Exhibits | ||
Exhibit 99.1 | ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2013 RESULTS |
Dated: November 1, 2013 | ASM INTERNATIONAL N.V. | |||
/S/ HANS ZWEERS | ||||
Hans Zweers | ||||
Director External Reporting and Treasury |
Exhibit No. | Exhibit Description | Filed Herewith | |||
99.1 | ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2013 RESULTS | X |
EUR million | Pro-forma Q3 2012 | Q2 2013 | Q3 2013 | |||
New orders | 64.3 | 128.4 | 112.2 | |||
Net sales | 96.1 | 128.6 | 116.4 | |||
Gross profit margin % | 31.4 | % | 39.3 | % | 39.1 | % |
Operating results | (1.6 | ) | 16.2 | 11.6 | ||
Result from investments (excl. amortization and fair value purchase price allocation) | 13.3 | 9.2 | 10.8 | |||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments | — | (40.8 | ) | (17.2 | ) | |
Net earnings | 4.9 | (23.4 | ) | (0.9 | ) | |
Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 4.9 | 17.4 | 16.3 |
• | Net sales for the third quarter 2013 decreased with 9% compared to the second quarter and increased with 21% year-on-year, mainly driven by (PE)ALD sales which were subsequently higher than in the comparable period last year, but below the Q2 level. |
• | Result from operations for the third quarter 2013 includes restructuring costs of €1.0 million compared to €0.7 million included in the second quarter. |
• | United States: +1 212 444 0412 |
• | International: + 44 (0)20 3427 1919 |
• | The Netherlands: + 31 (0)20 716 8295 |
• | Access Code: 9228211 |
• | United States: +1 347 366 9565 |
• | England: + 44 (0)20 3427 0598 |
• | The Netherlands: +31 (0)20 708 5013 |
• | Access Code: 9228211 |
EUR million | Pro-forma Q3 2012 | Q2 2013 | Q3 2013 | Change Q2 2013 to Q3 2013 | Change Q3 2012 to Q3 2013 | ||||||||||
New orders | 64.3 | 128.4 | 112.2 | (13 | )% | 74 | % | ||||||||
Backlog | 57.3 | 117.0 | 111.4 | (5 | )% | 94 | % | ||||||||
Book-to-bill | 0.7 | 1.0 | 1.0 | ||||||||||||
Net sales | 96.1 | 128.6 | 116.4 | (9 | )% | 21 | % | ||||||||
Gross profit | 30.1 | 50.5 | 45.6 | (10 | )% | 51 | % | ||||||||
Gross profit margin % | 31.4 | % | 39.3 | % | 39.1 | % | |||||||||
Selling, general and administrative expenses | (16.3 | ) | (18.6 | ) | (18.2 | ) | (2 | )% | 12 | % | |||||
Research and development expenses | (15.4 | ) | (15.0 | ) | (14.8 | ) | (1 | )% | (4 | )% | |||||
Restructuring expenses | — | (0.7 | ) | (1.0 | ) | 43 | % | n/a | |||||||
Operating result | (1.6 | ) | 16.2 | 11.6 | (4.6 | ) | 13.2 | ||||||||
Operating margin % | (1.7 | )% | 12.6 | % | 9.9 | % | |||||||||
Financing costs | (8.6 | ) | (4.8 | ) | (4.0 | ) | 0.8 | 4.6 | |||||||
Income tax | 1.9 | (3.4 | ) | (2.0 | ) | 1.4 | (3.9 | ) | |||||||
Result from investments | 13.3 | 9.2 | 10.8 | 1.6 | (2.5 | ) | |||||||||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments | — | (40.8 | ) | (17.2 | ) | 23.6 | (17.2 | ) | |||||||
Net earnings | 4.9 | (23.4 | ) | (0.9 | ) | 22.5 | (5.8 | ) | |||||||
Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 4.9 | 17.4 | 16.3 | (1.1 | ) | 11.4 | |||||||||
Net earnings per share, diluted | € | 0.09 | € | (0.37 | ) | € | (0.01 | ) | € | 0.36 | € | (0.10 | ) | ||
Normalized net earnings per share, diluted | € | 0.09 | € | 0.28 | € | 0.26 | € | (0.02 | ) | € | 0.17 |
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | % Change Q2 2013 to Q3 2013 | % Change Q3 2012 to Q3 2013 | |||||
Backlog at the beginning of the quarter | 92.2 | 119.9 | 117.0 | (2 | )% | 27 | % | |||
New orders for the quarter | 64.3 | 128.4 | 112.2 | (13 | )% | 74 | % | |||
