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SÜSS MicroTec SE
Quarterly Report • Nov 11, 2021
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Quarterly Report
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QUARTERLY REPORT JANUARY 1 – SEPTEMBER 30, 2021
KEY FIGURES
| in € million | Q3 / 2021 | Q3/ 2020 | Change | 9 Months / 2021 | 9 Months / 2020 | Change |
|---|---|---|---|---|---|---|
| Business Development | ||||||
| Order entry | 101.0 | 44.1 | 129.0% | 253.8 | 206.7 | 22.8% |
| Order backlog as of June 30 | -- | -- | -- | 185.4 | 125.8 | 47.4% |
| Total sales | 70.0 | 60.6 | 15.5% | 188.5 | 173.9 | 8.4% |
| Gross profit | 27.4 | 24.5 | 11.8% | 68.9 | 57.7 | 19.4% |
| Gross margin | 39.1% | 40.4% | -1.3%-Points | 36.6% | 33.2% | 3.4%-Points |
| Cost of sales | 42.6 | 36.1 | 18.0% | 119.6 | 116.2 | 2.9% |
| Research and Development costs | 5.3 | 4.3 | 23.3% | 16.1 | 14.2 | 13.4% |
| EBITDA | 11.7 | 10.8 | 8.3% | 23.5 | 17.6 | 33.5% |
| EBITDA margin | 16.7% | 17.8% | -1.1%-Points | 12.5% | 10.1% | 2.3%-Points |
| EBIT | 9.7 | 9.0 | 7.8% | 17.7 | 12.2 | 45.1% |
| EBIT margin | 13.9% | 14.9% | -1.0%-Points | 9.4% | 7.0% | 2.4%-Points |
| Earnings after tax | 7.0 | 4.5 | 55.6% | 12.1 | 4.9 | 146.9% |
| Earnings per share, basic (in €) | 0.37 | 0.24 | -- | 0.63 | 0.26 | -- |
| Balance sheet and cash flow | ||||||
| Equity | -- | -- | -- | 150.0 | 129.7 | 15.7% |
| Equity ratio | -- | -- | -- | 57.9% | 58.4% | -0.5%-Points |
| Balance sheet total | -- | -- | -- | 259.1 | 222.2 | 16.6% |
| Net cash | -- | -- | -- | 19.8 | 15.0 | 32.0% |
| Free Cashflow | -1.8 | 10.6 | -- | 0.2 | 27.8 | -- |
| Further key figures | ||||||
| Investments | 1.5 | 2.5 | -40.0% | 5.4 | 8.5 | -36.5% |
| Investment ratio | 2.1% | 4.1% | -2.0%-Points | 2.9% | 4.9% | -2.0%-Points |
| Depreciation | 2.0 | 1.9 | 5.3% | 5.7 | 5.5 | 3.6% |
| Employees as of June 30 | -- | -- | -- | 1,174 | 997 | 17.8% |
CONTENTS
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| 11 |
| 11 |
| 12 |
| 13 |
| 14 |
| 16 |
| 17 |
Legal Structure 18
Financial Calendar / Contact / Imprint 19
FOREWORD OF THE MANAGEMENT BOARD
Dear ladies and gentlemen,
We are pleased to report to you today the figures for the first nine months of the current financial year.
In the third quarter of the current financial year, we have recorded record order entry of € 101.0 million. It is particularly encouraging that all four segments of the company have contributed to this significant increase in order entry. In addition, the third quarter was stronger in terms of both sales and earnings than the first two quarters of the year. In light of the current economic environment, we should not take this for granted. In addition to the economic effects of the COVID-19 pandemic, our business experiences a number of supply chain challenges, as does the entire technology industry. We owe it to the high level of commitment of our colleagues that we were able to achieve this revenue and profit growth in spite of the strains felt in our supply chains.
The global semiconductor market remains robust. This also applies to the market for chip manufacturing equipment, which is relevant to us. On the one hand, we continue to benefit from ongoing investments in connection with the 5G mobile communications standard rollout, increasing volumes of chips with advanced backend technologies, and in the photomask equipment segment, increasing demand for mask cleaning systems for EUV lithography. In addition, investments made to address the global chip shortage, especially for the automotive industry, as well as the global trend towards increasing local production capacity, support our growth. The Bonder segment has recorded the largest relative increase in order entry.
