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SÜSS MicroTec SE — Investor Presentation 2011
May 24, 2011
422_ip_2011-05-24_c94f75aa-5c72-437e-bb47-be4df2e4b107.pdf
Investor Presentation
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Company Presentation February 2011Company PresentationMay 2011
Disclaimer
This presentation contains forward-looking statements relating to the business, financial performance and earnings of SUSS MicroTec AG and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of SUSS MicroTec AG.Consequently, actual developments as well as actual earnings andperformance may differ materially from those which are explicitly or implicitly assumed in the forward-looking statements. SUSS MicroTec AG does not intend or accept any obligation to publish updates of these forward-looking statements.
Content
- I.Executive Summary
- II.Products and Markets
- III.Growth Opportunities
- IV.Financials
- V.Outlook
- VI.Appendix
SUSS MicroTec Spotlight
- SUSS MicroTec: A global leader in semiconductor equipment
- Our equipment and process solutions create the micro structures that build and connect micro electronic devices
- We are focused on high growth market segments:
Semiconductors, MEMS, LEDs
Key Data*:
- Bloomberg Symbol: SMH
- TecDax
- Share price: 11,73 €
- Market Cap: 220 Mio. €
- Enterprise Value: 185 Mio. €
* April 29, 2011
SUSS MicroTec Key Information
Key figures 2010:
- Order entry: 189.3 million €
- Sales: 139.1 million €
- EBIT: 14.3 million €
- Free Cash Flow: 14.1 million €
- More than 8,000 systems installed worldwide
Major Milestones:
- Outstanding growth in order entry
- Double digit EBIT-margin
- Major reorganization and site consolidation for increased efficiency and lean cost structures
- Listed in TecDAX (Top 30 Germany technology companies)
12 Months Business Development
Stock Performance 2011
(Price of the SUSS MicroTec Share at December 30, 2010: € 9.14)
Content
- I.Executive Summary
- II.Products and Markets
- III.Growth Opportunities
- IV.Financials
- V.Outlook
- VI.Appendix
SUSS MicroTec In The Value Chain
Products and Process Solutions
| P d t r o c s u |
M k T k a s r a c |
M k A l i a s n e r |
C / t o a e r |
W f B d a e r o n e r |
|---|---|---|---|---|
| g | D l e v e o p e r |
|||
| F d t- r o n e n |
B k- d a c e n |
|||
| P S t r o c e s s e p s |
||||
| P h k C l i t o o m a s e a n n g |
A l i t g n m e n E x p o s u r e N I i i t a n o m p r n n g |
C i t o a n g D l i e v e o p n g |
B d A l i t o n g n m e n P B d i t e r m a n e n o n n g T B d i e m p o r a r y o n n g |
|
| S t e g m e n s |
P h k t o o m a s E i t q u p m e n |
L i h t o g |
h r a p y |
S b B d t t u s r a e o n e r |
| 9 |
Mega Trends Driving our Key Markets
Enabling Semiconductor Trends
SUSS MicroTec drives and enables the fundamental challenges of the semiconductor Industry:
The SUSS MicroTec family of products provides equipment and process solutions for 2-dimensional and 3-dimensional scaling
Semiconductors
- SUSS MicroTec offers solutions for performance and yield critical steps in semiconductor manufacturing
- Front End: Mask Cleaning
- Back End: Advanced Packaging 3D Integration
Mask Cleaning
Maintains mask integrity of 193i sub 22nm, EUVL and NIL lithography
Advanced Packaging
Micro-bumping replaces wire-bonding for high-end integrated circuits
3D Integration
Stacking chips allows for higher device complexity
MEMS and LED
MEMS
- Micromechanical devices with electrical functions
- Micro Electro Mechanical Systems are found in a wide application range from automotive over industrial process control sensors to consumer products
LED
- Ultra High Brightness Light Emitting Diodes ( UHB LED) for solid state lighting
- UHB LEDs drive rapidly growing LED markets like automotive, consumer electronics and lighting applications
- For MEMS and LED production SUSS MicroTec offers a comprehensive suite of products: Mask Aligners – Coaters / Developers – Wafer Bonders
From Advanced Packaging to 3D Integration
- Technical and economical limitations increasingly slow down the shrink roadmap of integrated circuits
-
Going into the third dimension by stacking chips allows for a further complexity increase of integrated devices
-
3D integration promises greater space efficiency, lower power consumption and a significant increase in performance.
