Earnings Release • Feb 25, 2016
Earnings Release
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Duiven, the Netherlands, February 25, 2016 - 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, 2015.
Q1-16 revenue expected to be within a range of +5% to -5% vs. Q4-15. Sequential operating profit lower than Q4-15 due to expected Q1-16 product mix, forex movements and higher operating expenses
| (€ millions, except EPS) |
Q4- 2015 |
Q3- 2015 |
Δ | Q4- 2014 |
Δ | 2015 | 2014 | Δ |
|---|---|---|---|---|---|---|---|---|
| Revenue | 77.8 | 72.1 | +7.9% | 89.0 | -12.6% | 349.2 | 378.8 | -7.8% |
| Orders | 77.3 | 74.9 | +3.2% | 81.4 | -5.0% | 348.3 | 407.6 | -14.5% |
| EBITDA | 16.9 | 10.2 | +65.7% | 16.9 | 0.0% | 73.0 | 82.1 | -11.1% |
| Net Income | 9.7 | 6.3 | +54.0% | 19.7 | -50.8% | 49.0 | 71.1 | -31.1% |
| Adjusted Net Income* |
10.9 | 6.3 | +73.0% | 12.2 | -10.7% | 46.9 | 64.5 | -27.3% |
| EPS (diluted) | 0.25 | 0.16 | +56.3% | 0.52 | -51.9% | 1.27 | 1.87 | -32.1% |
| Net Cash | 136.5 | 109.0 | +25.2% | 118.0 | +15.7% | 136.5 | 118.0 | +15.7% |
* 2015 adjusted net income excludes net restructuring benefit of € 3.3 million in Q1-15 and € 1.2 million adjustment in Q4-15 primarily related to deferred taxes. 2014 adjusted net income excludes deferred tax adjustments of € 8.1 million, of which € 7.5 million was recognized in Q4-14 and € 1.6 million of restructuring charges.
"In 2015, Besi maintained solid profitability despite a difficult industry environment. We generated revenue and net income of € 349.2 million and € 49.0 million, respectively, with high gross and net margins for our industry sector of 48.8% and 14.0%, respectively. Besi ended the year in a strong financial position with total cash of € 157.8 million (€ 4.10 per share), or 22.1% of the value of our year end stock price. As such, we propose to pay a 2015 cash dividend of € 1.20 per share for approval at Besi's AGM in April 2016, of which € 0.20 represents a special dividend. In addition, we initiated a 1.0 million share repurchase program in September 2015 under which we bought back 225,779 shares (€ 4.0 million) through year end and 407,831 shares (€ 7.2 million) through February 23, 2016. Dividends and share repurchases totalled € 60.9 million and € 118.2 million in 2015 and the past five years, respectively, confirming our commitment to enhance shareholder value.
Revenue in 2015 decreased by 7.8% vs. 2014 due to a sharp end-market downturn starting in Q3-15 combined with weakening economic conditions in China which particularly affected order levels for smart phone applications. However, increased revenue from Besi's new TCB and die sorting systems helped counteract unfavourable industry conditions and brought better balance to our product/application mix. Other areas of product strength included next generation singulation and trim and form systems and plating systems for solar and 3D-lithium battery applications. Strong profit and margin levels were realized due to the successful execution of ongoing Asian supply chain and production initiatives, a further reduction of European based costs and timely restructuring actions taken during the year in response to both adverse industry and currency movements.
Our Q4-15 financial performance was solid as operating profit exceeded guidance in an uncertain semiconductor environment. Revenue was up 7.9% sequentially as growth in a number of diverse product lines and applications partially offset some lingering weakness in specific smart phone applications. Orders grew by 3.2% sequentially reflecting renewed growth in die attach and molding systems for smart phone, mobile and automotive applications. Gross margins reached 50.0% in Q4-15 due to material cost efficiencies and foreign exchange benefits and were at the high end of our corporate target range of 45-50%. In addition, operating expenses continued their quarterly sequential decline from a Q2-15 peak as a result of Besi's headcount reduction program and European overhead reduction initiatives.
