Q2-18 Revenue and Net Income Increase by
4.0% and 27.2%, Respectively, vs. Q1-18Strong
H1-18 with Revenue and Net Income Up 12.8% and 9.9%,
RespectivelyNew € 75 Million Share Repurchase
Program Initiated
BE Semiconductor Industries N.V. (the “Company" or "Besi")
(Euronext Amsterdam:BESI) (OTC markets:BESIY) (Nasdaq International
Designation), a leading manufacturer of assembly equipment for the
semiconductor industry, today announced its results for the second
quarter and first half year ended June 30, 2018.
Key Highlights Q2-18
- Revenue of € 161.1 million up 4.0% vs. Q1-18 and in line with
revised guidance due to higher shipments for mobile and automotive
applications. Down 5.2% vs. Q2-17 due to lower die bonding
shipments for high end mobile applications partially offset by
growth in Besi’s automotive and computing end user markets
- Orders of € 86.3 million, down 58.1% vs. Q1-18 and 33.7% vs.
Q2-17 due primarily to reduced demand by customer supply chains for
high end smart phone applications after the significant 2017 and
Q1-18 capacity build
- Gross margin of 56.5% equal to Q1-18 and down 0.8 points vs.
Q2-17 due primarily to adverse forex influences. At high end of
prior guidance
- Operating expenses down 18.7% vs. Q1-18 due primarily to lower
share based compensation and warranty expense. Down 6.7% vs. Q2-17.
Better than prior guidance
- Net income of € 47.2 million, up € 10.1 million vs. Q1-18 as
strategic execution continues to generate high levels of
profitability. Down € 5.2 million (-9.9%) vs. Q2-17
- Similarly, net margin rose to 29.3% vs. 23.9% in Q1-18. Down by
1.5% vs. Q2-17 (30.8%)
Key Highlights H1-18
- Revenue of € 316.0 million, up 12.8% vs. H1-17 reflecting broad
based growth across all product groups and end user application
markets
- Orders decreased by 21.0% due primarily to lower die bonding
bookings for high end smart phone and, to a lesser extent, high end
server applications
- Gross margin decreased slightly to 56.5% vs. 56.7% despite
adverse forex influences from decline of USD vs. euro
- Net income of € 84.3 million grew € 7.6 million vs. H1-17
(+9.9%). Net margin of 26.7% vs. 27.4% in H1-17
Outlook
- Q3-18 revenue estimated to decrease 25-30% vs. Q2-18 due
primarily to lower die bonding revenue for mobile applications and
typical H2 seasonal patterns
- New € 75 million share repurchase program initiated through
October 2019
(€ millions, except EPS) |
Q2-2018 |
Q1-2018 |
Δ |
|
Q2-2017 |
Δ |
|
H1-2018 |
H1-2017 |
Δ |
|
Revenue |
161.1 |
154.9 |
+4.0% |
|
170.0 |
-5.2% |
|
316.0 |
280.2 |
+12.8% |
|
Orders |
86.3 |
205.8 |
-58.1% |
|
130.1 |
-33.7% |
|
292.1 |
369.9 |
-21.0% |
|
Operating Income |
59.3 |
48.6 |
+22.0% |
|
63.3 |
-6.3% |
|
107.8 |
94.1 |
+14.6% |
|
EBITDA |
62.8 |
52.0 |
+20.8% |
|
66.6 |
-5.7% |
|
114.8 |
100.8 |
+13.9% |
|
Net Income |
47.2 |
37.1 |
+27.2% |
|
52.4 |
-9.9% |
|
84.3 |
76.7 |
+9.9% |
|
EPS (basic) |
0.63 |
0.50 |
+26.0% |
|
0.70 |
-10.0% |
|
1.13 |
1.03 |
+9.7% |
|
EPS (diluted) |
0.58 |
0.46 |
+26.1% |
|
0.65 |
-10.8% |
|
1.03 |
0.94 |
+9.6% |
|
Net Cash & Deposits |
110.2* |
290.1 |
-62.0% |
|
131.5* |
-16.2% |
|
110.2* |
131.5* |
-16.2% |
|
*Reflects cash dividend payments of € 174.0
million and € 65.3 million in Q2-18 and Q2-17, respectively.
