FOR MEASUREMENT, ANALYSIS AND CONTROL, ONE …swissequitiesconference.com/pdf/Inficon.pdf · FOR...
Transcript of FOR MEASUREMENT, ANALYSIS AND CONTROL, ONE …swissequitiesconference.com/pdf/Inficon.pdf · FOR...
FOR MEASUREMENT, ANALYSIS AND CONTROL,ONE NAME ALWAYS YIELDS MORE!
January, 2018Bad Ragaz, Switzerland
2Janaury 2018
INFICON at a Glance
INFICON provides world-class instruments for gas analysis, measurement and control
Our core technologies are the measurement of vacuum or theuse of vacuum to analyzechemicals - primarily gases
Focus on four key markets
~5% annual compound growth rate from 2011 until 2017
Net Sales 2017 by Market
MUSD ~101(MUSD 86)
MUSD ~373(MUSD 310)
3January 2018
The INFICON World
Net Sales by Region 2017
~1.000 Employees WW
Europe, 26%
Asia, 46%
North America 26%
Rest of World, 2%
4January 2018
INFICON Investment Case
A pure play in vacuum sensor technology serving attractive markets
Dominant positions - #1 or #2 in all addressed markets
Global presence with sales and service in US, Europe, and Asia
Strategic focus: organic growth, profitability and technology leadership
Target highly specialized technology markets with attractive growth prospects.
Solid balance sheet – no long term debt
Substantial amounts of free cash flow generated every year
Healthy gross profit margins as a result of an excellent market position and effective design for manufacturabilty
Attractive shareholder dividend program
5January 2018
Security & Energy
Application Chemical Identification and Monitoring
Systems for VOC’s and SVOC’s in gases, liquids and soil
Protect people and staff for military, civil and environmental purposes
Trends & Drivers Increasing awareness of security threats
(intentional and/or unintentional) Increasing civil use (security &
environment) Need for immediate on-site results Future energy needs a new application
opportunity
6January 2018
Security & Energy
HAPSITE ER
Fusion Micro GC
CMS 5000
Products HAPSITE Chemical Identification System and
various Accessories CMS Water Monitoring System Micro GC Gas Analyzer IRwin® Mobile Methane Leak Detector Handheld VOC Detectors Consumables, Training, Service
Customers Government agencies
Military, Security, Environment Emergency Teams Police Departments Energy production & distribution
Competition Agilent (US) Perkin Elmer (Torion) (US) FLIR (US) Bruker (US) Sewerin (DE)
Photovac 2020Pro
IRwin® Mobile Methane Leak Detector
7January 2018
Performance Weak start in 2017, but good year end
business Sales increase of 12% in Q4 2017 vs.
Q4 2016 and +106% vs Q3 2017 Strong Q4 performance (US and Asia
projects)
Outlook Market Expectations 2018: challenging Uncertain global political situation Highly dependent on government
spending New competitors Growth opportunities in the energy
exploration and distribution market
Security & Energy
28.627.2
35.9
22.1
33.1
2012 2013 2014 2015 2016 2017
Sales to End MarketSecurity & Energy-2.3% CAGR (2012- 2017)
(in MUSD)
8January 2018
Refrigeration, Air Conditioning & Automotive
Application Finding leaks:
Manufacturing: parts and components Assembly lines: final quality tests End-User: after sales service and repair
Trends & Drivers On-going world wide high demand for air
conditioning and refrigerator Increased requirements to:
reduce environmental pollution increase energy efficiency
New environmentally friendly refrigerants Increased numbers of Automotive parts
that need to be leak tight New E-Car opportunities :
New and existing battery technologies Fuel cell technology (Hydrogen)
9January 2018
Refrigeration, Air Conditioning & Automotive
