Baader Helvea Swiss Equities Conference 2017 Andreas Leutenegger, CFO Bad Ragaz, January 12, 2017
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1 PASSION.PRECISION.PURITY Baader Helvea Swiss Equities Conference 2017 Andreas Leutenegger, CFO Bad Ragaz, January 12,
2 Agenda VAT Group AG at a glance Financial review Strategic drivers and outlook 2
3 VAT s success story over 50 years VAT founded in Flawil (CH) Entry into the semiconductor industry Gate manufacturing establ. in Taiwan 2012 Acquisition of vacuum valves product line from Inficon AG Ramp-up of manufacturing center in Malaysia 2016 IPO at SIX Swiss Exchange Establishment of COMVAT AG Acquisition of Sysmec (ROM) Manufacturing center establ.- in Malaysia Acquisition of VAT by Partners Group and Capvis. 3
4 Enabling innovation in your daily life and facilitating the digitalization of the world Global leader in high-end vacuum valves; brand recognition for technology and innovation Mission-critical products enabling high vacuum process technology High vacuum at forefront of technological evolution affecting various end markets Semiconductors Displays Solar Industry & Research 4
5 Pure play in high-end vacuum valve technology with best-in-class profitability Segment (% of total net sales) 1 VAT Group AG Valves (76%) Global Service (17%) Industry (7%) Segment net sales 2 CHF 236m CHF 196m CHF 41m CHF 22m Adj. EBITDA 3 % margin CHF 74m / 31.4% CHF 63m / 32.0% CHF 18m / 43.5% CHF 5m / 21.0% 5 1 All numbers for HY Segment net sales of business segments include intercompany sales 3 Adjustment on Group level only
6 VAT offers widest variety of valves. Isolation valves Transfer valves Angle valves Gate valves All-metal valves Pendulum valves Large valves Doors Monovat transfer valves Transfer valves XL Transfer valves TwinVAT Control valves 6 Butterfly valves Combo valves Controlled angle valves Controlled pendulum valves Symmetrical flow
7 VAT within the value chain of the vacuum / process industry Material suppliers Vacuum system component manufacturers Valves Equipment manufacturers (OEMs) Device manufacturers (Semiconductor, displays, solar, ) 7
8 VAT high-end vacuum valves are at the core of vacuum-based advanced manufacturing Substrate / wafer Dosing valve Transfer valve Turbo pump Control valve Gate valve Process gas feeding Angle valve Abatement system Rough pump 8 VAT high-end vacuum valves are designed into advanced manufacturing equipment
9 Global footprint flexible set-up close to customers Global presence ensuring highest customer proximity 99% of production is exported 70% of our products have their final destination in Asia Global key account management 9
10 VAT locations. VAT Headquarters in Haag (CH) ~800 Employees / 2 shifts / Certificates ISO 9001 / / Huge portfolio / wide range of sizes - Supply of prototypes and production quantities - Machining, welding, vulcanizing, cleaning, assembling - Clean rooms up to class ISO 6 - Training center Haag is and remains the motor of our innovation and manufacturing competence. Heinz Kundert, CEO 10
11 Penang in Malaysia. Manufacturing ~150 Employees / 1 shift - Transfer valves and doors for the semiconductor industry - Machining, cleaning, assembling in clean rooms - Capability to expand site 11
12 Over 20 nationalities are working together in international teams. ~ Employees worldwide 20% of our staff are working in innovations as R&D, product development and market intelligence. 47 % EU 38 % CH 15 % RoW 12
13 VAT Values Passion VAT values Strategic key drivers Pure play business model focused on mission-critical high-end vacuum valves Technology leadership and long term, trust-based partnerships Undisputed no. 1 market position and high barriers to entry Precision Purity Multi-dimensional growth driven by accelerating importance of vacuum as key enabler Focused strategy and highly skilled workforce 13 Best-in-class financial profile and high profitability
14 Agenda VAT Group AG at a glance Financial review Strategic drivers and outlook 14
