Quarterly Report • May 7, 2015
Quarterly Report
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1 January – 31 March
| in € million | 3M/2015 | 3M/2014 | Change |
|---|---|---|---|
| Business Development | |||
| Order entry | 28.5 | 25.0 | 14.0% |
| Order backlog as of March 31 | 78.8 | 71.4 | 10.4% |
| Total sales | 26.9 | 39.0 | -31.0% |
| Sales margin | -9.3% | 2.8% | -12.1%-points |
| Gross profit | 8.8 | 10.8 | -18.5% |
| Gross margin | 32.7% | 27.7% | 5.0%-points |
| Cost of sales | 18.1 | 28.2 | -35.8% |
| R&D costs | 3.2 | 2.2 | 45.5% |
| EBITDA | -1.1 | 2.5 | – |
| EBITDA margin | -4.1% | 6.4% | -10.5%-points |
| EBIT | -2.2 | 1.5 | – |
| EBIT margin | -8.2% | 3.8% | -12.0%-points |
| Earnings after tax | -2.5 | 1.1 | – |
| Earnings per share (in €) | -0.13 | 0.06 | – |
| Balance sheet and cash flow | |||
| Equity | 117.4 | 110.0 | 6.7% |
| Equity ratio | 69.4% | 65.4% | 4.0%-points |
| Return on equity | -2.1% | 1.0% | -3.1%-points |
| Balance sheet total | 169.2 | 168.1 | 0.7% |
| Net Cash | 31.6 | 31.5 | 0.3% |
| Free cash flow1 | -5.5 | -4.2 | -31.0% |
| Further key figures | |||
| Investments | 0.8 | 0.4 | 100.0% |
| Investment ratio | 3.0% | 1.0% | 2.0%-points |
| Depreciation | 1.0 | 1.0 | 0.0% |
| Employees as of March 31 | 678 | 645 | 5.1% |
1 before consideration of purchase or sale of available-for-sale securities
SUSS MicroTec Quarterly Report 2015
| Foreword | 4 |
|---|---|
| Investor Relations | 6 |
| Business Performance Q1 2015 | 9 |
| Financial Report | 12 |
| Service | 24 |
After a positive performance in the 2014 fiscal year and particularly a strong fourth quarter of 2014, our business activities were subdued at the beginning of 2015, as expected. Various orders that we had anticipated receiving in the first quarter of 2015 had already been placed in the fourth quarter of 2014. Still order entry of EUR 28.5 million in the first quarter of 2015 was within our guidance.
Market forecasts for the current fiscal year are positive overall. For the 2015 fiscal year, Gartner analysts expect another rise in demand in the semiconductor sector. The market should grow by 5.8 percent in 2015. The semiconductor equipment market will grow by approximately 15 percent during the same period, according to estimates of the SEMI industry association. A substantial part of the demand will come from our Asian core markets in Taiwan and South Korea, and the North American region.
As can already be seen in our Q1-figures, we will increase our efforts for research and development in the 2015 fiscal year, in order to quickly market new and innovative products. It is our goal to increase our market share in some areas and on the other hand we want to return to our former margin strengths, especially in the Lithography segment.
In January 2015, we also announced a cooperative agreement with Nuflare Technology, a Japanese equipment manufacturer. Through this cooperation we are strengthening our Photomask Equipment division in a targeted manner. Nuflare has a very good market position in the area of photomask equipment, and we will collaborate on promising technologies and new process solutions in this area.
Michael Knopp Chief Financial Officer of SUSS MicroTec AG
The Supervisory Board of SUSS MicroTec AG has appointed Dr. Per-Ove Hansson to the Management Board of SUSS MicroTec AG. Dr. Hansson assumed the office of Chief Executive Officer on May 1, 2015. He has acquired experience in various strategic and general management positions at leading, globally operating semiconductor capital equipment firms.
Dr. Hansson, a physicist born in Sweden, carried out research for his doctoral dissertation at the Max Planck Institute for Solid State Research in Stuttgart. During his career, he has led numerous new and existing product lines to commercial success. He successfully directed the restructuring of major organizations, leading to significant cost reductions, and helped manage strategic M&A activities.
