Revenue and Net Income of € 116.7 Million
and € 29.3 Million, RespectivelyOperating Profit
Exceeds Expectations. Orders Up 25.0% vs. Q2-18
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 third
quarter and nine months ended September 30, 2018.
Key Highlights Q3-18
- Revenue of € 116.7 million at midpoint of guidance. Down 27.6%
and 26.7% vs. Q2-18 and Q3-17, respectively. Lower die bonding
shipments for mobile applications were partially offset by growth
in automotive end user markets
- Orders of € 107.9 million were up 25.0% vs. Q2-18 due to higher
bookings for mobile applications as well as increased demand for
high end logic and memory markets. Down 33.2% vs. Q3-17 due
primarily to reduced mobile demand and less favorable market
conditions
- Gross margin of 58.0% is higher than Q2-18 (56.5%) and above
guidance despite lower revenue levels due primarily to more
favorable product mix
- Operating expenses down 8.5% vs. Q2-18 due primarily to lower
temporary headcount and personnel costs. Down 4.3% vs. Q3-17.
Better than prior guidance
- Net income of € 29.3 million and net margin of 25.1% reached in
face of challenging market conditions
- Net cash up € 49.9 million (+45.3%) vs. Q2-18 to reach € 160.1
million
Key Highlights YTD-18/YTD-17
- Revenue of € 432.7 million, down 1.5% reflecting lower die
bonding shipments for mobile applications partially offset by
strength in computing and automotive end markets
- Orders decreased by 24.7% due primarily to reduced demand for
high end smart phone capacity post significant 2017 ramp and less
favorable market conditions
- Gross margin decreased slightly to 56.9% vs. 57.4%
- Net income of € 113.5 million declined 12.4% vs. YTD-17. Net
margin of 26.2% remained at peer leading levels
Outlook
- Q4-18 revenue estimated to decrease 20%-25% vs. Q3-18
reflecting typical H2 seasonal patterns and weaker assembly
equipment market conditions
(€ millions, except EPS) |
Q3-2018 |
Q2-2018 |
Δ |
Q3-2017 |
Δ |
YTD-2018 |
YTD-2017 |
Δ |
Revenue |
116.7 |
161.1 |
-27.6 |
% |
159.3 |
-26.7 |
% |
432.7 |
439.5 |
-1.5 |
% |
Orders |
107.9 |
86.3 |
+25.0 |
% |
161.5 |
-33.2 |
% |
400.0 |
531.5 |
-24.7 |
% |
Operating Income |
38.6 |
59.3 |
-34.9 |
% |
63.2 |
-38.9 |
% |
146.4 |
157.4 |
-7.0 |
% |
EBITDA |
42.4 |
62.8 |
-32.5 |
% |
66.5 |
-36.2 |
% |
157.2 |
167.3 |
-6.0 |
% |
Net Income |
29.3 |
47.2 |
-37.9 |
% |
52.9 |
-44.6 |
% |
113.5 |
129.6 |
-12.4 |
% |
EPS (basic) |
0.39 |
0.63 |
-38.1 |
% |
0.71 |
-45.1 |
% |
1.52 |
1.74 |
-12.6 |
% |
EPS (diluted) |
0.37 |
0.58 |
-36.2 |
% |
0.65 |
-43.1 |
% |
1.40 |
1.59 |
-11.9 |
% |
Net Cash &
Deposits |
160.1 |
110.2* |
+45.3 |
% |
165.4 |
-3.2 |
% |
160.1 |
165.4 |
-3.2 |
% |
* Reflects cash dividend payment of € 174.0
million in Q2-18.
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented: “Besi’s nine month
2018 results reflect solid performance and strategic execution in
an assembly equipment market less favorable than 2017. Revenue of €
432.7 million and net income of € 113.5 million declined by 1.5%
and 12.4%, respectively, vs. the comparable period of the prior
year. Our 2018 revenue development was affected by a first half
slow-down in high end mobile demand followed by weakness in memory
end-user markets in Q3-18 partially offset by more favorable trends
experienced in automotive and computing applications.
