Quarterly Report • Nov 9, 2016
Quarterly Report
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January 1 –September 30
| in € million | Q3/2016 | Q3/2015 | Change | 9M/2016 | 9M/2015 | Change |
|---|---|---|---|---|---|---|
| Business development | ||||||
| Order entry | 32.2 | 39.2 | -17.9% | 101.5 | 108.9 | -6.8% |
| Order backlog as of September 30 | – | – | – | 110.9 | 92.1 | 20.4% |
| Total sales | 39.1 | 38.3 | 2.1% | 108.1 | 93.4 | 15.7% |
| Sales margin | -0.5% | 3.1% | -3.6%-points | -3.1% | -3.6% | 0.5%-points |
| Gross profit | 13.3 | 12.3 | 8.1% | 34.9 | 30.5 | 14.4% |
| Gross margin | 34.0% | 32.1% | 1.9%-points | 32.3% | 32.7% | -0.4%-points |
| Cost of sales | 25.8 | 26.0 | -0.8% | 73.2 | 62.9 | 16.4% |
| R&D costs | 4.0 | 2.9 | 37.9% | 10.8 | 9.3 | 16.1% |
| EBITDA | 2.0 | 3.3 | -39.4% | 3.0 | 1.4 | >100.0% |
| EBITDA margin | 5.1% | 8.6% | -3.5%-points | 2.8% | 1.5% | 1.3%-points |
| EBIT | 1.0 | 2.2 | -54.5% | 0.0 | -1.7 | -100.0% |
| EBIT margin | 2.6% | 5.7% | -3.2%-points | 0.0% | -1.8% | 1.8%-points |
| Earnings after tax | -0.2 | 1.2 | – | -3.3 | -3.4 | – |
| Earnings per share (in €) | -0.01 | 0.06 | – | -0.17 | -0.18 | – |
| Balance sheet and cash flow | ||||||
| Equity | – | – | – | 115.0 | 114.6 | 0.3% |
| Equity ratio | – | – | – | 60.3% | 65.9% | -5.7%-points |
| Return on equity | -0.2% | 1.0% | -1.2%-points | -2.9% | -3.0% | 0.1%-points |
| Balance sheet total | – | – | – | 190.8 | 173.8 | 9.8% |
| Net Cash | – | – | – | 26.4 | 25.5 | 3.5% |
| Free cash flow1 | -1.7 | 0.1 | – | -13.7 | -13.1 | 4.6% |
| Further key figures | ||||||
| Investments | 1.3 | 0.7 | 85.7% | 2.6 | 2.1 | 23.8% |
| Investment ratio | 3.3% | 1.8% | 1.5%-points | 2.4% | 2.2% | 0.2%-points |
| Depreciation | 1.0 | 1.1 | -9.1% | 3.0 | 3.2 | -6.3% |
| Employees as of September 30 | – | – | – | 720 | 693 | 3.9% |
1 before consideration of purchase or sale of available-for-sale securities
| Introduction by the Management Board | 4 |
|---|---|
| Investor Relations | 6 |
| Business Development in the First Nine Months of 2016 | 8 |
| Financial Report | 12 |
| Legal Structure | 25 |
| Financial Calendar 2016 | 26 |
| Credits/Contact | 26 |
The third quarter of 2016 was shaped by two significant changes in the Management Board of your Company. On August 16, 2016, Dr. Per-Ove Hansson surprisingly resigned his position as Chief Executive Officer and left the Company. On August 30, 2016, the Supervisory Board was already able to announce that it had found a successor for the position of Chief Executive Officer in Dr. Franz Richter. Since the beginning of September, three members of the Management Board are once again steering the fortunes of the Company.
Today we also look back on the first nine months of the 2016 fiscal year. According to the current ifo Business Climate Index, the mood of the German economy has significantly improved recently. The ifo Index climbed from 106.3 points in August to 109.5 points in September. That is the highest level since May 2014. Entrepreneurs are looking forward to the coming months with considerably more optimism. In addition, they are more satisfied with their current business situation. By contrast, the mood for the eurozone economy has deteriorated slightly. Above all as a result of the Brexit vote, the economic climate within Europe has dimmed. At the same time, the world economic climate has cooled noticeably. The deterioration of the economic climate is attributable exclusively to less positive expectations. The ifo Index for the world economy declined by 4.5 points to 86.0. As a result, the Index is at its lowest level in the past approximately ten years. For SUSS MicroTec this means that we continue to operate in an economically challenging environment. Despite the uncertain environment, we succeeded in achieving significantly higher sales, as expected.
