BE Semiconductor Industries N.V.

Earnings Release • Feb 23, 2017

PRESS RELEASE

Besi Reports Strong Q4-16 Revenue and Net Income of € 93.1 Million and € 16.7 Million Results Exceed Expectations Solid 2016 Performance with Revenue and Net Income Up 7.5% and 33.3% vs. 2015 Proposed 2016 Dividend of € 1.74 per Share. Up 45% over 2015

Duiven, the Netherlands, February 23, 2017 - BE Semiconductor Industries N.V. (the "Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2016.

Key Highlights Q4-16

• Revenue of € 93.1 million, down 1.3% vs. Q3-16 but up 19.7% vs. Q4-15. Better than guidance due to higher epoxy and flip chip die bonding shipments for mobile and automotive applications
• Orders of € 91.4 million, up 17.0% vs. Q3-16 and 18.2% vs. Q4-15 as a result of broad based demand for Besi's advanced packaging portfolio and improved industry conditions
• Gross margin reaches 53.2%. Up vs. 50.5% in Q3-16 and 50.0% in Q4-15 due primarily to material cost efficiencies and forex benefits
• Net income of € 16.7 million is up € 0.1 million vs. Q3-16 and € 7.0 million vs. Q4-15
• Net margin reaches 18.0% in Q4-16 vs. 17.6% in Q3-16. Up significantly vs Q4-15 (12.4%) due primarily to revenue growth, operating leverage and cost control efforts
• Financial position enhanced. Net cash up € 31.6 million (23.2%) vs. Q4-15 to reach € 168.1 million
• € 125 million 2.5% Senior Unsecured Convertible Notes placed to help fund, amongst others, future growth

Key Highlights 2016/2015

• Revenue of € 375.4 million, up 7.5% primarily as a result of increased demand by Asian customers for Besi's high end and mainstream assembly solutions and improved industry conditions
• Orders up 7.3% primarily due to higher demand for new advanced packaging capacity, smart phone features and automotive electronics
• Gross margin rose to 51.0% vs. 48.8% principally as a result of increased material and labor cost efficiencies, market position and forex benefits
• Net income of € 65.3 million, up € 16.3 million. Net margin increased to 17.4% vs. 14.0% in 2015
• 2016 dividend of € 1.74 proposed for May AGM (includes € 0.35 special dividend). Up 45% vs. 2015

Outlook

Q1-17 revenue expected to increase 15-20% vs. Q4-16. Industry upturn continues. Orders to date in Q1-17 significantly exceed Q4-16 levels

	Q4-	Q3-		Q4-
(€ millions, except EPS)	2016	2016	Δ	2015	Δ	2016	2015	Δ
Revenue	93.1	94.3	-1.3%	77.8	+19.7%	375.4	349.2	+7.5%
Orders	91.4	78.1	+17.0%	77.3	+18.2%	373.8	348.3	+7.3%
EBITDA	23.3	23.0	+1.3%	16.9	+37.9%	89.8	73.0	+23.0%
Net Income	16.7	16.6	+0.6%	9.7	+72.2%	65.3	49.0	+33.3%
Adjusted Net Income*	16.7	16.7	+0.0%	10.9	+53.2%	65.2	46.9	+39.0%
EPS (basic)	0.45	0.44	+2.3%	0.26	+73.1%	1.74	1.29	+34.9%
EPS (diluted)	0.43	0.43	+0.0%	0.25	+72.0%	1.70	1.27	+33.9%
Net Cash	168.1	131.9	+27.4%	136.5	+23.2%	168.1	136.5	+23.2%

* Adjusted net income excludes certain tax benefits/charges and restructuring charges/benefits, net.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

2016 was a year of unexpected industry growth, strong financial performance and strategic positioning for the future. Besi generated revenue of € 375.4 million and net income of € 65.3 million, increases of 7.5% and 33.3%, respectively, vs. 2015. Net income grew even more rapidly than sales this year as gross margins reached 51.0% and cost control initiatives kept expense growth in check. In addition, our financial position continued to strengthen with net cash at year end reaching € 168.1 million, an increase of 23.2% vs. year end 2015.

