2004 Results. Annual General Meeting of Shareholders. Olivier Piou Chief Executive Officer Charles Desmartis Chief Financial Officer
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1 2004 Results Annual General Meeting of Shareholders Amsterdam May 11, 2005 Olivier Piou Chief Executive Officer Charles Desmartis Chief Financial Officer
2 Our determination to create value 2 A unique profile... World leader in microprocessor cards Balanced product mix, global presence and top-level customers Recognised expertise in innovation and production A highly experienced management team Solid financial performance and a large free float enabling us to benefit fully from market growth Strong growth in the main segments, spreading to new regions Recognised interest in highend products and solutions Wide range of new applications for microprocessor cards High demand for security in an increasingly digitalised world Profitability Growth An attractive investment opportunity
3 Axalto People 3 Our Values are there to help our employees, be their guidelines, key to empowerment Customer People Speed Technology Profit and of course Ethics Do you know how YOUR company really looks like?
4 Axalto: 1,704 Exempts from 64 different nationalities - January 1st, 2005 French 42% Chinese 18% Indian 4% Spanish 2% Mexican 2% Brazilian 3% British 4% American 4% Austrian Swiss Guinea-Bissau Guatemalan Kazakh Libyan Mauretanian Senegalese Croatian Bulgarian Romanian Belgian Danish Irish Australian Vietnamese Hungarian Polish Moroccan Korean Turkish Taiwanese Dutch Argentinian Singaporean Czech Russian Malaysian Spanish Brazilian American Chinese 4 Barbadan Estonian Greek Korean Sri Lankan Madagascan Nigerian Tanzanian South African Gabonese Swedish Cameroonian Egyptian Lebanese Slovakian Colombian Pakistani Thai Venezuelan Portuguese Canadian Algerian Tunisian Japanese German Philippine Indonesian Italian Mexican British Indian French
5 5 Axalto Exempt population aged from 23 to 29 - Total 528 (January 1st, 2005) French 29,7% Other 14,8% American 1,3% Czech 1,5% Malaysian 1,5% British 1,9% Russian 2,1% Spanish 2,3% Indonesian 2,8% Brazilian 5,5% Chinese 29,2% Indian 7,4%
6 6 225 Exempt recruited in 2004 (32 nationalities) Chinese 26.7% French 20% Indian 9.8% Brazilian 6.2% Russian 4% Mexican 4% American 3.6% Philippine 2.7% Czech 2.2% Malaysian 1.8% Italian 1.8% Indonesian 1.8% Hungarian 1.3% British 1.3% Spanish 1.3% German 1.3% Argentinian Austrian Korean Moroccan Dutch Polish Portuguese Singaporean Venezuelan Australian Japanese Lebanese Thai Turkish Tunisian Chinese-Taiwanese German Spanish British Hungarian Indonesian Italian Malaysian Czech Philippine American Mexican Russian Brazilian Indian French Chinese
7 Contents 7 I Strong revenue growth II Significant increase in profitability III Outlook and conclusion
8 Axalto 2004: a record year revenue growth of 25% to $960 million Over 350 million microprocessor cards sold: +37% 257 million SIM cards: +38% 72 million bank cards: +25% Public Sector, Access and other cards: +68% Prepaid Cards Public 6% Sector, Access & Others 8% POS 7% 2003 $768m 2004 revenue : $960 million Prepaid Cards Public 4% Sector, Access & Others 10% POS 8% (+ 25%) 2004 $960m Financial Cards 21% Mobile Com 58% Financial Cards 20% Mobile Com 57% A well balanced business mix, reflecting strong growth in all main product lines
9 Revenue by region 9 Asia 25% $960m NSA 19% EMEA 56% EMEA: Growth of 33% and 21% at constant exchange rates to $536 million versus $403 million in 2003 NSA: Expansion by 29% to $187 million in 2004 vs. $145 million in 2003 Asia: Revenue up 8% to $237 million versus $220 million in 2003 Axalto s revenue remains well balanced Its strong international presence has enabled Axalto to seize opportunities rapidly
10 Contents 10 I Strong revenue growth II Significant increase in profitability III Outlook and conclusion
11 Significant improvement in profitability 11 USD million EBITDA Operating income Net income Margin as % of revenue 25 11% 6% 3% 14% 9% 6%
