Quarterly Report • Aug 6, 2009
Quarterly Report
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| in 3 million | Q2 /09 | Q2 /08 | Change in % |
6M/09 | 6M/08 | Change in % |
|---|---|---|---|---|---|---|
| Statement of income | ||||||
| Order entry | 27.1 | 42.6 | -36.4% | 47.1 | 86.5 | -45.5% |
| Order backlog as of 06/ 30 | – | – | – | 62.3 | 92.2 | -32.4% |
| Sales | 27.3 | 34.4 | -20.6% | 54.3 | 69.7 | -22.1% |
| Sales margin | -0.3% | -1.9% | 1.6%-points | -2.1% | 0.5% | -2.6%-points |
| Gross profit | 10.4 | 12.5 | -16.8% | 21.3 | 27.0 | -21.1% |
| Gross margin | 38.1% | 36.2% | 1.9%-points | 39.3% | 38.8% | 0.5%-points |
| Costs of sales | 16.9 | 21.9 | -22.8% | 33.0 | 42.6 | -22.5% |
| EBITDA | 1.4 | 0.0 | > 100.0% | 1.9 | 2.7 | -29.6% |
| EBITDA margin | 5.1% | 0.0% | 5.1%-points | 3.5% | 3.8% | -0.3%-points |
| EBIT | 0.2 | -1.1 | > 100.0% | -0.7 | 0.5 | < -100.0% |
| EBIT margin | 0.8% | -3.3% | 4.1%-points | -1.2% | 0.7% | -1.9%-points |
| Earnings after tax | -0.1 | -0.7 | 85.7% | -1.1 | 0.3 | < -100.0% |
| Basic earnings per share | 0.00 | -0.04 | 100.0% | -0.07 | 0.02 | < -100.0% |
| Balance sheet | ||||||
| Equity | – | – | – | 89.9 | 102.0 | -11.9% |
| Equity ratio | – | – | – | 62.8% | 63.8% | -1.0%-points |
| Return on equity | -0.1% | -0.7% | 0.6%-points | -1.3% | 0.3% | -1.6%-points |
| Balance sheet total | – | – | – | 143.1 | 159.9 | -10.5% |
| Net Cash | – | – | – | 13.8 | 3.5 | > 100.0% |
| Free cash flow | 2.1* | -6.5 * | > 100.0% | 4.0* | -3.9* | > 100.0% |
| Further key figures | ||||||
| Investments | 0.6 | 3.4 | -82.4% | 2.5 | 6.4 | -60.9% |
| Investment ratio | 2.1% | 10.0% | -7.9%-points | 4.5% | 9.2% | -4.7%-points |
| Depreciation | 1.2 | 1.1 | 9.1% | 2.5 | 2.2 | 13.6% |
| Employees as of 06/ 30 | – | – | – | 623 | 717 | -14.9% |
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* before considering of purchased available-for-sale securities
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Foreword by the Management Board
Highlights 2009
the second quarter of the current fiscal year continued to reflect the impact of the ongoing global financial and economic crisis. The order entry of EUR 27.1 million in the second quarter of 2009 was 36.4% below the comparable figure from the previous year of EUR 42.6 million. However, compared to the first quarter 2009 order entry in the second quarter grow by 35.5%. The sales for the second quarter of 2009 exceeded the first quarter figures slightly by reaching EUR 27.3 million, but did not come close to the previous year's value of EUR 34.4 million.
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The interim report paints a similar picture for the SUSS MicroTec Group. In the first six months of the year, the Company experienced decreases in both order entry and sales in comparison to the first six months of the previous year. The order entry between January and June of 2009 amounted to EUR 47.1 million after having reached EUR 86.5 million in the previous year. Sales came in at EUR 54.3 million, which, as expected, was below the reference value of EUR 69.7 million from last year. The order backlog amounted to EUR 62.3 million as of June 30, 2009 (June 30, 2008: EUR 92.2 million).
In comparison to the corresponding period of the previous year, the gross profit in the first half of 2009 decreased by EUR 5.7 million to EUR 21.3 million (first six months of 2008: EUR 27.0 million). However, the gross profit margin improved slightly from
| Foreword | Highlights | Investor Relations | Interim Management Report | Interim Financial Statements | Service | 3 |
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Michael Knopp and Frank Averdung
an efficient adjustment in production capacities. As a result of the implemented cost-reduction measures, we have also been successful in limiting the earnings before interest and taxes (EBIT) loss in the first half year to EUR 0.7 million (first six months of 2008: a positive EUR0.5million). The earnings after taxes (EAT) amounted EUR -1.1 million, which was approximately EUR 1.4 million below the previous year's value (first six months of 2008: EUR 0.3 million).
Cash flow from operating activities increased in the half-year comparison from EUR 1.0 million to
EUR 6.4 million. Our goal of generating a positive free cash flow was clearly achieved in the first half of 2009. Before considering securities purchases amounting to EUR 4.1 million, the free cash flow amounted to EUR 4.0 million (first six months of 2008: EUR -3.9 million). In total, this gave the SUSS MicroTec Group liquid assets and securities amounting to EUR 26.1 million. The net liquidity also improved significantly in the half-year comparison from EUR 3.5 million to EUR 13.8 million.
Of strategic importance is the conclusion of three development partnership agreements in the field of 3D integration. The new industry and research development partners include 3M, Thin Materials AG, and the Belgian research center for nanoelectronics, IMEC. The focal point of these cooperative projects is the development of trendsetting bonding and debonding processes as well as the manufacture of vertical contacts within 3D chip structures (through silicon vias).
Moreover, we strengthened our presence in Asia as of July 1, 2009, while also reorganized our local sales organization. We established a common sales branch for all product lines (Aligner, Bonder, Coater, Test Systems) by consolidating the SUSS MicroTec Test Systems sales office in Singapore with the sales office in Bangkok, which was responsible for the coordination of the Lithography and Bonder solution sales and service activities in Asia.