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented: “Besi’s first half
2018 results showed continued year over year improvement in revenue
and net income of 12.8% and 9.9%, respectively. The solid results
reflected the extension of favorable industry trends from 2017,
additions to advanced packaging capacity by customers and Besi’s
ongoing execution of strategic initiatives. Revenue growth in H1-18
was broad based with contributions from each of our principal end
user markets. First half net income of € 84.3 million combined with
peer leading gross and net margins of 56.5% and 26.7% highlight the
success of Besi’s products in the market place and the efficiency
of our business model. Q2-18 financial metrics were also favorable
with sequential revenue up 4.0% vs. Q1-18, gross margin at the high
end of guidance, net income growing sequentially by 27.2% and a net
margin of 29.3%.
During Q2-18, we experienced a sharp decline in
orders for high end smart phone applications including a € 28
million order cancellation at quarter end from a single customer
via its Asian subcontractors. This decline reflected both a
digestion by customers of the substantial capacity added last year
and in Q1-18 as well as a delay in the roll out of certain high end
mobile features. Customer order patterns for assembly equipment can
adjust quickly depending on economic conditions, capacity
utilization rates and the timing and success of new product
introductions, particularly for mobile applications.
Fluctuations in high-end smart phone orders
overshadowed positive trends in H1-18 in some of Besi’s other end
user applications such as automotive, computing and spares/service.
They also overshadowed notable orders from Chinese subcontractors
for mainstream electronics applications during Q2-18. Further, they
obscured the significant opportunities ahead to leverage Besi’s
technology for the demands of the new digital society such as AI,
5G connectivity, expanded data, computing and memory needs, block
chain software deployment, increased automotive electronic content
and the Internet of Things. As these needs are realized, the
assembly equipment market will become an ever more critical step in
the semiconductor value chain for which we believe Besi has the
premier advanced packaging portfolio and market position.
Looking to Q3-18, we estimate that revenue will
decline by 25-30% sequentially due to unfavorable conditions in the
high end mobile market, typical second half seasonal patterns and
weakness in the high performance computing area from Chinese and
Taiwanese subcontractors. As a result, we started adjusting
temporary production levels in Q2-18. In parallel, strategic plan
execution continues apace to further reduce European personnel and
other structural costs and enhance future profitability.
We are initiating a new € 75 million share
repurchase program through October 26, 2019. The new program will
replace our current 2.0 million share program, under which
approximately 1.5 million shares have been repurchased to date. It
is intended for capital reduction purposes and to help offset
dilution related to our Convertible Notes and share issuance under
employee stock plans.”
Second Quarter Results of
Operations
|
Q2-2018 |
Q1-2018 |
Δ |
|
Q2-2017 |
Δ |
|
Revenue |
161.1 |
154.9 |
+4.0% |
|
170.0 |
-5.2% |
|
Orders |
86.3 |
205.8 |
-58.1% |
|
130.1 |
-33.7% |
|
Backlog |
140.4 |
215.2 |
-34.8% |
|
166.0 |
-15.4% |
|
Book to Bill Ratio |
0.5x |
1.3x |
-0.8 |
|
0.8x |
-0.3 |
|
Besi’s Q2-18 revenue increased by 4.0% vs. Q1-18
primarily due to higher system shipments for mobile and automotive
applications. Revenue decreased by 5.2% on a year over year basis
reflecting lower die bonding shipments to Asian subcontractors for
mobile applications partially offset by increased shipments for
automotive and computing markets.
Orders of € 86.3 million were down 58.1% vs.
Q1-18 primarily due to reduced demand by Asian subcontractors for
high end smart phone applications after the significant Q1-18
capacity build. In addition, the decrease included the cancellation
by a single customer via its Asian subcontractors of € 28
million in orders at the end of Q2-18. Similarly, orders decreased
by 33.7% as compared to Q2-17. Per customer type, IDM orders
decreased sequentially by € 40.3 million, or 36.3%, while
subcontractor orders decreased by € 79.2 million, or 83.6%.
IDM and subcontractor orders represented 82% and 18%, respectively,
of total Q2-18 bookings.
|
Q2-2018 |
|
Q1-2018 |
|
Δ |
|
Q2-2017 |
|
Δ |
|
Gross Margin |
56.5% |
|
56.5% |
|
- |
|
57.3% |
|
-0.8 |
|
Operating Expenses |
31.8 |
|
39.1 |
|
-18.7% |
|
34.1 |
|
-6.7% |
|
Financial Expense/(Income), net |
5.1 |
|
4.3 |
|
+18.6% |
|
2.6 |
|
+96.2% |
|
EBITDA |
62.8 |
|
52.0 |
|
+20.8% |
|
66.6 |
|
-5.7% |
|
Besi’s gross margin of 56.5% in Q2-18 was equal
to Q1-18 and at the high end of prior guidance (55-57%) despite
adverse forex influences from the increase in the Malaysian ringgit
vs. the euro. Gross margin decreased by 0.8 points vs. Q2-17
principally due to the significant decrease of the USD vs. the euro
and, to a lesser extent, higher severance charges.
