-----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, L8a1ej1KPzzgZ/e0aSrUSEKY28pz1Jj80xuH6aamuFmFZtRBd1cejer7UlII9XZW cmVe12xWsBCyQns8zhUaYg== 0001193125-09-159301.txt : 20090730 0001193125-09-159301.hdr.sgml : 20090730 20090730134227 ACCESSION NUMBER: 0001193125-09-159301 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090730 FILED AS OF DATE: 20090730 DATE AS OF CHANGE: 20090730 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: 09973121 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 July, 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 Second Quarter 2009 Operating Results   
Exhibit 99.2    ASM Wins New ALD Business in Japan at Multiple High-K Logic Gate Manufacturers   

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 30, 2009   ASM INTERNATIONAL N.V.
      /s/    HANS VAN SELM        
    Hans van Selm
   

Finance Director

Front - end


ASM INTERNATIONAL N.V.

(THE “REGISTRANT”)

(COMMISSION FILE NO. 0-13355)

EXHIBIT INDEX

TO

FORM 6-K

DATED July 30, 2009

 

Exhibit No.

  

Exhibit Description

   Filed Herewith
99.1    ASM International Reports Second Quarter 2009 Operating Results    X
99.2    ASM Wins New ALD Business in Japan at Multiple High-K Logic Gate Manufacturers    X
EX-99.1 2 dex991.htm ASM INTERNATIONAL REPORTS SECOND QUARTER 2009 OPERATING RESULTS ASM INTERNATIONAL REPORTS SECOND QUARTER 2009 OPERATING RESULTS

Exhibit 99.1

 

LOGO    
 

ASM International N.V.

ASM INTERNATIONAL REPORTS

SECOND QUARTER 2009 OPERATING RESULTS

ALMERE, THE NETHERLANDS, July 29, 2009 - ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its second quarter 2009 (unaudited) operating results in accordance with US GAAP.

 

   

Second quarter of 2009 net sales of EUR 119.5 million, up 34% from the first quarter of 2009 and down 43% from the second quarter of 2008. Front-end sales were down 40%, Back-end sales were up 112%;

 

   

Restructuring expenses of EUR 15.4 million were incurred and an inventory impairment charge of EUR 20.6 million was recognized in the second quarter of 2009;

 

   

Net loss (allocated to the shareholders of the parent) of the second quarter of 2009 was EUR 55.7 million, or EUR 1.08 diluted net loss per share, as compared to net loss of EUR 23.3 million, or EUR 0.45 diluted net loss per share for the first quarter of 2009 and net earnings of EUR 9.6 million or EUR 0.18 diluted net earnings per share for the second quarter of 2008;

 

   

Bookings in the second quarter of 2009 were EUR 155.8 million, up 85% from the first quarter of 2009. Bookings from our Front-end segment were down 36% and bookings from our Back-end segment were up 167%. Quarter-end backlog was EUR 122.4 million, up 42% from the end of the previous quarter.

Investor Contacts:

Erik Kamerbeek

Investor Relations

+31 88 100 8500

Mary Jo Dieckhaus

Investor Relations

+1 212-986-290

Media Contact:

Ian Bickerton

+31 625 018 512


Commenting on the Company’s operating results, Chuck del Prado, President and Chief Executive Officer of ASM International, said, “Within Front-end, the sequential Q2 over Q1 decline in both bookings and billings reflects the nature of our product mix and customer base. For example, our advanced ALD and low-k technologies are more geared towards technology upgrades for the 32nm and 22nm logic technology nodes than towards the 3x memory shrinks. In both Q4 and Q1, our weighting toward logic device manufacturers helped us to counter some of the industry’s decline in capital spending patterns in those periods. For the second quarter, the market dynamic shifted as some memory & foundry players took the lead in spending.”

“In Back-end, demand rebounded significantly following the trough of Q1. Our diversified product and customer base that extends beyond the semiconductor industry, contributed to the sharp recovery in bookings. ASM Pacific Technology is also reaping the benefits from recent capital employment in its leadframe, LED assembly and packaging, and post-bonding equipment operations, which has helped generate market share gains even during the downturn.”

“As we announced last week, we are making progress with our Perform! program in achieving healthy Front-end profitability and are taking more aggressive steps on a faster timeline to complete the restructuring of Front-end.”

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

 

(EUR millions)

   Q2 2008     Q1 2009     Q2 2009     % Change
Q1 2009
to
Q2 2009
    % Change
Q2 2008
to
Q2 2009
 

Net sales

   209.4      89.1      119.5      34   (43 )% 

Gross profit before impairment of inventories

   81.2      21.3      33.7      58   (58 )% 

Gross profit margin %

   38.8   23.9   28.2   4.3 pt 1)    (10.6 )pt 1) 

Impairment inventories

   —        —        (20.6    

Gross profit

   81.2      21.3      13.1      (38 )%    (84 )% 

Selling, general and administrative expenses

   (31.8   (25.2   (25.7   2   (19 )% 

Research and development expenses

   (18.4   (16.6   (14.6   (12 )%    (21 )% 

Amortization of other intangible assets

   (0.1   (0.1   (0.2   nm      Nm   

Impairment of goodwill

   (1.4   —        —         

Restructuring expenses

   —        (4.1   (15.4    
                      

Earnings from operations

   29.5      (24.7   (42.7    

Net earnings (loss) 2)

   9.6      (23.3   (55.7    

Net earnings (loss) 2) per share, diluted

   0.18      (0.45   (1.08    

New orders

   193.3      84.4      155.8      85   (19 )% 

Backlog at end of period

   174.5      86.1      122.4      42   (30 )% 

 

1) Percentage point change

 

2) allocated to the shareholders of the parent

 

2


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

 

(EUR millions)

   Q2 2008    Q1 2009    Q2 2009    % Change
Q1 2009
to
Q2 2009
    % Change
Q2 2008
to
Q2 2009
 

Front-end

   77.2    45.8    27.6    (40 )%    (64 )% 

Back-end

   132.2    43.3    91.9    112   (30 )% 
                           

Total net sales

   209.4    89.1    119.5    34   (43 )% 
                           

During the second quarter of 2009, net sales of wafer processing equipment (Front-end segment) represented 23% of total net sales and sales of assembly and packaging equipment and materials (Back-end segment) represented 77% of total net sales.

Due to the difficult market conditions a decrease in net sales of our Front-end segment was encountered in all product lines. However equipment systems bookings were strongest towards the end of the second quarter.

Our Back-end segment has seen encouraging signs of a rebound in the semiconductor assembly and packaging equipment industry in the second quarter of 2009 compared to the first quarter of 2009. This rebound is mainly caused by the stimulus packages implemented by the Chinese government, robust demand for handsets in China, and demand for LED backlite modules for displays. Our Back-end segment saw improved performance across all our major product lines.

