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locate, communicate, accelerate u-blox Communication Technology for Mobility Thomas Seiler, CEO Helvea Swiss Equities Conference January 2013
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Page 1: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

locate, communicate, accelerate

u-blox Communication Technology for Mobility

Thomas Seiler, CEO

Helvea Swiss Equities Conference

January 2013

Page 2: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

u-blox at a glance

u-blox is a leading fabless semiconductor provider of positioning and wireless communication solutions.

We design, develop and sell modules and chips to OEMs in the global consumer, industrial and automotive markets.

Our technology is at the heart of products everywhere.

© u-blox Holding AG Slide 2

Disclaimer

This presentation contains certain forward-looking statements. Such forward looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of the Group to differ materially from those expressed or implied herein.

Should such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation.

u-blox is providing the information in this presentation as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise.

Page 3: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Increasing consumer expectations and expanding infrastructure capabilities – a self acceleration cycle

Slide 4

*

**

4G(LTE) is the upcoming wireless standard for data transmission with very high speed – up to150 Mbits/sec.

The outcomes in the market are many-fold.

* 4G – the next genetration network standard for mobile

communications (LTE)

Cloud services

Gaming Social

Networking

* Never stop uploading complete photo

folders within seconds. ** 4G – the next generation network standard for mobile communications (LTE)

Streaming

Video Photo Sharing

© u-blox Holding AG

Page 4: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Data traffic rising dramatically

Slide 5

Q4 2012

>1000 PetaBytes Total data traffic per month

0

100

200

300

400

500

600

700

800

900

1000

Q1

20

08

Q2

20

08

Q3

20

08

Q4

20

08

Q1

20

09

Q2

20

09

Q3

20

09

Q4

20

09

Q1

20

10

Q2

20

10

Q3

20

10

Q4

20

10

Q1

20

11

Q2

20

11

Q3

20

11

Q4

20

11

Q1

20

12

Q2

20

12

Q3

20

12

To

tal N

etw

ork

Tra

ffic

(Peta

byte

)

Voice

Data

1 Petabyte = 1 Million Gigabyte

Source: Ericsson

© u-blox Holding AG

Page 5: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

0

20

40

60

80

100

120

140

160

180

200

2012 2013 2014 2015 2016

LTE

Sub

scri

be

rs

APAC

North America

Europe

Strong 4G(LTE) subscriber growth

Slide 6

2016

400 Million Total subscribers

2012

4G(LTE) Fastest developing system

In the telecom history Source: PriMetrica

© u-blox Holding AG

(million)

Page 6: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

An explosion of connected devices The Internet of things

Slide 8

2020

29 Billion Total Connected Devices

2011

13 Billion Mobile Consumer Devices

2011

14 Billion Total Connected Devices

2020

17 Billion Mobile Consumer Devices

Source: GSMA

© u-blox Holding AG

2020

12 Billion Mobile M2M Devices

Page 7: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

The Internet of things - M2M reaches many needs, mobile and stationary

Network Security

Retail

Trans-portation

Industrial

Health-care

Consumer

Energy Buidlings

Slide 9

4G(LTE) at the core

© u-blox Holding AG

Page 8: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Mobile things: Managed fleets

Slide 10

2010

2 Million Fleet Management devises

for trucks in Europe

2015

5 Million Fleet Management devises

for trucks in Europe

Source: Berg Inisght

© u-blox Holding AG

Page 9: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Mobile things: Connected cars

Slide 11

Mobile Infotainment

Stolen vehicle recovery

Traffic updates

Emergency call 2012

60 Million New cars worldwide

Source: Accenture, oica

2006

50 Million New cars worldwide

2000

22% of cost

are Electronics in cars

2020

40% of cost

are Electronics in cars

© u-blox Holding AG

Page 10: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Stationary things: Smart utility meters

Slide 12

2020

71 Million Smart gas meters

2012

11 Million Smart gas meters

Source: Pike Research

2015

250 Million Smart electricity meters

2008

46 Million Smart electricity meters

© u-blox Holding AG

Page 11: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Impact on network infrastructure: Small cells and hot spot routers

Slide 13

2016

3 Million Small Cells

2012

0.2 Million Small Cells

Source: Infonetics Research, ABI Research

2012

7 Million Hot Spot routers

2016

60 Million Small Hot Spot Routers

© u-blox Holding AG

Page 12: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

IndustrialConsumer

Automotive

u-blox markets

Slide 14

Note: Estimate

• Consumer

• Portable devices

• Mobile computing

• Wireless access

• Entertainment

• Industrial

• Fleet management

• Asset tracking

• Network infrastructure

• Professional radios

• Smart utility metering

• Payment

• Security

• Healthcare

• Automotive

• Infotainment

• Vehicle-to-vehicle communications

• Security

• Insurance

Markets details Revenue split per market for H1/12

© u-blox Holding AG

Page 13: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Strategy

u-blox maintains a focused portfolio of market leading products. We grow through innovation. We retain and win new customers. We use a strong operating cash flow to acquire new technologies and remain an attractive employer where employees can excel.

