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Micronic Mydata Capital Market Day 9 March, 2011
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Micronic Mydata Capital Market Day9 March, 2011
Presenters at the Micronic Mydata Capital Market Day 9 March 2011
Peter Uddfors President & CEO
Robert Göthner Sr VP, General Manager, SMT
Johan Åman Sr VP, Product Management and R&D
Axel von Sydow Product Area Manager, Mask Writers
Carl-Johan Blomberg Sr VP, CFO
08.45-09.00 Company overview Peter Uddfors
09.00-09.45 SMT – markets and products Robert Göthner
09.45-10.15 LDI market Johan Åman
10.15-11.15 Company tour* SMT demo* Mask writers and LDI* SMT production
11.15-11.45 Mask writers – market and products Axel von Sydow
11.45-12.00 Financial overview Carl-Johan Blomberg
12.00-12.05 Wrap-up Peter Uddfors
12.05-13.30 Lunch & questions
Agenda
Micronic Mydata company overviewCapital market day, 9 March, 2011 Peter UddforsPresident and CEO
1
Page 1Page 1
Micronic Mydata in brief
• Develops and manufactures equipment for the electronics industry through two business areas:– Pattern Generators (PG)– Surface Mount Technology
(SMT)• Strong presence close to
customers• Listed NASDAQ OMX Nordic,
Stockholm, market cap Dec 31, 2010: SEK 1,733 million
• Revenues 2010: SEK 1,288 million. EBIT SEK 73 million
• 551 employees
Revenue 2010 by geography
Revenue 2010by product area
Geographical presence
Subsidiaries
Sales and support
Subsidiaries
Sales and support
Subsidiaries Sales and support
Company
Page 2
Micronic Mydata’s position in the electronics industry’s manufacturing chain
Company
2
Page 3
Two market leaders. One company.
Micronic• One off production of complex
products
• Strong presence in Asia
• Few orders per year
Mydata• Series production of advanced
products
• Strong presence in Europe and the US
• Many orders per year
Page 4
• Broader product range reduced financial volatility
• Larger production facilitý and organization enabling flexible production
• Coordination of purchase/suppliers creating efficient sourcing
• A common R&D department creating a more efficient organization with broader skills
• Common adminstrative unitscreating a more efficient organization
• Cost savings of MSEK 60 on an annual basis has been secured
Synergies are developed into shareholder value
a high-tech growth company with sustainable profitability
Company
3
Page 5
Micronic Mydata - a high-tech growth company with sustainable profitability
• World market leader in corebusiness segments
• Strong aftermarket business with recurring revenue
• Growth opportunities by entering into new markets, by product and geography
Page 6
Micronic Mydata ValuesCompany
4
Page 7
Summary
Leading position
• World market leader with strong and competitive product portfolio
• Aftermarket offerings with recurring revenue
• Striving for market leadership in novel LDI technology
Shareholder value
• A global high-tech growth company with sustainable profitability
• Less volatility on top-line and earnings• Growth opportunities in LDI
• Micronic Mydata merger finalized and forming the base for future growth
Company
Page 8
Vision
We will be the business partner of choice for enabling the future of electronics
We will be the business We will be the business partner of choice for enabling partner of choice for enabling the future of electronicsthe future of electronics
SMT Market and productsCapital market day, 9 March 2011Robert GöthnerGeneral Manager, SMT
1
Page 1
• Business area SMT - introduction
• Market overview
• Product portfolio overview
• Business direction
Agenda
Page 2
Business area SMT
Develops, manufactures and sells flexible SMT Systemsunder the brand name of MYDATA
2
Page 3
Offerings• Placement machines
• Solder paste printing (Jet printer)
• Component storage system
• Advanced software suite
• Service and support
We are leaders in providing solutions for high-mix electronics production
SMT introduction
Page 4
Market position
• Market leader in the SMT high-mixsegment
• Largest markets- North America- EMEA
• Installed base 4,000 machinesat 1,900 customer sites
• Customers ranging from TOP 10 contractors to small specialized companies
• Even mix of OEM and EMS companies
SMT introduction
Americas 40%
Asia9%
EMEA51%
3
Page 5
Customers
Characteristics• High-mix production environment• Users of flexible production