The effects of the COVID-19 pandemic will continue to affect our business for the foreseeable future. Despite the wide availability of effective vaccines and a relatively high vaccination rate, the number of cases is rapidly rising in many European countries; in Germany, it is now at its highest level since the beginning of the pandemic. Our teams work largely on a mobile basis or from home where possible and appropriate, and we maintain extensive protective measures which we have implemented at SUSS MicroTec. We will continue to do what we can to protect our employees, their family members and our business partners, as well as society; to minimize the economic impact on our business; and to continue to serve our customers as effectively as possible regardless of the pandemic. We have succeeded in doing this so far.
During the third quarter, SUSS MicroTec has entered a partnership with Saint-Jeoire (France) based SET Corporation. As part of this partnership, SUSS MicroTec and SET together will develop and deliver a fully automated, customizable, sequential equipment solution for die-towafer hybrid bonding – a chip-level bonding technology – to customers. Combining SUSS MicroTec's well-established expertise with surface activation, automation, and metrology with SET's ultra-high accuracy die-placement technology, this solution will deliver customer valueadd by providing differentiation on throughput and yield, while at the same time providing a seamless integration into customer fabrication sites. In addition, this partnership allows SUSS MicroTec to offer a comprehensive portfolio of die-to-wafer and wafer-to-wafer hybrid bonding solutions across a broad spectrum of applications requiring heterogeneous integration in the advanced backend space to customers.
In the first nine months of the current financial year, SUSS MicroTec revenue was € 188.5 million, 8.4% higher than the prior year figure of € 173.9 million. Order entry in the first nine
months increased by 22.8% to € 253.8 million (prior year: € 206.7 million). The order backlog as of September 30, 2021 was € 185.4 million, 20.4% higher than in the previous quarter (June 30, 2021: € 154.0 million), and 47.4% higher than the prior year figure (September 30, 2020: € 125.8 million). At € 17.7 million, EBIT for the first nine months was well above the prior year's figure of € 12.2 million. This has resulted in an EBIT margin for the first nine months of 9.4% (prior year: 7.0%). Earnings after taxes (EAT) have improved to € 12.1 million (prior year: € 4.9 million). Basic earnings per share (EPS) were € 0.63 (prior year: € 0.26). At € 0.2 million, free cash flow in the first nine months of the year was significantly below the prior year's figure of € 27.8 million, which was, however, influenced by one-time effects. In addition, there was a further increase in working capital in the third quarter. At € 19.8 million, the net cash position as of September 30, 2021 was at a similar level to the figure at beginning of the year (December 31, 2020: € 20.3 million).
Order entry has reached a record figure of € 101.0 million in the third quarter. This clearly indicates that there is a strong and growing demand for the solutions we offer. On the other hand, we believe that in the past as well as in the future, the timing of large orders may cause order entry to fluctuate significantly from quarter to quarter, and a positive or negative trend cannot be derived from this alone. At € 70.0 million, revenue in the third quarter was 6.4% higher than in the previous quarter (Q2: € 65.8 million) and 15.5% higher than in the prior year (Q3 2020: 60.6 Million €). That said, we were once again not able to complete all anticipated deliveries as planned in the third quarter: there were some delivery delays beyond the end of the quarter. The causes for this have included broadly operational reasons such as supply chains challenges or logistics delays, as well as other reasons such as customer-initiated delays.
The further development of the COVID-19 pandemic and the associated economic impact remains difficult to assess, including in the short term. Even this late in the year, it influences our ability to forecast the current fiscal year. As before, we expect stronger revenue in the fourth quarter of 2021 compared to the first three quarters, and revenue between € 270 million and € 290 million, an EBIT margin between 9% and 11%, and free cash flow between € 12 million and € 18 million for 2021 as a whole.
