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SÜSS MicroTec SE
Quarterly Report • Nov 10, 2022
422_10-q_2022-11-10_cf242ed1-751a-42e4-9056-f39bd31c8086.pdf
Quarterly Report
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QUARTERLY REPORT JANUARY 1 – SEPTEMBER 30, 2022
KEY FIGURES
| in € million | Q3 / 2022 | Q3 / 2021 | Change | 9 Months / 2022 | 9 Months / 2021 | Change |
|---|---|---|---|---|---|---|
| Business Development | ||||||
| Order entry | 142.5 | 101.0 | 41.1% | 373.3 | 253.8 | 47.1% |
| Order backlog as of Sep 30 | -- | -- | -- | 377.3 | 185.4 | 103.5% |
| Total sales | 70.5 | 70.0 | 0.7% | 195.2 | 188.5 | 3.6% |
| Gross profit | 24.4 | 27.4 | -10.9% | 68.2 | 68.9 | -1.0% |
| Gross profit margin | 34.6% | 39.1% | -4.5%-Points | 34.9% | 36.5% | -1.6%-Points |
| Cost of sales | 46.1 | 42.6 | 8.3% | 127.0 | 119.6 | 6.2% |
| Research and Development costs |
5.6 | 5.3 | 5.8% | 18.2 | 16.1 | 13.1% |
| EBITDA | 8.3 | 11.7 | -29.0% | 17.9 | 23.5 | -23.8% |
| EBITDA margin | 11.8% | 16.7% | -4.9%-Points | 9.2% | 12.5% | -3.3%-Points |
| EBIT | 5.9 | 9.7 | -39.2% | 11.0 | 17.7 | -37.8% |
| EBIT margin | 8.4% | 13.9% | -5.5%-Points | 5.6% | 9.4% | -3.8%-Points |
| Earnings after tax | 3.6 | 7.1 | -48.8% | 7.2 | 12.1 | -40.2% |
| Earnings per share, basic (in €) | 0.19 | 0.37 | -- | 0.38 | 0.63 | -- |
| Balance sheet and cash flow | ||||||
| Equity | -- | -- | -- | 165.1 | 150.0 | 10.0% |
| Equity ratio | -- | -- | -- | 48.4% | 57.9% | -9.5%-Points |
| Balance sheet total | -- | -- | -- | 341.2 | 259.1 | 31.7% |
| Net cash | -- | -- | -- | 52.2 | 19.8 | 163.7% |
| Free Cashflow | 11.3 | -1.8 | -- | 17.4 | 0.2 | -- |
| Further key figures | ||||||
| Investments | 2.5 | 1.5 | 68.9% | 6.1 | 5.4 | 13.6% |
| Investment ratio | 3.6% | 2.1% | 1.5%-Points | 3.1% | 2.9% | 0.2%-Points |
| Depreciation | 2.4 | 2.0 | 20.4% | 6.9 | 5.7 | 21.2% |
| Employees as of Sep 30 | -- | -- | -- | 1,221 | 1,148 | 6.4% |
DR. BERND SCHULTE, CHIEF EXECUTIVE OFFICER OF SÜSS MICROTEC SE:*
"We are pleased that we were not only able to confirm the positive trend in order entry in the third quarter of 2022, but also achieve the strongest quarter in the Company's history with EUR 142.5 million in orders despite a volatile environment fraught with political tension. It is worth noting that all divisions contributed double-digit growth rates to order entry, both in the past quarter and over the last nine months. The Photomask Equipment and Bonder divisions in particular recorded very strong demand for mask cleaners and automated bonders for high-volume production. Our order backlog will thus keep utilization of production capacity high in 2023 – and partly beyond the coming year."
*Dr. Bernd Schulte serves as Chief Executive Officer of SÜSS MicroTec SE from October 17, 2022 to December 31, 2022. During this time, his mandate as member of the Supervisory Board of SÜSS MicroTec SE will be temporarily suspended. He will provisionally serve on the Management Board while Dr. Goetz M. Bendele takes a temporary leave from his Management Board position to care for a seriously ill family member until December 31, 2022. After this time, both intend to return to their respective previous positions on the Management Board and Supervisory Board as of January 1, 2023.
