0000351483-13-000033.txt : 20130725 0000351483-13-000033.hdr.sgml : 20130725 20130725065528 ACCESSION NUMBER: 0000351483-13-000033 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130725 FILED AS OF DATE: 20130725 DATE AS OF CHANGE: 20130725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASM INTERNATIONAL N V CENTRAL INDEX KEY: 0000351483 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 980101743 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13355 FILM NUMBER: 13984926 BUSINESS ADDRESS: STREET 1: VERSTERKERSTRAAT 8 STREET 2: 1322 AP ALMERE CITY: THE NETHERLANDS STATE: P7 ZIP: 85012 BUSINESS PHONE: 6022434221 MAIL ADDRESS: STREET 1: PO BOX 60165 STREET 2: 1320 AE ALMERE CITY: THE NETHERLANDS STATE: P7 ZIP: 85012 FORMER COMPANY: FORMER CONFORMED NAME: ADVANCED SEMICONDUCTOR MATERIALS INTERNATIONAL N V DATE OF NAME CHANGE: 19950530 6-K 1 a250713-6k.htm 6-K 250713-6k


FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of July, 2013
Commission File Number 000- 13355
ASM INTERNATIONAL N.V.
(Translation of registrant’s name into English)
VERSTERKERSTRAAT 8
1322 AP ALMERE
THE NETHERLANDS
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F  ý    Form 40-F  ¨
Indicate by check mark if the registrant is submitting the form 6-K in paper as permitted by Regulation S-T Rule 101(b)(l):  ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule l0l(b)(7):  ¨
Note: Regulation S-T Rule l0l(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and had not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule l2g3-2(b) under the Securities Exchange Act of 1934.    Yes  ¨    No  ý
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibits
  
 
 
 
Exhibit 99.1
  
ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2013 RESULTS


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dated: July 25, 2013
 
ASM INTERNATIONAL N.V.
 
 
 
 
 
 
 
/S/    HANS ZWEERS        
 
 
 
 
Hans Zweers
 
 
 
 
Director External Reporting and Treasury




ASM INTERNATIONAL N.V.
(THE “REGISTRANT”)
(COMMISSION FILE NO. 0-13355)
EXHIBIT INDEX
TO
FORM 6-K
DATED July 25, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit No.
 
Exhibit Description
 
Filed Herewith
99.1
 
ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2013 RESULTS

 
 
X



 EX-99.1 2 a6-kq22013pressrelease.htm EXHIBIT 6-K Q2 2013 Press Release


Almere, The Netherlands
July 24, 2013

ASM INTERNATIONAL N.V. REPORTS
SECOND QUARTER 2013 RESULTS
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its second quarter 2013 operating results (unaudited) in accordance with US GAAP.

Following the close of the sale on March 15, 2013 of a 12% share in ASMPT, the entity in which the Back-end segment is organized, our shareholding is reduced to 40.08%. As a consequence, as from March 15, 2013 the results of ASMPT are deconsolidated. From that date onwards the net result of ASMPT is reported on the line "result from investments". In the second quarter of 2013 a purchase price allocation took place resulting in the recognition of certain intangible assets. The amortization of these intangible assets is reported as from this quarter.

FINANCIAL HIGHLIGHTS
The pro-forma figures show ASMI numbers whereby ASMPT is deconsolidated.

EUR million
Pro-forma
Q2 2012

Pro-forma
Q1 2013

Q2 2013

New orders
85.5

105.9

128.4

Net sales
86.5

80.0

128.6

Gross profit margin %
33
%
37.7
%
39.3
%
Operating results
(1.9
)
1.1

16.2

Result from investments (excl. amortization and fair value purchase price allocation)
16.5

(0.5
)
9.2

Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments
—

1,407.6

(40.8
)
Net earnings
17.7

1,410.1

(23.4
)
Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments)
17.7

2.5

17.4


•
Net sales for the second quarter 2013 increased with 61% compared to the first quarter and increased with 49% year-on-year, mainly driven by higher (PE)ALD sales.

•
Result from operations for the second quarter 2013 includes restructuring costs of €0.7 million compared to €0.3 million included in the first quarter.







COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"Q2 was a very strong quarter for ASMI's Front-end activities. While Q2 showed a very strong double digit sales increase, the book to bill ratio remained at 1.0. This sales increase was driven by further strengthening in demand for our (PE)ALD solutions for the most advanced technology nodes across all industry segments. The Front-end gross margin showed a further improvement, driven by a strong mix and better utilization levels. Our normalized net income improved strongly caused by a much stronger operating result in our Front-end operations and a stronger performance of ASMPT."

OUTLOOK
Although Front-end sales in Q3 are expected to remain on a high level, we foresee a low double digit decrease as compared to Q2. Q3 order intake is expected to show a double digit decrease as compared to Q2.


INTERIM FINANCIAL REPORT
On August 30, 2013 ASM International will publish its Interim Financial report for the six months ended June 30, 2013. This report comprises regulated information within the meaning of articles 1:1 and 5:25d of the Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht) and includes consolidated condensed interim financial statements prepared in accordance with IAS 34, “Interim Financial Reporting”, an interim management board report and a management board responsibility statement. The interim financial report for the six months ended June 30, 2013 will be available online at www.asm.com as from August 30, 2013.


About ASM International
ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International's common stock trades on NASDAQ (symbol ASMI) and the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI's website at www.asm.com.

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: All matters discussed in this statement, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholder and other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, epidemics and other risks indicated in the Company's filings from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's reports on Form 20-F and Form 6-K. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

ASM International will host an investor conference call and web cast on Thursday, July 25, 2013 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time).

The teleconference dial-in numbers are as follows:
•
United States: +1 646 254 3363
•
International: + 44 (0)20 3427 1916
•
Access Code: 3077172

A simultaneous audio web cast will be accessible at www.asm.com.




