investors meeting 31 march 2016 - actusnews wire · investors meeting. 31 march 2016. 2. ......
TRANSCRIPT
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ENTER THE WORLD OF NANO AND MICROSYSTEMS
Investors meeting31 March 2016
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DISCLAIMER
This presentation does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
This presentation may contain information expressed as forward-looking statements. Forward-looking statements are statements that are not historical facts. Forward-looking statements may include anticipations, projections and their underlying assumptions, statements (regarding plans, objectives, expectations and intentions, future financial results, potential events, operations, services, products). Such information concerns either trends or targets and cannot be regarded as results forecasts or as any other performance indicator.
This information is by nature subject to risks and uncertainties, that may cause the actual results to differ from those mentioned in the forward-looking statements. Even though Tronics’ management believes that the expectations reflected as of the date of this presentation in such forward-looking statements are reasonable, this information does not reflect the company's future performance and are not intended to give any assurances or comfort as to future results. Therefore no-one should unduly rely on these forward-looking statements. Tronics makes no commitment to update this information.
More comprehensive information about Tronics may be obtained on its website (www.tronicsgroup.com).
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1 Tronics overview
2 2015 highlights
3 2015 results
4 Projects underway and objectives
AGENDA
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Nano and microsystems are miniaturized devices enabling sensor and/or actuator functions
Packaging
MEMS/NEMSelement
Control, digitizationand communicationelectronics
EXAMPLE OF A GYPRO MICROSYSTEM
Mobilemicrostructure
Nano-wire
Inertial Sensors: orientation, speed and position of an object in space
Optical Microsystems: integration of miniaturized optical systems
RF Components: management of Radio-Frequency signals
BioMEMS: compact devices for biology or pharmacology analysis
Miniaturization, power savings and system cost optimization
WHAT IS THE PURPOSE OF NANO ANDMICROSYSTEMS?
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Wearable devices
Automotive
Smartphones & tablets Life Sciences
AeronauticsDefence
Main functions:accelerometers, gyroscopes, pressure sensors, optical components
NANO AND MICROSYSTEMS ARE PERVADINGALL SECTORS OF ACTIVITY
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Tronics (Dallas)Tronics (Crolles)
2 direct production sites
Listed onAlternext Paris
since February 2015
92 employeesincluding 55 engineers
and scientists
Leading customer references
2015 revenue:$8.7 M
15 years of R&D25 active patent
families
Distributors in Europe, Japan, China, Israel
TRONICS OVERVIEW
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A LEADERSHIP IN HIGH PERFORMANCE INERTIAL
Avionics and UAVs• AHRS & Standby instruments
• Flight control sensors
• Autopilots, navigation assistance
Marine• Ship stabilisation
• Manoeuver assistance
Robotics• Robotics control
• Aided surgery
• Machine automation
Autonomous vehicles• Positioning
• Driver assistance systems
• Navigation
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2015 highlights
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POSITIVE ACHIEVEMENTS
> Good business momentum- 11 new customers (excluding GYPRO®)- Further penetration of new markets
(Life Sciences)
> Acceleration of international development
> Ramp up of activity at Dallas
> Strengthening of inertial product range GYPRO® and AXO
> Significant investments for the development of new products
DIVERSIFICATION OF CUSTOMER PORTFOLIO
STRENGTHENING AT INTERNATIONAL LEVEL
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… AND FACTORS THAT WEIGHED ONPROFITABILITY
> No revenue from the historical customer of the Group (vs €1.8M in 2014) in an unfavourable oil environment