Walter Braun Chief Operating Officer of SUSS MicroTec AG
Order intake in the first three months 2015 came in at EUR 28.5 million, which is within our guidance of EUR 25–35 million and 14 percent above the previous year. Sales amounted to EUR 26.9 million, which is below the previous year's level of EUR 39.0 million. The main reason was a shift of sales recognition from Q1 2015 into Q4 2014. The Order backlog amounted to EUR 78.8 million (previous year: EUR 71.4 million).
Earnings before interest and tax (EBIT) came in at EUR -2.2 million (previous year: EUR 1.5 million). Earnings after taxes (EAT) amounted to EUR -2.5 million, compared to EUR 1.1 million in the previous year. The basic earnings per share (EPS) totaled -0.13 EUR (previous year: 0.06 EUR).
The free cash flow for the first quarter 2015, before effects of the purchase or sale of interest bearing securities, amounted to EUR -5.5 million (previous year's quarter: EUR -4.2 million). As of March 31, 2015, the SUSS MicroTec-Group has cash and interest bearing securities of EUR 41.6 million. Net liquidity amounted to EUR 31.6 million which is below the level at year end 2014 of EUR 38.0 million (March 31, 2014: EUR 31.5 million).
Taking the order backlog at the end of the first quarter 2015 and the expected order entry for the second quarter 2015 into account, the Company reiterates its guidance for full year sales to come in between EUR 130 million and EUR 140 million. The EBIT is expected to reach the break-even-level.
For the second quarter of the fiscal year 2015 the company expects orders to come in between EUR 30 million and EUR 40 million.
Garching, Germany, May 2015
Michael Knopp Walter Braun
Chief Financial Officer Chief Operating Officer
In early April 2015, the ifo Institute in Munich reported that the eurozone economy was expected to continue to recover further this year. In the first three quarters of 2015, the gross domestic product is expected to grow by 0.4 percent. In the third and fourth quarters of 2014, the growth rate was 0.2 percent and 0.3 percent, respectively. The economy is being stimulated by an upturn in exports as a result of the depreciation of the euro and robust growth in private consumption, which benefits from low energy prices. These generally very positive signals are also being echoed in the European capital markets. Accordingly, after a strong year for stocks in 2014, the German stock market continued to perform well at the beginning of 2015.
The DAX completed the 2014 fiscal year at a closing price of 9,764.73. The index ended the first quarter of 2015 at a level of 11,966.17 points. During the quarter, the leading index of the Deutsche Börse AG had already exceeded the 12,000 point threshold. The continued low level of interest rates and an adequate supply of liquidity in the capital markets make investments in shares attractive. The positive picture continues to be marred by the situation in Ukraine and the tense relationship with Russia.
After a volatile year for stocks in 2014, the SUSS MicroTec share performed well in the first quarter of 2015 and was able to increase from a closing price of 4.88 EUR at January 2, 2015 by 17 percent to 5.72 EUR as of March 31, 2015. Already during the first quarter, the SUSS MicroTec share exceeded the 6 EUR threshold for a short time and was able to increase again in April, after the end of the first quarter, to well over 6 EUR. In the first quarter, the TecDAX was also able to increase by 17 percent and rose to approximately 1,615 points by the end of the quarter. The Prime IG Semiconductor industry index was even able to increase by 25 percent in the first quarter.
The average daily trading volume of SUSS MicroTec shares on the German XETRA and Frankfurt stock exchanges in the first quarter of 2015 amounted to approximately 146 thousand (Q1 2014: average daily trading volume of approximately 89 thousand shares).
SUSS MicroTec AG, indexed TecDAX, indexed Prime IG Semiconductor, indexed
7
8
Business Performance Q1 2015
In the first quarter of the 2015 fiscal year, the Company generated order entry of € 28.5 million. As a result, order volume was approximately 14% 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 € 26.9 million after € 39.0 million in the previous year. The main reason was a shift of sales recognition from Q1 2015 into Q4 2014. The order backlog as of March 31, 2015 amounted to € 78.8 million (March 31, 2014: € 71.4 million).
Earnings before interest and taxes (EBIT) of € -2.2 million were well below the € 1.5 million of the previous year's quarter. Earnings after taxes (EAT) amounted to € -2.5 million, compared to € 1.1 million in the previous year. The basic earnings per share (EPS) totaled € -0.13 (previous year: € 0.06).
