Quarterly Report • May 4, 2016
Quarterly Report
Open in ViewerOpens in native device viewer
January 1 – March 31
| in € million | 3M/ 2016 | 3M/ 2015 | Change |
|---|---|---|---|
| Business development | |||
| Order entry | 30.1 | 28.5 | 5.6% |
| Order backlog as of March 31 | 118.8 | 78.8 | 50.8% |
| Total sales | 27.6 | 26.9 | 2.6% |
| Sales margin | -9.1% | -9.3% | 0.2%-points |
| Gross profit | 8.9 | 8.8 | 1.1% |
| Gross margin | 32.2% | 32.7% | -0.5%-points |
| Cost of sales | 18.7 | 18.1 | 3.3% |
| R&D costs | 3.3 | 3.2 | 3.1% |
| EBITDA | -1.0 | -1.1 | – |
| EBITDA margin | -3.6% | -4.1% | 0.5%-points |
| EBIT | -2.0 | -2.2 | – |
| EBIT margin | -7.2% | -8.2% | 0.9%-points |
| Earnings after tax | -2.5 | -2.5 | 0.0% |
| Earnings per share, basic (in €) | -0.13 | -0.13 | 0.0% |
| Balance sheet and cash flow | |||
| Equity | 115.2 | 117.4 | -1.9% |
| Equity ratio | 63.6% | 69.4% | -5.7%-points |
| Return on equity | -2.2% | -2.1% | -0.1%-points |
| Balance sheet total | 181.0 | 169.2 | 7.0% |
| Net cash | 26.9 | 31.6 | -14.9% |
| Free cash flow1 | -12.9 | -5.5 | – |
| Further key figures | |||
| Investments | 0.5 | 0.8 | -37.5% |
| Investment ratio | 1.8% | 3.0% | -1.2%-points |
| Depreciation | 1.0 | 1.0 | 0.0% |
| Employees as of March 31 | 708 | 678 | 4.4% |
1 Before consideration of purchase or sale of securities
Introduction by the Management Board 4 Investor Relations 6 Business Performance Q1 2016 9 Financial Report 10 Legal Structure 22 Financial Calendar 2016 23
Credits/Contact 23
After a strong fourth quarter of 2015, with record order entry of EUR 79.7 million, our business activity reduced somewhat at the beginning of 2016, as expected. Certain orders that we had expected in the first quarter of 2016 were pulled in and recognized in the fourth quarter of 2015. In addition, the first quarter is seasonally moderate with respect to order entry and sales. Accordingly, order entry of EUR 30.1 million in the first quarter of 2016 was slightly higher than the prior year and in the range of our targets. In the previous year, orders of EUR 28.5 million were recorded.
After a moderate 2015, the market forecasts for the semiconductor industry are turning out to be flat in the current fiscal year. In October 2015, the Gartner analysts still expected growth of approximately 1.2 percent in the semiconductor sector to US dollar 344.1 billion in 2016. In their estimates from April 2016, industry experts from International Business Strategies (IBS) now assume an industry-wide decline of 2.1 percent to a market volume of US dollar 330.6 billion. Overall, however, a revival in the semiconductor market is expected in the second half of 2016. The semiconductor equipment market will grow slightly by approximately 1.4 percent in the 2016 fiscal year, according to estimates of the SEMI industry association. Despite the moderate business environment, SUSS MicroTec expects a significant increase in sales and earnings in the current fiscal year. Order entry in the current fiscal year has been developing according to plan so far, as customers are ramping capacity acquired in the second half of 2015. We generally expect a moderate first half of 2016 with a pick-up of business activity in the second half of the year, driven by capacity need for Advanced Packaging, MEMS, and RF device manufacturing, in line with the market expectations.
Order entry in the first three months of the current fiscal year was EUR 30.1 million, approximately 5.6 percent above the level of the previous year's quarter. The SUSS MicroTec Group generated sales of EUR 27.6 million, slightly above the level of the previous year's quarter of EUR 26.9 million. The order backlog as of March 31, 2016, thus amounted to EUR 118.8 million (previous year: EUR 78.8 million). Earnings before interest and taxes (EBIT) of EUR -2.0 million were slightly above the EUR -2.2 million of the previous year's quarter. The basic earnings per share (EPS) were unchanged at EUR -0.13 (previous year: EUR -0.13). Free cash flow for the quarter before consideration of securities sales / purchases amounted to EUR -12.9 million (previous year's quarter: EUR -5.5 million). The main reason for the lower Free Cash Flow is the increase of the inventory level due to the high order backlog following a record order intake in Q4 2015. The net cash position amounted to EUR 26.9 million (March 31, 2015: EUR 31.6 million).