Besi responded to such challenges by rapidly
aligning production, supply chain and personnel levels to changing
market conditions. As a result, we have been able to maintain high
levels of profitability in the current market environment. In
addition, we returned € 196.5 million to shareholders via dividends
and share repurchases to date this year which reflects the strong
cash flow generation of our business model and Besi’s ongoing
commitment to enhancing shareholder value. In fact, total cash and
deposits grew to € 5.97 per share at quarter end (€ 2.15 net of
debt outstanding).
For Q3-18, revenue of € 116.7 million and net
income of € 29.3 million compared favorably to expectations. A
higher than anticipated gross margin of 58.0% and an 8.5% decrease
in sequential operating expenses helped keep Besi’s net margin in
excess of 25% despite a 27.6% revenue decrease vs. Q2-18. In
addition, orders of € 107.9 million increased 25.0% vs. Q2-18 as
demand recovered for mobile applications by Asian customers. Cash
generation recovered as well, with net cash increasing by € 49.9
million vs. Q2-18 (+45.3%) to reach € 160.1 million. Cash flow
generation helped support share repurchases of € 11.2 million
during the quarter.
Looking to Q4-18, we estimate that revenue will
decline by 20-25% sequentially due to typical second half seasonal
patterns and less favorable industry conditions generally. It is
unclear whether the present environment reflects simply a temporary
pause after the large capacity build in 2017 or a more traditional
downturn.
Periodic revenue volatility is nothing new to
our industry. In fact, periods of less robust growth let us further
refine our strategy and financial potential to capitalize on the
next major industry upturn. At present, we are keenly focused on
strategic objectives to increase Besi’s market presence, revenue
growth and market share in the next customer investment round while
reducing structural costs by € 15-20 million over the next 3 years.
Similarly, our development efforts are focused on providing
customers leading edge advanced packaging processes such as TCB,
FOWLP, Panel and Wafer Molding for next generation devices. The
adoption of such processes are essential to the progress of the
digital society in the years ahead.”
Third Quarter Results of
Operations
|
Q3-2018 |
Q2-2018 |
Δ |
Q3-2017 |
Δ |
Revenue |
116.7 |
161.1 |
-27.6 |
% |
159.3 |
-26.7 |
% |
Orders |
107.9 |
86.3 |
+25.0 |
% |
161.5 |
-33.2 |
% |
Backlog |
131.7 |
140.4 |
-6.2 |
% |
168.2 |
-21.7 |
% |
Book to Bill Ratio |
0.9x |
0.5x |
+0.4 |
|
1.0x |
-0.1 |
|
Besi’s Q3-18 revenue decreased 27.6% vs. Q2-18
primarily due to lower die bonding demand for mobile applications
and less favorable market conditions partially offset by strength
in shipments for automotive applications. Q3-18 revenue was at the
midpoint of prior guidance. Similarly, revenue decreased by 26.7%
vs. Q3-17.
Orders of € 107.9 million were up 25.0% vs.
Q2-18 as demand for mobile applications by Asian customers
recovered vs. depressed levels in Q2-18. In addition, order growth
benefited from increased demand by IDM customers for high end logic
and memory applications. In contrast, orders decreased by 33.2% vs.
Q3-17 due to various factors including lower demand for mobile and
high performance computing applications and less favorable market
conditions. Per customer type, IDM orders increased sequentially by
€ 11.2 million, or 15.8%, while subcontractor orders increased by
€ 10.4 million, or 67.1%. IDM and subcontractor orders
represented 76% and 24%, respectively, of total Q3-18 bookings.
|
Q3-2018 |
|
Q2-2018 |
|
Δ |
Q3-2017 |
|
Δ |
Gross Margin |
58.0 |
% |
56.5 |
% |
+1.5 |
|
58.7 |
% |
-0.7 |
|
Operating Expenses |
29.1 |
|
31.8 |
|
-8.5 |
% |
30.4 |
|
-4.3 |
% |
Financial Expense/(Income),
net |
4.2 |
|
5.1 |
|
-17.6 |
% |
2.3 |
|
+82.6 |
% |
EBITDA |
42.4 |
|
62.8 |
|
-32.5 |
% |
66.5 |
|
-36.2 |
% |
Besi’s gross margin of 58.0% in Q3-18 was 1.5
points higher sequentially primarily due to a more favorable
product mix. Gross margin decreased by 0.7 points vs. Q3-17
principally due to an under absorption of labor costs in the face
of significantly lower revenue levels vs. the year earlier
period.