The strengthening of the Yen, US dollar and US dollar related currencies against the euro in the second quarter of 2009 as compared to the second quarter of 2008 impacted total net sales by 13.7%.

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

 

(EUR millions)

   Gross
profit

Q2 2008
   Gross
profit

Q1 2009
   Gross
profit

before
impairment
inventories
Q2 2009
   Gross
profit
margin

Q2 2008
    Gross
profit
margin

Q1 2009
    Gross
profit
margin

Q2 2009
    Increase or
(decrease)

percentage
points

Q1 2009 to
Q2 2009
    Increase or
(decrease)

percentage
points

Q2 2008 to
Q2 2009
 

Front-end

   24.6    12.1    0.4    31.9   26.5   1.7   (24.8   (30.2

Back-end

   56.6    9.2    33.3    42.8   21.2   36.2   15.0      (6.6
                                             

Total gross profit

   81.2    21.3    33.7    38.8   23.9   28.2   4.3      (10.6
                                             

The decrease in the gross profit margin excluding the impairment of inventories of our Front-end segment in the second quarter of 2009 is the result of the low sales level and the absorption of our manufacturing overhead. As a result of the current prolonged contraction in the market and strategic focus on certain of our product configurations an impairment of inventories has been recorded of EUR 20.6 million in the second quarter of 2009, resulting in a negative gross profit margin of EUR 20.2 million or (73%) of net sales.

In our Back-end segment gross margins have further improved in the second quarter of 2009 resulting from successful cost reduction efforts and improved sales levels, even when costs have generally gone up in view of the increased production activities in the second quarter in order to meet demand. Besides successful cost reduction efforts, our leadframe gross margins have also benefited from much lower metal prices as compared to last year.

 

3


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

 

(EUR millions)

   Q2 2008    Q1 2009    Q2 2009    % Change
Q1 2009
to
Q2 2009
    % Change
Q2 2008
to
Q2 2009
 

Front-end

   17.9    15.9    14.7    (8 )%    (18 )% 

Back-end

   13.9    9.3    11.0    18   (21 )% 
                           

Total selling, general and administrative expenses

   31.8    25.2    25.7    2   (19 )% 
                           

As a percentage of net sales, selling, general and administrative expenses were 21% in the second quarter of 2009 and 28% in the first quarter of 2009 and 15% in the second 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 further reduction of headcount of the Front-end segment in the second quarter of 2009.

The decrease in the Back-end segment compared with the second quarter of 2008 is the result of the implementation of major costs reduction programs, initiated after the market downturn in the second half of 2008. Compared with the first quarter of 2009 the selling, general administrative expenses increased as a result of increased activities.

Headcount of the Front-end segment was further reduced by 3% in the second quarter of 2009.

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

 

(EUR millions)

   Q2 2008    Q1 2009    Q2 2009    % Change
Q1 2009
to
Q2 2009
    % Change
Q2 2008
to
Q2 2009
 

Front-end

   11.0    10.1    8.1    (20 )%    (26 )% 

Back-end

   7.4    6.5    6.5    —        (12 )% 
                           

Total research and development expenses

   18.4    16.6    14.6    (12 )%    (21 )% 
                           

As a percentage of net sales, research and development expenses were 12% in the second quarter of 2009, 19% in the first quarter of 2009 and 9% in the second quarter of 2008.

The decrease in the Front-end segment from the first quarter of 2009 and the second quarter of 2008 is the result of the prioritisation of research and development projects.

At the Back-end segment the research and development expenses in the second quarter of 2009 were at a similar level as compared to the first quarter of 2009.

Restructuring Expenses. In 2009 ASMI is implementing a major restructuring in our Front-end segment as announced on January 9, 2009 and on July 20, 2009. Related to these restructuring plans, an amount of EUR 15.4 million restructuring expenses was recorded in the second quarter of 2009. These charges include EUR 7.8 million in one-time employee termination benefit obligations, EUR 2.3 million in non cash fixed asset impairment charges, EUR 4.3 million related to the intended management buy-out of our RTP business and EUR 1.0 million in other transition charges.

 

4


In the first quarter of 2009 an amount of EUR 4.1 million restructuring charges was recognized, mainly related to one-time employee termination benefit obligations.

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

 

(EUR millions)

   Q2 2008     Q1 2009     Q2 2009     Change
Q1 2009
to
Q2 2009
    Change
Q2 2008
to
Q2 2009
 

Front-end:

          

Excluding impairments and restructuring charges

   (4.4   (14.0   (22.5   (8.5   (18.1

Impairments and restructuring

   (1.4   (4.1   (36.0   (31.9   (34.6
                              

Including impairments and restructuring

   (5.8   (18.1   (58.5   (40.4   (52.7

Back-end

   35.3      (6.6   15.8      22.4      (19.5
                              

Total earnings (loss) from operations

   29.5      (24.7   (42.7   (18.0   (72.2
                              

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

 

(EUR millions)

   Q2 2008     Q1 2009     Q2 2009     Change
Q1 2009
to
Q2 2009
    Change
Q2 2008
to
Q2 2009
 

Front-end:

          

Excluding impairments, restructuring and fair value change Conversion option

   (5.4   (16.7   (23.9   (7.2   (18.5

Impairments and restructuring

   (1.4   (3.0   (34.9   (31.9   (33.5

Fair value change Conversion option

   —        0.6      (4.7   (5.3   (4.7
                              

Including impairments, restructuring and fair value change Conversion option

   (6.8   (19.1   (63.5   (44.4   (56.7

Back-end

   16.4      (4.2   7.8      12.0      (8.6
                              

Total net earnings (loss) 1)

   9.6      (23.3   (55.7   (32.4   (65.3
                              

 

1) allocated to the shareholders of the parent

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

 

5


Six months ended June 30, 2009

The following table shows the operating performance and the percentage change for the six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions, except earnings per share)

   Six months ended June 30,  
     2008     2009     % Change  

Net sales

   406.5      208.6      (49 )% 

Gross profit before impairment of inventories

   157.6      55.0      (65 )% 

Gross profit margin %

   38.8   26.4   (12.4 )pt 

Impairment inventories

   —        (20.6   (20.6

Gross profit

   157.6      34.4      (78 )% 

Selling, general and administrative expenses

   (60.9   (50.9   16

Research and development expenses

   (37.3   (31.1   17

Amortization of other intangible assets

   (0.2   (0.3   nm   

Impairment of goodwill

   (1.4   —        —     

Restructuring expenses

   —        (19.5   —     
                  

Earnings from operations

   57.8      (67.4   —     

Net earnings (loss) 1)

   22.2      (79.0   —     

Net earnings (loss) per share, diluted1)

   0.41      (1.53   —     

New orders

   380.6      240.2      (37 )% 

Backlog at end of period

   174.5      122.4      (30 )% 

 

1)

allocated to the shareholders of the parent

Net Sales. The following table shows net sales of our Front-end and Back-end segments for the six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Six months ended June 30,  
     2008    2009    % Change  

Front-end

   161.1    73.4    (54 )% 

Back-end

   245.4    135.2    (45 )% 
                

Total net sales

   406.5    208.6    (49 )% 
                

During the six months ended June 30, 2009 net sales of wafer processing equipment (Front-end segment) represented 35% of total net sales and sales of assembly and packaging equipment and materials (Back-end segment) represented 65% of total net sales.

