Asetek A/S

Investor Presentation • Apr 24, 2014

Firstquarter 2014

24April, Aalborg, Denmark

WebPresentation

Presentation by: André S. EriksenCEO & Founder Peter D. MadsenCFO

Investor.relations@asetek.com

Agenda

I. Financialreview

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

IncomeStatement – segment breakdown

	Q 1 2 0 1 4		Q 1 2 0 1 3
( 's ) U S D 0 0 0	k De to s p	Da ta te ce n r	k De to s p	Da ta te ce n r
Re ve nu e	4, 8 6 1	5 3 9	4 8 8 9	3 6
f s le Co t s o a s	2, 7 4 8	3 8 9	2 9 8 3	2 0
f Gr i Pr t os s o	2 3 1 1	0 1 5	9 0 6 1	6 1
Gr in M os s ar g	4 3. 5 %	2 7. 8 %	3 9. 0 %	4 4. 4 %
he O in t t o r p er a g ex p en se s	1 2 8 6	1 8 0 3	8 9 3	1 7 2 4
i l ize d Ca ta p ex p en se s	2 8 2 ‐	3 4 5 ‐	9 8 ‐	3 9 1 ‐
d d E B I T D A j te a us	1 1 0 9	( ) 1 3 0 8	1 1 1 1	( ) 1 3 1 7
in E B I T D A m ar g	2 2. 8 %	‐2 4 2. 7 %	2 2. 7 %	/ N A
ia io De t p re c ns	1 6 9	2 4 4	5 2 7	2 1
ha ba d S io t re se co m p en sa n	1 0 7	1 6 1	1 1	2 6
by I E B T, t se g m en	8 3 3	( ) 3 1 7 1	3 5 7	( ) 3 6 1 4
E B I T M in ar g	1 7. 1 %	/ N A	1 1. 7 %	/ N A
l Q, i ig io H t t a n ex p en se s	5 4 7		3 0 3
ha ba d H Q, s re se co m p.	6 1		6
he H Q, O t r	2 5 4		2 5 7
dq l He te ts to ta a ua r rs co s ,	8 6 2		7 0 7
l E B I T, to ta	( 1 7	) 2 4	( 1 4	) 9 8

EBITDAdevelopment

USD(000's)

www.asetek.com

4

Cash FlowStatement

( 's ) S 0 0 0 U D	Q 2 0 1 1 4	Q 2 0 3 1 1	2 0 3 F Y 1
( lo ) fo he d In io t co m e ss r p er	( ) 1 7 6 7	( ) 1 8 0	( ) 6 2 8 1
d De ia io iza io im irm t t t t p re c n, am or n an p a en	4 3 3	5 4 8	2 0 9 2
( ) in in d F t ta an ce co s co m e an xe s	2 1	( ) 1 3 1 8	( ) 1 2 5 6
ha ba d S io t re se co m p en sa n	3 2 9	3 7	9 3 5
ha he ha h C in t a ts t t ng es rre n ss e o r n ca s cu	( ) 2 7	( ) 2 9 2	( ) 1 1 0 9
ha b le d d l b l C in ia i i ie t ng es p ay a s an ac cr ue s	( ) 8 1 1	1 0 2	1 4 0 6
h d in in iv i ie Ne t t t t ca s us e op er a g ac s	( ) 1 8 2 2	( ) 1 1 0 3	( ) 4 5 5 5
d d i io in i b le A t to ta ts ns ng as se	( ) 6 2 6	( ) 4 8 9	( ) 2 1 2 8
ha f p d he ip & Pu ty t t ts rc se o ro p er an eq u m en o r a ss e	( ) 3 9	( ) 1 7	( ) 9 4 5
h d Ne in in in iv i ie t t t t ca s us e ve s g ac s	( ) 6 6 5	( ) 5 0 6	( ) 3 0 7 3
ds fro de b he l b l Pr is L T ia i i ie t t t oc ee m su an ce o r s ,	‐	‐	2 3 4
/ / h f lo d l de b le Ca i in t t s w s on cr e es as e	2 3 3	( ) 3 8 7 1	( ) 4 0 6 7
fro f c l / b ds iss i de Pr ta t oc ee m ua nc e o ap co nv	5 5	2 4, 2 4 1	2 1, 6 9 4
h de d by f i in in iv i ie Ne t t t ca s p ro an ac s v c g	2 8 8	2 0 3 0 7	1 8 6 1 7
f fe f e ha ha h E t te c o xc ng e ra c ng es on ca s	( ) 9 3	( ) 8 0	1 8 2
ha h h le in d iv Ne t ts c ng es ca s an ca s eq u a n	( ) 2 2 9 2	8 6 8 1 1	0 1 4 1 5
h d h le be f p d Ca iv in in io ts t s an ca s eq u a n a g n g o er	1 1 6 6 3	1 2 8 4	1 2 8 4
h d h le d f p d Ca iv io ts t s an ca s eq u a n a en o er	9 3 7 1	1 9 9 2 9	1 1 6 6 3

