1103 SFA eng · 2011-12-28 · Deposition/ Encapsulation Module (& Cell) 7 LCD/AMOLED equipment...
Transcript of 1103 SFA eng · 2011-12-28 · Deposition/ Encapsulation Module (& Cell) 7 LCD/AMOLED equipment...
SFA Engineering
March 2011
1
Disclaimer
This presentation has been prepared by SFA Engineering Corp. and contains forward-
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Presentation is solely for your information, subject to change without notice, and makes
no representation or warranty, expressed or implied and no reliance should be placed on
the accuracy, fairness or completeness of the information presented.
The company, its affiliates or representatives accept no liability for any losses arising from
any information contained in the presentation.
The contents of this presentation may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published in whole or in part, for any
purpose.
22
Introduction of SFA
- Business industries
- New orders & sales trends
- Plants in operation
- Products
- R&D status
- Restructuring of Organization
No. 10 Global / No. 1 domestic display equipment company
Products and customer diversification for stable growth
Transforming into total equipment company
3
Business industries
Spun off from Samsung Techwin
in 1998
Factory Automation/
Logistics system
LCD,PDP Manufacturing
Equipment
OLED, Solar, Semiconductor Manufacturing
Equipment
1999 ~ 2000 ~ 2008 ~
4
New orders & sales trends (1999~2010)
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
77.8
46.5
108.6
63.1
112.774.4
90.7 98.7
235.5
369.0343.5
318.4335.6
144.5
241.1
351.3380.8
306.8
409.6
307.1
261.3
430.8
743.1
423.0
New orders
Sales
(Unit : KRW billion)
CAGR (1999~2010) : New orders 23%, Sales 22%
Products diversification for the growth
Strategic partnership with major customer
Completed products diversification to display equipment
Successful Launch; PECVD, OLED equipments
5
Plants in operation
HWASUNG PLANT•Built in 2002
• Logistics & Display Equipment, R&D Center
• Land: 29,415㎡
•Clean Room: 4,958㎡
ASAN PLANT•Built in 2004
•Display and Solar Cell Equipment
• Land: 199,655 ㎡
•Clean Room: 23,796 ㎡
OVERSEAS OFFICE
•SFA China
•SFA Taiwan
•SFA UK
6
Glass manufacturing equipment
Processing
Inspector
Packaging
Formation
· BOD System
· Cutting System· Cell Grinding System
· GTS System
· DPS System
Gen1(300×300) ~ Gen10(3,000×3,300)
LCD, OLED substrate formation, processing, inspector, packaging system
Dep
ositio
n/
Encap
sulatio
n
Module(& Cell)
7
LCD/AMOLED equipment
TFT-LCD AMOLEDProcedureEquipment EquipmentProcedureMain Main
Launched Under R&D
Process equipment
Front ending
① PECVD(LCD)② Sputter③ Evaporator(OLED)④ Encapsulation(OLED)
High precision
⑤ C/S Offset Printer⑥ Scriber⑦ Edge Grinder
Module
⑧ Cullet Cleaner⑨ Pol. Attach M/C⑩ Bonder(OLB,PCB)⑪ Dispenser(Silicon)
Clean logistics
Clean
logistics
Clean logistics(LCD, OLED)
Glass, Cell Index Glass Input System Glass, Cassette C/V Glass, Cassette Lifter Glass, Cell Loader AGV, LGV Stocker Module packaging
Vacuum logisitcs(OLED eva/encap)
Loadlock Chamber Unloadlock Chamber TM Chamber Buffer Chamber
Logistic equipment
Deposition TFT
Lithography
Deposition
CF, C/S Coating
Lithography
Repair
Alignment layerCoating
Rubbing
ODF/Dispensing
Scribing
Edge Grinding
Cullet Remover
Pol. Attach
Bonder
Dispensing(실리콘)
BLU Assembly
CF
Cell
Module
② Sputter
② Sputter
⑥ Scriber
⑦ Edge Grinder
⑧ Cullet Cleaner
⑨Pol. Attach M/C
⑩ Bonder(OLB,PCB)
⑤ C/S Offset Printer
⑪ Dispenser(실리콘)
Cleaning
① PECVD
Cleaning
Deposition (Organic, Metal)
Scribing (Encap. Glass)
Edge Grinding(Encap. Glass)
Pol. Attach
Bonder
Dispensing(실리콘)
Deposition
Lithography
Scribing
Edge Grinding
Edge Grinding
Cleaning
Scribing
② Sputter
⑥ Scriber
⑥ Scriber
⑦ Edge Grinder
⑨ Pol. Attach M/C
⑩ Bonder(OLB,PCB)
⑦ Edge Grinder
⑪ Dispenser(실리콘)
③ Evaporator
⑥ Scriber(Encap. Glass)
Encapsulation ④ Encapsulation
⑦ Edge Grinder(Encap.Glass)
-※ Glass Encap.