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Some personnel changes were also made to the Management and Supervisory Boards in the second quarter. To begin, Mr. Christian Schubert's contract as an interim member of the SUSS MicroTec AG Management Board ended as planned on May 31, 2009. Thanks to his active support, we were able to achieve significant increases in procurement efficiency in a short period of time. We would like to sincerely thank Mr. Schubert for the excellent collaboration based on mutual trust during his eight months of service and wish him all the best in his future endeavors. Furthermore, as was announced prior to the shareholders' meeting, Dr. Richter resigned prematurely from his position as Chairman of the SUSS MicroTec AG Supervisory Board at the conclusion of the shareholders' meeting on June 24, 2009. Mr. Sebastian Reppegather was named his successor for the remainder of the original term of office on the Company's Supervisory Board.
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| Foreword | Highlights | Investor Relations | Interim Management Report | Interim Financial Statements | Service | 5 |
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The second half of the 2009 fiscal year will also be characterized by the global economic weakness. Although several market observers believe a 2009 recovery of the global semiconductor market is still possible, we are assuming that the 2009 fiscal year will be difficult and will lead to a clear decline in sales in comparison to the previous year. Nevertheless, we are confident that we will be able to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in the current fiscal year. We also maintain our assessment that the operational business in 2009 will generate sufficient free cash flow for the continued organic development of our core business.
Garching, Germany, August 2009
Frank Averdung Michael Knopp Chief Executive Officer Chief Financial Officer
In the second quarter, SUSS MicroTec announced agreements with three development partners in the field of 3D integration. These new industry and research development partners include 3M, Thin Materials AG, and the Belgian research center for nanoelectronics, IMEC. The focal points of these cooperative projects are permanent and temporary bonding and de-bonding processes for
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the 3D integration future market as well as the manufacturing of TSVs (through silicon vias). Thanks to its modular design and process flexibility, the SUSS MicroTec XBC300 Production Wafer Bonder is perfectly suited for the implementation of the three different process solutions. These cooperative ventures provide an optimum enhancement to the Company's 3D strategy and go hand in hand with the goal of being able to provide a 3D integration Bonder platform featuring a process solution perfectly tailored to SUSS MicroTec's customers' needs.
Nemotek Technologies, the global leader in the manufacture of customized wafer-level cameras for mobile applications, has decided to acquire numerous SUSS MicroTec lithography systems. In addition to a 200mm Production Mask Aligner, the package includes systems for coating, baking, and development. SUSS MicroTec's tools are to be used in the manufacture of image sensors for Nemotek's wafer-level packaging
(WLP) and wafer-level optics (WLO) services and have already been successfully installed at the Technopolis Park in Rabat, Morocco.
With the patented MO Exposure Optics, SUSS MicroTec has introduced a new illumination system for all manual and automated SUSS MicroTec Mask Aligner generations to the market. The optical technology is based on high-quality micro-optics (microlens arrays) and enables improved resolution and depth of focus as well as excellent mask illumination uniformity and flexible illumination angle adjustment for the user. MO Exposure Optics were developed exclusively for SUSS MicroTec Mask Aligner lithography applications by the subsidiary company SUSS MicroOptics, a globally leading provider of high-quality micro-optics for
illumination, lasers, fiber optics, measurement engineering, vision, and medical engineering. The new illumination system is already available on the market. Manual and automated Mask Aligner systems that are currently in operation can be upgraded on site.
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SUSS MicroTec Test Systems has introduced the new 1MXTM technology for its line of on-wafer RF probes, the |Z| Probe®. The inspection of high-frequency and microwave components at the wafer level is an especially sophisticated application. Thanks to an optimized design, the new 1MXTM technology enables a decrease in signal breakdowns and reflections as well as reducing cross-talk to a minimum. In
addition, the sturdy construction of the |Z| Probe® on-wafer RF probe guarantees an unsurpassed lifespan of one million contacts as well as excellent contact quality, reliability, and reproducibility. For these reasons, the |Z| Probe® range is particularly suitable for HF testing at the wafer level in development and production environments.
Approximately 120 shareholders, bank representatives, and guests accepted the Company's invitation to attend this year's ordinary shareholders' meeting on June 24, 2009 at Haus der Bayerischen Wirtschaft in Munich, Germany. A total of approximately 6.4 million voting shares (37.7%) were represented.
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In his statement of accounts-expenses, Chief Executive Officer Frank Averdung reported the results of the past fiscal year and the first quarter of 2009. Of primary importance were the extraordinary expenses accrued in the 2008 fiscal year as well as the restructuring and cost-reduction measures that were already conducted as of midyear. Furthermore, the Management Board extensively presented the Company's product strategic orientation for the years to come. The Board put special emphasis on the future potential and opportunities in the field of 3D integration, a future market in wafer-level packaging.
Aside from the agenda item on the creation of a new contingent capital and the issuance of convertible and/or optional bonds, the shareholders' meeting approved the resolutions suggested by management by a great majority. With that, the SUSS MicroTec AG Management and Supervisory Boards were also discharged of liability by a great majority. The countermotions submitted by the shareholders were rejected by the majority of the votes.
In addition, Mr. Sebastian Reppegather was elected as successor to Dr. Franz Richter, who had been active in his post on the Supervisory Board since June 19, 2008. Mr. Reppegather shall complete the rest of Dr. Richter's original term as a member of the SUSS MicroTec AG Supervisory Board. Mr. Reppegather is managing director of IED Beteiligungs-GmbH, Frankfurt am Main, as well as an investment director for Fidinam S.A., Lugano, Switzerland. Furthermore, Mr. Reppegather is on the Board of Directors of Sterling Strategic Value Limited, Tortola, British Virgin Islands. At the constituent meeting that took place upon conclusion of the shareholders' meeting, the Supervisory Board elected Dr. Stefan Reineck as its new Chairman and Mr. Jan Teichert as Deputy Chairman.
