SUSS MICROTEC INVESTOR PRESENTATION - May 2014
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SUSS MICROTEC INVESTOR PRESENTATION May 2014
DISCLAIMER This presentation contains forward-looking statements relating to the business, financial performance and earnings of SUSS MicroTec AG 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 AG. 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 AG does not intend or accept any obligation to publish updates of these forward-looking statements. 2 SUSS MicroTec Investor Presentation
TABLE OF CONTENT I. SUSS MicroTec at a Glance II. Products and Markets III. Growth Opportunities IV. Enhanced Lithography Portfolio V. Financials VI. Outlook 3 SUSS MicroTec Investor Presentation
SUSS MICROTEC AT A GLANCE
SUSS MicroTec
A global leader in manufacturing
equipment for the semiconductor
mid- and backend market
Our equipment and process solutions
create the micro structures that build
and connect micro electronic devices
Focused on attractive growth markets:
Semiconductors, MEMS and LED
Leading market position in target
markets
SUSS MicroTec is listed in the Prime
Standard of Deutsche Boerse XBS300
4 SUSS MicroTec Investor Presentation
SUSS MICROTEC IN THE VALUE CHAIN
ICs & End End User
Components Products
Research
Institutes
Key player in providing state-of-the-art semiconductor manufacturing equipment
Development of highly innovative process solutions with industry and R&D partners
Key components for electronic devices like cell phones, PCs and tablet computers
are produced on SUSS MicroTec’s equipment
5 SUSS MicroTec Investor Presentation
THE SEMICONDUCTOR MARKET
Mask Shops
Captive: Samsung, TSMC, Hynix …
Merchant: Toppan, DNP, Photronics …
Frontend IDM (Integrated Device Manufacturers)
Photomask Cleaning Intel, IBM, Samsung, Infineon,
Texas Instruments…
Sigma Meltec
Tokyo Electron Foundries
Substrate Bonder
EVG Tazmo TSMC, Global Foundries
SUSS MicroTec Equipment Technology FAB Capital Customers
Supplier Expenditure
Tokyo Electron Exposure
EVG
Canon Ushio OSAT (Outsourced Assembly and Test Fabs)
DNK
Coat/Develop ASE, Amkor, SPIL, STATS
Ultratech Mid/Backend
ChipPAC, nepes …
Laser
Technology
Research Institutes
IMEC, ITRI, Fraunhofer…
Academia
6 SUSS MicroTec Investor Presentation
SUSS MICROTEC – A GLOBAL PLAYER
NORTH AMERICA EUROPE ASIA
Yokohama, JP
Hwaseong City, KR
Sunnyvale, US Garching, DE Singapore, SG Shanghai, CN
Corona, US Sternenfels, DE Hsinchu, TW
Headquarters Hâuterive, CH
Production Pierre-Bénite, FR
Sales Coventry, UK
7 SUSS MicroTec Investor Presentation
MAIN PRODUCTION SITES
Germany USA
Garching* Sternenfels* Corona
SUSS MicroTec HQ Development/production : Development/production:
Development/production: Bonder Stepper/Scanner
Mask Aligner Coater and Developer Laser Processing
Bond Aligner Photomask Equipment
Core competencies: Core competencies:
Core competencies:
Wet processing Exposure
Exposure
(UV projection)
(proximity exposure) Wafer bonding
Laser Ablation
Alignment
*Production site is owned by SUSS MicroTec
8 SUSS MicroTec Investor Presentation
TABLE OF CONTENT I. SUSS MicroTec at a Glance II. Products and Markets III. Growth Opportunities IV. Enhanced Lithography Portfolio V. Financials VI. Outlook 9 SUSS MicroTec Investor Presentation
SEGMENTS, PRODUCTS AND MARKETS
Frontend Mid- and Backend
Photomask Lithography Substrate Bonder
Equipment
Laser Exposure
Photomask Cleaning Coaters and Wafer Bonding
Processing
Equipment Systems Developers Equipment
Equipment
193i Cleaning EUV Cleaning Projection Proximity Temporary Permanent
Equipment Equipment Lithography Exposure Wafer Bonding Wafer Bonding
