SÜSS MicroTec SE

Earnings Release • Mar 31, 2003

News Details

Ad-hoc | 31 March 2003 07:12

Süss Micro Tec AG english

SUSS MicroTec: Results for Fiscal 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Sales (EUR 127.5 m) and earnings after tax (EUR -8.9 m) in line with expectations/ Special effects in fourth quarter due to extensive restructuring Liquidity increased/ inventories reduced Munich, March 31, 2003 – SUSS MicroTec remained in fiscal 2002 within the bounds of provisional figures announced in January. Net sales totaled EUR 127.5 million, a 41% decline on the previous years figure (EUR 214.8 m). A further drop in new orders booked was also reported. They fell by -33% to EUR 105 million (previous year: EUR 156 m). Capacity purchases in the 200mm segment were particularly slack in 2002. But above all, technology purchases in the 300mm segment are rated as positive. Gross margin in 2002 was 38% (previous year adjusted after reclassifications: 53%). EAT totaled EUR -8.9 m. This includes one-off effects in the fourth quarter, these being restructuring expenses (EUR 2.4 m) and value adjustments on inventories (EUR 3.6 m). Without these one-off effects the gross margin in 2002 would have been 42%. Substantial progress was made in 2002 with adjusting corporate and cost structures to the given market situation. Despite the negative result, balance sheet structure and liquidity showed a positive trend. On December 31, 2002 the Group had more than EUR 13.4 m in liquid assets (EUR 16.9 m credit balance at banks, EUR 3.5 m current liabilities to banks). The consolidated equity ratio improved to 68% (2001: 50%). Inventories were reduced to EUR 48 million. Nearly EUR 9 million of the total decline in inventory in the fourth quarter (EUR 13 m) was due to sell-offs. The number of employees (year-end: 878) will decrease to 730 in the first quarter of 2003. This follows completion of existing restructuring measures and relocation of the Singen facility to Vaihingen at the start of 2003, as a result of which a further 36 employees will leave the company. end of ad-hoc-announcement (c)DGAP 31.03.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Outlook for 2003: At present, it is not possible to forecast specific development trends in the semiconductor industry. Positive signs on the market of an early rise in demand are countervailed by risks ensuing from political uncertainties that continue to have a negative effect on the investment climate. The Management Board therefore thinks it possible that in 2003 the sales of the SUSS MicroTec Group may be within a range from roughly EUR 100 million to more than EUR 150 million. The result will also depend on how successful a new technology for Mask Aligner Lithography (so called MPT-Technology) can be introduced and how fast the market will pick up on this technology. But, in the first half year of 2003 at least, sales will be below the 2002 figures. The Management Board anticipates breaking even with sales totaling approx. EUR 120 million, though the profit threshold is then not anticipated before the end of the third quarter. In 2003 the company will continue to focus on a positive free cash flow. Key Figures at a glance: in EUR million FY 2002 FY 2001 Q.4/2002 Q.4/2001 Incoming order 104.5 156.0 20.9 30.7 Net backlog 32.4 57.6 — — Net sales 127.5 214.8 42.8 63.6 Equity 118.5 95.4 — — Equity ratio 68% 50% — — Net cash 13.4 -22.1 — — Free cash flow -0.1 -9.9 2.8 -2.0 Gross profit 47.9 114.3 — — Gross margin 37.6% 53.2% — — EBITDA -9.4 50.4 1.2 19.9 EBITDA margin -7.4% 23.5% 1.8% 46.5% EAT -8.9 21.1 -0.1 9.5 EPS -0.60 1.53 0.00 0.69 Employees 878 955 — — You can find the Annual Report for 2002 at http://www.suss.de (pdf file to download)(from approx. 11.00 a.m.) Further informations: SUSS MicroTec AG/ Investor Relations/ Tel.: +49 (0) 89 / 320 07-314 Fax: +49 (0) 89/ 320 07-359/ E-Mail: t.satzer@suss.de ——————————————————————————– WKN: 722670; ISIN: DE0007226706; Index: NEMAX 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 310712 Mär 03