On the product side, we were able to stage the market launch of ACS300 Gen3, a coater and developer platform representing an innovative system particularly for applications in the advanced packaging growth segment of the market. Specifically, core application areas of the tool include such processes as wafer-level chip-scale packaging, fan-out wafer-level packaging, copper-pillar flip-chip packaging, and 3D packaging. In addition, ACS300 Gen3 provides high process consistency, repeatability, and a high yield.
In the third quarter of 2016, order entry amounted to EUR 32.2 million after EUR 39.2 million in the previous year's quarter. This corresponded to a decrease of 17.9 percent. Sales in the months from July to September 2016 totaled EUR 39.1 million, 2.1 percent above the level of the previous year's quarter (Q3 2015: EUR 38.3 million). EBIT in the third quarter of 2016 was EUR 1.0 million, which represented a significant decline compared with the third quarter of 2015 (EBIT Q3 2015: EUR 2.2 million). Earnings before interest and taxes (EBIT) in the third quarter contained special items of EUR -1.8 million, which included provisions for customer projects as well as Management Board remuneration still to be paid to Dr. Per-Ove Hansson, who stepped down as Chief Executive Officer (CEO) on August 16, 2016.
While the sales level in the first nine months of 2015 was EUR 93.4 million, it was possible to record EUR 108.1 million in the first nine months of the 2016 fiscal year. This represented an increase of more than 15 percent. In the first three quarters, order entry was 6.8 percent below the amount of the previous year, resulting in an order backlog of EUR 110.9 million as of the quarterly reporting date. As a result, earnings before interest and taxes (EBIT) of EUR -34 thousand were thus higher than the EUR -1.7 million of the previous year. Despite the substantial increase in sales from the previous year, it was not possible to generate a positive EBIT in the first nine months of 2016. EBIT was burdened by a negative contribution to margin and earnings resulting from the delivery of the first projection scanners from the large order in 2015, for which it was possible to recognize sales in the second quarter of 2016.
After an expected moderate start to the current fiscal year, the Management Board initially expected at the beginning of the fiscal year a significant revival in the order entry situation in the second half of 2016. In August 2016, this forecast was adjusted to reflect
from left to right: Michael Knopp, Chief Financial Officer; Dr. Franz Richter, Chief Executive Officer; Walter Braun, Chief Operating Officer
the current performance since the expected increase in order entry was presumed to fall short of what had been expected as of the first half of 2016. The reasons for this were the generally challenging market situation as well as the lack of new orders for UV projection scanners from the Photonic Systems area. It was also not possible to record any significant increase in business activity by customers over the course of the third quarter of 2016. In particular, no improvement in order entry has been detected so far. Nevertheless, as of now the Management Board continues to expect order entry in the range of EUR 80 million to EUR 90 million in the second half of 2016. Accordingly, we expect order entry in the fourth quarter of at least EUR 50 million.
Given the expected order entry situation in the second half of 2016 and the related anticipated order backlog as of the end of 2016, we currently continue to expect that sales in the 2017 fiscal year will be in the range of approximately EUR 160 million.
For the current 2016 fiscal year, the Company continues to anticipate Group sales in the range of EUR 170– 180 million (previous year: EUR 148.5 million) and EBIT of EUR 9 – 13 million (previous year: EUR 5.0 million).
Garching, Germany, November 2016
Dr. Franz Richter Chief Executive Officer
Michael Knopp Chief Financial Officer
Walter Braun Chief Operating Officer
For many investors, the 2016 stock market year has been extremely nerve-wracking so far. Economic worries in China, the continued low oil price, and last but not least the surprising no of the British to the European Union, known as BREXIT, led to repeated extreme price turbulence and a high degree of volatility in the stock market over the course of the year. If one considers the German stock market in the first nine months of 2016, it becomes clear that the German leading index DAX – despite a few highs and lows – primarily moved sideways. At the end of the third quarter, DAX was at 10,511 points, slightly higher than at the beginning of 2016 (January 4, 2016: 10,283 points). In the first months, the value of the index fell significantly below 9,000 points, but it was able to recover over the course of the year to about 10,500 points.
