Post on 06-Jul-2020
2010 first-half earnings
September 8, 2010
Contents
Profile
2010 half-year earnings
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2222
Growth drivers
Outlook for 2010
Stock market and shareholding
RIBER in brief
RIBER is the material deposit specialistFor ultra-thin and ultra-pure layers under ultravacuum: Molecular Beam Epitaxy (MBE)
For difficult materials: effusion cells
RIBER machines make it possible to develop very high-performance compound materials
Quicker microprocessors and memory
Low-consumption and high-intensity lighting
Fine sensors (luminosity, magnetism, molecular structure, etc.)
Riber Riber –– 2010 half2010 half--year earningsyear earnings 3333
Fine sensors (luminosity, magnetism, molecular structure, etc.)
Three product linesMolecular beam epitaxy (MBE) machines
Material deposit industrial tools and effusion cells
Service contracts, accessories and spare parts
Two client profilesUniversity laboratories and research centers
Industrial players in the electronics, new energies and lighting sectors
High-technology company
Global leader for molecular beam epitaxy (MBE)
Historical operator, capitalizing on 30 years experience
Market share of around 60% for installed MBE systems
Integrated company with control over its value chain
Leading-edge technological expertise in the nanotechnology sector
Recognized by the best research establishments
Riber Riber –– 2010 half2010 half--year earningsyear earnings 4444
Recognized by the best research establishments
Active presence on groundbreaking technologies: CIGS solar cells, OLED, new
generation MRAM and CMOS
Company with the resources to drive its development
Integration of means of production
Staff at the forefront of technology
Capacity to finance its growth (research programs, partnerships, production tools,
etc.)
RF components for RF components for RF components for RF components for telephony andtelephony andtelephony andtelephony and
telecommunicationstelecommunicationstelecommunicationstelecommunications
Lasers and diodes Lasers and diodes Lasers and diodes Lasers and diodes
From substrate to industrial applications
Substrate or wafer
RF electronics
Optoelectronics
Riber Riber –– 2010 half2010 half--year earningsyear earnings 5
Lasers and diodes Lasers and diodes Lasers and diodes Lasers and diodes for fiberfor fiberfor fiberfor fiber----optic optic optic optic
Instrumentation Instrumentation Instrumentation Instrumentation and lightingand lightingand lightingand lighting
Sensors for night Sensors for night Sensors for night Sensors for night vision and vision and vision and vision and
various detectorsvarious detectorsvarious detectorsvarious detectorsSolar cellsSolar cellsSolar cellsSolar cells
Source materials
Substrates Processed substrates
Electronic devices
Final applications
SensorsEpitaxy systems
Research Universities and research centers
Global base of leading clients
Riber Riber –– 2010 half2010 half--year earningsyear earnings 6666
Production Industrial firms
Half-year earnings in line with expectations
First-half highlightsSystems business
Half-year revenues are not significantTwo systems delivered during the first half of 2010, compared with 4 during the first half of 2009At June 30, 2010, a further two systems (including one production machine) with a total value of €4M had been produced, but will only be delivered and billed during the second half of the year
Very good level of orders, with 10 systems for the first half of 2010, compared with 6 for the first half of 2009
Positive research market trend and continued dynamic commercial development: 8 research systems sold over the half-year periodGradual upturn in industrial markets: 2 production systems sold over the half-year period
Riber Riber –– 2010 half2010 half--year earningsyear earnings 8888
Gradual upturn in industrial markets: 2 production systems sold over the half-year periodGood level of sales in emerging markets, with 6 machines ordered in Russia, India and Singapore
Active innovation policy maintained, with new models of MBE systems currently being developed
New MBE 412Strengthening of the range on GaN and oxide applications
First-half highlightsCells and Components/Services business lines
Effusion cell sales are down on account of a delivery schedule concentrated over the second half of 2010
Deliverable order book representing €2.8 M at June 30, 2010, compared with €0.4 M one
year earlier
Launch of a new range of industrial evaporation sources for CIGS technology thin-layer solar cell manufacturing
