Quarterly Report • May 7, 2009
Quarterly Report
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| in 3 million | Q1/09 | Q1/08 | Change |
|---|---|---|---|
| Statement of income | |||
| Order entry | 20.0 | 43.8 | -54.5% |
| Order backlog as of 03/31 | 63.4 | 83.8 | -24.3% |
| Sales | 26.9 | 35.3 | -23.7% |
| Sales margin | -4.0% | 2.8% | -6.8%-points |
| Gross profit | 10.9 | 14.6 | -25.4% |
| Gross margin | 40.4% | 41.4% | -1%-points |
| Costs of sales | 16.0 | 20.7 | -22.5% |
| EBITDA | 0.5 | 2.7 | -81.5% |
| EBITDA margin | 1.8% | 7.6% | -5.8%-points |
| EBIT | -0.8 | 1.6 | -151.9% |
| EBIT margin | -3.2% | 4.6% | -7.8%-points |
| Earnings after tax | -1.1 | 1.0 | -207.3% |
| Basic earnings per share | -0.06 | 0.06 | -200.0% |
| Balance sheet | |||
| Equity | 91.1 | 102.3 | -11.0% |
| Equity ratio | 62.0% | 62.0% | – |
| Return on equity | -1.2% | 1.0% | -2.2%-points |
| Balance sheet total | 146.9 | 165.2 | -11.1% |
| Net Cash | 11.6 | 10.2 | +13.7 % |
| Free cash flow | 1.9* | 2.6* | -28.2% |
| Further key figures | |||
| Investments | 1.9 | 3.0 | -37.1% |
| Investment ratio | 6.9% | 8.4% | -1.5%-points |
| Depreciation | 1.3 | 1.0 | 30.3% |
| Employees as of 03/31 | 642 | 718 | -10.6% |
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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 first quarter of 2009 reflects the drop in investments on the part of the semiconductor industry as a result of the global financial and economic crisis. At EUR 20.0 million, the order entry of the first three months fell approximately 54 percent or EUR 23.8 million short of the corresponding figure from the previous year of EUR 43.8 million. The decrease is primarily attributable to the globally weak demand from production customers, while research and development customers placed the usual level of orders.
SUSS MicroTec Group sales in the first quarter of 2009 amounted to EUR 26.9 million and, thus, missed the comparable figure from the previous year of EUR 35.3 million by approximately 24 percent. The order backlog as of March 31, 2009 amounted to EUR 63.4 million (March 31, 2008: EUR 83.8 million) after EUR 69.7 million as of the end of the fiscal year on December 31, 2008.
EBITDA (earnings before interest, taxes, depreciation, and amortization) in the first quarter of 2009 at EUR 0.5 million were slightly positive, but approximately EUR 2.2 million lower than in the same quarter of the previous year (Q1 2008: EUR 2.7 million). This puts us one critical step closer to reaching our goal of positive EBITDA for the full year. Against the backdrop of significantly lower sales than in the previous year's quarter, earnings before interest and taxes (EBIT) were in slightly negative territory at EUR -0.8 million (Q1 2008: EUR 1.6 million). Earnings after taxes (EAT) at EUR -1.1 million reached a level reduced by approximately EUR 2.1 million compared to the same quarter of the previous year (Q1 2008: EUR 1.0 million).
At the moment, we are highly satisfied with the development of our net liquidity. As of March 31, 2009, the SUSS MicroTec Group had liquid assets and securities of EUR 24.4 million. The net liquidity improved further against the backdrop of the cost reduction measures implemented throughout the Group and, as of the end of
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Michael Knopp, Christian Schubert, Frank Averdung
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2008: EUR 10.2 million). As a comparison, this figure on December 31, 2008 totaled EUR 9.4 million. Another pleasing trend in this context is that the domestic credit line initially granted to us through March 31, 2009 has now been successfully extended by one year, through March 31, 2010. With this, Deutsche Bank AG was also won over as a third and new member of the consortium, whereby the scope of the credit line, used first and foremost for down payment guarantees, was increased to EUR 9 million.
