Micronic Mydata Q1, Peter Uddfors, President and CEO Carl-Johan Blomberg, CFO 28 April, 2011

Transcription

1 Micronic Mydata Q1, 2011 Peter Uddfors, President and CEO Carl-Johan Blomberg, CFO 28 April, 2011

2 Agenda Brief company presentation Key figures Q1, 2011 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 Stockholm, market cap as of 31 March, 2011: SEK 1,711 million Revenues 2010: SEK 1,288 million 558 employees Subsidiaries Sales and support Subsidiaries Revenue 2010 by geography Geographical presence Sales and support Revenue 2010 by product area Page 3

4 Micronic Mydata a global high-tech growth company with sustainable profitablity COMPANY Maintain and develop our leading position in mask writing and surface mounting Further develop an effective and profitable aftermarket business Create new technical solutions and products to strenghten our position and profitability Page 4

5 Micronic Mydata s position in the electronics industry s manufacturing chain COMPANY Page 5

6 Micronic Mydata products and services COMPANY Pattern generators SMT equipment Mask writer Direct writer Jet Printing Pick and Place Prexision LDI MY100e MY500 Sigma7700 Services SMD Tower FPS5300 Services Software Page 6

7 Significant events Q1, 2011 COMPANY Order for a mask writer Sigma7700 for manufacturing of photomasks for semiconductor applications Launch of the faster MY100e-series for surface mounting Earthquake in Japan Micronic Mydata has 47 mask writers and 73 SMT machines installed in Japan Few customers are affected by damages of their production equipment Intensive work ongoing to repair damaged machines Page 7

8 Order intake, SEK million FINANCIAL Q1 order intake MSEK 313 (336), whereof MSEK 147 (212) in PG and MSEK 166 (125) in SMT FY 2009 PF FY 2010 FY 2011 Q1 Q2 Q3 Q4 Page 8

9 Net sales, SEK million FINANCIAL Q1 sales MSEK 255 (159), whereof MSEK 75 (61) in PG and MSEK 180 (98) in SMT FY 2009 PF FY 2010 FY 2011 Q1 Q2 Q3 Q4 Page 9

10 Order backlog, SEK million FINANCIAL SMT MSEK Q PF Q PF Q Q Q Q Q Q Q PG MSEK 92 Order backlog Q amounts to MSEK 210 (Q4 2010, 153) Page 10

11 Gross margin, 12 months rolling FINANCIAL 60% Q gross margin at 41% (34%) FY 2010 gross margin at 49% (40%) Rolling 12M gross margin 49% (41%) 50% 40% 30% 20% 10% 0% Q Q Q Q Q Q Q Q Q Page 11

12 R&D, SEK million FINANCIAL Q R&D spending of MSEK 59 (62) Q capitalized development at MSEK 3 (2) in SMT Q amortization of capitalized development at MSEK 10 (19), whereof MSEK 7 (13) in PG MSEK Q PF Q PF Q Q Q Q Q Q Q SMT MSEK 18 (21) reported cost PG MSEK 48 (58) reported cost, whereof LDI MSEK 34 (28) Page 12 R&D spending Reported cost

13 Profit and loss, SEK million FINANCIAL Q Q Rolling 12M FY 2010 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 13

14 Balance sheet items, SEK million FINANCIAL March 31, 2011 December 31, 2010 Fixed assets Whereof intangible assets Inventories Accounts receivables Cash Total assets Equity Advance payments from customers Interest bearing liabilities Equity/total assets 79% 77% Page 14

15 Cash flow statements, SEK million FINANCIAL Q Q FY 2010 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 Other investments refer to LDI test equipment, IT-equipment and Täby facility Page 15

16 Profit and loss by segment, SEK million Q Q FY 2010 Net Sales Pattern generators SMT equipment Group net sales Gross margin Pattern generators 46% 29% 56% SMT equipment 40% 37% 42% 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 FINANCIAL Page 16

17 Industry revenue declining at beginning of 2011 but panel prices remain stable Q1 display industry: Jan and Feb panel revenue negative compared to last year Total 2011 revenue expected to increase by 8% to 125 billion US-dollar Panel price pressure remains modest MASK WRITERS - DISPLAY Q1 photomask industry: Installed base utilization somewhat down Decline in photomask prices slowing down 110,0% Panel Price Development Earthquake consequences 100,0% Japan accounts for a large part of Micronic Mydata s installed base and few customers affected Price compared to ,0% 20" monitor 15.6" Notebook 40" LED TV 2" Mobile Japan accounts for 13% of global capacity and few affected marginal effect 80,0% Indirect effects caused by material shortages and power outages still uncertain 70,0% september - 10 oktober -10 november - 10 december - 10 januari -11 februari -11 mars -11 april -11 Date Page 17 Source: DisplaySearch, April 2011