Q3-18 operating expenses decreased by € 2.7
million, or 8.5%, vs. Q2-18 due primarily to lower personnel costs
from headcount reduction efforts. Operating expenses also decreased
by € 1.3 million, or 4.3%, vs. Q3-17 primarily as a result of
lower warranty costs and increased R&D capitalization related
to new product development. Total headcount at September 30, 2018
decreased by 8.7% vs. June 30, 2018 principally due to a reduction
in temporary production personnel as Besi aligned its organization
to more challenging market conditions.
Financial expense, net decreased by € 0.9
million vs. Q2-18 due primarily to lower forex hedging costs
related to lower revenue levels. As compared to Q3-17, such
expenses increased by € 1.9 million inclusive of higher interest
expense associated with Besi’s December 2017 Convertible Note
issuance as well as higher forex hedging costs.
|
Q3-2018 |
|
Q2-2018 |
|
Δ |
Q3-2017 |
|
Δ |
Net Income |
29.3 |
|
47.2 |
|
-37.9 |
% |
52.9 |
|
-44.6 |
% |
Net Margin |
25.1 |
% |
29.3 |
% |
-4.2 |
|
33.2 |
% |
-8.1 |
|
Tax Rate |
14.9 |
% |
12.9 |
% |
+2.0 |
|
13.1 |
% |
+1.8 |
|
Besi’s net income decreased by € 17.9 million in
Q3-18 vs. Q2-18 principally due to a 27.6% reduction in revenue and
a higher effective tax rate partially offset by improved gross
margins and lower operating expenses. Net margin also declined to
25.1% vs. 29.3% in Q2-18. Similarly, net income decreased by € 23.6
million vs. Q3-17 due to significantly reduced revenue levels,
lower gross margins and a higher effective tax rate partially
offset by lower operating expenses.
Nine Months Results of
Operations
|
2018 |
|
2017 |
|
Δ |
Revenue |
432.7 |
|
439.5 |
|
-1.5 |
% |
Orders |
400.0 |
|
531.5 |
|
-24.7 |
% |
Gross Margin |
56.9 |
% |
57.4 |
% |
-0.5 |
|
Operating Income |
146.4 |
|
157.4 |
|
-7.0 |
% |
Net Income |
113.5 |
|
129.6 |
|
-12.4 |
% |
Net Margin |
26.2 |
% |
29.5 |
% |
-3.3 |
|
Tax Rate |
14.5 |
% |
13.9 |
% |
+0.6 |
|
For the first nine months of 2018, Besi’s
revenue decreased by 1.5% primarily as a result of lower customer
demand for mobile applications. This revenue decrease was partially
offset by strength in automotive and high end logic and memory
applications principally for cloud server markets. In contrast,
YTD-18 orders decreased by 24.7% vs. YTD-17 principally due to
lower demand for die bonding systems in high end smart phone
applications post customers’ significant 2017 capacity build and
less favorable market conditions. Orders by IDMs and subcontractors
represented 66% and 34%, respectively, of Besi’s total YTD-18
orders vs. 69% and 31%, respectively, in YTD-17.
Besi’s YTD-18 net income of € 113.5 million
decreased by € 16.1 million, or 12.4% vs. YTD-17 due primarily to
its (i) 1.5% year over year revenue decrease, (ii) € 6.7 million
increase in net financial expense associated with higher interest
expense and forex hedging costs, (iii) € 4.8 million of higher
operating expenses principally due to higher share based
compensation expense as well as (iv) a gross margin decrease of 0.5
points.
