CONFERENCE CALL Q2 5 AUGUST 2020 Goetz M. Bendele, CEO - Christian Witt, CFO - LPKF
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CONFERENCE CALL Q2 5 AUGUST 2020 Goetz M. Bendele, CEO – Christian Witt, CFO
LPKF IN AUGUST 2020 – WHERE WE STAND
FINANCIAL REPORT H1 2020 AND OUTLOOK
REVENUE AND EBIT: LONG TERM DEVELOPMENT
RETURN TO SUSTAINED PROFITABLE GROWTH
IN € MILLION
Revenue Guidance Range EBIT • 2011 – 2015: Expansion followed by
160 slow-down 2015 driven by LDS
140,0
140 129,7 technology
119,7 120,0
115,1
120
102,1
• 2017: Return to profitability via
100 91,1 87,3 91,1 reduced cost and growth in Solar,
81,2
Development, Electronics
80
50,7 • 2018/19: Management program on
60
42,2 45,4
profitable growth focussing all
40 segments, cost reduction, cash and
20 17,3 20,4 23,2 19,2 working capital management
15,2 12,7
6 3,1 7,0 4,0 6,8
0 -3,7 • Quantitative Guidance 2020:
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-6,82017 2018 2019
-20 forthcoming
• Guidance 2024:
Revenue: > 360 million EUR
© LPKF Laser & Electronics AG
EBIT-margin: > 25 % 4
KEY GROUP FIGURES: 6 MONTHS 2020
6 months 6 months
Revenue: Decline due to large projects
in Mio. EUR 2020 2019 ∆%
delivered in H1 19, other revenue stable
Revenue 50.0 72.7 -31.2 EBIT: Increased profitability in Q2 due to
2.8 10.1 -71.7 cost reductions and fewer large projects
EBIT
5.7 13.9 Decline in Free Cashflow:
EBIT margin (%)
- lower profitability and temporarily higher
Earnings per Share (€) 0.08 0.30 -72.5 NWC
Free cashflow -12.4 17.8 -169.8 Order situation:
39.6 45.8 -13.7 Delays of projects especially in Solar
Incoming orders
segment; fewer large orders; generally
shorter customer lead times
Orders on hand (30 June) 21.9 31.4 -30.2
Employees (total number ) 683 674 1.3
© LPKF Laser & Electronics AG 5
REVENUE BY SEGMENT: FIRST 6 MONTHS 2020
6 months 6 months
• All BUs: Delays due to Covid 19
Revenue in Mio. EUR 2020 2019 ∆%
• Electronics:
15.4 20.5 -24.8 Lower sales due to large project
Electronics
in H1 19, increase in other sales
9.8 12.0 -18.5 • Development:
Development
“Lost month(s)” due to lockdowns,
9.6 11.4 -15.6 plus moderate delays throughout
Welding
• Welding:
15.2 28.8 -47.3 Lower sales due to large project in
Solar H1 19, other sales stable
Total 50.0 72.7 -31.2 • Solar:
Large deliveries in H1 19;
shift of one medium size order from
Q1 20 to Q3 20
© LPKF Laser & Electronics AG 6EBIT BY SEGMENT: FIRST 6 MONTHS 2020
6 months 6 months
EBIT in Mio. EUR 2020 2019 ∆% All Segments:
Cost Saving effects have enhanced
1.0 3.7 -73.2 profitability in Q2
Electronics
Electronics:
0.7 1.3 -48.2 lower revenue, fewer large orders
Development
Development:
-1.5 -0.7 -107.0 lower volume, relatively stable earnings
Welding
Welding:
2.7 5.8 -53.2 Positive EBIT in second quarter.