The market conditions in the semiconductor industry impacted the sales levels in the first six months ended June 30, 2009 compared to the same period in 2008. Lower sales levels of 54% in our Front-end segment and 45% in our Back-end segment were recorded. In our Front-end segment the decrease continued quarter over quarter and are noticed in all productlines. In the Back-end segment the six months period ended June 30, 2009 started with weak sales levels and rebounded in the second quarter of 2009 as market conditions improved significantly in the assembly and packaging equipment industry due to the stimulus packages implemented by the Chinese government.

The strengthening of the Yen, US dollar and US dollar related currencies against the euro in the first six months of 2009 as compared to the same period of 2008 impacted total net sales by 13.8%.

 

6


Gross Profit Margin. The following table shows gross profit and gross profit margin for the Front-end and Back-end segments for the six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Six months ended June 30,  
     Gross profit    Gross profit margin        
     2008    2009
excluding
impairment
charges
inventories
   2008     2009     Increase or
(decrease)
percentage
points
 

Front-end

   53.2    12.6    33.0   17.2   (15.8

Back-end

   104.4    42.4    42.6   31.4   (11.2
                            

Total gross profit

   157.6    55.0    38.8   26.4   (12.4
                            

The decrease in the gross profit margin excluding the impairment of inventories of our Front-end segment in the second quarter of 2009 is the result of the low sales level and the absorption of our manufacturing overhead. As a result of the current prolonged contraction in the market and strategic focus of certain of our product configurations a write down of inventories has been recorded of EUR 20.6 million in the second quarter of 2009. In our Back-end segment gross margins have decreased during the 6 months ended June 30, 2009 compared to the same period in 2008 due to the industry dynamics. However rebounded during the second 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 six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Six months ended June 30,  
     2008    2009    % Change  

Front-end

   34.4    30.6    11

Back-end

   26.5    20.3    23
                

Total selling, general and administrative expenses

   60.9    50.9    16
                

As a percentage of net sales, selling, general and administrative expenses were 24% in the first half year of 2009 and 15% in the same period 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 six months of 2009.

The decrease in the Back-end segment compared with the same period in 2008 is the result of the implementation of major costs reduction programs.

Headcount of the Front-end segment was further reduced by 11% in the first half year of 2009.

Research and Development Expenses. The following table shows research and development expenses for our Front-end and Back-end segments for the six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Six months ended June 30,  
     2008    2009    % Change  

Front-end

   22.7    18.1    20

Back-end

   14.6    13.0    11
                

Total research and development expenses

   37.3    31.1    17
                

 

7


As a percentage of net sales, research and development expenses were 15% in the first six months of 2009 and 9% in the first six months of 2008.

The decrease in both the Front-end and the Back-end segment is the result of the prioritisation of research and development projects.

Restructuring Expenses. In 2009 ASMI is implementing major restructuring plans in our Front-end segment as announced on January 9, 2009 and on July 20, 2009. Related to these restructuring plans, an amount of EUR 19.5 million restructuring expenses was recorded in the first six months of 2009. These charges include EUR 11.9 million in one-time employee termination benefit obligations, EUR 2.3 million in non cash fixed asset impairment charges, EUR 4.3 million related to the intended management buy-out of our RTP business and EUR 1.0 million in other transition charges.

Earnings (Loss) from Operations. The following table shows earnings from operations for our Front-end and Back-end segments for the six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Six months ended June 30,  
     2008     2009     Change  

Front-end:

      

Excluding impairments and restructuring charges

   (4.2   (36.4   (32.2

Impairments and restructuring charges

   (1.4   (40.1   (38.7
                  

Including impairments and restructuring charges

   (5.6   (76.5   (70.9
                  

Back-end

   63.4      9.1      (54.3
                  

Total earnings (loss) from operations

   57.8      (67.4   (125.2
                  

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 six months ended June 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Six months ended June 30,  
     2008     2009     Change  

Front-end:

      

Excluding impairments, restructuring charges and fair value change conversion option

   (6.5   (40.7   (34.2

Impairments and restructuring charges

   (1.4   (37.8   (36.4

Fair value change conversion options

   —        (4.1   (4.1
                  

Including impairments, restructuring charges and fair value change conversion options

   (7.9   (82.6   (74.7
                  

Back-end

   30.1      3.6      (26.5
                  

Total earnings (loss) 1)

   22.2      (79.0   (101.2
                  

 

1)

Allocated to the shareholders of the parent

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

 

8


Bookings and backlog

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

 

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

      
     Q2 2008    Q1 2009    Q2 2009    % Change
Q1 2009 to
Q2 2009
    % Change
Q2 2008 to
Q2 2009
 

Front-end:

             

New orders for the quarter

   60.8    34.4    22.1    (36 )%    (64 )% 

Backlog at the end of the quarter

   75.1    41.7    36.2    (13 )%    (52 )% 

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

   0.79    0.75    0.80     

Back-end:

             

New orders for the quarter

   132.5    50.0    133.7    167   1

Backlog at the end of the quarter

   99.4    44.4    86.2    94   (13 )% 

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

   1.00    1.15    1.45     

Total

             

New orders for the quarter

   193.3    84.4    155.8    85   (19 )% 

Backlog at the end of the quarter

   174.5    86.1    122.4    42   (30 )% 

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

   0.92    0.95    1.30     

The following table shows the level of new orders during the six months ended June 30, 2008 and 2009 and the backlog at June 30, 2008 and 2009 and the percentage change:

 

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

   Six months ended June 30,  
     2008    2009    % Change  

Front-end:

        

New orders

   137.0    56.5    (59 )% 

Backlog at June 30

   75.1    36.2    (52 )% 

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

   0.85    0.77   

Back-end:

        

New orders

   243.6    183.7    (25 )% 

Backlog at June 30

   99.4    86.2    (13 )% 

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

   0.99    1.36   

Total

        

New orders

   380.6    240.2    (37 )% 

Backlog at June 30

   174.5    122.4    (30 )% 

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

   0.94    1.15   

Liquidity and capital resources

Net cash used in operations was EUR 6.4 million for the second quarter of 2009 as compared to net cash provided by operations of EUR 29.5 million for the second quarter of 2008. For the six months ended June 30, 2009 net cash used in operations was EUR 0.5 million as compared to net cash provided by operations of EUR 61.4 for the comparable period in 2008. These decreases result mainly from the decreased earnings, partly offset by cash inflows from lower working capital.