CONTENTS
Business Development in the Third Quarter and First Nine Months of 2022 4
Financial Report 11
| Consolidated Statement of Income (IFRS) | 11 |
|---|---|
| Statement of Comprehensive Income (IFRS) | 12 |
| Consolidated Statement of Financial Position (IFRS) | 13 |
| Consolidated Statement of Cash Flows (IFRS) | 14 |
| Statement of Changes in Equity (IFRS) | 16 |
| Segment Reporting (IFRS) | 17 |
Legal Structure 18
Financial Calendar / Contact / Imprint 19
BUSINESS DEVELOPMENT IN THE THIRD QUARTER AND FIRST NINE MONTHS OF 2022
We once again succeeded in increasing demand in all divisions and winning numerous orders in the third quarter of 2022. Order entry in the months from July to September 2022 amounted to EUR 142.5 million, making it the strongest quarter in the Company's history in terms of orders. This represented an increase of 41.1 percent over the previous year's figure of EUR 101.0 million. The increase was driven by strong demand in the Photomask Equipment division, among other factors. Our technology in this division enables the semiconductor industry to clean various kinds of photomasks – from standard photomasks to state-of-the-art extreme ultraviolet lithography photomasks (EUV). We also fortunately booked significant double-digit year-on-year growth in order entry in the Lithography, Bonders and Micro-optics divisions.
Sales in the third quarter of 2022 reached EUR 70.5 million, thus slightly exceeding the EUR 70.0 million achieved in the previous year's quarter. Once again, stronger growth momentum was stymied by persistent and significant delivery delays for a large number of purchased parts and components. Last quarter, we delivered several systems to our customers without recognizing the corresponding revenue by September 30, 2022. This happened because certain functionally necessary components were not delivered with the equipment but will be delivered later in consultation with the customers and incorporated into the systems as part of the installation at the customer's site. This postponed revenue recognition. The primary reasons for the disrupted supply chains are COVID lockdowns in China, the ongoing war in Ukraine, freight logistics delays, and peaks in demand as companies build up reserve stocks.
At EUR 5.9 million, EBIT for the third quarter of 2022 was significantly lower than the amount of EUR 9.7 million in the previous year. The decline – which occurred amid comparable quarterly sales – was primarily attributable to an increase of approximately EUR 3.5 million in production costs due to recent hikes in labor and material costs. As the price increases implemented in 2022 do not have a retroactive effect on orders placed previously, it was therefore not possible to pass on these additional costs in full to these customers. Further reasons are a change in the product mix, and missing margins due to delayed revenue recognition for systems. The EUR 0.4 million year-on-year decrease in administrative expenses could not fully offset the cost increases in sales (EUR +0.6 million) and research and development (EUR +0.3 million). In addition, earnings in the third quarter of 2021 were positively impacted by an extraordinary effect of EUR 1.5 million because impairment losses were reversed for two UV projection scanners in the Lithography division that had previously been written off. The quarterly earnings corresponded to an EBIT margin of 8.4 percent (previous year: 13.9 percent). Earnings after taxes (EAT) declined to EUR 3.6 million (previous year: EUR 7.1 million). Basic earnings per share (EPS) totaled EUR 0.19 (previous year: EUR 0.37).
We increased incoming orders 47.1 percent to EUR 373.3 million in the first nine months of the year (previous year: EUR 253.8 million). It should be noted that order entry was well above EUR 100 million in all three quarters. The Bonder (+99.4 percent) and Photomask Equipment (+88.0 percent) divisions posted particularly significant increases in order entry. The Lithography and Micro-optics divisions recorded double-digit growth rates as well. The increase was fortunately spread across all three regions.
While order entry in Europe rose from EUR 45.7 million to EUR 59.9 million, new business in North America doubled from EUR 31.3 million to EUR 62.5 million. In Asia, order entry climbed from EUR 176.8 million to EUR 250.9 million, partly due to continued increases in demand for photomask equipment. It should be noted that order entry and thus sales are generally made up of large and, in some cases, very customer-specific systems. This can sometimes result in significant fluctuations in sales during the year, which may in turn affect the gross profit margin and earnings.
The order backlog increased to EUR 377.3 million as of September 30, 2022 (September 30, 2021: EUR 185.4 million), supported by very strong order entry, extended lead times, and delays in revenue recognition. The order backlog in all the divisions will keep utilization of production capacity high in 2023 – and beyond the coming year, in some cases.
Sales have not kept pace with the extremely positive order entry this year due to the aforementioned supply chain problems. We have shipped approximately EUR 16 million in equipment to our customers for which no revenue had been recognized as of September 30, 2022. Further systems, corresponding to unrecognized revenue of around EUR 5 million, are ready for delivery following receipt of a small number of supplier components which are still missing. These projects totaling approximately EUR 21 million will be recognized as revenue in the coming months once they are completed and final customer acceptance has been obtained. Until that time, the production costs of these systems will be carried on the balance sheet as current assets. The profit margins on these customer orders will not be recognized in profit or loss until the revenue is recognized. All told, we increased sales a moderate 3.6 percent to EUR 195.2 million in the first nine months of the 2022 fiscal year (previous year: EUR 188.5 million). In regional terms, much of the increase was driven by the Asia region, where sales grew from EUR 125.8 million to EUR 137.3 million. In contrast, sales declined in Europe (from EUR 41.4 million to EUR 37.5 million) and North America (from EUR 21.3 million to EUR 20.4 million).
