Q Results. 29 October 2014

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1 Q Results 29 October 2014

2 Forward looking statement This presentation contains forward-looking statements that reflect management s current views with respect to future events. The words anticipate, believe, estimate, expect, intend, may, plan, project and should and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, including, but not limited to: an economic downturn in the semiconductor and telecommunications markets; changes in currency exchange rates and interest rates, the timing of customer orders and manufacturing lead times, insufficient, excess or obsolete inventory, the impact of competing products and their pricing, political risks in the countries in which we operate or sale and supply constraints. If any of these or other risks and uncertainties occur (some of which are described under the heading Risks and their management in Dialog Semiconductor s most recent Annual Report) or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made, however, any subsequent statement will supercede any previous statement. 2

3 Agenda Q Executive Overview Outlook Business Review Q Financial Overview Appendix

4 Dialog at a glance Q Solid growth and earnings acceleration $281m IFRS Revenue (Q Actual: $219m) +28% 45.4% Underlying gross margin (Q Actual: 40.1%) +530bps 27.0% Underlying OPEX % (Q Actual: 25.8%) +120bps $0.53 Underlying Diluted EPS (Q Actual: $0.32) +410bps +66% +59% 18.4% Underlying EBIT margin (Q Actual: 14.3%) $29.3m Cash from operations (Q Actual: $18.4m) Underlying definition on slide 23 4

5 Agenda Outlook Business Review Q Financial Overview Appendix

6 Q Outlook In line with our expectation of a stronger second half of the year and given our current visibility, we expect Q revenue in the range of $390 million to $430 million. This will result in a full year revenue range of $1,111 million to $1,151 million. We anticipate that underlying gross margin for the full year will be consistent with the level achieved year to date, resulting in gross margin improvement for the full year 2014 over

7 Agenda Business Review Q Financial Overview Appendix

8 low Profitability high Strategic direction 4 pillars Diversifying growth drivers and pursuing further innovation 1 Extending our portfolio of products for portable platforms Adding ultra-low power audio, new power management functionality, short range wireless connectivity and AC/DC power conversion 2 Broader and deeper at our customer base Developing companion PMICs, audio, AC/DC solutions with leading and emerging application processor vendors Diversifying across more platforms for custom designs at larger accounts Launching Connectivity and Power Conversion standard products through more effective distribution channels to the wider market More products in higher growth segments 3 Continuous innovation Innovation in differentiating energy saving power management, Smart and Fast Charging technologies as well as leading edge Bluetooth Smart and advanced packaging development low Growth high 4 Strategic focus on fast growing China consumer electronics market Regional engagements using highly integrated analog and power technologies and establishing innovative partnerships with key Greater China players to have deeper engagements 8

9 Our Asia strategy in action 4 Strategic focus on fast growing China consumer electronics market Regional engagements using highly integrated analog and power technologies and establishing innovative partnerships with key Greater China players to have deeper engagements Mobile Systems: Platform Partnerships with leading Asian chipset vendors resulting in key smartphone customer wins Connectivity: SmartBond TM our Bluetooth Smart SoC in a number of high profile designs such as Xiaomi On-going activities: Connectivity, Bluetooth Smart: ibeacon, smart tags, smart remote controls, fitness bands Power Conversion: LED SSL dimmable lighting and other new products gaining traction in Chinese light bulb manufacturers 9

10 What have we achieved so far Sustainable revenue growth Operating leverage Net income :alignment of our IP with the Group s commercial structure and subsequent reduction of the effective tax rate 10

11 Agenda Q Financial Overview Appendix

12 Dialog at a glance Q3 YTD 2014 Solid growth and earnings acceleration $721m IFRS Revenue (Q3YTD 2013 Actual: $550m) +31% 44.5% Underlying gross margin (Q3YTD 2013 Actual: 38.9%) +560bps 28.9% Underlying OPEX % (Q3YTD 2013 Actual: 27.5%) +140bps 15.6% Underlying EBIT margin (Q3YTD 2013 Actual: 11.4%) $1.17 Underlying Diluted EPS (Q3YTD 2013 Actual: $0.67) +420bps +75% +86% $179.9m Cash from operations (Q3YTD 2013 Actual: $96.6m) Underlying definition on slide 23 12

13 Q Robust YoY revenue growth 28% YoY revenue growth IFRS revenue Q $281 million 6% over high end of guidance range 11% over mid point of guidance range Full year IFRS revenue ($ million) % Revenue CAGR Quarterly IFRS revenue ($ million) % Q3 Revenue CAGR Q1 Q2 Q3 Q