12 Income statement highlights (at historical exchange rates) 12 USD million Growth Revenue % Gross profit * % Gross margin (%) 31.0% 32.8% EBITDA % EBITDA margin (%) 11.1% 13.6% Operating income* % Operating margin (%) 6.2% 9.0% Income before taxes % % of revenue 4.5% 8.9% Net income x 2.4 Net margin (%) 3.3% 6.2% Earnings per share 1.47 *After an impairment charge relating to technologies acquired from Bull, a depreciation charge relating to a production plant and expenses relating to the continuous operating performance improvement plan Cost of sales Operating expenses Strong leverage of revenue growth
13 Breakdown of gross profit by segment 13 Public Sector, Access and Other 13% Prepaid Cards 4% 2003 POS 5% $238m Financial Services 11% Mobile Com 67% Public sector, Access and Other 12% Financial Services 13% Prepaid Cards 1% 2004 POS 6% $315m Mobile Com 68% Gross profit rose strongly by 32% to $315 million Sharp improvement in gross margin: +1.8 point to 32.8% This improvement is the result of: Higher volumes of microprocessor cards sold Better product mix in the Mobile Communication segment and in all regions Higher revenue from patent activities Confirmed success of the diversified component sourcing strategy Improved productivity and control of fixed costs
14 Strong cash generation 14 USD million 200 Net cash generated (consumed) by operating and investing activities 167 (39) (16) Net income, amort. deprec. add backs WCR & other assets variation Capital expenditure Cash generated Strong free cash flow generation: Sharp increase in net income Significant reduction in WCR Capital expenditure: $39 million, equal to 4% of revenue
15 A solid balance sheet 15 EUR 1 = USD GBP 1 = USD Assets Current assets: Short-term investments and cash Receivables Inventory Other current assets and deferred taxes on income Total current assets Property, plant and equipment (net) Deferred taxes on income Goodwill Identifiable intangible and other long-term assets Total assets Liabilities, minority interests and total invested equity Current liabilities: Short-term debts Trade payables Employees, other payables and accrued liabilities Other current liabilities Total current liabilities Long-term debt Pensions, other employee and long-term liabilities Other long-term liabilities Total liabilities Minority interest in subsidiaries Total invested equity Total liabilities, minority interests and total invested equity Pro forma Adjst (22) (22) 20 (2) Pro forma , ,114 Net cash 2003 $26m Net cash 2004 $185m Working capital requirement As % of Q4 revenue, annualised Capital employed (yearly average) % % 57 5% 517
16 EUR 1 = USD GBP 1 = USD Assets A solid balance sheet Current assets: Short-term investments and cash Receivables Inventory Other current assets and deferred taxes on income Total current assets Property, plant and equipment (net) Deferred taxes on income Goodwill Identifiable intangible and other long-term assets Total assets Liabilities, minority interests and total invested equity Current liabilities: Short-term debts Trade payables Employees, other payables and accrued liabilities Other current liabilities Total current liabilities Long-term debt Pensions, other employee and long-term liabilities Other long-term liabilities Total liabilities Minority interest in subsidiaries Total invested equity Total liabilities, minority interests and total invested equity Working capital requirement As % of Q4 revenue, annualised Capital employed (yearly average) Pro forma Adjst (22) (22) 20 (2) Pro forma , , % 11% 5%
17 2004 Income Statement Consolidated under Dutch GAAP 17 (all amounts in $ million) 2004 EUR 1 = USD US GAAP Dutch GAAP adj. Dutch GAAP Revenue Gross Profit Gross Margin % (14.2) % R & E Expenses S & M Expenses G & A Expenses Total Operating Expenses % of revenue (64.0) (109.8) (55.2) (229.0) 23.8% (64.0) (109.8) (55.2) (229.0) 23.8% Operating Income Operating Margin % % Foreign Currency transactions gain (loss), net Net Interest income (expense) Other Income, net (5.7) (1.5) (5.7) Pretax Income (loss) Tax Benefit (charge) Effective Tax Rate (ETR) Share in results of participating interests Minority Interest Net Income (loss) % of revenue 85.3 (25.5) 29.9% (0.7) % (15.7) 0.6 (1.2) (16.3) 69.6 (24.9) % (1.2) (0.7) %