Free cash flow for the first quarter of 2015 before consideration of securities sales /purchases amounted to € -5.5 million (previous year's quarter: € -4.2 million). As of March 31, 2015, the SUSS MicroTec Group therefore had cash and interest-bearing securities of € 41.6 million. The net cash position of € 31.6 million was lower than the € 38.0 million as of December 31, 2014 (March 31, 2014: € 31.5 million).
In the first quarter of 2015, the regions of North America and Rest of Asia recorded increases in order entry of 83.3% and 40.7%, respectively. However, order entry in the regions of Europe and Japan declined by 29.5% and 72.2%, respectively.
Regional sales displayed declines in all regions except for Europe in the first quarter of 2015. While the region of North America recorded a decrease of 33.1%, Japan and Rest of Asia experienced declines of 61.2% and 45.4%, respectively. Sales in Europe rose slightly by 0.6%.
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.
In the first three months of the 2015 fiscal year, the Lithography division recorded significant growth in order entry and a slight decrease in sales. Order entry of € 22.7 million was 44.6% above its total of € 15.7 million a year earlier. Division sales in the first quarter of 2015 amounted to € 17.4 million after € 19.8 million in the previous year's quarter. Division earnings decreased from € 1.2 million to € -1.0 million.
| in € million | Q1/2015 | Q1/2014 |
|---|---|---|
| Order entry | 22.7 | 15.7 |
| Division sales | 17.4 | 19.8 |
| Division earnings | -1.0 | 1.2 |
| Net assets | 53.7 | 26.9 |
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 declines in order entry and sales from the same quarter of the previous year. The reason for the significant decline was the termination of production in the Bond Cluster product line in the Permanent Bond Systems area in the fourth quarter 2013. Sales for the first quarter 2014 still include sales of approximately € 6.2 million for the product line, which is closed by now. These sales did not contribute any margin to the first quarter 2014. Order entry declined by 77.4% in the quarterly comparison, while sales decreased in the same period from € 12.0 million to € 2.1 million. Division earnings deteriorated by the end of the quarter to € -1.1 million (Q1 2014: € -0.6 million).
| in € million | Q1/2015 | Q1/2014 |
|---|---|---|
| Order entry | 0.7 | 3.1 |
| Division sales | 2.1 | 12.0 |
| Division earnings | -1.1 | -0.6 |
| Net assets | 7.7 | 10.7 |
The Photomask Equipment division, which is located at the Sternenfels site near Stuttgart, 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 2015, the Photomask Equipment division recorded order entry of € 3.5 million (Q1 2014: € 4.6 million) and slightly lower division sales of € 5.4 million (Q1 2014: € 6.0 million). Division earnings declined to € 0.3 million in the first quarter of 2015 (Q1 2014: € 1.6 million).
| in € million | Q1/2015 | Q1/2014 |
|---|---|---|
| Order entry | 3.5 | 4.6 |
| Division sales | 5.4 | 6.0 |
| Division earnings | 0.3 | 1.6 |
| Net assets | 5.9 | 5.5 |
The Others division comprises Micro-optics activities at the Hauterive, Switzerland, location, as well as the costs for central Group functions that generally cannot be attributed to the main divisions.
Order entry of € 1.6 million did not change substantially compared to the previous year's quarter. Sales increased to € 2.0 million (Q1 2014: € 1.2 million). Division earnings of € -0.3 million were approximately 51% above the level of the first quarter of 2014.
