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SÜSS MicroTec SE
Quarterly Report • Nov 7, 2024
422_10-q_2024-11-07_a47bc059-f310-4e29-b945-883f062cefd7.pdf
Quarterly Report
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SUSs
Key Figures
| in EUR million | Q3 2024 | Q3 2023 | Change | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|---|---|---|
| Business development | ||||||
| Order intake | 84.0 | 103.0 | $-18.4 \%$ | 276.2 | 281.2 | $-1.8 \%$ |
| Order book as of September 30 | - | - | - | 430.8 | 414.7 | $+3.9 \%$ |
| Sales | 102.5 | 70.0 | $+46.4 \%$ | 295.3 | 202.3 | $+46.0 \%$ |
| Gross profit | 40.0 | 20.6 | $+94.2 \%$ | 116.8 | 67.7 | $+72.5 \%$ |
| Gross profit margin | $39.0 \%$ | $29.4 \%$ | $+9.6 \mathrm{pp}$ | $39.6 \%$ | $33.5 \%$ | $+6.1 \mathrm{pp}$ |
| Cost of sales | 62.4 | 49.0 | $+27.3 \%$ | 178.4 | 134.6 | $+32.5 \%$ |
| Research and development expenses | 9.3 | 7.2 | $+29.2 \%$ | 27.9 | 22.8 | $+22.4 \%$ |
| EBITDA | 19.3 | 3.1 | $+522.6 \%$ | 53.1 | 18.1 | $+193.4 \%$ |
| EBITDA margin | $18.8 \%$ | $4.4 \%$ | $+14.4 \mathrm{pp}$ | $18.0 \%$ | $8.9 \%$ | $+9.1 \mathrm{pp}$ |
| EBIT | 17.3 | 1.3 | - | 47.4 | 12.8 | $+270.3 \%$ |
| EBIT margin | $16.9 \%$ | $1.9 \%$ | $+15.0 \mathrm{pp}$ | $16.1 \%$ | $6.3 \%$ | $+9.8 \mathrm{pp}$ |
| Earnings after taxes (continuing operations) | 12.9 | 0.4 | - | 35.4 | 9.8 | $+261.2 \%$ |
| Net profit* | 12.9 | 6.1 | $211,5 \%$ | 93.8 | 5.0 | - |
| Earnings per share, basic (in EUR, continuing operations) | 0.68 | 0.02 | - | 1.85 | 0.51 | $+262.7 \%$ |
| Earnings per share, basic (in EUR) * | 0.68 | $-0.06$ | - | 4.90 | 0.26 | - |
| Balance sheet and Cash flow | ||||||
| Equity | - | - | - | 261.9 | 178.0 | $+47.1 \%$ |
| Equity ratio | - | - | - | $55.2 \%$ | $49.5 \%$ | $+5.7 \mathrm{pp}$ |
| Balance sheet total | - | - | - | 474.3 | 359.9 | $+31.8 \%$ |
| Net cash | - | - | - | 122.3 | 32.7 | $+274.0 \%$ |
| Free cash flow (continuing operations) | 1.6 | $-5.0$ | - | 24.2 | 0.1 | - |
| Free cash flow total* | 1.7 | $-1.4$ | - | 95.0 | $-5.6$ | - |
| Further key figures | ||||||
| Investments | 2.5 | 0.8 | $+212.5 \%$ | 5.5 | 3.1 | $+77.4 \%$ |
| Investment ratio | $2.4 \%$ | $1.1 \%$ | $+1.3 \mathrm{pp}$ | $1.9 \%$ | $1.5 \%$ | $+0.4 \mathrm{pp}$ |
| Depreciation | 1.9 | 1.8 | $+5.6 \%$ | 5.7 | 5.1 | $+11.8 \%$ |
| Employees as of September 30 | - | - | - | 1,414 | 1,133 | $+24.8 \%$ |
[^0]
[^0]: * Key figure including discontinued operations
Contents
Quarterly statement of SUSS MicroTec SE for Q3 2024 ..... 4
Business development ..... 4
Business development in the segments ..... 6
Outlook ..... 8
Financial Report ..... 9
Consolidated Statement of Income (IFRS) ..... 9
Statement of Comprehensive Income (IFRS) ..... 10
Consolidated Balance Sheet (IFRS) ..... 11
Consolidated Statement of Shareholders' Equity (IFRS) ..... 12
Accumulated other comprehensive income ..... 12
Consolidated Statement of Cash flows (IFRS) ..... 13
Segment Reporting (IFRS) ..... 15
Reconciliations and statements of discontinued operations ..... 17
Earnings per Share ..... 19
Financial Calendar / Contact / Imprint ..... 20
Burkhardt Frick
CEO of SUSS MicroTec SE
"We are very pleased that we have continued our dynamic and profitable growth in the third quarter of 2024. With sales of $€ 102.5$ million and an EBIT margin of $16.9 \%$, the third quarter was our most successful quarter so far this year. Our efforts to increase production capacity are paying off - we are delivering more systems to our customers this year than ever before in our company's history. The order book of $€$ 430.8 million remains solid and will ensure high capacity utilization at our production sites well into 2025. We are working on increasing our production capacity further, not only to fulfill the current high demand, but also in preparation for targeted growth in the coming years, as the recently announced decision to establish a larger production site in Taiwan underlines."
