-----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, UsE6wEfxFMkjGohYuHkbab9eJ4HlDEpxY+BWIhaw8b4rIZKdCFjX2N84la/V3NVi Ne51htYWaQ5dOTfbzwmIyg== 0001193125-09-218255.txt : 20091030 0001193125-09-218255.hdr.sgml : 20091030 20091030085107 ACCESSION NUMBER: 0001193125-09-218255 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20091030 FILED AS OF DATE: 20091030 DATE AS OF CHANGE: 20091030 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: 091146148 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 October, 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 N.V. Announces Revised Timing of the 2009 Third Quarter Results   
Exhibit 99.2    ASM International Reports Third Quarter 2009 Operating Results   
Exhibit 99.3    ASM International N.V. completes divesture of RTP business   
Exhibit 99.4    ASM International N.V. Expands Leadership in High-k ALD, Leading Logic Manufacturer Decides to Buy Pulsar Tool   

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: October 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 October 30, 2009

 

Exhibit No.

  

Exhibit Description

   Filed Herewith
99.1   

ASM International N.V. Announces Revised Timing of the 2009 Third Quarter Results

   X
99.2    ASM International Reports Third Quarter 2009 Operating Results    X
99.3    ASM International N.V. completes divesture of RTP business    X
99.4    ASM International N.V. Expands Leadership in High-k ALD, Leading Logic Manufacturer Decides to Buy Pulsar Tool    X
EX-99.1 2 dex991.htm ASM INTERNATIONAL N.V. ANNOUNCES REVISED TIMING OF THE 2009 THIRD QUARTER RESULT ASM International N.V. Announces Revised Timing of the 2009 Third Quarter Result

Exhibit 99.1

 

LOGO    
  ASM International N.V.

ASM International N.V. Announces Revised Timing of the 2009

Third Quarter Results

ALMERE, The Netherlands – October 28, 2009 – ASM International N.V. (NASDAQ: ASMI and Euronext Exchange in Amsterdam: ASM) will report operating results for the 2009 third quarter and nine months on Thursday, October 29, 2009 at approximately 11:00 a.m. Continental European Time (6:00 a.m. US Eastern Time).

The purpose of the changed timing is to align the announcement of the quarterly results of ASMI with the announcement of the quarterly results of ASM Pacific Technology Ltd. (HKSE 0522) as scheduled for 6 p.m. Hong Kong time on October 29th.

As previously announced, ASM International will host an investor conference call and web cast on Tuesday, November 3, 2009 at 15:00 Continental European Time (9:00 a.m. US Eastern 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 November 17, 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.

 

Contacts:          

Erik Kamerbeek

   Mary Jo Dieckhaus   

+31 88100 8500

   +1 212 986 2900   
EX-99.2 3 dex992.htm ASM INTERNATIONAL REPORTS THIRD QUARTER 2009 OPERATING RESULTS ASM International Reports Third Quarter 2009 Operating Results

Exhibit 99.2

 

LOGO    
 

ASM International N.V.

ASM INTERNATIONAL REPORTS

THIRD QUARTER 2009 OPERATING RESULTS

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

 

   

Third quarter of 2009 net sales of EUR 180.2 million, up 51% from the second quarter of 2009 and down 5% from the third quarter of 2008. Front-end sales were up 37%, Back-end sales were up 55%;

 

   

Restructuring expenses of EUR 9.2 million were incurred and an inventory impairment charge of EUR 5.9 million was recognized in the third quarter of 2009;

 

   

Net loss (allocated to the shareholders of the parent) of the third quarter of 2009 was EUR 15.8 million, or EUR 0.31 diluted net loss per share, as compared to net loss of EUR 55.7 million, or EUR 1.08 diluted net loss per share for the second quarter of 2009 and net earnings of EUR 2.4 million or EUR 0.05 diluted net earnings per share for the third quarter of 2008;

 

   

Bookings in the third quarter of 2009 were EUR 204.5 million, up 31% from the second quarter of 2009. Bookings from our Front-end segment were up 98% and bookings from our Back-end segment were up 20%. Quarter-end backlog was EUR 146.6 million, up 20% 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

 

1


Commenting on the Company’s operating results, Chuck del Prado, President and Chief Executive Officer of ASM International, said “Commenting on the company’s operating results, Chuck del Prado, President and Chief Executive Officer of ASM International, said, “ASM’s overall results are improving as a result of the market upturn and the restructuring program that is being executed.”

“In Front-end we see improvement in terms of sales and bookings. Front-end bookings almost doubled compared to the albeit low Q2-levels. Also we are on schedule with our cost reduction as part of the PERFORM! program. At the same time we are making inroads with new technologies positioning our front-end products and processes for the 32nm production ramps of our customers.”

“Back-end’s strong performance reflects continued solid business momentum from both the semiconductor assembly and packaging segment, and adjacent markets such as LED. In addition to reporting substantial growth in quarterly sales, Back-end significantly expanded its operating leverage as margins grew, driven by strong equipment and leadframe demand and aggressive cost-cutting measures implemented earlier this year”.

