-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RhgBclohKfRKMhaJKdwmW7wYT1Y85OBl8vaxCbL5LmRMtxU6Q7TXIgi7yGvL55De cPu/mKwHoHgk4vYUemDu/w== 0001193125-09-091283.txt : 20090429 0001193125-09-091283.hdr.sgml : 20090429 20090429105420 ACCESSION NUMBER: 0001193125-09-091283 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20090429 FILED AS OF DATE: 20090429 DATE AS OF CHANGE: 20090429 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: 09777715 BUSINESS ADDRESS: STREET 1: JAN VAN EYCKLAAN 10 STREET 2: 3723 BC BILTHOVEN CITY: THE NETHERLANDS STATE: P7 BUSINESS PHONE: 6022434221 MAIL ADDRESS: STREET 1: JAN VAN EYCKLAAN 10 STREET 2: 3723 BC BILTHOVEN CITY: NETHERLANDS STATE: AR ZIP: 85012 FORMER COMPANY: FORMER CONFORMED NAME: ADVANCED SEMICONDUCTOR MATERIALS INTERNATIONAL N V DATE OF NAME CHANGE: 19950530 6-K 1 d6k.htm FORM 6-K Form 6-K

 

 

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 April 2009

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  x    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)(1):  ¨

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 101(b)(7):  ¨

Note: Regulation S-T Rule 101(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 12g3-2(b) under the Securities Exchange Act of 1934.    Yes  ¨    No  x

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 reports first quarter 2009 operating results

  
Exhibit 99.2    Taiwan Foundry Selects ASM International for High-k ALD   
Exhibit 99.3    Tokyo Electron Limited Acquires 4.9% Shareholding in ASM International   

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: April 29, 2009   ASM INTERNATIONAL N.V.
      /s/    ARNOLD J.M. VAN DER VEN        
    Arnold J.M. van der Ven
   

Managing Director and

Chief Financial Officer


ASM INTERNATIONAL N.V.

(THE “REGISTRANT”)

(COMMISSION FILE NO. 0-13355)

EXHIBIT INDEX

TO

FORM 6-K

DATED April 29, 2009

 

Exhibit No.

  

Exhibit Description

   Filed Herewith
99.1   

ASM International reports first quarter 2009 operating results

   X
99.2    Taiwan Foundry Selects ASM International for High-k ALD    X
99.3    Tokyo Electron Limited Acquires 4.9% Shareholding in ASM International    X
EX-99.1 2 dex991.htm ASM INTERNATIONAL REPORTS FIRST QUARTER 2009 OPERATING RESULTS ASM International reports first quarter 2009 operating results

EXHIBIT 99.1

LOGO

ASM International N.V.

Investor contacts:

Erik Kamerbeek

+ 31 88 100 8500

Erik.kamerbeek@asm.com

Mary Jo Dieckhaus

+1 212-986-2900

MaryJo.Dieckhaus@asm.com

Naud van der Ven

+ 31 88100 8540

Media contact:

Charles Huijskens

+31 20 6855 955

Mobile: +31 653 105072

c.huijskens@huijskens.nl

ASM INTERNATIONAL REPORTS

FIRST QUARTER 2009 OPERATING RESULTS

ALMERE, THE NETHERLANDS, April 28, 2009—ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its first quarter 2009 operating results in accordance with US GAAP.

 

   

First quarter of 2009 net sales of EUR 89.1 million, down 41% from the fourth quarter of 2008 and down 55% from the first quarter of 2008;

 

   

Net loss allocated to the shareholders of the parent of the first quarter of 2009 was EUR 23.3 million, or EUR 0.45 diluted net loss per share, as compared to net loss of EUR 6.2 million, or EUR 0.12 diluted net loss per share for the fourth quarter of 2008 and net earnings of EUR 12.6 million or EUR 0.22 diluted net earnings per share for the first quarter of 2008;

 

   

Bookings in the first quarter of 2009 were EUR 84.4 million, up 4% from the fourth quarter of 2008. Bookings from our Front-end segment were down 32% and bookings from our Back-end segment were up 65%. Quarter-end backlog was EUR 86.1 million, down 5% from the end of the previous quarter;

 

   

Front-end segment cash balance increased from EUR 78.9 million per 31 December 2008 to EUR 82.6 million per 31 March 2009.