| in € million | Q1/2015 | Q1/2014 |
|---|---|---|
| Order entry | 1.6 | 1.6 |
| Division sales | 2.0 | 1.2 |
| Division earnings | -0.3 | -0.7 |
| Net assets | 20.6 | 19.4 |
of SUSS MicroTec AG
| in €thousand | 01/01/2015–03/31/2015 | 01/01/2014–03/31/2014 |
|---|---|---|
| Sales | 26,947 | 39,016 |
| Cost of sales | -18,148 | -28,237 |
| Gross profit | 8,799 | 10,779 |
| Selling costs | -4,021 | -4,034 |
| Research and development costs | -3,173 | -2,244 |
| Administration costs | -3,394 | -3,395 |
| Other operating income | 1,556 | 950 |
| Other operating expenses | -1,938 | -533 |
| Analysis of net income from operations (EBIT) | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) |
-1,142 | 2,536 |
| Depreciation and amortization of tangible assets, intangible assets and financial assets |
-1,029 | -1,013 |
| Net income from operations (EBIT ) | -2,171 | 1,523 |
| Financial income | 117 | 94 |
| Financial expenses | -175 | -154 |
| Financial result | -58 | -60 |
| Profit / loss before taxes | -2,229 | 1,463 |
| Income taxes | -278 | -339 |
| Net profit / loss | -2,507 | 1,124 |
| thereof equity holders of SUSS MicroTec AG | -2,507 | 1,124 |
| thereof non-controlling interests | 0 | 0 |
| Earnings per share (basic) | ||
| Earnings per share in € | -0.13 | 0.06 |
| Earnings per share (diluted) | ||
| Earnings per share in € | -0.13 | 0.06 |
| in €thousand | 01/01/2015–03/31/2015 | 01/01/2014–03/31/2014 |
|---|---|---|
| Net profit / loss | -2,507 | 1,124 |
| 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 subsequently to profit and loss | ||
| Fair value fluctuations of available for sale securities | -8 | 15 |
| Foreign currency adjustment | 3,798 | -495 |
| Cash flow hedges | 6 | -60 |
| Deferred taxes | 0 | 20 |
| Other comprehensive income after tax for items that will be reclassified to profit and loss |
3,796 | -520 |
| Total income and expenses recognized in equity | 3,796 | -520 |
| Total income and expenses reported in the reporting period | 1,289 | 604 |
| thereof equity holders of SUSS MicroTec AG | 1,289 | 604 |
| thereof non-controlling interests | 0 | 0 |
| Assets in €thousand | 03/31/2015 | 12/31/2014 |
|---|---|---|
| Non-current assets | 45,233 | 44,718 |
| Intangible assets | 4,696 | 4,471 |
| Goodwill | 15,802 | 15,546 |
| Tangible assets | 20,295 | 20,198 |
| Tax refund claims | 50 | 50 |
| Other assets | 616 | 563 |
| Deferred tax assets | 3,774 | 3,890 |
| Current assets | 123,990 | 123,246 |
| Inventories | 67,785 | 58,883 |
| Trade receivables | 10,847 | 13,390 |
| Other financial assets | 512 | 204 |
| Securities | 34,481 | 1,026 |
| Tax refund claims | 519 | 725 |
| Cash and cash equivalents | 7,126 | 47,309 |
| Other assets | 2,720 | 1,709 |
| Total assets | 169,223 | 167,964 |
| Liabilities&Shareholders' Equity in €thousand | 03/31/2015 | 12/31/2014 |
|---|---|---|
| Equity | 117,359 | 116,070 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 117,359 | 116,070 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 96,077 | 98,584 |
| Accumulated other comprehensive income | 2,166 | -1,630 |
| Non-current liabilities | 13,945 | 13,929 |
| Pension plans and similar commitments | 5,037 | 4,751 |
| Provisions | 25 | 29 |
| Financial debt | 8,850 | 9,100 |
| Other financial liabilities | 33 | 49 |
| Current liabilities | 37,919 | 37,965 |
| Provisions | 2,230 | 3,238 |
| Tax liabilities | 1,550 | 1,495 |
| Financial debt | 1,191 | 1,187 |
| Other financial liabilities | 4,733 | 5,807 |
| Trade payables | 5,969 | 3,446 |
| Other liabilities | 22,246 | 22,792 |
| Total Liabilities& Shareholders' Equity | 169,223 | 167,964 |
| in €thousand | 01/01/2015–03/31/2015 | 01/01/2014–03/31/2014 |
|---|---|---|
| Net profit / loss (after taxes) | -2,507 | 1,124 |
| Amortization of intangible assets | 337 | 366 |
| Depreciation of tangible assets | 692 | 647 |
| Profit / loss on disposal of intangible and tangible assets | 0 | 5 |