Q2-18 operating expenses decreased by € 7.3
million, or 18.7%, vs. Q1-18 and were better than prior guidance
(-5-10%). The sequential decline was due to a € 5.9 million
reduction in share based compensation expense and € 1.7 million of
lower warranty costs. Operating expenses decreased by € 2.3
million, or 6.7%, vs. Q2-17 due primarily to lower warranty costs
and higher R&D capitalization on new product development
partially offset by higher Asian personnel costs from increased
headcount levels in that region. Total headcount at June 30, 2018
decreased by 1.9% vs. March 31, 2018 due to a reduction in
temporary production personnel.
Financial expense, net increased by € 0.8
million vs. Q1-18 due primarily to higher forex hedging costs
related to higher revenue levels. As compared to Q2-17, such
expenses increased by € 2.5 million inclusive of higher interest
expense associated with Besi’s issuance of € 175 million of
Convertible Notes in December 2017 as well as higher hedging
costs.
|
Q2-2018 |
Q1-2018 |
Δ |
|
Q2-2017 |
|
Δ |
|
|
|
|
|
|
|
|
Net Income |
47.2 |
|
37.1 |
|
+27.2% |
|
52.4 |
|
-9.9% |
|
Net Margin |
29.3% |
|
23.9% |
|
+5.4 |
|
30.8% |
|
-1.5 |
|
Tax Rate |
12.9% |
|
16.3% |
|
-3.4 |
|
13.7% |
|
-0.8 |
|
Besi’s net income grew to € 47.2 million in
Q2-18, an increase of € 10.1 million, or 27.2%, vs. Q1-18.
Similarly, net margins rose to 29.3% vs. 23.9% in Q1-18. Net income
growth was principally due to higher revenue levels, lower
operating expenses and a 3.4 point reduction in the effective tax
rate related to lower non-deductible share based compensation
expense. Net income decreased € 5.2 million, or 9.9%, vs. Q2-17 due
to reduced revenue and gross margin levels partially offset by
lower operating expenses and a 0.8 point reduction in the effective
tax rate.
Half Year Results of
Operations
|
2018 |
|
2017 |
|
Δ |
|
Revenue |
316.0 |
|
280.2 |
|
+12.8% |
|
Orders |
292.1 |
|
369.9 |
|
-21.0% |
|
Gross Margin |
56.5% |
|
56.7% |
|
-0.2 |
|
Operating Income |
107.8 |
|
94.1 |
|
+14.6% |
|
Net Income |
84.3 |
|
76.7 |
|
+9.9% |
|
Net Margin |
26.7% |
|
27.4% |
|
-0.7 |
|
Tax Rate |
14.4% |
|
14.4% |
|
- |
|
For the first half year, Besi’s revenue
increased by 12.8% reflecting broad based growth across all product
groups and end user application markets. However, H1-18 orders
decreased by 21.0% vs. H1-17 primarily due principally to lower die
bonding bookings for high end smart phone applications after a
significant 2017 capacity build and, to a lesser extent, lower
bookings for high end server applications. Orders by IDMs and
subcontractors represented 62% and 38%, respectively, of Besi’s
total H1-18 orders vs. 76% and 24%, respectively, in H1-17.
Similarly, Besi’s H1-18 net income of € 84.3
million increased by € 7.6 million, or 9.9% vs. H1-17 due primarily
to its 12.8% year over year revenue increase partially offset by
(i) € 6.1 million of increased operating expenses principally
related to increased Asian personnel costs and higher share based
compensation expense as well as (ii) a gross margin decrease of 0.2
points.
