Quarterly Report • Nov 5, 2009
Quarterly Report
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| in 3 million | Change | Change | ||||
|---|---|---|---|---|---|---|
| Statement of income | Q3 /09 | Q3 /08 | in % | 9M/09 | 9M/08 | in % |
| Order entry | 28.6 | 24.8 | 15.3% | 75.7 | 111.2 | -31.9% |
| Order backlog as of 09/30 | – | – | – | 63.4 | 85.7 | -26.0% |
| Sales | 27.0 | 34.6 | -22.0% | 81.3 | 104.3 | -22.1% |
| Sales margin | -1.0% | -48.0% | 47.0%-points | -1.7% | -15.6% | 13.9%-points |
| Gross profit | 9.9 | 0.8 | > 100,0% | 31.2 | 27.8 | 12.2% |
| Gross margin | 36.8% | 2.2% | 34.6%-points | 38.4% | 26.7% | 11.7%-points |
| Costs of sales | 17.1 | 33.8 | -49.4% | 50.0 | 76.4 | -34.6% |
| EBITDA | 1.3 | -2.3 | > 100.0% | 3.2 | 0.4 | > 100.0% |
| EBITDA margin | 4.8% | -6.5% | 11.3%-points | 3.9% | 0.4% | 3.5%-points |
| EBIT | 0.0 | -17.1 | 100.0% | -0.6 | -16.5 | 96.4% |
| EBIT margin | 0.1% | -49.3% | 49.4%-points | -0.8% | -15.9% | 15.1%-points |
| Earnings after tax | -0.3 | -16.6 | 98.2% | -1.4 | -16.3 | 91.4% |
| Basic earnings per share | -0.02 | -0.98 | 98.0% | -0.08 | -0.96 | 91.7% |
| Balance sheet | ||||||
| Equity | – | – | – | 88.6 | 88.1 | 0.6% |
| Equity ratio | – | – | – | 64.1% | 58.0% | 6.1%-points |
| Return on equity | -0.3% | -0.7% | 0.4%-points | -1.6% | -18.5% | 16.9%-points |
| Balance sheet total | – | – | – | 138.3 | 152.0 | -9.0% |
| Net Cash | – | – | – | 15.3 | 1.5 | > 100.0% |
| Free cash flow | 1.7* | -2.6* | > 100.0% | 5.6* | -6.6* | > 100.0% |
| Further key figures | ||||||
| Investments | 0.4 | 1.5 | -73.3% | 2.9 | 7.9 | -63.3% |
| Investment ratio | 1.5% | 4.4% | -2.9%-points | 3.5% | 7.6% | -4.1%-points |
| Depreciation | 1.3 | 14.8 | -91.2% | 3.8 | 17.0 | -77.6% |
| Employees as of 09/30 | – | – | 612 | 705 | -13.2% |
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* before considering of purchased available-for-sale securities
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Foreword by the Management Board
Highlights 2009
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Order entry in the third quarter at 3 28.6 million exceeded the previous year's figure of 3 24.8 million by approximately 15% and even showed another slight increase over the previous quarter. This positive development was primarily caused by the willingness of Asian packaging customers to invest, which has slowly been reviving since mid-year. Sales of 3 27.0 million in the third quarter were at the level of the previous quarter (Q2 2009: 3 27.3 million), but did not reach the comparable figure from the previous year of 3 34.6 million.
While the third quarter of 2009 confirmed hopes of a revival in the semiconductor equipment market in terms of orders, the effects of the weakness of the global economy were still apparent in the nine-month figures. The Company posted significant declines compared with the previous year for both order entry and sales in the first nine months of the year. Order entry at 3 75.7 million fell around 32% short of the comparable figure from the previous year of 3 111.2 million. Sales of 3 81.3 million were about 22% lower than in the same period of the previous year (9M 2008: 3 104.3 million). The order backlog as of September 30, 2009 amounted to 3 63.4 million (September 30, 2008: 3 85.7 million).
Against the backdrop of the cost saving measures carried out early on, earnings before interest and taxes (EBIT) after nine months totaled 3 -0.6 million, thus achieving a nearly balanced overall result. In the previous year, earnings before interest and taxes were affected by extraordinary expenses of 3 18.3 million and totaled 3 -16.5 million after nine months. Earnings after taxes (EAT) amounted to 3 -1.4 million after 3 -16.3 million in the same period of the previous year.
Operating cash flow increased compared to the same period of the previous year from 3-0.6million to 38.5million. For the first nine months, we have reached our goal of generating a positive free cash flow. Before taking into account securities purchases amounting to 3 5.2 million, the free cash flow totaled 3 5.6 million (9M 2008: 3 -6.6 million).
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Michael Knopp and Frank Averdung
and securities of 3 25.3 million. Net liquidity also improved significantly in nine-month comparison from 3 1.5 million to 3 15.3 million. Through conclusion of a sale-and-lease-back agreement over 3 3.0 million for the SAP system implemented in July 2008, the Company was able to further improve its financial strength at the beginning of October.