18 A strong balance sheet Consolidated under Dutch GAAP 18 (All amounts in USD million) EUR 1 = USD US GAAP Dec. 31 st, 2004 Dutch GAAP adj. Dutch GAAP Assets Current assets: Short-term investments and cash Receivables Inventory Other current assets and deferred taxes on income Total current assets Property, plant and equipment (net) Deferred taxes on income Goodwill Identifiable intangible and other long-term assets Total assets Liabilities, minority interests and total invested equity Current liabilities: Short-term debts Trade payables Employees, other payables and accrued liabilities Other current liabilities Total current liabilities Long-term debt Pensions, other employee and long-term liabilities Other long-term liabilities Total liabilities Minority interest in subsidiaries Total invested equity Total liabilities, minority interests and total invested equity , ,114 (14) (14) (1) (1) (14) (14) , ,100
19 Key figures 19 USD million EUR 1 = USD Revenue Gross profit Gross margin (%) % EBITDA ( * ) EBITDA margin (%) 11.1% 13.7% Operating income Operating margin (%) 6.2% 9.0% Operating income after tax ( ** ) Operating margin after tax (%) 5.0% 6.3% Net income Net margin (%) 3.3% 6.2% Capital Employed (yearly average) % Return on Capital Employed (ROCE) Operating income after tax (NOPAT) / Capital employed Net income / Capital employed Return on Equity EPS (basic) average number of shares EPS (diluted) Cash flow from operating and investing activities Net cash position at year end ( * ) EBITDA = Operating income + depreciation of tangible and intangible assets ( ** ) Operating income after application of effective global tax rate 7.4% 4.9% 4.9% % 11.4% 9.5% $ 1.47 $
20 Contents 20 I Strong revenue growth II Significant increase in profitability III Outlook and conclusion
21 2004: an excellent year 21 Business model validated Axalto has been able to seize and make the most of growth opportunities in all market segments and regions Major business successes With 3G mobile phone operators in Europe and GSM operators in NSA With financial institutions, particularly in the UK With the US administration With new IP licensees Excellent operating performance Improvement in productivity Creation of a cash culture Healthy balance sheet further reinforced Significant improvement in profitability Excellent cash generation Strong positive net cash position
22 11 May 2005 Q revenue Key figures
23 Axalto Q1 2005: up 17% 23 Q revenue growth of 17%, up to $237.3 million 93 million microprocessor cards sold: +28% 73 million SIM cards 15 million bank cards > 5 million Public Sector, Access and other cards In spite of an very high comparison basis for Q1, 2004 (the UK EMV migration peak) Q revenue : $237.3 million (+ 17%) Q Q Prepaid Cards 6% Public Sector 12% POS 6% $203m Prepaid Cards 5% Public Sector 11% POS 9% $237m Financial Cards 24% Mobile Com 52% Financial Services 19% Mobile Com 57%
24 Revenue by region 24 Asia 23% $237m NSA 20% EMEA 57% EMEA: Revenue of $134.7 million, up 14% or 8.5% at constant exchange rates NSA: Revenue growth of 32% to $47.2 million Asia: Revenue up 11% to $55.5 million Axalto s revenue split by region is still well balanced Axalto s strong international presence has allowed it to seize growth opportunities rapidly
25 25 Axalto: a leader with confirmed growth potential Axalto intends to leverage its leading position and specific strengths A business model based on profitability with a strong leverage on growth A well balanced portfolio of activities A global presence A low-investment soft-industrial structure And a strong innovation capacity, supported by the large portfolio of Intellectual Property rights and remains more determined than ever in its determination to create value
26 Thank you for your attention 26
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