Net sales for the quarter | (96.1 | ) | (128.6 | ) | (116.4 | ) | (9 | )% | 21 | % |
FX-effect for the quarter | (3.1 | ) | (2.7 | ) | (1.3 | ) | ||||
Backlog at the end of the quarter | 57.3 | 117.0 | 111.4 | (5 | )% | 94 | % | |||
Book-to-bill ratio (new orders divided by net sales) | 0.7 | 1.0 | 1.0 |
• | a sale of a 51.96% subsidiary |
• | a purchase of a 40.08% associate. |
Pro-forma | ||||||
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | |||
Net earnings | (8.4 | ) | (23.4 | ) | (0.9 | ) |
Adjustments to cash from operating activities | ||||||
Depreciation and amortization | 5.0 | 5.1 | 5.1 | |||
Income tax | (2.5 | ) | 3.0 | 0.7 | ||
Amortization PPA intangibles and fair value adjustments | — | 40.7 | 17.2 | |||
Result from investments | — | (9.2 | ) | (10.8 | ) | |
Other adjustments | 2.0 | 1.2 | 1.2 | |||
Changes in other assets and liabilities | ||||||
Accounts receivable | 0.2 | (25.4 | ) | 19.7 | ||
Inventories | 0.5 | 0.1 | 3.3 | |||
Accounts payable | (7.3 | ) | (1.3 | ) | (1.1 | ) |
Other assets and liabilities | (13.5 | ) | 9.8 | (0.1 | ) | |
Net cash provided (used) by operating activities | (24.0 | ) | 0.6 | 34.4 | ||
Capital expenditures | (2.0 | ) | (0.2 | ) | (2.0 | ) |
Divestment subsidiaries | — | — | — | |||
Other | (0.3 | ) | 0.3 | 1.6 | ||
Net cash provided (used) in investing activities | (2.3 | ) | 0.1 | (0.4 | ) | |
Bank positions | (0.1 | ) | — | — | ||
Loans | (12.0 | ) | — | — | ||
Purchase treasury shares | — | — | — | |||
Shares issued | 0.4 | 0.1 | 0.2 | |||
Dividend paid and capital repaid to shareholders ASMI | (0.1 | ) | (31.7 | ) | (269.7 | ) |
Dividend received from investments | 13.4 | 4.7 | 5.6 | |||
Net cash provided (used) in financing activities | 1.6 | (26.9 | ) | (263.9 | ) |
Pro-forma | Pro-forma | |||||
EUR million | September 30, 2012 | December 31, 2012 | September 30, 2013 | |||
Cash and cash equivalents | 184.9 | 145.1 | 303.6 | |||
Accounts receivable | 58.3 | 62.6 | 64.4 | |||
Inventories | 123.1 | 122.1 | 117.2 | |||
Other current assets | 22.8 | 20.3 | 19.9 | |||
Total current assets | 389.1 | 350.0 | 505.1 | |||
Investments and associates | 384.6 | 373.7 | 1,339.4 | |||
Property, plant and equipment | 59.7 | 63.8 | 51.4 | |||
Goodwill | 11.4 | 11.6 | 11.4 | |||
Other non-current assets | 50.4 | 34.2 | 27.6 | |||
Total non-current assets | 506.1 | 483.3 | 1,429.8 | |||
Total assets | 895.2 | 833.4 | 1,934.9 | |||
Accounts payable | 34.6 | 45.2 | 39.0 | |||
Short-term debt | 0.7 | — | — | |||
Other current liabilities | 43.4 | 42.7 | 54.9 | |||
Total current liabilities | 78.7 | 87.9 | 93.9 | |||
Long-term debt | 5.0 | — | — | |||
Convertible subordinated debt | 138.6 | — | — | |||
Pension liabilities | 5.4 | 3.6 | 3.1 | |||
Total non-current liabilities | 149.0 | 3.6 | 3.1 | |||
Shareholders' equity | 667.5 | 741.9 | 1,837.9 | |||
Total liabilities and shareholders' equity | 895.2 | 833.4 | 1,934.9 |
EUR million | Pro-forma Nine months ended September 30, 2012 | Pro-forma Nine months ended September 30, 2013 | Change | |||
New orders | 230.6 | 346.5 | 50 | % | ||
Backlog | 57.3 | 111.4 | 94 | % | ||
Book-to-bill | 0.8 | 1.1 | ||||
Net sales | 277.3 | 325.0 | 17 | % | ||
Gross profit | 90.0 | 126.2 | 40 | % | ||
Gross profit margin % | 32.4 | % | 38.8 | % | ||
Selling, general and administrative expenses | (46.3 | ) | (52.1 | ) | 13 | % |
Research and development expenses | (44.4 | ) | (43.3 | ) | (2 | )% |
Restructuring expenses | — | (1.9 | ) | n/a | ||
Operating result | (0.7 | ) | 28.9 | 29.6 | ||
Operating margin % | (0.3 | )% | 8.9 | % | ||
