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SÜSS MicroTec SE Investor Presentation 2022
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Investor Presentation
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SUSS MICROTEC – 9 MONTHS RESULTS 2022
November 10, 2022
This presentation contains forward-looking statements relating to the business, financial performance and earnings of SUSS MicroTec SE 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 SE. Consequently, actual developments as well as actual earnings and performance may differ materially from those which explicitly or implicitly assumed in the forward-looking statements. SUSS MicroTec SE does not intend or accept any obligation to publish updates of these forward-looking statements.
SUSS MICROTEC Q3 2022 – SUMMARY
Key Figures:
- Another quarter with record order entry of € 142.5 million
- Revenue slightly up even though facing ongoing supply chain challenges
- EBIT margin decreased to 8.4 % (previous year: 13.9%) due to higher material and personnel costs as well as the product mix
- Positive free cash flow of € 11.3 million due to higher prepayments (previous year: € -1.8 million)
Q3 Business Highlights:
- Demand remains strong across all SUSS MicroTec segments, with strongest OE growth for Photomask Equipment and Bonder segments
- Revenue still negatively impacted by ongoing supply chain bottlenecks:
- Tools with a value of about € 16 million were delivered but not recognized as sales in Q3 2022 due to missing parts or functionality
- Tools worth approx. € 5 million are assembled, but delivery is outstanding
KEY GROUP FIGURES 9M 2022
| in € million | Q3 / 2022 | Q3/ 2021 | Change | 9 Months / 2022 | 9 Months / 2021 | Change |
|---|---|---|---|---|---|---|
| Order entry | 142.5 | 101.0 | 41.1% | 373.3 | 253.8 | 47.1% |
| Order backlog as of Sep 30 | -- | -- | -- | 377.3 | 185.4 | 103.5% |
| Total sales | 70.5 | 70.0 | 0.7% | 195.2 | 188.5 | 3.6% |
| Gross profit | 24.4 | 27.4 | -10.9% | 68.2 | 68.9 | -1.0% |
| Gross profit margin | 34.6% | 39.1% | -4.5%-Points | 34.9% | 36.5% | -1.6%-Points |
| EBIT | 5.9 | 9.7 | -39.2% | 11.0 | 17.7 | -37.8% |
| EBIT margin | 8.4% | 13.9% | -5.5%-Points | 5.6% | 9.4% | -3.8%-Points |
| Earnings after tax | 3.6 | 7.1 | -48.8% | 7.2 | 12.1 | -40.2% |
| Earnings per share, basic (in €) | 0.19 | 0.37 | -- | 0.38 | 0.63 | -- |
| Net cash | -- | -- | -- | 52.2 | 19.8 | 163.7% |
| Free Cashflow | 11.3 | -1.8 | -- | 17.4 | 0.2 | -- |
| Employees as of Sep 30 | -- | -- | -- | 1,221 | 1,148 | 6.4% |
9M figures
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- High Order Entry (+ 47.1%), Backlog at € 377.3 million
-
- Revenue up by 3.6%
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- EBIT margin decrease due to higher material and personnel costs as well as higher R&D spending
-
- Net cash and FCF improved strongly
ORDER ENTRY BY SEGMENT AND SALES BY REGION
5
PROFITABLITY IMPACTED BY SUPPLY CHAIN BOTTLENECKS
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- Q3 2021 EBIT included a positive oneoff effect of € 1.5 million due to a reversal of a write-off for two UVscanners
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- 9M EBIT decreased by € 6.7 million vs. 2021 mainly caused by a lower Gross Profit margin, overall higher R&D spending, more Selling and Marketing expenses and a negative FX effect in 2022
FREE CASH FLOW IMPROVED DESPITE GROWING INVENTORIES
Comments:
-
- Increasing inventory level due to supply chain bottlenecks and long lead times
-
- Operating CF improved mainly due to higher down payments (partly offset by build-up of safety stock & work in progress)
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- Improvement of FCF and Net Cash
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- Financial headroom: € 102m (thereof undrawn syndicated loan of € 40m)
GUIDANCE 2022 AND OUTLOOK
€ 270M - 300M (lower part of range)
8.5 - 10.5% (lower end of range) € -5M to +5M
- 2022 results impacted by supply chain bottlenecks
- With ongoing supply chain challenges, growth path shows incremental & temporary delay, not fundamental slow-down (as shown by strong OE)
- Guidance bandwidth narrowed: sales at lower part of range and EBIT at lower end of range expected
- Expect further top- and bottom-line growth to at least € 400 million in 2025, with 15% EBIT margin (unchanged)
Franka Schielke Investor Relations Manager
Tel.: +49 89 32007 161 Email: [email protected]
SÜSS MicroTec SE Schleissheimer Strasse 90 85748 Garching Germany www.suss.com
Sven Koepsel
Head of IR & Corporate Communications
Tel.: +49 89 32007 151 Email: [email protected]
SÜSS MicroTec SE Schleissheimer Strasse 90 85748 Garching Germany www.suss.com
Contact Financial Calendar 2023
| Annual Report 2022 | March 31 | ||
|---|---|---|---|
| Quarterly Report 2023 | May 11 | ||
| Annual General Meeting 2023 | May 31 | ||
| Half Year Report 2023 | Aug. 3 | ||
| Nine Months Report 2023 | Nov. 9 |