Cleaning
① PECVD
TFT
Clean logistics
Vacuum logistics
Clean
logistics
Clean
logistics
Vacuum
lo
gistics
8
Cell Sorter Laminator Inspection
Stringer
Semi Framer M/C
Glass / EVA Loader Lay up M/C Auto Trimming M/C
Solar Module Turn Key Line
9
Test facility for satellite
Nuclear fusion power facility
(International Thermonuclear Experimental Reactor)
Accelerator Ass’y Line
Factory Automation
Autoclave (Airplane)Auto-track
(Hospital facility)Cable manufacturing Robot-picker
10
Automated Storage Distribution Center Retrieval System
Logistics
Clean Stocker OHT / OHSProbe Card /
Wafer StockerSolar poly silicon
manufacturing line
Clean logistics (LCD, OLED, Semiconductor, Solar)
Automated storage & retrieval system
11
R&D Status of Core Equipment
11
Advanced R&D in next growth-driven display equipment
Focus on high value added & technology products
Product diversification with related industries/products
LCD PECVD
OLED PECVD
Solar PECVD
Solar Sputter
LCD Sputter
Evaporation (organic/metal )
Glass/Film Encapsulation
Vacuum logistics (Back bone)
LCD roll printer
Semiconductor roll printer
TSP (Touch Screen Panel) roll printer
Flexible display components printer
Front-ending equipment OLED equipment Printed electronics
1212
PECVD Business Status
Prospects
Performance
Installed 2 units of 8G PECVD in domestic mass
production line
7.5G PECVD under R&D
8G Active type PECVD under R&D
OLED PECVD under R&D
<+10G PECVD under R&D
LCD PECVD
PECVD Market Forecast (M$)
◈ 3~5% of CAGR in PECVD market◈ PECVD has 9% of total LCD equipment market
Expecting new orders of passive & active PECVD
for mass production (7.5G, 8G etc)
Increasing needs for OLED PECVD in 2~3years
Expecting new orders of OLED
Pre-occupied market with price and quality
competitiveness
구분 2010 2011 2012 2013 2014 2015 2020
Global 519 665 628 400 647 666 722
Domestic 195 246 157 122 162 167 193
비고* Source : LCD equipment Data Book, Display Search* 3% growth rate applied after 2014
1313
Solar Sputter Business Status
Prospects
Performance
R&D subsidized by Government (2nd year)
Completed building 5G a-Si solar sputter
and optimized for procedure
5G CIGS solar sputter under Joint R&D with
customer (applying for government subsided
project )
Solar Sputter
Solar Sputter Market Forecast (M$)
Increasing needs for CIGS solar equipment in 2~3years
Expecting new orders of a-Si solar sputter after evaluation
Expecting new orders of CIGS solar sputter
Pre-occupied market with price and quality competitiveness
2009 2010 2011 2012 2013
Overseas 1,020 1,420 1,810 2,230 2,600
Domestic 73 109 140 177 209
Source : Photon International, Solar Buzz
Exceeds 20% of CAGR in Solar market
CIGS & a-Si has 50% or more of thin film solar market
1414
Printed Electronics Business Status
Prospects
Performance
Exclusively supplied TSP (Touch Screen Panel) roll
printers for 20 mass production lines (3 customers)
Shipped semiconductor packaging roll printer for
R&D line
Printed Electronics
Printed Electronics(Packaging & TSP) Market Forecast
Expanding TSP roll printer business
Applying semiconductor packaging roll printer for
mass production line
Creating new business areas (Flexible Display,
OLED, LCD, Solar etc)
TSP R2R System
Package P2P System
<Source : 2009’ Gartner semiconductor equipment market, 2009’ Display Research TSP market>
15
Restructuring Organization
Display division
Logistics division
FA division
R&D center
Logistics system
High precision
equipment
FGA
Front-ending equipment
R&D center
Old organization Current organization
Display high precision
Display clean logistic
Fine Glass manufacturing equipment
Solar equipment
Display module
Clean logistics
Clean material handling
General logistics system
Clean material handling
General material handling
General automation system
PECVD, Sputter
OLED Evaporation/Encap.
Printed electronics
Clean logistic
Clean material handling
General material handling
General logistic
Display high precision
Solar equipment
Fine Glass manufacturing equipment
General automation system
PECVD, Sputter
OLED Evaporation/Encap.
