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Mycronic Interim / Quarterly Report 2023
2946_ir_2023-07-14_6c0382d1-57f1-49f8-ad46-c10ee2f03be3.pdf
Interim / Quarterly Report
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MYCRONIC
Q2
Interim Report January–June 2023
Second quarter
- Order intake amounted to SEK 1,748 (1,203) million, an increase of 45 percent
- Net sales decreased 2 percent to SEK 1,245 (1,273) million. Based on constant exchange rates, net sales decreased 7 percent
- EBIT amounted to SEK 170 (224) million and the EBIT margin was 14 (18) percent
- Earnings per share were SEK 1.37 (1.79)
January–June
- Order intake amounted to SEK 3,365 (2,644) million, an increase of 27 percent
- Net sales increased 2 percent to SEK 2,464 (2,408) million. Based on constant exchange rates, net sales decreased 3 percent
- EBIT amounted to SEK 352 (429) million and the EBIT margin was 14 (18) percent
- Earnings per share were SEK 2.90 (3.47)
"Order intake was strong during the second quarter, with an increase of 45 percent, driven by a very good performance in Pattern Generators. EBIT amounted to SEK 170 million, despite around SEK 60 million in costs during the quarter linked to business development projects. Mycronic is in a favorable position, with a record order backlog, a very competitive and well-invested product offering and a strong balance sheet, including a net cash position of SEK 1,395 million. We have a number of exciting development projects ongoing and despite continued global uncertainty, I look forward to the second half of 2023 with confidence", says Anders Lindqvist, President and CEO.
Outlook 2023
The Board of Directors' opinion remains that net sales for 2023 will be at a level of SEK 5.5 billion.
| Group summary | Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | ||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Order intake, SEK million | 1,748 | 1,203 | 3,365 | 2,644 | 7,504 | 6,783 |
| Net Sales, SEK million | 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 |
| Book-to-bill | 1.4 | 0.9 | 1.4 | 1.1 | 1.5 | 1.3 |
| Order backlog, SEK million | 4,475 | 2,146 | 4,475 | 2,146 | 4,475 | 3,574 |
| Gross margin, % | 48.1% | 45.4% | 47.4% | 44.6% | 46.0% | 44.7% |
| EBIT, SEK million | 170 | 224 | 352 | 429 | 817 | 894 |
| EBIT margin, % | 13.7% | 17.6% | 14.3% | 17.8% | 15.8% | 17.5% |
| Earnings per share before/after dilution, SEK | 1.37 | 1.79 | 2.90 | 3.47 | 7.01 | 7.59 |
| Cash Flow, SEK million | 40 | -118 | 357 | 86 | 808 | 537 |
| Changes in Net Sales | ||||||
| Total growth, % | -2% | 20% | 2% | 2% | 10% | 10% |
| Organic growth, % | -7% | -3% | -3% | -16% | 3% | -4% |
| Growth from acquisitions/divestments, % | 0% | 13% | 0% | 11% | -1% | 5% |
| Currency effects, % | 5% | 10% | 6% | 8% | 8% | 9% |
Interim Report January–June 2023
MYCRONIC
CEO comments
Order intake was strong during the second quarter, with an increase of 45 percent, driven by a very good performance in Pattern Generators. EBIT amounted to SEK 170 million, despite around SEK 60 million in costs during the quarter linked to business development projects.
In Pattern Generators, the photomask market for both displays and semiconductors remained positive during the second quarter. Pattern Generators reported a strong order intake and received orders for six systems, distributed as follows: one Prevision 8 Evo, one Prevision Lite 8 Evo and four SLXs.
Demand was strong from end customers in the High Flex segments of aerospace, defense, medical and industrial applications during the second quarter. Despite this, their suppliers - High Flex customers - to some extent remained cautious when placing orders for new production equipment. Geographically Europe and North America performed well, while China was weak.
In High Volume, investments in the second quarter among consumer electronics manufacturers in China remained at the same level as in the first quarter. They have not yet recovered after the end of covid restrictions in China. Investments focused on replacing manual tasks with automation rather than increasing production capacity by investing in new production lines. During the quarter, High Volume was successful in selling to new customers in the
Order intake and net sales, rolling 12 months
electric vehicle industry. This is an attractive segment, even if in terms of size it is a smaller business for the division than the consumer electronics segment.
Demand within Global Technologies for electrical testing of printed circuit boards and substrates recovered during the second quarter in terms of system sales, for which demand was driven by investments in AI and servers. However, weak demand from the consumer electronics industry had a negative impact on the aftermarket business, with lower sales of consumable components and spare parts. In die bonding, demand was strong from aerospace and defense but remained weak from the largest markets data and telecom.
We continue to focus on increasing sustainability awareness throughout the organization. During the quarter, members of executive management have visited subsidiaries to discuss local sustainability initiatives.
Mycronic is in a favorable position, with a record order backlog, a very competitive and well-invested product offering and a strong balance sheet, including a net cash position of SEK 1,395 million. We have a number of exciting development projects ongoing and despite continued global uncertainty, I look forward to the second half of 2023 with confidence.
Anders Lindqvist, President and CEO
Gross and EBIT margin, rolling 12 months
Interim Report January-June 2023
MYCRONIC
Financial performance
GROUP
| Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Order intake, SEK million | 1,748 | 1,203 | 3,365 | 2,644 | 7,504 | 6,783 |
| Order backlog, SEK million | 4,475 | 2,146 | 4,475 | 2,146 | 4,475 | 3,574 |
| Net Sales, SEK million | 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 |
| Gross profit, SEK million | 599 | 578 | 1,169 | 1,074 | 2,383 | 2,288 |
| Gross margin, % | 48.1% | 45.4% | 47.4% | 44.6% | 46.0% | 44.7% |
| EBIT, SEK million | 170 | 224 | 352 | 429 | 817 | 894 |
| EBIT margin, % | 13.7% | 17.6% | 14.3% | 17.8% | 15.8% | 17.5% |
| EBITDA, SEK million | 237 | 284 | 484 | 547 | 1,084 | 1,147 |
Order intake increased 45 percent to SEK 1,748 (1,203) million during the second quarter, supported by a very strong performance within Pattern Generators. For the first six months, order intake increased 27 percent to SEK 3,365 (2,644) million. The Group's order backlog was at a new record level and amounted to SEK 4,475 (2,146) million at the end of the quarter.
Net sales decreased 2 percent to SEK 1,245 (1,273) million during the quarter, mainly explained by a weak development in High Volume. Net sales for the first six months of the year increased 2 percent to SEK 2,464 (2,408) million. Net sales were positively impacted by currency effects of SEK 64 million for the quarter and SEK 134 million for the first six months.
The gross margin increased to 48 (45) percent, driven by a strong gross margin performance in Pattern Generators and a more favorable division mix, with Pattern Generators representing a larger share of the Group's net sales. The gross margin for the first six months of the year rose to 47 (45) percent.