All amounts in this press release are rounded to the nearest thousand or million euro; therefore amounts may not equal (sub) totals due to rounding.

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

 

(EUR millions)

   Q3 2008     Q2 2009     Q3 2009     % Change
Q2 2009

to
Q3 2009
    % Change
Q3 2008

to
Q3 2009
 

Net sales

   190.0      119.5      180.2      51   (5 )% 

Gross profit before impairment of inventories

   68.7      33.7      69.0      105   0

Gross profit margin %

   36.2   28.2   38.3   10.1  pt 1)    2.1  pt 1) 

Impairment inventories

   —        (20.6   (5.9    

Gross profit

   68.7      13.1      63.1      382   (8 )% 

Selling, general and administrative expenses

   (30.7   (25.7   (28.2   10   (8 )% 

Research and development expenses

   (18.8   (14.6   (15.2   4   (19 )% 

Amortization of other intangible assets

   (0.1   (0.2   (0.0    

Impairment of goodwill

   —        —        —         

Restructuring expenses

   —        (15.4   (9.2    
                      

Earnings from operations

   19.1      (42.7   10.5       

Net earnings (loss) 2)

   2.4      (55.7   (15.8    

Net earnings (loss) 2) per share, diluted

   0.05      (1.08   (0.31    

New orders

   176.2      155.8      204.5      31   16

Backlog at end of period

   160.8      122.4      146.6      20   (9 )% 

 

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 third quarter of 2009 as compared to the second quarter of 2009 and the third quarter of 2008:

 

(EUR millions)

   Q3 2008    Q2 2009    Q3 2009    % Change
Q2 2009

to
Q3 2009
    % Change
Q3 2008

to
Q3 2009
 

Front-end

   63.4    27.6    37.8    37   (40 )% 

Back-end

   126.6    91.9    142.5    55   13
                           

Total net sales

   190.0    119.5    180.2    51   (5 )% 
                           

During the third quarter of 2009, net sales of wafer processing equipment (Front-end segment) represented 21% of total net sales and sales of assembly and packaging equipment and materials (Back-end segment) represented 79% of total net sales.

Due to increasing customers activity in the third quarter of 2009 additional sales in our Front-end segment were realized.

In our Back-end segment the early signs of strengthening order in-flows which started during the second quarter have gathered further momentum as we entered the second half of the year. During the past three months, our Back-end segment has seen a spectacular surge in orders and a substantial leap in quarter-on-quarter growth.

The strengthening of the Yen, US dollar and US dollar related currencies against the euro in the third quarter of 2009 as compared to the third quarter of 2008 impacted total net sales by 8%.

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

 

(EUR millions)

   Gross
profit

Q3 2008
   Gross
profit
before
impairment
inventories

Q2 2009
   Gross
profit

before
impairment
inventories
Q3 2009
   Gross
profit
margin

Q3 2008
    Gross
profit
margin

Q2 2009
    Gross
profit
margin

Q3 2009
    Increase or
(decrease)

percentage
points

Q2 2009 to
Q3 2009
   Increase or
(decrease)

percentage
points

Q3 2008 to
Q3 2009
 

Front-end

   20.3    0.4    6.7    32.1   1.7   17.7   16.0    (14.4

Back-end

   48.4    33.3    62.3    38.2   36.2   43.7   7.5    5.5   
                                            

Total gross profit

   68.7    33.7    69.0    36.2   28.2   38.3   10.1    2.1   
                                            

The decrease in the gross profit margin excluding the impairment of inventories of our Front-end segment in the third quarter of 2009 is the result of the relative low sales level, the mix of products sold and the absorption of our manufacturing overhead compared with the third quarter of 2008. As a result of the current prolonged contraction in the market and strategic focus on certain of our product configurations an additional impairment of inventories has been recorded of EUR 5.9 million in the third quarter of 2009, resulting in a gross profit margin of EUR 0.8 million or 2.1% of net sales.

Gross margins of our Back-end segment have further improved in the third quarter of 2009. With the overall improvement in the performance, gross margin during the quarter has exceeded the same quarter last year by a wide margin. Improvement in gross margin was a direct result of higher production volume, lower metal prices and our cost reduction effort.

 

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 third quarter of 2009 as compared to the second quarter of 2009 and the third quarter of 2008:

 

(EUR millions)

   Q3 2008    Q2 2009    Q3 2009    % Change
Q2 2009

to
Q3 2009
    % Change
Q3 2008

to
Q3 2009
 

Front-end

   16.5    14.7    14.7    —        (11 )% 

Back-end

   14.2    11.0    13.5    23   (5 )% 
                           

Total selling, general and administrative expenses

   30.7    25.7    28.2    10   (8 )% 
                           

As a percentage of net sales, selling, general and administrative expenses were 16% in the third quarter of 2009 and 21% in the second quarter of 2009 and 16% in the third quarter of 2008.

Selling, general and administrative expenses of our Front-end segment were on the same level as the second quarter of 2009. The lower level of expenses compared to the third quarter of 2008 reflect our focus to reduce our expenses given the current market circumstances, including the further reduction of headcount of the Front-end segment.