Major commercial successes achieved in July for €4 M, deliverable in 2010
Riber Riber –– 2010 half2010 half--year earningsyear earnings 9999
Major commercial successes achieved in July for €4 M, deliverable in 2010 and 2011
Development of OLED cell sales, with a significant contract in Asia
First solar cell sales to leading players
Record growth on services and accessories business: +58% compared with the first half of 2009
Growth driven by new products and stronger organization
Development buoyed by the upturn in semiconductor markets and moves to capitalize on
VG markets
Change in the product mix
At June 30 2010 2009
€ M % € M %
Research systems 1.1 25.0 3.1 52.5 -64%
Riber Riber –– 2010 half2010 half--year earningsyear earnings 1010
Production systems 0.0 0.0 0.0 0.0 -
Services and accessories 2.7 61.4 1.7 28.8 +58%
Cells and sources 0.5 11.4 1.0 16.9 -51%
Total 4.4 100 5.9 100 -26%
Rigorous managementIncome statement
(€'000,000) H1 2010 H1 2009 ���� 2009
Revenues 4.4 5.9 -€1.5 M 17.4
Margin on cost of sales
% of revenues
1.227.9%
1.728.5%
-€0.4 M 5.833.2%
Change in provisions for inventories 0.8 (0.1) €0.9 M 0.7
Gross margin 2.0 1.6 €0.4 M 6.5
Riber Riber –– 2010 half2010 half--year earningsyear earnings 11111111
Sales and marketing costs
Research and development costs
Administrative costs
Other income and expenses
(1.3)
(0.5)
(0.8)
0.1
(1.2)
(0.5)
(0.8)
0.4
+10%
+4%
-3%
-85%
(2.9)
(1.2)
(1.7)
(0.1)
Operating income% of revenues
(0.4)(9.8%)
(0.4)(7.0%)
0 0.63.3%
Financial income (loss) 0.2 0 €0.2 M (0.2)
Pre-tax earnings (0.2) (0.4) €0.2 M 0.4
Net income (0.2) (0.4) €0.2 M 0.4
Healthy and sound financial positionBalance sheet at June 30, 2010
0.9
9.2
20.6
Fixed assets
Non-current and
financial assetsShareholders’ equity
Assets Liabilities
Riber Riber –– 2010 half2010 half--year earningsyear earnings 12121212
13.4
9.2
1.4
7.7
Current assets
Cash and
cash equivalents
Non-current liabilities
Current liabilities
€31.2 M
Steady growth in cash
Change in net cash position*(€'000,000)
6.7
Riber Riber –– 2010 half2010 half--year earningsyear earnings 1313
-0.2
2.1
H1 2008 H1 2009 H1 2010
* Cash – financial debt
Growth drivers
Research
Production
Business model with technological drivers identified
MBE 49 oxide
200 mm
MBE evaporation sources
Riber Riber –– 2010 half2010 half--year earningsyear earnings 1515
1996 2000 2004 20081990 19941982 19861978 2012
VAC500
VAC 6000/20000
V-S/G RF-Se
V-S/G-Se
MBE evaporation sources
Jet Se 40000
OLED
Solar
strong
strong weak
Ma
rke
t g
row
th
Market shares
OLED cells
OLED cells CIGS cells
& otherapplications
CIGS cells& other
applications
Business model with growth drivers identified
Riber Riber –– 2010 half2010 half--year earningsyear earnings 1616
weak
Ma
rke
t g
row
th
MBEsystems
MBEsystems
MBE cellsMBE cells
OEM MBEsystems
OEM MBEsystems
Strategy
Continuing to develop the Services business
Developing the MBE Systems range
New applications
Clusters and instrumentation
Developing the MBE Cells range
Riber Riber –– 2010 half2010 half--year earningsyear earnings 1717
Developing the MBE Cells range
Stronger sales drive
Rationalization of the range
Developing the OEM Cells range
Factory testing on CIGS cells with Leybold Optics
Major OLED Gen 5.5 contracts in Asia
New concepts for OEM MBE systems
Looking for industrial partnership
Consolidating global leadership on MBE
50%
30%
Europe
Asia
Breakdown of installed base
Breakdown of sales at June 30 2010
36%28%
Europe
Asia
Riber Riber –– 2010 half2010 half--year earningsyear earnings 18181818
20% USA
RIBER controls 770 installed systems out of a total network of around 1,250 systems (with more than 80% research systems)
Global network of around 30 agents or distributors
Subsidiary in the US and representative office in China (opened in 2009)
36%
USA
Further strengthening service activities
Capitalizing on the installed base of 770 MBE systems tofurther strengthen revenues for spare parts, services and components
Structuring the businessFurther strengthening of the management team
Further strengthening of technical teams in China, the US and Europe
Renewing the commercial offering
Riber Riber –– 2010 half2010 half--year earningsyear earnings 1919
Renewing the commercial offeringRollout of standard service contracts
Profitable management of system obsolescence
Successfully integrating the fleet of VG machinesSignificant contracts with the US Army, Northrop Grumann, Bae, 3S, Alcatel, etc.