Looking forward, leading industry analysts currently suggest a modest semiconductor capital equipment downturn of approximately 4% in 2016. We believe that the trough of the most recent down cycle was reached in Q4-15 and are cautiously optimistic for 2016 based on better than anticipated Q4-15 revenue levels and favorable order trends through February 2016. However, visibility remains very limited in a highly uncertain global economic environment. Besi's guidance calls for Q1-16 revenue that is expected to be within a range of +5% to -5% vs. Q4-15 levels. Sequential operating profit is expected to decrease due to somewhat lower gross margins based on our anticipated Q1-16 product mix and forex movements and increased operating expenses from Besi's share based incentive compensation plan."
| Q4-2015 | Q3-2015 | Δ | Q4-2014 | Δ | |
|---|---|---|---|---|---|
| Revenue | 77.8 | 72.1 | +7.9% | 89.0 | -12.6% |
| Orders | 77.3 | 74.9 | +3.2% | 81.4 | -5.0% |
| Backlog | 77.8 | 78.4 | -0.8% | 78.7 | -1.1% |
| Book to Bill Ratio | 1.0x | 1.0x | - | 0.9 | +0.1 |
Besi's Q4-15 revenue was up by 7.9% vs. Q3-15 primarily due to higher demand for epoxy die attach and die sorting systems for smart phone and high end server applications and increased plating shipments for solar applications. Revenue declined 12.6% vs. Q4-14 primarily as a result of lower
demand for die attach and molding systems for smart phone and mainstream electronics applications post the large 2014 industry capacity build.
Orders increased by 3.2% vs. Q3-15 due primarily to increased bookings for die attach and molding systems used in smart phone, mobile and automotive applications. Orders decreased 5.0% vs. Q4-14 due to lower demand by European and US IDMs for smart phone and certain automotive applications amidst less favorable market conditions. Per customer type, subcontractor orders increased sequentially in Q4-15 by € 13.8 million, or 73.8%, while IDM orders decreased by € 11.4 million, or 20.3%.
| Q4-2015 | Q3-2015 | Δ | Q4-2014 | Δ | |
|---|---|---|---|---|---|
| Gross Margin | 50.0% | 48.7% | +1.3 | 43.8% | +6.2 |
| Operating Expenses | 26.5 | 28.7 | -7.7% | 24.6 | +7.7% |
| Financial Expense/ | |||||
| (Income), net | 0.2 | (0.8) | NM | 0.1 | 100% |
| EBITDA | 16.9 | 10.2 | +65.7% | 16.9 | 0.0% |
Besi's gross margin in Q4-15 increased by 1.3 points vs. Q3-15 and by 6.2 points vs. Q4-14 despite market headwinds. The increase primarily reflected material and labor cost efficiencies from the continued movement of personnel and supply chain costs from higher cost European markets to lower cost Asian markets combined with net foreign exchange benefits.
Besi's Q4-15 operating expenses decreased by € 2.2 million, or 7.7%, vs. Q3-15 due to a variety of factors including (i) € 0.9 million of reduced personnel expenses, (ii) € 0.6 million of lower warranty expense, (iii) € 0.4 million of lower freight costs and (iv) € 0.3 million of lower restructuring charges. Operating expenses grew by € 1.9 million vs. Q4-14 due primarily to € 1.8 million of higher R&D cost amortization, net of capitalization. Between September 30 and December 31, 2015, total fixed and temporary headcount declined by 5.5%.
| Q4-2015 | Q3-2015 | Δ | Q4-2014 | Δ | |
|---|---|---|---|---|---|
| As Reported | |||||
| Net Income | 9.7 | 6.3 | +54.0% | 19.7 | -50.8% |
| Net Margin | 12.4% | 8.7% | +3.7 | 22.2% | -9.8 |
| Tax Rate | 20.6% | 13.3% | +7.3 | -38.9% | +59.5 |
| As Adjusted* | |||||
| Net Income | 10.9 | 6.3 | +73.0% | 12.2 | -10.7% |
| Net Margin | 14.0% | 8.7% | +5.3 | 13.7% | +0.3 |
| Tax Rate | 10.7% | 13.3% | -2.6 | 14.0% | -3.3 |
* Adjusted Q4-15 net income excludes € 1.2 million adjustment primarily related to deferred taxes. Adjusted Q4-14 net income excludes € 7.5 million deferred tax adjustments.
