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Materion Corporation | 2015 Annual Report 2015 ANNUAL REPORT Strong, Disciplined, Well Positioned MATERION CORPORATION | 2015 ANNUAL REPORT ABOUT THE COMPANY Materion Corporation is a global leader in advanced material solutions and services that improve the world. We serve customers in more than 50 countries with operating, service center and major office locations throughout North America, Europe and Asia. Materion is organized into three business groups: the Performance Alloys and Composites group, which contains the metal businesses, including our legacy beryllium business and Technical Materials; the Advanced Materials group, which contains our businesses that produce high-purity materials used primarily in physical vapor deposition applications; and the Precision Coatings group, which includes our businesses that provide both optical coatings and large area coating products. Each business group provides differentiated products and technology to our customers. The Company externally reports three segments: Performance Alloys and Composites, Advanced Materials and Other. The Other segment includes the Precision Coatings group and unallocated corporate costs. CONTENTS 01 ..............................Financial Highlights 02 ..............................Letter to Shareholders 06 ..............................Operating Summary 07 ..............................2015 Form 10-K 98 ..............................Directors, Officers and Facilities Inside back ......................Corporate Data STRONG, DISCIPLINED, WELL POSITIONED FINANCIAL HIGHLIGHTS (Millions except per share amounts) 2015 2014 2013 Sales ............................. $1,025.3 $1,126.9 $1,166.9 Value-added sales*. .................. 617.2 637.1 609.1 Operating profit ...................... 45.3 57.6 27.6 Net income. ........................ 32.2 42.1 20.2 Net income per share, diluted. ........... 1.58 2.02 0.97 Value-Added Sales* by Segment 54% 30% Performance Alloys and Advanced Composites Materials 16% Other** Value-Added Sales* by Market Medical Defense Energy Other 26% 12% 14% 8% 6% 4% 15% 9% 6% Consumer Industrial Automotive Telecommunications Commercial Electronics Components Electronics Infrastructure Aerospace *Value-added sales is a non-GAAP measure that deducts the value of the pass-through metal costs from net sales. **Other includes our Precision Coatings group. 1 MATERION CORPORATION | 2015 ANNUAL REPORT TO OUR SHAREHOLDERS A convergence of macroeconomic and market headwinds tested Materion in 2015. Nevertheless, our adjusted operating profit was comparable to 2014’s strong performance, despite the trifecta of an economic slowdown in Asia, a collapse in oil prices and the strength- ened U.S. dollar. Net sales for 2015 were $1.03 billion, compared with $1.13 billion in 2014. Value- added sales, a non-GAAP measure that excludes pass-through metals, were $617.2 million, compared to $637.1 million in 2014. A 20% drop in sales into Asia, a 60% fall-off in sales into the oil and gas market and the impact of foreign currency exchange together lowered overall value-added sales by approximately 8% in 2015. Yet we partially offset that downdraft with a 13% increase year over year in sales from new product introductions and applications. Reported adjusted operating profit was $45.8 million, compared with adjusted operating profit of $49.1 million in 2014. Expressed as a percentage of value-added sales, adjusted operating profit margin was 7.4% in 2015 compared with 7.7% the year earlier. The lower profit margins were primarily driven by lower sales volumes and the impact of foreign exchange rates. As market conditions deteriorated during the year, we took steps to cut overhead costs, including reducing the workforce in our affected businesses, eliminating several executive positions at the corporate and business group levels, and streamlining the organization of our metals businesses. Net income, adjusted for one-time items in both periods, totaled $32.7 million in 2015, or $1.60 per diluted share, compared with $34.7 million, or $1.67 per diluted share, in 2014. The unfavorable impact of the foreign currency exchange on earnings was minimized to approximately $4 million due to realized gains on our foreign currency hedge contracts totaling approximately $6 million. Cash flow from operations was $90.2 million, compared with $60.3 million for 2014, representing a level not achieved in more than 20 years. Our balance sheet remained strong in 2015, as we ended the year in a net cash position of $10.6 million. This was attained while the Company invested $23 million in developing our bertrandite ore mine in anticipation of future demand from changing supply dynamics. 