In the third quarter, we successfully concluded a further research cooperation in the area of 3D integration. In addition to the cooperation projects already in place with industry partners 3M and Thin Materials as well
as the Belgian research center for nano-electronics IMEC, we established a cooperation with the world's leading research institute in the semiconductor industry, the Industrial Technology Research Institute (ITRI) in Taiwan, at the end of September. SUSS MicroTec's entry into the AD-STAC consortium, a multinational association of industry partners led by ITRI, will allow us to further expand our product and process development expertise in the area of 3D integration.
After we had already anticipated at the beginning of the year a significant sales decline compared with the previous year due to the weakness of the global economy, our concrete expectation for the full year is now sales of 3 115 million and a balanced operating result. In addition, we are maintaining our assessment that operational business in 2009 will generate enough free cash flow for the further organic development of the core business.
Garching, Germany, November 2009
Frank Averdung Michael Knopp
Chief Executive Officer Chief Financial Officer
At the end of September, SUSS MicroTec announced its cooperation with one of the world's leading research institutes in the semiconductor industry, the Industrial Technology Research Institute (ITRI) in Taiwan. The cooperation centers on the further development of technologies by ITRI in the field of chip packaging (3D inte-
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gration). Within the scope of the cooperation, the Ad-STAC consortium, a multinational research association of industry partners led by ITRI, will install SUSS MicroTec's 300mm Lithography Cluster LithoPack300 as well as the 300mm Bond Cluster XBC300 in its demo production line in Hsin-Chu, Taiwan. Both systems are intended for the processing of wafers and combine the latest product generation from SUSS MicroTec's 300mm portfolio. Entering into the consortium will allow SUSS MicroTec to expand its expertise in 3D integration with regard to additional process developments.
SUSS MicroTec has developed a new Test System for the electronic testing of three-dimensional structures stacked at the 300mm wafer level and launched this on the market at the beginning of September. The new PA300PS 3D Test System was developed specifically for the field of 3D integration and enables various tests to be carried out during process development. Furthermore, it allows for a performance check to be carried
out following production of the wafer and prior to additional stacking procedures or the final packaging of chips in their housing. The system supplements the Wafer Bonder and Lithography Systems product ranges already manufactured at SUSS MicroTec for the production of threedimensional chip structures.
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The year 2009 is a year of anniversaries: 60 years for the Federal Republic of Germany and 20 years since the fall of the Berlin Wall. This year, SUSS MicroTec celebrates the Company's 60th anniversary and, at the same time, 10 years of being listed on the stock market. To mark the occasion, the Company has begun an anniversary campaign with the theme "Innovative Minds – 60 Years of Engineering Spirit." This campaign takes a look at the Company's successful and eventful history together with its current developments, as well as its activities aimed at sponsoring young scientists. Details of the complete campaign can be found on the Company website at http://www.suss.com/innovative_minds/.
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The Supervisory Board of SUSS MicroTec AG has extended the existing management contract with Michael Knopp, which was set to expire at the end of July 2010, ahead of schedule by an additional five years. In doing so it has expressed its confidence in the work performed by Mr. Knopp (43). The business studies graduate came to SUSS MicroTec AG at the beginning of August 2007 as the Chief Financial Officer and since that time has been responsible for implementing SAP and realizing the restructuring and cost savings measures of the last few years. He will now retain his position with the Company through July 2015.
The SUSS MicroTec share continued its positive development in the third quarter of the current fiscal year. With a closing price of 3 3.56 on September 30, 2009, the share rose by approximately 162% in total since the beginning of the year. In comparison, the Prime IG Semiconductor sector index even gained 295% in the nine-month period under review, while TecDAX, the German share index for the 30 largest technology stocks, only rose by 42% in the same period. The reasons for the positive development
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of the listed companies in the semiconductor industry were, among other things, the higher levels of capacity utilization reported mid-year and the better order entry levels, leading to conclusions that the market will soon recover. 200 300
In the third quarter of 2009, a daily average of 42,398 SUSS MicroTec shares were traded across all German stock exchanges (9M 2009: average 38,324 shares per day). 100
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Price of the SUSS MicroTec share on January 1, 2009: 3 1,36
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| Shares | Options | |
|---|---|---|
| Management Board | ||
| Frank Averdung | 27,500 | 67,500 |
| Michael Knopp | 22,500 | 97,500 |
| Supervisory Board | ||
| Dr. Stefan Reineck | 9,600 | 40,000 |
| Jan Teichert | 0 | 0 |
| Sebastian Reppegather | 0 | 0 |
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Order entry in the third quarter of the current fiscal year at 3 28.6 million not only exceeded the previous year's figure of 3 24.8 million by approximately 15%, but also shows another slight increase over the previous quarter. The positive development was primarily driven by the Coater product line. Sales of 3 27.0 million in the third quarter were at the level of the previous quarter (Q2 2009: 3 27.3 million), but did not reach the figure from the previous year of 3 34.6 million.
