ROFIN-SINAR Technologies Inc. Investor Presentation. Nasdaq RSTI US WKN Fiscal Year 2012 / 9 Months

Transcription

1 ROFIN-SINAR Technologies Inc. Investor Presentation Nasdaq RSTI US WKN Fiscal Year 2012 / 9 Months

2 SAFE HARBOR STATEMENT Safe Harbor Statement Under the Private Security Litigation Reform Act During the course of this presentation, we will make projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that such statements reflect only our current expectations, and that actual events or results may differ materially. We refer you to the risk factors and cautionary language contained in the documents that the Company files from time to time with the Securities and Exchange Commission, including the Company s Annual Report on Form 10-K for the fiscal year ended September 30, Such documents contain and identify important factors that could cause our actual results to differ materially from those contained in our projections or forward-looking statements. We undertake no obligation to update such projections or such forward-looking statements in the future. Page 2

3 THE COMPANY Company is a global leader in the design, manufacture and marketing of industrial lasers and laser-based products used in material processing applications Overview Headquartered in Plymouth, MI, and Hamburg (Germany) Worldwide > 2,200 employees Over 4,000 customers worldwide Global sales & service network Revenues FY 2012/9M: $392.7 million FY 2011: $597.8 million Macro 38% Components 12% Micro & Marking 50% Split by application 9M/FY2012 Installed base of over 42,000 laser units Revenues with service & spare parts > 25% of revenues Asia 33% Europe 45% North America 22% Split by region 9M/FY2012 Page 3

4 TECHNOLOGIES Technology Technologies Primary Applications Gas lasers: CO 2 lasers Solid-state lasers: Lamp + diode-pumped lasers Fiber lasers Semiconductor lasers: Diode lasers Cutting, welding, surface treatment (i.e. structuring), perforating, drilling, marking Cutting, welding, surface treatment (i.e. ablation, structuring, cleansing), drilling, marking Heat conduction welding, brazing, hardening, soldering Technology Page 4

5 MARKETS + GROWTH DRIVERS Company Total Net Sales: FY 2012/9M: $392.7 million (thereof laser-related: $237.5 million) FY 2011: $597.8 million (thereof laser-related: $382.5 million) Primary Markets Current Market Situation As percentage of laser-related sales Machine tool 35% Automotive & Sub-Suppliers 7% Consumer electronics Photovoltaics 27% Semiconductor Medical device industry Flexible packaging 31% Jewelry China good infrastructure projects (higher volume); good opportunities for fiber lasers Worldwide business stable; potential growth through fiber lasers (welding applications) Good marking business with EMS companies; slower business for Micro as expected due to design changes Solid business expected in Q4 (China), NA + Europe more challenging, opportunity: efficiency increase Excellent past quarter, lower sales levels expected Stable business in the key regions; increased demand from Asia; potential for new technology Food & packaging industry: relatively stable; project based Stable; depends on general business climate Others i.e. M&D, Aerospace, SmartCard, Watch Page 5

6 FOCUSED SALES - LASERS + LASER SYSTEMS Company MACRO Cutting, Welding, Surface Treatment ROFIN BRAND MARKING Vector-Marking MICRO Fine Cutting Fine Welding Micro Structuring Perforating OEM Machine Tool Polymers Tool & Die Glass & Displays Surfaces Automotive & Sub-Suppliers Electronics Jewelry Photovoltaic Packaging Smart Cards Labels Medical Device Consumer Goods Semicon/Electronics PRC Laser Lee Laser NELC ADDITIONAL GROUP BRANDS - LASERS - CO 2 laser sources Laser sources CO 2 laser sources Page 6

7 FOCUSED SALES - LASER COMPONENTS Company ADDITIONAL GROUP BRANDS - COMPONENTS - Laser diodes, diode technology Fibers, fiber laser technology Optics, beam deliveries, power supplies Primary markets Primary markets Primary markets Avionics / Aerospace Defense Image Recording Instrumentation Industrial Laser Industry Medical Spectroscopy Laser Industry Medical Industrial Scientific Avionics / Aerospace Defense Industrial Laser Industry Medical Scientific Industrial Laser Industry Laser Industry (Mainly high-power laser manufacturers) Laser Industry Page 7

8 Key Financials Historical Overview Revenue Order Entry Order Backlog In Mio. USD _ Net Income* In Mio. USD 9M/ NI: /9M US$/Euro: * Attributable to RSTI Page 8