Furthermore, on March 26, 2009, Dr. Richter informed
us of his decision to resign as the Chairman of the Supervisory Board early following this year's shareholders' meeting. The reason for his decision is to avoid any potential conflicts of interest that could arise in the future from his function as Chief Executive Officer of Thin Materials AG and Chairman of the Supervisory Board of SUSS MicroTec AG. The two companies cooperate in the area of thin wafer handling, and SUSS MicroTec cannot rule out additional synergy in this field.
We very much regret Dr. Richter's early resignation and at this point would like to sincerely thank him for his excellent collaboration based on mutual trust in the past, and by all means difficult, fiscal year.
We have seen a slight revival of customer activities and demand thus far in the second quarter of the 2009 fiscal year. Nevertheless, we believe it is premature to interpret these first positive signs as a general trend reversal.
Garching, Germany, May 2009
Frank Averdung Michael Knopp Christian Schubert Chief Executive Officer Chief Financial Officer Member of the Board
SUSS MicroTec introduced the second generation of the ACS300, a modular system for coating, baking, and developing wafers up to 300mm at the SEMICON Korea 2009 exhibition. The ACS300 Gen2 has been tailored specifically to the requirements of advanced packaging and 3D integration with regard to the system structure and process modules. Thanks to its ability to process extremely thick photo resist layers, the new coating system
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is particularly recommended for applications such as solder bumping, gold bumping, and redistribution layers. In addition to significantly lower fitting costs compared to its predecessor, the ACS300Plus, the new Cluster has greater efficiency and a smaller surface area, thus allowing it to also contribute significantly to the reduction of operating costs for the customer. Two systems have already been installed with the customer and a third is scheduled to be delivered in Q2.
The competence center for micro and nanotechnology, MST.factory, Dortmund, Germany, has expanded its infrastructure with a CB8 High Performance Wafer Bonder from SUSS MicroTec. The semi-automatic 200mm Bonder is used in the
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process development for complex wafer bonding procedures, particularly for the MEMS (microsystems technology) production. The processes developed using CB8 can, thus, be transferred immediately to the fully automated CBC200 Wafer Bond Cluster from SUSS MicroTec. This secures the transition from the laboratory or small-scale production to large-scale production for the customer. Given its business-relevant infrastructure, MST.factory offers small and mediumsized companies as well as start-ups an outstanding research environment in the field of micro and nanostructuring and, at the same time, operates as a multiplier for SUSS MicroTec.
SEMATECH, an international consortium composed of leading chip manufacturers and research institutes like the College of Nanoscale Science and Engineering (CNSE) at the University at Albany, has ordered two test systems for device characterization of 300 mm wafers with ProbeShield technology from SUSS MicroTec and one cyrogenic probe system for use in very low temperature measurements. All of the systems are expected to be installed in
CNSE's state-of-the-art Albany NanoTech research complex. The UAlbany NanoCollege, as a leading research and development institution, is working on enabling the scaling of CMOS transistors in 16 nm technologies and beyond. SUSS MicroTec's test system helps CNSE Albany NanoTech to acquire its core expertise and supports researchers in recognizing and optimizing the desired basic properties of modern material and technologies.
Mr. Frank Averdung (54) took over as the Chief Executive Officer of SUSS MicroTec AG with effect on February 1, 2009. After the Supervisory Board appointed Mr. Averdung to the Company's Management Board in November 2008, the former managing director of Carl Zeiss Semiconductor Metrology Systems GmbH has now taken office approximately four months earlier than planned. In his role, the graduate electrical engineer is responsible for the areas of sales, marketing, production, and Group strategy.
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Christian Schubert, who had begun his Management Board membership on October 2, 2008 on an interim basis, will remain in his post on the Management Board of SUSS MicroTec AG until the end of his appointment on May 31, 2009.
On March 26, 2009, Dr. Franz Richter informed the Company that he will leave his post as the Chairman of the Supervisory Board of SUSS MicroTec AG following this year's shareholders' meeting on June 24, 2009. The reasons for his early resignation are possible future conflicts of interest, which could arise from the product-strategic reorientation of the group of companies and his function as the Chief Executive Officer of Thin Materials AG, Eichenau, Germany.
The SUSS MicroTec share began the 2009 fiscal year with a share price of 3 1.36 and, in the first three months of the year, slightly exceeded the performance of its comparison indexes, the TecDAX and Prime IG Semiconductor. Overall, however, the share price does not reflect the Company's business potential. The currently non-transparent, sector-specific, and macroeconomic situation particularly strained the share price.