After a successful year for stocks in 2015, the SUSS MicroTec share performed very well in the first quarter of 2016 and was able to increase from a closing price of EUR 7.79 at the beginning of the year by 14.8 percent to EUR 8.94 as of March 31, 2016. A reason for this was certainly that SUSS MicroTec reported record order entry for the fourth quarter of 2015. Also having a positive effect on share performance was the announcement by Deutsche Börse on March 3, 2016, that as of March 21, 2016, SUSS MicroTec would be listed again in TecDAX, the technology index of Deutsche Börse.
In the second quarter, the stock price initially performed positively. Fluctuating around EUR 9.50 in April, it remained significantly higher than at the beginning of the year. However, a reversal of the trend began upon publication of the figures for the first quarter of 2016. Despite the positive outlook for the second quarter and the full year of 2016, the share could not escape a noticeable downward trend. At the end of the second quarter, the stock price was EUR 6.77, 13.1 percent below the value at the beginning of the year. However, it should be taken into account that the TecDAX benchmark index also fell by 193 points (approximately 13 percent) from the beginning of 2016.
At the end of the third quarter of 2016, the SUSS MicroTec share was removed once again from the TecDAX due to its low market capitalization. The overall stock price performance has been very subdued in the third quarter. At the end of the quarter, the price recovered slightly so that the share ended the third quarter at a price of EUR 6.51. The TecDAX was able to recover significantly following a period of weakness in the first half of the year so that it has hardly changed overall. For the SUSS MicroTec share, the decline in price over the same period was approximately 16 percent.
The average daily trading volume of SUSS MicroTec shares on the German XETRA and Frankfurt stock exchanges in the first nine months of 2016 amounted to approximately 193 thousand (9M 2015: average daily trading volume of approximately 139 thousand shares).
SUSS MicroTec share price on January 4, 2016: € 7.79
| Business Development in the First Nine Months of 2016 | 8 |
|---|---|
| Overview | 8 |
| Orders Position and Sales by Region | 9 |
| Business Development in the Individual Divisions | 9 |
| Financial Report | 12 |
| Consolidated Statement of Income (IFRS) | 12 |
| Statement of Comprehensive Income (IFRS) | 13 |
| Consolidated Balance Sheet (IFRS) | 14 |
| Consolidated Statement of Cash Flows (IFRS) | 16 |
| Consolidated Statement of Shareholders' Equity (IFRS) | 18 |
| Segment Reporting (IFRS) | 20 |
| Selected Explanatory Notes | 22 |
| Legal Structure | 25 |
| Financial Calendar 2016 | 26 |
| Credits/Contact | 26 |
In the third quarter of 2016, order entry amounted to € 32.2 million after € 39.2 million in the previous year's quarter. This corresponded to a decrease of 17.9%. Sales in the months from July to September 2016 totaled € 39.1 million, 2.1% above the level of the previous year's quarter (Q3 2015: € 38.3 million). EBIT in the third quarter of 2016 was € 1.0 million, which represented a significant decline compared with the third quarter of 2015 (EBIT Q3 2015: € 2.2 million). Earnings before interest and taxes (EBIT) in the third quarter contained special items of € -1.8 million, which included provisions for customer projects as well as Management Board remuneration still to be paid to Dr. Per-Ove Hansson, who stepped down as Chief Executive Officer (CEO) on August 16, 2016.
Cumulatively in the first nine months of the 2016 fiscal year, the Company generated order entry of € 101.5 million, a decrease of 6.8% from the previous year (previous year: € 108.9 million). Sales of € 108.1 million in the first nine months of 2016 were a significant 15.7% above the previous year's level (9M 2015: € 93.4 million). The order backlog as of September 30, 2016, thus amounted to € 110.9 million (September 30, 2015: € 92.1 million). As a result, earnings before interest and taxes (EBIT) of € -34 thousand were thus higher than the € -1.7 million of the previous year. Despite the substantial increase in sales from the previous year, it was not possible to generate a positive EBIT in the first nine months of 2016. EBIT in the second quarter of 2016 was burdened by a negative contribution to margin and earnings resulting from the delivery of the first projection scanners from the large order in 2015. Earnings before interest and taxes (EBIT) in the third quarter contained special items of € -1.8 million, which included provisions for customer projects as well as Management Board remuneration still to be paid to Dr. Per-Ove Hansson, who stepped down as Chief Executive Officer (CEO) on August 16, 2016.
