SUSS MICROTEC INVESTOR PRESENTATION
September 2012
This presentation contains forward-looking statements relating to the business, financial performance and earnings of SUSS MicroTec AG 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 AG. Consequently, actual developments as well as actual earnings and performance may differ materially from those which explicitly or implicitly assumed in the forwardlooking statements. SUSS MicroTec AG does not intend or accept any obligation to publish updates of these forward-looking statements.
TABLE OF CONTENT
I. SUSS MicroTec at a Glance
- II. Products and Markets
- III. Growth Opportunities
- IV. Acquisition of Tamarack Scientific Co. Inc.
- V. Financials
- VI. Outlook
SUSS MICROTEC AT A GLANCE
- SUSS MicroTec: A global leader in semiconductor equipment
- Our equipment and process solutions create the micro structures that build and connect micro electronic devices
- We are focused on high growth market segments: Semiconductors, MEMS, LEDs
Key Data:
- Stock Exchange Symbol: SMHN
- TecDAX
- Share price*: 7.76 €
- Market Cap*: 148 € million
- Net Cash, June 2012: 30.1 € million
* August 31, 2012
MAIN PRODUCTION SITES
Germany
Garching
- SUSS MicroTec HQ
- Development/production:
- Mask Aligner
- Bond Aligner
- Core competencies:
- Exposure (proximity exposure)
- Alignment
Sternenfels
- Development/production :
- Bonder
- Coater and Developer
- Photomask Equipment
- Core competencies:
- Wet processing
- Wafer bonding
USA
Corona
- Development/production:
- Stepper/Scanner
- Laser Processing
- Core competencies:
- Exposure (UV projection lithography)
- Laser Ablation
SUSS MICROTEC – A GLOBAL PLAYER
SALES BY SEGMENT AND REGION H1 2012
TABLE OF CONTENT
I. SUSS MicroTec at a Glance
II. Products and Markets
- III. Growth Opportunities
- IV. Acquisition of Tamarack Scientific Co. Inc.
- V. Financials
- VI. Outlook
SUSS MICROTEC IN THE VALUE CHAIN
- Key player in providing state-of-the-art semiconductor manufacturing equipment
- Development of highly innovative process solutions with industry and R&D partners
- Components for electronic devices like cell phones, PCs and tablet computers are produced on SUSS MicroTec"s equipment
KEY MARKETS
SEGMENTS AND PRODUCTS
11 SUSS MicroTec Investor Presentation
SEGMENTS AND MARKETS
SEGMENTS AND PRODUCTION SITES
- I. SUSS MicroTec at a Glance
- II. Products and Markets
III. Growth Opportunities
- IV. Acquisition of Tamarack Scientific Co. Inc.
- V. Financials
- VI. Outlook
MEGA TRENDS DRIVING THE INDUSTRY
- Global mega-trends drive the microelectronics industry and create long term opportunities
- Digital Lifestyle
- E-Mobility
- Energy efficiency
- Micro chips, MEMS und LEDs are the building blocks for the technological product advancement
- SUSS MicroTec"s focus is to offer development and manufacturing solutions for these components in markets that have a sustainable long term growth perspective
Digital lifestyle
E-mobility
Energy efficiency
SCALING TECHNOLOGIES
- Technical challenges and limitations make it increasingly more difficult and expensive to reduce the feature size of integrated circuits (shrinking)
- Complementary technologies like Wafer Level Packaging (WLP) and 3 Dimensional Chip Stacking (3DIC) circumvent the deficiencies of traditional scaling and allow increasing density and functionality at lower cost
- This extension beyond the conventional shrink roadmap is called "More than Moore"
- Packaging becomes the key enabler for scaling
- Manufacturing value is shifting from silicon to the package
SUSS MicroTec is one of the few companies offering a comprehensive equipment and process solution spectrum for WLP and 3DIC
- SUSS MicroTec's portfolio of equipment addresses fast growing target markets:
- 3D Integration / Advanced Packaging, LED and MEMS
- With its strong market position SUSS MicroTec will benefit from the expected market developments:
- Advanced Packaging (wafer level packaging and flip chip) remains more robust than the overall market, primarily driven by advanced applications for smart phones and tablets
- TSV processes expected to transition to production volume in the years to come
- Compound Semi (LED, MEMS, RF, Optoelectronics, III-V Power) are expected to remain robust based on smartphone and tablet growth and will drive further demand for advanced packaging solutions
Segment growth 2011 - 2016E CAGR ~ 15% (Gartner and industry estimates)
- The further increase in complexity and performance of future semiconductor device generations demands the continuous progress in scaling of these devices
-
SUSS MicroTec"s equipment and process solutions enable the 2-dimensional reduction of feature sizes ("Moore's Law") as well as the 3-dimensional stacking of integrated circuits ("More than Moore")
-
Three product lines under one roof
- Photomask Equipment Coater / Developer Bonder
-
Modern production facility (15,000 m²) with two large clean rooms supporting future business expansion