9 FINANCIAL KEY FIGURES Financials KEY FIGURES (in US$ million) /9M Revenue Cost of goods sold Gross profit Selling, general & administrative * Research & development Income from operations Interest expense net (2.6) (5.0) (3.0) (0.1) (0.1) Taxes Net income (attributable to RSTI) EPS diluted** Order entry Order backlog Weighted average s/o in million** CASH FLOW (in US$ million) /9M Cash flow from operations Cash flow from investing (22.8) (29.5) 52.2 (18.2) (8.3) (28.5) (33.9) Thereof Capex (6.4) (9.0) (14.5) (7.8) (8.6) (21.8) (20.1) Depreciation/Amortization EARNINGS GUIDANCE (subject to safe harbor statement) Q4/2012 FY2012 Revenues $125 - $130 million $518 - $523 million Gross profit (in percentage of net sales) ~ 38% ~ 37% Period expenses (in percentage of net sales, incl. intangible amortization) 28-29% ~28% EPS $ $0.28 * Excl. intangibles amortization - ** Figures reflect stock split in 2007 Page 9

10 FINANCIAL MODEL Financials KEY FIGURES (as percentage of net sales) /9M Cost of goods sold 57.6% 57.6% 56.8% 62.2% 60.7% 61.2% 63.0% Gross profit 42.4% 42.4% 43.2% 37.8% 39.3% 38.8% 37.0% Selling, general & administrative 18.0% 17.7% 18.3% 25.4% 21.2% 18.0% 19.5% Research & development 5.7% 5.8% 7.1% 9.0% 7.1% 6.4% 8.2% Income from operations 17.8% 18.1% 16.6% 2.3% 10.4% 14.0% 8.9% Interest expense / (Income) (0.6)% (1.0)% (0.5)% 0.1% 0.1% 0.0% 0.0% Net income (attributable to RSTI) 11.8% 11.5% 11.1% 2.6% 7.0% 10.0% 6.2% Effective Tax Rate 35.3% 36.6% 34.4% 36.1% 34.1% 29.9% 33.5% Revenue from service, training, spare parts 27% 26% 25% 30% 30% 26% 28% Revenue from components 8% 9% 10% 12% 10% 10% 12% EBIT 17.6% 17.1% 16.4% 4.2% 10.8% 14.4% 9.4% EBITDA 19.8% 19.4% 19.2% 7.9% 13.5% 16.6% 12.0% RETURN ANALYSIS ROE*** 13.7% 12.2% 15.8% 2.2% 7.2% 12.7% ROWC 17.6% 16.0% 24.7% 3.3% 10.4% 18.0% *** Equity excl. Minority interest Page 10

11 STRONG BALANCE SHEET Financials ASSETS in US$ million 06/30/ /30/2011 Total current assets 425, ,269 Including: Topic Four Cash, cash equivalents & short term investments 96, ,376 Trade accounts receivable, net 95, ,391 Inventories, net 204, ,847 Total non-current assets 205, ,677 Total assets 631, ,946 LIABILITIES + STOCKHOLDERS EQUITY Including: Short-term debt 10,244 8,121 Trade accounts payable 26,588 27,082 Total non-current liabilities 32,500 41,388 Including: Long-term debt 6,199 14,742 Net stockholders' equity 488, ,617 Total liabilities and stockholders equity 631, ,946 Days Sales Outstanding Equity Ratio 77% 73% Page 11

12 GROWTH STRATEGY Strategy Key Items Focus on new markets & applications Capitalize on our global presence to attract new customers Develop new laser products through technological innovation Further expansion in emerging regions Offer customized solutions based on standard platforms Acquire complementary business operations, products or technologies Page 12

13 COMMON STOCK Share ROFIN s Common Stock Nasdaq: since 1996 RSTI Frankfurt Stock Exchange: since July 2001 ISIN: US Indices: Russell 2000, S&P SmallCap 600 Shares O/S (diluted, after split): Freefloat: ~ 100% ~ 28.8 million (FY2012/9M) Share distribution: ~ 85% USA, ~ 15% Europe/ROW Fiscal year ends Sept. 30 Earnings results 4 th quarter FY 2012: November 8, 2012 ROFIN-SINAR Technologies Inc. Investor Relations Contact: c/o ROFIN-SINAR Laser GmbH Katharina Manok Berzeliusstrasse 87 Tel.: Hamburg, Germany Fax: ir@rofin.com Common Stock Page 13

14 COMPANY HISTORY - MILESTONES Appendix Founding of Rofin-Sinar Laser Acquired by Siemens Acquisition of Spectra Physic s Industrial Laser Division in the US Acquisition of Laser-Optronic in Germany (laser marking systems) Spun off from Siemens (IPO on Nasdaq Stock Exchange) Acquisition of Dilas Diodenlaser, Germany Acquisition of Palomar Technology UK (today Rofin-Sinar UK) Acquisition of Carl Baasel Lasertechnik, Germany Acquisition of Z-Laser S.A., Spain Secondary listing at the Frankfurt Stock Exchange (TecDAX ) Expansion in Asia; Founded subsidiaries in Taiwan and Korea Acquisition of Optoskand, Sweden Secondary offering of 2.86 Mio shares at $ Acquisition of PRC and Lee Laser, USA Founded subsidiaries in China, Canada and USA (Dilas Diode Laser, Inc.) Acquisition of Corelase Oy, m2k-laser GmbH, ES Technology Acquisition of Nufern, USA (fibers and fiber laser technology) Foundation of ROFIN-BAASEL Swiss AG Formed Nanjing Eastern Technologies and Dilas Diodelaser China Closed acquisition of China-based NELC Acquired LASAG AG (Thun/Switzerland) and its worldwide activities Formed subsidiary in India Appendix - Company Page 14