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The SUSS MicroTec share began the 2009 fiscal year with a share price of EUR 1.36 and has followed a pleasing development course since the beginning of the year. With a closing price of EUR 2.93 on June 30, 2009, the share has risen by a total of 215% since the beginning of the year and developed clearly better than its benchmark index the TecDAX (+123%). The share's trading volume once again showed distinct improvement in the second quarter. SUSS MicroTec has been successful in generating bids for these shares based especially on the strength of the 3D integration development cooperation agreements concluded in the second quarter of 2009 as well as its solid financial situation. In the second quarter of 2009, an average of 46,972 SUSS MicroTec shares were traded per day on all German stock exchanges (Q1 2009: 25,544 shares). 150 200 250
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| Sterling Strategic Value Ltd. | 20.07% |
|---|---|
| Falcivest SCS | 3.02% |
| Süss SCS | 7.53% |
| Others less than 3% | 69.38% |
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| Shares | Options | |
|---|---|---|
| Management Board | ||
| Frank Averdung | 27,500 | 67,500 |
| Michael Knopp | 22,500 | 97,500 |
| Christian Schubert* | 0 | 0 |
| Supervisory Board | ||
| Dr. Franz Richter** | 101,040 | 0 |
| Dr. Stefan Reineck | 9,600 | 40,000 |
| Jan Teichert | 0 | 0 |
| Sebastian Reppegather*** | 0 | 0 |
* Member of the Management Board until May 31, 2009
** Member of the Supervisory Board until June 24, 2009
*** Member of the Supervisory Board since June 24, 2009
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The second quarter of the current fiscal year continued to reflect the impact of the ongoing global financial and economic crisis. Order entry of EUR 27.1 million in the second quarter of 2009 was approximately 36.4% below the comparable figure of EUR 42.6 million from the previous year. Sales in the second quarter of 2009 amounted to EUR 27.3 million after having been EUR 34.4 million in the corresponding quarter of the previous year (-20.6%).
The Interim Report paints a similar picture for the SUSS MicroTec Group. Order entry of EUR 47.1 million for the first six months of 2009 did not come close to the comparable figure from the previous year of EUR 86.5 million. Sales in the first six months amounted to EUR 54.3 million and, as expected, came in below their reference value of EUR 69.7 million. Order backlog totaled EUR 62.3 million as of June 30, 2009 (June 30, 2008: EUR 92.2 million).
In comparison to the corresponding period of the previous year, gross profit in the first half of 2009 decreased by EUR 5.7 million to EUR 21.3 million (first six months of 2008: EUR 27.0 million). However, the gross profit margin slightly improved from 38.8% in the previous year to 39.3%. This was due to an efficient adjustment in production capacities. As a result of the implemented cost-reduction measures, the company have also successfully limited the earnings before interest and taxes (EBIT) loss in the first half year to EUR 0.7 million (first six months of 2008: a positive EUR 0.5 million). After six months, earnings after taxes (EAT) amounted to EUR -1.1 million, which was around EUR 1.4 million below the previous year's value (first six months of 2008: EUR 0.3 million). Basic earnings per share (EPS), thus, amount to EUR -0.07 (first six months of 2008: EUR 0.02).
The cash flow from operating activities increased in the half-year comparison from EUR 1.0 million to EUR 6.4 million. The goal of generating a positive free cash flow was clearly achieved in the first six months of 2009. Before consideration of available-for-sale securities purchases amounting to EUR 4.1 million, the free cash flow amounted to EUR 4.0 million (first six months of 2008: EUR -3.9 million). The significant reduction in accounts receivable as well as the decrease in investing activities had a positive effect. In total, this gave the SUSS MicroTec Group liquid assets and securities amounting to EUR 26.1 million. The net cash position clearly improved in the half-year comparison from EUR 3.5 million to EUR 13.8 million.
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Regional observations show that all regions reported significant sales declines in the half-year comparison. These declines were comparably moderate in the regions of
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Europe (-11.9%) and Japan (-6.9%). The regions of North America (-40.5%) and Rest of Asia (-26.0%) recorded significant losses.
Regional order entry distribution has also proven to be predominantly homogenous. The most strongly reduced order rates were in Japan (-71.3%), which came in ahead of Europe (-51.3%), North America (-49.2%), and Rest of Asia (-32.4%).
In the first six months of the fiscal year, the Lithography division achieved sales of EUR 36,0 million, remaining approximately 15,9% below the previous year's corresponding value of EUR 42.8 million. In what has been a financially difficult first six months of the 2009 fiscal year, order entry amounted to EUR 26.4 million, falling short of the comparative value of the previous year (first six months of 2008: EUR 63.1 million) by approximately 58,2%. Division earnings during the period under review fell by 36,6% to EUR 4.5 million (first six months of 2008: EUR 7.1 million).
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Despite the difficult market environment, the Substrate Bonder division was able to achieve sales of EUR 8.7 million, which were on the same level as the previous year (first six months of 2008: EUR 8.7 million). Order entry increased by 38,6% to EUR 11.5 million in comparison to the first six months of the previous year (first six months of 2008: EUR 8.3 million). As a result of margin pressure, earnings decreased to EUR -1.3 million (first six months of 2008: EUR -1.0 million).
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In the first six months of the 2009 fiscal year, the Test Systems division achieved sales of EUR 7.2 million, approximately 43,3% below the comparative value of the corresponding previous year (first six months of 2008: EUR 12.7 million). The half-year comparison shows order entry decreasing by 39,5% to EUR 7.2 million (first six months of 2008: EUR 1.9 million). Earnings were still slightly negative at EUR -0.8 million, but improved on the comparable value of the previous year by EUR 0.3 million (first six months of 2008: EUR -1.1 million).
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The Others division, which includes the Photo Masks, Micro-optics, and C4NP business lines as well as the holding functions, witnessed regressive development in both sales and order entry in the half-year comparison. Order entry dropped by 37,5% to EUR 2.0 million (first six months of 2008: EUR 3.2 million). Sales in the first six months fell from EUR 3.2 million in 2008 to EUR 2.3 million in the current fiscal year. In a six month comparison, the Photo Masks business line showed a decline of 30,0% to EUR 1.4 million for both order entry and sales (first six months of 2008: EUR 2.0 million). The Micro-optics business line underwent a similar development. Both order entry and sales decreased from EUR 1.0 million as of midyear 2008 to EUR 0.7 million by June 30, 2009.