Financial Condition
|
Q32018 |
Q22018 |
Δ |
Q32017 |
Δ |
YTD2018 |
YTD2017 |
Δ |
Net Cash and Deposits |
160.1 |
110.2 |
45.3 |
% |
165.4 |
-3.2 |
% |
160.1 |
165.4 |
-3.2 |
% |
Cash flow from Ops. |
65.7 |
7.0 |
839 |
% |
42.2 |
55.7 |
% |
127.5 |
90.4 |
41.0 |
% |
Besi Q3-18 cash flow from operations of
€ 65.7 million increased by € 58.7 million vs. Q2-18 due
primarily to reduced working capital needs. In Q3-18, Besi used
cash flow from operations to fund (i) € 11.0 million of share
repurchases, (ii) € 2.9 million of debt retirement, € 2.7 million
of capitalized development spending and (iii) € 1.2 million of
capital expenditures.
At the end of Q3-18, cash and deposits
aggregated € 443.5 million and net cash was € 160.1 million. As
compared to Q2-18, Besi’s net cash and deposits increased by
€ 49.9 million primarily due to a reduction of accounts
receivable and inventories by € 37.0 million and € 12.5 million,
respectively. Reduced working capital levels related primarily to
lower shipment activity and a re-alignment of Besi’s supply chain
to current market conditions.
Share Repurchase ActivityDuring
Q3-18, Besi repurchased 592,813 of its ordinary shares at an
average price of € 18.90 per share for a total of € 11.2 million.
Of that amount, 517,914 ordinary shares (average price of € 18.51
per share for a total of € 9.6 million) related to the new
repurchase program announced on July 26, 2018. 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. Since the start of 2018, Besi has
repurchased a total of 916,247 ordinary shares at an average price
of € 24.57 per share for a total of € 22.5 million.
Outlook
Based on its September 30, 2018 backlog of €
131.7 million and feedback from customers, Besi forecasts for Q4-18
that:
- Revenue will decrease by 20-25% vs. the € 116.7 million
reported in Q3-18.
- Gross margin will range between 54-56% vs. the 58.0% realized
in Q3-18.
- Operating expenses will be approximately flat vs. the € 29.1
million reported in Q3-18.
Investor and media conference
callA conference call and webcast for investors and media
will be held today at 4:00 pm CET (10:00 am EST). 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 Besi