While the third quarter of 2009 confirmed hopes of a revival in the semiconductor equipment market in terms of orders, the effects of the global economic weakness were still apparent in the nine-month figures. The Company posted significant declines compared to the previous year for both order entry and sales in the first nine months of the current year. Order entry at 3 75.7 million remained approximately 32% below its comparable figure from the previous year of 3 111.2 million. Sales of 3 81.3 million after nine months were about 22% lower than in the same period of the previous year (9M 2008: 3 104.3 million). The order backlog as of September 30, 2009 amounted to 3 63.4 million (September 30, 2008: 3 85.7 million).
Against the backdrop of the cost saving measures carried out early on, earnings before interest and taxes (EBIT) after nine months totaled 3 -0.6 million, thus achieving a nearly balanced overall result. In the previous year, earnings before interest and taxes were affected by extraordinary expenses of 3 18.3 million and totaled 3 -16.5 million after nine months. Earnings after taxes (EAT) amounted to 3 -1.4 million after 3 -16.3 million in the same period of the previous year. Basic earnings per share (EPS) thus totaled 3 -0.08 (9M 2008: 3 -0.96).
Operating cash flow increased compared with the same period of the previous year, from 3 -0.6 million to 3 8.5 million. The free cash flow before taking into account securities purchases of 3 5.2 million (Q3 2008: 3 4.5 million) totaled 3 5.6 million (9M 2008: 3 -6.6 million). The significant cutback in accounts receivable as well as the curtailment of investing activities had a positive effect here. In total, the SUSS MicroTec Group had liquid assets of 3 25.3 million as of September 30, 2009. The net cash position improved by 3 1.5 million over the figure as of June 30, 2009 to 3 15.3 million as of September 30, 2009 (September 30, 2008: 3 1.5 million).
The analysis of the regional sales distribution shows strong sales declines compared with the previous year in the regions of North America (-33.6%), Rest of Asia (-20.7%), and Europe (-18.5%), while the decline in the Japan region was comparatively moderate at -10.2%.
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The analysis of regional order entry presents an entirely different picture. Here, the Japan region shows the strongest order decline (-60.7%), followed by Europe (-48.6%), and North America (-48.4%). The Rest of Asia region on the other hand shows a 4.6% rise in order entry in nine-month comparison. The positive development in Asia is mainly attributable to the reviving willingness to invest on the part of production customers, particularly those located in Taiwan.
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The Lithography division posted significant declines in both order entry and sales in the first nine months of the 2009 fiscal year. Order entry after nine months amounted to 3 45.5 million, which fell short of the previous year's figure of 3 78.1 million by approximately 42%. At 3 52.9 million, division sales were about 23% lower than in the corresponding period of the previous year. The willingness of Asian packaging customers to invest, which has been reviving since mid-year, left its mark in the third quarter, particularly in stronger demand for Coater. However, this slight improvement was not yet able to offset the weaker development of the division overall as a result of the global economic crisis. The division result fell by 50% to 3 7 million as a result of low sales.
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The Substrate Bonder division improved in terms of both order entry and sales in ninemonth comparison. Order entry after nine months amounted to 3 15.2 million and was approximately 18% higher than the figure of 3 12.9 million for the same period of the previous year. At 3 14.2 million, the division generated sales about 29% higher than in the corresponding period of the previous year (9M 2008: 3 11.0 million). The positive development of the division is a result of the rising importance of bonding equipment in the production process for future three-dimensional chip structures (3D integration) as well as its current, expanded product range. Against this backdrop, the division result improved over the previous year's figure, adjusted for extraordinary effects, from 3 -4.0 million to 3 -1.8 million in 2009.
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The Test Systems division generated order entry of 3 11.8 million in the first nine months of the current year. This is around 26% lower than in the same period of the previous year. Sales amounted to 3 10.6 million and thus fell approximately 42% short of the comparable figure from the previous year (9M 2008: 3 18.4 million). The generally difficult economic environment as well as the competitive situation and the associated pressure on margins are responsible for the division's declining trend. Against this backdrop, the division loss of 3 1.9 million rose by about 58% over the previous year's loss of 3 1.2 million, adjusted for extraordinary effects.