Our strong profit and cash flow generation in recent years has enabled Besi to enhance shareholder returns. In 2016, we utilized € 67.8 million in cash for dividends and share repurchases, an increase of 11.3% vs. 2015. Cumulatively, since 2011, we have utilized € 186.0 million of cash for such purposes. Given our favorable 2016 performance and prospects, we have proposed a dividend of € 1.74 per share, a 45% increase vs. 2015, of which € 0.35 represents a special dividend for the year. The proposed dividend represents a pay-out ratio relative to net income of 100% for 2016 vs. 93% for 2015.

Revenue growth built progressively during 2016 stimulated by expanded investment by Chinese and Taiwanese subcontractors for new, state of the art advanced packaging capacity, accelerating demand for flash memory devices and the continued proliferation of intelligent automotive electronics. In addition, growth was aided by a new technology cycle which encouraged capital spending for next generation <20 nano applications. In the smart phone arena, there was expanded customer investment in more advanced features and functionality such as fingerprint sensors and advanced dual camera and flashlight modules.

The second half of 2016 witnessed much stronger than anticipated order, revenue and profit levels with particular strength in Q4-16. During a traditionally weak period, revenue and net income reached € 93.1 million and € 16.7 million, respectively, while gross and net margins rose to 53.2% and 18.0%, respectively. Besi's results significantly exceeded guidance due primarily to much stronger than anticipated shipments of epoxy and flip chip die bonding systems for mobile and automotive applications and shorter delivery times to customers. Order patterns to date in 2017 confirm a continued industry upswing well into the first half year with bookings to date in Q1-17 significantly exceeding levels realized in all of Q4-16. As such, we guide for a sequential Q1-17 revenue increase of 15-20% and are scaling our Asian supply chains and production capabilities to meet anticipated demand.

Longer term, there still remains much unrealized potential to increase Besi's market position and profitability in the years ahead. In this regard, we completed in Q4-16 a comprehensive review of our business, strategic positioning and cost structure with an independent consulting firm. Revenue and cost initiatives were agreed for implementation over the next five years. To help us capitalize on future growth opportunities, Besi also successfully placed in December 2016 € 125 million of 2.5% Convertible Notes due 2023 which provides funding on highly attractive terms for our next growth phase.

	Q4-2016	Q3-2016	Δ	Q4-2015	Δ
Revenue	93.1	94.3	-1.3%	77.8	+19.7%
Orders	91.4	78.1	+17.0%	77.3	+18.2%
Backlog	76.3	78.0	-2.2%	77.8	-1.9%
Book to Bill Ratio	1.0x	0.8x	+0.2	1.0x	-

Fourth Quarter Results of Operations

Besi's Q4-16 revenue decreased by 1.3% vs. Q3-16 but significantly exceeded guidance (-10-15%) due to much stronger than anticipated shipments of epoxy, multi module and flip chip die bonding systems and shorter cycle times. In Q4-16, there was particularly strong demand by both IDMs and Asian subcontractors for mobile and automotive applications. Revenue increased by 19.7% vs. Q4-15 due primarily to higher demand by Chinese and Taiwanese subcontractors for new advanced packaging capacity and improved industry conditions.

Orders increased by 17.0% vs. Q3-16 and by 18.2% vs. Q4-15 primarily due to broad based strength in demand by both IDMs and Asian subcontractors for Besi's high end and mainstream advanced packaging solutions and improved industry conditions. Per customer type, subcontractor orders increased sequentially in Q4-16 by € 5.8 million, or 16.9%, while IDM orders increased by € 7.5 million, or 17.2%.

	Q4-2016	Q3-2016	Δ	Q4-2015	Δ
Gross Margin	53.2%	50.5%	+2.7	50.0%	+3.2
Operating Expenses	29.8	28.2	+5.7%	26.5	+12.5%
Financial Expense/
(Income), net	0.0	0.9	NM	0.2	NM
EBITDA	23.3	23.0	+1.3%	16.9	+37.9%

Besi's gross margin in Q4-16 increased by 2.7% vs. Q3-16 primarily as a result of increased material and freight efficiencies and forex benefits due principally to an increase in the US dollar vs. the euro. As compared to Q4-15, the 3.2% increase was primarily due to material and labor cost efficiencies and forex benefits.

