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2018 earnings
April 2019
RIBER – 2018 full-year earnings – April 2019 2
Agenda
1. PROFILE
2. VALUE PROPOSITIONS
3. 2018 FULL-YEAR EARNINGS
4. STRATEGY AND OUTLOOK
5. WHY INVEST IN RIBER?
RIBER – 2018 full-year earnings – April 2019 3
RIBER, a global market leader
for semiconductor industry equipment
Specialist in MBE machines and evaporators
for manufacturing semiconductors
Recognized technological leader
Numerous key innovations in MBE
Partnerships with universities and industrial firms:
development of new applications
Global presence
Europe, Americas (USA, Canada, Mexico), Southeast
Asia (Japan, China, South Korea, etc.)
Largest total installed base of MBE machines in
operation
Efficient industrial facilities
3,500 sq.m plant in Bezons (France), with a 1,000
sq.m clean room, capacity 25 MBE /year
Design and assembly of machines & components
Parts outsourcing and procurement
40 years of experience
More than 730 machines
installed in operation
More than 50% MBE
market share
More than 90% of revenues
generated abroad
110 employees at end-2018
RIBER – 2018 full-year earnings – April 2019 4
Essential high-tech equipment…
epitaxyUltrahigh vacuum process to grow a
material or crystal in successive layers of
atoms
+
molecular beamProduction of a beam of molecules from a
source material to create ultra-thin films,
up to 1 atom thick
=
A technology
that offers the best quality for
semiconductor alloys
What is MBE?
RIBER – 2018 full-year earnings – April 2019 5
…for today applications and the development of
tomorrow’s ones
Terrestrial telecommunications (5G, 4G, wifi)
Satellites (transmitting-receiving antennae)
Smartphones, tablets, etc.
Terrestrial (FTTH, LAN) and submarine (long-haul) fiber optic networks
Laser cutting
Laser passivation
LIDAR
Night vision
Magnetism
Hall effect: contactors
Infrared, UV (thermography, medical, vegetation mapping)
CIGS alloy photovoltaic cells: electrical energy production
OLED TV, tablet and smartphone screens
OLED lighting and signals
Main industrial field of application
RIBER – 2018 full-year earnings – April 2019 6
Global base of leading clients
Thin film deposition
manufacturers (evaporators)
9 customers in 4 countries
Universities or research centers
covering semiconductors and/or
electronics (MBE)
320 customers
in 38 countries
Around 620
MBE
machines in
operation
Around 110
MBE
machines in
operation
Over 1,000
evaporators in
operation
Researc
hP
rod
ucti
on
Electronic component
manufacturers (MBE)
42 customers
in 10 countries
RIBER – 2018 full-year earnings – April 2019 7
Strengthened global presence with the opening
of a fully-owned subsidiary in China in 2018
32%
35%
36%
Production site
Sales subsidiaries and services
Agents
Breakdown of 2018 revenues by region
Breakdown of Riber’s installed MBE machines
43%
49%
8%
Asia
Europe
North America
€31.3m
RIBER – 2018 full-year earnings – April 2019 8
Contents
1. PROFILE
2. VALUE PROPOSITIONS
3. 2018 FULL-YEAR EARNINGS
4. STRATEGY AND OUTLOOK
5. WHY INVEST IN RIBER?
RIBER – 2018 full-year earnings – April 2019 9
Research laboratories : MBE
Client needs
Growth of semiconductor alloy crystals with MBE:
AsGa, InP, GaN, InSb, ZnSe, CMT, oxides, metals
Acquisition of an MBE machine: technical specifications and
process (types of alloys)
Riber’s solutions
Market's widest range of solutions for processes (types of
alloys) and numbers of sources
Compact12, Compact21T, Compact21DZ, Compact21EB,
MBE412, MPVD300
Stable market
Estimated at 10-15 purchases / year
Competitors: Veeco (USA), Omicron (DE), MBE Komponenten
(DE), DCA (FN), Eiko (JP)
Riber's market share in 2018: 65%
Riber’s distribution
Global : 38 countries
Subsidiaries (USA, KR, CN),
distributors (JP) or agents
(other)
RIBER – 2018 full-year earnings – April 2019 10
Industrial company : MBE
Client needs
Manufacturing of semiconductor alloy epitaxy wafers with MBE:
AsGa, InP, ZnSe, CMT, etc.
