Interim / Quarterly Report • Nov 5, 2015
Interim / Quarterly Report
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January 1 – September 30
| in € million | Q3/2015 | Q3/2014 | Change | 9M/2015 | 9M/2014 | Change |
|---|---|---|---|---|---|---|
| Business Development | ||||||
| Order entry | 39.2 | 29.1 | 34.7% | 108.9 | 90.3 | 20.6% |
| Order backlog as of September 30 | – | – | – | 92.1 | 82.2 | 12.0% |
| Total sales | 38.3 | 25.6 | 49.6% | 93.4 | 95.0 | -1.7% |
| Sales margin | 3.1% | -11.3% | 14.4%-points | -3.6% | -0.9% | -2.7%-points |
| Gross profit | 12.3 | 7.9 | 55.7% | 30.5 | 30.2 | 1.0% |
| Gross margin | 32.1% | 30.9% | 1.2%-points | 32.7% | 31.8% | 0.9%-points |
| Cost of sales | 26.0 | 17.8 | 46.1% | 62.9 | 64.8 | -2.9% |
| R&D costs | 2.9 | 2.5 | 16.0% | 9.3 | 7.4 | 25.7% |
| EBITDA | 3.3 | -2.1 | – | 1.4 | 3.3 | -57.6% |
| EBITDA margin | 8.6% | -8.2% | 16.8%-points | 1.5% | 3.5% | -2.0%-points |
| EBIT | 2.2 | -3.3 | – | -1.7 | 0.1 | – |
| EBIT margin | 5.7% | -12.9% | 18.6%-points | -1.8% | 0.1% | -1.9%-points |
| Earnings after tax | 1.2 | -2.9 | – | -3.4 | -0.9 | <-100.0% |
| Earnings per share (in €) | 0.06 | -0.16 | – | -0.18 | -0.05 | <-100.0% |
| Balance sheet and cash flow | ||||||
| Equity | – | – | – | 114.6 | 110.5 | 3.7% |
| Equity ratio | – | – | – | 65.9% | 64.2% | 1.7%-points |
| Return on equity | 1.0% | -2.6% | 3.6%-points | -3.0% | -0.8% | -2.2%-points |
| Balance sheet total | – | – | – | 173.8 | 172.1 | 1.0% |
| Net Cash | – | – | – | 25.5 | 31.8 | -19.8% |
| Free cash flow1 | 0.1 | -1.7 | – | -13.1 | -4.1 | <-100.0% |
| Further key figures | ||||||
| Investments | 0.7 | 1.0 | -30.0% | 2.1 | 2.2 | -4.5% |
| Investment ratio | 1.8% | 3.9% | -2.1%-points | 2.2% | 2.3% | -0.1%-points |
| Depreciation | 1.1 | 1.1 | 0.0% | 3.2 | 3.1 | 3.2% |
| Employees as of September 30 | – | – | – | 693 | 658 | 5.3% |
1 before consideration of purchase or sale of available-for-sale securities
| Foreword of the Management Board | 4 |
|---|---|
| Investor Relations | 8 |
| Business Development in the First Nine Months | 11 |
| Financial Report | 14 |
| Service | 26 |
We are currently operating in an economic environment characterized by uncertainty. The sudden weakening of economic growth in China has left its mark on the stock market and is also expected to affect the real economy. In addition, the semiconductor industry – and therefore our immediate economic environment – is facing a challenging situation. Several competitors in the semiconductor equipment area have already rescinded their expectations for the second half of 2015 and are now providing a very cautious outlook. The most recent estimates of the SEMI industry association as of September 2015 are confirming this trend. Since July 2015, the association has again lowered its estimates for the current fiscal year and now expects only 5.0 percent instead of 7.1 percent growth in the semiconductor equipment sector in 2015.
Within this context, we can be proud of a positive third quarter in 2015. In comparison to the previous year, we have succeeded in increasing order entry significantly, exceeding our initial expectations. After a subdued first half of 2015, we concluded the third quarter with significantly higher sales than in the previous year and the previous quarter, as expected. In addition, we were able to generate positive earnings before interest and taxes (EBIT).