14 Delivering year on year gross margin improvement Q Underlying gross margin of 45.4% 530bps improvement over Q Positive impact of higher revenue, product mix and continuous manufacturing efficiency gains % Underlying gross margin Q IFRS gross margin of 44.8% 930bps improvement over Q % 50 Q Q Q Q Q Q Q Q Q IFRS gross margin Gross margin is expected to improve year on year in FY Q Q Q

15 Investing in R&D for future growth Underlying OPEX% on a Trailing Twelve Month basis at 26.6%, 30bps below Q Underlying Trailing Twelve Month OPEX % of revenue Q Q OPEX % of revenue R&D % of revenue SG&A % of revenue % Q3 IFRS OPEX% actual trend Investing in future growth Industry leading SG&A Q3 IFRS Actual ($ million and as a % of revenue) % Q Q Q R&D SG&A R&D % of revenue(rhs) SG&A % of revenue(rhs) 0 15

16 Operating Profit (EBIT) Underlying EBIT up 61% on Q Q3 Underlying EBIT(*) of $51.7 million or 18.4% of revenue 410bps increase from Q Impact of year-on-year gross margin improvement Q3 YTD Underlying EBIT(*) up 78% on previous year to $112.3 million 420bps increase on EBIT % Impact of higher revenue and year-on-year gross margin improvement Q3 IFRS EBIT of $41.9 million or 14.9% of revenue Up 342% on Q Impact of higher revenue and year-on-year gross margin improvement Underlying EBIT and EBIT % ($ million) 14.3% 32.2 IFRS EBIT and EBIT % ($ million) 4.3% % Q Q Q3 YTD % 11.4% 5.9% 32.1 Q Q Q3 YTD % Q3 YTD % 80.8 Q3 YTD

17 Net Income Underlying net income up 72% on Q Net income 35 48% Diluted EPS growth 30 in Q4 Q Underlying Net Income of $37.6 million, 13.4% of revenue 370bps over Q Effective YTD tax rate at 28.5% (2013 YTD: 33.0%) Net Income ($ m) IFRS +638% 26.6 Underlying +72% Q3'13 Q3'14 Q3'13 Q3'14 Underlying EPS ($) Basic Diluted Strong earnings acceleration Q Underlying Basic and Diluted EPS growing three times faster than top line % +66% Q3'13 Q3'14 Q3'13 Q3'14 17

18 Strong operating cash flow $257 million cash & cash equivalents balance at 26 September 2014 After $25 million debt repayment $40 million left on term loan Cash and cash equivalents balance ($ million) iwatt acquisition Q Q Q Q Q Q Q Q $29.3 million operating cash inflow in Q (Q3 2013: $18.4 million) $350 Cash Flow Bridge from Q2 14 ($ million) YTD 2014 free cash flow x2 what was generated in excluding the outflow relating to the acquisition of iwatt in Q $300 $250 $200 $ (29.9) (8.7) 0.5 (13.1) (25.0) $100 18

19 Inventory value increase ahead of Q4 demand Inventory value at the end of Q was: Up 24% on Q Broadly in line with Q In Q we expect inventory value and DIO to decrease from Q Inventory ($ million) and Days Inventory Outstanding (# days) $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $ % % 52% % % 65% 50% 67% 18% 63% 51% 34% 28% 35% 23% 41% 30% 28% 15% 31% 14% 13% 12% 9% 9% 4% Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3' % DIO (1) 100 Average DIO of 87 days Finished goods Work in process Raw Materials DIO 21% (1) Calculated using average inventory balance over the period 19

20 The power to be...

21 Agenda Appendix

22 Underlying adjustments Q Q Acquisition and US$000 Option expenses Accrual National Insurance PPA BV Convertible Bond License agreement integration costs Merger costs PPA iwatt TOTAL Revenues Cost of sales (73) (1,619) (1,692) Selling and marketing expenses (992) (1,901) (2,791) General and administrative expenses (1,446) (1,368) (454) - (2,654) Research and development expenses (2,410) (24) (266) (2,700) Other operating income Operating profit (4,921) 692 (266) - - (1,368) (454) (3,520) (9,837) Interest expense and other financial expense (2,106) (231) (2,337) Result before income taxes (4,921) 692 (266) (2,106) (231) (1,368) (454) (3,520) (12,174) Income tax expense - (197) ,232 1,168 Net profit (4,921) 495 (199) (2,106) (165) (1,368) (454) (2,288) (11,006) 22

