suss microtec company presentation · semi expects a market growth of +7.5 % in the...
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SUSS MICROTEC INVESTOR PRESENTATION
April 2018
SUSS MICROTEC AT A GLANCE
International high tech equipment provider for the semiconductor
mid- and backend industry
All major chip manufacturers are clients of ours
Global customer base with focus on Asia
Production at two major sites in Germany and one in the USA
Sternenfels
Garching/
Munich
Corona
USA Germany
Highlights FY 2017
Order entry € 200.3 million
Sales € 166.5 million
EBIT 13.9 million
EBIT-margin 8.3%
SÜSS MicroTec Investor Presentation 2018 2
SUSS MICROTEC – A GLOBAL PLAYER
*Figures refer to the fiscal year 2017
NORTH AMERICAOrder Entry 19.5 € million
Sales 26.2 € million
Employees 102
EMEA
Order Entry 40.1 € million
Sales 38.8 € million
Employees 539
ASIAOrder Entry 140.7 € million
Sales 101.1 € million
Employees 138
SÜSS MicroTec Investor Presentation 2018 3
OUR PRODUCT PORTFOLIO
Exposure
SystemsCoaters and
Developers
Wafer Bonding
Equipment
Laser Processing
Equipment
Photomask
EquipmentLithography Bonder
Projection Scanner
DSC300 Gen2
ELP300MaskTrackPro
Mask Aligner
MA200/300 Gen2 ACS300 Gen2 XBC300 Gen2
XB8
Frontend Mid- and Backend
Photomask
Cleaning
SÜSS MicroTec Investor Presentation 2018 4
WE SUPPORT TECHNOLOGICAL CHANGE
- Communication
- Mobility
- Networks
- Data processing
- Mobility
- Digitization
- Smart factory
- Safety
- Comfort
- Energy efficiency
- Autonomous driving
Telecommunications
Data Processing
Automotive
Source: istock
SÜSS MicroTec Investor Presentation 2018 5
DRIVERS FOR FOWLP AND 3D TSV TECHNOLOGIES
Fan Out Wafer Level Packaging (FOWLP)
3D- Integration with Thru Silicon Vias (TSV)
Allows for:
Smaller form factors
Multi-die package / SiP
Increased I/O density (Fine line and space (L/S))
Providing high capacity and high bandwidth
packages
Portable electronic products are driving component packaging
towards new packaging technologies for integrating multiple
functions (e.g. memory, analog and passive components: SiP)
This trend will continue.
SÜSS MicroTec Investor Presentation 2018 6
3D-TSV-INTEGRATION GAINS PACE
Source: istock, Samsung
Since the early 1990s, advanced packaging methods have
enabled smaller chip packages:
SUSS was one of the drivers in the introduction of
advanced packaging in the 1990s
SUSS was a founding member of SECAP
(Semiconductor Equipment Consortium for Advanced
Packaging)
SECAP supported the transition from "wire bonding" to
"flip chip bonding“
Today, SUSS supports the transition from 2D to 2.5D and
finally to 3D TSV (Thru Silicon Via)
SUSS works with the leading users of 3D TSV technology
First pilot lines are installed and will be further optimized
SUSS is one of the leading equipment suppliers for this
growth area
„Thin wafer handling “ and „temporary bonding“ are major
elements of 3D stacking
SÜSS MicroTec Investor Presentation 2018 7
GROWTH DRIVERS ARE INTACT
networks
smart factory
automation
digitization
communication
mobility
internet of things
autonomous
driving
SÜSS MicroTec Investor Presentation 2018 8
KEY GROUP FIGURES AT A GLANCE FY 2015 - 2017
in € million delta 2017/2016 2017 2016 2015
Order Intake +24.3% 200.3 161.1 188.6
Order Backlog 12/31 +31.4% 133.4 101.5 117.6
Revenue -6.2% 166.5 177.6 148.5
EBIT +25.2% 13.9 11.1 5.0
EBIT in % of Sales +2.1%pts 8.3% 6.3% 3.4%
Earnings after tax +34.0% 6.7 5.0 0.2
EPS in € +34.2% 0.35 0.26 0.01
Free Cash Flow -- 2.9 -9.1 1.3
Net Cash +6.1% 33.0 31.1 40.0
Employees 12/31 +9.6% 779 711 698
SÜSS MicroTec Investor Presentation 2018 9
LONG TERM BUSINESS DEVELOPMENT
* Including a -13.2 € milion one-off effect from restructuring of the product line permanant bonding (-0,69 € per share)