Despite the restrained market forecasts, we are looking forward to the future with cautious optimism. As already announced in the 2014 Annual Report, we have focused on strengthening our core business and systematically expanding new and promising technologies. Through targeted development measures, we have already been able to achieve initial successes in recovering lost market share in the area of coater /developers, and expanding our leading position in mask aligners. In addition, in September we secured the first large order from a major international semiconductor manufacturer for our DSC300 Gen2 projection scanner. We were awarded this order following the customer's qualification process, during which substantial productivity improvements were made to our product. We are confident that this order demonstrates the strong viability for our improved scanner product for advanced packaging applications, resulting in further additional orders from other semiconductor manufacturers. The DSC300 Gen2 is ideally suited for advanced packaging applications since it offers a significantly higher throughput and thus much lower costs of ownership than conventional projection steppers at comparable resolution and overlay performance. Furthermore, it is the only system on the market that combines the advantages of full-field exposure, such as high depth of focus and ability to handle warped wafers, with those of projection lithography in one tool.
We also reached an important milestone in the Substrate Bonder division in the third quarter. With the market launch of the new semi-automatic XB8 high-force wafer bonder, we have once again demonstrated our leading edge capabilities in the area of permanent bonding. This innovative system has new enabling technologies for high precision permanent bonding for the MEMS market. Through the introduction of this new system, we plan to increase order entry and gain market share in the area of permanent bonding.
Ladies and gentlemen, in the following discussion we would like to offer you an overview of the most important pillars of our revised corporate strategy. Following a comprehensive review of the Company's strategy, we confirm that the overall strategic direction of the Company is generally sound, so that no fundamental change of direction is necessary. However, some adjustments and enhanced focus are required in certain areas. Our priorities are in the process of being readjusted to be more market opportunity driven in the short and mid-term, while our long term R&D programs will be refocused on top strategic priorities. As discussed above, we were able to recover lost market share in the area of coater /developers and we have gained traction for our scanner technology through focused development projects. Yet these are only first steps, which will be followed by many others.
Walter Braun, Chief Operating Officer of SUSS MicroTec AG
Dr. Per-Ove Hansson, Chief Executive Officer of SUSS MicroTec AG
Michael Knopp, Chief Financial Officer of SUSS MicroTec AG
In the future, we will prioritize research and development with even greater focus on attractive markets in order to make the necessary resources available for strategically important projects in a timely manner. Our customers are progressively making short-term decisions about capacity increases, and they expect us to provide flexible and individualized solutions for specific technology challenges.
One of our strategic objectives is to gain market share with our lithography solutions and to become the recognized market leader in advanced packaging. In this process, our innovative projection scanners and mask aligners, which are established in the market, as well as our coater /developers play an important role. In addition, we aim to be the preferred partner for our customers in implementing their technology roadmaps. We also want to make mid and backend contributions to the further development of sophisticated technologies in the semiconductor industry. Moreover, we will continue to serve the dynamic MEMS market with our products, where we intend to generate profitable growth by winning market share.
A new important piece of our corporate strategy is entering new adjacent markets. These are markets where we can leverage existing technology to enter new areas. We are currently in an early phase, but we see potential for tangible opportunities in the future.
Ladies and gentlemen, we are ready to face the multiple challenges ahead but we also see a lot of opportunities for our Company. The Management Board are certain that we will utilize our chances with decisiveness and focus, to the benefit of the company.
When looking at the third quarter only, order intake increased from EUR 29.1 million in 2014 to EUR 39.2 million, this translates into a plus of 34.7 percent. Sales increased by 49.6 percent to EUR 38.3 million, compared to EUR 25.6 million in the corresponding quarter 2014. The EBIT in the third quarter increased to EUR 2.2 million after EUR -3.3 million in the previous year. Earnings in the third quarter of 2014 included a provision for severance payments of EUR 1.0 million. The corresponding expense was disclosed under administrative costs in 2014.
In the first three quarters of 2015 SUSS MicroTec generated sales of EUR 93.4 million, 1.7 percent less than the EUR 95.0 million of the prior year. Order entry increased by 20.6 percent on a year on year basis to EUR 108.9 million after EUR 90.3 million in the prior year. This leads to an order backlog of EUR 92.1 million as of September 30, 2015 (September 30, 2014: EUR 82.2 million).
