2018 Revenue and Net Income of € 525.3
Million and € 136.3 Million, RespectivelyQ4-18
Revenue and Net Income of € 92.5 Million and € 22.7 Million,
RespectivelyProposed Dividend of € 1.67 per Share
for Fiscal 2018
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 fourth
quarter and year ended December 31, 2018.
Key Highlights Q4-18
- Revenue of € 92.5 million is within prior guidance. Down 20.7%
and 39.6% vs. Q3-18 and Q4-17, respectively, due primarily to
weakness in mobile applications and less favorable market
conditions
- Orders of € 83.1 million declined 23.0% vs. Q3-18 due to lower
bookings for mobile applications and typical seasonality partially
offset by growth in cloud applications. Down 44.4% vs. Q4-17
- Gross margin decreased to 56.4% vs. 58.0% in Q3-18. Exceeded
guidance. Up vs. 56.3% in Q4-17 as production overhead re-aligned
to meet lower demand levels
- Operating expenses decreased € 3.2 million (-11.0%) vs. Q3-18.
Better than guidance. Down € 8.3 million (-24.3%) vs. Q4-17
- Net income of € 22.7 million decreased by € 6.6 million
(-22.5%) vs. Q3-18 while net margins were 24.5% (25.1% in Q3-18)
despite adverse market environment
- Net cash increased by € 39.3 million vs. Q3-18 (+24.5%) to
reach € 199.4 million
Key Highlights FY 2018
- Revenue of € 525.3 million declined 11.4% vs. 2017 primarily as
a result of lower die bonding revenue for mobile applications
partially offset by growth in computing and automotive end
markets
- Orders decreased by 29.0% 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 56.8% vs. 57.1%
- Net income of € 136.3 million declined 21.3% vs. 2017. Net
margin of 25.9% vs. 29.2%
- Proposed dividend of € 1.67 per share. 91% pay-out ratio
Outlook
- Q1-19 revenue estimated to decline approximately 15% vs. Q4-18
as difficult market conditions continue in traditionally weakest
quarter of the year. Gross margin expected to remain in 55%-57%
range as cost reduction initiatives continue to align overhead with
customer demand
(€ millions, except EPS) |
Q4-2018 |
Q3-2018 |
Δ |
Q4-2017 |
Δ |
FY 2018 |
FY 2017 |
Δ |
Revenue |
92.5 |
116.7 |
-20.7% |
153.2 |
-39.6% |
525.3 |
592.8 |
-11.4% |
Orders |
83.1 |
107.9 |
-23.0% |
149.4 |
-44.4% |
483.1 |
680.9 |
-29.0% |
Operating Income |
26.3 |
38.6 |
-31.9% |
52.1 |
-49.5% |
172.7 |
209.4 |
-17.5% |
EBITDA |
30.5 |
42.4 |
-28.1% |
55.5 |
-45.0% |
187.7 |
222.8 |
-15.8% |
Net Income |
22.7 |
29.3 |
-22.5% |
43.6 |
-47.9% |
136.3 |
173.2 |
-21.3% |
EPS (basic) |
0.30 |
0.39 |
-23.1% |
0.58 |
-48.3% |
1.83 |
2.32 |
-21.1% |
EPS (diluted) |
0.29 |
0.37 |
-21.6% |
0.54 |
-46.3% |
1.68 |
2.17 |
-22.6% |
Net Cash & Deposits |
199.4 |
160.1 |
+24.5% |
247.6 |
-19.5% |
199.4 |
247.6 |
-19.5% |
Richard W. Blickman, President and Chief Executive
Officer of Besi, commented:
“Besi’s 2018 results reflected solid performance
and strategic execution in an assembly equipment market
significantly more challenging than 2017. Revenue of € 525.3
million and net income of € 136.3 million declined by 11.4% and
21.3%, respectively, vs. 2017. Our 2018 revenue development was
primarily affected by a second quarter slow-down in high-end mobile
demand followed by broad weakness in memory and other end user
markets starting in the third quarter of the year. Revenue
development was also adversely affected by forex headwinds from a
4.5% average decrease in the value of the dollar vs. the euro. In
retrospect, it appears that Besi’s second quarter order weakness
was an early indication of an industry downturn post an extended
upward trajectory which began in the second half of 2016.
