Interim / Quarterly Report • Nov 8, 2011
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
1 January – 30 September
| in 1 million | Q3 / 2011 | Q3 / 2010 | Change | 9M / 2011 | 9M / 2010 | Change |
|---|---|---|---|---|---|---|
| Continuing operations | ||||||
| Order entry | 38.2 | 56.9 | -32.9 % | 118.6 | 139.8 | -15.2 % |
| Order backlog as of 09/ 30 | -- | -- | -- | 103.5 | 108.0 | -4.2 % |
| Total sales | 45.9 | 37.0 | 24.1 % | 130.6 | 96.6 | 35.2 % |
| Sales margin | 6.3 % | 6.8 % | -0.5 %-points | 8.6 % | 3.7 % | 4.9 %-points |
| Gross profit | 16.2 | 15.5 | 4.5 % | 50.1 | 35.6 | 40.7 % |
| Gross margin | 35.3 % | 41.9 % | -6.6%-points | 38.4 % | 36.9 % | 1.5 %-points |
| Cost of sales | 29.7 | 21.5 | 38.1 % | 80.5 | 61.0 | 32.0 % |
| R&D costs | 3.7 | 1.8 | 105.6 % | 9.2 | 5.1 | 80.4 % |
| Continuing operations | ||||||
| EBITDA | 5.8 | 6.4 | -9.4 % | 19.5 | 13.2 | 47.7 % |
| EBITDA margin | 12.6 % | 17.3 % | -4.7 %-points | 14.9 % | 13.7 % | 1.2 %-points |
| EBIT | 4.1 | 5.0 | -18.0 % | 14.7 11.3 % |
8.4 8.7 % |
75.0 % 2.6%-points |
| EBIT margin | 8.9 % | 13.5 % | -4.6 %-points | |||
| Earnings after tax | 2.9 | 2.5 | 16.0 % | 11.2 | 3.6 | 211.1 % |
| Earnings per share (in 1) basic | 0.15 | 0.13 | 15.4 % | 0.59 | 0.19 | 210.5 % |
| Continuing and discontinued operations | ||||||
| Earnings after tax | 2.9 | 3.1 | -6.5 % | 11.2 | 3.6 | 211.1 % |
| Earnings per share (in 1) basic | 0.15 | 0.16 | -6.3 % | 0.59 | 0.19 | 210.5 % |
| Balance sheet and cash flow | ||||||
| Equity | -- | -- | -- | 117.1 | 97.0 | 20.7 % |
| Equity ratio | -- | -- | -- | 60.3 % | 57.9 % | 2.4 %-points |
| Return on equity | 2.5 % | 3.2 % | -0.7%-points | 9.6 % | 3.7 % | 5.9%-points |
| Balance sheet total | -- | -- | -- | 194.1 | 167.5 | 15.9 % |
| Net cash | -- | -- | -- | 40.1 | 23.5 | 70.6 % |
| Free cash flow(1) | 4.5 | -2.2 | >250.0 % | 2.0 | 3.8 | -47.4 % |
| Further key figures | ||||||
| Investments (2) | 0.5 | 0.6 | -16.7 % | 3.0 | 1.8 | 66.7 % |
| Investment ratio | 1.1 % | 1.6 % | -0.5%-points | 2.3 % | 1.9 % | 0.4 %-points |
| Depreciation | 1.6 | 1.5 | 6.7 % | 4.8 | 4.8 | 0.0 % |
| Employees as of 09/ 30 | -- | -- | -- | 637 | 587 | 8.5 % |
Before consideration of purchase or sale of available-for-sale securities and before consideration of extraordinary items from purchase or sale of subsidiaries
(2) Before consideration of the HamaTech acquisition and the purchase of the production site in Sternenfels
Foreword by the Management Board
Highlights 2011
From a political as well as a macroeconomic point of view the third quarter was again very much affected by a large uncertainty, which in part was due to the seemingly non-ending discussions about the financial crisis in Europe. Consumers, customers, suppliers as well as shareholders are concerned about the future of Europe. Until today a solution to the financial crisis is not foreseeable. Whether there will be any consequences for the real economy remains to be seen in the future. The financial market has already suffered from the financial crisis, a high volatility and generally declining share prices as well as a widening of spreads in the bond market could be observed over the last months.
After the successful completion of the relocation of the Bonder activities at the Sternenfels site in Germany in the first six month of the year, we brought forward the integration of our business lines in the third quarter of 2011. This is especially true for research and development as well as the purchasing and logistics activities. The total costs of the relocation amount to 1 5.3 million, of which 1 1.4 million will be realized in the fiscal year 2011.
After an expected slowdown of order intake in the second quarter we guided for an order intake in the third quarter of 1 30 - 40 million. We are pleased to report an order intake of 1 38.2 million, which is above the second quarter's level of 1 32.1 million, despite the increasing headwind from the political and economic environment. This positive development is particularly due to the good order situation in our largest segment, the lithography. The new orders came mainly from the regions Rest of Asia as well as Europe and here particularly from the MEMS end market.
Investor Relations Interim Management Report
The high demand for SUSS MicroTec equipment, which was particularly evident in the first quarter of 2011 and the three preceding quarters, subsided somewhat in the second quarter as well as in the third quarter, as previously announced. Thus order entry amounted to 1 38.2 million in the months from July to September 2011, against 1 56.9 million in the same period of the previous year, but sequentially we could achieve a slight increase in the level of order intake. Sales developed very positively in the third quarter. They totaled 1 45.9 million, surpassing the amount in the previous year's quarter by 24.1% (Q3 2010: 1 37.0 million).
