ams Q results Alexander Everke, CEO Michael Wachsler-Markowitsch, CFO Moritz M. Gmeiner, Head of IR October 2017

Transcription

1 ams Q results Alexander Everke, CEO Michael Wachsler-Markowitsch, CFO Moritz M. Gmeiner, Head of IR October 2017

2 Sensing enables life Sensors an integral part of the digital transformation Augmented reality Industrial IoT Personal health Smart home & building Autonomous driving Human/machine interface Infrastructure automation Page 2

3 ams at a glance Sensing is life. Our business Focus on high performance sensor solutions Sensor solutions, sensor ICs, interfaces, related software Small, low power, highest sensitivity, multi-sensor integration Best-in-class solutions for leading OEMs Our end markets Consumer & Communications (C&C) >50% of sales Automotive, Industrial, Medical (AIM) <50% of sales By the numbers 1,000+ engineers 21 design centers, 3 manufacturing locations 35+ years of design and manufacturing know-how 9,000+ employees worldwide 8,000+ customers Page 3

4 ams strategy Building the global leader in sensor solutions True leadership in four sensor areas Optical Imaging Environmental Audio Best-in-class performance per sensor area and in multi-sensor application solutions Smallest, lowest cost, high volume multi-sensor modules, driving monolithic integration Sensor algorithms and sensor fusion software Diversified business with balanced application and customer portfolio Long-term target mix of 60/40 C&C / AIM split Broader customer base across applications Clear financial target model Revenue growth target (CAGR) of more than 40% EBIT margin target (adj.) of 30% from 2019 Application software for differentiating end-user experiences Page 4

5 ams strategic value chain Sensor ICs Sensor solutions Application solutions Optical Imaging Environmental Multi-sensor packages & modules Monolithic integrated sensors Sensor algorithms Sensor fusion algorithms Application software to deliver end-user experiences Audio Ultra-low power connectivity and processing Hardware Software and reference designs Page 5

6 Multi-sensor solutions and sensor fusion ams focus Optical & image sensing 3D sensing Structured light/tof Light analysis/proximity Spectral sensing Visible image Environmental & audio sensing Gas/particle Temperature Humidity Pressure Microphone audio Motion sensing Accelerometer Gyroscope Magnetometer IMU (Inertial Measurement Unit) Optical multi-sensing package/hub Open cavity multi-sensing package/hub Closed package multi-sensing hub Increasing importance of hardware and software combination to create full solutions Page 6

7 ams optical sensing solutions ams full solution capability Combining industry-leading expertise into market-leading solutions Illumination Princeton Optronics expertise Optical path and package Heptagon expertise Optical sensor ams expertise High power VCSEL lasers High power VCSEL arrays Low power VCSEL lasers IR LEDs / LEDs Path of light to/from illumination/sensor and in/out of package Optical features and elements Smallest size highly integrated optical systems Multi-frequency spectral sensors Multi-diode structures SPAD diodes IR sensors Multi-sensor modules Page 7

8 Leading expertise in optical systems / VCSEL Optical path and optical systems Path of light to/from illumination/sensor and in/out of package Highly integrated extremely small size optical systems to create optical path Extensive portfolio of optical features and elements: Leading capabilities in WLO, high quality DOE, lenses, mirrors, embossing, etc. Unique IP-protected integration expertise for smallest form factor and highest performance Supporting wide range of applications across 3D and other optical sensing Singular expertise in very high volume manufacturing of highly complex optical systems VCSEL illumination Leading technology portfolio for high power single lasers and high count arrays Benchmark power efficiency and narrow beam divergence: high beam quality for 3D applications, better long distance performance Smallest pitch arrays enable higher resolution in future 3D systems Significant longer-term opportunity in automotive 3D LIDAR already emerging Internal VCSEL manufacturing drives further differentiation, capacity investment starting Q4 Page 8