- SUSS MicroTec develops equipment and processes for 3D Integration
3D Integration: Chip Design Using the Third Dimension
Content
- I.Executive Summary
- II.Products and Markets
- III.Growth Opportunities
- IV.Financials
- V.Outlook
- VI.Appendix
Growth Opportunities
- The company's long term growth perspective derives from the double digit growth rates of the target markets 3D Integration, Advanced Packaging, LED and MEMS
- SUSS MicroTec is one of the leading suppliers for wafer bonders in the semiconductor industry offering a broad portfolio of permanent and temporary bonding equipment and process solutions
- The wafer bonder equipment market is estimated to grow rapidly to a size of larger 500 million \$ within the next few years
- SUSS MicroTec targets a market share of 30%+ which is in line with the current market position
Source: Yole Développement
Enabling Growth: Production in Sternenfels
- Three product lines under one roof
- Photomask Equipment
- Coater / Developer
- Bonder
- Synergies in the development and production
- Production facility (15,000 m²) with two large clean rooms
- Meets modern production and clean room standards
- Supports anticipated expansion of business
Reduction of development and production sites from existing four in January 2010 to two highly efficient sites in Germany now
Enabling Growth: Differentiation
SÜSS has all it takes to be a global leader
Strong brand standing for
- Precision
- Reliability
- Longevity
- Technological leadership
- Comprehensive product range
- Global footprint
Content
- I.Executive Summary
- II.Products and Markets
- III.Growth Opportunities
- IV.Financials
- V.Outlook
- VI.Appendix
Key Financials continuing operations
| in i l l ion € m |
Q 1 2 0 1 1 |
Q 1 2 0 1 0 |
F Y 2 0 1 0 |
F Y 2 0 0 9 |
|---|---|---|---|---|
| Or de In ke ta r |
4 8. 3 |
3 2. 3 |
1 8 9. 3 |
9 3. 3 |
| ( d o f p io d ) Or de Ba k log en er r c |
1 3 0. 5 |
7 5. 4 |
1 1 6. 1 |
5 7. 0 |
| Re | 3 2. 0 |
2 1. 9 |
1 3 9. 1 |
1 0 3. |
| ve nu e |
9 | |||
| E B I T |
2. 5 |
0. 1 - |
1 4. 3 |
2. 8 |
| E B I T in f Sa les % o |
7. 8 % |
0. 2 % - |
1 0. 3 % |
2. 7 % |
| Ea ing f te tax rn s a r |
2. 4 |
0. 7 - |
3. 0 1 |
0. 5 |
| ( ba ic ) E P S in € s |
0. 3 1 |
0. 0 4 - |
0. 7 1 |
0. 0 3 |
| Em loy p ee s |
6 4 7 |
9 5 7 |
6 6 1 |
9 8 4 |
| * | ||||
| Fr Ca h F low ee s |
-2 2 |
1. 3 - |
1 4. 1 |
8. 9 |
| Ne Ca h ** t s |
3 5. 1 |
1 1. 0 |
3 4. 6 |
1 8. 4 |
* Before consideration of purchase or sale of available-for-sale securities and before consideration of extraordinary items from purchase or sale of subsidiaries
** incl. interest-bearing securities
Content
- I.Executive Summary
- II.Products and Markets
- III.Growth Opportunities
- IV.Financials
- V.Outlook
- VI.Appendix
Outlook
Outlook