Considering the entire first nine months of the year, there was a decline in order entry. In the first nine month of 2011 order entry was 1 139.8 million and in the first nine month of 2011 it was 1 118.6 million. Sales in the first nine month of the year, totaling 1 130.6 million, climbed significantly by 35.2% from the previous year's level (9M 2010: 1 96.6 million). The order backlog as of September 30, 2011 thus amounted to 1 103.5 million (September 30, 2010: 1 108.0 million).
left:
Michael Knopp Chief Financial Officer
right: Frank Averdung Chief Executive Officer
The gross profit margin for the SUSS MicroTec Group went up slightly over the year, amounting to 38.4% (9M 2010: 36.9%). It should be taken into account here that in the second quarter of 2010 and also the third quarter 2011 some low-margin systems were delivered for strategic reasons, putting pressure on the gross profit margin as well as the unfavorable product mix in Q3 2011. Additionally SUSS MicroTec incurred higher research and development costs in the third quarter, which came in at 1 9.2 million, which is 81% above the previous year's level of 1 5.1 million.
In nine-month comparison, earnings before interest and taxes (EBIT), including extraordinary effects, improved significantly to 1 14.7 million (9M 2010: 1 8.4 million). Extraordinary effects in the first nine months of the year primarily consisted mainly of restructuring expenses of 1 1.4 million related to the relocation of the Substrate Bonder division from the USA to Germany.
Excluding these extraordinary effects, EBIT came to 1 16.1 million. Earnings after taxes (EAT) amounted to 1 11.2 million, compared with 1 3.6 million in the corresponding period of the previous year. Basic earnings per share (EPS) therefore totaled 1 0.59 (9M 2010: 1 0.19).
Free cash flow before consideration of securities and extraordinary effects from M&A activities as of the end of the first nine months came to 1 2.0 million, after 1 3.8 million in the corresponding period of the previous year. As of September 30, 2011, the SUSS MicroTec Group therefore had cash and interest-bearing securities of 1 54.7 million (09/30/2010: 1 39.2 million). The net cash position increased in comparison to the end of September 2010 from 1 23.5 million to 1 40.1 million as of the end of the quarter.
We reiterate our forecast that in the current fiscal year the Company will achieve sales of over 1 170 million as well as an improved EBIT compared to the previous year and an EBIT margin between 10% and 15%, and a positive free cash flow (before completed M&A transactions are taken into account). For the third quarter we expect an order intake of 1 30 - 40 million and a sales level of 1 40 - 45 million.
Garching, Germany, November 2011
Frank Averdung Michael Knopp
Chief Executive Officer Chief Financial Officer
On July 13 SUSS MicroTec launched its new MaskTrack Pro InSync (MTP) - the first holistic in-fab EUVL mask management offering. MTP InSync is a stand-alone or clustered handling system which seamlessly synchronizes mask cleaning, handling, inspection and storage in a single controlled environment. MTP InSync operates in a zero particle regime maintaining perfect mask integrity when entering the vacuum environment of the EUVL Scanner. The MaskTrack Pro InSync is the first and only mask management system available in the market that can interface directly with the specific EUV Dual Pod in a fully-controlled environment. Designed to cluster mask cleaning, mask transfer and storage of the important inner pod in a pristine environment, as well as the optional integration of a particle detection system and inner pod cleaning, MTP InSync provides a unified approach to mask management throughout the lifetime of the mask. MTP InSync's design allows the direct transfer of the Dual Pod from the scanner to the MaskTrack Pro reticle cleaning tool.
On September 28 and 29, 2011 SUSS MicroTec hosted its first suppliers' day in Sternenfels, which was entirely dedicated to wafer bonders. The aim of this meeting was to get to know the decision makers of all parties as well as making contact with engineers and constructors. Especially after the relocation of the Wafer Bonder division from Waterbury to Sternenfels it was about time to integrate the cooperation even further and to take it to a higher level. Product presentations by our product managers were well received and induced questions whether supplying the other business units of SUSS MicroTec could also be an option in the future. In the afternoon a guided tour through the production as well as one to one meetings were held. In total we could welcome more than 40 participants in Sternenfels.
This year's Semicon West took place from July 12 to July 14 in the Moscone Center in San Francisco. SUSS MicroTec presented itself under the well known theme "shrink, stack, integrate" on its 55 square meter exhibition stand to customers and business partners. During the exhibition a 3D-Integration Technology Workshop was held at the W Hotel, which was wellattended with over 75 people. The speakers included IMEC and Brewer Science presenting discussions on 3D integration and SUSS MicroTec spoke about new equipment and processes for Temporary Bonding.
Additionally the HB LED market was one of the topics focused on at the exhibition. In total SUSS MicroTec could welcome more than 400 visitors at its exhibition stand.
On July 7th, 2011 SUSS MicroTec hosted a forum Titled "Mask Integrity Challenges – Where Lithography Begins" at the Tokyo International Forum in Tokyo, Japan. The forum featured a day of technical presentations to discuss significant challenges facing the next generation lithography reticles and new cleaning solutions that guarantee the highest level of mask integrity. SUSS MicroTec presented in total three papers on Mask Manufacturing and challenges for EUVL (Extreme Ultra Violet Lithography), conventional optical 193i Lithography and Nano-Imprint Lithography. SUSS MicroTec could attract high level guest speakers from the Toshiba Corporation, Dai Nippon Printing, Toppan Printing, University of Hyogo, Molecular Imprint Inc and Asahi Glass. The forum was very well received by over 80 attendees.
Industry experts in materials, equipment and processing joined SUSS MicroTec in addressing the status of the 3D TSV infrastructure and recent advances in 3D processing technologies at a workshop which was organized by SUSS MicroTec during the Semicon West.
As part of the ongoing collaboration with Cornell University's NanoScale Science and Technology Facility (CNF), SUSS MicroTec presented a Wafer Bonding and Lithography Workshop in September. CNF graciously hosted the workshop, providing meeting rooms, support staff and clean room facilities for the equipment demos. The attendees saw presentations of the following innovative SUSS MicroTec technologies: SELECT Plasma Treatment, MO Exposure Optics and GenISys software, SCIL Conformal, Wafer-scale Nano Imprinting, Spray Coating, Permanent Bonding and Temporary Bonding.