Earnings before interest and tax (EBIT) came in at EUR - 1.7 million after EUR 0.1 million in the previous year. Earnings in the third quarter of 2014 included a provision for severance payments of EUR 1.0 million. Earnings after taxes (EAT) amounted to EUR -3.4 million, compared to EUR -0.9 million in the previous year. The basic earnings per share (EPS) totaled EUR -0.18 (previous year: EUR -0.05). Net liquidity amounted to EUR 25.5 million (September 30, 2014: EUR 31.8 million). The Free Cash Flow for the first nine months, before security transactions, was EUR -13.1 million (previous year: EUR -4.1 million).
The management board of SUSS MicroTec reiterates the guidance for the fiscal year 2015 and expects sales to be in the bandwidth of EUR 135 to 145 million. The EBIT expectation for the full year is slightly positive in the low single-digit million EUR range. For the fourth quarter 2015, the Company expects an order intake in the range of EUR 35 to 45 million.
Garching, Germany, November 2015
The Management Board
Dr. Per-Ove Hansson, Chief Executive Officer Michael Knopp, Chief Financial Officer Walter Braun, Chief Operating Officer
According to the joint forecast of leading economic research institutes published in October 2015 as well as the ifo Eurozone Economic Outlook, the economic outlook remains positive. The eurozone economy is expected to grow by 0.4 percent in the third quarter and by another 0.5 percent in the fourth quarter. This results in expected growth in the eurozone for all of 2015 of 1.5 percent, after 0.9 percent in the previous year. However, the global economic outlook has dimmed significantly as a result of the current performance of the world's second-largest economy, China (ifo Institute, Munich). Aside from China's weakening economy, the political situation in numerous crisis areas, for example, in Syria, Turkey, or Ukraine, are weighing on the economic mood.
After a strong start to the year, with values over 12,000 points, the DAX ended the third quarter of 2015 at a much lower closing price of 9,660 points.
After the debt situation in Greece eased as a result of a new aid package, slower economic growth in China became the main reason for volatility in the global stock exchanges. The rating agency Moody's warned about a drop in equity and real estate markets in China. A sharp and sustained correction in asset prices in the most populous country is one of the largest dangers for the world economy, Moody's indicated in its quarterly growth forecast. Last year the gross domestic product of the People's Republic of China grew by 7.4 percent, the lowest rate since 1990. In the first two quarters of 2015, growth amounted to only 1.4 and 1.7 percent (Kiel Institute for the World Economy – ifw).
In the first six months of 2015, the SUSS MicroTec share performed well and was able to conclude the first half of the year at a closing price of EUR 5.08. This corresponds to an increase of four percent from EUR 4.88 at the beginning of the year. The SUSS MicroTec share ended the third quarter in a difficult stock market environment at a closing price of EUR 5.65, corresponding to an increase of approximately 16 percent from the beginning of the year. The reasons for the positive development are higher expected sales for the full year of 2015 as well as prospects for slightly positive earnings before interest and taxes (EBIT). Order entry has also performed better than expected recently, and the Company was able to boost order entry guidance for the third quarter. In addition, SUSS MicroTec succeeded in the third quarter in winning an important large order for innovative scanner systems.
Over the same period, the TecDAX gained 26 percent, while the Prime IG Semiconductor benchmark index rose by only ten percent.
The average daily trading volume of SUSS MicroTec shares on the German XETRA and Frankfurt stock exchanges in the first nine months of 2015 amounted to approximately 139 thousand (9M 2014: average daily trading volume of approximately 104 thousand shares).
Ownership Information as of September 30, 2015
SUSS MicroTec share price on January 2, 2015: € 4.88
SUSS MicroTec AG, indexed TecDAX, indexed Prime IG Semiconductor, indexed
In the quarterly comparison, order intake increased from € 29.1 million to € 39.2 million, this translates into a plus of 34.7%. Sales increased by 49.6% to € 38.3 million, compared to € 25.6 million in the corresponding quarter 2014. The EBIT in the third quarter increased to € 2.2 million after € -3.3 million in the previous year. Earnings in the third quarter of 2014 included a provision for severance payments of € 1.0 million. The corresponding expense was disclosed under administrative costs in 2014.
In the first three quarters of 2015 SUSS MicroTec generated sales of € 93.4 million, 1.7% less than the € 95.0 million of the prior year. Order entry increased by 20.6% on a year on year basis to € 108.9 million after € 90.3 million in the prior year. This leads to an order backlog of € 92.1 million as of September 30, 2015 (September 30, 2014: € 82.2 million).