Q4-16 operating expenses increased by € 1.6 million (5.7%) vs. Q3-16 primarily as a result of higher performance based compensation and one-time consulting costs. Operating expenses increased by € 3.3 million (12.5%) vs. Q4-15 due to similar factors as well as increased warranty expense related to higher sales levels. Total headcount at December 31, 2016 increased by 3.0% vs. September 30, 2016 as ongoing decreases in European headcount were more than offset by higher Asian fixed and temporary production personnel associated primarily with the Q4-16 order ramp.

	Q4-2016	Q3-2016	Δ	Q4-2015	Δ
As Reported
Net Income	16.7	16.6	+0.6%	9.7	+72.2%
Net Margin	18.0%	17.6%	+0.4	12.4%	+5.6
Tax Rate	15.1%	11.1%	+4.0	20.6%	-5.5
As Adjusted*
Net Income	16.7	16.7	-	10.9	+53.2%
Net Margin	18.0%	17.7%	+0.3	14.0%	+4.0
Tax Rate	15.1%	11.1%	+4.0	10.7%	+4.4

* Adjusted net income excludes € 0.1 million of restructuring charges in Q3-16 and € 1.2 million in Q4-15 related to deferred taxes.

Besi's Q4-16 net income was up € 0.1 million vs. Q3-16. As compared to Q4-15, net income increased by € 7.0 million (72.2%) primarily as a result of (i) 19.7% revenue growth, (ii) gross margin improvement of 3.2% and (iii) a lower effective tax rate partially offset by increased operating expenses.

Full Year Results of Operations 2016/2015

	As Reported	As Adjusted*
			Δ			Δ
	2016	2015	2016/2015	2016	2015	2016/2015
Revenue	375.4	349.2	+7.5%	375.4	349.2	+7.5%
Orders	373.8	348.3	+7.3%	373.8	348.3	+7.3%
Net Income	65.3	49.0	+33.3%	65.2	46.9	+39.0%
Net Margin	17.4%	14.0%	+3.4	17.4%	13.4%	+4.0
Tax Rate	11.2%	14.3%	-3.1	12.5%	12.9%	-0.4

* Adjusted net income excludes certain tax benefits/charges and restructuring charges/benefits, net.

Besi's revenue increased by € 26.2 million (7.5%) in 2016 primarily due to increased demand by Chinese and Taiwanese subcontractors for its range of high end and mainstream assembly solutions, more favourable industry conditions and the benefits of a new technology cycle. In general, customers increased advanced packaging capacity for mobile handsets, upgraded smart phone features and continued investments in automotive applications. In particular, Besi experienced strong growth for its epoxy, multi module and eWLB die bonders and ultra-thin molding equipment for such applications. Similarly, orders in 2016 increased by 7.3% vs. 2015. Orders by IDMs and subcontractors represented approximately 51% and 49%, respectively, of Besi's total orders in 2016 versus 60% and 40%, respectively, in 2015.

Net income increased by € 16.3 million (33.3%) vs. 2015 primarily due to a (i) 7.5% revenue increase, (ii) 2.2% gross margin improvement and (iii) 3.1% reduction in Besi's effective tax rate partially offset by € 3.8 million of increased operating expenses primarily due to the absence of net restructuring benefits recognized in 2015.

Financial Condition

	Q4-2016	Q3-2016	Δ	Q4-2015	Δ
Net Cash	168.1	131.9	+27.4%	136.5	+23.2%
Cash flow from Ops.	33.4	30.1	+11.0%	32.5	+2.8%

At year end 2016, Besi's cash and deposits increased by € 151.5 million vs. Q3-16 to reach € 304.8 million primarily due to the net proceeds received from the issuance of € 125 million of Convertible Notes in December. In addition, net cash increased by € 36.2 million to reach € 168.1 million. Besi generated cash flow from operations of € 33.4 million in Q4-16 which was utilized primarily to fund (i) € 4.5 million of share repurchases, (ii) € 2.2 million of capital expenditures and (iii) € 1.9 million of capitalized development spending.

As compared to year end 2015, net cash increased by € 31.6 million, or 23.2%. Besi generated cash flow from operations during the year of € 98.7 million which was utilized primarily to fund (i) cash dividends of € 45.4 million, (ii) share repurchases of € 22.0 million, (iii) € 6.7 million of capitalized development spending and (iv) € 4.5 million of capital expenditures.