 

1


Commenting on the results, Chuck del Prado, President and CEO of ASM International, said: “During the 2009 first quarter, the continuing global economic uncertainty further deteriorated semiconductor equipment demand levels, following on the very weak fourth quarter environment. This severely impacted the performance of both our Front-end and Back-end operations in the first three months of 2009.”

“Despite the negative bottom line, Front-end was able to report positive cash flow for the first quarter. In Back-end, strong cost-cutting reduced the cost base by 26% from the prior quarter.”

“In Front-end, we have initiated a comprehensive action plan, titled PERFORM!

This program accelerates and extends our short-term cost reduction initiatives. Our focus is to streamline our worldwide Front-end operations drastically and further reduce our cost base. We target a cost reduction of at least 30% (compared to our Q4 2008 operating run rate) which will result in a Front-end EBIT break-even level of approx. € 55 million per quarter by the second half of 2010 (based on average Q1-09 exchange rates). PERFORM! also includes a dedicated and focused effort on lowering our working capital from € 143 million end 2008 to around € 100 million by the end of 2009.”

The following table shows the operating performance for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Q1 2008     Q4 2008     Q1 2009     % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009
 

Net sales

   197.1     150.9     89.1     (41 )%   (55 )%

Gross profit

   76.4     43.9     21.3     (52 )%   (72 )%

Gross profit margin %

   38.8 %   29.1 %   23.9 %   (5.2 )%(1)   (14.9 )%(1)

Selling, general and administrative expenses

   (29.1 )   (35.0 )   (25.2 )   (28 )%   (13 )%

Research and development expenses

   (18.9 )   (18.9 )   (16.6 )   (12 )%   (12 )%

Amortization of other intangible assets

   (0.1 )   (0.1 )   (0.1 )   —       —    

Restructuring expenses

   —       (7.1 )   (4.1 )   (42 )%   nm  
                              

Earnings from operations

   28.3     (17.2 )   (46.0 )   (167 )%   nm  

Net earnings (loss) allocated to the shareholders of the parent

   12.6     (6.2 )   (23.3 )   (276 )%   nm  

Net earnings (loss) allocated to the shareholders of the parent per share, diluted

   0.22     (0.12 )   (0.45 )    

New orders

   187.3     80.9     84.4     4 %   (55 )%

Backlog at end of period

   190.6     90.7     86.1     (5 )%   (55 )%
                              

 

(1) Percentage point change

 

2


Net Sales. The following table shows net sales of our Front-end and Back-end segments for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Q1 2008    Q4 2008    Q1 2009    % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009
 

Front-end

   83.9    72.4    45.8    (37 )%   (45 )%

Back-end

   113.2    78.5    43.3    (45 )%   (62 )%
                           

Total net sales

   197.1    150.9    89.1    (41 )%   (55 )%
                           

In the first quarter of 2009, net sales of wafer processing equipment (Front-end segment) represented 51.4% of total net sales. Net sales of assembly and packaging equipment and materials (Back-end segment) represented 48.6% of total net sales in the first quarter of 2009.

Due to the difficult market conditions net sales decrease of our Front-end segment was noticed in all product lines.

The strengthening of the Yen, US dollar and US dollar related currencies against the euro in the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008 impacted total net sales positively by 2% and 15% respectively.

Gross Profit Margin. The following table shows our gross profit and gross profit margin for our Front-end and Back-end segments for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Gross profit
Q1 2008
   Gross profit
Q4 2008
   Gross profit
Q1 2009
   Gross profit
margin

Q1 2008
    Gross profit
margin

Q4 2008
    Gross profit
margin

Q1 2009
    Increase or
(decrease)

percentage
points

Q4 2008 to
Q1 2009
    Increase or
(decrease)

percentage
points

Q1 2008 to
Q1 2009
 

Front-end

   28.6    20.4    12.1    34.0 %   28.2 %   26.5 %   (1.7 )   (7.5 )

Back-end

   47.8    23.5    9.2    42.2 %   29.9 %   21.2 %   (8.7 )   (21.0 )
                                             

Total gross profit

   76.4    43.9    21.3    38.8 %   29.1 %   23.9 %   (5.2 )   (14.9 )
                                             

The gross profit margin of our Front-end segment for the first quarter of 2009 of 26.5% compares to the gross profit margin for the fourth quarter of 2008 of 28.8%, and 33.6% when excluding the write off on RTP inventory of EUR 3.9 million. The decrease in the fourth quarter of 2009 is to a large extent explained by the underutilization of our manufacturing overhead associated with the lower sales volume compared to the fourth quarter of 2008.