The teleconference will be available for replay, beginning one hour after completion of the live broadcast, through September 22, 2013.

The replay dial-in numbers are:
•
United States: +1 347 366 9565
•
England: + 44 (0)20 3427 0598
•
The Netherlands: +31 (0)20 708 5013
•
Access Code: 3077172


CONTACT

Investor contact:

Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com

Mary Jo Dieckhaus
T: +1 212 986 2900
E: maryjo.dieckhaus@asm.com

Media contact:

Ian Bickerton
T: +31 625 018 512




ANNEX 1

OPERATING AND FINANCIAL REVIEW
SECOND QUARTER 2013

The pro-forma figures show ASMI numbers whereby ASMPT is deconsolidated. Result on investments reflects ASMI's share in the net earnings of ASMPT. In the pro-forma results for Q2, 2012 a share of 52% is presented. In the pro-forma results for Q1, 2013 a share of 52% for the period January 1 to March 15 and a share of 40% for the period March 16 to March 31 is presented. For Q2, 2013 the actual 40% shareholding is reflected.

The following table shows the operating performance for the second quarter of 2013 as compared to the first quarter of 2013 and the second quarter of 2012 on a pro-forma basis:

EUR million
Pro-forma Q2 2012

Pro-forma Q1 2013

Q2 2013

Change
Q1 2013
to
Q2 2013

Change
Q2 2012
to
Q2 2013

New orders
85.8

105.9

128.4

21
 %
50
 %
Backlog
92.2

119.9

117.0

(2
)%
27
 %
Book-to-bill
1.0

1.3

1.0

 
 
 
 
 
 
 
 
Net sales
86.5

80.0

128.6

61
 %
49
 %
Gross profit
28.5

30.2

50.5

67
 %
77
 %
Gross profit margin %
33.0
 %
37.7
%
39.3
%
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
15.4

15.3

18.6

22
 %
21
 %
Research and development expenses
15.1

13.4

15.0

12
 %
(1
)%
Restructuring expenses
—

(0.3
)
(0.7
)
n/a

n/a

 
 
 
 
 
 
Operating result
(1.9
)
1.1

16.2

15.1

18.1

Operating margin %
(2.2
)%
1.4
%
12.6
%
 
 
 
 
 
 
 
 
Financing costs
2.1

2.6

(4.8
)
(7.4
)
(6.9
)
Income tax
1.1

(0.6
)
(3.4
)
(2.8
)
(4.5
)
Result from investments
16.5

(0.5
)
9.2

9.7

(7.3
)
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments
—

1,407.6

(40.8
)
(1,448.4
)
(40.8
)
 
 
 
 
 
 
Net earnings
17.7

1,410.1

(23.4
)
(1,433.5
)
(41.1
)
Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments)
17.7

2.5

17.4

14.9

(0.3
)
 
 
 
 
 
 
Net earnings per share, diluted
€0.32
€22.04
€(0.37)
€(22.41)
€(0.69)
Normalized net earnings per share, diluted
€0.32
€0.04
€0.28
€0.24
€(0.04)





1


Results

The backlog decreased from €120 million at the end of the first quarter to €117 million as per June 30, 2013. The decrease was fully attributable to currency (translation) effects.

The following table shows the level of new orders for the second quarter of 2013 and the backlog at the end of the second quarter of 2013, compared to the first quarter of 2013 and the second quarter of 2012:
EUR million
Q2 2012

Q1 2013

Q2 2013

% Change
Q1 2013
to
Q2 2013

% Change
Q2 2012
to
Q2 2013

Backlog at the beginning of the quarter
89.1

91.7

119.9

31
 %
35
%
 -New orders for the quarter
85.8

105.9

128.4

21
 %
50
%
 -Net sales for the quarter
(86.5
)
(80.0
)
(128.6
)
61
 %
49
%
 -FX-effect for the quarter
3.8

2.3

(2.7
)
n/a

n/a

 










Backlog at the end of the quarter
92.2

119.9

117.0

(2
)%
27
%
 










Book-to-bill ratio
(new orders divided by net sales)
1.0

1.3

1.0






Net sales for the second quarter 2013 increased with 61% compared to the first quarter and increased with 49% year on-year, mainly driven by higher (PE)ALD sales.The impact of currency changes was an increase of 1% quarter to quarter and a decrease of 2% year-over-year.

The gross profit margin in the second quarter increased 1.6%. This increase resulted from continued positive mix effects and better loading of our factories. The impact of currency changes on gross profit was flat quarter to quarter and a decrease of 4% year-over-year.

Selling, general and administrative expenses increased with 22% compared to the previous quarter. As a percentage of sales SG&A expenses decreased to 14%, compared to 19% for the previous quarter. For the second quarter of 2012 this was 18%. The impact of currency changes on SG&A expenses was an increase of 1% quarter to quarter and a decrease of 1% year-over-year.

Research and development expenses increased with 12% compared to the previous quarter. As a percentage of sales R&D expenses decreased to 12%, compared to 17% for previous quarter. For the second quarter of 2012 this was also 17%.The impact of currency changes on R&D expenses was flat quarter to quarter and a decrease of 5% year-over-year.

Operating result was affected by currency changes with a decrease of 1% quarter to quarter and a decrease of 6% year-over-year.

Result from investments include our 40.08% share in net earnings of ASMPT. In Q2 ASMPT showed a sales increase of 37% compared to Q1, from €207 million to €283 million, 3% below the level of Q2, 2012 of €291 million. Net earnings increased from €0.4 million in Q1 to €23.0 million (on a 100% basis) in Q2. Q2 last year showed net earnings at €31.5 million.

The sale of the 11.88% stake caused ASMI's cease of control on ASMPT and required deconsolidation of ASMPT. According to general accepted accounting principles (both US GAAP and IFRS) the accounting of this sale consists of two separate transactions.
•
a sale of a 51.96% subsidiary
•
a purchase of a 40.08% associate.