Convertible Bond Offering

On December 2, 2016, Besi issued € 125 million principal amount of 2.5% Senior Unsecured Convertible Notes due December 2023 (the "Notes"). The Notes convert into approximately 2.9 million Besi ordinary shares at a conversion price of € 43.51 (subject to adjustment). The Company may redeem the Notes after December 2020, provided that the price of its ordinary shares exceeds 130% of the then effective conversion price for a specified period of time. The net proceeds from the offering totalled € 122.7 million and were added to Besi's cash and deposits. These proceeds will be used, amongst others, to finance Besi's growth.

Share Repurchase Program

In September 2015, Besi initiated a program to repurchase up to 1.0 million of its ordinary shares, or approximately 3% of its shares outstanding. The program was successfully completed in October 2016 under which the full 1.0 million shares were repurchased at an average price of € 22.50 for a total of € 22.5 million.

In October 2016, Besi initiated a new share repurchase program under which it may buy back up to 1.0 million ordinary shares (2.7% of its outstanding shares at October 27, 2016) from time to time on the open market and depending on market conditions. In 2016, Besi purchased 126,395 shares under this program at a weighted average price of € 31.30 per share for € 4.0 million. Through February 22, 2017,

Besi had purchased an additional 101,512 shares at a weighted average price of € 33.62 for € 3.4 million. At such date, Besi held approximately 2.8 million shares in treasury at an average price of € 13.47 per share.

Dividend

Due to its earnings, cash flow generation and prospects, Besi's Board of Management has proposed a cash dividend of € 1.74 per share for the 2016 year for approval at its AGM on May 1, 2017, of which € 0.35 represents a special dividend. The proposed dividend represents an increase of 45% over 2015 and will be payable from May 8, 2017. The dividend payments for the 2015 fiscal year and proposed for the 2016 fiscal year represent a pay-out ratio relative to net income of 93% and 100% (approximately 80% ex special dividend), respectively.

Outlook

Based on its December 31, 2016 backlog and feedback from customers, Besi forecasts for Q1-17 that:

• Revenue will increase by 15-20% vs. the € 93.1 million reported in Q4-16.
• Gross margin will range between 52-54% vs. the 53.2% realized in Q4-16.
• Operating expenses will increase by approximately 5-10% vs. the € 29.7 million reported in Q4-16 due primarily to higher share based incentive compensation expense.

Investor and media conference call

A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). The dial-in for the conference call is (31) 20 531 5871. To access the audio webcast and webinar slides, please visit www.besi.com.

Important Investor Relations Dates 2017

• Publication Annual Report 2016 March 16, 2017
• Publication Q1 results April 25, 2017
• Annual General Meeting of Shareholders May 1, 2017
• Publication Q2/semi-annual results July 27, 2017
• Publication Q3/nine month results November 1, 2017
• Publication Q4/full year results February 2018

About Besi

Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, computer, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi's ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Statement of Compliance

The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2016 which will be published on March 16, 2017. These consolidated financial statements to be included in the Annual Report 2016 were authorized for issuance by the Board of Management and Supervisory Board on February 22, 2017. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, Deloitte Accountants B.V. has issued an unqualified auditor's opinion on the Annual Report 2016. The Annual Report 2016 will be published on March 16, 2017 and still has to be adopted by the Annual General Meeting on May 1, 2017.

The condensed financial statements included in this press release have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union. However, these condensed financial statements do not include all of the information required for a complete set of IFRS financial statements. Selected explanatory notes are included in this press release to explain events and transactions that are significant to an understanding of the change in the Group's financial position and performance since the annual consolidated financial statements for the year ended December 31, 2015.