Besi 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 &
CEOCor te Hennepe, SVP FinanceTel. (31) 26 319
4500investor.relations@besi.com
CFF CommunicationsFrank JansenTel. (31) 20 575
4024besi@cffcommunications.nl
Caution Concerning Forward Looking Statements
This 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
EndedSeptember
30,(unaudited) |
Nine Months
EndedSeptember
30,(unaudited) |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Revenue |
116,706 |
159,325 |
432,742 |
439,541 |
Cost of sales |
49,055 |
65,751 |
186,423 |
187,150 |
|
|
|
|
|
Gross profit |
67,651 |
93,574 |
246,319 |
252,391 |
|
|
|
|
|
Selling, general and administrative expenses |
20,341 |
21,033 |
72,325 |
68,698 |
Research and development expenses |
8,717 |
9,328 |
27,553 |
26,341 |
|
|
|
|
|
Total operating expenses |
29,058 |
30,361 |
99,878 |
95,039 |
|
|
|
|
|
Operating income |
38,593 |
63,213 |
146,441 |
157,352 |
|
|
|
|
|
Financial expense, net |
4,211 |
2,315 |
13,591 |
6,877 |
|
|
|
|
|
Income before taxes |
34,382 |
60,898 |
132,850 |
150,475 |
|
|
|
|
|
Income tax expense |
5,118 |
8,003 |
19,327 |
20,904 |
|
|
|
|
|
Net income |
29,264 |
52,895 |
113,523 |
129,571 |
|
|
|
|
|
Net income per share – basic |
0.39 |
0.71 |
1.52 |
1.74 |
Net income per share – diluted |
0.37 |
0.65 |
1.40 |
1.59 |
Number of shares used in computing per share amounts1: |
|
|
|
|
- basic |
74,614,920 |
74,810,696 |
74,619,524 |
74,691,926 |
- diluted 2 |
84,371,602 |
81,358,974 |
84,593,726 |
81,413,342 |
_________________________________(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.
|
Consolidated Balance Sheets |
|
(euro in thousands) |
September 30,
2018(unaudited) |
June 30,
2018(unaudited) |
March 31,
2018(unaudited) |
December 31,
2017(audited) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
263,492 |
215,457 |
440,983 |
527,806 |
Deposits |
180,000 |
180,000 |
130,000 |
- |
Accounts receivable |
148,585 |
185,647 |
159,624 |
151,654 |
Inventories |
65,910 |
78,415 |
81,575 |
70,947 |
Income tax receivable |
688 |
325 |
304 |
370 |
Other current assets |
9,704 |
11,033 |
11,894 |
11,652 |
|
|
|
|
|
Total current assets |
668,379 |
670,877 |
824,380 |
762,429 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
26,580 |
27,098 |
26,918 |
26,517 |
Goodwill |
44,964 |
44,937 |
44,443 |
44,687 |
Other intangible assets |
37,680 |
36,889 |
34,604 |
34,140 |
Deferred tax assets |
4,550 |
4,830 |
4,707 |
4,660 |
Other non-current assets |
2,289 |
2,818 |
2,746 |
2,520 |
|
|
|
|
|
Total non-current assets |
116,063 |
116,572 |
113,418 |
112,524 |
|
|
|
|
|
Total assets |
784,442 |
787,449 |
937,798 |
874,953 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
Notes payable to banks |
1,261 |
4,114 |
969 |
1,742 |
Current portion of long-term debt and financial
leases |
11,481 |
11,552 |
11,547 |
11,228 |
Accounts payable |
40,247 |
62,600 |
73,428 |
62,721 |
Accrued liabilities |
66,849 |
66,677 |
81,942 |
70,595 |
|
|
|
|
|
Total current liabilities |
119,838 |
144,943 |
167,886 |
146,286 |
|
|
|
|
|
Other long-term debt and financial
leases |
270,686 |
269,548 |
268,415 |
267,274 |
Deferred tax liabilities |
14,047 |
13,875 |
12,045 |
10,050 |
Other non-current liabilities |
15,618 |
16,162 |
17,125 |
17,211 |
|
|
|
|
|
Total non-current
liabilities |
300,351 |
299,585 |
297,585 |
294,535 |
|
|
|
|
|
Total equity |
364,253 |
342,921 |
472,327 |
434,132 |
|
|
|
|
|
Total liabilities and
equity |
784,442 |
787,449 |
937,798 |
874,953 |
|
