1 Company Presentation based on 6-Months- Report 2012 September 2012 VISION Focus on the Future All.
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Transcript of 1 Company Presentation based on 6-Months- Report 2012 September 2012 VISION Focus on the Future All.
1
Company Presentation
based on 6-Months- Report 2012
September 2012
VISIONFocus on the Future
All
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LPKF: Mechanical Engineering and Laser Specialists
AGENDA
• Business Model and Segments• Financials • Strategy and Outlook
IR
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Replacing traditional production technologies
• Production of electronic devices is still dominated by mechanical or chemical methods.
• Miniaturization and shorter product cycles are challenging electronic manufacturers.
• Laser technology is more precise, faster and more flexible than e.g. saws, punchers and routers in the production of electronics.
• The success of laser technology in electronic production ultimately depends on economics. This is our challenge!
IR
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Tight focus on core skills
PrecisionDrive
Technology
Laser Technology & Optics
Control Technology& Software
Micro Material Processing with
Lasers
IR
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LPKF Worldwide
Garbsen Germany
Head Office / Production
Tualatin (OR) USA
Shenzhen ChinaHong Kong China
Suzhou China
Tianjin China
Offices
Suhl Germany
Naklo Slovenia
Erlangen Germany
Chengdu China
Beijing China
Tokyo Japan
Shanghai China
Total export share: 90%Export share Asia: 47%Share of revenue invoiced in EUR: 80%
MG/MK/IR
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Rapid PCB Prototyping EquipmentStencil Laser
Equipment
PCBProductionEquipment
LDSProductionEquipment
WeldingEquipment
Solar Module
Equipment
Electronics
Electronics DevelopmentEquipment
Electronics ProductionEquipment
Plastics
Other ProductionEquipment
SolarPlastics
Segments
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Rapid PCB Prototyping
Equipment for manufacturing prototype PCBs
Clients: UniversitiesSchoolsIndustry
Market position: approx. 80% market share
Competition: MITS (J)Everprecision (TW)
Strategic goal: Expanding market leadershipLPKF ProtoLaser U3
LPKF ProtoMat S103
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StencilLaser Equipment
Cutting lasers for the production ofSMT solder paste stencils
Clients: Electronics industryManufacturers of SMT stencils
Market position: Approx. 70% market share
Competition : Tanlinn Ltd. (UK)Nippon Sharyo (JP)other smaller providers
Strategic goal: Expanding market leadershipOpening up new client groups
LPKF StencilLaser G 6080
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PCB Production Equipment
PCB Production lasers: Laser systems for cutting assembled and unassembled printed circuit boards (PCBs)
Customers: PCB manufacturers, PCB assemblers
Market position: Marketleader
Competition: HAN‘S (China),ESI (USA)and other smaller suppliers
Strategic goal: Become the preferred supplier of leading electronics manufacturers
MicroLine 1120S und 1120P
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LDS Production Equipment
Structuring lasers for the production of molded interconnect devices using the LDS method patented by LPKF
Customers: Manufacturers of electronic components and equipment
Market position: MarketleaderLDS technology can be found in approx. 50% of all smartphones and approx. 20% of all cell phones
Competition: alternative methods
Next step: Expansion into other areas of application (laptops, tablet PCs,etc.)
Strategic goal: Establish LPKF LDS as the standard process for the production of certain MID types
LPKF Fusion3D 1500
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Welding Equipment
Laser welding of plastic components
Customers: AutomotiveMedical technology
Market position: Market leader in EuropeUSA: Top 2, Asia: Top 3
Competition: Branson (USA) Bielomatik (D) Leister (CH)
Current task: Increase profitability
Strategic goal: Become the preferred supplier of international companies, achieve market leadership
LPKF LQ Vario
IR
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Solar Module Equipment
Structuring thin film solar panels
Customers: Thin film solar panel manufacturers
Market position: Market leader
Competition: Manz (D)
Innolas (D)
Current task: Take care of the orders under the general agreement,
refine LPKF’s own technologies
Strategic goal: Further improve the competitiveness of thin film
technologies
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Revenue split per segment
51%
16%
31%
2%
Q2 2012: 50.3 m EUR
57%19%
20%4%
Q2 2011: 37,7 m EUR
Electronics Development Equipment
Electronics Production Equipment
Others
Other Production Equipment
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Portfolio in 2012eM
arke
t G
row
th
Relative Market Share
Rapid Prototyping
LDS Plastic
Welding
Solar
PCB Production
Stencils
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Exceptionally high profitability
020406080100120
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e
Revenue
EBIT
• LPKF has grown profitably every single year since it started in 1976.
• We only target business areas that promise EBIT-margins of at least 10 % in the medium term.
• Overall, we expect EBIT-margins between 15 – 17 % for the coming years (2012 – 2014).
