SUSS MICROTEC INVESTOR PRESENTATION
May 2012
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 and performance may differ materially from those which explicitly or implicitly assumed in the forwardlooking statements. SUSS MicroTec AG does not intend or accept any obligation to publish updates of these forward-looking statements.
I. SUSS MicroTec at a Glance
- II. Acquisition of Tamarack Scientific Co. Inc.
- III. Products and Markets
- IV. Growth Opportunities
- V. Financials
- VI. Outlook
SUSS MICROTEC AT A GLANCE
* April 30, 2012
MAIN PRODUCTION SITES
Germany
Garching
- SUSS MicroTec HQ
- Development/production:
- Mask Aligner
- Bond Aligner
- Core competencies:
- Exposure (proximity exposure)
- Alignment
Sternenfels
- Development/production :
- Bonder
- Coater and Developer
- Photomask Equipment
- Core competencies:
- Wet processing
- Wafer bonding
USA
Corona
- Development/production:
- Stepper/Scanner
- Laser Technology
- Core competencies:
- Exposure (UV projection lithography)
- Laser Ablation
SUSS MICROTEC – A GLOBAL PLAYER
SALES BY SEGMENT AND REGION 2011
* w/o Tamarack Scientific Co. Inc.
- I. SUSS MicroTec at a Glance
- II. Acquisition of Tamarack Scientific Co. Inc.
- III. Products and Markets
- IV. Growth Opportunities
- V. Financials
- VI. Outlook
Tamarack Scientific at a Glance:
- Founded in 1966
- Headquarter in Corona, California, USA
- Tamarack Scientific develops, manufactures and distributes UV projection lithography systems and laser micro-structuring tools
- Key Markets: Advanced Packaging, 3D Integration, MEMS and LED as well as flexible electronics and medical applications
- Installed base: >1,100 systems
- Financials:
- Revenue level: ~10 million €
- 63 employees
Key data of the acquisition:
- Purchase of all Tamarack shares
- Total purchase price 9.34 million \$ (plus additional variable earn-out component)
STRATEGIC REASONS FOR THE ACQUISITION
Increasing chip performance requires adoption of innovative lithography technologies in the semiconductor backend
Not one technology fits all needs
- Add new and highly complementary product line with the core technologies UV projection lithography and laser micro-structuring
- SUSS MicroTec"s global sales and support structure plus Tamarack"s technology offering enable the expansion of SUSS MicroTec"s lithography footprint
- SUSS MicroTec as a financially strong and globally positioned company can unlock the potential of Tamarack and enable high future growth
EXPOSURE SOLUTIONS
- I. SUSS MicroTec at a Glance
- II. Acquisition of Tamarack Scientific Co. Inc.
- III. Products and Markets
- IV. Growth Opportunities
- V. Financials
- VI. Outlook
SUSS MICROTEC IN THE VALUE CHAIN
- Key player in providing state-of-the-art semiconductor manufacturing equipment
- Development of highly innovative process solutions with industry and R&D partners
- Components for electronic devices like cell phones, PCs and tablet computers are produced on SUSS MicroTec"s equipment
SEGMENTS AND PRODUCTS
* w/o Tamarack Scientific Co., Inc.
SEGMENTS AND MARKETS
SEGMENTS AND PRODUCTION SITES
KEY MARKETS
Research and Development
- I. SUSS MicroTec at a Glance
- II. Acquisition of Tamarack Scientific Co. Inc.
- III. Products and Markets
IV. Growth Opportunities
- V. Financials
- VI. Outlook
MEGA TRENDS DRIVING THE INDUSTRY
- Global mega-trends drive the microelectronics industry and create long term opportunities
- Digital Lifestyle
- E-Mobility
- Energy efficiency
- Micro chips, MEMS und LEDs are the building blocks for the technological product advancement
- SUSS MicroTec"s focus is to offer development and manufacturing solutions for these components in markets that have a sustainable long term growth perspective
Digital lifestyle
E-mobility
Energy efficiency
SCALING TECHNOLOGIES
- Technical challenges and limitations make it increasingly more difficult and expensive to reduce the feature size of integrated circuits (shrinking)
-
Alternative technologies like 3DIC Integration and Wafer Level Packaging (WLP) allow increasing density and functionality at lower cost
-
This trend extends beyond the conventional shrink roadmap and is called "More than Moore"
- Packaging becomes the key enabler for scaling
- Manufacturing value is shifting from silicon to the package
-
SUSS MicroTec is one of the few companies offering a comprehensive solution spectrum for WLP
-
SUSS MicroTec's portfolio of equipment addresses fast growing target markets:
- 3D Integration / Advanced Packaging, LED and MEMS
- With its strong market position SUSS MicroTec will benefit from the expected market developments:
- Advanced Packaging (wafer level packaging and flip chip) remains more robust than the overall market, primarily driven by advanced applications for smart phones and tablets
- TSV processes expected to transition to production volume in the years to come
- Compound Semi (LED, MEMS, RF, Optoelectronics, III-V Power) are expected to remain robust based on smartphone and tablet growth and will drive further demand for advanced packaging solutions
Segment growth 2011 - 2016E CAGR ~ 15% (Gartner and industry estimates)
- The further increase in complexity and performance of future semiconductor device generations demands the continuous progress in scaling of these devices
-
SUSS MicroTec"s equipment and process solutions enable the 2-dimensional reduction of feature sizes ("Moore's Law") as well as the 3-dimensional stacking of integrated circuits ("More than Moore")
-
Three product lines under one roof
- Photomask Equipment Coater / Developer Bonder
-
Modern production facility (15,000 m²) with two large clean rooms supporting future business expansion
-
I. SUSS MicroTec at a Glance
- II. Acquisition of Tamarack Scientific Co. Inc.
