Quarterly Report • May 8, 2014
Quarterly Report
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| in €million | 3M/2014 | 3M/2013 | Change | |
|---|---|---|---|---|
| Business Development | ||||
| Order entry | 25.0 | 34.9 | -28.4% | |
| Order backlog as of 31.03 | 71.4 | 91.5 | -22.0% | |
| Total sales | 39.0 | 30.1 | 29.6% | |
| Sales margin | 2.8% | -8.3% | 11.1%-points | |
| Gross profit | 10.8 | 7.3 | 47.9% | |
| Gross margin | 27.7% | 24.3% | 3.4%-points | |
| Cost of sales | 28.2 | 22.8 | 23.7% | |
| R&D costs | 2.2 | 2.2 | 0.0% | |
| EBITDA | 2.5 | -1.7 | – | |
| EBITDA margin | 6.4% | -5.6% | 12.0%-points | |
| EBIT | 1.5 | -3.3 | – | |
| EBIT margin | 3.8% | -11.0% | 14.8%-points | |
| Earnings after tax | 1.1 | -2.5 | – | |
| Earnings per share (in €) | 0.06 | -0.13 | – | |
| Balance sheet and cash flow | ||||
| Equity | 110.0 | 124.6 | -11.7% | |
| Equity ratio | 65.4% | 71.2% | -5.8%-points | |
| Return on equity | 1.0% | -2.0% | 3.0%-points | |
| Balance sheet total | 168.1 | 174.9 | -3.9% | |
| Net Cash | 31.5 | 25.1 | 25.5% | |
| Free cash flow1 | -4.2 | -7.2 | – | |
| Further key figures | ||||
| Investments 2 | 0.4 | 1.0 | -60.0% | |
| Investment ratio | 1.0% | 3.3% | -2.3%-points | |
| Depreciation | 1.0 | 1.6 | -37.5% | |
| Employees as of 31.03 | 645 | 693 | -6.9% |
1 before consideration of purchase or sale of available-for-sale securities and before consideration of extraordinary items from purchase or sale of subsidiaries
2 without consideration of purchase of subsidiaries
after the 2013 fiscal year, which was characterized by a weak market environment and internal restructuring measures, we look toward the future with cautious optimism. For two consecutive years, the semiconductor equipment industry has been shaped by declining sales. A much more positive picture can be drawn for the current fiscal year. According to experts from the Gartner market research institute, in 2014 the semiconductor equipment market should grow by approximately 15.8 percent from the previous year. SUSS MicroTec would also benefit from a general market recovery and should experience a pick up in order entry beginning in the second half of 2014.
On the product side, we introduced two important tools in the first quarter of 2014, DSC300 Gen 2 and ELP300 Gen2, thus setting the stage for the future growth of SUSS Micro-Tec Photonic Systems (previously Tamarack Scientific).
The DSC300 platform for wafer sizes up to 300mm is based on the proven projection exposure technology of SUSS MicroTec Photonic Systems. This technology combines the advantages of full-field exposure with conventional projection lithography. Equipped with a full-field mask and broadband projection optics, the scanner exposes the wafer in a single continuous exposure step (scan). The second generation of projection scanners has been enhanced with improvements and new features to meet the latest overlay, resolution, and automation requirements of advanced packaging applications like Cu pillar bumping and Wafer Level Chip Scale Packaging (WLSCP). With DSC300 Gen2 and Mask Aligner MA300 Gen2, SUSS MicroTec offers two complementary lithography solutions that enable the customer to optimize price and performance.
With the market launch of the Excimer Laser Stepper ELP300 Gen2, SUSS MicroTec Photonic Systems has completed its second important product launch in the first quarter. The latest generation product provides the means to directly create vias and micropatterns. This process makes it possible to overcome the limitations of traditional photo-dielectrics and conventional lithography steppers and directly address current requirements in the application areas of advanced packaging and 3D integration. The wafer level packaging industry has long sought alternative technologies to manufacture vias that enable the development of higher performance packages. With excimer laser ablation, organic polymers can be used, featuring enhanced mechanical, physical, thermal, and chemical properties. Configured for handling 200mm and 300mm wafers, the ELP300 Gen2 addresses the technological challenges of modern advanced packaging applications and 3D integration.