© u-blox Holding AG Slide 15

Page 14: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Elements of strategy

• Combination of Technology

• Wireless communication with high frequency signals (500MHz…2GHz)

• Signal processing with dedicated processors and embedded software

• Master the salient IP

• Integrated circuits

• Radio frequency (RF) circuits

• Baseband processor circuits

• Firmware for driving these circuits

• Modules - a pre-conceived complete building block for simple integration the technology in a end-user product

• Lead by competence and economies of scale

• Accelerate by innovation and acquisitions

© u-blox Holding AG Slide 16

Page 15: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Product Strategy

Solution

Products

Positioning Wireless Communications

Integrated Circuits

Modules

Services

Design and Performance CellLocateTM,

AssistNowTM

Wireless solutions, 4G protocol stack licensing

Slide 17 © u-blox Holding AG

Page 16: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Strong combination of technology and product offerings

Significant competitive benefits

• Support of a very large customer base

• Quick time to market

• Outstanding product performance

• Low risk

• High quality

Slide 18

Positioning

Wireless communications

Technology know-how

Global leader in

modules

2003…………………..………..2013 2001…………………………..………..………..2013

© u-blox Holding AG

Page 17: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

u-blox is a component supplier for the electronics industry

Modules IP Functional Units

End products

Example: GNNS in the car

Description Core technology knowhow

Basic components

Functional sub-systems

Tier1 End product Brand, sells to end user

Industry players (Example: GNNS in the car)

u-blox CSR Broadcom

u-blox CSR Broadcom ST Micro

u-blox Trimble

Bosch Coagent Harman Becker

BMW Audi Mercedes

Chips

© u-blox Holding AG Slide 19

Page 18: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

• Semiconductor manufacturing

• Module manufacturing

u-blox fabless business model

IC packaging and testing ISO/TS 16949

Wafer fab ISO/TS 16949

• R&D, sales, marketing, logistics ISO 9001

Packaging and testing ISO/TS 16949

ISO 9001

• Wireless technology ISO 9001

Wafer fab ISO/TS 16949

Slide 20

PJ Electronics

© u-blox Holding AG

Page 19: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Worldwide presence: 400+ employees for 3500 customers

San Diego, USA

Beijing, China

Seoul, Korea

Tokyo, Japan

APAC head office Application engineering center

Singapore

Shanghai, China

Hong Kong

Americas head office Sales, warehouse,

application engineering, Reston, Virginia, USA

Shenzhen, China

Corporate headquarters Thalwil, Switzerland

Regional offices

Sgonico, Italy

Reigate,

Melbourn, Luton, UK

Slide 21

Taipei, Taiwan

Bangalore, India

Leuven, BE

Lahore, Pakistan

Espoo, Finland

Marketing office

R&D center

© u-blox Holding AG

Page 20: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

u-blox quality system assures reliable partnerships with customers

• u-blox system

• ISO 9001 certified – Global quality system

• Zero defect commitment

• Product change notification (PCN) process

• End-of-life (EOL) process

• All manufacturing sites

• ISO/TS 16949 automotive certified

• Product Qualifications

• AEC-Q100 automotive qualified

• ISO 16750 qualified for vehicle use

• Corporate responsibility

• Member of UN Global Compact

• Corporate responsibility program

• Implemented hazardous-use materials program

• Green partnerships

© u-blox Holding AG Slide 22

Page 21: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Innovation that meets market demands

Slide 23

17% of sales invested in R&D*

AMY: world‘s

smallest GPS module

CellLocate: first embedded

positioning solution based

on GSM In-house 4G technology

Multi constellation:

GPS, Galileo, Glonass,

Compass, QZSS, SBAS

UBX-G7020-CT

Smallest stand-alone

GPS/GLONASS chip

LISA: world‘s smallest 3G

module family

Industry‘ leading

anti-jamming

technology for GPS

Industry leading

Automotive Dead

Reckoning GPS

solution

* H1/2012

© u-blox Holding AG

4G(LTE)

Page 22: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Americas37%

EMEA27%

APAC36%

73.5

112.8

124.7

167.0

49.3

62.5

77.7

5.2

19.1 21.2 20.1

7.6 11.7 11.4

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 F H1/10 H1/11 H1/12

Revenue EBIT

(million CHF)

Revenue and EBIT

Slide 24

+ 24.3%

Revenue and EBIT

+ 42%

Breakdown by regions (H1.2012)

© u-blox Holding AG

Page 23: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Why investors choose u-blox

• Strong underlying growth drivers

• Mobility of the today’s world – people and assets

• Positioning and mobile connectivity are an inherent demand of this mobility

• Explosive growth of mobile data volumes impact user equipment and

infrastructure

• Legislative impacts – often related to mobility - create new demand

• Ideal technology offer

• Positioning and mobile communications are a innate pair

• Chip and Modules address a large customer base of more than 3500 customers

• Outstanding product and service performance create high customer loyalty and

business stability

• Deep product pipeline

• High innovation rate with 100 concurrent R&D projects

• Fostering of innovation rate with acquisitions

Slide 25 © u-blox Holding AG

Page 24: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

locate, communicate, accelerate

Glossary

Page 25: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

GNSS - Systems

• Global Navigation Satellite System

• Multiple Satellites orbiting around the earth, broadcasting a time signal

• A GNSS receiver picks up this “time signal”, and can determine the time

of flight of this signal

• If it can do this to 3 or more satellites, it can determine its own location

• GNSS Signals are very weak, comparable to a 20W light, 20’000km away

• Several global systems in place – carrying civil use and defense signals

• GPS, United States of America, since the 1980s

• GLONASS, Russia, since the 1980s. System was not fully maintained , but constellation is fully restored in 2012. Strong government support

• GALILEO, EU, expected to become operational in 2014, Significant project delays and financing not fully solved

• COMPASS/Beidou, China, currently only a regional system, expected to

have global coverage in 2020

© u-blox Holding AG Slide 27

Page 26: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Mobile Telecommunications Technology

• 2G (GSM, CDMA), 1990-2020 (ca.)

• First country-wide digital Mobile Communications Technology for consumers.

• Telephony-centric

• Packet Data services (“mobile Internet”) were introduced only late (“2.5G = GPRS”,

“2.75G = EDGE”) limited bandwidth in the kB/s range

• Has matured, and in some countries, 2G is discontinued to free spectrum for higher-

bandwidth standards (3G, 4G). Will remain dominant standard in emerging countries

• 3G (UMTS, W-CDMA, TD-SCDMA), 2000-…

• Telephony- and Data-service centric, allows higher data throughput (1-20Mbit/s)

• Mainly used for mobile internet applications (Smart Phones, Tablets).

• 4G (LTE), 2011 - …

• Data-centric, Packet network (Internet Protocol IP)

• Bandwidths up to 150Mbit/s

• Deployment driven by increased need for high-bandwidth data services

© u-blox Holding AG Slide 28

Page 27: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

locate, communicate, accelerate

Half year results H1.2012

Page 28: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

u-blox group H1/2012

© u-blox Holding AG, Sep 6, 2012 Slide 30

Key figure Amount CHF In relation to

revenue

Change H1/11 to

H1/12

Revenue 77.7m - 24.3%

Gross profit 35.5m 45.7% 12.8%

EBITDA 15.9m 20.5% 4.8%

EBIT 11.4m 14.6% - 3.2%

Net profit 8.9m 11.5% 20.7%

Net operating cash flow

0.1m

Page 29: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Revenues by geography

© u-blox Holding AG, Sep 6, 2012 Slide 31

Note: based on customers’ location

Growth by geographic regions

• Balanced geographical mix

• Increase of +22% in EMEA

• Steep increase in the Americas (+87%)

• Decrease in Asia Pacific (-7%)

Comments Revenues by geographic region

+ 26.8%

0

20

40

60

80

100

120

140

2009 2010 2011 H1/10 H1/11 H1/12

APAC Americas EMEA

(million CHF)

