Asm International N.v. · EURONEXT:ASM
Asm International — Shareholder Meeting (May 2009)
15 slides from Asm International's shareholder meeting presentation, May 14, 2009
Slide 1: Annual General Meeting of Shareholders
Annual General Meeting of Shareholders 2008 Financial Review 14 May 2009 © 2009 ASM Proprietary Information
Slide 2: Safe Harbor Statements
Safe Harbor Statements All matters discussed in this statement, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include,
Slide 3: 2008 – Highlights
2008 – Highlights • Major market decline first half • Start of major cost reduction =>net earnings break-even level down to € 90m per quarter Front-end • First selection of ASMI technology solutions for 32 nm • Major market decline Q4 • Back-end further strengthened its #1 position • Start of major
Slide 4: Consolidated Statement of Operations
Consolidated Statement of Operations € million (except per share) FY 2007 FY 2008 Net Sales 955.2 747.4 Gross Profit 361.1 270.3 Operating Expenses (213.7) (210.5) Earnings from Operations 147.4 59.7 Minority Interest (55.3) (38.3) Total Net Earnings 61.0 18.4 Diluted net earnings per share 1.07 0.3
Slide 5: Consolidated Statement of Operations: Segment Information
Consolidated Statement of Operations Segment Information € million FY 2007 FY 2008 Front-end Sales 450.9 296.8 Back-end Sales 504.3 450.6 Consolidated Net Sales 955.2 747.4 Front-end EBIT 15.5 (30.5) Back-end EBIT 131.9 90.2 Earnings from Operations 147.4 59.7 Net Earnings Front-end 4.7 (37.2) Net E
Slide 6: Consolidated Balance Sheet
Consolidated Balance Sheet € million Dec 2007 Dec 2008 Mar 2009 (not audited) Cash and Cash Equivalents 168 (1) 157 (1) 161 (1) Other Current Assets 466 402 351 Property, Plant & Equipment 150 149 144 Goodwill 50 48 50 Other Assets 6 12 15 Total Assets 840 768 721 ST Debt ( incl. current LT Debt ) 3
Slide 7: Debt Position
Debt Position LT Bank Debt / Convertible Subordinated Notes € million Balance December 31, 2006 202 Buy back of convertible (26) F/X movements (17) Other changes (4) Balance December 31, 2007 155 Buy back of convertible (38) Conversion of convertible (5) F/X movements 11 Other changes 7 Balance Dece
Slide 8: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement € million FY 2007 FY 2008 Net Earnings (incl.Minority Interest) 116 57 Depreciation & Amortization 35 35 Impairment of Goodwill and PPE - 8 Changes in Working Capital (67) 33 Other 22 4 Net Cash Flow from Operations ( A ) 106 137 CAPEX ( net of sold PPE ) (45) (33) N
Slide 9: Consolidated Cash Flow Statement (cont'd)
Consolidated Cash Flow Statement (cont’d) € million FY 2007 FY 2008 Net Cash Flow before Financing ( C ) 61 104 ( previous slide ) Short Term Bank Debt (2) (5) Proceeds from LT Debt and Convertibles 14 8 Repayment of LT Debt and Convertibles (42) (46) Purchase of Treasury Shares (8) (36) Dividends t
Slide 10: Cash flow out of working capital movements
Cash flow out of working capital movements € million FY 2007 FY 2008 Q1 2009 (not audited) Front-end (28) 22 23 Back-end (39) 11 11 Total (67) 33 34 © 2009 ASM Proprietary Information 10
Slide 11: Use of ASMPT Dividends
Use of ASMPT Dividends • Total ASMPT dividend of € 49 million, used for: − Buy back of convertible debt ~ € 36 million 2007 − Purchase of treasury shares ~ € 8 million − Payment of dividend to shareholders ASMI ~ € 5 million • Received ASMPT dividend € 49 million, and € 17 million expected future AS
Slide 12: US GAAP versus IFRS
US GAAP versus IFRS Figures used in the presentations today are based on US GAAP Semiconductor equipment companies report in US GAAP (as most are listed on NASDAQ) Only a few European competitors also report IFRS figures ASMI will continue to emphasize US GAAP, and only use IFRS in a very limited ma
Slide 13: Reconciling US GAAP to IFRS: Shareholders' Equity
Reconciling US GAAP to IFRS Shareholders’ Equity € million Dec 31, 2007 Dec 31, 2008 Shareholders’ Equity In accordance with US GAAP 318.9 317.9 Adjustments for IFRS • Goodwill (9.6) (10.0) • Classification of Minority Interest (1) 120.6 125.1 • Convertible Subordinated Notes (1) (8.5) 7.6 • Develop
Slide 14: Reconciling US GAAP to IFRS: Net Earnings
Reconciling US GAAP to IFRS Net Earnings € million FY 2007 FY 2008 Net Earnings In accordance with US GAAP 61.0 18.4 Adjustments for IFRS • Goodwill - 0.1 • Classification of Minority Interest (1) 55.3 38.3 • Convertible Subordinated Notes (1) 15.8 16.0 • Development Expenses 12.7 3.7 In accordance
Slide 15: Annual General Meeting of Shareholders May 2009
Annual General Meeting of Shareholders 14 May 2009 © 2009 ASM Proprietary Information