BE Semiconductor Industries N.V.

Earnings Release • Jul 31, 2014

PRESS RELEASE

Stronger Than Anticipated Q2-14 Results. Revenue Up 66.1% vs. Q1-14 and 60.5% vs. Q2-13. Net Income of € 22.9 Million Up € 15.9 Million vs. Q1-14 and € 16.4 Million vs. Q2-13. H1-14 Revenue and Net Income Up 36.5% and 190.3%, Respectively. Strong Demand Continues for Besi's Advanced Packaging Systems.

Duiven, the Netherlands, July 31, 2014 - BE Semiconductor Industries N.V. ("the Company" or "Besi") (NYSE Euronext: BESI; OTCQX: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter ended June 30, 2014.

Key Highlights Q2-14

• Revenue of € 116.2 million, up 66.1% vs. Q1-14 and greatly exceeds guidance. Up 60.5% vs. Q2- 13
• Orders of € 124.2 million, up 11.8% vs. Q1-14 primarily due to increased demand from IDMs for smart phones, tablets and automotive applications
• Orders up 50.2% vs. Q2-13 primarily due to increased demand for Besi's advanced packaging systems and market share gains
• Gross margins increased to 43.2% in Q2-14 (43.7% ex restructuring charge) vs. 42.3% in Q1-14 and 40.4% in Q2-13 due to higher revenue combined with efficiencies in labor and production overhead
• Net income of € 22.9 million, up € 15.9 million vs. Q1-14 and € 16.4 million vs. Q2-13 reflecting significant revenue growth, improved gross margins and benefits of cost control efforts
• Net margins reach 19.7% in Q2-14 vs. 10.0% in Q1-14 and 9.0% in Q2-13 illustrating increased profit potential of business model

Key Highlights H1-14

• Revenue of € 186.2 million, up 36.5% vs. H1-13. Growth across the product portfolio with particular demand by customers for multi module and flip chip die attach systems
• Order growth of 60.6% vs. H1-13 reflects improved economic conditions, customer capacity expansion, new device introductions and market share gains in advanced packaging applications
• Gross margins reach 42.9% vs. 40.0% in H1-13
• Net income of € 29.9 million, up € 19.6 million vs. HY-13. Net margins increase to 16.1% vs. 7.5%

Outlook

Q3-14 revenue up 50-60% vs. Q3-13 reflecting improved 2014 environment and strength in advanced packaging. Down 10-15% vs. Q2-14 reflecting seasonal trends. Strong profit generation continues

(€ millions,	Q2-	Q1-		Q2-
except EPS)	2014	2014	Δ	2013	Δ
Revenue	116.2	70.0	+66.1%	72.4	+60.5%
Orders	124.2	111.1	+11.8%	82.7	+50.2%
EBITDA	28.1	10.5	+167.9%	10.5	+168.0%
Net income	22.9	7.0	+225.3%	6.5	+252.1%
EPS (diluted)	0.59	0.20	+195.0%	0.17	+234.8%
Net Cash	62.5	72.8	-14.1%	56.2	+11.1%

Richard W. Blickman, President and Chief Executive Officer of Besi, commented: "2014 is shaping up to be a strong year for Besi. Our Q2 and first half year 2014 results demonstrate the progress we have made to position Besi as the leading supplier of advanced packaging assembly equipment for the semiconductor industry. For the quarter, revenue grew by 60.5% over Q2-13 and net income reached € 22.9 million, an increase of € 16.4 million over Q2-13. Net margins more than doubled from 9.0% to 19.7%. For H1-14, revenue of € 186.2 million grew by 36.5% over H1-13 and net income of € 29.9 million increased by € 19.6 million. Similarly, orders in Q2-14 and H1-14 grew by 50.2% and 60.6%, respectively, vs. the comparable periods of the prior year.

Continuing the trend we saw in Q1-14, customers, particularly global IDMs and Asian subcontractors, increased die bonding and packaging capacity in Q2-14 to address a broad based increase in demand for smart phones and tablets amidst a more favorable global economic environment. Customers also added capacity to support the introduction of new smart phones planned for H2-14 and new semiconductor devices. In addition, strong demand from European IDMs continues for automotive electronics applications reflecting increased auto sales globally and increased interest in intelligent automotive components. We also believe that our advanced packaging portfolio is gaining market share in this upcycle as evidenced by our growth rates for these systems as compared to industry growth rates. We saw particular order strength in Q2-14 for multi module and epoxy die bonding systems and ultra-thin molding systems for smart phone and tablet applications.

From a profit perspective, our bottom line improvement this year has resulted from strong revenue growth, a gross margin improvement as we capture more labor and production overhead efficiencies from our Asian production transfer and tight controls over spending. In contrast to 60.5% and 36.5% revenue growth rates in Q2-14 and H1-14, respectively, the comparable periods of the prior year, operating expenses excluding non-cash, share based compensation, grew by only 10.9% and 6.2%, respectively. Tight overhead controls have greatly enhanced the operating leverage in our business model. Further, the operational transformation achieved in recent years has more than doubled net margins and now rivals industry benchmarks of profitability.