EBIT for the quarter amounted to SEK 170 (224) million, corresponding to an EBIT margin of 14 (18) percent. EBIT included costs of around SEK 60 million linked to business development projects. EBIT for the first six months of the year amounted to SEK 352 (429) million, corresponding to an EBIT margin of 14 (18) percent. The six-month period included costs of around SEK 90 million linked to business development projects. In addition, the divestment of AEi had a positive EBIT impact of SEK 25 million during the first half of 2022. Acquisition-related costs amounted to SEK 16 (16) million for the quarter and to SEK 33 (32) million for the first six months.
Cash flow and financial position
Consolidated cash and cash equivalents at the end of June amounted to SEK 1,632 (819) million. Cash flow for the first six months amounted to SEK 357 (86) million. Cash flow from operating activities amounted to SEK 834 (246) million. Working capital decreased and contributed SEK 426 million in positive cash flow during the first six months of the year, compared with a negative cash flow of SEK 152 million during the same period last year. The decrease in working capital is mainly attributable to an increase in advance payments from customers and lower trade receivables.
Investing activities generated a negative cash flow of SEK 86 million during the first six months, compared with a positive cash flow of SEK 120 million in the preceding year due to the divestment of AEi. Investments in tangible assets accounted for 54 (75) million and capitalization of product development for SEK 29 (20) million. Financing activities utilized SEK 391 (279) million, of which SEK 343 (294) million related to dividends to shareholders. At the end of June, Mycronic had a strong net cash position of SEK 1,395 (505) million.
Sustainability
As of 2024 reporting must be carried out in accordance with the EU Corporate Sustainability Reporting Directive (CSRD). In preparation for this, an assessment of the company's sustainability reporting from 2022 was performed during the quarter. An analysis was also conducted of Mycronic's current reporting and processes compared with the requirements of CSRD. Preliminary results indicate that Mycronic is prepared to meet the future reporting requirements.
Interim Report January-June 2023
MYCRONIC
PATTERN GENERATORS
| Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Order intake, SEK million | 804 | 176 | 1,620 | 559 | 4,167 | 3,106 |
| Order backlog, SEK million | 3,307 | 635 | 3,307 | 635 | 3,307 | 2,480 |
| Net Sales, SEK million | 442 | 348 | 794 | 668 | 1,495 | 1,369 |
| Gross profit, SEK million | 283 | 193 | 503 | 381 | 904 | 782 |
| Gross margin, % | 64.0% | 55.4% | 63.4% | 57.0% | 60.5% | 57.1% |
| EBIT, SEK million | 191 | 110 | 340 | 234 | 571 | 465 |
| EBIT margin, % | 43.3% | 31.5% | 42.9% | 35.1% | 38.2% | 34.0% |
| EBITDA | 206 | 121 | 368 | 255 | 622 | 510 |
| R&D expenditures, SEK million | -65 | -60 | -121 | -109 | -232 | -219 |
| R&D costs, SEK million | -56 | -60 | -106 | -108 | -216 | -217 |
The photomask market for both displays and semiconductors remained positive during the second quarter. Pattern Generators reported a strong order intake and received orders for six systems, distributed as follows: one Prevision 8 Evo, one Prevision Lite 8 Evo and four SLXs. Order intake increased 357 percent to SEK 804 (176) million. For the first six months of the year, order intake increased 190 percent to SEK 1,620 (559) million.
At the end of the quarter, the order backlog amounted to SEK 3,307 (635) million and contained 31 systems with planned deliveries as follows:
2023 Q3: 1 Prevision Lite 8 Evo, 3 SLXs
2023 Q4: 1 Prevision 8 Evo, 1 Prevision Lite 8 Evo, 5 SLXs
2024 Q1: 1 Prevision 800 Evo, 1 Prevision 8 Entry Evo, 4 SLXs
2024 Q2: 1 Prevision 8 Evo, 1 Prevision MMS, 2 SLXs
2024 Q3: 1 Prevision 8 Evo, 1 SLX
2024 Q4: 1 Prevision 8 Entry Evo, 1 Prevision Lite 8 Evo, 1 FPS10 Evo
2025 Q1: 2 Prevision 8 Evos, 1 SLX
2025 Q2: 1 Prevision Lite 8 Evo
2025 Q3: 1 Prevision Lite 8 Evo
At the customer's request, the delivery of a Prevision 8 Entry Evo was moved from the fourth quarter of 2023 to the first quarter of 2024.
During the quarter Pattern Generators delivered five SLXs, the same as in the corresponding period the previous year. Increased value in these delivered systems, combined with a growing aftermarket business and positive currency effects, resulted in an increase in net sales by 27 percent to SEK 442 (348) million. For the first six months, net sales increased 19 percent to SEK 794 (668) million. Net sales for the second quarter were positively impacted by currency effects of SEK 23 million and the first six months positively by SEK 44 million.
Increased value in delivered systems combined with positive currency effects and continuous operational improvements contributed to an increase in the gross margin to 64 (55) percent during the second quarter and to 63 (57) percent for the first six months.
EBIT increased to SEK 191 (110) million, corresponding to an EBIT margin of 43 (31) percent. EBIT for the first six months of the year increased to SEK 340 (234) million, corresponding to an EBIT margin of 43 (35) percent.
R&D costs for the quarter amounted to SEK 56 (60) million and SEK 106 (108) million for the first six months. The capitalization of development costs amounted to SEK 8 (0) million for the quarter and SEK 15 (1) million for the first six months.
Interim Report January-June 2023
MYCRONIC
HIGH FLEX
| Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Order intake, SEK million | 345 | 332 | 708 | 707 | 1,387 | 1,385 |
| Order backlog, SEK million | 175 | 239 | 175 | 239 | 175 | 138 |
| Net Sales, SEK million | 350 | 309 | 671 | 598 | 1,451 | 1,378 |
| Gross profit, SEK million | 135 | 128 | 265 | 242 | 594 | 571 |
| Gross margin, % | 38.7% | 41.4% | 39.5% | 40.4% | 40.9% | 41.4% |
| EBIT, SEK million | 14 | 35 | 37 | 54 | 158 | 175 |
| EBIT margin, % | 4.0% | 11.3% | 5.6% | 9.0% | 10.9% | 12.7% |
| EBITDA | 24 | 44 | 56 | 72 | 197 | 213 |
| R&D expenditures, SEK million | -54 | -51 | -105 | -96 | -204 | -195 |
| R&D costs, SEK million | -45 | -42 | -93 | -80 | -184 | -171 |
Demand was strong from end customers in the High Flex segments of aerospace, defense, medical and industrial applications during the second quarter. Despite this, their suppliers - High Flex customers - to some extent remained cautious when placing orders for new production equipment. Geographically Europe and North America performed well, while China was weak. Order intake increased 4 percent to SEK 345 (332) million during the quarter. For the first six months, order intake was unchanged at SEK 708 (707) million. At the end of the quarter, the order backlog totaled SEK 175 (239) million.