Based on order backlog as of the end of the first quarter of 2016 and expected order entry development for the second quarter of 2016, the Management Board expects sales of approximately EUR 170 to 180 million as well as EBIT between EUR 9 million and EUR 13 million in the 2016 fiscal year.
For the second quarter of 2016, we expect order entry of EUR 30 to 40 million.
Garching, Germany, May 2016
Dr. Per-Ove Hansson Chief Executive Officer
Michael Knopp Chief Financial Officer
Walter Braun Chief Operating Officer
With the publication of their spring 2016 forecast, leading German economic research institutes have lowered their economic forecasts for Germany. Although the German economy remains in a moderate upturn, the world economy has significantly cooled down as of the end of 2015 and the beginning of 2016. Poor economic news from China has led to substantial share price decreases and an increased risk awareness in the stock markets in January and February 2016. Since mid-February, the stock markets have calmed down again, but the underlying risks remain.
The DAX completed the 2015 fiscal year at a closing price of 10,743.01 points. The index ended the first quarter of 2015 at a level of 9,965.51 points. During the quarter, the leading index of the Deutsche Börse AG periodically fell short of the 9,000 point threshold.
After a successful year for shares in 2015, the SUSS MicroTec share continued to perform well in the first quarter of 2016 and was able to increase from a closing price of EUR 7.79 at the beginning of the year by 14.8 percent to EUR 8.94 as of March 31, 2016. By contrast, the TecDAX declined in the first quarter of 2016 by 168 points (9.4 percent) from the beginning of 2016. The average daily trading volume of SUSS MicroTec shares on the German Xetra and Frankfurt stock exchanges in the first quarter of 2016 amounted to approximately 171 thousand (Q1 2015: average daily trading volume of approximately 146 thousand shares).
Since March 21, 2016, SUSS MicroTec shares are listed again in the TecDAX, the German Technology Index. For our investor relations activities this means an increased perception mainly by foreign investors.
SUSS MicroTec share price on January 4, 2016: € 7.79
| Business Performance Q1 2016 | 8 |
|---|---|
| Overview | 8 |
| Orders Position and Sales by Region | 8 |
| Business Development in the Individual Divisions | 9 |
| Financial Report | 10 |
| Consolidated Statement of Income (IFRS) | 10 |
| Statement of Comprehensive Income (IFRS) | 11 |
| Consolidated Balance Sheet (IFRS) | 12 |
| Consolidated Statement of Cash Flows (IFRS) | 14 |
| Consolidated Statement of Shareholders' Equity (IFRS) | 16 |
| Segment Reporting (IFRS) | 18 |
| Selected Explanatory Notes | 20 |
| Legal Structure | 22 |
| Financial Calendar 2016 | 23 |
| Credits/Contact | 23 |
In the first quarter of the 2016 fiscal year, the Company generated order entry of € 30.1 million. As a result, order volume was approximately 5.6% above the comparable level in the previous year's quarter, but within the Company's own expectations. Sales in the first quarter reached a level of € 27.6 million after € 26.9 million in the previous year. The order backlog as of March 31, 2016 amounted to € 118.8 million (March 31, 2015: € 78.8 million).
Earnings before interest and taxes (EBIT) of € -2.0 million were slightly above the € -2.2 million of the previous year's quarter. Earnings after taxes (EAT) amounted to € -2.5 million, and also came to € -2.5 million in the previous year. The basic earnings per share (EPS) were unchanged at € -0.13 (previous year: € -0.13).
Free cash flow for the quarter before consideration of securities sales / purchases amounted to € -12.9 million (previous year's quarter: € -5.5 million). The main reason for the lower Free Cash Flow is the increase of the inventory level due to the high order backlog following a record order intake in Q4 2015. The net cash position amounted to € 26.9 million (March 31, 2015: € 31.6 million).
Starting in the first quarter of 2016, SUSS MicroTec will no longer report the region of Japan separately due to its diminishing significance relative to other regions. Instead, its order entry and sales will be published under the Asia-Pacific region.