The decrease in the Back-end segment compared with the third 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 second 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 5% in the third 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 third quarter of 2009 as compared to the second quarter of 2009 and the third quarter of 2008:

 

(EUR millions)

   Q3 2008    Q2 2009    Q3 2009    % Change
Q2 2009

to
Q3 2009
    % Change
Q3 2008

to
Q3 2009
 

Front-end

   10.7    8.1    7.5    (7 )%    (30 )% 

Back-end

   8.1    6.5    7.7    18   (5 )% 
                           

Total research and development expenses

   18.8    14.6    15.2    4   (19 )% 
                           

As a percentage of net sales, research and development expenses were 8% in the third quarter of 2009, 12% in the second quarter of 2009 and 10% in the third quarter of 2008.

The decrease in the Front-end segment from the second quarter of 2009 and the third 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 third quarter of 2009 were at a higher level as compared to the second quarter of 2009 as a result of the increased activity.

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 9.2 million restructuring expenses was recorded in the third quarter of 2009. These charges include EUR 5.8 million in one-time employee termination benefit obligations, EUR 2.4 million in non cash fixed asset impairment charges and EUR 1.0 million in other transition charges.

 

4


In the second quarter of 2009 an amount of EUR 15.4 million restructuring expenses was recorded. This charge consisted of EUR 7.8 million in one-time employee termination benefit, EUR 2.3 million in non cash fixed asset impairment charges and EUR 4.3 million related to the intended management buy-out of our RTP business and EUR 1.0 million in other transition expenses. 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 (loss) from operations for our Front-end and Back-end segments for the third quarter of 2009 as compared to the second quarter of 2009 and the third quarter of 2008:

 

(EUR millions)

   Q3 2008     Q2 2009     Q3 2009     Change
Q2 2009

to
Q3 2009
   Change
Q3 2008

to
Q3 2009
 

Front-end:

           

Excluding impairments and restructuring charges

   (7.0   (22.5   (15.5   7.0    (8.5

Impairments and restructuring

   —        (36.0   (15.1   20.9    (15.1
                             

Including impairments and restructuring

   (7.0   (58.5   (30.6   27.9    (23.6

Back-end

   26.1      15.8      41.1      25.3    15.0   
                             

Total earnings (loss) from operations

   19.1      (42.7   10.5      53.2    (8.6
                             

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 third quarter of 2009 as compared to the second quarter of 2009 and the third quarter of 2008:

 

(EUR millions)

   Q3 2008     Q2 2009     Q3 2009     Change
Q2 2009

to
Q3 2009
    Change
Q3 2008

to
Q3 2009
 

Front-end:

          

Excluding impairments, restructuring and fair value change Conversion option

   (9.5   (23.9   (14.6   9.3      (5.1

Impairments and restructuring

   —        (34.9   (15.1   19.8      (15.1

Fair value change Conversion option

   —        (4.7   (5.4   (0.7   (5.4
                              

Including impairments, restructuring and fair value change Conversion option

   (9.5   (63.5   (35.1   28.4      (25.6

Back-end

   11.9      7.8      19.3      11.5      7.4   
                              

Total net earnings (loss) 1)

   2.4      (55.7   (15.8   39.9      (18.2
                              

 

1) allocated to the shareholders of the parent

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

 

5


Nine months ended September 30, 2009

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

 

(EUR millions, except earnings per share)

   Nine months ended
September 30,
 
     2008     2009     % Change  

Net sales

   596.4      388.8      (35 )% 

Gross profit before impairment of inventories

   226.3      124.0      (45 )% 

Gross profit margin %

   38.0   31.9   (6.1 ) pt 

Impairment inventories

   —        (26.5   —     

Gross profit

   226.3      97.5      (57 )% 

Selling, general and administrative expenses

   (91.6   (79.1   14

Research and development expenses

   (56.1   (46.3   17

Amortization of other intangible assets

   (0.4   (0.3   nm   

Impairment of goodwill

   (1.4   —        —     

Restructuring expenses

   —        (28.8   —     
                  

Earnings from operations

   76.9      (56.9   —     

Net earnings (loss) 1)

   24.7      (94.8   —     

Net earnings (loss) per share, diluted1)

   0.47      (1.84   —     

New orders

   556.8      444.7      (20 )% 

Backlog at end of period

   160.8      146.6      (9 )% 

 

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 nine months ended September 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Nine months ended
September 30,
 
     2008    2009    % Change  

Front-end

   224.4    111.1    (50 )% 

Back-end

   372.1    277.7    (25 )% 
                

Total net sales

   596.4    388.8    (35 )% 
                

During the nine months ended September 30, 2009 net sales of wafer processing equipment (Front-end segment) represented 29% of total net sales and sales of assembly and packaging equipment and materials (Back-end segment) represented 71% of total net sales.

The market conditions in the semiconductor industry impacted the sales levels in the first nine months ended September 30, 2009 compared to the same period in 2008. Lower sales levels of 50% in our Front-end segment and 25% in our Back-end segment were recorded. In our Front-end segment the decrease continued quarter over quarter and are noticed in all product lines. In the Back-end segment the nine months period ended September 30, 2009 started with weak sales levels and rebounded in the second and third 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 improvement in the third quarter is more broad-based on a geographical basis.