The sale transaction resulted in a substantial gain. This gain consists of two elements, the realized gain on the sale of the 11.88% stake of €245 million and an unrealized remeasurement gain on the remaining 40.08% of the shares of approximately €1.1 billion.

The purchase of the associate has been recognized at fair value, being the value of the ASMPT shares on the day of closing of the purchase transaction. Both US GAAP and IFRS require that the composition of such a fair value needs to be determined through a purchase price allocation process ("PPA"). This process took place in the second quarter of 2013. The PPA resulted in the recognition of intangible assets for customer relationship, technology, trade name and product names. For inventories and property, plant & equipment a fair value adjustment was recognized.

The amortization of the recognized intangible assets and the depreciation of the fair value adjustment for property, plant & equipment negatively impacted net earnings with €5.7 million. For 2013 a total amortization and depreciation amount is to be expected of €17.2 million. The annualized amount of this amortization will remain on a level of approximately €23 million until 2017 and then decreases.



2


Furthermore the preliminary recognized realized and unrealized gain of €1,407 million has been adjusted for €6.8 million.

The fair value adjustments for inventories and tax related issue will have a non-recurring negative impact on net earnings in 2013 of €40 million, of which €28.2 million in the second quarter and the remainder in the third quarter.

Cash flow, balance sheet, liquidity and capital resources

Cash flow. The following table shows the cash flow statement on a comparable basis. The ASMPT numbers have been deconsolidated:
 
Pro-forma

Proforma

 
EUR million
Q2 2012

Q1 2013

Q2 2013

Net earnings
1.3

3.1

(23.4
)
Adjustments to cash from operating activities:
 
 
 
Depreciation and amortization
4.7

4.8

5.1

Income tax
(2.9
)
(3.0
)
3.0

Amortization PPA intangibles and fair value adjustments
—

—

34.0

Other adjustments
2.0

1.6

—

 
 
 
 
Changes in other assets and liabilities
 
 
 
Accounts receivable
5.9

0.5

(25.4
)
Inventories
0.4

(3.2
)
0.1

Accounts payable
(13.1
)
(1.6
)
(1.3
)
Other assets and liabilities
(7.0
)
(1.3
)
8.5

Net cash provided (used) by operating activities
(8.7
)
0.8

0.6

 
 
 
 
Capital expenditures
(5.2
)
(0.5
)
(0.2
)
Divestment subsidiaries
—

299.8

 
Other
(0.6
)
0.1

0.3

Net cash provided (used) in investing activities
(5.8
)
299.4

0.1

 
 
 
 
Bank positions
(5.7
)
—

—

Loans
(0.4
)
—

—

Purchase treasury shares
(13.4
)
—

—

Shares issued
0.4

1.0

0.1

Dividend paid to shareholders ASMI
(27.4
)
—

(31.7
)
Dividend received from investments
16.2

—

4.7

Net cash provided (used) in financing activities
(30.2
)
1.0

(26.9
)


3


Balance sheet. The following table shows the balance sheet on a comparable basis. The ASMPT numbers have been deconsolidated and ASMI's share in the net assets of ASMPT is reported as investment:

Pro-forma

Pro-forma

 
EUR million
June 30,
2012

December 31,
2012

June 30,
2013

Cash and cash equivalents
207.6

145.1

535.4

Accounts receivable
59.7

62.6

85.3

Inventories
125.8

122.1

122.7

Other current assets
24.3

20.3

17.5

Total current assets
417.4

350.0

761.0

 
 
 
 
Investments and associates
387.9

373.7

1,390.1

Property, plant and equipment
61.0

63.8

55.1

Goodwill
11.4

11.6

11.2

Other non-current assets
49.3

34.2

29.4

Total non-current assets
509.7

483.3

1,485.7

 
 
 
 
Total assets
927.1

833.4

2,246.7

 
 
 
 
Accounts payable
42.4

45.2

40.6

Short-term debt
2.5

—

—

Other current liabilities
57.6

42.7

51.4

Total current liabilities
102.5

87.9

92.0

 
 
 
 
Long-term debt
15.0

—

—

Convertible subordinated debt
137.4

—

—

Pension liabilities
7.5

3.6

3.2

Total non-current liabilities
159.9

3.6

3.2

 
 
 
 
Shareholders' equity
664.7

741.9

2,151.5

 
 
 
 
Total liabilities and shareholders' equity
927.1

833.4

2,246.7


Net working capital consisting of accounts receivable, inventories, other current assets, accounts payable, accrued expenses, advance payments from customers and deferred revenue, increased from €118 million on March 31, 2013 to €134 million at June 30, 2013. The number of outstanding days of working capital, measured against quarterly sales, decreased from 133 days at March 31, 2013 to 94 days on June 30, 2013.

Sources of liquidity. On June 30, 2013, the Company’s principal sources of liquidity consisted of €535 million in cash and cash equivalents and €150 million in undrawn bank lines. After approval of the Annual General Meeting of Shareholders, an extraordinary capital distribution, following the sale of the approximately 12% stake of ASMPT and totaling to an amount of approximately €270 million, will be executed on July 31, 2013.



