Süss MicroTec AG: 2008 Fiscal Year Figures Published
Süss MicroTec AG / Final Results
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SUSS MicroTec AG: 2008 Fiscal Year Figures Published
- Sales Increase of 2.5 Percent to EUR 149.3 Million (Previous Year: EUR
- EBIT Before Extraordinary Expenses of EUR 7.3 Million (Previous Year:
EUR 6.0 Million)
- EBIT Incl. Extraordinary Expenses of EUR -11.0 Million
- Significant Improvement in Net Liquidity to EUR 9.4 Million as of End
of Fiscal Year
- Extension of Domestic Credit Line through to March 31, 2010; Deutsche
Bank Joins Bank Consortium
Munich, Germany, March 26, 2009 - SUSS MicroTec AG, listed in the Prime
Standard of Deutsche Börse AG (business address: Schleissheimer Straße 90,
85748 Garching, Germany; ISIN: DE0007226706), published its consolidated
financial statements for the 2008 fiscal year today. According to these,
the Company managed to lift its sales by 2.5 percent to EUR 149.3 million
in the lapsed fiscal year (previous year: EUR 145.6 million).
The growth of the Group was primarily supported by the largest division,
Lithography. The division generated sales of EUR 98.8 million in the lapsed
year, thus, exceeding the previous year's figure of EUR 83.8 million by
18.0 percent. The Substrate Bonder division at EUR 16.1 million nearly met
the previous year's sales of EUR 16.3 million, while the Test Systems
division posted a sales decline of approximately 10 percent at EUR 25.0
million (previous year: EUR 27.8 million). On a regional level, the
strongest growth was generated in Asia (excluding Japan) with an increase
of 15.9 percent. The sales growth of 4.1 percent in Europe was set against
a drop of 4.6 percent in North America. At -14.0 percent, the region of
Japan posted the strongest decline compared to the previous year.
Earnings before interest and taxes (EBIT) in the 2008 fiscal year were
marked by extraordinary expenses of EUR 18.3 million, particularly due to
amortization of intangible assets. However, these one-off impairments had
no effect on liquidity with the exception of EUR 0.8 million. Prior to
consideration of these extraordinary expenses, EBIT increased by 21 percent
over the previous year to EUR 7.3 million (previous year: EUR 6.0 million).
Including these extraordinary expenses on the other hand, the SUSS MicroTec
Group generated EBIT of EUR -11.0 million.
Earnings after taxes (EAT) including extraordinary expenses amount to EUR
-13.9 million after EUR 4.5 million in the previous year. The basic
earnings per share (EPS), thus, amount to EUR -0.82 (previous year: EUR
While sales and earnings in the 2008 fiscal year still remained unaffected
by the consequences of the global economic crisis, the rising degree of
reluctance to invest in the semiconductor industry began to show through in
heavily reduced order entries in mid-2008. All in all, the high-tech
company brought in an order entry of EUR 139.0 million in the lapsed fiscal
year after EUR 149.7 million in the previous year. The order backlog
amounted to EUR 69.7 million as of the end of the fiscal year.
Cost Reduction Measures
The Group has carried out extensive restructuring and cost reduction
measures in the last few months. The number of employees within the Group
has been reduced from 709 in the previous year to 674 as of December 31,
2008. In addition, this will be reduced further to approximately 644 as of
March 31, 2009 in the framework of the measures already introduced.
Furthermore, contracts with 52 temporary workers worldwide were terminated
as of December 31, 2008.
The development of liquidity in 2008 was characterized by a significantly
higher cash flow from operating activities than in the previous year. Cash
and cash equivalents as of the end of the 2008 fiscal year amounted to EUR
24.4 million. Net liquidity as of the end of 2008 increased significantly
to EUR 9.4 million (previous year: EUR 7.6 million). The free cash flow
before consideration of security acquisitions as of the end of the 2008
fiscal year totaled EUR 1.9 million (previous year: EUR -7.7 million).
SUSS MicroTec AG was granted a credit line of EUR 6 million in December
2008 with an initial term through March 31, 2009. The credit line was
provided by a consortium of two banks. At the moment, SUSS MicroTec AG has
approvals by three banks for a credit line of EUR 9 million, whereby
Deutsche Bank has been won over as a third and new member of the
consortium. The credit approvals are still conditional to the necessary
loan security documentation. The expanded credit line has a term through
March 31, 2010 and is supplied without covernants. It is in place first and
foremost as a security for down payment quarantees.
The extensive restructuring and cost reduction measures also allowed the
SUSS MicroTec Group to lower its breakeven point to a sales level of less
than EUR 120 million as early as the end of the 2008 fiscal year. In doing
so, the Company has prepared itself early on for a difficult market
environment. 'In addition to enhancing our product portfolio, our efforts
in 2009 will particularly be directed at reducing costs further and
strengthening net liquidity. At the same time, we will continue to expand
our global customer service program. The goal is to gain customer loyalty
with cost-effective solutions and outstanding support for all of our
innovative products,' stated Frank Averdung, Chief Executive Officer of
SUSS MicroTec AG.
'However, 2009 will be a challenge for us and our sector. We will have to
deal with a considerable sales decline in the current fiscal year based on
the economy and industry. On the other hand, we do expect the operating
activities to generate sufficient free cash flow to the point that no
additional liquidity should be needed for the further organic development
of the core business,' Michael Knopp, Chief Financial Officer of SUSS
MicroTec AG, explained.
The 2008 annual report is available for downloading at www.suss.com
About SUSS MicroTec
SUSS MicroTec listed in Deutsche Boerse AG's Prime Standard is one of the
world's leading suppliers of process and testing solutions for markets such
as 3D Integration, Advanced Packaging, MEMS, Nanotechnology, Compound
Semiconductor and Silicon-On-Insulator.
SUSS MicroTec enables its customers to increase process performance while
reducing cost of ownership and to meet the volume requirements of fast
growing markets with high quality solutions.
SUSS MicroTec supports more than 8,000 installed mask aligners, coaters,
bonders and probe systems with a global infrastructure for applications and
service. SUSS is headquartered in Garching near Munich, Germany.
For more information about SUSS MicroTec, please visit http://www.suss.com
This press release contains forward-looking statements relating to the
business, financial performance and earnings of SUSS MicroTec AG and its
subsidiaries and associates. Forward-looking statements are based on
current plans, estimates, projections and expectations and are therefore
subject to risks and uncertainties, most of which are difficult to estimate
and which in general are beyond the control of SUSS MicroTec AG.
Consequently, actual developments as well as actual earnings and
performance may differ materially from those which explicitly or implicitly
assumed in the forward-looking statements. SUSS MicroTec AG does not intend
or accept any obligation to publish updates of these forward-looking
SÜSS MicroTec AG
Investor Relations / PR
Schleissheimer Strasse 90
85748 Garching, Deutschland
Tel.: +49 (0)89 32007-161
Fax: +49 (0)89 32007 336
26.03.2009 Financial News transmitted by DGAP
Issuer: Süss MicroTec AG
Schleissheimer Strasse 90
85748 Garching b. München
Phone: +49 (0)89 32007-161
Fax: +49 (0)89 32007-336
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
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