9 Unique position in 3D sensing 3D sensing: Significant new growth market for high value sensing Applications include face recognition, AR/VR, gesture, biometrics, body measurement, 3D position measurement, autonomous driving 3D sensing in consumer devices will breed new applications and apps Non-consumer to follow later but already evident: Industrial IoT (internet of things), Automotive (3D LIDAR, driver recognition) 3 key technologies: Structured light, ToF (time-of-flight), stereo cameras Structured light: IR illumination of object, accuracy of illumination key to quality of sensing ToF: SPAD/dTOF (avalanche diodes) or itof (phase difference) sensing, dedicated illumination Stereo cameras: specific illumination needed for high quality sensing End-to-end optical/ 3D sensing platform leverages optical path and VCSEL ams: Leading solution expertise across 3D sensing technologies Optical path as key differentiator, hand-in-hand with packaging for optimum performance Unique VCSEL-to-sensor end-to-end platform offers performance and design advantages for multiple optical technologies Unique know-how to create mass-produceable devices for very high volume applications Structured light: high quality random dot illumination and sensing / ToF: covering both ToF technologies with high performance solutions / stereo cameras: dedicated illumination Page 9

10 Optical and image sensing Worldwide leader in light sensing solutions Clear #1 in optical sensing Leadership in sensors, optical path, illumination Optical path crucial for new sensor applications Power-efficient VCSEL technology (single and array) for optical sensing True Color spectral sensing for advanced display management Color ALS, ultra-small proximity modules 3D sensing expertise addresses emerging applications Structured light and time-of-flight (ToF) technologies Spectral sensing for biosensing, color identification, medical uses Color and spectral sensing for Industrial IoT, smart LED lighting Optical path and full value chain coverage as key differentiators High value image sensing High-performance global shutter CMOS image sensors for Industrial NanEye miniature camera technology for Medical (endoscopy) and Industrial Future combination of imaging and spectral sensing Page 10

11 Audio sensing ANC (active noise cancellation) High performance analog noise reduction Low power budget + footprint advantages Significantly better receive-path audio quality In-phone and in-ear/headphone topologies Leader in accessory market, support for digital architectures ams innovation: ACI interface transmits power, data and audio over 3.5mm jack microphone line Low-power ACI enables new battery-less ANC ear/headphone designs and additional functions such as sensing Innovative ACI accessory interface broadens ANC portfolio MEMS microphone interface ICs Continuing market leadership in high volume market Leading position in low noise solutions and tight integration Strong customer partnership focused on high quality segments Page 11

12 Environmental (including gas) sensing Technology leader in environmental / gas sensing End-to-end solution provider Unique CMOS-based portfolio for low power, high volume, small form factor Key environmental sensing areas - MOX gas - Infrared gas / presence detection - Relative humidity, pressure, temperature Emerging market in HABA and Industrial IoT, roadmap for consumer Broad range of emerging applications in mobile, home/building automation (HABA), Industrial IoT and other AIM markets Uniquely positioned for multi-sensor modules and monolithic multi-sensor integration Combination of related environmental sensor modalities in modules (e.g. gas + relative humidity) Integration roadmap to realize low-power, smallest size, low-cost consumer solutions Sensor algorithms and application software as value drivers Page 12

13 Scalable manufacturing model In-house capacity + manufacturing partnerships Internal wafer manufacturing, Austria 200mm, k wafers p.a. CMOS / specialty analog down to 180nm High volume optical filter deposition Ongoing capacity expansion in Singapore, VCSEL manufacturing invest starts Q4 Internal optical packaging + future VCSEL manufacturing, Singapore Technology leader in high end optical systems Major capacity expansion in 2017 to support consumer ramps Revenue pipeline drives additional expansion investments into 2018 Investment for internal VCSEL manufacturing capacity Project start Q4 2017, expected availability 2019, around EUR 100m investment Manufacturing partnerships for scalability and flexibility High volume technology partners TSMC, UMC, GF Flexible response to end market volatility In-house test, Austria / Philippines Page 13

14 Global network Headquarters Design centers Manufacturing/Test Sales/customer support locations Americas Europe Asia 21 design centers Austria, Switzerland (2), Italy (2), Spain, Germany (4), Belgium, UK (2), Netherlands, Portugal, Finland, USA (3), India, Japan Manufacturing locations Austria, Singapore Test center Philippines Page 14

