Asm International N.v. · EURONEXT:ASM

Asm International — Q4 2015 Earnings Presentation

24 slides from Asm International's earnings presentation, Feb 24, 2016

  1. Slide 1: Investor Presentation Q4 2015 Results

    INVESTOR PRESENTATION Q4 2015 RESULTS February April 24, 201524, 2016 ASM proprietary information © 2016 ASM

  2. Slide 2: Cautionary Note Regarding Forward-Looking Statements

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward- looking statements involve risks and uncertainties that could cause actual

  3. Slide 3: Investment Highlights

    INVESTMENT HIGHLIGHTS › ALD is a key growth market  ALD market expected to outperform the broader equipment market  ASMI has leadership position in ALD › Strong revenue performance  Revenue increased by 23% in 2015 and 14% at constant currencies  Outperforming the overall equipment market › Impr

  4. Slide 4: Q4 2015 Key Results

    Q4 2015 KEY RESULTS Q4 2014 Q3 2015 Q4 2015 2014 2015 New orders 154.4 148.1 135.4 602.1 608.4 Net sales 124.3 162.0 144.7 545.6 669.6 Gross profit margin % 43.0% 43.7% 44.8% 43.1% 44.3% Operating results 13.4 23.2 12.5 90.5 106.3 Result from investments 8.9 8.1 2.2 61.1 44.4 Amortization intangible

  5. Slide 5: Semiconductor Equipment Market

    SEMICONDUCTOR EQUIPMENT MARKET Equipment market segments (US$) › ASM focuses on deposition equipment Assembly › ASM is a market leader in ALD Test 3.7bn 3.4bn Lithography 8.5bn › Positions in Epitaxy, PECVD Other Wafer Processes and Vertical Furnaces 2.5bn Etch and Process Clean Diagnostics 8.6bn 4.

  6. Slide 6: Equipment Market Outlook

    EQUIPMENT MARKET OUTLOOK › Gartner forecasts WFE Wafer Fab Equipment spending spending to decrease by 2.5% in 2016, followed by 8% 45 increase in 2017 40 +9.1% +6.6% +16.3% -0.1% +8.1% › Investment in leading edge 35 -7.7% -2.5% 30 equipment remains the key 25 driver 20 15 10 5 0 2013 2014 2015 2016

  7. Slide 7: Semiconductor Market Drivers

    SEMICONDUCTOR MARKET DRIVERS 2016 semiconductor market growth contribution by electronic application Share of growth in 2016 Smartphone 79% SSD 50% Industrial 31% Automotive 29% Wearables 12% Ultramobile 10% Consumer ex. Wearables -1% Traditional Phone -22% Traditional PC -64% Other -25% -6 -4 -2 0

  8. Slide 8: Wafer Fab Equipment Spending by Node

    WAFER FAB EQUIPMENT SPENDING BY NODE Share of 14nm, 10nm US$bn and 7nm of total Equipment spending 45 increasing in 2016-2018 40 35 30 7nm and below 10nm 25 14nm 22nm 20 32nm 15 45nm 65nm and above 10 5 0 2014 2015 2016 2017 2018 2019 Gartner, Dec 2015 Advanced nodes: market segments with high expec

  9. 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 increase demand for ALD

  10. Slide 10: Estimated ALD Market Growth

    ESTIMATED ALD MARKET GROWTH ALD market single wafer / minibatch › ALD market approximately doubling in three to four US$m years, compared to 2014 1,400 › Key growth areas are 1,200 patterning layers, high-k/ 1,000 metal gate and other 800 applications 600 400 200 0 2014 2018 Source: Gartner, VLSI, A

  11. Slide 11: Competitive Advantages

    COMPETITIVE ADVANTAGES › Focused player, differentiated technologies › Track record of innovation › Global network, streamlined operations › Leadership in ALD  Developing ALD technology since 1999  Leading market share in ALD › Close cooperation with the leading IC manufacturers › Strong IP portfo

  12. Slide 12: Customer Concentration

    CUSTOMER CONCENTRATION ASMI revenue › Engaged with all of the top-10 semiconductor capital 100% equipment spenders 75% › Diversification of customer 50% base from Logic to Memory and Foundries 25% › Strong momentum with 0% 2010 2011 2012 2013 2014 2015 customers beyond the Top 3 Nr 4-10 Rest traditi

