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Mycronic
Quarterly Report • Apr 18, 2024
2946_10-q_2024-04-18_26772225-abdb-4dab-883f-9a043724d233.pdf
Quarterly Report
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Interim Report January–March 2024
First quarter
- Order intake amounted to SEK 1,645 (1,617) million, an increase of 2 percent
- Net sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent
- EBIT amounted to SEK 599 (182) million and the EBIT margin was 35 (15) percent
- Earnings per share were SEK 5.01 (1.52) before dilution and SEK 5.00 (1.52) after dilution
"We started the year strongly. The order intake for the first quarter was at the same favorable level as last year, while net sales increased 39 percent, driven mainly by Pattern Generators. EBIT amounted to SEK 599 million – our second-strongest quarterly results ever – corresponding to an EBIT margin of 35 percent. In 2024, we celebrate "more than 50 years of innovation" at Mycronic. It is therefore particularly gratifying that we are starting this anniversary year with the launch of two new products in Pattern Generators: Prexision 8000 Evo, which is the division's most advanced mask writer for displays to date, and MMX, our first metrology system for semiconductor photomasks", says Anders Lindqvist, President and CEO.
Outlook 2024
The Board of Directors' opinion remains that consolidated net sales for 2024 will be at a level of SEK 6.25 billion.
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| Group summary | 2024 | 2023 | 12 month | 2023 |
| Order intake, SEK million | 1,645 | 1,617 | 6,309 | 6,280 |
| Net Sales, SEK million | 1,692 | 1,219 | 6,179 | 5,706 |
| Book-to-bill | 1.0 | 1.3 | 1.0 | 1.1 |
| Order backlog, SEK million | 4,102 | 3,972 | 4,102 | 4,149 |
| Gross margin, % | 57.6% | 46.8% | 52.7% | 50.0% |
| EBIT, SEK million | 599 | 182 | 1,652 | 1,235 |
| EBIT margin, % | 35.4% | 14.9% | 26.7% | 21.6% |
| Earnings per share before dilution, SEK | 5.01 | 1.52 | 13.71 | 10.22 |
| Earnings per share after dilution, SEK | 5.00 | 1.52 | 13.71 | 10.22 |
| Cash Flow, SEK million | 662 | 316 | 1,311 | 966 |
| Changes in Net Sales | ||||
| Total growth, % | 39% | 7% | 19% | 11% |
| Organic growth, % | 42% | 2% | 17% | 8% |
| Growth from acquisitions/divestments, % | - | 0% | - | 0% |
| Currency effects, % | -3% | 6% | 2% | 4% |
CEO comments
We started the year strongly. The order intake for the first quarter was at the same favorable level as last year, while net sales increased 39 percent, driven mainly by Pattern Generators. EBIT amounted to SEK 599 million – our second-strongest quarterly
results ever – corresponding to an EBIT margin of 35 percent.
In 2024, we celebrate "more than 50 years of innovation" at Mycronic. It is therefore particularly gratifying that we are starting this anniversary year with the launch of two new products in Pattern Generators: Prexision 8000 Evo, which is the division's most advanced mask writer for displays to date, and MMX, our first metrology system for semiconductor photomasks. Both of these exciting new additions to Pattern Generators' customer offering were launched externally at an industry conference in Japan in April.
In Pattern Generators, the photomask market for displays was stable in the first quarter of the year after having slowed slightly in the fourth quarter of 2023, while the photomask market for semiconductors remained at a high level. Pattern Generators received orders for five mask writers during the quarter: one Prexision 8 Evo and four SLXs.
In High Flex, demand in Europe and the US slowed slightly in the first quarter of the year, while China showed indications of recovery. High Flex received positive feedback from customers for its stencil printer, which combines well with MYPro A40, the new pick-and-place machine that was launched in the fourth quarter of 2023 and is up to 50 percent faster than its predecessor.
During the quarter, High Volume noted a recovery in demand in both China and the foreign markets in which it operates. This recovery was seen for customers in both consumer electronics and the electric vehicle industry. As a result of the preparations ahead of a possible listing of Axxon on a stock exchange in China, Ivan Li left Mycronic's executive management during the quarter, but remains as Head of Axxon, the core of Mycronic's High Volume division.
In Global Technologies' PCB test business line, demand for test equipment was strong, driven by increased demand for printed circuit boards used in advanced servers for training AI models. Strong AI driven demand in the data communications market continued from last quarter and supported the die bonding business. The die bonding business line launched a product for active alignment of optical components during the quarter that will address additional steps in our customers' production process.
At the end of the quarter, Global Technologies signed an agreement to acquire Vanguard Automation, a small company headquartered in Karlsruhe, Germany, which has developed a technology and automated equipment for 3D microfabrication of optical interconnects. The acquisition was finalized at the beginning of April and it is gratifying to be able to add this exciting technology to our customer offering.
Anders Lindqvist, President and CEO
Order intake and net sales, rolling 12 months Gross and EBIT margin, rolling 12 months
Interim Report January–March 2024 2 (19)
Financial performance
GROUP
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 12 month | 2023 | |
| Order intake, SEK million | 1,645 | 1,617 | 6,309 | 6,280 |
| Order backlog, SEK million | 4,102 | 3,972 | 4,102 | 4,149 |
| Net Sales, SEK million | 1,692 | 1,219 | 6,179 | 5,706 |
| Gross profit, SEK million | 974 | 570 | 3,259 | 2,855 |
| Gross margin, % | 57.6% | 46.8% | 52.7% | 50.0% |
| EBIT, SEK million | 599 | 182 | 1,652 | 1,235 |
| EBIT margin, % | 35.4% | 14.9% | 26.7% | 21.6% |
| EBITDA, SEK million | 660 | 246 | 1,913 | 1,499 |
Order intake increased 2 percent to SEK 1,645 (1,617) million during the first quarter of the year. The Group's order backlog at the end of the quarter was SEK 4,102 (3,972) million.