Quarterly statement of SUSS MicroTec SE for Q3 2024
For the period from January 1 to September 30, 2024
Discontinued operation MicroOptics removed from the Group following sale
On January 15, 2024, we completed the sale of our subsidiary SUSS MicroOptics S.A. and the business unit of the same name to Focuslight (HK) Investment Management Co. Ltd. We received a purchase price of $€ 58.1$ million for the acquisition of all shares in SUSS MicroOptics S.A. In addition, the intragroup financing of $€ 16.9$ million was repaid. Overall, the completion of the transaction resulted in a cash inflow of $€ 75.0$ million. The result from discontinued operations of $€ 58.3$ million included the special proceeds from the sale.
Due to the disclosure of the MicroOptics segment as a discontinued operation, all expenses and income of the MicroOptics segment as well as the disposal proceeds were reported separately in one item within the income statement and all cash flows were reported separately in the cash flow statement. The previous year's periods were adjusted accordingly. In the balance sheet, the assets and liabilities attributable to this division were reclassified in the previous year under the items "Assets held for sale" and "Liabilities associated with assets held for sale". Both items were derecognized upon completion of the sale of the
subsidiary in the first quarter of 2024 and therefore have a value of zero. A list of the assets and liabilities disposed of and the result from discontinued operations as well as reconciliations of the segment figures to the income statement are presented after the segment reporting on pages 17 to 19.
Business development
SUSS's very positive business performance continued in the third quarter of 2024. We increased our consolidated sales by $46.4 \%$ to $€ 102.5$ million compared to the third quarter of the previous year (previous year: $€ 70.0$ million). The margin trend in the third quarter of 2024 was also very satisfactory once again, although it should be noted that profitability in the same quarter of the previous year was exceptionally low, particularly due to customs-related delays in deliveries to China and an unfavorable product mix. As a result, gross profit almost doubled to $€ 40.0$ million (previous year: $€ 20.6$ million). The gross profit margin increased significantly to 39.0\% (previous year: 29.4\%). At $€ 17.3$ million, EBIT in the third quarter was also significantly higher than the previous year's very low figure of $€ 1.3$ million. The EBIT margin improved accordingly by 15.0 percentage points, reaching 16.9\% (previous year: 1.9\%), the highest figure so far in this financial year.
The development of order intake in the third quarter lagged the momentum of previous quarters. As expected, the focus of leading manufacturers of highperformance memory chips, known as high-bandwidth memory (HBM), was on the installation of equipment and the start of high-volume production. As a result, we received fewer follow-up orders for our temporary bonding solutions after a very strong first half of the year. In contrast, the order situation for our Coating systems improved noticeably. In the Advanced Backend Solutions segment, we recorded order intake of $€ 67.7$ million in the third quarter of 2024 (previous year: $€ 93.7$ million). At $€ 16.3$ million, order intake in the Photomask Solutions segment were up on the previous year's subdued level of $€ 9.4$ million. In total, our order intake amounted to $€ 84.0$ million in the third quarter of 2024 (previous year: $€ 103.0$ million).
After the first nine months of the current financial year, order intake amounted to $€ 276.2$ million and was therefore slightly below the previous year's figure of $€ 281.2$ million. There was a decline in incoming orders from China in both segments, which we had expected and consider as a normalization after several very strong years in terms of order intake. Our order book amounted to $€ 430.8$ million at the end of the reporting period, an increase of $3.9 \%$ on the previous year's figure of $€ 414.7$ million.