In the Photomask Equipment division, we delivered the 25th MaskTrackPro since 2010. This is a highly complex tool used in semiconductor manufacturing to clean front end photomasks. No other company in the semiconductor sector has comparable experience or a comparable number of installed mask-cleaning tools. We have been able to establish ourselves as the leading provider of photomask equipment in the area of handling and cleaning photomasks for both 193i lithography and the newly developed extreme ultraviolet lithography.
The Supervisory Board has appointed Mr. Walter Braun (47) to the Management Board of SUSS MicroTec AG. Mr. Braun has accepted the appointment and will join the Management Board of the Company and assume the position of Chief Operating Officer on July 1, 2014. SUSS MicroTec AG will be managed by three board members in the future. In this newly created position, Mr. Braun will be responsible for all areas that are relevant to production at the various sites as well as supply chain management. He is currently a member of the expanded Management Board of Manz AG, a mechanical engineering company from Reutlingen. Before joining Manz AG, Mr. Braun worked for Homag AG in Schopfloch for more than ten years, including as the sole managing director of Homag Machinery Shanghai. After finishing his studies of product engineering at Furtwangen University in 1995, the graduate engineer (Diplom Ingenieur) started his career at frog design inc. in Sunnyvale, USA.
Frank Averdung Chief Executive Officer of SUSS MicroTec AG
Michael Knopp Chief Financial Officer of SUSS MicroTec AG
Order entry in the first three months of the current fiscal year remained subdued. At €25.0 million, it was at the lower end of the estimated range of €25 – 35 million (previous year: € 34.9 million). The SUSS MicroTec Group generated sales of €39.0 million, well above the level of the previous year's quarter of € 30.1 million. The main reason for this was the shifting of sales from the fourth quarter of 2013 to the first quarter of 2014. The order backlog as of March 31, 2014, thus amounted to € 71.4 million (previous year: €91.5 million).
Earnings before interest and taxes (EBIT) of € 1.5 million were well above the € -3.3 million of the previous year's quarter. Earnings after taxes (EAT) amounted to € 1.1 million, compared with €-2.5 million in the previous year. The basic earnings per share (EPS) amount to € 0.06 (previous year: €-0.13).
Free cash flow for the quarter before consideration of acquisitions and extraordinary effects amounted to €-4.2 million (previous year's quarter: €-7.2 million). As of March 31, 2014, the SUSS MicroTec Group therefore had cash and interest-bearing securities of € 42.7 million. The net cash position of €31.5 million was lower than the €35.7 million as of December 31, 2013 (March 31, 2013: €25.1 million).
Based on the order backlog as of the end of the first quarter of 2014 and the expected order entry development for the second quarter of 2014, the Company continues to forecast sales for the current fiscal year in the range between €135 million and €145 million and earnings before interest and taxes (EBIT) between €-5 million and €0 million. For the second quarter of the 2014 fiscal year, order entry of €30-40 million is expected.
Garching, Germany, May 2014
Frank Averdung Michael Knopp Chief Executive Officer Chief Financial Officer
In mid-February 2014, the ifo Institute in Munich announced that the ifo indicator for the world economic climate had continued to rise and that the assessment of the current economic situation was more positive than three months earlier. The economic outlook for the next six months was bright and the world economy was expected to gain momentum in the months ahead. By contrast, the ifo Business Climate index for industry and trade in Germany declined in March to 110.7 points after standing at 111.3 points in the previous month. Previously it had risen four times in a row. Companies have a much less optimistic view of future business development. The crisis in the emerging countries and the events in Crimea and Ukraine are taking their toll, according to the ifo Institute.