equipment • Need for fast change-overs• Short batch production• Capability to handle all
component types • High accuracy and high quality
needs
• Typically 1-2 production lines per site
Characteristics• High-mix production environment• Users of flexible production
equipment • Need for fast change-overs• Short batch production• Capability to handle all
component types • High accuracy and high quality
needs
• Typically 1-2 production lines per site
SMT introduction
Page 6
Key industries
Batch size50,000 25,000 5,000 1,000 500 1
Consumerelectronics
Massproduction
Telecom(Mobile phones)
Toys
Automotivelow-end
Military
Space
Aviation
Medical
Advancedprototyping
Automotivehigh-end
Industrial Electronics
low-end(Relays, Drivers, power controls)
Telecomlow-end
Medical
Industrialelectronicshigh-end
(Robotics)
Telecom high-end
SMT introduction
Low High
4
Page 7
Worldwide sales and service coverage
• Subsidiaries• United States
• Germany, UK, France, Benelux
• Singapore, China, Japan and Korea
• Agents and Distributors in over 40 countries
• Application and Competence Centers• Stockholm
• Boston
• Singapore
• 24/7 support offered worldwide
SMT introduction
Page 8
Consumer electronicsHandheld devices
LAPTOP/PCsAutomotive
Telecom/ComputersIndustrial applications
Medical Aviation, Military
Mid volume29%
High Volume63%
Volume
MixLow Medium High
Hig
hLo
wM
ediu
m
Low8%
SMT market by customer segment
• 70% of the worldwide market is in Asia, dominated by high volume production in China• 30% in NA and EMEA. A high degree of low/mid volume production of specialized electronics
SMT market overview
Estimated market value USD 6,000 million (P&P, screen printing, soldering, inspection equipment)
5
Page 9
Worldwide SMT market
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Mac
hine
Sal
es [M
USD
]
2005 2006 2007 2008 2009 2010
• P&P market value was USD 3.180 million in 2010
• High speed – USD 2.109 million• Mid speed – USD 406 million• Multifunction – USD 665 million
• Stencil printer market wasUSD 291 million
Sales by machine type (Placement machines)
2010 market development• All-time-high• Explosive recovery in China, driven by consumer electronics demand• North America and EMEA - still below 2008 levels, but catching up
SMT market overview
Source: PROTEC
Page 10
iSuppli forecast 2011 and beyondGlobal EMS and ODM industry
• 2010 market grew +33%
• 2011 outlook is +8.5% growth
• Long term stable, but singledigit growth
iSuppli forecast follows the same pattern as other electronic industryoutlook’s. 2011 will slow down, but is forecasted to be stable long-term
SMT market overview
Source: IHS iSuppli Research, January 2011
6
Page 11
SMT players
Top 3 – The high speed dominants• Panasonic, Fuji and Siemens• Focus is speed, accuracy/reliability• Premium pricing
Mid-range players• E.g. Yamaha, Juki, Samsung• Aggressive price/performance
High-mix focused players• MYDATA, Europlacer, Mimot
SMT market overview
MYDATA market share is approx. 25% in the high-mix segment
Page 12
The mega trend in the SMT industry is towards flexibility at higher speeds
We are the only SMT vendor that provides solutions originally designed for high mix production
SMT market overview
Volume
Mix
Low Medium High
Hig
hM
ediu
mLo
w
Mix
High volume manufacturing moves towards higher mixHigh mix manufacturing moves towards higher volumes
Volume@Mix
t
vol
NPI
LargeBatch
MediumBatch
SmallBatch
t
vol
NPI
LargeBatch
MediumBatch
SmallBatch
Spee
d
Volume
Mix
Low Medium High
Hig
hM
ediu
mLo
w
Mix
High volume manufacturing moves towards higher mixHigh mix manufacturing moves towards higher volumes
Volume@Mix
Volume@Mix
t
vol
NPI
LargeBatch
MediumBatch
SmallBatch
t
vol
NPI
LargeBatch
MediumBatch
SmallBatch
Spee
d
7
Page 13
High partnumber count
An ever-changingproductionschedule
Complex informationflow
Complexmaterial flow
The high-mix shop floorA complex environment where material and information are bottlenecks
Page 14
Placement machines
• All-in-one-solution• All types of components in
one machine
• Board size range
• High feeder count
• Extremely short change over and set-up time• Agilis feeder concept
• Advanced software suite• Logistics
• Planning
• Optimization
Giving our customers• Low total cost of ownership
• High actual throughput and utilization
• Low number of operators
• Accuracy and reliability
• Efficiency in planning and logistics
What makes MYDATA placement machines unique?