In the current downturn, we rapidly aligned
production, supply chain and personnel in response to adverse
market conditions. As a result, Besi was able to maintain peer
leading metrics of profitability such as gross and net margins
(56.8% and 25.9%) and return on equity (33.8%). In fact, gross
margins exceeded 56% in each quarter of 2018 despite a revenue
decline of 42.6% between the second and fourth quarters of the
year. Further, we successfully reduced costs in the face of
decreased customer demand due to the ongoing execution of strategic
initiatives, continued reductions of European fixed overhead and
the realignment of temporary Asian production personnel to a
changing market environment.
For Q4-18, revenue of € 92.5 million and net
income of € 22.7 million compared favorably to expectations. A
higher than anticipated gross margin of 56.4% and decreased
sequential operating expenses helped us exceed operating profit
guidance despite a 20.7% revenue decrease vs. Q3-18. Cash
generation was also strong with net cash increasing by € 39.3
million vs. Q3-18 (+24.5%) to reach € 199.4 million.
Our results over the past two years demonstrate
the improved scalability and profitability of Besi’s business model
both in strong industry upcycles such as 2017 as well as in the
sharp industry downdraft experienced in the second half of 2018. We
also have a solid liquidity base of cash and deposits of
€ 475.5 million at year end (€ 5.68 per diluted share) which
puts us in a good position to take advantage of future
opportunities regardless of the industry
environment.
In addition, our capital allocation policy
continues to reward shareholders for their investment in Besi. In
2018, € 209.5 million was returned to shareholders in the form of
dividends and share repurchases. Since 2011, total dividends and
share repurchases have aggregated € 483.6 million (or € 6.57 per
share). Given our solid cash flow generation and future prospects,
we initiated a new € 75 million share repurchase program in July
2018. Moreover, share repurchase activities since 2011 have enabled
us to accumulate approximately 6.5 million shares in treasury by
year end 2018 at an average cost per share of € 13.75. Further,
given profits earned in 2018 and Besi’s solid financial position,
we propose to pay a cash dividend of € 1.67 per share for approval
at our AGM on April 26, 2019. The proposed distribution is the
eighth consecutive annual dividend paid and reflects a pay-out
ratio of 91%.
Looking to Q1-19, we estimate that revenue will
be approximately 15% lower than Q4-18 as difficult market
conditions continue in what is traditionally our weakest quarter of
the year. We expect gross margin to remain in the 55%-57% range as
we further adjust overhead levels to customer demand. At present,
the 2019 outlook for the assembly equipment market is hard to
predict. There are many factors which could influence the outlook
and timing of any anticipated rebound this year such as slowing
global growth and trade frictions between the US and China.
Longer term, there are many reasons to be
optimistic about Besi’s prospects. We have a leading position in
the advanced packaging space whose outlook is bright as an
important enabler of the digital society and the new applications
which will be generated along with it. The advent of 5G
capabilities, artificial intelligence, automotive electronics and
the ever increasing amounts of advanced logic and memory capacity
necessary for the build out of cloud infrastructure should be
strong drivers of innovation and growth in the next customer
investment round.“
Fourth Quarter Results of
Operations
|
Q4-2018 |
Q3-2018 |
Δ |
Q4-2017 |
Δ |
Revenue |
92.5 |
116.7 |
-20.7% |
153.2 |
-39.6% |
Orders |
83.1 |
107.9 |
-23.0% |
149.4 |
-44.4% |
Book to Bill Ratio |
0.9x |
0.9x |
- |
1.0x |
-0.1x |
Besi’s Q4-18 revenue decreased by 20.7% vs.
Q3-18 and by 39.6% vs. Q4-17 due primarily to lower die bonding
shipments for high end mobile capacity following significant
customer investment in 2017. The revenue decrease was broad based
by customer type and by end market application and consistent with
an industry downturn that began at the end of Q2-18.
Orders of € 83.1 million were down 23.0% vs.