- Strong competitive positioning: first or second in the target markets Double-digit growth rates in target markets for the years to come Strong growth potential for the Substrate Bonder Division
- Expansion of the solid financial situation and increasing profitability
Investment case
- Strong balance sheet
- Lean cost structure
- Strong fundamental growth in target markets
- Significant mid term revenue opportunity
- Strong competitive positioning: first or second in the target markets
- Evolve from Lithography company to leading company in the semiconductor backend, enabling 3D integration
- Participate in the consolidation of the backend
Content
- I.Executive Summary
- II.Products and Markets
- III.Growth Opportunities
- IV.Financials
- V.Outlook
- VI.Appendix
Long Term Development of the SUSS Share
(Price of the SUSS MicroTec Share at January 4, 2010: € 4,40)
Average daily trading volume: ~170,000
Ownership Information
| C M k i l i i ( 0 4 / 3 0 / 2 0 1 1 ) t t t a r e a p a z a o n |
€ 2 2 0 i l l i c a. m o n |
|---|---|
| B l b S b l o o m e r g m o y |
S M H |
| S R b l t e u e r s y m o |
S M H G |
| W K N |
7 2 2 6 7 0 |
| S I I N |
D E 0 0 0 7 2 2 6 7 0 6 |
| N b f i d S h t u m e r o r e g s e r e a r e s |
1 8, 7 2 1, 0 3 8 |
| S k C t t o c a e g o r y |
N lu h o- p a r v a e s a r e s |
| O h i i f i ( 0 3 0 ) 4 / / 1 1 t n e r s p n o r m a o n w |
|
| S k M k S t t t o c a r e e g m e n |
P i S d d t r m e a n a r |
| L i i t s n g |
F k fu R l M k t, t t r a n r e g a o ry a r e u |
| T d b l t r a a e a |
fu X F k H b t t, e r a, r a n r a m u r g, B l i B Du l d f, e r n r e m e n, s s e o r – S M i h t t t t, g a r n c u u |
| D i d S t e s g n a e p o n s o r |
G E i B k A t q u n e a n C l B h S d l B k A G t o s e r o e r s e e r a n y |
| S t e g m e n |
S i d t e m c o n u c o r s |
| Ø T d i V l d i 2 0 1 1 r a n g o u m e p e r a y n |
S 3 1 0, 0 0 0 h a r e s |
Investor Relations Information
Contact
Franka Schielke
Tel.: +49 (0) 89-32007- 161Fax.: +49 (0) 89-32007- 451Email: [email protected]
SÜSS MicroTec AGSchleissheimer Strasse 9085748 Garching (Munich)Germanywww.suss.com
Financial Calendar 2011
| Co P ho ics fer Mu ic h to n n en ce n , |
Ma 2 4 y |
|---|---|
| D Z Ba k Su ina b le Te hn log ies Co fe Zu ic h ta n s c o n ren ce r , |
Ju 8 ne |
| Cr Sa Un i d it Eu Fo Fra isc e ro p ea n ru m, n nc o |
Ju 8 / 9 ne |
| C los Br he Se d ler Co fe Pa is t e o rs n ren ce r y , |
Ju 2 7 / 2 8 ne |
| Int im Re 2 0 1 1 t er p or |
Au 4 t g us |
| U B S Be f Ge Co fe Ne Yo k t o s rm an y n re nc e, w r |
Se be tem 1 4 / 1 5 p r |
| N ine h Re 2 0 1 1 t t -m on p or |
No be 8 ve m r |
| T M T Co fer Mo S ley Ba lon tan n en ce rg an rce a , |
No be 6 - 8 1 1 ve m r |
| Ge Eq ity Fo Fa l l 2 0 1 1 rm an u ru m |
No 2 1 - 2 3 ve me r |
Segment Reporting 2010 continuing operations
| i i l l i € n m o n |
L i h h t o g r a p y |
S b t t s r a e u B d o n e r |