Balancesheet

( ) 's U S D 0 0 0	Q 1 2 0 1 4	Q 4 2 0 1 3
b le i In As ta ts ng se ‐	2 6 8 4	2 3 1 5
lo & he De Pr j O As t ts t ts ve p m en o ec r se la d ip P Pr Eq t, ty t n op er an u m en	1 0 1 2	1 0 9 6
l To ta t ts n on ‐c ur re n a ss e	3 4 8 0	3 2 4 9
In ie to ve n r s	1 1 6 5	1 0 7 4
iv b le Re ce a s	4 9 3 3	4 9 9 7
h d le Ca iv ts s an eq u a n	9 3 7 1	6 6 3 1 1
l To ta t ts c ur re n a ss e	1 5 4 6 9	1 7 7 3 4
l To ta ts a ss e	1 8 9 4 9	2 0 9 8 3
l i To ta ty e q u	1 3 3 3 8	1 4 8 0 8
l l b l To ia i i ie ta t t n on ‐c ur re n s	4 1 5	4 7 5
d l ia b i l i ie Ac t cr ue s	2 2 7 0	2 2 1 7
de b le Tr a p ay a s	2 9 2 6	3 4 8 3
l l b l To ia i i ie ta t t c ur re n s	5 1 9 6	5 7 0 0
l l b l ia i i ie To ta t s	5 6 1 1	6 1 7 5
l i d l ia b i l i ie To ta ty t e q u an s	1 8 9 4 9	2 0 9 8 3

Agenda

I. Financialreview

II. Operational review

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

Desktop

Operational highlights

• Desktop revenues stable compared to Q1 2013
• As expected down by 12% over Q4 2013 (some Q3 2013 revenue was shifted toQ4 2013)
• Margins increased
• Up 4.5 %‐points over Q1 2013
• Cost optimization and product mix changes
• Strong quarter for the Gaming/Performance Desktop PC business
• Revenueup 35% over Q1 2013
• Increase was offset by decline in the Workstation andDIY markets

Datacenter

Operational highlights

• Initial positive test results on ^a RackCDU cluster installed at the University of Tromsø (UiT) in Norway were published
• Recycling up to 80% of the waste heat generated by the IT equipment
• Reducing overall data center power consumption
• Secured engineering design contract with major OEM for modular data center product
• Purchase order for RackCDU pilot system from an undisclosed leader in quantitative investing and trading
• Potential to develop into significantly larger retrofit of anentire data center in 2015
• Repeat purchase order from an OEM for ^a repeat end user of five RackCDU systems withcooling loops for 280 compute nodes

Operational achievements

Agenda

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

Summary and outlook

• Modest growth in desktop markets
• Three new Asetek products expected to be releasedin Q2 by DIY customers
• Strong Q1 2014 margins expected to continue in Q2
• Represents significant improvement over Q1 2013
• Potential for future growth in graphics cards business

Desktop Datacenter

• Design‐in efforts continue with multiple OEMs andSystem Integrators
• HP 3POProgram replaced by OEM design in focus
• Expects to launch an ISAC (In‐Server Air Conditioning) Intel rack mounted server platform inEurope with ^a leading system integrator
• Good traction from early adopters in the educational andlab segments
• Anticipates additional purchase orders from early adopters in 2014 within said segments
• RackCDU patent claims allowed by USPTO