- III. Products and Markets
- IV. Growth Opportunities
V. Financials
VI. Outlook
39 MONTHS BUSINESS DEVELOPMENT
EBIT, FREE CASH FLOW AND NET CASH DEVELOPMENT
*continuing operations
ORDER ENTRY AND ANALYSIS Q1 2012
Order Intake by Region
Europe North America Japan Rest of Asia
KEY FINANCIALS
| in € million |
Q1 2012 |
Q1 2011 |
in % |
| Order Intake |
39.0 |
48.3 |
-19.3% |
| Order Backlog 3/31 |
99.8 |
130.5 |
-23.5% |
| Revenue |
31.2 |
32.0 |
-2.5% |
| EBIT |
0 |
2.5 |
-- |
| EBIT in % of Sales |
0% |
7.8% |
-- |
| Free Cash Flow* |
0.3 |
-2.2 |
-- |
| Net cash** |
38.5 |
35.1 |
+9.7% |
| Earnings after tax (continuing operations) |
-0.2 |
2.4 |
-- |
| Earnings after tax |
1.3 |
2.4 |
-46% |
| EPS in € |
0.07 |
0.13 |
-46% |
| Employees 3/31 |
687 |
647 |
6.2% |
* 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 and after acquisition of Tamarack Scientific
| in € million |
Q1 2012 |
Q1 2011 |
| Net profit or loss |
1.3 |
2.4 |
| Cash Flow |
|
|
| from operating activities |
0.9 |
-1.0 |
| Cash Flow |
|
|
| from investing activities |
-17.2 |
-17.0 |
| Free Cash Flow* |
0.3 |
-2.2 |
| Cash Flow |
|
|
| from financing activities |
-0.2 |
-0.2 |
| Cash and cash equivalents |
|
|
| at the end of period |
20.3 |
17.9 |
| Net Cash** |
38.5 |
35.1 |
SUSS MICROTEC SHARE PRICE DEVELOPMENT
(Price of the SUSS MicroTec Share at December 30, 2011, € 5.63)
Average daily trading volume 2012: 171,000
- I. SUSS MicroTec at a Glance
- II. Acquisition of Tamarack Scientific Co. Inc.
- III. Products and Markets
- IV. Growth Opportunities
- V. Financials
- VI. Outlook
| Guidance* |
|
|
| |
Q2 2012: |
-
Order Intake €
30 -
40 million |
|
|
|
Investment Case
|
Strong fundamental growth in target markets
Strong competitive positioning:
first or second in the target markets
Leading equipment company in the semiconductor
backend, enabling "Moore"s Law" as well as
"More than Moore"
Significant mid term revenue opportunity
Play active role in the consolidation of the backend |
|
* includes Tamarack Scientific Co., Inc.
Franka Schielke
Tel.: +49 (0) 89-32007- 161 Fax.: +49 (0) 89-32007- 451 Email: [email protected]
SÜSS MicroTec AG Schleissheimer Strasse 90 85748 Garching (Munich) Germany www.suss.com
Contact Financial Calendar 2012
| DZ Bank Photonics Conference, Frankfurt/Main |
May 23 |
Shareholders" Meeting, Haus der Bayerischen
Wirtschaft, Munich |
June 20 |
| Close Brothers Seydler Investment Conference, Paris |
June 25/26 |
| Interim Report 2012 |
August 7 |
| UBS Best of Germany Conference, New York |
September 12/13 |
| UniCredit/Kepler Investment Conference, Munich |
September 25/26 |
| Baader Investment Conference, Munich |
September 27 |
| German Equity Forum, Frankfurt/Main |
November 12 - 14 |
| Nine-month Report 2012 |
November 8 |
SÜSS MicroTec AG Schleissheimer Str. 90 85748 Garching
www.suss.com