Contacts:

Richard W. Blickman, President & CEO Citigate First Financial Cor te Hennepe, SVP Finance Frank Jansen Tel. (31) 26 319 4500 Tel. (31) 20 575 4024 investor.relations@besi.com Frank.Jansen@citigateff.nl

Caution Concerning Forward Looking Statements

This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as "anticipate", "estimate", "expect", "can", "intend", "believes", "may", "plan", "predict", "project", "forecast", "will", "would", and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading "Outlook" contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; failure to develop new and enhanced products and introduce them at competitive price levels;failure to adequately decrease costs and expenses as revenues decline; loss of significant customers; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2015 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations

(euro in thousands, except share and per		Three Months Ended	Year Ended
share data)		December 31,	December 31,
		(unaudited)		(audited)
	2016	2015	2016	2015
Revenue	93,081	77,838	375,375	349,206
Cost of sales	43,564	38,929	183,894	178,766
Gross profit	49,517	38,909	191,481	170,440
Selling, general and administrative expenses	21,050	17,496	80,454	74,088
Research and development expenses	8,737	9,010	35,859	38,457
Total operating expenses	29,787	26,506	116,313	112,545
Operating income	19,730	12,403	75,168	57,895
Financial expense (income), net	35	209	1,614	793
Income before taxes	19,695	12,194	73,554	57,102
Income tax expense	2,964	2,510	8,259	8,147
Net income	16,731	9,684	65,295	48,955
Net income per share – basic Net income per share – diluted	0.45 0.43	0.26 0.25	1.74 1.70	1.29 1.27
Number of shares used in computing per share amounts:
- basic - diluted1	37,390,551 39,020,180	37,863,456 38,493,443	37,600,855 38,508,080	37,931,201 38,503,706

¹ The calculation of diluted income per share assumes the exercise of equity settled share based payments.

Consolidated Balance Sheets

(euro in thousands)	December	September	June 30,	March 31,	December
	31, 2016	30, 2016	2016	2016	31, 2015
	(audited)	(unaudited)	(unaudited)	(unaudited)	(audited)
ASSETS
Cash and cash equivalents	224,790	153,264	132,075	169,756	157,818
Deposits	80,000	-	-	-	-
Accounts receivable	89,845	94,189	106,209	79,624	80,640
Inventories	55,054	56,579	60,825	61,056	53,877
Income tax receivable	395	371	279	686	446
Other current assets	9,995	12,225	10,134	10,957	6,055
Total current assets	460,079	316,628	309,522	322,079	298,836
Property, plant and equipment	26,993	24,419	25,016	26,355	26,718
Goodwill	45,867	45,261	45,362	43,461	45,542
	37,844
Other intangible assets		37,950	38,696	41,309	40,374
Deferred tax assets	14,265 2,521	16,213	17,441	17,684	18,545
Other non-current assets		2,500	2,721	2,696	2,711
Total non-current assets	127,490	126,343	129,236	131,505	133,890
Total assets	587,569	442,971	438,758	453,584	432,726
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to banks	11,855	8,004	8,000	8,000	8,000
Current portion of long-term debt
and financial leases	2,240	2,240	-	-	-
Accounts payable	38,949	36,279	46,819	37,677	27,529
Accrued liabilities	44,494	40,489	35,724	36,330	31,850
Total current liabilities	97,538	87,012	90,543	82,007	67,379
Other long-term debt and
financial leases	122,603	11,112	13,352	13,352	13,352
Deferred tax liabilities	6,716	6,125	6,158	6,180	6,201
Other non-current liabilities	15,675	16,542	16,245	13,355	13,574
Total non-current liabilities	144,994	33,779	35,755	32,887	33,127
Total equity	345,037	322,180	312,460	338,690	332,220
Total liabilities and equity	587,569	442,971	438,758	453,584	432,726

(euro in thousands)		Three Months Ended	Year Ended
		December 31,	December 31,
		(unaudited)		(unaudited)
	2016	2015	2016	2015
Cash flows from operating activities:
Operating income	19,730	12,403	75,168	57,895
Depreciation and amortization	3,606	4,456	14,616	15,107
Share based compensation expense	1,014	685	7,247	5,193
Other non-cash items	-	(396)	-	(16)
(Gain) loss on curtailment	-	(106)	-	(5,626)
Change in working capital	10,001	16,743	3,879	16,829
Income tax received (paid)	(1,003)	(1,178)	(2,482)	(3,146)
Interest received (paid)	96	(129)	303	271
Net cash provided by operating activities	33,444	32,478	98,731	86,507
Cash flows from investing activities:
Capital expenditures	(2,188)	(614)	(4,488)	(4,168)
Capitalized development expenses	(1,886)	(1,526)	(6,737)	(5,627)
Proceeds from sale of equipment	-	15	7	15
Net cash used in investing activities	(4,074)	(2,125)	(11,218)	(9,780)
Cash flows from financing activities:
Proceeds from (payments of) bank lines of credit	3,851	(12,589)	3,855	(5,679)
Proceeds from (payments of) debt and financial leases	122,670	10,144	122,670	9,559
Dividends paid to shareholders	-	-	(45,420)	(56,877)
Proceeds from reissuance (purchase) of treasury	(4,520)	(3,499)	(21,979)	(3,100)
shares Investment in deposits	(80,000)	-	(80,000)	-
Other financing activities	(63)	-	(63)	-
Net cash provided by (used in) financing activities	41,938	(5,944)	(20,937)	(56,097)
Net increase (decrease) in cash and cash
equivalents	71,308	24,409	66,576	20,630
Effect of changes in exchange rates on cash and
cash equivalents	218	575	396	1,866
Cash and cash equivalents at beginning of the
period	153,264	132,834	157,818	135,322
Cash and cash equivalents at end of the period	224,790	157,818	224,790	157,818

