Melexis NV · EURONEXT:MELE
Melexis NV — Q1 2019 Earnings Presentation
31 slides from Melexis NV's earnings presentation, Apr 23, 2019
Slide 1: Presentation results Q1 2019
Presentation results Q1 2019 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 1
Slide 2: What do we do?
What do we do? We create innovative micro-electronic solutions for the best imaginable future The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 2
Slide 3: Typical process flow
Typical process flow Chip design Wafer probe Final test 1 2 3 4 5 Idea Customer Wafer fab Assembly The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 3
Slide 4: presentation is ALL Rights ALL The content
The content The content of this of this presentation is presentation is CONFIDENTIAL CONFIDENTIAL & PROPRIETARY. ALL RightsALL & PROPRIETARY. Reserved. Rights Reserved. 4
Slide 5: Melexis strategy
Melexis strategy Leadership in Focus on sensing and Organic innovation in driving growth, automotive and solutions selective adjacent to our customers’ acquisitions markets advantage The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 5
Slide 6: Common denominator: sensing & driving is everywhere
Common denominator: sensing & driving is everywhere Automotive Home Motorcycles and e-bikes Consumer Industry Healthcare The content of this presentation presentation isisCONFIDENTIAL CONFIDENTIAL&&PROPRIETARY. PROPRIETARY.ALL ALLRights RightsReserved. Reserved. 6
Slide 7: Sense & Drive, Sense & Light
Melexis supplied in 2018 worldwide > 1.4 billion ICs with an average of 11 ICs / car Sense & Drive Sense & Light • Magnetic position sensors • Pressure sensors • Inductive position sensors • Tire monitoring sensors • Current sensors • Temperature sensors • Latch & switch • Optical sensors • Embedded
Slide 8: 11 chips in every new car
11 chips in every new car The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 8
Slide 9: Over 1500 people on 3 continents
Over 1500 people on 3 continents Sales & Applications Belgium – Ieper, Tessenderlo Greater China – Shanghai France – Grasse, Paris Germany – Erfurt, Dresden Japan – Yokohama USA – Nashua, Detroit, San Jose South Korea – Seoul Switzerland - Bevaix Manufacturing Belgium – Ieper Bulgaria – Sofia France
Slide 10: Melexis vs Automotive Trends
Melexis vs Automotive Trends The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 10
Slide 11: Melexis vs Automotive Trends
Melexis vs Automotive Trends The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 11
Slide 12: Powertrain Systems
Powertrain Systems Levels of Electrification The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 12
Slide 13: Powertrain Systems
Powertrain Systems Electrification – Segmentation – Market Split Electrification ICE inside Source: Strategy Analytics and Melexis estimates The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 13
Slide 14: Powertrain Systems
Internal Combustion Engine (ICE + uHEV) 48 Volt Mild Hybrid (mHEV) Powertrain Systems Full Hybrid (fHEV) - Plug-In Hybrid (pHEV) Electrical Vehicle (BEV – FCEV) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 14
Slide 15: Powertrain Systems
Powertrain Systems The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 15 Source: Strategy Analytics and Melexis estimates
Slide 16: Chassis - Body - Safety Systems
Chassis - Body - Safety Systems Chassis Body Safety Breaking – Steering – Suspension Lighting – HVAC - Others (Passive) The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 16
Slide 17: Chassis – Body – Safety Systems
Chassis – Body – Safety Systems The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 17 Source: Strategy Analytics and Melexis estimates
Slide 18: Melexis in automotive
Melexis in automotive The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 18 Source: Strategy Analytics and Melexis estimates
Slide 19: BMW 530e
BMW 530e The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 19