The Asia-Pacific region (including Japan) was able to increase its order entry significantly in comparison to the first quarter of 2015 and recorded orders of € 20.5 million after € 15.7 million in the previous year. The EMEA region reported stable order entry of € 6.3 million (previous year: € 6.2 million). Only the region of North America recorded lower order entry of € 3.3 million after € 6.6 million in the previous year's quarter.
Regional sales were lower in the Asia-Pacific and North American regions in the first quarter of 2016, by -12.7% and -31.0% over the previous year, respectively. Only the EMEA region was able to increase its sales by 25.6% from the previous year.
The Lithography division comprises the development, manufacture, and sale of the Mask Aligner, Developer, and Coater product lines as well as UV projection lithography devices and laser-based micro-patterning systems. These product lines are developed and produced in Germany at the sites in Garching near Munich and Sternenfels as well as in the USA in Corona.
The Lithography division recorded a slight decrease in order entry and a small increase in sales in the first three months of the 2016 fiscal year. Order entry decreased from € 22.7 million in the first quarter of 2015 to € 22.2 million in the first quarter of 2016. Sales developed positively, rising from € 17.4 million to € 22.2 million. The division earnings increased accordingly from € -1.0 million to € 0.7 million.
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 targeted by the Photomask Equipment division is the semiconductor industry, where SUSS MicroTec is active on the front-end.
In the first quarter of 2016, the Photomask Equipment division recorded order entry of € 4.1 million (Q1 2015: € 3.5 million) and lower division sales of € 1.7 million (Q1 2015: € 5.4 million). Division earnings declined to € -0.7 million in the first quarter of 2016 (Q1 2015: € 0.3 million).
| in € million | Q1 2016 | Q1 2015 |
|---|---|---|
| Order entry | 22.2 | 22.7 |
| Division sales | 22.2 | 17.4 |
| Division earnings | 0.7 | -1.0 |
| Net assets | 59.4 | 53.7 |
The Substrate Bonder division comprises the development, production, and sale of the Substrate (Wafer) Bonder product line and is located at our site in Sternenfels (Germany).
In the first quarter of the new fiscal year, the Substrate Bonder division recorded a slight increase in order entry of € 0.7 million to € 1.0 million. By contrast, sales of € 1.6 million declined in the first quarter of 2016 from € 2.1 million in the previous year's quarter. Division earnings remained unchanged from the previous year at € -1.1 million.
| in € million | Q1 2016 | Q1 2015 |
|---|---|---|
| Order entry | 1.0 | 0.7 |
| Division sales | 1.6 | 2.1 |
| Division earnings | -1.1 | -1.1 |
| Net assets | 7.2 | 7.7 |
| in € million | Q1 2016 | Q1 2015 |
|---|---|---|
| Order entry | 4.1 | 3.5 |
| Division sales | 1.7 | 5.4 |
| Division earnings | -0.7 | 0.3 |
| Net assets | 4.6 | 5.9 |
The Others division comprises Micro-optics activities at the Hauterive, Switzerland, location and costs for central Group functions that generally cannot be attributed to the main divisions.
Order entry of € 2.8 million increased significantly from the previous year's quarter. Sales increased slightly to € 2.1 million (Q1 2015: € 2.0 million). Division earnings of € -0.8 million were below the level of the first quarter of 2015 of € -0.3 million.