Net sales increased 39 percent during the quarter to SEK 1,692 (1,219) million, driven mainly by Pattern Generators. Net sales for the quarter were negatively impacted by currency effects of SEK 35 million.
The gross margin increased to 58 (47) percent during the quarter, supported by a positive trend within Pattern Generators and Global Technologies in addition to a more favorable division mix, with Pattern Generators representing a significantly larger share of the Group's net sales.
EBIT for the quarter increased to SEK 599 (182) million, primarily driven by Pattern Generators. The EBIT margin increased to 35 (15) percent. Acquisition-related costs amounted to SEK 12 (16) million.
Cash flow and financial position
Consolidated cash and cash equivalents at the end of the quarter amounted to SEK 2,841 (1,590) million. Cash flow amounted to SEK 662 (316) million. Cash flow from operating activities amounted to SEK 737 (402) million. Working capital decreased during the quarter and contributed SEK 127 (167) million in positive cash flow, primarily driven by lower trade receivables.
Investing activities generated a cash flow of SEK -49 (-64) million, where investments in property, plant and equipment accounted for SEK -36 (-49) million and capitalization of product development for SEK -13 (-10) million. Financing activities generated a cash flow of SEK -26 (-22) million. At the end of the first quarter Mycronic had a net cash position almost double the size compared to a year ago, amounting to SEK 2,624 (1,335) million.
At the end of the quarter, the Global Technologies division signed an agreement to acquire Vanguard Automation, a small company headquartered in Karlsruhe, Germany, which has developed a technology and automated equipment for 3D microfabrication of optical interconnects.
Sustainability
Compiled environmental data showed that Mycronic's emissions declined in 2023 compared with the preceding year, mainly due to lower electricity consumption from product use, reduced volumes of purchased materials and a decrease in the use of natural gas. However, electricity consumption in the company's own properties, as well as transportation and air travel, increased during the year. Accordingly, the Group's future plans will be reviewed as part of the annual strategy process in the second quarter of the year, with the aim of reversing this increase.
Interim Report January–March 2024 3 (19)
PATTERN GENERATORS
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 12 month | 2023 | |
| Order intake, SEK million | 645 | 816 | 2,523 | 2,694 |
| Order backlog, SEK million | 2,876 | 2,945 | 2,876 | 3,068 |
| Net Sales, SEK million | 838 | 351 | 2,592 | 2,106 |
| Gross profit, SEK million | 635 | 220 | 1,804 | 1,389 |
| Gross margin, % | 75.8% | 62.5% | 69.6% | 66.0% |
| EBIT, SEK million | 543 | 149 | 1,447 | 1,053 |
| EBIT margin, % | 64.9% | 42.4% | 55.8% | 50.0% |
| EBITDA | 558 | 162 | 1,505 | 1,110 |
| R&D expenditures, SEK million | -69 | -57 | -267 | -255 |
| R&D costs, SEK million | -63 | -50 | -241 | -228 |
The photomask market for displays was stable in the first quarter after having slowed slightly in the fourth quarter of 2023, while the photomask market for semiconductors remained at a high level.
Pattern Generators received orders for five mask writers during the quarter: one Prexision 8 Evo and four SLXs. Order intake was at a relatively favorable level, despite a decline of 21 percent to SEK 645 (816) million.
At the end of the quarter, the order backlog amounted to SEK 2,876 (2,945) million and contained 27 systems with planned deliveries as follows:
2024 Q2: 1 Prexision 8 Evo, 1 Prexision MMS, 3 SLXs
2024 Q3: 2 Prexision 8 Evo, 3 SLXs 2024 Q4: 1 Prexision 8 Entry Evo, 4 SLXs
2025 Q1: 3 Prexision 8 Evo, 1 Prexision Lite 8 Evo,
1 FPS10 Evo, 4 SLXs 2025 Q2: 1 Prexision 8 Evo, 1 Prexision Lite 8 Evo
2025 Q3: 1 Prexision Lite 8 Evo
Compared to the delivery schedule presented in the latest quarterly report, delivery of one SLX has been moved from the second to the fourth quarter of 2024 and delivery of one Prexision Lite 8 Evo and one FPS10 Evo has been moved from the fourth quarter of 2024 to the first quarter of 2025.
During the first quarter, Pattern Generators delivered one Prexision 800 Evo, one Prexision 8 Entry Evo and three SLXs, compared with one Prexision Lite 8 Evo, one FPS6100 and one SLX in the corresponding period of the preceding year. Net sales increased 138 percent to SEK 838 (351) million. Net sales for the quarter were negatively impacted by currency effects of SEK 20 million.
The gross margin increased to 76 (62) percent during the quarter.
EBIT increased to SEK 543 (149) million, corresponding to an EBIT margin of 65 (42) percent.
R&D costs for the quarter amounted to SEK 63 (50) million, while the capitalization of development costs amounted to SEK 6 (7) million.
Pattern Generators launched two new products after the end of the period: Prexision 8000 Evo, which is the division's most advanced mask writer for displays to date, and MMX, a metrology system for semiconductor photomasks.