Slide 20: Melexis beyond automotive
Melexis beyond automotive Sensors & drivers for similar challenges • White goods – Focus on CO2 • Motorcycles and e-bikes • Industry 4.0 – Closed loop control • Robotics – Focus on autonomy • Drones • Thermal information – People detection • Environmental imaging • Industrial position sensing • Powe
Slide 21: Our market position
Our market position Magnetic position Automotive sensors Automotive sensors Magnetic sensors semiconductors Latch & switch Ambient lighting # 14 #3 #3 #1 Source: Strategy Analytics 2019 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 21 and Melexis estimates
Slide 22: Melexis ranking 14th in automotive semiconductor
Melexis ranking 14th in automotive semiconductor Automotive semiconductor sales 2018 (mln. USD) 5 year CAGR (2013-2018) 5000 60% 4500 50% 4000 3500 40% 3000 30% 2500 2000 20% +14% 1500 10% 1000 607 0% 500 0 -10% Cypress ST Microchip Nexperia Allegro Sanken Vishay NXP ON Semi Maxim Qualcomm Bosch Roh
Slide 23: Melexis ranking 3rd in automotive sensors
Melexis ranking 3rd in automotive sensors Automotive sensor sales 2018 (mln. USD) 5 year CAGR (2013-2018) 1000 18% 900 +17% 16% 800 14% 700 12% 600 462 10% 500 8% 400 300 6% 200 4% 100 2% 0 0% Allegro Micronas NXP ON Semi Bosch Melexis ADI Infineon TI mln. %change USD y-o-y 1 2 3 4 5 6 7 8 9 The con
Slide 24: Evolution financials 2000-2019
1Q19 1Q19 1Q19 3Q18 3Q18 3Q18 1Q18 1Q18 1Q18 3Q17 3Q17 3Q17 1Q17 1Q17 1Q17 3Q16 3Q16 3Q16 1Q16 1Q16 1Q16 3Q15 3Q15 3Q15 1Q15 1Q15 1Q15 3Q14 3Q14 3Q14 1Q14 1Q14 1Q14 3Q13 3Q13 3Q13 1Q13 1Q13 1Q13 3Q12 3Q12 3Q12 1Q12 1Q12 1Q12 3Q11 3Q11 3Q11 1Q11 1Q11 1Q11 3Q10 3Q10 3Q10 1Q10 1Q10 1Q10 3Q09 3Q09 3Q09
Slide 25: % ASSP sales, % automotive sales
% ASSP sales % automotive sales 70% 95% 92% 65% 90% 64% 60% 85% 55% 80% 50% 75% 45% 70% 40% 35% 65% 30% 60% 2005 2007 2009 2011 2013 2015 2017 2019 2005 2007 2009 2011 2013 2015 2017 2019 The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 25
Slide 26: Q1 2019 results at a glance
Q1 2019 results at a glance Sales Gross margin Operating result 116.5m EUR 40.1% 13.5% 46.8m EUR 15.7m EUR -16% Y-o-Y -26% Y-o-Y -54% Y-o-Y Net result Oper. cash flow Net cash 0.35 EPS (before wcap change) 4.6m EUR 13.9m EUR 28.4m EUR -31% Y-o-Y -52% Y-o-Y Outlook Melexis expects sales in the second
Slide 27: Profit & loss
Profit & loss Q1 2019 versus Q1 2018 versus Q4 2018 P&L account Q1 2019 % of Sales Q1 2018 % of Sales Q4 2018 % of Sales (in million EUR) Sales 116.5 100.0% 139.3 100.0% 141.6 100.0% Cost of goods sold -69.8 -59.9% -76.2 -54.7% -77.5 -54.7% Gross margin 46.8 40.1% 63.1 45.3% 64.2 45.3% R&D -19.8 -17
Slide 28: Balance sheet
Balance sheet Q1 2019 versus Q1 2018 versus Q4 2018 Balance Sheet Q1 2019 Q1 2018 Q4 2018 Total assets 432.7 418.8 428.0 Current assets 243.4 258.0 240.5 Cash 39.6 71.8 34.5 Inventory 124.9 100.8 120.6 A/R Trade 65.7 72.8 75.2 Non-current assets 189.3 160.8 187.6 Shareholders' equity 340.3 323.1 326
Slide 29: Dividend yield
Dividend yield Gross dividend per share (EUR) 2002 0.50 Based on average share price 2003 0.50 (*) 2004 1.00 EUR 2005 0.50 2.50 9% 2006 0.50 8% 2007 0.60 2.00 7% 2008 0.60 6% 2009 0.00 1.50 5% 2010 0.30 4% 2011 0.60 1.00 3% 2012 0.65 2% 2013 0.70 0.50 1% 2014 1.00 0.00 0% 2015 1.90 2016 2.00 2017 2.
Slide 30: Shareholders structure & shareholder return
Shareholders structure & shareholder return Shareholder structure on Shareholder Return 31 Mar 2019 2002-2019 160 Return investment 2002-2019 = 16% per year 140 120 45.57% Xtrion 100 53.58% Treasury Shares 80 Public 60 40 20 0.86% 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 Share price Total retu
Slide 31: Melexis Investor Relations
Melexis Investor Relations Karen van Griensven CFO Geert Reynders [email protected] Investor Relations +32 (0)13 67 07 79 Joren Vanvelk Financial Analyst The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 31