Micronic Mydata Q4, Peter Uddfors, President and CEO Carl-Johan Blomberg, CFO 1 February, 2011

Transcription

1 Micronic Mydata Q4, 2010 Peter Uddfors, President and CEO Carl-Johan Blomberg, CFO 1 February, 2011

2 Agenda Brief company presentation Key figures Q4, 2010 Market information Outlook Page 2

3 Micronic Mydata in brief COMPANY Develops and manufactures equipment for the electronics industry through two business areas: Pattern Generators (PG) Surface Mount Technology (SMT) Strong local presence close to customers Listed on NASDAQ OMX Nordic, Stockholm, market cap as of Dec 31, 2010: SEK 1,733 million Revenues 2010: SEK 1,288 million 551 employees 55% Subsidiaries Sales and support Subsidiaries Revenue 2010 by geography Geographical presence 25% Sales and support 31% Revenue 2010 by product area 21% 20% 18% 30% Page 3

4 Micronic Mydata a high-tech growth company with sustainable profitability COMPANY Business concept Micronic Mydata will operate as a global high-tech growth company with sustainable profitability by utilizing the full potential of present and future product offerings markets SMT equipment We will continue to develop our leading position in the high-mix market for SMT products by enhancing our product portfolio and by growing into new markets We will optimize customer value by further developing aftermarket products Pattern generators We will maintain our strong position in the mask writer market by providing production solutions for current and future needs We will capture a leading position within the exposure equipment market by enabling our customers to take a lead in the electronic packaging market We will optimize customer value by further developing aftermarket products Page 4

5 Micronic Mydata products and services COMPANY Pattern generators SMT equipment Mask writer Direct writer Jet Printing Pick and Place Prexision LDI MY100 MY500 Sigma7700 Services SMD Tower FPS5300 Services Software Page 5

6 Significant events Q4, 2010 COMPANY Micronic Mydata shipped three mask writers Micronic Mydata shipped the first LDI tool Continued strong order intake and sales of SMT equipment Page 6

7 Order intake, SEK million FINANCIAL Q4 order intake MSEK 306 FY 2010 order intake MSEK SMT MSEK 231 PG MSEK Page 7 FY 2006 FY 2007 FY 2008 FY 2009 PF FY 2010 Q1 Q2 Q3 Q4 Pattern generators only

8 Net sales, SEK million FINANCIAL Q4 sales MSEK FY 2010 sales MSEK PG MSEK 328 SMT MSEK Page 8 FY 2006 FY 2007 FY 2008 FY 2009 PF FY 2010 Q1 Q2 Q3 Q4 Pattern generators only

9 Order backlog, SEK million FINANCIAL SMT MSEK Q PF Q PF Q Q Q Q Q Q PG MSEK 21 Order backlog Q amount to MSEK 153 Page 9

10 Gross margin, 12 months rolling FINANCIAL 60% Q gross margin at 54% FY 2010 gross margin at 49% 50% 40% 30% 20% 10% 0% Q Q Q Q Q Q Q Q Page 10

11 R&D, SEK million FINANCIAL Q R&D spending of MSEK 79.5 Q capitalized development at MSEK 0.5 in SMT Q amortization of capitalized development at MSEK 13, whereof MSEK 7 in PG MSEK Q PF Q PF Q Q Q Q Q Q SMT MSEK 22 reported cost PG MSEK 70 reported cost, whereof LDI MSEK 47 Page 11 R&D spending Reported cost

12 Profit and loss, SEK million FINANCIAL Q Q FY 2010 FY 2009 PF Sales Gross profit R&D expenditure R&D, Net cap SG&A Other income/expenses EBIT Non-recurring items in gross profit in other income/expenses Total Page 12

13 Balance sheet items, SEK million FINANCIAL December 31, 2010 December 31, 2009 Fixed assets Whereof intangible assets Inventories Accounts receivables Cash Total assets Equity Advance payments from customers 22 9 Interest bearing liabilities Equity/total assets 77% 74% Page 13

14 Cash flow statements, SEK million FINANCIAL Page 14 Q FY 2010 FY 2009 Cash flow from operations Change in working capital Cash flow from operations after changes in working capital Investments in development Other investments, net Investments in subsidiaries Cash flow before financing activities Financing Cash flow Cash at end of period* * Including effect of exchange rate variances on cash 2010 YTD investments in Täby facility and new ERP-system amount to MSEK 24

15 Profit and loss by segment, SEK million FINANCIAL Q Q FY 2010 FY 2009 PF Net Sales Pattern generators SMT equipment Group net sales Gross margin Pattern generators 61% -3% 56% 45% SMT equipment 44% 33% 42% 33% EBIT Pattern generators SMT equipment Amortization excess value in inventories Amortization excess value in order backlog Amortization excess value in intangible assets Group EBIT Whereof items affecting comparability Pattern generators SMT equipment Page 15