Besi's net income increased by € 3.4 million vs. Q3-15 primarily as a result of a 7.9% sequential revenue increase, improved gross margins and lower operating expenses partially offset by a higher effective tax rate due to deferred tax adjustments. As compared to Q4-14, the € 10.0 million decrease resulted primarily from (i) an € 8.7 million negative variance substantially due to deferred tax adjustments, (ii) a 12.6% revenue decrease and (iii) higher operating expenses partially offset by significantly higher gross margins.
| As Reported | As Adjusted | |||||||
|---|---|---|---|---|---|---|---|---|
| Δ | Δ | |||||||
| 2015 | 2014 | 2015/2014 | 2015 | 2014 | 2015/2014 | |||
| Revenue | 349.2 | 378.8 | -7.8% | 349.2 | 378.8 | -7.8% | ||
| Orders | 348.3 | 407.6 | -14.5% | 348.3 | 407.6 | -14.5% | ||
| Net Income | 49.0 | 71.1 | -31.1% | 46.9 | 64.5 | -27.3% | ||
| Net Margin | 14.0% | 18.8% | -4.8 | 13.4% | 17.0% | -3.6 | ||
| Tax Rate | 14.3% | 0.3% | +14.0 | 12.9% | 11.8% | +1.1% |
* 2015 adjusted net income excludes € 3.3 million net restructuring benefit and € 1.2 million adjustment primarily related to deferred taxes. 2014 adjusted net income excludes € 8.1 million deferred tax adjustments and € 1.6 million of net restructuring charges
Besi's revenue and orders decreased by 7.8% and 14.5%, respectively, in 2015 vs. 2014 primarily due to a sharp second half industry downturn and weakening economic conditions in China. The downturn particularly affected demand by both IDMs and Asian subcontractors for advanced packaging applications such as smart phones, tablets, personal computers and other mainstream electronic devices and certain automotive applications. The decrease was partially offset by increased sales of new TCB and die sorting systems and, to a lesser extent, next generation trim and form, singulation and solar plating systems. Orders by IDMs and subcontractors represented approximately 60% and 40%, respectively, of Besi's total orders in both 2015 and 2014.
Besi's net income declined by € 22.1 million vs. 2014 (€ 17.6 million as adjusted). The decrease resulted primarily from (i) a € 29.6 million revenue decrease, (ii) a € 9.3 million negative variance substantially due to deferred tax adjustments and (iii) € 18.8 million of increased operating expenses partially offset by (i) a 5.0 point gross margin improvement and (ii) a positive net restructuring variance of € 4.9 million.
| Q4-2015 | Q3-2015 | Δ | Q4-2014 | Δ | |
|---|---|---|---|---|---|
| Net Cash | 136.5 | 109.0 | +25.2% | 118.0 | +15.7% |
| Cash flow from Ops. | 32.5 | 20.3 | +60.1% | 36.5 | -11.0% |
At year-end 2015, Besi's cash and cash equivalents increased by € 25.0 million vs. Q3-15 to reach € 157.8 million and net cash increased by € 27.5 million to reach € 136.5 million. As compared to yearend 2014, Besi's net cash position increased by € 18.5 million, or 15.7%. Besi generated cash flow from operations of € 32.5 million in Q4-15 which was utilized primarily to fund (i) € 3.5 million of share repurchases, (ii) € 2.4 million of debt repayments, (iii) € 1.5 million of capitalized development spending and (iv) € 0.6 million of net capital expenditures.
Due to its earnings and cash flow generation in 2015, Besi's Board of Management has proposed a cash dividend of € 1.20 per share for the 2015 year for approval at its AGM on April 29, 2016, of which € 0.20 represents a special dividend. The dividend will be payable from May 17, 2016. The payments for the year 2014 and proposed for the year 2015 represent a dividend pay-out ratio relative to net income of 80% and 94% (approximately 80% ex special dividend), respectively.
Based on its December 31, 2015 backlog and feedback from customers, Besi forecasts for Q1-16 that:
A conference call and webcast for investors and media will be held today at 16:00 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.
Besi announces that the Netherlands is its Home Member State for purposes of the EU Transparency Directive.
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.
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 2015 which will be published on March 18, 2016. These consolidated financial statements to be included in the Annual Report 2015 were authorized for issuance by the Board of Management and Supervisory Board on February 24, 2016. 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 2015. The Annual Report 2015 will be published on March 18, 2016 and still has to be adopted by the Annual General Meeting on April 29, 2016.
