2010 first-half earnings - Riber · 2016-04-01 · Source: GBI Research, 2010 Source: NanoMarkets,...

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.)


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


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


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


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


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


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%


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


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


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


-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


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


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


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


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


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


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)


Source: GBI Research, 2010 Source: NanoMarkets, OLED Lighting Markets 2008


Supplying OEM components:solar cell manufacturing (CIGS, etc.)

Applications:

High-performance CIGS solar cells


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


Supplying OEM components:OLED (Organic LED) manufacturing

Applications:

Production of lighting surfaces

High luminosity flexible screens


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


• 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


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


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%


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


Market capitalization: €38.2 M (€1.98 per share)

Change in share price over 1 year: +43%

2010 first-half earnings - Riber · 2016-04-01 · Source: GBI Research, 2010 Source: NanoMarkets,...

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