4


OPERATING AND FINANCIAL REVIEW
SIX MONTHS ENDED JUNE 30, 2013

The following table shows the operating performance for the six months ended June 30, 2013, compared to the same period of the previous year on a pro-forma basis:
EUR million
Pro-forma Six months ended June 30, 2012

Pro-forma Six months ended June 30, 2013

Change

New orders
166.3

234.3

41
 %
Backlog
92.2

117.0

27
 %
Book-to-bill
0.9

1.1

 
 
 
 
 
Net sales
181.2

208.6

15
 %
Gross profit
59.8

80.7

35
 %
Gross profit margin %
33.0
%
38.7
%
 
 
 
 
 
Selling, general and administrative expenses
(30.0
)
(33.9
)
13
 %
Research and development expenses
(28.9
)
(28.4
)
(2
)%
Restructuring expenses
—

(1.0
)
n/a

 
 
 
 
Operating result
0.9

17.3

16.4

Operating margin %
0.5
%
8.3
%
 
 
 
 
 
Financing costs
(4.6
)
(2.2
)
2.4

Income tax
2.4

(4.0
)
(6.4
)
Result from investments
25.2

8.7

(16.5
)
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments
—

1,366.8

1,366.8

 
 
 
 
Net earnings
24.0

1,386.7

1,362.7

Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments)
24.0

19.9

(4.1
)
 
 
 
 
Net earnings per share
€0.43
€21.72
€21.29
Normalized net earnings per share
€0.43
€0.31
€(0.12)



5


Results

The backlog at the end of June increased with 27% to a level of €117 million, compared to June 30 last year. The book-to-bill was 1.1.

The following table shows the level of new orders for the six months ended June 30, 2013 and the backlog for the same period of 2012:
 
Six months ended June 30,
 
 
EUR million
2012

2013

% Change

Backlog at the beginning of the year
105.1

91.7

(13
)%
 -New orders
166.3

234.3

41
 %
 -Net sales
(181.2
)
(208.6
)
15
 %
 -FX-effect
2.0

(0.4
)
 
 
 
 
 
Backlog as per reporting date
92.2

117.0

27
 %
 
 
 
 
Book-to-bill ratio
(new orders divided by net sales)
0.9

1.1

 

Net sales for the six months ended June 30, 2013 increased with 15% year on-year, mainly driven by higher (PE)ALD sales.The impact of currency changes was a decrease of 1%.

The gross profit margin for the six months ended June 30, 2013 increased 5.7%, this increase resulted from positive mix effects and improved efficiency. The impact of currency changes on gross profit was a decrease of 2% year-over-year.

Selling, general and administrative expenses for the six months ended June 30, 2013 increased with 13% compared to the previous year. As a percentage of sales SG&A was 16%. For the comparable period of 2012 this was 17%. The impact of currency changes on SG&A expenses was a decrease of 1% year-over-year.

Research and development expenses for the six months ended June 30, 2013 decreased with 2% compared to the previous year. As a percentage of sales R&D was 14%. For the comparable period of 2012 this was 16%. The impact of currency changes on R&D expenses was a decrease of 4% year-over-year.

Operating result was affected by currency changes with a decrease of 2% year-over-year.

The sale of the 11.88% stake caused ASMI's cease of control on ASMPT and required deconsolidation of ASMPT. According to general accepted accounting principles (both US GAAP and IFRS) the accounting of this sale consists of two separate transactions.
•
a sale of a 51.96% subsidiary
•
a purchase of a 40.08% associate

The sale transaction resulted in a substantial gain. This gain consists of two elements, the realized gain on the sale of the 11.88% stake of €245 million and an unrealized remeasurement gain on the remaining 40.08% of the shares of approximately €1.1 billion.

The purchase of the associate has been recognized at fair value, being the value of the ASMPT shares on the day of closing of the purchase transaction. Both US GAAP and IFRS require that the composition of such a fair value needs to be determined through a purchase price allocation process ("PPA"). This process took place in the second quarter of 2013. The PPA resulted in the recognition of intangible assets for customer relationship, technology, trade name and product names. For inventories and property, plant & equipment a fair value adjustment was recognized.

The amortization of the recognized intangible assets and the depreciation of the fair value adjustment for property, plant & equipment negatively impacted net earnings with €5.7 million. For 2013 a total amortization and depreciation amount is to be expected of €17.2 million. The annualized amount of this amortization will remain on a level of approximately €23 million until 2017 and then decreases.

The fair value adjustments for inventories and tax related issue will have a non-recurring negative impact on net earnings in 2013 of €40 million, of which €28.2 million in the second quarter and the remainder in the third quarter.




6



ANNEX 2

RECONCILIATION RESULTS TO ASMI CONSOLIDATED

The results of Back-end were consolidated until March 15, 2013. From that date on the net result of ASMPT is reported on the line "result from investments".

SECOND QUARTER
EUR million, except earnings per share
Q2 2012

Q1 2013

Q2 2013

% Change
Q1 2013
to
Q2 2013

% Change
Q2 2012
to
Q2 2013

Net sales
377.9

240.3

128.6

(46
)%
(66
)%
Gross profit
130.6

68.6

50.5

(26
)%
(61
)%
Gross profit margin %
34.6
%
28.5
%
39.3
%











Selling, general and administrative expenses
(53.8
)
(40.9
)
(18.6
)
(55
)%
(65
)%
Research and development expenses
(38.2
)
(30.5
)
(15.0
)
(51
)%
(61
)%
Restructuring expenses
—

(0.3
)
(0.7
)
133
 %
n/a

Result from operations
38.5

(3.2
)
16.2

n/a

n.a










Net earnings 1)
17.7

1,410.1

(23.4
)
n/a

n/a

Net earnings per share, diluted in euro 1)
€0.32
€22.04
€(0.37)
n/a

n/a

1) allocated to the shareholders of the parent

Net Sales
EUR million
Q2 2012

Q1 2013

Q2 2013

% Change
Q1 2013
to
Q2 2013

% Change
Q2 2012
to
Q2 2013

Front-end
86.5

80.0

128.6

61
 %
49
 %
Back-end
291.4

160.3

—

n/a

n/a

ASMI consolidated
377.9

240.3

128.6

(46
)%
(66
)%

Gross Profit (Margin)
EUR million
Gross profit
Gross profit
margin
Increase or
(decrease)
percentage points
 