After a strong finish at the end of 2013, the stock market continued to perform well at the beginning of 2014. The stock market indexes of the major world exchanges in the USA, Japan, Germany, and Europe closed the year near their all-time or annual highs. The DAX was able to gain a total of 22.8 percent in 2013, closing the year at 9,552.16 points. After a significant price decline at the beginning of 2014, the index rose slightly by 4 points from the end of 2013 to the end of March. The positive picture in Europe was particularly marred by the events in Ukraine and Crimea as well as by the increasingly tense relationship to Russia. A worsening of the situation could lead to a sustained drag on the stock markets.
After a disappointing stock market year for our shareholders in 2013, the SUSS MicroTec share was able to rise significantly in the first quarter of 2014, performing much better than the TecDAX benchmark index and recording a price gain of approximately ten percent at the end of March. After beginning the stock market year on January 2 at a closing price of €6.38, the share subsequently moved well above the €7 threshold, reaching a closing XETRA price of € 7.81 on February 10, 2014. As a result of the restrained outlook for the entire year and the intensifying situation in Crimea and Ukraine, the share lost value again, moving in a range of €6.80 to €7.20 since the end of February 2014. The SUSS MicroTec share ended the first quarter at a closing price of €6.99.
The two benchmark indexes TecDAX and Prime IG Semiconductor moved in parallel until the end of February 2014. At the beginning of March, the Prime IG Semiconductor Index moved sharply higher, exceeding the rise in the TecDAX in percentage terms. In the first quarter, the TecDAX recorded a gain of seven percent, whereas the Prime IG Semiconductor Index rose by 15 percent in the same period. The SUSS MicroTec share performed better than the TecDAX, closing the quarter with a gain of ten percent.
The average daily trading volume of SUSS MicroTec shares on all German stock exchanges in the first quarter of 2014 amounted to approximately 89 thousand (Q1 2013: average daily trading volume of approximately 115 thousand shares).
07
During the first quarter of 2014, which was weak for seasonal and market-related reasons, it was possible to book order entry of € 25.0 million, representing a 28.4 percent decline from the previous year's quarter (previous year: € 34.9 million). Sales of € 39.0 million in the first quarter were well above the corresponding quarter of the previous year (Q1 2013: €30.1 million). The main reason for this was the shifting of sales from the fourth quarter of 2013 to the first quarter of 2014. The order backlog as of March 31, 2014 amounted to €71.4 million (March 31, 2013: €91.5 million).
Earnings before interest and taxes (EBIT) of € 1.5 million were well above the € -3.3 million of the previous year's quarter. Earnings after taxes (EAT) amounted to € 1.1 million, compared with €-2.5 million in the previous year. The basic earnings per share (EPS) totaled €0.06 (previous year: €-0.13).
Free cash flow for the quarter before consideration of acquisitions and extraordinary effects amounted to € -4.2 million (previous year's quarter: € -7.2 million). As of March 31, 2014, the SUSS MicroTec Group therefore had cash and interest-bearing securities of € 42.7 million. The net cash position of €31.5 million was lower than the € 35.7 million as of December 31, 2013 (March 31, 2013: €25.1 million).
In the first quarter of 2014, the regions of North America and Rest of Asia recorded declines in order entry of 37.9 percent and 51.6 percent, respectively. However, the region of Europe was able to grow significantly, achieving an increase of 35.4 percent from the previous year. The region of Japan was also able to record significant growth in order entry – from a relatively low overall level.
In the first quarter, regional sales displayed a significant increase in all regions, except for Rest of Asia. While the region of North America achieved an increase of 18.2 percent, Europe recorded growth of 91.5 percent and sales in Japan rose by 173.3 percent. Only the region Rest of Asia recorded a moderate decline in sales of 5.9 percent compared to the previous year's quarter. The primary reason for this was sustained market weakness in the area of advanced packaging since the largest customers in this target market for SUSS MicroTec are located in the Rest of Asia region.
as in the USA in Corona.