Financial Condition
|
Q22018 |
Q12018 |
Δ |
|
Q22017 |
Δ |
|
H12018 |
H12017 |
Δ |
|
Net Cash and Deposits |
110.2 |
290.1 |
-62.0% |
|
131.5 |
-16.2% |
|
110.2 |
131.5 |
-16.2% |
|
Cash flow from Ops. |
7.0 |
54.9 |
-87.2% |
|
29.5 |
-76.3% |
|
61.9 |
48.1 |
+28.7% |
|
Besi Q2-18 cash flow from operations of
€ 7.0 million decreased by € 22.5 million vs. Q2-17. The
decline was primarily due to increased working capital needed to
support a € 34 million increase in receivables as well as € 8
million of higher inventory levels. In Q2-18, Besi used cash flow
from operations, along with cash on hand, to fund (i) € 174.0
million of dividend payments, (ii) € 6.0 million of share
repurchases, (iii) € 3.4 million of capitalized development
spending and (iv) € 2.0 million of capital expenditures.
At the end of Q2-18, cash and deposits
aggregated € 395.5 million and net cash was € 110.2 million. As
compared to Q2-17, Besi’s net cash and deposits decreased by
€ 21.3 million due to (i) € 174.0 million of cash dividend
payments, (ii) € 23.0 million of share repurchases, (iii) € 9.1
million of capitalized development spending, (iv) € 7.0 million of
capital expenditures and (v) € 3.9 million of debt retirement which
were partially offset by cash flow from operations of € 181.9
million.
Share Repurchase
Activity and Initiation of New Share Repurchase
ProgramDuring Q2-18, Besi repurchased 179,958 of its
ordinary shares at an average price of € 31.48 per share (as
adjusted for the two-for-one stock split on May 4, 2018) for a
total of € 5.7 million. Cumulatively as of June 30, 2018, a total
of approximately 1.5 million shares have been purchased under the
current 2.0 million share repurchase program at an average price of
€ 24.78 per share for a total of approximately € 38.1 million.
Besi has initiated a new € 75 million share
repurchase program through October 26, 2019 (the “2018 Program”)
which represents approximately 4.2% of shares outstanding, net of
treasury purchases, at current market prices. The 2018 Program was
initiated for capital reduction purposes and to help offset
dilution related to Besi’s Convertible Notes and shares issued
under employee stock plans. It will be funded using Besi’s
available cash resources and replaces the current 2.0 million share
repurchase program. At present, Besi has authority until October
26, 2019 to purchase up to 10% of its shares outstanding
(approximately 8.0 million shares).
The 2018 Program will be implemented in
accordance with industry best practices and in compliance with
European buyback rules and regulations and may be suspended or
discontinued at any time. Besi has engaged an independent broker
for the program and all purchases will be executed through Euronext
Amsterdam (the
“Main Exchange”) and
Multilateral Trading Facilities as defined by the Directive
2014/65/EU of the European Parliament and of the Council of 15 May
2014 on markets in financial instruments (each being referred to as
“Exchanges”) and subject to the rules of the
relevant Exchange. The timing and amount of any shares repurchased
under this program will be determined by the independent broker
independently of, and without influence by, Besi. The maximum
purchase price to be paid per share under the program will not
exceed the higher of the last independent trade price of the shares
and the highest current independent bid price of the shares on the
venue to which the purchase was carried out. Any repurchased shares
will be available in the future for use in connection with Besi’s
stock plans and other general corporate purposes, including
acquisitions. The information included in this press release is
made public under the Market Abuse Regulation (No.
596/2014/EU).Outlook Based on its June 30,
2018 backlog of € 140.4 million and feedback from customers, Besi
forecasts for Q3-18 that:
- Revenue will decrease by 25-30% vs. the € 161.1 million
reported in Q2-18.
- Gross margin will range between 54-56% vs. the 56.5% realized
in Q2-18.
- Operating expenses will be approximately equal to the € 31.8
million reported in Q2-18.
Investor and
media conference call |
A conference call and
webcast for investors and media will be held today at 4:00 pm CET
(10:00 am EDT). The dial-in for the conference call is (31) 20 531
5853. To access the audio webcast and webinar slides, please visit
www.besi.com. |
About BesiBesi is a
leading supplier of semiconductor assembly equipment for the global
semiconductor and electronics industries offering high levels of
accuracy, productivity and reliability at a low cost of ownership.
The Company develops leading edge assembly processes and equipment
for leadframe, substrate and wafer level packaging applications in
a wide range of end-user markets including electronics, mobile
internet, cloud server, computing, automotive, industrial, LED and
solar energy. Customers are primarily leading semiconductor
manufacturers, assembly subcontractors and electronics and
industrial companies. Besi’s ordinary shares are listed on Euronext
Amsterdam (symbol:BESI). Its Level 1 ADRs are listed on the OTC
markets (symbol:BESIY Nasdaq International Designation) and its
headquarters are located in Duiven, the Netherlands. For more
information, please visit our website at www.besi.com.
