SÜSS MICROTEC SE QUARTERLY REPORT
2024JANUARY 1 - MARCH 31,
SUSS MICROTEC Quarterly Announcement Q1 2024
KEY FIGURES GROUP
in € million | Q1 2024 | Q1 2023 | Change |
Business and earnings development | |||
Order intake | 98.3 | 94.9 | 3.6% |
Order book as of March 31 | 456.9 | 364.0 | 25.5% |
Sales | 93.5 | 64.0 | 46.1% |
Gross profit | 36.6 | 22.0 | 66.4% |
Gross profit margin | 39.1% | 34.4% | 4.7%-Pts |
Cost of sales | 56.9 | 42.0 | 35.5% |
Research and development costs | 9.2 | 8.5 | 8.2% |
EBITDA | 16.7 | 5.5 | 203.6% |
EBITDA margin | 17.9% | 8.6% | 9.3%-Pts |
EBIT | 14.9 | 3.8 | 292.1% |
EBIT margin | 15.9% | 5.9% | 10.0%-Pts |
Earnings after taxes (continuing operations) | 10.4 | 3.0 | 246.7% |
Net profit* | 68.7 | 2.1 | - |
Earnings per share, basic (in EUR), continuing operations | 0.54 | 0.16 | 237.5% |
Earnings per share, basic (in EUR)* | 3.59 | 0.11 | - |
Balance sheet and Cash flow | |||
Equity | 241.1 | 179.0 | 34.7% |
Equity ratio | 58.0% | 51.6% | 6.4%-Pts |
Balance sheet total | 415.5 | 347.1 | 19.7% |
ROCE | 7.8 | 2.5 | 212.0% |
Net cash | 102.4 | 42.5 | 140.9% |
Free cash flow | -3.9 | -1.2 | - |
Free cash flow total* | 70.7 | 0.3 | - |
Further key figures | |||
Investments | 1.2 | 0.8 | 50.0% |
Investment ratio | 1.3% | 1.3% | 0.0%-Pts |
Depreciation | 1.8 | 1.6 | 12.5% |
Employees as of March 31 | 1,273 | 1,094 | 16.4% |
*including discontinued operations |
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SUSS MICROTEC Quarterly Announcement Q1 2024
CONTENTS | BURKHARDT FRICK, |
CEO OF SÜSS MICROTEC SE: | |
Business Development in the first Quarter 2024..........4 | |
Financial Report……….……………………….…….……..9 | |
Consolidated Statement of Income (IFRS) | 9 |
Statement of Comprehensive Income (IFRS) | 10 |
Consolidated Statement of Financial Position (IFRS) | 11 |
Consolidated Statement of Cash Flows (IFRS) | 12 |
Consolidated Statement of Changes in Equity (IFRS) | 14 |
Segment Reporting (IFRS) | 15 |
Reconciliations and statements of discontinued operations | 16 |
Financial Calendar / Contact / Imprint……………....18 | |
"We have started 2024 with a record order book of more than € 450 | |
million. 2024 is therefore a year where the efficient execution of these | |
orders is key. We want to meet our customers' demanding schedules | |
and support their capacity expansion plans in particular for AI | |
applications with our temporary bonding solutions. The sales and | |
earnings performance in the first quarter indicates that we are well on | |
track to achieve this goal and thus also our forecast for 2024. The | |
task now is to maintain this positive momentum in the coming months | |
and quarters." |
3
SUSS MICROTEC Quarterly Announcement Q1 2024
BUSINESS DEVELOPMENT IN FIRST QUARTER 2024
Discontinued operation MicroOptics removed from the Group following sale
On January 15, 2024, we completed the sale of our subsidiary SUSS MicroOptics S.A. and the business unit of the same name to Focuslight (HK) Investment Management Co. Ltd. We received a purchase price of € 58.1 million for the acquisition of all shares in SUSS MicroOptics S.A. In addition, the intercompany financing of
-
16.9 million was repaid. Overall, we received cash and cash equivalents of € 75.0 million with the completion of the transaction.
The result from discontinued operations recognized in the first quarter of 2024 amounted to € 58.3 million and included the positive one-off effect from the divestment.