Q3-18 due primarily to lower demand for mobile applications and
typical seasonal influences partially offset by increased orders
for cloud server applications. Orders decreased by 44.4% vs. Q4-17
due primarily to less favorable market conditions and broad based
booking weakness per end user market application. Per customer
type, IDM orders decreased sequentially by € 17.2 million, or
21.0%, while subcontractor orders decreased by € 7.6 million,
or 29.4%. IDM and subcontractor orders represented 78% and 22%,
respectively, of total Q4-18 bookings vs. 76% and 24%,
respectively, in Q3-18.
|
Q4-2018 |
Q3-2018 |
Δ |
Q4-2017 |
Δ |
Gross Margin |
56.4% |
58.0% |
-1.6 |
56.3% |
+0.1 |
Operating Expenses |
25.9 |
29.1 |
-11.0% |
34.2 |
-24.3% |
Financial Expense/(Income), net |
4.2 |
4.2 |
- |
3.3 |
+27.3% |
EBITDA |
30.5 |
42.4 |
-28.1% |
55.5 |
-45.0% |
Besi’s gross margin of 56.4% in Q4-18 was 1.6
points lower than Q3-18 but above prior guidance (54%-56%). The
sequential decline was primarily due to significantly lower revenue
levels. Gross margin was slightly higher than Q4-17 despite a 39.6%
revenue decrease vs. Q4-18 as temporary production overhead and
supply chain activities were adjusted in a rapid manner to changing
industry conditions.
Q4-18 operating expenses decreased by € 3.2
million, or 11.0%, vs. Q3-18 and were better than prior guidance
primarily as a result of lower warranty expense and favorable
one-time, year-end recordings. Excluding variable compensation,
restructuring, forex effects and one-time benefits/charges,
estimated base line operating expenses decreased from € 26.3
million in Q3-18 to € 25.7 million in Q4-18 (-2.3%). Operating
expenses also decreased by € 8.3 million, or 24.3%, vs. Q4-17
principally resulting from lower warranty costs and decreased
personnel expenses associated with reduced headcount levels as well
as the absence of favorable year-end recordings in Q4-17.
Similarly, estimated base line operating expenses decreased by €
5.5 million, or 17.6%, vs. Q4-17. Total headcount at December 31,
2018 decreased by 8.1% vs. September 30, 2018 and by 13.8% vs.
December 31, 2017 primarily due to a reduction in temporary Asian
production personnel and, to a lesser extent, lower levels of fixed
European headcount.
Financial expense, net of € 4.2 million was
roughly equal to Q3-18 but increased by € 0.9 million vs. Q4-17 due
to higher interest expense associated with Besi’s December 2017
Convertible Note issuance.
|
Q4-2018 |
Q3-2018 |
Δ |
Q4-2017 |
Δ |
Net Income |
22.7 |
29.3 |
-22.5% |
43.6 |
-47.9% |
Net Margin |
24.5% |
25.1% |
-0.6 |
28.4% |
-3.9 |
Tax Rate |
-2.9% |
14.9% |
-17.8 |
10.6% |
-13.5 |
Besi’s net income decreased by € 6.6 million
(-22.5%) vs. Q3-18 principally due to its 20.7% revenue decrease
and lower gross margins partially offset by reduced operating
expenses and a net tax benefit recorded in Q4-18. The benefit was
mainly due to € 4.8 million in tax credits associated with the
Innovation Box program for the period 2015-2018.
Full Year Results of
Operations
|
FY 2018 |
FY 2017 |
Δ |
Revenue |
525.3 |
592.8 |
-11.4% |
Orders |
483.1 |
680.9 |
-29.0% |
Gross Margin |
56.8% |
57.1% |
-0.3 |
Operating Income |
172.7 |
209.4 |
-17.5% |
Net Income |
136.3 |
173.2 |
-21.3% |
Net Margin |
25.9% |
29.2% |
-3.3 |
Tax Rate |
12.1% |
13.1% |
-1.0 |
For the full year 2018, Besi’s revenue decreased
by 11.4% primarily due to lower die bonding shipments for smart
phone applications partially offset by higher revenue for Besi’s
packaging, plating and spares/service activities. The revenue
decrease was also negatively influenced by a 4.5% average decrease
in the value of the US dollar vs. the euro during the year.
Similarly, 2018 orders decreased by 29.0% vs.