At EUR 11.0 million, EBIT in the first nine months of the 2022 fiscal year was significantly lower than the previous year's figure of EUR 17.7 million. The EBIT margin was 5.6 percent (previous year: 9.4 percent). The reasons are increases in the production costs due to higher labor and material prices, which we – due to the delayed effect of the successfully implemented price increases – could not pass on in full to our customers, as well as a change in the product mix. In addition, other operating expenses and income produced a net negative effect of EUR 2.5 million. One particularly negative impact came from foreign currency effects in connection with the US dollar. The quarterly comparison should also take into account a positive extraordinary effect of EUR 1.5 million from the third quarter of 2021 due to the reversal of impairment losses for two UV projection scanners in the Lithography division that had previously been written off. We increased our research and development expenses from EUR 16.1 million to EUR 18.2 million in the reporting period in order to modernize our product portfolio and support future growth in promising markets such as hybrid bonding. The R&D ratio increased from 8.5 percent to 9.3 percent as a result. Earnings after taxes (EAT) fell to EUR 7.2 million (previous year: EUR 12.1 million). The basic earnings per share (EPS) totaled EUR 0.38 (previous year: EUR 0.63).
Free cash flow increased further in the third quarter and amounted to EUR 17.4 million after nine months of 2022 (previous year: EUR 0.2 million). The initiatives we launched to increase customer prepayment rates and the high order entry significantly increased customer prepayments, which more than offset the rise in inventory reserves and cash outflows for financial investments. The net cash position improved from EUR 19.8 million as of September 30, 2021, to EUR 52.2 million as of September 30, 2022.
In addition to ongoing supply chain problems, energy uncertainty is increasingly impacting the economy. Major risks are presented by rising energy prices and a gas supply situation that is affected by the geopolitical crisis between the West and Russia. We have carefully assessed our situation in this environment and – as previously described in the half-year report – promptly taken appropriate countermeasures to address risks. One example is the negotiation of long-term supply contracts with fixed prices. The actual financial impact is still hard to estimate at the moment.
BUSINESS DEVELOPMENT IN THE INDIVIDUAL DIVISIONS
Lithography Division
The Lithography division includes the development, manufacture, and sale of the mask aligner and UV projection scanner product lines, coater/developer products, nanoimprint equipment, and semi- and fully-automated systems for inkjet printing-based coating processes. These product lines are manufactured in Germany at the locations in Garching, near Munich, and in Sternenfels, as well as at the Hsinchu location in Taiwan.
| Lithography Division Key Figures | |||
|---|---|---|---|
| ---------------------------------- | -- | -- | -- |
| Order entry | 55.6 | 48.2 | 163.3 | 134.0 |
|---|---|---|---|---|
| Sales* | 37.8 | 41.1 | 105.9 | 113.1 |
| Gross Profit | 15.9 | 17.4 | 41.8 | 42.0 |
| Gross Profit Margin | 42.2% | 42.4% | 39.5% | 37.1% |
| EBIT | 4.8 | 7.5 | 9.7 | 15.3 |
| EBIT-Margin | 12.7% | 18.3% | 9.1% | 13.5% |
| Net assets | -- | -- | 61.4 | 61.5 |
*Total sales include internal sales (sales to other segments).
The key figures gross profit margin and EBIT margin are
calculated on the basis of total sales.
Order entry in the Lithography division increased a significant 21.9 percent year-on-year to EUR 163.3 million in the first nine months of the year. One major reason for the increase was strong demand for 300mm and 200mm coaters and developers for production use. These systems accounted for around 40 percent of the division's order entry. In addition, new business with mask aligners and bond aligners for laboratory applications, including the MA/BA6 Gen4 and MA/BA8 Gen4, as well as UV projection scanners, has performed very favorably this year. Division sales were down 6.3 percent year-on-year due to the supply chain issues described in the business development section. The gross profit margin in the Lithography division rose from 37.1 percent to 39.5 percent as the product mix shifted towards high-margin mask aligners. Despite the improved gross margin, division earnings decreased from EUR 15.3 million to EUR 9.7 million, resulting in an EBIT margin of 9.1 percent. The decline in earnings is attributable to several factors. The year-on-year reduction in sales of in € million Q3 2022 Q3 2021 9M 2022 9M 2021
EUR 7.2 million had a negative impact, as did the approximately EUR 2 million increase in research and development expenditure. In addition, as in the other three divisions, indirect costs for management, marketing and insurance were allocated in a manner that more closely reflected the source of the costs. This change reduced division earnings by EUR 3.3 million compared to the previous year. In addition, the division earnings for the first nine months of 2021 were positively influenced by an extraordinary effect of EUR 1.5 million due to the reversal of impairment losses on materials previously written off after receiving orders for two UV projection scanners.
