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SÜSS MicroTec SE

Quarterly Report Nov 6, 2019

422_10-q_2019-11-06_b03a0e53-6997-40be-8821-0b0fb8e838e0.pdf

Quarterly Report

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Quarterly Report January 1 – September 30, 2019

KEY FIGURES

in € million Q3 / 2019 Q3 / 2018 Change 9 Months / 2019 9 Months / 2018 Change
Business Development
Order entry 66,0 47,0 40,4% 157,8 125,2 26,0%
Order backlog as of September 30 115,3 90,0 28,1%
Total sales 37,1 38,6 -3,9% 131,1 132,8 -1,3%
Gross profit 10,9 12,1 -9,9% 39,1 47,2 -17,2%
Gross margin 29,4% 31,3% -2,0%-Points 29,8% 35,5% -5,7%-Points
Cost of sales 26,2 26,6 -1,5% 92,0 85,7 7,4%
Research and Development costs 5,1 5,1 0,0% 14,6 13,9 5,0%
EBITDA -3,3 -0,3 -- -1,3 10,4 -112,5%
EBITDA margin -8,9% -0,8% -8,1%-Points -1,0% 7,8% -8,8%-Points
EBIT -4,9 -1,6 -- -5,7 6,8 --
EBIT margin -13,2% -4,1% -9,1%-Points -4,3% 5,1% -9,5%-Points
Earnings after tax -6,8 -1,4 -- -8,7 3,3 --
Earnings per share, basic (in €) -0,36 -0,08 -- -0,46 0,17 --
Balance sheet and cash flow
Equity 133,5 138,7 -3,7%
Equity ratio 66,8% 72,8% -6,1%-Points
Return on equity -5,1% -1,0% -4,1%-Points -6,5% 2,4% -8,9%-Points
Balance sheet total 199,9 190,4 5,0%
Net cash** -6,6 10,4 --
Free cash flow* -9,8 -6,8 -- -28,7 -22,7 --
Further key figures
Investments 1,2 2,0 -40,0% 5,0 5,5 -9,1%
Investment ratio 3,2% 5,2% -1,9%-Points 3,8% 4,1% -0,3%-Points
Depreciation 1,6 1,3 23,1% 4,4 3,6 22,2%
Employees as of September 30 935 863 8,3%

* before consideration of purchases and sales of securities

** Net cash as of September 30th., 2019 includes liablities from leasing with an amount of € 5,7 million (adoption of IFRS 16)

TABLE OF CONTENTS

Business Performance in the First Three Quarters 4
Financial Report 10
Consolidated Statement of Income (IFRS) 10
Statement of Comprehensive Income (IFRS) 11
Consolidated Statement of Financial Position (IFRS) 12
Consolidated Statement of Cash Flows (IFRS) 13
Statement of Changes in Equity (IFRS) 14
Segment Reporting (IFRS) 15
Legal Structure 16
Financial Calendar / Contact / Imprint 17

BUSINESS PERFORMANCE IN THE FIRST THREE QUARTERS

Dear Shareholders,

The current downturn in the semiconductor industry began last year and is still being felt today. A saturation of the so important sub-market memory has weakened the industry and has still not been overcome. Before the introduction of the new 5G mobile communications standard, which is only just beginning to take effect, productions for the volume applications "mobile devices" are not yet fully utilized in many areas. Distortions on the political stage led and still lead to economic uncertainties, which reduce the willingness to invest in the already very volatile semiconductor market.

However, the current developments give reason for hope and make us optimistic for the 4th quarter of 2019 and beyond. The switch to the 5G mobile radio standard is just around the corner and the first customers are beginning to invest in the production of 5G components. The adaptation of mobile devices to the new standard will further increase manufacturers' investments in new production lines and thus boost demand for new production machines. Recent news from the industry suggests a reversal of the current downturn and a slow economic recovery.

Our third quarter was characterized by a high level of incoming orders. In the months from July to September, new orders worth € 66.0 million were won (2018: € 47.0 million). We continue to expect a strong second half overall and also expect high order intake in the current fourth quarter of 2019.