2017. The order decrease was broad based across product lines and
end user applications. There was particular order weakness in die
bonding orders for smart phone applications by IDM customers and
their respective supply chains post the significant 2017 capacity
build. Orders by IDMs and subcontractors represented 68% and 32%,
respectively, of Besi’s total 2018 orders vs. 65% and 35%,
respectively, in 2017.
Besi’s 2018 net income of € 136.3 million
decreased by € 36.9 million, or 21.3%, vs. 2017 primarily as a
result of an 11.4% year over year revenue decrease, a € 7.6 million
increase in net financial expense and slightly lower gross margins.
Such negative influences were partially offset by a reduction in
the effective tax rate from 13.1% to 12.1% and € 3.5 million of
lower operating expenses.
Financial Condition
|
Q42018 |
Q32018 |
Δ |
Q42017 |
Δ |
FY2018 |
FY2017 |
Δ |
Net Cash and Deposits |
199.4 |
160.1 |
+24.5% |
247.6 |
-19.5% |
199.4 |
247.6 |
-19.5% |
Cash flow from Ops. |
56.6 |
65.7 |
-13.9% |
77.8 |
-27.2% |
184.1 |
168.2 |
+9.5% |
In Q4-18, Besi generated cash flow from
operations of € 56.6 million which was utilized to fund (i)
€ 12.5 million of share repurchases, (ii) € 10.0 million of
debt retirement, (iii) € 2.7 million of capitalized development
spending and (iv) € 1.4 million of capital expenditures.
At the end of Q4-18, cash and deposits
aggregated € 475.5 million vs. € 443.5 million at the end of Q3-18.
Net cash of € 199.4 million increased by € 39.4 million, or
24.5%, vs. Q3-18. At year-end 2018, net cash declined by € 48.2
million, or 19.5%, vs. year end 2017 primarily due to the
utilization of € 209.5 million of cash and deposits for the
payment of dividends and share repurchases.
Share Repurchase ActivityDuring
Q4-18, Besi repurchased 708,012 of its ordinary shares at an
average price of € 18.19 per share for a total of € 12.9 million.
For all of 2018, Besi repurchased a total of 1.6 million shares at
an average price of € 21.79 per share for a total of € 35.5
million. The value of shares repurchased in 2018 represents an
increase of € 12.0 million, or 51.5%, vs. 2017 levels.
Dividend
Due to its earnings, cash flow generation and
prospects, Besi’s Board of Management has proposed a cash dividend
of € 1.67 per share for the 2018 year for approval at its AGM on
April 26, 2019. The proposed dividend will be payable from May 6,
2019 and represents a pay-out ratio of approximately 91%.
Outlook
Based on its December 31, 2018 order backlog and
feedback from customers, Besi forecasts for Q1-19 that:
- Revenue will decline by approximately 15% vs. the € 92.5
million reported in Q4-18.
- Gross margin will range between 55-57% vs. the 56.4% realized
in Q4-18.
- Operating expenses will increase by approximately 25-30% vs.
the € 25.9 million reported in Q4-18 primarily due to increased
share based compensation expense of approximately € 3.5 million and
the absence of favorable one-time, year-end recordings in
Q4-18.
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 5851. To access the audio
webcast and webinar slides, please visit www.besi.com.
Important Dates 2019 |
|
- Publication Annual Report 2018
|
March
15, 2019 |
|
April
26, 2019 |
- Annual General Meeting of Shareholders
|
April
26, 2019, (9:30 am CET) |
- Publication Q2/semi-annual results
|
July
25, 2019 |
- Publication Q3/nine month results
|
October 24, 2019 |
- Publication Q4/full year results
|
February 2020 |
|
|
Dividend Information |
|
- Proposed ex-dividend date
|
April
30, 2019* |
|
May
2, 2019* |
- Proposed payment of 2018 dividend
|
Starting May 6, 2019* |
*Subject to approval at Besi’s AGM on April 26, 2019 |
|
About Besi
Besi is a leading supplier of semiconductor
assembly equipment for the global semiconductor and electronics
industries focusing primarily on the advanced packaging segment of
the market. 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 infrastructure, 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 |
Statement of Compliance
The accounting policies applied in the condensed
consolidated financial statements included in this press release
are the same as those applied in the Annual Report 2018, which will
be published on March 15, 2019. These consolidated financial
statements to be included in the Annual Report 2018 were authorized
for issuance by the Board of Management and Supervisory Board on
February 19, 2019. In accordance with Article 393, Title 9, Book 2
of the Netherlands Civil Code, Ernst & Young Accountants LLP
has issued an unqualified auditor’s opinion on the Annual Report
2018. The Annual Report 2018 will be published on March 15, 2019
and still has to be adopted by the Annual General Meeting on April
26, 2019.