P h k t o o m a s E i t q u p m e n |
O h t e r s |
T l t o a |
|
|---|---|---|---|---|---|---|
| O d I k t r e r n a e |
||||||
| 2 0 1 0 |
1 1 8. 9 |
2 3. 6 |
3 9. 0 |
7. 8 |
1 8 9. 3 |
|
| 2 0 0 9 |
7 3. 0 |
1 8. 8 |
-- | 4. 5 |
9 6. 3 |
|
| R e v e n u e |
||||||
| 2 0 1 0 |
8 8. 9 |
2 4. 7 |
1 8. 4 |
7. 0 |
1 3 9. 1 |
|
| 2 0 0 9 |
7 7. 6 |
1 8. 3 |
-- | 8. 0 |
1 0 3. 9 |
|
| S E B I T t- e g m e n |
||||||
| 2 0 0 1 |
0 1 7. |
-7 1 |
2. 1 |
2. 3 |
3 1 4. |
|
| 2 0 0 9 |
1 1. 7 |
-3 8 |
-- | -5 1 |
2. 8 |
|
| S E B I T- i t- e g m e n m a r g n |
||||||
| 2 0 1 0 |
1 9. 1 % |
-2 8. 7 % |
1 1. 4 % |
3 2. 9 % |
1 0. 3 % |
|
| 2 0 0 9 |
1 5. 1 % |
-2 0. 8 % |
-- | -6 3. 8 % |
2. 7 % |
|
| E l f 2 / 3 1 1 m p o e e s a s o y |
||||||
| 2 0 1 0 |
3 2 4 |
1 4 1 |
9 1 |
6 0 |
6 1 6 |
|
| 2 0 0 9 |
3 2 5 |
1 1 9 |
-- | 5 4 |
4 9 8 |
Order Entry Analysis 2010 continuing operations
8 %
18 %
Rest of Asia
| i € i l l i n m o n |
2 0 1 0 |
2 0 0 9 |
% |
|---|---|---|---|
| N h A i t o r m e r c a |
3 3. 9 |
3. 0 1 |
6 1 1 % + |
| E u r o p e |
5 0. 0 |
2 1. 8 |
1 2 9 % + |
| J a p a n |
1 4. 5 |
4. 6 |
2 1 6 % + |
| R f A i t e s o s a |
9 0. 9 |
5 6. 9 |
6 0 % + |
| T l t o a |
8 9. 1 4 |
9 6. 3 |
9 7 % + |
96.3 + 97 %
18.8 + 25 %
Sales Analysis 2010 continuing operations
| i € i l l i n m o n |
2 0 0 1 |
2 0 0 9 |
% | |
|---|---|---|---|---|
| C l i e a n n g |
P h k C l i t o o m a s e a n n g |
8. 1 4 |
-- | -- |
| L i h h t o g r a p y |
L i h h t o g r a p y |
8 8. 9 |
6 7 7. |
1 5 % + |
| S b B d t t u s r a e o n e r |
S b B d t t u s r a e o n e r |
2 4. 7 |
1 8. 3 |
3 5 % + |
| O h t e r s |
O h t e r s |
0 7. |
8. 0 |
2 1 % - |
| T l t o a |
3 9. 1 1 |
0 3. 9 1 |
3 4 % + |
55 %5 %14 %26 %by Regions
| E r o p e u |
|---|
| N h A i t o r m e r c a |
| J a p a n |
| R f A i t e s o s a |
| i € i l l i n m o n |
2 0 1 0 |
2 0 0 9 |
% |
|---|---|---|---|
| N h A i t o r m e r c a |
9. 0 1 |
2 1. 1 |
0 1 % - |
| E u r o p e |
3 6. 7 |
3 0. 1 |
2 2 % + |
| J a p a n |
6. 9 |
1 0. 5 |
3 4 % - |
| R f A i t e s o s a |
6. 7 5 |
2. 2 4 |
8 1 % + |
| T l t o a |
1 3 9. 1 |
1 0 3. 9 |
3 4 % + |
SUSS Management Board
Frank Averdung, CEO
- 1984: Degree in Electrical Engineering from the University of Aachen
- 1985 to 1990: Key Account & Product Marketing Manager, Siemens AG, Munich / Santa Clara, USA
- 1990 to 1992: Corporate Marketing Manager, National Semiconductor
- 1992 to 1995: Marketing Director US & Far East und Head of ITT Semiconductor US, ITT Semiconductors
- 1995 to 1998: General Manager Global Business Operations Siemens, Applied Materials
- 1998: General Manager Central Europe & Eastern Europe, Applied Materials
- 1999 to 2003: Managing Director Europe, ETEC
- 2003 to 2006: Managing Director, NaWoTec GmbH
- 2005 to 2009: Managing Director, Carl Zeiss SMS GmbH und President & General Manager, Carl Zeiss SMT Inc.