SMT products
8
Page 15
Reducing ‘stand-still time’ and improving line utlization…. ….. without extra investments in people and equipment
MYDATA optimize high-mix production needs
Page 16
The Agilis feeder
• A MYDATA innovation – patented
• 10 seconds loading time (vs minutes)
• Maintenance free
SMT products
9
Page 17
The MY100-series – launched in 2008has enabled entry into the high-mix/mid volume segment
MY100LX
21 kCPH, 176 feeders
MY100DX
MY100SX Synergy
MY100DX Synergy68 kCPH, 320 feeders
43 kCPH, 352 feeders
34 kCPH, 160 feeders
MY100SX
15 kCPH, 176 feeders
SMT products
Page 18
2010 – MY100 track record
• 30% of P&P orders from non MYDATA customers
• MY100DX sales accounted for 45% of P&P sales
• MY100DX sales grew +200%
• We have gained market share (2007-2010) since the launch of MY100-series in 2008
SMT products
Volume
Mix
Low Medium High
Hig
hM
ediu
mLo
wH
igh
Med
ium
Volume@Mix
Volume
Mix
Low Medium High
Hig
hM
ediu
mLo
wH
igh
Med
ium
Volume@Mix
Volume@Mix
2007 2010 Gain
Americas 25% 30% +20%
EMEA 13% 17% +30%
Source: PROTEC
MY100DX increases the addressable market
10
Page 19
Jet Printing – a different value proposition
Screen printing• Very fast cycle time• Stencils - fixed design and costs• Operator dependant• Solder paste waste• Biggest source of yield problems
in a production line
Needle dispensing• Very slow• Flexible, but only for special
applications
SMT products
Page 20
Jet printing – a unique technology
• Software driven and stencil-free• Ultra fast preparation• Immediate change-overs• On-the-spot revisions• Enables more advanced board designs• Superior quality
• No operator intervention• Volume control
• Cost savings – stencils, solder paste
SMT products
11
Page 21
2010 – MY500 track record
• Commercial break-through in 2008
• 3 years with strong sales and growth
• 120 installed MY500 systems worldwide
• A competitive advantage also for Pick&Place machine sales
SMT products
Page 22
We address the entire assembly process to deliver customer value
Our strength lies in
• The completenessof our offering
• Unique functionality for high-mix needs
• Easy to use
SMT products
The MYDATA software suite is a competitive advantage and key differentiator
12
Page 23
Aftermarket38%
System sales 62%
Aftermarket
• The large installed base (4,000 machines) generates a substantial annualaftermarket business
• The aftermarket business consists of• Accessories (feeders)• Software• Upgrades• Spare parts • Services
Aftermarket
Page 24
Aftermarket - services
Comprehensive service offeringsWorldwide roll-out of new service level based offerings started in 2009
Equipment
MYCareTM Program- 4 Service levels
Technical SupportInstallation & Upgrades
24 hour support worldwide
Knowledge
Training Packages- Basic training- Expert training
Customized training
Consulting
Application serviceNew technologyProcess Optimization Profitable
Production
Aftermarket
13
Page 25
Business direction
• Fully exploit potential of our product platforms• MY100 series • MY500
• Investments in market presence• China, Germany, and Russia
• Strong commitment to R&D and Innovation
• Enhanced services offering roll-out
Continue to develop the leading position in the SMT high-mix market
Business direction
Page 26
Summary
• Leading position in the high mix marketand with strong momentum
• Investments in market presence and product portfolio development
• Market conditions expected to be stable with a long-term growth
