Asm International N.v. · EURONEXT:ASM
Asm International — Q3 2013 Earnings Presentation
24 slides from Asm International's earnings presentation, Nov 1, 2013
Slide 1: Investor presentation
Investor presentation 1 November 2013 © 2009 ASM Proprietary Information 1
Slide 2: Safe Harbor Statements
Safe Harbor Statements 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 could cause actual results to differ materially from those in the forward-looking stateme
Slide 3: Investment Highlights
Investment Highlights Strong offering in Front-end equipment Deposition represents a US$ 7.4bn market, growing to US$ 10.0bn in 2017 (VLSI Research) Leading position in our target market segments Technology enabling new materials and new device integration roadmaps Fast growth ALD / PEALD
Slide 4: Q3 Financial Highlights
Q3 Financial Highlights Pro-forma EUR million Q3 2012 Q2 2013 Q3 2013 New orders 64.3 128.4 112.2 Net sales 96.1 128.6 116.4 Gross profit margin % 31.4% 39.3% 39.1% Operating results (1.6) 16.2 11.6 Result from investments (excl. amortization and fair value purchase price allocation) 13.3 9.2 10.8 R
Slide 5: Global Semiconductor Equipment Market
Global Semiconductor Equipment Market 2013 ($ 35.6 Billion) Etch & Clean Assembly $ 5.9 B $ 3.8 B Test $ 3.6 B Other Wafer Process $ 7.3 B Lithography Deposition $ 7.6 B $ 7.4 B Source: VLSI Research, September 2013 © 2009 ASM Proprietary Information 5
Slide 6: ASMI's Addressable Markets
ASMI’s Addressable Markets $M ASM addressable IC Deposition market by Sub-Segment 5,000 Key Growth Drivers: 4,500 Spending result of need to 4,000 advance towards 20/14nm and 3,500 beyond and by capacity 3,000 Furnaces increases 2,500 PECVD Logic and Foundry spending 2,000 Epitaxy remain healthy
Slide 7: Semi Capital Equipment Outlook
Semi Capital Equipment Outlook Semi Capital Equipment 50,000 Semi Capital Equipment Y-Y 45,000 Growth 40,000 2009-2010 142.0% 35,000 2010-2011 11.3% 30,000 2011-2012 -16.1% 2012-2013 -8.5% $M 25,000 20,000 2013-2014 15.8% 15,000 2014-2015 17.0% 10,000 5,000 0 2009 2010 2011 2012 2013 2014 2015 Sourc
Slide 8: Semiconductor Market Through 2017
Semiconductor Market Through 2017 PC versus smartphones Semiconductor Sales1 ($B) Semiconductor Dollars Per Unit1 ($) 180 160 Ultramobile PC 160 140 Notebook PC 140 PC 120 Desk-based PC 120 100 Utility/Basic Media Tablet 100 Premium Media Tablet 80 80 60 Premium Smartphone 60 Media Tablet 40 40 Smar
Slide 9: Key Market Drivers
Key market Drivers Wafer Fab Equipment Forecast by node Wafer Fab Equipment by Node 45.0 Opportunity 40.0 for WFE share increase 35.0 30.0 14 nm & Below 25.0 22 nm 32/28 nm $B 20.0 45 nm 65 nm 15.0 90 nm & Above 10.0 5.0 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Gartner, September 201
Slide 10: ASMI's Competitive Advantages
ASMI’s Competitive Advantages Established a leading position in ALD technology, since start in 1999 Shift from Planar Logic to 3D FinFET will require more ALD/PEALD PEALD offered on high productivity platform ASMI is one of the two leading suppliers of PECVD Low-k films In the EPI market A
Slide 11: Growing Wallet Share With Top Clients
Growing Wallet Share With Top Clients ASMI Revenue % Key Developments: Diversification of customer base from Logic to Memory and Foundries (recently driven by ALD/PEALD) Strong relationships with the top manufacturers in the industry Momentum Asia growing © 2009 ASM Proprietary Information 11
Slide 12: ASMI Products