Interim Report January–March 2024 4 (19)
HIGH FLEX
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023* | 12 month* | 2023* | |
| Order intake, SEK million | 334 | 386 | 1,449 | 1,501 |
| Order backlog, SEK million | 158 | 207 | 158 | 120 |
| Net Sales, SEK million | 296 | 334 | 1,497 | 1,535 |
| Gross profit, SEK million | 107 | 131 | 616 | 640 |
| Gross margin, % | 36.1% | 39.3% | 41.1% | 41.7% |
| EBIT, SEK million | 1 | 26 | 170 | 195 |
| EBIT margin, % | 0.5% | 7.8% | 11.4% | 12.7% |
| EBITDA | 12 | 36 | 213 | 237 |
| R&D expenditures, SEK million | -53 | -53 | -213 | -214 |
| R&D costs, SEK million | -46 | -51 | -178 | -183 |
*Restated for comparability, see Note 1.
Demand in Europe and the US slowed slightly in the first quarter of the year, while China showed indications of recovery. High Flex received positive feedback from customers for its stencil printer, which combines well with MYPro A40, the new pick-and-place machine that was launched in the fourth quarter of 2023 and is up to 50 percent faster than its predecessor. The increased speed makes High Flex better able to serve the mid-volume segment, where stencil printing is more relevant than in the low volume segment, where the division has traditionally had its strength.
Order intake declined 13 percent during the quarter and amounted to SEK 334 (386) million. At the end of the quarter, the order backlog totaled SEK 158 (207) million. Net sales declined 11 percent to SEK 296 (334) million. Net sales for the quarter were not impacted by currency effects.
The gross margin declined to 36 (39) percent during the quarter.
EBIT declined to SEK 1 (26) million, with an EBIT margin of 0 (8) percent.
R&D costs for the quarter amounted to SEK 46 (51) million. The capitalization of development costs amounted to SEK 8 (4) million.
Interim Report January–March 2024 5 (19)
HIGH VOLUME
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023* | 12 month* | 2023* | |
| Order intake, SEK million | 390 | 226 | 1,265 | 1,101 |
| Order backlog, SEK million | 741 | 584 | 741 | 662 |
| Net Sales, SEK million | 311 | 342 | 1,109 | 1,140 |
| Gross profit, SEK million | 128 | 151 | 459 | 482 |
| Gross margin, % | 41.1% | 44.1% | 41.4% | 42.3% |
| EBIT, SEK million | 55 | 60 | 168 | 173 |
| EBIT margin, % | 17.6% | 17.4% | 15.2% | 15.2% |
| EBITDA | 57 | 66 | 187 | 196 |
| R&D expenditures, SEK million | -33 | -33 | -128 | -128 |
| R&D costs, SEK million | -33 | -35 | -131 | -132 |
*Restated for comparability, see Note 1.
During the first quarter of the year, High Volume noted a recovery in demand in both China and the foreign markets in which it operates. This recovery was seen for customers in both consumer electronics and the electric vehicle industry. Order intake rose 73 percent and amounted to SEK 390 (226) million. At the end of the quarter, the order backlog totaled SEK 741 (584) million.
Net sales declined 9 percent during the quarter to SEK 311 (342) million. Net sales for the quarter were negatively impacted by currency effects of SEK 14 million.
The gross margin declined to 41 (44) percent during the quarter.
High Volume's EBIT during the quarter was SEK 55 (60) million, corresponding to an EBIT margin of 18 (17) percent.
R&D costs for the quarter amounted to SEK 33 (35) million.
Interim Report January–March 2024 6 (19)
GLOBAL TECHNOLOGIES
| Q1 | Rolling | |||
|---|---|---|---|---|
| 2024 | 2023 | 12 month | 2023 | |
| Order intake, SEK million | 277 | 189 | 1,074 | 987 |
| Order backlog, SEK million | 327 | 236 | 327 | 297 |
| Net Sales, SEK million | 247 | 192 | 983 | 928 |
| Gross profit, SEK million | 104 | 68 | 379 | 343 |
| Gross margin, % | 42.1% | 35.5% | 38.5% | 37.0% |
| EBIT, SEK million | 30 | 3 | 86 | 59 |
| EBIT margin, % | 12.0% | 1.4% | 8.7% | 6.3% |
| EBITDA | 44 | 17 | 143 | 117 |
| R&D expenditures, SEK million | -20 | -17 | -85 | -82 |
| R&D costs, SEK million | -27 | -24 | -113 | -110 |
In the PCB test business line, demand for test equipment was strong, driven by increased demand for printed circuit boards used in advanced servers for training AI models. Strong AI driven demand in the data communications market continued from last quarter and supported the die bonding business. The die bonding business line launched a product for active alignment of optical components during the quarter that will address additional steps in customers' production process. At the end of the quarter, Global Technologies signed an agreement to acquire Vanguard Automation, a small company headquartered in Karlsruhe, Germany, which has developed a technology and automated equipment for 3D microfabrication of optical interconnects.
Order intake increased 46 percent to SEK 277 (189) million during the quarter, driven by PCB test. At the end of the quarter, the order backlog totaled SEK 327 (236) million.
Net sales increased 29 percent to SEK 247 (192) million. Net sales for the quarter were negatively impacted by currency effects of SEK 1 million.
The gross margin increased to 42 (35) percent during the quarter.
EBIT increased to SEK 30 (3) million, corresponding to an EBIT margin of 12 (1) percent.
R&D costs for the quarter amounted to SEK 27 (24) million.
The acquisition of Vanguard Automation was closed at the beginning of April.
Interim Report January–March 2024 7 (19)
MYCRONIC
Electronics industry
The global electronics industry is assessed to have been unchanged in 2023 at USD 2,428 billion1. For full year 2023, the semiconductor market is forecast to have shrunk 8.0 percent to the equivalent of USD 527 billion1.