Financing costs | (13.2 | ) | (6.2 | ) | 7.0 | |
Income tax | 4.3 | (5.9 | ) | (10.2 | ) | |
Result from investments | 38.5 | 19.4 | (19.1 | ) | ||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments | — | 1,349.6 | 1,349.6 | |||
Net earnings | 28.9 | 1,385.9 | 1,357.0 | |||
Normalized net earnings (excl. remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 28.9 | 36.3 | 7.4 | |||
Net earnings per share | €0.52 | €21.71 | €21.19 | |||
Normalized net earnings per share | €0.52 | €0.57 | €0.05 |
Nine months ended September 30, | ||||||
EUR million | 2012 | 2013 | % Change | |||
Backlog at the beginning of the year | 105.1 | 91.7 | (13 | )% | ||
New orders | 230.6 | 346.5 | 50 | % | ||
Net sales | (277.3 | ) | (325.0 | ) | 17 | % |
FX-effect | (1.1 | ) | (1.7 | ) | ||
Backlog as per reporting date | 57.3 | 111.4 | 94 | % | ||
Book-to-bill ratio (new orders divided by net sales) | 0.8 | 1.1 |
• | a sale of a 51.96% subsidiary |
• | a purchase of a 40.08% associate |
EUR million, except earnings per share | Q3 2012 | Q2 2013 | Q3 2013 | % Change Q2 2013 to Q3 2013 | % Change Q3 2012 to Q3 2013 | |||||
Net sales | 409.3 | 128.6 | 116.4 | (9 | )% | (72 | )% | |||
Gross profit | 125.4 | 50.5 | 45.6 | (10 | )% | (64 | )% | |||
Gross profit margin % | 30.6 | % | 39.3 | % | 39.1 | % | ||||
Selling, general and administrative expenses | (53.6 | ) | (18.6 | ) | (18.2 | ) | (2 | )% | (66 | )% |
Research and development expenses | (40.0 | ) | (15.0 | ) | (14.8 | ) | (1 | )% | (63 | )% |
Restructuring expenses | — | (0.7 | ) | (1.0 | ) | 43 | % | n.a | ||
Result from operations | 31.9 | 16.2 | 11.6 | n/a | n.a | |||||
Net earnings 1) | 4.9 | (23.4 | ) | (0.9 | ) | 2,250 | % | (580 | )% | |
Net earnings per share, diluted in euro 1) | €0.09 | €(0.37) | €(0.01) | 36 | % | (10 | )% |
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | % Change Q2 2013 to Q3 2013 | % Change Q3 2012 to Q3 2013 | |||||
Front-end | 96.1 | 128.6 | 116.4 | (9 | )% | 21 | % | |||
Back-end | 313.2 | — | — | n/a | n/a | |||||
ASMI consolidated | 409.3 | 128.6 | 116.4 | (9 | )% | (72 | )% |
EUR million | Gross profit | Gross profit margin | Increase or (decrease) percentage points | |||||||||||||
Q3 2012 | Q2 2013 | Q3 2013 | Q3 2012 | Q2 2013 | Q3 2013 | Q2 2013 to Q3 2013 | Q3 2012 to Q3 2013 | |||||||||
Front-end | 30.1 | 50.5 | 45.6 | 31.4 | % | 39.3 | % | 39.1 | % | (0.2 | )ppt | 7.7 | ppt | |||
Back-end | 95.3 | — | — | 30.4 | % | — | % | — | % | n/a | n/a | |||||
ASMI consolidated | 125.4 | 50.5 | 45.6 | 30.6 | % | 39.3 | % | 39.1 | % | (0.2 | )ppt | 8.5 | ppt |
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | % Change Q2 2013 to Q3 2013 | % Change Q3 2012 to Q3 2013 | |||||
Front-end | 16.3 | 18.6 | 18.2 | (2 | )% | 12 | % | |||
Back-end | 37.2 | — | — | n/a | n/a | |||||
ASMI consolidated | 53.6 | 18.6 | 18.2 | (2 | )% | (66 | )% |
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | % Change Q2 2013 to Q3 2013 | % Change Q3 2012 to Q3 2013 | |||||
Front-end | 15.4 | 15.0 | 14.8 | (1 | )% | (4 | )% | |||
Back-end | 24.5 | — | — | n/a | n/a | |||||
ASMI consolidated | 40.0 | 15.0 | 14.8 | (1 | )% | (63 | )% |
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | Change Q2 2013 to Q3 2013 | Change Q3 2012 to Q3 2013 | |||||
Front-end | ||||||||||
Before special items | (1.6 | ) | 16.9 | 12.6 | (4.3 | ) | 14.2 | |||
Restructuring expenses | — | (0.7 | ) | (1.0 | ) | (0.3 | ) | (1.0 | ) | |
After special items | (1.6 | ) | 16.2 | 11.6 | (4.6 | ) | 13.2 | |||
Back-end | 33.6 | — | — | — | (33.6 | ) | ||||