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| Shares | Options | |
|---|---|---|
| Management Board | ||
| Frank Averdung* | 27,500 | 0 |
| Michael Knopp | 22,500 | 30,000 |
| Christian Schubert | 0 | 0 |
| Supervisory Board | ||
| Dr. Franz Richter | 101,040 | 0 |
| Dr. Stefan Reineck | 6,600 | 40,000 |
| Jan Teichert | 0 | 0 |
* Chief Executive Officer since February 1, 2009
Order entry in the first quarter of 2009 reflects the drop in investments on the part of the semiconductor industry as a result of a global financial and economic crisis. At 3 20.0 million, the order entry of the first three months fell approximately 54% or 3 23.8 million short of the corresponding figure from the previous year of 3 43.8 million. The decrease is primarily attributable to the globally weak demand from production customers, while research and development customers placed the usual level of orders.
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SUSS MicroTec Group sales amounted to 3 26.9 million in the first quarter of 2009 and were, thus, approximately 24% below the comparable figure from the previous year of 3 35.3 million. The order backlog totaled 3 63.4 million as of March 31, 2009 (March 31, 2008: 3 83.8 million).
Earnings before interest and taxes (EBIT) were slightly negative at 3 -0.8 million against the backdrop of the significantly lower sales compared to the same quarter of the previous year (Q1 2008: 3 1.6 million). Earnings after taxes (EAT) totaled 3 -1.1 million and reached a level reduced by approximately 3 -2.1 million compared to the same quarter of the previous year (3 1.0 million). The basic earnings per share (EPS), thus, amount to 3 -0.06 (Q1 2008: 3 0.06).
The operating cash flow was reduced compared to the same period of the previous year from 3 4.6 million to 3 3.8 million. The free cash flow before considering securities purchases totaling 3 3.8 million (Q1 2008: 3 9.0 million) as of the end of the first quarter amounted to 3 1.9 million (Q1 2008: 3 2.6 million).
This gave the SUSS MicroTec Group liquid assets and securities of 3 24.4 million as of March 31, 2009. The net cash position improved further and amounted to 3 11.6 million as of March 31, 2009 (March 31, 2008: 3 10.2 million). As a comparison, this figure amounted to 3 9.4 million on December 31, 2008.
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Compared to the previous year, the sales split by region shows strong sales declines in the regions of North America (-44.7%), Japan (-60.6%), and Rest of Asia (-12.8%). Europe proved an exception with sales at 3 12.6 million just exceeding the previous year's quarter of 3 12.5 million.
The analysis of the regional order entry shows strong declines in orders in all regions with North America (-16.2%), Europe (-66.7%), Japan (-47.1%) and Rest of Asia (-61.4%).
The core division of Lithography posted significant declines for both order entry and sales in the first three months of the 2009 fiscal year. Order entry in the first quarter fell by 3 24.8 million to 3 9.2 million (Q1 2008: 3 34.0 million). The reason for this is particularly the strong drop in investments on the part of production customers in the advanced packaging industry.
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Sales in the Lithography division amounted to 3 17.0 million in the first quarter of 2009 after 3 21.0 million in the previous year's quarter. The division earnings of the first three months fell from 3 3.1 million to 3 1.4 million as a result of the low sales.
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Compared with the previous year's quarter, the Substrate Bonder division improved its order entry by 3 2.8 million to 3 5.9 million (Q1 2008: 3 3.1 million). Sales, in contrast, dropped from 3 6.0 million in the previous year's quarter to 3 4.2 million in the first quarter of 2009. The low sales caused the division earnings to deteriorate from 3 0.8 million in the previous year's period to 3 -0.5 million in the first quarter of 2009.
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In the first three months of the 2009 fiscal year, the Test Systems division generated sales of 3 4.5 million after 3 5.9 million in the same period of the previous year. As was the case in the lapsed fiscal year, the difficult competitive situation and the margin pressure associated with it appear to be responsible for the weak development in the first quarter of the new fiscal year.