Semicon Taiwan 2011 was held from September 7 to 9 in Taipei's World Trade Center. It is the prime event in Taiwan for microelectronics manufacturing. Semicon Taiwan organized six theme pavilions for high-tech technology and nine international forums focusing on MEMS, 3D-ICs and Advanced Packaging/Testing. SUSS gave a lecture for the MEMS forum and a presentation on SCIL (Conformal Imprint Lithography) was held.
There is still no end in sight for the European debt crisis, which has now lingered for several months. The situation in Greece remains very tense and the capital markets tend to react with corresponding volatility to the slightest signs of weakness in other countries as well as companies. It is becoming ever more likely that the debt crisis ultimately will have real economic consequences in Europe and possibly worldwide. These fears are currently already valued into many share prices. 90 120 150
At the beginning of the third quarter, our share recovered very well from the lows encountered in the first half of the year and at times stood well above the 1 10 mark. Unfortunately, this breathing space did not last for long. From mid-July to mid-August, the share had to endure severe price declines to a low of 1 6.27 (August 8, 2011). Even the publication of the mid-year results and a confirmation of the outlook for the full year 2011 were not able to halt this trend. From August to mid-September the share performance was characterized by severe fluctuations, which tracked the price movements of the benchmark TecDAX and Prime IG Semiconductor indexes almost one-for-one. At the end of September, the stock exchanges along with the SUSS MicroTec share experienced another plunge.
SUSS MicroTec Share Performance in 2011 (SUSS MicroTec share price on December 30, 2010: 1 9,14)
As a result, the price as of September 30 stood at 1 6.40, which represented a drop of almost 40% from the beginning of the quarter. The overall conclusion is that stock exchange activity in the summer of 2011 was driven more by the macroeconomic environment than by the actual performance of companies.
A share price of 1 6.40 means a decrease by more than 30% since the end of 2010. The TecDAX and the Prime IG Semiconductor ended the first nine months of the 2011 fiscal year 22% and 28% lower, respectively. The daily average volume of SUSS MicroTec shares traded on all German stock exchanges climbed in the first three quarters of 2011 to 326,343 (9M 2010: daily average volume of 110,338 shares).
As already decided at the Shareholders' Meeting on June 21, 2011, the SUSS MicroTec bearer shares were converted to registered shares on September 9. As a result of this conversion, the share's WKN and ISIN security numbers were changed. The new WKN is A1K023, while the corresponding ISIN is DE000A1K0235. Since September 12, 2011, SUSS MicroTec shares have been traded only under the above-mentioned numbers.
SUSS MicroTec expects the conversion to registered shares not only to provide more transparency in the analysis of ownership information, but also to ease the process of contacting individual shareholders directly. Particularly in advance of the Shareholders' Meeting, SUSS MicroTec is hoping for a significant simplification of the invitation and registration process. Additional information on the topic of registered shares is available on our website at www.suss.com/ir.
| Shares | Options | |
|---|---|---|
| Management Board |
||
| Frank Averdung | 82,000 | - |
| Michael Knopp | 35,000 | 41,400 |
| Supervisor y Board |
||
| Dr. Stefan Reineck | 9,600 | 40,000 |
| Jan Teichert | 0 | 0 |
| Gerhard Pegam | 0 | 0 |
Highlights
of SUSS MicroTec AG
The order entry of 1 38.2 million in the third quarter of the current fiscal year was not able to reach the record level of 1 56.9 million in the previous year's quarter, but it significantly exceeded the level of the previous quarter (Q2 2011: 1 32.0 million). Sales in the third quarter of 2011 amounted to 1 45.9 million, 24.1% higher than in the previous year's quarter. The demand for SUSS MicroTec equipment was primarily related to the MEMS market segment.
The nine-month period developed as follows: order entry in the first nine months of 2011 was 1 118.6 million, or 15.2% less than the corresponding previous year's amount of 1 139.8 million, although it must be reiterated that the second and third quarters of 2010 experienced particularly positive order entry. Compared with the same period of the previous year, sales increased by approximately 35.2% from 1 96.6 million in 2010 to 1 130.6 million in 2011. The order backlog as of September 30, 2011 amounted to 1 103.5 million (September 30, 2010: 1 108.0 million).
Due to an unfavorable product mix as well as strategically important but relatively low-margin orders, the gross profit margin in the third quarter was only 35.3%, as opposed to 41.9% in the corresponding year-earlier period. For the full year, the gross profit margin was 38.4%, which represents an increase of 1.5 percentage points from the previous year. Earnings before interest and taxes (EBIT) did not develop as desired in the third quarter of 2011, totaling 1 4.1 million, which corresponds to an EBIT margin of approximately 8.9%. This reflected the deterioration in the gross profit margin and higher research and development costs. As a result, it was possible to generate EBIT of 1 14.7 million in the first nine months of 2011 (9M 2010: 1 8.4 million), corresponding to an EBIT margin of 11.3%.
In the first nine months of 2011, extraordinary effects from restructuring measures of approximately 1 1.4 million were recorded (9M 2010: 1 -0.2 million). All of the extraordinary effects in 2011 stem from the relocation of the Substrate Bonder division from the USA to Germany.
Without these extraordinary effects, EBIT in the first nine months of 2011 would have totaled 1 16.1 million (9M 2010: 1 8.2 million), corresponding to an EBIT margin of 12.3% (9M 2010: 8.5%).
Earnings after taxes (EAT) amounted to 1 11.2 million, compared with 1 3.6 million in the corresponding period of the previous year. Basic earnings per share (EPS) therefore totaled 1 0.59 (9M 2010: 1 0.19).
