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SÜSS MicroTec SE — Investor Presentation 2015
Nov 25, 2015
422_ip_2015-11-25_f48fa3c8-64ec-4c53-b323-98fe5cc8b0da.pdf
Investor Presentation
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SUSS MICROTEC INVESTOR PRESENTATION
November 2015
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 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.
TABLE OF CONTENT
I. SUSS MicroTec at a Glance
- II. Products & Markets
- III. Financials
- IV. Strategy Update and Outlook
SUSS MICROTEC AT A GLANCE
Global leader in manufacturing equipment for semiconductor devices
- SUSS' Equipment creates micro structures that connect micro electronic devices
- Focus on growth segments: advanced packaging, MEMS, and 2.5D / 3D Integration
- Attractive end markets: smartphones, tablets, automotive, LED, sensors, IoT, …
Sales FY 2014: €145.3 million
- EBIT FY 2014: € 8.4 million (EBIT-margin: 5.8%)
- Net Cash 9M 2015: € 25.5 million
- Market Cap 10/30/2015: € 135 million
SUSS MICROTEC – A GLOBAL PLAYER
NORTH AMERICA
Order Entry 18.9 € million Sales 21.5 € million Employees 118
EUROPE
Order Entry 41.9 € million Sales 42.7 € million Employees 419
ASIA
Order Entry 67.6 € million Sales 81.1 € million Employees 122
TABLE OF CONTENT
I. SUSS MicroTec at a Glance
II. Products & Markets
- III. Financials
- IV. Strategy Update and Outlook
SUSS MICROTEC IN THE VALUE CHAIN
MARKET DRIVERS
| Connectivity & Data Processing |
+ Connection through apps, social media, data streaming + Connectivity of devices, Internet of Things (IoT) + Permanent internet connectivity provided by smartphones and tablet PCs at affordable cost + Industry 4.0 connectivity of manufacturing units |
|---|---|
| Mobility & Automotive |
+ Autonomous, electric and plug in hybrid cars, E-Bikes, trains drive the need for power devices and high performance ICs at the same time + Growing electronic content and sensors (MEMS) for autonomous cars |
| Energy Efficiency |
+ Environmental awareness and rising energy costs drive the demand for energy efficient devices + Energy efficiency in industrial production + Smart energy management in household applications |
|---|---|
| + Green energy management systems |
SEGMENTS AND MARKETS
Adjacent Markets
Micro Optics
SEGMENTS AND PRODUCTS
11 SUSS MicroTec Investor Presentation
12 SUSS MicroTec Investor Presentation
Wafer-level packaging (WLP) and assembly equipment
Source: Gartner, July 2015
Attractive growth opportunities within wafer-level packaging:
- Fan-out WLP
- Copper pillar
- Bumping
- Grow market share for core products in advanced packaging: coater/developer, mask aligner
- Achieve traction for new advanced lithography products from SUSS MicroTec Photonic Systems:
- Further HVM orders for scanner products
-
Qualification of laser products at key customers
-
Internet of Things (IoT)
- Smartphones and tablets
- Automotive applications
- Health/biomedical applications
- Grow market share for core products for MEMS: coater/developer, mask aligner, substrate bonder
- Market re-entry permanent bonder with new differentiated product
Source: Yole, May 2015
IC SCALING TECHNOLOGIES FROM 2D TO 3D
- Increased performance and complexity of ICs by shrinking transistor geometry according to Moore's Law
- New technologies like EUV and multiple patterning drive further scaling
-
Technical challenges and limitations make it increasingly more difficult and expensive to reduce the feature size
-
Combining of several devices on an interposer addresses the limitations of traditional shrinking while enhancing performance
- Increased packaging density
- Reduced footprint
- Packaging becomes enabler and addresses performance slow down of Moore's Law
2D Packaging 2.5D Packaging 3D Integration (TSV)
- Stacking of several devices horizontally enables high performance at a low footprint
- TSV and bonded thin Si technology becomes key enabler for scaling
- Performance and complexity increase combined with smaller footprint
- Reduced energy consumption
SUSS MicroTec's equipment and process solutions enable 2D shrinking ("Moore's Law") and 2.5D / 3D integration ("More than Moore")
- I. SUSS MicroTec at a Glance
- II. Products & Markets
III. Financials
IV. Strategy Update and Outlook
Order Entry by Segment Order Entry by Region
Order Entry in € million Sales in € million
Order Backlog in € million
Free Cash Flow in € million
Net Cash in € million
EBIT in € million
* Including a -13.2 € milion one-off effect from restructuring of the product line permanant bonding (-0,69 € per share)
Order Backlog in € million
Free Cash Flow EBIT in € million in € million
Net Cash in € million
| in € million | Q3 2015 | Q3 2014 | in % | 9M 2015 | 9M 2014 |
|---|---|---|---|---|---|
| Order Intake | 39.2 | 29.1 | 34.7% | 108.9 | 90.3 |
| Order Backlog 9/30 | -- | -- | -- | 92.1 | 82.2 |
| Revenue | 38.3 | 25.6 | 49,6% | 93.4 | 95.0 |
| EBIT | 2.2 | -3.3 | -- | -1.7 | 0.1 |
| EBIT in % of Sales | 5.7% | -12.9% | -- | -1.8% | 0.1% |
| Earnings after tax | 1.2 | -2.9 | -- | -3.4 | -0.9 |
| EPS in € | 0.06 | -0.16 | -- | -0.18 | -0.05 |
| Free Cash Flow* | 0.1 | -1.7 | -- | -13.1 | -4.1 |
| Net Cash | -- | -- | -- | 25.5 | 31.8 |
| Employees 9/30 | -- | -- | -- | 693 | 658 |
* before consideration of purchased interest-bearing securities
TABLE OF CONTENT
- I. SUSS MicroTec at a Glance
- II. Products & Markets
- III. Financials
- IV. Strategy Update and Outlook
| Short-term | Grow market share for core products in all market segments Traction for new advanced lithography products from SUSS MicroTec Photonic Systems Stabilize Company at positive EBIT and cash generation, continue revenue growth: Gross margin 30-35% |
|---|---|
| Mid-term | Focused product portfolio Positive EBIT from Bonder Division and Photonic Systems Successful new adjacent market entries (leverage existing technologies to grow SAM) Continue revenue growth at positive EBIT and cash generation: Sales of >200M Gross margin >35% EBIT margin >5% |
| Long-term | Continue revenue growth at positive EBIT and cash generation: Sales of >200M Gross margin >35% EBIT margin 10% |