Half Year Figures for 2013 Published

  • Half Year Figures for 2013 Published
  • Q2 Order intake reached  € 36,7 million
  • Order entry for Substrate Bonder Division increased considerably
  • Net cash at € 19,5 million


Garching, August 8, 2013 – SUSS MicroTec published its report for the first half of the fiscal year 2013 today. When looking at the second quarter only, order intake reached € 36.7 million, which is 5% higher than in the December quarter but 11% below the € 41.4 million in the corresponding quarter 2012. Sales in the second quarter reached € 24.9 million after € 36.3 million a year ago.

Looking at the first half year of 2013, SUSS MicroTec achieved an order intake of € 71.6 million after € 80.4 million in the previous year. Especially the Bonder Division with an order intake of € 17.2 million contributed a much higher order entry than one year ago (H1 2012: € 7.2 million). Sales came in at € 55.0 million, which is 18.5% below the € 67.5 million of the previous year. Thus, order backlog amounted to 102.5 € million at June 30, 2013 (June 30, 2012: 107.2 € million).

The group's largest division – Lithography – posted a 25% decrease in sales to € 37.1 million (previous year: € 49.2 million) during the period under review. The Photomask Equipment division displayed revenues of € 9.2 million, an increase of 24% from the previous year‘s € 7.4 million. The Substrate Bonder division contributed sales of € 6.6 million (previous year: € 8.8 million).

The gross margin declined during the first half of 2013 and reached 12.4% after 36.9% in 2012. The main reasons are the negative gross margin of the Substrate Bonder segment and the low gross margin of the Lithography Division.

Earnings before interest and tax (EBIT) came in at € -15.0 million (previous year: € 1.5 million). The EBIT for the first half year 2013 included a one-time effect of € -6.0 million. This adjustment was € 0.8 million lower than originally expected. The one-time effect results from the refocusing of the product line permanent bonding. The write-offs are mainly on capitalized development costs, which originate from the years prior to 2008, as well as on no longer needed demonstration tools and inventories. The EBIT for the first half year 2012 included one-time currency effects of € -0.4 million. These effects result from the settlement of company-internal foreign currency credits by SÜSS MicroTec AG against SUSS MicroTec Inc. in connection with the acquisition of Tamarack in March 2012. Adjusted EBIT for the first six months of the year 2013 amounted to minus € 9.0 million (previous year: € 1.9 million).

Earnings after taxes (EAT) for continued operations amounted to € -11.6 million, compared to € 0.4 million in the previous year. Earnings after taxes for the continued and discontinued operations amounted to € -11.6 million (prior year: € 1.9 million). The 2012 numbers include a tax free gain of € 1.5 million resulting from the sale of the Test Business in 2010. The basic earnings per share (EPS) for the continued and discontinued operations totaled € -0.61 (previous year: € 0.10).

The Operating Cash Flow amounted to € -10.6 million after € -4.5 million in 2012. The Free Cash Flow for the first half year 2013, before the effects of M&A activities and the purchase or sale of interest bearing securities, amounted to € -12.4 (previous year: € -7.1 million). Cash and interest bearing securities amounted to € 23.5 million at the end of the first half year (June 30, 2012: € 43.9 million). Net liquidity amounted to € 19.5 million, which is below the € 32.3 million at December 31, 2012 (June 30, 2012: € 30.1 million).

Outlook

Due to the moderate macroeconomic outlook and the current order backlog, the company reiterates its sales guidance for the fiscal year 2013 and expects sales of approximately € 150 million, with a negative EBIT in the range of minus 10 to minus 15 million €.

For the third quarter of the fiscal year 2013 the company expects an order intake of € 30 – 40 million.