23 Notes to the financials Underlying definition (*) Underlying results (net of tax) in Q are based on IFRS, adjusted to exclude share-based compensation charges and related charges for National Insurance of US$4.4 million, excluding US$0.2 million of amortisation of intangibles associated with the acquisition of SiTel (now Dialog B.V.), excluding US$2.1 million non-cash effective interest expense in connection with the convertible bond, excluding US$ 0.2 million non-cash effective interest expense related to a licensing agreement, US$0.4 million of expenses associated with the merger discussions with ams AG, excluding US$1.4 million acquisition and integration expenses in connection with the purchase of iwatt, and excluding US$2.3 million of amortisation and depreciation expenses associated with the acquisition of iwatt. (*)Underlying results (net of tax) in Q are based on IFRS, adjusted to exclude share-based compensation charges and related charges for National Insurance of US$2.8 million, excluding US$1.0 million of amortisation of intangibles associated with the acquisition of SiTel (now Dialog B.V.), excluding US$2.0 million non-cash effective interest expense in connection with the convertible bond, excluding US$ 0.2 million non-cash effective interest expense related to a licensing agreement entered into in Q3-2012, excluding US$2.9 million acquisition and integration expenses in connection with the purchase of iwatt and US$7.5 million of amortisation and depreciation expenses associated with the acquisition of iwatt. Furthermore, sales of US$ 3.5 million that were reversed in connection with the iwatt business integration and related cost of sales of $1.6 million were brought back in the calculation of underlying results. The term underlying is not defined in IFRS and therefore may not be comparable with similarly titled measures reported by other companies. Underlying measures are not intended as a substitute for, or a superior measure to, IFRS measures. Underlying results (net of tax) have been fully reconciled to IFRS results (net of tax) above. All other underlying measures disclosed within this report are a component of this measure and adjustments between IFRS and underlying measures for each of these measures are a component of those disclosed above. (**) EBITDA in Q is defined as operating profit excluding depreciation for property, plant and equipment, (Q3 2014:US$5.4 million, Q3 2013:US$5.1 million), amortisation of intangible assets (Q3 2014:US$7.4 million, Q3 2013:US$9.6 million) and losses on disposals and impairment of fixed assets (Q3 2014:US$0.0 million, Q3 2013:US$0.2 million). (***) Free Cash Flow in Q is defined as net income of US$26.6 million plus amortisation and depreciation of US$12.8 million, plus net interest expense of US$3.3 million, minus change in working capital of US$28.9 million and minus capital expenditure of US$12.7 million. 23

24 Q Income statement Three months ended 26 September 2014 Three months ended 27 September 2013 ***) US$000 IFRS Adjustments Underlying *) IFRS Adjustments Underlying *) Revenues 281, , ,128 5, ,486 Cost of sales (155,262) 1,692 (153,570) (141,299) 6,753 (134,546) Gross profit 125,764 1, ,456 77,829 12,111 89,940 Selling and marketing expenses (15,640) 2,791 (12,849) (15,693) 4,657 (11,036) General and administrative expenses (13,403) 2,654 (10,749) (13,300) 4,472 (8,828) Research and development expenses (54,983) 2,700 (52,283) (39,692) 1,486 (38,206) Other operating income Operating profit 41,909 9,837 51,746 9,484 22,726 32,210 Interest income and other financial income Interest expense and other financial expense (3,423) 2,337 (1,086) (3,843) 2,265 (1,578) Foreign currency exchange gains and losses, net (1,398) - (1,398) Result before income taxes 37,176 12,174 49,350 6,143 24,991 31,134 Income tax expense (10,595) (1,168) (11,763) (2,542) (6,746) (9,288) Net profit 26,581 11,006 37,587 3,601 18,245 21,846 Earnings per share (in US$) Basic Diluted EBITDA **) 54,727 6,051 60,778 24,369 16,641 41,010 24

25 Statement of financial position as of 26 September 2014 At 26 September 2014 US$000 At 31 December 2013 US$000 Change US$000 % Assets Cash and cash equivalents 257, ,025 71, All other current assets 227, ,419 (34,158) (13.1) Total current assets 484, ,444 37, Property, plant and equipment, net 58,815 58, Goodwill 244, , Intangible assets 135, ,591 (13,560) (9.1) Investments 1,512 1,531 (19) (1.2) All other non-current assets 1,552 1,608 (56) (3.5) Deferred tax assets 37,547 24,935 12, Total non-current assets 479, ,008 (673) (0.1) Total assets 963, ,452 36, Liabilities and Shareholders' equity Current liabilities 199, ,024 35, Non-current liabilities 241, ,778 (66,459) (21.6) Net Shareholders equity 523, ,650 66, Total liabilities and Shareholders' equity 963, ,452 36,

