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Asetek A/S

Investor Presentation • Oct 22, 2014

6301_rns_2014-10-22_03ef7f48-664a-48bf-ba7c-bc13d80e4e3a.pdf

Investor Presentation

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ThirdQuarter 2014

Published22 October 2014

WebPresentation

[email protected]

Agenda

I. Financialreview

  • II. Operational review
  • III. Summary and outlook
  • IV. Q&A session

Earnings development

Desktop revenue and EBITDA margin Group EBITDA development

USD(000's)

USD(000's)

Desktop Datacenter

IncomeStatement – segment breakdown

(
's
)
S
0
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3		 4
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M
in
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s
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g		 4
4.
8
%		 4
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%		 7
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%		 4
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in
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  • Significant increase in desktop revenue compared with Q3 2013
  • Data center revenueprimarily driven by high margin government revenue
  • Margin improvement reflects business model change, cost savings and proactive product mix management

Cash FlowStatement

(
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S
0
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eq
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a
g
n
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er		 8
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8
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d
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iv
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t
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ca
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n
a
en
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er		 6
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5
2		 8
0
4
0		 9
3
7
1		 1
1
6
6
3		 1
3
2
8
1
  • Growing the datacenter business through marketing and development, and defending intellectualproperty continues to fuel the usage of cash.
  • \$6.3 million of cash on hand as of September 30, 2014.

Balancesheet

(
's
)
S
0
0
0
U
D		 Q
3
2
0
1
4		 Q
2
2
0
1
4		 Q
2
0
1
1
4		 Q
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0
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To
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ts
n
on
‐c
ur
re
n
a
ss
e		 3
5
2
5		 3
6
7
9		 3
4
8
0		 3
2
4
9		 2
6
5
1
ie
In
to
ve
n
r
s		 1
1
2
4		 1
3
0
8		 1
1
6
5		 1
0
7
4		 9
6
3
b
le
Re
iv
ce
a
s		 4
0
2
3		 3
9
3
2		 4
9
3
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9
9
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4
5
5
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d
le
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iv
ts
s
an
eq
u
a
n		 6
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5
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4
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6
6
3		 1
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ts
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ur
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ss
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To
ta
ts
a
ss
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i
To
ta
ty
e
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4
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To
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ur
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9		 2
0
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5
0
  • Inventory turns: ~10 times per year
  • Trade receivables DSO: ~59days at Q3 2014

Agenda

I. Financialreview

II. Operational review

  • III. Summary and outlook
  • IV. Q&A session

Desktop

Operational highlights

  • Desktop revenues increased 25% from Q3 2013
  • Due tonormal variances in the DIY market
  • Margins increased by three percentage points
  • Strategic focus on high‐end market and changes in business model oncertain products
  • Surpassed milestone of two million shipped sealedloop liquid cooling units
  • Three new high‐end, high‐margin products utilizing Asetek liquid cooling were released to the market in Q3 2014:
  • Do‐It‐Yourself Product: Thermaltake Water 3.0ExtremeS
  • Asetek 570LXL and 591LX available to system integrators

Newproduct launches

Datacenter

Operational highlights

  • Completed phase I of \$2.4m contract at Redstone Arsenal under the U.S. Energy Security Technology Certification Program. Three phases of project:
  • Phase I: installation and monitoring of liquid vs. air cooling ona small sample of servers (completed)
  • Phase II: retrofitting a larger group of servers with liquid cooling (ongoing; valued at ~\$0.3 million)
  • Phase III: deployment of ~18 racks (~350 servers) with liquid cooling, including both new servers and retrofits (valued at ~\$0.6 million)
  • Server energy savings at Redstone more than 2x higher than expected
  • The energy savings has led Redstone to accelerate their plans for the phase III server installation.
  • Signed on Johnson Controls as the first certified Integrator‐Installer for data center products
  • Won the 2014 Global Frost & Sullivan award for NewProduct InnovationLeadership
  • Increased focus in High Performance Computing (HPC), hiring business development professionals withdeep experience in HPC and end user sales

Agenda

  • I. Financialreview
  • II. Operational review
  • III. Summary and outlook
  • IV. Q&A session

Summary and outlook

  • Desktop segment up by 25% in Q3 compared to Q3 2013.
  • Gross margins up three percentage points
  • Margin increase due to business model changes and salesof high‐end DIY products
  • Total fourth quarter revenues expected to be down compared with Q3 due to normal fluctuations
  • Gross margin expected to reduce slightly compared to high Q3 levels
  • Three new Asetek products expected to be released in the DIY market in Q4 2014
  • Twoof these are targeting incremental DIY revenue

Desktop Datacenter

  • Design‐in efforts continue with multiple OEMs andSystem Integrators
  • Modular data center development project with major OEM
  • Project with major chip manufacturer to develop cooling solution for a next‐generation platform
  • Continued progress on Redstone Arsenal Network Enterprise Center for U.S. Department ofDefense

Q&A

[email protected]

Appendix

Incomestatement

(
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,

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