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First Sensor AG — Investor Presentation 2018
Nov 26, 2018
159_ip_2018-11-26_67fdfae3-91ce-4cb0-bf10-66d852787d67.pdf
Investor Presentation
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WE LEAD THE FUTURE
COMPANY PRESENTATION
OUR EXECUTIVE BOARD Dr. Rothweiler and Dr. Gollwitzer are experienced industry managers
Dr. Dirk Rothweiler CEO
since Jan. 1, 2017 appointed until Dec. 31, 2019
- 2017 CEO, First Sensor AG
- 2008 Executive Vice President Optical Systems, Jenoptik AG
- 2005 Vice President Sales and Service, TCZ
- 2000 Managing Director Asia-Pacific, Süss Microtec Co. Ltd.
- 1999 Director Sales & Marketing, Süss Microtec AG
- 1995 Project Manager for the Semiconductor Technology Division, Carl Zeiss
- 1995 Doctorate from the Department of Engineering, RWTH Aachen
Dr. Mathias Gollwitzer CFO
since Aug. 10, 2015 appointed until Aug. 9, 2022
| 2015 | CFO, First Sensor AG |
|---|---|
| 2012 | Vice President Group Controlling, EnBW Energie Baden-Württemberg AG |
| 2008 | CFO, Mercedes-Benz France SAS |
| 2006 | Director Corporate Controlling, DaimlerChrysler AG |
| 2005 | CFO, DaimlerChrylser Belgium/Luxembourg NV/SA |
| 2002 | Director Research and Technology, Daimler AG |
| 1999 | CEO, Temic Sprachverarbeitung GmbH |
| 1995 | Director Division Controlling, Telefunken Systemtechnik GmbH |
| 1992 | Expert Adviser Finance/Controlling, Deutsche Aerospace AG |
FIRST SENSOR AT A GLANCE
OUR COMPETENCIES With chip & packaging expertise we offer standard sensors & solutions
SEMICONDUCTOR PRODUCTION
MICROELECTRONIC PACKAGING
OUR COMPETENCIES
We are an expert for photonics, pressure & advanced electronics
OUR PRESENCE We are internationally positioned
OUR PRESENCE Around the globe, we are active in three growing B2B markets
- Length Measurement
- Radiation and Security
- Smart Building
- Industrial Process Control
- Aerospace
SALES SHARE MEDICAL 20%
- Breathing and respiration
- Dialysis
- Endoscopy
-
Diagnostics
-
Advanced driver assistance systems
- OEM pressure sensors
INDUSTRIAL AT A GLANCE
We support customers' increasing demand for industrial automation
Strategy
- New APD generation for autonomous machines
- Expanding pressure business in Asia with H and K series
- Strengthening photonic business in North America
MEDICAL AT A GLANCE
We participate in the ongoing technical progress in medicine
- Next generation H series
- Increasing production capacities
- Growth with digital imaging
MOBILITY AT A GLANCE
We are a strategic partner for realizing a new idea of transportation
Strategy
- Volume production with new camera family
- Sensor fusion with Embedded ECU & software competencies
- Growth with commercial & special vehicles
FINANCIAL FIGURES AT A GLANCE
We improved sales revenues, profitability and financial strength
OUR STRATEGY FOR PROFITABLE GROWTH
OUR STRATEGY FOR PROFITABLE GROWTH We generate and utilize economies of scale in four dimensions
OUR STRATEGY FOR PROFITABLE GROWTH We generate and utilize economies of scale in four dimensions
DIMENSION 1: CLEAR FOCUS ON THREE TARGET MARKETS The industrial market is marked by smart processes
DIMENSION 1: CLEAR FOCUS ON THREE TARGET MARKETS The medical market is characterized by miniaturization & digital health
Devices in the nanometer range for new applications, e.g. ventilators for home use, are no longer merely visions of the future.
DIMENSION 1: CLEAR FOCUS ON THREE TARGET MARKETS The mobility market is driven by a new idea of transportation
The trend towards partially and fully autonomous vehicles is possible only thanks to sensor-based driver assistance systems.
OUR STRATEGY FOR PROFITABLE GROWTH We generate and utilize economies of scale in four dimensions
DIMENSION 2: CLEAR FOCUS ON KEY CUSTOMERS & PRODUCTS Why is this efficient?
Our growth becomes more scalable and our profitability increases.