Annual growth for the electronics industry is forecast at 4.5 percent for the period 2023-20281. Segments with the strongest expected growth during this five-year period are electronics for data centers, the automotive industry, wearable electronics, industrial applications and defense & aerospace. The electronics industry is forecast to demonstrate growth of 6.0 percent in 2024. Growth is expected to occur in all segments, except in wireless infrastructure, which is deemed to be unchanged. In 2024, the semiconductor market is expected to grow 11.4 percent, driven by a recovery in memory pricing and growth in selected consumer-facing segments, and is forecast to be positive during the 2023-2028 period as a whole, with annual growth of 6.9 percent1. The display market is estimated to have declined 5.5 percent in 2023 to USD 116 billion2, mainly due to lower prices for LCD displays. For 2024, the market is forecast to grow 6.7 percent due to growth in both LCD and AMOLED displays. During the 2023-2028 period, the display market is expected to demonstrate annual growth of 4.7 percent2. The long-term trend towards a larger share of advanced AMOLED displays is forecast to continue, albeit at a slower pace, as AMOLED now comprises a large share of the total market.
| Size/growth | 2024F | 2023 | 2022 |
|---|---|---|---|
| Electronics industry, percentual change 1 | +6.0% | 0.0% | -2.1% |
| Semiconductor industry, percentual change 1 | +11.4% | -8.0% | +3.1% |
| SMT component mounting, percentual change 3 | NA | -26.5% | -17.9% |
| Dispensing, USD million 4 | NA | 730 | 930 |
| Displays, USD, billion 2 | 124 | 116 | 123 |
| Photomasks for displays, percentual change in value 5 | +1.4% | +0.8% | +24.4% |
| Photomasks for semiconductors, percentual change in value 6 | +8.7% | +13.0% | +18.3% |
| Display photomask area, thousand sq. meters 5 | 21.4 | 21.0 | 21.1 |
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 26.5 percent in 2023 to USD 2,250 million. Japan and Europe demonstrated growth, while other markets noted a negative trend3. The dispensing equipment market declined 22 percent, reaching sales of USD 730 million4 in 2023.
ASSEMBLY AUTOMATION AND TEST MARKET AREA
In die bonding, the market for optical components in data/telecommunications is assessed to have decreased by 8.1 percent in 2023, to USD 11.5 billion8. The market is expected to recover in 2024 and post annual growth of 16.7 percent during the 2023-2028 period, to USD 24.8 billion8. In electrical testing, the market for printed circuit boards and substrates is assessed to have declined by 15.0 percent in 2023, to USD 69.5 billion9. The market is expected to grow 5.0 percent in 2024 and to post annual growth of 5.4 percent during the 2023-2028 period, to USD 90.4 billion9.
PATTERN GENERATORS MARKET AREA
PHOTOMASKS FOR DISPLAYS
The market is estimated to have grown by 0.8 percent in 2023, from USD 883 million to USD 890 million5,10. The market remained at a high level following a very strong 2022 and display manufacturers continued to develop new LCD and AMOLED displays at a good pace. The market continued to be driven by an ongoing shift towards a higher proportion of advanced displays that require more, and more advanced, photomasks. The expectations for 2024 are that the photomask market will grow by 1.4 percent to USD 903 million5,10. The forecast for the total area growth amounts to an average of 1.7 percent per year for 2023-20275. Stronger growth for AMOLED photomasks is expected, with an annual average area growth of 2.7 percent for 2023-20275, which drives the need for photomasks produced by advanced mask writers.
PHOTOMASKS FOR SEMICONDUCTORS
For 2023, the assessment is that the market continued to show good growth of 13.0 percent to USD 8.3 billion6. The market trend was mixed, with some segments and regions performing strongly, although there were also weaker segments, particularly the market for memory chips. The expectations for 2024 are that the market will perform positively, with growth of 8.7 percent to USD 9.0 billion6. 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. The market for mature design nodes, addressed by laser-based mask writers, is also expected to develop positively.
- Prismark, latest forecast March 2024
- Omdia, latest forecast January 2024 Protec MDC, January 2024
- Prismark, April 2024 (annual update) 4)
- Omdia, July 2023 (annual update)
- TechInsights November 2023
- Protec MDC, April 2023, Mycronic analysis
- Lightcounting, October 2023
- Prismark, February 2024 10) 145 YEN/USD used by Mycronic for conversion
Other
PARENT COMPANY
Mycronic AB is the Group's Parent Company.
The Parent Company's net sales for the first quarter amounted to SEK 1,089 (540) million. EBIT amounted to SEK 572 (71) million.
Cash and cash equivalents at the end of the quarter amounted to SEK 2,060 million, compared with SEK 1,371 million at the end of 2023.
ANNUAL GENERAL MEETING 2024
The Annual General Meeting will be held on May 8, 2024. The notice was published on April 5, 2024, and is available on Mycronic's website, www.mycronic.com.
In line with the dividend policy, the Board of Directors is proposing to the Annual General Meeting a dividend of SEK 4.50 (3.50) per share, totaling SEK 440.6 (342.7) million.
The record date for entitlement to the dividend is proposed as May 13, 2024. Provided the Meeting resolves in favor of the dividend proposal, the dividend will be paid on May 16, 2024.
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. The information was submitted for publication, through the contact persons stated below, at 8:00 a.m. CEST on April 18, 2024.
Täby, April 18, 2024 Mycronic AB (publ)
Anders Lindqvist President and CEO Financial reports and press releases are published in Swedish and English and are available at 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 April 18, 2024, with President and CEO Anders Lindqvist and CFO and Sr VP Corporate Development Pierre Brorsson. The presentation will be webcast.