Due to the disclosure of the MicroOptics segment as a discontinued operation, all expenses and income of the MicroOptics division as well as the disposal proceeds were reported separately in one item within the income statement and all cash flows were reported separately in the cash flow statement. The previous year's periods were adjusted accordingly. In the balance sheet, the assets and liabilities attributable to this segment were reclassified in the previous year under the items "Assets held for sale" and "Liabilities associated with assets held for sale". Both items were derecognized upon completion of the sale of the subsidiary in the first quarter of 2024 and therefore have a value of zero at the end of the first quarter of 2024. A list of the assets and liabilities disposed of and the result from discontinued operations in the first quarter of 2024 as well as the reconciliations of the divisional results of the income statement are presented after the segment reporting on pages 16 and 17.
Business Development of Continuing Operations
In the first quarter of the 2024 financial year, we generated an order intake of € 98.3 million. This corresponds to an increase of 3.6% compared to the previous year's figure of € 94.9 million. At € 64.6 million, around two thirds of the order intake were attributable to the Advanced Backend Solutions segment. Once again, the positive development of the bonders was noteworthy, with new business amounting to € 34.4 million. Order intake in the Photomask Solutions division amounted to € 33.7 million after € 38.6 million in the very strong first quarter of 2023.
In the first three months of 2024, we significantly increased our group sales by 46.1% to € 93.5 million (previous year: € 64.0 million). This makes Q1 the strongest first quarter in our company's history in terms of sales. Both divisions contributed to this high growth. While the Advanced Backend Solutions division increased sales by 37.6% to €
56.4 million (previous year: € 41.0 million), the sales volume of Photomask Solutions even grew by 60.6% to € 37.1 million (previous year: € 23.1 million).
The order book amounted to € 456.9 million as at March 31, 2024 and was therefore 25.5% higher than the comparative figure of € 364.0 million as of March 31, 2023. The book-to-bill ratio, i.e. the ratio of order intake to sales, was 1.05 after three months of 2024.
4
SUSS MICROTEC Quarterly Announcement Q1 2024
Gross profit increased by € 14.6 million to € 36.6 million in the first quarter of 2024 (previous year: € 22.0 million). The gross profit margin thus improved by 4.7 percentage points to 39.1% (previous year: 34.4%). The main reasons for this margin increase were a favorable product mix and the higher sales volume, which enabled better coverage of fixed costs.
Selling, administrative and development expenses increased disproportionally lower compared to sales by 16.7% from € 18.6
million to € 21.7 million in the first quarter of 2024. The balance of other operating income and expenses amounted to € 0.0 million in the first three months of the current financial year (previous year: €
0.4 million).
Overall, EBIT increased from € 3.8 million to € 14.9 million in the first
quarter of 2024, supported by the improved gross profit margin. This corresponded to an EBIT margin of 15.9% (previous year: 5.9%).
Earnings after taxes from continuing operations increased from € 3.0
million to € 10.4 million in the first quarter 2024. Basic earnings per
share (EPS) from continuing operations amounted to € 0.54.
The Free cash flow from continuing operations amounted to € -3.9 million in the first quarter of 2024 (previous year: € -1.2 million) and
resulted from a reduction in cash flow from operating activities, as contract liabilities, mainly advance payments received, were lower than in the previous year.
Net profit
Total net profit for the period in the first quarter of 2024, i.e. the sum of the profit from continuing operations of € 10.4 million and the profit from discontinued operations of € 58.3 million, amounted to € 68.7 million. The basic earnings per share (EPS) amounted to € 3.59.
Development in the most important regions
From a regional perspective, the Asia/Pacific region is our largest sales market. After three months of 2024, it accounted for 80.6% of order intake and 86.7% of sales. China, Taiwan and Korea accounted for the largest shares of both key figures. The EMEA region contributed 10.5% and North America 9.0% to order intake.
BUSINESS DEVELOPMENT IN THE SEGMENTS
Advanced Backend Solutions segment
The Advanced Backend Solutions segment combines the development, manufacture and sale of the product lines imaging systems (mask aligner and UV projection scanner), coating systems (coater/developer as well as tools for inkjet-based coating processes) and bonding systems (permanent and temporary bonders). 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. The primary target market for this division is the advanced backend of the semiconductor industry.