** FCF = operating CF + CF from investments + changes in securities holdings
SÜSS MicroTec Investor Presentation 2018 10
Order Backlog in € million
116.1
83.7 86.5 85.775.6
117.6
101.5
133.4
0
50
100
150
200
2010 2011 2012 2013 2014 2015 2016 2017
Sales in € millionOrder Entry in € million
189.3
143.1157.2
135.0 134.3
188.6
161.1
200.3
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016 2017
139.1
175.4163.8
134.5145.3 148.5
177.6166.5
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016 2017
EBIT in € million
*
Free Cash Flow** in € million
14.1
3.5
-4.5
4.1
2.11.3
-9.1
2.9
-10
-5
0
5
10
15
2010 2011 2012 2013 2014 2015 2016 2017
Net Cash in € million
34.6
42.0
32.3
35.738.0
40.0
31.133.0
0
10
20
30
40
50
2010 2011 2012 2013 2014 2015 2016 2017
14.3
18.6
11.7
-19.4
8.45.0
11.113.9
10.3%
10.6%
7.1%
-14.4%
3.4%
6.3%
8.3%
-25
-15
-5
5
15
25
2010 2011 2012 2013 2014 2015 2016 2017
5.8%
*
LONG TERM BUSINESS DEVELOPMENT BY QUARTER
32.3
50.656.9
49.5 48.3
32.138.2
24.5
39.0 41.436.6
40.234.9 36.7 34.3
29.125.0
36.2
29.1
44.0
28.5
41.2 39.2
79.7
30.1
39.2
32.2
59.5
46.0 48.4
36.9
68.9
Order Entry
in € million
Sales
in € million21.9
37.7 37.042.5
32.0
52.7
45.9 44.9
31.236.3
40.7
55.6
30.124.9
38.9 40.5 39.0
30.425.6
50.3
26.9 28.2
38.3
55.1
27.6
41.439.1
69.5
23.0
43.347.1
53.1
Q1/2
010
Q2/2
010
Q3/2
010
Q4/2
010
Q1/2
011
Q2/2
011
Q3/2
011
Q4/2
011
Q1/2
012
Q2/2
012
Q3/2
012
Q4/2
012
Q1/2
013
Q2/2
013
Q3/2
013
Q4/2
013
Q1/2
014
Q2/2
014
Q3/2
014
Q4 2
014
Q1 2
015
Q2 2
015
Q3 2
015
Q4 2
015
Q1 2
016
Q2 2
016
Q3 2
016
Q4 2
016
Q1 2
017
Q2 2
017
Q3 2
017
Q4 2
017
-0.1
3.5
5.05.9
2.5
8.1
4.1 3.9
0
1.6 1.6
8.6
-3.3
-11.7
1.8
-6.2
1.5 1.9
-3.3
8.3
-2.2 -1.7
2.2
6.7
-2.0
0.9 1.0
11.1
-4.8
6.47.0
5.3 EBITin € million
*-7.2
*-6.0
SÜSS MicroTec Investor Presentation 2018 11
20%
10%
70%68%
8%
18%
6%
ORDER ENTRY BY SEGMENT AND REGION FULL YEAR 2017
RegionsSegments
Lithography
Fotomask Equipment
Bonder
Others
EMEA
North America
Asia/Pacific
2017:
200.3 € million
2017:
200.3 € million
SÜSS MicroTec Investor Presentation 2018 12
SEGMENTS, ORDER ENTRY AND SALES FULL YEAR 2017
* Including Others
Photomask Cleaning
Equipment
Exposure
SystemsCoaters and
Developers
Wafer Bonding
Equipment
Laser
Processing
Equipment
Photomask Equipment Lithography Bonder
Order Entry: 200.3 € million
Sales: 166.5 € millionSUSS MicroTec Group FY 2017*EBIT: 13.9 € million
EBIT margin: 8.3%
Adj. EBIT-Margin: 12.6%
Divisions
Order Entry: 136.2 € million
Sales: 112.8 € million
EBIT: 6.3 € million
EBIT-Margin: 5.6%
Adj. EBIT-Margin: 14.5%**€ +10m losses Photonic Systems
Order Entry: 36.7 € million
Sales: 22.1 € million
EBIT: 3.3 € million
EBIT-Margin: 14.9%
Adj. EBIT-Margin: 10.4%**€ -1m extraordinary margin perm. bonder
Order Entry: 15.7 € million
Sales: 19.7 € million
EBIT: 5.1 € million
EBIT-Margin: 25.9%
Adj. EBIT-Margin: 15.7%**€ -2m licence agreement
SÜSS MicroTec Investor Presentation 2018 13
87
162
215
128
93
111118
156
146
122
104
139
175
164
135
145 149
178
167
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e 2020e
LONG TERM SALES DEVELOPMENT IN € MILLION
Average sales level 1999 – 2017: appr. € 150 million
SÜSS MicroTec Investor Presentation 2018 14
Fiscal year 2018: Sales € 195 million – € 205 million
EBIT 8.5% – 10.0%
1st half 2018: Order entry € 70 - 80 million
OUTLOOK 2018
SÜSS MicroTec Investor Presentation 2018 15
MARKET OUTLOOK 2018
Gartner expects the semiconductor market to grow
by 7.5% in 2018 after 22.2% in 2017
This would mark a new record sales level of USD 451
billion for the semiconductor industry in 2018
Market growth is driven by automotive and industrial
applications as well as memory chips and the
internet of things
Semi expects a market growth of +7.5 % in the
semiconductor-equipment industry in 2018 after
35.6% in 2017