Sales in the third quarter reached € 37.1 million, slightly down on the previous year (€ 38.6 million). Based on the existing order book, the number of pre-produced machines and the current order intake, we are confident that we will achieve our sales targets for 2019 as a whole. Shifts in orders by customers in the course of the first three quarters have led us to have finished machines with a sales value of more than € 30 million ready for delivery in stock at the end of the third quarter, mostly with concrete orders. We assume that we will be able to deliver these almost completely in the fourth quarter, so that a sales volume of more than € 80 million in the fourth quarter seems quite attainable from today's perspective.

EBIT in the third quarter of 2019 amounted to minus € 4.9 million, which corresponds to an EBIT margin of minus 13.2%. In the same period of the previous year, EBIT was minus € 1.6 million, the EBIT margin correspondingly minus 4.1%.

Earnings per share for the third quarter amounted to minus € 0.36 (previous year minus € 0.08).

Order intake in the first three quarters of 2019 increased from € 125.2 million in the previous year to € 157.8 million. This corresponds to an increase of around 26 percent. The order backlog thus amounted to € 115.3 million as of September 30, 2019 (September 30, 2018: € 90.0 million). The increase is mainly due to the strong demand for equipment for processing and cleaning EUVL photomasks (Photomask Equipment segment) and the expansion of the application area for microoptics (Microoptics segment). However, order intake for classic lithography solutions and bond systems was also slightly higher than in the previous year.

Cumulative earnings before interest and taxes (EBIT) for the first three quarters amounted to minus € 5.7 million, well below the previous year's figure of € 6.8 million. This results in an EBIT margin for the first nine months of 2019 of minus 4.3% (previous year: +5.1%). The main reasons for the poor result after three quarters were the productivity losses in the first quarters, which resulted, among other things, the transfer of employees to new production areas. In addition, there were negative currency effects of around € 1 million.

Earnings after tax (EAT) fell from € 3.3 million to minus € 8.7 million. Basic earnings per share (EPS) amounted to minus € 0.46 (previous year € 0.17). Free cash flow before consideration of securities transactions amounted to minus € 28.7 million at the end of the third quarter of 2019, after minus € 22.7 million in the previous year. Net liquidity at the end of the third quarter was minus € 6.6 million (2018: € 10.4 million).

BUSINESS PERFORMANCE BY DIVISION

Lithography

The Lithography division includes the development, manufacture, and sale of the mask aligner, UV projection scanners, and laser processing tool product lines as well as coaters and developers. The mask aligner, coater, and developer product lines are manufactured in Germany at the locations in Garching near Munich and Sternenfels. UV projection scanners and laser processing tools are manufactured in a site in Corona, California (USA). The principal market is the advanced packaging market for semiconductors and other wafer-based final components, such as MEMS.

in € million 9M 2019 9M 2018
Order entry 72.0 69.4
Sales 72.4 88.8
EBIT -8.1 6.4
EBIT margin in % -11.2 7.2

The order entry of the Lithography division in the first three quarters of 2019 increased slightly from € 69.4 million in the previous year to € 72.0 million. Sales in the same period amounted to € 72.4 million after € 88.8 million in the previous year. The gross profit margin of 22.3% was significantly below the comparable figure of the previous year (32.8%). As a result, division earnings worsened from € 6.4 million in 2018 to € -8.1 million in 2019.

Bonder

The Bonder division comprises the development, production, and sale of the substrate (wafer) bonding product line. Manufacturing is located at our largest site in Sternenfels. Markets addressed by the bonder systems include microelectromechanical systems (MEMS), compound semiconductors, and 3D TSV integration.

in € million 9M 2019 9M 2018
Order entry 14.8 14.5
Sales 17.2 28.0
EBIT -0.7 6.2
EBIT margin in % -4.1 22.1

Order entry of the Bonder division amounted to € 14.8 million in the first three quarters of 2019, slightly exceeding the figures of the year-earlier period. However, sales declined sharply,

reaching € 17.2 million in the first nine months of 2019 after € 28.0 million in the previous year. The gross profit margin decreased in the first nine months of 2019 from an extraordinarily high 41.9 percent in 2018 to 34.7 percent. Division earnings decreased from € 6.2 million in the previous year to minus € 0.7 million.

Photomask Equipment

The Photomask Equipment division, which is located at the Sternenfels site, comprises the development, manufacture, and sale of specialized tools for the cleaning and processing of photomasks for the semiconductor industry. Among the markets addressed by the Photomask Equipment division is the front-end production of the semiconductor industry.