The condensed financial statements included in
this press release have been prepared in accordance with
International Financial Reporting Standards (IFRS), as adopted by
the European Union. However, these condensed financial statements
do not include all of the information required for a complete set
of IFRS financial statements. Selected explanatory notes are
included in this press release to explain events and transactions
that are significant to an understanding of the change in the
Group’s financial position and performance since the annual
consolidated financial statements for the year ended December 31,
2018.
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 EndedDecember
31,(unaudited) |
Year EndedDecember
31,(audited) |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Revenue |
92,514 |
153,244 |
525,256 |
592,785 |
Cost of sales |
40,370 |
67,010 |
226,793 |
254,160 |
|
|
|
|
|
Gross profit |
52,144 |
86,234 |
298,463 |
338,625 |
|
|
|
|
|
Selling, general and
administrative expenses |
17,959 |
24,618 |
90,284 |
93,316 |
Research and
development expenses |
7,898 |
9,535 |
35,451 |
35,876 |
|
|
|
|
|
Total operating
expenses |
25,857 |
34,153 |
125,735 |
129,192 |
|
|
|
|
|
Operating income |
26,287 |
52,081 |
172,728 |
209,433 |
|
|
|
|
|
Financial expense,
net |
4,193 |
3,345 |
17,784 |
10,222 |
|
|
|
|
|
Income before
taxes |
22,094 |
48,736 |
154,944 |
199,211 |
|
|
|
|
|
Income tax expense
(benefit) |
(639) |
5,152 |
18,688 |
26,056 |
|
|
|
|
|
Net
income |
22,733 |
43,584 |
136,256 |
173,155 |
|
|
|
|
|
Net income per share –
basic |
0.30 |
0.58 |
1.83 |
2.32 |
Net income per share –
diluted |
0.29 |
0.54 |
1.68 |
2.17 |
|
|
|
|
|
Number of
shares used in computing per share amounts1:- basic- diluted
[2] |
74,620,67584,788,387 |
74,632,71082,259,714 |
74,440,86484,754,069 |
74,673,57481,645,744 |
|
|
|
|
|
______________________________
(1) Share amounts in 2017 and 2018 have been adjusted for
the 2-for-1 stock 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) |
December 31, 2018(audited) |
September 30, 2018(unaudited) |
June 30, 2018(unaudited) |
March 31, 2018(unaudited) |
December 31, 2017(audited) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
295,539 |
263,492 |
215,457 |
440,983 |
527,806 |
Deposits |
130,000 |
180,000 |
180,000 |
130,000 |
- |
Accounts
receivable |
106,347 |
148,585 |
185,647 |
159,624 |
151,654 |
Inventories |
60,237 |
65,910 |
78,415 |
81,575 |
70,947 |
Income tax
receivable |
159 |
688 |
325 |
304 |
370 |
Other current
assets |
11,337 |
9,704 |
11,033 |
11,894 |
11,652 |
|
|
|
|
|
|
Total current
assets |
603,619 |
668,379 |
670,877 |
824,380 |
762,429 |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment |
28,551 |
26,580 |
27,098 |
26,918 |
26,517 |
Goodwill |
45,099 |
44,964 |
44,937 |
44,443 |
44,687 |
Other intangible
assets |
38,334 |
37,680 |
36,889 |
34,604 |
34,140 |
Deferred tax
assets |
4,769 |
4,550 |
4,830 |
4,707 |
4,660 |
Deposits |
50,000 |
- |
- |
- |
- |
Other non-current
assets |
2,317 |
2,289 |
2,818 |
2,746 |
2,520 |
|
|
|
|
|
|
Total
non-current assets |
169,070 |
116,063 |
116,572 |
113,418 |
112,524 |
|
|
|
|
|
|
Total assets |
772,689 |
784,442 |
787,449 |
937,798 |
874,953 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Notes payable to
banks |
2,812 |
1,261 |
4,114 |
969 |
1,742 |
Current portion of
long-term debt and financial leases |
1,502 |
11,481 |
11,552 |
11,547 |
