Lithography innovator SÜSS MicroTec financials are robust
The firm's Q4 order intake of EUR 40.2 million was above guidance and the firm experienced strong sales in the same quarter of EUR 55.6 million
SÜSS MicroTec AG, a supplier of equipment and process solutions for the semiconductor and related markets, has published its consolidated financial statements for the 2012 fiscal year.
Order entry increased by 9.9 percent year on year to EUR (€)157.2 million compared to the previous year when it was €143.1 million.
Sales of €163.8 million were achieved, falling short by 6.6 percent of the previous year's level of €175.4 million. This made order backlog stand at €86.5 million on December 31st, 2012. On December 31st, 2011 the order backlog was €83.7 million.
The gross margin reduced from 37.9 percent to 35 percent in 2012. SÜSS believes the major reason for this was a less favourable product mix in 2012 compared to the previous year.
The group's core division - Lithography - posted a 1.5 percent increase in sales to €113.2 million during the year under review, compared to the previous year when it was €111.5 million.
The Substrate Bonder division increased its revenues from €20.5 million to €23.1 million, an increase of 13.1 percent.
After a successful 2011, the Photomask Equipment division, acquired in early 2010, contributed sales of €22.9 million. This was compared to the previous year when it was €36.3 million.
Earnings before interest and tax (EBIT) were €11.7 million as opposed to the previous year when the figure was €18.6 million. The EBIT for 2012 included one-time currency effects of €-0.4 million.
These effects resulted from the settlement of company-internal foreign currency credits by SÜSS MicroTec AG against SUSS MicroTec Inc. in connection with the acquisition of Tamarack Scientific in March 2012.
The EBIT of the fourth quarter 2012 also includes a positive one off effect of €1.8 million, resulting from an adjustment of the purchase price allocation for Tamarack Scientific and a revaluation of the provision for the earn-out component. Due to the lower gross margin, the EBIT-Margin for 2012 was 7.1 percent compared to the previous year where it was 10.6 percent.
Earnings after taxes (EAT) for continuing operations amounted to €7.6 million, compared to €13.8 million in the previous year. Earnings after taxes for the continuing and discontinued operations amounted to €9.1 million (the prior year was €13.8 million) and 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 continuing operations totalled €0.40 (last year it was €0.72).
Liquidity
Cash and interest bearing securities amounted to €36.6 million at the end of the fiscal year 2012. Net liquidity declined from €42 to €32.3 million on December 31st, 2012, mainly due to the acquisition of Tamarack Scientific. The Free Cash Flow for the fiscal year, before security transactions and extraordinary effects as well as M&A transactions, was €-4.5 million, compared to €3.5 million in the previous year.
Outlook
Growth trends such as e-mobility, digital lifestyle, and energy efficiency which will drive SUSS MicroTec's business in the mid- to long-term remain fundamentally intact despite the soft macroeconomic expectations for 2013.
Given the order backlog at the end of 2012 and the subdued economic outlook for 2013, the management board expects total sales in the 2013 fiscal year of around €150 million and EBIT in the low single digit million € range. The firm says it remains committed to sustaining the organic growth of its core business without additional borrowing.
For the first quarter 2013 the management board expects an order intake between €25 and €35 million.