The strengthening of the Yen, US dollar and US dollar related currencies against the euro in the first nine months of 2009 as compared to the same period of 2008 impacted total net sales by 10%.

 

6


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

 

(EUR millions)

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

Front-end

   73.5    19.3    32.8   17.4   (15.4 ) pt 

Back-end

   152.9    104.8    41.1   37.7   (3.4 ) pt 
                            

Total gross profit

   226.3    124.0    38.0   31.9   (6.1 ) pt 
                            

The decrease in the gross profit margin excluding the impairment of inventories of our Front-end segment in the second and third quarter of 2009 is the result of the low sales level, the mix of products sold 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 26.5 million in the nine months ended September 30, 2009. In our Back-end segment gross margins have decreased during the nine months ended September 30, 2009 compared to the same period in 2008 due to the industry dynamics, however rebounded during the second and third 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 nine months ended September 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Nine months ended
September 30,
 
     2008    2009    % Change  

Front-end

   50.8    45.2    (11 )% 

Back-end

   40.7    33.9    (17 )% 
                

Total selling, general and administrative expenses

   91.6    79.1    (14 )% 
                

As a percentage of net sales, selling, general and administrative expenses were 20% in the first nine months 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 nine 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 reduced by 19% in the first nine months of 2009.

 

7


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

 

(EUR millions)

   Nine months ended
September 30,
 
     2008    2009    % Change  

Front-end

   33.4    25.6    (23 )% 

Back-end

   22.7    20.7    (9 )% 
                

Total research and development expenses

   56.1    46.3    (17 )% 
                

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

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

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 28.8 million restructuring expenses was recorded in the nine months ended September 30, 2009. These charges include EUR 17.6 million in one-time employee termination benefit obligations, EUR 4.7 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 2.2 million in other transition expenses.

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

 

(EUR millions)

   Nine months ended
September 30,
 
     2008     2009     Change  

Front-end:

      

Excluding impairments and restructuring charges

   (12.5   (52.0   (39.5

Impairments and restructuring charges

   —        (55.2   (55.2
                  

Including impairments and restructuring charges

   (12.5   (107.2   (94.7
                  

Back-end

   89.4      50.2      (39.2
                  

Total earnings (loss) from operations

   76.9      (56.9   (133.8
                  

 

8


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 nine months ended September 30, 2009 compared to the same period in 2008:

 

(EUR millions)

   Nine months ended
September 30,
 
     2008     2009     Change  

Front-end:

      

Excluding impairments, restructuring charges and fair value change conversion option

   (17.3   (53.0   (35.7

Impairments and restructuring charges

   —        (55.2   (55.2

Fair value change conversion options

   —        (9.5   (9.5
                  

Including impairments, restructuring charges and fair value change conversion options

   (17.3   (117.7   (100.4
                  

Back-end

   42.0      22.9      (19.1
                  

Total earnings (loss) 1)

   24.7      (94.8   (119.5
                  

 

1)

Allocated to the shareholders of the parent

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

 

9


Bookings and backlog

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

 

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

      
     Q3 2008    Q2 2009    Q3 2009    % Change
Q2 2009 to

Q3 2009
    % Change
Q3 2008 to

Q3 2009
 

Front-end:

             

New orders for the quarter

   63.0    22.1    43.7    98   (31 )% 

Backlog at the end of the quarter

   74.8    36.2    42.1    16   (44 )% 

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

   0.99    0.80    1.16     

Back-end:

             

New orders for the quarter

   113.2    133.7    160.8    20   42

Backlog at the end of the quarter

   86.0    86.2    104.5    21   22

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

   0.89    1.45    1.13     

Total

             

New orders for the quarter

   176.2    155.8    204.5    31   16

Backlog at the end of the quarter

   160.8    122.4    146.6    20   (9 )% 

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

   0.93    1.30    1.13     

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

 

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

   Nine months ended
September 30,
 
     2008    2009    % Change  

Front-end:

        

New orders

   200.0    100.2    (50 )% 

Backlog at September 30

   74.8    42.1    (44 )% 

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

   0.89    0.90   

Back-end:

        

New orders

   356.8    344.5    (3 )% 

Backlog at September 30

   86.0    104.5    22

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

   0.96    1.24   

Total

        

New orders

   556.8    444.7    (20

Backlog at September 30

   160.8    146.6    (9 )% 

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

   0.93    1.14   

Liquidity and capital resources

Net cash provided by operations was EUR 32.0 million for the third quarter of 2009 as compared to EUR 47.7 million for the third quarter of 2008. For the nine months ended September 30, 2009 net cash provided by operations was EUR 31.5 million as compared to EUR 109.2 million for the comparable period in 2008. These decreases result mainly from the decreased earnings, partly offset by cash inflows from lower working capital.