|
|
|
|
|
Consolidated Cash Flow Statements |
|
(euro in thousands) |
Three Months Ended
September 30,(unaudited) |
|
Nine Months Ended
September 30,(unaudited) |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Operating income |
38,593 |
|
63,213 |
|
146,441 |
|
157,352 |
|
|
|
|
|
|
Depreciation and amortization |
3,786 |
|
3,264 |
|
10,726 |
|
9,903 |
|
Share based compensation expense |
790 |
|
1,181 |
|
9,249 |
|
5,811 |
|
Other non-cash items |
- |
|
427 |
|
- |
|
1,284 |
|
|
|
|
|
|
Changes in working capital |
22,696 |
|
(24,531 |
) |
(19,525 |
) |
(80,219 |
) |
Income tax received (paid) |
(376 |
) |
(1,255 |
) |
(16,999 |
) |
(2,268 |
) |
Interest received (paid) |
173 |
|
(52 |
) |
(2,351 |
) |
(1,508 |
) |
|
|
|
|
|
Net cash provided by (used in) operating
activities |
65,662 |
|
42,247 |
|
127,541 |
|
90,355 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Capital expenditures |
(1,227 |
) |
(641 |
) |
(5,153 |
) |
(2,605 |
) |
Capitalized development expenses |
(2,668 |
) |
(1,149 |
) |
(8,756 |
) |
(4,822 |
) |
Deposits |
- |
|
25,000 |
|
(180,000 |
) |
- |
|
|
|
|
|
|
Net cash used in investing activities |
(3,895 |
) |
23,210 |
|
(193,909 |
) |
(7,427 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from (payments of) bank lines of
credit |
(2,854 |
) |
- |
|
(482 |
) |
(3,855 |
) |
Proceeds from (payments of) debt and financial
leases |
(78 |
) |
- |
|
223 |
|
(2,166 |
) |
Dividends paid to shareholders |
- |
|
- |
|
(174,018 |
) |
(65,302 |
) |
Reissuance (purchase) of treasury shares |
(11,000 |
) |
(5,000 |
) |
(23,000 |
) |
(17,500 |
) |
|
|
|
|
|
Net cash provided by (used in) financing
activities |
(13,932 |
) |
(5,000 |
) |
(197,277 |
) |
(88,823 |
) |
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents |
47,835 |
|
60,457 |
|
(263,645 |
) |
(5,895 |
) |
Effect of changes in exchange rates on cash
and cash equivalents |
200 |
|
(1,158 |
) |
(669 |
) |
(1,539 |
) |
Cash and cash equivalents at beginning of
the period |
215,457 |
|
158,057 |
|
527,806 |
|
224,790 |
|
|
|
|
|
|
Cash and cash equivalents at end of the
period |
263,492 |
|
217,356 |
|
263,492 |
|
217,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
(unaudited) |
(euro in millions, unless stated
otherwise) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Q3-2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
89.4 |
|
81 |
% |
112.4 |
|
66 |
% |
103.5 |
|
65 |
% |
111.8 |
|
73 |
% |
120.5 |
|
78 |
% |
88.6 |
|
55 |
% |
71.2 |
|
61 |
% |
EU / USA |
20.9 |
|
19 |
% |
57.6 |
|
34 |
% |
55.8 |
|
35 |
% |
41.4 |
|
27 |
% |
34.4 |
|
22 |
% |
72.5 |
|
45 |
% |
45.5 |
|
39 |
% |
Total |
110.3 |
|
100 |
% |
170.0 |
|
100 |
% |
159.3 |
|
100 |
% |
153.2 |
|
100 |
% |
154.9 |
|
100 |
% |
161.1 |
|
100 |
% |
116.7 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Q3-2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
153.5 |
|
64 |
% |
109.8 |
|
84 |
% |
114.3 |
|
71 |
% |
116.5 |
|
78 |
% |
120.8 |
|
59 |
% |
47.5 |
|
55 |
% |
70.1 |
|
65 |
% |
EU / USA |
86.3 |
|
36 |
% |
20.3 |
|
16 |
% |
47.3 |
|
29 |
% |
32.9 |
|
22 |
% |
85.0 |
|
41 |
% |
38.8 |
|
45 |
% |
37.8 |
|
35 |
% |
Total |
239.8 |
|
100 |
% |
130.1 |
|
100 |
% |
161.6 |
|
100 |
% |
149.4 |
|
100 |
% |
205.8 |
|
100 |
% |
86.3 |
|
100 |
% |
107.9 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per customer type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDM |
196.6 |
|
82 |
% |
83.3 |
|
64 |
% |
88.8 |
|
55 |
% |
74.7 |
|
50 |
% |
111.1 |
|
54 |