FINANCIAL CALENDAR
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 and 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]
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
Group
| Q1 | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|
| Consolidated profit and loss accounts in summary, SEK million | Note | 2024 | 2023 | 12 month | 2023 |
| Net sales | 5, 6 | 1,692 | 1,219 | 6,179 | 5,706 |
| Cost of goods sold | -718 | -649 | -2,920 | -2,850 | |
| Gross profit | 974 | 570 | 3,259 | 2,855 | |
| Research and development | 7 | -170 | -160 | -663 | -653 |
| Selling expenses | -135 | -173 | -619 | -658 | |
| Administrative expenses | -85 | -72 | -351 | -338 | |
| Other income and expenses | 15 | 16 | 27 | 28 | |
| EBIT | 599 | 182 | 1,652 | 1,235 | |
| Financial income and expenses | 17 | 3 | 41 | 27 | |
| Profit/loss before tax | 616 | 185 | 1,694 | 1,262 | |
| Tax | -128 | -36 | -358 | -266 | |
| Net Profit/loss | 488 | 149 | 1,336 | 996 | |
| Earnings per share before dilution, SEK | 5.01 | 1.52 | 13.71 | 10.22 | |
| Earnings per share after dilution, SEK | 5.00 | 1.52 | 13.71 | 10.22 | |
| Results attributable to owners of the Parent Company | 489 | 149 | 1,338 | 998 | |
| Results attributable to non-controlling interests | 0 | 0 | -2 | -2 | |
| 488 | 149 | 1,336 | 996 |
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| Consolidated statement of comprehensive income in summary, SEK million |
2024 | 2023 | 12 month | 2023 |
| Net Profit/loss | 488 | 149 | 1,336 | 996 |
| Other comprehensive income | ||||
| Items not to be reclassified to profit/loss, after tax | ||||
| Actuarial profit/loss from defined benefits to employees | - | - | -4 | -4 |
| Items to be reclassified to profit/loss, after tax | ||||
| Translation differences at translating foreign entities | 138 | 12 | -1 | -126 |
| Changes in cash flow hedges | -78 | 17 | -36 | 59 |
| Total comprehensive income | 548 | 178 | 1,295 | 925 |
| Total comprehensive income attributable to owners of the Parent Company | 547 | 178 | 1,298 | 929 |
| Total comprehensive income attributable to non-controlling interests | 1 | 0 | -3 | -4 |
| 548 | 178 | 1,295 | 925 |
| Consolidated statements of financial position in summary, SEK million | 31 Mar 24 | 31 Mar 23 | 31 Dec 23 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 2,367 | 2,367 | 2,292 |
| Property, plant and equipment | 515 | 530 | 495 |
| Non-current receivables | 58 | 69 | 58 |
| Deferred tax assets | 187 | 180 | 175 |
| Total non-current assets | 3,128 | 3,147 | 3,021 |
| Current assets | |||
| Inventories | 1,765 | 1,525 | 1,602 |
| Trade receivables | 946 | 1,026 | 1,270 |
| Other current receivables | 355 | 310 | 308 |
| Cash and cash equivalents | 2,841 | 1,590 | 2,140 |
| Total current assets | 5,906 | 4,452 | 5,319 |
| Total assets | 9,034 | 7,598 | 8,340 |
| EQUITY AND LIABILITIES | |||
| Equity | 5,834 | 4,884 | 5,282 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 141 | 179 | 150 |
| Deferred tax liabilities | 338 | 336 | 359 |
| Other non-current liabilities | 45 | 47 | 43 |
| Total non-current liabilities | 523 | 562 | 551 |
| Current liabilities | |||
| Current interest-bearing liabilities | 77 | 76 | 78 |
| Trade payables | 448 | 361 | 388 |
| Other current liabilities | 2,153 | 1,717 | 2,041 |
| Total current liabilities | 2,677 | 2,153 | 2,507 |
| Total liabilities | 3,201 | 2,715 | 3,058 |
| Total equity and liabilities | 9,034 | 7,598 | 8,340 |
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| Consolidated cash flow statements in summary, SEK million | 2024 | 2023 | 12 month | 2023 |
| Profit/loss before tax | 616 | 185 | 1,694 | 1,262 |
| Adjustments for non-cash items and | ||||
| paid income tax | -6 | 50 | 153 | 209 |
| Change in working capital | 127 | 167 | 97 | 138 |
| Cash flow from operating activities | 737 | 402 | 1,943 | 1,608 |
| Cash flow from investing activities | -49 | -64 | -181 | -195 |
| Cash flow from financing activities | -26 | -22 | -451 | -447 |
| Cash flow for the period | 662 | 316 | 1,311 | 966 |
| Cash and cash equivalents, opening balance | 2,140 | 1,274 | 1,590 | 1,274 |
| Exchange difference for cash and cash equivalents | 40 | 0 | -60 | -100 |
| Cash and cash equivalents, closing balance | 2,841 | 1,590 | 2,841 | 2,140 |
| Jan-Mar | ||||
|---|---|---|---|---|
| Consolidated statement of changes in equity in summary, SEK million | 2024 | 2023 | 2023 | |
| Opening balance | 5,282 | 4,703 | 4,703 | |
| Dividend to owners | - | - | -343 | |
| Swap agreement related to own shares | - | - | 9 | |
| Repurchase of own shares | - | - | -26 | |
| Equity-settled share based payments | 4 | 3 | 14 | |
| Total comprehensive income | 548 | 178 | 925 | |
| Closing balance | 5,834 | 4,884 | 5,282 | |
| Of which holdings of non-controlling interests | 37 | 40 | 36 |
| Jan-Mar | ||||
|---|---|---|---|---|
| Other key figures * | 2024 | 2023 | 2023 | |
| Equity per share, SEK | 59.77 | 50.02 | 54.12 | |
| Return on equity (rolling 12 months), % | 24.9% | 15.8% | 20.0% | |
| Return on capital employed (rolling 12 months), % | 30.5% | 18.4% | 24.3% | |
| Net cash, SEK million | 2,624 | 1,335 | 1,912 | |
| Average number of employees | 2,002 | 2,015 | 2,027 |
*In addition to the performance indicators presented on page 1. See calculations on page 18.