Headcount of the Front-end segment was further reduced by 8% in the first quarter of 2009.

Selling, General and Administrative Expenses. The following table shows selling, general and administrative expenses for our Front-end and Back-end segments for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Q1
2008
   Q4
2008
   Q1
2009
   % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009
 

Front-end

   16.5    20.7    15.9    (23 )%   (4 )%

Back-end

   12.6    14.3    9.3    (35 )%   (26 )%
                           

Total selling, general and administrative expenses

   29.1    35.0    25.2    (28 )%   (13 )%
                           

 

3


As a percentage of net sales, selling, general and administrative expenses were 28% in the first quarter of 2009 and 23% in the fourth quarter of 2008 and 15% in the first quarter of 2008.

Selling, general and administrative expenses of our Front-end segment decreased as a result of our focus to reduce our expenses given the current market circumstances, including the reduction of headcount of the Front-end segment in the first quarter of 2009. In addition, selling, general and administrative expenses of our Front-end segment in the fourth quarter of 2008 included, amongst others, a write off on accounts receivable.

The decrease in the Back-end segment from the fourth quarter of 2008 is the result of the implementation of major costs reduction programs.

Research and Development Expenses. The following table shows research and development expenses for our Front-end and Back-end segments for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Q1 2008    Q4 2008    Q1 2009    % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009
 

Front-end

   11.7    10.4    10.1    (3 )%   (14 )%

Back-end

   7.2    8.5    6.5    (24 )%   (10 )%
                           

Total research and development expenses

   18.9    18.9    16.6    (12 )%   (12 )%
                           

As a percentage of net sales, research and development expenses were 19% in the first quarter of 2009 and 13% in the fourth quarter of 2008 and 10% in the first quarter of 2008.

The decrease in the Front-end segment from the fourth quarter of 2008 is the result of the prioritisation of research and development projects. The decrease would have been slightly larger without strengthening of foreign currencies.

The decrease in the Back-end segment from the fourth quarter of 2008 is the result of the implementation of major costs reduction programs.

Restructuring expenses. As announced on 9 January 2009, ASMI plans for a major restructuring of ASM Europe, including the transition of manufacturing activities from The Netherlands to Singapore in the course of 2009. Restructuring also takes place in other Front-end segment activities. Related to these restructuring projects, in the first quarter of 2009 EUR 4.1 million expenses occurred.

Earnings (loss) from Operations. The following table shows earnings from operations for our Front-end and Back-end segments for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Q1 2008    Q4 2008     Q1 2009     % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009

Front-end

   0.2    (17.9 )   (18.1 )   (1 )%   nm

Back-end

   28.1    0.7     (6.6 )   nm     nm
                           

Total earnings (loss) from operations

   28.3    (17.2 )   (24.7 )   (44 )%   nm
                           

 

4


Net Earnings (loss) allocated to the shareholders of the parent. The following table shows net earnings for our Front-end and Back-end segments for the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions)

   Q1 2008     Q4 2008     Q1 2009     % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009

Front-end

   (1.1 )   (11.9 )   (19.1 )   nm     nm

Back-end

   13.7     1.6     (4.2 )   nm     nm

Gain on dilution of investment in ASMPT (Back-end)

     4.1        
                            

Total net earnings (loss) allocated to the shareholders of the parent

   12.6     (6.2 )   (23.3 )   (276 )%   nm
                            

Net earnings for the Back-end segment reflect our 52.87% ownership of ASM Pacific Technology.

Bookings and backlog

The following table shows, for our Front-end and Back-end segments, the level of new orders for the first quarter of 2009 and the backlog at the end of the first quarter of 2009 as compared to the fourth quarter of 2008 and the first quarter of 2008:

 

(EUR millions, except book-to-bill ratio)

   Q1 2008    Q4 2008    Q1 2009    % Change
Q4 2008
to
Q1 2009
    % Change
Q1 2008
to
Q1 2009
 

Front-end:

             

New orders for the quarter

   76.2    50.6    34.4    (32 )%   (55 )%

Backlog at the end of the quarter

   91.5    53.0    41.7    (21 )%   (54 )%

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

   0.91    0.70    0.75     

Back-end:

             

New orders for the quarter

   111.1    30.3    50.0    65 %   (55 )%

Backlog at the end of the quarter

   99.1    37.7    44.4    18 %   (55 )%

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

   0.98    0.39    1.15     

Total

             

New orders for the quarter

   187.3    80.9    84.4    4 %   (55 )%

Backlog at the end of the quarter

   190.6    90.7    86.1    (5 )%   (55 )%

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

   0.95    0.54    0.95     

Liquidity and capital resources

Net cash provided by operations was EUR 6.0 million for the first quarter of 2009 as compared to net cash provided by operations of EUR 31.9 million for the first quarter of 2008. The decrease results mainly from the lower net earnings, partly offset by cash inflows from lower working capital.

Net cash used in investing activities was EUR 3.0 million for the first quarter of 2009 as compared to EUR 7.4 million for the first quarter of 2008. The decrease results mainly from lower capital expenditures.

 

5


Net cash used in financing activities was EUR 2.3 million for the first quarter of 2009 as compared to net cash used in financing activities of EUR 2.5 million for the first quarter of 2008.

Net working capital, consisting of accounts receivable, inventories, other current assets, accounts payable, accrued expenses, advance payments from customers and deferred revenue, decreased from EUR 260.5 million at December 31, 2008 to EUR 232.9 million at March 31, 2009. The decrease is primarily the result of lower manufacturing and sales levels. The number of outstanding days of working capital, measured based on annual sales, increased from 127 days at December 31, 2008 to 133 days at March 31, 2009. For the same period, our Front-end segment decreased from 176 days to 170 days and our Back-end segment increased from 95 days to 108 days.

At March 31, 2009, the Company’s principal sources of liquidity consisted of EUR 161.5 million in cash and cash equivalents and EUR 91.7 million in undrawn bank lines. Approximately EUR 78.9 million of the cash and cash equivalents and EUR 28.8 million of the undrawn bank lines are restricted to use in the Company’s Back-end operations and EUR 17.2 million of the cash and cash equivalents and EUR 27.9 million in undrawn bank lines are restricted to use in the Company’s Front-end operations in Japan.

Release of 2008 Statutory Annual Report

Today ASMI released its 2008 Statutory Annual Report, which includes its Consolidated Financial Statements prepared in accordance with International Financial Reporting Standards (“IFRS”). Under IFRS final net earnings allocated to shareholders of the parent amount to EUR 38.2 million. In previous years, the difference between the proceeds of issue of the convertible subordinated notes and the fair value assigned to the liability component, representing the embedded option for the holder to convert the notes into equity of the Company, was included in equity. Based on further interpretation and industry practice, including authoritative interpretation under US GAAP – EITF 07-05, the Company changed its accounting policy for its Subordinated Convertible notes with retrospective application. Management therefore provides reliable and more relevant information.

The resulting net earnings allocated to shareholders of the parent of EUR 38.2 million differs from preliminary net earnings as reported in the Company’s 2008 operating results press release on February 27, 2009.

Change in accounting policies

As per 1 January 2009, ASMI applies FAS 160 “Non-controlling Interests in Consolidated Financial Statements”. This Statement changes the way the consolidated income statement is presented. It requires consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the non-controlling interest (“minority interest”). It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and to the minority interest. Previously, net income attributable to the minority interest generally was reported as an expense in arriving at consolidated net income.

As per 1 January 2009, ASMI applies EITF 07-05 “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock”.

The Company’s convertible subordinated notes include a component that creates a financial liability to the Company and a component that grants an option to the holder of the convertible note to convert it into common shares of the Company (“conversion option”). EITF 07-05 requires separate recognition of these components.

 

6


The fair value of the liability component is estimated using the prevailing market interest rate at the date of issue, for similar non-convertible debt. Subsequently, the liability is measured at amortized cost. The interest expense on the liability component is calculated by applying the market interest rate for similar non-convertible debt at the date of issue to the liability component of the instrument. The difference between this amount and the interest paid is added to the carrying amount of the convertible subordinated notes, thus creating a non-cash interest expense (for Q1, 2009 € 1.1 million). The conversion option is measured at market value through the income statement (revaluation gain in Q1, 2009 € 0.6 million).