LDI market
Capital market day, 9 March 2011Johan ÅmanSr Vice President, Product Management and Research & Development
1
Page 1
Agenda
• The Packaging Market
• Market trends
• Production trends
• Entering the LDI market
• Summary
Page 2
This is advanced electronic packagingThe industry is driven by shorter product life cycles, better performance, smaller form factors, improved battery life-time and the need for lower production costs
• Advanced electronic packaging is used to connect the chip to the Printed Circuit Board (PCB)
• The substrate is a micro-PCB used as a step between the chip and the PCB to enhance miniaturization
Packaging market
2
Page 3
Source: IC Insight
Computer merging with mobile
Mobile internet devices, such as smartphones and tablets, are creating a technology and market hot-spot
The boundary between PCs and mobile phones vanishes and the Mobile Internet Devices (MID) segment fuels strong growth
Market trends
Page 4
ComputerSubstrate packaging application
Source: Prismark Partners March 2009
Market trends
Intel Core2
3
Page 5
Value* ~$250B ~$12.5B ~$12.5B ~$7B ~33B
Chip (front-end) Chip (back-end) Assembly Substrates Motherboard
Advanced electronics packaging will experiencethe fastest growth in the electronics value chain
Source:1) Wafer Level Packaging -2009 Report -, YOLE Development2) Prismark Semiconductor Packaging Report Q1 20093**) JMS Direct Imaging 2008, CAGR 09-11
*) Note: 2009 in total was a low revenue year
CAGR09-13
~5% ~7% ~8% ~11% ~5%**
Wafer foundries
Integrated device manufacturers (IDMs)
Assembly subcontractors
Substrate manufacturers
Board manufacturers
Market trends
Challenges to Moore’s Law on the wafer level pushes technology
development and value downstream
Page 6
Traditional lithography versus LDIProduction trends
4
Page 7
Traditional lithography versus LDILDI enables manufacturing of substrates for electronic packagingby simultaneously meeting increasing requirements for resolution, alignment and throughput.
Panel to be exposed
Photomask
Aligner
Low
High
Yes
No
Panel to be exposed
Photomask
Stepper
High
Low
Yes
No
Laser DirectImaging
Panel to be exposed
Micronic Mydata’s LDI
High
High
No
Yes
Resolution/alignment
Throughput
Photomask
Direct writing
Production trends
Page 8
Competition
1. Adtec2. ORC3. Hitachi Via
Aligners Steppers
1. Ushio2. Adtec3. Mejiro
Other LDIs
1. Orbotech 2. Fuji3. Hitachi Via 4. ORC5. DNS
Competition
5
Page 9
Micronic Mydata LDI will provide an enabling solution for the organic substrates roadmap
10
100
1000
10000
1980 1985 1990 1995 2000 2005 2010 2015 2020
PCBOrganic substrateIC die
Source: 1) Micronic Mydata analysis2) Yole développement SARL.
Ball pitch size (µm)
1500µm
30-100µm
Substrate need
130µm
No cost effective solution yet
Both Computer and Mobile-packaging organic substrate roadmaps have hit the wall
Market trends
Page 10
IBIDEN: 1st tier computer substrate supplier
NanYa: 1st tier computer & mobile substrate supplier
SEMCO: 1st tier mobile substrate supplier
Shinko: 1st tier computer substrate supplier
The top four manufacturers of IC packaging substrates account for 60% of the substrate industry capacity (2008)
Estimated installed base 2008 of exposure tools for IC-packaging, per manufacturer
LDI market
Source: 1) Micronic Mydata analysis2) JMS 2008
6
Page 11
Combine increased alignment accuracy and resolution with maintained productivity.