 

9


Net cash used in investing activities was EUR 2.3 million for the second quarter of 2009 as compared to EUR 8.0 million for the second quarter of 2008. For the six months period ended June 30, 2009 net cash used in investing activities was EUR 5.3 million compared to EUR 15.5 million in the same period last year. The decrease results mainly from lower capital expenditures.

Net cash used in financing activities was EUR 15.3 million for the second quarter of 2009 as compared to net cash used in financing activities of EUR 54.5 million for the second quarter of 2008. During the first half year of 2008, EUR 32 million was spent on the repurchase of treasury shares. For the six months period ended June 30, 2009 net cash used in financing activities was EUR 17.6 million, in the same period of 2008 this was EUR 57.1 million.

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 232.9 million at March 31, 2009 to EUR 208.1 million at June 30, 2009. The decrease includes the (non-cash) impairment of EUR 20.6 million in inventories in the second quarter of 2009 and the balance of lower manufacturing and sales levels in the Front-end segment and the higher manufacturing and sales levels in the Back-end segment. The number of outstanding days of working capital, measured based on annual sales, increased from 133 days at March 31, 2009 to 138 days at June 30, 2009. For the same period, our Front-end segment decreased from 170 days to 163 days. Our Back-end segment increased from 108 days to 123 days.

At June 30, 2009, the Company’s principal sources of liquidity consisted of EUR 132.8 million in cash and cash equivalents and EUR 98.6 million in undrawn bank lines. Approximately EUR 68.7 million of the cash and cash equivalents and EUR 27.3 million of the undrawn bank lines are restricted to use in the Company’s Back-end operations and EUR 15.8 million of the cash and cash equivalents and EUR 26.3 million in undrawn bank lines are restricted to use in the Company’s Front-end operations in Japan.

Change in accounting policies

As per January 1, 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 January 1, 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 (for Q2, 2009 € 1.0 million). The conversion option is measured at market value through the income statement (revaluation loss in Q2, 2009 € 4.7 million).

 

10


Outlook

Following the further decline in semiconductor capital spending in 2009 of an estimated 50 percent versus 2008, industry analysts are projecting a rebound in capital spending for 2010, up about 30 percent off the cyclical trough. While visibility is improving, it continues to be limited, thus the timing of potential orders is still difficult to predict.

For ASMI, we expect third quarter operating results will continue to reflect the divergent markets and customer bases of its two business sectors, with Front-end showing some modest improvement, while Back-end should continue to benefit from the strong rebound in customer demand.

Although we are seeing an improvement in Front-end bookings from the very low Q2 levels, orders remain at relatively low levels. For the third quarter, we expect billings to continue to be affected by market conditions. We are strongly encouraged, however, by customer commitments to our advanced technologies, such as ALD, and believe we will benefit from their investments when the industry recovers. In the meantime, we continue to execute our aggressive cost-cutting and restructuring activities to lower Front-end’s breakeven point, and optimize our organizational performance.

Based on its current strong backlog, we expect Back-end third quarter results to show continued strength. Although we expect Back-end 2H results to outperform 1H reported earnings, we remain cautious on the outlook for fourth quarter, due to the lack of long-term visibility.

Interim Financial Report

On August 31, 2009 ASM International will publish its Interim Financial report for the six months ended June 30, 2009. This report is in accordance with the requirements of the EU Transparency Directive as implemented in the Netherlands 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, 2009 will be available online at www.asm.com as from August 31, 2009.

 

11


ASM INTERNATIONAL CONFERENCE CALL

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

THURSDAY, JULY 30, 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 August 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.

 

12


ASM INTERNATIONAL N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(thousands, except earnings per share data)

                     In Euro  
     Three months ended June 30,     Six months ended June 30,  
     2008     2009     2008     2009  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Net sales

   209,400      119,519      406,479      208,606   

Cost of sales

   (128,179   (106,395   (248,836   (174,187
                        

Gross profit

   81,221      13,124      157,643      34,419   

Operating expenses:

        

Selling, general and administrative

   (31,793   (25,668   (60,919   (50,873

Research and development

   (18,420   (14,578   (37,283   (31,147

Amortization of other intangible assets

   (117   (180   (243   (293

Impairment of goodwill

   (1,395   —        (1,395   —     

Restructuring expenses

   —        (15,406   —        (19,542
                        

Total operating expenses

   (51,725   (55,832   (99,840   (101,855
                        

Earnings (loss) from operations

   29,496      (42,708   57,803      (67,436

Net interest expense

   (945   (1,566   (1,744   (2,973

Accretion of interest convertible

   —        (957   —        (2,041

Revaluation conversion option

   —        (4,684   —        (4,082

Foreign currency exchange gains (losses)

   (525   323      402      (997
                        

Earnings (loss) before income taxes

   28,026      (49,592   56,461      (77,529

Income tax benefit (expense)

   (3,882   859      (7,859   1,763   
                        

Net earnings (loss)

   24,144      (48,733   48,602      (75,766
                        

Allocation of net earnings (loss)

        

Shareholders of the parent

   9,596      (55,727   22,235      (79,003

Minority interest

   14,548      6,994      26,367      3,237   
                        

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

        

Basic net earnings (loss)

   0.19      (1.08   0.42      (1.53

Diluted net earnings (loss) (1)

   0.18      (1.08   0.41      (1.53
                        

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

        

Basic

   51,852      51,609      52,823      51,609   

Diluted (1)

   61,915      51,609      62,787      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 and six months ended June 30, 2009, the effect of a potential conversion of convertible debt into 7,289,843 and 7,245,193 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.

 

13


ASM INTERNATIONAL N.V.