Outlook

For 2009, industry analysts are predicting a decline in semiconductor capital spending of 40-50% versus 2008. Lack of visibility continues to characterize the broader semiconductor equipment sector.

Although we are seeing relative strength for some of our Front-end products, we expect that the overall low level of orders will continue to have a negative impact on our operating results over the near-term.

For Back-end, even though absolute order levels remain well below normal ranges, the improvement in Q1 bookings over the prior quarter was an encouraging sign.

 

7


ASM INTERNATIONAL CONFERENCE CALL

ASM International will host an investor conference call and web cast on

WEDNESDAY, APRIL 29, 2009 at

09:00 a.m. US Eastern time

15:00 p.m Continental European time.

The teleconference dial-in numbers are as follows:

United States: +1 866.966.5335

International: +44 (0)20.3023.4456

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 May 13, 2009. The replay dial-in numbers are:

United States: +1 866.583.1035

International: +44 (0)20.8196.1998

Access Code: 117327#

About ASM International

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for wafer processing (Front-end segment) as well as assembly and packaging (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, 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.

 

8


ASM INTERNATIONAL

CONSOLIDATED STATEMENTS OF OPERATIONS

 

     In Euro  

(thousands, except earnings per share data)

   Three months ended
March 31,
 
     2008     2009  
     (unaudited)     (unaudited)  

Net sales

   197,079     89,087  

Cost of sales

   (120,657 )   (67,792 )
            

Gross profit

   76,422     21,295  

Operating expenses:

    

Selling, general and administrative

   (29,126 )   (25,205 )

Research and development

   (18,863 )   (16,569 )

Amortization of other intangible assets

   (126 )   (113 )

Restructuring expenses

   —       (4,136 )
            

Total operating expenses

   (48,115 )   (46,023 )
            

Earnings (loss) from operations

   28,307     (24,728 )

Net interest expense

   (799 )   (2,491 )

Fair value change conversion option

   —       602  

Foreign currency exchange gains (losses)

   927     (1,320 )
            

Earnings (loss) before income taxes

   28,435     (27,937 )

Income tax benefit (expense)

   (3,977 )   904  
            

Net earnings (loss)

   24,458     (27,033 )
            

Allocation of net earnings (loss)

    

Shareholders of the parent

   12,639     (23,276 )

Minority interest

   11,819     (3,757 )
            

Net earnings per share, allocated to the shareholders of the parent:

    

Basic net earnings

   0.23     (0.45 )

Diluted net earnings (1)

   0.22     (0.45 )
            

Weighted average number of shares used in computing per share amounts (in thousands):

    

Basic

   54,005     51,609  

Diluted (1)

   64,109     51,609  
            

 

(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. For the three months ended March 31, 2009, the effect of a potential conversion of convertible debt into 7,221,492 common shares was anti-dilutive and no adjustments have been reflected in the diluted weighted average number of shares and net earnings per share for this period.

 

9


ASM INTERNATIONAL

CONSOLIDATED BALANCE SHEETS

 

     In Euro  

(thousands, except share data)

   December\ 31,
2008
    March 31,
2009
 
           (unaudited)  

Assets

    

Cash and cash equivalents

   157,277     161,485  

Accounts receivable, net

   172,603     128,374  

Inventories, net

   197,700     194,050  

Income taxes receivable

   108     111  

Deferred tax assets

   4,685     5,620  

Other current assets

   27,323     23,223  
            

Total current assets

   559,696     512,863  

Debt issuance costs

   1,353     1,282  

Deferred tax assets

   2,285     4,623  

Other intangible assets

   7,918     8,696  

Goodwill, net

   47,989     49,759  

Property, plant and equipment, net

   148,557     143,971  
            

Total Assets

   767,798     721,194  
            

Liabilities and Shareholders' Equity

    

Notes payable to banks

   16,858     16,228  

Accounts payable

   69,718     45,448  

Accrued expenses

   56,657     56,769  

Advance payments from customers

   5,728     6,388  

Deferred revenue

   4,979     4,117  

Income taxes payable

   26,964     16,694  

Current portion of long-term debt

   6,763     6,210  
            

Total current liabilities

   187,667     151,854  

Pension liabilities

   6,490     6,302  

Deferred tax liabilities

   539     2,834  

Long-term debt

   23,268     20,647  

Convertible subordinated debt

   106,793     101,709  

Conversion option

   —       2,515  
            

Total Liabilities

   324,757     285,861  

Shareholders' Equity:

    

Common shares

    

Authorized 110,000,000 shares, par value €0.04, issued and outstanding 54,275,131 and 54,275,131 shares

   2,171     2,171  

Financing preferred shares, issued none

   —       —    

Preferred shares, issued and outstanding none and 21,985 shares

   220     220  

Capital in excess of par value

   324,707     325,349  

Treasury shares at cost

   (37,215 )   (37,215 )

Retained earnings

   92,111     76,734  

Accumulated other comprehensive loss

   (64,092 )   (58,872 )
            

Total Shareholders' Equity

   317,902     308,387  

Minority interest

   125,139     126,946  
            

Total Equity

   443,041     435,333  
            

Total Liabilities and Equity

   767,798     721,194  
            

 

10


ASM INTERNATIONAL

CONSOLIDATED STATEMENT OF CASH FLOWS

 

     In Euro  

(thousands)

   Three months ended
March 31,
 
     2008     2009  
     (unaudited)     (unaudited)  

Increase (decrease) in cash and cash equivalents:

    

Cash flows from operating activities:

    

Net earnings (loss)

   24,458     (27,033 )

Adjustments to reconcile net earnings to net cash from operating activities:

    

Depreciation of property, plant and equipment

   7,922     8,928  

Amortization of other intangible assets

   371     546  

Amortization of debt issuance costs

   173     135  

Compensation expense employee stock option plan

   425     642  

Compensation expense employee share incentive scheme ASMPT

   861     427  

Revaluation conversion option

   —       (602 )

Additional non cash interest convertible

   —       1,084  

Deferred income taxes

   (290 )   (1,255 )

Changes in other assets and liabilities:

    

Accounts receivable

   23,158     47,384  

Inventories

   (11,448 )   8,338  

Other current assets

   (6,426 )   4,925  

Accounts payable and accrued expenses

   (10,294 )   (26,063 )

Advance payments from customers

   4,061     389  

Deferred revenue

   284     (864 )

Pension liabilities

   81     9  

Income taxes

   (1,430 )   (11,031 )
            

Net cash provided by operating activities

   31,906     5,959  
            

Cash flows from investing activities:

    

Capital expenditures

   (9,765 )   (1,736 )

Purchase of intangible assets

   (176 )   (1,275 )

Disposal of intangible assets

   —       (7 )

Proceeds (loss) from sale of property, plant and equipment

   2,536     (2 )

Proceeds of marketable securities

   —       2  
            

Net cash used in investing activities

   (7,405 )   (3,018 )
            

Cash flows from financing activities:

    

Notes payable to banks, net

   250     —    

Repayments of long-term debt and subordinated debt

   (1,729 )   (2,267 )

Purchase of treasury shares

   (1,104 )   —    

Proceeds from issuance of common shares

   34     —    
            

Net cash used in financing activities

   (2,549 )   (2,267 )

Exchange rate effects

   (3,352 )   3,536  
            

Net increase in cash and cash equivalents

   18,600     4,210  

Cash and cash equivalents at beginning of period

   167,923     157,277  
            

Cash and cash equivalents at end of period

   186,523     161,487  
            

Supplemental disclosures of cash flow information

    

Cash paid during the period for:

    

Interest, net

   (661 )   163  

Income taxes, net

   5,697     11,382  
            

 

11


ASM INTERNATIONAL N.V.

DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION

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 holds a majority interest of 52.87% at March 31, 2009, whilst 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 and Malaysia.

 

(thousands, except headcount)

   In Euro  
     Front-end     Back-end     Total  

Three months ended March 31, 2008

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   83,878     113,201     197,079  

Gross profit

   28,552     47,870     76,422  

Earnings from operations

   213     28,094     28,307  

Net interest income (expense)

   (1,218 )   419     (799 )

Foreign currency exchange gains (losses)

   (112 )   1,039     927  

Income tax benefit (expense)

   54     (4,031 )   (3,977 )

Net earnings (loss)

   (1,063 )   25,521     24,458  

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (1,063 )   13,702     12,639  

Minority interest

   —       11,819     11,819  

Capital expenditures and purchase of intangible assets

   5,904     4,037     9,941  

Depreciation and amortization

   3,668     4,625     8,293  

Cash and cash equivalents

   111,410     75,113     186,523  

Capitalized goodwill

   12,528     33,584     46,112  

Other intangible assets

   3,171     670     3,841  

Other identifiable assets

   306,179     284,000     590,179  

Total assets

   433,288     393,367     826,655  

Total debt

   177,864     —       177,864  

Headcount in full-time equivalents (1)