15 GLOBAL PRODUCTION, SALES & SERVICE NETWORK Appendix - More than 20 production facilities in North America, Europe & Asia - Customer service support in over 50 countries - Approx. 140 sales engineers & about 400 customer service personnel - Regional & industry specialized sales engineers Appendix - Company Page 15

16 PRODUCT PORTFOLIO Appendix CO 2 Laser Sources Diode Lasers Sealed-Off Laser W CO 2 Laser Systems Diffusion-Cooled CO 2 - Laser 1,000 8,000 W Fast-Axial-Flow CO 2 -Laser 1,000 8,000 W StarShape CO 2 High-Power Diode Laser 700-3,600 W Low-Power Diode Laser W Diode Lasers Systems Remote Welding System Profile Welding System Laser Perforation System StarPerfo CO 2 Laser Marking System Multiscan Marker MINI Diode Laser System COMPACT Diode Laser System Page 16

17 PRODUCT PORTFOLIO Appendix Solid-State Laser Sources Q-Switched Laser 500-1,000 W High-Power Fiber Laser 500-4,000 W StarFiber W StarPulse Laser W StarFiber OEM Green Nd:YAG Laser Diode-End-Pumped Lasers Picosecond Fiber Laser X-Lase Solid-State Laser Systems Stent Cutting System StarCut Tube Scanner Welding System Universal Laser Welding System Modular Processing System (MPS) for fine cutting & welding Manual Welding Laser System Select Manual Welding All-in-one Laser End-Pumped Fiber Laser Laser System Solid-State Laser Marker Performance Marking System CombiLine Cube Marking System PowerLine Prime Desktop Marker Page 17

18 GROUP STRUCTURE Appendix ROFIN-SINAR Technologies Inc. Plymouth, USA 80 % 80 % Lee Laser, Inc. Orlando, USA Corelase Oy Tampere, Finland PRC Laser Corp. Landing, USA Nufern East Granby, USA Nanjing Eastern Technologies Co.Ltd. Nanjing, China Nanjing Eastern LASER Co., Ltd. Nanjing, China ROFIN-SINAR, Inc. Plymouth, USA PRC Europe NV Oudenaarde, Belgium ROFIN-SINAR Technologies Europe S.L., Barcelona, Spain DILAS Diode Laser, Inc. Tucson, USA ROFIN-BAASEL Canada Ltd., Toronto, Canada ROFIN-BAASEL UK Ltd. Daventry, UK ROFIN-SINAR Laser GmbH Hamburg / Munich, Germany ES Technology Ltd. Oxford, UK ROFIN-BAASEL Lasertech GmbH & Co. KG Starnberg, Germany 1 % ROFIN-BAASEL, Inc. Devens / Chandler, USA WB-PRC Laser Service GmbH Zorneding, Germany PMB Elektronik GmbH Starnberg, Germany Employees as per June 30, 2012: 2,204 OPTOSKAND AB Gothenburg, Sweden 90% RASANT-ALCOTEC Besch. GmbH Overath, Germany m2k-laser GmbH Freiburg, Germany 80 % ROFIN-BAASEL China Co., Ltd. Shanghai, China 88 % ROFIN-BAASEL Japan Corp. Atsugi, Japan 99 % ROFIN BAASEL Laser India Pvt. Ltd. Mumbai, India ROFIN-LASAG AG Thun, Switzerland ROFIN-BAASEL Swiss AG Biel, Switzerland ROFIN-BAASEL Singapore Pte. Ltd. Singapore ROFIN-BAASEL Taiwan Ltd. Taipei, Taiwan ROFIN-BAASEL Korea Co., Ltd. Seoul, Korea 95 % 95 % DILAS Diodenlaser GmbH Mainz, Germany Dilas Diodelaser China Co. Ltd., Nanjing, China ROFIN-BAASEL Italiana S.r.l. Monza, Italy ROFIN-BAASEL France S.A. Paris, France ROFIN-SINAR UK Ltd. Willerby, UK ROFIN-BAASEL Espana S.L. Pamplona, Spain ROFIN-BAASEL Benelux B.V. Ablasserdam, Netherlands Page 18