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Along with the Photo Mask and Micro-optics business, the Others division encompasses the holding functions and the C4NP product line. Order entry and sales in this division showed a declining trend in the months of January through September 2009. In ninemonth comparison, order entry fell by 26% to 3 3.2 million (9M 2008: 3 4.3 million). Sales dropped by 18% in the period under review to 3 3.6 million (9M 2008: 3 4.4 million). The Photo Mask business posted a decrease in order entry of approximately 36% to 3 1.8 million (9M 2008: 3 2.8 million). Sales in this business area fell by 21% from 3 2.8 million in the previous year to 3 .2 million in 2009. Order entry for the Micro-optics business declined by 21% in nine-month comparison to 3 1.1 million (9M 2008: 3 1.4 million). At 3 1.1 million, sales did not achieve the figure from the previous year of 3 1.4 million. The division result after nine months improved by 3 3.3 million to 3 -3.9 million, compared with the previous year's adjusted figure of 3 -7.2 million for the same period. The reported result of 3 -20.2 million from the previous year included 3 13.0 million in extraordinary expenses.
in 3 million
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| 07 /01 / 2009 – 09/ 30/ 2009 |
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|---|---|---|
| Continuing | ||
| in T3 | operations | |
| Sales | 27,009 | |
| Cost of sales | -17,069 | |
| Gross profit | 9,940 | |
| Selling costs | -4,910 | |
| Research and development costs | -1,575 | |
| Administration costs | -3,498 | |
| Goodwill Impairment | 0 | |
| Other operating income | 601 | |
| Other operating expenses | -543 | |
| Analysis of net income from operations (EBIT): | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 1,306 | |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,291 | |
| Net income from operations (EBIT) | 15 | |
| Financial income/expense | -18 | |
| Income before taxes | -3 | |
| Income taxes | -275 | |
| Net profit or loss | -278 | |
| Thereof minority interests | -10 | |
| Thereof equity holders of SUSS MicroTec | -268 | |
| Earnings per share | ||
| Basic earnings per share in 3 | -0.02 | |
| Diluted earnings per share in 3 | -0.02 | |
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| 07 /01 / 2008 – 09/ 30/ 2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 34,590 | -69 | 34,659 |
| -33,822 | -113 | -33,709 |
| 768 | -182 | 950 |
| -6,646 | 0 | -6,646 |
| -1,991 | 0 | -1,991 |
| -4,759 | -9 | -4,750 |
| -4,426 | 0 | -4,426 |
| 1,680 | 1 | 1,679 |
| -1,680 | 0 | -1,680 |
| -2,258 | -190 | -2,068 |
| -14,796 | 0 | -14,796 |
| -17,054 | -190 | -16,864 |
| -273 | 0 | -273 |
| -17,327 | -190 | -17,137 |
| 723 | 0 | 723 |
| -16,604 | -190 | -16,414 |
| -23 | 0 | -23 |
| -16,581 | -190 | -16,391 |
| -0.98 | -0.01 | -0.97 |
| -0.98 | -0.01 | -0.97 |
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| 01 /01 / 2009 – 09/ 30/ 2009 |
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|---|---|---|
| in T3 | Continuing operations |
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| Sales | 81,274 | |
| Cost of sales | -50,030 | |
| Gross profit | 31,244 | |
| Selling costs | -15,779 | |
| Research and development costs | -4,400 | |
| Administration costs | -11,478 | |
| Goodwill Impairment | 0 | |
| Other operating income | 2,816 | |
| Other operating expenses | -3,043 | |
| Analysis of net income from operations (EBIT): | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 3,186 | |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-3,826 | |
| Net income from operations (EBIT) | -640 | |
| Financial income/expense | -13 | |
| Income before taxes | -653 | |
| Income taxes | -768 | |
| Net profit or loss | -1,421 | |
| Thereof minority interests | -50 | |
| Thereof equity holders of SUSS MicroTec | -1,371 | |
| Earnings per share | ||
| Basic earnings per share in 3 | -0.08 | |
| Diluted earnings per share in 3 | -0.08 | |
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| 01 /01 / 2008 – 09/ 30/ 2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 104,259 | 2,132 | 102,127 |
| -76,443 | -2,255 | -74,188 |
| 27,816 | -123 | 27,939 |
| -19,774 | -7 | -19,767 |
| -5,583 | 0 | -5,583 |
| -14,258 | -90 | -14,168 |
| -4,426 | 0 | -4,426 |
| 3,051 | 0 | 3,051 |
| -3,373 | -8 | -3,365 |
| 423 | -228 | 651 |
| -16,970 | 0 | -16,970 |
| -16,547 | -228 | -16,319 |
| -331 | 0 | -331 |
| -16,878 | -228 | -16,650 |
| 608 | 0 | 608 |