ASMI consolidated | 31.9 | 16.2 | 11.6 | (4.6 | ) | (20.3 | ) |
EUR million | Q3 2012 | Q2 2013 | Q3 2013 | Change Q2 2013 to Q3 2013 | Change Q3 2012 to Q3 2013 | |||||
Front-end | ||||||||||
Before special items | (8.4 | ) | 8.8 | 6.6 | (2.2 | ) | 15.0 | |||
Restructuring expenses | — | (0.7 | ) | (1.0 | ) | (0.3 | ) | (1.0 | ) | |
After special items | (8.4 | ) | 8.1 | 5.6 | (2.5 | ) | 14.0 | |||
Back-end | ||||||||||
Until March 15, 2013 consolidated | 13.3 | — | — | — | (13.3 | ) | ||||
As from March 15, 2013 as a 40% investment | — | 9.2 | 10.8 | 1.6 | 10.8 | |||||
Total | 13.3 | 9.2 | 10.8 | 1.6 | (2.5 | ) | ||||
Realized gain on the sale of 11.88% of the ASMPT shares | — | (78.4 | ) | — | 78.4 | — | ||||
Unrealized remeasurement gain on the remaining 40.08% of the ASMPT shares | — | 71.6 | — | (71.6 | ) | — | ||||
Amortization intangibles recognized in purchase price allocation | — | (34.0 | ) | (17.2 | ) | 16.8 | (17.2 | ) | ||
Total net earnings allocated to the shareholders of the parent | 4.9 | (23.4 | ) | (0.9 | ) | 22.5 | (5.8 | ) |
Nine months ended September 30, | ||||||
EUR million, except earnings per share | 2012 | 2013 | % Change | |||
Net sales | 1,098.2 | 485.3 | (56 | )% | ||
Gross profit | 352.6 | 164.6 | (53 | )% | ||
Gross profit margin % | 32.1 | % | 33.9 | % | ||
Selling, general and administrative expenses | (148.6 | ) | (77.7 | ) | (48 | )% |
Research and development expenses | (111.7 | ) | (60.4 | ) | (46 | )% |
Restructuring expenses | — | (1.9 | ) | n/a | ||
Result from operations | 92.3 | 24.6 | (73 | )% | ||
Net earnings 1) | 28.9 | 1,385.9 | n/a | |||
Net earnings per share, diluted in euro 1) | €0.52 | €21.61 | n/a |
Nine months ended September 30, | ||||||
EUR million | 2012 | 2013 | % Change | |||
Front-end | 277.3 | 325.0 | 17 | % | ||
Back-end | 820.9 | 160.3 | (80 | )% | ||
ASMI consolidated | 1,098.2 | 485.3 | (56 | )% |
Nine months ended September 30, | ||||||||||
Gross profit | Gross profit margin | Increase or (decrease) percentage points | ||||||||
EUR million | 2012 | 2013 | 2012 | 2013 | ||||||
Front-end | 90.0 | 126.2 | 32.4 | % | 38.8 | % | 6.4 | ppt | ||
Back-end | 262.6 | 38.4 | 32.0 | % | 24.0 | % | (8.0 | )ppt | ||
ASMI consolidated | 352.6 | 164.6 | 32.1 | % | 33.9 | % | 1.8 | ppt |
Nine months ended September 30, | ||||||
EUR million | 2012 | 2013 | % Change | |||
Front-end | 46.3 | 52.1 | 13 | % | ||
Back-end | 102.3 | 25.6 | (75 | )% | ||
ASMI consolidated | 148.6 | 77.7 | (48 | )% |
Nine months ended September 30, | ||||||
EUR million | 2012 | 2013 | % Change | |||
Front-end | 44.4 | 43.3 | (2 | )% | ||
Back-end | 67.3 | 17.1 | (75 | )% | ||
ASMI consolidated | 111.7 | 60.4 | (46 | )% |
Nine months ended September 30, | ||||||
EUR million | 2012 | 2013 | Change | |||
Front-end | ||||||
-Before special items | (0.7 | ) | 30.8 | 31.5 | ||
-Restructuring expenses | — | (1.9 | ) | (1.9 | ) | |
-After special items | (0.7 | ) | 28.9 | 29.6 | ||
Back-end | 93.0 | (4.3 | ) | (97.3 | ) | |
ASMI consolidated | 92.3 | 24.6 | (67.7 | ) |
Nine months ended September 30, | ||||||
EUR million | 2012 | 2013 | Change | |||
Front-end | ||||||
Before special items | (9.7 | ) | 18.7 | 28.4 | ||
Restructuring expenses | — | (1.9 | ) | (1.9 | ) | |
After special items | (9.7 | ) | 16.8 | 26.5 | ||
Back-end | ||||||
Until March 15, 2013 consolidated | 38.5 | (2.8 | ) | (41.3 | ) | |
As from March 15, 2013 as a 40% investment | — | 22.2 | — | |||
Total | 38.5 | 19.4 | (19.1 | ) | ||
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 | — | 1,104.5 | 1,104.5 | |||