| in € million | Q1 2016 | Q1 2015 |
|---|---|---|
| Order entry | 2.8 | 1.6 |
| Division sales | 2.1 | 2.0 |
| Division earnings | -0.8 | -0.3 |
| Net assets | 20.3 | 20.6 |
of SUSS MicroTec AG
| in € thousand | 01/01/2016 – 03/31/2016 | 01/01/2015 – 03/31/2015 |
|---|---|---|
| Sales | 27,612 | 26,947 |
| Cost of sales | -18,743 | -18,148 |
| Gross profit | 8,869 | 8,799 |
| Selling costs | -4,477 | -4,021 |
| Research and development costs | -3,298 | -3,173 |
| Administration costs | -3,442 | -3,394 |
| Other operating income | 1,127 | 1,556 |
| Other operating expenses | -739 | -1,938 |
| Analysis of net income from operations (EBIT): | ||
| EBITDA (Earnings before interest and taxes, depreciation and amortization) |
-975 | -1,142 |
| Depreciation and amortization of tangible assets, intangible assets and financial assets |
-985 | -1,029 |
| Net income from operations (EBIT) | -1,960 | -2,171 |
| Financial income | 34 | 117 |
| Financial expenses | -528 | -175 |
| Financial result | -494 | -58 |
| Profit/loss before taxes | -2,454 | -2,229 |
| Income taxes | -52 | -278 |
| Net profit/loss | -2,506 | -2,507 |
| thereof equity holders of SUSS MicroTec AG | -2,506 | -2,507 |
| thereof non-controlling interests | 0 | 0 |
| Earnings per share (basic) | ||
| Earnings per share in € | -0.13 | -0.13 |
| Earnings per share (diluted) | ||
| Earnings per share in € | -0.13 | -0.13 |
| in € thousand | 01/01/2016 – 03/31/2016 | 01/01/2015 – 03/31/2015 |
|---|---|---|
| Net profit/loss | -2,506 | -2,507 |
| Items that will not be reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other comprehensive income after tax for items that will not be reclassified to profit and loss |
0 | 0 |
| Items that will be reclassified to profit and loss in later periods | ||
| Fair value fluctuations of available-for-sale securities | 0 | -8 |
| Foreign currency adjustment | -1,343 | 3,798 |
| Cash flow hedges | 410 | 6 |
| Deferred taxes | -115 | 0 |
| Other comprehensive income after tax for items that will be reclassified to profit and loss in later periods |
-1,048 | 3,796 |
| Total income and expenses recognized in equity | -1,048 | 3,796 |
| Total income and expenses reported in the reporting period | -3,554 | 1,289 |
| thereof equity holders of SUSS MicroTec AG | -3,554 | 1,289 |
| thereof non-controlling interests | 0 | 0 |
| Assets in € thousand | 03/31/2016 | 12/31/2015 |
|---|---|---|
| Noncurrent assets | 42,682 | 43,402 |
| Intangible assets | 3,909 | 4,266 |
| Goodwill | 15,679 | 15,772 |
| Tangible assets | 19,980 | 20,263 |
| Tax refund claims | 37 | 37 |
| Other assets | 599 | 611 |
| Deferred tax assets | 2,478 | 2,453 |
| Current assets | 138,355 | 133,804 |
| Inventories | 87,161 | 68,719 |
| Trade receivables | 11,111 | 13,093 |
| Other financial assets | 268 | 221 |
| Securities | 11,974 | 0 |
| Tax refund claims | 539 | 414 |
| Cash and cash equivalents | 23,822 | 49,085 |
| Other assets | 3,480 | 2,272 |
| Total assets | 181,037 | 177,206 |
| Liabilities&Shareholders' Equity in € thousand | 03/31/2016 | 12/31/2015 |
|---|---|---|
| Equity | 115,186 | 118,740 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 115,186 | 118,740 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 96,303 | 98,809 |
| Accumulated other comprehensive income | -233 | 815 |
| Noncurrent liabilities | 9,445 | 13,108 |
| Pension plans and similar commitments | 5,188 | 5,144 |
| Provisions | 7 | 11 |
| Financial debt | 4,250 | 7,920 |
| Other financial liabilities | 0 | 33 |
| Current liabilities | 56,406 | 45,358 |
| Provisions | 2,153 | 2,362 |
| Tax liabilities | 2,761 | 3,327 |
| Financial debt | 4,606 | 1,186 |
| Other financial liabilities | 5,123 | 6,545 |
