Novaled confidential
NOVALED: The OLED Growth Story Harry Böhme CFO, Novaled AG
Novaled confidential EcoSummit 2013 - Page 2
! A business driven organization with multi-skills in Physics, Optics & Chemistry; Assembly & Manufacturing; Marketing & Sales
! Headcount: >135 (2013)
Novaled at a Glance
Foundation and Legal form
Turnover and Financing
IP
Personnel
Offices
Today
! Founded 2001 by Prof. Karl Leo et. al. as a spin-off of Fraunhofer Society and TU Dresden to commercialize OLED technology
! Stock corporation since March 2006
! A leading provider of customized OLED stack solutions based on the Novaled PIN® technology and material
! 2012 Revenues: €27,6 Mio (2011: €20,7 Mio) ! Profitable since 2011; Venture Capital funded, 3rd round of financing in 2009
! > 500 patents and patent applications
! HQ: Dresden, with offices in Korea and Japan
Novaled confidential EcoSummit 2013 - Page 3
Novaled - A Unique Growth Story
96 1,593
2,609 3,494
5,840 7,300 8,130
11,200
20.679
27,602
0
5,000
10,000
15,000
20,000
25,000
30,000
0
20
40
60
80
100
120
140
2002 2004 2006 2007 2001 2003 2005 2008
# of employees
# of Novaled employees
2001 Foundation
(spin-off Technical University Dresden)
2003 start commercial
activities
2005 Local agents
in Asia
2008 first subsidiary
in Japan
Revenues €’000
2006 stock corporation
Novaled AG
2009 2010 2011 2012
2011 subsidiary in
Korea
Novaled confidential EcoSummit 2013 - Page 4
+
Transport Layer Emitting Layer
Transport Layer
++
--
Substrate Anode Hole Transport
Electron Transport Emission
Cathode
-
Light Emission
A little bit of Technology: The Standard OLED Stack….
Novaled confidential EcoSummit 2013 - Page 5
+
Transport Layer Emitting Layer
Transport Layer
+ +
- -
Substrate Anode Hole Transport
Electron Transport Emission
Cathode
-
Light Emission
Standard OLED Stack Novaled PIN OLED® Technology Novaled PIN OLED® Technology Benefits
P-doped transport layer
Intrinsic emitting layer
N-doped transport layer
NOVALED innovative technology:
Doped OLED structures with in-house
developed materials
» Extremely low operating voltage
» Easy integration on all substrates
» Very high power Efficiency and long lifetime
» Freedom in OLED design
» well adjusted thickness of transport layers without Ohmic losses
Novaled P – dopant
Novaled N - dopant
...and what we make of it: Improved Power Efficiency by Voltage Minimization through PIN approach and Novaled materials
Novaled confidential EcoSummit 2013 - Page 6
12aLD0787.xlsx (1)
ü Superior picture
ü Lower power consumption
ü Increased product lifetime
ü Thinner form factor
ü Faster response time – ideal for 3D TV
ü Simpler manufacturing
OLEDs Are Superior to Existing Display Technologies
Evolutionary technology for LCD manufacturers
LCD
Display Components
OLE
D
OLED vs. LCD – Key Benefits
OLED: Adressing Two Markets
Display
Lighting Large area New design Thin, flexible Energy saving
Novaled confidential EcoSummit 2013 - Page 8
AMOLED revenue – growing ~3x to over $35 bn by 2020
Source: Display Search 2Q13
2013 2014 2015 2016 2017 2018 2019 2020OLED TV 0,1 1,2 3,4 5,4 6,2 8,3 11,1 13,4Others 0,2 0,2 0,3 0,5 0,6 0,7 0,7 0,7Mobile PC 0,0 0,0 0,8 1,8 2,7 3,1 3,5 4,1Mobile Ph 12,3 15,6 17,0 17,8 18,1 17,9 17,6 17,2
0
5
10
15
20
25
30
35
40
$ billion
AMOLED Revenue, $ billion DS 2Q13
Novaled confidential EcoSummit 2013 - Page 9
…and these are the products:
Novaled confidential EcoSummit 2013 - Page 10
OLED Lighting – Revenue
Source: Novaled based on Nanomarkets 03/13, Yole 12/12
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2013 2014 2015 2016 2017 2018 2019 2020Yole 12/12 75 225 350 500 900 1.400 1.700NM 03/13 S1 95 147 227 350 542 837 1.294 2.000NM 03/13 S2 24 37 57 88 135 209 323 500NM 03/13 S3 5 7 11 18 27 42 65 100
Revenu
e, $m
OLED Lighting Scenarios, Revenue $m (source: NC, based on NM and Yole)(source: Novaled, based on NM and Yole)
Novaled confidential EcoSummit 2013 - Page 11
OLED will Modify the Lighting Value Chain
Segments ($bn)
Philips 21%Others 44%
GE 19%
Osram 19%
LED/OLED 5.0 Automotive & Special Lighting 1.5
Lamps 20.9
Luminaries 65.0
Lighting Electronics 3.0
Convergence
Future
Key Vendors New Paradigm
Current Lighting Landscape
Novaled confidential EcoSummit 2013 - Page 12
The Exit
o On August 9, 2013, Cheil Industries, Samsung Electronics, Samsung Ventures, the current Shareholders and Novaled AG signed an Agreement for the sale of the majority of shares in Novaled AG to Cheil Industries and Samsung Electronics
o Closing is expected on Oct. 15, 2013
o The transaction values Novaled at a total enterprise value of €260m including an earn-out-component of €30m
Novaled confidential EcoSummit 2013 - Page 13
Success Factors
1.) The Team
o 135 young professionals, highly motivated and multi-skilled:
o a combination of know-how in physics and chemistry,
o supported by lean and efficient teams in Marketing and
Sales, IP and Business Administration.
Novaled confidential EcoSummit 2013 - Page 14
Success Factors 2.) The Investors Leading German and French Venture Capital Companies:
eCAPITAL Omnes Capital
Techno Start TechFund
BFH CDC Innovation
Fraunhofer Technicolor
KfW
Dresden Fonds
Accompanied in 2011 by Samsung Ventures, who acquired a 10% stake.
Novaled confidential EcoSummit 2013 - Page 15
Success Factors
3.) Industry Focus
o A strong and early focus on potential manufacturing
customers,
o combined with a strong quality management
approach (ISO-certified, Member of EFQM).
Novaled confidential EcoSummit 2013 - Page 16
Success Factors
4.) Exposure to the Financial Community
o High frequency of speeches at national and international
financial and technical conferences,
o recognised by numerous awards
Novaled confidential EcoSummit 2013 - Page 17
Success Factors
5.) Preparation of IPO at Nasdaq
o Since beginning of 2012, the company prepared for an IPO at the
NASDAQ as one exit route for existing investors
o Pros: - High attention from potential investors
- Preparation process created higher levels of professionalism
o Con: - Expensive
Novaled confidential EcoSummit 2013 - Page 18
Success Factors
6.) Sometimes:
Fortune
But remember: fortune favours the bold !
Novaled confidential EcoSummit 2013 - Page 19
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Novaled AG Tatzberg 49 · 01307 Dresden · Germany Phone: +49 351 796580 · Fax: +49 351 7965829 www.novaled.com
Thank you for your attention !