  13. Slide 13: Highlights

    HIGHLIGHTS › Strong momentum ALD  ALD further established as mainstream enabling technology  Bookings and revenue continued to be driven by ALD › Solid results in 2015  Revenue increased 23% in 2015, third consecutive year of market outperformance  Gross margin at 44.3%, EBIT margin at 15.9% › S

  14. Slide 14: ASMPT Results

    ASMPT RESULTS Q4 2014 Q3 2015 Q4 2015 2014 2015 Sales ASMPT (HK$m) 3,446 3,231 2,928 14,229 12,977 Net profit ASMPT excluding one-offs (EURm, 50 24 10 179 120 100% based) Result from investments (including ASMI’s 40% share of ASMPT net profit) 8.9 8.1 2.2 61.1 44.4 Amortization intangible assets res

  15. Slide 15: Financial Overview

    FINANCIAL OVERVIEW February 24, 2016 | ASM proprietary information | 15

  16. Slide 16: Q4 2015 Highlights

    Q4 2015 HIGHLIGHTS › Revenues down 11% q-o-q and up 16% y-o-y › Bookings down 9% q-o-q and down 12% y-o-y. Book-to-bill ratio of 0.9 › Q4 backlog of EUR 128m, down from EUR 135m at the end of Q3 2015 › EBIT margin of 8.7% compared to 14.3% in Q3 2015 and 10.8% in Q4 2014 › EBIT in Q4 2015 included E

  17. Slide 17: Financial Outlook

    FINANCIAL OUTLOOK Based upon the current backlog and our current visibility: For Q1 we expect sales between €135 and €145 million. For Q2 we expect sales between €140 and €150 million. In line with our earlier views, based on current visibility, we expect 2016 to be more revenue back loaded. The Q1

  18. Slide 18: Net Earnings Q4

    NET EARNINGS Q4 Q4 2015 vs Q4 2015 vs EUR million Q4 2014 Q3 2015 Q4 2015 Q3 2015 Q4 2014 New orders 154.4 148.1 135.4 (9)% (12)% Backlog 176.1 134.9 127.8 (5)% (27)% Book-to-bill 1.2 0.9 0.9 Net sales 124.3 162.0 144.7 (11)% 16% Gross profit 53.5 70.7 64.8 (8)% 21% Gross profit margin % 43.0% 43.7%

  19. Slide 19: Net Earnings 2015

    NET EARNINGS 2015 2015 vs EUR million 2014 2015 2014 New orders 602.1 608.4 1% Backlog 176.1 127.8 (27)% Book-to-bill 1.1 0.9 Net sales 545.6 669.6 23% Gross profit 235.0 296.3 26% Gross profit margin % 43.1% 44.3% Selling, general and administrative expenses (80.5) (93.0) 16% Research and developme

  20. Slide 20: Cash Flow

    CASH FLOW EUR million Q4 2014 Q3 2015 Q4 2015 Normalized net earnings 26.9 42.4 25.4 Depreciation and amortization 5.8 7.0 10.3 Result from investments (8.9) (8.1) (2.2) Other adjustments (2.2) (4.0) (3.7) Change in working capital (14.5) 25.8 4.3 Net cash from operating activities 7.1 63.1 34.1 Net

  21. Slide 21: Balance Sheet

    BALANCE SHEET Dec 31, 2014 Dec 31, 2015 EUR million Cash and cash equivalents 386 447 Accounts receivable 82 90 Inventories 124 112 Other current assets 27 32 Investments and associates 1,092 1,181 Property, plant and equipment 79 92 Other non-current assets 38 60 Total Assets 1,827 2,014 Accounts p

  22. Slide 22: Working Capital

    WORKING CAPITAL EUR million Days 250 140 200 120 150 100 100 80 50 60 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 12 13 14 15 12 13 14 15 Working capital Quarterly sales Days of working capital February 24, 2016 | ASM proprietary information |

  23. Slide 23: Historical Development

    HISTORICAL DEVELOPMENT EUR million EUR million 200 250 50 180 40 160 200 30 140 20 120 150 10 100 80 - 100 60 10- 40 50 20- 20 30- 0 0 40- Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 10 11 12 13 14 15 10 11 12 13 14 15 Bookings Backlog Net Sales

  24. Slide 24: February 24, 2016 | ASM proprietary information | 24

    February 24, 2016 | ASM proprietary information | 24

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