OUR STRATEGY FOR PROFITABLE GROWTH We generate and utilize economies of scale in four dimensions
DIMENSION 3: CLEAR FOCUS ON FORWARD INTEGRATION We base our forward integration initiatives on clear product roadmaps
www.first-sensor.com | 24
OUR STRATEGY FOR PROFITABLE GROWTH We generate and utilize economies of scale in four dimensions
www.first-sensor.com | 27
www.first-sensor.com | 28
OUR STRATEGY FOR PROFITABLE GROWTH We generate and utilize economies of scale in four dimensions
We have started six core initiatives to improve our operative excellence THE FUNDAMENT: FOCUS ON OPERATIVE EXCELLENCE
| Top Initiatives | |
|---|---|
| T's & C's Harmonization |
|
| Harmonized Core Processes |
|
| OneERP |
Implemented at 4 sites, next 2 sites in 2019 |
| Lead Time, On-Time Delivery, Quality |
Ongoing project |
| Portfolio Optimization |
Continued project execution |
| Portfolio Consolidation |
Review of further product families |
THE FUNDAMENT: FOCUS ON OPERATIVE EXCELLENCE Portfolio consolidation: Casestudy for one selected product family
| PRODUCTS | ||||||
|---|---|---|---|---|---|---|
| A products | B products | C products | ||||
| RS E M O T S U C |
ers m o |
11 % products |
8 % | 5 % | ||
| ust A c |
69 % customers |
6 % | > 1 % | |||
| ers m o |
6 % | 12 % | 17 % | |||
| ust B c |
12 % | 9 % | 1 % | |||
| ers m o |
> 1 % | 3 % | 38 % | |||
| ust C c |
> 1 % | > 1 % | 2 % |
| Top Measures | ||||||
|---|---|---|---|---|---|---|
| | Threshold order quantities for new products | |||||
| | Minimum order quantities for existing products |
|||||
| | Bundling of demand | |||||
| | Recommendation of product alternatives |
|||||
| | Last call options if necessary |
We concentrate on three growth drivers
We concentrate on three growth drivers
Main reasons for accidents are preventable human mistakes
Therefore cars become more and more autonomous
| Autonomous Levels |
Level 1 | Level 2 | Level 3 | Level 4 | Level 5 | |
|---|---|---|---|---|---|---|
| Assisted Driving |
Partly Automated |
Highly Automated |
Fully Automated |
Driverless | ||
| Functionality | Active Cruise Control (ACC) Lane departure warning system (LDWS) |
Lane Keep Assist (LKA) Park Assist (PA) |
Automatic Emergency Brake (AEB) Driver Monitoring (DM) Traffic Jam Assist (TJA) |
Autopilot on Highway (AP) |
Autopilot everywhere | |
| Sensors | + Ultrasonic Radar (long range) Front Camera |
+ Surround Camera |
+ + Radar (short range) Driver Camera LIDAR |
SENSOR Fusion | SENSOR Fusion |
Sensors in vehicles assist the driver and provide more road safety
LiDAR is an important technology for many of these safety applications
Reason: LiDAR provides the highest resolution even for large distances
| Radar | Cameras | ||||||
|---|---|---|---|---|---|---|---|
| Criteria | LiDAR (pulsed ToF) |
Short distance |
Long distance |
Ultra-sonic | Mono | Stereo | PMD |
| Max range (m) | 150 -250 |
55 - 100 |
150 - 200 |
2 - 4 |
40 - 60 (120 coarse) |
60 | 7 - 10 |
| Min range (m) | 1 | 0,25 - 1 |
1 | 0.25 | 0.3 | 0.3 | 0.3 – 0.8 |
| Precision (m) | 0.1 (newer: 0.04) |
0.25 – 0.75 |
0.3 – 3.75 |
Very good | 3 | 0.2 – 0.3 |
good |
| Velocity measurement | Indirectly via distance t1-t0 |
directly via Doppler effect | hardly | hardly | Indirect via dist. |
Indirect via dist. |
|
| Horizontal field of view |
30° - 180° |
55° Scan: 120° |
16°, Scan: 60° |
60° | 45° - 190° |
45° | 40 - 69° |
| Horizontal resolution | 0.01° - 1° |
10.5° | 3.5° | bad | < 0.1° - 0.3° |
< 0.1° |
0.2° |
| Vertical field of view |
3° - 16° |
3° - 13° |
3° - 13° |
30° | 45° | 45° | 40 - 56° |
| Vertical resolution |
0.8° - 1° |
4.5° | 4.5° | bad | < 0.1° | < 0.1° |
0.2° |
First Sensor is an important supplier for detectors in LiDAR systems
In our LiDAR business we stand out through eight key respects
| 1 | 2 | 3 | 4 |
|---|---|---|---|
| 20+ years experience in APDs |
Customizing capability for die, package and modules in-house |
ISO TS 16949 certified production and testing |
Chip & packaging company |
| 5 | 6 | 7 | 8 |
| Lowest noise | Highest sensitivity for 905nm |
AEC-Q 101 qualified APD arrays |
Innovative roadmap |
With our APD we have captured a leading share for more than 10 years
GROWTH DRIVER LIDAR Therefore we will participate in the growth of the driver assist market
We concentrate on three growth drivers
Besides LiDAR, cameras are irreplaceable for a safe surround view
| On Board Sensor Capability | LIDAR (Detection & ranging) |
Camera (Monitoring & classification) |
RADAR (Detection & ranging) |
V2X & Cellular* (Information) |
Map & Location (Information) |
||