2 STRONG, DISCIPLINED, WELL POSITIONED During the year, we amended our $375 Our Performance Alloys and Composites million revolving credit agreement, extending group increased sales of its foil gauge ToughMet® its maturity date and achieving more favorable alloys by more than 60% in 2015, meeting rapidly pricing and flexibility. In the second quarter of growing demand for stronger and more corrosion- 2015, we announced a 6% increase in our quarterly resistant materials required for miniaturization dividend to $0.09 per share. In 2014, we announced of camera voice coil motor and optical image that our Board of Directors had authorized the stabilization components in high-end smartphones repurchase of up to $50.0 million of our common and other electronic devices. stock. During 2015, we repurchased approximately We continue to introduce next-generation $7 million of common stock. As of December 31, tempers in gauges as thin as .001 inch, allowing 2015, $20.6 million may still be purchased under development engineers greater flexibility to design the program. smaller, thinner devices with improved function- ality. Performance Alloys has more than doubled Strategy Intact its ToughMet strip output to meet demand, which We are gratified by the results we achieved was further spurred when a competitor exited the during 2015 in the face of challenging conditions. copper strip market in 2015. We succeeded in diversifying our revenue base In Precision Optics, our recent major capital and opportunity pipeline. We remained disciplined investment in semiconductor-type wafer level on costs and margins. And we made progress on processing allows us to apply coatings directly improving our capital utilization. Our long-term on customers’ sensors, eliminating the need for strategy remains intact and serves us well. traditional coated glass covers. This technology Our continued investment in research and breakthrough enables thinner and lighter sensors development for new products resulted in addi- that phone manufacturers require to add new tional sales of $72 million in 2015, or 12% of our features without sacrificing size or weight. consolidated value-added sales. This has been key Mobile devices are preparing to apply to counteracting many of the macroeconomic advanced optical capabilities such as UV sensors factors we encountered. that detect radiation from the sun and provide As we look forward, we have targeted major exposure monitoring to the user. Another recent macroeconomic/technology trends as growth innovation is affordable add-on thermal imaging drivers for our new product and technology plat- cameras for smartphones that allow users to see forms. So, as our world transforms through the heat and monitor the environment in low-level Internet of Things, energy efficiency, self-driving light conditions. Materion is providing materials cars, advanced sensors and homeland security… for a key sensing component for these devices. we will be there with material solutions. In the projection display market, we supported our customers’ transition to new-generation laser Consumer Electronics illumination technology. Laser projectors utilize In consumer electronics, our largest end market, phosphorescent materials from our Shanghai, China our business groups introduced new products and facility to generate and project color, providing delivered new growth by developing additional reliability and eliminating the inconvenience and applications within existing product lines. expense of replacing lamps. 3 MATERION CORPORATION | 2015 ANNUAL REPORT Our success in the coatings arena has enabled recent years to better leverage our portfolio of us to partner with major OEMs and component capabilities and build our new business pipeline suppliers in developing innovative new materials came together in 2015. and complex filter designs that enable 3-D sensing We saw continued success in expanding our technology, iris scanning and gesture recognition position in the 200mm wafer size market and capabilities in anticipation of commercial intro- below, and we notched a significant achievement duction over the next one to two years. in the coveted 300mm sector. Our Advanced Materials group began producing and shipping Automotive Electronics precious metal physical vapor deposition In automotive electronics, our Technical (PVD) targets to tier one 300mm customers, Materials business had a strong year, benefitting satisfying an extensive technical and quality bar. from a record North American model build, but Qualifications are underway with numerous also due to increased Materion content within other customers. We are supporting this new new vehicles. Automakers globally continue to demand with capital projects including semi- recognize the benefits of our unique Dovetail Clad® conductor-grade Class 10,000, 1,000 and 100 copper and aluminum-bonded strip, especially cleanrooms
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