Contacts: |
|
|
Richard W. Blickman,
President & CEO |
|
CFF Communications |
Cor te Hennepe, SVP
Finance |
|
Frank Jansen |
Tel. (31) 26 319
4500
|
|
Tel. (31) 20 575
4024 |
investor.relations@besi.com
|
|
besi@cffcommunications.nl |
Caution Concerning Forward Looking StatementsThis
press release contains statements about management's future
expectations, plans and prospects of our business that constitute
forward-looking statements, which are found in various places
throughout the press release, including, but not limited to,
statements relating to expectations of orders, net sales, product
shipments, backlog, expenses, timing of purchases of assembly
equipment by customers, gross margins, operating results and
capital expenditures. The use of words such as “anticipate”,
“estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”,
“predict”, “project”, “forecast”, “will”, “would”, and similar
expressions are intended to identify forward looking statements,
although not all forward looking statements contain these
identifying words. The financial guidance set forth under the
heading “Outlook” contains such forward looking statements. While
these forward looking statements represent our judgments and
expectations concerning the development of our business, a number
of risks, uncertainties and other important factors could cause
actual developments and results to differ materially from those
contained in forward looking statements, including any inability to
maintain continued demand for our products; failure of anticipated
orders to materialize or postponement or cancellation of orders,
generally without charges; the volatility in the demand for
semiconductors and our products and services; failure
to develop new and enhanced products and introduce them at
competitive price levels; failure to adequately decrease costs
and expenses as revenues decline; loss of significant customers,
including through industry consolidation or the emergence of
industry alliances; lengthening of the sales cycle; acts of
terrorism and violence; disruption or failure of our
information technology systems; inability to forecast demand
and inventory levels for our products; the integrity of product
pricing and protection of our intellectual property in foreign
jurisdictions; risks, such as changes in trade regulations,
currency fluctuations, political instability and war, associated
with substantial foreign customers, suppliers and foreign
manufacturing operations, particularly to the extent occurring in
the Asia Pacific region; potential instability in foreign capital
markets; the risk of failure to successfully manage our diverse
operations; any inability to attract and retain skilled personnel;
those additional risk factors set forth in Besi's annual report for
the year ended December 31, 2017 and other key factors
that could adversely affect our businesses and financial
performance contained in our filings and reports, including our
statutory consolidated statements. We expressly disclaim any
obligation to update or alter our forward-looking statements
whether as a result of new information, future events or
otherwise.
|
Consolidated Statements of
Operations |
(euro in thousands, except share and per share
data) |
|
|
Three Months EndedJune
30,(unaudited) |
Six Months EndedJune
30,(unaudited) |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Revenue |
161,099 |
169,975 |
316,036 |
280,216 |
Cost of sales |
70,041 |
