SÜSS MicroTec SE: Preliminary results and the effects of change-over to IFRS 15
SUSS MicroTec: Preliminary results and the effects of change-over to IFRS 15
Garching, January 28, 2019 - SUSS MicroTec will implement the accounting rules for revenue in accordance with IFRS 15 regulations starting in fiscal year 2018. This means that a major portion of sales will be realized at the time of delivery of the machine to the customer and not, as previously, only after completion of the installation at the customer. The resulting effects on sales and earnings are one-off effects from the change-over and result exclusively from the time allocation to different financial years. Operational effects do not result from this conversion.
In order to ensure comparability with the previous year and our guidance, the company reports its sales and earnings figures according to the previous and the new method (in accordance with IFRS 15).
The company generated sales of approximately EUR 213 million (up 28% year-on-year at EUR 166.5 million) and a preliminary EbIT (earnings before interest and taxes) of EUR 15.6 million in the past financial year (previous year: EUR 13.9 million). This corresponds to an EbIT margin of 7.3%, which is in line with previous expectations. Incoming orders in the financial year 2018 totaled EUR 191 million (previous year: EUR 200.3 million), including the fourth quarter of approximately EUR 65 million (previous year: EUR 68.9 million). The net credit balance at the end of the year was EUR 28.2 million (previous year: EUR 33.0 million).
Following the conversion to IFRS 15 for 2018, the preliminary sales amount to approximately EUR 200 million (up approximately 20% on the previous year). The preliminary EbIT amounts to EUR 8.3 million, so that the preliminary EbIT margin is 4.2% and thus below the last expectation according to the previous accounting method. This deviation is due to the fact that deliveries of high-margin orders were made at the end of the 2017 financial year, which, according to the new method, are largely attributable to the 2017 financial year. The order intake 2018 is according to the conversion acc. to IFRS 15 unchanged at approximately EUR 191 million and approximately EUR 65 million in the fourth quarter. Likewise, the net cash position of EUR 28.2 million was not affected by the change-over.
SUSS MicroTec will hold a conference call on this release on January 29, 2019 at 9:00 CET.
The final figures for the fiscal year 2018 will be announced on March 27, 2019.
SUSS MicroTec SE
Senior Manager Investor Relations
Schleissheimer Strasse 90
85748 Garching, Deutschland
Tel.: +49 89 32007-161
Fax: +49 (0)89 32007-451