presentation results q2 2020 - melexis.com · 29/07/2020 · the content of this presentation is...
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The content of this presentation is CONFIDENTIAL & PROPRIETARY. ALL Rights Reserved. 1
Presentation results Q2 2020
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We create innovative micro-electronic solutions for the best imaginable future
What do we do?
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Idea
Chip design Wafer probe Final test
Customer
AssemblyWafer fab
1 2 3 4 5
Process flow
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Organic growth, selective
acquisitions
Melexis strategy
Leadership in sensing and
driving solutions to our
customers’ advantage
Focus on innovation in
automotive and adjacent markets
Organic growth, selective
acquisitions
Leadership in sensing and
driving solutions to our
customers’ advantage
Focus on innovation in
automotive and adjacent markets
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Home
Industry Healthcare
Consumer
Automotive
Motorcycles and e-bikes
Common denominator: sensing & driving is everywhere
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Melexis supplied > 1.2 billion ICs worldwide in 2019
• Magnetic position sensors
• Inductive position sensors
• Current sensors
• Latch & switch
• Embedded drivers
• Smart drivers
• Pressure sensors
• Tire monitoring sensors
• Temperature sensors
• Optical sensors
• Sensor interfaces
• Embedded lighting
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11 chipsin everynew car
Applications containing Melexis ICsDisclaimer: Please note this list is not exhaustive and only includes some of the most common applications containing Melexis ICs.
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Sales & ApplicationsBelgium – Ieper, TessenderloGreater China – Shanghai, ShenzhenFrance – Grasse, ParisGermany – Erfurt, DresdenJapan – YokohamaUSA – Nashua, Detroit, San JoseSouth Korea – SeoulSwitzerland - Bevaix
ManufacturingBelgium – IeperBulgaria – SofiaFrance – Corbeil-EssonnesGermany – ErfurtMalaysia – Kuching
Research & DevelopmentBelgium – Ieper, TessenderloPhilippines – Manila Bulgaria – SofiaSwitzerland - BevaixFrance – Grasse, ParisUkraine – Kiev Germany – Erfurt, Dresden, DüsseldorfUSA – Nashua
Over 1500 people on 3 continents
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Melexis vs Automotive Trends
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Melexis vs. automotive trends
Zero emissions
Electrification(xHEV & xEV)
Zero traffic fatalities
ADAS(assisted & autonomous drive)
User experience
Personalization(customization)
Powertrainsystems
Chassis,body &safety
systems
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Powertrain SystemsLevels of Electrification
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Global vehicle production (million units)
ICE inside
Electrification
Electrification – Segmentation – Market Split
Source: IHS and Melexis estimates, updated Apr 29, 2020
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Internal Combustion Engine (ICE + uHEV) 48 Volt Mild Hybrid (mHEV)
Full Hybrid (fHEV) - Plug-In Hybrid (pHEV) Electrical Vehicle (BEV – FCEV)
Pow
ertrain System
s
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Powertrain Systems
Source: IHS and Melexis estimates, updated Apr 29, 2020
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ChassisBreaking – Steering – Suspension
Body Lighting – HVAC - Others
Safety (Passive)
Ch
assis -B
od
y -Safety System
s
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Chassis – Body – Safety Systems
Source: IHS and Melexis estimates, updated Apr 29, 2020
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Melexis in automotive
Source: IHS and Melexis estimates, updated Apr 29, 2020
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BMW 530e
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Melexis beyond automotive
• White goods – Focus on CO2
• Motorcycles and e-bikes
• Industry 4.0 – Closed loop control
• Drones
• Health / wellbeing
• Robotics – Focus on autonomy
• Thermal information – People detection
• Environmental imaging
• Industrial position sensing
• Power monitoring & motor control
Sensors & drivers for similar challenges
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Milestones
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TurnoverQ2 2020: 100.4 mln EURHY 2020: 238.5 mln EUR
Gross profit marginQ2 2020: 38.7%HY 2020: 39.8%
Operating marginQ2 2020: 10.1%HY 2020: 14.3%
Evolution financials 2000-2020
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
2Q9
94Q
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% ASSP sales % automotive sales
68.5%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
2005 2007 2009 2011 2013 2015 2017 2019
86%
60%
65%
70%
75%
80%
85%
90%
95%
2005 2007 2009 2011 2013 2015 2017 2019
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Q2 2020 results at a glance
Sales100.4m EUR
-16% Y-o-Y
Gross margin38.7%
38.8m EUR-22% Y-o-Y
Operating result10.1%
10.1m EUR-45% Y-o-Y
Net result0.24 EPS9.7m EUR
-38% Y-o-Y
Oper. cash flow(before wcap change)
19.5m EUR-39% Y-o-Y
Net debt4.4m EUR
OutlookMelexis expects sales in the third quarter of 2020 to be around 10% above the level of the second quarter.