Free cash flow before consideration of securities and extraordinary effects from M&A activities as of the end of the first nine months came to 1 2.0 million, after 1 3.8 million in the corresponding period of the previous year. As of September 30, 2011, the SUSS MicroTec Group therefore had cash and interest-bearing securities of 1 54.7 million (09/30/2010: 1 39.2 million). The net cash position rose from 1 23.5 million as of September 30, 2010 to 1 40.1 million at the end of the quarter.
The weakening order entry in the first nine months of the 2011 fiscal year encompassed almost all regions. The Rest of Asia region, which primarily includes the countries of Taiwan, China, and Malaysia, recorded a slight decline of 6.6% in orders, compared with the corresponding period of the previous year. The regions of North America (-30.6%) and Europe (-34.5%) both reported double-digit decreases in order entry. Only the Japan region was able to achieve a significant increase in order entry of 56.2% from the previous year's period. As previously discussed on several occasions, the slowdown in order entry was attributable to our customers returning to normal ordering behavior. The strong successive quarters in 2010 were rather atypical for our business.
Although the regions of Japan and Rest of Asia were the drivers of high order entry in the first half of the year, there was intensified activity in the Europe region in the third quarter.
The regional distribution of sales in the first nine months offered a clear picture, as it was possible to achieve double-digit sales growth in all regions. While the regions of Europe and North America were already able to achieve considerable growth, of +22% and +37% respectively, an even more significant increase of +73% was possible in the Japan region. The Rest of Asia region generated 38% higher sales.
The Lithography division includes the development, manufacture, and sale of the Mask Aligner, Developer, and Coater product lines. These product lines are developed and produced in Germany at the locations in Garching near Munich and since May 2010 in Sternenfels as well.
The Lithography division recorded a decline in order entry in the first nine months of 2011. Order entry of 1 81.1 million for the nine-month period of 2011 could not quite reach the comparable value in the previous year of 1 85.9 million. Division sales in the first nine months of 2011 amounted to 1 84.4 million after 1 65.7 million in the corresponding period of the previous year, representing an increase of approximately 28%. Division earnings (EBIT) improved significantly in nine-month comparison, from 1 13.4 million in the previous year to 1 20.0 million.
The Substrate Bonder division comprises the development, production, and sale of the Substrate (Wafer) Bonder product line and, following the relocation of production activities, is now housed at the Sternenfels site in Germany. Production at the new site commenced as early as the fourth quarter of the 2010 fiscal year.
In the first nine months of the new fiscal year, the Substrate Bonder division recorded a 28% decline in order entry from the previous year. Sales also declined from the corresponding period of the previous year. While order entry fell to 1 14.9 million (9M 2010: 1 20.6 million), sales decreased by 22% from 1 19.0 million to 1 14.8 million. Division earnings as of September 30, 2011 deteriorated to 1 -7.7 million (9M 2010: 1 -5.7 million). The reason for this was once again the delivery of low-margin devices for 3D integration research and development at customers as well as an increase in the division's own research and development costs.
Substrate Bonder Division Overview in 3 million
The Photomask Equipment division includes the development, manufacture, and sale of the HMx, ASx, MaskTrack, and MaskTrack Pro product lines of HamaTech APE GmbH & Co. KG, which was acquired on February 15, 2010. The development and production of specialized systems for the cleaning and processing of photomasks for the semiconductor industry are also conducted at the Sternenfels site near Stuttgart.
In the first nine months of 2011, the Photomask Equipment division recorded order entry of 1 17.9 million and was not able to build on the high level of 1 27.9 million in the previous year. However, it was possible to increase division sales significantly to 1 25.8 million (9M 2010: 1 7.1 million). Division earnings in the first nine months showed a profit of 1 4.4 million (9M 2010: 1 -0.2 million).
Photomask Equipment Division Overview in 3 million
In the first nine months of 2011, the Others division comprised the Mask business in Palo Alto, California (USA), which caters to the semiconductor industry, and the Micro-optics activities at the Neuchâtel, Switzerland, location as well as the C4NP business, and the costs for central Group functions that generally cannot be attributed to the main divisions. Since the Mask business was sold in October 2011, it will no longer be included in the Others division in the future.
The Others division performed relatively well in nine-month comparison. Order entry declined from 1 5.5 million in the first nine months of 2010 to 1 4.6 million. However, division sales after the first nine months of 2011 amounted to 1 5.5 million after 1 4.8 million in the corresponding period of the previous year. In nine-month comparison, the Photomask business recorded almost constant order entry of 1 1.5 million, as well as a slight sales decline from 1 1.8 million in 2010 to 1 1.6 million in 2011. By contrast, order entry in the Micro-optics business decreased by 1 0.8 million to 1 2.7 million (9M 2010: 1 3.5 million), while sales increased by 1 0.8 million to 1 3.6 million (9M 2010: 1 2.8 million). In the previous year, negative goodwill totaling 1 2.7 million related to the initial consolidation of HamaTech APE had a positive impact on division earnings, which amounted to 1 0.8 million in the first nine months of 2010. Division earnings were 1 -1.9 million in the corresponding period of 2011.