15 Strong profitable growth and strong cash flow generation over the last three years Strong profitable growth and best-in-class margins (CHFm) % % 30.8% Net sales Adj. EBITDA margin allowing for fast deleveraging and sound capital structure (CHFm) 3.0x (4) 1.8x 50.0% 0.0% coupled with limited capex needs result in strong FCF generation 150 (CHFm) % % % % 65.4% 60.0% 51.1% 40.0% (3) (2) 2015 (1) (2) FCF FCF conversion rate ultimately leading to attractive return on invested capital 27.9% 26.0% Net Debt x Net Debt / Adj. EBITDA (5) ROIC after tax (1) FCF defined as cash flow from operating activities cash flow from investing activities (2) FCF / EBITDA (3) Free cash flow for the year ended December 31, 2014 excludes an intercompany loan granted to VAT Lux III Sà r.l. in the amount of CHF 25.6m in connection with interest payments due under the Senior Credit Facility (4) Leverage 2014 calculated based on 2014 adj. EBITDA of VAT Holding AG and year-end net debt of VAT Holding S.à r.l. (5) ROIC after tax ( ROIC AT ) based on NOPAT derived from reported EBITDA and year-end invested capital (excluding goodwill and other acquired intangibles) of CHF 329.8m (2014) and CHF 279.3m (2015)
16 Best-in-class financial profile based on high profitability and strong cash flow generation through the cycle Net sales, adj. EBITDA margin and FCF margin (CHFm) % % % 35.7% 42.2% 38.5% 24.4% 25.6% % 23.1% 12.2% % % 36.8% 32.5% 35.2% 31.4% 30.5% 23.4% 20.6% 19.6% 17.4% 11.9% % 38.0% 30.8% 28.5% 25.7% 17.7% Reported net sales FX adjusted net sales Adj. EBITDA margin Adj. EBITDA margin FX Adjusted FCF margin 16 High resilience across cycles against adverse FX developments (1) Fixed to average 2005 FX-rates. Please note that FX-adjustments are indicative only as underlying business, sourcing etc. decisions were based on actual exchange rates (2) Adj. EBITDA , reported EBITDA (3) FCF data only available from 2007 (4) Adjusted EBITDA, Free cash flow and related metrics are non-ifrs measures used by management to monitor the underlying performance of the company's business and operations. Non-IFRS measures have limitations as analytical tools and should not be viewedas indicators of, or alternatives to, its results or any performance or liquidity measures under IFRS. Not all companies compute non-ifrs measures in the same way and the manner in which management has chosen to compute this non-ifrs measure may not be comparable with similarly defined terms used by other companies
17 Preliminary 2017 results A record year for VAT High demand for equipment Improved results 1 High customer demand for equipment purchases geared at new technologies in semiconductor and display production Technology advances in OLED fuels display growth; 3D NAND in semiconductor Overall market sentiment improved throughout the year Several customers kept production running during the year-end holiday period Group order intake at approximately CHF 562 million, up 29% Group net sales increased by around 24% to approximately CHF 508 million Adjusted EBITDA expected to be around 31% Full year results 2016 and detailed outlook for the business year 2017 to be communicated on March 31, based on first available and unaudited figures 17
18 Agenda VAT Group AG at a glance Financial review Strategic drivers and outlook 18
19 Market trends in the electronic market - Entire supply chain is growing with CAGR >3% CAGR Market Size 2016E 2-3% 5-6% 4-5% 3-4% Worldwide GDP Electronics Devices (includes devices with IC+FDP+HDD+LED+PV) IC+FDP+HDD+LED+PV Fab Capital Spending (IC+FDP+HDD+LED+PV) ~USD 80t** ~USD 2.2t* ~USD 575b* ~USD 96b*** 5-6% Semi and related Fab Vacuum Equipment (IC+FDP+HDD+LED+PV) ~USD 24b* 19 Source: * VLSI research, August 2016 ** IC Insights, July 2016 *** various sources incl. IC Insight + VLSI, IHS and others 1 valves and related technologies VAT 1
20 Multi-dimensional growth - vacuum as key enabler of proliferating technologies 1 st Dimension End market growth VAT is exposed to a broad range of well established structural growth themes Multi-pronged growth opportunity driven by expanding end markets 2 nd Dimension Manufacturing equipment growth Advanced and complex production technology in nano-scale Miniaturization, increasing computing capability at lower power consumption drives advanced manufacturing build-up 3 rd Dimension Vacuum valve growth Fundamental shifts of manufacturing processes towards more high vacuum, for which VAT is a key enabler Vacuum valve growth driven by favourable secular technology evolution v Manufacturing processes under vacuum (deposition, etch and clean, ion-implantation) 20
21 Evolution of More-than-Moore in the Marketplace 21