Garching, Germany, November 11, 2021
Dr. Goetz M. Bendele Oliver Albrecht Dr. Thomas Rohe
Chief Executive Officer Chief Financial Officer Chief Operating Officer
BUSINESS DEVELOPMENT IN THE THIRD QUARTER 2021
In the third quarter of 2021, order entry of over € 100 million in a single quarter was achieved for the first time in the history of the Company. At € 101.0 million, the value of booked orders was 129.0 percent above the previous year's value of € 44.1 million. All divisions contributed to this extraordinary result. Sales in the third quarter of 2021 reached € 70.0 million, compared to € 60.6 million in the previous year's quarter. The increased sales in the Lithography and Photomask equipment divisions in particular made a particular contribution here. In line with this growth, earnings before interest and taxes (EBIT) performed well and reached a value of € 9.7 million, which corresponds to an EBIT margin of 13.9 percent. In the previous year's quarter, EBIT amounted to € 9.0 million with a margin of 14.9 percent. This results in earnings per share of € 0.37 in the third quarter of 2021 (previous year's quarter: € 0.24).
Taking the first nine months of 2021 into account, a very positive picture also emerges here with regard to order entry, sales and earnings. The Company recorded a strong order entry of € 253.8 million, after € 206.7 million in the comparable period of the previous year. This corresponds to growth of 22.8 percent over the previous year. All divisions contributed to the positive development in this area as well. Order backlog thus amounted to € 185.4 million, after € 125.8 million in the first half of the previous year. Total sales in the first nine months of 2021 came to € 188.5 million, 8.4 percent above the previous year's amount. The largest sales contribution by far was made by coaters and developers, especially for 300 mm applications, followed by mask aligners and photomask equipment. In addition, significant sales growth was generated in the area of upgrades, spare parts and services In terms of earnings, EBIT also increased significantly, reaching € 17.7 million, after € 12.2 million in the previous year. The EBIT margin also increased considerably from 7.0 percent in 2020 to 9.4 in 2021. This results in earnings per share of € 0.63 in the current fiscal year, after € 0.26 in the previous year.
Free cash flow after the first three quarters of 2021 totaled € 0.2 million, after € 27.8 million as of September 30, 2020. This was due to the significant decline in cash flow from operating activities from € 36.4 million to € 5.6 million. Working capital increased, particularly in the area of inventories. This was partly due to the build-up of reserve stocks to avoid supply bottlenecks and to ensure a timely delivery to customers as well as partly due to the increase in the stock of evaluation tools that can be sold to customers after their successful acceptance. In addition, the previous year was positively influenced by increased initial efforts in the area of receivables management, an increase in the advance payment ratio, and one-time effects in the form of tax refunds. The net cash position improved from € 15.0 million as of September 30, 2020, to € 19.8 million as of September 30, 2021.
In the first nine months of 2021, regional sales remained comparatively stable in the North America and Asia regions, while sales in the EMEA region increased considerably – the previous year's value of € 28.2 million went up to a value of € 41.4 million. This regional growth was in part driven by orders from research institutes.
BUSINESS DEVELOPMENT IN THE INDIVIDUAL DIVISIONS
Lithography
The Lithography division includes the development, manufacture, and sale of the mask aligner and UV projection scanner product lines, coater/developer products, nano imprint equipment, and semi- and fully-automated devices for inkjet printing-based coating processes. These product lines are manufactured in Germany at the locations in Garching, near Munich, and in Sternenfels, as well as at the Hsinchu location in Taiwan.
| in € million | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Order entry | 48.2 | 32.2 | 134.0 | 127.2 |
| Sales | 40.9 | 35.7 | 112.7 | 97.8 |
| Gross Profit | 17.4 | 14.6 | 42.0 | 29.7 |
| Gross Profit Margin | 42.5% | 40.9% | 37.3% | 30.4% |
| EBIT | 7.5 | 6.2 | 15.3 | 6.2 |
| EBIT-Margin | 18.3% | 17.4% | 13.6% | 6.3% |
| Net assets | -- | -- | 61.5 | 59.6 |
Lithography Division Key Figures
In the first nine months of 2021, order entry totaled € 134.0 million, after € 127.2 million in the comparable period of the previous year. The solid order entry was exceeded even though some customers placed large-volume orders in the coater and developer product lines in the comparable period of 2020. Orders for mask aligners and fully automated coater/developer products for high-volume production of 200 mm and 300 mm applications contributed to the high order entry. Additional orders for UV projection scanners were also booked. Division sales after the first three quarters of 2021 amounted to € 112.7 million, after € 97.7 million in the previous year, corresponding to growth of more than 15 %. The gross profit margin in the division increased considerably from 30.4 percent to 37.3 percent. Due to the continued very high demand for high-margin mask aligners and coaters, the gross profit margin improved significantly. But the improved gross profit margins at the coaters with a stronger demand for 300 mm systems also made a positive contribution here. Division earnings improved from € 6.2 million to € 15.3 million. In January 2020, the decision was made to discontinue the UV projection and laser ablation product lines, which were both located at the Corona, USA, site. Therefore, the gross profit margin and EBIT of the Lithography division were burdened in 2020 by expenses for the closure of the production site in Corona, USA. There were no further extraordinary effects from the closure in fiscal year 2021. However, in the first nine months of 2021, due to the receipt of orders for two scanners, write-ups totaling € 1.5 million were made. These systems were already written off in 2019 based on the assessment of the prospects for success of the scanner product line.