   1,800     10,163     11,963  

Three months ended March 31, 2009

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   45,754     43,333     89,087  

Gross profit

   12,123     9,172     21,295  

Loss from operations

   (18,071 )   (6,657 )   (24,728 )

Net interest income (expense)

   (2,601 )   110     (2,491 )

Fair value change conversion option

   602     —       602  

Foreign currency exchange losses

   (134 )   (1,186 )   (1,320 )

Income tax benefit (expense)

   1,141     (237 )   904  

Net loss

   (19,063 )   (7,970 )   (27,033 )

Net loss allocated to:

      

Shareholders of the parent

   (19,063 )   (4,213 )   (23,276 )

Minority interest

   —       (3,757 )   (3,757 )

Capital expenditures and purchase of intangible assets

   1,605     1,406     3,011  

Depreciation and amortization

   3,752     5,722     9,474  

Cash and cash equivalents

   82,596     78,889     161,485  

Capitalized goodwill

   9,845     39,914     49,759  

Other intangible assets

   8,212     484     8,696  

Other identifiable assets

   253,622     247,632     501,254  

Total assets

   354,275     366,919     721,194  

Total debt

   147,309     —       147,309  

Headcount in full-time equivalents (1)

   1,531     9,556     11,087  

 

(1) Headcount includes those employees with a fixed contract, and is exclusive of temporary workers.

 

12


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”).

Principles of Consolidation

The Consolidated Financial Statements include the accounts of ASMI and its subsidiaries, where ASMI holds a controlling interest. The minority 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

As per 1 January 2009, ASMI applies FAS 160 “Non-controlling Interests in Consolidated Financial Statements”. This Statement changes the way the consolidated income statement is presented. It requires consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the non-controlling interest (“minority interest”). It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and to the minority interest. Previously, net income attributable to the minority interest generally was reported as an expense in arriving at consolidated net income.

As per 1 January 2009, ASMI applies EITF 07-05 “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock”.

The Company’s convertible subordinated notes include a component that creates a financial liability to the Company and a component that grants an option to the holder of the convertible note to convert it into common shares of the Company (“conversion option”). EITF 07-05 requires separate recognition of these components.

The fair value of the liability component is estimated using the prevailing market interest rate at the date of issue, for similar non-convertible debt. Subsequently, the liability is measured at amortized cost. The interest expense on the liability component is calculated by applying the market interest rate for similar non-convertible debt at the date of issue to the liability component of the instrument. The difference between this amount and the interest paid is added to the carrying amount of the convertible subordinated notes, thus creating a non-cash interest expense. The conversion option is measured at market value through the income statement.

 

13


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 goodwill, convertible subordinated notes until 31 December 2008, development expenses, option plans, pension plans and preferred shares.

The reconciliation between IFRS and US GAAP is as follows:

 

     Net earnings  
     Three months ended
March 31,
 

(EUR thousands, except per share data)

   2008     2009  
     (unaudited)     (unaudited)  

US GAAP

   24,458     (27,033 )

Adjustments for IFRS:

    

Convertible subordinated notes (1)

   (2,295 )   —    

Development expenses

   3,341     2,421  

Dividend preferred shares

   —       (3 )
            

Total adjustments

   1,046     2,418  

IFRS

   25,504     (24,615 )
            

IFRS allocation of net earnings:

    

Shareholders

   13,685     (20,858 )

Minority interest

   11,819     (3,757 )

Net earnings per share, allocated to the shareholders of the parent;

    

Basic

   0.25     (0.40 )

Diluted

   0.25     (0.40 )
     Total
Equity
    Total
Equity
 

(euro thousands)

   March 31,
2008
    March 31,
2009
 
     (unaudited)     (unaudited)  

US GAAP

   449,666     435,333  

Adjustments for IFRS:

    

Goodwill

   (8,979 )   (10,404 )

Convertible subordinated notes (1)

   14,856     —    

Development expenses

   32,668     41,475  

Pension plans

   783     1,766  

Preferred shares

   —       (220 )
            

Total adjustments

   39,328     32,617  

IFRS

   488,994     467,950  
            

 

(1) As a result of the application of EITF 07-05 as from 1 January 2009, the accounting treatment of the subordinated convertible notes under US GAAP is equal to the treatment under IFRS

 

14

EX-99.2 3 dex992.htm TAIWAN FOUNDRY SELECTS ASM INTERNATIONAL FOR HIGH-K ALD Taiwan Foundry Selects ASM International for High-k ALD

EXHIBIT 99.2

LOGO

ASM International N.V.