Earnings before interest and tax (EBIT) came in at € -1.7 million after € 0.1 million in the previous year. Earnings in the third quarter of 2014 included a provision for severance payments of € 1.0 million. Earnings after taxes (EAT) amounted to € -3.4 million, compared to -0.9 € million in the previous year. The basic earnings per share (EPS) totaled -0.18 € (previous year: -0.05 €). Net liquidity amounted to € 25.5 million (September 30, 2014: € 31.8 million). The Free Cash Flow for the first nine months, before security transactions, was € -13.1 million (previous year: € -4.1 million).
In the first nine months of 2015, the EMEA and Rest of Asia regions recorded significant growth of 12.9% and 45.4%, respectively. It was possible to win individual large orders in both regions. During the same period, the Japan region experienced a decline in order entry by 48.0%. The same trend applied to the region of North America, where the decline in order entry amounted to 9.2%.
Regional sales performed contrastingly in the first nine months of the year. While sales in Rest of Asia scarcely changed, the North America region recorded significant sales growth of 35.2%. By contrast, the EMEA and Japan regions both displayed lower sales. In Japan, the contribution to sales fell by 15.0% in the first nine months of 2015 from € 7.2 million to € 6.1 million. During the same period, EMEA recorded a decline of 18.1% from € 30.5 million to € 25.0 million.
The Lithography division includes the development, manufacture, and sale of the mask aligner, UV projection scanner, laser processing tools, developer, and coater product lines. The mask aligner, coater, and developer product lines are manufactured in Germany at the locations in Garching near Munich and Sternenfels. UV projection scanners and laser processing tools are manufactured in a site in Corona, California (USA). With a contribution to sales of more than 60%, the Lithography division is SUSS MicroTec Group's largest division. The components that are manufactured with these tools are sent primarily to the end markets of advanced packaging, microelectromechanical systems, compound semiconductors (LED), and 3D integration.
The Lithography division recorded a significant increase in order entry in the first nine months of the 2015 fiscal year. Order entry of € 87.1 million was 33.8% above its total of € 65.1 million a year earlier. Division sales in the first nine months amounted to € 64.8 million after € 60.0 million in the previous year. Earnings in the segment declined from € 3.0 million to € 2.3 million as a result of an unfavorable product mix compared to the previous year.
| in € million | 9M/2015 | 9M/2014 |
|---|---|---|
| Order entry | 87.1 | 65.1 |
| Division sales | 64.8 | 60.0 |
| Division earnings | 2.3 | 3.0 |
| Net assets | 57.7 | 44.0 |
The Substrate Bonder division comprises the development, production, and sale of the substrate (wafer) bonder product line. Manufacturing is located at our largest site in Sternenfels. Markets addressed by the substrate bonder systems include microelectromechanical systems (MEMS), compound semiconductors, and 3D integration.
In the first nine months of 2015, the Substrate Bonder division recorded a decline in order entry from the previous year's period, reaching an amount of € 6.7 million after € 10.3 million in the previous year. In the first nine months, sales fell from € 16.4 million in the same period of the previous year to € 8.9 million. The reason for the significant decline in order entry and sales was the termination of the bond cluster product line in the permanent bond systems area. Division earnings of € -2.3 million were stable relative to € -2.4 million in the previous year's period.
| in € million | 9M/2015 | 9M/2014 |
|---|---|---|
| Order entry | 6.7 | 10.3 |
| Division sales | 8.9 | 16.4 |
| Division earnings | -2.3 | -2.4 |
| Net assets | 6.6 | 8.6 |
The Photomask Equipment division, which is located at the Sternenfels site near Stuttgart, comprises the development, manufacture, and sale of specialized tools for the cleaning and processing of photomasks for the semiconductor industry. Among the markets targeted by the Photomask Equipment division is the semiconductor industry, where SUSS MicroTec is active on the front end.