 

10


Net cash used in investing activities was EUR 2.0 million for the third quarter of 2009 as compared to EUR 8.3 million for the third quarter of 2008. For the nine months period ended September 30, 2009 net cash used in investing activities was EUR 7.3 million compared to EUR 23.7 million in the same period last year. The decrease results mainly from lower capital expenditures.

Net cash used in financing activities was EUR 12.1 million for the third quarter of 2009 as compared to net cash used in financing activities of EUR 26.8 million for the third quarter of 2008. For the nine months period ended September 30, 2009 net cash used in financing activities was EUR 29.7 million, in the same period of 2008 this was EUR 83.9 million. During the first nine months of 2008, EUR 36.5 million was spent on the repurchase of treasury shares and EUR 13.5 million was spent on the repayment of debt.

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 208.1 million at June 30, 2009 to EUR 194.3 million at September 30, 2009. The decrease includes the (non-cash) impairment of EUR 26.5 million in inventories in the second (EUR 20.6 million) and the third quarter (EUR 5.9 million) 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, decreased from 138 days at June 30, 2009 to 131 days at September 30, 2009. For the same period, our Front-end segment decreased from 163 days to 160 days. Our Back-end segment decreased from 123 days to 117 days.

At September 30, 2009, the Company’s principal sources of liquidity consisted of EUR 147.7 million in cash and cash equivalents and EUR 79.5 million in undrawn bank lines. Approximately EUR 86.9 million of the cash and cash equivalents and EUR 26.4 million of the undrawn bank lines are restricted to use in the Company’s Back-end operations and EUR 16.7 million of the cash and cash equivalents and EUR 8.1 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 Q3, 2009 EUR 0.8 million). The conversion option is measured at market value through the income statement (revaluation loss in Q3, 2009 EUR 5.4 million).

 

11


Outlook

For the Company as a whole we expect the fourth quarter to be at least in line with the third quarter. Visibility beyond the fourth quarter remains limited and therefore we are not in a position to give guidance beyond that period at this stage.

The fourth quarter performance for Front-end is expected to modestly further improve in terms of sales, bookings and operating result. We continue to vigorously execute on our cost reduction program towards our target of at least 40% reduction by the first half of 2010 compared to the Q4 2008 run rate.

In Back-end, we expect business levels to remain strong in the fourth quarter driven by healthy product demand from both semiconductor and non-IC customers. We are confident that our diversified product and customer base, as well as capacity additions coming on stream by year-end, will continue to support Back-end’s leading industry position in 2010.

 

12


ASM INTERNATIONAL CONFERENCE CALL

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

Tuesday, November 3, 2009 at 15:00 Continental European Time (9:00 a.m. US Eastern 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 November 17, 2009.

The replay dial-in numbers are:

United States – +1 866.583.1035

International – + 44 (0)20 8196 1998

Access Code: 117327#

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.

 

13


ASM INTERNATIONAL N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(thousands, except earnings per share data)

                     In Euro  
     Three months ended
September 30,
    Nine months ended
September 30,
 
     2008     2009     2008     2009  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Net sales

   189,953      180,209      596,432      388,815   

Cost of sales

   (121,262   (117,083   (370,099   (291,269
                        

Gross profit

   68,691      63,127      226,333      97,546   

Operating expenses:

        

Selling, general and administrative

   (30,633   (28,212   (91,552   (79,084

Research and development

   (18,822   (15,178   (56,105   (46,326

Amortization of other intangible assets

   (115   (26   (358   (319

Impairment of goodwill

   —        —        (1,395   —     

Restructuring expenses

   —        (9,220   —        (28,762
                        

Total operating expenses

   (49,570   (52,637   (149,410   (154,491
                        

Earnings (loss) from operations

   19,121      10,490      76,924      (56,946

Net interest expense

   (840   (1,514   (2,584   (4,487

Accretion of interest convertible

   —        (828   —        (2,869

Revaluation conversion option

   —        (5,381   —        (9,463

Foreign currency exchange gains (losses)

   (437   (103   (34   (1,100
                        

Earnings (loss) before income taxes

   17,844      2,664      74,305      (74,865

Income tax benefit (expense)

   (4,929   (1,276   (12,788   487   
                        

Net earnings (loss)

   12,915      1,388      61,517      (74,378
                        

Allocation of net earnings (loss)

        

Shareholders of the parent

   2,421      (15,817   24,656      (94,820

Minority interest

   10,494      17,205      36,861      20,442   
                        

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

        

Basic net earnings (loss)

   0.05      (0.31   0.47      (1.84

Diluted net earnings (loss) (1)

   0.05      (0.31   0.47      (1.84
                        

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

        

Basic

   51,793      51,610      52,477      51,609   

Diluted (1)

   51,993      51,610      52,658      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 nine months ended September 30, 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. The possible increase of common shares caused by employee stock options for the three months ended September 30, 2009 with 158,518 common shares and for the nine months ended September 30, 2009 with 112,975 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

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

 

14


ASM INTERNATIONAL N.V.