Net sales rose 13 percent during the second quarter to SEK 350 (309) million. For the first six months, net sales increased 12 percent to SEK 671 (598) million. Net sales were positively impacted by currency effects of SEK 25 million for the quarter and SEK 47 million for the first six months.
During the quarter, High Flex started closing down the production of component storage towers in Germany and transferring this to Sweden, similar to the earlier successful
transfer of inspection equipment manufacturing from France. The aim is to consolidate production capacity to increase productivity, efficiency and quality. The transfer impacted gross profit negatively with SEK 2 million during the quarter and the first six months with SEK 3 million. The gross margin for the quarter amounted to 39 (41) percent and 39 (40) percent for the first six months.
The transfer of the production of component storage towers also impacted operating costs negatively with SEK 8 million during the second quarter. EBIT declined to SEK 14 (35) million, with an EBIT margin of 4 (11) percent. EBIT for the first six months of the year was SEK 37 (54) million, corresponding to an EBIT margin of 6 (9) percent.
R&D costs for the quarter amounted to SEK 45 (42) million and SEK 93 (80) million for the first six months. The capitalization of development costs amounted to SEK 10 (10) million for the quarter and SEK 14 (19) million for the first six months.
Interim Report January-June 2023
MYCRONIC
HIGH VOLUME
| Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Order intake, SEK million | 370 | 484 | 631 | 925 | 1,177 | 1,471 |
| Order backlog, SEK million | 723 | 988 | 723 | 988 | 723 | 717 |
| Net Sales, SEK million | 259 | 381 | 626 | 746 | 1,443 | 1,563 |
| Gross profit, SEK million | 105 | 156 | 259 | 287 | 576 | 603 |
| Gross margin, % | 40.5% | 40.8% | 41.4% | 38.4% | 39.9% | 38.6% |
| EBIT, SEK million | 38 | 65 | 102 | 120 | 272 | 290 |
| EBIT margin, % | 14.7% | 17.1% | 16.4% | 16.1% | 18.8% | 18.5% |
| EBITDA | 45 | 72 | 117 | 134 | 308 | 325 |
| R&D expenditures, SEK million | -32 | -38 | -67 | -71 | -137 | -141 |
| R&D costs, SEK million | -33 | -40 | -70 | -74 | -149 | -153 |
Investments in the second quarter among consumer electronics manufacturers in China remained at the same level as in the first quarter. They have not yet recovered after the end of covid restrictions in China. Investments focused on replacing manual tasks with automation rather than increasing production capacity by investing in new production lines. During the quarter, High Volume was successful in selling to new customers in the electric vehicle industry. This is an attractive segment, even if in terms of size it is a smaller business for the division than the consumer electronics segment. Order intake declined 24 percent during the quarter and amounted to SEK 370 (484) million. For the first six months, order intake decreased 32 percent to SEK 631 (925) million. At the end of the quarter, the order backlog totaled SEK 723 (988) million.
Net sales declined 32 percent to SEK 259 (381) million. For the first six months, net sales declined 16 percent to SEK 626 (746) million. Net sales were positively impacted by currency effects of SEK 2 million for the quarter and SEK 16 million for the first six months.
The gross margin for the quarter amounted to 40 (41) percent. The gross margin for the first six months increased to 41 (38) percent.
High Volume's EBIT decreased to SEK 38 (65) million, corresponding to an EBIT margin of 15 (17) percent. EBIT for the first six months of the year decreased to SEK 102 (120) million, corresponding to an EBIT margin of 16 (16) percent.
R&D costs for the quarter amounted to SEK 33 (40) million and SEK 70 (74) million for the first six months.
Interim Report January-June 2023
MYCRONIC
GLOBAL TECHNOLOGIES
| Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Order intake, SEK million | 246 | 222 | 434 | 481 | 830 | 877 |
| Order backlog, SEK million | 272 | 284 | 272 | 284 | 272 | 239 |
| Net Sales, SEK million | 209 | 246 | 402 | 424 | 843 | 865 |
| Gross profit, SEK million | 73 | 102 | 142 | 165 | 309 | 333 |
| Gross margin, % | 35.1% | 41.5% | 35.3% | 39.0% | 36.7% | 38.5% |
| EBIT, SEK million | 9 | 43 | 12 | 73 | 40 | 101 |
| EBIT margin, % | 4.5% | 17.3% | 3.0% | 17.3% | 4.7% | 11.7% |
| EBITDA | 24 | 56 | 41 | 100 | 97 | 156 |
| R&D expenditures, SEK million | -21 | -16 | -39 | -34 | -75 | -71 |
| R&D costs, SEK million | -28 | -22 | -52 | -47 | -103 | -97 |
Demand within Global Technologies for electrical testing of printed circuit boards and substrates recovered during the second quarter in terms of system sales, for which demand was driven by investments in AI and servers. However, weak demand from the consumer electronics industry had a negative impact on the aftermarket business, with lower sales of consumable components and spare parts. In die bonding, demand was strong from aerospace and defense but remained weak from the largest markets data and telecom. Order intake during the quarter increased 11 percent to SEK 246 (222) million. For the first six months, order intake decreased 10 percent to SEK 434 (481) million, while order intake excluding the divested AEi decreased 9 percent. At the end of the quarter, the order backlog totaled SEK 272 (284) million.
Net sales declined 15 percent to SEK 209 (246) million. For the first six months, net sales declined 5 percent to SEK 402 (424) million and organic net sales declined 11 percent. Net sales for the quarter were positively impacted by currency effects of SEK 15 million and the first six months positively by SEK 29 million.
The gross margin amounted to 35 (41) percent in the quarter and 35 (39) percent for the first six months.
EBIT for the quarter decreased to SEK 9 (43) million, where the same period the previous year was unusually strong, resulting in an EBIT margin of 5 (17) percent. EBIT for the first six months of the year was SEK 12 (73) million, corresponding to an EBIT margin of 3 (17) percent. The divestment of AEi in February 2022 had a positive impact of SEK 25 million on last year's EBIT.
R&D costs for the quarter amounted to SEK 28 (22) million and SEK 52 (47) million for the first six months.
Interim Report January-June 2023
MYCRONIC
The electronics industry
The global electronics industry is assessed to have declined 2.1 percent in 2022 to USD 2,428 billion¹. For full-year 2022, the semiconductor market is forecast to have grown 3.1 percent to the equivalent of USD 573 billion¹.