Since order entry and sales in this division are usually comprised of a few large individual orders, significant fluctuations in order entry, sales, and therefore earnings are possible over the course of the year.

in € million 9M 2019 9M 2018
Order entry 52.5 31.6
Sales 24.6 6.5
EBIT 4.4 -2.6
EBIT margin in % 17.9 -40.0

In the first three quarters of 2019, the Photomask Equipment division recorded order entry of € 52.5 million (previous year: € 31.6 million). Division sales were € 24.6 million, compared to € 6.5 million a year earlier. The gross profit margin decreased from 40.7 percent in the previous year to 37.4 percent. Division earnings improved significantly from € minus 2.6 million to € 4.4 million.

Micro-optics

The Micro-optics division provides insight into the activities of the SUSS MicroTec subsidiary SUSS MicroOptics at the Hauterive location in Switzerland. Microlenses and highly specialized optics are manufactured here for a variety of industrial applications with SUSS MicroTec mask aligners.

in € million 9M 2019 9M 2018
Order entry 17.7 9.6
Sales 16.2 9.1
EBIT 2.7 0.3
EBIT margin in % 16.7 3.3

Order entry in this division continued to increase strongly, reaching a cumulative € 17.7 million in the first three quarters of 2019 (previous year: € 9.6 million). Sales also increased significantly from the previous year to € 16.2 million (previous year: € 9.1 million). At the same time, the gross profit margin rose from 32.5 percent in the previous year to 40.7 percent. Division earnings were € 2.7 million, compared to € 0.3 million in the previous year.

Other

The Others division comprises costs for central Group functions that generally cannot be attributed to the main divisions. The central Group functions made a negative contribution to earnings of € minus 3.9 million (previous year: € minus 3.4 million).

In fiscal year 2018, SUSS MicroTec SE applied IFRS 15 for the first time and since then has classified its equipment project business as multi-component business in accordance with IFRS 15.22 et seqq. Accordingly, SUSS MicroTec separates the sales revenues into the components a) manufacture / delivery and b) installation of the device at different times of realization. In Q3/2019, SUSS MicroTec further refined and adjusted the allocation of the order value to the two components, taking into account the knowledge gained to date.

EVENTS AFTER THE BALANCE SHEET DATE

At the end of October 2019, SUSS MicroTec SE concluded a syndicated loan agreement with four banks (Deutsche Bank, LBBW, Commerzbank and BECM) for a total of € 56 million. The syndicated loan agreement has a term of 5 years and grants SUSS MicroTec SE a credit facility of € 40 million and a guarantee facility of € 16 million. The guarantee facility can also be used by the other German companies.

THE SUSS MICROTEC SHARE

In the first nine months of 2019, the SUSS MicroTec Share moved slightly lower. Compared to a closing XETRA price of € 8.48 at the beginning of 2019, the share initially increased by approximately 43 percent to € 12.10 as of April 16, 2019. The further development was characterized by a generally challenging and volatile market environment. As of August 27, 2019, the share price was € 7.51, but it was able to recover in September. Overall, the SUSS MicroTec share did not perform very positively in 2019, ending with a closing price of € 8.29 on September 30. In the first three quarters of the year, the SUSS MicroTec share fell by 2.2 percent from its price at the beginning of 2019. During the same period, the DAX and TecDAX stock market indexes grew by 17.5 percent and 14.2 percent, respectively.

The Germany Prime IG/Semiconductor Index, which represents the largest listed German companies in the semiconductor industry, including SUSS MicroTec, performed slightly positively in the period from January to September 2019, displaying a gain of 4.0 percent on September 30, 2019, compared to the beginning of the year.

The average daily trading volume of SUSS MicroTec shares on the German XETRA and Frankfurt stock exchanges in the first nine months of 2019 amounted to approximately 26 thousand (previous year: average daily trading volume of approximately 71 thousand shares).

INVESTOR RELATIONS

8

Ownership Information

On July 1, 2019, the Universal-Investment-Gesellschaft mbH assumed control of the holdings of the Internationale Kapitalanlagegesellschaft mbH. After additional transactions, the Universal-Investment-Gesellschaft mbH now holds slightly more than 15% of the voting rights.