> Volume of manufacturing orders lower than expected at the beginning of the period (optical, RF MEMS)
> Finalisation of an engineering project with high added value postponed to 2016
> Longer timeframes than expected between engineering phase and production launch
LAUNCH OF A €700K COST REDUCTION PLAN AT THE
END OF 2015, EFFECTIVE IN 2016
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13 customers
(+3 in 2015)
22 customers
(+3 in 2015)
12 customers
(+5 in 2015)5 customers 5 partners
EXAMPLES OF CUSTOMERS
Aeronautics & Security Industry Representatives
DistributorsMedical Consumer electronics
DIVERSIFICATION OF CUSTOMER PORTFOLIO
®Coagulex
TOP 5 = 57% of revenue (vs 74% in 2014)TOP 10 = 78% of revenue (vs 88% in 2014)
New in 2016
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2015 results
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Pre-sales3 to 6 months
Concept & prototyping
9 months
Industrialization6 to 9 months
Multi-year production
27%73%
REVENUE ANALYSIS
CYCLE TIME FROM SALES TO PRODUCTION
2015 REVENUE : €7,755 KBREAKDOWN BY NATURE IN %
Manufacturing (sale of end-use products)Engineering (sale of services)
ManufacturingEngineering
Products currently in the development phasewill generate manufacturing revenue
when they enter into production
Ramp up of Life SciencesRepresenting 12% of total revenue in 2015
(versus 2% in 2014)
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74%
16%
10%
Europe
Asia
Americas
61%39%
Crolles
Dallas
REVENUE ANALYSIS
2015 REVENUE BREAKDOWNBY GEOGRAPHICAL AREA IN %
2015 REVENUE BREAKDOWNBY PRODUCTION UNIT IN %
International represented44% of total revenue in 2015
versus 28% in 2014Continuing “fablight” strategy
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SIMPLIFIED INCOME STATEMENT
€K - IFRS 2015 2014
Revenue 7,755 11,609
Research tax credit, subsidies and other revenue 3,104 3,105
Purchases consumed (2,930) (3,666)
External costs (2,403) (2,293)
Staff costs (6,894) (7,030)
Current operating income (2,724) 368
Financial income (53) (125)
Income before tax (2,778) 243
Income taxes (241) (69)
Share in income of associated companies (19) (26)
Group share of net income (2,997) 140
- Production volumes for 2 customers much lower than announced at the beginning of the year
- Sercel: lack of revenue vs. €1.8M in 2014
- Gross margin at 62.2% versus 68.4% in 2014 because of the increased proportion of R&D purchases(gross margin of 73% excluding R&D versus 75% in 2014)
- Control of overhead costs
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6,019Non-current assets
A SOUND BALANCE SHEET
9,074
1,909
5,654
Equity15,029
Financial debt
Other liabilities
4,500
3,127
In €K
As of 31.12.2015
Other current assets
Current assets
Cash
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CASH FLOW TABLE
€K 31.12.15 31.12.14
Change deriving from operations (3,055) 867
Of which WCR variation (1,759) (975)
Change deriving from investments (1,273) (819)
Change deriving from financing 9,605 (245)
Change in cash 5,296 (181)
Closing cash 9,074 3,778
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GOAL: RETURN TO BREAKEVEN IN 2017
COST REDUCTION PROGRAMME OF €700K
LAUNCH AT THE END OF 2015 OF A PROGRAMME REPRESENTING 9% OF 2015 FIXED COSTS
‒ Rationalisation of external costs: subcontracting, consulting, renegotiation of
supplier contracts
‒ Control of outsourced R&D
‒ Control of staff costs Plan now fully implemented
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Projects underway and objectives
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3 KEY AREAS WITH STRONG INDUSTRIAL POTENTIAL
INERTIAL
1
BIOMEMS
2
INDUSTRIALAPPLICATIONS
3
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NEW R&D PARTNERSHIPS SIGNED AT THEEND OF 2015
STARS projectAccelerometer 100%made in Rhône-Alpes
Objective:Provide an accelerometer based on Tronics’ product and tested in
real conditions
TRACE projectTransfer of the
M&NEMS technology
Objective:Qualify Tronics’ MEMS
technologies for autonomous vehicles and industrial automation
1
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Qualification6 months
Pre-sales3 to 6 months