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, 2014.
Richard W. Blickman, President & CEO Citigate First Financial Cor te Hennepe, SVP Finance Uneke Dekkers Tel. (31) 26 319 4500 Tel. (31) 20 575 4021/24 [email protected] [email protected]
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 adequately decrease costs and expenses as revenues decline; loss of significant customers; lengthening of the sales cycle; acts of terrorism and violence; 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; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2014; any inability to attract and retain skilled personnel; 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.
(euro in thousands, except share and per share data)
| Three Months Ended December 31, |
Year Ended December 31, |
||||||
|---|---|---|---|---|---|---|---|
| (unaudited) | (audited) | ||||||
| 2015 | 2014 | 2015 | 2014 | ||||
| Revenue | 77,838 | 89,048 | 349,206 | 378,797 | |||
| Cost of sales | 38,929 | 50,059 | 178,766 | 212,961 | |||
| Gross profit | 38,909 | 38,989 | 170,440 | 165,836 | |||
| Selling, general and administrative expenses | 17,496 | 17,347 | 74,088 | 65,872 | |||
| Research and development expenses | 9,010 | 7,294 | 38,457 | 27,896 | |||
| Total operating expenses | 26,506 | 24,641 | 112,545 | 93,768 | |||
| Operating income | 12,403 | 14,348 | 57,895 | 72,068 | |||
| Financial expense (income), net | 209 | 143 | 793 | 741 | |||
| Income before taxes | 12,194 | 14,205 | 57,102 | 71,327 | |||
| Income tax expense (benefit) | 2,510 | (5,528) | 8,147 | 196 | |||
| Net income | 9,684 | 19,733 | 48,955 | 71,131 | |||
| Net income per share – basic | 0.26 | 0.52 | 1.29 | 1.89 | |||
| Net income per share – diluted | 0.25 | 0.52 | 1.27 | 1.87 | |||
| Number of shares used in computing per share amounts: |
|||||||
| - basic | 37,863,456 | 37,712,540 | 37,931,201 | 37,539,938 | |||
| - diluted1 | 38,493,443 | 38,266,726 | 38,503,706 | 37,982,782 |
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, |
| 31, 2015 | 30, 2015 | 2015 | 2015 | 2014 | |
| (audited) | (unaudited) | (unaudited) | (unaudited) | (audited) | |
| ASSETS | |||||
| Cash and cash equivalents | 157,818 | 132,834 | 113,694 | 161,560 | 135,322 |
| Accounts receivable | 80,640 | 87,160 | 106,966 | 114,051 | 93,248 |
| Inventories | 53,877 | 65,607 | 72,154 | 83,371 | 69,428 |
| Income tax receivable | 446 | 1,289 | 295 | 426 | 280 |
| Other current assets | 6,055 | 8,063 | 8,770 | 10,303 | 10,668 |
| Total current assets | 298,836 | 294,953 | 301,879 | 369,711 | 308,946 |
| Property, plant and equipment | 26,718 | 25,644 | 27,834 | 28,314 | 27,248 |
| Goodwill | 45,542 | 45,289 | 45,307 | 45,667 | 44,553 |
| Other intangible assets | 40,374 | 41,795 | 44,511 | 45,077 | 40,274 |
| Deferred tax assets | 18,545 | 19,354 | 19,851 | 21,621 | 21,710 |
| Other non-current assets | 2,711 | 1,711 | 1,731 | 1,777 | 1,677 |
| Total non-current assets | 133,890 | 133,793 | 139,234 | 142,456 | 135,462 |