Bonder
The Bonder division comprises the development, production, and sale of the wafer bonding 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 TSV integration.
| Order entry | 16.6 | 3.2 | 33.1 | 26.8 |
|---|---|---|---|---|
| Sales | 10.0 | 9.7 | 21.7 | 18.9 |
| Gross Profit | 3.9 | 3.5 | 8.1 | 5.6 |
| Gross Profit Margin | 39.0% | 36.1% | 37.3% | 29.6% |
| EBIT | 1.5 | 1.4 | 0.5 | -0.6 |
| EBIT-Margin | 15.0% | 14.4% | 2.3% | -3.2% |
| Net assets | -- | -- | 27.9 | 19.0 |
Bonder Key Figures
Photomask Equipment
| Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | |
|---|---|---|---|---|
| Order entry | 16.6 | 3.2 | 33.1 | 26.8 |
| Sales | 10.0 | 9.7 | 21.7 | 18.9 |
| Gross Profit | 3.9 | 3.5 | 8.1 | 5.6 |
| Gross Profit Margin | 39.0% | 36.1% | 37.3% | 29.6% |
| EBIT | 1.5 | 1.4 | 0.5 | -0.6 |
| EBIT-Margin | 15.0% | 14.4% | 2.3% | -3.2% |
| Net assets | -- | -- | 27.9 | 19.0 |
| € 21.7 million in the first nine months of 2021, after € represents an increase of 14.8 percent. Sales were generated in equal measure with systems for permanent and temporary bonding. The gross profit margin amounted to 37.3 percent |
18.9 million in the previous year, which | 0.5 million, | ||
| following 29.6 percent in the previous year. EBIT was positive and amounted to € after € -0.6 million in the previous year. Photomask Equipment The Photomask Equipment division, which is located at the Sternenfels 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. |
site, comprises the | |||
| Photomask Equipment Key Figures | ||||
| in € million | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
| Order entry | 28.8 | 3.2 | 61.8 | 35.5 |
| Sales | 12.2 | 9.4 | 33.4 | 40.0 |
| Gross Profit | 3.8 | 3.7 | 11.0 | 16.7 |
| Gross Profit Margin | 31.1% | 39.4% | 32.9% | 41.8% |
| EBIT | 1.9 | 1.6 | 5.1 | 11.0 |
| EBIT-Margin | 15.6% | 17.0% | 15.3% | 27.5% |
Photomask Equipment Key Figures
accordingly from € 11.0 million to € 5.1 million. Since order entry and sales in this division are usually comprised of a few large individual orders, significant fluctuations in order entry, sales, and therefore earnings are possible over the course of the year.
Micro-optics
The Micro-optics division includes the activities of the SUSS MicroTec subsidiary SUSS MicroOptics at the Hauterive location in Switzerland. The production and sales of microlenses and highly specialized optics for a variety of industrial applications are housed here.
| in € million | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
|---|---|---|---|---|
| Order entry | 7.0 | 5.2 | 23.5 | 16.8 |
| Sales | 6.5 | 5.5 | 19.3 | 16.8 |
| Gross Profit | 1.7 | 1.7 | 6.0 | 4.9 |
| Gross Profit Margin | 26.2% | 30.9% | 31.1% | 29.2% |
| EBIT | -0.1 | 0.2 | 0.7 | 0.3 |
| EBIT-Margin | -1.5% | 3.6% | 3.6% | 1.8% |
| Net assets | -- | -- | 20.2 | 20.1 |
Micro-optics Key Figures
Order entry in this division increased once more and amounted to € 23.5 million (previous year: € 16.8 million) in the first three quarters of 2021. Sales also increased slightly from the previous year to € 19.3 million (previous year: € 16.8 million). The gross profit margin increased slightly from 29.2 percent in the previous year to 31.1 percent. Earnings were impacted by COVID-19 related reduced working hours in the previous year. Division earnings totaled € 0.7 million, after € 0.3 million in the previous year.