The Lithography division comprises the development, manufacture, and sale of the Mask Aligner, Developer, and Coater product lines as well as UV projection lithography devices and laser-based micro-patterning systems. These product lines are developed and produced in Germany at the sites in Garching near Munich and Sternenfels as well
In the first three months of the 2014 fiscal year, the Lithography division recorded a decline in order entry and a slight increase in sales. Order entry of €15.7 million was 27.6 percent below its total of €21.7 million a year earlier. Division sales in the first quarter of 2014 amounted to €19.8 million after €18.6 million in the previous year's quarter. Division earnings improved from €0.4 million to €1.3 million.
The Substrate Bonder division comprises the development, production, and sale of the Substrate (Wafer) Bonder product line and is located at our site in Sternenfels (Germany).
In the first quarter of the new fiscal year, the Substrate Bonder division recorded a decline in order entry from the previous year's quarter, reaching an amount of €3.1 million after €10.9 million in the previous year's quarter. The reason for the extraordinarily high order entry in the first quarter of 2013 was the placement of an order by an international IDM for a Bond Cluster system for 3D integration. It was possible to increase sales significantly compared to the corresponding quarter of the previous year. While order entry declined by 71.6 percent in the quarterly comparison, sales increased from €3.1 million to €12.0 million. Division earnings as of the end of the quarter improved to €-0.6 million (Q1 2013: €-4.2 million).
Substrate Bonder Division Overview in €million
The Photomask Equipment division comprises the development, manufacture, and sale of the MaskTrack and Mask-Track Pro product lines. The development and production of specialized systems for the cleaning and processing of photomasks for the semiconductor industry are also conducted at the Sternenfels site in Germany.
The Photomask Equipment division recorded order entry of € 4.6 million in the first quarter of 2014 (Q1 2013: €1.1 million) and slightly lower division sales of € 6.0 million (Q1 2013: €7.5 million). It was possible to improve division earnings and once again display positive earnings of €1.6 million (Q1 2013: €1.2 million).
The Others division comprises Micro-optics activities at the Hauterive, Switzerland, location, the C4NP business, as well as the costs for central Group functions that generally cannot be attributed to the main divisions.
Division sales climbed from the previous year's quarter to €1.2 million, while order entry also increased to €1.6 million (Q1 2013: €1.2 million). Division earnings of €0.7 million were at the same level as in the previous year.
of SUSS MicroTec AG
| in €thousand | 01/01/2014–03/31/2014 | 01/01/2013–03/31/2013 |
|---|---|---|
| Sales | 39,016 | 30,095 |
| Cost of sales | -28,237 | -22,795 |
| Gross profit | 10,779 | 7,300 |
| Selling costs | -4,034 | -4,449 |
| Research and development costs | -2,244 | -2,232 |
| Administration costs | -3,395 | -3,919 |
| Other operating income | 950 | 1,021 |
| Other operating expenses | -533 | -1,025 |
| Analysis of net income from operations (EBIT) | ||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) | 2,536 | -1,740 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-1,013 | -1,564 |
| Net income from operations (EBIT ) | 1,523 | -3,304 |
| Financial income | 94 | 138 |