| -16,270 | -228 | -16,042 |
| -30 | 0 | -30 |
| -16,240 | -228 | -16,012 |
| -0.96 | -0.01 | -0.95 |
| -0.96 | -0.01 | -0.95 |
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
| Assets in T3 |
09/ 30/ 2009 | 12 / 31 / 2008 |
|---|---|---|
| Non-current assets | 46,538 | 48,600 |
| Intangible assets | 14,562 | 15,113 |
| Goodwill | 17,767 | 17,767 |
| Tangible assets | 4,556 | 5,421 |
| Other investments | 5 | 5 |
| Current tax assets | 554 | 573 |
| Other assets | 614 | 664 |
| Deferred tax assets | 8,480 | 9,057 |
| Current assets | 91,717 | 104,960 |
| Inventories | 52,119 | 54,596 |
| Accounts receivable | 11,052 | 23,142 |
| Other financial assets | 687 | 848 |
| Securities | 8,929 | 3,759 |
| Current tax assets | 187 | 298 |
| Cash and cash equivalents | 16,389 | 20,603 |
| Other assets | 2,354 | 1,714 |
| Total assets | 138,255 | 153,560 |
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| Liabilities & shareholders ' equity |
||
|---|---|---|
| in T3 | 09/ 30/ 2009 | 12 / 31 / 2008 |
| Equity | 88,626 | 90,617 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 88,435 | 90,370 |
| Subscribed capital | 17,019 | 17,019 |
| Reserves | 72,948 | 74,142 |
| Accumulated other comprehensive income | -1,532 | -791 |
| Minority interests | 191 | 247 |
| Non-current liabilities | 18,768 | 18,554 |
| Pension plans and similar commitments | 3,027 | 3,026 |
| Provisions | 972 | 902 |
| Financial debt | 9,130 | 9,199 |
| Other financial liabilities | 69 | 0 |
| Deferred tax liabilities | 5,570 | 5,427 |
| Current liabilities | 30,861 | 44,389 |
| Provisions | 2,164 | 3,161 |
| Tax liabilities | 332 | 801 |
| Financial debt | 878 | 5,758 |
| Other financial liabilities | 4,023 | 5,365 |
| Accounts payable | 5,199 | 5,116 |
| Other liabilities | 18,265 | 24,188 |
| Total liabilities and shareholders' equity | 138,255 | 153,560 |
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| in T3 | 01 /01 / 2009 – 09/ 30/ 2009 |
01 /01 / 2008 – 09/ 30/ 2008 |
|
|---|---|---|---|
| Net profit or loss (after taxes) | -1,421 | -16,270 | |
| Amortization of intangible assets | 2,752 | 11,341 | |
| Amortization of goodwill | 0 | 4,426 | |
| Depreciation of tangible assets | 1,074 | 1,203 | |
| Profit or loss on disposal of intangible and tangible assets | 99 | 76 | |
| Change of reserves on inventories | 887 | 1,812 | |
| Change of reserves for bad debts | -393 | 49 | |
| Non-cash stock based compensation | 177 | 435 | |
| Non-cash income from the reversal of provisions | -222 | -59 | |
| Non-cash interest expenses from increase of convertible debt | 0 | 12 | |
| Other non-cash effective income and expenses | 141 | -366 | |
| Change in inventories | 716 | -9,685 | |
| Change in accounts receivable | 12,260 | 2,228 | |
| Change in other assets | -299 | 250 | |
| Change in pension provisions | 1 | 35 | |
| Change in accounts payable | 196 | -1,507 | |
| Change in other liabilities and other provisions | -8,189 | 7,115 | |
| Change of deferred taxes | 720 | -1,673 | |
| Cash flow from operating activities – continuing and discontinued operations |
8,499 | -578 | |
| Cash flow from operating activities – continuing operations |
8,499 | -523 |
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|---|---|---|---|---|---|
| 23 Financial Report Service |
Business Performance | Investor Relations | ighlights | Foreword H | |
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| in T3 | 01 /01 / 2009 – 09/ 30/ 2009 |
01 /01 / 2008 – 09/ 30/ 2008 |
|
|---|---|---|---|
| Disbursements for tangible assets | -371 | -1,534 | |
| Disbursements for intangible assets | -2,494 | -6,360 | |
| Purchases of current available-for-sale securities | -10,102 | -10,524 | |
| Proceeds from sale of current available-for-sale securities | 4,932 | 6,012 | |
| Proceeds from disposal of intangible and tangible assets | 3 | 11 | |
| Proceeds from non-current assets held for sale | 0 | 1,906 | |
| Cash flow from investing activities – continuing and discontinued operations |
-8,032 | -10,489 | |
| Cash flow from investing activities – continuing operations |
-8,032 | -12,395 | |
| Repayment of bank loans | -63 | -684 | |
| Change in current bank liabilities | -4,631 | 2,122 | |
| Change in other financial debt | -112 | -43 | |
| Cash flow from financing activities – continuing and discontinued operations: |
-4,806 | 1,395 | |
| Cash flow from financing activities – continuing operations: |
-4,806 | 1,395 | |
| Adjustments to funds caused by exchange-rate fluctuations | 125 | 374 | |