Others
The Others division primarily comprises costs for central Group functions that cannot be attributed to the main divisions of SUSS MicroTec SE. Moreover, commission income for the sale of third-party equipment is also reported in this division. SUSS MicroTec will provide sales services in China for a former French Group company on the basis of a representative agreement with corresponding commission income. This contract was agreed as part of the spin-off. Commission income can fluctuate more from year to year and is difficult to forecast. The Others division made a negative contribution to EBIT of € -3.9 million (previous year: € - 4.7 million). The improvement compared with the previous year is primarily attributable to a significantly higher contribution to earnings from the commission business.
The further development of the COVID-19 pandemic and the associated economic impact remains difficult to assess, including in the short term. Even this late in the year, it influences our ability to forecast the current fiscal year. As before, we expect stronger revenue in the fourth quarter of 2021 compared to the first three quarters, and revenue between € 270 million and € 290 million, an EBIT margin between 9% and 11%, and free cash flow between € 12 million and € 18 million for 2021 as a whole.
Garching, Germany, November 2021
Dr. Goetz M. Bendele Oliver Albrecht Dr. Thomas Rohe
Chief Executive Officer Chief Financial Officer Chief Operating Officer
CONSOLIDATED STATEMENT OF INCOME (IFRS)
| in € thousand | 01.07.2021 - 30.09.2021 |
01.07.2020 - 30.09.2020 |
01.01.2021 - 30.09.2021 |
01.01.2020 - 30.09.2020 |
|---|---|---|---|---|
| Sales | 70,034 | 60,603 | 188,501 | 173,922 |
| Cost of sales | -42,588 | -36,136 | -119,613 | -116,244 |
| Gross profit | 27,446 | 24,467 | 68,888 | 57,678 |
| Selling costs | -5,999 | -5,768 | -17,563 | -15,746 |
| Research and development costs | -5,306 | -4,332 | -16,052 | -14,197 |
| Administration costs | -5,832 | -5,096 | -16,961 | -14,984 |
| Other operating income | 700 | 917 | 2,718 | 2,010 |
| Other operating expenses | -1,292 | -1,225 | -3,302 | -2,610 |
| Analysis of net income from operations (EBIT): | ||||
| EBITDA (Earnings before Interest and Taxes, Depreciation and Amortization) |
11,744 | 10,861 | 23,476 | 17,631 |
| Depreciation and amortization of tangible assets, intangible assets and investments in subsidiaries |
-2,027 | -1,898 | -5,748 | -5,480 |
| Net income from operations (EBIT) | 9,717 | 8,963 | 17,728 | 12,151 |
| Financial income | 1 | 0 | 3 | 3 |
| Financial expense | -136 | -33 | -297 | -355 |
| Financial result | -135 | -33 | -294 | -352 |
| Profit / loss from continuing operations before taxes |
9,582 | 8,930 | 17,434 | 11,799 |
| Income taxes | -2,502 | -4,380 | -5,309 | -6,891 |
| Profit / loss from continuing operations | 7,080 | 4,550 | 12,125 | 4,908 |
| Thereof equity holders of SUSS MicroTec | 7,080 | 4,550 | 12,125 | 4,908 |
| Thereof non-controlling interests | 0 | 0 | 0 | 0 |
| Earnings per share (basic) | ||||
| Earnings per share in € | 0.37 | 0.24 | 0.63 | 0.26 |
| Earnings per share (diluted) | ||||
| Earnings per share in € | 0.37 | 0.24 | 0.63 | 0.26 |
STATEMENT OF COMPREHENSIVE INCOME (IFRS)
| in € thousand | 01.01.2021 - 30.09.2021 |
01.01.2020 - 30.09.2020 |
|---|---|---|
| Net profit / loss | 12,125 | 4,908 |
| Items that are not reclassified to profit and loss | ||
