SUSS MICROTEC – QUARTERLY NUMBERS 2022
May 12, 2022
SUSS MicroTec Investor Presentation
This presentation contains forward-looking statements relating to the business, financial performance and earnings of SUSS MicroTec SE and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of SUSS MicroTec SE. Consequently, actual developments as well as actual earnings and performance may differ materially from those which explicitly or implicitly assumed in the forward-looking statements. SUSS MicroTec SE does not intend or accept any obligation to publish updates of these forward-looking statements.
SUSS MICROTEC Q1 2022 – SUMMARY
- Another quarter with record order entry of € 117.6 million
- Q1 revenue up YoY despite ongoing supply chain challenges
- EBIT margin also up YoY at 3.3% (Q1 2021: 2.7%)
- Positive Free Cash Flow despite higher safety stocks in Q1 2022
Q1 Business Highlights:
- Demand remains strong across SUSS MicroTec segments, with strongest growth for Photomask Equipment
- First customer order for wafer-to-wafer hybrid bonding system
- UV-projection scanner orders from two new semiconductor customers
- Following production ramp of second cleanroom, Micro-optics returns to profitability, exceeds € 10 million quarterly revenue for first time
KEY GROUP FIGURES
in
€ M |
Q1 2022 |
Q1 2021 |
Change |
| Order entry |
117.6 |
81.0 |
+45.2% |
Order
Backlog 03/31 |
249.2 |
148.2 |
+68.2% |
| Sales |
63.6 |
52.6 |
+20.3% |
Gross Profit
margin |
33.2% |
32.9% |
+0.3%pts |
| EBIT |
2.1 |
1.4 |
+50.0% |
| EBIT margin |
3.3% |
2.7% |
+0.6%pts |
| EAT |
1.4 |
0.8 |
+75.0% |
| EPS in € |
0.07 |
0.04 |
+75.0% |
| Free cashflow |
1.6 |
9.1 |
-82.4% |
| Net cash |
35.2 |
39.2 |
-10.2% |
Employees
03/31 |
1,194 |
1,041 |
+14.7% |
-
- Both order entry and backlog very high
-
-
- GP margin improved slightly YoY
-
- EBIT, EBIT margin and EAT up YoY
-
- Net cash position decreased slightly but remains robust
ORDER ENTRY BY SEGMENT AND SALES BY REGION
SEGMENT OVERVIEW
| Lithography |
|
|
|
|
Photomask Equipment |
|
|
|
|
|
Exposure Systems
Coater / Developer |
|
|
Photomask Cleaning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in €
M |
Q1 2022 |
|
Q1 2021 |
|
in € M |
Q1 2022 |
|
Q1 2021 |
|
|
Order
entry |
49.4 |
|
52.1 |
|
Order
entry |
40.9 |
|
12.2 |
|
|
| Sales |
33.4 |
|
32.3 |
|
Sales |
7.8 |
|
11.4 |
|
|
| GP (margin) |
12.0 |
(35.9%) |
10.5 |
(32.5%) |
GP (margin) |
2.1 |
(26.4%) |
4.4 |
(39.0%) |
|
| EBIT (margin) |
2.9 |
(8.7%) |
2.7 |
(8.3%) |
EBIT (margin) |
-1.4 |
(-17.3%) |
2.5 |
(22.1%) |
|
-
- Order entry 2021 includes large orders for coaters/developers
-
- Revenue slightly above previous year (after delayed shipments)
-
- Gross Profit margin and EBIT margin higher due to:
-
- Improved GP-margins across product lines (higher share of 300mm tools and increased share of mask aligners)
-
- Very high order entry, esp. for automated tools for Asia
-
- Lower revenue due to ongoing supply chain bottlenecks
-
- Gross Profit margin and EBIT margin lower due to:
-
- Lower total sales revenues and cost increase
-
- For PE, margin level strongly depends on individual orders and customers, varies strongly quarter-on-quarter and year-on-year
SEGMENT OVERVIEW
| Bonder |
|
|
|
|
MicroOptics |
|
|
|
|
|
Temporary bonder
Permanent bonder |
|
|
Fiber/Semi/Medical/Optics (FSMO) |
Imprint/Automotive |
|
|
|
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|
|
| Bonder |
|
|
MicroOptics |
|
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|
|
| in € M |
Q1 2022 |
|
Q1 2021 |
|
in € M |
Q1 2022 |
|
Q1 2021 |
|
|
| Order entry |
20.1 |
|
9.0 |
|
Order
entry |
7.1 |
|
6.9 |
|
|
| Sales |
12.1 |
|
2.1 |
|
Sales |
10.6 |
|
7.1 |
|
|
| GP (margin) |
3.9 |
(32.6%) |
-0.1 |
(-6.4%) |
GP (margin) |
3.1 |
(29.0%) |
1.9 |
(27.0%) |
|
| EBIT (margin) |
0.6 |
(5.0%) |
-2.4 |
(-115.1%) |
EBIT (margin) |
0.7 |
(6.7%) |
0.3 |
(3.5%) |
|
-
- Strong order entry for temporary and permanent bonding systems
-
- First order for a wafer-to-wafer-hybrid bonding system
-
- Revenue also up strongly, growth includes catch-up from Q4 2021 and FAT for one evaluation tool
-
- Gross margin and EBIT margin improved strongly compared to Q1 2021, but prior year quarter not representative
-
- Order entry up slightly not key indicator for Micro-optics as large share of business with OE date = revenue date
-
- Revenue up due to 2021 capacity increase (new cleanroom)
-
- Higher share of imprint business, ramping micro-lens arrays for automotive headlights
-
- High GP margin in Fiber/Semi/Medical Optics (FSMO)
-
- Lower GP margin in imprint business due to ongoing production ramp; improvements expected with output and yield increases
GUIDANCE 2022 AND OUTLOOK
€ 270M -
300M |
8.5 –
10.5% |
€ -5M to +5M |
|
|
|
- 2022 results impacted by supply chain bottlenecks
- With ongoing supply chain challenges, growth path shows incremental & temporary delay, not fundamental slow-down (as shown by strong OE)
- Expect higher sales revenues in H2 2022 than in H1 2022
- Expect further top- and bottom-line growth to at least € 400 million in 2025, with 15% EBIT margin (unchanged)
Franka Schielke
Tel.: +49 89 32007 161 Fax.: +49 4444 33420 Email: [email protected]
SÜSS MicroTec SE Schleissheimer Strasse 90 85748 Garching Germany www.suss.com
Contact Financial Calendar 2022
| Annual Report 2021 |
March 31 |
| Quarterly Report 2022 |
May 12 |
| Annual General Meeting 2022 |
May 31 |
| Half Year Report 2022 |
Aug. 4 |
| Nine Months Report 2022 |
Nov. 10 |