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The global economic and financial crisis has taken its toll on the SUSS MicroTec Group while bringing with it an expected decline in sales. After having achieved sales of EUR 69.7 million over the same period last year, the Group achieved sales of EUR 54.3 million in the first six months of the 2009 fiscal year, a decline of approximately 22,1%. As a result of staff reduction and additional restructuring and cost-saving measures, the Group was successful in limiting the EBIT loss in the first six months to EUR 0.7 million (previous year: a positive EUR 0.5 million). In the second quarter, the Group was able to achieve a similar sales rate as in the first quarter and, thus, a positive EBIT of EUR 0.2 million (previous year: EUR -1.1 million). After six months, earnings after taxes were EUR -1.1 million, whereas a profit of EUR 0.3 million was attained in the previous year.
Aside from the Substrate Bonder division, which was able to post a slight increase in sales, each area of the Group was affected by weak sales. The clearest sales decline was experienced by the Test Systems division, which saw its sales decrease from EUR 12.7 million in the previous year to EUR 7.2 million in the half-year comparison.
Compared to the same period last year, gross profit declined by EUR 5.7 million and amounted to EUR 21.3 million in the first six months. In contrast, the gross profit margin increased slightly from 38.8% in the previous year to 39.3%. This stable gross profit margin was the result of efficient production capacity adjustment, which helped to avoid underutilization.
As a result of restructuring and cost-saving measures, we were able to reduce administrative and sales costs from EUR 22.6 million in the previous year to EUR 18.8 million. The total reduction of EUR 3.8 million is broken down to savings of EUR 2.3 million in sales and EUR 1.5 million in administration. Research and development expenses declined by EUR 0.8 million and ultimately amounted to EUR 2.8 million in the first six months.
After a slightly negative financial performance of EUR -0.1 million in the previous year, the SUSS MicroTec Group achieved a stable financial performance in the first six months of the 2009 fiscal year. The interest payable from the promissory note bonds and from the utilization of a credit line in Japan were offset with interest earned from securities held as well as profit from the sale of securities.
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In the first half of the 2009 fiscal year, a tax expense of EUR 0.5 million was posted, despite the negative earnings before taxes. In essence, this is contingent upon there being no deferred tax assets applicable for the accrued losses of foreign subsidiaries.
In the first six months of the 2009 fiscal year, the SUSS MicroTec Group was able to expand its net cash position – the balance of liquid assets, securities, and financial liabilities – to EUR 13.8 million. When compared to December 31, 2008, this represents an increase of EUR 4.4 million.
As such, we were able to achieve our goal of generating a positive free cash flow in the first six months of the 2009 fiscal year. Before considering available-for-sale securities purchases, free cash flow amounted to EUR 4.0 million after having achieved a free cash flow of EUR -3.9 million in the same period last year. This clear improvement of the free cash flow resulted partially from the high influx of funds from operating activity amounting to EUR 6.4 million (previous year: EUR 1.0 million). Most notable in achieving this result was significant reduction in accounts receivable, which led to cash proceeds of EUR 11.5 million in the first six months of the 2009 fiscal year. In addition, capital expenditure was significantly reduced as a result of the applicable budget trimming. Before consideration of securities purchases amounting to EUR 4.1 million (previous year: EUR 7.5 million), cash flow from investment activities amounted to EUR 2.4 million in the first six months of the 2009 fiscal year after EUR 4.9 million was spent in the same period last year.
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The largest portion of the capital expenditure amounted to EUR 2.3 million (previous year: EUR 5.1 million) for intangible assets. On top of the expenditure for Group development projects in the Lithography and Substrate Bonder divisions in the previous year, the first six months of the 2009 fiscal year also witnessed additional capital expenditure via the acquisition of intellectual property and expertise in the field of thin wafer handling. In the previous year, capital was also expended for the C4NP development project in the amount of EUR 0.7 million as well as the new SAP ERP software totaling EUR 1.7 million.
In addition to the liquid assets and securities holdings amounting to EUR 26.1 million (December 31, 2008: EUR 24.4 million), the Group possessed credit lines and guarantees amounting to approximately EUR 17.2 million as of the midyear reporting date. They are predominantly collateralized as per standard banking practices and do not have any ties to financial covenants. The utilization of this credit line amounted to EUR 4.7 million as of the midyear reporting date and is primarily attributed to the drawing of cash from a credit line at a Japanese subsidiary as well as guarantees for customer down payments. As such, the Group possesses sufficient financial means to fund the operational business.
Noncurrent assets amounted to EUR 48.7 million as of the midyear reporting date and have remained more or less unchanged in comparison to December 31, 2008. The decline in tangible assets of EUR 0.6 million as a result of the existing reluctance to invest is offset by an increase in intangible assets of EUR 0.5 million. The increase results essentially from the acquisition of intellectual property and expertise for thin wafer handling as well as further SAP licenses. As opposed to the same period in the previous year, the valuation of capitalized development projects remained almost unchanged. In the previous year, the increase in capitalized development activities amounted to EUR 1.9 million over the first six months.
In the first six months of the 2009 fiscal year, current assets experienced a significant decline of EUR 10.6 million in comparison to December 31, 2008. By the effective midyear date, current assets amounted to a total of EUR 94.4 million. In essence, this clear decline results from the reduction of accounts receivable, which dropped from EUR 23.1 million as of December 31, 2008 to EUR 12.1 million. Aside from the lower level of sales, efficient account management is making its presence felt.
While noncurrent liabilities in the first six months of the 2009 fiscal year remained relatively unchanged, current liabilities experienced a decline from EUR 44.4 million as of December 31, 2008 to EUR 34,0 million as of the midyear reporting date. A sum of EUR 5.3 million of this EUR 10.4 million decline results from a reduction in other financial liabilities. This is where regressive customer down payments play a role. This can be traced back to the generally modest order behavior of many customers. In addition, current financial debt was minimized by EUR 2.6 million, essentially made possible by the reduction of accounts payable to banks by the Japanese subsidiary. Serving as addition reasons for the reduction of current liabilities are diminished VAT liabilities and lower employee benefit obligations for bonus plans and compensation time accounts.