On August 27, 2019, we announced that Luxempart Pipe SARL holds more than 7 percent of the total shares of SUSS MicroTec SE.

OUTLOOK

Based on the very good order backlog at the end of September 2019 and the sales level achieved in the first nine months of 2019, we continue to forecast sales for the current fiscal year in the range of € 200 million and € 215 million. The stock of machines ready for delivery with a sales value of around € 30 million makes us confident that annual sales in 2019 will be at the upper end of the announced range.

The originally planned EBIT margin (earnings before interest and taxes) in the corridor of 6.5 to 8.0 percent for the 2019 financial year was adjusted to 4.0 to 5.0 percent on the basis of the available figures and the updated annual budget. This was mainly due to productivity losses in the first quarters of the year, when capacity utilization was low. Although the lower sales in the fourth quarter will be largely offset by overtime and the additional use of external resources, productivity will have to be cut back as a result of these measures.

For the fourth quarter of 2019 and the first quarter of 2019, we again expect a good cumulative order intake of more than € 95 million.

Garching, Germany, November 2020

Dr. Franz Richter Robert Leurs Chief Executive Officer Chief Financial Officer

CONSOLIDATED STATEMENT OF INCOME (IFRS)

in € thousand 01.07.2019 -
30.09.2019
01.07.2018 -
30.09.2018
01.01.2019 -
30.09.2019
01.01.2018 -
30.09.2018
Sales 37.056 38.671 131.126 132.844
Cost of sales -26.162 -26.619 -92.038 -85.680
Gross profit 10.894 12.052 39.088 47.164
Selling costs -5.513 -4.659 -15.791 -14.683
Research and development costs -5.137 -5.082 -14.595 -13.889
Administration costs -4.694 -4.318 -13.467 -11.809
Other operating income 239 428 847 1.767
Other operating expenses -690 -37 -1.757 -1.771
Analysis of net income from operations (EBIT):
EBITDA (Earnings before Interest and Taxes,
Depreciation and Amortization)
-3.298 -297 -1.257 10.396
Depreciation and amortization of tangible assets,
intangible assets and investments in subsidiaries
-1.603 -1.319 -4.418 -3.617
Net income from operations (EBIT) -4.901 -1.616 -5.675 6.779
Financial income 0 11 9 28
Financial expense -66 -41 -176 -125
Financial result -66 -30 -167 -97
Profit / loss from continuing operations before taxes -4.967 -1.646 -5.842 6.682
Income taxes -1.865 200 -2.868 -3.399
Profit / loss from continuing operations -6.832 -1.446 -8.710 3.283
Thereof equity holders of SUSS MicroTec -6.832 -1.446 -8.710 3.283
Thereof non-controlling interests 0 0 0 0
Earnings per share (basic)
Earnings per share in € -0,36 -0,08 -0,46 0,17
Earnings per share (diluted)
Earnings per share in € -0,36 -0,08 -0,46 0,17

STATEMENT OF COMPREHENSIVE INCOME (IFRS)

in € thousand 01.01.2019 -
30.09.2019
01.01.2018 -
30.09.2018
Net profit / loss -8.710 3.283
Items that are not reclassified to profit and loss
Remeasurements on defined benefit pension plans 0 0
Deferred taxes 0 0
Other income after tax for items that are not
reclassified as an expense or income
0 0
Items that will be reclassified to profit and loss in
later periods
Foreign currency adjustment 1.816 668
Cash flow hedges 0 0
Deferred taxes 0 0
Other income after tax for items that will be
reclassified to profit and loss in later periods
1.816 668
Total income and expenses recognized in equity 1.816 668
Total income and expenses reported in the
reporting period
-6.894 3.951
Thereof equity holders of SUSS MicroTec SE -6.894 3.951
Thereof non-controlling interests 0 0