27%26%

48%

25%

25%

46% 45%

24%

27%

48% 36%

27%

37%

24.7

29%

15.3

21%

50%

29%

29%

Page 30: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Gross profit

© u-blox Holding AG, Sep 6, 2012 Slide 32

• Increase in gross profit to CHF 35.5m in H1/12

• Growth of gross profit of +12.8%

• Gross profit margin in H1/12 declined due to changes in product mix

(Compared to H1/11)

Comments Gross profit / Gross profit margin

+ 20.0%

52.9% 52.2% 50.3%53.2%

50.3%45.7%

0%

10%

20%

30%

40%

50%

60%

70%

0

10

20

30

40

50

60

70

2009 2010 2011 H1/10 H1/11 H1/12

Gross Profit % of revenue

(million CHF) % of revenue

Page 31: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

0

2

4

6

8

10

12

14

0

2

4

6

8

10

12

14

2009 2010 2011 H1/10 H1/11 H1/12

Shipments Antaris Shipments u-blox 5

Shipments u-blox 6 ASP

(million pcs) (CHF)

0

2

4

6

8

10

12

14

16

18

0

1

2

3

4

5

6

7

8

9

10

2009 2010 2011 H1/10 H1/11 H1/12

Shipments modules ASP

(million pcs) (CHF)

Shipments and ASP development

© u-blox Holding AG, Sep 6, 2012 Slide 33

• Strong growth of module volume in H1/12

• Volume of GPS chips slightly declined in H1/12 compared to H1/11

GPS chips Modules

Note: incl. Atmel-Chipset sales

+ 46.4%

-7.6 %

Page 32: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Global customer base

© u-blox Holding AG, Sep 6, 2012 Slide 34

• Strong and stable customer base

• More than 3,500 customers worldwide

• Good spread over different applications and geographical regions

• Largest customer accounts for 12% of total revenue in H1/12

• 10 biggest customers account for 44% of total revenue in H1/12

• No bad debtors

Comments Number of customers totaling 80% of revenue

0

10

20

30

40

50

60

70

2009 2010 2011 H1/10 H1/11 H1/12

Page 33: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Distribution & marketing / Research & development

© u-blox Holding AG, Sep 6, 2012 Slide 35

Research & development expenses Distribution & marketing expenses

13.0 14.6 14.2

6.9 7.5 7.6

17.7%

12.9%

11.4%

14.0%

12.1%

9.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

2

4

6

8

10

12

14

16

2009 2010 2011 H1/10 H1/11 H1/12

D&M % of revenues

16.2

21.3 22.1

9.7 9.5

13.5

22.0%

18.9%

17.7%

19.8%

15.2%

17.4%

0%

5%

10%

15%

20%

25%

0

5

10

15

20

25

2009 2010 2011 H1/10 H1/11 H1/12

R&D % of revenues

Page 34: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Research & Development

59%

Sales, Markteing,

Support

28%

Logistics, Admin.13%

16176

36

273 total

(Total Headcount = 277)

Employees

© u-blox Holding AG, Sep 6, 2012 Slide 36

Average employee level (FTE based) Employee breakdown (end of H1/12, FTE based)

Note: 65% of employees based outside Switzerland (spread over 11 countries) Note: Average number of employees (FTE = full time equivalent)

164

195 215

192 201

234

0

25

50

75

100

125

150

175

200

225

2009 2010 2011 H1/10 H1/11 H1/12

Page 35: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Income statement

© u-blox Holding AG, Sep 6, 2012 Slide 37

• Revenue increase of 24.3% from H1/11 to H1/12

• Increased gross profit by 12.8%

• Higher operating expenses due to increased R&D expenses

• H1/12: costs for share based payments in the amount of CHF 0.9m

• EBITDA margin of 20.5%

• EBIT margin of 14.6%

• H1/12: Finance costs contains foreign exchange result (net) of CHF 0.3m

• Tax rate of 21.0%

• Net profit margin of 11.5%

Comments Consolidated income statement (condensed)

January - June Jan. - Dec.

(in CHF 000s) 2012 2011 2011

(unaudited) (unaudited) (audited)

Revenue 77,653 62,471 124,704

Cost of revenue -42,197 -31,045 -61,953

Gross profit 35,456 31,426 62,751

Operating expenses -24,130 -19,850 -41,807

Other income 47 171 256

Profit from operations (EBIT) 11,373 11,747 21,200

Financial income 516 495 1,034

Finance costs -574 -2,818 -1,286

Profit before income tax (EBT) 11,315 9,424 20,948

Income tax expense -2,373 -2,014 -4,440

Net profit for the period 8,942 7,410 16,508

Depreciation and amortization 4,551 3,450 7,919

EBITDA 15,924 15,197 29,119

Page 36: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Reportable segments

• 2 reportable segments according to IFRS 8:

• GPS and Wireless products

Development and distribution of GPS receivers and wireless modules. They are

sold by u-blox sales organisation and produced by third parties.