Parent Company
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| Profit/loss accounts in summary, Parent Company, SEK million | 2024 | 2023 | 12 month | 2023 |
| Net sales | 1,089 | 540 | 3,745 | 3,195 |
| Cost of goods sold | -370 | -265 | -1,528 | -1,423 |
| Gross profit | 719 | 275 | 2,216 | 1,773 |
| Other operating expenses | -147 | -204 | -949 | -1,006 |
| EBIT | 572 | 71 | 1,267 | 767 |
| Result from financial items | 27 | 17 | 431 | 421 |
| Profit/loss after financial items | 599 | 88 | 1,698 | 1,187 |
| Appropriations | - | - | -74 | -74 |
| Profit/loss before tax | 599 | 88 | 1,624 | 1,113 |
| Tax | -123 | -18 | -265 | -160 |
| Net Profit/loss | 476 | 70 | 1,359 | 953 |
| Q1 | Rolling | Jan-Dec | ||
| Statement of comprehensive income, Parent Company, SEK million | 2024 | 2023 | 12 month | 2023 |
| Net Profit/loss | 476 | 70 | 1,359 | 953 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | 476 | 70 | 1,359 | 953 |
| Balance sheets in summary, Parent Company, SEK million | 31 Mar 24 | 31 Mar 23 | 31 Dec 23 | |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible and tangible assets | 217 | 183 | 216 | |
| Financial assets | 3,143 | 2,977 | 3,056 | |
| Total non-current assets | 3,359 | 3,160 | 3,272 | |
| Current assets | ||||
| Inventories | 822 | 640 | 752 | |
| Current receivables | 783 | 618 | 954 | |
| Cash and cash equivalents | 2,060 | 920 | 1,371 | |
| Total current assets | 3,665 | 2,177 | 3,077 | |
| TOTAL ASSETS | 7,024 | 5,337 | 6,349 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 3,807 | 2,792 | 3,327 | |
| Untaxed reserves | 1,374 | 1,300 | 1,374 | |
| Non-current interest-bearing liabilities | - | - | - | |
| Other non-current liabilities | 3 | 2 | 2 | |
| Total non-current liabilities | 3 | 2 | 2 | |
| Current interest-bearing liabilities | - | - | - | |
| Other current liabilities | 1,841 | 1,243 | 1,647 | |
| Total current liabilities | 1,841 | 1,243 | 1,647 | |
TOTAL EQUITY AND LIABILITIES 7,024 5,337 6,349
Notes
NOTE 1 ACCOUNTING POLICIES
This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting, along 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 policies 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 term of the lease. The right-of-use asset and the lease liability are thus not reported in the balance sheet.
During the third quarter of 2023, High Flex took over global responsibility for China-based HC Xin from High Volume, while High Volume took over global responsibility for both the MYSmart dispensing products and the Mexico office from High Flex. Comparative figures for 2022 and the first two quarters of 2023 are restated in this interim report.
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2023. The carrying amounts and fair values are deemed to essentially correspond with one another.
NOTE 2 RELATED PARTY TRANSACTIONS
A description of related party transactions can be found in Note 8 of the 2023 Annual Report. The scope and nature of these transactions did not change significantly during the period.
NOTE 3 RISKS AND UNCERTAINTIES
The Group's business is exposed to a number of risks and uncertainties that are both operational and financial in nature, which are in all material aspects the same as presented in the 2023 Annual Report. For example, Mycronic is 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
The acquisition of Vanguard Automation was finalized at the beginning of April. Pattern Generators launched two new products externally: Prexision 8000 Evo, which is the division's most advanced mask writer for displays to date, and MMX, a metrology system for semiconductor photomasks. After the end of the period, an order for an SLX was received.
NOTE 5 REVENUE FROM CONTRACTS WITH CUSTOMERS
| Q1 | Rolling | Jan-Dec | |||
|---|---|---|---|---|---|
| Revenue by geographical market, SEK million | 2024 | 2023 | 12 month | 2023 | |
| EMEA | 206 | 204 | 921 | 919 | |
| North and South America | 236 | 223 | 1,175 | 1,162 | |
| Asia | 1,250 | 792 | 4,083 | 3,625 | |
| 1,692 | 1,219 | 6,179 | 5,706 | ||
| Revenue by type of good/service, SEK million | |||||
| System | 1,285 | 829 | 4,533 | 4,077 | |
| Aftermarket | 407 | 390 | 1,646 | 1,629 | |
| 1,692 | 1,219 | 6,179 | 5,706 | ||
| Timing of revenue recognition, SEK million | |||||
| Goods transferred at a point in time | 1,401 | 967 | 5,077 | 4,643 | |
| Services transferred over time | 291 | 252 | 1,102 | 1,063 | |
| 1,692 | 1,219 | 6,179 | 5,706 |
NOTE 6 OPERATING SEGMENT REPORTING
| Q1 | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| SEK million | 2024 | 2023* | 12 month* | 2023* |
| Net sales by Division | ||||
| Pattern Generators | 838 | 351 | 2,592 | 2,106 |
| High Flex | 296 | 334 | 1,497 | 1,535 |
| High Volume | 311 | 342 | 1,109 | 1,140 |
| Global Technologies | 247 | 192 | 983 | 928 |
| Internal net sales between divisions | - | - | -3 | -3 |
| 1,692 | 1,219 | 6,179 | 5,706 | |
| EBIT by Division | ||||
| Pattern Generators | 543 | 149 | 1,447 | 1,053 |
| High Flex | 1 | 26 | 170 | 195 |
| High Volume | 55 | 60 | 168 | 173 |
| Global Technologies | 30 | 3 | 86 | 59 |
| Group functions etc | -31 | -57 | -224 | -249 |
| Effects from IFRS 16 | 1 | 1 | 4 | 4 |
| Group | 599 | 182 | 1,652 | 1,235 |
| SEK million | 31 Mar 24 | 31 Mar 23* | 31 Dec 23 |
|---|---|---|---|
| Assets by Division | |||
| Capitalized Development Costs | |||
| Pattern Generators | 66 | 58 | 65 |
| High Flex | 77 | 60 | 75 |
| 143 | 119 | 140 | |
| Inventories | |||
| Pattern Generators | 573 | 465 | 519 |
| High Flex | 432 | 369 | 392 |
| High Volume | 504 | 407 | 457 |
| Global Technologies | 256 | 285 | 235 |
| Unrealized profit in inventories | -1 | -1 | -2 |
| 1,765 | 1,525 | 1,602 | |
| Trade Receivables | |||
| Pattern Generators | 226 | 248 | 571 |
| High Flex | 299 | 289 | 328 |
| High Volume | 287 | 340 | 243 |
| Global Technologies | 133 | 149 | 129 |
| 946 | 1,026 | 1,270 |
*Restated for comparability, see Note 1.