Total net earnings allocated to the shareholders of the parent | 28.9 | 1,385.9 | 1,357.0 |
Three months ended September 30, | Nine months ended September 30, | |||||||
2012 | 2013 | 2012 | 2013 | |||||
EUR thousand, except earnings per share | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Net sales | 409,284 | 116,429 | 1,098,165 | 485,329 | ||||
Cost of sales | (283,857 | ) | (70,878 | ) | (745,564 | ) | (320,712 | ) |
Gross profit | 125,428 | 45,551 | 352,600 | 164,617 | ||||
Operating expenses: | ||||||||
Selling, general and administrative | (53,556 | ) | (18,211 | ) | (148,592 | ) | (77,708 | ) |
Research and development | (39,951 | ) | (14,821 | ) | (111,684 | ) | (60,358 | ) |
Restructuring expenses | — | (964 | ) | — | (1,949 | ) | ||
Total operating expenses | (93,506 | ) | (33,996 | ) | (260,275 | ) | (140,015 | ) |
Earnings from operations | 31,922 | 11,555 | 92,326 | 24,602 | ||||
Net interest expense | (3,112 | ) | (303 | ) | (8,314 | ) | (1,353 | ) |
Accretion of interest | (1,221 | ) | — | (3,724 | ) | (10 | ) | |
Foreign currency exchange losses | (5,835 | ) | (3,705 | ) | (2,518 | ) | (4,308 | ) |
Result from investments | — | (6,464 | ) | — | 1,371,895 | |||
Earnings before income taxes | 21,754 | 1,082 | 77,769 | 1,390,826 | ||||
Income tax expense | (4,631 | ) | (1,957 | ) | (13,542 | ) | (7,552 | ) |
Net earnings | 17,123 | (875 | ) | 64,227 | 1,383,275 | |||
Allocation of net earnings: | ||||||||
Shareholders of the parent | 4,908 | (875 | ) | 28,882 | 1,385,868 | |||
Minority interest | 12,215 | — | 35,345 | (2,593 | ) | |||
Net earnings per share, allocated to the shareholders of the parent: | ||||||||
Basic net earnings | 0.09 | (0.01 | ) | 0.52 | 21.94 | |||
Diluted net earnings (1) | 0.09 | (0.01 | ) | 0.52 | 21.61 | |||
Weighted average number of shares used in | ||||||||
computing per share amounts (in thousands): | ||||||||
Basic | 54,989 | 63,171 | 55,175 | 63,171 | ||||
Diluted (1) | 55,433 | 63,171 | 55,545 | 64,144 | ||||
Outstanding shares: | 54,992 | 63,195 | 54,992 | 63,195 | ||||
(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 September 30, 2013 with 845,138 common shares and for the nine month ended September 30, 2013 with 972,776 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. |
December 31, | September 30, | |||
2012 | 2013 | |||
EUR thousand | (unaudited) | |||
Assets | ||||
Cash and cash equivalents | 290,475 | 303,611 | ||
Accounts receivable, net | 304,840 | 64,357 | ||
Inventories, net | 403,400 | 117,226 | ||
Income taxes receivable | 890 | 1,173 | ||
Deferred tax assets | 17,967 | 4,919 | ||
Other current assets | 79,979 | 13,203 | ||
Total current assets | 1,097,551 | 504,489 | ||
Pledged cash | 20,000 | — | ||
Debt issuance costs | 735 | 394 | ||
Deferred tax assets | 5,955 | 1,330 | ||
Other intangible assets | 13,915 | 6,569 | ||
Goodwill, net | 51,888 | 11,421 | ||
Investments | 278 | 278 | ||
Associates | — | 1,339,090 | ||
Other non current assets | 10,828 | 639 | ||
Assets held for sale | 5,998 | 5,212 | ||
Evaluation tools at customers | 16,922 | 14,085 | ||
Property, plant and equipment, net | 275,436 | 51,424 | ||
Total Assets | 1,499,506 | 1,934,930 | ||
Liabilities and Shareholders' Equity | ||||
Notes payable to banks | 61,675 | — | ||
Accounts payable | 151,761 | 39,022 | ||
Other current payables | 170,683 | 47,787 | ||
Income taxes payable | 27,625 | 7,139 | ||
Deferred tax liability - current | 36 | — | ||
Current portion of long-term debt | 6,316 | — | ||
Total current liabilities | 418,096 | 93,948 | ||
Pension liabilities | 12,540 | 3,111 | ||