At $€ 295.3$ million, sales in the reporting period from January to September 2024 were $46.0 \%$ higher than the figure of $€ 202.3$ million in the same period of the previous year. Both segments contributed to this increase with growth rates of $42.1 \%$ (Advanced Backend Solutions) and 55.9\% (Photomask Solutions). This growth was made possible by the recruitment of additional employees and the associated increase in production capacity at the production sites in Sternenfels (Germany) and Hsinchu (Taiwan). We also succeeded in optimizing production processes and increasingly involving external manufacturing partners.
Accordingly, we were also able to significantly increase gross profit by $72.5 \%$ to $€ 116.8$ million (previous year: $€ 67.7$ million). We therefore achieved a gross profit margin of $39.6 \%$ in the first nine months of the 2024 financial year (previous year: $33.5 \%$ ). The increase was supported by a favorable product and customer mix as well as very high utilization of production capacity.
Selling costs rose to $€ 18.3$ million in the first three quarters of 2024 (previous year: $€ 15.1$ million). Research and development expenses increased to $€ 27.9$ million (previous year: $€ 22.8$ million) due to the targeted recruitment of new employees and intensive work on important development projects. The R\&D ratio, i.e. the ratio of expenditure on research and development to sales, fell by 1.9 percentage points to $9.4 \%$ due to the significant increase in sales. Our administrative expenses increased to $€ 22.8$ million in
the reporting period (previous year: $€ 17.9$ million) with a 1.1 percentage point decrease in the administrative expense ratio to $7.7 \%$. In total, selling, administrative and research and development expenses increased by $23.9 \%$ to $€ 69.0$ million (previous year: $€ 55.7$ million) and therefore at a significantly lower rate than sales growth.
In the reporting period, the balance of other operating income and other operating expenses was slightly negative. It amounted to $€-0.4$ million (previous year: $€ 0.8$ million). In the previous period, the balance was positively influenced by a currency gain of $€ 0.6$ million.
EBIT rose to $€ 47.4$ million in the first three quarters of the 2024 financial year (previous year: $€ 12.8$ million), due to the increase in gross profit. The EBIT margin improved accordingly by a significant 9.8 percentage points to $16.1 \%$ (previous year: $6.3 \%$ ).
The financial result increased significantly to $€ 2.1$ million (previous year: $€ 0.3$ million) in the year to date due to higher interest income as a result of higher short-term investments.
As a result of the first nine months of the 2024 financial year, SUSS achieved a net profit for the period of $€ 93.8$ million (previous year: $€ 5.0$ million). The sharp increase is due to the sale of SUSS MicroOptics S.A. and the significantly improved earnings contribution from continuing operations. Net profit for the period from continuing operations after taxes more than
tripled and amounted to $€ 35.4$ million (previous year: $€ 9.8$ million). The result from discontinued operations after tax resulted from the sale of SUSS MicroOptics S.A. described above and amounted to $€ 58.3$ million. It mainly comprised the profit from the sale. In the comparative period, the result from discontinued operations amounted to $€-4.8$ million.
After the first three quarters of 2024, free cash flow from continuing operations amounted to $€+24.2$ million (previous year: $€+0.1$ million). Notably, a significantly improved cash flow from operating activities of $€+29.7$ million (previous year: $€+3.2$ million) had a positive effect on cash flow development.
Free cash flow including discontinued operations amounted to $€+95.0$ million after nine months (previous year: $€-5.6$ million), with $€ 71.1$ million coming from the sale of SUSS MicroOptics S.A.
Development in the most important regions
In geographical terms, the Asia/Pacific region is our largest sales market. After nine months in the 2024 financial year, it accounted for $75.1 \%$ of incoming orders (previous year: $75.6 \%$ ) and $86.3 \%$ of sales (previous year: $61.6 \%$ ). Taiwan, China and Korea account for the largest shares of both incoming orders and revenue.
