Post on 11-Jan-2016
NORDIC VLSI ASA
Q4 - 2003 PRESENTATION
Svenn-Tore LarsenCEO
12. Februar, 2004
- 2 -Investor Presentation 12-02-2004
AGENDA
Financial Update
Sales Update
Product Division Status
- 3 -Investor Presentation 12-02-2004
MAIN SHAREHOLDERS/STOCK OPTIONS
Odin-fondene 9,3%
Delphi-fondene (1) 8,0%
Nordea-fondene 7,7%
Ferd Invest 6,7%
Inak AS 6,6%
Firstnordic-fondene 5,1%
Edvin Austbø 5,0%
Arne Græe 4,9%
Velox 4,3%
Employees 5,5%
Board members 9,1%
Stock options to board members 2,6%
Stock options to CEO 2,6%
Stock options to employees 11,0%
(1): Still reporting Delphi and Storebrand separately
- 4 -Investor Presentation 12-02-2004
PROFIT AND LOSS ACCOUNT
MNOK
COMPONENTSStd. ComponentsSoC ComponentsCONSULTINGSoC ProjectsData ConverterOther operating revenue
Total operating revenue
Cost of goods soldDirect project costsPersonnel expensesDepreciationOther operating expenses
EBIT
Net financial items
EBT
Q4, 2003
9,86,2
13,86,2
0,0
36,0
10,52,9
13,01.15,0
2,5
-0,2
2,3
Q4, 2002
4,6
6,7
7,91,50.0
20,7
7,31,6
13,61,87,6
-11,2
0,8
-10,4
2003
16,2
24,5
41,59,00.1
91,3
22,517,652.4
5,928.0
-35,1
2,0
-33,0
Change Q4-Q4
113%-7%
75% x 4,1
-
74%
11%81%-4%
-39%-34%
-
-
28,0 24,1
39,518,5
0.0
110,1
34,28,8
47,35,0
29,5
-14,7
1,8
-12,9
2002
- 5 -Investor Presentation 12-02-2004
BALANCE SHEET
Fixed and long term assets
Inventories
Accounts receivables
Other receivables
Cash and cash equivalents
Total assets
Equity
Long term liabilities
Current liabilities
Sum equity and liabilities
MNOK 2003
32,7
15,3
18,7
2,0
37,1
105,8
83,1
2,0
20,7
105,8
2002
32.8
11.6
13.2
4.8
53.6
116.0
91.6
2.0
22.4
116.0
2001
21.5
7.7
16.5
32.1
80.2
133.8
115.8
2.0
16.0
133.8
- 6 -Investor Presentation 12-02-2004
-20
-10
0
10
20
30
40
Q4-01 Q1-02 Q2-02 Q3-02 Q4-02 Q1-03 Q2-03 Q3-03 Q4-03
STRONG GROWTH IN REVENUE AND POSITIVE RESULTQuarterly Operating Income And Earnings
MNOK
Operating income
Earnings before taxes
- 7 -Investor Presentation 12-02-2004
AGENDA
Financial Update
Sales Update
Product Division Status
- 8 -Investor Presentation 12-02-2004
11.7 11.9 12.3 12.5 12.8 12.5 12.3 11.8 12.1 12.5 12.5 12.913.4
14.515.4
16.116.1
12.3
0
5
10
15
20
Jul
AugSep Oct
NovDes
Jan
Feb Mar
AprilM
ayJu
neJu
ly
AugSep Oct
NovDes
OVERALL MARKET GROWTH STRONGERSemiconductor Market
Source: World Semiconductor Trade Statistics
Monthly WW Semiconductor Sales(BUSD)
- 9 -Investor Presentation 12-02-2004
0
10
20
30
40
50
60
70
Q4-01 Q1-02 Q2-02 Q3-02 Q4-02 Q1-03 Q2-03 Q3-03 Q4-03
Revenue Booking Backlog
RECORD REVENUE, BOOKING AND BACKLOGQuarterly Operating Income, Booking And Backlog
MNOK
- 10 -Investor Presentation 12-02-2004
18 %26 %
29 %
27 %25 %14 %
10 %
16 %
68 %45 %
33 %
6 %0 %
20 %
40 %
60 %
80 %
100 %
120 %
2001 2002 2003
SoC Projects
IP-Data Con
SoC Components
Standard Components
COMPONENTS AND IP BUSINESS OUR BACKBONERevenue Split 2001-2003
(1) SoC Projects excluding components sold
(1)
- 11 -Investor Presentation 12-02-2004
FOURTH QUARTER POSITIVE RESULT AS PROMISED Summary of Financial Status
Strong quarter with record revenues and solid bottom line
• Record revenue of 36 MNOK
• Quarter to quarter growth of 25%
• 2.5 MNOK in profits, 7% of turnover
With record turnover, new booking result in record backlog
• Backlog is 65 MNOK, up 25% over last quarter
• Book/Bill : 1.45
• Book/Bill for standard components : 1.88
There is uncertainty whether Nordic shall expense the tax liability for the employee stock option program. The employees themselves are individually liable for all taxes related to their stock options. Nevertheless, there is a possibility that Nordic must expense these taxes. This will not have a cash flow impact on our business. Nordic VLSI is currently awaiting feedback from Oslo Stock Exchange. Possible impact will be 3.7MNOK