In the first nine months of 2016, it was possible to record a substantial contribution to sales from the projection scanner product line for the first time since the acquisition of the technologies of SUSS MicroTec Photonic Systems in 2012. In the second quarter, SUSS MicroTec was able to receive final customer acceptance of several DSC300 Gen2 projection scanners from the large order of an international semiconductor manufacturer and therefore realized the sales. However, the first projection scanners that were delivered had a negative margin, which weighed on both the margin and result in the Lithography division as well as Group EBIT. The remaining projection scanners will be recognized in sales over the course of the fourth quarter of the year.
In the first nine months of 2016, only the region of North America recorded an increase in order entry. This resulted in an increase of 21.7% from the previous year. The EMEA region recorded a decline of approximately 14.6%, while the Asia-Pacific region registered a decline of 10.2%.
However, regional sales mostly displayed increases in the first nine months of the year. While only the region of North America recorded a decrease of approximately 26.1%, EMEA and Asia-Pacific booked increases of 38.0% and 19.6%, respectively.
The Lithography division includes the development, manufacture, and sale of the mask aligner, UV projection scanner, and laser processing tool product lines as well as coaters and developers. The mask aligner, coater, and developer product lines are manufactured in Germany at the locations in Garching near Munich and Sternenfels. UV projection scanners and laser processing tools are manufactured in a site in Corona, California (USA).
The Lithography division recorded a significant decrease in order entry in the first nine months of the 2016 fiscal year. Order entry of € 66.9 million was 23.2% below its good total of € 87.1 million in the previous year. Division sales in the first nine months of 2016 amounted to € 87.6 million after € 64.8 million in the first half of the previous year. The gross profit margin declined from 33.4% to 32.0%. The reason for this was the negative gross profit margin of several projection scanners, for which the final acceptance by the customer was recognized in sales in June 2016. However, division earnings increased from € 2.3 million to € 7.1 million due to the significantly higher level of sales.
| in € million | 9M/2016 | 9M/2015 |
|---|---|---|
| Order entry | 66.9 | 87.1 |
| Division sales | 87.6 | 64.8 |
| Division earnings | 7.1 | 2.3 |
| Net assets | 62.7 | 57.7 |
The Bonder division comprises the development, production, and sale of the substrate (wafer) bonder product line. Manufacturing is located at our largest site in Sternenfels. Markets addressed by the bonder systems include microelectromechanical systems (MEMS), compound semiconductors, and 3D integration.
In the first nine months of 2016, the Bonder division recorded a significant increase in order entry from the previous year's period, reaching € 12.9 million after € 6.7 million a year earlier. In the first nine months, sales fell from € 8.9 million in the previous year to € 6.3 million. The gross profit margin declined from 25.4% to 21.7%. Division earnings were € -3.2 million (9M 2015: € -2.3 million).
| in € million | 9M/2016 | 9M/2015 |
|---|---|---|
| Order entry | 12.9 | 6.7 |
| Division sales | 6.3 | 8.9 |
| Division earnings | -3.2 | -2.3 |
| Net assets | 2.2 | 6.7 |
The Photomask Equipment division, which is located at the Sternenfels site near Stuttgart, comprises the development, manufacture, and sale of specialized tools for the cleaning and processing of photomasks for the semiconductor industry. Among the markets targeted by the Photomask Equipment division is the semiconductor industry, where SUSS MicroTec is active on the front-end.
In the first nine months of 2016, the Photomask Equipment division recorded order entry of € 13.3 million, higher than in the previous year (9M 2015: € 10.0 million). However, segment sales fell significantly from € 14.3 million to € 7.1 million. The gross profit margin increased slightly from 28.1% to 28.9%. Division earnings declined due to the low sales level to a negative amount of € -1.4 million in the first nine months of the year (9M 2015: € 0.4 million). Earnings in the Photomask Equipment division depend on a few large individual orders and can fluctuate significantly from quarter to quarter.
| in € million | 9M/2016 | 9M/2015 |
|---|---|---|
| Order entry | 13.3 | 10.0 |
| Division sales | 7.1 | 14.3 |
| Division earnings | -1.4 | 0.4 |
| Net assets | 7.9 | 6.6 |
The Others division comprises Micro-optics activities at the Hauterive, Switzerland location, the C4NP business, and the costs for central Group functions that generally cannot be attributed to the main divisions.