Acquisition of MBE machines for mass production of
components based on specifications: wafer, production output,
yield, cost of ownership, services and maintenance
Riber’s solutions
Market's largest range for treatment capacity and processes
Cyclical market
Estimated at 3 -6 purchases / year, depending on investment
cycles
Competitors: Veeco (USA)
Riber's market share in 2018: > 90%
Riber’s distribution
Global :10 countries
Subsidiaries (USA, KR, CN),
distributors (JP) or agents
(other)
Microwaves and
Optoelectronics
Optoelectronics
and sensorsLaser passivation
MBE6000 (4x6’’)
MBE8000 (8x6’’)MBE49 (4x4’’) MBE412 P
RIBER – 2018 full-year earnings – April 2019 11
Industrial company : Evaporators
Client needsManufacturing of machines for depositing thin films of chemical
elements
Acquisition of industrial evaporators for large areas (x sq.m)
adapted for their machine : deposit specifications, production
output, yield, cost of ownership, services and maintenance
Riber’s solutionsPoint evaporators - defined by the evaporation time: SH100,
SH500
Linear evaporators - defined by the width of substrate plates:
JETSE, JETX
Growing marketEstimated at several thousand point evaporators / year,
depending on investment cycles in OLED, and penetration of
new applications
Competitors: 2 Asian companies
Riber's market share in 2018: around 10%
Riber’s distribution
Europe, Asia
Subsidiaries (KR, CN),
distributors (JP) or agents
(other)
RIBER – 2018 full-year earnings – April 2019 12
Installed base : services and accessories
Client needs
Technical and scientific support
Improvement of performance levels (components) and
ergonomics (automation and software)
Fitting of new components or replacement of obsolete
components
Preventative or remedial maintenance operations
Riber’s solutionsCatalogue of spare parts, accessories and sources
Retrofit sales and on-site upgrades
In-factory component repairs
Preventative or remedial operations at client sites
Captive and recurrent market
Around €8-10M / year
Riber’s distribution
Europe, Asia
Subsidiaries (KR, CN),
distributors (JP) or agents
(other)
RIBER – 2018 full-year earnings – April 2019 13
Contents
1. PROFILE
2. VALUE PROPOSITIONS
3. 2018 FULL-YEAR EARNINGS
4. STRATEGY AND OUTLOOK
5. WHY INVEST IN RIBER?
RIBER – 2018 full-year earnings – April 2019 14
Change in revenues since 2015
2015 2016 2017 2018
Systems Services and accessories Evaporators
14
12.8
16.5
30.6
(€m)
31.3
RIBER – 2018 full-year earnings – April 2019 15
2018 revenues slightly up
Strong growth in revenues of MBE
systems: + 33%
Delivery of 6 systems, including 3
production systems compared with 5
systems, including 2 production systems
in 2017.
Delivery offset of 2 systems in the first
half of 2019.
Growth in revenues for services and
accessories, supported by the
demand of industrial customers.
Evaporators revenues at a good
level.
0.93.7
2.8
2.6
8.810.4
2017 2018
(€m)
Systems Services and accessories Evaporators
31.330.6
+2%
RIBER – 2018 full-year earnings – April 2019 16
2018 income impacted by non-recurring items
(€m - IFRS) 2018 2017
Revenues 31.3 30.6 +€0.7m
Gross margin% of revenues
11.135.6 %
13.644.5 %
-€2.5m
Sales
Research and developmentOf which gross expenditure
Of which other items (RTC, IFRS capitalization…)
Administration
(3.8)
(3.0)(2.5)
(0.5)
(4.2)
(4.3)
(2.5)(2.4)
(0.1)
(2.2)
Income from ordinary operations% of revenues
0.10.4 %
4.615.2 %
-€4.5m
Operating income% of revenues
0.00.0 %
3.812.4 %
-€3.8m
Net income% of revenues
0.31.0 %
4.113.4 %
-€3.8m
• Additional costs related to the development
of 2 prototype production systems delivered
in 2018
• Non-recurring guarantee expenditure
(€0.6m).