| Trade payables | 7,273 | 8,472 |
| Other liabilities | 34,490 | 23,466 |
| Total liabilities and shareholders' equity | 181,037 | 177,206 |
| in € thousand | 01/01/2016 – 03/31/2016 | 01/01/2015 – 03/31/2015 |
|---|---|---|
| Net profit/loss (after taxes) | -2,506 | -2,507 |
| Amortization of intangible assets | 311 | 337 |
| Depreciation of tangible assets | 673 | 692 |
| Change of reserves on inventories | -266 | 2,125 |
| Change of reserves for bad debts | 127 | 23 |
| Other non-cash effective income and expenses | 259 | 889 |
| Change in inventories | -19,006 | -8,890 |
| Change in trade receivables | 1,580 | 4,517 |
| Change in other assets | -1,243 | -1,372 |
| Change in pension provisions | 44 | 286 |
| Change in trade payables | -1,043 | 2,081 |
| Change in down payments received | 11,344 | -1,499 |
| Change in other liabilities and other provisions | -1,940 | -1,797 |
| Change of tax assets and tax liabilities | -716 | 377 |
| Cash flow from operating activities | -12,382 | -4,738 |
| in € thousand | 01/01/2016 – 03/31/2016 | 01/01/2015 – 03/31/2015 |
|---|---|---|
| Disbursements for tangible assets | -490 | -453 |
| Disbursements for intangible assets | -26 | -298 |
| Purchases of current securities | -11,974 | -33,529 |
| Cash flow from investing activities | -12,490 | -34,280 |
| Repayment of bank loans | -250 | -250 |
| Change in current bank liabilities | 0 | 4 |
| Cash flow from financing activities | -250 | -246 |
| Adjustments to funds caused by exchange rate fluctuations | -141 | -919 |
| Change in cash and cash equivalents | -25,263 | -40,183 |
| Funds at the beginning of the year | 49,085 | 47,309 |
| Funds at the end of the period | 23,822 | 7,126 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 88 | 98 |
| Interest received during the period | 15 | 31 |
| Tax paid during the period | 828 | 144 |
| Tax refunds during the period | 1 | 274 |
| in € thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve |
Retained earnings |
|
|---|---|---|---|---|---|
| As of January 1, 2015 | 19,116 | 97,614 | 433 | 537 | |
| Net income /loss | -2,507 | ||||
| Total income and expenses recognized in equity | |||||
| Total comprehensive income /loss | -2,507 | ||||
| As of March 31, 2015 | 19,116 | 97,614 | 433 | -1,970 | |
| As of January 1, 2016 | 19,116 | 97,614 | 433 | 762 | |
| Net income /loss | -2,506 | ||||
| Total income and expenses recognized in equity | |||||
| Total comprehensive income /loss | -2,506 | ||||
| As of March 31, 2016 | 19,116 | 97,614 | 433 | -1,744 |
| Equity | Non-controlling interests |
Total equity attributable to shareholders of SUSS MicroTec AG |
Accumulated other comprehensive income | |||||
|---|---|---|---|---|---|---|---|---|
| Items that will be reclassified to profit and loss in later periods | Items that will not be reclassified to profit and loss |
|||||||
| Deferred taxes |
Fair value fluctuations of available-for-sale securities |
Cash flow hedges |
Foreign currency adjustment |
Deferred taxes |
Remeasure ments on defined benefit pension plans |
|||
| 116,070 | 0 | 116,070 | 133 | 11 | -486 | 493 | 532 | -2,313 |
| -2,507 | -2,507 | |||||||
| 3,796 | 3,796 | 0 | -8 | 6 | 3,798 | 0 | 0 | |
| 1,289 | 0 | 1,289 | 0 | -8 | 6 | 3,798 | 0 | 0 |
| 117,359 | 0 | 117,359 | 133 | 3 | -480 | 4,291 | 532 | -2,313 |
| 118,740 | 0 | 118,740 | 115 | 0 | -410 | 3,258 | 697 | -2,845 |
| -2,506 | -2,506 | |||||||
| -1,048 | -1,048 | -115 | 0 | 410 | -1,343 | 0 | 0 | |
| -3,554 | 0 | -3,554 | -115 | 0 | 410 | -1,343 | 0 | 0 |
| 115,186 | 0 | 115,186 | 0 | 0 | 0 | 1,915 | 697 | -2,845 |
The Segment Reporting is part of the notes to the consolidated financial statements.