| Financial expenses | -154 | -90 |
| Financial result | -60 | 48 |
| Loss from continuing operations before taxes | 1,463 | -3,256 |
| Income taxes | -339 | 736 |
| Net profit or loss | 1,124 | -2,520 |
| Thereof equity holders of SUSS MicroTec | 1,124 | -2,520 |
| Thereof non-controlling interests | 0 | 0 |
| Earnings per share (basic) | ||
| Earnings per share in € | 0.06 | -0.13 |
| Earnings per share (diluted) | ||
| Earnings per share in € | 0.06 | -0.13 |
| in €thousand | 01/01/2014–03/31/2014 | 01/01/2013–03/31/2013 |
|---|---|---|
| Net profit or loss | 1,124 | -2,520 |
| Items that will not be reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 0 | 2 |
| Deferred taxes | 0 | 0 |
| Other comprehensive income after tax for items that will not be reclassified to profit and loss |
0 | 2 |
| Items that will be reclassified subsequently to profit and loss | ||
| Fair value fluctuations of available for sale securities | 15 | -80 |
| Foreign currency adjustment | -495 | -91 |
| Cash flow hedges | -60 | 42 |
| Deferred taxes | 20 | 10 |
| Other comprehensive income after tax for items that will be reclassified to profit and loss |
-520 | -119 |
| Total income and expenses recognized in equity | -520 | -117 |
| Total income and expenses reported in the reporting period | 604 | -2,637 |
| Thereof equity holders of SUSS MicroTec | 604 | -2,637 |
| Thereof non-controlling interests | 0 | 0 |
| assets in €thousand |
03/31/2014 | 12/31/2013 |
|---|---|---|
| Non-current assets | 46,404 | 46,995 |
| Intangible assets | 4,206 | 4,517 |
| Goodwill | 15,314 | 15,318 |
| Tangible assets | 20,535 | 20,906 |
| Tax refund claims | 65 | 65 |
| Other assets | 523 | 522 |
| Deferred tax assets | 5,761 | 5,667 |
| Current assets | 121,657 | 132,872 |
| Inventories | 61,819 | 71,133 |
| Trade receivables | 13,077 | 11,073 |
| Other financial assets | 317 | 320 |
| Securities | 31,923 | 2,072 |
| Tax refund claims | 584 | 721 |
| Cash and cash equivalents | 10,771 | 45,059 |
| Other assets | 3,166 | 2,494 |
| Total assets | 168,061 | 179,867 |
| Liabilities & shareholders ' equity in €thousand |
03/31/2014 | 12/31/2013 | |
|---|---|---|---|
| Equity | 110,036 | 109,432 | |
| Total equity attributable to shareholders of SUSS MicroTec AG | 110,036 | 109,432 | |
| Subscribed capital | 19,116 | 19,116 | |
| Reserves | 95,095 | 93,971 | |
| Accumulated other comprehensive income | -4,175 | -3,655 | |
| Non-current liabilities | 14,375 | 14,613 | |
| Pension plans and similar commitments | 3,805 | 3,760 | |
| Provisions | 62 | 62 | |
| Financial debt | 10,030 | 10,280 | |
| Other financial liabilities | 461 | 496 | |
| Deferred tax liabilities | 17 | 15 | |
| Current liabilities | 43,650 | 55,822 | |
| Provisions | 5,038 | 5,939 | |
| Tax liabilities | 838 | 651 | |
| Financial debt | 1,188 | 1,191 | |
| Other financial liabilities | 5,447 | 6,366 | |
| Trade payables | 3,761 | 5,563 | |
| Other liabilities | 27,378 | 36,112 | |
| Total liabilities & shareholders' equity | 168,061 | 179,867 |
| in €thousand | 01/01/2014–03/31/2014 | 01/01/2013–03/31/2013 |
|---|---|---|
| Net profit or loss (after taxes) | 1,124 | -2,520 |
| Amortization of intangible assets | 366 | 967 |
| Depreciation of tangible assets | 647 | 597 |
| Profit or loss on disposal of intangible and tangible assets | 5 | 0 |
| Change of reserves on inventories | 722 | 603 |
| Change of reserves for bad debts | 266 | 93 |
| Other non-cash effective income and expenses | -420 | -352 |
| Change in inventories | 8,607 | -3,700 |
