"% ,-./0-1,12'"+%3'4 %*+'"% 5-67789"'+#" :3;
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Cicor's global footprint
Global andlocal presence
Production / sales sites
Sales representations
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Cicor Group
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Diversified customer portfolioMarkets
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Medical Watches &Consumer Testing Industrial
Aerospace &Defence
Communication Automotive &Transport
Others
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Cicor group structureProfile
Asia
Cicor Technologies Group
Europe
ESDivision
MEDivision
PCBDivision
Americas
Boudry
Switzerland
Sites
SalesOrganization
MoudonSwitzerland
WangsSwitzerland
UlmGermany
RadebergGermany
BronschhofenSwitzerland
AradRomania
QuartinoSwitzerland
ME
ASIA Division
ES+
PlasticInjectionMolding
+Tooling
PCB
SingaporeSingapore
AnamVietnam
BatamIndonesia
SuzhouChina
MinnesotaUSA
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Asia
17(18%)
ES
46(49%)
ME15(16%)
PCB
16(17%)
Sales ratio H1 2013in CHF mio and %
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ApplicationsCicor Group offering
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Main markets!
Medical! Watches! Telecom! Industrial! Automotive
Main markets!
Medical! Aerospace & defense! Telecom! Automotive! Industrial
Main markets!
Industrial! Medical! Telecom! Automotive
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Technologies and servicesCicor Group offering
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! High-end flex, rigid-flex, andrigid MLBs
! Rigid PCBs with 1-32 layers! HDIs: laser drilling! Reel-to-reel flex! 3D-MID technology! Electroplating! Copper, palladium coating
Thin film technology! On ceramic, foils, silicone and
steel! Multilayer, filled vias, thick Cu
Thick film technology! On ceramic and steel
Micro-assembly! Die attach, flip chip, SMD! Wire / ribbon bonding
Packaging
Services! Product design & development! Tool design! Test engineering! Product life cycle management! Outbound logistics
Portfolio! PCB assembly! System assembly! Cable assembly! Box-building! After sales! Tooling! Plastic injection moulding
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Cicors positioningGrowth areas
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Sectoral Diversification
N i c h e
t o M a s s
Sanmina-SCI Corp.
BenchmarkElectronics
Plexus Corp.CicorTechnologies
CMK Corp.
UnimicronTechnology
AT&S Austria
AspocomGroup
High
Low High
bubble size = sales 2012
Differentiation factors! High degree of specialization! Partner for high-tech manufacturing! Delivering to growth industries! Global footprint! Close ties with customers! High level of integration
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Erich TrinklerExecutive Vice President
Cicor Electronic Solutions
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Cicor Electronic SolutionsServices and Portfolio
Services! Product design &
development! Test engineering!
Product life cyclemanagement! Outbound logistics
Portfolio! PCB assembly! Box-building! System assembly! Cable assembly! After Sales
Development Industrialization Production After Sales
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Cicor Electronic Solutions Applications
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Development and manufacture of customizedelectronic products
Cicor Electronic Solutions is a full-service provideroffering a wide range of production options for PCBassembly, system assembly, box-building and
switchbox construction, cable assembly andoffering also state-of-the-art facilities for precisionplastic injection moulding and mould-making. Thesecomprehensive capabilities can be fully integratedto further enhance our electronics manufacturingservices.
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Solid results and return to growthInterim Results 2013
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Solid development in earnings and return to growthInterim Results 2013
! Successful first half of 2013 for order intake and sales! Results on a par with the previous year! Significant increase in order intake in the growth regions Asia and Eastern
Europe! Profitability further stabilized through strict cost management in all areas! Targeted strategic investments dedicated once again to future growth and
product innovations! Half-year results a solid foundation for performance in the second half of the
year! Guidance for 2013 confirmed; growth for the full year with profitability
remaining stable at the level of the previous year
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Sales by industries and by destinationSales profile
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16% 12%
20%
Other
8%Watches &consumer
Automotive &transport
8%
Medical
27%
Industrial
Communication
Aerospace & defence
10%
20% 13%
23%
Medical
19% Industrial
Communication
Aerospace & defence
11%
Other
6%Watches &consumer
Automotive &transport
8%
39%
15%
Other
Europe(w/o Switzerland)
Switzerland45%
15%
36%
Other
Europe(w/o Switzerland)
Switzerland49%
1.1.-30.6.2013
1.1.-31.12.2012
1.1-30.6.2013
1.1.-31.12.2012
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Key-Figures HY1 2013 vs. 2012
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Net sales EBIT EBITDA
+9,0%
2013
99 736
2012
91 537 94 251
+11,7%
2012
84 380
2013
2 525
2012
2 853
+13,0%
2013
7 180
+10,8%
20132012
6 482
-10,9%
2013
1 197
2012
1 344
! 2012 figures restated as a result of the implementation of IAS 19 (revised)! Results HY1 2012 including 305 TCHF gains from asset sale Untergeri
7 , 6
%
7 , 7
%
R O S :
3 , 0
%
R O S :
3 , 0
%
1 , 3
%
1 , 6
%
Net profit(before minorities)
(all figures in TCHF at actual FX rates)
Order intake
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Net Profit Development HY1 2013
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3 000
6 000
5 000
2 000
1 000
0
4 000
i n T
C H F
2012*
+1 344
-888
Margin andvolume
Changesin IAS19**
-2 445
Overheadand others
-370
Depr. & Amort.