-
I. SUSS MicroTec at a Glance
- II. Products and Markets
- III. Growth Opportunities
IV. Acquisition of Tamarack Scientific Co. Inc.
- V. Financials
- VI. Outlook
TAMARACK SCIENTIFIC AT A GLANCE
- Tamarack Scientific develops and builds UV projection lithography systems and laser micro-structuring tools
- Tamarack targets the same high growth market segments as SÜSS MicroTec: Advanced Packaging, 3D Integration, MEMS and LED
Key Data:
- Founded 1966, based in Corona, California
- Installed base larger than 1,100 systems
- Revenues FY11/12: app. 10 million €
- 63 employees
- Total purchase price 9.34 million \$ (plus additional variable earn-out component)
STRATEGIC REASONS FOR THE ACQUISITION
Increasing chip performance requires adoption of innovative lithography technologies in the semiconductor backend
Not one technology fits all needs
- Add new and highly complementary product line with the core technologies UV projection lithography and laser micro-structuring
- SUSS MicroTec"s global sales and support structure plus Tamarack"s technology offering enable the expansion of SUSS MicroTec"s lithography footprint
- SUSS MicroTec as a financially strong and globally positioned company can unlock the potential of Tamarack and enable high future growth
EXPOSURE SOLUTIONS
- I. SUSS MicroTec at a Glance
- II. Products and Markets
- III. Growth Opportunities
- IV. Acquisition of Tamarack Scientific Co. Inc.
V. Financials
VI. Outlook
14 QUARTERS BUSINESS DEVELOPMENT
Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012
EBIT, FREE CASH FLOW AND NET CASH DEVELOPMENT
| in € million |
Q2 2012 |
Q2 2011 |
in % |
H1 2012 |
H1 2011 |
in % |
| Order Intake |
41.4 |
32.1 |
29% |
80.4 |
80.4 |
-- |
|
|
|
|
|
|
|
| Order Backlog (06/30) |
-- |
-- |
-- |
107.2 |
109.8 |
-2% |
| Revenue |
36.3 |
52.6 |
-31% |
67.5 |
84.7 |
-20% |
| EBIT |
1.6 |
8.1 |
-80% |
1.5 |
10.6 |
-86% |
| EBIT in % of Sales |
4.4% |
15.4% |
-- |
2.2% |
12.5% |
-- |
| Earnings after tax (cont. operations) |
0.6 |
5.9 |
-90% |
0.4 |
8.3 |
-95% |
| Earnings after tax |
0.6 |
5.9 |
-90% |
1.9 |
8.3 |
-77% |
| EPS in € (basic) |
0.03 |
0.31 |
-90% |
0.10 |
0.44 |
-77% |
| Employees (06/30) |
-- |
-- |
-- |
689 |
632 |
9% |
| in € million |
H1 2012 |
H1 2011 |
| Net profit or loss |
1.9 |
8.3 |
| Cash Flow |
|
|
| from operating activities |
-4.5 |
0.02 |
| Cash Flow |
|
|
|
|
|
| from investing activities |
-18.4 |
-22.0 |
| Free Cash Flow* |
-7.1 |
-2.5 |
| Cash Flow |
|
|
| from financing activities |
-0.6 |
0.01 |
| Cash and cash equivalents |
|
|
| at the end of period |
13.6 |
14.4 |
| Net Cash** |
30.1 |
35.5 |
* before consideration of purchased interest-bearing securities and M&A activities
** incl. stock of interest-bearing securities
SUSS MICROTEC SHARE PRICE DEVELOPMENT
(Price of the SUSS MicroTec Share at December 30, 2011, € 5.63)
Average daily trading volume 2012: 131,000
- I. SUSS MicroTec at a Glance
- II. Products and Markets
- III. Growth Opportunities
- IV. Acquisition of Tamarack Scientific Co. Inc.
- V. Financials
- VI. Outlook
GUIDANCE AND INVESTMENT CASE
| Updated Guidance |
FY 2012:
|
-
Sales between 160 and 170 €
million
-
EBIT between 5 and 10 €
million |
|
|
|
Q3 2012:
|
-
Order Intake 30 –
40 €
million |
|
|
|
|
|
|
|
| Investment Case |
Strong fundamental growth in target markets |
|
|
|
|
Strong competitive positioning:
first or second in the target markets |
|
|
|
|
Leading equipment company in the semiconductor
backend, enabling "Moore"s Law" as well as
"More than Moore" |
|
|
|
|
Significant mid term revenue opportunity |
|
|
|
|
Play active role in the consolidation of the backend |
|
|
|
Franka Schielke
Tel.: +49 (0) 89-32007- 161 Fax.: +49 (0) 89-32007- 451 Email: [email protected]
SÜSS MicroTec AG Schleissheimer Strasse 90 85748 Garching (Munich) Germany www.suss.com
Contact Financial Calendar 2012
| UniCredit/Kepler Investment Conference, Munich |
September 25/26 |
| Baader Investment Conference, Munich |
September 26/27 |
| German Equity Forum, Frankfurt/Main |
November 12 - 14 |
| Nine-month Report 2012 |
November 8 |
Financial Calendar 2013
Cheuvreux German Corporate Conference, Frankfurt/Main January 21
SÜSS MicroTec AG Schleissheimer Str. 90 85748 Garching
www.suss.com