| Lithography | Substrate Bonder | ||||
|---|---|---|---|---|---|
| in € thousand | 3M/ 2016 | 3M/ 2015 | 3M/ 2016 | 3M/ 2015 | |
| External Sales | 22,210 | 17,436 | 1,570 | 2,149 | |
| Internal Sales | 0 | 0 | 0 | 0 | |
| Total sales | 22,210 | 17,436 | 1,570 | 2,149 | |
| Result per segment (EBIT) | 656 | -1,044 | -1,120 | -1,079 | |
| Income before taxes | 646 | -1,050 | -1,121 | -1,079 | |
| Significant non-cash items | 371 | -1,294 | -140 | -270 | |
| Segment assets | 95,699 | 73,721 | 10,242 | 10,498 | |
| thereof goodwill | 15,679 | 15,802 | 0 | 0 | |
| Unallocated assets | |||||
| Total assets | |||||
| Segment liabilities | -36,349 | -20,048 | -3,000 | -2,833 | |
| Unallocated liabilities | |||||
| Total liabilities | |||||
| Depreciation and amortization | 407 | 482 | 66 | 71 | |
| thereof scheduled | 407 | 482 | 66 | 71 | |
| thereof impairment loss | 0 | 0 | 0 | 0 | |
| Capital expenditure | 345 | 248 | 35 | 30 | |
| Workforce on March 31 | 457 | 428 | 87 | 96 |
| Sales | Capital expenditure | Assets (without goodwill) | |||||
|---|---|---|---|---|---|---|---|
| in € thousand | 3M/ 2016 | 3M/ 2015 | 3M/ 2016 | 3M/ 2015 | 3M/ 2016 | 3M/ 2015 | |
| EMEA | 15,699 | 12,495 | 335 | 670 | 90,655 | 78,454 | |
| North America | 2,665 | 3,864 | 164 | 67 | 26,435 | 20,369 | |
| Asia and Pacific | 9,248 | 10,588 | 18 | 14 | 5,390 | 5,349 | |
| Consolidation effects | 0 | 0 | 0 | 0 | -320 | -549 | |
| Total | 27,612 | 26,947 | 517 | 751 | 122,160 | 103,623 |
| Total | Consolidation effects | Others | Photomask Equipment | ||||
|---|---|---|---|---|---|---|---|
| 3M/ 2015 | 3M/ 2016 | 3M/ 2015 | 3M/ 2016 | 3M/ 2015 | 3M/ 2016 | 3M/ 2015 | 3M/ 2016 |
| 26,947 | 27,612 | – | – | 1,967 | 2,090 | 5,395 | 1,742 |
| 0 | 0 | -1,230 | -1,616 | 1,230 | 1,616 | 0 | 0 |
| 26,947 | 27,612 | -1,230 | -1,616 | 3,197 | 3,706 | 5,395 | 1,742 |
| -2,171 | -1,960 | – | – | -322 | -771 | 274 | -725 |
| -2,229 | -2,454 | – | – | -373 | -1,254 | 273 | -725 |
| -1,690 | 110 | – | – | -100 | -170 | -26 | 49 |
| 119,425 | 137,839 | – | – | 22,276 | 22,100 | 12,930 | 9,798 |
| 15,802 | 15,679 | – | – | 0 | 0 | 0 | 0 |
| 49,798 | 43,198 | ||||||
| 169,223 | 181,037 | ||||||
| -31,588 | -46,287 | – | – | -1,658 | -1,753 | -7,049 | -5,185 |
| -20,276 | -19,564 | ||||||
| -51,864 | -65,851 | ||||||
| 1,029 | 985 | – | – | 430 | 474 | 46 | 38 |
| 1,029 | 985 | – | – | 430 | 474 | 46 | 38 |
| 0 | – | – | 0 | 0 | 0 | 0 | |
| 751 | 517 | – | – | 464 | 123 | 9 | 14 |
| 678 | 708 | – | – | 54 | 61 | 100 | 103 |
of SUSS MicroTec AG as of March 31, 2016
The consolidated financial statements of SUSS MicroTec AG as of December 31, 2015, have been prepared in accordance with the International Financial Reporting Standards (IFRS) applied by the International Accounting Standards Board (IASB) as of the closing date. The consolidated interim financial statements as of March 31, 2016, which were prepared on the basis of International Accounting Standards (IAS) 34 "Interim Financial Reporting," do not contain all of the necessary information as required for the preparation of the Annual Report and should be read in conjunction with the consolidated financial statements of SUSS MicroTec AG as of December 31, 2015. In the interim financial statements as of March 31, 2016, the same accounting methods were applied as in the consolidated financial statements for the 2015 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of March 31, 2016 have been applied.
For additional information about specific accounting and measurement methods, please see the consolidated financial statements of SUSS MicroTec AG as of December 31, 2015.
The Group auditor has neither audited nor reviewed the interim financial statements.