Printed electronics
Front- ending equipment
R&D TF
Display module
Feb 9, 2011
To maximize synergy, preoccupy the new product market and reinforce autonomy & responsibility of each division
1616
Financial status
- Earning results
- Sales, new orders & backlogs breakdown
- Assets & liabilities
- Performance & prospects
- Dividend
17
Earnings Results
(KRW billion) 2010 3Q 2010 4Q QQ YY 2009 4Q 2010 YY 2009
New orders 240.8 158.5 -34% 51% 105.1 743.1 184% 261.3
Sales 98.9 183.5 86% 50% 122.5 423.0 38% 307.1
Domestic 66.4 148.0 123% 29% 114.6 280.2 4% 269.4
Overseas 32.5 35.5 9% 348% 7.9 142.8 279% 37.7
G.P margin 13.6 34.1 150% 112% 16.1 70.2 91% 36.7
SG&A 8.0 10.5 31% 52% 6.9 32.4 51% 21.5
Operating profits(%)
5.6(5.7%)
23.6(12.9%)
321% 158%9.2
(7.5%)37.8
(8.9%)149%
15.2(4.9%)
Profits before tax (%)
95(9.7%)
28.9(15.8%)
203% 117%13.3
(10.9%)50.0
(11.8%)100%
25.1(8.2%)
Tax 2.1 6.0 180% 53% 3.9 10.7 52% 7.0
Net profits (%)7.4
(7.5%)23.0
(12.5%)210% 143%
9.4 (7.7%)
39.4 (9.3%)
118%18.0(5.9%)
Historic record of new orders (KRW 743.1 billion of total new orders , YY +184%)
Historic record of overseas sales (KRW 142.8 billion of overseas sales, YY +279%)
Highest quarter OP margin & NP margin since 2008 (4Q OPM 12.9%, NPM 12.5%)
18
Sales breakdown
2010 3Q 2010 4Q 2009 4Q 2010 2009
By divisions
By regions
Display
FA
Logistics
42%
21%
38%26%
24%
50%
22%
20%
58%
19%
81%
94%
6%
66%
34%
12%
88%
Domestic
Overseas
98.9
183.5
122.5
423.0
307.1
(KRW billion)
(KRW billion)
48%
26%
26%
98.9
183.5
122.5
423.0
307.1
2010 3Q 2010 4Q 2009 4Q 2010 2009
60%
17%
23%
33%
67%
+50%+86% +38%
+50%+86% +38%
19
New orders breakdown
72%
11%17%
28%25%
47%
27%
22%
51%
2%
88%
56%
44%
85%
15%
27%
73%
240.8
158.4
105.1
743.1
261.3
2010 3Q 2010 4Q 2009 4Q
24%
14%
62%
240.8
105.1
2010 2009
2010 3Q 2010 4Q 2009 4Q 2010 2009
36%
20%
44%
98%12%
-34%
+51%
743.1
261.3
+184%
158.4 +51%
-34%
+184%
By divisions
By regions
Display
FA
Logistics
Domestic
Overseas
(KRW billion)
(KRW billion)
20
Backlogs Breakdown
2009.4Q 2010.1Q 2010.2Q 2010.4Q
176.0
270.2
379.3
496.2
3%
54%
40%
growth
-backlogs
09.4Q 10.1Q 10.2Q10.4Q
176.0
270.2
379.3
496.2
50% 48% 45%41%
26%
28%
31%
29%
24%
24%
24%
30%
Display
FA
Logistics
65%
79%
80%
93%
35%
21%
20%
7%
Overseas
Domestic
2010.3Q
521.2
37%
5%
Backlogs as of Dec 2010 : KRW 496.2 billion
182% increase from Dec 2009
10.3Q
46%
25%
29%
521.2
176.0
270.2
379.3
496.2521.2
9%
91%
09.4Q 10.1Q 10.2Q10.4Q10.3Q
Quarterly backlogs (KRW billion)
21
Assets & Liabilities
09.4Q 10.1Q 10.2Q10.4Q10.3Q
(KRW billion) 09 4Q 10 4Q YY
Total assets 309.7 629.6 103%
Current assets 166.6 494.1 197%
• Cash, etc 92.7 180.7 95%
• Account receivable 39.1 89.5 129%
• Inventories 26.8 215.7 706%
Non current assets 143.1 135.5 -5%
09.4Q 10.1Q 10.2Q10.4Q
10.3Q
(KRW billion) 09 4Q 10 4Q YY
Total liabilities 81.4 365.6 349%
Current liabilities 69.3 356.8 415%
• Payable notes 30.2 104.0 244%
• Advance from customers 28.7 229.5 700%
Non current assets 12.1 8.8 -27%
• Reserves for warranties 8.9 8.8 -1%
Total assets : YY+103% increase
- Cash, etc. KRW 180.7bn (YY+95%)
- Inventories KRW 215.7bn(YY+706%)
Total liabilities : YY +349% increase
- Payable Notes KRW 104.0bn (YY+244%)
- Advance from customers KRW 229.5bn(YY+700%)
309.7
354.2
441.9
539.3
629.6
81.4
125.9
208.2
298.2
365.6
54%59%
70%
75%
78%
46%
41%
30%
25%
22%
85%90%
94%
96%
98%