CONSOLIDATED BALANCE SHEETS

 

(thousands, except share data)

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

Assets

    

Cash and cash equivalents

   157,277      147,653   

Accounts receivable, net

   172,603      144,493   

Inventories, net

   197,700      151,263   

Income taxes receivable

   108      91   

Deferred tax assets

   4,685      6,062   

Other current assets

   27,323      28,437   
            

Total current assets

   559,696      477,999   

Debt issuance costs

   1,353      924   

Deferred tax assets

   2,285      8,077   

Other intangible assets

   7,918      9,652   

Goodwill, net

   47,989      46,704   

Property, plant and equipment, net

   148,557      117,437   
            

Total Assets

   767,798      660,793   
            

Liabilities and Shareholders’ Equity

    

Notes payable to banks

   16,858      14,702   

Accounts payable

   69,718      65,789   

Accrued expenses

   56,657      63,285   

Advance payments from customers

   5,728      11,777   

Deferred revenue

   4,979      1,981   

Income taxes payable

   26,964      20,485   

Current portion of long-term debt

   6,763      20,043   
            

Total current liabilities

   187,667      198,062   

Pension liabilities

   6,490      5,944   

Deferred tax liabilities

   539      300   

Long-term debt

   23,268      17,499   

Convertible subordinated debt

   106,793      80,244   

Conversion option

   —        12,010   
            

Total Liabilities

   324,757      314,060   

Shareholders’ Equity:

    

Common shares

    

Authorized 110,000,000 shares, par value € 0.04, issued and outstanding 54,275,131 and 51,722,131 shares

   2,171      2,069   

Financing preferred shares, issued none

   —        —     

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

   220      —     

Capital in excess of par value

   324,707      287,480   

Treasury shares at cost

   (37,215   (1,549

Retained earnings

   92,111      5,180   

Accumulated other comprehensive loss

   (64,092   (68,452
            

Total Shareholders’ Equity

   317,902      224,728   

Minority interest

   125,139      122,005   
            

Total Equity

   443,041      346,733   
            

Total Liabilities and Equity

   767,798      660,793   
            

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

 

15


ASM INTERNATIONAL N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(thousands)

                     In Euro  
     Three months ended
September 30,
    Nine months ended
September 30,
 
     2008     2009     2008     2009  
     (unaudited)     (unaudited)     (unaudited)     (unaudited)  

Increase (decrease) in cash and cash equivalents:

        

Cash flows from operating activities:

        

Net earnings (loss)

   12,915      1,388      61,517      (74,378

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

        

Depreciation of property, plant and equipment

   8,175      7,981      23,836      25,597   

Amortization of other intangible assets

   367      212      1,098      1,164   

Impairment of property, plant and equipment

   —        2,378      —        4,690   

Impairment of goodwill

   —        —        1,395      —     

Impairment of inventories

   —        5,856      —        26,485   

Addition provision restructuring expenses

   —        8,558      —        19,321   

Release provision restructuring expenses

   —        —        —        —     

Amortization of debt issuance costs

   144      124      577      390   

Amortization transition obligation SFAS 158 (Pensions)

   —        41      —        122   

Compensation expense employee stock option plan

   511      538      1,391      1,711   

Compensation expense employee share incentive scheme ASMPT

   2,291      1,169      5,386      2,806   

Revaluation conversion option

   —        5,381      —        9,463   

Additional non-cash interest convertible

   —        828      —        2,869   

Income taxes

   3,838      4,710      5,787      (5,535

Deferred income taxes

   591      (3,752   (2   (7,626

Changes in other assets and liabilities:

        

Accounts receivable

   19,247      (25,568   40,945      22,051   

Inventories

   5,779      5,253      454      12,823   

Other current assets

   3,912      (1,040   (3,204   (2,041

Accounts payable and accrued expenses

   (5,096   20,245      (24,460   (5,254

Advance payments from customers

   (2,351   4,930      (188   6,572   

Deferred revenue

   (2,660   (377   (5,543   (2,931

Pension liabilities

   72      (498   194      (424

Payments out of restructuring provision

   —        (6,390   —        (6,390
                        

Net cash provided by operating activities

   47,734      31,967      109,182      31,484   
                        

Cash flows from investing activities:

        

Capital expenditures

   (7,775   (2,055   (24,392   (4,661

Purchase of intangible assets

   (1,056   (77   (2,870   (2,864

Disposal of investment

   410      —        410      —     

Proceeds from sale of property, plant and equipment

   164      107      3,140      230   
                        

Net cash used in investing activities

   (8,258   (2,025   (23,711   (7,296
                        

Cash flows from financing activities:

        

Notes payable to banks, net

   7,673      —        8,179      (1,534

Repayments of long-term debt and subordinated debt

   (9,056   (1,737   (13,449   (5,450

Sale (Purchase) of treasury shares

   (4,435   35      (36,453   35   

Dividend tax paid on withdrawal of treasury shares

   —        (10   —        (3,409

Proceeds from issuance (withdrawal) of preferred shares

   —        (220   220      (220

Proceeds from issuance of common shares

   87      —        1,039      —     

Dividend to minority shareholders

   (21,057   (10,130   (43,398   (19,099
                        

Net cash used in financing activities

   (26,788   (12,062   (83,861   (29,677

Exchange rate effects

   4,733      (2,999   176      (4,137
                        

Net increase (decrease) in cash and cash equivalents

   17,422      14,882      1,785      (9,626

Cash and cash equivalents at beginning of period

   152,286      132,771      167,922      157,279   
                        

Cash and cash equivalents at end of period

   169,708      147,653      169,708      147,653   
                        

Supplemental disclosures of cash flow information

        