11,228 |
Accounts payable |
33,158 |
40,247 |
62,600 |
73,428 |
62,721 |
Accrued
liabilities |
63,454 |
66,849 |
66,677 |
81,942 |
70,595 |
|
|
|
|
|
|
Total current
liabilities |
100,926 |
119,838 |
144,943 |
167,886 |
146,286 |
|
|
|
|
|
|
Other long-term debt
and financial leases |
271,824 |
270,686 |
269,548 |
268,415 |
267,274 |
Deferred tax
liabilities |
10,244 |
14,047 |
13,875 |
12,045 |
10,050 |
Other non-current
liabilities |
17,507 |
15,618 |
16,162 |
17,125 |
17,211 |
|
|
|
|
|
|
Total
non-current liabilities |
299,575 |
300,351 |
299,585 |
297,585 |
294,535 |
|
|
|
|
|
|
Total
equity |
372,188 |
364,253 |
342,921 |
472,327 |
434,132 |
|
|
|
|
|
|
Total liabilities and equity |
772,689 |
784,442 |
787,449 |
937,798 |
874,953 |
|
|
|
|
|
|
Consolidated Cash Flow
Statements
(euro
in thousands) |
Three Months Ended December
31,(unaudited) |
Year Ended December
31,(audited) |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Income before income
tax |
22,094 |
48,736 |
154,944 |
199,211 |
|
|
|
|
|
Depreciation,
amortization and impairment |
4,282 |
3,461 |
15,008 |
13,364 |
Share based payments
expense |
742 |
1,052 |
9,991 |
6,863 |
Financial expense,
net |
4,193 |
3,345 |
17,784 |
10,222 |
Other non-cash
items |
(832) |
(1,273) |
(832) |
11 |
|
|
|
|
|
Changes in working
capital |
30,766 |
25,705 |
11,241 |
(54,514) |
Income tax received
(paid) |
(2,433) |
(1,685) |
(19,432) |
(3,953) |
Interest received
(paid) |
(2,241) |
(1,543) |
(4,592) |
(3,051) |
|
|
|
|
|
Net cash provided by
(used in) operating activities |
56,571 |
77,798 |
184,112 |
168,153 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital
expenditures |
(1,420) |
(2,429) |
(6,573) |
(5,034) |
Capitalized development
expenses |
(2,693) |
(1,840) |
(11,449) |
(6,662) |
Investment in
deposits |
- |
- |
(180,000) |
(25,000) |
Repayment of
deposits |
- |
80,000 |
- |
105,000 |
Net cash used in
investing activities |
(4,113) |
75,731 |
(198,022) |
68,304 |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from (payments
of) bank lines of credit |
1,552 |
(6,258) |
1,070 |
(10,113) |
Proceeds from (payments
of) debt and financial leases |
(9,994) |
172,281 |
(9,771) |
170,115 |
Dividends paid to
shareholders |
- |
- |
(174,018) |
(65,302) |
Purchase of treasury
shares |
(12,467) |
(6,000) |
(35,467) |
(23,500) |
Purchase minority
interest |
(321) |
- |
(321) |
- |
Net cash provided by
(used in) financing activities |
(21,230) |
160,023 |
(218,507) |
71,200 |
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
31,228 |
313,552 |
(232,417) |
307,657 |
Effect of changes in
exchange rates on cash and cash equivalents |
819 |
(3,102) |
150 |
(4,641) |
Cash and cash
equivalents at beginning of the Period |
263,492 |
217,356 |
527,806 |
224,790 |
|
|
|
|
|
Cash and
cash equivalents at end of the period |
295,539 |
527,806 |
295,539 |
527,806 |
|
|
|
|
|
Supplemental Information
(unaudited) (euro in millions, unless stated
otherwise)
REVENUE |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Q3-2018 |
Q4-2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
66.6 |
72% |
EU / USA |
20.9 |
19% |
57.6 |
34% |
55.8 |
35% |
41.4 |
27% |
34.4 |
22% |
72.5 |
45% |
45.5 |
39% |
25.9 |
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
110.3 |
100% |
170.0 |
100% |
159.3 |
100% |
153.2 |
100% |
154.9 |
100% |
161.1 |
100% |
116.7 |
100% |
92.5 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Q3-2018 |
