sÜss microtec se investor presentation · “despite the semiconductor industry’s slowdown,...
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SÜSS MicroTec SE
INVESTOR PRESENTATION
November 2019
DISCLAIMER
This presentation contains forward-looking statements relating to the business, financial
performance and earnings of SÜSS MicroTec SE 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 SÜSS MicroTec SE. 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. SÜSS MicroTec
SE does not intend or accept any obligation to publish updates of these forward-looking
statements.
2SÜSS MicroTec SE Investor Presentation
AGENDA
I. Overview
II. SUSS 2025 Strategy
III. Results of H1 2019
SÜSS MicroTec SE Investor Presentation 3
SUSS MICROTEC IS EVERYWHERE
SÜSS MicroTec SE Investor Presentation 4
SUSS MICROTEC IS EVERYWHERE
SÜSS MicroTec SE Investor Presentation 5
Smart Devices
LEDs
Smart Health
Light Carpets
Smart Home
Tire Pressure Sensor
LIDAR
RF MEMS
Real-time Tracking
Renewable Energies
Electronic Components
MEGATRENDS DRIVE FUTURE TECHNOLOGY
6
Smart
Factory
Internet of
Things
Artificial
Intelligence
Smart
HealthMobility
5G
Technology
SÜSS MicroTec SE Investor Presentation
MEGATRENDS IN THE SEMICONDUCTOR INDUSTRY
SÜSS MicroTec SE Investor Presentation 7
$ 420 B
$ 500 B
THE MOST IMPORTANT GROWTH DRIVERS
SÜSS MicroTec SE Investor Presentation 8
$ 420 B
$ 500 B
$420B
$500B
$1,630B
PRODUCT PORTFOLIO: WAFER-LEVEL PROCESSING
SÜSS MicroTec SE Investor Presentation 9
Photomask Equipment
Exposure Systems
Coater/Developer
Laser Processing
Wafer Bonder
Microoptics
Imprint Solutions
Integrated Metrology
SEMICONDUCTOR PROCESS FLOW
SUSS MicroTec 10
Front End Wafer Fab
SUSS field of
activity
Wafer level Packaging
RDL, Wafer bumping, etc.
Die packaging
Dicing, Molding, etc.
600 – 1000 Steps, Cycle time > 3 month
Total Invest 300 mm fab: >4 B$
100 $
100 k$
We are handling
semiconductor „Gold“
Supporting key processes:
Coating
Litho
Bonding
Cleaning
etc.
PRODUCTS AND SEGMENTS
SÜSS MicroTec SE Investor Presentation 11
Segments
Products
Process
Steps
Frontend Mid- and Backend
LithographyPhotomask Bonder Microoptics
PhotomaskEquipment
BondingSystems
Coater/Developer
ExposureSystems
Coating
Developing
Metrology
Photomask
Cleaning
Laser
Processing
(Stepper)
Proximity
Exposure
(Mask Aligner)
Imprinting
Metrology
UV Projection
(Scanner)
Bond Alignment
Permanent
Bonding
Temporary
Bonding
Debonding
Metrology
LaserEquipment
Micro opticalComponents
PRODUCTION SITES
12SÜSS MicroTec SE Investor Presentation
Garching
(SUSS MicroTec HQ)
Sternenfels
(Germany)
Hsinchu
(Taiwan)
Neuchatel
(Switzerland)
Corona
(California)
SUSS MICROTEC – A GLOBAL PLAYER
13
5 Development & Production Sites
26 Sales & Service Locations | ~1000 Employees
SÜSS MicroTec SE Investor Presentation
NORTH AMERICA EUROPE ASIA
USA (HQ) Germany France Japan China Singapore
SwitzerlandUnited Kingdom Korea Taiwan
(HQ) Germany SUSS sites WW distributors
OVERVIEW SÜSS MICROTEC
SÜSS MicroTec SE Investor Presentation 14
Global customer base (focus on Asia)
Top industry players
Foundries and OSATS
Research institutes
Production of customized equipment for wafer-level processing
Process consulting
Technology partner for customers
Semiconductor and related industries
Advanced Packaging
MEMS
Microchips, RF, memory,..