Cash paid during the period for:

        

Interest, net

   (877   400      938      3,350   

Income taxes, net

   500      317      7,004      12,674   
                        

Non cash investing and financing activities:

        

Subordinated debt converted

   311      —        4,967      —     

Subordinated debt converted into number of common shares

   23,660      —        372,946      —     
                        

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

 

16


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 September 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  

Three months ended September 30, 2008

   Front-end
(unaudited)
    Back-end
(unaudited)
    Total
(unaudited)
 

Net sales to unaffiliated customers

   63,332      126,620      189,953   

Gross profit

   20,336      48,354      68,691   

Earnings (loss) from operations

   (6,959   26,079      19,121   

Net interest income (expense)

   (1,038   198      (840

Foreign currency exchange losses

   (67   (369   (437

Income tax benefit (expense)

   (1,397   (3,533   (4,929

Net earnings (loss)

   (9,461   22,375      12,915   

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (9,461   11,881      2,421   

Minority interest

   —        10,494      10,494   

Capital expenditures and purchase of intangible assets

   2,582      6,249      8,831   

Depreciation and amortization

   4,000      4,541      8,542   

Three months ended September 30, 2009

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   37,750      142,460      180,209   

Gross profit

   796      62,331      63,127   

Earnings (loss) from operations

   (30,618   41,108      10,490   

Net interest income (expense)

   (1,651   138      (1,514

Accretion of interest convertible

   (828   —        (828

Revaluation conversion option

   (5,381   —        (5,381

Foreign currency exchange gains (losses)

   (75   (28   (103

Income tax benefit (expense)

   3,438      (4,714   (1,276

Net earnings (loss)

   (35,115   36,503      1,388   

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (35,115   19,298      (15,817

Minority interest

   —        17,205      17,205   

Capital expenditures and purchase of intangible assets

   1,015      1,117      2,132   

Depreciation and amortization

   3,076      5,117      8,193   

Impairment of fixed assets

   2,378      —        2,378   

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

 

17


ASM INTERNATIONAL N.V.

DISCLOSURE ABOUT SEGMENTS AND RELATED INFORMATION (2/2)

 

(thousands, except headcount)

               In Euro  

Nine months ended September 30, 2008

   Front-end
(unaudited)
    Back-end
(unaudited)
    Total
(unaudited)
 

Net sales to unaffiliated customers

   224,381      372,051      596,432   

Gross profit

   73,481      152,853      226,333   

Earnings (loss) from operations

   (12,500   89,423      76,924   

Net interest income (expense)

   (3,406   822      (2,584

Foreign currency exchange gains (losses)

   (198   164      (34

Income tax benefit (expense)

   (1,222   (11,566   (12,788

Net earnings (loss)

   (17,326   78,843      61,517   

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (17,326   41,982      24,656   

Minority interest

   —        36,861      36,861   

Capital expenditures and purchase of intangible assets

   11,978      15,284      27,262   

Depreciation and amortization

   11,295      13,640      24,934   

Impairment of goodwill

   1,395      —        1,395   

Cash and cash equivalents

   123,894      45,814      169,708   

Capitalized goodwill

   10,120      37,131      47,251   

Other intangible assets

   4,979      617      5,596   

Other identifiable assets

   279,315      316,014      595,329   

Total assets

   418,308      399,576      817,884   

Total debt

   184,179      —        184,179   

Headcount in full-time equivalents (1)

   1,690      10,564      12,254   

 

Nine months ended September 30, 2009

   (unaudited)     (unaudited)     (unaudited)  

Net sales to unaffiliated customers

   111,130      277,685      388,815   

Gross profit

   (7,229   104,774      97,546   

Earnings (loss) from operations

   (107,187   50,241      (56,946

Net interest income (expense)

   (4,840   352      (4,487

Accretion of interest convertible

   (2,869   —        (2,869

Revaluation conversion option

   (9,463   —        (9,463

Foreign currency exchange losses

   (305   (795   (1,100

Income tax benefit (expense)

   6,915      (6,428   487   

Net earnings (loss)

   (117,748   43,370      (74,378

Net earnings (loss) allocated to:

      

Shareholders of the parent

   (117,748   22,928      (94,820

Minority interest

   —        20,442      20,442   

Capital expenditures and purchase of intangible assets

   4,318      3,207      7,526   

Depreciation and amortization

   10,443      16,317      26,760   

Impairment of fixed assets

   4,690      —        4,690   

Cash and cash equivalents

   60,706      86,946      147,653   

Capitalized goodwill

   10,453      36,252      46,704   

Other intangible assets

   9,349      303      9,652   

Other identifiable assets

   180,216      276,568      456,784   

Total assets

   260,724      400,069      660,793   

Total debt

   144,499      —        144,499   

Headcount in full-time equivalents (1)

   1,413      9,928      11,341   

 

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

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

 

18


ASM INTERNATIONAL N.V.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Basis of Presentation

ASM International N.V, ("ASMI") follows accounting principles generally accepted in the United States of America ("US GAAP").