In the first nine months of 2016, division sales increased significantly from the previous year to € 7.0 million (previous year: € 5.4 million), while order entry also rose to € 8.4 million (previous year: € 5.1 million). Division earnings deteriorated from the level of the previous year to € -2.6 million (previous year: € -2.2 million).
| in € million | 9M/2016 | 9M/2015 |
|---|---|---|
| Order entry | 8.4 | 5.1 |
| Division sales | 7.0 | 5.4 |
| Division earnings | -2.6 | -2.2 |
| Net assets | 20.9 | 20.3 |
of SUSS MicroTec AG
| in € thousand | 07/01/2016 – 09/30/2016 |
07/01/2015 – 09/30/2015 |
01/01/2016 – 09/30/2016 |
01/01/2015 – 09/30/2015 |
|---|---|---|---|---|
| Sales | 39,087 | 38,341 | 108,077 | 93,393 |
| Cost of sales | -25,766 | -26,035 | -73,180 | -62,925 |
| Gross profit | 13,321 | 12,306 | 34,897 | 30,468 |
| Selling costs | -5,817 | -4,916 | -15,079 | -13,160 |
| Research and development costs | -4,001 | -2,971 | -10,781 | -9,326 |
| Administration costs | -3,066 | -3,330 | -9,824 | -9,878 |
| Other operating income | 760 | 1,281 | 2,431 | 3,322 |
| Other operating expenses | -216 | -191 | -1,678 | -3,171 |
| Analysis of net income from operations (EBIT): | ||||
| EBITDA (Earnings before interest and taxes, depreciation and amortization) |
2,027 | 3,274 | 2,985 | 1,405 |
| Depreciation and amortization of tangible assets, intangible assets and financial assets |
-1,046 | -1,095 | -3,019 | -3,150 |
| Net income from operations (EBIT) | 981 | 2,179 | -34 | -1,745 |
| Financial income | 14 | 36 | 65 | 206 |
| Financial expenses | -59 | -108 | -662 | -391 |
| Financial result | -45 | -72 | -597 | -185 |
| Profit/loss before taxes | 936 | 2,107 | -631 | -1,930 |
| Income taxes | -1,083 | -935 | -2,659 | -1,504 |
| Net profit/loss | -147 | 1,172 | -3,290 | -3,434 |
| thereof equity holders of SUSS MicroTec AG | -147 | 1,172 | -3,290 | -3,434 |
| thereof non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share (basic) | ||||
| Earnings per share in € | -0.01 | 0.06 | -0.17 | -0.18 |
| Earnings per share (diluted) | ||||
| Earnings per share in € | -0.01 | 0.06 | -0.17 | -0.18 |
| in € thousand | 01/01/2016 – 09/30/2016 | 01/01/2015 – 09/30/2015 |
|---|---|---|
| Net profit/loss | -3,290 | -3,434 |
| Items that will not be reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other comprehensive income after tax for items that will not be reclassified to profit and loss |
0 | 0 |
| Items that will be reclassified to profit and loss in later periods | ||
| Fair value fluctuations of available-for-sale securities | 0 | -12 |
| Foreign currency adjustment | -792 | 1,925 |
| Cash flow hedges | 411 | 63 |
| Deferred taxes | -116 | -15 |
| Other comprehensive income after tax for items that will be reclassified to profit and loss in later periods |
-497 | 1,961 |
| Total income and expenses recognized in equity | -497 | 1,961 |
| Total income and expenses reported in the reporting period | -3,787 | -1,473 |
| thereof equity holders of SUSS MicroTec AG | -3,787 | -1,473 |
| thereof non-controlling interests | 0 | 0 |
| Assets in € thousand | 09/30/2016 | 12/31/2015 |
|---|---|---|
| Noncurrent assets | 43,614 | 43,402 |
| Intangible assets | 3,626 | 4,266 |
| Goodwill | 15,719 | 15,772 |
| Tangible assets | 20,351 | 20,263 |
| Tax refund claims | 32 | 37 |
| Other assets | 620 | 611 |
| Deferred tax assets | 3,266 | 2,453 |
| Current assets | 147,187 | 133,804 |
| Inventories | 93,328 | 68,719 |
| Trade receivables | 18,466 | 13,093 |
| Other financial assets | 108 | 221 |
| Securities | 7,997 | 0 |
| Tax refund claims | 906 | 414 |
| Cash and cash equivalents | 23,175 | 49,085 |
| Other assets | 3,207 | 2,272 |
| Total assets | 190,801 | 177,206 |
| Liabilities&Shareholders' Equity in € thousand | 09/30/2016 | 12/31/2015 |
|---|---|---|
| Equity | 114,953 | 118,740 |
| Total equity attributable to shareholders of SUSS MicroTec AG | 114,953 | 118,740 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 95,519 | 98,809 |