18 Global panel demand increasing and revenue stabilizing MASK WRITERS - DISPLAY 240 Total Display Revenue and Area Revenue [billion USD] and area [million m 2] Area Revenue Display area expected to increase steadily during coming 5 years Revenue expected to remain around billion US-dollar All major production technologies will require advanced photomasks Page 18 Source: DisplaySearch, April 2011

19 Equipment spending remains on a high level MASK WRITERS - DISPLAY $16 120% $14 100% $12 80% $10 60% $US Billions $8 $6 40% 20% 0% % Y/Y Growth $4-20% $2-40% $ % Spending expected to decline somewhat to 11.5 billion USD compared to last years spending of 12.8 billion USD G8 fabs in China and G5.5 fabs targeting AMOLED and LTPS-LCD account for main share of investments during coming 2 years G11 timing unclear but investments assumed to start 2013 Page 19 Source: DisplaySearch, Jan 2011

20 Semiconductor market revenue stabilizing and capital spending increasing BUSD -0,9% 226 BUSD +32% +5,6% 298 BUSD 315 BUSD MASK WRITERS - DISPLAY ,7 52,4 62,9 67,3 69,8 74,4 78,6 75,4 72,1 76,4 84,0 84,0 82,6 Global semiconductor sales Page 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Q Semiconductor market expected to grow by 5.6% to 315 billion USD in 2011 Capital spending increasing by 19% to 59.5 billion USD Semiconductor photomask revenue expected to increase by 4% to 3.17 billion USD in 2011 Japan accounts for ~15% of total output and a number of makers have been forced to stop their production after the eartquake full effect still uncertain Earthquake has only had marginal effect on Micronic Mydata customers Source: Prismark Partners, Mar 2011 VLSI Research, Dec 2010

21 Mask writer summary Q1 display revenue weak, but full year revenue expected to be higher than 2010 Display photomask volumes expected to increase during the year Few photomask makers directly hit by the earthquake Material shortages and power outages may affect photomask makers during coming months 2011 expected to be a good year both in terms of revenue and capital spending for semiconductor industry Phtomask volumes and revenue expected to slightly increase 2011 MASK WRITERS - DISPLAY Effects on Micronic Mydata Display: Customers focusing on resolving new situation following the earthquake some investments may be postponed Semicon: Photomask makers are investing in additional capacity but main portion invested in E-beam writers Page 21

22 SMT market semiconductor revenues SMT MARKET Semiconductor Sales WW (3 MMA) 30 Monthly Sales (Bn USD) Global semiconductor sales 12-month moving average Semiconductor market up 25% february 2011 compared to same period last year Indicates that demand for SMT equipment will continue to be strong Page 22 Source: Prismark Partners, April 2011

23 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 Q Q1 Sales by Region [MUSD/Q] Page 23 SMT assembly market showed a strong Q1 America and Europe are recovering and close to pre-crisis levels Source: PROTEC MDC, April 2011

24 New MY100e with higher speed and flexibility SMT MARKET MY100 series New MY100e-series LX 15,000 comp/h LXe 16,000 comp/h SX 21,500 comp/h SXe 24,000 comp/h DX 34,000 comp/h DXe 40,000 comp/h HXe 50,000 comp/h Page 24

25 SMT market - summary SMT MARKET The semiconductor outlook indicates a growing market for 2011 Still a strong market for SMT assembly equipment 2011 but a slowdown in growth compared to 2010 Positive trend for SMT assembly equipment sales in Europe and Americas Q Effects on Micronic Mydata Strong demand for SMT equipment and line solutions Expected growth of systems sales, as well as for accessories, spares and services Page 25 Source: PROTEC MDC April 2011, Prismark Partners April 2011

26 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 26

27 Traditional lithography vs LDI ELECTR PACK MARKET Page 27

28 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 28 Source: JMS, 2010, IC Insight & Company information

29 LDI product - summary ELECTR PACK MARKET First system shipped in Q4, 2010, is 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 29

30 Micronic Mydata future outlook Sales in 2010 amounted to. SEK 1,288 million. The Board s assessment for 2011 is that sales will be in the range of SEK 1,100 to 1,300 million. Issued on 28 April, 2011 Page 30