Business development in the segments
Segment Advanced Backend Solutions
The Advanced Backend Solutions segment bundles the development, manufacture and sale of the Imaging Systems (mask aligners and UV projection scanners), Coating Systems (coaters/developers and systems for inkjet coating processes) and Bonding Systems (temporary and permanent bonders) product lines. These product lines are manufactured in Germany in Garching near Munich and Sternenfels, and in Taiwan at the Hsinchu site. The main target market for this segment is the advanced backend of the semiconductor industry.
| Advanced Backend Solutions Key Figures | ||||
|---|---|---|---|---|
| in € million | Q3.24 | Q3.23 | 9M. 24 | 9M. 23 |
| Order intake | 67.7 | 93.7 | 198.1 | 187.1 |
| Sales | 72.8 | 49.1 | 208.8 | 146.9 |
| Order book | - | - | 274.2 | 244.9 |
| Gross profit | 29.3 | 15.2 | 86.8 | 51.7 |
| Gross profit margin | $40.2 \%$ | $31.0 \%$ | $41.6 \%$ | $35.2 \%$ |
| EBIT | 12.0 | 1.0 | 33.3 | 10.2 |
| EBIT margin | $16.5 \%$ | $2.1 \%$ | $16.0 \%$ | $6.9 \%$ |
In the first nine months of 2024, we generated an order intake of $€ 198.1$ million in the Advanced Backend Solutions segment. This represents an increase of $5.9 \%$ compared to the same period of the previous year.
Compared to the third quarter of the previous year, when the first major wave of orders for temporary bonding solutions in connection with AI applications resulted in an exceptionally high intake of $€ 93.7$ million, we have continuously received followup orders over the course of the year. In the third quarter, these follow-up orders were lower than in the first half of the year, as leading memory manufacturers are currently focusing on the installation of our temporary bonders, debonders and cleaners and the ramp-up of high-volume production. At the same time, we have succeeded in booking a significantly higher order volume for our coating systems: In the third quarter alone, we collected more orders compared to the entire first half of the year. Further, we expect the order situation for our imaging systems to improve in the fourth quarter of 2024.
The order book for the Advanced Backend Solutions segment amounted to $€ 274.2$ million as of September 30, 2024, a significant increase on the figure of $€ 244.9$ million as of September 30, 2023.
In the first three quarters of 2024, segment sales rose by $€ 61.9$ million or $42.1 \%$ to $€ 208.8$ million (previous year: $€ 146.9$ million). With an increase of $48.3 \%$, the
pace of growth even accelerated once again in the third quarter. The main driver of this growth continues to be the bonding systems product line, where the execution of AI-related orders from the second half of 2023 is progressing. Compared to the same period of the previous year, the bonder sales volume almost tripled thanks to the now successfully completed capacity expansion for temporary bonders at our production site in Hsinchu (Taiwan). Overall sales in the imaging and coating systems product lines remained below the previous year in the third quarter due to the subdued order situation.
The gross profit margin in the Advanced Backend Solutions segment improved significantly from 35.2\% to $41.6 \%$ in the first nine months of 2024. The higher sales volume and associated cost degression effects, as well as a favorable product mix and increased production efficiencies contributed to the positive development. It is notable that the gross profit margin reached a value above $40 \%$ in all three quarters of the current year.
We more than tripled segment EBIT from $€ 10.2$ million to $€ 33.3$ million in the first nine months of 2024, largely due to the higher gross profit. The EBIT margin in the Advanced Backend Solutions segment was $16.0 \%$, compared to $6.9 \%$ in the same period of the previous year.
Segment Photomask Solutions
The Photomask Solutions segment comprises the development, manufacture and sale of solutions that specialize in the cleaning and processing of photomasks, primarily in the front end of semiconductor production.
| Photomask Solutions Key Figures | ||||
|---|---|---|---|---|
| in € million | Q3.24 | Q3.23 | 9M. 24 | 9M. 23 |
| Order intake | 16.3 | 9.4 | 78.1 | 94.1 |
| Sales | 29.7 | 20.9 | 86.5 | 55.5 |
| Order book | - | - | 156.7 | 169.9 |
| Gross profit | 11.0 | 5.5 | 30.6 | 16.2 |
| Gross profit margin | $37.0 \%$ | $26.5 \%$ | $35.5 \%$ | $29.2 \%$ |
| EBIT | 6.9 | 1.8 | 17.9 | 6.2 |
| EBIT margin | $23.2 \%$ | $8.6 \%$ | $20.7 \%$ | $11.2 \%$ |
Order intake in the Photomask Solutions segment declined in the first three quarters of 2024 - from a total of $€ 94.1$ million in the previous year to $€ 78.1$ million as of September 30, 2024. The reason for the decline is the expected normalizing of demand from Chinese customers.
The order book of $€ 156.7$ million as of September 30, 2024, remains very high and will ensure full capacity utilization in production into the second half of 2025.