(+Nano Imprint)
Mask Manufacturing
Advanced Packaging
3D Integration
MEMS
LED
Q1 Order Entry: 4.6 € million Q1 Order Entry: 15.7 € million Q1 Order Entry: 3.1 € million
Q1 Sales: 6.0 € million Q1 Sales: 19.8 € million Q1 Sales: 12.0 € million
Q1 EBIT: 1.6 € million Q1 EBIT: 1.2 € million Q1 EBIT: -0.6 € million
10 SUSS MicroTec Investor PresentationSEGMENTS, PRODUCTS AND MARKETS
Frontend Mid- and Backend
Photomask Lithography Substrate Bonder
Equipment
Laser Exposure
Photomask Cleaning Coaters and Wafer Bonding
Processing
Equipment Systems Developers Equipment
Equipment
Mask TrackPro MA/BA8 Gen3 ACS200 Gen3 XBS300
(EUV mask cleaning possible) (Mask Aligner) (Spraycoater) (Temporary Bonder)
11 SUSS MicroTec Investor PresentationKEY MARKETS - OVERVIEW
Semiconductors Sensors Lighting
Mask Advanced
Making 3D Integration MEMS LED
Packaging
Photomask Micro- 3D (TSV) Computing, General Lighting,
Cleaning Bumping Stacking Automotive... HB and UHB
12 SUSS MicroTec Investor PresentationTABLE OF CONTENT I. SUSS MicroTec at a Glance II. Products and Markets III. Growth Opportunities IV. Enhanced Lithography Portfolio V. Financials VI. Outlook 13 SUSS MicroTec Investor Presentation
TECHNOLOGY EVOLUTION
~1985...today ~1987...today
~1910...today ~1950...today
14 SUSS MicroTec Investor PresentationGROWTH DRIVER SMARTPHONES AND TABLETS
Source: Yole Developpement
15 SUSS MicroTec Investor PresentationMICROCHIPS, MEMS UND LED: BUILDING BLOCKS
FOR TECHNOLOGICAL PRODUCT ADVANCEMENT
- The „Digital Lifestyle“ is characterized by permanent
internet connectivity and convergence of media
Digital Lifestyle - Mobile devices like smartphones and tablet PCs provide
this capability at affordable cost
- New device generations offer higher functionality
- Alternative transportation / mobility solutions are getting
more traction with attractive price / performance ratios
E-Mobility - EVs, Hybrid-Cars, Segways, E-Bikes, but also
trains drive the need for power devices and high
performance Ics at the same time
- Increased environmental awareness and rising energy
cost drive the demand for energy efficient solutions i.e.
Energy solid state lighting
Efficiency
- Energy efficiency in industrial production
- Smart energy management in household applications
16 SUSS MicroTec Investor PresentationEXPECTED MARKET DEVELOPMENTS
Strong position in fast growing target markets
3D Integration / Advanced Packaging, LED and MEMS
Advanced Wafer level packaging and flip chip is expected to remain more
Packaging robust than the overall market, primarily driven by mobile devices
like smart phones and tablets
3D Integration Transition to production volume in the years to come
(TSV)
Compound LED, MEMS, RF, Optoelectronics, III-V Power are expected to remain
robust based on smartphone and tablet growth and will drive further
Semiconductors
demand for advanced packaging solutions
Strong fundamental segment growth
17 SUSS MicroTec Investor PresentationSCALING TECHNOLOGIES FROM 2D TO 3D
2D Packaging 2.5D Packaging 3D Integration (TSV)
- Increased performance and - Combining of several (and - The extension beyond the
complexity of ICs by shrinking heterogeneous) semiconductor conventional shrink roadmap
transistor geometry according components on an interposer is called "More than Moore“
to Moore‘s Law addresses limitations of - Packaging becomes key
- New technologies like EUV and traditional shrinking enabler for scaling and some
multiple pattering allow further - Increased packaging density manufacturing value is shifting
scaling from silicon to the package
- Reduced footprint
- Technical challenges and - Performance and complexity