Deferred tax liabilities | 952 | — | ||
Provision for warranty | 5,298 | — | ||
Long-term debt | 12,632 | — | ||
Total Liabilities | 449,518 | 97,059 | ||
Total Shareholders' Equity | 741,876 | 1,837,871 | ||
Non-controlling interest | 308,112 | — | ||
Total Equity | 1,049,988 | 1,837,871 | ||
Total Liabilities and Equity | 1,499,506 | 1,934,930 | ||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
Three months ended September 30, | Nine months ended September 30, | |||||||
2012 | 2013 | 2012 | 2013 | |||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Cash flows from operating activities: | ||||||||
Net earnings | 17,123 | (875 | ) | 64,227 | 1,383,276 | |||
Adjustments to reconcile net earnings to net cash from operating activities: | ||||||||
Depreciation and amortization | 15,099 | 4,966 | 41,996 | 23,274 | ||||
Amortization of debt issuance costs | 380 | 109 | 1,153 | 341 | ||||
Compensation expense employee stock option plan | 7,862 | 1,197 | 16,919 | 4,001 | ||||
Additional non-cash interest | 1,221 | — | 3,724 | 10 | ||||
Associates | — | 6,464 | — | (1,371,895 | ) | |||
Income taxes | 724 | 738 | (20,914 | ) | 1,847 | |||
Deferred income taxes | (2,514 | ) | (38 | ) | (12,159 | ) | (1,171 | ) |
Changes in other assets and liabilities: | ||||||||
Inventories | 10,780 | 3,289 | (53,104 | ) | (27,813 | ) | ||
Accounts receivable | (20,880 | ) | 19,741 | (29,032 | ) | 12,669 | ||
Accounts payable | (33,497 | ) | (1,082 | ) | 17,443 | 4,761 | ||
Other current assets | (16,108 | ) | (137 | ) | (37,858 | ) | 7,228 | |
Net cash provided (used) by operating activities | (19,810 | ) | 34,373 | (7,605 | ) | 36,526 | ||
Cash flows from investing activities: | ||||||||
Capital expenditures | (14,100 | ) | (2,026 | ) | (48,506 | ) | (8,970 | ) |
Purchase of intangible assets | (700 | ) | — | (2,982 | ) | (433 | ) | |
Disposal of investments | — | — | — | 298,307 | ||||
Proceeds from sale of property, plant and equipment | 252 | 1,611 | 629 | 2,663 | ||||
Net cash used in investing activities | (14,548 | ) | (414 | ) | (50,859 | ) | 291,568 | |
Cash flows from financing activities: | ||||||||
Notes payable to banks, net | 18,567 | — | 45,441 | (39,349 | ) | |||
Net proceeds from long-term debt | — | — | — | 18,980 | ||||
Repayments of long-term debt and subordinated debt | (11,956 | ) | — | (14,130 | ) | (1,538 | ) | |
Sale (Purchase) of treasury shares | — | — | (13,361 | ) | — | |||
Purchase of treasury shares ASMPT | — | — | (3,552 | ) | — | |||
Proceeds from issuance of common shares | 422 | 211 | 1,760 | 1,236 | ||||
Proceeds from non consolidated investments | — | 5,551 | — | 10,277 | ||||
Dividend to minority shareholders ASMPT | (12,182 | ) | — | (27,024 | ) | — | ||
Dividend to shareholders ASMI | (97 | ) | — | (27,519 | ) | (31,681 | ) | |
Capital distribution | — | (269,667 | ) | — | (269,667 | ) | ||
Net cash provided (used) in financing activities | (5,246 | ) | (263,906 | ) | (38,385 | ) | (311,742 | ) |
Exchange rate effects | 3,192 | (1,884 | ) | 3,918 | (3,215 | ) | ||
Net increase (decrease) in cash and cash equivalents | (36,412 | ) | (231,831 | ) | (92,931 | ) | 13,137 | |
Cash and cash equivalents at beginning of period | 333,732 | 535,442 | 390,250 | 290,475 | ||||
Cash and cash equivalents at end of period | 297,317 | 303,611 | 297,317 | 303,611 | ||||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
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. | ||||||
Three months ended September 30, 2012 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | |||