Wafer fab equipment incl. Wafer-level packaging grew
by +17.9% in 2017 (according to Gartner)
Yole expects the MEMS-market to grow by +16.7%
(CAGR) from 2016 to 2022( unit growth)
SÜSS MicroTec Investor Presentation 2018 16
SÜSS MicroTec Investor Presentation 2018 17
Tel.: +49 89-32007- 161
Fax.: +49 89-32007- 451
Email: [email protected]
SÜSS MicroTec SE
Schleissheimer Strasse 90
85748 Garching
Germany
www.suss.com
Franka Schielke
Contact Financial Calendar 2018
INVESTOR RELATIONS INFORMATION
Quarterly Report 2018 3 May
Annual General Meeting 2018, Munich 6 Jun
Interim Report 2018 3 Aug
Nine-month Report 2018 7 Nov
SÜSS MicroTec Investor Presentation 2018 18
SHARE PRICE DEVELOPMENT AND MAJOR HOLDERS
Average daily trading volume January 2017 – March 2018: ~ 118.000
(Price of the SUSS MicroTec Share at January 2, 2017: 6.54 € )
50
100
150
200
250
300
Jan. Feb. Mrz. Apr. Mai. Jun. Jul. Aug. Sep. Okt. Nov. Dez. Jan. Feb. Mrz.
SÜSS MicroTec, indexed TecDAX, indexed Prime IG Semiconductor, indexed
SÜSS MicroTec Investor Presentation 2018 19
Major Share-
holders > 3%:
Kempen Oranje
Universal-Investment
Luxunion
Janus Henderson Group
Sycomore Asset Man.
Oddo BHF
Lupus Alpha
Hansa Invest
Dimensional Funds
SUSS MICROTEC IN THE VALUE CHAIN
SUSS MicroTec:
Key player in leading edge semiconductor manufacturing equipment
Developer of highly innovative process solutions
Key components for electronic devices such as cell phones, PCs and tablet
computers are produced with SUSS MicroTec’s equipment
Semiconductor
Manufacturers
Consumer Products
Enterprise Products
Semiconductor
Manufacturing
Equipment
Micro Structuring
Semiconductor
Devices
ICs
Sensors
Microoptics
Servers
Interfaces
Power Distribution
Cloud Computing
Smartphones
Tablets, PCs
Automotive
Medical Devices
Gaming
Lighting
Research
Institutes
SÜSS MicroTec Investor Presentation 2018 20
MAIN COMPETITORS AND PEER GROUP
BE Semiconductor: equipment for leadframe, substrate and WLP applications (die attach, wire-bonding, plating), target
markets include electronics, computer, automotive, industrial, LED and solar energy
Veeco/UTEC: steppers for the semiconductor market, advanced packaging, nanotechnology, laser processing (LSA)
Kulicke & Soffa: design and manufacture of equipment for semiconductor, LED and electronic assembly (wire-bonding,
advanced packaging)
Rudolph Tech: equipment and software solutions for macro defect inspection, probe card test and analysis, thin film
metrology, advanced packaging lithography systems (steppers)
EV Group: equipment for wafer-bonding, lithography/nanoimprint lithography (NIL), metrology, photoresist coating,
cleaning and inspection for the target markets: advanced packaging, compound semiconductor and
silicon-based power devices, MEMS, nanotechnology and SOI
Peer Group
SUSS MicroTec Equipment Technology Customers
Supplier
Ultratech
Tokyo Electron
Exposure
EVG Substrate Bonder
Photomask Cleaning
Sigmameltec
DNK
Tazmo
IDM (Integrated Device Manufacturers)
Intel, IBM, Samsung, Infineon,
Texas Instruments…
OSAT (Outsourced Assembly and Test Fabs)
ASE, Amkor, SPIL, STATS
ChipPAC, nepes …
Mask Shops
Captive: Samsung, TSMC, Hynix …
Merchant: Toppan, DNP, Photronics …
Research Institutes
IMEC, ITRI, Fraunhofer…
Academia
CanonUshio
Laser Technology
Coat/Develop
Foundries
TSMC, Global Foundries
SÜSS MicroTec Investor Presentation 2018 21
DISCLAIMER
This presentation contains forward-looking statements relating to the business, financial performance
and earnings of SUSS 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 SUSS 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. SUSS MicroTec SE does not intend or accept any obligation to publish updates
of these forward-looking statements.
SÜSS MicroTec Investor Presentation 2018 22