TEK-Mate®
Refrigerant Leak Detector
Protec® P3000 Helium Leak Detector
T-Guard®
HLD 6000 Leak Detector
Sentrac ® Hydrogen Leak Detector
Modular Leak DetectorLDS 3000
Products Multi Gas, Helium & H2 Leak Detectors Modular Leak Detectors Refrigerant Leak Detectors Handheld Devices Service contracts & Accessories
Customers Carrier, Daikin, Samsung, Haier, Cree, Trane,
Whirlpool, Midea etc. (RAC) Daimler, GM, Ford, Fiat, Peugeot, VW, BMW,
Kuka, Laco, Valeo,Bosch, etc (Automotive) A’Gramkow, Home Depot, etc. (Distributor)
Competition Ulvac (J) Pfeiffer Vacuum (D) Agilent (US) Bacharach (US), Fuso (J) Ateq (F)
10January 2018
Performance FY2017 new annual record Q4 2017 sales increase 15% vs. Q4 2016,
sequentially increase of 2% Q4 second best result so far Solid # 1 position in RAC and increasing
market share in Automotive
Outlook Market Expectations 2018: stable/growth Expand automotive market share with
advanced solution and application ideas New distribution & product initiatives for
handheld after-sales-service products Keep high market share in saturated RAC
manufacturers market with excellent world-wide service and support capabilities E-car growth opportunities (Batteries)
Refrigeration, Air Conditioning & Automotive
47.8 47.954.3
57.6
68.1
2012 2013 2014 2015 2016 2017
Sales to End MarketRefrigeration, Air Conditioning & Automotive
+9.8% CAGR (2012 - 2017)
(in MUSD)
11January 2018
Semi & Vacuum CoatingSolar, Display, Optics & Semiconductor
Application Control of vacuum based processes:
Thin film coating (PVD & CVD) Ion implantation, etch & cleaning Device (e.g. Wafer) handling EUV Lithography
Maintenance (leak detection)
Trends & Drivers Emerging markets with growing demand
for electronic consumer products Increased complexity and miniaturization
(Moore’s law) Drive towards mobility & energy
efficiency Smart sensors, Big data, IoT, AI & AR
projects as new drivers “Run” for the latest technology
12January 2018
FABGUARD®Fault Detection Software
UL 1000 FABLeak Detector High Temperature
CDG
Sion® RF-Sensor
Semi & Vacuum CoatingSolar, Display, Optics & Semiconductor
Products Gas analysis and process control Software Helium leak detectors Thin film monitoring instruments Pressure measurement Service and application support Consumables & Components
Customers AMAT , TEL, LAM, Canon-Tokki, ASML , Sunic
(Equipment Manufacturers) Samsung, Intel, TSMC, Global Foundries
BOE, Innotron (End-user) Optorun, Essilor, Anelva, Zeiss, Bühler (Optics) Chinese Solar equipment manufacturer
Competition MKS (US) Pfeiffer Vacuum (D) ULVAC (J)
13January 2018
Performance Sales Q4 2017 increase of 13% vs. Q4 2016 Sequentially increase of 10% FY2017 new annual record,
mainly due to large investments in OLED flat panel and Semi production capacity
#1 position in process control, leak-detection and thin film monitoring, #2 for pressure measurement
Outlook Market Expectations 2018: slow growth
Stable equipment CAPEX (new: China)< 10nm nodes3D chip designEUV Lithography investments
OLED to replace LCD display technology for mobile devices & stable Optics market
Photovoltaic solar recovery “Design in wins” with new products
Semi & Vacuum CoatingSolar, Display, Optics & Semiconductor
96.1 102.1 100.6 97.2
120.6
2012 2013 2014 2015 2016 2017
Sales to End MarketSemi & Vacuum Coating
+11.7% CAGR (2012 - 2017)(in MUSD)
14January 2018
General VacuumApplication Qualitative and quantitative
measurement of vacuum based processes in R&D and manufacturing: Life Science, Analytics, Sterilization Particle & Energy research centers University and Industry laboratories Industrial & Chemical processes NEW: Food Packaging Quality Control