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS)

in € thousand 30.09.2019 31.12.2018
Assets
NON-CURRENT ASSETS 52.081 44.975
Intangible assets 1.602 2.034
Goodwill 15.766 15.666
Tangible assets 33.366 26.189
Other assets 556 534
Deferred tax assets 791 552
CURRENT ASSETS 147.777 154.582
Inventories 105.763 93.459
Trade receivables 17.096 22.071
Contract assets 5.930 3.026
Other financial assets 201 272
Securities 0 0
Current tax assets 3.523 242
Cash and cash equivalents 10.761 30.672
Other assets 4.503 4.840
TOTAL ASSETS 199.858 199.557
in € thousand 30.09.2019 31.12.2018
Liabilities & shareholders' equity
Equity 133.508 140.435
Total equity attributable to shareholders
of SUSS MicroTec SE
133.508 140.435
Subscribed capital 19.116 19.116
Reserves 114.124 122.867
Accumulated other comprehensive income 268 -1.548
NON-CURRENT LIABILITIES 23.738 8.266
Pension plans and similar commitments 5.237 5.075
Financial debt 14.781 1.500
Deferred tax liabilities 3.720 1.691
CURRENT LIABILITIES 42.612 50.856
Provisions 2.967 5.212
Tax liabilities 1.325 2.609
Financial debt 2.628 1.006
Other financial liabilities 6.022 7.858
Trade payables 10.059 9.016
Contract liabilities 13.583 18.225
Other liabilities 6.028 6.930
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 199.858 199.557

CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS)

in € thousand 01.01.2019 -
30.09.2019
01.01.2018 -
30.09.2018
Net profit / loss (after taxes) -8.710 3.283
Amortization of intangible assets 838 923
Depreciation of tangible assets 3.580 2.695
Profit or loss on disposal of intangible and tangible assets 0 0
Change of reserves on inventories 2.795 1.785
Change of reserves for bad debts -56 -134
Non-cash income from the reversal of pension accruals 0 0
Other non-cash effective income and expenses 235 -1.005
Change in inventories -13.686 -24.746
Change in contract assets -2.904 -6.685
Change in trade receivables 5.200 2.775
Change in other assets 386 965
Change in pension provisions 32 64
Change in trade payables 963 -701
Change in contract liabilities -4.658 6.321
Change in other liabilities and other provisions -4.983 741
Change of tax assets and tax liabilities -2.775 -3.509
Cash flow from operating activities -23.743 -17.228
in € thousand 01.01.2019 -
30.09.2019
01.01.2018 -
30.09.2018
Disbursements for other tangible assets -4.584 -5.094
Disbursements for intangible assets -386 -411
Purchases of current available-for-sale securities 0 0
Cash flow from investing activities -4.970 -5.505
Repayment of bank loans -750 -750
Increase of bank loans 10.000 0
Repayment of leasing liabilities -627 0
Change in other financial debt 1 0
Cash flow from financing activities 8.624 -750
Adjustments to funds caused by exchange-rate fluctuations 178 165
Change in cash and cash equivalents -19.911 -23.318
Funds at beginning of the year 30.672 36.464
Funds at end of the period 10.761 13.146
Cash flow from operating activities includes:
Interest paid during the period 92 89
Interest received during period 8 26
Tax paid during the period 5.221 6.122
Tax refunds during the period 134 184

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (IFRS)

in € thousand Subscribed
capital
Additional
paid-in
capital
Earnings
reserve
Retained
earnings
Accumulated other comprehensive income Total equity
attributable
to shareholders of
SÜSS MicroTec SE
Items that will not be reclassified
to profit or loss
Items that will be reclassified
to profit or loss in later periods
Remeasurements on
defined benefit
pension plans
Deferred taxes Foreign currency
adjustment
Deferred taxes
As of January 01, 2018 19.116 71.547 202 38.537 -2.984 736 -167 - 126.987
Adjustment of retained earnings due to
implementation of IFRS 15 (revenues)
7.797
As of January 01, 2018 (adjusted) 19.116 71.547 202 46.334 -2.984 736 -167 - 134.784
Net income / loss 3.283 3.283
Total income and expenses recognized in equity - - 668 - 668
Total comprehensive income / loss 3.283 - - 668 - 3.951
As of September 30, 2018 19.116 71.547 202 49.617 -2.984 736 501 - 138.735
As of January 01, 2019 19.116 71.547 202 51.118 -3.290 751 991 - 140.435
Adjustment of retained earnings due to
implementation of IFRS 16 (leasing)
-33
As of January 01, 2019 (adjusted) 19.116 71.547 202 51.085 -3.290 751 991 - 140.402
Net income / loss -8.710 -8.710
Total income and expenses recognized in equity - - 1.816 - 1.816
Total comprehensive income / loss -8.710 - - 1.816 - -6.894
As of September 30, 2019 19.116 71.547 202 42.375 -3.290 751 2.807 - 133.508