• First system shipped in 2010, to be evaluated for production
• Continued intenseco-operation with leading partners
Micronic Mydata LDI ObjectiveLDI status
Pattern exposed on Micronic Mydata LDI
Page 12
Producing with Micronic Mydata LDILDI update
(Film clips)
7
Page 13
Micronic Mydata LDI is based on a combination of proprietary solutions
• Data path• 1-D spatial light modulator (SLM)• A rotor-based projection
system • A twin-table stage system
LDI update
Page 14
Business direction
Capture a leading position within the exposure equipment market in the electronic packaging market
Business direction
8
Page 15
Summary
• LDI is in a growth market, the market for substrates is expected to grow by 11% annually over the next few years
• The direct writer LDI broadens Micronic Mydata product offering
• Technology can be re-used in the mask writers
Source: JMS 2010; IC Insight & Company information
Mask Writers –Markets and ProductsCapital market day, 9 March 2011Axel von SydowProduct area manager
1
Page 1
Mask writers – markets, technology and products
• Photomask markets - overview• Display
• Panel market and technology trends• Mask market, technology trends and products
• Semiconductor• Market and trends• Mask market in brief
• Aftermarket business
Page 2
The Photomask –The link between design and mass production
Photomask market overview
2
Page 3
Micronic Mydata pushes industry limits
• The mask represents~1% of total revenue…
• …but is a crucial part of the production process
• Micronic Mydatas customers are specializedphotomask producers
• The mask writer is theirmost critical tool
• We push limits and thereby enable the nextstep in electronics manufacturing
Total market revenue
[Billion USD]
Mask market revenue
[Billion USD]Mask revenue
of total
Display 115 0.65 0.6%Semiconductor 300 3 1.0%
Photomask market overview
Mask markets and makers
Display Semiconductor
Electronic packaging
Page 4
TFT ARRAY
The “standard model” for the LCD display
• Current focus is on improvingtransmittance and image quality
• AMOLED is promising but not proven for large displays
• LTPS and AMOLED use similar TFT array – masks required
• To make a design change new masks are required
TFT ARRAY
Technology Trend
Consumer driver LED LTPS AMOLEDHigher
frame ratesImprove
transmittance
Improve image quality
Touch
Cost reduction
Thinner/Lighter
Power consumption (Green)
3D TV
Display – Technology trends
X X X XXXXX
XXXX
XX X
XXX
Page 5
3
Page 5
6” Photomask
Mother glass size increase 1995 - 2011
• Mother glass size increase by >70 times
• Mask size increase > 40 times
• Main size driver used to be display size – today the main driver is productivity
• G11 expected to happen but no official announcement made
G10 Glass: ~3.10x2,90m
G1 Glass: ~0.32x0.40m
G10 Photomask: 1.80x1.60m
Display – Panel market
Page 6
Mobile applications gaining share
• Total revenue expected to grow from 115 billion USD 2010 to 130 billion USD 2014
• Display Area expected to increase from 130 million m2
to 176 million m2 during the same periodSource: DisplaySearch, Dec 2010
Display revenue share by application
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014
Rev
enue
Sha
re OthersMini-Note PC/SlatePlasma TVNotebook PCMobile PhoneDesktop MonitorLCD TV
Display – Panel market
4
Page 7
AMOLED growing and Plasma TV fading out
• TFT-LCD expected to continue dominating• AMOLED growing and PDP fading out• Masks from Micronic Mydata systems are needed to
produce all TFT-LCD displays• Future AMOLED lines will require large advanced photomasks
Source: DisplaySearch, Dec 2010
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014
Rev
enue
Sha
re OthersCRTAMOLEDPDPTFT LCD
© DisplaySearch
Display revenue share by technologyDisplay – Panel market
Page 8
South Korea dominating and China growing
• Currently ~50% of the TFT-LCD panels are producedin South Korea
• Looking ahead, China is expected to gain and Taiwan loose share
• Almost 50% of investmentsduring coming 3 years will be in Chinese lines
Source: DisplaySearch, Jan 2011
Display – Panel market
Investments by region - Yearly basis
0
10
20
30
40
50
60
70
80
90
100
Q2-2010
Q3-2010
Q4-2010
Q1-2011
Q2-2011
Q3-2011
Q4-2011
Q1-2012
Q2-2012
Q3-2012
Q4-2012
Q1-2013
Q2-2013
Q3-2013
%
Quarterly TFT-LCD area capacity by country
Taiwan
Korea
JapanChina
5
Page 9
Many new production lines are planned
• New production lines judged ”likely” to be built 2011-2013
• Capacity of existing lines will increase in parallel
• Gradual capacity increase among the mask makers will be requiredto provide the new production lines with masks
Source: DisplaySearch, Feb 2011
Display – Panel market
Country Company Generation Mass ProductionChina BOE 8 July-11China China Star 8 Dec-11Korea LGD 8 Nov-11Japan Sharp 6 Apr-12Korea SMD 8 May-12China AUO 7 Jul-12Korea LGD 5.5 Aug-12Taiwan Qualcomm 4 Oct-12Japan Toshiba 5.5 Jul-12China BOE 4 Oct-12China Samsung 7 Aug-12China CMI 8 Nov-12China LGD 8 Dec-12Korea SMD 8 May-13Korea LGD 7 May-13Korea Samsung 11 Jun-13China BOE 8 Dec-13Japan Sharp 11 Jun-14
Page 10
3D TV – what technology will win?