Bonder Division
The Bonder division comprises the development, production, and sale of the wafer bonding product line. Manufacturing is located at our largest production site in Sternenfels. Markets addressed by the bonder systems include microelectromechanical systems (MEMS), compound semiconductors, and 3D TSV integration.
| Order entry | 21.5 | 16.6 | 66.0 | 33.1 |
|---|---|---|---|---|
| Sales* | 4.9 | 10.1 | 25.8 | 21.7 |
| Gross Profit | 0.0 | 3.9 | 7.1 | 8.1 |
| Gross Profit Margin | 0.3% | 39.0% | 27.7% | 37.5% |
| EBIT | -2.5 | 1.5 | -2.0 | 0.5 |
| EBIT-Margin | -51.6% | 14.7% | -7.6% | 2.4% |
| Net assets | -- | -- | 24.1 | 27.9 |
Bonder Division Key Figures
*Total sales include internal sales (sales to other segments).
The key figures gross profit margin and EBIT margin are
calculated on the basis of total sales.
The Bonder division continued the positive trend in order entry as it increasingly exploited its potential. New business almost doubled due to vibrant demand for automated bonders for high-volume production. Division sales also performed well, increasing 18.9 percent to EUR 25.8 million in the first nine months (previous year: EUR 21.7 million). The increase was driven in equal measure by equipment for permanent and temporary bonding. Sales would have been higher were it not for the fact that equipment worth EUR 5.5 million could not be shipped or finally accepted and so the revenue will be recognized later. The gross profit margin was 27.7 percent in the first three quarters and came in below the previous year's figure due to recent increases in production costs, largely as a result of longer lead times and unplanned additional work. EBIT declined as a consequence of overall lower gross profit, expansion-related increases in selling and administration costs, and an impairment loss of EUR 0.6 million on an evaluation tool. EBIT for the first nine months amounted to EUR -2.0 million (previous year: EUR 0.5 million). The EBIT margin of -7.6 percent was unsatisfactory, after having been at least slightly positive at 2.4 percent in the same period of the previous year. We expect sales and earnings to improve significantly next year based on a sustained improvement in our orders position for automated bonders and the easing of supply chain issues. in € million Q3 2022 Q3 2021 9M 2022 9M 2021
Photomask Equipment Division
The Photomask Equipment division, located at the Sternenfels site, comprises the development, manufacture, and sale of specialized tools for the cleaning and processing of photomasks for the semiconductor industry. This is the only division in which SÜSS MicroTec is active on the front end.
in € million Q3 2022 Q3 2021 9M 2022 9M 2021 Order entry 53.6 28.8 116.2 61.8 Sales* 19.4 12.2 34.4 33.5 Gross Profit 5.9 3.8 10.8 11.0 Gross Profit Margin 30.5% 31.2% 31.3% 32.9% EBIT 4.7 1.9 4.7 5.1 EBIT-Margin 24.2% 15.4% 13.7% 15.2% Net assets -- -- -1.3 17.4
Photomask Equipment Division Key Figures
*Total sales include internal sales (sales to other segments).
The key figures gross profit margin and EBIT margin are
calculated on the basis of total sales.
Order entry in the Photomask Equipment division recorded above-average growth in the first nine months, nearly doubling from EUR 61.8 million to EUR 116.2 million. Strong demand for systems in Asia played a particularly large role in this significant increase. Sales momentum picked up significantly in the third quarter as growth reached 59.0 percent once several delayed systems were delivered and final acceptance obtained. This made up for the sales shortfall from the first half of the year and put sales for the first nine months slightly above the prioryear figure. The gross profit margin decreased from 32.9 percent to 31.3 percent in the initial quarters. Division earnings suffered an effect of EUR -0.7 million in the first three quarters of 2022 due to the adoption of a new approach to the allocation of selling and administrative costs that more closely reflected the source of the costs at the end of the 2021 fiscal year. As a result, division earnings decreased from EUR 5.1 million to EUR 4.7 million.