| Change in trade receivables | -2,373 | 3,966 |
| Change in other assets | -670 | -1,502 |
| Change in pension provisions | 45 | -74 |
| Change in trade payables | -1,804 | -858 |
| Change in down payments received | -7,931 | 522 |
| Change in other liabilities and other provisions | -2,399 | -2,812 |
| Change of tax refund claims and tax liabilities | -61 | -1,056 |
| Cash flow from operating activities | -3,876 | -6,126 |
| in €thousand | 01/01/2014–03/31/2014 | 01/01/2013–03/31/2013 | |
|---|---|---|---|
| Disbursements for tangible assets | -266 | -749 | |
| Disbursements for intangible assets | -60 | -281 | |
| Purchases of current available-for-sale securities | -30,865 | -8,967 | |
| Proceeds from redemption of available-for-sale securities | 1,028 | 0 | |
| Cash flow from investing activities | -30,163 | -9,997 | |
| Repayment of bank loans | -250 | 0 | |
| Change in current bank liabilities | 0 | -89 | |
| Change in other financial debt | -3 | -3 | |
| Cash flow from financing activities | -253 | -92 | |
| Adjustments to funds caused by exchange-rate fluctuations | 4 | 60 | |
| Change in cash and cash equivalents | -34,288 | -16,155 | |
| Funds at beginning of the year | 45,059 | 25,192 | |
| Funds at end of the period | 10,771 | 9,037 | |
| Cash flow from operating activities includes: | |||
| Interest paid during the period | 82 | 47 | |
| Interest received during period | 92 | 154 | |
| Tax paid during the period | 149 | 527 | |
| Tax refunds during the period | 133 | 0 |
| in €thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve |
Retained earnings |
|---|---|---|---|---|
| As of 01/01/2013 | 19,116 | 97,614 | 433 | 11,896 |
| Net income/ loss | -2,520 | |||
| Total income and expenses recognized in equity | ||||
| Total comprehensive income/ loss | -2,520 | |||
| As of 03/31/2013 | 19,116 | 97,614 | 433 | 9,376 |
| As of 01/01/2014 | 19,116 | 97,614 | 433 | -4,076 |
| Net income | 1,124 | |||
| Total income and expenses recognized in equity | ||||
| Total comprehensive income/ loss | 1,124 | |||
| As of 03/31/2014 | 19,116 | 97,614 | 433 | -2,952 |
| Non-controlling interests Equity |
Total equity attributable to shareholders of SUSS MicroTec AG |
Accumulated other comprehensive income | |||||
|---|---|---|---|---|---|---|---|
| Items that will be reclassified to profit and loss in later periods | Items that will not be reclassified to profit and loss |
||||||
| Deferred taxes | Fair value fluctuations of available-for sale securities |
Cash flow hedges |
Foreign currency adjustment |
Deferred taxes | Remeasure ments on defined benefit pension plans |
||
| 0 127,192 |
127,192 | 73 | 248 | -505 | -768 | 327 | -1,242 |
| 0 -2,520 |
-2,520 | ||||||
| 0 -117 |
-117 | 10 | -80 | 42 | -91 | 0 | 2 |
| 0 -2,637 |
-2,637 | 10 | -80 | 42 | -91 | 0 | 2 |
| 0 124,555 |
124,555 | 83 | 168 | -463 | -859 | 327 | -1,240 |
| 0 109,432 |
109,432 | 80 | 30 | -342 | -2,425 | 333 | -1,331 |
| 1,124 | 1,124 | ||||||
| -520 | -520 | 20 | 15 | -60 | -495 | 0 | 0 |
| 0 604 |
604 | 20 | 15 | -60 | -495 | 0 | 0 |
| 0 110,036 |
110,036 | 100 | 45 | -402 | -2,920 | 333 | -1,331 |
| in €thousand | Lithography | Substrate Bonder | Photomask Equipment | Other | Consolidation effects | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 3M/2014 | 3M/2013 | 3M/2014 | 3M/2013 | 3M/2014 | 3M/2013 | 3M/2014 3M/2013 |
3M/2014 | 3M/2013 3M/2014 |
||
| External Sales | 19,832 | 18,639 | 11,997 | 3,053 | 5,955 | 7,516 | 1,232 | 887 - |
- 39,016 |
|
| Internal Sales | 0 | 0 | 0 | 0 | 0 | 0 | 691 | 866 -691 |