| Accumulated other comprehensive income | 318 | 815 |
| Noncurrent liabilities | 9,230 | 13,108 |
| Pension plans and similar commitments | 5,480 | 5,144 |
| Provisions | 0 | 11 |
| Financial debt | 3,750 | 7,920 |
| Other financial liabilities | 0 | 33 |
| Current liabilities | 66,618 | 45,358 |
| Provisions | 4,941 | 2,362 |
| Tax liabilities | 3,508 | 3,327 |
| Financial debt | 1,008 | 1,186 |
| Other financial liabilities | 4,971 | 6,545 |
| Trade payables | 4,597 | 8,472 |
| Other liabilities | 47,593 | 23,466 |
| Total liabilities and shareholders' equity | 190,801 | 177,206 |
| in € thousand | 01/01/2016 – 09/30/2016 | 01/01/2015 – 09/30/2015 |
|---|---|---|
| Net profit/loss (after taxes) | -3,290 | -3,434 |
| Amortization of intangible assets | 949 | 935 |
| Depreciation of tangible assets | 2,070 | 2,215 |
| Profit/loss on disposal of intangible and tangible assets | 0 | 41 |
| Change of reserves on inventories | -263 | 2,191 |
| Change of reserves for bad debts | 138 | 135 |
| Other non-cash effective income and expenses | 769 | -391 |
| Change in inventories | -24,811 | -17,058 |
| Change in trade receivables | -5,136 | -4,014 |
| Change in other assets | -831 | -746 |
| Change in pension provisions | 205 | 191 |
| Change in trade payables | -3,847 | 1,110 |
| Change in down payments received | 24,408 | 8,140 |
| Change in other liabilities and other provisions | -375 | -1,344 |
| Change of tax refund claims and tax liabilities | -1,119 | 1,035 |
| Cash flow from operating activities | -11,133 | -10,994 |
| in € thousand | 01/01/2016 – 09/30/2016 | 01/01/2015 – 09/30/2015 |
|---|---|---|
| Disbursements for tangible assets | -2,206 | -1,373 |
| Disbursements for intangible assets | -350 | -713 |
| Purchases of current securities | -7,997 | -13,969 |
| Proceeds from redemption of available-for-sale securities | 0 | 1,000 |
| Cash flow from investing activities | -10,553 | -15,055 |
| Repayment of bank loans | -4,350 | -930 |
| Change in current bank liabilities | 2 | -1 |
| Cash flow from financing activities | -4,348 | -931 |
| Adjustments to funds caused by exchange rate fluctuations | 124 | 507 |
| Change in cash and cash equivalents | -25,910 | -26,473 |
| Funds at the beginning of the year | 49,085 | 47,309 |
| Funds at the end of the period | 23,175 | 20,836 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 624 | 287 |
| Interest received during the period | 67 | 221 |
| Tax paid during the period | 3,975 | 528 |
| Tax refunds during the period | 2 | 277 |
| in € thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve |
Retained earnings |
|
|---|---|---|---|---|---|
| As of January 1,2015 | 19,116 | 97,614 | 433 | 537 | |
| Net income /loss | -3,434 | ||||
| Total income and expenses recognized in equity | |||||
| Total comprehensive income /loss | -3,434 | ||||
| As of September 30, 2015 | 19,116 | 97,614 | 433 | -2,897 | |
| As of January 1, 2016 | 19,116 | 97,614 | 433 | 762 | |
| Net income /loss | -3,290 | ||||
| Total income and expenses recognized in equity | |||||
| Total comprehensive income /loss | -3,290 | ||||
| As of September 30, 2016 | 19,116 | 97,614 | 433 | -2,528 |
| Equity | Non-controlling interests |
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 |
|||
| 116,070 | 0 | 116,070 | 133 | 11 | -486 | 493 | 532 | -2,313 |
| -3,434 | -3,434 | |||||||
| 1,961 | 1,961 | -15 | -12 | 63 | 1,925 | 0 | 0 | |
| -1,473 | 0 | -1,473 | -15 | -12 | 63 | 1,925 | 0 | 0 |
| 114,597 | 0 | 114,597 | 118 | -1 | -423 | 2,418 | 532 | -2,313 |
| 118,740 | 0 | 118,740 | 115 | 0 | -410 | 3,258 | 697 | -2,845 |
| -3,290 | -3,290 | |||||||
| -497 | -497 | -116 | 0 | 411 | -792 | 0 | 0 | |
| -3,787 | 0 | -3,787 | -116 | 0 | 411 | -792 | 0 | 0 |
| 114,953 | 0 | 114,953 | -1 | 0 | 1 | 2,466 | 697 | -2,845 |
The Segment Reporting is part of the notes to the consolidated financial statements.