Q2 2012

Q1 2013

Q2 2013

Q2 2012

Q1 2013

Q2 2013

Q1 2013
to
Q2 2013

Q2 2012
to
Q2 2013

Front-end
28.5

30.2

50.5

33.0
%
37.7
%
39.3
%
1.6
ppt
6.3
ppt
Back-end
102.0

38.4

—

35.0
%
24.0
%
—
%
n/a

n/a

ASMI consolidated
130.6

68.6

50.5

34.6
%
28.5
%
39.3
%
10.8
ppt
4.7
ppt



7


Selling, General and Administrative Expenses
EUR million
Q2 2012

Q1 2013

Q2 2013

% Change
Q1 2013
to
Q2 2013

% Change
Q2 2012
to
Q2 2013

Front-end
15.4

15.3

18.6

22
 %
21
 %
Back-end
38.4

25.6

—

n/a

n/a

ASMI consolidated
53.8

40.9

18.6

(55
)%
(65
)%

Research and Development Expenses
EUR million
Q2 2012

Q1 2013

Q2 2013

% Change
Q1 2013
to
Q2 2013

% Change
Q2 2012
to
Q2 2013

Front-end
15.1

13.4

15.0

12
 %
(1
)%
Back-end
23.1

17.1

—

n/a

n/a

ASMI consolidated
38.2

30.5

15.0

(51
)%
(61
)%

Result from Operations
EUR million
Q2 2012

Q1 2013

Q2 2013

Change
Q1 2013
to
Q2 2013

Change
Q2 2012
to
Q2 2013

Front-end:
 
 
 
 
 
 -Before special items
(1.9
)
1.4

16.9

15.5

18.8

 -Restructuring expenses
—

(0.3
)
(0.7
)
(0.4
)
(0.7
)
 -After special items
(1.9
)
1.1

16.2

15.1

18.1

 
 
 
 
 
 
Back-end
40.5

(4.3
)
—

4.3

(40.5
)
ASMI consolidated
38.5

(3.2
)
16.2

19.4

(22.3
)

Net Earnings allocated to the shareholders of the parent
EUR million
Q2 2012

Q1 2013

Q2 2013

Change
Q1 2013
to
Q2 2013

Change
Q2 2012
to
Q2 2013

Front-end:
 
 
 
 
 
 -Before special items
1.3

3.4

8.8

5.4

7.5

 -Early extinguishment of debt
—

—



—

—

 -Restructuring expenses
—

(0.3
)
(0.7
)
(0.4
)
(0.7
)
 -After special items
1.3

3.1

8.1

5.0

6.8

 
 
 
 
 
 
Back-end:
 
 
 
 
 
-until March 15, 2013 consolidated
16.5

(2.8
)
—

2.8

(16.5
)
-as from March 15, 2013 as a 40% investment


2.3

9.2

6.9

9.2

-Total
16.5

(0.5
)
9.2

9.7

(7.3
)
 
 
 
 
 
 
-Realized gain on the sale of 11.88% of the ASMPT shares
—

323.6

(78.4
)
(402.0
)
(78.4
)
-Unrealized remeasurement gain on the remaining 40.08% of the ASMPT shares
—

1,084.0

71.6

(1,012.4
)
71.6

 -Amortization intangibles recognized in purchase price allocation
—

—

(34.0
)
(34.0
)
(34.0
)
 
 
 
 
 
 
Total net earnings allocated to the shareholders of the parent
17.7

1,410.1

(23.4
)
(1,433.5
)
(41.1
)


8



SIX MONTHS ENDED JUNE 30, 2013
 
Six months ended June 30,
 
EUR million, except earnings per share
2012

2013

% Change

Net sales
688.9

368.9

54
%
Gross profit
227.2

119.1

52
%
Gross profit margin %
33.0
%
32.3
%

 





Selling, general and administrative expenses
(95.0
)
(59.5
)
63
%
Research and development expenses
(71.7
)
(45.5
)
63
%
Restructuring expenses
—

(1.0
)

Result from operations
60.4

13.0



 





Net earnings 1)
24.0

1,386.7

n/a

Net earnings per share, diluted in euro 1)
€0.43
€21.72
n/a

1) allocated to the shareholders of the parent

Net Sales
 
Six months ended June 30,
 
EUR million
2012

2013

% Change

Front-end
181.2

208.6

15
 %
Back-end
507.6

160.3

(68
)%
ASMI consolidated
688.9

368.9

(46
)%


Gross Profit (Margin)
 
Six months ended June 30,
 
 
Gross profit
Gross profit margin
Increase or
(decrease)
percentage points

EUR million
2012

2013

2012

2013

Front-end
59.8

80.7

33.0
%
38.7
%
5.7
ppt
Back-end
167.3

38.4

33.0
%
24.0
%
(9.0
)ppt
ASMI consolidated
227.2

119.1

33.0
%
32.3
%
(0.7
)ppt


Selling, General and Administrative Expenses
 
Six months ended June 30,
 
EUR million
2012

2013

% Change

Front-end
30.0

33.9

13
 %
Back-end
65.1

25.6

(61
)%
ASMI consolidated
95.0

59.5

(37
)%




9


Research and Development Expenses
 
Six months ended June 30,
 
EUR million
2012

2013

% Change

Front-end
28.9

28.4

(2
)%
Back-end
42.8

17.1

(60
)%
ASMI consolidated
71.7

45.5

(37
)%


Result from Operations
 
Six months ended June 30,
 
EUR million
2012

2013

Change

Front-end:






 -Before special items
0.9

18.3

17.4

 -Restructuring expenses
—

(1.0
)
(1.0
)
 -After special items
0.9

17.3

16.4

 






Back-end
59.5

(4.3
)
(63.8
)
 






ASMI consolidated
60.4

13.0

(47.4
)

Net Earnings allocated to the shareholders of the parent
 
Six months ended June 30,
 
EUR million
2012

2013

Change

Front-end:






 -Before special items
(1.2
)
12.2

13.4

 -Early extinguishment of debt
—

—

—

 -Restructuring expenses
—

(1.0
)
(1.0
)
 -After special items
(1.2
)
11.2

12.4

 






