1h15 operating and financial performance · 8/12/2015 · total market 6.8% cagr 2014 –2018...
Post on 22-Aug-2020
1 Views
Preview:
TRANSCRIPT
1Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
1
1H15 Operating and Financial Performance
Analysts’ Briefing
12 August 2015Romulo Lounge Tower One and Exchange Plaza
2Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
2
Market Updates Section 2
Review of 2Q 2015 Financial Results Section 3
Customer Highlights Section 1
Agenda
3Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
3
10 years and over
20 years and over
15 years and over
*based on weighted average of the top 75% of revenues
Deeply-Embedded Partner to Our Customers
Key strengths we are leveraging 1. Long-standing relationships with top-tier customers2. Diversified lines of businesses3. Expanded reach Average customer relationship of 10 years*
4Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
4
0-5 years, 4%
6-10 years, 9%
11-15 years, 31%
Over 16 years, 30%
0%
10%
20%
30%
40%
0 2 4 6
Revenue
Years
Customer concentration by length of relationship1
1 based on the Top 75% of revenues2 Manufacturing Market Insider, based on 2014 EMS-related revenues
Customer nationality Production site Market segment served by IMI
America China, Philippines Industrial, Telecommunication
Europe China, Mexico, Philippines Industrial, Automotive, Consumer
Europe China, Czech Republic,Philippines
Industrial, Automotive
Global footprint and capabilities: an attractive proposition to our customers
Our diverse customer base and deep customer relationships strengthen our position as the 18th largest EMS provider 2
1. Long-standing Relationship with Top-tier Customers
5Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
5
Source: Automotive News June 2015 ranked by sales of original equipment parts in 2014
2014 Rank 2013 Rank Company Total OEM auto parts sales (in US$ million)
1 1 Robert Bosch GmbH $44,240
2 3 Magna International Inc. 36,325
3 4 Continental AG 34,418
4 2 Denso Corp. 32,365
5 5 Aisin Seiki Co. 28,072
6 6 Hyundai Mobis 27,405
7 7 Faurecia 25,043
8 8 Johnson Controls Inc. 23,589
9 9 ZF Friedrichshafen AG 22,192
10 10 Lear Corp. 17,727
11 14 Valeo SA 16,878
12 11 TRW Automotive Holdings Corp. 16,240
13 13 Delphi Automotive 16,002
14 12 Yazaki Corp. 15,200
15 – ThyssenKrupp AG 12,801
9 of the top 15have engagement with IMI
7 are direct customers; and
2 are engaged through Tier 2
customer
▼
▼
▼
▲
▲
▲
▲
Top 15 Global OEM Auto Parts Suppliers
2. Diversified Lines of Businesses
▼
* arrow indicates upward/downward change in ranking
6Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
6
Germany Spain USA France Germany Germany Italy USA Germany
DPC / MPC;
pressure sensor
Front view
camera
Gear sensorPRODUCT
PhilippinesIMI Site
MicropolineGear Shifter
DCT 150/300
Electronic horn
Switch: Window lift, main light, head up display
Jiaxing, China
Ignition coil
CustomerNationality
3. Expanded reach: Case Study – Volkswagen
7Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
7
Italy USA Luxemburg Germany France France Germany UK Germany Sweden
Rear lamp senses,light bulb socket
A/C sensor flex circuit
Sensor occupant detection
Rear wiper
controller
PRODUCT
CustomerNationality
IMI Site
Anti pinch window lifter; door latch
Ignition system
Fuel pump driver
Gear shifter lighting
Seat massage controller
Hall sensor
Mexico / Bulgaria
Power closure system module
Bulgaria Czech RepublicMexico
Our Global Support for Volkswagen (continued)
8Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
8
Laguna, Philippines
Třemošná, Czech Republic
Botevgrad, Bulgaria
Italy USA Sweden USA USA Germany
Electronic horns
Antenna Front view camera
Electronics for gear
management
Exterior mirror turn indicator
MFS electronic interface GEN 1.5
Window lifter sensor adaptor
PRODUCT
Customer Nationality
Jiaxing, ChinaIMI Site
Case Study: Our Global Support for Volvo
9Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
9
Major wins in 1H15
Nationality Industry ApplicationProduction
site
Europe Automotive Steering China, Mexico
Europe AutomotiveEmbedded control
switches and lighting
Europe
America Industrial Asset tag sensors Europe
America Automotive Driver assistance Europe
Europe IndustrialControls and
lightingPhilippines
1 2 3 4 6 8 10Year
Conceptual production schedule
Year 3 ramp up
1 2 3 4 6 8 10Year
Conceptual gross profit development
Units
Gross profit
Focused New Business Development: Automotive
Opportunities pipeline: Active bids under evaluation
Industry Application End-application
Automotive CameraSurround and forward views, rear,
side-mirror, in-cabin
Automotive Controls Body, engine, wiper, light
Automotive LightingLow-beam, high-beam, head light, rear light, ambient, turn signal
Automotive Telematics Tracking and vehicle security
Industrial Security Access system - RFID, biometrics
Industrial PowerSupply, module, battery
management
Industrial Lighting LED
10Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
10
Market Update Section 2
Review of 2Q 2015 Financial Results Section 3
Customer Deep Dive Section 1
11Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
11
Total Market6.8% CAGR
2014 – 2018
Total Market6.8% CAGR
2014 – 2018
Source: IndustryARC
Automotive camera
Lane departure warning system