Solar
Solar:
2.8 10.1 -71.7 Lower revenue, less traded components
Total with low margin
© LPKF Laser & Electronics AG 7FREE CASHFLOW AS PER 30 JUNE 2020
in Mio. EUR 6 months 2020 6 months 2019
Net Working Capital effects 2020:
Net cash used in/generated by operating
-6.9 20.0 • EUR 3.3 million temporary inventory
activities
vs. year end 2019 to cover potential
Net cash used in investing activities -5.5 -2.3 supply chain issues (was 6.6m in
Q1), further reduction in Q3/Q4
Free cashflow -12.4 17.8
• higher receivables vs. year end
Net cash position as per June 30 because of higher sales in June
• lower advance payments (Solar)
Net working capital 26.7 32.4
Investment includes LIDE foundry
© LPKF Laser & Electronics AG 8GUIDANCE AS OF 5 AUGUST 2020
Financial Year 2020 Q3 2020 … up to 2024
In February 2020 the For Q3 2020, LPKF For 2024, LPKF anticipates:
management Board has anticipates:
forecasted increasing sales and Group sales of more than
profits for 2020 in a stable
Group sales of 23-27 360 million EUR
economic environment.
million EUR
Forecasting ability for 2020 EBIT margin of more than
under the current economic 25%
situation caused by COVID-19 is EBIT of 1-3 million EUR
severely limited. This forecast is subject to
In the event of a more stable growth in the global
pronounced recession, LPKF will economy.
have to anticipate a decline in
revenue and earnings in 2020.
9Backup
NEW MANAGEMENT BOARD SINCE 2018
STRONG AND EXPERIENCED TEAM
MANAGEMENT BOARD
Dr. Götz M. Bendele (CEO) and Christian Witt (CFO) GÖTZ BENDELE
Chief Executive Officer (CEO)
• Board Member since 2018
• Joined LPKF Group in May 2018
• Worked as management consultant
followed by various leadership roles
across the high tech industry
CHRISTIAN WITT
Chief Financial Officer (CFO)
• Board Member since 2018
• Joined LPKF Group in September 2018
• Many years of experience as CFO in
industrial and high tech companies
© LPKF Laser & Electronics AG 11THE LPKF SHARE – MEMBER OF SDAX INDEX
PERFORMANCE AND STRONG PERCEPTION
SHARE PRICE DEVELOPMENT August 2019 – August 2020 ANALYST COVERAGE
• Warburg Research GmbH, Robert-Jan van der Horst
• MainFirst, Florian Pfeilschifter
• Hauck & Aufhäuser, Alina Köhler, Tim Wunderlich
• HSBC, Richard Schramm
• Quirin Privatbank AG, Klaus Soer
• EQUI.TS GmbH, Thomas Schießle
SHAREHOLDER STRUCTURE INVESTOR RELATIONS CONTACT
• Bettina Schäfer
100% of the LPKF Laser & Electronics AG’s shares are in Free Float. bettina.schaefer@lpkf.com
Tel: +49 5131 7095 1382
Major shareholders:
• The Capital Group / Small Cap World Fund ( > 5 % ) • Katja Rust
katja.rust@lpkf.com
• Société Générale S.A. ( > 3 % ) Tel: +49 5131 7095 1387
• UBS Group (ca. 3 % )
• JPMorgan Asset Management (UK) Limited (ca. 3 %)
12LEGAL NOTICE DISCLAIMER Disclaimer regarding forward-looking statements This document contains forward-looking statements and statements on future expectations which reflect the current opinions and expectations of the management with respect to future events. These statements are subject to known and unknown risks and uncertainties which can neither be controlled nor precisely estimated by LPKF Laser & Electronics AG, and which could cause actual results, performances and events to differ materially from those forecast or indicated here. Actual results, performances and events may deviate to an unlimited extent as a consequence of: (i) general economic conditions, (ii) future changes in the performance of the financial markets, (iii) interest rates, (iv) currency exchange rates, (v) the behavior of other market participants, (vi) general competitive factors, (vii) changes in laws and regulations, (viii) changes in the policies of central banks, government authorities and/or (foreign) governments, (ix) regional and/or global conditions. LPKF assumes no liability and does not intend to update any forward-looking statements to reflect any events or conditions the take place after the publication of this material. No updating LPKF AG assumes no liability for the (correctness and completeness of the) information contained herein, and does not intend to update this material. No offer This presentation is merely intended to provide information and is not an investment recommendation. It is not an offer and is merely intended for general information purposes. All the descriptions, examples and calculations contained in this presentation are only provided for the purpose of illustration. Registered trademarks All the names and trademarks referred to in this document are covered by unlimited copyright laws, and may not be used without the express permission of the relevant registered owners. The fact that they are mentioned in this document does not imply that they are not protected by the rights of third parties or companies. LPKF Laser & Electronics AG, 2020 © LPKF Laser & Electronics AG 13
THANK YOU!
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