IR
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LPKF: Mechanical Engineering and Laser Specialists
AGENDA• Business Model and Segments• Financials • Strategy and Outlook
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• At EUR 50.3 million revenue is 34% higher compared to previous year (QII 2012: EUR 29.8 million; + 27.6 %)
• EBIT comes in at EUR 7.4 million, 42 % above the first 6 months of 2011 (QII 2012: EUR 5.2 million; + 58.6 %)
• EBIT margin: 6 months 2012: 14.8 % (Q II 2012: 17.5 %), 6 months 2011: 13.9 % (Q II 2011: 14.0 %)
• At 15%, the EBIT margin is in line with expectations
• Incoming orders at € 60 million at high level • At € 35 million, orders on hand climb to a record high
Financial Highlights after 6 months 2012
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Key Group Figures after 6 months 2012
6 months 2012
6 months 2011
Change % FY 2011
Revenue (EUR million) 50.3 37.7 33.6 91.1
EBIT (EUR million) 7.4 5.2 42.1 15.2
EBIT margin (%) 14.8 13.9 16.7
Free Cash Flow (EUR million) -0.6 -9.9 93.5 -10.9
Net working capital (EUR million) 41.0 29.0 41.2 39.7
ROCE (%) 10.0 9.7 23.4
EPS, diluted (EUR) 0.42 0.32 31.3 0.90
Orders on hand (EUR million) 34.9 26.1 33.6 25.2
Incoming orders (EUR million) 60.0 51.2 17.0 104.0
Employees 640 534 19.9 602
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Revenue after 6 months 2012
(EUR million) 6 months 2012
6 months 2011
Change % FY 2011
Revenue 50.3 37.7 33.6 91.1
Revenue by segment
Electronics Development Equipment 8.1 7.3 11.6 18.1
Electronics Production Equipment 25.7 21.4 20.3 45.2
Other Production Equipment 15.4 7.7 100.5 25.5
All other segments 1.1 1.3 -19.6 2.3
Revenue by region
Germany 5.2 5.5 -5.3 13.3
Other Europe 4.5 5.0 -8.3 10.3
North America 16.1 6.3 153.0 22.0
Asia 23.6 20.0 18.3 43.2
Other 0.9 0.9 0.2 2.3
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Revenue and EBIT by Segment
in EUR million Revenue EBIT
6 months 2012
6 months 2011
6 months 2012
6 months 2011
Electronics DevelopmentEquipment
8.1 7.3 1.1 1.4
Electronics ProductionEquipment
25.7 21.4 5.5 4.7
Other ProductionEquipment
15.4 7.7 1.3 -0.2
All other segments 1.1 1.3 -0.5 -0.7
Total 50.3 37.7 7.4 5.2
IR / AR
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Solid Balance Sheet Structure
June 30,
2012
Dec 31,
2011
Total assets (EUR million) 97.6 89.6
Cash and cash equivalents (EUR million) 6.1 7.0
Equity (EUR million) 50.3 49.8
Equity ratio (%) 51.5 55.6
Net financial debt (EUR million) 17.8 8.3
• The change in net financial debt is due to expanding business and a due payment for the acquisition of minority shares.
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Investments in Future Growth Affect Cash Flow Figures
in EUR million 6 months
20126 months
2011
Net cash used in/generated by operating activities 4.2 -0.8
Net cash used in investing activities -4.8 -9.1
Free cash flow -0.6 -9.9
Net cash generated from/used in financing activities 0.0 0.2
Cash and cash equivalents (net) 4.8 3.2
• Positive cash flow from operating activities is a result of the strong EBIT.
• Investments in Q2 2012 are back at normal level after strong investments in 2011.
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Share price development (1 year)
• LPKF‘s share price has risen by approx. 55 % during the last 12 months.
• Market capitalization has reached approx. EUR 158 million.
• LPKF was promoted to TecDAX on September 5th, 2012. The index comprises the 30 leading German technology stocks.
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LPKF: Mechanical Engineering and Laser Specialists
AGENDA
• Business Model and Segments• Financials • Strategy and Outlook
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Investment Highlights
• Exceptionally high profitability
• Tight focus on core skills
• Innovation excellence
• Replacing traditional production technologies
• Growth in dynamic markets
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Positive Outlook for 2012 ff.
Guidance for 2012: • Revenue of EUR 100 million - EUR 105 million • EBIT margin between 15% and 17%
Guidance for 2013 and 2014: • Revenue growth of approx. 10% per annum • EBIT margin to remain between 15% and 17%
Note: • Meeting these targets is contingent on a stable global economic development.• It is very difficult to predict the further ramifications of the sovereign debt crisis.
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Legal Notice
Disclaimer Disclaimer regarding forward-looking statements
This document contains forward-looking statements and statements on future expectations which reflect the current opinions and expectations of the management with respect to future events. These statements are subject to known and unknown risks and uncertainties which can neither be controlled nor precisely estimated by LPKF Laser & Electronics AG, and which could cause actual results, performances and events to differ materially from those forecast or indicated here.Actual results, performances and events may deviate to an unlimited extent as a consequence of: (i) general economic conditions, (ii) future changes in the performance of the financial markets, (iii) interest rates, (iv) currency exchange rates, (v) the behavior of other market participants, (vi) general competitive factors, (vii) changes in laws and regulations, (viii) changes in the policies of central banks, government authorities and/or (foreign) governments, (ix) regional and/or global conditions. LPKF assumes no liability and does not intend to update any forward-looking statements to reflect any events or conditions the take place after the publication of this material.
No updating LPKF AG assumes no liability for the (correctness and completeness of the) information contained herein, and does not intend to update this material.
No offer This presentation is merely intended to provide information and is not an investment recommendation. It is not an offer and is merely intended for general information purposes. All the descriptions, examples and calculations contained in this presentation are only provided for the purpose of illustration.
Registered trademarks All the names and trademarks referred to in this document are covered by unlimited copyright laws, and may not be used without the express permission of the relevant registered owners. The fact that they are mentioned in this document does not imply that they are not protected by the rights of third parties or companies.
LPKF Laser & Electronics AG, 2012
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LPKF Laser & Electronics AG · Osteriede 7 · 30827 Garbsen · www.lpkf.deContact: Bettina Schäfer, Manager Investor Relations, Tel: +49 5131-70 95 1382, E-mail: [email protected]
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