Taiwan Foundry Selects ASM International for High-k ALD

Will incorporate Hafnium-based materials into 28 nm manufacturing and

initiate process development for advanced generation high-k gates

ALMERE, the Netherlands, April 28, 2009—ASM International N.V. (NASDAQ: ASMI and Euronext Exchange in Amsterdam: ASM), announced that a Taiwanese foundry has selected ASM’s Pulsar® atomic layer deposition (ALD) tool for the volume manufacturing of its 28 nm node high-k gate dielectric process.

Additionally, the foundry will pursue process development activity with ASM for their advanced generation high-k gates. ASM will deliver additional Pulsar process modules during the second quarter of 2009 for the advanced node development program. The foundry has worked with ASM’s ALD high-k and metal gate equipment over the past four years to develop its high-k gate process, which utilizes hafnium-based materials.

“Achieving a successful high-k manufacturing process for the 28 nm node is a testament to ASM’s ability to integrate new materials into manufacturing,” said Glen Wilk, business unit manager for transistor products at ASM. “Having qualified our high-k process demonstrates its readiness for manufacturing at the 28 nm node, and we look forward to advanced developments that extend those same benefits to future nodes.”

ASM’s Pulsar was the first tool to be used in volume manufacturing of high-k gates, starting at the 45 nm node and now that lead is extending to the 28nm node. ASM’s high-k gate films include multiple hafnium based oxides, with aluminum oxide and lanthanum oxide available as high-k cap layers for metal electrode work function tuning.

About ASM International

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for wafer processing (Front-end segment) as well as assembly and packaging (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, 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.

For further information, please contact:

Investor contacts:

Erik Kamerbeek

+ 31 88 100 8500

Erik.kamerbeek@asm.com

Mary Jo Dieckhaus

+1 212-986-2900

MaryJo.Dieckhaus@asm.com

Media contact:

Charles Huijskens

+31 20 6855 955

Mobile: +31 653 105072

c.huijskens@huijskens.nl

EX-99.3 4 dex993.htm TOKYO ELECTRON LIMITED ACQUIRES 4.9% SHAREHOLDING IN ASM INTERNATIONAL Tokyo Electron Limited Acquires 4.9% Shareholding in ASM International

EXHIBIT 99.3

LOGO

ASM International N.V.

Tokyo Electron Limited Acquires 4.9% Shareholding in ASM International

ALMERE, the Netherlands, April 28, 2009—ASM International N.V. (Nasdaq: ASMI and Euronext Amsterdam: ASM) announces today that it has confirmed with Tokyo Electron Limited (Tokyo Stock Exchange – 1st Section: 8035), that it has acquired on the open market an interest in ASMI. Tokyo Electron Limited (TEL) has informed ASMI that this interest amounts to 4.9% of ASMI’s total common share capital.

TEL has told ASMI that its participation in ASMI is intended as a long-term investment. TEL has also told ASMI that at present it has no intention to increase its shareholding in ASMI.

ASMI values long-term committed shareholders and therefore welcomes TEL’s investment. TEL is among the world’s top three IC equipment companies.

ASMI and TEL have not entered into any specific agreement or understanding in connection with the share purchase. On December 19 2008, the companies entered into a licensing partnership concerning ASMI’s Atomic Layer Deposition (ALD) patents in the field of batch ALD.

About ASM International

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for wafer processing (Front-end segment) as well as assembly and packaging (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, 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.


For further information, please contact:

Investor contacts:

Erik Kamerbeek

Tel +31 653 492 120

Erik.kamerbeek@asm.com

Mary Jo Dieckhaus

Tel +1 212 986 2900

Maryjo.dieckhaus@asm.com

Media contact:

Charles Huijskens

Tel +31 20 6855 955

Mobile +31 653 105072

c.huijskens@huijskens.nl

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-----END PRIVACY-ENHANCED MESSAGE-----