72,527 |
137,368 |
121,399 |
|
|
|
|
|
Gross profit |
91,058 |
97,448 |
178,668 |
158,817 |
|
|
|
|
|
Selling, general and
administrative expenses |
22,742 |
25,454 |
51,984 |
47,665 |
Research and
development expenses |
9,024 |
8,678 |
18,836 |
17,013 |
|
|
|
|
|
Total operating
expenses |
31,766 |
34,132 |
70,820 |
64,678 |
|
|
|
|
|
Operating income |
59,292 |
63,316 |
107,848 |
94,139 |
|
|
|
|
|
Financial expense,
net |
5,108 |
2,604 |
9,380 |
4,562 |
|
|
|
|
|
Income before
taxes |
54,184 |
60,712 |
98,468 |
89,577 |
|
|
|
|
|
Income tax expense |
7,004 |
8,316 |
14,209 |
12,901 |
|
|
|
|
|
|
|
|
|
|
Net
income |
47,180 |
52,396 |
84,259 |
76,676 |
|
|
|
|
|
Net income per share –
basic |
0.63 |
0.70 |
1.13 |
1.03 |
Net income per share –
diluted |
0.58 |
0.65 |
1.03 |
0.94 |
Number of shares used
in computing per share amounts1: |
|
|
|
|
- basic |
74,764,168 |
74,779,716 |
74,620,489 |
74,631,214 |
- diluted 2 |
84,628,477 |
81,278,756 |
84,654,881 |
81,439,200 |
|
|
|
|
|
Consolidated Balance Sheets |
|
|
|
|
(euro in thousands) |
June 30,2018(unaudited) |
March 31,2018(unaudited) |
December 31,2017(audited) |
ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
215,457 |
440,983 |
527,806 |
Deposits |
180,000 |
130,000 |
- |
Accounts
receivable |
185,647 |
159,624 |
151,654 |
Inventories |
78,415 |
81,575 |
70,947 |
Income tax
receivable |
325 |
304 |
370 |
Other current
assets |
11,033 |
11,894 |
11,652 |
|
|
|
|
Total current
assets |
670,877 |
824,380 |
762,429 |
|
|
|
|
|
|
|
|
Property, plant and
equipment |
27,098 |
26,918 |
26,517 |
Goodwill |
44,937 |
44,443 |
44,687 |
Other intangible
assets |
36,889 |
34,604 |
34,140 |
Deferred tax
assets |
4,830 |
4,707 |
4,660 |
Other non-current
assets |
2,818 |
2,746 |
2,520 |
|
|
|
|
Total
non-current assets |
116,572 |
113,418 |
112,524 |
|
|
|
|
Total assets |
787,449 |
937,798 |
874,953 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Notes payable to
banks |
4,114 |
969 |
1,742 |
Current portion of
long-term debt and financial leases |
11,552 |
11,547 |
11,228 |
Accounts payable |
62,600 |
73,428 |
62,721 |
Accrued
liabilities |
66,677 |
81,942 |
70,595 |
|
|
|
|
Total current
liabilities |
144,943 |
167,886 |
146,286 |
|
|
|
|
Other long-term debt
and financial leases |
269,548 |
268,415 |
267,274 |
Deferred tax
liabilities |
13,875 |
12,045 |
10,050 |
Other non-current
liabilities |
16,162 |
17,125 |
17,211 |
|
|
|
|
Total
non-current liabilities |
299,585 |
297,585 |
294,535 |
|
|
|
|
Total
equity |
342,921 |
472,327 |
434,132 |
|
|
|
|
Total liabilities and equity |
787,449 |
937,798 |
874,953 |
|
Consolidated Cash Flow Statements |
|
(euro in thousands) |
Three Months Ended June
30,(unaudited) |
|
Six Months Ended June
30,(unaudited) |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Operating income |
59,292 |
|
63,316 |
|
107,848 |
|
94,139 |
|
|
|
|
|
|
Depreciation and
amortization |
3,526 |
|
3,280 |
|
6,940 |
|
6,639 |
|
Share based
compensation expense |
1,298 |
|
2,070 |
|
8,459 |
|
4,630 |
|
Other non-cash
items |
- |
|
430 |
|
- |
|
857 |
|
|
|
|
|
|
Changes in working
capital |
(40,199) |
|
(37,503) |
|
(42,221) |
|
(55,688) |
|
Income tax received
(paid) |
(14,746) |
|
(504) |
|
(16,623) |
|
(1,013) |
|
Interest received
(paid) |
(2,215) |
|
(1,544) |
|
(2,524) |
|
(1,456) |
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
6,956 |
|
29,545 |
|
61,879 |
|
48,108 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital
expenditures |
(2,000) |
|
(843) |
|
(3,926) |
|
(1,964) |
|
Capitalized development
expenses |
(3,448) |
|
(1,789) |
|
(6,088) |
|
(3,673) |
|
Deposits* |
(50,000) |
|
- |
|
(180,000) |
|
(25,000) |
|
|
|
|
|
|
Net cash used in
investing activities |
(55,448) |
|
(2,632) |
|
(190,014) |
|
(30,637) |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from (payments
of) bank lines of credit |
2,835 |
|
- |
|
2,372 |
|
(3,855 |
) |
Proceeds from (payments
of) debt and financial leases |
(6) |
|
(2,240) |
|
301 |
|
(2,166) |
|
Dividends paid to
shareholders |
(174,018) |
|
(65,302) |
|
(174,018) |
|
(65,302) |
|
Reissuance (purchase)
of treasury shares |
(6,000) |
|
(5,000) |
|
(12,000) |
|
(12,500) |
|
|
|
|
|
|
Net cash provided by
(used in) financing activities |
(177,189) |
|
(72,542) |
|
(183,345) |
|
(83,823) |
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
(225,681) |
|
(45,629) |
|
(311,480) |
|
(66,352) |
|
Effect of changes in
exchange rates on cash and cash equivalents |
155 |
|
(332) |
|
(869) |
|
(381) |
|
Cash and cash
equivalents at beginning of the period |
440,983 |
|
204,018 |
|
527,806 |
|
224,790 |
|
|
|
|
|
|
Cash and
cash equivalents at end of the period |
215,457 |
|
158,057 |
|
215,457 |
|
158,057 |
|
* Reclassification from financing activities in
Q1-17 to investing activities in Q2-17
|
Supplemental Information
(unaudited) |
(euro in millions, unless stated
otherwise) |
|
REVENUE |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
89.4 |
|
81 |
% |
112.4 |
|
66 |
% |
103.5 |
|
65 |
% |
111.8 |
|
73 |
% |
120.5 |
|
78 |
% |
88.6 |
|
55 |
% |
EU / USA |
20.9 |
|
19 |
% |
57.6 |
|
34 |
% |
55.8 |
|
35 |
% |
41.4 |
|
27 |
% |
34.4 |
|
22 |
% |
72.5 |
|
45 |
% |
Total |
110.3 |
|
100 |
% |
170.0 |
|
100 |
% |
159.3 |
|
100 |
% |
153.2 |
|
100 |
% |
154.9 |
|
100 |
% |
161.1 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
153.5 |
|
64 |
% |
109.8 |
|
84 |
% |
114.3 |
|
71 |
% |
116.5 |
|
78 |
% |
120.8 |
|
59 |
% |
47.5 |
|
55 |
% |
EU / USA |
86.3 |
|
36 |
% |
20.3 |
|
16 |
% |
47.3 |
|
29 |
% |
32.9 |
|
22 |
% |
85.0 |
|
41 |
% |
38.8 |
|
45 |
% |
Total |
239.8 |
|
100 |
% |
130.1 |
|
100 |
% |
161.6 |
|
100 |
% |
149.4 |
|
100 |
% |
205.8 |
|
100 |
% |
86.3 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per customer type: |
|
|
|
|
|
|
|
|
|
|
|
|
IDM |
196.6 |
|
82 |
% |
83.3 |
|
64 |
% |
88.8 |
|
55 |
% |
74.7 |
|
50 |
% |
111.1 |
|
54 |
% |
70.8 |
|
82 |
% |
Subcontractors |
43.2 |
|
18 |
% |
46.8 |
|
36 |
% |
72.7 |
|
45 |
% |
74.7 |
|
50 |
% |
94.7 |
|
46 |
% |
15.5 |
|
18 |
% |
Total |
239.8 |
|
100 |
% |
130.1 |
|
100 |
% |
161.5 |
|
100 |
% |
149.4 |
|
100 |
% |
205.8 |
|
100 |
% |
86.3 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG |
Mar 31,
2017 |
Jun 30,
2017 |
Sep 30,
2017 |
Dec 31,
2017 |
Mar 31,
2018 |
Jun 30,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
205.9 |
166.0 |
168.2 |
164.4 |
215.2 |
140.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31,
2017 |
Jun 30,
2017 |
Sep 30,
2017 |
Dec 31,
2017 |
Mar 31,
2018 |
Jun 30,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
1,112 |
|
69 |
% |
1,164 |
|
70 |
% |
1,199 |
|
70 |
% |
1,222 |
|
71 |
% |
1,254 |
|
71 |
% |
1,259 |
|
72 |
% |
EU / USA |
505 |
|
31 |
% |
505 |
|
30 |
% |
502 |
|
30 |
% |
502 |
|
29 |
% |
500 |
|
29 |
% |
495 |
|
28 |
% |
Total |
1,617 |
|
100 |
% |
1,669 |
|
100 |
% |
1,701 |
|
100 |
% |
1,724 |
|
100 |
% |
1,754 |
|
100 |
% |