% |
70.8 |
|
82 |
% |
82.0 |
|
76 |
% |
Subcontractors |
43.2 |
|
18 |
% |
46.8 |
|
36 |
% |
72.7 |
|
45 |
% |
74.7 |
|
50 |
% |
94.7 |
|
46 |
% |
15.5 |
|
18 |
% |
25.9 |
|
24 |
% |
Total |
239.8 |
|
100 |
% |
130.1 |
|
100 |
% |
161.5 |
|
100 |
% |
149.4 |
|
100 |
% |
205.8 |
|
100 |
% |
86.3 |
|
100 |
% |
107.9 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG |
Mar 31,
2017 |
Jun 30,
2017 |
Sep 30,
2017 |
Dec 31,
2017 |
Mar 31,
2018 |
Jun 30,
2018 |
Sep 30,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
205.9 |
166.0 |
168.2 |
164.4 |
215.2 |
140.4 |
131.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31,
2017 |
Jun 30,
2017 |
Sep 30,
2017 |
Dec 31,
2017 |
Mar 31,
2018 |
Jun 30,
2018 |
Sep 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 |
% |
1,255 |
|
72 |
% |
EU / USA |
505 |
|
31 |
% |
505 |
|
30 |
% |
502 |
|
30 |
% |
502 |
|
29 |
% |
500 |
|
29 |
% |
495 |
|
28 |
% |
483 |
|
28 |
% |
Total |
1,617 |
|
100 |
% |
1,669 |
|
100 |
% |
1,701 |
|
100 |
% |
1,724 |
|
100 |
% |
1,754 |
|
100 |
% |
1,754 |
|
100 |
% |
1,738 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
211 |
|
79 |
% |
269 |
|
80 |
% |
247 |
|
74 |
% |
229 |
|
72 |
% |
290 |
|
76 |
% |
257 |
|
75 |
% |
108 |
|
61 |
% |
EU / USA |
55 |
|
21 |
% |
67 |
|
20 |
% |
85 |
|
26 |
% |
87 |
|
28 |
% |
93 |
|
24 |
% |
86 |
|
25 |
% |
68 |
|
39 |
% |
Total |
266 |
|
100 |
% |
336 |
|
100 |
% |
332 |
|
100 |
% |
316 |
|
100 |
% |
383 |
|
100 |
% |
343 |
|
100 |
% |
176 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff
(FTE) |
1,883 |
|
|
2,005 |
|
|
2,033 |
|
|
2,040 |
|
|
2,137 |
|
|
2,097 |
|
|
1,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Q3-2018 |
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 |
% |
67.6 |
|
57.9 |
% |
Restructuring charges / (gains) |
0.0 |
|
0.0 |
% |
(0.0 |
) |
-0.0 |
% |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
0.4 |
|
0.2 |
% |
(0.0 |
) |
-0.0 |
% |
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 |
% |
67.6 |
|
57.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
20.3 |
|
17.4 |
% |
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 |
% |
(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 |
% |
(0.4 |
) |
-0.3 |
% |
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 |
% |
19.8 |
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
8.7 |
|
7.5 |
% |
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 |
% |
2.7 |
|
2.3 |
% |
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 |
% |
(2.4 |
) |
-2.1 |
% |
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 |
% |
9.0 |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
1.1 |
|
|
1.2 |
|
|
1.6 |
|
|
1.0 |
|
|
2.5 |
|
|
2.4 |
|
|
2.4 |
|
|
Foreign exchange effects |
0.9 |
|
|
1.4 |
|
|
0.7 |
|
|
2.3 |
|
|
1.8 |
|
|
2.7 |
|
|
1.8 |
|
|
Total |
2.0 |
|
|
2.6 |
|
|
2.3 |
|
|
3.3 |
|
|
4.3 |
|
|
5.1 |
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
38.6 |
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
42.4 |
|
36.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
29.3 |
|
25.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.33 |
|
|
0.70 |
|
|
0.71 |
|
|
0.59 |
|
|
0.50 |
|
|
0.63 |
|
|
0.39 |
|
|
Diluted |
0.30 |
|
|
0.65 |
|
|
0.65 |
|
|
0.55 |
|
|
0.46 |
|
|
0.58 |
|
|
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Be Semiconductor Industr... (EU:BESI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Be Semiconductor Industr... (EU:BESI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024