Highlights
| in 1 thousand | 07/01/2011 - 09/30/2011 | 07/01/2010 - 09/30/2010 |
|---|---|---|
| Sales | 45,913 | 37,003 |
| Cost of sales | -29,700 | -21,513 |
| Gross profit | 16,213 | 15,490 |
| Selling costs | -4,965 | -4,456 |
| Research and development costs | -3,656 | -1,754 |
| Administration costs | -3,570 | -4,814 |
| Other operating income | 1,383 | 1,426 |
| Other operating expenses | -1,263 | -934 |
| Analysis of net income from operations (EBIT) | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 5,784 | 6,437 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,642 | -1,479 |
| Net income from operations (EBIT) | 4,142 | 4,958 |
| Financial income/expense | 106 | -99 |
| Profit from continuing operations before taxes | 4,248 | 4,859 |
| Income taxes | -1,325 | -2,363 |
| Profit from continuing operations | 2,923 | 2,496 |
| Profit / loss from discontinued operations (after taxes) | -2 | 580 |
| Net profit | 2,921 | 3,076 |
| Thereof equity holders of SUSS MicroTec | 2,880 | 3,048 |
| Thereof minority interests | 41 | 28 |
| Earnings per share (basic) | ||
| Basic earnings per share from continuing operations in 1 | 0.15 | 0.13 |
| Basic earnings per share from discontinued operations in 1 | 0.00 | 0.03 |
| Earnings per share (diluted) | ||
| Diluted earnings per share from continuing operations in 1 | 0.15 | 0.13 |
| Diluted earnings per share from discontinued operations in 1 | 0.00 | 0.03 |
| in 1 thousand | 01/01/2011 - 09/30/2011 | 01/01/2010 - 09/30/2010 |
|---|---|---|
| Sales | 130,575 | 96,635 |
| Cost of sales | -80,477 | -61,035 |
| Gross profit | 50,098 | 35,600 |
| Selling costs | -14,031 | -12,110 |
| Research and development costs | -9,228 | -5,096 |
| Administration costs | -11,880 | -13,529 |
| Other operating income | 3,675 | 6,893 |
| Other operating expenses | -3,917 | -3,349 |
| Analysis of net income from operations (EBIT) | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 19,503 | 13,205 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-4,786 | -4,796 |
| Net income from operations (EBIT) | 14,717 | 8,409 |
| Financial income/expense | 795 | -594 |
| Profit from continuing operations before taxes | 15,512 | 7,815 |
| Income taxes | -4,263 | -4,214 |
| Profit from continuing operations | 11,249 | 3,601 |
| Profit / loss from discontinued operations (after taxes) | -23 | 10 |
| Net profit | 11,226 | 3,611 |
| Thereof equity holders of SUSS MicroTec | 11,096 | 3,560 |
| Thereof minority interests | 130 | 51 |
| Earnings per share (basic) | ||
| Basic earnings per share from continuing operations in 1 | 0.59 | 0.19 |
| Basic earnings per share from discontinued operations in 1 | 0.00 | 0.00 |
| Earnings per share (diluted) | ||
| Diluted earnings per share from continuing operations in 1 | 0.59 | 0.19 |
| Diluted earnings per share from discontinued operations in 1 | 0.00 | 0.00 |
| in 1 thousand | 01/01/2011 - 09/30/2011 | 01/01/2010 - 09/30/2010 |
|---|---|---|
| Net profit | 11,226 | 3,611 |
| Fair value fluctuations of available for sale securities | -66 | -325 |
| Foreign currency adjustment | -837 | 1,036 |
| Cash flow hedges | -189 | -7 |
| Deferred taxes | 70 | 93 |
| Total income and expenses recognized in equity | -1,022 | 797 |
| Total income and expenses reported in the reporting period | 10,204 | 4,408 |
| Thereof equity holders of SUSS MicroTec | 10,059 | 4,325 |
| Thereof minority interests | 145 | 83 |
| Ass ets in 1 thousand |
09/30/2011 12/31/2010 |
|||
|---|---|---|---|---|
| -CURREN T ASSETS |
39,601 | 44,312 | ||
| Intangible assets | 9,428 | 11,891 | ||
| Goodwill | 13,599 | 13,599 | ||
| Tangible assets | 10,206 | 9,356 | ||
| Noncurrent tax assets | 90 | 108 | ||
| Other assets | 605 | 485 | ||
| Deferred tax assets | 5,673 | 8,873 | ||
| CURREN T ASSETS |
154,458 | 137,248 | ||
| Inventories | 76,721 | 64,431 | ||
| Trade receivables | 17,357 | 15,659 | ||
| Other financial assets | 818 | 640 | ||
| Securities | 41,234 | 15,977 | ||
| Current tax assets | 683 | 620 | ||
| Cash and cash equivalents | 13,434 | 36,525 | ||
| Other assets | 4,211 | 3,396 | ||
| TOTAL ASSETS |
194,059 | 181,560 |
Highlights
| 12/31/2010 | 09/30/2011 | Liabilities & shareholders' equity in 1 thousand | ||
|---|---|---|---|---|
| 106,404 | 117,105 | Equity | ||
| 106,006 | 116,562 | Total equity attributable to shareholders of SUSS MicroTec AG | ||
| 18,721 | 19,070 | Subscribed capital | ||
| 87,944 | 99,188 | Reserves | ||
| -659 | -1,696 | Accumulated other comprehensive income | ||
| 398 | 543 | Minority interests | ||
| 20,775 | 19,580 | -CURREN T LIA BILI TIES |
||
| 2,919 | 2,840 | Pension plans and similar commitments | ||
| 508 | 437 | Provisions | ||
| 14,367 | 13,479 | Financial debt | ||
| 240 | 243 | Other financial liabilities | ||
| 2,741 | 2,581 | Deferred tax liabilities | ||
| 54,381 | 57,374 | CURREN T LIA BILI TIES |
||
| 4,613 | 3,350 | Provisions | ||
| 5,412 | 4,967 | Tax liabilities | ||
| 1,119 | 1,136 | Financial debt | ||
| 6,458 | 7,732 | Other financial liabilities | ||
| 9,746 | 6,636 | Trade payables | ||
| 27,033 | 33,553 | Other liabilities | ||
| 181,560 | 194,059 | TOTAL BILI TIES AND SHAREHOLDER S' EQUI TY |
| in 1 thousand | 01/01/2011 - 09/30/2011 | 01/01/2010 - 09/30/2010 | |
|---|---|---|---|
| Net profit or loss (after taxes) | 11,226 | 3,611 | |
| Amortization of intangible assets | 3,119 | 3,145 | |
| Depreciation of tangible assets | 1,667 | 1,665 | |