| Total assets | 432,726 | 428,746 | 441,113 | 512,167 | 444,408 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| Notes payable to banks | 8,000 | 20,588 | 18,777 | 25,017 | 13,568 |
| Current portion of long-term debt | |||||
| and financial leases | - | - | 471 | 471 | 815 |
| Accounts payable | 27,529 | 27,193 | 39,301 | 48,381 | 38,381 |
| Accrued liabilities | 31,850 | 37,109 | 35,671 | 49,217 | 39,229 |
| Total current liabilities | 67,379 | 84,890 | 94,220 | 123,086 | 91,993 |
| Other long-term debt and | |||||
| financial leases | 13,352 | 3,208 | 3,074 | 2,978 | 2,978 |
| Deferred tax liabilities | 6,201 | 5,805 | 5,901 | 5,959 | 5,956 |
| Other non-current liabilities | 13,574 | 10,799 | 11,045 | 12,843 | 14,657 |
| Total non-current liabilities | 33,127 | 19,812 | 20,020 | 21,780 | 23,591 |
| Total equity | 332,220 | 324,044 | 326,873 | 367,301 | 328,824 |
| Total liabilities and equity | 432,726 | 428,746 | 441,113 | 512,167 | 444,408 |
| (euro in thousands) | Three Months Ended | Year Ended | |||||
|---|---|---|---|---|---|---|---|
| December 31, | December 31, | ||||||
| (unaudited) | (unaudited) | ||||||
| 2015 | 2014 | 2015 | 2014 | ||||
| Cash flows from operating activities: | |||||||
| Operating income | 12,403 | 14,348 | 57,895 | 72,068 | |||
| Depreciation and amortization | 4,456 | 2,537 | 15,107 | 10,040 | |||
| Share based compensation expense | 685 | 893 | 5,193 | 3,869 | |||
| Other non-cash items | (396) | (312) | (16) | 28 | |||
| (Gain) loss on curtailment | (106) | - | (5,626) | - | |||
| Change in working capital | 16,743 | 20,451 | 16,829 | (10,912) | |||
| Income tax received (paid) | (1,178) | (1,354) | (3,146) | (2,175) | |||
| Interest received (paid) | (129) | (19) | 271 | 377 | |||
| Net cash provided by operating activities | 32,478 | 36,544 | 86,507 | 73,295 | |||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (614) | (2,905) | (4,168) | (6,474) | |||
| Capitalized development expenses | (1,526) | (2,056) | (5,627) | (9,314) | |||
| Proceeds from sale of equipment | 15 | 17 | 15 | 34 | |||
| Net cash used in investing activities | (2,125) | (4,944) | (9,780) | (15,754) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from (payments of) bank lines of credit | (12,589) | (2,119) | (5,679) | (1,520) | |||
| Proceeds from (payments of) debt and financial leases |
10,144 | 216 | 9,559 | (81) | |||
| Dividend paid to shareholders | - | - | (56,877) | (12,402) | |||
| Reissuance (purchase) of treasury shares | (3,499) | - | (3,100) | 1,123 | |||
| Other financing activities | - | (58) | - | (58) | |||
| Net cash provided by (used in) financing activities | (5,944) | (1,961) | (56,097) | (12,938) | |||
| Net increase (decrease) in cash and cash | |||||||
| equivalents | 24,409 | 29,639 | 20,630 | 44,603 | |||
| Effect of changes in exchange rates on cash and | |||||||
| cash equivalents | 575 | 300 | 1,866 | 1,133 | |||
| Cash and cash equivalents at beginning of the Period |
