Interim / Quarterly Report • Aug 5, 2021
Interim / Quarterly Report
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| in € million | Q2 / 2021 | Q2/ 2020 | Change | 6 Months / 2021 | 6 Months / 2020 | Change |
|---|---|---|---|---|---|---|
| Business Development | ||||||
| Order entry | 72.1 | 93.6 | -23.0% | 152.8 | 162.6 | -6.0% |
| Order backlog as of June 30 | -- | -- | -- | 154.0 | 143.1 | 7.6% |
| Total sales | 65.8 | 71.6 | -8.1% | 118.5 | 113.3 | 4.6% |
| Gross profit | 24.1 | 23.0 | 4.9% | 41.4 | 33.2 | 24.8% |
| Gross margin | 36.6% | 32.1% | 4.5%-Points | 35.0% | 29.3% | 5.7%-Points |
| Cost of sales | 41.7 | 48.6 | -14.2% | 77.0 | 80.1 | -3.8% |
| Research and Development costs | 5.6 | 4.9 | 15.1% | 10.7 | 9.9 | 8.5% |
| EBITDA | 8.4 | 10.6 | -20.3% | 11.7 | 6.8 | 72.5% |
| EBITDA margin | 12.8% | 14.8% | -2.0%-Points | 9.9% | 6.0% | 3.9%-Points |
| EBIT | 6.6 | 8.8 | -25.4% | 8.0 | 3.2 | 150.3% |
| EBIT margin | 10.0% | 12.3% | -2.3%-Points | 6.8% | 2.8% | 3.9%-Points |
| Earnings after tax | 4.3 | 5.8 | -26.4% | 5.0 | 0.4 | -- |
| Earnings per share, basic (in €) | 0.22 | 0.30 | -- | 0.26 | 0.02 | -- |
| Balance sheet and cash flow | ||||||
| Equity | -- | -- | -- | 142.1 | 126.0 | 12.8% |
| Equity ratio | -- | -- | -- | 57.4% | 60.3% | -2.9%-Points |
| Balance sheet total | -- | -- | -- | 247.5 | 208.9 | 18.5% |
| Net cash | -- | -- | -- | 21.7 | 5.1 | 325.5% |
| Free Cashflow | -7.1 | 25.5 | -- | 2.0 | 17.2 | -- |
| Further key figures | ||||||
| Investments | 2.3 | 4.8 | -51.9% | 3.9 | 6.1 | -35.9% |
| Investment ratio | 3.5% | 6.7% | -3.2%-Points | 3.3% | 5.4% | -2.1%-Points |
| Depreciation | 1.9 | 1.8 | 6.7% | 3.7 | 3.6 | 3.4% |
| Employees as of June 30 | -- | -- | -- | 1,117 | 944 | 18.3% |
| Board………………………………………………………………………………………………………………………………………4 | |
|---|---|
The Share…………………………………………………………………………………………………………………………….. 6
| Report…………………………………………………………………………….…………………………………………………….7 | |
|---|---|
| Overview of Business Development | 7 |
| Financial Position | 12 |
| Assets Position | 13 |
| Group Employees | 14 |
| Potential | 14 |
| Subsequent Events | 17 |
| Forecast Report | 17 |
| Financial Report…………………………………………………………………………………………………………………20 | |
|---|---|
| Consolidated Statement of Income (IFRS) | 20 |
| Statement of Comprehensive Income (IFRS) | 21 |
| Consolidated Statement of Financial Position (IFRS) | 22 |
| Consolidated Statement of Cash Flows (IFRS) | 23 |
| Statement of Changes in Equity (IFRS) | 25 |
| Segment Reporting (IFRS) | 26 |
| Selected Explanatory Notes to the Interim Report | 27 |
| Responsibility Statement by the Legal Representatives……………………………….……30 | |
| Financial Calendar / Contact / Imprint…………………………………………………………….……….32 | ||
|---|---|---|
Legal Structure……………………………………………………………………………………………………….…....…..31
Dear ladies and gentlemen,
After nearly three months now as the newly constituted Management Board, we are pleased to report to you today the figures for the first half of the current fiscal year.
The second quarter of the current fiscal year was stronger in terms of both sales and earnings than the opening quarter. This is quite encouraging in light of the current economic environment, which is also affecting our supply chain due to the ongoing economic impact of the COVID-19 pandemic. It is also encouraging that SUSS MicroTec was able to increase its gross margin and thus profitability compared to the previous year, as it did in the first quarter.
The global semiconductor market remains robust in the current year. This also applies to the market for chip manufacturing equipment, which is relevant for us. As in the previous year, we are also benefiting from ongoing investments in connection with the roll-out of the 5G mobile communications standard, the increasing volume of chips with advanced back-end technologies, capacity expansions to alleviate the global chip shortage, especially for the automotive industry, and the emerging – at least partial – re-separation of global semiconductor supply chains, combined with the global trend to increase local production capacities. In addition, we are also succeeding in gaining market share in various areas as well as winning orders from new customers.
In the first half of the year, we were able to increase the profitability of SUSS MicroTec in relation to sales: With only slightly higher sales, we were able to realize a gross profit margin that was 5.7 percentage points higher and an EBIT margin that was 3.9 percentage points higher. Here, the measures taken to improve performance are already beginning to have an impact. Conversely, the slight decline in sales in the second quarter indicates that there is still room for improvement in operating performance, including end-of-quarter. As the Management Board, we will pursue this vigorously in the coming weeks and months.
Despite the slight decline in order entry in the first half of the year, we continue to expect significant growth in the current fiscal year. Order entry in the same period of the previous year was significantly influenced by a major order in the second quarter of 2020, order entry in the first half of the year is significantly higher than sales, and the order backlog as of June 30, at € 154.0 million, is significantly higher than the previous year's figure, which was already high. Accordingly, we now expressly confirm our full-year outlook for 2021. Overall, SUSS is well positioned and financially well equipped. We are confident that we will successfully address the challenges of the market, our customers and the current situation.
We have been addressing the impact of the COVID-19 pandemic on SUSS for almost a year and a half now. Our teams work largely on a mobile basis or at home where possible and appropriate, and the extensive protective measures implemented at SUSS are still being maintained, even though the numbers of infections in Germany and at most other SUSS sites has declined, at least temporarily. In the meantime, we have been able to offer all employees at our Garching and Sternenfels sites a vaccination through our Company physicians. Because of the pandemic, our Shareholders' Meeting on June 16 was also held for the second time as a virtual meeting. All management proposals were approved. We will continue to do what we can to protect our employees, their family members and our business partners, as well as society; to minimize the economic impact on our business; and to continue to serve our customers as effectively as possible regardless of the pandemic. SUSS has succeeded in doing this so far.