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Against the background of the drop in investments on the part of important major chip manufacturers, the order entry at 3 4.0 million fell short of the corresponding figure from the previous year of 3 5.0 million. Despite of a decline in segment sales the result of the first quarter 2009 has almost been balanced out by the effects of the implemented cost saving measures (Q1 2008: 3 -0.4 million).
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The Others division includes the business lines of Photo Masks and Micro-optics as well as the holding functions and the C4NP business line. Order entry and sales in this division showed declining trends from January to March 2009. Order entry fell from the previous quarter by 3 0.9 million to 3 0.8 million (Q1 2008: 3 1.7 million). Sales were reduced in the reporting period by 3 0.3 million to 3 1.3 million (Q1 2008: 3 1.6 million). The Photo Masks business line posted a decline in the first quarter for order entry and sales, of 3 0.7 million to 3 0.4 million (Q1 2008: 3 1.1 million) and of 3 0.3 million to 3 0.8 million respectively (Q1 2008: 3 1.1 million). As for the Micro-optics business line, order entry fell from the previous quarter by 3 0.2 million to 3 0.4 million (Q1 2008: 3 0.6 million). With 3 0.4 million, sales did not come close to the comparable figure from the previous year of 3 0.5 million.
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| 01/01/2009 – 03/31/2009 |
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|---|---|---|
| in T3 | Continuing operations |
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| Sales | 26,930 | |
| Cost of sales | -16,037 | |
| Gross profit | 10,893 | |
| Selling costs | -5.681 | |
| Research and development costs | -1.545 | |
| Administration costs | -4.009 | |
| Other operating income | 1.322 | |
| Other operating expenses | -1.829 | |
| Analysis of net income from operations (EBIT): | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 494 | |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,343 | |
| Net income from operations (EBIT) | -849 | |
| Financial income/expense | -48 | |
| Income before taxes | -897 | |
| Income taxes | -176 | |
| Net profit or loss | -1,073 | |
| Thereof equity holders of SUSS MicroTec | -1,058 | |
| Thereof minority interests | -15 | |
| Earnings per share | ||
| Basic earnings per share in 3 | -0.06 | |
| Diluted earnings per share in 3 | -0.06 | |
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| 01/01/2008 – 03/31/2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 35,289 | 795 | 34,494 |
| -20,692 | -730 | -19,962 |
| 14,597 | 65 | 14,532 |
| -6,242 | -13 | -6,229 |
| -1,935 | -1 | -1,934 |
| -4,869 | -39 | -4,830 |
| 1,148 | 0 | 1,148 |
| -1,063 | 0 | -1,063 |
| 2,667 | 12 | 2,655 |
| -1,031 | 0 | -1,031 |
| 1,636 | 12 | 1,624 |
| -255 | 0 | -255 |
| 1,381 | 12 | 1,369 |
| -381 | 0 | -381 |
| 1,000 | 12 | 988 |
| 1,018 | 12 | 1,006 |
| -18 | 0 | -18 |
| 0.06 | 0.00 | 0.06 |
| 0.06 | 0.00 | 0.06 |
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| Assets in T3 |
03/31/2009 | 12/31/2008 |
|---|---|---|
| Non-Current assets | 49,836 | 48,600 |
| Intangible assets | 16,266 | 15,113 |
| Goodwill | 17,767 | 17,767 |
| Tangible assets | 5,161 | 5,421 |
| Other investments | 5 | 5 |
| Current tax assets | 572 | 573 |
| Other assets | 702 | 664 |
| Deferred tax assets | 9,363 | 9,057 |
| Current assets | 97,072 | 104,960 |
| Inventories | 54,093 | 54,596 |
| Accounts receivable | 14,570 | 23,142 |
| Other financial assets | 365 | 848 |
| Securities | 7,580 | 3,759 |
| Current tax assets | 221 | 298 |
| Cash and cash equivalents | 16,820 | 20,603 |
| Other assets | 3,423 | 1,714 |
| Total assets | 146,908 | 153,560 |
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| Liabilities & shareholders ' equit y |
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|---|---|---|
| in T3 | 03/31/2009 | 12/31/2008 |
