Asm International N.v. · EURONEXT:ASM
Asm International — Q4 2014 Earnings Presentation
24 slides from Asm International's earnings presentation, Mar 5, 2015
Slide 1: Investor Presentation Q4 2014 Results
INVESTOR PRESENTATION Q4 2014 RESULTS March 5, 2015 ASM proprietary information © 2015 ASM
Slide 2: Safe Harbor Statements
SAFE HARBOR STATEMENTS Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: All matters discussed in this business and strategy update, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that co
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS › ALD is a key growth market ALD market expected to outperform the broader equipment market ASMI has leadership positions in ALD and PEALD › Strong revenue performance Revenue increased by 21% in 2014 to a record high level for Front-end Outperforming the overall equipm
Slide 4: Q4 2014 Key Results
Q4 2014 KEY RESULTS Pro-forma Q4 2013 Q3 2014 Q4 2014 2013 2014 New orders 133.1 156.2 154.4 479.6 602.1 Net sales 126.9 122.2 124.3 452.0 545.6 Gross profit margin % 39.3% 43.2% 43.0% 39.0% 43.1% Operating result 15.8 17.2 13.4 44.7 90.5 Result from investments (excl. amortization 1.5 30.7 8.9 20.9
Slide 5: Semiconductor Equipment Market
SEMICONDUCTOR EQUIPMENT MARKET Equipment market segments (US$) › ASM focuses on deposition equipment Assembly › ASM is the market leader in ALD Test 3.8bn 3.7bn Lithography 9.0bn and PEALD Other Wafer Processes › Positions in Epitaxy, PECVD 2.6bn and Vertical Furnaces Etch and Process Clean Diagnost
Slide 6: Equipment Market Outlook
EQUIPMENT MARKET OUTLOOK › Gartner forecasts another year Capital equipment spending of positive growth in 2015 US$bn › Investment in leading edge 60 equipment remains the key 50 +11% -16% +16% +6% -2% driver 40 -12% 30 20 10 0 2012 2013 2014 2015 2016 2017 Gartner, Dec. 2014 Gartner forecasts furth
Slide 7: Semiconductor Market
SEMICONDUCTOR MARKET SEMICONDUCTOR SALES BY KEY APPLICATION US$bn 160 Smartphone, Premium 140 Smartphone, Basic/Utility 120 Mobile Phone, Traditional 100 Hybrid PC/Tablet 80 Tablet 60 40 PC, Ultramobile Clamshell 20 PC, Traditional Notebook 0 PC, Desk-based 2012 2013 2014 2015 2016 2017 2018 Gartner
Slide 8: Wafer Fab Equipment Spending by Node
WAFER FAB EQUIPMENT SPENDING BY NODE US$bn Wafer Fab Equipment by Node 45 Share of 22nm, 14nm and 10nm of total 40 Equipment spending increasing in 2015-2017 35 30 7 nm and below 10 nm 25 14 nm 22 nm 20 32 nm 15 45 nm 65nm & above 10 5 0 2012 2013 2014 2015 2016 2017 2018 Gartner, Dec. 2014 Key cust
Slide 9: ALD Is an Enabling Technology
ALD IS AN ENABLING TECHNOLOGY › ALD technology is a key enabler of Moore’s Law Strengths of Atomic Layer Deposition: high-precision deposition of smooth and conformal ultra-thin films, even on high aspect ratio structures Device scaling, new materials and 3D architectures increases demand for AL
Slide 10: Competitive Advantages
COMPETITIVE ADVANTAGES › Focused player, differentiated technologies › Track record of innovation › Global network, streamlined operations › Leadership in ALD Developing ALD technology since 1999 Largest player in both single wafer ALD and PEALD › Close cooperation with the leading IC manufactur
Slide 11: Customer Concentration
CUSTOMER CONCENTRATION ASMI revenue › Engaged with all top capex customers 100% › Diversification of customer 75% base from Logic to Memory 50% and Foundries › Weight of Asia growing 25% 0% 2009 2010 2011 2012 2013 2014 Top 3 Nr 4-10 Rest Growing share of wallet with top clients March 5, 2015 | ASM
Slide 12: Highlights