Q4-2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
61.5 |
74% |
EU / USA |
86.3 |
36% |
20.3 |
16% |
47.3 |
29% |
32.9 |
22% |
85.0 |
41% |
38.8 |
45% |
37.8 |
35% |
21.6 |
26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
239.8 |
100% |
130.1 |
100% |
161.6 |
100% |
149.4 |
100% |
205.8 |
100% |
86.3 |
100% |
107.9 |
100% |
83.1 |
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% |
64.8 |
78% |
Subcontractors |
43.2 |
18% |
46.8 |
36% |
72.7 |
45% |
74.7 |
50% |
94.7 |
46% |
15.5 |
18% |
25.9 |
24% |
18.3 |
22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
239.8 |
100% |
130.1 |
100% |
161.5 |
100% |
149.4 |
100% |
205.8 |
100% |
86.3 |
100% |
107.9 |
100% |
83.1 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31, 2017 |
Jun 30, 2017 |
Sep 30, 2017 |
Dec 31, 2017 |
Mar 31, 2018 |
Jun 30, 2018 |
Sep 30, 2018 |
Dec 31, 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% |
1,230 |
73% |
EU / USA |
505 |
31% |
505 |
30% |
502 |
30% |
502 |
29% |
500 |
29% |
495 |
28% |
483 |
28% |
462 |
27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1,617 |
100% |
1,669 |
100% |
1,701 |
100% |
1,724 |
100% |
1,754 |
100% |
1,754 |
100% |
1,738 |
100% |
1,692 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
211 |
79% |
269 |
80% |
247 |
74% |
229 |
72% |
290 |
76% |
257 |
75% |
108 |
61% |
6 |
9% |
EU / USA |
55 |
21% |
67 |
20% |
85 |
26% |
87 |
28% |
93 |
24% |
86 |
25% |
68 |
39% |
61 |
91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
266 |
100% |
336 |
100% |
332 |
100% |
316 |
100% |
383 |
100% |
343 |
100% |
176 |
100% |
67 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff (FTE) |
1,883 |
|
2,005 |
|
2,033 |
|
2,040 |
|
2,137 |
|
2,097 |
|
1,914 |
|
1,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2017 |
Q2-2017 |
Q3-2017 |
Q4-2017 |
Q1-2018 |
Q2-2018 |
Q3-2018 |
Q4-2018 |
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% |
52.1 |
56.4% |
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% |
52.1 |
56.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
18.0 |
19.5% |
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% |
(0.2) |
-0.2% |
Impairment charges |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(0.4) |
-0.4% |
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% |
(0.2) |
-0.2% |
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% |
17.2 |
18.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
7.9 |
8.5% |
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% |
2.7 |
2.9% |
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% |
(2.4) |
-2.6% |
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% |
8.2 |
8.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
1.1 |
|
1.2 |
|
1.6 |
|
1.0 |
|
2.5 |
|
2.4 |
|
2.4 |
|
2.3 |
|
Foreign exchange effects |
0.9 |
|
1.4 |
|
0.7 |
|
2.3 |
|
1.8 |
|
2.7 |
|
1.8 |
|
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
2.0 |
|
2.6 |
|
2.3 |
|
3.3 |
|
4.3 |
|
5.1 |
|
4.2 |
|
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% |
26.3 |
28.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
30.5 |
33.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
29.3 |
25.1% |
22.7 |
24.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.33 |
|
0.70 |
|
0.71 |
|
0.58 |
|
0.50 |
|
0.63 |
|
0.39 |
|
0.30 |
|
Diluted |
0.30 |
|
0.65 |
|
0.65 |
|
0.54 |
|
0.46 |
|
0.58 |
|
0.37 |
|
0.29 |
|
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