- Complementary technology to
limitations make it increasingly increase combined with
Moore‘s Law
more difficult and expensive to smaller footprint
reduce the feature size - Reduced energy consumption
SUSS MicroTec„s equipment and process solutions enable
2D shrinking ("Moore's Law") and 3D stacking ("More than Moore")
18 SUSS MicroTec Investor PresentationTABLE OF CONTENT I. SUSS MicroTec at a Glance II. Products and Markets III. Growth Opportunities IV. Enhanced Lithography Portfolio V. Financials VI. Outlook 19 SUSS MicroTec Investor Presentation
LITHOGRAPHY COMPETENCY Increasing chip performance requires the adoption of innovative lithography technologies in the semiconductor backend Not one single exposure technology fits all needs at the same time The newly acquired Stepper/Scanner products supplement our Mask Aligner product line and enlarges our technology portfolio by the key competencies UV-projection lithography and laser ablation SUSS MicroOptics S.A. adds key know how for critical lithography performance improvements 20 SUSS MicroTec Investor Presentation
EXPOSURE SOLUTIONS
WLCSP: Flip Chip:
Laser Proximity Solder Bumping
Fanout WLP Ablation Exposure
LED: WLCSP:
Nano- Projection-
Fine pitch RDL
Photonic Crystals
imprint Lithography
Only SUSS MicroTec offers complete exposure solutions for the mid-/backend
21 SUSS MicroTec Investor PresentationTABLE OF CONTENT I. SUSS MicroTec at a Glance II. Products and Markets III. Growth Opportunities IV. Enhanced Lithography Portfolio V. Financials VI. Outlook 22 SUSS MicroTec Investor Presentation
ORDER ENTRY AND SALES BY SEGMENT AND REGION 2013
Order Entry by Segment Order Entry by Region
4%
18%
31%
2013: 2013:
50% 135.0 € million
13% 135.0€ million
65% 14%
5%
Sales by Segment Sales by Region
3%
17% 30%
49% 2013:
2013: 134.5€ million
134.5€ million
14%
66% 17%
4%
23 SUSS MicroTec Investor PresentationLONG TERM BUSINESS DEVELOPMENT – KEY FIGURES
Order Entry in € million Sales in € million EBIT in € million
200 200 20
150 150 10
100 100 0
50 50 -10
0 0 -20
2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 *)
Working Capital in € million Net cash in € million EPS in €
120 50 1
40
90 0,5
30
60 0
20
30 -0,5
10
0 0 -1
2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 *)
* Including a -13.2 € milion one-off effect from restructuring of the product line permanant bonding (-0,69 € per share)
24 SUSS MicroTec Investor PresentationLONG TERM BUSINESS DEVELOPMENT BY QUARTER
56.9
50.6 49.5 48.3
39.0 41.4 40.2
38.2 36.6 36.7
34.9 34.3
32.4 32.3 32.1
23.9 24.1 24.5
29.1
25.0 Order Entry
15.9 in € million
2013: € 135 million
150
130.5
125 116.1
108.0 109.8 107.2
103.5 99.8 102.4 102.5
97.6
100 89.9 91.5
83.7 86.5 85.7
75.4 71.4
75
59.2 57.7 57.6 57.0
50
Order Backlog
in € million
25
750
52.6 55.6
50 45.9 44.9
42.5
37.7 40.7 38.9 40.5 39. 0
37.0 36.3
33.3 32.0 31.2 30.1 Sales
22.5 24.6 23.5 24.9
25 21.9 in € million
2013: € 135 million
0
Q1/2009
Q2/2009
Q3/2009
Q4/2009
Q1/2010
Q2/2010
Q3/2010
Q4/2010
Q1/2011
Q2/2011
Q3/2011
Q4/2011
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
25 SUSS MicroTec Investor Presentation Q1/2014EBIT, FREE CASH FLOW AND NET CASH DEVELOPMENT
8.6
8.1
2.5 1.6 1.6 1.8 1.5
1.0 1.1 1.5
3.5 5.0 5.9 4.1 3.9 0.0 EBIT
-0.1 in € million
-0.8
-3.3
*-6.0 -6.2
2013: € -19.4 million
*-7.2
-11.7
20
15
14.0
10
Free Cash Flow
10.3 in € million
5
1.9 2.1 1.7 7.3 4.5 1.5 1.7
2.5 2013: € 4.1 million
0.3 0.9
3.3
0
-1.3 -0.3
-2.2 -2.2
-5 -4.2
-5.2
-7.4 -7.2
-10
42.0 38.5
35.7 Net Cash
40.1 32.3 31.5
35.5
30.1 30.7 in € million
34.6 35.1 25.1
21.9
25.6 23.5 19.5
15.3 18.4
11.6 13.8 11.0
09
09
09
09
10
10