Q&A

Investor.relations@asetek.com

Appendix

Incomestatement

( ) ig in 's F U S D 0 0 0 ur es	Q 1 2 0 1 4	Q 1 2 0 1 3	2 0 1 3
	d d Un ite au	d d Un ite au
Re ve nu e	\$ \$ 5, 4 0 0	4, 9 2 5	\$ 2 0, 7 2 9
f s les Co st o a	3, 1 5 6	3, 0 4 7	1 2, 6 8 0
Gr f it os p s ro	2, 2 4 4	1, 8 7 8	8, 0 4 9
h d de lo Re nt se ar c an ve p me	8 6 7	9 9 6	9 2 4, 4
l l l a d dm Se in in ist ive t g, g en er a n a ra	3, 2 2 0	2, 3 6 9	1 1, 2 3 6
ha lo ( ) Fo ig in re n ex c ng e ss g a	( ) 2 0	1 1	8 0
l ing To ta at o p er ex p en se s	3, 9 8 6	3, 3 7 6	1 5, 8 0 8
ing inc Op at er om e	( ) 1, 7 4 2	( ) 1, 4 9 8	( ) 7, 7 5 9
in in F an ce co me	‐	0 1, 5 5	8 6 1, 5
F in ts an ce c os	( ) 2 1	( ) 2 3 2	( ) 8 3 0
f ( ) l ina ia l inc To ta nc om e ex p en se s	( ) 2 1	3 8 1, 1	0 3 1, 5
be fo Inc ta om e re x	( ) 1, 7 6 3	( ) 1 8 0	( ) 6, 7 2 4
( ) be f In it ta co me x ex p en se ne	( ) 4	‐	4 4 3
fo he d Inc io t om e r p er	( ) 1, 7 6 7	( ) 1 8 0	( ) 6, 2 8 1
he he ha be las f Ot ive inc ite i ie d t t m c r om p re ns om e ms ay re c s f los bs ds it in io to nt p ro or s su eq ue p er :
la d Fo ig io j tra t tm ts re n cu rre nc ns n a us en y	( ) 8 7	( ) 1 3 2	5 2
l he ive inc To ta c om p re ns om e	\$ \$ ( ) 1, 8 5 4	( ) 3 1 2	\$ ( ) 6, 2 2 9
ha ( ) Inc in U S D om e p er s re :
Ba ic s	\$ \$ ( ) 0. 1 3	( ) 0. 0 1	\$ ( ) 0. 4 6
lu d D i te	\$ \$ ( ) 0. 1 3	( ) 0. 0 1	\$ ( ) 0. 4 6

BalanceSheet

( ) Fig in US 00 0 's D ur es	31 20 Ma 14 r	31 20 13 De c
AS SE TS	Un dit ed au
No t ts n‐c urr en a sse
i b le Int ts an g as se	\$ 2, 13 8	\$	82 3 1,
d e Pr ipm ert t op y a n qu en	1, 01 2		1, 09 6
he Ot ets a r ss	33 0		33 0
l To ta nt ts n on ‐cu rre a sse	3, 48 0		3, 24 9
Cu nt ts rre a sse
Inv to en ry	1, 16 5		1, 07 4
de eiv b les d he Tr t a r ec a an o r	4, 93 3		4, 99 7
h d c h e len Ca iva ts s a n as qu	9, 37 1		11 66 3 ,
To l ta nt ts c ur re a sse	15 46 9 ,		17 73 4 ,
l To ta ts a sse	\$ 18 94 9 ,	\$	20 98 3 ,
EQ UIT Y AN D LIA BIL ITI ES
uit Eq y
ha l S ita re c ap	\$ 26 4	\$	26 4
S ha ium re p rem	64 41 1 ,		64 35 7 ,
lat d de fic it Ac cu mu e	( ) 50 92 8 ,	( ) 49 49 0 ,
lat d o he Tr ion t an s a n r r es erv es	( ) 40 9	( ) 32 3
To l ity ta e qu	13 33 8 ,		14 80 8 ,
lia bi liti No t n‐c urr en es
de bt Lo ‐te ng rm	41 5		24 3
he lon lia bi lit Ot ies ter r g‐ m	‐		23 2
l lia bi liti To ta nt n on ‐cu rre es	41 5		47 5
lia bi liti Cu nt rre es
S ho de bt rt‐ ter m	48 1		42 0
d lia bi lit Ac ies cr ue	1, 00 4		80 2
d loy be fit Ac ion & at cr ue c om pe ns em p ee ne s	78 5		99 5
de b les Tr a p ay a	2, 92 6		3, 48 3
l lia bi liti To ta nt c ur re es	5, 19 6		5, 70 0
l lia bi liti To ta es	5, 61 1		6, 17 5
To l ity d lia bi liti ta e qu an es	\$ 18 94 9 ,	\$	20 98 3 ,

CashFlow