| Equity | 91,114 | 90,617 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 90,888 | 90,370 |
| Subscribed capital | 17,019 | 17,019 |
| Reserves | 73,112 | 74,142 |
| Accumulated other comprehensive income | 757 | -791 |
| Minority interests | 226 | 247 |
| Non-current liabilities | 18,964 | 18,554 |
| Pension plans and similar commitments | 3,003 | 3,026 |
| Provisions | 954 | 902 |
| Financial debt | 9,146 | 9,199 |
| Other financial liabilities | 13 | 0 |
| Deferred tax liabilities | 5,848 | 5,427 |
| Current liabilities | 36,830 | 44,389 |
| Provisions | 2,650 | 3,161 |
| Tax liabilities | 711 | 801 |
| Financial debt | 3,637 | 5,758 |
| Other financial liabilities | 4,493 | 5,365 |
| Accounts payable | 4,740 | 5,116 |
| Other liabilities | 20,599 | 24,188 |
| Total liabilities and shareholders' equity | 146,908 | 153,560 |
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| in T3 | 01/01/2009 – 03/31/2009 |
01/01/2008 – 03/31/2008 |
|---|---|---|
| Net profit or loss (after taxes) | -1,073 | 1,000 |
| Amortization of intangible assets | 869 | 655 |
| Depreciation of tangible assets | 474 | 376 |
| Profit or loss on disposal of intangible and tangible assets | 19 | 5 |
| Change of reserves on inventories | 694 | -1 |
| Change of reserves for bad debts | 40 | -77 |
| Non-cash stock based compensation | 28 | 145 |
| Non-cash income from the reversal of provisions | -76 | -6 |
| Non-cash interest expenses from increase of convertible debt | 0 | 4 |
| Other non-cash effective income and expenses | 60 | 438 |
| Change in inventories | 610 | -4,247 |
| Change in accounts receivable | 8,946 | 3,069 |
| Change in other assets | -1,186 | -198 |
| Change in pension provisions | -23 | 43 |
| Change in accounts payable | -437 | -416 |
| Change in other liabilities and other provisions | -5,307 | 3,719 |
| Change of deferred taxes | 115 | 120 |
| Cash flow from operating activities – continuing and discontinued operations |
3,753 | 4,629 |
| Cash flow from operating activities – continuing operations |
3,753 | 5,589 |
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| in T3 | 01/01/2009 – 03/31/2009 |
01/01/2008 – 03/31/2008 |
|---|---|---|
| Disbursements for tangible assets | -176 | -372 |
| Disbursements for intangible assets | -1,689 | -2,591 |
| Purchases of current available-for-sale securities | -3,821 | -9,025 |
| Proceeds from disposal of intangible and tangible assets | 0 | 2 |
| Proceeds from non-current assets held for sale | 0 | 960 |
| Cash flow from investing activities – continuing and discontinued operations |
-5,686 | -11,026 |
| Cash flow from investing activities – continuing operations |
-5,686 | -11,986 |
| Repayment of bank loans | -19 | -576 |
| Change in current bank liabilities | -2,016 | 2,020 |
| Change in other financial debt | -48 | -63 |
| Cash flow from financing activities – continuing and discontinued operations |
-2,083 | 1,381 |
| Cash flow from financing activities – continuing operations |
-2,083 | 1,381 |
| Adjustments to funds caused by exchange-rate fluctuations | 233 | -75 |
| Change in cash and cash equivalents | -3,783 | -5,091 |
| Funds at beginning of the year | 20,603 | 20,092 |
| Funds at end of the period | 16,820 | 15,001 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 38 | 205 |
| Interest received during period | 166 | 170 |
| Tax paid during the period | 163 | 95 |
| Tax refunds during the period | 132 | 468 |
| 22 SUSS MicroTec AG Quarterly Report 2009 |
|
|---|---|
| ---------------------------------------------- | -- |
| 01/01/2009 – 03/31/2009 |
||
|---|---|---|
| in T3 | Continuing operations |
|
| Net profit or loss | -1,073 | |
| Fair value fluctuations of available for sale securities | 89 | |
| Foreign currency adjustment | 1,586 | |
| Cash flow hedges | -151 | |
| Deferred taxes | 18 | |
| Total income and expenses recognized in equity | 1,542 | |
| Total income and expenses reported in the reporting period | 469 | |
| Thereof equity holders of SUSS MicroTec | 490 | |
| Thereof minority interests | -21 | |