OUTLOOK
Annual growth for the electronics industry is forecast at 3.8 percent for the period 2022-2027¹. Segments with the strongest expected growth during this five-year period are electronics for data centers, wearable electronics, the automotive industry, defense/aerospace and industrial applications. The electronics industry is forecast to demonstrate a slight decline of 0.5 percent in 2023. The decline mainly takes place in segments linked to consumer electronics, such as personal computers, mobile phones and TVs. In 2023, the semiconductor market is expected to decline 10.1 percent and is forecast to be positive during the 2022-2027 period as a whole, with annual growth of 4.6 percent¹. The display market is estimated to have declined 21.9 percent in 2022 to USD 123 billion² mainly due to lower prices for LCD displays. For 2023, negative growth of 0.5 percent is forecast due to the sustained growth for AMOLED displays at the same time as prices for LCD displays are declining, albeit at a slower pace than in 2022. During the 2022-2027 period, the display market is expected to demonstrate positive growth, with the long-term trend towards a larger share of advanced AMOLED displays expected to continue.
| Size/growth | 2023F | 2022 | 2021 |
|---|---|---|---|
| Electronics industry, percentual change¹ | -0.5% | -2.1% | +12.2% |
| Semiconductor industry, percentual change¹ | -10.1% | +3.1% | +26.7% |
| SMT component mounting, percentual change³ | NA | -17.9% | +26.7% |
| Dispensing, USD million⁴ | NA | 930 | 910 |
| Displays, USD, billion² | 122 | 123 | 157 |
| Photomasks for displays, percentual change in value⁵ | +0.8% | +24.4% | +14.0% |
| Photomasks for semiconductors, percentual change in value⁶ | -0.5% | +18.4% | +16.2% |
| Display photomask area, thousand sq. meters⁵ | 21.0 | 21.1 | 18.5 |
SMT AND DISPENSING MARKET AREA
The global market for SMT equipment has annual sales of approximately USD 5,500 million⁷. The segment SMT robots for component mounting declined by 17.9 percent in 2022 to USD 3,062 million. During the first quarter the market declined by 21.6 percent compared to same period in 2022, although Europe, Japan and North and South America reported growth³. The dispensing equipment market increased 2.2 percent and had sales of USD 930 million⁴ in 2022.
ASSEMBLY AUTOMATION AND TEST MARKET AREA
In die bonding, the market for components for optical communication is expected to decrease by 2.7 percent during 2023, to USD 12.4 billion⁸. The market is expected to recover in 2024 and post annual growth of 11.4 percent during the 2023-2028 period, to USD 21.4 billion⁸. In electrical testing, the market for printed circuit boards and substrates is expected to decline by 9.3 percent during 2023, to USD 74.1 billion⁹, and to post annual growth of 3.8 percent during the 2022-2027 period to USD 98.4 billion⁹.
PATTERN GENERATORS MARKET AREA
PHOTOMASKS FOR DISPLAYS
In 2022, the market grew 24.4 percent, from USD 710 million to USD 883 million⁵,¹⁰. The positive trend is related to the general increase in demand for photomasks in 2022, since display manufacturers continued to develop new LCD and AMOLED displays at a good pace. The market is also driven by an ongoing shift towards a higher proportion of advanced displays that require more, and more advanced, photomasks. The expectations for 2023 are that the photomask market will grow by 0.8 percent to USD 890 million⁵,¹⁰. The forecast for the total area growth amounts to an average of 1.3 percent per year for 2022-2027⁵. Stronger growth for AMOLED photomasks is expected, with an annual average area growth of 2.8 percent for 2022-2027⁵, which drives the need for photomasks produced by advanced mask writers.
PHOTOMASKS FOR SEMICONDUCTORS
In 2022, the market showed significant growth of 18.3 percent, from USD 6.1 billion to USD 7.2 billion⁶. The market trend was strong, primarily driven by robust growth for the most advanced photomasks, although the market for mature design nodes addressed by laser-based mask writers was also positive. The expectations for 2023 are for a decline of 0.5 percent to USD 7.2 billion⁶. The decline compared with 2022 is primarily attributable to a temporary slowdown in growth for the most advanced segment. The market value will continue to be primarily driven by the volume trend for the most advanced photomasks, which are mainly produced by E-beam mask writers.
1) Prismark, latest forecast May 2023
2) Omdia, latest forecast April 2023
3) Protec MDC, April 2023
4) Prismark, March 2023
5) Omdia, July 2023 (annual update)
6) TechInsights, April 2023 (annual update)
7) Protec MDC, April 2023, Mycronic analysis
8) Lightcounting, April 2023
9) Prismark, May 2023
10) 145 YEN/USD used by Mycronic for conversion
Interim Report January-June 2023
MYCRONIC
Other
PARENT COMPANY
Mycronic AB is the Group’s Parent Company.
The Parent Company’s net sales amounted to SEK 1,226 (1,106) million for the first six months. EBIT amounted to SEK 219 (289) million.
Cash and cash equivalents at the end of the first six months amounted to SEK 781 million, compared with SEK 687 million at the end of 2022.
FINANCIAL INFORMATION
Mycronic AB (publ) is listed on Nasdaq Stockholm, Large Cap. The information in this report is published in accordance with the EU Market Abuse Regulation and the Swedish Securities Act. The information was submitted for publication through the contact persons stated below on July 14, 2023, at 8:00 a.m. CEST.
Financial reports and press releases are published in Swedish and English and are available on www.mycronic.com.
This report was not reviewed by the company’s auditor.
PRESENTATION
Mycronic will hold a presentation at 10:00 a.m. CEST on July 14, 2023, with President and CEO Anders Lindqvist and CFO and Sr VP Corporate Development Pierre Brorsson. The presentation will be webcast.
FINANCIAL CALENDAR
Interim Report January–September 2023
October 19, 2023
Year-end report 2023
February 8, 2024
Annual and Sustainability Report 2023
April 3, 2024
Interim Report January–March 2024
April 18, 2024
Annual General Meeting 2024
May 8, 2024
Interim Report January–June 2024
July 12, 2024
Interim Report January–September 2024
October 24, 2024
Year-end report 2024
February 6, 2025
FOR ADDITIONAL INFORMATION, PLEASE CONTACT
Anders Lindqvist
President and CEO
Tel: +46 8 638 52 00
E-mail: [email protected]
Pierre Brorsson
CFO & Sr VP Corporate Development
Tel: +46 8 638 52 00
E-mail: [email protected]
Sven Chetkovich
Director Investor Relations
Tel: +46 70 558 39 19
E-mail: [email protected]
Interim Report January–June 2023
MyCRONIC
The Board of Directors and President certify that this interim report provides a true and fair view of the business activities, financial position and results of operations of the Parent Company and the Group and describes the significant risks and uncertainties to which the Parent Company and the Group are exposed.