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Due to the balance sheet shortening and the shareholders' equity that has only marginally dropped in comparison by the midyear reporting date, the equity ratio increased from 59.0% as of December 31, 2008 to a current 62.8%.
Capital expenditure has declined considerably in the first six months of the 2009 fiscal year as a result of restrictive budget requirements. After having amounted to EUR 6.4 million in the comparable period of the previous year, capital expenditure totaled only EUR 2.5 million in the first six months of the 2009 fiscal year. As such, capital expenditure on tangible assets, which is only marginally important in light of the Company's structure, regressed from EUR 1.3 million to EUR 0.2 million.
With respect to intangible assets, EUR 2.3 million was invested in the first six months of the 2009 fiscal year, a decline of EUR 2.8 million in comparison to last year. There was a substantial decline, especially in the case of capitalized development projects, which is primarily contingent on a lower capitalization of development expenses in the Substrate Bonder and Lithography divisions as well as the final capitalization of development expenses for the C4NP project in the first six months of the 2008 fiscal year. In contrast, the Group invested in the strategically important further development of its market position in thin wafer handling by purchasing intellectual property and expertise for EUR 0.9 million.
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| Foreword | Highlights | Investor Relations | Interim Management Report | Interim Financial Statements | Service | 21 |
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Furthermore, SUSS MicroTec AG has established holdings in state and corporate bonds of EUR 4.1 million (previous year: EUR 7.5 million) in the first six months of the 2009 fiscal via generated free cash flow.
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In the first six months of the 2009 fiscal year, an average of 646 employees (previous year: 716 employees) were employed in the various individual Group companies. This decrease is a reflection of the implemented restructuring and cost-reduction measures and affects all Group divisions.
At the end of the half year, there were 623 employees (previous year: 717; -13.1%) working in the individual companies of the Group.
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Global high-tech business activity presents the Company with both general and current risks. The Management Board has taken measures to monitor risks in an appropriate manner in order to recognize developments that endanger the continued existence of the SUSS MicroTec Group in a timely fashion.
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When monitoring risks, a fundamental distinction is made between general economic, industry, operating, and financial market risks.
Political and economical conditions, cyclical market fluctuations, market developments, market positioning, and dependence on individual experts are identified by the Company as general economic risks. These risks were described in the Risk Report section of the Company's 2008 Annual Report.
In the first six months of the 2009 fiscal year, there were no substantial changes to the risks and opportunities presented in the 2008 Annual Report.
The SUSS MicroTec Group sees operating risks to be impacts on the assets and financial position as a result of any necessary adjustments in the consolidated balance sheet due to the difficult economical environment. Pricing pressure and legal risks, especially liability risk, are also seen as operating risks. In each case, a detailed presentation was provided in the 2008 Annual Report.
As was the case above, there also were no substantial changes to the operating risks and opportunities in the first six months of the 2009 fiscal year.
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For the SUSS MicroTec Group, financial market risks are considered credit risks, liquidity risks, and market price risks. An explicit description of these risks was provided in the 2008 Annual Report.
There were no substantial changes to these risks and opportunities in the first six months of the 2009 fiscal year.
Our risk management did not identify any risks as a going concern within the Group in the first six months of the 2009 fiscal year. The Company's continued existence was never in any danger in terms of substance and solvency.
The risk management system described in the 2008 Annual Report was implemented as planned in the first six months of 2009.
There were no significant events subject to reporting requirements after the close of the interim reporting period.
For significant transactions conducted with related parties, we would like to refer to the corresponding explanations in Notes to the SUSS MicroTec AG Interim Report as of June 30, 2009 (Note 11).
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The financial crisis caused by the collapse of the subprime mortgage market in 2007 had an affect on the real economy in the second half of 2008, especially in the USA, Europe, and other industrial nations. In the chip industry sector associated with consumer electronics, the effects of the cyclical downturn could be clearly seen in the form of production underutilizations and increasing reluctance to invest as of the middle of 2008. In light of this, SUSS MicroTec and other leading industry entities have assumed significantly regressive sales in 2009 and prepared for this situation.
At the beginning of 2009, the projections of the market research institutes Gartner and IDC (International Data Corporation) reported a global decline in sales in the semiconductor industry from a minimum of 22% (IDC) to a maximum of 33% (Gartner) in comparison to 2008. At the beginning of June, the two market research companies slightly raised their projections for 2009 and, like the Semiconductor Industry Association (SIA), assume a decline between 18% (IDC) and 22% (Gartner) to a global market volume of approximately USD 198 billion. The three market research institutes see a chance for the industry to recuperate by 2010, a year for which an average growth of 7% is projected.
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The prevailing negative market sentiment as well as the existing excess capacities of chipmakers and foundries has also had a significant impact on equipment manufacturers in the first six months of 2009. According to estimates made by the industry association SEMI (July 2009), the global semiconductor equipment market will decrease by a total of approximately 52% to a market volume of USD 14.1 billion in 2009. The industry association already projects recovery in 2010, for which growth of approximately 47% is expected to a global market volume of USD 20.7 billion.
For the sectors relevant to SUSS MicroTec, wafer processing and assembling and packaging, a decline of approximately 53% is expected in each case compared to the previous year. However, the decline in the market for semiconductor testing equipment is estimated to be a bit lower at 48% with a volume of USD 1.78 billion.
As an innovative, specialized equipment manufacturer, SUSS MicroTec primarily focuses on the submarkets MEMS (Microelectromechanical Systems), advanced packaging, 3D integration, and compound semiconductors (LEDs).
The expected developments and forecasts for these submarkets are presented in detail on pages 77-79 of the 2008 Annual Report. As of midyear 2009, there have been no substantial changes to the assessments of the expected development in the submarkets. For this reason, we would like to refer to the explanations provided in the Forecast Report of the 2008 Annual Report.
