Activity report 2017

Transcription

1 SFAF 9 MARS 2018

2 Activity report

3 Growth plan: progress to date LEAPFROG m G1-Vusion Transition CAGR +30% Historical CAGR +20% Launch of G

4 Order entries ( m)

5 Order entries ( m) Media-Saturn Contract

6 2017 RESULTS 6

7 Sales ( m)

8 Revenue development CAGR: +25% p.a. 5 MSH exceptional roll-out Historical clients New clients vs 2016 revenue analysis Exceptional speed of MSH roll-out in 2016 Excluding MSH, growth of all other clients has been strong Excellent level of new clients growth an Order Entries (200 M ) Delay in revenue generation due to product transition: New Vusion line New industrial partners Delay in production ramp-up Some shift of orders from G1 line to Vusion Production ramp-up is the main challenge However the average annual growth rate remains high (+25% / year) 8

9 P&L (IFRS) millions Δ Sales % Variable cost margin % % sales 26% 25% +1 pts Current operating expenditure % % sales -22.5% -15.5% -7 pts EBITDA % % sales 4% 9% -5 pts Amortization & depreciation % % sales -5% -4% -1 pts Current EBIT N/S % sales -1% 5% -6pts Other non recurring & non cash income & expenses N/S % sales -12% -1% -11 pts EBIT (loss) N/S % sales -14% 4% -18 pts Net income N/S % sales -14% 2% -16 pts 9

10 EBITDA ( m) 16.6 (6.0) 2.1 (3.2) (3.4) 6.1 Volume effect 2017 VCM% effect OPEX Perimeter effect OPEX International expansion 2016 FY 2017 FY 10

11 Opex under control Q4' 17 Opex vs Q4 '16 Opex Personnel cost Non personnel costs 1,4 5,7 2,0 0,3 2,6 6,8 Most of the 6.6M increase in Opex (2017 FY vs FY) comes from: the extension of the scope of consolidation through newly acquired (mainly PDI and Findbox) or created entities (US) recruitments made in Q and impacting the full year 2017 Q4 '16 Opex Newly consolidated entities (PDI, Findbox, MarketHub & US) Constant Perimeter Q4 '17 Opex 11

12 EBIT to EBITDA reconciliation As of millions Dec Dec Operating Income (EBIT) (21.0) IFRS2 expense relating to Free Share Plans (12.9) (1.2) - GdW amortization (0.9) (0.3) - Equity / debt related fees (3.0) (0.8) - Onerous contracts (1.1) Reorganization (0.4) (0.3) - Others (0.5) 0,5 = Current EBIT (2.2) Fixed & Intangible Asset Depreciation Expense (8.3) (7.0) = EBITDA

13 Cash flow statement m EBITDA Capex (12.1) (9.3) Change in Working Capital (5.2) (6.7) Financial Investments 2.2 (7.0) Financial result (2.4) (1.6) Tax - (1.2) Others (8.3) (1.6) Of which: Transaction fees (3.0) Social security expenses for Free Shares (2.4) Onerous contracts (1.1) Reorganization (0.4) Others (1.4) Change in Net Debt (19.7) (10.8) Net Cash / (Debt) (13.4) 6.3 Cash Debt (51.9) (27.0) Change in Net Cash / (Debt) (19.7) 13

14 70,0 60,0 50,0 40,0 30,0 20,0 10,0 0,0 35% 30% 25% 20% 15% 10% 5% 0% Working Capital in line with LY in % of the revenues 28% 29% 49,1 44, Working Capital WCR in % of revenues 14

15 Next steps Back to growth in H2 2018, after industrial ramp-up of new BOE site New strategic 5-year plan being prepared in cooperation with BOE Presentation in Q2 15

16 Public offering update (MTO) 16

17 SES-imagotag shareholding structure as of Dec 31, 2017 SES-imagotag Management BOE BOE Smart Retail HKG 53.84% 17

18 MTO underway Opening: March the 2 nd Closing: March the 15 th Price per share: 30 uros

19 BOE SES Alliance 19

20 Who is BOE? An IoT Company, providing Intelligent Interface Products & Services for Information Interaction & Human Healthcare TFT-LCD Intelligent Manufacturing Services Smart Vehicle AMOLED Smart Retail Founded Time 1993 Stock Code SZ Micro Display D Display And Display S Smart Registered Capital $5Bn Sensor Device Sensor Systems Digital Art Market Cap $30Bn Artificial Intelligence Big Data Revenue (Q1~Q3,2017) Net Profit (Q1~Q3,2017) $11Bn $1Bn Sensor H Smart Energy Employee 80,000+ Mobile Healthcare Healthcare Services Healthcare Park Solution R&D Staff 10,000+ Patent 60,000+ Digital Hospitals Regenerative Medicine Life Insurance 20

21 Ultra-growth tech company Sales in Billion USD Office SES Team for SES Team BOE HQ - Beijing Future target: sales x2 every 3 year 21

22 Market Share No.1 25 % No.1 36 % No.1 31% Smart Phone Panel Tablet PC Panel NB Panel No.2 No.4 No.2 No.3 25% 8.4% 17% 9.9% MNT Panel MNT ODM TV Panel TV ODM 22 Source: IHS

23 Innovation Capability Patent Applications Top 25 US Patent Assignees Assignee 2017 Grants 2016 Grants % Change Previous Rank 20 Huawei % BOE % Seiko Epson % Intel NO BOE NO Samsung NO No.1 of annual patent applications in global industry R&D investment to revenue ratio is over 7% every year Top 10 Global Innovators-semiconductors 1 Samsung S Korea BOE China LG S Korea

24 One dream N 1 N 1 N 1 Building the N 1 IoT digital platform of omnichannel commerce 24

25 Questions? Présentation du 23 février