• Impact free share attribution plan
(€1.1m)
• Impact provision for research tax credit
(€0.4m)
Total non-recurring items
€2.1m
RIBER – 2018 full-year earnings – April 2019 17
(€m) 2018 2017
Income from ordinary operations - published 0.1 4.6
Restatement of non-recurring items:
Provision for guarantee expenditure 0.6
Provision for rectification of research tax credit on previous years 0.4
Free share attribution plan 1.1
Income from ordinary operations - restated% of revenues
2.27.1 %
4.615.2 %
Net income - restated% of revenues
2.47.7 %
4.113.4 %
Restated income more normative
RIBER – 2018 full-year earnings – April 2019 18
Balance sheet at December 31, 2018
Fixed assets
Deferred tax assets
Inventories
Cash and cash equivalents
Work-in-progress
Trade receivables
Other assets
Financial assets
Shareholders' equity
Non-current provisions
Trade payables
Other operating liabilities
Client advances
Assets Liabilities
(€m]
37,7
3
1,2
8,8
6,8
8,5
1,8
2
5,8
5,9
7,5
3,9
1,3
19,2
RIBER – 2018 full-year earnings – April 2019 19
7,4
2,5
+2,7
-4,8
-2,8+1,5
+0,8 -0,2-0,4
-1,6
Opening cashposition
Cash flow fromoperations
Inventories Tradereceivables
Advances andother receivables
Trade payables Taxes paid Net investments Financing Closing cashposition
Change in the cash position at December 31, 2018
(€m) Change in working capital requirements: - 5,3
RIBER – 2018 full-year earnings – April 2019 20
Distribution proposed to the shareholders' meeting
Cash distribution, taken from the issue premium,
First payment of €0.03 per share early July
Payment of the balance early September
20
Distribution per share €0.05
Share price at April 1st, 2019 €1.70
Yield 2.9%
RIBER – 2018 full-year earnings – April 2019 21
Contents
1. PROFILE
2. VALUE PROPOSITIONS
3. 2018 FULL-YEAR EARNINGS
4. STRATEGY AND OUTLOOK
5. WHY INVEST IN RIBER?
RIBER – 2018 full-year earnings – April 2019 22
Strategic areas for development
RESEARCH
LABORATORIESINDUSTRIAL FIRMS
SERVICES AND
ACCESSORIES
Maintain the market share
target > 60%
Further strengthen
competitive advantages
Continue innovating:
Dream MBE
Develop new processes
through partnerships with
laboratories
Production MBE: prepare the
new markets through R&D
partnerships and
demonstrators supply
Industrial evaporators:
development of a next-
generation linear evaporator
for future applications
Sales and marketing actions:
expand the client portfolio
and applications
Increase revenues by 35%
within 3 years
Provide a significant
recurring contribution to
consolidated revenues
Marketing investments:
identify new attractive
products through
innovation
Commercial investments:
increase the coverage of
our clients
Development supported by the customer satisfaction and operational excellence
RIBER – 2018 full-year earnings – April 2019 23
Outlook for 2019
Excellent 2019 visibility
Expanded order book at the end of December
2018, up 16%
New orders since the beginning of the fiscal
year
Revenue growth
Positive trend for MBE systems sales and
high-potential projects under negotiation
Development of customer service and
accessories sales
Slowdown in evaporators sales
Improvement in profitability compared to
2018
12,2
22,3
8,7
6,8
4,9
0,8
2017 2018
Order bookat December 31
(€m)
29,9
25,8
SystemsServices and
accessoriesEvaporators
RIBER – 2018 full-year earnings – April 2019 24
New markets R&D program for long-term growth
Applications 2019 2020 2021 2022 2023
LIDAR
Laser remote sensing:
autonomous vehicles
and new forms of
mobility... Prototyping Evaluation Qualification Mass
production
VCSEL
Photo detectors for
data com,
smartphone, COO, 3D
capture, etc.
Technology integration
Mass
production
UV LED - MICROLED
Water purification,
biomedicine, AlN/Si
wafer, etc.
Qualification Mass
production
R&D partnerships
Evaluation
Equipment & Technology dlvpt
Examples of new industrial markets
Evaluation
RIBER – 2018 full-year earnings – April 2019 25
Contents
1. PROFILE
2. VALUE PROPOSITIONS
3. 2018 FULL-YEAR EARNINGS
4. STRATEGY AND OUTLOOK
5. WHY INVEST IN RIBER?
RIBER – 2018 full-year earnings – April 2019 26
Why invest in RIBER?
Recognized leadership
High level of technological requirements:
barrier to entry
Solid foundations for growth
The information technology end-markets
Positive growth momentum
Strong opportunities in the short and medium
term
Increased value creation potential with new
industrial applications
Agile and very responsive organization
Strongly international dimension
Ambition: enhance the strategic fields for
Riber’s solutions for the semiconductor
industry
RIBER – 2018 full-year earnings – April 2019 27
RIBER on the stock market
Listing market:
Euronext Paris since 2000
Indexes:
CAC Small, CAC Technology,
CAC T. HARD. & EQ.
ISIN: FR0000075954
Ticker: RIB
Bpifrance approval:
FCPI French innovation
mutual fund status
Share price:
€1.70 (at April 1st, 2019)
Market capitalization:
€36m (at April 1st, 2019)
Float
56.57%
ISA Finances, Socodol,
Mr and Mrs Raboutet
20.75%
Ormylia SAS and
Jacques Kielwasser
22.68%
Shareholders structureat December 31, 2018
Questions and answers