| Change in cash and cash equivalents | -4,214 | -9,298 | |
| Funds at beginning of the year | 20,603 | 20,092 | |
| Funds at end of the period | 16,389 | 10,794 | |
| Cash flow from operating activities includes: | |||
| Interest paid during the period | 144 | 379 | |
| Interest received during period | 375 | 498 | |
| Tax paid during the period | 557 | 1,982 | |
| Tax refunds during the period | 132 | 470 |
| 01 /01 / 2009 – 09/ 30/ 2009 |
||
|---|---|---|
| in T3 | Continuing operations |
|
| Net profit or loss | -1,421 | |
| Fair value fluctuations of available for sale securities | 329 | |
| Foreign currency adjustment | -688 | |
| Cash flow hedges | -412 | |
| Deferred taxes | 24 | |
| Total income and expenses recognized in equity | -747 | |
| Total income and expenses reported in the reporting period | -2,168 | |
| Thereof equity holders of SUSS MicroTec | -2,112 | |
| Thereof minority interests | -56 | |
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| +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++ 25 Foreword H ighlights Investor Relations Business Performance Financial Report Service +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + |
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|---|---|
| 01 /01 / 2008 – 09/ 30/ 2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| -16,270 | -228 | -16,042 |
| 0 | 0 | 0 |
| 1,383 | 0 | 1,383 |
| 0 | 0 | 0 |
| 0 | 0 | 0 |
| 1,383 | 0 | 1,383 |
| -14,887 | -228 | -14,659 |
| -14,857 | -228 | -14,629 |
| -30 | 0 | -30 |
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| Subscribed | Additional | Earnings reserve |
|---|---|---|
| 17,019 | 92,212 | 433 |
| 435 | ||
| 17,019 | 92,647 | 433 |
| 17,019 | 92,842 | 433 |
| 177 | ||
| 17,019 | 93,019 | 433 |
| capital | paid-in capital |
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| Equity | Minority interests |
Total equity attributable to shareholders of SUSS MicroTec AG |
Accumulated other Com prehensive Income |
Retained Earnings |
|---|---|---|---|---|
| 102,568 | 277 | 102,291 | -2,111 | -5,262 |
| 435 | 435 | |||
| -16,270 | -30 | -16,240 | -16,240 | |
| 1,383 | 1,383 | 1,383 | ||
| 88,116 | 247 | 87,869 | -728 | -21,502 |
| 90,617 | 247 | 90,370 | -791 | -19,133 |
| 177 | 177 | |||
| -1,421 | -50 | -1,371 | -1,371 | |
| -747 | -6 | -741 | -741 | |
| 88,626 | 191 | 88,435 | -1,532 | -20,504 |
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| Lithography | Substrate Bonder | Test systems | ||||
|---|---|---|---|---|---|---|
| in T3 | 9M/ 2009 | 9M /2008 |
9M/ 2009 | 9M /2008 |
9M/ 2009 | 9M /2008 |
| External Sales | 52,872 | 68,359 | 14,207 | 11,006 | 10,633 | 18,355 |
| Internal Sales | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Sales | 52,872 | 68,359 | 14,207 | 11,006 | 10,633 | 18,355 |
| Result per segment (EBIT) | 6,954 | 13,953 | -1,777 | -7,776 | -1,876 | -2,335 |
| Income before taxes | 6,870 | 13,807 | -1,783 | -7,806 | -1,883 | -2,364 |
| Significant non-cash items | 243 | -1,563 | -228 | -2,007 | -53 | -1,034 |
| Segment assets | 49,986 | 67,652 | 28,962 | 29,045 | 11,464 | 16,466 |
| – thereof Goodwill | 13,599 | 13,599 | 0 | 0 | 4,168 | 4,109 |
| Unallocated assets | ||||||
| Total assets | ||||||
| Segment liabilities | -11,765 | -24,433 | -7,544 | -6,408 | -4,677 | -4,087 |
| Unallocated liabilities | ||||||
| Total liabilities | ||||||
| Depreciation and amortisation | 1,471 | 1,695 | 1,264 | 1,520 | 181 | 278 |
| – thereof scheduled | 1,471 | 1,695 | 1,264 | 878 | 181 | 278 |
| – thereof impairment loss | 0 | 0 | 0 | 642 | 0 | 0 |
| Capital expenditure | 779 | 1,848 | 1,686 | 2,289 | 20 | 283 |
| Average workforce during the year | 331 | 358 | 114 | 116 | 132 | 156 |
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| Sales | Capital expenditure | Assets | ||||
|---|---|---|---|---|---|---|
| in T3 | 9M/ 2009 | 9M /2008 |
9M/ 2009 | 9M /2008 |
9M/ 2009 | 9M /2008 |
| Europe | 28,705 | 35,161 | 2,040 | 5,262 | 67,238 | 78,884 |
| North-America | 16,801 | 25,283 | 806 | 2,459 | 29,196 | 37,843 |
| Japan | 9,652 | 10,821 | 12 | 80 | 3,284 | 5,079 |
| Rest of Asia | 26,058 | 32,859 | 7 | 25 | 1,186 | 630 |
| Rest of world | 58 | 135 | 0 | 68 | 0 | 3,272 |
| Consolidation effects | 0 | 0 | 0 | 0 | -848 | -1,653 |
| Total | 81,274 | 104,259 | 2,865 | 7,894 | 100,056 | 124,055 |
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| /2008 9M/ 2009 81,274 – -4,288 0 -4,288 81,274 – -640 – -653 – -448 |
Discontinued Operations (Device Bonder) |