In the first six months of the current fiscal year, sales at SUSS amounted to € 118.5 million, 4.6% higher than the previous year's figure of € 113.3 million. Order entry in the first half of the
4
year decreased by 6.0% to € 152.8 million (previous year: € 162.6 million). At € 154.0 million, the order backlog as of June 30, 2021, was 3.9% higher than in the previous quarter (March 31, 2021: € 148.2 million) and 7.6% higher than in the previous year (June 30, 2020: € 143.1 million). At € 8.0 million, EBIT for the first half of the year was significantly higher than the amount of € 3.2 million in the previous year. This resulted in an EBIT margin for the first half of the year of 6.8% (previous year : 2.8%). Earnings after taxes (EAT) improved to € 5.0 million (previous year: € 0.4 million). The basic earnings per share (EPS) amount to € 0.26 (previous year: € 0.02). At € 2.0 million, free cash flow in the first half of the year was significantly lower than the prior-year amount of € 17.2 million, which was, however, influenced by one-time effects. In addition, there was a slight increase in working capital in the first half of the year due to upcoming growth. The net cash position increased slightly from € 20.3 million as of December 31, 2020, to € 21.7 million as of June 30, 2021.
At € 72.1 million, order entry in the second quarter decreased from the previous year (€ 93.6 million), but, as in the first quarter and the previous year, was higher than sales. It should be noted that SUSS was able to win a major order in the coater/developer area in the second quarter of 2020, which contributed significantly to the highest order entry value in a quarter to date. There was no comparable major order in the second quarter of 2021; moreover, in the future the timing of major orders may cause order entry to fluctuate significantly from quarter to quarter, without a positive or negative trend able to be derived from this alone. At € 65.8 million, sales in the second quarter were 8.1% lower than the amount of € 71.6 million in the previous year, due to the reporting date. EBIT of € 6.6 million was generated in the second quarter (previous year: € 8.8 million), corresponding to a positive margin of 10.0% (previous year: 12.3%).
The further development of the COVID-19 pandemic and the associated economic impact is difficult to assess at this point in time, and our ability to forecast the current fiscal year is limited against this background. We expect stronger sales growth in the second half of 2021 compared to the first half, and unchanged sales between € 270 million and € 290 million, an EBIT margin between 9% and 11%, and free cash flow between € 12 million and € 18 million for 2021 as a whole.
Garching, Germany, August 5, 2021
Dr. Goetz M. Bendele Oliver Albrecht Dr. Thomas Rohe Chief Executive Officer Chief Financial Officer Chief Operating Officer
(CEO) (CFO) (COO)
The SUSS MicroTec share developed very rapidly in the first half of 2021 and in some cases recorded price gains of more than 50 percent compared to the beginning of the year. We started the year with a XETRA closing price of € 19.60 on January 4, 2021. After an eventful first half of the year, the stock exchange closed on June 30, 2021, with a XETRA closing price of € 27.10, representing a price increase of around 41%. In the same period, the benchmark indices SDAX, DAXsector Technology Performance and PHLX Semiconductor Total Return Index rose by around 7 %, 10 % and 17 %, respectively. In the course of the first half of the year, our share showed slight weakness in March and May, but with current annual highs of just under € 30 (€ 29.65 on April 22, 2021), this was repeatedly interrupted by strong positive counter movements. At the end of the second quarter, as already described, we were up significantly compared to the start of the year and also to previous years.
The average daily trading volume of SUSS MicroTec shares on the German XETRA stock exchange in the first half of 2021 amounted to approximately 81 thousand shares (previous year: average daily trading volume of approximately 67 thousand shares).
of SUSS MicroTec SE
Taking only the second quarter of 2021 into account, it was possible to achieve order entry of € 72.1 million. In the previous year, order entry was exceptionally high at € 93.6 million, boosted by a major order. Sales reached € 65.8 million after € 71.6 million in the previous year's quarter due to the reporting date. Due to delays in the granting of import licenses for customers in China, some equipment already completed could not be delivered in the first half of 2021. In addition, the delivery of some systems was postponed to the second half of the year, both by the customer and due to material and assembly bottlenecks. EBIT was positive in the second quarter of 2021 and amounted to € 6.6 million (EBIT margin: 10.0%). In the previous year's quarter, EBIT of € 8.8 million was generated due to higher sales. This results in earnings per share of € 0.22 in the second quarter of 2021 (previous year's quarter: € 0.30).
In the first half of 2021, the Company again generated a high level of order entry of € 152.8 million. However, this represents a slight decrease of 6.0% compared with the strong previous year (previous year: € 162.6 million). In the Lithography and Bonder divisions, we recorded a decline in order entry compared to the previous year's quarter. The Micro-optics division was able to increase its order entry, while the Photomask Equipment division contributed an order entry at the level of the previous year.
Sales of € 118.5 million in the first half of 2021 were above the previous year's level (June 30, 2020: € 113.3 million). The order backlog as of June 30, 2021, amounted to € 154.0 million (June 30, 2020: € 143.1 million). Earnings before interest and taxes (EBIT) amounted to € 8.0 million, after € 3.2 million in the previous year. As a result, we more than doubled earnings before interest and taxes (EBIT) in the first half of 2021 compared with the previous year's period. This was primarily due to the good result in the Lithography division. Compared to the previous year, division earnings improved significantly from € 0 million to € 7.8 million on slightly higher sales. Even if we adjust for the negative extraordinary effect (closure due to the coronavirus) of € 4.5 million in the first half of 2020, we recorded a significant improvement in operating income in the Lithography division. Earnings after taxes (EAT) at the Group level increased from the previous year to € 5.0 million (previous year € 0.4 million). The basic earnings per share (EPS) at mid-year amount to € 0.26 (previous year: € 0.02).
Free cash flow at the end of the first half of 2021 totaled € 2.0 million after € 17.2 million as of June 30, 2020. This was due to the significant decline in cash flow from operating activities. Working capital increased as a result of growth and the build-up of reserve stocks to avoid supply bottlenecks. The previous year was positively influenced by increased initial efforts in the area of receivables management, an increase in the advance payment ratio, and one-time effects in the form of tax refunds. The net cash position improved from € 20.3 million to € 21.7 million as of June 30, 2021, compared to December 31, 2020.
Regional sales remained comparatively stable in the first half of 2021. While sales in the Asia-Pacific and North America regions recorded hardly any change compared to the previous year, the EMEA region reported higher sales.
