SUSS MicroTec: Order Entry up by over 50% in the first half of the year; revenue and earnings growth continues
- Order entry historically high at EUR 230.9 million for the first half of 2022
- Supply chain constraints continue to compress revenue in the second quarter
- Several systems already delivered to customers, but revenue not yet recognized
- 2022 revenue and earnings forecast confirmed
Garching, Germany, August 4, 2022 – SUSS MicroTec SE, a leading manufacturer of system and process solutions for the semiconductor industry and related markets, published its Interim Report for the first six months of the 2022 fiscal year today.
Strong demand for SUSS MicroTec system and process solutions has continued in the second quarter of 2022. Between April and June 2022, order entry has totaled EUR 113.3 million (prior year quarter: EUR 72.1 million). This results in a total EUR 230.9 million order entry for the first half of 2022, 51.1% higher than the previous year’s value (first half of 2021: EUR 152.8 million). Following this high order entry, total order backlog has also increased to EUR 257.0 million as of June 30, 2022. “We are experiencing a robust and sustained order growth, as we not only participate in the market growth in the various industry sectors and regions, but we have also been able to gain market share by winning a number of new customers,” said CEO Dr. Goetz M. Bendele.
In the first six months of the current fiscal year, revenue has grown by 5.3% to EUR 124.8 million (prior year: EUR 118.5 million). In the second quarter of 2022, revenue totaled EUR 61.5 million, 6.6% lower than the previous year’s figure of EUR 65.8 million. This development is closely related to the ongoing material shortages, which have led to delays in revenue recognition and, to a lesser extent, also in the completion and delivery of individual systems. As of the reporting date, inventory reserves included nearly completed systems valued approximately EUR 24 million, with only individual supplier parts missing. Of this amount, approximately EUR 14 million relate to systems and upgrades which had already been delivered to our customers. On the other hand, revenue in the Micro-Optics segment has increased by 52% in the second quarter to EUR 11.1 million (prior year: EUR 7.3 million), and by 56% in the first half of the year to EUR 21.7 million (prior year: EUR 13.9 million).
EBIT for the first half of the year has totaled EUR 5.1 million (prior year: EUR 8.0 million), or an EBIT margin of 4.1% (prior year: 6.8%). The currently lower EBIT is due, among other things, to an increase in research and development investment, as well as higher overhead costs related to the ongoing business growth. EBIT for the second quarter of 2022 totaled EUR 3.0 million (prior year: EUR 6.6 million), or an EBIT margin of 4.9% (prior year: 10.0%). By contrast, EBIT in the Micro-Optics segment has increased in the first half of the year to EUR 1.4 million (prior year: EUR 0.8 million), and the EBIT margin increased to 6.5% (prior year: 5.6%). “The revenue and earnings growth in the Micro-Optics segment is particularly gratifying. As in the opening quarter, we have observed both a significant increase in deliveries of microlens arrays for automotive headlights and a sustained production yield improvement,” added CFO Oliver Albrecht.
Free cash flow, at EUR 6.1 million for the first six months, was higher than the previous year’s figure of EUR 2.0 million, despite a further increase in working capital in the first half of the year. The net cash position improved from EUR 33.8 million as of December 31, 2021, to EUR 35.6 million as of June 30, 2022. In the second quarter, SÜSS MicroTec SE has paid out a dividend for the first time, amounting to EUR 0.16 per dividend-bearing share for the 2021 fiscal year.
The current supply bottlenecks have already slowed our sales growth in the first half of 2022 and will also lead to delays in deliveries and income recognition in the second half of the year. The uncertainties and indirect pressure that results from the war between Russia and Ukraine add to this. “Considering the once again very high order entry and the high inventory of finished and, in part, already delivered systems in our inventories, we expect SUSS MicroTec to continue its growth trajectory as planned in the current year,” said COO Dr. Thomas Rohe.
Despite the challenging environment, SUSS MicroTec expects sales of between EUR 270 million and EUR 300 million as well as an EBIT margin between 8.5% and 10.5% in 2022. As in the previous year, revenue will likely be significantly higher in the second half than in the first half of the year.
The Interim Report is available in German and English at www.suss.com/de/investor-relations.
About SUSS MicroTec
SUSS MicroTec is a leading manufacturer of system and process solutions for micropatterning in the semiconductor industry and related markets. In close collaboration with research institutes and industry partners, SUSS MicroTec drives the development of next-generation technologies such as 3D integration and nanoimprint lithography as well as key processes for MEMS and LED production. With its global infrastructure for applications and service, SUSS MicroTec supports more than 8,000 installed systems worldwide. The headquarters of SUSS MicroTec is in Garching, near Munich, Germany. SUSS MicroTec SE’s shares are traded in the Prime Standard segment of the Deutsche Börse (ISIN DE000A10K0235). Additional information can be found at www.suss.com.
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