Net sales to unaffiliated customers | 96,072 | 313,212 | 409,284 | |||
Gross profit | 30,135 | 95,292 | 125,428 | |||
Earnings (loss) from operations | (1,648 | ) | 33,569 | 31,922 | ||
Net interest income (expense) | (3,163 | ) | 52 | (3,112 | ) | |
Accretion of interest | (1,201 | ) | (20 | ) | (1,221 | ) |
Foreign currency exchange losses | (4,279 | ) | (1,556 | ) | (5,835 | ) |
Income tax income (expense) | 1,877 | (6,508 | ) | (4,631 | ) | |
Net earnings | (8,414 | ) | 25,537 | 17,123 | ||
Net earnings allocated to: | ||||||
Shareholders of the parent | 4,908 | |||||
Minority interest | 12,215 | |||||
Capital expenditures and purchase of intangible assets | 2,296 | 12,504 | 14,801 | |||
Depreciation and amortization | 4,597 | 10,501 | 15,099 | |||
Three months ended September 30, 2013 | ||||||
(unaudited) | (unaudited) | (unaudited) | ||||
Net sales to unaffiliated customers | 116,429 | — | 116,429 | |||
Gross profit | 45,551 | — | 45,551 | |||
Earnings from operations | 11,555 | — | 11,555 | |||
Net interest expense | (303 | ) | — | (303 | ) | |
Foreign currency exchange losses | (3,705 | ) | — | (3,705 | ) | |
Result from investments | — | (6,464 | ) | (6,464 | ) | |
Income tax expense | (1,957 | ) | — | (1,957 | ) | |
Net earnings (loss) | 5,589 | (6,464 | ) | (875 | ) | |
Net earnings allocated to: | ||||||
Shareholders of the parent | (875 | ) | ||||
Minority interest | — | |||||
Capital expenditures and purchase of intangible assets | 2,026 | — | 2,026 | |||
Depreciation and amortization | 4,966 | — | 4,966 | |||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
Nine months ended September 30, 2012 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | |||
Net sales to unaffiliated customers | 277,305 | 820,859 | 1,098,165 | |||
Gross profit | 89,980 | 262,620 | 352,600 | |||
Earnings from operations | (702 | ) | 93,028 | 92,326 | ||
Net interest income (expense) | (8,778 | ) | 463 | (8,314 | ) | |
Accretion of interest | (3,511 | ) | (213 | ) | (3,724 | ) |
Foreign currency exchange losses | (947 | ) | (1,570 | ) | (2,518 | ) |
Income tax income (expense) | 4,276 | (17,818 | ) | (13,542 | ) | |
Net earnings (loss) | (9,663 | ) | 73,890 | 64,227 | ||
Net earnings allocated to: | ||||||
Shareholders of the parent | 28,882 | |||||
Minority interest | 35,345 | |||||
Capital expenditures and purchase of intangible assets | 13,795 | 37,694 | 51,489 | |||
Depreciation and amortization | 12,810 | 29,186 | 41,996 | |||
Cash and cash equivalents | 184,902 | 112,416 | 297,317 | |||
Pledged cash | — | 20,000 | 20,000 | |||
Capitalized goodwill | 11,421 | 41,042 | 52,462 | |||
Other intangible assets | 9,483 | 4,215 | 13,698 | |||
Other identifiable assets | 346,823 | 884,247 | 1,231,070 | |||
Total assets | 552,628 | 1,061,920 | 1,614,548 | |||
Total debt | 144,293 | 85,060 | 229,353 | |||
Headcount in full-time equivalents ¹ | 1,702 | 16,681 | 18,383 | |||
(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. |
Nine months ended September 30, 2013 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited)² | (unaudited) | |||
Net sales to unaffiliated customers | 325,043 | 160,286 | 485,329 | |||
Gross profit | 126,227 | 38,390 | 164,617 | |||
Earnings from operations | 28,889 | (4,287 | ) | 24,602 | ||
Net interest expense | (1,041 | ) | (312 | ) | (1,353 | ) |
Accretion of interest | — | (10 | ) | (10 | ) | |
Foreign currency exchange gains (losses) | (5,156 | ) | 847 | (4,308 | ) | |
Result from investments | — | 1,371,895 | 1,371,895 | |||
Income tax expense | (5,915 | ) | (1,637 | ) | (7,552 | ) |