10
10
11
11
11
11
12
12
12
12
13
13
13
13
14
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
1/
2/
3/
4/
1/
2/
3/
4/
1/
2/
3/
4/
1/
2/
3/
4/
1/
2/
3/
4/
1/
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
* one-off effect from refocusing product line permanent bonding
26 SUSS MicroTec Investor PresentationKEY FINANCIALS
in € million Q1 2014 Q1 2013 2013 2012
Order Intake 25.0 34.9 135.0 157.2
Order Backlog 3/31 71.4 91.5 -- --
Revenue 39.0 30.1 134.5 163.8
EBIT 1.5 -3.3 -19.4 11.7
EBIT in % of Sales 3.8% -11.0% -14.4% 7.6%
Earnings after tax 1.1 -2.5 -16.0 9.1
EPS in € 0.06 -0.13 -0.84 0.40
Net Cash* 31.5 25.1 35.7 32.3
Free Cash Flow** -4.2 -7.2 4.1 -4.5
Employees 3/31 645 693 -- --
* incl. stock of interest-bearing securities
** before consideration of purchased interest-bearing securities
27 SUSS MicroTec Investor PresentationTABLE OF CONTENT I. SUSS MicroTec at a Glance II. Products and Markets III. Growth Opportunities IV. Enhanced Lithography Portfolio V. Financials VI. Outlook 28 SUSS MicroTec Investor Presentation
SUMMARY AND OUTLOOK
Successful restructuring in 2013
Fundamental growth in target markets
Strong competitive positioning: first or second in the target markets
Leading equipment company in the semiconductor backend, enabling “Moore‟s
Law” as well as “More than Moore”
FY 2014: Sales: 135 to 145 € million
EBIT: minus 5 to 0 million €
Outlook
Q2 2014: Order Intake: 30 - 40 € million
29 SUSS MicroTec Investor PresentationSÜSS MicroTec AG
Schleissheimer Str. 90
85748 Garching
www.suss.com
30 SUSS MicroTec Investor PresentationINVESTOR RELATIONS INFORMATION
Contact Financial Calendar 2014
Annual Report 2013 28 Mar
Franka Schielke
Quarterly Report 2014 8 May
Berenberg Investment Conference Paris 22 May
Tel.: +49 (0) 89-32007- 161
Deutsche Bank Investment Conference, Berlin 12 - 13 Jun
Fax.: +49 (0) 89-32007- 451
Shareholders’ Meeting, Haus der Bayerischen Wirtschaft, Munich 17 Jun
Email: franka.schielke@suss.com
Interim Report 2014 7 Aug
SÜSS MicroTec AG Nine-month Report 2014 6 Nov
Schleissheimer Strasse 90 German Equity Forum 2014, Frankfurt am Main 24 - 26 Nov
85748 Garching (Munich)
Germany
www.suss.com
31 SUSS MicroTec Investor PresentationSHARE PRICE DEVELOPMENT AND MAJOR HOLDERS
(Price of the SUSS MicroTec Share at January 2, 2014: 6.38 € )
Major Shareholders:
Credit Suisse 3.35%
SÜ SS M icr o T ec, ind exed T ecD A X , ind exed Pr ime IG Semico nd uct o r , ind exed
BlackRock 3,23%
130
Henderson 5.13%
Schroders 3.1%
120 Vanguard 3.2%
Baillie Gifford 3.0%
110
100
90
Jan. Feb. M rz. A pr. M ai.
Average daily trading volume January 2013 – April 2014: ~ 82,000
32 SUSS MicroTec Investor PresentationOUR TECHNOLOGY ENABLES SUSTAINABILITY
Equipment Applications Initiatives
- SUSS MicroTec equipment is - 3D IC and chip scaling helps - Partner company of VDMA
designed to efficiently use reducing energy and material BlueCompetence initiative, a
electricity and chemicals consumption network of equipment providers
in Germany, who are following
- ReMan, the remanufacturing - LEDs for efficient lighting a sustainable business
operation of SUSS MicroTec solutions approach
takes back used equipment
and refurbishes it - MEMS applications improve - Innovative lighting solution in
performance of mobile devices Sternenfels
and conserve energy
- Improved climatization system
- Shift to renewable energies of cleanrooms
requires more power devices
and high-performance ICs (e.g. - Paperless invoice system
for solar and wind power
systems)
- Laser Ablation in lieu of
photolithography (seed layer
removal)
33 SUSS MicroTec Investor PresentationYou can also read