Detail Passive glasses Active glasses
3D input format
Row-interleaved Frame sequential
3D resolution Half of 2D resolution
Same as 2D resolution
Cost adder Micro polarizer film, passive glasses
Active shutter glasses, emitter, TCON
Advantage Cheaper, use inexpensive passive glasses
3D has full native resolution
Challenges 3D has half native resolution.
Needs active shutter glasses (with battery)
Main Producer
LG Display Samsung Electronics
• 2010 sales was disappointing……but almost 50 million sets predicted 2012
• 3D display revenue expected to reach over 35 billion USD 2018 – thereby capturing ~25% share
• 2 main 3D TV technologies currently competing • Both technologies push requirements imposed on the photomask• Many other technologies being developed
Source: DisplaySearch, Jan 2010
Display – Panel market
6
Page 11
Advanced masks are needed to producetomorrows displays
• 9-10 masks required for ”standard”TFT-LCD displays
• 12-14 masks required for LTPS displays
• AMOLED displays uses an LTPS TFT array but no color filter
7-9 masks
TFT Array ColorfilterGate
Source-drain
Passivation
Active/Pixel
Red
Green
Blue
Black Matrix
Column Spacer
Display – Mask market
• Micronic Mydata tools will help takeAMOLED and LTPS to large area production
• Mask volumes mainly driven by new models and number of lines
• Mask complexity mainly driven by display resolution, refresh rates and energy efficiency
Page 12
The display photomask maker
• All panel makers buy masks from multiple photomask makers
• The mask cost only represents around 0.6% of display revenue
• The mask makers compete with quality, delivery time and price
• Mask price declines are expected, but lately prices have stabilized
• The mask writer is the ”heart of the mask shop” and typically representsaround 50% of the investment needed to start up a new facility
Photomask Makers Panel Makers
Display – Mask markettrends and products
Suppliers
Material,tools etc.
7
Page 13
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Reve
nues
MJP
Y
0
2000
4000
6000
8000
10000
12000
14000
16000
Tota
l LSP
M u
nits
Revenue Total units
Mask industry revenue outlook
• Expected development 2011 2014:• Revenue increasing from ~650 to ~750 million USD• Number of masks steadily growing• Average mask size will increase and ASP decreaseGradual investments in advanced mask writers expected
Source: DisplaySearch, Feb 2011
Display – Mask markettrends and products
Page 14
Product offering – display
• Full-range mask writer product program
• The Prexision platform is well positioned and fulfills the mask makers current and future needs
Display – Mask markettrends and products
8
Page 15
Semiconductor revenue on record level
• Semiconductor market up 33% in 2010 to 301 billion USD and expected to grow by moderate ~5% in 2011
• Spending increased by 96% to 47 billion USD in 2010, and expectedto stabilize at 45 billion USD in 2011
USD Billion
Source: Prismark Partners, Jan 2011
Semi – Semi market
Page 16
What is a ”technology node”?