The Lithography division includes the development, manufacture, and sale of the mask aligners, UV projection scanners, and coater/developer and nano imprint product lines as well as semi- and fully-automated equipment for inkjet printing-based coating processes. These product lines are manufactured in Germany at the locations in Garching near Munich and in Sternenfels, as well as at the Hsinchu location in Taiwan.
| in € million | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 |
|---|---|---|---|---|
| Order entry | 33,7 | 52,9 | 85,8 | 95,0 |
| Sales | 39,6 | 36,6 | 71,8 | 62,1 |
| Gross Profit | 14,1 | 9,8 | 24,6 | 15,1 |
| Gross Profit Margin | 35,6% | 26,7% | 34,3% | 24,2% |
| EBIT | 5,1 | 2,3 | 7,8 | 0,0 |
| EBIT-Margin | 12,9% | 6,3% | 10,9% | 0,0% |
| Net assets | -- | -- | 57,0 | 56,8 |
In the first six months of 2021, order entry totaled € 85.8 million after € 95.0 million in the first half of 2020. The high order entry of the previous year could not quite be matched, as some customers placed large-volume orders in the coater and developer product lines in the first half of 2020. Division sales in the first half of 2021 amounted to € 71.8 million after € 62.1 million in the first half of the previous year. This represented growth of approximately 16%. The gross profit margin in the division increased from 24.2% to 34.3%. Due to the continued very high demand for high-margin mask aligners and margin improvements in coaters, the gross profit margin improved significantly. Division earnings improved from € 0 million to € 7.8 million. In January 2020, the decision was made to discontinue the UV projection and laser ablation product lines, which were both located at the Corona, USA site. Therefore, the gross profit margin and EBIT of the Lithography division were burdened in the first half of 2020 by expenses for the closure of the production site in Corona, USA. There were no further extraordinary effects from the closure in fiscal year 2021.
The Bonder division comprises the development, production, and sale of the wafer bonding product line. Manufacturing is located at our largest site in Sternenfels. Markets addressed by the bonder systems include microelectromechanical systems (MEMS), compound semiconductors, and 3D TSV integration.
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| in € million | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 |
|---|---|---|---|---|
| Order entry | 7.5 | 18.0 | 16.5 | 23.6 |
| Sales | 9.6 | 4.9 | 11.7 | 9.2 |
| Gross Profit | 4.3 | 1.2 | 4.2 | 2.1 |
| Gross Profit Margin | 45.1% | 23.5% | 36.2% | 22.3% |
| EBIT | 1.4 | -0.9 | -1.0 | -2.0 |
| EBIT-Margin | 15.1% | -18.4% | -8.2% | -21.7% |
| Net assets | -- | -- | 23.1 | 18.1 |
Order entry in the Bonder division amounted to € 16.5 million in the first half of 2021, thereby decreasing by about 30% compared to the previous year. Some orders could not be won due to excessively long delivery times, caused in part by supply bottlenecks at our suppliers. In addition, demand from an existing customer that manufactures sensors for the automotive sector has shifted due to the pandemic. However, sales developed positively, reaching € 11.7 million in the first half of 2021 after € 9.2 million in the previous year, which represents an increase of 26.8%. The gross profit margin amounted to 36.2% after 22.3% in the previous year. EBIT amounted to € -1.0 million after € -2.0 million in the previous year. We expect a positive EBIT contribution overall from the Bonder division in the second half of 2021 with a further increase in sales.
The Photomask Equipment division, which is located at the Sternenfels site, 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.
| in € million | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 |
|---|---|---|---|---|
| Order entry | 20.8 | 16.4 | 33.0 | 32.3 |
| Sales | 9.9 | 24.8 | 21.2 | 30.6 |
| Gross Profit | 2.8 | 10.4 | 7.2 | 13.0 |
| Gross Profit Margin | 28.2% | 42.0% | 33.9% | 42.5% |
| EBIT | 0.7 | 8.6 | 3.2 | 9.4 |
| EBIT-Margin | 7.3% | 34.7% | 15.2% | 30.7% |
| Net assets | -- | -- | 12.7 | 26.6 |
In the first half of 2021, the Photomask Equipment division recorded stable order entry of € 33.0 million (previous year: € 32.3 million). Division sales were € 21.2 million compared to € 30.6 million a year earlier. The decline in sales is partly due to postponements of delivery dates to the second half of the year. The gross profit margin decreased from 42.5% to 33.9% due to the significantly lower sales compared to the previous year. Division earnings accordingly decreased from € 9.4 million to € 3.2 million. Since order entry and sales in this division are usually comprised of a few large individual orders, significant fluctuations in order entry, sales, and therefore earnings are possible over the course of the year.
The Micro-optics division includes the activities of the SUSS MicroTec subsidiary SUSS MicroOptics at the Hauterive location in Switzerland. The production and sales of microlenses and highly specialized optics for a variety of industrial applications are housed here.
| in € million | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 |
|---|---|---|---|---|
| Order entry | 9.6 | 6.2 | 16.5 | 11.6 |
| Sales | 6.2 | 5.2 | 12.8 | 11.3 |
| Gross Profit | 2.3 | 1.5 | 4.2 | 3.2 |
| Gross Profit Margin | 37.6% | 28.1% | 33.1% | 28.0% |
| EBIT | 0.5 | 0.3 | 0.8 | 0.1 |
| EBIT-Margin | 7.8% | 5.8% | 6.1% | 0.9% |
| Net assets | -- | -- | 23.6 | 17.4 |
Order entry in this division increased significantly and amounted to € 16.5 million (previous year: € 11.6 million) in the first two quarters of 2021. Sales also increased slightly from the previous year to € 12.8 million (previous year: € 11.3 million). The gross profit margin could be increased and amounted to approximately 33.1% after 28.0% in the previous year. Earnings were impacted by COVID-19-related reduced working hours in the first half of the previous year. Division earnings totaled € 0.8 million after € 0.1 million in the previous year.
The Others division primarily comprises costs for central Group functions that cannot be attributed to the main divisions of SUSS MicroTec SE. Moreover, commission income for the sale of third-party equipment is also reported in this division. SUSS MicroTec will provide sales services in China for a former French Group company on the basis of a representative agreement with corresponding commission income. This contract was agreed as part of the spin-off. Commission income can fluctuate more from year to year and is difficult to forecast. The Others division made a negative contribution to EBIT of € -2.8 million (previous year: € - 4.4 million). The improvement compared with the previous year is primarily attributable to a significantly higher contribution to earnings from the commission business.
In the first half of 2021, the entire gross profit of all product lines amounted to € 41.4 million after € 33.2 million in the first half of the previous fiscal year. However, the average gross profit margin significantly improved to 35.0% from 29.3% in the same period of the previous year. While the gross profit margins of the Photomask Equipment division declined in the first half of 2021, significant margin growth was realized in each of the other divisions. Strong margins were achieved in the Lithography division in particular, with the gross profit margin increasing significantly from 24.2% to 34.3%. In the period of the previous year, closure costs for the Corona, USA, production site impacted the gross profit of the Lithography division for the first half of 2020 by approximately € 2.5 million. Furthermore, the gross profit margin in the Bonder division increased significantly from 22.3% to 36.2%.
Administration costs of the Company increased in the first half of 2021, totaling € 11.1 million (first half of 2020: € 9.9 million). There was a growth-related increase in personnel expenses in the administrative area, where additional staff were recruited to meet increased demands. The increase is also attributable to project-related consulting expenses, costs for personnel recruitment and the expansion of the Management Board.
The selling costs increased to € 11.6 million (first half of 2020: € 10.0 million). Due to the planned growth, the number of staff in the sales area was increased. In addition, there was an increase in freight expenses in the first half of 2021 due in part to deliveries to the new production plant in Taiwan and in part to general price increases for air freight.