Back-end:






-until March 15, 2013 consolidated
25.2

(2.8
)
(28.0
)
-as from March 15, 2013 as a 40% investment
—

11.5

11.5

-Total
25.2

8.7

(16.5
)
 






-Realized gain on the sale of 11.88% of the ASMPT shares
—

245.2

245.2

-Unrealized remeasurement gain on the remaining 40.08% of the ASMPT shares
—

1,121.6

1,121.6

 






Total net earnings allocated to the shareholders of the parent
24.0

1,386.7

1,362.7




 




10



ASM INTERNATIONAL N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
 
EUR thousand, except earnings per share date
Three months ended June 30,
 
Six months ended June 30,
 
 
2012

2013

2012

2013

 
(unaudited)

(unaudited)

(unaudited)

(unaudited)

 
 
 
 
 
Net sales
377,857

128,569

688,881

368,900

Cost of sales
(247,298
)
(78,053
)
(461,708
)
(249,834
)
Gross profit
130,558

50,516

227,173

119,067

 
 
 
 
 
Operating expenses:
 
 
 
 
Selling, general and administrative
(53,801
)
(18,599
)
(95,036
)
(59,496
)
Research and development
(38,228
)
(15,030
)
(71,732
)
(45,537
)
Restructuring expenses
—

(671
)
—

(985
)
Total operating expenses
(92,029
)
(34,300
)
(166,768
)
(106,019
)
Earnings from operations
38,529

16,215

60,404

13,048

Net interest expense
(2,498
)
(307
)
(5,203
)
(1,050
)
Accretion of interest
(1,194
)
—

(2,503
)
(10
)
Foreign currency exchange gains (losses)
5,327

(4,479
)
3,317

(603
)
Result from investments
—

(31,471
)
—

1,378,359

Earnings before income taxes
40,164

(20,042
)
56,016

1,389,744

Income tax expense
(7,363
)
(3,361
)
(8,911
)
(5,594
)
Net earnings
32,801

(23,403
)
47,104

1,384,150

 
 
 
 
 
Allocation of net earnings:
 
 
 
 
    Shareholders of the parent
17,714

(23,403
)
23,974

1,386,743

    Minority interest
15,087

—

23,130

(2,593
)
 
 
 
 
 
Net earnings per share, allocated to the shareholders of the parent:
 
 
 
 
    Basic net earnings
0.32

(0.37
)
0.43

21.96

    Diluted net earnings (1)
0.32

(0.37
)
0.43

21.72

 
 
 
 
 
Weighted average number of shares used in
 
 
 
 
computing per share amounts (in thousands):
 
 
 
 
    Basic
55,270

63,163

55,270

63,163

    Diluted (1)
55,650

63,163

55,604

63,839

 
 
 
 
 
Outstanding shares:
54,967

63,173

54,967

63,173

 
 
 
 
 
(1) The calculation of diluted net earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the Company. Only instruments that have a dilutive effect on net earnings are included in the calculation. The assumed conversion results in adjustment in the weighted average number of common shares and net earnings due to the related impact on interest expense. The calculation is done for each reporting period individually. The possible increase of common shares caused by employee stock options for the three month ended June 30, 2013 with 826,830 common shares and for the six month ended June 30, 2013 with 676,263 common shares, adjustments have been reflected in the diluted weighted average number of shares and net earnings per share for this period.
 
 
 
 
 
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.


11



ASM INTERNATIONAL N.V.
CONSOLIDATED BALANCE SHEETS
 
EUR thousand
December 31,

June 30,

Assets
2012

2013

 
 
(unaudited)

 
 
 
Cash and cash equivalents
290,475

535,442

Accounts receivable, net
304,840

85,336

Inventories, net
403,400

122,734

Income taxes receivable
890

486

Deferred tax assets
17,967

4,984

Other current assets
79,979

11,986

Total current assets
1,097,551

760,967

Pledged cash
20,000

—

Debt issuance costs
735

503

Deferred tax assets
5,955

1,327

Other intangible assets
13,915

7,556

Goodwill, net
51,888

11,193

Investments
278

278

Associates
—

1,389,785

Other non current assets
10,828

655

Assets held for sale
5,998

5,303

Evaluation tools at customers
16,922

14,007

Property, plant and equipment, net
275,436

55,079

Total Assets
1,499,506

2,246,654

 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
Notes payable to banks
61,675

—

Accounts payable
151,761

40,640

Other current payables
170,683

45,634

Income taxes payable
27,625

5,728

Deferred tax liability - current
36

—

Current portion of long-term debt
6,316

—

Total current liabilities
418,096

92,003

Pension liabilities
12,540

3,168

Deferred tax liabilities
952

—

Provision for warranty
5,298

—

Long-term debt
12,632

—

Total Liabilities
449,518

95,170

 
 
 
Total Shareholders' Equity
741,876

2,151,484

 
 
 
Non-controlling interest
308,112

—

Total Equity
1,049,988

2,151,484

Total Liabilities and Equity
1,499,506

2,246,654

 
 
 
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.


