SÜSS MicroTec AG: Q3 Figures for 2012 Published

  • Robust Order Intake of 36.6 EUR million
  • Q3-Sales of 40.7 EUR million
  • EBIT came in at 1.6 EUR million
  • Strong Net Cash position with 30.7 EUR million
  • Order Backlog of 102.4 EUR million


Garching, November 8, 2012 - SÜSS MicroTec, a global supplier of equipment and process solutions for the semiconductor industry and related markets, published its report for the third quarter of the fiscal year 2012 today. When looking at the third quarter only, order intake decreased slightly by approximately 4% to 36.6 EUR million compared to the third quarter 2011 with 38.2 EUR million. Sales decreased by 11% to 40.7 EUR million, compared to 45.9 EUR million in the corresponding quarter 2011. The EBIT decreased by 61% in the third quarter to 1.6 EUR million compared to EUR 4.1 million in the previous year.

SÜSS MicroTec generated sales of 108.2 EUR million, 17% less than the 130.6 EUR million of the prior year. Despite the weak macroeconomic environment, order entry was robust and decreased only slightly year on year to 117.0 EUR million (prior year: 118.6 EUR million). This leads to an order backlog of 102.4 EUR million as of September 30, 2012 (September 30, 2011: 103.5 EUR million). The group's largest division - Lithography - posted sales of 81.1 EUR million after 84.4 EUR million in the previous year. The Photomask Equipment division achieved sales of 8.6 EUR million (previous year: 25.8 EUR million). The Substrate Bonder division succeeded in growing sales from 14.8 EUR million to 15.3 EUR million.

Earnings before interest and tax (EBIT) came in at 3.1 EUR million (previous year: 14.7 EUR million). The EBIT for the first nine months 2012 included one-time currency effects of -0.4 EUR million. These effects result from the settlement of company-internal foreign currency credits by SÜSS MicroTec AG against SÜSS MicroTec Inc. in connection with the acquisition of Tamarack in March 2012. It was influenced by the high level of research and development costs, the higher share of Substrate Bonder sales and the negative margin impact from Tamarack.

Earnings after taxes (EAT) for continued operations amounted to 0.8 EUR million, compared to 11.2 EUR million in the previous year. Earnings after taxes for the continued and discontinued operations amounted to 2.3 EUR million (prior year: 11.2 EUR million) and include a tax free gain of 1.5 EUR million resulting from the sale of the Test Business in 2010. The basic earnings per share (EPS) for the continued and discontinued operations totaled 0.12 EUR (previous year: 0.59 EUR).

Cash and interest bearing securities amounted to 44.3 EUR million at the end of the first nine months of 2012 (September 30, 2011: 54.7 EUR million). Net liquidity amounted to 30.7 EUR million (September 30, 2011: 40.1 EUR million). The Free Cash Flow for the first nine months, before security transactions and extraordinary effects as well as M&A transactions, was -6.2 EUR (previous year: 2.0 EUR million).

Update Operating Business Development

Our largest division, Lithography, continues to display very robust business activity. Tamarack Scientific, which we acquired in March of this year, is part of this division. The integration of the new product line into the SÜSS MicroTec Group proceeds according to plan and we anticipate a significant market opportunity for Tamarack products. Focusing the product line on our target markets and the corresponding activities, like hiring of new employees, the manufacture of new generations of tools as well as the build-up of working capital will remain dominant themes in the Lithography Division in the coming year, with a negative impact on the margin similar to 2012.

We see the greatest growth potential for our Company in the Substrate Bonder division. The growth in the volume of products that require permanent bonding processes such as image sensors, MEMS, and LEDs is continuously increasing and requires additional capacities. The introduction of 3D technology in chip processing requires complex and technologically demanding new processes that we develop in close collaboration with customers and cooperation partners. In the coming fiscal year this business will also generate a negative result due to high expenses in the area of research and development combined with product margins that in certain cases might be very low. However, we'll be able to reduce the losses compared to 2012. The latest generation of Bond Cluster tools delivered to an internationally leading IDM (Integrated Device Manufacturer) in December 2011 was installed successfully. Together with the customer, our engineers work on optimizing the processes to facilitate the transfer into pilot production. These activities went according to plan. Follow-up orders are expected over the course of the 2013 fiscal year.

Outlook

The Management Board expects sales between 160 and 170 EUR million and an EBIT between 5 and 10 EUR million for the current fiscal year, 2012. For the Free Cash Flow a low-single digit million EUR amount can be expected in 2012. Due to the very limited visibility we increase the bandwidth of our guidance and now expect an order intake between 25 and 40 EUR million.