ASMI Products Market Requirements: 32nm→22nm →14nm and beyond Process Application ASM Relative Positioning ALD and PEALD • ALD key for High-k Metal Gate #1 in the served ALD market technology Qualified by nearly all Logic • ALD solution (Hafnium oxide) • 3D FinFET requires more manufacturers • P
Slide 13: Highlights
Highlights ALD and PEALD strongly developed further traction Manufacturing consolidated into 1 location in Singapore since 2010 Significantly streamlined R&D, Product Management and G&A Gross Margin improvement focus Further savings opportunities in supply chain in implementation phase R
Slide 14: Financial Overview
Financial Overview © 2009 ASM Proprietary Information 14
Slide 15: Key Highlights – Q3 2013
Key Highlights – Q3 2013 • Revenues down 9% q-o-q and up 21% y-o-y on a pro-forma basis • Bookings down 13% q-o-q and up 74% y-o-y, book-to-bill ratio of 1.0 • Q3 Backlog of € 111m (1.0 X Q3 sales) • EBIT margin of 9.9% compared to 12.6% in Q2 2013 and -1.7% pro-forma in Q3 2012 • Cash flow from ope
Slide 16: Net Earnings
Net Earnings Pro-forma Q3 2013 vs Q3 2013 vs EUR million Q3 2012 Q2 2013 Q3 2013 Q2 2013 Q3 2012 New orders 64.3 128.4 112.2 -13% 74% Backlog 57.3 117.0 111.4 -5% 94% Book-to-bill 0.7 1.0 1.0 Net sales 96.1 128.6 116.4 -9% 21% Gross profit 30.1 50.5 45.6 -10% 51% Gross profit margin % 31.4% 39.3% 39
Slide 17: Balance Sheet
Balance Sheet Pro-forma Pro-forma EUR million Sep 2012 Dec 2012 Sep 2013 Cash and cash equivalents 185 145 304 Other current assets 204 205 201 Property, plant and equipment, net 60 64 51 Goodwill, net 11 12 11 Investments and associates 385 374 1,339 Other Assets 50 34 28 Total Assets 895 833 1,935
Slide 18: Cash Flow
Cash Flow Pro-forma EUR million Q3 2012 Q2 2012 Q3 2013 Net earnings (8.4) (23.4) (0.9) Depreciation and amortization 5.0 5.1 5.1 PPA amortization and adjustments - 40.7 17.2 Result from investments - (9.2) (10.8) Other adjustments (0.5) 4.2 1.9 Change in working capital (20.1) (16.8) 21.8 Net cash
Slide 19: Results ASMPT
Results ASMPT Pro-forma As of 15 March 2013, the back- EUR million Q3 2012 Q2 2013 Q3 2013 end activities are Sales ASMPT 313 283 302 deconsolidated. As of then, our Net profit ASMPT 25.6 23.0 26.8 40% share of ASMPT net profits Net profit ASMPT attributable to ASMI 13.3 9.2 10.8 Remeasurement gai
Slide 20: Historical development
Historical development © 2009 ASM Proprietary Information 20
Slide 21: Bookings & Backlog
Bookings & Backlog Backlog decreased 5% to €111m (excl. FX effect €112m) Book-to-Bill ratio remained at 1.0 (Q2: 1.0) © 2009 ASM Proprietary Information 21
Slide 22: Financial Outlook
Financial Outlook Based upon the current backlog and our current visibility: Our sales in Q4, on a currency comparable level, are expected to show a single digit increase compared to Q3. Q4 order intake, on a currency comparable level, is expected to show a low double digit increase as compared to Q
Slide 23: Selected ASMI Products
Selected ASMI Products Two new high productivity platforms introduced in 2012 High productivity XP cluster with 4 Epi reactors IntrepidTM XP Dragon® XP8 Epitaxy PECVD Eagle® XP8 PEALD High throughput, low CoO single wafer deposition tool © 2009 ASM Proprietary Information 23
Slide 24: Selected ASMI Products
Selected ASMI Products Eagle® XP Pulsar® PECVD ALD ALD High-k leader PEALD Common Platform Epsilon® 3200 A412 Epitaxy Vertical Furnace Advanced Highest strain productivity layers © 2009 ASM Proprietary Information 24