Täby, July 14, 2023
Mycronic AB (publ)
Anders Lindqvist
President and CEO
| Patrik Tigerschiöld
Chairman | Arun Bansal
Board member | Anna Belfrage
Board member |
| --- | --- | --- |
| Katarina Bonde
Board member | Staffan Dahlström
Board member | Robert Larsson
Board member |
| Bo Risberg
Board member | Jörgen Lundberg
Employee representative | Sahar Raouf
Employee representative |
Mycronic AB (publ)
PO Box 3141
SE-183 03 Täby, Sweden
Tel: +46 8 638 52 00
Fax: +46 8 638 52 90
www.mycronic.com
Reg office: Stockholm
Reg no: 556351-2374
VAT no: SE556351237401
Interim Report January-June 2023
10 (20)
MYCRONIC
Group
| Consolidated profit and loss accounts in summary, SEK million | Note | Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | ||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||
| Net sales | 5, 6 | 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 |
| Cost of goods sold | -646 | -695 | -1,295 | -1,334 | -2,792 | -2,831 | |
| Gross profit | 599 | 578 | 1,169 | 1,074 | 2,383 | 2,288 | |
| Research and development | 7 | -162 | -164 | -322 | -309 | -651 | -638 |
| Selling expenses | -193 | -155 | -366 | -288 | -689 | -611 | |
| Administrative expenses | -88 | -64 | -161 | -126 | -313 | -278 | |
| Other income and expenses | 15 | 28 | 32 | 78 | 87 | 133 | |
| EBIT | 170 | 224 | 352 | 429 | 817 | 894 | |
| Financial income and expenses | 4 | -2 | 7 | -3 | 6 | -4 | |
| Profit/loss before tax | 174 | 222 | 359 | 426 | 823 | 890 | |
| Tax | -41 | -48 | -77 | -88 | -143 | -154 | |
| Net Profit/loss | 134 | 174 | 282 | 338 | 680 | 737 | |
| Earnings per share before/after dilution, SEK | 1.37 | 1.79 | 2.90 | 3.47 | 7.01 | 7.59 | |
| Average number of outstanding shares, thousand | 97,631 | 97,635 | 97,631 | 97,635 | 97,596 | 97,597 | |
| Results attributable to owners of the Parent Company | 134 | 175 | 283 | 339 | 685 | 741 | |
| Results attributable to non-controlling interests | -1 | 0 | -1 | -1 | -4 | -4 | |
| 134 | 174 | 282 | 338 | 680 | 737 | ||
| Consolidated statement of comprehensive income in summary, SEK million | Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | |||
| --- | --- | --- | --- | --- | --- | --- | |
| 2023 | 2022 | 2023 | 2022 | ||||
| Net Profit/loss | 134 | 174 | 282 | 338 | 680 | 737 | |
| Other comprehensive income | |||||||
| Items not to be reclassified to profit/loss, after tax | |||||||
| Actuarial profit/loss from defined benefits to employees | - | - | - | - | 0 | 0 | |
| Items to be reclassified to profit/loss, after tax | |||||||
| Translation differences at translating foreign entities | 49 | 131 | 61 | 195 | 99 | 234 | |
| Changes in cash flow hedges | -66 | -28 | -49 | -29 | 12 | 31 | |
| Total comprehensive income | 117 | 276 | 294 | 504 | 792 | 1,001 | |
| Total comprehensive income attributable to owners of the Parent Company | 118 | 275 | 295 | 502 | 797 | 1,003 | |
| Total comprehensive income attributable to non-controlling interests | -1 | 1 | -1 | 2 | -5 | -2 | |
| 117 | 276 | 294 | 504 | 792 | 1,001 |
Interim Report January-June 2023
MYCRONIC
| Consolidated statements of financial position in summary, SEK million | 30 Jun 23 | 30 Jun 22 | 31 Dec 22 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible assets | 2,404 | 2,394 | 2,374 |
| Tangible assets | 505 | 497 | 513 |
| Non-current receivables | 68 | 56 | 66 |
| Deferred tax assets | 185 | 167 | 193 |
| Total fixed assets | 3,163 | 3,113 | 3,145 |
| Current assets | |||
| Inventories | 1,636 | 1,499 | 1,433 |
| Trade receivables | 923 | 874 | 1,143 |
| Other current receivables | 278 | 332 | 346 |
| Cash and cash equivalents | 1,632 | 819 | 1,274 |
| Total current assets | 4,470 | 3,524 | 4,195 |
| Total assets | 7,633 | 6,637 | 7,340 |
| EQUITY AND LIABILITIES | |||
| Equity | 4,663 | 4,214 | 4,703 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 165 | 196 | 193 |
| Deferred tax liabilities | 326 | 321 | 335 |
| Other non-current liabilities | 46 | 48 | 48 |
| Total non-current liabilities | 536 | 565 | 575 |
| Current liabilities | |||
| Current interest-bearing liabilities | 72 | 118 | 77 |
| Trade payables | 375 | 443 | 310 |
| Other current liabilities | 1,986 | 1,298 | 1,675 |
| Total current liabilities | 2,434 | 1,859 | 2,062 |
| Total liabilities | 2,970 | 2,424 | 2,637 |
| Total equity and liabilities | 7,633 | 6,637 | 7,340 |
Interim Report January-June 2023
MYCRONIC
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| Consolidated cash flow statements in summary, SEK million | 2023 | 2022 | 2023 | 2022 | 12 month | 2022 |
| Profit/loss before tax | 174 | 222 | 359 | 426 | 823 | 890 |
| Adjustments for non-cash items and paid income tax | -2 | 7 | 48 | -28 | 151 | 75 |
| Change in working capital | 259 | -56 | 426 | -152 | 466 | -113 |
| Cash flow from operating activities | 431 | 172 | 834 | 246 | 1,440 | 853 |
| Cash flow from investing activities | -22 | -27 | -86 | 120 | -139 | 67 |
| Cash flow from financing activities | -369 | -263 | -391 | -279 | -494 | -382 |
| Cash flow for the period | 40 | -118 | 357 | 86 | 808 | 537 |
| Cash and cash equivalents, opening balance* | 1,590 | 907 | 1,274 | 692 | 819 | 692 |
| Exchange difference for cash and cash equivalents | 2 | 30 | 2 | 41 | 6 | 44 |
| Cash and cash equivalents, closing balance | 1,632 | 819 | 1,632 | 819 | 1,632 | 1,274 |
*Cash and cash equivalents at the beginning of 2022 include cash and cash equivalents classified as assets held for sale.
| Jan-Jun | Jan-Dec | ||
|---|---|---|---|
| Consolidated statement of changes in equity in summary, SEK million | 2023 | 2022 | 2022 |
| Opening balance | 4,703 | 3,997 | 3,997 |
| Dividend to owners | -343 | -294 | -294 |
| Swap agreement related to own shares | - | - | 5 |
| Repurchase of own shares | - | - | -16 |
| Equity-settled share based payments | 8 | 6 | 9 |
| Total comprehensive income | 294 | 504 | 1,001 |
| Closing balance | 4,663 | 4,214 | 4,703 |
| Of which holdings of non-controlling interests | 39 | 44 | 40 |
| Jan-Jun | Jan-Dec | ||
| --- | --- | --- | --- |
| Other key figures * | 2023 | 2022 | 2022 |
| Equity per share, SEK | 47.76 | 43.16 | 48.17 |
| Return on equity (rolling 12 months), % | 15.3% | 15.2% | 16.9% |
| Return on capital employed (rolling 12 months), % | 17.7% | 16.9% | 19.6% |
| Net cash, SEK million | 1,395 | 505 | 1,004 |
| Average number of employees | 2,026 | 1,969 | 2,002 |
*In addition to key figures presented on page 1. See calculations on page 19.