Research and development costs increased further to € 10.7 million after € 9.9 million in the comparable period of the previous year.
The increase of € 0.8 million was primarily due to the Bonder division, where developments in the area of 300mm hybrid bonders were continuously advanced and qualified as part of the existing development cooperation with the IMEC research center in Belgium.
In the Lithography division, development activities focused on the planned market launch of a fully automated machine for nanoimprinting applications and the development of a modular inline metrology solution. In addition, the first new 300mm coater/developer platform with stacked processing modules was built as the first such machine. In addition, an inkjet module is currently being integrated into the existing 200mm coater/developer platform.
The Photomask Equipment division has been significantly involved in simultaneous front and back Megasonic cleaning of EUVL masks and the development of new technologies to shorten the curing times of coatings for photomask applications. Another focus was the transfer of UV cleaning technology developed for photomasks to wafer applications.
At SUSS MicroOptics, efforts were focused on feasibility studies, prototypes and pre-series development for automotive lighting applications. This also included the development of appropriate test systems for the production of micro-optical headlights.
Other operating income totaled € 2.0 million after € 1.1 million in the first half of 2020. Of that amount, € 1.6 million was related to foreign currency gains (first half of 2020: € 0.6 million). In comparison to the previous year, the increase primarily results from foreign currency effects related to US\$ positions, in particular the valuation of bank balances due to the positive development of the US\$ exchange rate compared to the previous year.
Other operating expenses totaled € 2.0 million after € 1.4 million in the first half of 2020. Of that amount, € 1.7 million was related to foreign currency losses (first half of 2020: € 0.7 million). The increase in foreign currency losses is attributable to the valuation of US\$ liabilities due to the positive development of the US\$ exchange rate compared with the previous year.
The financial result in the first half of 2021 amounted to € -0.2 million (previous year: € - 0.3 million), reflecting interest income and expenses. The decrease in interest expense compared with the first half of 2020 is due to the fact that withdrawals from the credit line of the syndicated loan agreement amounting to € 40 million were made only through mid-2020. Moreover, the interest margin in the syndicated loan agreement decreased in the first half of 2021 due to debt.
In the first half of 2021, tax expenses of € 7.9 million were recorded for EBT of € 2.8 million.
The SUSS MicroTec Group's net cash position – the balance from cash and cash equivalents, interest-bearing securities, and financial liabilities – improved by approximately € 1.4 million when compared with December 31, 2020, to € 21.7 million.
Free cash flow of € 2.0 million was positive in the first half of 2021. The reason for this was the positive cash flow from operating activities of € 5.9 million.
Cash flow from operating activities totaled € 5.9 million in the first half of 2021 (previous year: € 23.3 million). The main driver for the positive cash flow from operating activities was the positive development of earnings after taxes, which improved by € 4.7 million to € 5.0 million compared to the first half of 2020. Cash flow from operating activities in the previous year was positively influenced by increased initial efforts in the area of receivables management and by an increase in the advance payment ratio. In addition, one-time effects in the form of tax refunds amounting to € 5.2 million had a positive impact on the previous year's liquidity position. As of June 30, 2021, there was a slight increase in working capital of € 1.0 million due to upcoming growth, which led to a reduction in cash flow from operating activities.
Cash flow from financing activities totaled € -3.9 million (previous year: € -6.1 million). The decrease is primarily attributable to SUSS MicroTec Netherlands B.V., Eindhoven (formerly PiXDRO), which was acquired in the previous year. By contrast, investments in tangible assets increased by € 1.0 million to € 3.5 million compared with the previous year. This was primarily due to investments in clean room capacity and the acquisition of technical equipment at SUSS MicroOptics, Hauterive (Switzerland). In addition, investments were made for productivity and quality enhancement measures affecting the lithography and bonder areas at SUSS Micro Tech Lithography, Garching (Germany).
Cash flow from financing activities amounted to € -1.7 million, reflecting in part the repayment of the bank loan of € 0.5 million that served to finance the property in Garching. This loan was repaid in full as of June 30, 2020. In addition, the first repayment for the two KfW development loans newly taken out with IKB in 2019 (total amount: € 10.0 million) was made in the amount of € 0.3 million as of June 30, 2021. In addition, a total of € 0.9 million was spent on the repayment of rental and leasing liabilities.
Besides cash and cash equivalents of € 41.2 million (December 31, 2020: € 40.8 million), the Group had a credit line of € 40 million as of the half-year reporting date for cash drawdowns, which had not been utilized as of June 30, 2021. Of the existing guarantee line for € 16 million, a total of € 7.5 million had been utilized as of June 30, 2021, relating primarily to down payment guarantees for customer down payments.
Noncurrent assets totaled € 66.5 million as of the half-year reporting date and were thus approximately € 1.1 million higher than on December 31, 2020, which was primarily due to the increase in property, plant and equipment.
Current assets of the Group rose by € 15.0 million from € 166.0 million (December 31, 2020) to € 181.0 million as of the 2021 half-year reporting date, which was due in particular to the increase in inventory reserves. In this context, the level of inventories reported as of June 30, 2021, increased by € 16.0 million compared to December 31, 2020, to € 89.0 million. The increase is primarily due to the build-up of inventories of materials and supplies in the amount of € 6.0 million and the increase in unfinished goods in the amount of € 7.1 million. The increase was due to growth and the expansion of production in Taiwan, as well as to counteract global supply bottlenecks.
There was also an increase of € 7.6 million in the inventory of demo devices due to the additional provision of machines for customers in the first half of 2021. These demo devices are made available to customers temporarily for a test phase, in order to sell them to the customer after successful evaluation. By contrast, inventories of finished goods decreased by € 4.7 million compared with December 31, 2020, due to the reporting date.
Trade receivables decreased by € 2.1 million since December 31, 2020, and amounted to € 15.6 million as of mid-year. Contractual assets decreased by € 3.3 million, amounting to € 27.0 million as of mid-year.
The positive cash flow generated in the first half of 2021 led to a slight increase in the level of cash and cash equivalents, which amounted to € 41.2 million as of June 30, 2021 (after € 40.8 million as of December 31, 2020).
The shareholders' equity of the SUSS MicroTec Group has grown since December 31, 2020, by € 5.6 million to € 142.1 million. However, given the € 16.1 million increase in total assets, the equity ratio decreased slightly from 59.0% to 57.4%.
Additional details about the development of consolidated equity are presented in the consolidated statement of shareholders' equity.
Noncurrent liabilities increased from € 32.6 million to € 34.6 million. The increase resulted primarily from the reporting date-related increase in deferred tax liabilities by € 2.5 million. This latter increase was primarily attributable to temporary differences between recognized values in accordance with IFRS and the tax statements of financial position of the German companies caused by earlier revenue recognition under IFRS 15.