| 9M/2016 | 9M/2015 | 9M/2016 | 9M/2015 | |
|---|---|---|---|---|
| 87,645 | 64,842 | 6,315 | 8,889 | |
| 0 | 0 | 0 | 0 | |
| 87,645 | 64,842 | 6,315 | 8,889 | |
| 7,134 | 2,279 | -3,153 | -2,256 | |
| 7,112 | 2,265 | -3,154 | -2,257 | |
| -1 | -813 | 42 | -714 | |
| 101,139 | 86,852 | 11,579 | 10,067 | |
| 15,719 | 15,709 | 0 | 0 | |
| -38,405 | -29,151 | -9,351 | -3,418 | |
| 1,249 | 1,371 | 191 | 234 | |
| 1,249 | 1,371 | 191 | 234 | |
| 0 | 0 | 0 | 0 | |
| 1,041 | 840 | 104 | 98 | |
| 458 | 435 | 88 | 98 | |
| Lithography | Bonder |
| Sales | Capital expenditure | Assets (without goodwill) | |||||
|---|---|---|---|---|---|---|---|
| in € thousand | 9M/2016 | 9M/2015 | 9M/2016 | 9M/2015 | 9M/2016 | 9M/2015 | |
| EMEA | 34,515 | 25,013 | 1,985 | 1,745 | 96,888 | 91,104 | |
| North America | 13,305 | 17,952 | 521 | 284 | 37,270 | 19,749 | |
| Asia and Pacific | 60,257 | 50,428 | 50 | 58 | 5,743 | 6,246 | |
| Consolidation effects | 0 | 0 | 0 | 0 | -4,128 | -327 | |
| Total | 108,077 | 93,393 | 2,556 | 2,087 | 135,773 | 116,772 |
| Total | Consolidation effects | Others | Photomask Equipment | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M/2015 | 9M/2016 | 9M/2015 | 9M/2016 | 9M/2015 | 9M/2016 | 9M/2015 | 9M/2016 | |||||
| 93,393 | 108,077 | – | – | 5,382 | 7,005 | 14,280 | 7,112 | |||||
| 0 | 0 | -4,505 | -5,218 | 4,505 | 5,218 | 0 | 0 | |||||
| 93,393 | 108,077 | -4,505 | -5,218 | 9,887 | 12,223 | 14,280 | 7,112 | |||||
| -1,745 | -34 | – | – | -2,194 | -2,645 | 426 | -1,370 | |||||
| -1,930 | -631 | – | – | -2,361 | -3,216 | 423 | -1,373 | |||||
| -2,529 | -942 | – | – | -355 | -1,395 | -647 | 412 | |||||
| 132,481 | 151,492 | – | – | 22,089 | 22,818 | 13,473 | 15,956 | |||||
| 15,709 | 15,719 | – | – | 0 | 0 | 0 | 0 | |||||
| 41,338 | 39,309 | |||||||||||
| 173,819 | 190,801 | |||||||||||
| -41,284 | -57,781 | – | – | -1,799 | -1,916 | -6,916 | -8,109 | |||||
| -17,938 | -18,067 | |||||||||||
| -59,222 | -75,848 | |||||||||||
| 3,150 | 3,019 | – | – | 1,382 | 1,474 | 163 | 105 | |||||
| 3,150 | 3,019 | – | – | 1,382 | 1,474 | 163 | 105 | |||||
| 0 | – | – | 0 | 0 | 0 | 0 | ||||||
| 2,087 | 2,556 | – | – | 1,067 | 1,358 | 82 | 53 | |||||
| 720 | – | – | 57 | 71 | 103 | 103 | ||||||
of SUSS MicroTec AG as of September 30, 2016
The consolidated financial statements of SUSS MicroTec AG as of December 3, 2015, 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 September 30, 2016, 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, 2015. In the interim financial statements as of September 30, 2016, the same accounting methods were applied as in the consolidated financial statements for the 2015 fiscal year.