Micro-optics Division
The Micro-optics division includes the activities of the SÜSS MicroTec subsidiary SUSS MicroOptics at the Hauterive location in Switzerland. The production and sales of microlenses and highly specialized optics for a variety of industrial applications are located here.
| in € million | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
|---|---|---|---|---|
| Order entry | 11.9 | 7.0 | 27.8 | 23.5 |
| Sales* | 9.0 | 7.1 | 30.7 | 21.0 |
| Gross Profit | 2.6 | 1.7 | 8.5 | 6.0 |
| Gross Profit Margin | 28.7% | 24.5% | 27.7% | 28.4% |
| EBIT | 0.2 | -0.1 | 1.7 | 0.7 |
| EBIT-Margin | 2.7% | -1.8% | 5.4% | 3.2% |
| Net assets | -- | -- | 21.7 | 20.2 |
Micro-optics Division Key Figures
*Total sales include internal sales (sales to other segments).
The key figures gross profit margin and EBIT margin are
calculated on the basis of total sales.
Order entry in the Micro-optics division was very positive in the third quarter of 2022 and came in EUR 4.9 million, or 70 percent, higher than in the previous year, partly due to new business in medical technology. Order entry for the first nine months of 2022 was up 18.3 percent yearon-year. Sales grew at an above-average rate in the first three quarters, rising from EUR 21.0 million to EUR 30.7 million. The 46.2 percent increase was primarily attributable to orders won and additional production capacity created for applications in the automotive sector. The modified product mix, with a stronger focus on the automotive business, had a negative impact on the gross profit margin due to the highly competitive nature of the industry. It shrank slightly from 28.4 percent to 27.7 percent. We aim to improve yields in the future, in particular through process optimization, and are confident that this will enable us to improve our gross profit margin again. Despite adopting a new approach to the allocation of selling and administrative costs that more closely reflected the source of the costs and resulted in a negative effect of EUR -0.9 million, division earnings improved year-on-year from EUR 0.7 million to EUR 1.7 million.
The Others division represents all other activities as well as costs for central Group functions that generally cannot be attributed to the main divisions. In the first three quarters of 2022, the Others division recorded a negative EBIT of EUR -3.1 million (previous year: EUR -3.9 million). The year-on-year improvement is primarily attributable to the adoption of a new approach to the allocation of indirect management, marketing and insurance costs that more closely reflects the source of the costs, introduced at the end of 2021. In the prior-year period, only attributable IT costs and rents were charged to the divisions. The discontinuation of the commission business, on the other hand, had a negative effect on earnings. While commission income of EUR 1.4 million was generated in 2021, which had a positive effect on earnings, commission income has not been collected at all in 2022 because a commercial agency agreement expired.
OUTLOOK
SÜSS MicroTec succeeded in generating very strong order entry, which significantly exceeded the general market growth rate in the first nine months of 2022. The significant order growth is attributable to the successful expansion of our business relationships with key accounts and the acquisition of relevant new customers, particularly in the Photomask Equipment and Bonder divisions. We are cautiously optimistic about the future trajectory of demand. Delivery times for our equipment have increased significantly due to the ongoing supply shortage situation. The uncertain development of the COVID-19 pandemic and the negative consequences of Russia's war of aggression against Ukraine, including a mounting energy crisis and significantly higher inflation rates, are currently making it more difficult for us to issue estimates for the entirety of 2022.
If energy supplies remain secure and the aforementioned factors, particularly the availability of parts from suppliers, do not deteriorate further, the Company expects sales in the fourth quarter to show at least the same momentum as in the first three quarters of the 2022 fiscal year. Sales revenues in the fourth quarter will depend in particular on customer acceptance and the associated revenue recognition for equipment that has been or is about to be delivered. We thus expect to achieve the lower part of our forecast sales range of EUR 270 million to EUR 300 million. For the EBIT margin, we expect to reach the lower end of the forecast range of 8.5% to 10.5%. We thus confirm our forecast for the full year 2022 and have narrowed down our target expectations within the defined ranges.