| Remeasurements on defined benefit pension plans | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other income after tax for items that are not reclassified as an expense or income |
0 | 0 |
| Items that will be reclassified to profit and loss in later periods |
||
| Foreign currency adjustment | 1,379 | -561 |
| Cash flow hedges | 0 | 0 |
| Deferred taxes | 0 | 0 |
| Other income after tax for items that will be reclassified to profit and loss in later periods |
1,379 | -561 |
| Total income and expenses recognized in equity | 1,379 | -561 |
| Total income and expenses reported in the reporting period |
13,504 | 4,347 |
| Thereof equity holders of SUSS MicroTec SE | 13,504 | 4,347 |
| Thereof non-controlling interests | 0 | 0 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS)
| in € thousand | 30.09.2021 | 31.12.2020 |
|---|---|---|
| Assets | ||
| NON-CURRENT ASSETS | 66,564 | 65,398 |
| Intangible assets | 5,355 | 5,089 |
| Goodwill | 18,403 | 18,286 |
| Tangible assets | 40,706 | 40,352 |
| Other assets | 520 | 350 |
| Deferred tax assets | 1,580 | 1,321 |
| CURRENT ASSETS | 192,509 | 166,007 |
| Inventories | 96,822 | 72,983 |
| Trade receivables | 16,857 | 17,717 |
| Contract assets | 31,304 | 30,247 |
| Other financial assets | 359 | 559 |
| Current tax assets | 327 | 395 |
| Cash and cash equivalents | 38,793 | 40,827 |
| Other assets | 8,047 | 3,279 |
| TOTAL ASSETS | 259,073 | 231,405 |
| in € thousand | 30.09.2021 | 31.12.2020 |
|---|---|---|
| Liabilities & shareholders' equity | ||
| Equity | 150,008 | 136,504 |
| Total equity attributable to shareholders of SUSS MicroTec SE |
150,008 | 136,504 |
| Subscribed capital | 19,116 | 19,116 |
| Reserves | 131,094 | 118,969 |
| Accumulated other comprehensive income | -202 | -1,581 |
| NON-CURRENT LIABILITIES | 33,675 | 32,563 |
| Pension plans and similar commitments | 6,387 | 6,396 |
| Financial debt | 8,125 | 9,062 |
| Financial debt from lease obligations | 7,500 | 7,656 |
| Other liabilities | 312 | 312 |
| Deferred tax liabilities | 11,351 | 9,137 |
| CURRENT LIABILITIES | 75,390 | 62,338 |
| Provisions | 5,034 | 4,501 |
| Tax liabilities | 3,389 | 814 |
| Financial debt | 1,208 | 1,386 |
| Financial debt from lease obligations | 2,165 | 2,387 |
| Other financial liabilities | 11,174 | 10,436 |
| Trade payables | 14,660 | 9,834 |
| Contract liabilities | 29,895 | 25,679 |
| Other liabilities | 7,865 | 7,301 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 259,073 | 231,405 |
CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS)
| in € thousand | 01.01.2021 - 30.09.2021 |
01.01.2020 - 30.09.2020 |
|---|---|---|
| Net profit / loss (after taxes) | 12,125 | 4,908 |
| Amortization of intangible assets | 497 | 474 |
| Depreciation of tangible assets | 5,251 | 5,006 |
| Profit or loss on disposal of intangible and tangible assets | 57 | -59 |
| Change of reserves on inventories | 3,095 | 1,496 |
| Change of reserves for bad debts | -737 | -171 |
| Non-cash income from the reversal of pension accruals | 0 | 0 |
| Other non-cash effective income and expenses | 482 | -164 |
| Change in inventories | -26,317 | -8,424 |
| Change in contract assets | -1,031 | 5,481 |
| Change in trade receivables | 1,762 | 5,558 |
| Change in other assets | -4,738 | -1,166 |
| Change in pension provisions | 12 | 433 |
| Change in trade payables | 4,812 | 666 |
| Change in contract liabilities | 3,979 | 12,219 |