Controls – cruise, steering wheel, body
Sensors – occupancy seat, rotor positioning, temperature, humidity, tire pressure, anti-fog, transmission gear
Fuel management
Our product experiences
Automotive Market Outlook
ADAS
14.9% CAGR2015-2020
12Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
12
2% 47% 67%
Sources: Citi Research May 2015, industry and company reports
2013 2017 2021 2025
14% Roadmap to Autonomous Driving
Now Safety features such as forward-collision warnings, lane-departure warning, adaptive cruise control, traffic-sign recognition
2015-2017 Automated braking, throttle, steering with forward vision, GPS connectivity
2018-2020 Car can accelerate/brake/steer by itself but driver is still required in case of emergency or system failure
2020 onwards Driverless car
Front camera penetration rate
Front Camera is Key to ADAS
13Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
13
Managing IdentitiesAdoption of new credential form factors
Using biometrics
Source: HID
Physical security
15.5% CAGR2014-2019
Physical security
15.5% CAGR2014-2019
Eye tracking module
Electronic door access system
Smart card
Human machine interface
Embedded systems for access control, identification technology, entrance automation
Our product experiences
Industrial Market Outlook in Identity Security
14Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
14
Source: Zinnov Study
Industrial Market Outlook in Controls and Automation
Industrial Controls &
Factory Automation
8.5% CAGR
2013-2020
Industrial Controls &
Factory Automation
8.5% CAGR
2013-2020
Back-end assembly machine
Robot handler for injection molding machine
Custom automation
Factory automation
Our product experiences
15Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
15
Monitoring & Diagnostics
Source: New Venture Research, July 2015
Total Market7.0 % CAGR
2014 – 2019
Total Market7.0 % CAGR
2014 – 2019
Medical Market Outlook
Wireless health monitor
Flat panel imaging equipment
Auto body contouring imaging equipment
Patient monitoring device
Dental system
Concealed hearing aid
Our product experiences
16Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
16
Market Updates Section 2
Review of 2Q 2015 Financial Results Section 3
Customer Deep Dive Section 1
17Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
17
+ _
Materials cost savings
Strong automotive segment
Full utilization of Bulgaria facilities
Higher contribution of Mexico
Continued weakness of Euro
Normalization of 4G deployment
Declining PC demand
1H 2015 Highlights
18Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
18
431 416 441
0
100
200
300
400
500
1H 2014 Actual 1H 2015 ex-FX
2.4%
Revenues by site
China…..…..35%
Philippines…32%
Europe……..26%
Mexico……..7%
Total: $416 million
Centered on Higher-Margin Segments
16.7 20.5 17.3 21.30.0
10.0
20.0
30.0
Europe automotive volumein millions
2Q152Q141Q151Q14
▲+23%+22.5%▲
Revenues by segmentAutomotive…....….42%
Telecom…………..19%
Industrial…...……..14%
Consumer………...11%
Multiple markets/ Others….…………..8%Medical………….....3%
Computing……...….3%
19Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
19
15.0 17.4
3.5%
4.2%
3.0%
3.5%
4.0%
4.5%
13.0
14.0
15.0
16.0
17.0
18.0
1H 2014 1H 2015
Operating profit
Operating profit Operating profit margin
▲+15.7%
48.6 45.9
11.3% 11.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
1H 2014 1H 2015
Gross profit
Gross profit Gross profit margin
▼–5.6%
11.3 15.2
2.6%
3.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0.0
5.0
10.0
15.0
20.0
1H 2014 1H 2015
Net Income
Net income Net income margin
25.1 29.4
5.8%
7.1%
2.0%
4.0%
6.0%
22.0
24.0
26.0
28.0
30.0
1H 2014 1H 2015
EBITDA
EBITDA EBITDA margin
▲+17.0%
▲+34.7%
Sustained Operating Performance
20Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
20
6.4 4.2 4.7 5.2
2.3 5.1 5.2 2.5
3.9 8.2 6.7
3.4
3.0
2.2 7.4
2.1
1.5
1.8
1.8
0.9
0
5
10
15
20
25
30
2012 2013 2014 1H15
PSI
Mexico
Europe
China
Philippines
Disciplined Capital Investments
43%
39%
10%
6%
2%
1H 2015 CAPEX
Machinery & equipment
Contruction in progress
Buildings & improvements
Furniture & fixtures
PPE - Others
Capex/ Revenue 3.1%2.9% 3.4%2.6%
17.3
21.6
26.2
14.0
21Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
21
(US$ Millions) June 2015
Short-term debt 37.5
Long-term debt 46.8
Total Bank Debts 84.4
Cash 100.6
Net Cash 16.2
Preferred Equity 26.6
Common Equity 221.8
Total Equity 248.4
Key financial ratios June 2015
Current ratio 1.78
Debt/Equity 0.34
Book value/share 0.12
Return on equity 14.7
Capital Structure
12%
13% 8%
67%
Short-term debt Long-term debt
Preferred shares Common shares
Strong Liquidity Position
Return on capital employed: 16.7% post-redemption of preferred shares
22Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
22
• Strong pipeline builds solid foundation for take off
• Steady improvement in margins across market segments
• Solid balance sheet with US$101 million in cash and a debt to equity ratio of 0.34
Key Takeaways
23Your Innovative EMS Partner ‹ ›Strictly Confidential. All rights reserved by Integrated Micro-Electronics, Inc. (IMI) – including any disposal, exploitation, reproduction, editing, distribution, as well as in the event of application for industrial property rights. April 2015
23
Thank you.
website: www.global-imi.come-mail: ir@global-imi.com
top related