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SUSS MICROTEC Quarterly Announcement Q1 2024
___________________________________________________
Advanced Backend Solutions Key Figures
in € million | Q1 2024 | Q1 2023 | ||
Order intake | 64.6 | 56.2 | ||
Sales | 56.4 | 41.0 | ||
Order book | 294.8 | 217.0 | ||
Gross profit | 25.1 | 14.9 | ||
Gross profit margin | 44.5% | 36.3% | ||
EBIT | 7.2 | 0.7 | ||
EBIT margin | 12.8% | 1.7% | ||
In the first three months of 2024, we generated an order intake of
-
64.6 million in the Advanced Backend Solutions division (previous year: € 56.2 million), which corresponds to an increase of 14.9%.
However, developments within the different product lines varied. Our customers' willingness to invest in imaging and coating solutions continued to decline significantly, reflecting the ongoing general market situation. In contrast, order intake for bonders increased significantly, tripling to a value of € 34.4 million. This was partly due to existing memory chip customers who use our temporary bonders, debonders and cleaning systems for the production of so-called HBM (high bandwidth memory) chips, thereby supporting the capacity expansion for AI chiplets. We have also acquired two new customers for temporary bonding, including another customer for the production of energy-efficient silicon carbide chips on 200 mm wafers. We also received an order for a wafer-to-wafer hybrid bonder for 200mm wafers.
The order book in the Advanced Backend Solutions segment amounted to € 294.8 million as of March 31, 2024, a significant increase from € 217.0 million as at March 31, 2023.
Division sales increased by € 15.4 million or 37.6% to € 56.4 million in the first three months of 2024 (previous year: € 41.0 million). Due to the high order intake in the second half of 2023, bonding sales more than doubled in the first quarter of 2024 compared to the same quarter of the previous year. Temporary bonding solutions accounted for around 80% of bonding sales in the past quarter.
The gross profit margin in the Advanced Backend Solutions segment improved significantly from 36.3% to 44.5% in the first three months of 2024. The higher sales volume and the associated cost degression effects contributed to this and we were able to achieve further production efficiencies in one product line.
The segment result increased from € 0.7 million to € 7.2 million in the first three months of 2024 resulting from the higher gross margin. The EBIT margin in the Advanced Backend Solutions division was therefore 12.8%, compared to 1.7% in the same period of the previous year.
Photomask Solutions segment
The Photomask Solutions segment covers the development, manufacturing, and sale of system solutions for cleaning and processing photomasks, primarily in the frontend of semiconductor production.
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SUSS MICROTEC Quarterly Announcement Q1 2024
Photomask Solutions Key Figures
in € million | Q1 2024 Q1 2023 |
The gross profit margin improved from 30.3% to 32.9% in the first three months of 2024, mainly due to the higher sales volume and a
Order intake
Sales
Order book
33.7 | 38.6 |
37.1 | 23.1 |
162.1 | 147.0 |
favorable product and customer mix.
As a result, the divisional EBIT more than doubled from € 3.7 million to € 8.2 million. The EBIT margin therefore amounted to 22.1%
(previous year: 16.0%).
Gross profit | 12.2 | 7.0 | ||||
Gross profit margin | 32.9% | 30.3% | ||||
EBIT | 8.2 | 3.7 | ||||
EBIT margin | 22.1% | 16.0% | ||||
.
Order intake in the Photomask Solutions division fell slightly to € 33.7 million in the first three months of 2024 (previous year: € 38.6 million). However, after an order intake of € 9.4 million in the third quarter of 2023 and € 30.0 million in the fourth quarter of 2023, order momentum increased again and reached a pleasingly high level.
The order book in this segment increased to € 162.1 million as of March 31, 2024 after € 147.0 million on March 31, 2023. The expected delivery and installation dates for the systems are spread over the years 2024 and 2025.
Sales in the Photomask Solutions segment grew by € 14.0 million or
60.6% to € 37.1 million in the first quarter of 2024 (previous year:
- 23.1 million). In addition to a generally high capacity utilization, we benefited from revenue that was recognized in the first quarter for two tools that had already been delivered to our customers in Q4 of 2023, but did not meet the criteria for revenue recognition.
Central Group Functions
The Central Group Functions division includes costs and income of the central Group functions that cannot be allocated at divisional level. In the first three months of 2024, the segment recorded EBIT of
- 58.4 million (previous year: € -0.3 million) and included the extraordinary income from the sale of the MicroOptics division completed in January 2024.