Net earnings | 16,778 | 1,366,497 | 1,383,275 | |||
Net earnings allocated to: | ||||||
Shareholders of the parent | 1,385,868 | |||||
Minority interest | (2,593 | ) | ||||
Capital expenditures and purchase of intangible assets | 2,942 | 6,460 | 9,402 | |||
Depreciation and amortization | 14,682 | 8,591 | 23,274 | |||
Cash and cash equivalents | 303,611 | — | 303,611 | |||
Capitalized goodwill | 11,421 | — | 11,421 | |||
Other intangible assets | 6,569 | — | 6,569 | |||
Investments & Associates | 278 | 1,339,090 | 1,339,368 | |||
Other identifiable assets | 273,961 | — | 273,961 | |||
Total assets | 595,840 | 1,339,090 | 1,934,930 | |||
Total debt | — | — | — | |||
Headcount in full-time equivalents ¹ | 1,503 | — | 1,503 | |||
(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. |
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 third quarter of 2013. |
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 September 30, | Six months ended September 30, | |||||||
EUR million, except per share | 2012 (unaudited) | 2013 (unaudited) | 2012 (unaudited) | 2013 (unaudited) | ||||
US GAAP, net earnings allocated to common shares | 4.9 | (0.9 | ) | 28.9 | 1,385.9 | |||
Adjustments for IFRS | ||||||||
Reversal inventory write downs | 0.1 | — | 0.1 | 0.4 | ||||
Tax rate difference on eliminated intercompany profit | — | — | (0.6 | ) | 0.2 | |||
Goodwill | — | — | — | 9.5 | ||||
Development expenses | 2.2 | 0.3 | 8.5 | 1.3 | ||||
Debt issuance fees | 0.1 | 0.1 | 0.3 | 0.3 | ||||
Total adjustments | 2.4 | 0.4 | 8.3 | 11.7 | ||||
IFRS | 7.3 | (0.5 | ) | 37.2 | 1,397.6 | |||
IFRS allocation of net earnings for common shares: | ||||||||
Continued operations | (6.0 | ) | (0.5 | ) | (0.8 | ) | (10.1 | ) |
Discontinued operations 1) | 13.3 | — | 38.0 | 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 | €(0.11) | €(0.01) | €(0.01) | €(0.16) | ||||
Discontinued operations | €0.24 | €0.00 | €0.68 | €21.95 | ||||
Total operations | €0.13 | €(0.01) | €0.67 | €21.79 | ||||
Shareholders' equity | ||||||||
September 30, | September 30, | |||||||
2012 | 2013 | |||||||
EUR million | (unaudited) | (unaudited) | ||||||
US GAAP | 978.0 | 1,837.9 | ||||||
Adjustments for IFRS: | ||||||||
Goodwill | (10.7 | ) | (0.9 | ) | ||||
Debt issuance fees | (0.8 | ) | (0.4 | ) | ||||
Reversal inventory write downs | 1.7 | 2.3 | ||||||
Development expenses | 53.6 | 49.9 | ||||||
Tax rate difference on eliminated intercompany profit | (0.4 | ) | — | |||||
Pension plans | (0.2 | ) | (0.3 | ) | ||||
Total adjustments | 43.2 | 50.6 | ||||||
IFRS | 1,021.2 | 1,888.5 | ||||||
Amounts are rounded to the nearest million euro; therefore amounts may not equal (sub) totals due to rounding. |
/($.*'$FRI,F3*%.J7,FRI ]]=K&S3UYG.?K4W4H=R
M7_]]_?G1*:,^,B6!CKA21IX9HUV0&K'3EYT<9"G$058/TJD#QE4
M.7
,$T"34EGKGE=0CQJ+-UFPK)9WC65HC[4^80-Q1E
M$)!#L8Q<$/M8<@PA/I4#QO(<0-'[>A5Q;B3E4IX,;OEUQ^H8$>@G0[J8$"P-
MFQ?XH!F)S`JQH;&6S/]8F='(3=-0"QQ'.Z@4=_2`4P31U`JH!+\-D8-IU8PB
M_WW2>@5E5$I;)>FA*_8&-T$,)(BR]A1Y:_=J-@1I!SU)Q_30D1O`"J$/Z'>"
MQ%FPQXF6(YR0YU!70PA"S5,0IS6)I'D03D2[";&[!FD6+$P/&\?8COW85[S8
MCSW9CTV]HWE$V-ODY5^RF]<-FDI3HG6V&[5#DUVJJ8
M2F9BZO]-6R?5!D[[=NY"+2I7V"LD=_+:=2N=9FLUPV@\)68K'W_[2(;GT-=N
M1\P=/7K*Z+EKIQ=P.HI-(Z.2PF^8_Q8DIIUSP+'E.ZK<*P@^^;1S"*GI-*('
M00LO)&]#A3J<2$2I2!P*1/+,Z8TICNX[9SC:E(+EG'86W`_`8;0KR+:5"'I/
M1?):K*Y((X]$,DDEEV2R22>?A#)**9FB9S"X4"LLR\'XRA++P@++BZ_1T)!2
M&;X
7<"$JRVH*+
MKT4RP9.<#XQ:O2BEPRLE@?4W1U3*RL$IT77.J)6IK:",A;F=K`"'0,$XV*M)
MYHDN*/K;]8N00.D4M,)+D4HH2].*+9T)E"V(SE+3<-*\!7NYO-(\&!.(WP6?
M8M&)B\55E/2>9UV_GK!;B