- 12 -Investor Presentation 12-02-2004
AGENDA
Financial Update
Sales Update
Product Division Status
- 13 -Investor Presentation 12-02-2004
CONTINOUS GROWTH IN RF COMPONENTS Standard Components Status
Continued strong quarterly growth: Q3-Q4 growth; 34%
Historical high booking
• 18.4MNOK Booking
• Book/Bill: 1.88
Accelerated design-in activity for new products
Fast rampup of new products
• 35% of revenue coming from new products available since April
• Beat earlier expectations,“Revenue expectations from Q1/Q2 -04”: Investor pres. Oct. 2003
New development on track
• Launched nRF9E5 and nRF905 first week of February
• Working with major consumer companies for next generation devices
Launching new “Green” packaging technology to satisfy demands from leading consumer customers
- 14 -Investor Presentation 12-02-2004
0
1
2
3
4
5
6
7
8
9
10
Q2 Q3 Q4
BiCMOS Products
nRF24XX
OUR NEW 2.4GHZ PRODUCTS ARE CONTRIBUTING FASTRevenue Split Q2-Q4 2003
Revenue from Standard Components (MNOK)
- 15 -Investor Presentation 12-02-2004
MARKETS MOST COMPLETE LONG RANGE COMPONENTS LAUNCHED
Introducing the nRF9E5 and the nRF905
World Leading Features
System-on-Chip 0.18µm CMOS433/868/915 MHz transceiverMicrocontroller9 channel 12 bit-ADCShockBurstOn-chip voltage regulatorsDigital I/UART'sSPIRC OscillatorWatchdog “Congratulations and great success to the
Nordic Team with this excellent product. I'm convinced it will leave the competition in the dust!!!
Best regards, Jerome (Unique)”
- 16 -Investor Presentation 12-02-2004
SPEARHEADING INTO THE INDUSTRIAL MARKET
Applications
Mouse/keyboard
Joystick/gamepad
Intelligent sports equipment
Headset
Audio
nRF24XX Family
nRF24XX Perfect fit for the Consumer applications
nRF24XX Perfect fit for the Consumer applications
Applications
RF ID and Point of Sale
Remote Meter reading
Building Automation
Industrial Automation
Security
nRF9X5 Family
nRF9X5 Perfect fit for the Industrial applications
nRF9X5 Perfect fit for the Industrial applications
- 17 -Investor Presentation 12-02-2004
HIGHER ACTIVTY OF CUSTOMER PROJECTS SoC Project Status
Good coverage in project department
• Key target customers
• Future component revenues
Established a customer base in line with company strategy
• Exciting prospects in pipeline
All projects on track
Increased efficiency in development
- 18 -Investor Presentation 12-02-2004
GOOD QUARTER FOR SOC COMPONENTSSoC Components Status
Steady turnover
No new components into volume
Will release a number of new components for volume production during 2004
Expect growth to start next quarter
Finalized deal with Philips Semiconductor for the sale of the production rights for a Wireless LAN baseband device
- 19 -Investor Presentation 12-02-2004
RECORD QUARTER FOR DATA CONVERTERS IP Data Converter Status
Record quarter with quarterly revenue of 6.2MNOK
Booking of 15.2 MNOK
• Book/Bill: 2.45
New customers signed up for newly developed products
Result of strong investment into Product Development and Sales
- 20 -Investor Presentation 12-02-2004
NORDIC IS MAKING MONEY AGAINSummary
Revenue growth was 25% compared with 3rd Quarter
• Enhanced a solid revenue base
• Very strong booking, Book/Bill: 1.45
On track to deliver on the promise of becoming a leading semiconductor company
• Revenue growth
• Product portfolio growth
• Quality customer growth
No more “who the heck is Nordic”
• Major competitors fear and recognize our products and position in the market
- 21 -Investor Presentation 12-02-2004
NORDIC MANAGEMENT PROPOSE A NEW NAME FOR THE COMPANY
We believe that a new name will enhance the understanding of Nordic as a semiconductor vendor
• Statement for our customer, suppliers and employees
A new name will be proposed to the annual shareholders meeting in April
I seek your support for the new name and profile