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| 01/01/2008 – 03/31/2008 | ||
|---|---|---|
| Group | Discontinued operations |
Continuing operations |
| 1,000 | 12 | 988 |
| 0 | 0 | 0 |
| -1,383 | 0 | -1,383 |
| 0 | 0 | 0 |
| 0 | 0 | 0 |
| -1,383 | 0 | -1,383 |
| -383 | 12 | -395 |
| -365 | 12 | -377 |
| -18 | 0 | -18 |
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| 24 | SUSS MicroTec AG Quarterly Report 2009 |
|---|---|
| ---- | ---------------------------------------- |
| Subscribed capital |
Additional paid-in capital |
Earnings reserve |
|
|---|---|---|---|
| 17,019 | 92,212 | 433 | |
| 145 | |||
| 17,019 | 92,357 | 433 | |
| 17,019 | 92,842 | 433 | |
| 28 | |||
| 17,019 | 92,870 | 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 |
| 145 | 0 | 145 | ||
| 1,000 | -18 | 1,018 | 1,018 | |
| -1,383 | 0 | -1,383 | -1,383 | |
| 102,330 | 259 | 102,071 | -3,494 | -4,244 |
| 90,617 | 247 | 90,370 | -791 | -19,133 |
| 28 | 0 | 28 | ||
| -1,073 | -15 | -1,058 | -1,058 | |
| 1,542 | -6 | 1,548 | 1,548 | |
| 91,114 | 226 | 90,888 | 757 | -20,191 |
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| Lithography | Substrate Bonder | Test systems | ||||
|---|---|---|---|---|---|---|
| in T3 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 |
| External Sales | 16,892 | 21,001 | 4,224 | 5,951 | 4,475 | 5,858 |
| Internal Sales | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Sales | 16,892 | 21,001 | 4,224 | 5,951 | 4,475 | 5,858 |
| Result per segment (EBIT) | 1,426 | 3,071 | -501 | 784 | -46 | -446 |
| Income before taxes | 1,385 | 2,984 | -501 | 772 | -47 | -457 |
| Significant non-cash items | -558 | -409 | -207 | 333 | -162 | 43 |
| Segment assets | 59,660 | 65,111 | 23,980 | 23,307 | 12,862 | 17,059 |
| – thereof Goodwill | 13,599 | 13,599 | 0 | 0 | 4,168 | 3,908 |
| Unallocated assets | ||||||
| Total assets | ||||||
| Segment liabilities | -17,302 | -21,796 | -6,199 | -6,097 | -2,448 | -5,099 |
| Unallocated liabilities | ||||||
| Total liabilities | ||||||
| Depreciation and amortisation | 590 | 609 | 350 | 197 | 75 | 95 |
| – thereof scheduled | 590 | 609 | 350 | 197 | 75 | 95 |
| – thereof impairment loss | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital expenditure | 348 | 433 | 540 | 1,370 | 8 | 49 |
| Average workforce during the period | 342 | 357 | 112 | 115 | 138 | 159 |
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| Sales | Capital expenditure | Assets | ||||
|---|---|---|---|---|---|---|
| in T3 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 |
| Europe | 12,555 | 12,514 | 1,305 | 1,467 | 69,507 | 82,961 |
| North America | 4,238 | 7,593 | 548 | 1,440 | 33,853 | 37,802 |
| Japan | 2,626 | 6,622 | 11 | 39 | 6,405 | 6,985 |
| Rest of Asia | 7,499 | 8,554 | 1 | 3 | 645 | 690 |
| Rest of world | 12 | 6 | 0 | 14 | 0 | 0 |
| Consolidation effects | 0 | 0 | 0 | 0 | -2,544 | -2,070 |
| Total | 26,930 | 35,289 | 1,865 | 2,963 | 107,866 | 126,368 |
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| Total | Consolidation effects | Discontinued Operations (Device Bonder) |
Continuing operations |
Others | |||||
|---|---|---|---|---|---|---|---|---|---|
| Q1/2008 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 | Q1/2009 | Q1/2008 | Q1/2009 |
| 35,289 | 26,930 | – | – | 795 | 0 | 34,494 | 26,930 | 1,684 | 1,339 |
| 0 | 0 | -1,318 | -1,300 | 0 | 0 | 1,318 | 1,300 | 1,318 | 1,300 |
| 35,289 | 26,930 | -1,318 | -1,300 | 795 | 0 | 35,812 | 28,230 | 3,002 | 2,639 |
| 1,636 | -849 | – | – | 12 | 0 | 1,624 | -849 | -1,785 | -1,728 |
| 1,381 | -897 | – | – | 12 | 0 | 1,369 | -897 | -1,930 | -1,734 |
| -59 | -921 | – | – | 13 | 0 | -72 | -921 | -39 | 6 |
| 126,368 | 107,866 | – | – | 802 | 0 | 125,566 | 107,866 | 20,089 | 11,364 |
| 21,507 | 17,767 | – | – | 0 | 0 | 21,507 | 17,767 | 4,000 | 0 |
| 38,802 | 39,042 | ||||||||
| 165,170 | 146,908 | ||||||||
| -37,819 | -29,745 | – | – | -731 | 0 | -37,088 | -29,745 | -4,096 | -3,796 |
| -25,021 | -26,049 | ||||||||
| -62,840 | -55,794 | ||||||||
| 1,031 | 1,343 | – | – | 0 | 0 | 1,031 | 1,343 | 130 | 328 |