In addition to the state of the markets, the innovation potential of our product range is decisive to our success. In the first six months of 2009, SUSS MicroTec concluded three trendsetting cooperative development partnerships with prestigious industry and research partners in the field of 3D integration. The focal points of these cooperative projects are permanent and temporary bonding and de-bonding processes as well as the manufacturing of TSVs (through silicon vias) for 3D applications. Based on our many years of experience and core competencies in microstructuring, we are highly confident that we will successfully introduce these new processes into our customers' production environments.
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Although several market observers believe a 2009 recovery of the worldwide semiconductor market is still possible, we are assuming that – in light of the ongoing financial crisis – the 2009 fiscal year will be difficult and will lead to a clear decline in sales in comparison to the previous year. Nevertheless, we are confident that we will be able to achieve clearly positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in the 2009 fiscal year. We also maintain our assessment that the operational business in 2009 will generate a sufficient free cash flow for the further organic development of our core business.
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| Foreword | Highlights | Investor Relations | Interim Management Report | Interim Financial Statements | Service | 27 |
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This Interim Report contains statements and forecasts that relate to the future developments of the SUSS MicroTec Group and its companies. These projections represent estimates that we have made based on the information available to us at the time this report was published. Should the assumptions upon which the projections are based not materialize or risks – such as those discussed in the risk report – arise, the actual results may deviate from the results expected at present.
Garching, Germany, August 5, 2009
The Management Board
Frank Averdung Michael Knopp Chief Executive Officer (CEO) Chief Financial Officer (CFO)
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| 01 /04/ 2009 – 30/06/ 2009 |
||
|---|---|---|
| in T3 | Continuing operations |
|
| Sales | 27,335 | |
| Cost of sales | -16,924 | |
| Gross profit | 10,411 | |
| Selling costs | -5,188 | |
| Research and development costs | -1,280 | |
| Administration costs | -3,953 | |
| Other operating income | 1,102 | |
| Other operating expenses | -881 | |
| Analysis of net income from operations (EBIT): | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 1,403 | |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,192 | |
| Net income from operations (EBIT) | 211 | |
| Financial income/expense | 36 | |
| Income before taxes | 247 | |
| Income taxes | -318 | |
| Net profit or loss | -71 | |
| Thereof equity holders of SUSS MicroTec | -46 | |
| Thereof minority interests | -25 | |
| Earnings per share | ||
| Basic earnings per share in 3 | 0.00 | |
| Diluted earnings per share in 3 | 0.00 | |
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|---|---|---|---|---|---|---|---|---|---|
| 01 /04/ 2008 – 30/06/ 2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 34,379 | 1,402 | 32,977 |
| -21,928 | -1,412 | -20,516 |
| 12,451 | -10 | 12,461 |
| -6,886 | 5 | -6,891 |
| -1,658 | 1 | -1,659 |
| -4,630 | -41 | -4,589 |
| 855 | 0 | 855 |
| -1,261 | -7 | -1,254 |
| 14 | -52 | 66 |
| -1,143 | 0 | -1,143 |
| -1,129 | -52 | -1,077 |
| 197 | 0 | 197 |
| -932 | -52 | -880 |
| 265 | 0 | 265 |
| -667 | -52 | -615 |
| -678 | -52 | -626 |
| 11 | 0 | 11 |
| -0.04 | 0.00 | -0.04 |
| -0.04 | 0.00 | -0.04 |
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| 01 /01 / 2009 – 30/06/ 2009 |
||
|---|---|---|
| in T3 | Continuing operations |
|
| Sales | 54,264 | |
| Cost of sales | -32,961 | |
| Gross profit | 21,303 | |
| Selling costs | -10,869 | |
| Research and development costs | -2,824 | |
| Administration costs | -7,979 | |
| Other operating income | 2,327 | |
| Other operating expenses | -2,613 | |
| Analysis of net income from operations (EBIT): | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 1,880 | |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-2,535 | |
| Net income from operations (EBIT) | -655 | |
| Financial income/expense | 5 | |
| Income before taxes | -650 | |
| Income taxes | -494 | |
| Net profit or loss | -1,144 | |
| Thereof equity holders of SUSS MicroTec | -1,104 | |
| Thereof minority interests | -40 | |
| Earnings per share | ||
| Basic earnings per share in 3 | -0.07 | |
| Diluted earnings per share in 3 | -0.07 | |
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| 31 Foreword Highlights Investor Relations Interim Management Report Interim Financial Statements Service +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++ |
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| 01 /01 / 2008 – 30/06/ 2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 69,668 | 2,197 | 67,471 |
| -42,620 | -2,141 | -40,479 |
| 27,048 | 56 | 26,992 |
| -13,128 | -7 | -13,121 |
| -3,592 | 0 | -3,592 |
| -9,499 | -81 | -9,418 |
| 1,627 | 0 | 1,627 |
| -1,949 | 2 | -1,951 |
| 2,681 | -30 | 2,711 |
| -2,174 | 0 | -2,174 |
| 507 | -30 | 537 |
| -58 | 0 | -58 |
| 449 | -30 | 479 |
| -116 | 0 | -116 |
| 333 | -30 | 363 |
| 340 | -30 | 370 |
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| Assets in T3 |
30/06/ 2009 | 31 / 12 / 2008 |
|---|---|---|
| Non-Current assets | 48,749 | 48,600 |
| Intangible assets | 15,569 | 15,113 |