Sales in the Photomask Solutions segment increased by $€ 31.0$ million or $55.9 \%$ to $€ 86.5$ million in the first nine months of 2024 (previous year: $€ 55.5$ million). Growth continued in the third quarter with an increase of $42.1 \%$ to $€ 29.7$ million (previous year: $€ 20.9$ million).
The gross profit margin improved significantly from $29.2 \%$ to $35.5 \%$ in the first three quarters of 2024, mainly due to the higher sales volume and a favorable product and customer mix. The gross profit margin of $37 \%$ in third quarter almost matched the second quarter ( $37.6 \%$ ). As sales in this segment comprises of a rather low volume of systems with rather high sales prices, the margin trend is subject to greater fluctuations in the event of product and customer mix changes.
Segment EBIT increased significantly from $€ 6.2$ million to $€ 17.9$ million in the first three quarters of 2024 due to the substantially higher gross profit on sales. The EBIT margin thus improved from $11.2 \%$ to $20.7 \%$.
Central Group Functions
The Central Group Functions segment includes the expenses and income of the central Group functions that cannot be allocated at segment level. In the first nine months of 2024, the segment posted EBIT of $€ 55.2$ million (previous year: $€-2.7$ million) and included the extraordinary income from the sale of the MicroOptics business completed in January 2024.
Events after the end of the reporting period
After the end of the reporting period, on November 4, 2024, the Management Board of SUSS MicroTec SE announced the conclusion of a long-term lease agreement for a new production site in Zhubei (Taiwan). The Management Board expects capital expenditures of $€ 15$ to 20 million for the clean room and office installations at the new site. Most of the investments are expected to be made in the 2025 financial year.
Outlook
Demand for SUSS products and solutions remains high and has ensured a robust order intake so far this year. Our order book of $€ 430.8$ million at the end of the third quarter (previous year: $€ 414.7$ million) secures high capacity utilization well into 2025, particularly in the Photomask Solutions segment and for our bonding systems product line. In the third quarter of 2024, we also demonstrated that we are capable to execute the high order book, in particular the first major wave of orders in connection with AI chip modules, to achieve significant and profitable growth. Our sales growth of $46.0 \%$ achieved to date and the improvement in the gross profit and EBIT margins to $39.6 \%$ and $16.1 \%$ respectively give us confidence for the fourth quarter of 2024.
| Performance Indicator | Forecast $\mathbf{2 0 2 4}$ |
$\mathbf{2 0 2 3}$ |
|---|---|---|
| Sales (in $€$ million) |
$380-410$ | 304.3 |
| Gross profit margin (in \%) |
$38-40$ | 34.1 |
| EBIT margin (in \%) |
$14-16$ | 9.1 |
We therefore confirm our forecast for the 2024 financial year, which we raised in the ad hoc announcement dated July 18, 2024. For the 2024 financial year, we expect sales in the range of $€ 380$ million to $€ 410$ million. We anticipate a gross profit margin in the range of $38 \%$ to $40 \%$ and an EBIT
margin of $14 \%$ to $16 \%$. For all three performance indicators, we expect to achieve targets well in the upper half of the forecast ranges. With regard to the gross profit margin and EBIT margin, we expect positive momentum from the higher level of sales and the associated positive economies of scale as well as a favorable product and customer mix.
Forward looking statements
This quarterly statement contains statements and forecasts relating to future developments of SUSS and its companies. The forecasts represent estimates that we have made on the basis of all the information available to us at the present time. If the assumptions on which the forecasts are based do not materialize or unforeseen events occur that affect the earnings situation, the actual results may differ from those currently expected.