Trends & Drivers Vacuum as affordable technology for cleanest
process environment
Increased numbers of vacuum based processes in R&D and manufacturing
One stop shopping, therefore our instruments are also sold as private labeled accessories to large vacuum pump manufacturers and distributors
Increased awareness of quality & cost issues in the MAP food packaging market
15January 2018
Products Vacuum Instruments
• Gas Analysis• Pressure Measurement• Leak Detectors• Components and Accessories
Customers Pfeiffer Vacuum (D) Oerlikon Leybold (D) Fanuc (J), IPI (D), AS (US) Agilent (US), Ulvac (J), Ebara (J)
Competition MKS (US) Ulvac (J) Agilent (US) Pfeiffer Vacuum (Adixen, F) Edwards (UK)
Transpector MPH Mass Spectrometer
General Vacuum
Contura S400 Leak Detector for Food Packaging
Modul 1000Helium Leak Detector
Full Line of Vacuum Gauges
16January 2018
Performance Q4 2017 sales increase 33% vs. Q4 2016,
mainly due to higher sales to European and Asian customers
Sequential increase of 12% due to improved worldwide economy
Most competitive “full liner” in vacuum instrumentation
Remain # 1 position
Outlook Market Expectations 2018: slow growth
Strong dependency on EU economy Expand market reach into industrial and
analytical OEM markets Expand distribution networks (US & Asia) First sales into Food-packaging applications
General Vacuum
124.7115.8 114.7
101.887.9
2012 2013 2014 2015 2016 2017
Sales to End MarketGeneral Vacuum
-3.4% CAGR (2012 - 2017)
(in MUSD)
18January 2018
Key Financials (FY2017 preliminary, unaudited)
Net Sales (USD M) Operating Income (USD M and in % of Sales)
19January 2018
Balance Sheet Information as of Sept. 30, 2017
Very solid balance sheet structure
No long-term debt
Net Cash position of USD 66 Mio.
Current assets represent 73% of total assets
Shareholders’ equity ratio 71% as of September 30, 2017
20January 2018
Shareholder Structure
As of Dec 31, 2017 in million shares: Outstanding, net: 2.375 Remaining Conditional: 0.080
Nominal value of CHF 5 per registered share
Listed on SIX Swiss Exchange (IFCN)
Dividend per Share (CHF) and Share Price (Year-end)
One share – one vote Registered shareholders: ~3’200
Major shareholders > 3%• KWE Beteiligungen AG ~ 19% • 7-Industries Holding ~ 10% • UBS ~ 5%• Chase Nominees ~ 5% • Nortrust Nominees Ltd. ~ 4%
~42 % of shares held by 5 investors with > 3 % each.
10
14 16
14 15
13
16 CHF 179.50
CHF 154.00
CHF 219.10
CHF 343.75
CHF 308.25CHF 320.25
CHF 367.00
2010 2011 2012 2013 2014 2015 2016
21January 2018
Board of Directors and Executive Management
Executive Management• Lukas Winkler
President & Chief Executive Officer
• Matthias Tröndle Vice President & Chief Financial Officer
Board of Directors – 5 members• Dr. Beat E. Lüthi Chairman• Dr. Richard Fischer Vice Chairman• Vanessa Frey Member• Beat Siegrist Member• Dr. Thomas Staehelin Member
Audit Committee• Dr. Thomas Staehelin (Chair)• Vanessa Frey• Beat Siegrist
Compensation & Human Resources Committee• Beat Siegrist (Chair)• Dr. Richard Fischer• Dr. Thomas Staehelin
22January 2018
SUMMARY – INFICON VALUE
LeadershipClear leadership position in 4 addressed markets
InnovationInnovate and design to lower costInnovate to improve customer yield
GrowthAttractive marketsGaining market share
Earnings Leverage Customer penetration (Key Account
Management) and efficiency programs drive operational leverage
Cost structure allows quick adjustment to downturn situations
Balance Sheet Strength 100% equity financing reduces risk
Dividend programs return excess cash to shareholders