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

Principles of Consolidation

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

 

19


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
September 30,
    Nine months ended
September 30,
 

(EUR thousands, except per share data)

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

US GAAP

   12,915      1,388      61,517      (74,378

Adjustments for IFRS:

        

Goodwill

   81      —        81      —     

Convertible subordinated notes (1)

   59,479      —        9,307      —     

Development expenses (2)

   2,584      1,641      8,455      786   

Pensions

     20        57   

Dividend preferred shares

   (4   (1   (6   (5
                        

Total adjustments

   62,140      1,660      17,837      838   

IFRS

   75,055      3,048      79,354      (73,540
                        

IFRS allocation of net earnings (loss):

        

Shareholders

   64,561      (14,157   42,493      (93,982

Minority interest

   10,494      17,205      36,861      20,442   

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

        

Basic

   1.23      (0.27   0.81      (1.82

Diluted

   0.11      (0.27   0.81      (1.82
                        

 

     Total Equity     Total Equity  

(euro thousands)

   September 30,
2008
    September 30,
2009
 
     (unaudited)     (unaudited)  

US GAAP

   438,270      346,733   

Adjustments for IFRS:

    

Goodwill

   (9,739   (10,130

Convertible subordinated notes (1)

   836      —     

Development expenses

   40,578      37,710   

Pension plans

   820      772   

Preferred shares

   (220   —     
            

Total adjustments

   32,275      28,352   

IFRS

   470,545      375,085   
            

 

(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

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

 

20

EX-99.3 4 dex993.htm ASM INTERNATIONAL N.V. COMPLETES DIVESTURE OF RTP BUSINESS ASM International N.V. completes divesture of RTP business

Exhibit 99.3

 

LOGO    
 

ASM International N.V. completes divesture of RTP business

ALMERE, The Netherlands – October 29, 2009 – ASM International N.V. (NASDAQ: ASMI and Euronext Exchange in Amsterdam: ASM) today announced that it has signed and completed the contract to divest its Levitor RTP business to Levitech, a company controlled and managed by the current RTP business unit management. As already mentioned in the press release of June 10, the Levitech management will take over all current Levitor business, including its approximately 20 employees and customer service, and will develop new RTP-related products. The divested RTP business will be for the risk and account of Levitech as of 18 June 2009. ASM is providing € 4 million working capital, which has been expensed during the second quarter, and will have a non-controlling minority share in the company.

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.

Investor Contacts:

Erik Kamerbeek

Tel: +31 88 100 8500

Mary Jo Dieckhaus

Tel: +1 212 986 2900

Media Contact:

Ian Bickerton

Tel: +31 20 6855 955

Mobile: +31 625 018 512

EX-99.4 5 dex994.htm ASM INTERNATIONAL N.V. EXPANDS LEADERSHIP IN HIGH-K ALD ASM International N.V. Expands Leadership in High-k ALD

Exhibit 99.4

 

LOGO    
 

ASM International N.V. Expands Leadership in High-k ALD,

Leading Logic Manufacturer Decides to Buy Pulsar Tool

ALMERE, The Netherlands – October 29, 2009 – ASM International N.V. (NASDAQ: ASMI and Euronext Exchange in Amsterdam: ASM) announced that a leading logic manufacturer, a member of a key semiconductor industry technology alliance, has decided to purchase a Pulsar® high-k atomic layer deposition (ALD) tool. The system, delivered earlier this month, will be used to deposit hafnium-based higk-k gate dielectrics for 32 and 28 nm logic chips.

“This order is highly representative of ASM’s core strength of taking customers from process development to high volume manufacturing,” said Glen Wilk, product manager for ALD and Epitaxy at ASM. “We have worked with this customer extensively to demonstrate the Pulsar reactor’s ability to scale the gate dielectric and overcome all the challenges of integrating high-k into their device. We have now entered the next phase of our collaboration and are actively engaged in the successful transition to volume manufacturing.”

Pulsar is the industry’s leading ALD process tool, and the first to be used in high volume manufacturing of high-k logic gates. Initially implemented at the 45 nm node, the Pulsar has been qualified for high volume manufacturing down to the 28 nm node. ASM enables advanced high-k and metal gate integration solutions through Pulsar’s ALD process that deposits one atomic layer at a time, enabling faster and smaller chips.

ASM also delivers a broad portfolio of high-k gate films including multiple hafnium-based oxides that enable high-k integration for both high performance and low standby power devices and are already proven through the 22 nm node.


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.

Investor Contacts:

Erik Kamerbeek

Tel: +31 88 100 8500

Mary Jo Dieckhaus

Tel: +1 212 986 2900

Media Contact:

Ian Bickerton

Tel: +31 20 6855 955

Mobile: +31 625 018 512

 

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