• Wireless services

Delivery of reference designs and software in the wireless communication technology.

Slide 38 © u-blox Holding AG, Sep 6, 2012

Page 37: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Segment information

© u-blox Holding AG, Sep 6, 2012 Slide 39

(in CHF 000s) 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

Revenue third 76'999 61'435 654 1'036 77'653 62'471 77'653 62'471

Revenue intragroup 6'343 2'475 6'343 2'475 -6'343 -2'475 0 0

Total revenue 76'999 61'435 6'997 3'511 83'996 64'946 -6'343 -2'475 77'653 62'471

EBITDA 14'638 15'115 1'428 249 16'066 15'364 -142 -167 15'924 15'197

Depreciation -1'104 -1'057 -309 -263 -1'413 -1'320 - - -1'413 -1'320

Amortization -2'561 -1'759 -577 -371 -3'138 -2'130 - - -3'138 -2'130

EBIT

Financial income 516 495 516 495

Finance costs -574 -2'818 -574 -2'818

EBT -200 -2'490 11'315 9'424

June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

Assets 94'158 63'999 15'484 4'543 109'642 68'542 59'848 82'243 169'490 150'785

GPS and wireless

products

Wireless services Total segments Non-allocated/

eliminations

Group

-142 -167 11'373 11'747

January - June January - June January - JuneJanuary - June January - June

11'91411'51510'973 12'299 542 -385

Page 38: u-blox Communication Technology for Mobility locate, … · 2015. 4. 21. · • Balanced geographical mix • Increase of +22% in EMEA • Steep increase in the Americas (+87%) •

Statement of financial position

© u-blox Holding AG, Sep 6, 2012 Slide 40

• Strong financial position with a liquidity (incl. marketable securities) of CHF 57.1m

• No significant debt

• Inventory CHF 25.2m

• Increase of trade accounts receivable due to growing revenue

• Increased intangible assets due to acquisition

• Goodwill CHF 23.9m

Comments Statement of financial position (condensed)

June 30, Dec. 31, June 30,

(in CHF 000s) 2012 2011 2011

(unaudited) (audited) (unaudited)

ASSETS

Current assets

Cash and cash equivalents 19,620 35,151 29,716

Short-term investments 0 0 0

Marketable securities 37,504 45,981 50,164

Trade accounts receivable 23,418 16,877 15,363

Other current assets 31,247 24,648 20,041

Total current assets 111,789 122,657 115,284

Non-current assets

Property, plant and equipment 5,835 5,331 5,189

Intangible assets 47,555 33,102 28,019

Financial assets 469 425 339

Deferred tax assets 3,842 2,068 1,954

Total non-current assets 57,701 40,926 35,501

Total assets 169,490 163,583 150,785

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Statement of financial position

© u-blox Holding AG, Sep 6, 2012 Slide 41

• Trade accounts payable of CHF 5.7m

• Non-current liabilities:

• Employee benefits (pensions) CHF 5.0m

• Deferred tax liabilities CHF 2.7m

Comments Statement of financial position (condensed)

June 30, Dec. 31, June 30,

(in CHF 000s) 2012 2011 2011

(unaudited) (audited) (unaudited)

LIABILITIES AND EQUITY

Current liabilities 19,110 19,169 18,2690 0 00 0 00 0 0

Non-current liabilities 9,008 7,461 5,121

Total liabilities 28,118 26,630 23,390

Shareholders’ equity

Share capital 5,666 5,619 5,619

Share premium 101,582 105,367 104,718

Retained earnings 34,124 25,967 17,058

Total equity 141,372 136,953 127,395

Total liabilities and equity 169,490 163,583 150,785

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109120

137

114127

141

76.0%

86.0%88.0%

75.5%77.9%

83.4%

50%

60%

70%

80%

90%

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 H1/10 H1/11 H1/12

Total Equity Equity ratio

Statement of financial position

© u-blox Holding AG, Sep 6, 2012 Slide 42

• Equity ratio at 83.4%

• Strong capital base

Comments Total equity and equity ratio

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Statement of cash flows

© u-blox Holding AG, Sep 6, 2012 Slide 43

Comments Consolidated cash flow Statement (condensed)

