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Asetek A/S

Investor Presentation • Aug 13, 2014

6301_iss_2014-08-13_dd498321-f553-416a-b83a-878ed445fce4.pdf

Investor Presentation

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SecondQuarter 2014

13 August, San Jose, USA

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)

IncomeStatement – segment breakdown

(
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0
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  • Revenues drivenby increased shipments of data center products
  • Margin improvement reflects business model change, cost savings and proactive product mix management

Cash FlowStatement

(
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0
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1		 1
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6
6
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3
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8
1		 1
5
0
7
4
  • Growing the datacenter business through marketing and development, and defending intellectualproperty continues to fuel the usage of cash.
  • \$8.0 million of cash on hand as of June 30, 2014.

Balancesheet

(
)
S
0
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0
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U
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2
2
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1
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2
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1
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Inv
ie
to
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r
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6
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le
Re
iva
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8
3		 2
0
3
5
0		 2
1
5
7
0
  • Inventory turns: ~11 times per year liabilities
  • Trade receivables DSO: ~57days at Q2 2014

Agenda

I. Financialreview

II. Operational review

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

Desktop

Operational highlights

  • Desktop revenues declined 9% from Q2 2013
  • As expected due to normal variances in the DIY market and changes in business model on certain products
  • Margins increased by more than three percentage points
  • Proactive management of product mix and cost savings achieved with certain suppliers as well as businessmodel change
  • Workstation and Gaming/Performance Desktop PCbusiness remained fairly level with Q2 2013
  • AMD introduced and shipped newest and fastest graphics card, the AMD Radeon R9 295X2 withAsetek liquid cooling
  • New strategic design win in the Workstation marketduring the quarter
  • Three newproducts released by NZXT in Q2.

www.asetek.com

split Q2

Revenue

Datacenter

Operational highlights

  • Received and shipped the largest single order to date for RackCDU™
  • Total valueof \$350,000
  • U.S. Federal Government National Laboratory will be one of the world's largest liquid cooling installations
  • Patent on RackCDU™ granted by U.S. Patent andTrademark Office
  • Continued progress on the contract for the U.S. Department of Defense at the RedstoneArsenal data center
  • University of Tromsø presented at ISC '14 tothe public about their positive results
  • IDC and Cray released white paper on RackCDUliquid cooling
  • Mississippi State University and Cray did webinar onpositive RackCDU results

Agenda

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

Summary and outlook

  • DIY market slightly down in Q2 compared to Q2 2013.
  • Gaming/Performance Desktop PC and Workstation markets werestable
  • Q2 and 1st half showed continued strength in gross margins
  • Revenue decrease and margin increase partially linkedand caused by business model changes
  • Third quarter revenues expected to be in line withQ2, an increase over Q3 2013
  • Gross margin expected to continue at 1st half levels
  • Two new Asetek products expected to be releasedin the DIY market in Q3 2014
  • New design win in the Workstation segment expected to start shipping 2nd half

Desktop Datacenter

  • The largest order to date was fulfilled within a very short lead time and proved Asetek's volume manufacturing capability for data center products
  • 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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BalanceSheet

Fig
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CashFlow

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,

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