132,834 | 105,383 | 135,322 | 89,586 | |||
| Cash and cash equivalents at end of the period | 157,818 | 135,322 | 157,818 | 135,322 |
(euro in millions, unless stated otherwise)
| REVENUE | Q1-2014 | Q2-2014 | Q3-2014 | Q4-2014 | Q1-2015 | Q2-2015 | Q3-2015 | Q4-2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per geography: | ||||||||||||||||
| Asia Pacific | 49.8 | 71% | 74.1 | 64% | 76.3 | 74% | 55.1 | 62% | 61.7 | 65% | 78.2 | 75% | 41.1 | 57% | 50.8 | 65% |
| EU / USA | 20.2 | 29% | 42.1 | 36% | 27.2 | 26% | 33.9 | 38% | 33.2 | 35% | 26.1 | 25% | 31.0 | 43% | 27.0 | 35% |
| Total | 70.0 | 100% | 116.2 | 100% | 103.5 | 100% | 89.0 | 100% | 94.9 | 100% | 104.3 | 100% | 72.1 | 100% | 77.8 | 100% |
| ORDERS | Q1-2014 | Q2-2014 | Q3-2014 | Q4-2014 | Q1-2015 | Q2-2015 | Q3-2015 | Q4-2015 | ||||||||
| Per geography: | ||||||||||||||||
| Asia Pacific | 76.6 | 69% | 88.4 | 71% | 55.5 | 61% | 50.8 | 62% | 69.8 | 67% | 68.0 | 74% | 44.2 | 59% | 56.1 | 73% |
| EU / USA | 34.5 | 31% | 35.8 | 29% | 35.4 | 39% | 30.6 | 38% | 34.4 | 33% | 23.9 | 26% | 30.7 | 41% | 21.2 | 27% |
| Total | 111.1 | 124.2 | 90.9 | 81.4 | 104.2 | 91.9 | 74.9 | 77.3 | ||||||||
| 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | |||||||||
| Per customer type: | ||||||||||||||||
| IDM | 49.4 | 60.0 | 68.1 | 68.3 | 58.4 | 49.6 | 56.2 | 44.8 | ||||||||
| Subcontractors | 61.7 | 45% 56% |
64.2 | 48% 52% |
22.8 | 75% 25% |
13.1 | 84% 16% |
45.8 | 56% 44% |
42.3 | 54% 46% |
18.7 | 75% 25% |
32.5 | 58% 42% |
| Total | 111.1 | 100% | 124.2 | 100% | 90.9 | 100% | 81.4 | 100% | 104.2 | 100% | 91.9 | 100% | 74.9 | 100% | 77.3 | 100% |
| BACKLOG | Mar 31, 2014 | Jun 30, 2014 | Sep 30, 2014 | Dec 31, 2014 | Mar 31, 2015 | Jun 30, 2015 | Sep 30, 2015 | Dec 31, 2015 | ||||||||
| Backlog | 91.1 | 99.0 | 86.4 | 78.7 | 87.9 | 75.6 | 78.4 | 77.8 | ||||||||
| HEADCOUNT | Mar 31, 2014 | Jun 30, 2014 | Sep 30, 2014 | Dec 31, 2014 | Mar 31, 2015 | Jun 30, 2015 | Sep 30, 2015 | Dec 31, 2015 | ||||||||
| Fixed staff (FTE) | ||||||||||||||||
| Asia Pacific | 839 | 57% | 897 | 60% | 895 | 59% | 908 | 60% | 933 | 61% | 967 | 62% | 975 | 63% | 950 | 63% |
| EU / USA | 623 | 43% | 610 | 40% | 611 | 41% | 602 | 40% | 597 | 39% | 597 | 38% | 566 | 37% | 549 | 37% |
| Total | 1,462 | 100% | 1,507 | 100% | 1,506 | 100% | 1,510 | 100% | 1,530 | 100% | 1,564 | 100% | 1,541 | 100% | 1,499 | 100% |
| Temporary staff (FTE) | ||||||||||||||||
| Asia Pacific | 7 5 |
70% | 109 | 66% | 8 1 |
57% | 6 1 |
50% | 8 3 |
55% | 3 6 |
30% | 2 3 |
26% | 0 | 0% |
| EU / USA | 3 2 |
30% | 5 6 |
34% | 6 2 |
43% | 6 1 |
50% | 6 7 |
45% | 8 4 |
70% | 6 4 |
74% | 4 0 |
100% |
| Total | 107 | 100% | 165 | 100% | 143 | 100% | 122 | 100% | 150 | 100% | 120 | 100% | 8 7 |
100% | 4 0 |
100% |
| Total fixed and temporary staff (FTE) | 1,569 | 1,672 | 1,649 | 1,632 | 1,680 | 1,684 | 1,628 | 1,539 | ||||||||
| OTHER FINANCIAL DATA | Q1-2014 | Q2-2014 | Q3-2014 | Q4-2014 Q1-2015 |