NOTE 7 RESEARCH AND DEVELOPMENT COSTS
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| Research and development costs, SEK million | 2024 | 2023* | 12 month* | 2023* |
| R&D expenditures | ||||
| Pattern Generators | -69 | -57 | -267 | -255 |
| High Flex | -53 | -53 | -213 | -214 |
| High Volume | -33 | -33 | -128 | -128 |
| Global Technologies | -20 | -17 | -85 | -82 |
| -175 | -160 | -693 | -679 | |
| Capitalization of Development Costs | ||||
| Pattern Generators | 6 | 7 | 26 | 27 |
| High Flex | 8 | 4 | 40 | 36 |
| 13 | 10 | 66 | 63 | |
| Amortization of Acquired Technology | ||||
| High Flex | -1 | -1 | -6 | -6 |
| High Volume | - | -1 | -3 | -4 |
| Global Technologies | -7 | -7 | -28 | -28 |
| -8 | -10 | -37 | -38 | |
| Reported cost | -170 | -160 | -663 | -653 |
*Restated for comparability, see Note 1.
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 exchange 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.
| Jan-Mar | Rolling | Jan-Dec | ||
|---|---|---|---|---|
| Return on equity | 2024 | 2023 | 12 month | 2023 |
| Net profit/loss (rolling 12 months) | 1,336 | 721 | 1,336 | 996 |
| Average shareholders' equity | 5,359 | 4,555 | 5,359 | 4,993 |
| 24.9% | 15.8% | 24.9% | 20.0% | |
| Return on capital employed | ||||
| Profit/loss before tax (rolling 12 months) | 1,694 | 871 | 1,694 | 1,262 |
| Financial expenses | 13 | 13 | 13 | 13 |
| Profit/loss before financial expenses | 1,707 | 884 | 1,707 | 1,275 |
| Average balance sheet total | 8,316 | 7,036 | 8,316 | 7,840 |
| Average non-interest-bearing liabilities | 2,722 | 2,232 | 2,722 | 2,599 |
| Average capital employed | 5,595 | 4,804 | 5,595 | 5,241 |
| 30.5% | 18.4% | 30.5% | 24.3% | |
| Book-to-bill | ||||
| Order intake | 1,645 | 1,617 | 6,309 | 6,280 |
| Net sales | 1,692 | 1,219 | 6,179 | 5,706 |
| 1.0 | 1.3 | 1.0 | 1.1 | |
| EBITDA | ||||
| EBIT | 599 | 182 | 1,652 | 1,235 |
| Depreciation/Amortization | 61 | 65 | 261 | 264 |
| 660 | 246 | 1,913 | 1,499 | |
| Underlying EBIT | ||||
| EBIT | 599 | 182 | 1,652 | 1,235 |
| Acquisition-related costs included in: | ||||
| Cost of goods sold | - | - | - | - |
| Operating expenses | 12 | 16 | 59 | 63 |
| 12 | 16 | 59 | 63 | |
| Gains from divestments of subsidiaries | - | - | - | - |
| 611 | 198 | 1,711 | 1,298 | |
| Equity per share | ||||
| Equity at balance day | 5,834 | 4,884 | 5,834 | 5,282 |
| No. of outstanding shares at end of period, thousand | 97,597 | 97,631 | 97,597 | 97,597 |
| 59.77 | 50.02 | 59.77 | 54.12 | |
| Earnings per share before/after dilution, SEK | ||||
| Net Profit/loss attributable to owners of the Parent Company | 489 | 149 | 1,338 | 998 |
| Average no. of outstanding shares before dilution, thousand | 97,597 | 97,631 | 97,602 | 97,610 |
| 5.01 | 1.52 | 13.71 | 10.22 | |
| Average no. of outstanding shares after dilution, thousand | ||||
| 97,629 | 97,649 | 97,620 | 97,636 | |
| Net cash, SEK million | 5.00 | 1.52 | 13.71 | 10.22 |
| Cash and cash equivalents | 2,841 | 1,590 | 2,841 | 2,140 |
| Interest-bearing liabilities | -218 | -255 | -218 | -227 |
| 2,624 | 1,335 | 2,624 | 1,912 |
| Quarterly data | Q1 24 | Q4 23 | Q3 23 | Q2 23* | Q1 23* | Q4 22* | Q3 22* | Q2 22* |
|---|---|---|---|---|---|---|---|---|
| Order intake | ||||||||
| Pattern Generators | 645 | 513 | 561 | 804 | 816 | 1,829 | 718 | 176 |
| High Flex | 334 | 359 | 407 | 349 | 386 | 322 | 354 | 360 |