|---|---|---|---|---|---|---|---|
| Detection | Traffic objects |
Car/Trucks | |||||
| Performance | Motorcycle | ||||||
| Bicycle | |||||||
| Pedestrian | |||||||
| Animal | |||||||
| Debris | |||||||
| Infrastructure | Road marking | ||||||
| traffic constraints | Traffic signs | ||||||
| Traffic lights | |||||||
| Path/Road | Curve | ||||||
| structure | Guard rails | ||||||
| Wall/Obstacle | Dynamic | Static | |||||
| 360° View |
|||||||
| Robustness | Rain/Snow | ||||||
| Fog | |||||||
| Night |
* Depends on coverage
They support and complement LiDAR functionalities
In our camera business we stand out through eight key respects
| 1 | 2 | 3 | 4 |
|---|---|---|---|
| Long-standing camera experience |
Automotive network in new markets |
Specialist for harsh environment and low light applications |
Tailor maid solutions also possible in small scale production |
| 5 | 6 | 7 | 8 |
We have many years of experience in the development of cameras
With our expertise we participate in the growing camera market
Our focus is on target customers & leads with significant annual sales
| Segments Customers |
LIDAR | Cameras | Camera Systems |
ADAS Systems Multiple Sensors Sensor Fusion |
|---|---|---|---|---|
| Car OEM & Tier 1 |
Components | Customized cameras |
||
| Commercial & Special vehicles OEM & Tier 1 |
Components, Subsystems and Manufacturing services |
Standard cameras, tailor made solutions |
Surround view, Mirror replacement, Blind spot detection |
Turn assist, Break assist, Platooning, Pedestrian recognition, Autonomous driving |
We concentrate on three growth drivers
GROWTH DRIVER PRESSURE
We offer a broad range from ultra-low to high pressure sensors
GROWTH DRIVER PRESSURE
We cover the value chain from chip to sensors and sensor systems
GROWTH DRIVER PRESSURE
Our pressure sensors business is driven by megatrends, too
FINANCIAL KEY FIGURES 9M INTERIM REPORT
FINANCIAL KEY FIGURES We reported sales up 6.4% on the previous year's figure
Total sales in € million
FINANCIAL KEY FIGURES Demand in Industrial, Medical & Mobility markets increases constantly
FINANCIAL KEY FIGURES We are moving forward with our internationalization
Sales by region in %
FINANCIAL KEY FIGURES Our strategy for profitable growth shows first results in the EBIT line
FINANCIAL KEY FIGURES
This success is also reflected by our net profit and earnings per share
6000 Net profit for the period in € million Earnings per share (EUR)
0.55
FINANCIAL KEY FIGURES Our working capital is up due to higher stocks securing further growth
FINANCIAL KEY FIGURES Therefore our operating cash flow is further reduced
FINANCIAL KEY FIGURES At the same time we improved our free cash flow slightly
FINANCIAL KEY FIGURES In total we have continously improved our financial strength
FINANCIAL KEY FIGURES This is also reflected by a reduced net debt
THE SHARE
FIRST SENSOR SHARE
Despite turbulences at stock exchanges our share is back on track
FIRST SENSOR SHARE
Our main investor is considering to sell its shares; we have assigned Goldman Sachs to accompany this process
| Key facts* | |
|---|---|
| Market Cap: | € 189.5 m |
| Traded Stocks/Day: |
22,897 |
| 30 Day High: | €19.75 |
| 30 Day Low: | €14.00 |
| Index Ranking Free Float Market Capitalization: |
60 |
| Index Ranking Turnover: | 48 |
| * November 15, 2018 |
FINANCIAL CALENDAR
FINANCIAL CALENDAR The Oddo BHF Forum in Lyon is your next possibility to meet us
| When?* | What? |
|---|---|
| 10./11.01.2019 | Oddo BHF Forum 2019, Lyon |
| 19./20.02.2019 | Oddo BHF German Conference 2019, Frankfurt |
| 21.03.2019 | Annual Report 2018 & Press Conference, Berlin |
| 03.05.2019 | Annual General Meeting 2019, Berlin |
| 14.05.2019 | Interim Report Q1 2019 |
| 14./15.05.2019 | German Spring Conference 2019, Frankfurt |
| 14.08.2019 | 6M Financial Report 2019 |
| 14.11.2019 | Interim Report Q3 2019 |
*As we can not rule out the possibilities of delays, we recommend that you consult the latest set of dates at www.first-sensor.com.
WE LEAD THE FUTURE
This presentation contains forward-looking statements. This presentation does not represent any solicitation to purchase shares of First Sensor AG. Rather it is intended exclusively for information purposes with regard to possible future developments at the company. All future-oriented information in this presentation was produced on the basis of probability-based planning and represents statements regarding the future which cannot be guaranteed. Rounding differences may occur.
First Sensor AG, Investor Relations T +49 30 63 99 23 760 E [email protected]