So far in the 2015 fiscal year, the Photomask Equipment division has recorded stable order entry and sales development. Order entry was € 10.0 million, compared to € 10.9 million in the previous year. Division sales declined only slightly from € 14.6 million to € 14.3 million. Division earnings were a positive € 0.4 million in the first nine months after € 2.4 million in the previous year. The segment result very much depends on the few single orders and can fluctuate substantially from one quarter to another. In the first nine months of 2014, the Photomask Equipment division had profited from the reversal of a value adjustment for receivables in the amount of € 0.5 million.
| in € million | 9M/2015 | 9M/2014 |
|---|---|---|
| Order entry | 10.0 | 10.9 |
| Division sales | 14.3 | 14.6 |
| Division earnings | 0.4 | 2.4 |
| Net assets | 6.6 | 6.4 |
The Others division comprises Micro-optics activities at the Hauterive, Switzerland location, the C4NP business, and the costs for central Group functions that generally cannot be attributed to the main divisions.
In the first three quarters of 2015, division sales increased from the previous year to € 5.4 million, while order entry also rose to € 5.1 million (previous year: € 4.0 million). Division earnings of € -2.2 million were above € -2.8 million in the previous year. Earnings in the third quarter of 2014 included a provision for severance payments of € 1.0 million.
| in € million | 9M/2015 | 9M/2014 |
|---|---|---|
| Order entry | 5.1 | 4.0 |
| Division sales | 5.4 | 4.0 |
| Division earnings | -2.2 | -2.8 |
| Net assets | 20.3 | 19.6 |
of SUSS MicroTec AG
| in € thousand | 07/01/2015– 09/30/2015 |
07/01/2014– 09/30/2014 |
01/01/2015– 09/30/2015 |
01/01/2014– 09/30/2014 |
|---|---|---|---|---|
| Sales | 38,341 | 25,611 | 93,393 | 95,038 |
| Cost of sales | -26,035 | -17,751 | -62,925 | -64,816 |
| Gross profit | 12,306 | 7,860 | 30,468 | 30,222 |
| Selling costs | -4,916 | -3,986 | -13,160 | -12,385 |
| Research and development costs | -2,971 | -2,523 | -9,326 | -7,375 |
| Administration costs | -3,330 | -4,321 | -9,878 | -10,856 |
| Other operating income | 1,281 | 1,384 | 3,322 | 3,267 |
| Other operating expenses | -191 | -1,674 | -3,171 | -2,743 |
| Analysis of net income from operations (EBIT) | ||||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) |
3,274 | -2,144 | 1,405 | 3,277 |
| Depreciation and amortization of tangible assets, intangible assets and financial assets |
-1,095 | -1,116 | -3,150 | -3,147 |
| Net income from operations (EBIT ) | 2,179 | -3,260 | -1,745 | 130 |
| Financial income | 36 | 68 | 206 | 253 |
| Financial expenses | -108 | -133 | -391 | -412 |
| Financial result | -72 | -65 | -185 | -159 |
| Profit / loss before taxes | 2,107 | -3,325 | -1,930 | -29 |
| Income taxes | -935 | 417 | -1,504 | -870 |
| Net profit / loss | 1,172 | -2,908 | -3,434 | -899 |
| thereof equity holders of SUSS MicroTec AG | 1,172 | -2,908 | -3,434 | -899 |
| thereof non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share (basic) | ||||
| Earnings per share in € | 0.06 | -0.16 | -0.18 | -0.05 |
| Earnings per share (diluted) | ||||
| Earnings per share in € | 0.06 | -0.16 | -0.18 | -0.05 |
| in € thousand | 01/01/2015–09/30/2015 | 01/01/2014–09/30/2014 |
|---|---|---|
| Net profit / loss | -3,434 | -899 |
| Items that will not be reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other comprehensive income after tax for items that will not be reclassified to profit and loss |
0 | 0 |
| Items that will be reclassified subsequently to profit and loss | ||
| Fair value fluctuations of available for sale securities | -12 | -6 |
| Foreign currency adjustment | 1,925 | 2,068 |
| Cash flow hedges | 63 | -145 |