-866 | |
| Total Sales | 19,832 | 18,639 | 11,997 | 3,053 | 5,955 | 7,516 | 1,923 | 1,753 -691 |
-866 39,016 |
|
| Result per segment (EBIT) | 1,222 | 422 | -608 | -4,226 | 1,564 | 1,192 | -655 | -692 - |
- 1,523 |
|
| Income before taxes | 1,212 | 392 | -609 | -4,226 | 1,563 | 1,190 | -703 | -612 - |
- 1,463 |
|
| Significant non-cash items | -316 | -22 | -555 | -661 | -48 | 9 | -76 | -9 - |
- -995 |
|
| Segment assets | 52,541 | 78,322 | 14,981 | 37,431 | 11,339 | 10,492 | 20,775 | 11,723 - |
- 99,636 |
|
| thereof Goodwill | 15,314 | 15,447 | 0 | 0 | 0 | 0 | 0 | 0 - |
- 15,314 |
|
| Unallocated assets | 68,425 | |||||||||
| Total assets | 168,061 | |||||||||
| Segment liabilities | -25,679 | -24,910 | -4,249 | -6,143 | -5,865 | -2,852 | -1,411 | -1,921 - |
- -37,204 |
|
| Unallocated liabilities | -20,821 | |||||||||
| Total liabilities | -58,025 | |||||||||
| Depreciation and amortisation | 477 | 579 | 85 | 476 | 32 | 111 | 419 | 398 - |
- 1,013 |
|
| thereof scheduled | 477 | 579 | 85 | 476 | 32 | 111 | 419 | 398 - |
- 1,013 |
|
| thereof impairment loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 - |
- | |
| Capital expenditure | 207 | 89 | 62 | 22 | 7 | 9 | 104 | 910 - |
- 380 |
|
| Workforce at 03/31 | 400 | 415 | 92 | 120 | 100 | 105 | 53 | 53 - |
- 645 |
| in €thousand | Sales | Assets (without Goodwill) |
|||||
|---|---|---|---|---|---|---|---|
| 3M/2014 | 3M/2013 | 3M/2014 | 3M/2013 | 3M/2014 | 3M/2013 | ||
| Europe | 12,419 | 6,484 | 308 | 985 | 66,039 | 93,198 | |
| North-America | 5,780 | 4,889 | 11 | 10 | 14,084 | 22,824 | |
| Japan | 4,892 | 1,790 | 57 | 4 | 2,423 | 4,147 | |
| Rest of Asia | 15,925 | 16,932 | 4 | 31 | 2,061 | 2,260 | |
| Rest of world | 0 | 0 | 0 | 0 | 0 | 92 | |
| Consolidation effects | 0 | 0 | 0 | 0 | -285 | 0 | |
| Total | 39,016 | 30,095 | 380 | 1,030 | 84,322 | 122,521 |
| 3M/2014 3M/2013 3M/2014 3M/2013 3M/2014 3M/2013 1,232 887 - - 39,016 30,095 691 866 -691 -866 0 0 1,923 1,753 -691 -866 39,016 30,095 -655 -692 - - 1,523 -3,304 -703 -612 - - 1,463 -3,256 -76 -9 - - -995 -683 20,775 11,723 - - 99,636 137,968 0 0 - - 15,314 15,447 68,425 36,927 168,061 174,895 -1,411 -1,921 - - -37,204 -35,826 -20,821 -14,515 -58,025 -50,341 419 398 - - 1,013 1,564 419 398 - - 1,013 1,564 0 0 - - 0 0 104 910 - - 380 1,030 53 53 - - 645 693 |
Total | Consolidation effects | Other | ||
|---|---|---|---|---|---|
21
of SUSS MicroTec AG as of March 31, 2014
The consolidated financial statements of SUSS MicroTec AG as of December 31, 2013, have been prepared in accordance with the International Financial Reporting Standards (IFRS) applied by the International Accounting Standards Board (IASB) as of the closing date. The consolidated interim financial statements as of March 31, 2014, which were prepared on the basis of International Accounting Standards (IAS) 34 "Interim Financial Reporting," do not contain all of the necessary information as required for the preparation of the Annual Report and should be read in conjunction with the consolidated financial statements of SUSS MicroTec AG as of December 31, 2013. In the interim financial statements as of March 31, 2014, the same accounting methods were applied as in the consolidated financial statements for the 2013 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of March 31, 2014, have been applied.
For additional information about specific accounting and measurement methods, please see the consolidated financial statements of SUSS MicroTec AG as of December 31, 2013.