-147,0(-10,9%)
2013
+1 197
Taxexpenses
-254
Financialresult
-221
+4 031
1 , 3
%
R O S :
1 , 6
%
* HY1 2012 restated as a result of IAS19; including 305 TCHF gains asset sale Untergeri.
** HY1 2012 net profit contains 393 TCHF gains from IAS19, where in HY1 2013, net profit contains 495 TCHF cost from IAS19 valuations.
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Asia with highest growth ratesDivisional Results HY1 2013 vs. 2012
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PCB 2012* 2012** 2013 %YoY
TotalSales
16 648 15 734 16 003 +1,7%
EBITDA 3 459 2 239 2 388 +6,6%
ROS% 22,0% 14,2% 14,9%
ME 2012 2013 %YoY
TotalSales 13 829 15 388 +11,3%
EBITDA -35 1 369 >100%
ROS% NA 8,9%
ES 2012 2013 %YoY
TotalSales 43 350 46 418 +7,1%
EBITDA 3 442 3 114 -9,5%
ROS% 7,9% 6,7%
Asia 2012 2013 %YoY
TotalSales 11 132 17 410 +56,4%
EBITDA 810 1 573 +94,2%
ROS% 7,3% 9,0%
49%
Asia
18%
PCB
17%
ME16%
ES
13%
52%
16%
19%
ES
Asia PCB**
ME
HY1 2013 sales by division
** PCB figures excluding effects from closing Untergeri* PCB figures including effects from closing Untergeri, for information only
Note: 2012 EBITDA figures restated as a result of IAS19
(all figures in TCHF at actual FX rates)
HY1 2012 sales by division
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Mid-term Target Corridor
Considerably higher investment for future growthCapex and Depreciation for PPE*
2012
6 ! 820
2011
6 ! 592
2010
7 ! 059
2009
8 ! 452
PPE Capex in TCHF PPE Depreciation in TCHF Capex / depreciation &amortization ratio
* PPE = Property, Plant and Equipment
2012
13 ! 168
2011
8 ! 033
2010
5 ! 908
2009
4 ! 268
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CHF 3 mio for Land & BuildingCHF 9 mio for Machinery
Average 2009 2012 = 1,12,0
1,8
1,6
1,4
1,2
1,0
0,8
0,6
0,4
2010
0,8
2009
0,5
2012
1,91,9
2011
1,2
! 7150 TCHF Capex for PPE in H1 2013
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Consolidated Balance Sheet
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in TCHF31.12.2012* in % 30.06.2013 in %
Current assets 82 207 38,8% 92 218 40,9%
Non-current assets 129 400 61,2% 133 107 59,1%
Total Assets 211 607 100,0% 225 325 100,0%
Current liabilities 39 419 18,6% 42 546 18,9%Non-current liabilities 51 798 24,5% 61 615 27,3%
Equity 120 390 56,9% 121 164 53,8%
Total liabilitiesand equity 211 607 100,0% 225 325 100,0%
Net Debt 16 257 28 419
Gearing ratio (net debt in % ofequity) 13,5% 23,5%
Net debt / EBITDA 1,1 1,8
Equity Ratio 56,9% 53,8%* restated as a result of IAS19
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Disclaimer
The information in this presentation does not constitute an offer orinvitation and may not be construed as a recommendation by us to
purchase, hold or sell shares of Cicor Technologies Ltd. Thisinformation or any copy thereof may not be sent or taken to or
distributed in any jurisdiction in which such transmission or distribution
is unlawful. This document may contain certain forward-lookingstatements. By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or
results expressed or implied by such forward-looking statements.
12.09.13Investora 2013
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www.cicor.com
Investora 2013 12.09.13