Interim Report January-June 2023
MYCRONIC
Parent Company
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|---|
| Profit/loss accounts in summary, Parent Company, SEK million | 2023 | 2022 | 2023 | 2022 | 12 month | 2022 |
| Net sales | 686 | 575 | 1,226 | 1,106 | 2,570 | 2,450 |
| Cost of goods sold | -329 | -302 | -593 | -590 | -1,283 | -1,279 |
| Gross profit | 358 | 273 | 633 | 516 | 1,287 | 1,171 |
| Other operating expenses | -210 | -78 | -414 | -227 | -786 | -600 |
| EBIT | 148 | 195 | 219 | 289 | 501 | 571 |
| Result from financial items | 19 | 77 | 36 | 86 | 58 | 108 |
| Profit/loss after financial items | 167 | 272 | 255 | 375 | 559 | 679 |
| Appropriations | - | - | - | - | -24 | -24 |
| Profit/loss before tax | 167 | 272 | 255 | 375 | 535 | 655 |
| Tax | -34 | -42 | -52 | -63 | -116 | -127 |
| Net Profit/loss | 133 | 231 | 203 | 312 | 418 | 528 |
| Q2 | Jan-Jun | Rolling | Jan-Dec | |||
| Statement of comprehensive income, Parent Company, SEK million | 2023 | 2022 | 2023 | 2022 | 12 month | 2022 |
| Net Profit/loss | 133 | 231 | 203 | 312 | 418 | 528 |
| Other comprehensive income | - | - | - | - | - | - |
| Total comprehensive income | 133 | 231 | 203 | 312 | 418 | 528 |
| Balance sheets in summary, Parent Company, SEK million | 30 Jun 23 | 30 Jun 22 | 31 Dec 22 | |||
| --- | --- | --- | --- | |||
| ASSETS | ||||||
| Fixed assets | ||||||
| Intangible and tangible assets | 170 | 159 | 147 | |||
| Financial assets | 3,071 | 2,937 | 2,959 | |||
| Total fixed assets | 3,240 | 3,096 | 3,106 | |||
| Current assets | ||||||
| Inventories | 702 | 533 | 542 | |||
| Current receivables | 678 | 611 | 722 | |||
| Cash and cash equivalents | 781 | 257 | 687 | |||
| Total current assets | 2,161 | 1,400 | 1,951 | |||
| TOTAL ASSETS | 5,401 | 4,496 | 5,057 | |||
| EQUITY AND LIABILITIES | ||||||
| Equity | 2,588 | 2,511 | 2,719 | |||
| Untaxed reserves | 1,300 | 1,275 | 1,300 | |||
| Non-current interest-bearing liabilities | - | - | - | |||
| Other non-current liabilities | 2 | 2 | 2 | |||
| Total non-current liabilities | 2 | 2 | 2 | |||
| Current interest-bearing liabilities | - | 50 | - | |||
| Other current liabilities | 1,512 | 658 | 1,036 | |||
| Total current liabilities | 1,512 | 708 | 1,036 | |||
| TOTAL EQUITY AND LIABILITIES | 5,401 | 4,496 | 5,057 |
Interim Report January-June 2023
MYCRONIC
Notes
NOTE 1 ACCOUNTING POLICIES
The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting together with applicable provisions in the Swedish Annual Accounts Act. The report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act. For the Group and Parent Company, accounting policies, valuation policies and assumptions were applied in accordance with the latest annual report. The accounting principles of the segments are the same as for the Group, with the exception of IFRS 16 Leases. The segments and the Parent Company recognize lease payments as a cost on a straight-line basis over the period of the lease. The right-of-use asset and the lease liability are thus not reported in the balance sheet.
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2022. The carrying amounts and fair values are deemed to essentially correspond with one another.
NOTE 2 TRANSACTIONS WITH RELATED PARTIES
Transactions with related parties are described in Note 8 of the 2022 Annual Report. The scope and focus of these transactions did not change significantly during the period.
NOTE 3 RISKS AND UNCERTAINTY FACTORS
There are a number of risks and uncertainty factors of an operational and financial character to which the Group is exposed through its operations, which are described in the 2022 Annual Report. Mycronic is for example exposed to country-specific risks such as political decisions or overarching changes to the regulatory framework, both geographically and product-wise.
NOTE 4 EVENTS AFTER THE END OF THE PERIOD
After the end of the period, two orders for one SLX mask writer each were received.