Contracts currently being negotiated with the main industrial clients
Profitable management of system obsolescence
Target for 2011: €8 M in revenues
Gaining market shares on MBE systems
Capitalizing on the technological lead for R&D and Production sales
Highlighting RIBER’s innovation and quality in all requests for proposals
Providing faultless service support
Protecting the margin
Participating in the development of future applications
Close ties with the scientific community and new industrial partners
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2020
Participating in the development of new MBE techniques:
Indium phosphides, for fiber-optic networks, Germanium silicides, for computers and mobile telecommunications, Gallium nitrides, for hyperfrequency applications and data storage,
10 systems sold during the first 6 months of 2010, including 2 production systems
Positioning the group on high-potential applications
Growing use of OLEDs in applications
Outlook for CIGS and OLED markets
Thin-layer solar panels(installed capacity per year in MW)
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2121
Source: GBI Research, 2010 Source: NanoMarkets, OLED Lighting Markets 2008
Positioning the group on high-potential applications
Supplying OEM components:solar cell manufacturing (CIGS, etc.)
Applications:
High-performance CIGS solar cells
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2222
Setting up production units in partnership with leading players (Leybold Optics, etc.)High-capacity industrial cells to be delivered during the second half of 2010
Solar cells < $1 / watt
Roll-to-roll industrial production
Positioning the group on high-potential applications
Supplying OEM components:OLED (Organic LED) manufacturing
Applications:
Production of lighting surfaces
High luminosity flexible screens
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2323
Successful conversion from research to industrializationDevelopment of a range of OLED cells on machines in productionOLED revenues up 70% in 2010
High luminosity flexible screens
Signage
Participating in the development of future MBE applications
“More than Moore” programMBE, a response to the calculation speed and storage challenges
Applications:
• Compound semiconductor passivation
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2424
• Ultrarapid MRAM and CMOS manufacturing
Development of a very competitive oxide layer depositing technique in conjunction with IMEC New MPVD 300, with a strong focus on the silicon production sectorSystem in qualification phase with a major industrial player in Asia
MPVD300
Outlook for 2010
Significant development of the order book
2.5
3.2
+189% compared with August 31, 2009
19.1
Riber Riber –– 2010 half2010 half--year earningsyear earnings 2626
13.41.8
4.6
0.46.6
Systems Components and after-sales service
(€ M)
Aug 31, 2009 Aug 31, 2010
Cells
Forecasts for 2010
Over €19 M in revenues
Riber Riber –– 2010 half2010 half--year earningsyear earnings 27272727
Further improvement in earnings compared with 2009
Stock market and shareholding
Shareholding structure
Listed on NYSE-EURONEXT Paris Eurolist C since 2000
Included in the CAC IT index
ISIN: FR0000075954
Shareholding Public NYSE-Euronext information
NG Invest.
20.2%
Riber Riber –– 2010 half2010 half--year earningsyear earnings 29292929
Reuters: RIBE.PA
Bloomberg: RIB FP
Certification by OSEO-ANVAR, the dedicated French innovation agency, renewed in July 2009, enabling it to qualify for French innovation mutual funds (FCPI)
ISA
Finances 13.8%
Michel
Picault 6.7%Ormylia
5.0%
Float
54.4%
Change in the share price
Riber Riber –– 2010 half2010 half--year earningsyear earnings 30303030
Market capitalization: €38.2 M (€1.98 per share)
Change in share price over 1 year: +43%