Continiung operations |
Other | |||||
|---|---|---|---|---|---|---|---|---|
| 9M/ 2009 9M |
9M /2008 |
9M/ 2009 | 9M /2008 |
9M/ 2009 | 9M /2008 |
9M/ 2009 | ||
| – | 2,132 | 0 | 102,127 | 81,274 | 4,407 | 3,562 | ||
| -4,018 | 0 | 0 | 4,288 | 4,018 | 4,288 | 4,018 | ||
| -4,018 | 2,132 | 0 | 106,415 | 85,292 | 8,695 | 7,580 | ||
| – | -188 | 0 | -16,359 | -640 | -20,201 | -3,941 | ||
| – | 0 | 0 | -16,878 | -653 | -20,515 | -3,857 | ||
| – | -174 | 0 | -17,450 | -448 | -12,846 | -410 | ||
| – 100,056 |
– | 685 | 0 | 123,370 | 100,056 | 10,207 | 9,644 | |
| – 17,767 |
– | 0 | 0 | 17,708 | 17,767 | 0 | 0 | |
| 38,199 | ||||||||
| 138,255 | ||||||||
| – -28,203 |
– | -786 | 0 | -39,417 | -28,203 | -4,489 | -4,217 | |
| -21,426 | ||||||||
| -49,629 | ||||||||
| – 3,826 |
– | 0 | 0 | 16,970 | 3,826 | 13,477 | 910 | |
| – 3,826 |
– | 0 | 0 | 3,882 | 3,826 | 1,031 | 910 | |
| – 0 |
– | 0 | 0 | 13,088 | 0 | 12,446 | 0 | |
| – 2,865 |
– | 0 | 0 | 7,894 | 2,865 | 3,474 | 380 | |
| – 638 |
0 | 708 | 638 | 78 | 61 | |||
| 0 – |
The consolidated financial statements of SUSS MicroTec AG as of December 31, 2008 were prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and valid as of the balance sheet date. The interim Group financial statements as of September 30, 2009, which have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting", have been drawn up – with exceptions made under point 4 – using the same accounting methods as in the 2008 Group financial statements.
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All interpretations of the International Financial Reporting Interpretations Committee (IFRIC), which are mandatory as of September 30, 2009 have also been applied.
For additional information on the individual accounting methods applied, please refer to the consolidated financial statements of SUSS MicroTec AG as of December 31, 2008.
The interim financial statements were neither audited by the group's auditors, KPMG AG Wirtschaftsprüfungsgesellschaft, nor did they undergo an auditing review.
The financial statements of SUSS MicroTec AG and all of the major companies for which there is a group control option according to the control principle, irrespective of the level of participating interest, are included in the consolidated financial statements. With respect to the consolidated financial statements as of December 31, 2008, there were no changes within the consolidated group.
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|---|---|---|---|---|---|---|---|---|
| 31 | Service | Financial Report | Business Performance | Investor Relations | ighlights | Foreword H | ||
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+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++
In the interim period under review, SUSS MicroTec AG increased its balance of available for sale securities in an amount of 5.2 million 3. The securities concerned are corporate and government bonds bearing fixed interest. The securities purchased are all with an investment grade rating. The securities have been measured at fair value. Any fluctuations in the market price are recorded under equity in other comprehensive income and therefore do not affect profit and loss. In the first nine month of the prior year SUSS MicroTec AG purchased available for sale securities in an amount of 4.5 million 3.
In the first nine months of the prior year, SUSS MicroTec AG converted further portions of its intragroup foreign currency loans to Suss MicroTec Inc. into loans with an indefinite term. In accordance with IAS 21, instead of presenting the effects from the measurement as at the balance sheet date in the income statement, the company now presents them in other comprehensive income. Furthermore, SUSS MicroTec AG converted a portion of the existing indeterminate loan to Suss MicroTec Inc. into equity. The debt-/equity-ratio is such as to optimise the tax deductibility of the interest expense at this company.
There were in the interim reporting period no other events or matters affecting assets, debts, equity, period result or cash flow that were unusual in terms of their nature, extent or frequency.
In the prior year, the SUSS MicroTec Group had completed its processing of the remaining orders in the Device Bonder Segment, which had been sold, and is no longer engaged in any activities in this segment. Consequently there is no longer any breakdown of the quarterly figures into continuing and discontinued activities of the Group.