In the first half of 2021, current liabilities increased by € 8.4 million to € 70.8 million. This is primarily due to the € 6.6 million increase in trade payables to € 16.5 million, which is primarily attributable to the increase in inventory reserves.
As of June 30, 2021, the Group had 1,117 employees within the individual companies (June 30, 2020: 944 employees). The majority of employees were recruited in the areas of production, materials management and R&D, as well as in the context of the production buildup in Taiwan with the aim of improving delivery times and capacities.
OPPORTUNITIES AND RISKS FOR THE FUTURE DEVELOPMENT OF THE SUSS MICROTEC GROUP
The goal of our opportunity and risk management is to maintain and increase the enterprise value of the SUSS MicroTec Group. Our corporate goals include the early and successful detection of opportunities, the identification and suitable assessment of the related risks, and an appropriate response. The diverse opportunities for our Group result from technology leadership in our businesses, our broad spectrum of products and solutions for the semiconductor equipment industry, collaborations with international customers and research institutes, and our global positioning.
We define opportunities and risks as follows:
The analysis and assessment of opportunities and risks for the Group is the subject of continuous deliberations by the Management Board and the management of the Group. On the basis of an opportunity-oriented but simultaneously risk-conscious management, however, the Company's fundamental goal is not to avoid all potential risks. Instead, it constantly aims to achieve an optimum level of risk avoidance, risk reduction, and the controlled acceptance of risk. An awareness of risks should not interfere with the ability to identify opportunities and to use them for the benefit of the Company and its shareholders.
The risk management system has long been a component of corporate management for the purpose of recognizing and controlling risks, and for meeting legal requirements. For a detailed discussion of the functioning of the risk management system, the related risk assessment, and resulting risk management, we refer to the 2020 Annual Report.
In the last Annual Report, we described in detail in the Risk Report the opportunities and risks that we see for our Group in the macroeconomic environment, in the context of strategic corporate decisions, and in our sector and market environment. One of the key risks explained was the potential negative impact of the COVID-19 pandemic. So far, we have been spared any adverse effects or major burdens on earnings because of the precautionary measures we have taken. There is nevertheless a risk that the pandemic will once again escalate, in particular because of mutations of the virus that have emerged. In the first half of the current fiscal year, there were no other substantial changes to the outlined risks and opportunities or our assessment.
In the 2020 Annual Report, we cited as operational opportunities the strong market position of our mask aligner and coater/developer product lines, with which we achieve constant sales in the Lithography division, while also maintaining a consistent workload at our production sites in Germany and Taiwan. The purchase intentions we have received and the related improved market outlook for UV projection scanners are leading to a new start of production in Taiwan. Shifting the production of the UV production scanners to Taiwan requires a transfer of technology to Taiwan, which we have already begun, and adding additional personnel, which is associated with corresponding costs and risks. Based on the framework conditions agreed with a major customer and the interest of other customers in this technology, we see additional sales potential for the Lithography division.
In addition, we have reported on the positive outlook and opportunities for the Bonder division. This expectation is supported by the positive development of sales and gross profit margin in the first half of 2021. Despite a weaker order entry compared to the first half of the previous year, we expect a further expansion of our market position in the future, accompanied by an improvement in margins in this division. We assume that the Bonder division will provide constant substantial sales and positive contributions to Group earnings with product lines in the area of permanent and temporary bonding.
In the Photomask Equipment division, we presented our solidified market position and the high sales and margins that can be achieved with few individual orders.
In the Micro-optics division, we continue to see further growth potential, particularly in the automotive sector.
In the first half of 2021, there were no other substantial changes to the outlined opportunities and our assessment. Although our supply chain proved stable and resilient during the COVID-19 pandemic, with the exception of a few isolated cases we are seeing some extended delivery times, bottlenecks and price increases from our suppliers as a result of the economic recovery following the pandemic. We are trying to reduce this risk by expanding our supplier base worldwide.
In the 2020 Annual Report, we discussed in detail our position on the operational risks that could have a negative impact on the business performance of the SUSS MicroTec Group. The main risks we identified related to a conceivable loss of market share for mask aligner and for coater/developer product lines. In the first half of 2021, nothing changed in the fundamental risk structure or our assessment of these specified risks.
In the 2020 Annual Report, we discussed our intention to further expand development activities for our product lines and to focus on the development of new and innovative platforms for our mask aligner and coater/developer product lines, among other things, and to continuously expand EUVL applications in the Photomask Equipment division. In the first half of 2021, we further advanced these plans. In the Bonder division, we are continuing to work on the expansion of hybrid bond technology, and in the Micro-optics division, on pre-series developments for automotive lighting applications. As a result, development expenses increased overall in the first two quarters of 2021 compared to the same period of the previous year.
In last year's Annual Report, we described development-specific risks involving our product policy and customer satisfaction. Material risks could result if our ability to innovate turns out to be inadequate or if our development projects fall short of their goals. In addition, a possible loss of market leadership in individual areas could present a material risk for our sales development. These risks remain unchanged in 2021.
In 2019, two German Reconstruction Loan Corporation (KfW) development loans were taken out from IKB with a total volume of € 10.0 million. These two loans were paid out in April 2019 and August 2019. They have a term of ten years. In addition, the Company had taken out a loan at IKB that served to finance the business property in Garching. This loan was repaid in full as of June 30, 2021.
In October 2019, SUSS MicroTec SE concluded a syndicated loan agreement with four banks (Deutsche Bank, LBBW, Commerzbank, and BECM) for a total of € 56 million. Under this syndicated loan agreement with a term of five years, with two extension options of one year each, SUSS MicroTec SE has been granted a € 40 million credit line for cash drawdowns as well as a guarantee line of € 16 million. As of June 30, 2021, an amount of € 7.5 million has been utilized in the form of guarantees under this agreement. The conclusion of the syndicated loan agreement will safeguard the financing of the SUSS MicroTec Group over the upcoming months and years. We therefore consider any potential financing risk to be very low. Nonetheless, we aim to keep the Company's ratio of borrowed capital at a low level through corresponding cash flows, also by optimizing its working capital.
In the 2020 Annual Report, we discussed in detail employee-specific and financial opportunities and risks as well as information technology risks. There were no significant changes in our assessment of these opportunities and risks in the first half of 2020.
The risk management system described in the 2020 Annual Report continued to be used in the first half of 2021.
No material events requiring disclosure occurred after the end of the interim reporting period.
In the first half of 2021, there were no material transactions with related parties subject to the disclosure requirements of IAS 24.
The business environment in which SUSS operates is influenced by regional and global economic conditions as well as industry developments. The following forecast report provides an explanation of factors that both the Company and leading market and industry observers regard as essential for the development of the Company.
Since its onset in early 2020, the COVID-19 pandemic has impacted the economy of the entire world like no other event in decades. After a tangible revival of the economy was observed at the end of 2019, the economy collapsed worldwide in the first quarter of 2020. The pandemic originated in China, where initial infections with COVID-19 occurred as early as December 2019.