| High Volume | 390 | 276 | 249 | 350 | 226 | 213 | 306 | 446 |
| Global Technologies | 277 | 303 | 250 | 246 | 189 | 164 | 232 | 222 |
| Internal order intake between divisions | - | -3 | - | - | - | - | - | - |
| 1,645 | 1,448 | 1,467 | 1,748 | 1,617 | 2,529 | 1,609 | 1,203 | |
| Order Backlog | ||||||||
| Pattern Generators | 2,876 | 3,068 | 3,433 | 3,307 | 2,945 | 2,480 | 1,106 | 635 |
| High Flex | 158 | 120 | 239 | 209 | 207 | 155 | 279 | 278 |
| High Volume | 741 | 662 | 692 | 688 | 584 | 700 | 858 | 950 |
| Global Technologies | 327 | 297 | 305 | 272 | 236 | 239 | 298 | 284 |
| 4,102 | 4,149 | 4,669 | 4,475 | 3,972 | 3,574 | 2,542 | 2,146 | |
| Net Sales | ||||||||
| Pattern Generators | 838 | 878 | 435 | 442 | 351 | 455 | 246 | 348 |
| High Flex | 296 | 477 | 378 | 347 | 334 | 446 | 352 | 322 |
| High Volume | 311 | 306 | 244 | 247 | 342 | 373 | 398 | 357 |
| Global Technologies | 247 | 310 | 216 | 209 | 192 | 224 | 218 | 246 |
| Internal net sales between divisions | - | -3 | - | - | - | - | - | - |
| 1,692 | 1,968 | 1,274 | 1,245 | 1,219 | 1,497 | 1,214 | 1,273 | |
| Gross Profit | ||||||||
| Pattern Generators | 635 | 600 | 286 | 283 | 220 | 247 | 154 | 193 |
| High Flex | 107 | 221 | 156 | 132 | 131 | 185 | 141 | 130 |
| High Volume | 128 | 121 | 101 | 108 | 151 | 154 | 163 | 154 |
| Global Technologies | 104 | 122 | 80 | 73 | 68 | 83 | 85 | 102 |
| 974 | 1,063 | 623 | 599 | 570 | 672 | 541 | 578 | |
| Gross Margin | ||||||||
| Pattern Generators | 75.8% | 68.4% | 65.9% | 64.0% | 62.5% | 54.4% | 62.5% | 55.4% |
| High Flex | 36.1% | 46.2% | 41.3% | 38.1% | 39.3% | 41.5% | 40.1% | 40.4% |
| High Volume | 41.1% | 39.7% | 41.5% | 43.8% | 44.1% | 41.3% | 41.1% | 43.0% |
| Global Technologies | 42.1% | 39.2% | 36.9% | 35.1% | 35.5% | 37.1% | 38.9% | 41.5% |
| 57.6% | 54.0% | 48.9% | 48.1% | 46.8% | 44.9% | 44.6% | 45.4% | |
| R&D expenses | ||||||||
| Pattern Generators | -63 | -66 | -56 | -56 | -50 | -60 | -49 | -60 |
| High Flex | -46 | -45 | -40 | -48 | -51 | -58 | -45 | -45 |
| High Volume | -33 | -34 | -33 | -30 | -35 | -30 | -37 | -36 |
| Global Technologies | -27 | -29 | -29 | -28 | -24 | -28 | -23 | -22 |
| Total R&D expenses | -170 | -174 | -158 | -162 | -160 | -175 | -154 | -164 |
| Selling expenses | -135 | -161 | -130 | -193 | -173 | -166 | -157 | -155 |
| Administrative expenses | -85 | -106 | -72 | -88 | -72 | -87 | -65 | -64 |
| Other income/expenses | 15 | -2 | -1 | 15 | 16 | 18 | 37 | 28 |
| EBIT | 599 | 620 | 263 | 170 | 182 | 262 | 203 | 224 |
| Of which EBIT Pattern Generators | 543 | 510 | 203 | 191 | 149 | 154 | 76 | 110 |
| Of which EBIT High Flex | 1 | 96 | 60 | 12 | 26 | 61 | 45 | 36 |
| Of which EBIT High Volume | 55 | 32 | 41 | 41 | 60 | 89 | 94 | 64 |
| Of which EBIT Global Technologies | 30 | 37 | 10 | 9 | 3 | 6 | 22 | 43 |
| Of which EBIT Group functions etc | -31 | -55 | -52 | -85 | -57 | -48 | -34 | -30 |
| EBIT margin | 35.4% | 31.5% | 20.6% | 13.7% | 14.9% | 17.5% | 16.7% | 17.6% |
| Equity per share | 59.77 | 54.12 | 49.36 | 47.76 | 50.02 | 48.17 | 45.40 | 43.16 |
| Earnings per share before dilution | ||||||||
| 5.01 | 5.23 | 2.10 | 1.37 | 1.52 | 2.56 | 1.56 | 1.79 | |
| Earnings per share after dilution | 5.00 | 5.23 | 2.10 | 1.37 | 1.52 | 2.56 | 1.56 | 1.79 |
| Closing share price | 378.00 | 287.40 | 226.00 | 267.00 | 254.80 | 195.80 | 135.00 | 143.90 |
*Restated for comparability, see Note 1.