Garching, November 6, 2024
The Management Board of SUSS MicroTec SE
Burkhardt Frick
CEO
Dr. Cornelia Ballwiesser
CFO
Dr. Thomas Rohe
COO
Financial Report
Consolidated Statement of Income (IFRS)
| in € thousand | 07/01/2024 | 07/01/2023 | 01/01/2024 | 01/01/2023 |
|---|---|---|---|---|
| - 09/30/2024 | - 09/30/2023 | - 09/30/2024 | - 09/30/2023 | |
| Sales | 102,481 | 69,982 | 295,257 | 202,344 |
| Cost of sales | $-62,453$ | $-49,372$ | $-178,410$ | $-134,625$ |
| Gross profit | 40,028 | 20,610 | 116,847 | 67,719 |
| Selling costs | $-5,959$ | $-5,221$ | $-18,293$ | $-15,076$ |
| Research and development costs | $-9,352$ | $-7,180$ | $-27,938$ | $-22,775$ |
| Administration costs | $-7,801$ | $-6,498$ | $-22,774$ | $-17,861$ |
| Other operating income | 1,358 | 1,331 | 3,503 | 5,497 |
| Other operating expenses | $-951$ | $-1,785$ | $-3,942$ | $-4,703$ |
| Net income from operations (EBIT) | 17,323 | 1,257 | 47,403 | 12,801 |
| Financial income | 937 | 271 | 2,446 | 599 |
| Financial expenses | $-124$ | $-109$ | $-330$ | $-302$ |
| Financial result | 813 | 162 | 2,116 | 297 |
| Earnings before taxes (continuing operations) | 18,136 | 1,419 | 49,519 | 13,098 |
| Income taxes | $-5,219$ | $-1,041$ | $-14,081$ | $-3,322$ |
| Earnings after taxes (continuing operations) | 12,917 | 378 | 35,438 | 9,776 |
| Earnings after taxes (discontinued operations) | 0 | $-1,592$ | 58,318 | $-4,811$ |
| Net profit | 12,917 | $-1,214$ | 93,756 | 4,965 |
| Thereof equity holders of SUSS | 12,917 | $-1,214$ | 93,756 | 4,965 |
| Thereof non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share, continuing operations (basic) | 0.68 | 0.02 | 1.85 | 0.51 |
| Earnings per share, continuing operations (diluted) | 0.68 | 0.02 | 1.85 | 0.51 |
Statement of Comprehensive Income (IFRS)
Consolidated Statement of Shareholders' Equity (IFRS)
| in € thousand | Subscribed capital | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Total equity attributable to shareholders of SUSS MicroTec SE | |||
|---|---|---|---|---|---|---|---|---|
| Actuarial gains / losses from defined pension benefit plans | Tax effects | Foreign currency adjustments | Tax effects | |||||
| As of January 1, 2023 | 19,116 | 55,822 | 100,628 | $-1,744$ | 465 | 3,443 | - | 177,730 |
| Net profit | 4,965 | 4,965 | ||||||
| Other comprehensive income | $-115$ | 17 | $-791$ | - | $-889$ | |||
| Total comprehensive income | $-115$ | 17 | 4,076 | |||||
| Dividends paid | $-3,823$ | $-791$ | $-3,823$ | |||||
| As of September 30, 2023 | 19,116 | 55,822 | 101,770 | $-1,859$ | 482 | 2,652 | - | 177,983 |
| As of January 1, 2024 | 19,116 | 55,822 | 101,502 | $-3,278$ | 638 | 2,817 | - | 176,617 |
| Net profit | 93,756 | 93,756 | ||||||
| Other comprehensive income | 1,652 | $-206$ | $-4,633$ | - | $-3,187$ | |||
| Total comprehensive income | 90,568 | |||||||
| Dividends paid | $-3,823$ | - | $-3,823$ | |||||
| Effect from the divestment of a subsidiary | $-1,432$ | $-1,432$ | ||||||
| As of September 30, 2024 | 19,116 | 55,822 | 190,003 | $-1,626$ | 432 | $-1,816$ | - | 261,931 |
Consolidated Statement of Cash flows (IFRS)
| In € thousand | 01/01/2024 - 09/30/2024 |
01/01/2023 - 09/30/2023 |
|---|---|---|
| Net profit | 93,756 | 4,965 |
| Adjustments to reconcile net income / (loss) to operating cash flows | ||
| Income / (loss) from discontinued operations (net of taxes) | $-58,318$ | 4,811 |
| Amortization of intangible assets | 1,191 | 1,132 |
| Depreciation of tangible assets | 4,499 | 3,933 |
| Profit / loss on disposal of intangible and tangible assets | 1 | 146 |
| Change of reserves on inventories | 1,153 | 4,266 |
| Change of reserves for bad debts | $-127$ | $-1,347$ |
| Other non-cash effective income and expenses | 740 | $-524$ |
| Change in inventories | $-51,725$ | $-31,545$ |
| Change in contract assets | 4,678 | 7,973 |
| Change in trade receivables | 3,835 | 3,178 |
| Change in other assets | $-7,495$ | $-2,056$ |
| Change in pension provisions | $-170$ | $-176$ |
| Change in trade payables | 10,129 | $-7,768$ |
| Change in contract liabilities | 11,731 | 16,590 |
| Change in other liabilities and other provisions | 5,779 | $-1,344$ |