| Change in other liabilities and other provisions | 1,740 | 542 |
| Change of tax assets and tax liabilities | 4,598 | 9,563 |
| Cash flow from operating activities | 5,587 | 36,362 |
| in € thousand | 01.01.2021 - 30.09.2021 |
01.01.2020 - 30.09.2020 |
|---|---|---|
| Disbursements for other tangible assets | -4,649 | -4,653 |
| Disbursements for intangible assets | -763 | -587 |
| Purchases of current available-for-sale securities | 0 | -3,307 |
| Cash flow from investing activities | -5,412 | -8,547 |
| Repayment of bank loans | -1,115 | -750 |
| Increase of bank loans | 0 | 0 |
| Repayment of leasing liabilities | -1,316 | -2,126 |
| Change in other financial debt | 0 | -9,479 |
| Cash flow from financing activities | -2,431 | -12,355 |
| Adjustments to funds caused by exchange-rate fluctuations | 222 | -103 |
| Change in cash and cash equivalents | -2,034 | 15,357 |
| Funds at beginning of the year | 40,827 | 10,280 |
| Funds at end of the period | 38,793 | 25,637 |
| Cash flow from operating activities includes: | ||
| Interest paid during the period | 203 | 250 |
| Interest received during period | 0 | 2 |
| Tax paid during the period | 514 | 2,197 |
| Tax refunds during the period | 0 | 5,230 |
STATEMENT OF CHANGES IN EQUITY (IFRS)
| in € thousand | Subscribed capital |
Additional paid-in capital |
Earnings reserve |
Retained earnings |
Accumulated other comprehensive income | Total equity attributable to shareholders of SÜSS MicroTec SE |
|||
|---|---|---|---|---|---|---|---|---|---|
| Items that will not be reclassified to profit or loss |
Items that will be reclassified to profit or loss in later periods |
||||||||
| Remeasurements on defined benefit pension plans |
Deferred taxes | Foreign currency adjustment |
Deferred taxes | ||||||
| As of January 01, 2020 | 19,116 | 55,822 | 202 | 50,582 | - 3,610 |
941 | 2,335 | - | 125,388 |
| Net income / loss | - | - | - | 4,908 | - | - | - | - | 4,908 |
| Total income and expenses recognized in equity | - | - | - | - | - | - | - 561 |
- | - 561 |
| Total comprehensive income / loss | - | - | - | 4,908 | - | - | - 561 |
- | 4,347 |
| As of September 30, 2020 | 19,116 | 55,822 | 202 | 55,490 | - 3,610 |
941 | 1,774 | - | 129,735 |
| As of January 01, 2021 | 19,116 | 55,822 | 202 | 62,945 | - 3,845 |
1,004 | 1,260 | - | 136,504 |
| Net income / loss | - | - | - | 12,125 | - | - | - | - | 12,125 |
| Total income and expenses recognized in equity | - | - | - | - | - | - | 1,379 | - | 1,379 |
| Total comprehensive income / loss | - | - | - | 12,125 | - | - | 1,379 | - | 13,504 |
| As of September 30, 2021 | 19,116 | 55,822 | 202 | 75,070 | - 3,845 |
1,004 | 2,639 | - | 150,008 |
SEGMENT REPORTING (IFRS)
| in € thousand | Lithography | Substrate Bonder | Photomask Equipment | MicroOptics | Other | Consolidation effects | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M / 2021 | 9M / 2020 | 9M / 2021 9M / 2020 | 9M / 2021 | 9M / 2020 | 9M / 2021 9M / 2020 | 9M / 2021 9M / 2020 | 9M / 2021 9M / 2020 | 9M / 2021 | 9M / 2020 | |||||
| External Sales | 112,660 | 97,812 | 21,713 | 18,884 | 33,379 | 40,002 | 19,349 | 16,840 | 1,400 | 384 | - | - | 188,501 | 173,922 |
| Internal Sales | - | - | - | - | - | - | - | - | 9,026 | 8,071 | -9,026 | -8,071 | - | - |
| Total Sales | 112,660 | 97,812 | 21,713 | 18,884 | 33,379 | 40,002 | 19,349 | 16,840 | 10,426 | 8,455 | -9,026 | -8,071 | 188,501 | 173,922 |