NOTE 5 REVENUE FROM CONTRACTS WITH CUSTOMERS
| Revenue by geographical market, SEK million | Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | ||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| EMEA | 220 | 179 | 424 | 362 | 873 | 810 |
| North and South America | 266 | 172 | 489 | 354 | 1,003 | 868 |
| Asia | 758 | 922 | 1,550 | 1,692 | 3,299 | 3,441 |
| 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 | |
| Revenue by type of good/service, SEK million | ||||||
| System | 853 | 928 | 1,682 | 1,695 | 3,586 | 3,599 |
| Aftermarket | 392 | 345 | 782 | 713 | 1,589 | 1,520 |
| 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 | |
| Timing of revenue recognition, SEK million | ||||||
| Goods transferred at a point in time | 990 | 1,032 | 1,957 | 1,931 | 4,158 | 4,132 |
| Services transferred over time | 255 | 242 | 507 | 477 | 1,017 | 987 |
| 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 |
Interim Report January-June 2023
MYCRONIC
NOTE 6 SEGMENT REPORTING
| SEK million | Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | ||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| Net sales by Division | ||||||
| Pattern Generators | 442 | 348 | 794 | 668 | 1,495 | 1,369 |
| High Flex | 350 | 309 | 671 | 598 | 1,451 | 1,378 |
| High Volume | 259 | 381 | 626 | 746 | 1,443 | 1,563 |
| Global Technologies | 209 | 246 | 402 | 424 | 843 | 865 |
| Internal net sales between divisions | -15 | -11 | -28 | -28 | -57 | -56 |
| 1,245 | 1,273 | 2,464 | 2,408 | 5,175 | 5,119 | |
| EBIT by Division | ||||||
| Pattern Generators | 191 | 110 | 340 | 234 | 571 | 465 |
| High Flex | 14 | 35 | 37 | 54 | 158 | 175 |
| High Volume | 38 | 65 | 102 | 120 | 272 | 290 |
| Global Technologies | 9 | 43 | 12 | 73 | 40 | 101 |
| Group functions etc | -83 | -30 | -142 | -55 | -226 | -139 |
| Effects from IFRS 16 | 1 | 1 | 2 | 2 | 3 | 3 |
| Group | 170 | 224 | 352 | 429 | 817 | 894 |
| SEK million | 30 Jun 23 | 30 Jun 22 | 31 Dec 22 | |||
| Assets by Division | ||||||
| Capitalized Development Costs | ||||||
| Pattern Generators | 62 | 64 | 56 | |||
| High Flex | 65 | 63 | 62 | |||
| 128 | 127 | 118 | ||||
| Inventories | ||||||
| Pattern Generators | 506 | 392 | 406 | |||
| High Flex | 372 | 297 | 301 | |||
| High Volume | 467 | 622 | 482 | |||
| Global Technologies | 302 | 195 | 254 | |||
| Unrealized profit in inventories | -10 | -8 | -10 | |||
| 1,636 | 1,499 | 1,433 | ||||
| Trade Receivables | ||||||
| Pattern Generators | 231 | 221 | 359 | |||
| High Flex | 277 | 235 | 301 | |||
| High Volume | 274 | 262 | 344 | |||
| Global Technologies | 141 | 156 | 138 | |||
| 923 | 874 | 1,143 |
Interim Report January-June 2023
MYCRONIC
NOTE 7 RESEARCH AND DEVELOPMENT COSTS
| Research and development costs, SEK million | Q2 | Jan-Jun | Rolling 12 month | Jan-Dec 2022 | ||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||
| R&D expenditures | ||||||
| Pattern Generators | -65 | -60 | -121 | -109 | -232 | -219 |
| High Flex | -54 | -51 | -105 | -96 | -204 | -195 |
| High Volume | -32 | -38 | -67 | -71 | -137 | -141 |
| Global Technologies | -21 | -16 | -39 | -34 | -75 | -71 |
| -171 | -164 | -332 | -310 | -647 | -626 | |
| Capitalization of Development Costs | ||||||
| Pattern Generators | 8 | 0 | 15 | 1 | 16 | 2 |
| High Flex | 10 | 10 | 14 | 19 | 23 | 28 |
| 18 | 10 | 29 | 20 | 39 | 30 | |
| Amortization of Acquired Technology | ||||||
| High Flex | -1 | -1 | -2 | -2 | -4 | -4 |
| High Volume | -2 | -2 | -4 | -4 | -8 | -8 |
| Global Technologies | -7 | -6 | -14 | -13 | -27 | -26 |
| -10 | -9 | -19 | -19 | -39 | -38 | |
| Impairment of Acquired Technology | ||||||
| High Volume | - | - | - | - | -4 | -4 |
| Reported cost | -162 | -164 | -322 | -309 | -651 | -638 |
Interim Report January-June 2023
MYCRONIC
NOTE 8 DEFINITIONS AND RECONCILIATION ALTERNATIVE PERFORMANCE MEASURES, ETC
The European Securities and Markets Authority (ESMA) has issued guidelines regarding alternative performance measures for listed companies.
These relate to financial key figures used by management, to control and evaluate the Group's business, which cannot be directly inferred from the financial statements. Alternative performance measures are also considered to be of interest to external investors and analysts who monitor the company. For definitions of other key ratios, please refer to the Annual Report.
Acquisition-related costs
Acquisition-related costs include expensing of acquired inventories at fair value, amortization and impairment of acquired intangible assets, changes in value and revaluation of contingent considerations and transaction expenses.
Book-to-bill
Order intake in relation to net sales. Indicates future development of net sales.
Capital employed
Balance sheet total less non-interest bearing liabilities. Used to show a company's ability to meet capital needs from operations.
Earnings per share
Net result attributable to the owners of the Parent Company divided by the average number of outstanding shares before and after dilution. Used to show a company's results per share.
EBITDA
Operating result, EBIT, before depreciation and amortization.
Equity per share
Equity on balance day divided by the number of outstanding shares at the end of the period. Used to measure the value of the company per share.
Net cash
Cash and cash equivalents less interest-bearing liabilities.
Order backlog
Remaining orders for goods, valued at the closing date exchange rate. Used to show secured future net sales of goods.
Order intake
Received orders for goods and services, valued at average exchange rates. The order intake also includes revaluation of the order backlog at closing date exchange rates. Used to show orders received.
Organic growth
Change in net sales, excluding increase related to acquisitions and decrease related to divestments, recalculated to the previous year's currency rates as a percentage of the previous year's net sales. Net sales from acquired companies are included in the calculation of organic growth as of the first day of the first month which falls 12 months after the date of acquisition.
Return on capital employed
Earnings before financial expenses as a percentage of average capital employed. Used to show return on capital needed for operations.
Return on equity
Net profit/loss as a percentage of average equity. Used to demonstrate return on shareholder capital over time.
Underlying EBIT and underlying EBIT margin
Underlying EBIT consists of operating result excluding acquisition-related costs and gains/losses from divestments of subsidiaries. The underlying EBIT margin is underlying EBIT as a percentage of net sales. Used to describe how operations are developing and performing excluding acquisition-related costs and gains/losses from divestments.