The Group auditor has neither audited nor reviewed the interim financial statements.
The consolidated financial statements include the financial statements of SUSS MicroTec AG and of all material companies over which, independent of the level of its participatory investment, the proprietary company can exercise control (i.e. the control principle).
Compared with the consolidated financial statements as of December 31, 2013, there were no changes to the scope of consolidation.
The securities held as available for sale recognized in the statement of financial position include – as in the previous year – corporate and government bonds as well as commercial papers with a term of up to three months. The securities have been measured at market prices. Any fluctuations in the market price are recognized in accumulated other comprehensive income and therefore do not affect profit and loss.
Financial expense includes €5 thousand in interest cost from the compounding of noncurrent financial liabilities, which resulted from the acquisitions of Tamarack / USA (100% acquisition; now: SUSS MicroTec Photonic Systems Inc.) and SUSS MicroOptics /Switzerland (15% acquisition) in the 2012 fiscal year.
Other issues influencing assets, liabilities, shareholders' equity, the result for the period, or cash flows and unusual in terms of their nature, magnitude, or frequency did not arise during the interim reporting period.
No changes in presentation have been made; the presentation of the consolidated financial statements as of March 31, 2014, is analogous to the presentation as of December 31, 2013.
To the extent that estimates were made in the interim reports, the methodology underlying the estimates remained fundamentally the same during the fiscal year and in comparison to the previous fiscal year.
In a departure from the approach used at the end of the fiscal year, income tax expense in each interim reporting period is recorded on the basis of the best estimate of the weighted average annual income tax rate which is expected for the entire fiscal year.
SUSS MicroTec AG currently assumes that the annual income tax rate will deviate from the expected tax rate of approximately 28%. The primary reason for this is that the losses accrued by foreign subsidiaries cannot be capitalized.
Otherwise there are no changes requiring disclosure which would have a material impact on the current interim reporting period.
During the reporting period, no issuances, repurchases, or repayments occurred involving either bonds or other equity securities.
During the reporting period, no dividend was distributed nor was such a distribution proposed.
No material events occurred after the end of the interim reporting period.
There are no contingent receivables. There were no substantial changes in contingent liabilities since the previous reporting date of December 31, 2013.
Basic earnings per share are calculated by dividing the net profit or loss for the period (net of minority interests) by the average number of shares.
In order to calculate diluted earnings per share, the profit or loss for the period attributable to shareholders (net of minority interests) and the weighted average of outstanding shares are adjusted for the impact of all potential dilutive shares.
The following table shows the calculation of the basic and diluted earnings per share:
| in €thousand | Q1/2014 | Q1/2013 |
|---|---|---|
| Profit / loss wich accrue to shareholders of SUSS MicroTec AG | 1,124 | -2,520 |
| Weighted average number of outstanding shares | 19,115,538 | 19,115,538 |
| Effect of the (potential) exercise of stock options (number of options) | 0 | 0 |
| Adjusted weighted average number of outstanding shares | 19,115,538 | 19,115,538 |
| Earnings per share in 1 from continuing operations – basic – | 0.06 | -0.13 |
| Earnings per share in 1 from continuing operations – diluted – | 0.06 | -0.13 |
of SUSS MicroTec Group
Production
Sales Other / Non-operating
| Shareholders' Meeting, Haus der Bayerischen Wirtschaft, Munich | 17. June |
|---|---|
| Interim Report 2014 | 7. August |
| Nine-month Report 2014 | 6. November |
Published by SUSS MicroTec AG Edited by Finance, Julia Natterer Investor Relations, Franka Schielke Concept and design Whitepark GmbH & Co., Hamburg Photography Michael Lange, SUSS MicroTec AG Translation English Business, Hamburg
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 E-mail: [email protected]
Investor Relations Phone: +49 (0)89-32007-161 E-mail: [email protected]
Forward-looking statements: These reports contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based oncurrent plans, estimates, and projections,and should be understood as such. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution readers that a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement.
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 E-mail: [email protected]
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