15 Key figures EURm Total revenues % 9M M 2016 Q Q % Gross margin (adjusted) 1) f (IFRS reported) 43% 37% 56% 53% 41% 37% 55% 53% Result from operations (EBIT) (adjusted see footnotes) (IFRS reported) ) Net result % EPS (basic/diluted) 3) CHF EUR / / ) / / ) % 0.28 / / ) / / ) Excl. acquisition-related costs and share based compensation costs 2) Excl. acquisition-related costs, share based compensation costs and result from divestiture (EUR 29.7m) 3) Earnings per share in CHF were converted using the average currency exchange rate for the respective periods Page 15

16 Financial results EURm Total revenues % % M M 2017 Q Q Total revenues by market H Automotive, Industrial, Medical 49% 51% Consumer & Communications Total revenues by region Total backlog 100% 80% 60% 59% 62% Asia/Pacific Consignment stock agreements approx. EUR 17-19m 40% 5% 7% Americas % 36% 31% Europe (EMEA) 100 0% 9M M Jun Sep Page 16

17 Financial results EURm, % of revenues Gross profit (IFRS), gross margin (adjusted) % 1) 42.6% 1) R&D % 26.1% % 1) 41.4% 1) M M 2017 Q Q % 20.8% M M 2017 Q Q SG&A EBIT (IFRS), EBIT margin (adj.) % 1) 6.8% 1) % 16.6% % 1) 13.3% 1) % 13.1% M M 2017 Q Q M M 2017 Q Q ) excl. acquisition-related and share based compensation costs Page 17

18 Financial results EURm, % of revenues Net result, EPS (basic/diluted) Operating cash flow CHF 1.45/1.40 EUR 1.32/ CHF -0.21/-0.20 EUR -0.19/ CHF 0.91/0.88 EUR 0.84/ CHF 0.28/0.27 EUR 0.24/ M M2017 Q Q % 30.8% -6.6% % M M 2017 Q Q Net cash, cash + short term investments Net cash Cash + short term invest M M M M 2017 Capital expenditures % 16.6% % % M M 2017 Q Q Page 18

19 ams Sensing is life. 2017

20 Profit and loss statement EURm (IFRS) 9M M 2016 Q Q Total revenues Products Foundry Gross profit Gross margin (adjusted 1) ) Gross margin (IFRS reported) % 37.0% % 53.4% % 37.0% % 53.0% Research and development Selling, general and administrative Other operating income/expenses Result from operations (EBIT) EBIT margin (adjusted see footnotes) EBIT margin (IFRS reported) % 1) -4.2% % 2) 20.7% % 1) 4.0% % 2) 33.9% Net financing costs Result before tax Income tax result Net result ) Excl. acquisition-related and share-based compensation costs 2) Excl. acquisition-related costs and share based compensation costs and result from divestiture (EUR 29.7m) Page 20

21 Balance sheet EURm Assets (IFRS) Sep 30, 2017 Dec 31, 2016 Liabilities and equity Sep 30, 2017 Dec 31, 2016 Cash and short term invest. Trade receivables Inventories Other current assets Interest-bearing debt Trade liabilities Tax liabilities Provisions Other liabilities Total current assets Total current liabilities Fixed assets Intangible assets Investments in associates Deferred tax asset Other non-current assets , Interest-bearing debt Employee benefits Deferred tax liabilities Other liabilities 1, Total non-current assets 2, Total non-current liabilities Shareholders equity 1, Total assets 3, ,423.0 Total liabil. and equity 3, ,423.0 Page 21

22 Cash flow statement EURm (IFRS) 9M M 2016 Q Q Income before tax Depreciation Cash flow from operations Capital expenditures Cash flow from investing activities Proceeds from borrowings Repayment of borrowings Dividends paid Changes resulting from capital increase Cash flow from financing activities Change in cash and cash equivalents (incl. effects of changes in foreign exchange rates) Cash and cash equivalents at end of period Page 22