Garching, Germany, November 2022
Dr. Bernd Schulte Oliver Albrecht Dr. Thomas Rohe (CEO) (CFO) (COO)
Chief Executive Officer Chief Financial Officer Chief Operations Officer
CONSOLIDATED STATEMENT OF INCOME (IFRS)
| in € thousand | 07/01/2022 - 09/30/2022 |
07/01/2021 - 09/30/2021 |
01/01/2022 - 09/30/2022 |
01/01/2021 - 09/30/2021 |
|---|---|---|---|---|
| Sales | 70,466 | 70,034 | 195,237 | 188,501 |
| Cost of sales | -46,091 | -42,588 | -127,025 | -119,613 |
| Gross profit | 24,375 | 27,446 | 68,212 | 68,888 |
| Selling costs | -6,605 | -5,999 | -19,235 | -17,563 |
| Research and development costs | -5,648 | -5,306 | -18,207 | -16,052 |
| Administration costs | -5,410 | -5,832 | -16,710 | -16,961 |
| Other operating income | 3,263 | 700 | 6,744 | 2,718 |
| Other operating expenses | -4,114 | -1,292 | -9,803 | -3,302 |
| Analysis of net income from operations (EBIT): | ||||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) |
8,309 | 11,744 | 17,909 | 23,476 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-2,448 | -2,027 | -6,908 | -5,748 |
| Net income from operations (EBIT) | 5,861 | 9,717 | 11,001 | 17,728 |
| Financial income | 89 | 1 | 93 | 3 |
| Financial expense | -79 | -136 | -348 | -297 |
| Financial result | 10 | -135 | -255 | -294 |
| Profit / loss from continuing operations before taxes | 5,871 | 9,582 | 10,746 | 17,434 |
| Income taxes | -2,252 | -2,502 | -3,513 | -5,309 |
| Profit / loss from continuing operations | 3,619 | 7,080 | 7,233 | 12,125 |
| Thereof equity holders of SUSS MicroTec | 3,619 | 7,080 | 7,233 | 12,125 |
| Thereof non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share (basic) | ||||
| Earnings per share in € | 0.19 | 0.37 | 0.38 | 0.63 |
| Earnings per share (diluted) | ||||
| Earnings per share in € | 0.19 | 0.37 | 0.38 | 0.63 |
STATEMENT OF COMPREHENSIVE INCOME (IFRS)
| in € thousand | 01/01/2022 - 09/30/2022 |
01/01/2021 - 09/30/2021 |
|---|---|---|
| Net profit / loss | 7,233 | 12,125 |
| Items that are not reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other income after tax for items that are not reclassified as an expense or income |
0 | 0 |
| Items that will be reclassified to profit and loss in later periods |
||
| Foreign currency adjustment | 4,023 | 1,379 |
| Cash flow hedges | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other income after tax for items that will be reclassified to profit and loss in later periods |
4,023 | 1,379 |
| Total income and expenses recognized in equity | 4,023 | 1,379 |
| Total income and expenses reported in the reporting period |
11,256 | 13,504 |
| Thereof equity holders of SUSS MicroTec SE | 11,256 | 13,504 |
| Thereof non-controlling interests | 0 | 0 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS)
| in € thousand | 09/30/2022 | 12/31/2021 |
|---|---|---|
| Assets | ||
| NON-CURRENT ASSETS | 77,244 | 70,316 |
| Intangible assets | 5,644 | 5,557 |
| Goodwill | 18,782 | 18,449 |
| Tangible assets | 50,621 | 44,506 |
| Other assets | 419 | 364 |
| Deferred tax assets | 1,778 | 1,440 |
| CURRENT ASSETS | 263,927 | 208,850 |
| Inventories | 146,974 | 99,549 |
| Trade receivables | 13,245 | 15,605 |
| Contract assets | 21,870 | 31,820 |
| Other financial assets | 210 | 1,356 |
| Current tax assets | 32 | 38 |
| Cash and cash equivalents | 63,559 | 52,075 |
| Other assets | 8,043 | 8,407 |
| TOTAL ASSETS | 341,171 | 279,166 |
| in € thousand | 09/30/2022 | 12/31/2021 |
|---|---|---|
| Liabilities & shareholders' equity | ||
| Equity | 165,074 | 156,876 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 139,159 | 134,984 |
| Accumulated other comprehensive income | 6,799 | 2,776 |
| NON-CURRENT LIABILITIES | 36,421 | 29,853 |
| Pension plans and similar commitments | 5,818 | 5,349 |
| Provisions | 378 | 378 |
| Financial debt | 6,875 | 7,813 |
| Financial debt from lease obligations | 10,615 | 7,068 |
| Other liabilities | 282 | 289 |
| Deferred tax liabilities | 12,453 | 8,956 |
| CURRENT LIABILITIES | 139,676 | 92,437 |
| Provisions | 5,216 | 5,426 |
| Tax liabilities | 2,794 | 6,669 |
| Financial debt | 1,219 | 1,212 |