| Change in tax assets and tax liabilities | 10,083 | 957 |
| Cash flow from operating activities - continuing operations | 29,742 | 3,211 |
| Cash flow from operating activities - discontinued operations | $-325$ | $-2,424$ |
| Cash flow from operating activities - total | 29,417 | 787 |
Consolidated Statement of Cash flows (IFRS)
| in € thousand | $01 / 01 / 2024$ | $01 / 01 / 2023$ |
|---|---|---|
| - 09/30/2024 | - 09/30/2023 | |
| Disbursements for other tangible assets | $-5,079$ | $-1,919$ |
| Disbursements for intangible assets | $-444$ | $-1,163$ |
| Cash outflows due to investments within short-term commercial paper | 0 | $-9,802$ |
| Cash income due to investments within short-term commercial paper | 9,895 | 9,943 |
| Cash flow from investing activities - continuing operations | 4,372 | $-2,941$ |
| Cash flow from investing activities - discontinued operations | 71,093 | $-3,270$ |
| Cash flow from investing activities - total | 75,465 | $-6,211$ |
| Repayment of bank loans | $-938$ | $-938$ |
| Repayment of rental and lease liabilities | $-1,952$ | $-1,568$ |
| Change in other financial debt | 14 | 24 |
| Dividends paid | $-3,823$ | $-3,823$ |
| Cash flow from financing activities - continuing operations | $-6,699$ | $-6,305$ |
| Cash flow from financing activities - discontinued operations | 0 | $-547$ |
| Cash flow from financing activities | $-6,699$ | $-6,852$ |
| Adjustments to funds caused by exchange-rate fluctuations | $-153$ | $-211$ |
| Change in cash and cash equivalents | 98,030 | $-12,487$ |
| Funds at beginning of the year | 38,114 | 51,364 |
| Funds at end of the period | 136,144 | 38,877 |
| (thereof cash and cash equivalents from discontinued operations) | 0 | 1,596 |
| Cash flow from operating activities (continuing operations) including: | ||
| Interest paid during the period | 173 | 121 |
| Interest received during period | 2,190 | 319 |
| Taxes paid during the period | 3,834 | 2,165 |
Segment Reporting (IFRS)
- Discontinued operations
** In sales for 2023, EUR 8 thousand was reclassified from the MicroOptics segment to the Group Function segment, as this relates to sales from continuing operations.
Segment Reporting (IFRS)
Segment information by region
(Including discontinued activities)
| Sales | CapEx | Segment Assets (without Goodwill) | ||||
|---|---|---|---|---|---|---|
| in € thousand | 9M 2024 | 9M 2023 | 9M 2024 | 9M 2023 | 9M 2024 | 9M 2023 |
| EMEA | 21,298 | 47,737 | 4,359 | 5,896 | 275,762 | 255,228 |
| North America | 19,280 | 36,609 | 3 | 9 | 4,560 | 4,004 |
| Asia and Pacific | 256,008 | 135,048 | 1,161 | 447 | 24,198 | 21,855 |
| Consolidation effects | $-5,338$ | $-2,133$ | ||||
| Total | 296,586 | 219,394 | 5,523 | 6,352 | 299,182 | 278,954 |
Reconciliations and statements of discontinued operations
Reconciliation of sales, and the key earnings figures EBIT and EBT from segment reporting to the consolidated income statement.
| in € thousand | $\begin{gathered} 01 / 01 / 2024 \ -09 / 30 / 2024 \end{gathered}$ | $\begin{gathered} 01 / 01 / 2023 \ -09 / 30 / 2023 \end{gathered}$ |
|---|---|---|
| Sales according to segment reporting | 296,586 | 219,394 |
| - MicroOptics sales | $-1,329$ | $-18,351$ |
| + sales by MicroOptics with Group companies | - | 1,291 |
| + sales by Group companies with MicroOptics | 10 | |
| Sales according to the statement of income | 295,257 | 202,344 |
| in € thousand | $\begin{gathered} 01 / 01 / 2024 \ -09 / 30 / 2024 \end{gathered}$ | $\begin{gathered} 01 / 01 / 2023 \ -09 / 30 / 2023 \end{gathered}$ |
| EBIT according to segment reporting | 106,084 | 7,159 |
| + Financial income | 2,446 | 599 |
| - Financial expenses | $-330$ | $-329$ |
| EBT Group | 108,200 | 7,429 |
| - EBT MicroOptics division | $-325$ | $-6,522$ |
| - Intercompany transfers | $-59,006$ | $-853$ |
| EBT according to the statement of income | 49,519 | 13,098 |
The following tables show the assets and liabilities of the discontinued operations, and the sold subsidiaries SUSS MicroOptics S.A. at the time of disposal from the Group and the composition of the result from discontinued operations in the third quarter of 2024.