| Goodwill | 17,767 | 17,767 |
| Tangible assets | 4,816 | 5,421 |
| Other investments | 5 | 5 |
| Current tax assets | 572 | 573 |
| Other assets | 684 | 664 |
| Deferred tax assets | 9,336 | 9,057 |
| Current assets | 94,398 | 104,960 |
| Inventories | 52,765 | 54,596 |
| Accounts receivable | 12,063 | 23,142 |
| Other financial assets | 1,362 | 848 |
| Securities | 7,810 | 3,759 |
| Tax assets | 171 | 298 |
| Cash and cash equivalents | 18,311 | 20,603 |
| Other assets | 1,916 | 1,714 |
| Total assets | 143,147 | 153,560 |
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| 33 Service |
Interim Financial Statements | Interim Management Report | Investor Relations | Highlights | Foreword | |
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| Liabilities & shareholders ' equity |
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|---|---|---|
| in T3 | 30/06/ 2009 | 31 / 12 / 2008 |
| Equity | 89,896 | 90,617 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 89,696 | 90,370 |
| Subscribed capital | 17,019 | 17,019 |
| Reserves | 73,141 | 74,142 |
| Accumulated other comprehensive income | -464 | -791 |
| Minority interests | 200 | 247 |
| Non-current liabilities | 19,243 | 18,554 |
| Pension plans and similar commitments | 2,983 | 3,026 |
| Provisions | 941 | 902 |
| Financial debt | 9,165 | 9,199 |
| Other financial liabilities | 69 | 0 |
| Deferred tax liabilities | 6,085 | 5,427 |
| Current liabilities | 34,008 | 44,389 |
| Provisions | 2,315 | 3,161 |
| Tax liabilities | 353 | 801 |
| Financial debt | 3,112 | 5,758 |
| Other financial liabilities | 4,222 | 5,365 |
| Accounts payable | 5,157 | 5,116 |
| Other liabilities | 18,849 | 24,188 |
| Total liabilities and shareholders' equity | 143,147 | 153,560 |
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| in T3 | 01 /01 / 2009 – 30/06/ 2009 |
01 /01 / 2008 – 30/06/ 2008 |
|---|---|---|
| Net profit or loss (after taxes) | -1,144 | 333 |
| Amortization of intangible assets | 1,792 | 1,410 |
| Depreciation of tangible assets | 743 | 764 |
| Profit or loss on disposal of intangible and tangible assets |
20 | 15 |
| Change of reserves on inventories | 1,335 | -140 |
| Change of reserves for bad debts | -410 | -24 |
| Non-cash stock based compensation | 103 | 290 |
| Non-cash income from the reversal of provisions |
-242 | -6 |
| Non-cash interest expenses from increase of convertible debt |
0 | 8 |
| Other non-cash effective income and expenses |
10 | 1,010 |
| Change in inventories | 315 | -5,773 |
| Change in accounts receivable | 11,528 | 4,978 |
| Change in other assets | -608 | 353 |
| Change in pension provisions | -43 | -16 |
| Change in accounts payable | 104 | -2,900 |
| Change in other liabilities and other provisions |
-7,453 | 1,099 |
| Change of deferred taxes | 379 | -443 |
| Cash flow from operating activities – continuing and discontinued operations |
6,429 | 958 |
| Cash flow from operating activities – continuing operations |
6,429 | 702 |
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| 35 Service |
Interim Financial Statements | Interim Management Report | Investor Relations | Highlights | Foreword | |
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| in T3 | 01 /01 / 2009 – 30/06/ 2009 |
01 /01 / 2008 – 30/06/ 2008 |
|---|---|---|
| Disbursements for tangible assets | -181 | -1,307 |
| Disbursements for intangible assets | -2,269 | -5,080 |
| Purchases of current available-for-sale securities | -4,051 | -7,527 |
| Proceeds from disposal of intangible and tangible assets | 0 | 10 |
| Proceeds from non-current assets held for sale | 0 | 1,498 |
| Cash flow from investing activities – continuing and discontinued operations |
-6,501 | -12,406 |
| Cash flow from investing activities – continuing operations |
-6,501 | -13,904 |
| Repayment of bank loans | -42 | -549 |
| Change in current bank liabilities | -2,341 | 2,040 |
| Change in other financial debt | -60 | -24 |
| Cash flow from financing activities – continuing and discontinued operations |
-2,443 | 1,467 |
| Cash flow from financing activities – continuing operations |
-2,443 | 1,467 |
| Adjustments to funds caused by exchange-rate fluctuations | 223 | -193 |
| Change in cash and cash equivalents | -2,292 | -10,174 |
| Funds at beginning of the year | 20,603 | 20,092 |
| Funds at end of the period | 18,311 | 9,918 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 70 | 315 |
| Interest received during period | 335 | 320 |
| Tax paid during the period | 512 | 312 |
| Tax refunds during the period | 132 | 468 |
| 01 /01 / 2009 – 30/06/ 2009 |
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|---|---|---|
| in T3 | Continuing operations |
|
| Net profit or loss | -1,144 | |
| Fair value fluctuations of available for sale securities | 224 | |
| Foreign currency adjustment | 366 | |
| Cash flow hedges | -289 | |
| Deferred taxes | 19 | |
| Total income and expenses recognized in equity | 320 | |
| Total income and expenses reported in the reporting period | -824 | |
| Thereof equity holders of SUSS MicroTec | -777 | |
| Thereof minority interests | -47 | |
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| 01 /01 / 2008 – 30/06/ 2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 333 | -30 | 363 |
| 0 | 0 | 0 |
| -1,170 | 0 | -1,170 |
| 0 | 0 | 0 |
| 0 | 0 | 0 |
| -1,170 | 0 | -1,170 |
| -837 | -30 | -807 |
| -830 | -30 | -800 |
| -7 | 0 | -7 |
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| Subscribed capital |
Additional paid-in capital |
Earnings reserve |
|
|---|---|---|---|
| 17,019 | 92,212 | 433 | |
| 290 | |||
| 17,019 | 92,502 | 433 | |
| 17,019 | 92,842 | 433 | |
| 103 | |||
| 17,019 | 92,945 | 433 | |