Sensors, optoelectronic, biomedical,… devices
Complex packages like
WLCSP, FOWLP, COS
2018 at a Glance
in Mio €
Sales 203.9
EBIT 10.9
EBIT in % of Sales 5.3%
Employees (worldwide) 881
AGENDA
I. Overview
II. Strategy SUSS 2025
III. Results of H1 2019
SÜSS MicroTec SE Investor Presentation 15
SUSS 2025 STRATEGY - OVERVIEW
SÜSS MicroTec SE Investor Presentation 16
MARKET CONDITIONS
Megatrends are driving our business, great
market outlook
Semiconductor industry is highly innovative
and very demanding
Mobile phones, PLC 1-2 years
Increased data volume every year
Autonomous driving car: 1 TB / day
Customers expect strong support in
increasingly complex processes
Challenge but also an opportunity
SUSS 2025 STRATEGY: INCREASE IN SALES
SÜSS MicroTec SE Investor Presentation 17
0
50
100
150
200
250
300
350
400
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2025p
New products and markets Existing products and marketsp - Potential
Growth in the coming years through market growth, new products
and market share gains
Cyclical course is also expected in the future
Sales in € million
SÜSS MicroTec SE Investor Presentation 18
SUSS 2025 STRATEGY
STRATEGIC TARGETS
Top-line growth
Attractive products for maximum productivity
and best in class yield
Additional features to increase attractiveness
Improved operations and profitability
Focus on quality and delivery times
Reduce costs, Increase cash flow
Exceed customer expectations
Strong support
Close proximity
Goal 2025: € 400 million with > 15% EBIT
SUSS 2025 STRATEGY: TARGETS
SÜSS MicroTec SE Investor Presentation 19
SUSS MicroOptics penetrates new market
(automotive)
SUSS Photomask Equipment market
leader for EUVL mask processing
Highly competitive scanner technology
evaluated by customer
Training and development of staff
NEW OFFERINGS TO START THE GROWTH IN 2019 AND BEYOND
…… AND MORE TO COME
SUSS 2025 STRATEGY: TARGETS
SÜSS MicroTec SE Investor Presentation 20
INCREASING PRODUCTIVITY
Operational Excellence Program started in
autumn 2018
Strong focus on net working capital management
(inventory) to improve net liquidity
Globalization of strategic purchasing
Re-organization of production processes
for more transparency and flexibility
SUSS 2025 STRATEGY: TARGETS
SÜSS MicroTec SE Investor Presentation 21
REACHING OUT TO OUR CUSTOMERS
Hsin-Chu, TW:
Production, demo and application center
for Asian customers (Q2, 2020)
Orlando (Fl, USA):
Demo and application center for NA
customers (Q1, 2020)
Neuchatel, CH:
Center for imprinting applications (Q2 2020)
Garching, DE:
New training center (done)
Sternenfels, DE:
New application and training center (done)
“Worldwide semiconductor revenue is forecast to total $429 billion, a decline of 9.6%
from $457 billion in 2018.” (Gartner, July 2019)
“Global sales of semiconductor manufacturing equipment by original equipment
manufacturers are projected to drop 18.4% to $52.7 billion in 2019 from last year’s
historic high of $64.5 billion,.. growth in equipment sales resuming in 2020 with an 11.6
percent jump to $58.8 billion.” (SEMI, Mid-Year Total Equipment Forecast, July 2019)
“Despite the semiconductor industry’s slowdown, advanced packaging is growing at an
impressive 8% CAGR (2018 – 2024).” (Yole, July 2019)
“The market will exhibit +8.3% growth in value.” MEMS for the period 2019 – 2024,
(Yole, June 2019)
“Global fab equipment spending will rebound in 2020, growing 20 percent to US$58.4
billion after dropping 19 percent to US$48.8 billion in 2019.” (Semi, June 2019)
The semiconductor industry is amidst of a big transition and it is entering a disruptive