The consolidated financial statements include the financial statements of SUSS MicroTec AG and of all material companies over which, independent of the level of its participatory investment, the proprietary company can exercise control (i.e., the control principle).
Compared with the consolidated financial statements as of December 31, 2015, there were no changes to the scope of consolidation.
SUSS MicroTec has recalled the bank loan for financing the Sternenfels property in March 2016. The outstanding repayment amount of € 3,600 thousand will be paid by June 30, 2016. The loan agreement carries a variable interest rate secured via an interest rate swap with a matching term. The interest rate swap is subject to market changes, which were represented using hedge accounting under accumulated other comprehensive income up until December 31, 2015. With the recall of the bank loan, the hedging relationship between the loan and the interest rate swap was canceled. Therefore, as of March 31, 2016, the whole negative fair value of the interest rate swap, amounting to € 426 thousand, has been recognized directly in profit or loss under financial expense. Other issues influencing assets, liabilities, shareholders' equity, the result for the period, or cash flows and unusual in terms of their nature, magnitude, or frequency did not arise during the interim reporting period.
SUSS MicroTec will no longer report the region of Japan separately due to its diminishing significance relative to other regions. This begins with the first quarter of 2016. Sales generated in Japan, capital expenditure invested there, and assets in Japan will, from now on, be summarized under the Asia-Pacific region.
No further changes in presentation have been made; the presentation of the consolidated financial statements of SUSS MicroTec AG as of March 31, 2016, is analogous to the presentation as of December 31, 2015.
To the extent that estimates were made in the interim reports, the methodology underlying the estimates remained fundamentally the same during the fiscal year and in comparison to the previous fiscal year.
In a departure from the approach used at the end of the fiscal year, income tax expense in each interim reporting period is recorded on the basis of the best estimate of the weighted average annual income tax rate that is expected for the entire fiscal year.
SUSS MicroTec AG currently assumes that the annual income tax rate will deviate from the expected tax rate of approximately 28%. The primary reason for this is that the losses accrued by foreign subsidiaries cannot be capitalized.
Otherwise there are no changes requiring disclosure that would have a material impact on the current interim reporting period.
During the reporting period, no issuances, repurchases, or repayments occurred involving either bonds or other equity securities.
During the reporting period, no dividend was distributed nor was such a distribution proposed.
No material events occurred after the end of the interim reporting period.
There are no contingent receivables. There were no substantial changes in contingent liabilities since the previous reporting date of December 31, 2015.
Basic earnings per share are calculated by dividing the net profit or loss for the period (net of minority interests) by the average number of shares.
In order to calculate diluted earnings per share, the profit or loss for the period attributable to shareholders (net of minority interests) and the weighted average of outstanding shares are adjusted for the impact of all potential dilutive shares.
The following table shows the calculation of the basic and diluted earnings per share:
| in € thousand | 3M/ 2016 | 3M/ 2015 |
|---|---|---|
| Profit/ Loss, which accrues to shareholders of SUSS MicroTec AG |
-2,506 | -2,507 |
| Weighted average number of outstanding shares |
19,115,538 | 19,115,538 |
| Effect of the (potential) exercise of stock options (number of options) |
0 | 0 |
| Adjusted weighted average number of outstanding shares |
19,115,538 | 19,115,538 |
| Earnings per share in € – basic – | -0.13 | -0.13 |
| Earnings per share in € – diluted – | -0.13 | -0.13 |
of SUSS MicroTec Group
Production Sales Other/ Non-operating
| Annual General Meeting 2016, Munich | June 15 |
|---|---|
| Interim Report 2016 | August 5 |
| Nine-Month Report 2016 | November 9 |
Published by SUSS MicroTec AG Edited Finance, Julia Natterer
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 Email: [email protected]
Investor Relations Phone: +49 (0)89-32007-161 Email: [email protected]
Investor Relations, Franka Schielke Concept and design Whitepark GmbH & Co., Hamburg Photos SUSS MicroTec AG, Marek Vogel Translation EnglishBusiness AG, Hamburg
Forward-looking statements: These reports contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based oncurrent plans, estimates, and projections,and should be understood as such. Forwardlooking statements speak only as of the date they are made, and we undertake no obligation to update any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution readers that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement.
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 Email: [email protected]
www.suss.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.