• Semiconductor technology node is normallydefined as ”conductor half pitch of memory cell”
• By reducing the size of a chip and the width of the conductors:• More chips can be produced per wafer
• Distances get smaller faster response times
• Power consumption of the IC is reduced
• Physical size of the chip is reduced
• Conclusion: Making everything smaller is a technical and financial ”win-win”
• …but manufacturing process get more difficult
7 pitches
Semi – Semi market
9
Page 17
Gordon Moore’s LawSemi – Semi market
”The number of transistors that can be squeezed ontoa silicon wafer of a given
size doubles every 18 months”
”The number of transistors that can be squeezed ontoa silicon wafer of a given
size doubles every 18 months”
Page 18
Only a few continue to follow Moore’s law
• Only a few companiescontinue to followMoore’s law
• Those who do tend to spend more and in return gain share
• Advanced IC packaging partlycompensating for slow down in pace
Source: IHS iSuppli Research and IC insights inc, jan 2011
Semi – Semi market
10
Page 19
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
800 000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
<27nm
>=27nm but <38nm
>=38nm but <55nm
>=55 but <75nm
>=75 but <120nm
>=120 but <160nm
>=160 but <200nm
>=200 but <300nm
>=300 but <500nm
>=500nm
Volumes on mature nodes still growing
• Limited photomask volumes on latest nodes expected – but these masks represent a large portion of total revenue
• Main part of mask equipment spending expected to be on leading edge E-beam systems offering high resolution
• Volumes still growing on mature technology nodes where laser based systems are very competitive
Source: VLSI, Dec 2010
Semi – Mask market
Page 20
Micronic Mydata mask writers print more thanhalf the mask set down to the 22nm node
SigmaSigmaCriticalmasks SigmaSigmaCriticalmasksCriticalmasks
SigmaSigma SigmaSigma SigmaSigmaTight
masks SigmaSigma SigmaSigma SigmaSigmaTight
masksTight
masks
90 nm 65 nm 45 nm 32 nm 22 nm
OmegaOmega Omega& SigmaOmega
& Sigma SigmaSigmaLoosemasks SigmaSigmaOmegaOmegaOmegaOmega Omega
& SigmaOmega
& Sigma SigmaSigmaLoosemasksLoosemasks SigmaSigmaOmegaOmega
Omega6800 – System Architecture Sigma7700 – System Architecture
Semi – Mask market
11
Page 21
Installed base Q4, 2010 Systems in use
22
7TW
CH
24KR 47
JP10
US
Aftermarket
Page 22
Aftermarket business World wide operation with sustainable profitability
The mask writers are business critical systems
90% of installed base under service contract
The aftermarket accountedfor 40% of PG revenue 2010
• Service contracts
• Upgrades
• Value added products
• Relocation and other services
Aftermarket business includes:
Aftermarket
Page 23
12
Page 23
Summary
• We will maintain a strong position on the mask writer market by providing production solutions for current and future needs
• Our display products are positioned to fulfill the industry’s capacity and capability needs
• Our semiconductor products occupy a niche where additional capacity is needed during the coming years
• The aftermarket business brings sustainable profitability and accounts for 40% of PG revenue
Financial Overview
Capital market day, 9 March 2011Carl-Johan BlombergCFO
Page 1Page 1
Order intake, SEK million
0
200
400
600
800
1000
1200
1400
1600
2006 PF 2007 PF 2008 PF 2009 PF 2010
PG SMT
FY 2010 order intake MSEK 1 388
1 328 1 271
970854
1 388
Financial
Page 2Page 2
Net sales, SEK million
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2006 PF 2007 PF 2008 PF 2009 PF 2010
PG SMT
FY 2010 sales MSEK 1 288
Financial
1 194
1 928
1 0521 145
1 288
Page 3Page 3
Order backlog, SEK million
0
100
200
300
400
500
Q12009PF
Q22009PF