Consolidated Cash Flow Statements

Supplemental Information (unaudited)

(euro in millions, unless stated otherwise)

REVENUE	Q1-2015		Q2-2015		Q3-2015		Q4-2015		Q1-2016		Q2-2016		Q3-2016		Q4-2016
Per geography:
Asia Pacific EU / USA	61.7 33.2	65% 35%	78.2 26.1	75% 25%	41.1 31.0	57% 43%	50.8 27.0	65% 35%	60.0 19.0	76% 24%	88.3 20.7	81% 19%	69.8 24.5	74% 26%	75.4 17.7	81% 19%
Total	94.9	100%	104.3	100%	72.1	100%	77.8	100%	79.0	100%	109.0	100%	94.3	100%	93.1	100%
ORDERS	Q1-2015		Q2-2015		Q3-2015		Q4-2015		Q1-2016		Q2-2016		Q3-2016		Q4-2016
Per geography:
Asia Pacific	69.8	67%	68.0	74%	44.2	59%	56.1	73%	77.9	75%	84.4	84%	61.7	79%	69.5	76%
EU / USA	34.4	33%	23.9	26%	30.7	41%	21.2	27%	26.0	25%	16.1	16%	16.4	21%	21.9	24%
Total	104.2	100%	91.9	100%	74.9	100%	77.3	100%	103.9	100%	100.5	100%	78.1	100%	91.4	100%
Per customer type:
IDM	58.4	56%	49.6	54%	56.2	75%	44.8	58%	45.7	44%	50.6	50%	43.7	56%	51.2	56%
Subcontractors	45.8	44%	42.3	46%	18.7	25%	32.5	42%	58.2	56%	49.9	50%	34.4	44%	40.2	44%
Total	104.2	100%	91.9	100%	74.9	100%	77.3	100%	103.9	100%	100.5	100%	78.1	100%	91.4	100%
BACKLOG	Mar 31, 2015		Jun 30, 2015		Sep 30, 2015		Dec 31, 2015		Mar 31, 2016		Jun 30, 2016		Sep 30, 2016		Dec 31, 2016
Backlog	87.9		75.6		78.4		77.8		102.7		94.2		78.0		76.3
HEADCOUNT	Mar 31, 2015		Jun 30, 2015		Sep 30, 2015		Dec 31, 2015		Mar 31, 2016		Jun 30, 2016		Sep 30, 2016		Dec 31, 2016
Fixed staff (FTE)
Asia Pacific	933	61%	967	62%	975	63%	950	63%	951	64%	1,007	66%	1,025	66%	1,071	68%
EU / USA	597	39%	597	38%	566	37%	549	37%	533	36%	519	34%	522	34%	515	32%
Total	1,530	100%	1,564	100%	1,541	100%	1,499	100%	1,484	100%	1,526	100%	1,547	100%	1,586	100%
Temporary staff (FTE)
Asia Pacific	8 3	55%	3 6	30%	2 3	26%	0	0%	5 9	56%	5 9	53%	3 4	47%	4 3	52%
EU / USA	6 7	45%	8 4	70%	6 4	74%	4 0	100%	4 7	44%	5 3	47%	3 9	53%	4 0	48%
Total	150	100%	120	100%	8 7	100%	4 0	100%	106	100%	112	100%	7 3	100%	8 3	100%
Total fixed and temporary staff (FTE)	1,680		1,684		1,628		1,539		1,590		1,638		1,620		1,669
OTHER FINANCIAL DATA	Q1-2015		Q2-2015		Q3-2015		Q4-2015		Q1-2016		Q2-2016		Q3-2016		Q4-2016