Since its outbreak, economic research institutes have regularly revised their estimates and adjusted their expectations to the rapidly changing, new underlying conditions. The ifo Institute in Munich most recently lowered its economic expectations for Germany on June 16, 2021, and now forecasts economic growth of 3.3% in 2021. As recently as March, estimates had been 3.7%. Some estimates by other economic research institutes that were already made in the course of 2020 forecast growth of over 6% in 2021, since a faster end to the pandemic had been expected in the summer of 2020 as the number of infections fell. The ifo Institute expects a significant upturn in the global economy, although developments in individual countries will vary considerably. While China already achieved significant growth rates in the third quarter of 2020, the United States is not expected to reach the pre-crisis level of economic output until the second quarter of 2021. For the eurozone as a whole, this is not expected until early 2022.
According to the estimates of the market research institute Gartner, the semiconductor market grew by 10.4% in 2020 compared to the previous year to a volume of around US\$ 466.2 billion. Following this strong year, further growth is forecast for 2021. The experts at the Semiconductor Industry Association are forecasting growth of 19.7% for the current fiscal year and another 8.8% increase for 2022 compared to the previous year (source: Semiconductor Industry Association, June 9, 2021). This would mean that the semiconductor market would exceed the US\$ 500 billion mark for the first time.
Semiconductor devices are becoming increasingly important in all sectors, be it industry, private households or research and development. Growth is being driven in particular by steady increases in demand for memory elements, which accounted for around 30% of market growth in 2020 (Gartner, April 2021). In addition, the transition to the 5G mobile communications standard and the generally high demand for industrial electronics and automotive electronics are important drivers of our business.
The forecasts for the semiconductor equipment market are likewise very positive. SEMI's industry experts (as of July 2021) expect the equipment sector to grow by around 34% in 2021 to reach a market volume of US\$ 95.3 billion, up from US\$ 71.1 billion in 2020. The US\$ 100 billion mark is expected to be exceeded for the first time in 2022. Both the front end and the back end are expected to benefit from this growth. Demand for machines and process solutions for the manufacture of DRAM chips is expected to grow by 46% compared to the previous year in 2021 alone, reaching a value of around US\$ 14 billion.
In one of SUSS MicroTec's specialty areas, assembly and packaging, SEMI expects enormous growth of around 56% in 2021. This means a market volume of around US\$ 6 billion is expected for 2021. Further growth of around 6% to a market volume of around 6.4% is predicted for 2022. These July 2021 SEMI estimates are significantly higher than past expectations. As in 2020, the growth is based essentially on increased capacity in the area of advanced packaging, in which SUSS plays a leading role with its lithographic solutions and bonders.
From a regional perspective, South Korea, Taiwan and China will make the largest investments. Due to expected investments in the memory sector, South Korea is likely to become the largest investor in the semiconductor sector in 2021.
The market for microelectromechanical systems (MEMS), another of our target markets, will also perform very well in the future according to the Yole Développement market research institute. From 2020 to 2026, the market is expected to grow at an average annual rate (CAGR) of 7%, reaching a volume of approximately US\$ 18.2 billion in 2026. The drivers of this growth remain autonomous driving, augmented reality, artificial intelligence, mobile data connections, and medical technology.
Worldwide measures to contain the COVID-19 pandemic are currently hindering our ability to make estimates for the current year. Provided that the further development of COVID-19 pandemic does not worsen and have a correspondingly negative impact on the Company, the Company anticipates a sustained positive performance in the second half of 2021. Our previous sales expectations remain in a range of € 270 million to € 290 million. Under these conditions, the EBIT margin should also improve compared to the previous year and range from 9% to 11%. We thus confirm our forecast for the full year 2021.
This Interim Report contains information and forecasts that refer to the future developments of the SUSS MicroTec Group and its companies. The forecasts are assessments that the Company has made based on all of the information available to it at the present time. Should the assumptions on which these forecasts are based not occur or the risks – as addressed in the risk report – arise, the actual results may deviate from those currently expected.
Garching, Germany, August 5, 2021
Dr. Goetz M. Bendele Oliver Albrecht Dr. Thomas Rohe
(CEO) (CFO) (COO)
Chief Executive Officer Chief Financial Officer Chief Operations Officer
| in € thousand | 01.04.2021 - 30.06.2021 |
01.04.2020 - 30.06.2020 |
01.01.2021 - 30.06.2021 |
01.01.2020 - 30.06.2020 |
|---|---|---|---|---|
| Sales | 65,830 | 71,591 | 118,467 | 113,319 |
| Cost of sales | -41,714 | -48,578 | -77,025 | -80,108 |
| Gross profit | 24,116 | 23,013 | 41,442 | 33,211 |
| Selling costs | -6,263 | -4,693 | -11,564 | -9,978 |
| Research and development costs | -5,640 | -4,848 | -10,746 | -9,865 |
| Administration costs | -5,652 | -4,873 | -11,129 | -9,888 |
| Other operating income | 651 | 677 | 2,018 | 1,093 |
| Other operating expenses | -646 | -499 | -2,010 | -1,385 |
| Analysis of net income from operations (EBIT): | ||||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) |
8,447 | 10,556 | 11,732 | 6,770 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,881 | -1,779 | -3,721 | -3,582 |
| Net income from operations (EBIT) | 6,566 | 8,777 | 8,011 | 3,188 |
| Financial income | 1 | 1 | 2 | 3 |
| Financial expense | -51 | -175 | -161 | -322 |
| Financial result | -50 | -174 | -159 | -319 |
| Profit / loss from continuing operations before taxes |
6,516 | 8,603 | 7,852 | 2,869 |
| Income taxes | -2,246 | -2,858 | -2,807 | -2,511 |
| Profit / loss from continuing operations | 4,270 | 5,745 | 5,045 | 358 |
| Thereof equity holders of SUSS MicroTec | 4,270 | 5,745 | 5,045 | 358 |
| Thereof non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share (basic) | ||||
| Earnings per share in € | 0.22 | 0.30 | 0.26 | 0.02 |
| Earnings per share (diluted) | ||||