| Financial debt from lease obligations | 2,630 | 2,224 |
| Other financial liabilities | 12,444 | 10,628 |
| Trade payables | 20,512 | 24,444 |
| Contract liabilities | 86,742 | 33,838 |
| Other liabilities | 8,119 | 7,996 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 341,171 | 279,166 |
CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS)
| in € thousand | 01/01/2022 - 09/30/2022 |
01/01/2021 - 09/30/2021 |
|---|---|---|
| Net profit / loss (after taxes) | 7,233 | 12,125 |
| Amortization of intangible assets | 685 | 497 |
| Depreciation of tangible assets | 6,223 | 5,251 |
| Profit or loss on disposal of intangible and tangible assets | 27 | 57 |
| Change of reserves on inventories | 3,833 | 3,095 |
| Change of reserves for bad debts | 1,823 | -737 |
| Non-cash income from the reversal of pension accruals | 0 | 0 |
| Other non-cash effective income and expenses | 1,836 | 482 |
| Change in inventories | -50,432 | -26,317 |
| Change in contract assets | 10,346 | -1,031 |
| Change in trade receivables | 977 | 1,762 |
| Change in other assets | 1,455 | -4,738 |
| Change in pension provisions | 226 | 12 |
| Change in trade payables | -4,259 | 4,812 |
| Change in contract liabilities | 52,602 | 3,979 |
| Change in other liabilities and other provisions | 1,625 | 1,740 |
| Change of tax assets and tax liabilities | -710 | 4,598 |
| Cash flow from operating activities | 33,490 | 5,587 |
| in € thousand | 01/01/2022 - 09/30/2022 |
01/01/2021 - 09/30/2021 |
|---|---|---|
| Disbursements for other tangible assets | -5,373 | -4,649 |
| Disbursements for intangible assets | -761 | -763 |
| Disbursements of current available-for-sale securities | -9,994 | 0 |
| Cash flow from investing activities | -16,128 | -5,412 |
| Repayment of bank loans | -938 | -1,115 |
| Increase of bank loans | 0 | 0 |
| Repayment of leasing liabilities | -2,005 | -1,316 |
| Change in other financial debt | 7 | 0 |
| Dividends paid | -3,058 | 0 |
| Cash flow from financing activities | -5,994 | -2,431 |
| Adjustments to funds caused by exchange-rate fluctuations | 116 | 222 |
| Change in cash and cash equivalents | 11,484 | -2,034 |
| Funds at beginning of the year | 52,075 | 40,827 |
| Funds at end of the period | 63,559 | 38,793 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 170 | 203 |
| Interest received during period | 24 | 0 |
| Tax paid during the period | 539 | 514 |
| Tax refunds during the period | 0 | 0 |
STATEMENT OF CHANGES IN EQUITY (IFRS)
| in € thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve |
Retained earnings |
Accumulated other comprehensive income | Total equity attributable to shareholders of SÜSS MicroTec SE |
|||
|---|---|---|---|---|---|---|---|---|---|
| Items that will not be reclassified to profit or loss |
Items that will be reclassified to profit or loss in later periods |
||||||||
| Remeasurements on defined benefit pension plans |
Deferred taxes | Foreign currency adjustment |
Deferred taxes | ||||||
| As of January 01, 2021 | 19,116 | 55,822 | 202 | 62,945 | -3,845 | 1,004 | 1,260 | - | 136,504 |
| Net income / loss | - | - | - | 12,125 | - | - | - | - | 12,125 |
| Total income and expenses recognized in equity | - | - | - | - | - | - | 1,379 | - | 1,379 |
| Total comprehensive income / loss | - | - | - | 12,125 | - | - | 1,379 | - | 13,504 |
| As of September 30, 2021 | 19,116 | 55,822 | 202 | 75,070 | -3,845 | 1,004 | 2,639 | - | 150,008 |
| As of January 01, 2022 | 19,116 | 55,822 | 202 | 78,960 | -2,469 | 662 | 4,583 | - | 156,876 |
| Net income / loss | - | - | - | 7,233 | - | - | - | - | 7,233 |
| Total income and expenses recognized in equity | - | - | - | - | - | - | 4,023 | - | 4,023 |
| Dividends paid | - | -3,058 | - | - | - | - | - | - | -3,058 |
| Total comprehensive income / loss | - | -3,058 | - | 7,233 | - | - | 4,023 | - | 8,198 |
| As of September 30, 2022 | 19,116 | 52,764 | 202 | 86,193 | -2,469 | 662 | 8,606 | - | 165,074 |
SEGMENT REPORTING (IFRS)
| Lithography | Bonder | Photomask-Equipment | Micro-optics | Other | Consolidation effects | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € thousand | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 |