Multi-year production
NEW RANGE OF INERTIAL STANDARD PRODUCTS
‒ High performance and low power consumption‒ Reduced footprint and weight
‒ Same packaging and electronics than GYPRO®‒ Same MEMS technology than GYPRO®
ACCELERATION OF PRODUCTION LAUNCH CYCLE
GYROS « GYPRO® »: all key benefits on a single chip
ACCELEROMETERS “AXO”: low risk approach base on the reuse of the GYPRO®
Shortertime to volume
1
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HIGH PERFORMANCE INERTIAL APPLICATIONS
> Sampling orders from 30 customers
> Strengthening of the inertial standard product range: GYPRO2300 and GYPRO3300 + accelerometers
> Partnerships for the development of customized products
> Commercial agreements with key players in the sector
PROJECTS UNDERWAY
NEW PROJECTS SIGNED
1
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- British company, €300M revenue
- Pan-European distributor
- Salesforce of 25 people dedicated to sensors
- Already distributing Colibrys and Silicon Sensing products
Strong and very qualified customer base
NEW EXCLUSIVE DISTRIBUTION AGREEMENT WITH ACAL BFI FOR HIGH PERFORMANCE INERTIAL
COVERING A LARGE AREA OF 14 COUNTRIES:
- United Kingdom, Belgium, Netherlands,
France, Germany, Austria, Switzerland,
Italy, Spain, Portugal, Sweden, Norway,
Finland and Denmark
Short-term opportunityto book new accounts
1
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DEVELOPMENT OF THE LIFE SCIENCES SEGMENT
ACCELERATION OF BUSINESS DEVELOPMENT IN LIFE SCIENCES APPLICATIONS (BioMEMS)
- Strong revenue growth in 2015: 12% of total
revenue, versus 2% at the end of 2014
- First commercial successes with leading
international players: 12 active customers in 2015
According to the “Microfluidic Applications” report (May 2015) released by Yole Développement, the BioMEMS market will reach
$6.8 billion in 2020.By 2020, 85% or $5.8 billion will be represented by accelerometers,
pressure sensors and microfluidic devices.
2
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> 1 new contract signed in wearable medical devices with targeted manufacturing revenue of $2.5M/year starting in 2017
> Mobile/wearable solutions
> Single-use point of care diagnostics
> Biomedical diagnostic
BIOMEMS AND WEARABLE APPLICATIONS PORTABLES
PROJECTS UNDERWAY
NEW PROJECTS SIGNED
2
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BUILDING AUTOMATION
PRESENCEDETECTION
ROBOTICS/AUTONOMOUS VEHICULES
NETWORK SYNCHRONISATION
INDUSTRIAL PRINTING
SAFETY/GAS DETECTION
INDUSTRY OF THE FUTURE: GROWING SEGMENTS 3
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> Signature of a €700K contract for industrial gas analysis, with targeted manufacturing revenue of €500K to €1M/year
> First order booked at the beginning of 2016 in presence detection with potential production revenue higher than $600K/year
> Ramp up of components for printing heads
> Optical components
> Products for the watchmaking industry
INDUSTRIAL APPLICATIONS
PROJECTS UNDERWAY
NEW PROJECTS SIGNED
3
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AREAS OF WORK AND OBJECTIVES FOR 2016
2016 objectives
> Build a strong pipeline of new
businesses with key players
> Achieve revenue of about €11M
> Improvement expected in H2
Areas of work
1/ Gradually ramp up the manufacturing activity
2/ Continue to obtain new customers
3/ Strengthen the distribution network
4/ Develop R&D projects and pursue the technology roadmap
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The stock exchange
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CAPITAL BREAKDOWN (% - AS OF 31 JANUARY 2016)
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Alternext Paris
IPO date: 10 February 2015
Label: TRONICS
ISIN code: FR0004175099
Mnemonic code: ALTRO
ICB classification: 9576 – Semiconductors
Price on 29 March 2016: €5.6 per share
Market capitalisation on 29 March 2016: €20M
Next release :
First half 2016 results,21 September 2016(after market close)
TRONICS’ STOCK
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www.tronicsgroup.com
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BACKUP: THE TRANSITION TO INDUSTRY 4.0