Interim Report January-June 2023
MYCRONIC
| Jan-Jun | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| Return on equity | 2023 | 2022 | 12 month | 2022 |
| Net profit/loss (rolling 12 months) | 680 | 595 | 680 | 737 |
| Average shareholders' equity | 4,438 | 3,912 | 4,438 | 4,350 |
| 15.3% | 15.2% | 15.3% | 16.9% | |
| Return on capital employed | ||||
| Profit/loss before tax (rolling 12 months) | 823 | 734 | 823 | 890 |
| Financial expenses | 13 | 14 | 13 | 13 |
| Profit/loss before financial expenses | 836 | 748 | 836 | 904 |
| Average balance sheet total | 7,135 | 6,395 | 7,135 | 6,738 |
| Average non-interest-bearing liabilities | 2,421 | 1,973 | 2,421 | 2,132 |
| Average capital employed | 4,714 | 4,421 | 4,714 | 4,607 |
| 17.7% | 16.9% | 17.7% | 19.6% | |
| Book-to-bill | ||||
| Order intake | 3,365 | 2,644 | 7,504 | 6,783 |
| Net sales | 2,464 | 2,408 | 5,175 | 5,119 |
| 1.4 | 1.1 | 1.5 | 1.3 | |
| EBITDA | ||||
| EBIT | 352 | 429 | 817 | 894 |
| Depreciation/Amortization | 132 | 117 | 267 | 253 |
| 484 | 547 | 1,084 | 1,147 | |
| Underlying EBIT | ||||
| EBIT | 352 | 429 | 817 | 894 |
| Acquisition-related costs included in: | ||||
| Cost of goods sold | - | - | - | - |
| Operating expenses | 33 | 32 | 68 | 67 |
| 33 | 32 | 68 | 67 | |
| Gains from divestments of subsidiaries | - | -25 | 2 | -23 |
| 385 | 437 | 886 | 939 | |
| Equity per share | ||||
| Equity at balance day | 4,663 | 4,214 | 4,663 | 4,703 |
| No. of outstanding shares at end of period, thousand | 97,631 | 97,635 | 97,631 | 97,631 |
| 47.76 | 43.16 | 47.76 | 48.17 | |
| Earnings per share before/after dilution, SEK | ||||
| Net Profit/loss attributable to owners of the Parent Company | 283 | 339 | 685 | 741 |
| Average no. of outstanding shares before dilution, thousand | 97,631 | 97,635 | 97,596 | 97,597 |
| Average no. of outstanding shares after dilution, thousand | 97,646 | 97,654 | 97,611 | 97,610 |
| 2.90 | 3.47 | 7.01 | 7.59 | |
| Net cash, SEK million | ||||
| Cash and cash equivalents | 1,632 | 819 | 1,632 | 1,274 |
| Interest-bearing liabilities | -237 | -314 | -237 | -270 |
| 1,395 | 505 | 1,395 | 1,004 |
Interim Report January-June 2023
MYCRONIC
| Quarterly data | Q2 23 | Q1 23 | Q4 22 | Q3 22 | Q2 22 | Q1 22 | Q4 21 | Q3 21 |
|---|---|---|---|---|---|---|---|---|
| Order intake | ||||||||
| Pattern Generators | 804 | 816 | 1,829 | 718 | 176 | 383 | 384 | 407 |
| High Flex | 345 | 364 | 333 | 346 | 332 | 374 | 284 | 334 |
| High Volume | 370 | 261 | 214 | 331 | 484 | 441 | 328 | 236 |
| Global Technologies | 246 | 189 | 164 | 232 | 222 | 260 | 245 | 282 |
| Internal order intake between divisions | -15 | -13 | -11 | -17 | -11 | -17 | -7 | -17 |
| 1,748 | 1,617 | 2,529 | 1,609 | 1,203 | 1,441 | 1,234 | 1,242 | |
| Order Backlog | ||||||||
| Pattern Generators | 3,307 | 2,945 | 2,480 | 1,106 | 635 | 807 | 744 | 759 |
| High Flex | 175 | 180 | 138 | 243 | 239 | 216 | 130 | 214 |
| High Volume | 723 | 611 | 717 | 894 | 988 | 885 | 809 | 759 |
| Global Technologies | 272 | 236 | 239 | 298 | 284 | 308 | 291 | 299 |
| 4,475 | 3,972 | 3,574 | 2,542 | 2,146 | 2,217 | 1,975 | 2,030 | |
| Net Sales | ||||||||
| Pattern Generators | 442 | 351 | 455 | 246 | 348 | 320 | 399 | 265 |
| High Flex | 350 | 322 | 438 | 341 | 309 | 288 | 368 | 271 |
| High Volume | 259 | 367 | 391 | 426 | 381 | 365 | 283 | 235 |
| Global Technologies | 209 | 192 | 224 | 218 | 246 | 179 | 252 | 232 |
| Internal net sales between divisions | -15 | -13 | -11 | -17 | -11 | -17 | -7 | -17 |
| 1,245 | 1,219 | 1,497 | 1,214 | 1,273 | 1,135 | 1,295 | 986 | |
| Gross Profit | ||||||||
| Pattern Generators | 283 | 220 | 247 | 154 | 193 | 188 | 224 | 154 |
| High Flex | 135 | 130 | 190 | 139 | 128 | 113 | 152 | 111 |
| High Volume | 105 | 155 | 151 | 166 | 156 | 131 | 91 | 87 |
| Global Technologies | 73 | 68 | 83 | 85 | 102 | 64 | 86 | 52 |
| 599 | 570 | 672 | 541 | 578 | 496 | 553 | 405 | |
| Gross Margin | ||||||||
| Pattern Generators | 64.0% | 62.5% | 54.4% | 62.5% | 55.4% | 58.8% | 56.0% | 58.0% |
| High Flex | 38.7% | 40.4% | 43.4% | 40.8% | 41.4% | 39.3% | 41.2% | 40.8% |
| High Volume | 40.5% | 42.1% | 38.6% | 38.9% | 40.8% | 35.9% | 32.1% | 37.2% |
| Global Technologies | 35.1% | 35.5% | 37.1% | 38.9% | 41.5% | 35.6% | 34.1% | 22.6% |
| 48.1% | 46.8% | 44.9% | 44.6% | 45.4% | 43.7% | 42.7% | 41.0% | |
| R&D expenses | ||||||||
| Pattern Generators | -56 | -50 | -60 | -49 | -60 | -48 | -52 | -45 |
| High Flex | -45 | -49 | -49 | -42 | -42 | -38 | -37 | -36 |
| High Volume | -33 | -37 | -38 | -40 | -40 | -35 | -26 | -28 |
| Global Technologies | -28 | -24 | -28 | -23 | -22 | -24 | -29 | -26 |
| Total R&D expenses | -162 | -160 | -175 | -154 | -164 | -145 | -143 | -136 |
| Selling expenses | -193 | -173 | -166 | -157 | -155 | -132 | -152 | -120 |
| Administrative expenses | -88 | -72 | -87 | -65 | -64 | -62 | -65 | -66 |
| Other income/expenses | 15 | 16 | 18 | 37 | 28 | 49 | 11 | 23 |
| EBIT | 170 | 182 | 262 | 203 | 224 | 206 | 204 | 106 |
| Of which EBIT Pattern Generators | 191 | 149 | 154 | 76 | 110 | 125 | 146 | 94 |
| Of which EBIT High Flex | 14 | 23 | 77 | 43 | 35 | 19 | 59 | 31 |
| Of which EBIT High Volume | 38 | 64 | 74 | 95 | 65 | 55 | 17 | 30 |
| Of which EBIT Global Technologies | 9 | 3 | 6 | 22 | 43 | 31 | 21 | -16 |
| Of which EBIT Group functions etc | -83 | -59 | -49 | -34 | -30 | -25 | -40 | -34 |
| EBIT margin | 13.7% | 14.9% | 17.5% | 16.7% | 17.6% | 18.1% | 15.8% | 10.7% |
| Equity per share | 47.76 | 50.02 | 48.17 | 45.40 | 43.16 | 43.29 | 40.94 | 38.10 |
| Earnings per share before/after dilution | 1.37 | 1.52 | 2.56 | 1.56 | 1.79 | 1.69 | 1.82 | 0.82 |
| Closing share price | 267.00 | 254.80 | 195.80 | 135.00 | 143.90 | 176.00 | 211.00 | 218.40 |
Interim Report January-June 2023