CONSOLIDATED BALANCE SHEETS

 

(thousands, except share data)

         In Euro  
     December 31,
2008
    June 30,
2009
 
           (unaudited)  

Assets

    

Cash and cash equivalents

   157,277      132,771   

Accounts receivable, net

   172,603      122,613   

Inventories, net

   197,700      165,638   

Income taxes receivable

   108      197   

Deferred tax assets

   4,685      7,794   

Other current assets

   27,323      27,990   
            

Total current assets

   559,696      457,003   

Debt issuance costs

   1,353      1,081   

Deferred tax assets

   2,285      2,332   

Other intangible assets

   7,918      9,648   

Goodwill, net

   47,989      47,665   

Property, plant and equipment, net

   148,557      127,990   
            

Total Assets

   767,798      645,719   
            

Liabilities and Shareholders’ Equity

    

Notes payable to banks

   16,858      14,262   

Accounts payable

   69,718      46,859   

Accrued expenses

   56,657      62,463   

Advance payments from customers

   5,728      7,245   

Deferred revenue

   4,979      2,376   

Income taxes payable

   26,964      16,604   

Current portion of long-term debt

   6,763      20,286   
            

Total current liabilities

   187,667      170,095   

Pension liabilities

   6,490      6,229   

Deferred tax liabilities

   539      374   

Long-term debt

   23,268      18,628   

Convertible subordinated debt

   106,793      82,439   

Conversion option

   —        7,010   
            

Total Liabilities

   324,757      284,775   

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      322,481   

Treasury shares at cost

   (37,215   (37,215

Retained earnings

   92,111      21,005   

Accumulated other comprehensive loss

   (64,092   (66,385
            

Total Shareholders’ Equity

   317,902      242,277   

Minority interest

   125,139      118,667   
            

Total Equity

   443,041      360,944   
            

Total Liabilities and Equity

   767,798      645,719   
            

 

14


ASM INTERNATIONAL N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(thousands)

                     In Euro  
     Three months ended June 30,     Six months ended June 30,  
     2008     2009     2008     2009  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Increase (decrease) in cash and cash equivalents:

        

Cash flows from operating activities:

        

Net earnings (loss)

   24,144      (48,733   48,602      (75,766

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

        

Depreciation of property, plant and equipment

   7,739      8,688      15,661      17,616   

Amortization of other intangible assets

   360      405      731      951   

Impairment of property, plant and equipment

   —        2,312      —        2,312   

Impairment of goodwill

   1,395      —        1,395      —     

Impairment of inventories

   —        20,629      —        20,629   

Addition provision restructuring expenses

   —        10,763      —        10,763   

Amortization of debt issuance costs

   260      131      433      266   

Compensation expense employee stock option plan

   455      531      880      1,173   

Compensation expense employee share incentive scheme ASMPT

   2,233      1,210      3,094      1,637   

Revaluation conversion option

   —        4,684      —        4,082   

Additional non-cash interest convertible

   —        957      —        2,041   

Other

   —        81      —        81   

Deferred income taxes

   (303   (2,619   (593   (3,874

Changes in other assets and liabilities:

        

Accounts receivable

   (1,461   235      21,697      47,619   

Inventories

   6,123      (768   (5,325   7,570   

Other current assets

   (690   (5,926   (7,116   (1,001

Accounts payable and accrued expenses

   (9,068   563      (19,362   (25,500

Advance payments from customers

   (1,899   1,253      2,162      1,642   

Deferred revenue

   (3,167   (1,690   (2,883   (2,554

Pension liabilities

   41      64      122      73   

Income taxes

   3,378      785      1,948      (10,246
                        

Net cash provided by (used in) operating activities

   29,540      (6,445   61,446      (486
                        

Cash flows from investing activities:

        

Capital expenditures

   (6,852   (870   (16,617   (2,606

Purchase of intangible assets

   (1,638   (1,505   (1,814   (2,787

Proceeds from sale of property, plant and equipment

   441      124      2,977      122   
                        

Net cash used in investing activities

   (8,049   (2,251   (15,454   (5,271
                        

Cash flows from financing activities:

        

Notes payable to banks, net

   256      (1,534   506      (1,534

Repayments of long-term debt and subordinated debt

   (2,663   (1,446   (4,392   (3,713

Purchase of treasury shares

   (30,914   —        (32,018   —     

Dividend tax paid on withdrawal of treasury shares

   —        (3,399   —        (3,399

Proceeds from issuance of preferred shares

   220      —        220      —     

Proceeds from issuance of common shares

   918      —        952      —     

Dividend to minority shareholders

   (22,341   (8,969   (22,341   (8,969
                        

Net cash used in financing activities

   (54,524   (15,348   (57,073   (17,615

Exchange rate effects

   (1,205   (4,677   (4,557   (1,139
                        

Net decrease in cash and cash equivalents

   (34,238   (28,721   (15,638   (24,511

Cash and cash equivalents at beginning of period

   186,523      161,487      167,923      157,277   
                        

Cash and cash equivalents at end of period

   152,285      132,766      152,285      132,766   
                        

Supplemental disclosures of cash flow information

        

Cash paid during the period for:

        

Interest, net

   2,476      2,787      1,815      2,950   

Income taxes, net

   806      974      6,503      12,356   
                        

Non cash investing and financing activities:

        

Conversion of subordinated debt into 349,286 common shares

   4,656      —        4,656      —     
                        

 

15


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 June 30, 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)

               In Euro  
     Front-end     Back-end     Total  

Three months ended June 30, 2008

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   77,170      132,230      209,400   

Gross profit

   24,592      56,629      81,221   

Earnings (loss) from operations

   (5,754   35,250      29,496   

Net interest income (expense)

   (1,150   205      (945

Foreign currency exchange losses

   (19   (506   (525

Income tax benefit (expense)

   121      (4,003   (3,882

Net earnings (loss)

   (6,802   30,946      24,144   

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (6,802   16,398      9,596   

Minority interest

   —        14,548      14,548   

Capital expenditures and purchase of intangible assets

   3,491      4,999      8,490   

Depreciation and amortization

   3,626      4,473      8,099   

Impairment of goodwill

   1,395      —        1,395   

Three months ended June 30, 2009

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   27,626      91,893      119,519   

Gross profit

   (20,148   33,272      13,124   

Earnings (loss) from operations

   (58,498   15,790      (42,708

Net interest income (expense)

   (1,671   105      (1,566

Accretion of interest convertible

   (957   —        (957

Revaluation conversion option

   (4,684   —        (4,684

Foreign currency exchange gains (losses)

   (96   419      323   

Income tax benefit (expense)

   2,336      (1,477   859   

Net earnings (loss)

   (63,570   14,837      (48,733

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (63,570   7,843      (55,727

Minority interest

   —        6,994      6,994   

Capital expenditures and purchase of intangible assets

   1,691      684      2,375   

Depreciation and amortization

   3,615      5,478      9,093   

Impairment of fixed assets

   2,312      —        2,312   

 

16


ASM INTERNATIONAL N.V.

DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION (2/2)

 

(thousands, except headcount)

               In Euro  
     Front-end     Back-end     Total  

Six months ended June 30, 2008

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   161,048      245,431      406,479   

Gross profit

   53,144      104,499      157,643   

Earnings (loss) from operations

   (5,541   63,344      57,803   

Net interest income (expense)

   (2,368   624      (1,744

Foreign currency exchange gains (losses)

   (131   533      402   

Income tax benefit (expense)

   175      (8,034   (7,859

Net earnings (loss)

   (7,865   56,467      48,602   

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (7,865   30,100      22,235   

Minority interest

   —        26,367      26,367   

Capital expenditures and purchase of intangible assets

   9,395      9,036      18,431   

Depreciation and amortization

   7,294      9,098      16,392   

Impairment of goodwill

   1,395      —        1,395   

Cash and cash equivalents

   95,157      57,128      152,285   

Capitalized goodwill

   10,794      33,690      44,484   

Other intangible assets

   4,442      635      5,077   

Other identifiable assets

   287,879      292,341      580,220   

Total assets

   398,272      383,794      782,066   

Total debt

   168,978      —        168,978   

Headcount in full-time equivalents (1)

   1,741      10,421      12,162   

Six months ended June 30, 2009

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   73,380      135,226      208,606   

Gross profit

   (8,025   42,444      34,419   

Earnings (loss) from operations

   (76,569   9,133      (67,436

Net interest income (expense)

   (3,188   215      (2,973

Accretion of interest convertible

   (2,041   —        (2,041

Revaluation conversion option

   (4,082   —        (4,082

Foreign currency exchange losses

   (230   (767   (997

Income tax benefit (expense)

   3,477      (1,714   1,763   

Net earnings (loss)

   (82,633   6,867      (75,766

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (82,633   3,630      (79,003

Minority interest

   —        3,237      3,237   

Capital expenditures and purchase of intangible assets

   3,296      2,090      5,386   

Depreciation and amortization

   7,367      11,200      18,567   

Impairment of fixed assets

   2,312      —        2,312   

Cash and cash equivalents

   64,039      68,732      132,771   

Capitalized goodwill

   10,096      37,569      47,665   

Other intangible assets

   9,283      365      9,648   

Other identifiable assets

   196,437      259,198      455,635   

Total assets

   279,855      365,864      645,719   

Total debt

   142,625      —        142,625   

Headcount in full-time equivalents (1)

   1,485      9,085      10,570   

 

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

 

17


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.

 

18


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     Net earnings  
     Three months ended June 30,     Six months ended June 30,  

(EUR thousands, except per share data)

   2008     2009     2008     2009  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

US GAAP

   24,144      (48,733   48,602      (75,766

Adjustments for IFRS:

        

Convertible subordinated notes (1)

   (47,876   —        (50,171   —     

Development expenses

   2,530      (3,276 )(2)    5,871      (855

Dividend preferred shares

   (2   (1   (2   (4
                        

Total adjustments

   (45,348   (3,277   (44,302   (859

IFRS

   (21,204   (52,010   4,300      (76,625
                        

IFRS allocation of net earnings (loss):

        

Shareholders

   (35,752   (59,004   (22,067   (79,862

Minority interest

   14,548      6,994      26,367      3,237   

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

        

Basic

   (0.68   (1.14   (0.42   (1.55

Diluted

   (0.68   (1.14   (0.42   (1.55
                        
                 Total Equity     Total Equity  
                 June 30,     June 30,  

(euro thousands)

               2008     2009  
                 (unaudited)     (unaudited)  

US GAAP

       426,088      360,944   

Adjustments for IFRS:

        

Goodwill

       (9,005   (9,848

Convertible subordinated notes (1)

       (58,643   —     

Development expenses

       34,351      36,446   

Pension plans

       741      803   

Preferred shares

       (220   (220
                

Total adjustments

       (32,776   27,181   

IFRS

       393,312      388,125   
                

 

(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

 

(2) An impairment charge of EUR 7.530 as result of strategic choices was recognized in the second quarter of 2009

 

19

EX-99.2 3 dex992.htm ASM WINS NEW ALD BUSINESS IN JAPAN AT MULTIPLE HIGH-K LOGIC GATE MANUFACTURERS ASM WINS NEW ALD BUSINESS IN JAPAN AT MULTIPLE HIGH-K LOGIC GATE MANUFACTURERS

Exhibit 99.2

ASM Wins New ALD Business in Japan at Multiple

High-K Logic Gate Manufacturers

ALMERE, THE NETHERLANDS, July 29, 2009 – ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) (www.asm.com), today announced that it has sold its Pulsar® Atomic Layer Deposition (ALD) system for high-k gates to two top Japanese logic device manufacturers for insertion in the 32/28nm technology node. The tools will be used for hafnium-based high-k gate dielectrics, as well as for the dielectric capping layers used to tune work function of the gate stack. One customer also ordered ASM’s EmerALD® process module for metal gates.

“These orders further extend our leadership position in delivering manufacturing solutions for high-k gates, having now shipped well over 100 Pulsar ALD tools,” said Bob Hollands, Director of Marketing for Transistor Products at ASM. “The performance benefits of high-k films deposited in the Pulsar, and our customer-focused approach that enables process integration solutions, were key factors in gaining these new customers. With process integration knowledge for high-k gates growing, we are seeing the adoption of high-k metal gates now accelerate rapidly. The combination of Pulsar and EmerALD demonstrates the benefit of ASM’s capability to deposit in a clustered system the high-k film, the dielectric capping layer and the metal electrode.”

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.

ASM International

Investor Contacts:

Erik Kamerbeek

Tel: +31 88 100 8500

Mary Jo Dieckhaus

Tel: +1 212 986 2900

Media Contacts:

Ian Bickerton

Tel: +31 20 6855 955

Mobile: +31 625 018 512

GRAPHIC 4 g74043g02y28.jpg GRAPHIC begin 644 g74043g02y28.jpg M_]C_X``02D9)1@`!`0$!+`$L``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,# M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_ MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`!#`+4#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]_****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BO/?VIOVGO"?['?P0UCX@>-;B[M]` MT41K(+6W:XGFDD=8XXT0=69V4#)`&+LZDWI??EC%7E.5G?EBGTO9.Y[E^V;_`,%?OAS^RUXD7P7X>@U#XI_% M:\?[/9^$O#*FZN!-V6>1`RQ>ZX9_]C'->6:-\0?VHO'_`,*O'MI\6+OP_P"# M+[QMH-UJ6G>']`C'V[P7I,$,C7$TMR"3Y\[&*",%F*LTD@V^45'T%^S%^PM\ M&/\`@FK\,=3U'PUHMOI[V5H]SK'B343]IU2\1%+.TDQ&<'D^6@5<]%S5RZ\) MZ@O[-GQ.\8>(;9[7Q/XUT&]N[BVD^_I=HEK*+6Q]C%&Q+XX,TLQ'!%UJI.D92M M*QX+\5?B5^U/\.M*T`?"UO#OCV?X=:?$OB'PQJT`CU#Q=82KNM-1@N.#YGEJ M\3J"/WT$A"N&5:](_8L_X*Y_#/\`:[UMO"=]]N^''Q/M'\B]\'^)5^RWJS#J ML+,`)OH`'QR4%>D?$G0KSP[X,\)_$+1+:6YUCP=8(;RUA7,FJZ7)&ANK<#^) MU"+-&.IDA51@.V>:_:V_X)Z?!S_@HMX(L=0\1Z5!+J,UM'<:/XJTAQ;ZG;(R MAHI(YP/G3&"%<,OH`>:I4Z\)-TI7\GLUY/H_O77J8_VADN+H1I9G0Y$VTJM) M)3C*]VIPTC4B[W7PR2?*I/EL?0U%_VL/@IH7C_`,&W5Q=^'?$,32VSW$#02J5= MHW1T;D,KJRGJ.."1@UT4L3&K>FTXR[/?U7?U1XN:<.5\K5/,*4H5\.Y+EJ1= MXM[\LD[2A*RUC))VO:ZU/@[P3\.?B!H$VK'P-9?$*`WE]+<70T-)=-58F8^0 MERTX0R7:CS`_#$#82[%L`K]*J*PCER2MS,].IQY4E+F>&@_.5V_F]/R"OD'_ M`(+D_P#!1E_^"8W_``3T\5>/]*GM4\:ZA)%H?A6*=!(LFH3YQ(4/WEBB664C MH?+`[U]?5^"'_!7>UNO^"Y?_``7C\!?LGZ)J=Y!\.OA#;3W/BN^LB#]GN#&L MM[(,@KN1?LUJN0=LKN.YKTCX$_9C]AK]JS1OVX/V1OA_\5M!*"Q\:Z/#?O"K M;OL=QC;<6Y/K%,LD9]TKU>OQ(_X-2_C]KO[-/QB^./[%7Q"G,/B+X=:U=:MH M<T+5X-\%U:S)=6E["PZJZDHZ$=P2#0!X' M_P`$O?\`@IS\/_\`@JM^S7;_`!"\"FYL)[:?[#KFB7C*UWH=X%#&)R.'0J0R M2#AU/0$,J\G_`,%O_P!O_4?^":G[!.H?$[14AFUFU\0Z-96MO*`1=J]]$]S# MSW>UCN%SVSGM7T)\`/V:OA_^RKX"3PO\./!_A_P5X?25[C[%I-FEM&\CL69V MVC+,2>K$G&!T`%?CS_P>I_%&\U'X+?`;X2Z0LMWJGC/Q/D#W%`'[-_"'XJ:)\&[Q-0\/\`BO3+?5M.N4/$UO/&LD;> MQVL,CL>*Z*OR!_X-"_VWKWXF_LF>*_@!XM>>V\9?`_4GCM;6ZRLXTR>5_P!V M0>K*$_NU_5I^R'\8XOVAOV5/AM MX\AD65/&/AC3M8+*/?AQJ::7J?AVZG:W1;A'5IH=S`!I%3>5P=I=",Y&*XO]C+_@K_`/#G M]J/Q*?!?B*#4/A7\5K1_L]YX2\3*;6X:;NMO(X42^RX5_P#8QS7F_P#P1E'_ M`!DQ^V1_V4^;_P!#N*]A_P""E_[&_P`)?VEO@_<7/CKPG'JGB6,I8^'K[3W% MIK'VZ5@EO##.!G!D*Y#AD50S%<*2/+C4KSIK$0:ZW3VT;Z[I_?Z'Z;BY)+[3V/1/'@/QM^,]GX03+^'/!TD& ML>(3_!=7>1)96)]0I`N9!Z+;@Y$AKI/VC/\`DWOQW_V+NH?^DTE?GSX4L_VI M/^"-FFN+ZQ_X:0^##2&\U"[L$9/$NCNR@22,&W/,BA1RQ<;54;H@,5]2>!OV M[_AE^W9^R%\0-<^'?B"/4C9^';X:AITZ>1J&ENUM+A9X3RN<'##*M@X8XJJ> M)C)2C/W9N^C_`$[KT./,^&L1AI4<5@Y*OA(RBE4AJKMJ_.OBIR;Z32TLDY6N M>_\`@7_D2-&_Z\8/_1:UY]\*B/@K\3[[X?3?N]#U43:SX58\+%&6!N[`?]<9 M'$B#_GE-M'$)KE?VE?\`@H'\+_V#/@QH&I_$#7A;7M_I\1TW1[-/M&I:JP10 M1#".<9(!=BJ`GEJ^0/''A#]JO_@L5I`NFLU_9R^$MMOO-'AN=W_"2ZU)Y3HC M,PVO!&Z2,I(V#:YXF%57Q,8M1@N::Z+]>QEDG#%?$TJF)QTE0PDFU[2>B!/!-CJ'Q@^+5VYM[3PMX9! MN6AF["XF0,L>.Z@,X[J!S7HWP@_:GD\$_#OX6Z9\:K/P]\,_B5\2IYK+3O#- ME.US$TZDN(E=055O+,9;)P'?:&)(K+_X)R?LC?"']F[X+6-U\-?"::->W\;0 M:O=W^+C66NHW*3P7,Y&=TWFUK9)+97:Z[M_])_SGWW1117J'YF>*_P#!13]L72?V!?V*OB'\6=6,+KX2TF2:RMY& MP+Z^?$=K!_VTG>-3CH"3VK\K/^#4/P[X+^&OPC^)/[0_Q2^(?