| Earnings per share in € | 0.22 | 0.30 | 0.26 | 0.02 |
| in € thousand | 01.01.2021 - 30.06.2021 |
01.01.2020 - 30.06.2020 |
|
|---|---|---|---|
| Net profit / loss | 5,045 | 358 | |
| Items that are not reclassified to profit and loss | |||
| Remeasurements on defined benefit pension plans | 0 | 0 | |
| Deferred taxes | 0 | 0 | |
| Other income after tax for items that are not reclassified as an expense or income |
0 | 0 | |
| Items that will be reclassified to profit and loss in later periods |
|||
| Foreign currency adjustment | 586 | 286 | |
| Cash flow hedges | 0 | 0 | |
| Deferred taxes | 0 | 0 | |
| Other income after tax for items that will be reclassified to profit and loss in later periods |
586 | 286 | |
| Total income and expenses recognized in equity | 586 | 286 | |
| Total income and expenses reported in the reporting period |
5,631 | 644 | |
| Thereof equity holders of SUSS MicroTec SE | 5,631 | 644 | |
| Thereof non-controlling interests | 0 | 0 |
| in € thousand | 30.06.2021 | 31.12.2020 | |
|---|---|---|---|
| Assets | |||
| NON-CURRENT ASSETS | 66.490 | 65.398 | |
| Intangible assets | 5.166 | 5.089 | |
| Goodwill | 18.349 | 18.286 | |
| Tangible assets | 41.056 | 40.352 | |
| Other assets | 398 | 350 | |
| Deferred tax assets | 1.521 | 1.321 | |
| CURRENT ASSETS | 181.009 | 166.007 | |
| Inventories | 89.030 | 72.983 | |
| Trade receivables | 15.578 | 17.717 | |
| Contract assets | 26.968 | 30.247 | |
| Other financial assets | 590 | 559 | |
| Current tax assets | 258 | 395 | |
| Cash and cash equivalents | 41.215 | 40.827 | |
| Other assets | 7.370 | 3.279 | |
| TOTAL ASSETS | 247.499 | 231.405 |
| in € thousand | 30.06.2021 | 31.12.2020 |
|---|---|---|
| Liabilities & shareholders' equity | ||
| Equity | 142.135 | 136.504 |
| Total equity attributable to shareholders of SUSS MicroTec SE |
142.135 | 136.504 |
| Subscribed capital | 19.116 | 19.116 |
| Reserves | 124.014 | 118.969 |
| Accumulated other comprehensive income | -995 | -1.581 |
| NON-CURRENT LIABILITIES | 34.593 | 32.563 |
| Pension plans and similar commitments | 6.259 | 6.396 |
| Financial debt | 8.750 | 9.062 |
| Financial debt from lease obligations | 7.632 | 7.656 |
| Other liabilities | 308 | 312 |
| Deferred tax liabilities | 11.644 | 9.137 |
| CURRENT LIABILITIES | 70.771 | 62.338 |
| Provisions | 4.578 | 4.501 |
| Tax liabilities | 554 | 814 |
| Financial debt | 889 | 1.386 |
| Financial debt from lease obligations | 2.239 | 2.387 |
| Other financial liabilities | 8.939 | 10.436 |
| Trade payables | 16.466 | 9.834 |
| Contract liabilities | 28.672 | 25.679 |
| Other liabilities | 8.434 | 7.301 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 247.499 | 231.405 |
| CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS) | ||||
|---|---|---|---|---|
| --------------------------------------------- | -- | -- | -- | -- |
| in € thousand | 01.01.2021 - 30.06.2021 |
01.01.2020 - 30.06.2020 |
|
|---|---|---|---|
| Net profit / loss (after taxes) | 5.045 | 358 | |
| Amortization of intangible assets | 330 | 302 | |
| Depreciation of tangible assets | 3.391 | 3.279 | |
| Profit or loss on disposal of intangible and tangible assets | 57 | 0 | |
| Change of reserves on inventories | 1.604 | 1.325 | |
| Change of reserves for bad debts | -748 | -188 | |
| Non-cash income from the reversal of pension accruals | 0 | 0 | |
| Other non-cash effective income and expenses | 246 | 100 | |
| Change in inventories | -17.458 | -1.729 | |
| Change in contract assets | 3.279 | -3.304 | |
| Change in trade receivables | 2.946 | 7.826 | |
| Change in other assets | -4.169 | -1.533 | |
| Change in pension provisions | -60 | 297 | |
| Change in trade payables | 6.650 | 412 | |
| Change in contract liabilities | 2.866 | 10.638 | |
| Change in other liabilities and other provisions | -290 | -269 | |
| Change of tax assets and tax liabilities | 2.183 | 5.738 | |
| Cash flow from operating activities | 5.872 | 23.252 |
| in € thousand | 01.01.2021 - 30.06.2021 |
01.01.2020 - 30.06.2020 |
|
|---|---|---|---|
| Disbursements for other tangible assets | -3,502 | -2,522 | |
| Disbursements for intangible assets | -409 | -291 | |
| Purchases of current available-for-sale securities | 0 | -3,280 | |
| Cash flow from investing activities | -3,911 | -6,093 | |
| Repayment of bank loans | -809 | -9,523 | |
| Increase of bank loans | 0 | 0 | |
| Repayment of leasing liabilities | -886 | -1,413 | |
| Change in other financial debt | 0 | 0 | |
| Cash flow from financing activities | -1,695 | -10,936 | |
| Adjustments to funds caused by exchange-rate fluctuations | 122 | 2 | |
| Change in cash and cash equivalents | 388 | 6,225 | |
| Funds at beginning of the year | 40,827 | 10,280 | |
| Funds at end of the period | 41,215 | 16,505 | |
| Cash flow from operating activities includes: | |||
| Interest paid during the period | 123 | 151 | |
| Interest received during period | 0 | 3 | |
| Tax paid during the period | 514 | 1,630 | |
| Tax refunds during the period | 0 | 5,230 |
| in € thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve |
Retained earnings |
Accumulated other comprehensive income | Total equity attributable to shareholders of SÜSS MicroTec SE |
|||
|---|---|---|---|---|---|---|---|---|---|
| Items that will not be reclassified to profit or loss |
Items that will be reclassified to profit or loss in later periods |
||||||||
| Remeasurements on defined benefit pension plans |
Deferred taxes | Foreign currency adjustment |
Deferred taxes | ||||||
| As of January 01, 2020 | 19,116 | 55,822 | 202 | 50,582 | - 3,610 |
941 | 2,335 | - | 125,388 |
| Net income / loss | - | - | - | 358 | - | - | - | - | 358 |
| Total income and expenses recognized in equity | - | - | - | - | - | - | 286 | - | 286 |
| Total comprehensive income / loss | - | - | - | 358 | - | - | 286 | - | 644 |
| As of June 30, 2020 | 19,116 | 55,822 | 202 | 50,940 | - 3,610 |
941 | 2,621 | - | 126,032 |
| As of January 01, 2021 | 19,116 | 55,822 | 202 | 62,945 | - 3,845 |
1,004 | 1,260 | - | 136,504 |
| Net income / loss | - | - | - | 5,045 | - | - | - | - | 5,045 |
| Total income and expenses recognized in equity | - | - | - | - | - | - | 586 | - | 586 |
| Total comprehensive income / loss | - | - | - | 5,045 | - | - | 586 | - | 5,631 |
| As of June 30, 2021 | 19,116 | 55,822 | 202 | 67,990 | - 3,845 |
1,004 | 1,846 | - | 142,135 |
25
| in € thousand | Lithography | Substrate Bonder | Photomask Equipment | MicroOptics | Other | Consolidation effects | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6M / 2021 | 6M / 2020 | 6M / 2021 6M / 2020 | 6M / 2021 | 6M / 2020 | 6M / 2021 6M / 2020 | 6M / 2021 6M / 2020 | 6M / 2021 6M / 2020 | 6M / 2021 | 6M / 2020 | |||||