| Deferred taxes | -15 | 49 |
| Other comprehensive income after tax for items that will be reclassified to profit and loss |
1,961 | 1,966 |
| Total income and expenses recognized in equity | 1,961 | 1,966 |
| Total income and expenses reported in the reporting period | -1,473 | 1,067 |
| thereof equity holders of SUSS MicroTec AG | -1,473 | 1,067 |
| thereof non-controlling interests | 0 | 0 |
| Assets in € thousand | 09/30/2015 | 12/31/2014 |
|---|---|---|
| Non-current assets | 43,229 | 44,718 |
| Intangible assets | 4,418 | 4,471 |
| Goodwill | 15,709 | 15,546 |
| Tangible assets | 19,682 | 20,198 |
| Tax refund claims | 32 | 50 |
| Other assets | 603 | 563 |
| Deferred tax assets | 2,785 | 3,890 |
| Current assets | 130,590 | 123,246 |
| Inventories | 75,069 | 58,883 |
| Trade receivables | 17,603 | 13,390 |
| Other financial assets | 155 | 204 |
| Securities | 13,973 | 1,026 |
| Tax refund claims | 490 | 725 |
| Cash and cash equivalents | 20,836 | 47,309 |
| Other assets | 2,464 | 1,709 |
| Total assets | 173,819 | 167,964 |
| Liabilities&Shareholders' Equity in € thousand | 09/30/2015 | 12/31/2014 |
|---|---|---|
| Equity | 114,597 | 116,070 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 114,597 | 116,070 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 95,150 | 98,584 |
| Accumulated other comprehensive income | 331 | -1,630 |
| Non-current liabilities | 13,162 | 13,929 |
| Pension plans and similar commitments | 4,942 | 4,751 |
| Provisions | 17 | 29 |
| Financial debt | 8,170 | 9,100 |
| Other financial liabilities | 33 | 49 |
| Current liabilities | 46,060 | 37,965 |
| Provisions | 2,137 | 3,238 |
| Tax liabilities | 1,172 | 1,495 |
| Financial debt | 1,186 | 1,187 |
| Other financial liabilities | 5,640 | 5,807 |
| Trade payables | 4,618 | 3,446 |
| Other liabilities | 31,307 | 22,792 |
| Total liabilities&shareholders' equity | 173,819 | 167,964 |
| 01/01/2015–09/30/2015 | 01/01/2014–09/30/2014 |
|---|---|
| -3,434 | -899 |
| 935 | 1,133 |
| 2,215 | 2,014 |
| 41 | 59 |
| 2,191 | 1,443 |
| 135 | -855 |
| 0 | -506 |
| -391 | 369 |
| -17,058 | 2,307 |
| -4,014 | 1,448 |
| -746 | 304 |
| 191 | 49 |
| 1,110 | -1,288 |
| 8,140 | -4,648 |
| -1,344 | -2,763 |
| 1,035 | -98 |
| -10,994 | -1,931 |
| in € thousand | 01/01/2015–09/30/2015 | 01/01/2014–09/30/2014 |
|---|---|---|
| Disbursements for tangible assets | -1,373 | -1,374 |
| Disbursements for intangible assets | -713 | -789 |
| Purchases of current available-for-sale securities | -13,969 | -24,914 |
| Proceeds from redemption of available-for-sale securities | 1,000 | 1,028 |
| Cash flow from investing activities | -15,055 | -26,049 |
| Repayment of bank loans | -930 | -930 |
| Change in other financial debt | -1 | -3 |
| Cash flow from financing activities | -931 | -933 |
| Adjustments to funds caused by exchange-rate fluctuations | 507 | 237 |
| Change in cash and cash equivalents | -26,473 | -28,676 |
| Funds at beginning of the year | 47,309 | 45,059 |
| Funds at end of the period | 20,836 | 16,383 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 287 | 319 |
| Interest received during period | 221 | 285 |
| Tax paid during the period | 528 | 1,083 |
| Tax refunds during the period | 277 | 88 |
| in € thousand | Subscribed capital | Additional paid-in capital |
Earnings reserve | Retained earnings |
|---|---|---|---|---|
| As of 01/01/2014 | 19,116 | 97,614 | 433 | -4,076 |
| Net income/ loss | -899 | |||
| Total income and expenses recognized in equity | -899 | |||
| Total comprehensive income/ loss | ||||
| As of 09/30/2014 | 19,116 | 97,614 | 433 | -4,975 |
| As of 01/01/2015 | 19,116 | 97,614 | 433 | 537 |
| Net income/ loss | -3,434 | |||
| Total income and expenses recognized in equity | ||||