Assets and liabilities of discontinued operations:
| in € thousand | 09/30/2024 |
|---|---|
| Intangible assets | 117 |
| Tangible assets | 21,641 |
| Inventories | 7,193 |
| Trade receivables | 3,422 |
| Cash and cash equivalents | 642 |
| Other current assets | 849 |
| Total assets disposed of | 33,864 |
| Pension plans and similar commitments | 4,661 |
| Financial debt from lease obligations IFRS16 (noncurrent) | 4,045 |
| Other current liabilities | 239 |
| Other current provisions | 591 |
| Financial debt from lease obligations IFRS16 (current) | 779 |
| Other financial liabilities | 1,077 |
| Trade payables | 1,371 |
| Contract liabilities | 303 |
| Other current liabilities | 262 |
| Total liabilities disposed of | 13,328 |
| Net assets disposed of | 20,536 |
| Accumulated other comprehensive income | $-4,639$ |
| Divesting costs | 112 |
| Gain on disposal | 59,006 |
The results of discontinued operations:
| in € thousand | 01/01/2024 |
|---|---|
| Net sales | $-09 / 30 / 2024$ |
| Other income | 1,329 |
| Expenses | 0 |
| Ordinary income / (loss) from discontinued operations (before tax) | $-1,654$ |
| Income tax expense / income | $-325$ |
| Ordinary income / (loss) from discontinued operations (after tax) | $-325$ |
| Gain / (loss) recognized on disposal of discontinued operations (before tax) | 59,006 |
| Income tax expense / income | $-363$ |
| Gain / (loss) recognized on disposal of discontinued operations (net of tax) | 58,643 |
| Income / (loss) from discontinued operations (net of tax) | 58,318 |
Earnings per Share
| 01/01/2024 - 09/30/2024 |
01/01/2023 - 09/30/2023 |
|||
|---|---|---|---|---|
| in $€$ thousand | Total amount | Earnings per share in $€$ (basic) | Total amount | Earnings per share in $€$ (basic) |
| Earnings after taxes (continuing operations) of which equity holders of SUSS MicroTec SE | 35,438 | 1.85 | 9,776 | 0.51 |
| Earnings after taxes (discontinued operations) of which equity holders of SUSS MicroTec SE | 58,318 | 3.05 | $-4,811$ | $-0.25$ |
| Net profit / (loss) of which equity holders of SUSS MicroTec SE |
93,756 | 4.90 | 4,965 | 0.26 |
| Weighted average number of outstanding shares | 19,115,538 | 19,115,538 |
There were no dilution effects in the reporting periods presented.
Financial Calendar 2024/2025
| Quarterly Report Q3 2024 | November 7, 2024 |
|---|---|
| Annual Report 2024 | March 27, 2025 |
| Quarterly Report Q1 2025 | May 8, 2025 |
| Annual General Meeting | June 3, 2025 |
| Interim Report 2025 | August 7, 2025 |
| Quarterly Report Q3 2025 | November 6, 2025 |
Contact
SUSS MicroTec SE
Schleissheimer Straße 90
85748 Garching, Germany
E-mail: [email protected]
Investor Relations
Phone: +49 89 32007-151 / -161
E-mail: [email protected]
Forward-looking statements: Interim reports include forward-looking statements. Forward-looking statements do not present historical facts but include statements about expectations and the views of the management of SUSS MicroTec SE. These statements are based on current plans, estimates, and forecasts of the Company's management. Investors should not place undue reliance on these statements. Forward-looking statements are to be understood in the context of the time at which they were made. The Company does not assume any obligation to update the forward-looking statements included in this report as a result of new information or future events. The Company's obligation to comply with its statutory responsibilities regarding information and reporting remains unaffected. Forward-looking statements always involve risks and uncertainties. A large number of factors that are described in this report could cause actual events to deviate substantially from the forward-looking statements included in this report.