| External Sales | 105,846 | 112,660 | 25,785 | 21,713 | 34,443 | 33,379 | 29,117 | 19,349 | 46 | 1,400 | - | - | 195,237 | 188,501 |
| Internal Sales | 92 | 448 | - | 15 | - | 80 | 1,568 | 1,666 | - | - | -1,660 | -2,209 | - | - |
| Total Sales | 105,938 | 113,108 | 25,785 | 21,728 | 34,443 | 33,459 | 30,685 | 21,015 | 46 | 1,400 | -1,660 | -2,209 | 195,237 | 188,501 |
| Gross profit | 41,812 | 42,028 | 7,141 | 8,149 | 10,782 | 10,993 | 8,497 | 5,965 | -20 | 1,753 | - | - | 68,212 | 68,888 |
| Gross profit margin | 39.5% | 37.2% | 27.7% | 37.5% | 31.3% | 32.9% | 27.7% | 28.4% | -43.5% | 125.2% | 34.9% | 36.5% | ||
| Other segment expenses / income (net) |
-32,122 | -26,726 | -9,106 | -7,628 | -6,051 | -5,896 | -6,847 | -5,303 | -3,085 | -5,607 | -57,211 | -51,160 | ||
| thereof intersegmen cost allocation (netted) |
-5,619 | -2,160 | -1,113 | -401 | -1,085 | -407 | -785 | -15 | 8,602 | 2,983 | - | - | ||
| thereof central services of SMT SE | -5,423 | -2,160 | -1,113 | -401 | -1,085 | -407 | -903 | -15 | 8,524 | 2,983 | - | - | ||
| Result per segment (EBIT) | 9,690 | 15,302 | -1,965 | 521 | 4,731 | 5,097 | 1,650 | 662 | -3,105 | -3,854 | 11,001 | 17,728 | ||
| EBIT margin | 9.1% | 13.5% | -7.6% | 2.4% | 13.7% | 15.2% | 5.4% | 3.2% | 5.6% | 9.4% | ||||
| Income before taxes | 9,667 | 15,284 | -1,971 | 500 | 4,727 | 5,082 | 1,621 | 662 | -3,298 | -4,094 | 10,746 | 17,434 | ||
| Significant non-cash items | -2,350 | -1,363 | -1,644 | -1,221 | -620 | -195 | -1,055 | 625 | - | -1 | -5,669 | -2,155 | ||
| Segment assets | 124,688 | 100,229 | 39,278 | 38,203 | 41,080 | 27,208 | 33,672 | 25,918 | 24,162 | 20,289 | -6,901 | -2,399 | 255,979 | 209,448 |
| thereof goodwill | 18,782 | 18,403 | - | - | - | - | - | - | - | - | 18,782 | 18,403 | ||
| Unallocated assets | 85,192 | 49,625 | ||||||||||||
| Total assets | 341,171 | 259,073 | ||||||||||||
| Segment liabilities | -63,280 | -38,732 | -15,127 | -10,308 | -42,379 | -9,806 | -11,956 | -5,668 | -2,208 | -2,229 | 6,901 | 2,399 | -128,049 | -64,344 |
| Unallocated liabilities | -48,048 | -44,721 | ||||||||||||
| Total liabilities | -176,097 | -109,065 | ||||||||||||
| Depreciation and amortization | 1,686 | 2,474 | 364 | 246 | 1,204 | 171 | 2,509 | 1,786 | 1,145 | 1,071 | 6,908 | 5,748 | ||
| thereof scheduled | 1,686 | 2,474 | 364 | 246 | 1,204 | 171 | 2,509 | 1,786 | 1,145 | 1,071 | 6,908 | 5,748 | ||
| thereof impairment loss | - | - | - | - | - | - | - | - | - | - | ||||
| Capital expenditure | 1,124 | 1,882 | 260 | 327 | 361 | 230 | 3,447 | 1,985 | 942 | 988 | 6,134 | 5,412 | ||
| Employees as of September 30 | 625 | 707 | 192 | 108 | 203 | 160 | 163 | 134 | 38 | 39 | 1,221 | 1,148 |
Segment information by region
| Sales | Capital expenditure | Assets (without Goodwill) |
|||||
|---|---|---|---|---|---|---|---|
| in € thousand | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | 9M / 2022 | 9M / 2021 | |
| EMEA | 37,543 | 41,380 | 5,824 | 4,806 | 213,684 | 174,276 | |
| North-America | 20,366 | 21,279 | 14 | 177 | 7,706 | 4,792 | |
| Asia and Pacific | 137,328 | 125,842 | 296 | 429 | 18,246 | 12,620 | |
| Consolidation effects | - | - | - | - | -2,439 | -643 | |
| Total | 195,237 | 188,501 | 6,134 | 5,412 | 237,197 | 191,045 |
LEGAL STRUCTURE
FINANCIAL CALENDAR 2023
| Annual Report 2022 | March 31, 2023 |
|---|---|
| Quarterly Report 2023 (Q1) | May 11, 2023 |
| Shareholders' Meeting 2023 | May 31, 2023 |
| Interim Report 2023 | August 3, 2023 |
| Quarterly Report 2023 (Q3) | November 9, 2023 |
CONTACT
SÜSS MicroTec SE
Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 89 32007-100 Email: [email protected]
Investor Relations Phone: +49 89 32007-151 / 161 Email: [email protected] www.suss.com
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 SÜSS MicroTec SE. These statements are based on current plans, estimates, and forecasts of the Company's management. Investors should not rely on these statements unreservedly. 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.