All of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) in effect as of September 30, 2016, 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, 2015.
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, 2015, there were no changes to the scope of consolidation.
As of December 31, 2015, SUSS MicroTec AG had loans payable of € 3.6 million, which served to finance the company property in Sternenfels. The loan agreement was concluded on May 25 – 28, 2010, between SUSS MicroTec AG and Volksbank Bruchsal-Bretten eG and had a term until June 30, 2020. Upon conclusion of the agreement, the loan amounted to € 4.5 million and carried a variable rate. In order to hedge the interest rate risk, SUSS MicroTec AG simultaneously concluded an interest rate swap with a matching term and amount in 2010, which converted the variable rate of the loan into a fixed interest rate. As a result of the interest rate swap, the loan's annual fixed interest rate amounted to 3.98%.
Hedge accounting was used to account for this interest rate swap: Instead of recognizing changes in the market value of the interest rate swap in the statement of income, they were disclosed in accumulated other comprehensive income. As of December 31, 2015, the interest rate swap had a negative fair value of € 0.4 million.
Due to the performance of market interest rates and the high amount of cash and cash equivalents in the SUSS MicroTec Group, SUSS MicroTec AG decided to redeem the loan early. As of June 30, 2016, the entire outstanding loan amount of € 3.6 million was repaid. The swap was closed out in April 2016. As a result, the financial result of the second quarter of 2016 was burdened by expenses of approximately € 0.4 million, which were previously recognized in accumulated other comprehensive income and would have been included in the financial result over a period until June 30, 2020, if the loan and swap had been maintained. With the early redemption of the loan, total savings in interest and taxes of approximately € 0.1 million will be achieved.
Earnings before interest and taxes (EBIT) in the third quarter contained special items of € -1.8 million, which included provisions for customer projects as well as Management Board remuneration still to be paid to Dr. Per-Ove Hansson, who stepped down as Chief Executive Officer (CEO) on August 16, 2016.
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.
SUSS MicroTec will no longer report the region of Japan separately due to its diminishing significance relative to other regions. This begins with the first quarter of 2016. Sales generated in Japan, capital expenditure invested there, and consolidated assets in Japan will, from now on, be summarized under the Asia-Pacific region.
No further changes in presentation have been made; the presentation of the consolidated financial statements of SUSS MicroTec AG as of September 30, 2016, is analogous to the presentation as of December 31, 2015.
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 that 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 deferred taxes on losses accrued by foreign subsidiaries cannot be capitalized.
Otherwise there are no changes requiring disclosure that 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, 2015.
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 | 9M/2016 | 9M/2015 |
|---|---|---|
| Profit/loss which accrue to shareholders of SUSS MicroTec AG |
-3,290 | -3,434 |
| 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 € – basic – | -0.17 | -0.18 |
| Earnings per share in € – diluted – | -0.17 | -0.18 |
of SUSS MicroTec Group
SUSS MicroTec AG, GARCHING (GER)
Production Sales Other/ Non-operating
| Nine-Month Report 2016 | November 9 |
|---|---|
| Published by | SUSS MicroTec AG |
|---|---|
| Edited | Finance, Julia Natterer |
| Investor Relations, Franka Schielke | |
| Concept and design | Silvester Group GmbH & Co., Hamburg |
| Photos | SUSS MicroTec AG, Richard Tobis, Marek Vogel |
| Translation | EnglishBusiness AG, Hamburg |
SUSS MicroTec AG Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 (0)89-32007-0 Email: [email protected]
Investor Relations Phone: +49 (0)89-32007-161 Email: [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, Forwardlooking 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 Email: [email protected]
www.suss.com
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