phase where mobile and other merging mega-drivers, such as big data, 5G, high
performance computing (HPC), the internet of things (IoT) as well as smart automotive
and smart factory will significantly impact business dynamics and create a tremendous
opportunity across the semiconductor supply chain” e.g. “3D TSV and Fan-out markets
are expected to grow by a CAGR of 29% and 15% respectively from 2017 – 2023
(Yole, Sep. 2018)
SUSS STRATEGY: ANALYST ESTIMATES FOR MARKETS
22SÜSS MicroTec SE Investor Presentation
AGENDA
I. Overview
II. Strategy SUSS 2025
III. Results of Q3 2019
SÜSS MicroTec SE Investor Presentation 23
HIGHLIGHTS Q3 2019 AND GENERAL BUSINESS UPDATE
SÜSS MicroTec SE Investor Presentation 24
Continuously strong Photomask Equipment and Micro-optics business
Order entry increase seen in late Q3
Significant amount of equipment (approx. € 30 million) ready to be shipped
Order entry 9M 2019: € 157.8 million Q3: € 66.0 million
Sales 9M 2019: € 131.1 million Q3: € 37.1 million
EBIT 9M 2019: € -5.7 million (-4.3% EBIT margin)
KEY GROUP FIGURES 9M 2019
SÜSS MicroTec SE Investor Presentation 25
In € million Q3 2019 Q3 2018 Delta Q3
2019/2018
9M 2019 9M 2018 Delta 9M
2019/2018
Order entry 66.0 47.0 40.4% 157.8 125.2 26.0%
Order backlog --- -- 115.3 90.0 28.1%
Sales 37.1 38.6 -3.9% 131.1 132.8 -1.3%
EBIT -4.9 -1.6 -5.7 6.8 ---
EBIT margin -13.2% -4.1% -9,1 points -4.3% 5.1% -9.5 points
Earnings after tax -6.8 -1.4 --- -8.7 3.3 ---
EPS in € -0.36 -0.08 --- -0.46 0.17 ---
Free cash flow * -9.8 -6.8 --- -28.7 -22.7 ---
Net cash ** -6.6 10.4 ---
Employees 30/9 935 863 8.3%
* Before consideration of purchases and sales of securities
** Net cash as of September 30th, 2019 includes liabilities from leasing with an amount of € 5,7 million (adaption of IRFS16)
SEGMENT OVERVIEW 9 MONTHS 2019
SÜSS MicroTec SE Investor Presentation 26
Others: corporate overhead, consolidation effects, FX-effects: -3.8 million EUR
in Mio €
Order entry 17.7
Sales 16.2
EBIT 2.7
EBIT margin in % 16.7
Solid order entry
Strong order entry
and sales
Significant growth in
order entry and sales
Bonder business
constant
in Mio €
Order entry 72.0
Sales 72.4
EBIT -8.1
EBIT margin in % -11.2
EBIT margin w/out
Corona-1.7%
in Mio €
Order entry 52.5
Sales 24.6
EBIT 4.4
EBIT margin in % 17.9
in Mio €
Order entry 14.8
Sales 17.2
EBIT -0.7
EBIT margin in % 4.8
ORDER ENTRY: QUARTERLY PERFORMANCE
27
48,3
39,0
34,9
25,0
28,530,1
46,0
39,6
46,7
32,1
41,4
36,7 36,2
41,239,2
48,4
39,8
45,0
38,236,6
34,3
29,1
39,2
32,2
36,9
46,7
24,5
40,2
29,1
44,0
79,7
59,5
69
64,8
0
10
20
30
40
50
60
70
80
Ord
er
entr
yin
€ m
illio
n
QY1 QY2 QY3 QY4
Yearly Total
2012
157,2
2013
135,0
2014
134,3
2015
188,6
2016
161,0
2017
200,1
2018
191,0
2011
143,1
2019
SÜSS MicroTec SE Investor Presentation - November 2019
66,0
GUIDANCE 2019
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Fiscal year 2019: Sales of € 200 to € 215 million
EBIT margin ~ 4.0 % - 5.0%
Q4 2019 + Q1 2020: Order entry of more than € 95 million
SÜSS MicroTec SE Investor Presentation 29
SÜSS MicroTec share price: € 8.48
(January 2, 2019)
Average daily trading
volume ~26.000 shares
(Jan. 2019 – Nov. 2019)
SHARE PRICE, COVERAGE, SHAREHOLDERS
Shareholders > 5%:
• Gerlin NV
• Janus Henderson
• Kempen Oranje
• Luxunion
• Universal Investment
Freefloat: 62.7%
Coverage:
• Baader
• Bankhaus Lampe
• DZ Bank
• Kempen
• NIBC
• ODDO BHF
• Warburg
Share Performance in 2019
80
90
100
110
120
130
140
150
Jan. Mrz. Mai. Jul. Sep. Nov.
TecDAX, indexed
Prime IG Semiconductor, indexed
SÜSS MicroTec, indexed
SÜSS MicroTec SE Investor Presentation 30
SUSS MICROTEC MOVES FUTURE TECHNOLOGY
[email protected] +49 (0)89 32007-161