Q32009
Q42009
Q12010
Q22010
Q32010
Q42010
Order backlog Q4 2010 amount to MSEK 153
FINANCIAL
PG MSEK 21
SMT MSEK 132
Financial
Page 4Page 4
Profit and loss, SEK million
2010 2009 PF 2008 PFSales 1 288 1 052 1 194Gross profit 633 421 345% 49 40 29R&D spending -247 -226 -308R&D net cap -71 -77 34R&D reported -318 -303 -274
SG&A -239 -250 -283Other income/expenses -4 -47 79EBIT 73 -179 -132 EBIT adjusted 145 -102 -166Financial net 1 -3 2Net result pre tax 74 -182 -129
Non-recurring items -5 -54 -5
Financial
Page 5Page 5
Gross margin, 12 months rolling
0%
10%
20%
30%
40%
50%
60%
Q12009PF
Q22009PF
Q32009PF
Q42009PF
Q12010PF
Q22010
Q32010
Q42010
• Q4 2010 gross margin at 54%
• FY 2010 gross margin at 49%
Financial
Page 6Page 6
R&D, SEK million
0
50
100
150
200
250
300
350
2008 PF 2009 PF 2010
MS
EK
R&D spending Reported cost
• 2010 R&D spending of MSEK 247
• 2010 capitalized development at MSEK 3 in SMT
• 2010 amortization of capitalized development at MSEK 69, whereof MSEK 46 in PG
• 2010 LDI R&D spending at MSEK 137, all expensed
Financial
318
247
303
226
274
308
Page 7Page 7
EBIT margin
-20%
-10%
0%
10%
20%
2008 PF 2009 PF FY 2010
EBIT EBIT adjusted for R&D net cap
• Adjusted EBIT margin 11,2% in 2010
• Target 15% over a business cycle
Financial
Page 8Page 8
Financial position, highlights, SEK million
2010 2009 2008 PFCash 583 277 392Intangible assets 186 252 321Tangible assets 85 59 94Deferred tax assets 97 124 109Inventories 321 341 431Trade receivables 249 165 487Total assets 1 714 1 408 1 881
Trade payables 107 65 58Interest-bearing liabilities 12 19 163Advance from customers 22 9 99Equity 1 315 1 047 1 213Total equity and liabilities 1 714 1 408 1 881
Equity/assets ratio % 77 74 64
Financial
Page 9Page 9
Cash flow statements, SEK million
FY 2010 FY 2009Cash flow from operations 164 -14
Change in working capital -43 96
Cash flow from operations after changes in working capital 121 82Investments in development -3 -1Other investments, net -33 -6Investments in subsidiaries 0 6Cash flow before financing activities 85 81
Financing 223 -173
Cash flow 308 -92
Cash at end of period* 583 277
* Including effect of exchange rate variances on cash
2010 investments in Täby facility and new ERP-system amount to MSEK 24
Financial
Page 10Page 10
Profit and loss by segment, SEK millionFY 2010 FY 2009 PF
Net SalesPattern generators 673 579SMT equipment 615 473
1 288 1 052Gross marginPattern generators 56% 45%SMT equipment 42% 33%
R&DPattern generators, spending -187 -155Pattern generators, net cap -46 -52SMT equipment, spending -60 -71SMT equipment, net cap -21 -21Other -4 -4
-318 -303
EBITPattern generators, reported 22 -99Pattern generators, adjusted 68 -47Pattern generators, adjusted % 10 negSMT equipment, reported 57 -73SMT equipment, adjusted 78 -52SMT equipment, adjusted % 13 neg
Financial
Page 11Page 11
.
Micronic Mydata outlook
Sales in 2010 amounted to SEK 1,288 million. The Board’s assessment for 2011 is that sales will exceed 2010 somewhat.
Abbreviations AMOLED Active Matrix Organic Light-Emitting Diode CRT Cathod Ray Tube EMEA Europe, the Middle East and Africa EMS Electronics Manufacturing Services G10 Generation 10 (displays) IC Integrated Circuit kCPH kilo Components Per Hour LCD Liquid Crystal Display LED Light Emitting Diodes LDI Laser Direct Imaging LTPS Low Temperature Poly Silicon Nm Nanometer OEM Original Equipment Manufacturer PDP Plasma Display Panel PG Pattern Generator P&P machine Pick and Place machines SLM Spatial Light Modulator SMT Surface Mount Technology TFT-LCD Thin Film Transistor-Liquid Crystal Display
Micronic Mydata AB Box 3141 183 03 Täby Telefon: 08-638 52 00 Fax: 08-638 52 90 www.micronic-mydata.com
