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SÜSS MicroTec SE Investor Presentation 2023
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Investor Presentation
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Conference Call
Q1 2023
Disclaimer
This presentation contains forward-looking statements relating to the business, financial performance and earnings of SÜSS 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 SÜSS MicroTec SE. Consequently, actual developments as well as actual earnings and performance may differ materially from those which explicitly or implicitly assumed in the forwardlooking statements.
SÜSS MicroTec SE does not intend or accept any obligation to publish updates of these forward-looking statements.
Dynamic order momentum, but targeted margins not yet achieved in Q1 2023
Financial Results Q1 2023
Guidance for all three key financial indicators confirmed
Business Highlights Q1 2023
- Order entry remains strong despite generally expected slowdown in orders from semiconductor industry
- Sales up by 11.2% compared to last year; Photomask Solutions as main growth driver (business almost tripled)
- Challenging margin situation in Q1 2023, but better product mix and higher sales volume expected during the course of the year 2023
- Change in cost allocation from Q1 2023 onwards: costs for application centers shifted from SGA to R&D costs with an expected effect of ~ € 6 million in 2023
- Status of main R&D projects: integrated D2W hybrid bonder and wafer cleaner currently being installed at Sternenfels application center; first customer demonstrations are most likely to be carried out in the third quarter of 2023
Strong order entry exceeded market expectations
| In € million | Q1 2023 |
Q1 2022 | Change |
|---|---|---|---|
| Order entry | 99.6 | 117.6 | -15.3% |
| Order backlog as of March 31 | 373.2 | 249.2 | 49.8% |
| Sales | 70.4 | 63.3 | 11.2% |
| Gross profit | 23.3 | 21.0 | 10.8% |
| Gross profit margin | 33.1% | 33.2% | -0.1%pts |
| EBIT | 2.9 | 2.1 | 38.1% |
| EBIT margin | 4.1% | 3.3% | 0.8%pts |
| Earnings after tax | 2.1 | 1.4 | 50.0% |
| Earnings per share, basic (in € ) | 0.11 | 0.07 | 57.2% |
| Net cash | 41.0 | 35.2 | 16.5% |
| Free Cashflow | 0.3 | 1.6 | -81.3% |
| Employees as of March 31 | 1,261 | 1,194 | 5.6% |
- Strong order entry and order backlog remain a solid foundation for targeted growth in 2023 and beyond
- Absolute gross profit and EBIT increased yoy
- Gross profit margin and EBIT margin within own expectation but not yet at target, mainly because of low margins in the bonder product lines and in MicroOptics
- Company has again created value for shareholders in Q1 2023 (earnings per share +57.2%)
- Net cash position increased once again due to higher prepayments
Investor Presentation
Order Entry by Division and Region
Order Entry by Division in € million
Advanced Backend Solutions (since 2023)
Order Entry by Region Q1 2023
Book-to-
Division Overview Q1 2023
Advanced Backend Solutions Photomask Solutions
| in € million | Q1 2023 | Q1 2022 |
|---|---|---|
| Order entry | 56.2 | 69.5 |
| - thereof Lithography |
44.8 | 49.4 |
| - thereof Bonder |
11.4 | 20.1 |
| Total sales1 | 41.0 | 45.5 |
| - thereof Lithography |
32.6 | 33.4 |
| - thereof Bonder |
8.4 | 12.1 |
| Gross profit | 14.9 | 15.9 |
| Gross profit margin | 36.3% | 34.9% |
| EBIT | 0.7 | 3.5 |
| EBIT margin | 1.7% | 7.7% |
| Q1 2023 |
Q1 2022 |
|---|---|
| 38.6 | 40.9 |
| 23.1 | 7.8 |
| 7.0 | 2.1 |
| 30.3% | 26.9% |
| 3.7 | -1.4 |
| 16.0% | -17.9% |
MicroOptics
| in € million | Q1 2023 |
Q1 2022 |
|---|---|---|
| Order entry | 4.7 | 7.1 |
| Total sales1 | 6.9 | 10.6 |
| Gross profit | 1.4 | 3.1 |
| Gross profit margin |
20.3% | 29.2% |
| EBIT | -1.1 | 0.7 |
| EBIT margin | -15.9% | 6.6% |
- Decrease in order entry, mainly due to bonders and slightly lower demand for coaters; slight increase in orders for mask aligners
- Sales decreased by 9,9 percent because of lower sales level for automated permanent bonding systems compared to last year
- Gross profit margin increased due to good lithography margin
- Low EBIT margin as a result of low sales level and challenging bonder margins; higher R&D expenses for investments in future growth (especially hybrid bonding)
- Order entry remains on a high level
- Strong sales growth because of high backlog and ongoing strong demand in Asia
- Gross profit and EBIT margin improved strongly because of high sales level and a good product mix
- Q1 2023 saw a slow down in industrial applications
- Highly competitive automotive business
- Order entry and sales declined because of lower volume and price decreases from automotive customers
- Gross profit and EBIT declined accordingly
1) Total sales include internal sales (sales to other divisions) since 2021; gross profit margin and EBIT margin are calculated on the basis of total sales.
2) Including one-off effects of € 3.1 million. Operating EBIT margin thus accounted to 9.9%.
Investor Presentation
We continue to expect improving our three key performance indicators in 2023
Our Guidance 2023
We aim to take the next step on the way to our 2025 goals.
1) Since 2023, we use gross profit margin instead of free cash flow as the third performance indicator. For further information, please refer to the Annual Report 2022.
Investor Relations Information
Sven Köpsel Head of Investor Relations & Corporate Communications
Tel. +49 89 32007-151 E-mail [email protected]
Franka Schielke Investor Relations Manager
Tel. +49 89 32007-161 E-mail [email protected]
Contact Financial Calendar