Q2-2015 | Q3-2015 | Q4-2015 | |||||||||
| Gross profit | ||||||||||||||||
| As reported | 29.6 | 42.3% | 50.3 | 43.2% | 46.9 | 45.3% | 39.0 | 43.8% | 46.5 | 49.0% | 49.9 | 47.8% | 35.1 | 48.7% | 38.9 | 50.0% |
| Restructuring charges / (gains) | 0.1 | 0.1% | 0.5 | 0.4% | - | - | 0.1 | 0.1% | (0.7) | -0.8% | 0.1 | 0.1% | - | - | - | - |
| Gross profit as adjusted | 29.7 | 42.4% | 50.7 | 43.7% | 46.9 | 45.3% | 39.1 | 43.9% | 45.8 | 48.2% | 50.0 | 47.9% | 35.1 | 48.7% | 38.9 | 50.0% |
| Selling, general and admin expenses: | ||||||||||||||||
| As reported | 15.5 | 22.1% | 17.5 | 15.1% | 15.5 | 15.0% | 17.3 | 19.5% | 17.4 | 18.3% | 20.6 | 19.7% | 18.6 | 25.8% | 17.5 | 22.5% |
| Amortization of intangibles | (0.3) | -0.4% | (0.3) | -0.2% | (0.3) | -0.3% | (0.2) | -0.3% | (0.2) | -0.2% | (0.3) | -0.2% | (0.2) | -0.3% | (0.6) | -0.7% |
| Restructuring gains / (charges) | (0.2) | -0.2% | (0.4) | -0.3% | - | - | - | - | 1.0 | 1.1% | (0.0) | -0.0% | (0.2) | -0.2% | (0.1) | -0.1% |
| SG&A expenses as adjusted | 15.0 | 21.5% | 16.8 | 14.5% | 15.2 | 14.7% | 17.1 | 19.2% | 18.2 | 19.1% | 20.3 | 19.5% | 18.2 | 25.2% | 16.8 | 21.6% |
| Research and development expenses: | ||||||||||||||||
| As reported | 6.1 | 8.7% | 7.1 | 6.1% | 7.5 | 7.2% | 7.3 | 8.2% | 7.9 | 8.3% | 11.4 | 11.0% | 10.1 | 14.0% | 9.0 | 11.6% |
| Capitalization of R&D charges | 2.8 | 4.0% | 2.4 | 2.1% | 2.0 | 2.0% | 2.1 | 2.3% | 1.5 | 1.6% | 1.4 | 1.3% | 1.2 | 1.7% | 1.5 | 2.0% |
| Amortization of intangibles | (1.1) | -1.6% | (1.2) | -1.1% | (1.3) | -1.3% | (1.2) | -1.3% | (1.7) | -1.8% | (2.2) | -2.1% | (2.3) | -3.1% | (2.4) | -3.1% |
| Restructuring gains / (charges) | - | - | (0.4) | -0.3% | - | - | - | - | 2.0 | 2.1% | (0.1) | -0.1% | (0.0) | -0.0% | 0.2 | 0.2% |
| R&D expenses as adjusted | 7.7 | 11.1% | 7.9 | 6.8% | 8.2 | 7.9% | 8.2 | 9.2% | 9.7 | 10.2% | 10.6 | 10.2% | 9.0 | 12.5% | 8.3 | 10.6% |
| Financial expense (income), net: | ||||||||||||||||
| Interest expense (income), net | (0.0) | (0.1) | (0.1) | (0.1) | 0.1 | (0.0) | 0.0 | |||||||||
| (0.1) | ||||||||||||||||
| Foreign exchange (gains) \ losses | 0.2 | 0.5 | 0.1 | 0.2 | 1.1 | 0.3 | (0.8) | 0.2 | ||||||||
| Total | 0.2 | 0.5 | (0.0) | 0.1 | 1.1 | 0.4 | (0.8) | 0.2 | ||||||||
| Operating income (loss) | ||||||||||||||||
| as % of net sales | 8.1 | 11.6% | 25.7 | 22.1% | 23.9 | 23.1% | 14.3 | 16.1% | 21.2 | 22.3% | 17.9 | 17.2% | 6.4 | 8.9% | 12.4 | 15.9% |
| EBITDA | ||||||||||||||||
| as % of net sales | 10.5 | 15.0% | 28.1 | 24.0% | 26.7 | 25.8% | 16.9 | 19.0% | 24.4 | 25.7% | 21.6 | 20.7% | 10.2 | 14.1% | 16.9 | 21.7% |
| Net income (loss) | ||||||||||||||||
| as % of net sales | 7.0 | 10.1% | 22.9 | 19.7% | 21.5 | 20.8% | 19.7 | 22.2% | 17.5 | 18.5% | 15.5 | 14.8% | 6.3 | 8.7% | 9.7 | 12.4% |
| Income per share | ||||||||||||||||
| Basic Diluted |
0.20 0.20 |
0.60 0.59 |
0.57 0.56 |
0.53 0.52 |
0.46 0.46 |
0.41 0.40 |
0.16 0.16 |
0.26 0.25 |
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