1,754 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
211 |
|
79 |
% |
269 |
|
80 |
% |
247 |
|
74 |
% |
229 |
|
72 |
% |
290 |
|
76 |
% |
257 |
|
75 |
% |
EU / USA |
55 |
|
21 |
% |
67 |
|
20 |
% |
85 |
|
26 |
% |
87 |
|
28 |
% |
93 |
|
24 |
% |
86 |
|
25 |
% |
Total |
266 |
|
100 |
% |
336 |
|
100 |
% |
332 |
|
100 |
% |
316 |
|
100 |
% |
383 |
|
100 |
% |
343 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff (FTE) |
1,883 |
|
|
2,005 |
|
|
2,033 |
|
|
2,040 |
|
|
2,137 |
|
|
2,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
61.4 |
|
55.7 |
% |
97.4 |
|
57.3 |
% |
93.6 |
|
58.8 |
% |
86.2 |
|
56.3 |
% |
87.6 |
|
56.5 |
% |
91.1 |
|
56.5 |
% |
Restructuring charges / (gains) |
0.0 |
|
0.0 |
% |
(0.0 |
) |
-0.0 |
% |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
0.4 |
|
0.2 |
% |
Gross profit as adjusted |
61.4 |
|
55.7 |
% |
97.4 |
|
57.3 |
% |
93.6 |
|
58.8 |
% |
86.2 |
|
56.3 |
% |
87.6 |
|
56.5 |
% |
91.5 |
|
56.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and admin expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
22.2 |
|
20.1 |
% |
25.5 |
|
15.0 |
% |
21.0 |
|
13.2 |
% |
24.6 |
|
16.1 |
% |
29.2 |
|
18.8 |
% |
22.7 |
|
14.1 |
% |
Amortization of intangibles |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
Restructuring gains / (charges) |
(0.0 |
) |
0.0 |
% |
0.0 |
|
0.0 |
% |
(0.0 |
) |
0.0 |
% |
0.0 |
|
0.0 |
% |
0.0 |
|
0.0 |
% |
(0.1 |
) |
-0.1 |
% |
SG&A expenses as adjusted |
22.1 |
|
20.1 |
% |
25.4 |
|
14.9 |
% |
20.9 |
|
13.1 |
% |
24.5 |
|
16.0 |
% |
29.1 |
|
18.8 |
% |
22.5 |
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
8.3 |
|
7.5 |
% |
8.7 |
|
5.1 |
% |
9.3 |
|
5.8 |
% |
9.5 |
|
6.2 |
% |
9.8 |
|
6.3 |
% |
9.0 |
|
5.6 |
% |
Capitalization of R&D charges |
1.9 |
|
1.7 |
% |
1.8 |
|
1.1 |
% |
1.1 |
|
0.7 |
% |
1.8 |
|
1.2 |
% |
2.6 |
|
1.7 |
% |
3.4 |
|
2.1 |
% |
Amortization of intangibles |
(2.0 |
) |
-1.8 |
% |
(2.0 |
) |
-1.2 |
% |
(2.0 |
) |
-1.3 |
% |
(2.1 |
) |
-1.4 |
% |
(2.1 |
) |
-1.4 |
% |
(2.1 |
) |
-1.3 |
% |
R&D expenses as adjusted |
8.2 |
|
7.4 |
% |
8.5 |
|
5.0 |
% |
8.4 |
|
5.3 |
% |
9.2 |
|
6.0 |
% |
10.3 |
|
6.6 |
% |
10.3 |
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
1.1 |
|
|
1.2 |
|
|
1.6 |
|
|
1.0 |
|
|
2.5 |
|
|
2.4 |
|
|
Foreign exchange effects |
0.9 |
|
|
1.4 |
|
|
0.7 |
|
|
2.3 |
|
|
1.8 |
|
|
2.7 |
|
|
Total |
2.0 |
|
|
2.6 |
|
|
2.3 |
|
|
3.3 |
|
|
4.3 |
|
|
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
30.8 |
|
27.9 |
% |
63.3 |
|
37.2 |
% |
63.2 |
|
39.7 |
% |
52.1 |
|
34.0 |
% |
48.6 |
|
31.4 |
% |
59.3 |
|
36.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
34.2 |
|
31.0 |
% |
66.6 |
|
39.2 |
% |
66.5 |
|
41.7 |
% |
55.5 |
|
36.2 |
% |
52.0 |
|
33.6 |
% |
62.8 |
|
39.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
24.3 |
|
22.0 |
% |
52.4 |
|
30.7 |
% |
52.9 |
|
33.2 |
% |
43.6 |
|
28.5 |
% |
37.1 |
|
23.9 |
% |
47.2 |
|
29.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.33 |
|
|
0.70 |
|
|
0.71 |
|
|
0.59 |
|
|
0.50 |
|
|
0.63 |
|
|
Diluted |
0.30 |
|
|
0.65 |
|
|
0.65 |
|
|
0.55 |
|
|
0.46 |
|
|
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
___________________________________
(1) Share amounts in 2017 have been adjusted for the
2-for-1stock split effective May 4, 2018
(2) The calculation of diluted income per share assumes
the exercise of equity settled share based payments and the
conversion of the Convertible Notes.
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