15%
10%
6%
4%
2%
Current assets
Non current assets
Non current
liabilitiesCurrent
liabilities
Display Division
Sales
- 2010 Total sales KRW 245.5 bn (YY+61%)
- Record overseas sales (KRW 106.3 bn YY+280%)
New orders
- Record new orders (KRW 383.6 bn,YY+213%)
- Record overseas new orders (KRW 94.6 bn, YY+120%)
2010 Performance 2011 Prospects
10 1Q 10 2Q 10 3Q 10 4Q 2010 2009
19.4
78.5
59.6
88.0
245.5
152.5
71%
55%51%
22%
34%
18%
82%57%
78%
49%45%
29%
Sales(KRW billion)
Overseas
Domestic
New orders+61%
10 1Q 10 2Q 10 3Q 10 4Q 2010 2009
118.6105.5 98.3
383.6
122.5
44%
37%5%
25%
18%
75%
81%65%56%
95%65%
19%35%
61.1
+213%
22
Display CAPEX
- LCD & AMOLED CAPEX
- Possible approval of overseas CAPEX
Chinese LCD CAPEX (AUO, CSOT etc)
LCD Glass Substrate CAPEX
Solar cell/module CAPEX
Overseas
Domestic
(KRW billion)
FA Division
Sales
-Sales in KRW 82.9 bn (YY+13%)
- Sales of clean material handling systems increased
New orders
- Record new orders (KRW 162.4bn ,YY+144%)
- Turkey orders of 5.5G OLED material handling system
10 1Q 10 2Q 10 3Q 10 4Q 2010 2009
12.5
5.4
16.5
48.5
82.9
73.3
59% 4%
11%
34%
31% 12%
88%69%
66%
89%96%41%
+13%
10 1Q 10 2Q 10 3Q 10 4Q 2010 2009
48.3 49.3
21.8
162.4
66.5
39%
12%
18%
82%
88%
61%100%
78%
22%43.0
+144%
100%
100%
23
2010 Performance 2011 Prospects
Display CAPEX
- LCD & AMOLED CAPEX
- Possible approval of overseas CAPEX
Increase of overseas material handling system orders
Wind power generators & automotive assembly line CAPEX
Autoclave due to increasing need for airplanes
Sales(KRW billion)
Overseas
Domestic
New orders
Overseas
Domestic
(KRW billion)
Logistics Division
Sales
-2010 Sales of KRW 94.6 bn (YY+16%)
- Successfully completed LCD & Amore Pacific projects New orders
-Record new orders (KRW 197.2bn,YY+173%)
-Turnkey orders of 5.5G OLED logistics system
2410 1Q 10 2Q 10 3Q 10 4Q 2010 2009
17.0
7.9
22.7
47.0
94.6
81.3
62%
11%
99%
89%
99%38%
10 1Q 10 2Q 10 3Q 10 4Q 2010 2009
33.9
86.1
38.3
197.2
72.3
18%100%
100%83%
17%
38.9 100%
100%100%
100%
1%
+16%
100%1%
+173%
2010 Performance 2011 Prospects
Sales(KRW billion)
Overseas
Domestic
New orders
Overseas
Domestic
(KRW billion)
Display (LCD & OLED) CAPEX
Solar Poly-silicon CAPEX
Product diversification to clean logistics for Semiconductor
Retail and clothing distribution CAPEX
Receiving repeat orders from existing customers’ CAPEX
25
Dividend
Payout ratio : 22.5% (DPS KRW 500)
Yield ratio : 1.07%
Total issued shares : 17,954,380 shares (9,110,000 shares in 2009 / YY+97%)
Shares for dividends : 17,688,760 shares (excluded treasury stocks 265,620 shares)
2008 2009 2010
49.8
18.0
39.4
12.4
3.5
8.8
24.9%
19,6%
22.5%
*2008 *2009 2010
2,0382,225
5,570
1,400
400 500Net profits
Total dividend EPS DPS
(KRW)
Payout ratio
EPS vs DPS
(KRW billion)
Net profits vs Total dividends
*No of issued shares : 9,110,000 shares (in 2008, 2009)
2626
Appendix
- Balance sheets
- Income statements
- Shareholders’ structure
27
Apdx #1. Balance sheets
28
Apdx #2. Income statements
※ EPS of 2009 was adjusted after bonus shares
29
Apdx #3. Shareholder structure (as of Dec 31 2010)
DY assets & affliates 37%
Samsung10%*KITM
8%
Foreigners8%SFA
1%
Others 31%
Institutional investors, etc 67%
Foreigners 8%
Others 24%
SFA 1%
Shareholders structure Major shareholders
**NPS4%
*KITM : Korea Investment Trust Management
**NPS : National Pension System