- CEO of SUSS MicroTec AG since February 1, 2009
Michael Knopp, CFO
1 9 9 5 : |
D i Bu i A d i i i ( f i d i j ) f h t t t t e g r e e n s n e s s m n s r a o n n a n c e a n a c c o u n n g m a o r s r o m e |
|---|---|
| U iv i f B h t t n e r s y o a y r e u |
|
1 9 9 5 1 9 9 6 t o |
A i W l l E l d f f D h I d i T h d G b H ( D l i T h ) & t t- t t t t : s s o c a e, o e r m e n o r e u s c e n u s r e r e u a n m e o e o u c e |
1 9 9 6 1 9 9 7: t o |
S G F i i l A ly i b H, R i t, t t n a n c a n a s e n s o r m a c m a n g e n |
- 1997 to 1999: Corporate Investments, Gerresheimer Glas AG, Düsseldorf
- 1999 to 2005: Commercial Director and then CFO (2001–2005), REALTECH AG (IT consulting and software company), Walldorf
- 2005 to 2007: Commercial Director and then Managing Director, Kemmax GmbH (chemical trading and logistics company), Essen
- Member of the Board since August 1, 2007
Strategic Restructuring Measures
- •Sold loss making Test Systems division
- Acquired HamaTech APE
- Relocated the Substrate Bonder Division from the US to Germany
Consolidation of Production Sites
- •From four at the beginning of 2010 to two by Q1, 2011
- •Moved three product lines under one roof in Sternenfels
- •Established Sternenfels as the main SUSS production site
Resizing of Field Offices to Meet Current and Future Business Requirements
- •Closed Bangkok office
- •Reduced size of the Japan office
- •Increased Taiwan and China organizations
- •Consolidated "Rest of Asia" in Singapore
- •Opened office in DongTan, Korea
- •Moved US sales and service organization to Silicon Valley
Photomask / NIL Markets & Technologies
| M k t a r e |
M k G h t t a r e r o w |
S U S S T h l i e c n o o g e s |
|---|---|---|
| O i l t p c a L i h h t o g r a p y 9 3 i 3 2 1 / / 1 x x x n m |
P h k B l k P d i t t o o m a s a n r o c o n: u C l i e a n n g - P d P h k P d i t t t t a e r n e o o m a s r o u c o n: P Ex B k D l t o s p o s u r e a e, e v e o p, - S C W E h, i l i t t t e c r p, e a n n g P h k I F b U t o o m a s n- a s a g e : G R l i P l l i l lu R l e- c e a n n g, e c e e e m o a v - |
|
| E U V L i h h t o g r a p y 2 2 n m < |
P h k B l k P d i t t o o m a s a n r o u c o n: C l i e a n n g - P d P h k P d i t t t t a e r n e o o m a s r o u c o n: P Ex B k D l C l i t o s p o s r e a e, e e o p, e a n n g u v - P h k I F b U t o o m a s n- a s a g e : I F b / R l i n- a e- c e a n n g - |
|
| N I i t a n o m p r n L i h h t o g r a p y |
C O S M b d T l f F l h M t a s e e m p a e s o r a s e m o r y : P i M R l i l i & t t r n a s e r e p c a c e a n n g - H d D i D i k P d M d i t t a r r v e s a e r n e e a : R C l i e- e a n n g - |
Aligner Markets & Technologies
| M k t a r e |
M k G h t t a r e r o w |
S U S S A l i T h l i g n e r e c n o o g e s |
|---|---|---|
| A d P k i a c a g n g v. |