22 Value of share of electronics in the automotive industry Electronic components share of vehicle production cost 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Today 80% of all innovations in the automotive industry are directly or indirectly enabled by semiconductors The numbers of lines of software codes is continuously increasing Data traffic within and from/to vehicle grows strongly Autonomous driving will add to complexity 22 Source: Audi AG, Semicon West, 2016
23 Multi-dimensional growth driven by accelerating importance of vacuum as key enabler of proliferating technologies Growing number of applications is driving diversification Other 1 22% Cellular Handsets 15% Tablets 3% Wireless IT 4% Wired IT 4% Servers & Mainframes 5% Peripherals 5% Audio/Video Storage Automotive 6% 5% 6% PCs 14% Industrial 11% More complex technologies are driving consolidation Lintott Engineering Implant Opal / Orbot Metrology Plating Mask making Device manufacturers 90nm 65/55nm 45/40nm 32/28nm 22/20nm 14nm PV division + SEZ AG Emcor Consolidation of OEMs driven by end-user consolidation Equipment manufacturers (OEMs) Subsiding industry cyclicality (y-o-y growth) 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) Semiconductor production revenues Source: VLSIresearch (2016) (1) Includes Other IT, Other Personal Devices, Other Electronics Source: Company information Source: VLSIresearch (2016) 23 The ubiquitous presence of electronic devices and consolidation across the value chain have helped reduce cyclicality of the semiconductor industry
24 Undisputed no. 1 market position with high barriers to entry Vacuum valves market: top players by market share (2015) VAT market share evolution VAT has a share of 41% of the vacuum valves market Over 60% market share in selected high-end applications 41.0% Total vacuum valve market size : USD 789m VAT s leading market position has expanded over time Market share all industries 1 Total vacuum valve market size : USD 789m 37% 41% Market share semi & related 2 42% Total vacuum valve market size 2015: USD 527m 47% 5.4% 4.4% 4.3% 4.0% 3.8% 3.7% Source: VLSI (2016) 1 Total market size for valves comprises high vacuum valves for general vacuum applications and for the semiconductors, displays, solar photovoltaics, LED and hard disk OEM device manufacturing equipment sector. 2 Semiconductors and related include: Integrated circuits, displays (from small mobile phone displays to large TVs), solar photovoltaics, LED, hard discs.
25 Conclusion Positive market conditions expected to persist Attractive growth markets for displays, semiconductors and related vacuum applications expected to persist Digitalization trends continue to fuel the need for semiconductors Technology advances such as OLED displays and 3D NAND require ongoing substantial investments in new manufacturing capacity Investments into semiconductor manufacturing capacity in China expected to last several years VAT to capture growth due to technological leadership and strong customer relationship VATmotion: capture full growth potential, increase efficiency and ensure highest resilience trough the cycle 25
26 PASSION. PRECISION. PURITY. Q&A Session 26 August 25, 2016
27 Information Investor information Contact information Listing: SIX Swiss Exchange Michel Gerber Currency: CHF Head Corporate Communication & Ticker symbol: VACN Investor Relations ISIN: CH Phone: investors@vat.ch Event calendar March 31, 2017 Full-year Results 2016 May 17, 2017 Q Trading update & Annual General Meeting August 24, 2017 Half-year 2017 results November 10, 2019 Q Trading update 27
28 Forward looking statements Forward-looking statements contained herein are qualified in their entirety as there are certain factors that could cause results to differ materially from those anticipated. Any statements contained herein that are not statements of historical fact (including statements containing the words believes, plans, anticipates, expects, estimates and similar expressions) should be considered to be forward-looking statements. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the company s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the performance, security and reliability of the company s information technology systems, political, economic and regulatory changes in the countries in which the company operates or in economic or technological trends or conditions. As a result, investors are cautioned not to place undue reliance on such forward-looking statements. Except as otherwise required by law, VAT disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after this presentation was made. 28
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