Asm International N.v. · EURONEXT:ASM
Asm International — Q1 2015 Earnings Presentation
23 slides from Asm International's earnings presentation, Apr 24, 2015
Slide 1: Investor Presentation Q1 2015 Results
INVESTOR PRESENTATION Q1 2015 RESULTS April 24, 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 l ALD market expected to outperform the broader equipment market l ASMI has leadership positions in ALD and PEALD › Strong revenue performance l Revenue increased by 21% in 2014, up 30% sequentially in Q1 2015 l Outperforming the overall equipme
Slide 4: Q1 2015 Key Results
Q1 2015 KEY RESULTS EUR million Q1 2014 Q4 2014 Q1 2015 New orders 172.1 154.4 158.3 Net sales 150.7 124.3 162.0 Gross profit margin % 43.7% 43.0% 43.3% Operating results 32.5 13.4 28.5 Result from investments 5.7 8.9 13.4 Amortization intangible assets resulting from the (5.4) (6.0) (6.6) sale of t
Slide 5: Semiconductor Equipment Market
SEMICONDUCTOR EQUIPMENT MARKET Equipment market segments (US$) › ASM focuses on deposition equipment Assembly › ASM has leadership positions in Test 3.8bn 3.7bn Lithography 9.0bn ALD and Plasma-Enhanced Other Wafer Processes ALD (PEALD) 2.6bn › Positions in Epitaxy, PECVD Etch and and Vertical Furna
Slide 6: Equipment Market Outlook
EQUIPMENT MARKET OUTLOOK › Gartner forecasts another year Capital equipment spending of positive growth in 2015 › Investment in leading edge US$bn 45 +4.1% +6.4% +9.1% equipment remains the key 40 +16.2% +5.1% -2.8% 35 driver 30 -8.2% 25 20 15 10 5 0 2013 2014 2015 2016 2017 2018 2019 Gartner, Apr.
Slide 7: Semiconductor Market
SEMICONDUCTOR MARKET SEMICONDUCTOR SALES BY KEY APPLICATION (US$bn) 160 Smartphone, Premium 140 Smartphone, Basic/Utility 120 Mobile Phone, Traditional 100 Hybrid PC/Tablet 80 Tablet 60 40 PC, Ultramobile Clamshell 20 PC, Traditional Notebook 0 PC, Desk-based 2013 2014 2015 2016 2017 2018 2019 Gartn
Slide 8: Wafer Fab Equipment Spending by Node
WAFER FAB EQUIPMENT SPENDING BY NODE US$bn Wafer Fab Equipment by Node 45 Share of 22nm, 14nm and 10nm of total 40 Equipment spending increasing in 2015-2017 35 7 nm and below 30 10 nm 25 14 nm 20 22 nm 32 nm 15 45 nm 10 65nm & above 5 0 2013 2014 2015 2016 2017 2018 2019 Gartner, Apr. 2015 Key cust
Slide 9: ALD Is an Enabling Technology
ALD IS AN ENABLING TECHNOLOGY › ALD technology is a key enabler of Moore’s Law l Strengths of Atomic Layer Deposition: high-precision deposition of smooth and conformal ultra-thin films, even on high aspect ratio structures l Device scaling, new materials and 3D architectures increase demand for A
Slide 10: Competitive Advantages
COMPETITIVE ADVANTAGES › Focused player, differentiated technologies › Track record of innovation › Global network, streamlined operations › Leadership in ALD l Developing ALD technology since 1999 l Largest player in both single wafer ALD and PEALD › Close cooperation with the leading IC manufact
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 April 24, 2015 | ASM
Slide 12: Highlights
HIGHLIGHTS › Strong momentum ALD and PEALD l ALD and PEALD further established as mainstream enabling technologies l Bookings and revenue driven by combined ALD and PEALD business › Solid start of the year in 2015 l Revenue grew 30% seq. in Q1 2015, order backlog increased to new record high l G
Slide 13: ASMPT Results
ASMPT RESULTS Q1 2014 Q4 2014 Q1 2015 Sales ASMPT (HK$m) 2,493 3,446 3,056 Net profit ASMPT (EURm, 100% based) 14 23 34 Result from investments (including ASMI’s 40% share of ASMPT net profit) 5.7 8.9 13.4 Amortization intangible assets resulting from the sale of the 12% stake of ASMPT (5.4) (6.0) (
Slide 14: Financial Overview
FINANCIAL OVERVIEW April 24, 2015 | ASM proprietary information | 14
Slide 15: Q1 2015 Highlights
Q1 2015 HIGHLIGHTS › Revenues up 30% q-o-q and up 7% y-o-y › Bookings up 3% q-o-q and down 8% y-o-y › Book-to-bill ratio of 1.0 › Q1 backlog of EUR 190m, up from EUR 176m in Q4 2014 › EBIT margin of 17.6% compared to 10.8% in Q4 2014 and 21.6% in Q1 2014 › Cash flow from operations of EUR 36m in Q1
Slide 16: Financial Outlook
FINANCIAL OUTLOOK Based upon the current backlog and our current visibility: On a currency comparable level we expect Q2 sales to be between €180 and €200 million, while the Q2 order intake is expected to be in the range of €160-180 million. For the second half of 2015 the current visibility remains
Slide 17: Net Earnings
NET EARNINGS Q1 2015 vs Q1 2015 vs EUR million Q1 2014 Q4 2014 Q1 2015 Q4 2014 Q1 2014 New orders 172.1 154.4 158.3 3% (8)% Backlog 135.9 176.1 190.3 8% 40% Book-to-bill 1.1 1.2 1.0 Net sales 150.7 124.3 162.0 30% 7% Gross profit 65.9 53.5 70.1 31% 6% Gross profit margin % 43.7% 43.0% 43.3% Selling,
Slide 18: Cash Flow
CASH FLOW EUR million Q1 2014 Q4 2014 Q1 2015 Normalized net earnings 32.5 27.0 66.6 Depreciation and amortization 5.1 5.8 5.9 Result from investments (5.7) (8.9) (13.4) Other adjustments 3.6 (2.3) (22.3) Change in working capital 27.0 (14.6) (0.4) Net cash from operating activities 62.6 7.1 36.3 Ne
Slide 19: Balance Sheet
BALANCE SHEET Dec 31, 2014 Mar 31, 2015 EUR million Cash and cash equivalents 386 423 Accounts receivable 82 95 Inventories 124 142 Other current assets 27 32 Investments and associates 1,092 1,227 Property, plant and equipment 79 91 Other non-current assets 38 43 Total Assets 1,827 2,054 Accounts p
Slide 20: Working Capital
WORKING CAPITAL EUR million Days 180 140 160 130 140 120 120 110 100 100 80 90 80 60 70 40 60 20 50 0 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 11 12 13 14 15 11 12 13 14 15 Working capital Quarterly sales Days of working capital April 2
Slide 21: 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 Q1 09 10 11 12 13 14 15 Bookings Backlog April 24, 2015 | ASM proprietary information | 21
Slide 22: Historical Development
HISTORICAL DEVELOPMENT EUR million 180 40 160 30 140 20 120 10 100 - 80 10- 60 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 Q1 09 10 11 12 13 14 15 Net Sales (lhs) EBIT (rhs) April 24, 2015 | ASM proprietary information | 22
Slide 23: April 24, 2015 | ASM proprietary information | 23
April 24, 2015 | ASM proprietary information | 23