SÜSS MicroTec SE

Earnings Release • May 7, 2003

News Details

Ad-hoc | 7 May 2003 21:00

Süss Micro Tec AG english

SUSS MicroTec announces 1st quarter 2003 results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Munich, May 7, 2003 . SUSS MicroTec AG achieved the following results in the 1st quarter 2003: New orders improved to EUR 25.3 m year on year (Q1/2002: EUR 23.8 m, +6%) and showed an even more significant improvement of +18% compared to the previous quarter (Q4/2002). Particularly in North America new orders increased by 54% compared year on year despite a weak US-Dollar; compared to Q4/2002 it reached even +133%. Although these figures yet do not represent a lasting upswing in the market, it clearly reflects the upturn in the industry.s mood. Net sales totaled EUR 17.6 m (Q1/2002: EUR 28.9 m; -39%) and were below our expectations. The main reasons for this weak quarterly sales figure were partly internal. Due to restructuring over 140 employees were laid off and left the company early 2003. Order backlog at March 31, 2003, adjusted for cancellations and currency effects, increased to EUR 38.5 m. For the 2nd quarter the company expects an increase in sales revenues. Previous Restructuring actions are coming to effect. Overhead costs administration, sales and research) amounted to almost EUR 13 m in the 1st quarter of 2003 (Q1/2002: EUR 17.3 m), reduced by EUR 4.4 m, or 25%. Total head-count at the end of the quarter was 756, including employees on special company leave. The number further reduced to 732 at the end of April 2003. The cash position less current bank liabilities was EUR 16.7 m at the end of 1st quarter. Cash flow from operations at EUR 4.9 m was clearly positive. Gross profit at EUR 4.7 m (Q1/2002: EUR 12.8m; -63%) and Earnings before taxes at EUR -9,3 m (Q1/2002: EUR -3.5 m) were burdened by poor sales and, in addition, by extraordinary effects totaling EUR 2.3 m, mainly from further cost reduction measures at the Singen and Dresden plant (EUR 1.3 m) and resulting from the strong euro (EUR 1.0 m). The gross profit margin fell to 27.0% (Q1/2002: 44.3%), mainly due to low capacity utilization and unfavorable currency ratios. Earnings after taxes totaled EUR -5.8 m (Q1/2002: EUR -1.9 m). end of ad-hoc-announcement (c)DGAP 07.05.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Based on the given figures and the current evaluation of the market conditions the Board believes that 2003 annual Net Sales in the range of our Break Even numbers (EUR 106 m Cash-, EUR 120 m Earnings , Break Even) are likely. Due to the continuous uncertainties in the market, a clear guidance cannot be given. The companys main objective for the full year will remain on a positive Free Cash Flow. Figures in EUR million Q1/2003 Q1/2002 Net new orders 25.3 23.8 Net order backlog 38.5 52.6 Net sales 17.6 28.9 Equity 111.7 127.3 Equity ratio 69% 61% Net cash 16.7 17.2 Free cash flow 4.6 6.9 Gross profit 4.7 12.8 Gross profit margin 27% 44.3% EBITDA -7.5 -1.9 EAT -5.8 -1.9 EPS -0.39 -0.13 Employees 756 969 ——————————————————————————– WKN: 722670; ISIN: DE0007226706; Index: NEMAX 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 072100 Mai 03