| Total comprehensive income/ loss | -3,434 | |||
| As of 09/30/2015 | 19,116 | 97,614 | 433 | -2,897 |
| Equity | Non controlling interests |
Total equity attributable to shareholders of SUSS MicroTec AG |
Accumulated other comprehensive income | |||||
|---|---|---|---|---|---|---|---|---|
| Items that will be reclassified to profit and loss in later periods | Items that will not be reclassified to profit and loss |
|||||||
| Deferred taxes |
Fair value fluctuations of available-for sale securities |
Cash flow hedges |
Foreign currency adjustment |
Deferred taxes |
Remeasurements on defined benefit pension plans |
|||
| 109,432 | 0 | 109,432 | 80 | 30 | -342 | -2,425 | 333 | -1,331 |
| -899 | -899 | |||||||
| 1,966 | 1,966 | 49 | -6 | -145 | 2,068 | 0 | 0 | |
| 1,067 | 0 | 1,067 | 49 | -6 | -145 | 2,068 | 0 | 0 |
| 110,499 | 0 | 110,499 | 129 | 24 | -487 | -357 | 333 | -1,331 |
| 116,070 | 0 | 116,070 | 133 | 11 | -486 | 493 | 532 | -2,313 |
| -3,434 | -3,434 | |||||||
| 1,961 | 1,961 | -15 | -12 | 63 | 1,925 | 0 | 0 | |
| -1,473 | 0 | -1,473 | -15 | -12 | 63 | 1,925 | 0 | 0 |
| 114,597 | 0 | 114,597 | 118 | -1 | -423 | 2,418 | 532 | -2,313 |
The Segment Reporting is part of the notes to the consolidated financial statements.
| Lithography | Substrate Bonder | |||
|---|---|---|---|---|
| in € thousand | 9M/2015 | 9M/2014 | 9M/2015 | 9M/2014 |
| External Sales | 64,842 | 59,971 | 8,889 | 16,404 |
| Internal Sales | 0 | 0 | 0 | 0 |
| Total Sales | 64,842 | 59,971 | 8,889 | 16,404 |
| Result per segment (EBIT) | 2,279 | 2,992 | -2,256 | -2,448 |
| Income before taxes | 2,265 | 2,947 | -2,257 | -2,451 |
| Significant non-cash items | -813 | -825 | -714 | 162 |
| Segment assets | 86,852 | 73,978 | 10,067 | 12,487 |
| thereof Goodwill | 15,709 | 15,478 | 0 | 0 |
| Unallocated assets | ||||
| Total assets | ||||
| Segment liabilities | -29,151 | -29,998 | -3,418 | -3,859 |
| Unallocated liabilities | ||||
| Total liabilities | ||||
| Depreciation and amortisation | 1,371 | 1,457 | 234 | 257 |
| thereof scheduled | 1,371 | 1,457 | 234 | 257 |
| thereof impairment loss | 0 | 0 | 0 | 0 |
| Capital expenditure | 840 | 713 | 98 | 155 |
| Workforce at 09/30 | 435 | 406 | 98 | 99 |
| Sales | Capital expenditure | Assets (without Goodwill) | |||||
|---|---|---|---|---|---|---|---|
| in € thousand | 9M/2015 | 9M/2014 | 9M/2015 | 9M/2014 | 9M/2015 | 9M/2014 | |
| EMEA | 25,013 | 30,539 | 1,745 | 1,996 | 91,104 | 69,233 | |
| North America | 17,952 | 13,282 | 284 | 80 | 19,749 | 16,573 | |
| Japan | 6,122 | 7,201 | 0 | 61 | 2,808 | 908 | |
| Rest of Asia | 44,306 | 44,016 | 58 | 26 | 3,438 | 2,977 | |
| Consolidation effects | 0 | 0 | 0 | 0 | -327 | 15,203 | |
| Total | 93,393 | 95,038 | 2,087 | 2,163 | 116,772 | 104,894 |
| Photomask Equipment | Other | Consolidation effects | Total | ||||
|---|---|---|---|---|---|---|---|
| 9M/2015 | 9M/2014 | 9M/2015 | 9M/2014 | 9M/2015 | 9M/2014 | 9M/2015 | 9M/2014 |
| 14,280 | 14,619 | 5,382 | 4,044 | – | – | 93,393 | 95,038 |
| 0 | 0 | 4,505 | 3,554 | -4,505 | -3,554 | 0 | |
| 14,280 | 14,619 | 9,887 | 7,598 | -4,505 | -3,554 | 93,393 | 95,038 |
| 426 | 2,388 | -2,194 | -2,802 | – | – | -1,745 | 130 |
| 423 | 2,384 | -2,361 | -2,909 | – | – | -1,930 | |
| -647 | 594 | -355 | -1,051 | – | – | -2,529 | -1,120 |
| 13,473 | 12,684 | 22,089 | 21,223 | – | – | 132,481 | 120,372 |
| 0 | 0 | 0 | 0 | – | – | 15,709 | 15,478 |
| 41,338 | 51,753 | ||||||
| 173,819 | 172,125 | ||||||
| -6,916 | -6,277 | -1,799 | -1,593 | – | – | -41,284 | -41,727 |
| -17,938 | -19,899 | ||||||
| -59,222 | -61,626 | ||||||
| 163 | 126 | 1,382 | 1,307 | – | – | 3,150 | |
| 163 | 126 | 1,382 | 1,307 | – | – | 3,150 | |
| 0 | 0 | 0 | 0 | – | – | 0 | |
| 82 | 267 | 1,067 | 1,028 | – | – | 2,087 | |