| Profit or loss on disposal of intangible and tangible assets | 59 | 140 | |
| Profit on disposal of Cascade shares | -833 | 0 | |
| Change of reserves on inventories | -163 | -727 | |
| Change of reserves for bad debts | 102 | 87 | |
| Non-cash stock based compensation | 45 | 140 | |
| Non-cash income from the reversal of provisions | 0 | -396 | |
| Other non-cash effective income and expenses | -565 | -1,267 | |
| Gain on bargain purchase arising from acquisition HamaTech | 0 | -2,678 | |
| Gain from deconsolidation of SMTTS | 0 | -1,388 | |
| Change in inventories | -12,966 | -12,330 | |
| Change in trade receivables | -1,828 | -756 | |
| Change in other assets | -1,159 | -1,171 | |
| Change in pension provisions | -79 | -136 | |
| Change in trade payables | -2,996 | 1,354 | |
| Change in other liabilities and other provisions | 6,237 | 14,335 | |
| Change in dererred taxes | 3,041 | 1,187 | |
| Cash flow from operating activities | 4,907 | 4,815 |
| in 1 thousand | 01/01/2011 - 09/30/2011 | 01/01/2010 - 09/30/2010 |
|---|---|---|
| Disbursements for tangible assets | -2,317 | -1,493 |
| Disbursements for intangible assets | -645 | -308 |
| Purchases of current available-for-sale securities | -29,955 | -16,122 |
| Proceeds from redemption of available-for-sale securities | 2,099 | 2,028 |
| Proceeds from redemption of Cascade shares | 3,333 | 0 |
| Proceeds from disposal of intangible and tangible assets | 61 | 0 |
| Payments for purchase of HamaTech | 0 | -8,031 |
| Proceeds from disposal of Test business | 0 | 2,771 |
| Cash flow from investing activities | -27,424 | -21,155 |
| Increase of bank loans | 0 | 4,500 |
| Repayment of bank loans | -180 | 0 |
| Change in current bank liabilities | 17 | -795 |
| Change in other financial debt | -708 | -679 |
| Proceeds from exercise of stock options | 453 | 0 |
| Proceeds from share capital contribution | 0 | 6,808 |
| Payments for expenses related to capital contribution | 0 | -227 |
| Cash flow from financing activities | -418 | 9,607 |
| Adjustment to funds caused by exchange rate fluctuations | -156 | 578 |
| Change in cash and cash equivalents | -23,091 | -6,155 |
| Funds at beginning of the year * | 36,525 | 20,799 |
| Funds at end of the period | 13,434 | 14,644 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 360 | 117 |
| Interest received during the period | 607 | 332 |
| Tax paid during the period | 1,466 | 243 |
Tax refunds during the period 16 64
* Cash and cash equivalents as of January 01, 2010 also include liquid funds of 1178 thousand attributable to assets held for sale and to discontinued activities.
| in 1 thousand | Subscribed capital | Additional paid-in capital | Earnings reserve | |
|---|---|---|---|---|
| As of 01 January 2010 | 17,019 | 93,094 | 433 | |
| Capital Increase | 1,702 | 4,943 | ||
| Issuance of subscription rights | 140 | |||
| Net loss | ||||
| Total income and expenses recognized in equity | ||||
| As of 30 September 2010 | 18,721 | 98,177 | 433 | |
| As of 01 January 2011 | 18,721 | 98,225 | 433 | |
| Exercise of stock options | 349 | 104 | ||
| Issuance of subscription rights | 45 | |||
| Net profit | ||||
| Total income and expenses recognized in equity | ||||
| As of 30 September 2011 | 19,070 | 98,374 | 433 |
Highlights
| Equity | Minority interests | Total equity attributable to shareholders of SUSS MicroTec AG |
Accumulated other Comprehensive Income |
Retained Earnings |
|---|---|---|---|---|
| 86,060 | 201 | 85,859 | -743 | -23,944 |
| 6,645 | 6,645 | |||
| 140 | 140 | |||
| 3,611 | 51 | 3,560 | 3,560 | |
| 797 | 32 | 765 | 765 | |
| 97,253 | 284 | 96,969 | 22 | -20,384 |
| 106,403 | 398 | 106,005 | -659 | -10,715 |
| 453 | 453 | |||
| 45 | 45 | |||
| 11,226 | 130 | 11,096 | 11,096 | |
| -1,022 | 15 | -1,037 | -1,037 | |
| 117,105 | 543 | 116,562 | -1,696 | 381 |
| Lithography | Substrate Bonder | Photomask Equipment | |||||
|---|---|---|---|---|---|---|---|
| in 1 thousand | 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | |
| External Sales | 84,412 | 65,720 | 14,822 | 19,007 | 25,847 | 7,089 | |
| Internal Sales | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Sales | 84,412 | 65,720 | 14,822 | 19,007 | 25,847 | 7,089 | |
| Result per segment (EBIT) | 19,968 | 13,441 | -7,735 | -5,667 | 4,376 | -168 | |
| Income before taxes | 19,930 | 13,403 | -7,737 | -5,672 | 4,374 | -170 | |
| Significant non-cash items | -863 | -785 | -1,835 | -1,512 | -299 | -73 | |
| Segment assets | 64,332 | 56,420 | 36,281 | 29,666 | 16,840 | 16,078 | |
| thereof Goodwill | 13,599 | 13,599 | 0 | 0 | 0 | 0 | |
| Unallocated assets | |||||||
| Total assets | |||||||
| Segment liabilities | -28,537 | -18,865 | -7,870 | -8,614 | -9,656 | -5,966 | |
| Unallocated liabilities | |||||||
| Total liabilities | |||||||
| Depreciation and amortization | 1,210 | 1,278 | 1,548 | 1,856 | 467 | 542 | |
| thereof scheduled | 1,210 | 1,203 | 1,548 | 1,741 | 467 | 542 | |
| thereof impairment loss | 0 | 75 | 0 | 115 | 0 | 0 | |
| Capital expenditure | 948 | 698 | 802 | 379 | 279 | 2,000 | |
| Workforce at September 30 | 337 | 314 | 136 | 130 | 105 | 87 |
| in 1 thousand | Sales | Capital expenditure | Assets | |||
|---|---|---|---|---|---|---|
| 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | |
| Europe | 30,014 | 24,676 | 2,037 | 7,318 | 99,470 | 67,781 |
| North-America | 19,986 | 14,639 | 828 | 482 | 9,222 | 27,960 |