| External Sales | 71,770 | 62,064 | 11,661 | 9,232 | 21,224 | 30,588 | 12,806 | 11,315 | 1,006 | 120 | - | - | 118,467 | 113,319 |
| Internal Sales | - | - | - | - | - | - | - | - | 5,385 | 5,388 | -5,385 | -5,388 | - | - |
| Total Sales | 71,770 | 62,064 | 11,661 | 9,232 | 21,224 | 30,588 | 12,806 | 11,315 | 6,391 | 5,508 | -5,385 | -5,388 | 118,467 | 113,319 |
| Result per segment (EBIT) | 7,792 | 34 | -956 | -1,976 | 3,226 | 9,434 | 786 | 91 | -2,837 | -4,395 | 8,011 | 3,188 | ||
| Income before taxes | 7,797 | 9 | -968 | -1,987 | 3,217 | 9,424 | 786 | 83 | -2,980 | -4,660 | 7,852 | 2,869 | ||
| Significant non-cash items | -779 | 2,464 | -689 | -153 | -13 | 550 | 625 | -334 | - | - | -856 | 2,527 | ||
| Segment assets | 101,185 | 88,632 | 29,107 | 21,758 | 20,798 | 33,574 | 26,854 | 20,430 | 18,202 | 17,294 | 196,146 | 181,688 | ||
| thereof goodwill | 18,349 | 18,297 | - | - | - | - | - | - | - | - | 18,349 | 18,297 | ||
| Unallocated assets | 51,353 | 27,248 | ||||||||||||
| Total assets | 247,499 | 208,936 | ||||||||||||
| Segment liabilities | -44,141 | -31,806 | -6,041 | -3,685 | -8,065 | -6,999 | -3,237 | -2,993 | -1,713 | -1,800 | -63,197 | -47,283 | ||
| Unallocated liabilities | -42,167 | -35,621 | ||||||||||||
| Total liabilities | -105,364 | -82,904 | ||||||||||||
| Depreciation and amortization | 1,636 | 1,687 | 161 | 133 | 112 | 92 | 1,104 | 1,085 | 708 | 585 | 3,721 | 3,582 | ||
| thereof scheduled | 1,636 | 1,687 | 161 | 133 | 112 | 92 | 1,104 | 1,085 | 708 | 585 | 3,721 | 3,582 | ||
| thereof impairment loss | - | - | - | - | - | - | - | - | - | - | ||||
| Capital expenditure | 1,363 | 3,850 | 260 | 120 | 139 | 237 | 1,509 | 1,570 | 640 | 316 | 3,911 | 6,093 | ||
| Workforce at June 30 | 692 | 577 | 108 | 97 | 162 | 146 | 120 | 94 | 35 | 30 | 1,117 | 944 |
| in € thousand | Sales | Capital expenditure | Assets (without Goodwill) |
||||
|---|---|---|---|---|---|---|---|
| 6M / 2021 6M / 2020 | 6M / 2021 6M / 2020 | 6M / 2021 6M / 2020 | |||||
| EMEA | 26,833 | 19,290 | 3,485 | 5,461 | 162,942 | 150,976 | |
| North-America | 11,567 | 11,780 | 173 | - | 5,726 | 3,832 | |
| Asia and Pacific | 80,067 | 82,249 | 253 | 632 | 9,644 | 8,619 | |
| Consolidation effects | - | - | - | - | -515 | -36 | |
| Total | 118,467 | 113,319 | 3,911 | 6,093 | 177,797 | 163,391 |
The consolidated financial statements of SUSS MicroTec SE as of December 31, 2020, were 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 June 30, 2021, 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 SE as of December 31, 2020.
In the interim financial statements as of June 30, 2021, the same accounting methods were applied as in the consolidated financial statements for the 2020 fiscal year. All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of June 30, 2021, have been applied. For additional information about specific accounting and measurement methods, please see the consolidated financial statements of SUSS MicroTec SE as of December 31, 2020.
The Group auditor has neither audited nor reviewed the interim financial statements.
The consolidated financial statements include the financial statements of SUSS MicroTec SE 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, 2020, there were no additional changes to the scope of consolidation.
Continuing in the first half of 2021, the COVID-19 pandemic caused massive disruptions to social and economic life worldwide, which had a corresponding negative impact on the economy. Although the situation has eased somewhat in recent months, there is still a risk that the pandemic will once again escalate, in particular because of mutations of the virus that have emerged. So far, we have been spared any adverse effects or major burdens on earnings because of the precautionary measures we have taken.
Other major 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 of SUSS MicroTec SE as of June 30, 2021, is analogous to the presentation as of December 31, 2020.
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. With the application of IFRS 16, contingent liabilities in the form of rent or lease liabilities have been recognized as financial liabilities since 2019.
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 Tsd. € | 6M / 2021 | 6M / 2020 |
|---|---|---|
| Profit/loss, which accrues to shareholder | ||
| SÜSS MicroTec SE | 5,045 | 358 |
| Weighted avarage number of outstanding | ||
| shares | 19,115,538 | 19,115,538 |
| Effect of the (potential) exercise of stock | ||
| options (number of options) | 0 | 0 |
| Ajusted weighted average number of | ||
| outstanding shares | 19,115,538 | 19,115,538 |
| Earnings per share in € - basic | 0.26 | 0.02 |
| Earnings per share in € - deluted | 0.26 | 0.02 |
To the best of our knowledge, we assure that in accordance with applicable accounting principles for interim reporting, the consolidated interim financial statements convey an accurate view of the net assets, financial position, and results of operations of the Group and that the Interim Management Report conveys an accurate view of the business performance, including the earnings and condition of the Company, and describes the essential opportunities and risks for the Group's future development in the remainder of the fiscal year.
Garching, Germany, August 5, 2021
SUSS MicroTec SE The Management Board
Dr. Goetz M. Bendele Oliver Albrecht Dr. Thomas Rohe
Chief Executive Officer Chief Financial Officer Chief Operating Officer
Quarterly Report 2021 (Q3) November
11
Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 89 32007-100 E-mail: [email protected]
Investor Relations Phone: +49 89 32007-161 E-mail: [email protected] www.suss.com
Forward-looking statements: Interim reports include forward-looking statements. Forward-looking statements do not present historical facts but include statements about expectations and the views of the management of SUSS MicroTec SE. These statements are based on current plans, estimates, and forecasts of the Company's management. Investors should not rely on these statements unreservedly. Forward-looking statements are to be understood in the context of the time at which they were made. The Company does not assume any obligation to update the forward-looking statements included in this report given new information or future events. The Company's obligation to comply with its statutory responsibilities regarding information and reporting remains unaffected. Forward-looking statements always involve risks and uncertainties. A large number of factors that are described in this report could cause actual events to deviate substantially from the forward-looking statements included in this report.
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