| 103 | 100 | 57 | 53 | – | – | 693 |
of SUSS MicroTec AG as of September 30, 2015
The consolidated financial statements of SUSS MicroTec AG as of December 31, 2014, have been prepared in accordance with the International Financial Reporting Standards (IFRS) applied by the International Accounting Standards Board (IASB) as of the closing date. The consolidated interim financial statements as of September 30, 2015, which were prepared on the basis of International Accounting Standards (IAS) 34 "Interim Financial Reporting," do not contain all of the necessary information as required for the preparation of the Annual Report and should be read in conjunction with the consolidated financial statements of SUSS MicroTec AG as of December 31, 2014. In the interim financial statements as of September 30, 2015, the same accounting methods were applied as in the consolidated financial statements for the 2014 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of September 30, 2015 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, 2014.
The Group auditor 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).
Compared with the consolidated financial statements as of December 31, 2014, there were no changes to the scope of consolidation.
The available-for-sale securities recognized in the statement of financial position include commercial papers with a remaining term of up to six months. The securities have been measured at market prices.
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.
No changes in presentation have been made; the presentation of the consolidated financial statements of SUSS MicroTec AG as of September 30, 2015 is analogous to the presentation as of December 31, 2014.
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 that 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 that would have a material impact on the current interim reporting period.
During the reporting period, no issuances, repurchases, or repayments occurred involving either bonds or other equity securities.
During the reporting period, no dividend was distributed nor was such a distribution proposed.
No 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, 2014.
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 € thousand | 9M/2015 | 9M/2014 |
|---|---|---|
| Profit / loss which accrue to shareholders of SUSS MicroTec AG | -3,434 | -899 |
| Weighted average number of outstanding shares | 19,115,538 | 19,115,538 |
| Effect of the (potential) exercise of stock options (number of options) | 0 | 0 |
| Adjusted weighted average number of outstanding shares | 19,115,538 | 19,115,538 |
| Earnings per share in € – basic – | -0.18 | -0.05 |
| Earnings per share in € – diluted – | -0.18 | -0.05 |
Sales Production Other /Non-operating
| Nine Months Report 2015 | November 5, 2015 |
|---|---|
| Equity Forum 2015, Frankfurt am Main | November 23–25, 2015 |
| Annual Report 2015 | March 30, 2016 |
| Quarterly Report 2016 | May 4, 2016 |
| Shareholders' Meeting 2016 | June 15, 2016 |
| Interim Report 2016 | August 5, 2016 |
| Nine Months Report 2016 | November 9, 2016 |
Published by SUSS MicroTec AG Edited by Finance, Julia Natterer Investor Relations, Franka Schielke Concept and Design Whitepark GmbH&Co., Hamburg
Photography Creativ Fotostudio Allan Richard Tobis Translation English Business, Hamburg
SUSS MicroTec AG Schleissheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 E-mail: [email protected]
Investor Relations Phone: +49 (0)89-32007-161 E-mail: [email protected]
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.
SUSS MicroTec AG Schleissheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 E-mail: [email protected]
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