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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 |
| 290 | 290 | |||
| 333 | -7 | 340 | 340 | |
| -1,170 | 0 | -1,170 | -1,170 | |
| 102,021 | 270 | 101,751 | -3,281 | -4,922 |
| 90,617 | 247 | 90,370 | -791 | -19,133 |
| 103 | 103 | |||
| -1,144 | -40 | -1,104 | -1,104 | |
| 320 | -7 | 327 | 327 | |
| 89,896 | 200 | 89,696 | -464 | -20,237 |
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| Lithography | Substrate Bonder | Test Systems | ||||
|---|---|---|---|---|---|---|
| in T3 | 6M/ 2009 | 6M /2008 |
6M/ 2009 | 6M /2008 |
6M/ 2009 | 6M /2008 |
| External Sales | 36,017 | 42,819 | 8,746 | 8,709 | 7,177 | 12,735 |
| Internal Sales | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Sales | 36,017 | 42,819 | 8,746 | 8,709 | 7,177 | 12,735 |
| Result per segment (EBIT) | 4,504 | 7,072 | -1,349 | -1,030 | -819 | -1,101 |
| Income before taxes | 4,437 | 6,962 | -1,352 | -1,064 | -821 | -1,125 |
| Significant non-cash items | -1,243 | -891 | -213 | -175 | -248 | -546 |
| Segment assets | 52,955 | 64,304 | 27,140 | 25,191 | 11,919 | 16,705 |
| – thereof Goodwill | 13,599 | 13,599 | 0 | 0 | 4,168 | 3,911 |
| Unallocated assets | ||||||
| Total assets | ||||||
| Segment liabilities | -15,281 | -20,052 | -6,627 | -3,960 | -3,553 | -4,294 |
| Unallocated liabilities | ||||||
| Total liabilities | ||||||
| Depreciation and amortisation | 1,014 | 1,149 | 729 | 572 | 145 | 187 |
| – thereof scheduled | 1,014 | 1,149 | 729 | 572 | 145 | 187 |
| – thereof impairment loss | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital expenditure | 562 | 1,432 | 632 | 1,849 | 17 | 261 |
| Average workforce during the period | 336 | 359 | 112 | 118 | 134 | 158 |
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| Sales | Capital expenditure | Assets | ||||
|---|---|---|---|---|---|---|
| in T3 | 6M/ 2009 | 6M /2008 |
6M/ 2009 | 6M /2008 |
6M/ 2009 | 6M /2008 |
| Europe | 22,570 | 25,624 | 1,791 | 4,230 | 67,790 | 85,551 |
| North America | 9,831 | 16,526 | 644 | 2,008 | 32,282 | 38,935 |
| Japan | 7,141 | 7,672 | 11 | 66 | 3,704 | 2,831 |
| Rest of Asia | 14,694 | 19,846 | 4 | 15 | 1,083 | 710 |
| Rest of world | 28 | 0 | 0 | 68 | 0 | 2,619 |
| Consolidation effects | 0 | 0 | 0 | 0 | -1,880 | -2,531 |
| Total | 54,264 | 69,668 | 2,450 | 6,387 | 102,979 | 128,115 |
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| Discontinued Operations |
Continuing | |||||||
|---|---|---|---|---|---|---|---|---|
| Total | Consolidation effects | (Device Bonder) | operations | Others | ||||
| 6M/ 2009 6M /2008 |
6M /2008 |
6M/ 2009 | 6M /2008 |
6M/ 2009 | 6M /2008 |
6M/ 2009 | 6M /2008 |
6M/ 2009 |
| 54,264 69,668 |
– | – | 2,197 | 0 | 67,471 | 54,264 | 3,208 | 2,324 |
| 0 | -2,660 | -2,501 | 0 | 0 | 2,660 | 2,501 | 2,660 | 2,501 |
| 54,264 69,668 |
-2,660 | -2,501 | 2,197 | 0 | 70,131 | 56,765 | 5,868 | 4,825 |
| -655 | – | – | -21 | 0 | 528 | -655 | -4,413 | -2,991 |
| -650 | – | – | -28 | 0 | 477 | -650 | -4,296 | -2,914 |
| -1,573 | – | – | -162 | 0 | -1,859 | -1,573 | -247 | 131 |
| 102,979 128,115 |
– | – | 526 | 0 | 127,589 | 102,979 | 21,389 | 10,965 |
| 17,767 | – | – | 0 | 0 | 21,515 | 17,767 | 4,005 | 0 |
| 40,168 | ||||||||
| 143,147 159,918 |
||||||||
| -29,438 -32,645 |
– | – | -616 | 0 | -32,029 | -29,438 | -3,723 | -3,977 |
| -23,813 | ||||||||
| -53,251 | ||||||||
| 2,535 | – | – | 0 | 0 | 2,174 | 2,535 | 266 | 647 |
| 2,535 | – | – | 0 | 0 | 2,174 | 2,535 | 266 | 647 |
| 0 | – | – | 0 | 0 | 0 | 0 | 0 | 0 |
| 2,450 | – | – | 0 | 0 | 6,387 | 2,450 | 2,845 | 1,239 |
| 646 | – | – | 0 | 0 | 716 | 646 | 81 | 64 |
41
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 June 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 June 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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In the half year under review, SUSS MicroTec AG increased its balance of available for sale securities in an amount of 4.1 million EUR. 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 six month of the prior year SUSS MicroTec AG purchased available for sale securities in an amount of 7.5 million EUR.
In the first half 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 SÜSS 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 first quarter amounted to minus 0.3 million EUR. After consideration of deferred taxes, comprehensive income decreased by 0.2 million EUR.
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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.
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No dividends were paid out or proposed for disbursement during the reporting period.
There were no 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 chairman of the supervisory board. The chairman of supervisory board, Dr. Richter is 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 EUR 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.
"To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Group, and the Group Interim Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group over the remainder of the fiscal year."
Garching, August 5, 2009
Frank Averdung Michael Knopp
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49
| 7. Scherrer Small Cap Conference, Zurich | September 30, 2009 |
|---|---|
| Nine-month Report 2009 | 05, November 2009 |
| 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 |
| Published by: | SUSS MicroTec AG |
|---|---|
| Edited by: | Investor Relations, Finance |
| Concept and design: | IR-One AG & Co., Hamburg, www.ir-1.com |
| Printer: | Druckerei 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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