SEGMENT REPORTING (IFRS)

in € thousand Lithography Substrate Bonder Photomask Equipment MicroOptics Other Consolidation effects Total
9M / 2019 9M / 2018 9M / 2019 9M / 2018 9M / 2019 9M / 2018 9M / 2019 9M / 2018 9M / 2019 9M / 2018 9M / 2019 9M / 2018 9M / 2019 9M / 2018
External Sales 72.380 88.756 17.158 27.967 24.608 6.467 16.154 9.090 826 564 -
-
131.126 132.844
Internal Sales - - - - - - - - 6.890 6.239 -6.890 -6.239 -
-
Total Sales 72.380 88.756 17.158 27.967 24.608 6.467 16.154 9.090 7.716 6.803 -6.890 -6.239 131.126 132.844
Result per segment (EBIT) -8.073 6.401 -746 6.172 4.356 -2.649 2.670 285 -3.882 -3.430 - -5.675 6.779
Income before taxes -8.106 6.374 -768 6.168 4.355 -2.649 2.666 285 -3.989 -3.496 -
-
-5.842 6.682
Significant non-cash items -2.896 -861 1.046 -358 -239 -278 -130 -695 - - - - -2.219 -2.192
Segment assets 93.278 91.113 24.530 26.650 26.053 24.931 17.348 11.422 18.314 17.441 - - 179.523 171.557
thereof goodwill 15.766 15.642 - - - - - - - - - - 15.766 15.642
Unallocated assets 20.335 18.848
Total assets 199.858 190.405
Segment liabilities -21.481 -18.194 -3.352 -4.832 -6.506 -11.494 -2.735 -1.508 -2.025 -1.140 -
-
-36.099 -37.168
Unallocated liabilities -30.251 -14.502
Total liabilities -66.350 -51.670
Depreciation and amortization 1.716 1.624 256 320 138 137 1.051 767 1.257 769 -
-
4.418 3.617
thereof scheduled 1.716 1.624 256 320 138 137 1.051 767 1.257 769 -
-
4.418 3.617
thereof impairment loss -
-
- - - - -
-
- - 0 0
Capital expenditure 1.729 2.059 277 394 84 135 1.453 1.382 1.427 1.535 -
-
4.970 5.505
Workforce at September 30 561 543 103 98 146 124 91 70 34 28 -
-
935 863

Segment information by region

in € thousand Sales Capital expenditure Assets
(without Goodwill)
9M / 2019 9M / 2018 9M / 2019 9M / 2018 9M / 2019 9M / 2018
EMEA 38.099 32.931 4.473 5.006 134.053 134.644
North-America 11.977 17.615 432 450 20.562 16.174
Asia and Pacific 81.050 82.298 65 49 9.590 4.704
Consolidation effects - - - - -448 393
Total 131.126 132.844 4.970 5.505 163.757 155.915

LEGAL STRUCTURE

FINANCIAL CALENDAR 2020

Annual Report 2019 Quarterly Report 2020 (Q1) Shareholders' Meeting 2020 Interim Report 2020 Quarterly Report 2020 (Q3)

March 27, 2020 May 8, 2020 May 20, 2020 August 6, 2020 November 10, 2020

CONTACT

SUSS MicroTec SE

Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 89 32007-100 E-mail: [email protected]

Investor Relations Phone: +49 89 32007-161 Email: [email protected] www.suss.com

Forward-looking statements: Interim reports include forward-looking statements. Forward-looking statements are statements that do not present historical facts, including statements about expectations and the views of the management of SUSS MicroTec SE. These statements are based on current plans, estimates, and forecasts of the Company's management. Investors should not unreservedly rely on these statements. Forward-looking statements are to be understood in the context of the time at which they were made. The Company does not assume any obligation to update the forward-looking statements included in this report given new information or future events. This does not affect the Company's obligation to comply with its statutory responsibilities regarding information and reporting. Forward-looking statements also include risks and uncertainties. A large number of factors that are described in this report could cause actual events to deviate substantially from the forward-looking statements included in this report.

www.suss.com

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