| Change of reserves on inventories | 2,125 | 722 |
| Change of reserves for bad debts | 23 | 266 |
| Other non-cash effective income and expenses | 889 | -420 |
| Change in inventories | -8,890 | 8,607 |
| Change in trade receivables | 4,517 | -2,373 |
| Change in other assets | -1,372 | -670 |
| Change in pension provisions | 286 | 45 |
| Change in trade payables | 2,081 | -1,804 |
| Change in down payments received | -1,499 | -7,931 |
| Change in other liabilities and other provisions | -1,797 | -2,399 |
| Change of tax refund claims and tax liabilities | 377 | -61 |
| Cash flow from operating activities | -4,738 | -3,876 |
| in €thousand | 01/01/2015–03/31/2015 | 01/01/2014–03/31/2014 |
|---|---|---|
| Disbursements for tangible assets | -453 | -266 |
| Disbursements for intangible assets | -298 | -60 |
| Purchases of current available-for-sale securities | -33,529 | -30,865 |
| Proceeds from redemption of available-for-sale securities | 0 | 1,028 |
| Cash flow from investing activities | -34,280 | -30,163 |
| Repayment of bank loans | -250 | -250 |
| Change in other financial debt | 4 | -3 |
| Cash flow from financing activities | -246 | -253 |
| Adjustments to funds caused by exchange-rate fluctuations | -919 | 4 |
| Change in cash and cash equivalents | -40,183 | -34,288 |
| Funds at beginning of the year | 47,309 | 45,059 |
| Funds at end of the period | 7,126 | 10,771 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 98 | 82 |
| Interest received during period | 31 | 92 |
| Tax paid during the period | 144 | 149 |
| Tax refunds during the period | 274 | 133 |
| in €thousand | Subscribed capital | Additional paid-in capital |
Earnings reserve | Retained earnings |
|---|---|---|---|---|
| As of 01/01/2014 | 19,116 | 97,614 | 433 | -4,076 |
| Net income/ loss | 1,124 | |||
| Total income and expenses recognized in equity | ||||
| Total comprehensive income/ loss | 1,124 | |||
| As of 03/31/2014 | 19,116 | 97,614 | 433 | -2,952 |
| As of 01/01/2015 | 19,116 | 97,614 | 433 | 537 |
| Net income | -2,507 | |||
| Total income and expenses recognized in equity | ||||
| Total comprehensive income/ loss | -2,507 | |||
| As of 03/31/2015 | 19,116 | 97,614 | 433 | -1,970 |
| 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 |
Remeasurements on defined benefit pension plans |
|||
| 109,432 | 0 | 109,432 | 80 | 30 | -342 | -2,425 | 333 | -1,331 |
| 1,124 | 0 | 1,124 | ||||||
| -520 | 0 | -520 | 20 | 15 | -60 | -495 | 0 | 0 |
| 604 | 0 | 604 | 20 | 15 | -60 | -495 | 0 | 0 |
| 110,036 | 0 | 110,036 | 100 | 45 | -402 | -2,920 | 333 | -1,331 |
| 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 |
The Segment Reporting is part of the notes to the consolidated financial statements.
| Lithography | Substrate Bonder | |||
|---|---|---|---|---|
| in €thousand | 3M/2015 | 3M/2014 | 3M/2015 | 3M/2014 |
| External Sales | 17,436 | 19,832 | 2,149 | 11,997 |
| Internal Sales | 0 | 0 | 0 | 0 |
| Total Sales | 17,436 | 19,832 | 2,149 | 11,997 |
| Result per segment (EBIT) | -1,044 | 1,222 | -1,079 | -608 |
| Income before taxes | -1,050 | 1,212 | -1,079 | -609 |
| Significant non-cash items | -1,294 | -316 | -270 | -555 |
| Segment assets | 73,721 | 52,541 | 10,498 | 14,981 |
| thereof Goodwill | 15,802 | 15,314 | 0 | 0 |
| Unallocated assets | ||||
| Total assets | ||||
| Segment liabilities | -20,048 | -25,679 | -2,833 | -4,249 |
| Unallocated liabilities | ||||
| Total liabilities | ||||
| Depreciation and amortisation | 482 | 477 | 71 | 85 |
| thereof scheduled | 482 | 477 | 71 | 85 |
| thereof impairment loss | 0 | 0 | 0 | 0 |
| Capital expenditure | 248 | 207 | 30 | 62 |
| Workforce at 03/31 | 428 | 400 | 96 | 92 |
| Sales | Capital expenditure | Assets (without Goodwill) | |||||
|---|---|---|---|---|---|---|---|
| in € thousand | 3M/2015 | 3M/2014 | 3M/2015 | 3M/2014 | 3M/2015 | 3M/2014 | |
| EMEA | 12,495 | 12,419 | 670 | 308 | 78,454 | 66,039 | |