Gross profit As reported	46.5	49.0%	49.9	47.8%	35.1	48.7%	38.9	50.0%	38.9	49.2%	55.5	50.9%	47.6	50.5%	49.5	53.2%
Restructuring charges / (gains)	(0.7)	-0.8%	0.1	0.1%	-	-	-	-	0.3	0.4%	(0.0)	-0.0%	0.0	0.0%	0.0	0.0%
Gross profit as adjusted	45.8	48.2%	50.0	47.9%	35.1	48.7%	38.9	50.0%	39.2	49.6%	55.5	50.9%	47.6	50.5%	49.5	53.2%
Selling, general and admin expenses:
As reported	17.4	18.3%	20.6	19.7%	18.6	25.8%	17.5	22.5%	20.5	25.9%	19.6	18.0%	19.3	20.5%	21.1	22.7%
Amortization of intangibles	(0.2)	-0.2%	(0.3)	-0.2%	(0.2)	-0.3%	(0.6)	-0.7%	(0.2)	-0.3%	(0.3)	-0.3%	(0.3)	-0.3%	(0.3)	-0.3%
Restructuring gains / (charges)	1.0	1.1%	(0.0)	-0.0%	(0.2)	-0.2%	(0.1)	-0.1%	(0.3)	-0.4%	(0.1)	-0.1%	(0.1)	-0.1%	(0.0)	0.0%
SG&A expenses as adjusted	18.2	19.1%	20.3	19.5%	18.2	25.2%	16.8	21.6%	20.0	25.3%	19.2	17.6%	18.9	20.1%	20.8	22.3%
Research and development expenses:
As reported	7.9	8.3%	11.4	11.0%	10.1	14.0%	9.0	11.6%	8.7	11.0%	9.5	8.7%	8.9	9.4%	8.7	9.3%
Capitalization of R&D charges	1.5	1.6%	1.4	1.3%	1.2	1.7%	1.5	2.0%	1.8	2.3%	1.5	1.4%	1.6	1.7%	1.9	2.0%
Amortization of intangibles	(1.7)	-1.8%	(2.2)	-2.1%	(2.3)	-3.1%	(2.4)	-3.1%	(2.2)	-2.8%	(2.3)	-2.1%	(2.1)	-2.2%	(2.1)	-2.3% -
Restructuring gains / (charges) R&D expenses as adjusted	2.0 9.7	2.1% 10.2%	(0.1) 10.6	-0.1% 10.2%	(0.0) 9.0	-0.0% 12.5%	0.2 8.3	0.2% 10.6%	(0.0) 8.3	-0.0% 10.5%	(0.0) 8.7	-0.0% 8.0%	- 8.4	- 8.9%	- 8.5	9.1%
Financial expense (income), net:
Interest expense (income), net	(0.1)		0.1		(0.0)		0.0		(0.0)		(0.0)		0.0		0.3
Foreign exchange (gains) \ losses	1.1		0.3		(0.8)		0.2		0.2		0.5		0.9		(0.3)
Total	1.1		0.4		(0.8)		0.2		0.2		0.5		0.9		0.0
Operating income (loss)
as % of net sales	21.2	22.3%	17.9	17.2%	6.4	8.9%	12.4	15.9%	9.6	12.2%	26.3	24.1%	19.5	20.7%	19.7	21.2%
EBITDA
as % of net sales	24.4	25.7%	21.6	20.7%	10.2	14.1%	16.9	21.7%	13.4	17.0%	30.1	27.6%	23.0	24.4%	23.3	25.0%
Net income (loss)
as % of net sales	17.5	18.5%	15.5	14.8%	6.3	8.7%	9.7	12.4%	8.0	10.1%	24.0	22.0%	16.6	17.6%	16.7	17.9%
Income per share
Basic	0.46		0.41		0.16		0.26		0.21 0.21		0.64 0.63		0.44 0.43		0.45 0.43
Diluted	0.46		0.40		0.16		0.25