12



ASM INTERNATIONAL N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS 
EUR thousand
Three months ended June 30,
 
Six months ended June 30,
 
 
2012

2013

2012

2013

 
(unaudited)

(unaudited)

(unaudited)

(unaudited)

Cash flows from operating activities:
 
 
 
 
Net earnings
32,801

(23,403
)
47,104

1,384,150

Adjustments to reconcile net earnings to net cash from operating activities:
 
 
 
 
Depreciation and amortization
13,721

4,991

26,895

18,308

Amortization of debt issuance costs
396

116

773

232

Compensation expense employee stock option plan
7,455

1,234

9,057

2,804

Additional non-cash interest
1,194

—

2,503

10

Associates
—

31,523

—

(1,378,359
)
Income taxes
(15,369
)
3,048

(21,639
)
1,109

Deferred income taxes
(5,435
)
(65
)
(9,649
)
(1,134
)
Changes in other assets and liabilities:
 
 
 
 
Inventories
(49,686
)
80

(61,060
)
(31,102
)
Accounts receivable
(27,504
)
(25,384
)
(8,084
)
(7,072
)
Accounts payable
37,073

(1,352
)
50,453

5,843

Other current assets
(21,837
)
9,799

(23,337
)
7,365

Net cash provided (used) by operating activities
(27,190
)
586

13,016

2,153

Cash flows from investing activities:
 
 
 
 
Capital expenditures
(17,187
)
(206
)
(34,410
)
(6,944
)
Purchase of intangible assets
(770
)
(212
)
(2,280
)
(433
)
Disposal of investments
—

(340
)
—

298,307

Proceeds from sale of property, plant and equipment
139

885

429

1,052

Net cash used in investing activities
(17,818
)
127

(36,262
)
291,982

Cash flows from financing activities:
 
 
 
 
Notes payable to banks, net
28,245

—

26,874

(39,349
)
Net proceeds from long-term debt
—

—

—

18,980

Repayments of long-term debt and subordinated debt
(395
)
—

(2,173
)
(1,538
)
Sale (Purchase) of treasury shares
(13,362
)
—

(13,362
)
—

Purchase of treasury shares ASMPT
—

—

(3,552
)
—

Proceeds from issuance of common shares
415

40

1,339

1,026

Proceeds from non consolidated investments
—

4,726

—

4,726

Dividend to minority shareholders ASMPT
(14,842
)
—

(14,842
)
—

Dividend to shareholders ASMI
(27,422
)
(31,681
)
(27,422
)
(31,681
)
Net cash provided (used) in financing activities
(27,362
)
(26,914
)
(33,139
)
(47,837
)
Exchange rate effects
1,459

(2,953
)
(134
)
(1,331
)
Net increase (decrease) in cash and cash equivalents
(70,911
)
(29,153
)
(56,519
)
244,968

Cash and cash equivalents at beginning of period
404,641

564,595

390,250

290,475

Cash and cash equivalents at end of period
333,733

535,442

333,733

535,442

 
 
 
 
 
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.


13



ASM INTERNATIONAL N.V.
DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION (1/3)
The Company organizes its activities in two operating segments, Front-end and Back-end.
The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. The segment is a product driven organizational unit comprised of manufacturing, service, and sales operations in Europe, the United States, Japan and Southeast Asia.
The Back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested. The segment is organized in ASM Pacific Technology Ltd., in which the Company held a majority interest until March 15, 2013. As per March 15, 2013 the Company holds a 40.08% share in ASMPT. Per the same date control on ASMPT ceased and the numbers are deconsolidated. The remaining shares are listed on the Stock Exchange of Hong Kong. The segment's main operations are located in Hong Kong, Singapore, the People's Republic of China, Malaysia and Germany.
 
 
 
 
EUR thousand
Three months ended June 30, 2012
 
 
Front-end

Back-end

Total

 
(unaudited)

(unaudited)

(unaudited)

Net sales to unaffiliated customers
86,451

291,405

377,857

Gross profit
28,522

102,036

130,558

Earnings (loss) from operations
(1,937
)
40,466

38,529

Net interest income (expense)
(2,620
)
122

(2,498
)
Accretion of interest
(1,183
)
(11
)
(1,194
)
Foreign currency exchange gains (losses)
5,915

(588
)
5,327

Income tax income (expense)
1,087

(8,450
)
(7,363
)
Net earnings
1,262

31,539

32,801

 
 
 
 
Net earnings allocated to:
 
 
 
  Shareholders of the parent
 
 
17,714

  Minority interest
 
 
15,087

 
 
 
 
Capital expenditures and purchase of intangible assets
5,877

12,080

17,957

Depreciation and amortization
4,308

9,413

13,721

 
Three months ended June 30, 2013
 
 
(unaudited)

(unaudited)

(unaudited)

Net sales to unaffiliated customers
128,569

—

128,569

Gross profit
50,516

—

50,516

Earnings from operations
16,215

—

16,215

Net interest expense
(307
)
—

(307
)
Accretion of interest
—

—

—

Foreign currency exchange losses
(4,479
)
—

(4,479
)
Result from investments
—

(31,471
)
(31,471
)
Income tax expense
(3,361
)
—

(3,361
)
Net earnings (loss)
8,068

(31,471
)
(23,403
)
 
 
 
 
Net earnings allocated to:
 
 
 
  Shareholders of the parent
 
 
(23,403
)
  Minority interest
 
 
—

 
 
 
 
Capital expenditures and purchase of intangible assets
(418
)
—

(418
)
Depreciation and amortization
4,991

—

4,991

 
 
 
 
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.


14



ASM INTERNATIONAL N.V.
DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION (2/3)

EUR thousand
Six months ended June 30, 2012
 
 
Front-end

Back-end

Total

 
(unaudited)

(unaudited)

(unaudited)

Net sales to unaffiliated customers
181,233

507,647

688,881

Gross profit
59,845

167,328

227,173

Earnings from operations
946

59,458

60,404

Net interest income (expense)
(5,615
)
412

(5,203
)
Accretion of interest
(2,310
)
(193
)
(2,503
)
Foreign currency exchange gains (losses)
3,332

(14
)
3,317

Income tax income (expense)
2,398

(11,310
)
(8,911
)
Net earnings (loss)
(1,249
)
48,353

47,104

 
 
 
 
Net earnings allocated to:
 
 
 
  Shareholders of the parent
 
 
23,974

  Minority interest
 
 
23,130

 
 
 
 
Capital expenditures and purchase of intangible assets
11,501

25,189

36,690

Depreciation and amortization
8,114

18,685

26,799

 
 
 
 
Cash and cash equivalents
207,603

126,130

333,733

Pledged cash
—

20,000

20,000

Capitalized goodwill
11,421

42,136

53,557

Other intangible assets
9,896

4,664

14,561

Other identifiable assets
311,279

954,478

1,265,757

Total assets
540,199

1,127,409

1,667,607

Total debt
154,885

69,267

224,152

Headcount in full-time equivalents ¹
1,686

16,461

18,147

 
 
 
 
(1) Headcount includes those employees with a fixed contract, and is exclusive of temporary workers.
 