In contrast to the presentation in the consolidated financial statements as at December 31, 2008, in the interim reporting period SUSS MicroTec AG has, for the first time, applied hedge accounting for interest swaps. The interest swaps date from 2007 and were concluded as a hedge for the variable interest promissory notes. Instead of being recognised in the income statement, changes in market value are now shown under other comprehensive income. The change in market value of the interest swaps in the interim period amounted to minus 0.4 million 3. After consideration of deferred taxes, comprehensive income decreased by 0.3 million 3.
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In order to comply in this interim report with the requirements of IFRS 8 Segment Reporting, which has been mandatory since January 1, 2009, the segment reporting contains for the first time a statement of the pre-tax result per segment. This enables the sum of the segment results to be reconciled with the overall consolidated result before tax.
Already in the prior year a slight adjustment has been made in the determination of the segment result, which also contains income and expenses from the translation of foreign currency and from disposals of assets. In total, the results of the segments now correspond to the operating result, i.e. EBIT, of the Group. In the interim period of the prior year the total difference between former and modified determination of the segment result was attributed to the segment "Other". In the meantime the exact attribution to the individual segment is possible. The presentation of prior year has been adjusted accordingly.
If estimates were made within the scope of the interim reporting, they shall remain essentially unchanged in methodology within the fiscal year and in the fiscal year comparison.
In contrast to the method of approach at year-end, the 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 expected for the entire fiscal year.
SUSS MicroTec AG currently assumes that the expected tax rate will differ from the income tax rate of about 28%. The main reason for this difference is, that tax losses of foreign affiliates can not be capitalized as deferred tax asset.
Furthermore, there were no changes subject to reporting requirements that have a significant impact on the current interim reporting period.
No issues, buybacks or repayments were effected during the reporting period, either for debenture bonds or for other equity securities.
No dividends were paid out or proposed for disbursement during the reporting period.
Effective from October 1,2009 SUSS MicroTec entered into a sale-and-lease-back agreement for its SAP-Software, which was going live in July 2008. The agreed purchase price of 3.0 million 3 was transferred to SUSS MicroTec AG in the first half of October. The lease contract has a duration of 40 months.
There were no further significant events subject to reporting requirements after the close of the interim reporting period.
There are no contingent claims. There were no significant changes in contingent liabilities with respect to the reporting time frame of December 31, 2008.
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The undiluted earnings per share are determined by dividing the net income for the period accruing to the shares (after minority interests) by the average number of shares.
To determine the diluted earnings per share, the profit for the period to be attributed to the shareholders (after minority interests), as well as the weighted average of the shares in circulation, must be adjusted for the effects of all potentially diluting shares.
The subscription rights issued for shares in the Company were not taken into consideration in computing the diluted earnings, since their inclusion would lead to a negative dilution effect.
The Group was affected in the interim period under review by the disclosure obligations relating to business relationships with the former chairman of the supervisory board. The former chairman of supervisory board, Dr. Richter was also the Chief Executive Officer of Thin Materials AG, which is domiciled in Eichenau. SUSS MicroTec AG entered into a cooperation agreement with this company in the interim period. The contract governs the collaboration of the two enterprises in the area of thin wafer processing. In this connection, SUSS MicroTec AG acquired intellectual property (IP) and know-how for 0.9 million 3 in the area of thin wafer handling. The capitalised IP will be amortised over five years. Dr. Richter resigned prematurely from his position as Chairman of the Supervisory Board at the conclusion of the shareholders' meeting on June 24, 2009.
| +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++ | ||||||
|---|---|---|---|---|---|---|
| 35 Service |
Financial Report | Business Performance | Investor Relations | ighlights | Foreword H | |
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| +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++ |
| German Equity Forum, Frankfurt | November 09– 11, 2009 |
|---|---|
| MKK Munich Capital Conference, Munich | December 08, 2009 |
| Annual Report 2009 | March 30, 2010 |
| Quarterly Report 2010 | May 06, 2010 |
| Shareholders' Meeting, Haus der Bayerischen Wirtschaft, Munich | June 23, 2010 |
| Interim Report 2010 | August 05, 2010 |
| Nine-month Report 2010 | November 04, 2010 |
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| 37 Financial Report Service |
Investor Relations Business Performance |
ighlights | Foreword H | |
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| Published by: | SUSS MicroTec AG |
|---|---|
| Edited by: | Investor Relations, Finance |
| Concept and design: | IR-One AG & Co., Hamburg, www.ir-1.com |
| Printer: | BluePrint Group, Munich |
| Translation: | EnglishBusiness GbR, Hamburg |
Investor Relations Fon: +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 on current 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 forwardlooking statement.
SUSS MicroTec AG Schleißheimer Strasse 90 85748 Garching, Germany Fon: +49 (0)89-32007-0 e-Mail: [email protected]
www.suss.com
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