| Japan | 9,751 | 5,626 | 3 | 0 | 2,495 | 1,000 |
| Rest of Asia | 70,824 | 51,491 | 94 | 67 | 1,282 | 1,398 |
| Rest of world | 0 | 203 | 0 | 119 | 0 | 0 |
| Consolidation effects | 0 | 0 | 0 | 0 | 8,134 | 14,984 |
| Total | 130,575 | 96,635 | 2,962 | 7,986 | 120,603 | 113,123 |
| Total | Consolidation effects | Discontinued Operations (Test business) |
Continuing operations | Other | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M / 2010 | 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | 9M / 2011 | 9M / 2010 | 9M / 2011 | ||
| 98,290 | 130,955 | - | - | 1,655 | 380 | 96,635 | 130,575 | 4,819 | 5,494 | ||
| 0 | -4,478 | -5,389 | 0 | 0 | 4,478 | 5,389 | 4,478 | 5,389 | |||
| 98,290 | 130,955 | -4,478 | -5,389 | 1,655 | 380 | 101,113 | 135,964 | 9,297 | 10,883 | ||
| 8,420 | 14,694 | - | - | 11 | -23 | 8,409 | 14,717 | 803 | -1,892 | ||
| 7,826 | 15,489 | - | - | 10 | -23 | 7,816 | 15,512 | 255 | -1,055 | ||
| -2,388 | -3,106 | - | - | -29 | 0 | -2,359 | -3,106 | 11 | -109 | ||
| 113,835 | 120,603 | - | - | 0 | 0 | 113,835 | 120,603 | 11,671 | 3,150 | ||
| 13,599 | 13,599 | - | - | 0 | 0 | 13,599 | 13,599 | 0 | 0 | ||
| 53,653 | 73,456 | ||||||||||
| 167,488 | 194,059 | ||||||||||
| -35,740 | -46,979 | - | - | 0 | 0 | -35,740 | -46,979 | -2,295 | -916 | ||
| -34,494 | -29,975 | ||||||||||
| -70,234 | -76,954 | ||||||||||
| 4,810 | 4,786 | - | - | 14 | 0 | 4,796 | 4,786 | 1,120 | 1,561 | ||
| 4,620 | 4,786 | - | - | 14 | 0 | 4,606 | 4,786 | 1,120 | 1,561 | ||
| 190 | 0 | - | - | 0 | 0 | 190 | 0 | 0 | 0 | ||
| 7,986 | 2,962 | - | - | 0 | 0 | 7,986 | 2,962 | 4,909 | 933 | ||
| 587 | 637 | - | - | 0 | 0 | 587 | 637 | 56 | 59 | ||
to the Interim Report of SUSS MicroTec AG as of September 30, 2011
The consolidated financial statements of SUSS Micro-Tec AG as of December 31, 2010 have been prepared in accordance with the International Financial Reporting Standards (IFRSs) applied by the International Accounting Standards Board (IASB) as of the closing date. In the consolidated interim financial statements as of September 30, 2011, which were prepared on the basis of International Accounting Standards (IAS) 34 "Interim Financial Reporting," the same accounting methods were applied as in the consolidated financial statements for the 2010 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of September 30, 2011 have been applied.
For additional information about specific accounting and measurement methods, please see the consolidated financial statements of SUSS MicroTec AG as of December 31, 2010.
The Group auditor, KPMG AG Wirtschaftsprüfungsgesellschaft, has neither audited nor reviewed the interim financial statements.
The consolidated financial statements include the financial statements of SUSS MicroTec AG and of all material companies over which, independent of the level of its participatory investment, the proprietary company can exercise control (i.e. the control principle).
In the third quarter of 2011, SUSS MicroTec Asia Company Ltd., Bangkok (Thailand), was liquidated and deconsolidated as of July 28, 2011. The company's operations had already been halted in 2009.
Compared with the consolidated financial statements as of December 31, 2010, there were no additional changes to the scope of consolidation.
SUSS MicroTec Group has various credit facilities with national and international banks and insurance companies. The credit line of 1 6 million provided by a bank consortium led by BayernLB remained in effect until March 31, 2011. With the agreement from March 30 / March 31, 2011, new credit agreements were concluded with the same bank consortium. As a result of the new credit agreements, the credit line was increased to a total of 1 8 million. The credit line, whose term runs until March 31, 2012, was issued without covenants. Its primary purpose is to serve as backing for down payment guarantees.
With the agreement of April 1 / April 5, 2011, SUSS MicroTec AG and SUSS MicroTec Lithography GmbH concluded a general credit agreement with DZ BANK AG, which made available a credit line of 1 2 million. The credit line runs until March 31, 2012 and was issued without covenants. Its primary purpose is to serve as backing for down payment guarantees.
The relocation of the Substrate Bonder division from Waterbury, Vermont (USA), to Germany was completed in April 2011. In the course of the restructuring, the research and development, production, and product management functions for the Bonder product lines were moved to the site in Sternenfels, Germany. The North American customer service and sales activities as well as the applications center were moved from Waterbury, VT, to Silicon Valley in California.
Expenses for the restructuring totaled approximately 1 5.3 million. As of December 31, 2010, expenses of 1 3.9 million had accrued. In the first nine months of 2011, additional restructuring expenses of approximately 1 1.4 million were incurred. In August 2011, the Waterbury site was completely shut down and the leased building was returned to the lessor. Only very modest follow-up costs are anticipated in connection with the leased building. Adequate provisions have been set aside for this purpose. As of the end of the third quarter of 2011, SUSS MicroTec's "USA Restructuring" project has been completed. Additional expenses are not expected. As of September 30, 2011, provisions for restructuring came to 1 0.2 million.