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.
 


15


ASM INTERNATIONAL N.V.
DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION (3/3)
EUR thousand
Six months ended June 30, 2013
 
 
(unaudited)

(unaudited)²

(unaudited)

Net sales to unaffiliated customers
208,614

160,286

368,900

Gross profit
80,676

38,390

119,067

Earnings from operations
17,335

(4,287
)
13,048

Net interest expense
(738
)
(312
)
(1,050
)
Accretion of interest
—

(10
)
(10
)
Foreign currency exchange gains (losses)
(1,451
)
847

(603
)
Result from investments
—

1,378,359

1,378,359

Income tax expense
(3,957
)
(1,637
)
(5,594
)
Net earnings
11,188

1,372,962

1,384,150

 
 
 
 
Net earnings allocated to:
 
 
 
  Shareholders of the parent
 
 
1,386,743

  Minority interest
 
 
(2,593
)
 
 
 
 
Capital expenditures and purchase of intangible assets
917

6,460

7,377

Depreciation and amortization
9,717

8,591

18,308

 
 
 
 
Cash and cash equivalents
535,442

—

535,442

Pledged cash
—

—

—

Capitalized goodwill
11,193

—

11,193

Other intangible assets
7,556

—

7,556

Investments & Associates
278

1,389,785

1,390,063

Other identifiable assets
302,399

—

302,399

Total assets
856,869

1,389,785

2,246,654

Total debt
—

—

—

Headcount in full-time equivalents ¹
1,570

—

1,570

 
 
 
 
(1) Headcount includes those employees with a fixed contract, and is exclusive of temporary workers.
(2) Operational results and cash flow numbers relate to the period January 1, 2013 - March 15, 2013.
 
 
 
 
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.






16



ASM INTERNATIONAL N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 
 
Basis of Presentation
ASM International N.V, ("ASMI") follows accounting principles generally accepted in the United States of America ("US GAAP").
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding.
 
 
Principles of Consolidation
The Consolidated Financial Statements include the accounts of ASMI and its subsidiaries, where ASMI holds a controlling interest. The non-controlling interest of third parties is disclosed separately in the Consolidated Financial Statements. All intercompany profits, transactions and balances have been eliminated in consolidation.
 
 
Change in accounting policies
No significant changes in accounting policies incurred during the second quarter of 2013.



17


ASM INTERNATIONAL N.V.
RECONCILIATION US GAAP - IFRS
Accounting principles under IFRS
 
 
 
 
 
ASMI’s primary consolidated financial statements are and will continue to be prepared in accordance with US GAAP. However, ASMI is required under Dutch law to report its Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”). As a result of the differences between IFRS and US GAAP that are applicable to ASMI, the Consolidated Statement of Operations and Consolidated Balance Sheet reported in accordance with IFRS differ from those reported in accordance with US GAAP. The major differences relate to development costs, goodwill, pensions and inventory obsolescence reserve.
The reconciliation between IFRS and US GAAP is as follows:
 
 

Net earnings
 
Three months ended June 30,
 
Six months ended June 30,
 
EUR million, except per share date
2012

2013

2012

2013

 
(unaudited)

(unaudited)

(unaudited)

(unaudited)

US GAAP, net earnings allocated to common shares
17.7

(23.4
)
24.0

1,386.7

Adjustments for IFRS:
 
 
 
 
Reversal inventory write downs
0.1

0.4

0.1

0.4

Tax rate difference on eliminated intercompany profit
(0.6
)
0.2

(0.6
)
0.2

Goodwill
—

—

—

9.5

Development expenses
3.8

(0.4
)
6.2

1.0

Debt issuance fees
0.1

0.1

0.2

0.2

Total adjustments
3.4

0.3

5.9

11.3

IFRS
21.1

(23.1
)
29.9

1,398.0

IFRS allocation of net earnings for common shares:
 
 
 
 
Continued operations
5.2

(16.5
)
5.3

(9.7
)
Discontinued operations 1)
15.9

(6.6
)
24.6

1,407.7

 
1) Discontinued operations include the ASMI share in net earnings of ASMPT until March 15, 2013, net result on the sale of ASMI's 12% share and the remeasurement gain on the remaining ASMI share.
 
 
 
 
 
Net earnings per share, diluted:
 
 
 
 
Continued operations
€0.09
€(0.26)
€0.10
€(0.15)
Discontinued operations
€0.29
€(0.10)
€0.44
€22.05
Total operations
€0.38
€(0.37)
€0.54
€21.89
 
 
 
 
 

 
 
Shareholders' equity
 
 
 
 
June 30,

June 30,

EUR million
 
 
2012

2013

 
 
 
 (unaudited)

 (unaudited)

US GAAP
 
 
664.7

2,151.5

Adjustments for IFRS:
 
 
 
 
Goodwill
 
 
(10.9
)
(1.0
)
Debt issuance fees
 
 
(1.0
)
(0.5
)
Reversal inventory write downs
 
 
1.6

2.4

Development expenses
 
 
52.3

50.8

Tax rate difference on eliminated intercompany profit
 
 
(0.4
)
—

Pension plans
 
 
(0.2
)
—

Total adjustments
 
 
41.4

51.7

IFRS
 
 
706.1

2,203.2

 
 
 
 
 
Amounts are rounded to the nearest million euro; therefore amounts may not equal (sub) totals due to rounding.



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