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Profit & lossQ2 2020 versus Q2 2019 versus Q1 2020
P&L account(in million EUR)
Q2 2020 % of Sales Q2 2019 % of Sales Q1 2020 % of Sales
Sales 100.4 100.0% 120.0 100.0% 138.2 100.0%
Cost of goods sold -61.6 -61.3% -70.3 -58.6% -82.1 -59.4%
Gross margin 38.8 38.7% 49.8 41.4% 56.0 40.6%
R&D -18.2 -18.1% -19.5 -16.3% -20.5 -14.9%
G&A -7.2 -7.1% -7.8 -6.5% -7.8 -5.7%
Selling -3.3 -3.3% -4.0 -3.4% -3.7 -2.7%
EBIT 10.1 10.1% 18.4 15.4% 24.0 17.4%
Net financial result 0.0 0.0% -0.4 -0.3% -0.4 -0.3%
Income taxes -0.4 -0.4% -2.5 -2.1% -2.8 -2.0%
Net profit 9.7 9.6% 15.6 13.0% 20.7 15.0%
Earnings per share 0.24 0.39 0.51
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Balance sheet Q2 2020 versus Q2 2019 versus Q1 2020
Balance Sheet (in million EUR)
Q2 2020 Q2 2019 Q1 2020
Total assets 442.9 436.7 442.9
Current assets
Cash 57.6 31.3 51.1
Inventory 148.4 128.9 129.9
A/R Trade 49.0 68.5 69.1
Non-current assets 172.5 185.5 178.0
Shareholders' equity 329.0 319.8 319.6
Interest bearing debt 62.0 62.0 62.0
Long term 62.0 62.0 62.0
Short term 0.0 0.0 0.0
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Q2 2020 cash flow
Free cash flow of 6.8 mln EUR in 2Q20 (728k EUR in 2Q19)
Mln. EUR
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Dividend yield Gross dividend per share(EUR)
(*) 2004 1.00
2005 0.50
2006 0.50
2007 0.60
2008 0.60
2009 0.00
2010 0.30
2011 0.60
2012 0.65
2013 0.70
2014 1.00
2015 1.90
2016 2.00
2017 2.10
2018 2.20
2019 1.30
(**) YTD 2020
1.30 Interim
(*) incl. 0.72 cap.decr(**) payable 22 Oct 2020
Based on average share price
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
0.00
0.50
1.00
1.50
2.00
2.50
EUR
Dividend (EUR) Capital reduction (EUR)
Yearly dividend return (%) Average dividend return (%)
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Shareholders structure & shareholder return
53.58%
0.86%
45.57%
Shareholder structure on 30 Jun 2020
Xtrion
Treasury Shares
Public
0
20
40
60
80
100
120
140
160
2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Share price Total return (incl. reinvestment of gross dividend)
Return investment 2002-2020 = 16% per year
Shareholder Return 2002-2020
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Melexis Investor Relations
Karen van GriensvenCFO
Geert ReyndersInvestor Relations
Joren VanvelkFinancial Analyst
Valerie KerfsIR Assistant
+32 (0)13 67 07 79