H i h A T h i k R i L i h h t t g c c u r a c y c e s s o g r a p y : S l d Bu i M i Bu i C P i l l o e r- m p n g, c r o- m p n g, o p p e r a r - P iv i L t a s s a o n a e r s y - R d i i b i L i h hy ( R D L ) t t t e s r u o n o g r a p - - F W L P, E b d d d D i W L P t a n o u m e e e - - |
|
| 3 D I i t t n e g r a o n |
B k i d P i a c s e r o c e s s n g : B k i d d I f d A l i t a c s e a n n r a r e g n m e n f b k i d d i i b i t t o r a c s e r e s r u o n 3 D R D L d T S V f i t a n o r m a o n: V i P i t t a a e r n n g - M i Bu i c r o- m p n g - - f i i h R D L t n e p c - - |
|
| M E M S |
3 D L i h h h t t o g r a p o e r o p o g r a p y v y T h i d T h i k R i l i h h t t n a n c e s s o g r a p y E h M k, P l i l d t t t c a s a n g m o s, e c. - N i i i f B i M E M S t a n o m p r n n g o r o |
|
| L E D |
S S P d h i b L i h h t t t t t a e r n e a p p r e u s r a e o g r a p y L E D F E d L i h M l L i C P d t t t t t r o n n o : e a n e- o n a c a , F i M h k t t o r m a o n, e s a e c m a s s ; N I i i P h i l f i t t t t a n o m p r n n g o o n c c r s a o r m a o n : y W f L l P k i f L E D a e r e e a c a g n g o v |
Coater / Developer Markets & Technologies
| M k t a r e |
M k G h t t a r e r o w |
S U S S C / D l T h l i t o a e r e v e o p e r e c n o o g e s |
|---|---|---|
| A d P k i v. a c a g n g |
T h i k R i t c e s s : S l d Bu i M i Bu i C P i l l o e r- m p n g, c r o- m p n g, o p p e r a r - P iv i L t a s s a o n a e r s y - -R d i i b i L i h hy ( R D L ) t t t e s r u o n o g r a p |
|
| 3 D I i t t n e g r a o n |
A d h i e s e s v : T h i W f H d l i / T B d i n a e r a n n g e m p o r a ry o n n g E b l f D i S k i / 3 D I i t t t a s n a e r o r e a c n g n e g r a o n T h i d T h i k R i t n a n c e s s : V i P i t t a a e r n n g - M i Bu i c r o- m p n g -- |
|
| M E M S |
S C i f H i h T h i t p r a y o a n g o r g o p o g r a p e s, T h i d T h i k R i t n a n c e s s : E h M k- M l L i C P d F i t t t t t c a s e a n e- o n a c a o r m a o n - , , N iv R i f L i f O f f t t t- e g a e e s s o r - |
|
| L E D |
T h i d T h i k R i t n a n c e s s : M l L i C P d F i t t t t e a n e- o n a c a o r m a o n - , O N iv R i f L i f f f t t t- e g a e e s s o r - L i h C lu f M i Y i l d t t o- s e r o r a x m u m e - |
Bonding Markets & Technologies
| M k t a r e |
M k G h t t a r e r o w |
C t u r r e n T h l e c n o o g y |
F t e T u u r h l e c n o o g y |
|---|---|---|---|
| A d P k i a c a g n g v. |
M l B d i t e a o n n g E i B d i t t e c c o n n g u |
M l B d i t e a o n n g |
|
| 3 D I i t t n e g r a o n |
A d h i B d i e s v e o n n g |
A d h i B d i e s v e o n n g M l B d i t e a o n n g F i B d i s o n o n n g u |
|
| M E M S |
G l F i B d i t a s s r o n n g E i B d i t t u e c c o n n g F i B d i s o n o n n g u |
F i B d i u s o n o n n g E i B d i t t e c c o n n g u |
|
| L E D |
M l B d i t e a o n n g |
A d h i B d i e s v e o n n g M l B d i t e a o n n g |