• Cash flow from investing activities:

• CHF -1.8m investments into property, plant and equipment (tools, furniture, equipment)

• CHF -2.9m investments into intangible assets (Software, capitalization of R&D)

• CHF -3.7m acquisition of Cognovo Ltd. net of cash

• CHF +8.8m proceeds from sale of marketable securities

• Cash flow from financing activities:

• CHF -11.1m settlement of shareholder loan with regard to acquisition

• CHF -5.7m dividend 2011 paid in May 2012

• CHF +1.0m Capital increase from options

• Temporarily lower cash level due to higher inventory for expected strong sales in July and August

Jan. - June Jan. - Dec.

(in CHF 000s) 2012 2011 2011

Net cash provided by operating activities 64 10,735 18,597

Net cash provided / (used) by investing activities 392 -4,533 -6,217

Net cash used in financing activities -15,806 -1 -2,397

-15,350 6,201 9,983

Cash and cash equivalents at beginning of period 35,151 25,184 25,184

Effect of exchange rate fluctuations on cash

and cash equivalents -181 -1,669 -16

Cash and cash equivalents at end of period 19,620 29,716 35,151

Net (decrease)/increase in cash and cash

equivalents

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Outlook

Goals

• Grow business with launched new products

• Wireless: new 2G and 3G products

• GPS: u-blox 6 and u-blox 7

• Strong focus on strategic technology development

• Capture additional business from existing customer relationships

• Strengthen the global presence

• Operational excellence for higher efficiency

• Accelerated revenue growth

• Increased R&D costs for wireless chipsets

• Exchange rate assumptions for HY2/12: EUR/CHF: 1.20 USD/CHF: 0.95

• Natural hedging maintains relative gross margin against foreign exchange variations

Financial guidance

Previous

Guidance

2012

Updated

Guidance

2012*

Change

Revenue 165 167 +2

EBIT 20 20.1 +0.1

M CHF M CHF M CHF

* After acquisition of Fastrax Oy

© u-blox Holding AG, Sep 6, 2012 Slide 44

• Continued business growth as witnessed in first half year of 2012

• Increased R&D efforts for expanding the product pipeline

Outlook 2012

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Share Information

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Shares

Stock Exchange SIX Swiss Exchange

Swiss Security Number / ISIN 3336167 / CH0033361673

Ticker UBXN

Nominal value CHF 0.90

Shares issued 6’305’032

Market cap CHF 270 Mio. (16 Jan 2013)

High / Low 52 weeks CHF 48.90 / CHF 35.55

© u-blox Holding AG Slide 46

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Share performance

© u-blox Holding AG Slide 47

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Major shareholders

At January 16, 2011, u-blox had over registered 4’050 shareholders

Shareholders with > 3% at January 16 ,2012 were:

• PEC Global Equity Fund / Tavau Swiss Fund 6.399%

• Werner Dubach/Anne Keller Dubach 5.014%

• UBS Fund Management (Switzerland) AG 3.170%

• Credit Suisse Funds AG 3.050%

© u-blox Holding AG Slide 48

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Analyst Coverage & Market making

Analysts

• Zürcher Kantonalbank Andreas Müller

• Credit Suisse Felix Remmers

• Bank Vontobel Michael Foeth

Market making

• Zürcher Kantonalbank

© u-blox Holding AG Slide 49

Please note that any opinions, estimates or forecasts regarding u-blox' performance made by these analysts are theirs alone and do not represent opinions,

forecasts or predictions of u-blox or its management.

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© u-blox Holding AG, Sep 6, 2012

Upcoming events

• Annual results 2012: March 21, 2013

• Annual General Meeting 2012: April 24, 2013

Slide 50

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Investor relations contact

© u-blox Holding AG Slide 51

Thomas Seiler

Chief Executive Officer

u-blox Holding AG

Zürcherstrasse 68

8800 Thalwil, Switzerland

Phone: +41 44 722 74 44

Fax: +41 44 722 74 99

E-mail: [email protected]

Roland Jud

Chief Financial Officer

u-blox Holding AG

Zürcherstrasse 68

8800 Thalwil, Switzerland

Phone: +41 44 722 74 44

Fax: +41 44 722 74 99

E-mail: [email protected]

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Thank you!

locate, communicate, accelerate


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