26 Cash flow statement as of 26 September 2014 Cash flows from operating activities: Three months ended Three months ended 26 September September 2013 Nine months ended 26 September 2014 Nine months ended 27 September 2013 US$000 US$000 US$000 US$000 Net profit 26,581 3,601 49,722 15,586 Adjustments to reconcile net profit to net cash used for operating activities: Interest income, net 3,335 3,660 10,418 9,022 Income tax expense 10,595 2,542 19,819 7,678 Impairment of inventories 3,503 3,950 11,005 8,112 Depreciation of property, plant and equipment 5,373 5,104 16,785 13,124 Amortisation of intangible assets 7,420 9,552 23,623 19,561 Losses on disposals of fixed assets and impairment of fixed and financial assets Expense related to share-based payments 4,922 2,135 13,812 5,974 Changes in working capital: Trade accounts receivable, other receivables and factoring (21,938) (29,597) 57,217 30,957 Inventories (32,231) (26,310) (41,472) 7,732 Prepaid expenses (753) (1,093) (457) (326) Trade accounts payable 22,832 36,461 8,235 (22,923) Provisions 364 5, ,151 Other assets and liabilities (701) 2,709 10,181 (3,590) Cash generated from (used for) operations 29,327 18, ,909 96,595 Interest paid (507) (355) (3,218) (1,613) Interest received Income taxes paid (8,703) (10,467) (25,849) (31,028) Cash flow from operating activities 20,229 7, ,114 64,504 26

27 Cash flow statement as of 26 September 2014 Three months ended Three months ended 26 September September 2013 Nine months ended 26 September 2014 Nine months ended 27 September 2013 US$000 US$000 US$000 US$000 Cash flow from operating activities 20,229 7, ,114 64,504 Cash flows from investing activities: Purchase of property, plant and equipment (7,466) (4,364) (17,945) (17,143) Purchase of iwatt net of acquired cash (303,851) (303,851) Purchase of intangible assets (3,355) (2,646) (9,069) (7,360) Payments for capitalised development costs (1,876) (2,178) (3,540) (5,784) Sale (Purchase) of other investments (1,432) Change in other long term assets (43) (162) (20) (176) Cash flow used for investing activities (12,740) (313,133) (30,544) (335,746) Cash flows from financing activities: Cash flow used for capital increase (39) Sale of employee stock purchase plan shares 1,749 1,822 14,656 2,361 Redemption of loan (25,000) 113,650 (65,000) 113,650 Cash flow from financing activities (23,251) 115,472 (50,383) 116,011 Cash flow from (used for) operating, investing and financing activities (15,762) (189,856) 70,187 (155,231) Net foreign exchange difference 1, ,086 (111) Net increase (decrease) in cash and cash equivalents (14,726) (189,650) 71,273 (155,342) Cash and cash equivalents at beginning of period 272, , , ,435 Cash and cash equivalents at end of period 257, , , ,093 27

28 Investor Information Calendar, events and analyst coverage Analyst coverage Financial Calendar Key Events Bank of America Merrill Lynch Adithya Metuku Baader Bank Bankhaus Lampe Barclays Capital Berenberg Bank CA Cheuvreux Guenther Hollfelder Dr. Karsten Iltgen Andrew Gardiner Ali Farid Khwaja Bernd Laux Q Results Feb 2015 Annual TMT Conference November, Barcelona CES January 2014, Las Vegas Close Brothers Seydler Veysel Taze Commerzbank Thomas Becker Credit Suisse Achal Sultania Deutsche Bank Uwe Schupp DZ Bank Exane BNP Paribas Hauck & Aufhauser HSBC Trinkaus & Burkhardt AG Jefferies International JP Morgan Cazenove Harald Schnitzer Jérôme Ramel Tim Wunderlich Christian Rath Lee Simpson Chetan Udeshi, CFA Contacts Jose Cano Head of Investor Relations T: +44 (0) Financial PR/IR Advisers: FTI Consulting London Matt Dixon T: +44 (0) Main First Bank AG Morgan Stanley Natixis RBC Juergen Wagner Francois A Meunier Stephane Houri Doug Freedman FTI Consulting Frankfurt Anja Meusel T: +49 (0)

29 The power to be...

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