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SUSS MICROTEC Quarterly Announcement Q1 2024
OUTLOOK
Demand for equipment and solutions from SUSS MicroTec remains high. In the first three months of 2024, we were able to achieve an order intake of € 98.3 million. Overall, we are confident about the further development of demand, although we are still waiting for the order situation for our imaging and coating solutions to recover. Negative effects, in particular due to geopolitical disputes, are still possible.
The order book of € 456.9 million as of March 31, 2024 and the associated very high level of utilization of our production capacities are an excellent basis for continuing our growth trajectory over the remainder of the 2024 financial year. Provided the situation in the global economy in general and the semiconductor and semiconductor equipment market in particular does not deteriorate unexpectedly and we are not again affected by increased administrative demands and delays in export clearances for deliveries to China, we continue to expect sales in a range of € 340 million to € 370 million for 2024. At the midpoint of the range, this would correspond to growth of 16.7%. Due to the high order book and high capacity utilization, the majority of the new orders we receive in the 2024 financial year will only be delivered and recognized in sales from the 2025 financial year onwards.
For the gross profit margin in full year of 2024, we continue to expect a range of 35 to 38%. We continue to expect the EBIT margin for 2024 to be in the range of 10 to 12%. For both key figures, we expect positive impulses from the higher level of sales and the associated economies of scale as well as a customer specific product mix. At the same time, we are still undergoing a growth transformation, which is associated with additional expenses in production and administration.
We therefore fully confirm the forecast for our key financial figures for the current 2024 financial year.
Garching, May 6, 2024
The Management Board of SÜSS MicroTec SE
signed | signed | signed |
Burkhardt Frick | Dr. Cornelia Ballwiesser | Dr. Thomas Rohe |
CEO | CFO | COO |
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SUSS MICROTEC Quarterly Announcement Q1 2024
FINANCIAL REPORT: CONSOLIDATED STATEMENT OF INCOME (IFRS)
in € thousand
Sales
Cost of sales
Gross profit
Selling costs
Research and development costs
Administration costs
Other operating income
Other operating expenses
Net income from operations (EBIT)
Financial income
Financial expenses
01/01/2024 - 03/31/2024
93,503
-56,926
36,577
-5,526
-9,191
-6,999
1,055
-1,055
14,861
481
-100
01/01/2023 - 03/31/2023
64,043
-42,048
21,995
-4,329
-8,490
-5,765
1,668
-1,263
3,816
69
-77
Financial result | 381 | -8 | |||
Earnings before taxes (continuing operations) | 15,242 | 3,808 | |||
Income taxes | -4,854 | -769 | |||
Earnings after taxes (continuing operations) | 10,388 | 3,039 | |||
Earnings after taxes (discontinued operations) | 58,327 | -935 | |||
Net profit | 68,715 | 2,104 | |||
Thereof equity holders of SUSS MicroTec | 68,715 | 2,104 | |||
Thereof non-controlling interests | 0 | 0 | |||
Earnings per share, continuing operations (basic) | 0.54 | 0.16 | |||
Earnings per share, continuing operations (diluted) | 0.54 | 0.16 |
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SUSS MICROTEC Quarterly Announcement Q1 2024
STATEMENT OF COMPREHENSIVE INCOME (IFRS)
in € thousand
Net profit
Items that are not reclassified to profit and loss in future periods:
Actuarial gains / losses from defined benefit pension plans (from the disposal of losses from the sale of subsidiaries)
Tax effects (from the disposal of losses from the sale of subsidiaries)
Other income after tax for items that are not reclassified as an expense or income
Items that are reclassified in later periods
Foreign currency adjustment
gains and losses arising in the current period
less transfers to the income statement
Foreign currency adjustment total
Other income after tax for items that are reclassified as an expense or income in future periods
Other comprehensive income (after tax)
Total other comprehensive income
thereof equity holders of SUSS MicroTec
thereof non-controlling interests
01/01/2024 | 01/01/2023 |
- 03/31/2024 | - 03/31/2023 |
68,715 | 2,104 |
1,650 | 0 |
-206 | 0 |
1,444 | 0 |
196 | -810 |
-4,471 | 0 |
-4,275 | -810 |
-4,275 | -810 |
-2,831 | -810 |
65,884 | 1,294 |
65,884 | 1,294 |
0 | 0 |
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Süss MicroTec SE published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 05:22:07 UTC.