HIGHLIGHTS › Strong momentum ALD and PEALD ALD and PEALD further established as mainstream enabling technologies Bookings and revenue in 2014 driven by ALD and PEALD › Record results in 2014 Revenue grew 21%, bookings increased 26% Gross margin at 43.1%, EBIT margin at 16.6% › Shareholder re
Slide 13: ASMPT Results
ASMPT RESULTS Q4 2013 Q3 2014 Q4 2014 2013 2014 Sales ASMPT (HK$m) 2,764 4,852 3,446 10,841 14,229 Net profit ASMPT (EURm, 100% based) 5 77 23 52 152 Result from investments (including ASMI’s 40% share of ASMPT net profit) 1.5 30.7 8.9 20.9 61.1 Remeasurement gain, realized gain on sale of ASMPT sha
Slide 14: Financial Overview
FINANCIAL OVERVIEW March 5, 2015 | ASM proprietary information | 14
Slide 15: Q4 2014 Highlights
Q4 2014 HIGHLIGHTS › Revenues up 2% q-o-q and down 2% y-o-y › Bookings down 1% q-o-q and up 16% y-o-y › Book-to-bill ratio of 1.2 › Q4 backlog of EUR 176m, up from EUR 147m in Q3 2014 › EBIT margin of 10.8% compared to 14.1% in Q3 2014 and 12.5% in Q4 2013 › Cash flow from operations of EUR 11m in Q
Slide 16: Financial Outlook
FINANCIAL OUTLOOK Based upon the current backlog and our current visibility: For Q1 we expect sales between €150 and €160 million. For Q2 we expect a double digit sales increase as compared to Q1. For the second half of 2015 the current visibility is limited. The Q1 order intake is expected to be in
Slide 17: Net Earnings Q4
NET EARNINGS Q4 Q4 2014 vs Q4 2014 vs EUR million Q4 2013 Q3 2014 Q4 2014 Q3 2014 Q4 2013 New orders 133.1 156.2 154.4 (1)% 16% Backlog 114.8 146.9 176.1 20% 53% Book-to-bill 1.0 1.3 1.2 Net sales 126.9 122.2 124.3 2% (2)% Gross profit 49.9 52.9 53.5 1% 7% Gross profit margin % 39.3% 43.2% 43.0% Sel
Slide 18: Net Earnings 2014
NET EARNINGS 2014 Pro-forma 2014 vs EUR million 2013 2014 2013 New orders 479.6 602.1 26% Backlog 114.8 176.1 53% Book-to-bill 1.1 1.1 Net sales 452.0 545.6 21% Gross profit 176.2 235.0 33% Gross profit margin % 39.0% 43.1% Selling, general and administrative expenses (70.7) (80.5) 14% Research and
Slide 19: Cash Flow
CASH FLOW EUR million Q4 2013 Q3 2014 Q4 2014 Net earnings (334.0) 54.6 21.0 Depreciation and amortization 5.7 5.3 5.8 PPA amortization and adjustments 343.2 5.7 6.0 Result from investments (1.5) (30.7) (8.9) Other adjustments 5.4 (14.8) (2.2) Change in working capital (6.1) 2.6 (10.6) Net cash from
Slide 20: Balance Sheet
BALANCE SHEET Dec 31, 2013 Dec 31, 2014 EUR million Cash and cash equivalents 312 386 Accounts receivable 83 82 Inventories 105 124 Other current assets 18 27 Investments and associates 944 1,092 Property, plant and equipment 57 79 Other non-current assets 33 38 Total Assets 1,551 1,827 Accounts pay
Slide 21: Working Capital
WORKING CAPITAL EUR million Days 160 140 140 130 120 120 110 100 100 80 90 60 80 70 40 60 20 50 0 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 11 12 13 14 11 12 13 14 Working capital Quarterly sales Days of working capital March 5, 2015 | ASM pro
Slide 22: Bookings and Backlog
BOOKINGS AND BACKLOG EUR million 200 180 160 140 120 100 80 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 09 10 11 12 13 14 Bookings Backlog March 5, 2015 | ASM proprietary information | 22
Slide 23: Historical Development
HISTORICAL DEVELOPMENT EUR million 160 40 140 30 120 20 100 10 80 - 60 10- 40 20- 20 30- 0 40- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 09 10 11 12 13 14 Net Sales (lhs) EBIT (rhs) March 5, 2015 | ASM proprietary information | 23
Slide 24: March 5, 2015 | ASM proprietary information | 24
March 5, 2015 | ASM proprietary information | 24