The securities held as available for sale recognized in the statement of financial position include – as in the previous year – corporate and government bonds as well as commercial papers with a term of up to three months. The securities have been measured at market prices. Any fluctuations in the market price are recognized in accumulated other comprehensive income and therefore do not affect profit and loss.
Disclosed under this item in the statement of financial position as of December 31, 2010 are the 747,530 Cascade shares – with a fair value of 1 2.4 million as of December 31, 2010 – obtained through the sale of the Test Systems division. The Cascade shares were sold in the first quarter of 2011 for a total of approximately 1 3.3 million. The sale resulted in a disposal gain of 1 0.8 million, which was recognized in the financial result.
SAP was introduced at SUSS MicroTec Inc., Sunnyvale, California (USA), on May 1, 2011, and the company was connected to the Group-wide ERP management system. Expenses for introducing SAP totaled approximately 1 0.1 million. They were capitalized and will be written down over a useful life of five years.
In the second and third quarters of 2011, our employees and members of the Management Board exercised 348,490 stock options from the 2008 stock option plan. As a result, SUSS MicroTec received proceeds totaling 1 0.5 million. The common stock and additional paid-in capital of SUSS MicroTec AG and the SUSS MicroTec Group increased accordingly.
Other issues influencing assets, liabilities, shareholders' equity, the result for the period, or cash flows and unusual in terms of their nature, magnitude, or frequency did not arise during the interim reporting period.
The presentation of the consolidated financial statements as of September 30, 2011 is analogous to the presentation as of December 31, 2010. There were no changes in presentation.
To the extent that estimates were made in the interim reports, the methodology underlying the estimates remained fundamentally the same during the fiscal year and in comparison to the previous fiscal year.
In a departure from the approach used at the end of the fiscal year, income tax expense in each interim reporting period is recorded on the basis of the best estimate of the weighted average annual income tax rate which is expected for the entire fiscal year.
SUSS MicroTec AG currently assumes that the annual income tax rate will deviate from the expected tax rate of approximately 28%. The primary reason for this is that the losses accrued by foreign subsidiaries cannot be capitalized.
Otherwise there are no changes requiring disclosure which would have a material impact on the current interim reporting period.
In connection with the exercise of 348,490 stock options from the 2008 stock option plan, a total of 348,490 new shares were issued until September 30, 2011. No additional issuances, repurchases, or repayments occurred involving either bonds or equity securities.
During the reporting period, no dividend was distributed nor was such a distribution proposed.
On October 14, 2011, SUSS MicroTec sold its Mask business – SUSS MicroTec Precision Photomask Inc. (previously Image Technology Inc.) – in Palo Alto, California. This step supports SUSS MicroTec's Photomask Equipment business by eliminating potential competition conflicts with customers. Hardly any synergies exist with the core business areas. Deconsolidation can therefore be carried out without difficulties. The sale of the Mask business represents an additional step by SUSS MicroTec to focus on its profitable and rapidly growing core business areas. The transaction had no impact on consolidated earnings.
Compugraphics Inc., an OM Group company, has acquired all of the assets of SUSS MicroTec Precision Photomask Inc., and it will continue the Mask business in the USA. Compugraphics is a globally operating manufacturer of Photomasks with shops in the USA, the United Kingdom, and Germany.
No additional material events occurred after the end of the interim reporting period.
There are no contingent receivables. There were no substantial changes in contingent liabilities since the previous reporting date of December 31, 2010.
Basic earnings per share are calculated by dividing the net profit or loss for the period (net of minority interests) by the average number of shares.
In order to calculate diluted earnings per share, the profit or loss for the period attributable to shareholders (net of minority interests) and the weighted average of outstanding shares are adjusted for the impact of all potential dilutive shares.
The following table shows the calculation of the basic and diluted earnings per share:
| in 1 thousand | 9M / 2011 | 9M / 2010 |
|---|---|---|
| Profit from continuing operations | 11,226 | 3,601 |
| Less minority interests | -130 | -51 |
| Profit from continuing operations attributable to shareholders of SUSS MicroTec AG | 11,096 | 3,550 |
| Weighted average number of outstanding shares | 18,847,759 | 17,854,497 |
| Effect of the (potential) exercise of stock options (number of options) | 46,010 | 0 |
| Adjusted weighted average number of outstanding shares | 18,893,769 | 17,854,497 |
| Earnings per share in 3 from continuing operations – basic – | 0.59 | 0.19 |
| Earnings per share in 3 from continuing operations – diluted – | 0.59 | 0.19 |
Holding Company Production Sales Other /Non-operating
*formerly operated under the name Image Technology Inc.
Highlights
| Nine Month Report 2011 | November 8 |
|---|---|
| TMT Conference Morgan Stanley, Barcelona | November 16 |
| German Equity Forum Fall 2011 | November 21 - 23 |
| Annual Report 2011 | March 30. |
| Quarterly Report 2012 | May 8 |
| Shareholders' Meeting, Haus der Bayerischen Wirtschaft, Munich | June 20 |
| Interim Report 2012 | August 7 |
| Nine Month Report 2012 | November 8 |
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Deutschland Fon: +49 (0)89-32007-0 E-Mail: [email protected]
Investor Relations Fon: +49 (0)89-32007-161 E-Mail: [email protected]
Published by: SUSS MicroTec AG Edited by: Finance, Julia Natterer Investor Relations, Franka Schielke Concept and design: Whitepark GmbH & Co., Hamburg Photography: Michael Lange, SUSS MicroTec AG
Forward-looking statements: These reports contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based oncurrent plans, estimates, and projections,and should be understood as such. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution readers that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.