@JU^)7QKUF8 M*=5UZU@O4LHYW>65T>0,AGNVD8@@96"(]"*S?^#HOXV:Y^VW^V5\"_V'_A]= M%]0\0ZM:ZOXC,1)6"6&?V"?^"P_P`$/VQ_A5XI\,>(K75;B*Q\ M866AZO;W4DS6Z"&8.L3D@7%@YC!(P&M\]2*_?KP/XTTOXD>"M(\1:)>1:AHV MO64.HV%U$YN?#\.I:O:SVES>1H7BAD1;9&*R%=F0PQOSVQ7I'_!I#^W?)^T;^P!=_"C M7[ESXP^!MX-*\F19-PCN[V88YC^=`&-^WQ8R?\$+_^#D'P1\=K%'T_X2_'Z1U\ M0E!M@A:X=(M3#=OW!?\`!,KQ?8:7 M8_:_&O@!3XL\.;$S+++;HQGMU[GS;IR&/4/!7BFWU06['F,W$3VTH`[`/9#/NU`'[=4444`?`G_!&;_DY?\`;(_[ M*?-_Z'<5]3>$_P#B^'QNN?$CYD\,^`YIM+T0?P7NI8,=Y=CU$0W6R'^\;KL5 M-?$O_!/N_P#$?@_X[?M8Z!I=M>Z9XE\>?%6XL-)N9H"HM(0)I+F^&[`98(75 MP>C22P+_`,M!7V5X=^*=GI&@VG@KX0Z)'XG7085T_P"WM.8M$TS8`I\Z[P3- M*#RR0B1RQ.\IG=7DX*:]E&+V3?WW=E^OW'ZAQKAY_P!K5JU+5SA22=TE&/LH M*4FWHKN\%KK[RWL>K^)/$VG>#="N=4U>_L],TVR3S)[JZF6&&%?5F8@`?6OF M\?#;0?'3^-]5^&W@?PY\/=,\=V+VWB7QYJ&F+92ZG;^6X:2"VPCRX5V833F. M//S`2BO5/#?[.\>HZY;:]X[U-_&WB"U?SK99X?*TO2G[&UM,E58=I9#)+Q]\ M#BO/O^"N3E/^"9_QK*DJ3X7NAD''!`!'Y5U5[N#G):)-VZ[=^GR^\^9R-06- MI8+#U&Y590@Y:\BO)6?+ISV=FN:RNOA>Y7U+PWX>\*^,O#/B?XL>!/#/B*?P MM:"VT'XAV&G"\@LX#RK31G?):$\'S%,D0+$^8F<5]%:1K%IX@TNWOK"ZMKZR MND$L%Q;RK+%,AZ,K*2"#Z@UXQ_P308R?\$]/@J6)8GP7I?+')/\`HL==!J_[ M.\GA+5+C6/AQJB>#M2N',USIIA\_0]3<\DRVH(\IV(YE@*/W;?TIT4XP4XJZ M>OG_`,'YZF>;JG/%3PE:;C*E*44]>1VD_LZN%W=^[>-WLEJ0ZG_Q8SX[QWZ_ MN_"OQ(N$M;P=$L-9"!(9?9;F-!$Q_P">L4/>4FOEK_@K#_RD%_8E_P"QVN__ M`&TKZ6\1_$K3/'VA77@+XH:3-X+U'7D-G#*UQOTZ_DSE)+*]P%\U6"NB2".8 M,%(0XS7QY^VIJ_B+X@_MI?L].K^!VT5P66ZQ,ZI<";:-EXHE3]UPI*=\U M^BM%`'YR?\%>_P#@W8\$?\%*/B+;?%'PEXIO_A+\9[!8A_PD&GPF2#4S$`(6 MN$1D=9D`4+-&X8*`"&"KM^4=:_X-H/VO/VG(K+PK\=?VSM4\0_#FUD4RV%O> M:EJ4EPBD8!BG:.+?P,,Y?:><&OW)HH`\6_8=_8+^'W_!.G]FRR^&?PKTS^RM M+L]\\MW='S[O4[QU`:ZN7`'F2-M7I@!555"J`!\U_P#!$S_@BA>_\$GO$WQ: M\0Z_\0+/XB>(OBG=VMQ+>0:2VG_9%B>XD=2&ED+%Y+@G.1C:.M??M%`",H92 M"`0>"#WKX@_X)9?\$8_"W_!-7]I;]H#Q]I/V*;_A:&OB3P]#$I!T31R!<-:# M(X_TJ208&04MX#G.17W!10`5^?W_``3C_P"")NI?\$]O^"CGQL^-&G?$*QU; MPG\7GOI!X831W@ETUI[X7<1\_P`YE?R\RI_JUR'[=*_0&B@`HHHH`^-/V\?# M=[\&/$7BKXQ_$+QMI`^&5E9V>E1:(VCW\R6L32@,)_LD@DG62=PSJ=L9"1AU M?8*])_9]^*WB;XW_``PT[6OAMXL^"FM^%3&(K5])L+L00`#_`%9C68&)A_<8 M*1Z"O>=7T>T\0Z7<6-_:VU]97<9BGM[B-98ID(P596!#`CJ",5\(_&S_`((U MWOPF\>W7Q(_92\97'P<\;.?-N="+-)X;UO'/ER0$,(@3VVL@SPJ=:\^K3J4I M\]-73W77Y='Z:'Z!E.89?F&%C@_VEI< M^J_L?QD_Z"/PR_\`!=??_'Z\`_X*GVOQ23_@G9\8#K%]\/Y-,'ANX^TK9V-X MD[)@9V%I2H;TR"*Y7X'?\%EKGX8^/K7X;?M4^#KCX,>.F/E6^M,ID\.:WCCS M(YP6$8)[EF09Y=>E>P?\%8-7M-=_X)=?&.]L;JWO+*Z\*3RP7$$@DBF1@I#* MPR"".A%*=:G5H3<'LG==5IU1TX'+&]$SQYC2G:)<'H2RH M217??RUB,Q,S'LBJS'L*XW]@CPOK'Q0U_P`.?&#P?XZTZ]^%VO:1/IJZ-)I- M]'+-'',XA:*2[E,L:12B78K;U"S2!"JL`./^`O\`P1D'C?Q_;_$K]J'Q?<_& MSXA`B6#3IR4\/:,:^ZM.TZWTBPAM+2"&UM;9!%## M"@2.)`,!54<``<`"G2IU*D_:5%9+9=?GT^6ICF^8Y?@<(\!E]7VU26DY*$8T MK6LU",ES2=[6J/DM;W8ZW)J***[SX`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@#COCK\`O!?[2/P]N_#/COPUI/BC0[I26M;Z`2!&QPZ-]Z-QV M9"&'8U^8_P#P0KTV/6_CQ^TO\%]2:?5_A7I*QV]GX9U*=[VPMXY99XY$592Q M`=``PSS@$\\T45Y>,BOK-)VW;7RL?J?!^(JOAC.*;D^6$:4HJ[M&7M8KFBND MK:76HS_@MAI<>J_MN_LY?!1GNK7X4:AI\:W/ABRN9+/3Y@EP8D!2%E/RQHJK MS\H'&,FOU#^#GP1\(_L]^!+3PSX)\.Z3X8T&R&(K.P@$29[LV.7<]V8ECW)H MHHP45]8K.VJ:7RL+C7$58\/9/1C)J,J
-----END PRIVACY-ENHANCED MESSAGE-----