| 1,031 | 1,343 | – | – | 0 | 0 | 1,031 | 1,343 | 130 | 328 |
| 0 | – | – | 0 | 0 | 0 | 0 | 0 | 0 | |
| 2,963 | 1,865 | – | – | 0 | 0 | 2,963 | 1,865 | 1,111 | 969 |
| 659 | – | – | 2 | 0 | 712 | 659 | 81 | 67 |
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 March 31, 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 March 31, 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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| Foreword Highlights Investor Relations |
29 Business Performance Financial Report Service |
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In the first quarter, SUSS MicroTec AG increased its balance of available for sale securities in an amount of 3 3.8 million. 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 quarter of the prior year SUSS MicroTec AG purchased available for sale securities in an amount of 3 9.0 million.
In the last quarter 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 continued and discontinued activities of the Group.
In contrast to the presentation in the consolidated financial statements as at December 31, 2008, in the first quarter of the reporting year 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 3 0.2 million. After consideration of deferred taxes, comprehensive income decreased by 3 0.1 million.
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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.
Due to the adoption of IAS 1 "Presentation of financial Statements" the financial report was enlarged by a Statement of comprehensive income. This statement reconsults the net profit or loss to the total income and expenses reported in the reporting period.
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 first quarter of the prior year the total difference between former and modified determination of the segment result was attributed to the segment "Others". 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.
| 31 Foreword Highlights Investor Relations Business Performance Financial Report Service |
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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.
In April SUSS MicroTec AG signed loan agreements with three banks to extend the credit line expiring on March 31, 2009. Thanks to the take-up in the syndicate of a third member, the credit line was raised from 6 million 3 to 9 million 3. At present, the necessary contracts on collateral are being drafted. The extended credit line runs until March 31, 2010, and has been approved without covenants. Its primary purpose is to finance downpayment sureties.
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, 2007.
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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.
Dr. Richter, the chairman of the supervisory board of SUSS MicroTec AG, is also the chairman (CEO) of Thin Materials AG, which is domiciled in Eichenau. SUSS MicroTec AG entered into a cooperation agreement with this company in the first quarter. 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 3 0.9 million in the area of thin wafer handling. The capitalised IP will be amortised over five years.
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| SCF – Small Cap Forum, Frankfurt | April 28–29, 2009 | |
|---|---|---|
| Quarterly Report 2009 | May 7, 2009 | |
| Analysts' Conference 2009, Hotel Hessischer Hof, Frankfurt | May 7, 2009 | |
| Shareholders' Meeting, Haus der Bayerischen Wirtschaft, München | June 24, 2009 | |
| Interim Report 2009 | August 6, 2009 | |
| Nine-month Report 2009 | November 5, 2009 | |
| German Equity Forum, Frankfurt | November 9– 11, 2009 |
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| 35 Service |
Financial Report | Business Performance | Investor Relations | Highlights | Foreword | |
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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: | 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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