16 Panel and mask prices stabilizing Display industry: MASK WRITER MARKET Total display revenue expected at 115 billion USD in 2010 and 121 billion USD in 2011 Panel price pressure softening LG and Samsung expected to receive approval for production lines in China - no firm schedule Mask industry: 110,0% Panel price development Mask prices stabilizing - declines in 2010 limited Mask writers running with high utilization ratio Price compared to ,0% 90,0% 80,0% 20" monitor 15.6" Notebook 40" LED TV 2" Mobile 70,0% 60,0% Date Page 16 Source: DisplaySearch, Jan 2011

17 Display equipment spending returning to normal 16 MASK WRITER MARKET ,3 10,5 12,6 13,8 13,1 11 9,6 12,3 9,7 $US Billions 8 6 5,2 6,3 8,1 7,0 4 3, on par with previous record years Spending expected to stay on a relatively high level Chinese investments expected to account for around 50% in G11 spending delayed by one year - starting 2013 Page 17 Source: DisplaySearch, Jan 2011

18 Semiconductor market strong MASK WRITER MARKET Global semiconductor sales 3-month moving average Semiconductor market up 33% in 2010 to 301 billion USD and expected to grow by moderate ~5% in 2011 Capex increased by 96% to 47 billion USD in 2010, and expected to stabilize at 45 billion USD in 2011 Page 18 Source: Prismark Partners, Jan 2011 VLSI Research, Jan 2011

19 Mask writer summary Panel prices stabilized during the quarter Mask prices stabilizing and volumes expected to grow Semicon equipment market expected to remain on 2010 level during coming years Some mask makers in need of additional capacity MASK WRITER MARKET Effects on Micronic Mydata Display: Gradual investments in new mask making equipment expected Semicon: Mask makers investing in additional capacity main portion invested in E-beam writers Page 19

20 SMT market semiconductor revenues SMT MARKET Global semiconductor sales 3-month moving average Semiconductor market, up 33 % in 2010, a good indicator for how the SMT market will develop Indicates demand for SMT equipment will continue to be strong Page 20 Source: Prismark Partners, January 2011

21 SMT market - assembly equipment Assembly Equipment PnP - Sales by Region SMT MARKET Asia oth China Europe Americas Japan Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 Sales by Region [MUSD/Q] SMT assembly market has recovered in Asia, exceeding 2008 levels. America and Europe is still below pre-crisis level, but recovering and a strong Q4. Page 21 Source: PROTEC MDC, January 2011

22 SMT market - summary SMT MARKET Market data indicates a full recovery exceeding 2008 levels Positive trend in Europe and Americas during 2010, but slower recovery compared to Asia. The semiconductor outlook indicates a stable market, but likely a slowdown in growth for the SMT industry in Effects on Micronic Mydata Increasing demand for high-end SMT equipment and line solutions Expected growth of systems sales, as well as for accessories, spares and services Page 22 Source: PROTEC MDC October 2010, Prismark Partners January 2011

23 This is advanced electronic packaging The industry is driven by shorter product life cycles, better performance, smaller form factors, longer battery time and the need for lower production costs MARKET ELECTR PACK MARKET Advanced electronic packaging is used to connect the chip to the Printed Circuit Board (PCB) The substrate is a micro-pcb used as a step between the chip and the PCB to enhance miniaturization Page 23

24 Traditional lithography vs LDI ELECTR PACK MARKET Page 24

25 Electronic packaging market drivers ELECTR PACK MARKET Micronic Mydata has a leading position in the photomask market for electronic packaging The exposure systems market for packaging substrates is estimated to be between USD 100 and 150 million The market for substrates is expected to grow by 11% annually over the next few years Current installed base is estimated to be in excess of 500 systems Key drivers Shorter product life cycles Profitability Quality Miniaturization Technology trends Shrinking component size Power consumption PIN count Effects on Micronic Mydata New growth market directly connected to semiconductor production volume Need for novel production equipment Opportunity to leverage on core technology and production know-how Page 25 Source: JMS, 2010, IC Insight & Company information

26 LDI product - summary ELECTR PACK MARKET First system shipped in Q4, 2010, to be evaluated for production The technically challenging LDI program continues to make progress Additional system deliveries expected starting in 2012 Continued intense co-operation with leading partners Page 26

27 Micronic Mydata future outlook Sales in 2010 amounted to. SEK 1,288 million. The Board s assessment for 2011 is that sales will exceed 2010 somewhat. Page 27