| North America | 3,864 | 5,780 | 67 | 11 | 20,369 | 14,084 | |
| Japan | 1,899 | 4,892 | 0 | 57 | 1,970 | 2,423 | |
| Rest of Asia | 8,689 | 15,925 | 14 | 4 | 3,379 | 2,061 | |
| Consolidation effects | 0 | 0 | 0 | 0 | -549 | -285 | |
| Total | 26,947 | 39,016 | 751 | 380 | 103,623 | 84,322 |
| Other | Consolidation effects | Total | |||||
|---|---|---|---|---|---|---|---|
| 3M/2015 | 3M/2014 | 3M/2015 | 3M/2014 | 3M/2015 | 3M/2014 | 3M/2015 | 3M/2014 |
| 5,395 | 5,955 | 1,967 | 1,232 | – | – | 26,947 | 39,016 |
| 0 | 0 | 1,230 | 691 | -1,230 | -691 | 0 | |
| 5,395 | 5,955 | 3,197 | 1,923 | -1,230 | -691 | 26,947 | 39,016 |
| 274 | 1,564 | -322 | -655 | – | – | -2,171 | 1,523 |
| 273 | 1,563 | -373 | -703 | – | – | -2,229 | 1,463 |
| -26 | -48 | -100 | -76 | – | – | -1,690 | -995 |
| 12,930 | 11,339 | 22,276 | 20,775 | – | – | 119,425 | 99,636 |
| 0 | 0 | 0 | 0 | – | – | 15,802 | 15,314 |
| 49,798 | 68,425 | ||||||
| 169,223 | 168,061 | ||||||
| -7,049 | -5,865 | -1,658 | -1,411 | – | – | -31,588 | -37,204 |
| -20,276 | -20,821 | ||||||
| -51,864 | -58,025 | ||||||
| 46 | 32 | 430 | 419 | – | – | 1,029 | 1,013 |
| 46 | 32 | 430 | 419 | – | – | 1,029 | 1,013 |
| 0 | 0 | 0 | 0 | – | – | 0 | |
| 9 | 7 | 464 | 104 | – | – | 751 | |
| 100 | 100 | 54 | 53 | – | – | 678 | |
| Photomask Equipment |
of SUSS MicroTec AG as of March 31, 2015
The consolidated financial statements of SUSS MicroTec AG as of December 31, 2014, 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, 2015, 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, 2014. In the interim financial statements as of March 31, 2015, the same accounting methods were applied as in the consolidated financial statements for the 2014 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of March 31, 2015 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, 2014.
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, 2014, there were no changes to the scope of consolidation.
The securities held as available for sale recognized in the statement of financial position include – as in the previous year – corporate and government bonds as well as commercial papers with a term of up to nine months. The securities have been measured at market prices. Any fluctuations in the market price are recognized in accumulated other comprehensive income and therefore do not affect profit and loss.
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.
No changes in presentation have been made; the presentation of the consolidated financial statements of SUSS MicroTec AG as of March 31, 2015, is analogous to the presentation as of December 31, 2014.
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 which 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 which 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, 2014.
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 | Q1/2015 | Q1/2014 |
|---|---|---|
| Profit / loss which accrue to shareholders of SUSS MicroTec AG | -2,507 | 1,124 |
| 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 | 0.06 |
| Earnings per share in € – diluted – | -0.13 | 0.06 |
Sales Production Other /Non-operating
| Shareholders' Meeting, Haus der Bayerischen Wirtschaft, Munich | June 2 |
|---|---|
| Interim Report 2015 | August 6 |
| Nine-month Report 2015 | November 5 |
Published by SUSS MicroTec AG Edited by Finance, Julia Natterer Investor Relations, Franka Schielke
Translation English Business, Hamburg
Concept and Design Whitepark GmbH&Co., Hamburg Photography Creativ Fotostudio Allan Richard Tobis
SUSS MicroTec AG Schleissheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 E-mail: [email protected]
Investor Relations Phone: +49 (0)89-32007-161 E-mail: [email protected]
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. Forward-looking 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 E-mail: [email protected]
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