| Result per segment (EBIT) | 15,302 | 6,155 | 521 | -578 | 5,097 | 10,969 | 662 | 258 | -3,854 | -4,653 | 17,728 | 12,151 | ||
| Income before taxes | 15,284 | 6,123 | 500 | -587 | 5,082 | 10,960 | 662 | 259 | -4,094 | -4,956 | 17,434 | 11,799 | ||
| Significant non-cash items | -1,363 | 3,011 | -1,221 | -559 | -195 | 382 | 625 | -410 | -1 | - | -2,155 | 2,424 | ||
| Segment assets | 100,229 | 94,583 | 38,203 | 24,341 | 27,208 | 25,456 | 25,918 | 24,139 | 20,289 | 20,074 | -2,399 | -2,408 | 209,448 | 186,185 |
| thereof goodwill | 18,403 | 18,378 | - | - | - | - | - | - | - | - | 18,403 | 18,378 | ||
| Unallocated assets | 49,625 | 35,973 | ||||||||||||
| Total assets | 259,073 | 222,158 | ||||||||||||
| Segment liabilities | -38,732 | -35,001 | -10,308 | -5,361 | -9,806 | -6,964 | -5,668 | -4,032 | -2,229 | -1,055 | 2,399 | 2,408 | -64,344 | -50,005 |
| Unallocated liabilities | -42,322 | -42,418 | ||||||||||||
| Total liabilities | -109,065 | -92,423 | ||||||||||||
| Depreciation and amortization | 2,474 | 2,546 | 246 | 205 | 171 | 143 | 1,786 | 1,688 | 1,071 | 898 | 5,748 | 5,480 | ||
| thereof scheduled | 2,474 | 2,546 | 246 | 205 | 171 | 143 | 1,786 | 1,688 | 1,071 | 898 | 5,748 | 5,480 | ||
| thereof impairment loss | - | - | - | - | - | - | - | - | - | - | ||||
| Capital expenditure | 1,882 | 4,280 | 327 | 174 | 230 | 246 | 1,985 | 3,019 | 988 | 828 | 5,412 | 8,547 | ||
| Workforce at June 30 | 731 | 616 | 108 | 98 | 163 | 150 | 133 | 100 | 39 | 33 | 1,174 | 997 |
Segment information by region
| in € thousand | Sales | Capital expenditure | Assets (without Goodwill) |
||||
|---|---|---|---|---|---|---|---|
| 9M / 2021 9M / 2020 | 9M / 2021 9M / 2020 | 9M / 2021 9M / 2020 | |||||
| EMEA | 41,380 | 28,167 | 4,806 | 7,712 | 174,276 | 155,550 | |
| North-America | 21,279 | 18,344 | 177 | - | 4,792 | 3,651 | |
| Asia and Pacific | 125,842 | 127,411 | 429 | 835 | 12,620 | 8,660 | |
| Consolidation effects | - | - | - | - | -643 | -54 | |
| Total | 188,501 | 173,922 | 5,412 | 8,547 | 191,045 | 167,807 |
LEGAL STRUCTURE
FINANCIAL CALENDAR 2022
| Annual Report 2021 | March 31 |
|---|---|
| Quarterly Report 2022 (Q1) | May 12 |
| Shareholders' Meeting 2022 | May 31 |
| Interim Report 2022 | August 4 |
| Quarterly Report 2022 (Q3) | November 10 |
CONTACT
SUSS MicroTec SE
Schleißheimer Straße 90 85748 Garching, Germany Phone: +49 89 32007-100 Email: [email protected]
Investor Relations Phone: +49 89 32007-161 Email: [email protected] www.suss.com
Forward-looking statements: Interim reports include forward-looking statements. Forward-looking statements do not present historical facts but include statements about expectations and the views of the management of SUSS MicroTec SE. These statements are based on current plans, estimates, and forecasts of the Company's management. Investors should not rely on these statements unreservedly. Forward-looking statements are to be understood in the context of the time at which they were made. The Company does not assume any obligation to update the forward-looking statements included in this report given new information or future events. The Company's obligation to comply with its statutory responsibilities regarding information and reporting remains unaffected. Forward-looking statements always involve risks and uncertainties. A large number of factors that are described in this report could cause actual events to deviate substantially from the forward-looking statements included in this report.