Looking to Q3-14, we anticipate that revenue will increase by 50-60% vs. Q3-13 reflecting a more robust equipment environment in 2014 vs. prior years and significant customer acceptance of our portfolio of advanced packaging systems. In comparison to Q2-14, revenue will decline by 10-15% consistent with seasonal trends. Although difficult to predict, we expect that the volatile quarterly purchasing patterns experienced over the past four years will continue in 2014 wherein customers build significant capacity in the first half of the year and then are more cautious as to capacity additions in the second half of the year. This seasonality has also been magnified by retail purchasing patterns for smart phone and tablet applications whose sales are greatest in the latter half of the year. Based on our guidance, we expect to be highly profitable in Q3-14 and substantially exceed net income levels reached in Q3-13."

Second Quarter Results of Operations

	Q2-2014	Q1-2014	Δ	Q2-2013	Δ
Revenue	116.2	70.0	+66.1%	72.4	+60.5%
Orders	124.2	111.1	+11.8%	82.7	+50.2%
Backlog	99.0	91.1	+8.7%	63.1	+57.0%
Book to Bill Ratio	1.1x	1.6x	-0.5	1.1x	-

Besi's 66.1% sequential revenue increase vs. Q1-14 was broad based and significantly exceeded guidance (+40-50%). Growth was primarily due to higher demand for its portfolio of die bonding equipment and ultra-thin molding systems for advanced packaging applications. Revenue in Q2-14 increased by 60.5% vs. Q2-13 due primarily to higher sales of multi module and flip chip die bonding equipment and ultra-thin molding systems.

Orders increased by 11.8% sequentially vs. Q1-14 and 50.2% vs. Q2-13 as customers, particularly global IDMs, increased die bonding and packaging capacity to address new smart phone and tablet introductions, increased demand for intelligent automotive electronics and new semiconductor device production. On a customer basis, the sequential order increase in Q2-14 reflected a € 10.6 million (21.5%) increase by IDMs and a € 2.5 million (4.0%) increase by subcontractors.

	Q2-2014	Q1-2014	Δ	Q2-2013	Δ
Gross Margin	43.2%	42.3%	+0.9%	40.4%	+2.8%
Operating Expenses	24.6	21.5	+14.2%	21.0	+17.3%
Financial Expense, net	0.5	0.2	179.0%	0.0	NM

Besi's 43.2% gross margin in Q2-14 improved by 0.9% vs. Q1-14 and 2.8% vs. Q2-13 as higher revenue levels and increased labor and production overhead efficiencies realized in the quarter exceeded increased materials costs related to the large H1-14 order ramp and € 0.5 million of restructuring charges from the rationalization of its US die sorting operations. Excluding restructuring charges, the Q2-14 gross margin would have been 43.7%.

Besi's operating expenses were € 24.6 million in Q2-14 as compared to € 21.5 million in Q1-14 and € 21.0 million in Q2-13. Excluding restructuring charges of € 0.8 million in Q2-14, € 0.2 million in Q1- 14 and € 0.6 million in Q2-13, operating expenses increased by € 2.5 million and € 3.4 million, respectively. Expense growth vs. the prior comparable periods was due primarily to an increase in share based compensation expense (€ 1.2 million vs. Q1-14 and € 1.4 million vs. Q2-13) and increased warranty and commission costs related to higher sales levels. As a percentage of revenue, total operating expenses were 21.2% in Q2-14 as compared to 30.8% in Q1-14 and 28.9% in Q2-13. Total fixed and temporary headcount increased by 10% from 1,520 people at June 30, 2013 to 1,672 people at June 30, 2014 due primarily to increased Asian temporary production personnel to support the H1-14 order ramp.

The increase in Besi's financial expense, net over the respective periods was due to increased foreign exchange transaction costs related to a substantial increase in H1-14 order activity.

Besi's effective tax rate was 9.4% in Q2-14 vs. 11.6% in Q1-14 and 21.6% in Q2-13. The lower effective tax rate vs. Q1-14 was due to the upward revaluation of a deferred tax asset of € 0.7 million. As compared to Q2-13, the lower tax rate reflects the structural change in Besi's operational organization effected at the end of 2012 as well as a change in profit mix contributed by its European subsidiaries.

	Q2-2014	Q1-2014	Δ	Q2-2013	Δ
Net Income	22.9	7.0	+225.3%	6.5	+252.1%
Net Margin	19.7%	10.0%	+9.7%	9.0%	+10.7%

Besi's € 15.9 million net income increase vs. Q1-14 was due primarily to higher revenue and gross margins and a lower effective tax rate partially offset by higher share based compensation and variable operating expenses. As compared to Q2-13, the € 16.4 million profit increase was primarily due to significantly higher revenue and gross margins and a lower effective tax rate partially offset by higher operating expenses and financial expense, net.

Half Year Results of Operations 2014/2013

	2014	2013	Δ
Revenue	186.2	136.5	+36.5%
Orders	235.3	146.6	+60.6%
Net Income	29.9	10.3	+190.3%
Net Margin	16.1%	7.5%	+8.6%
Tax Rate	9.9%	22.3%	-12.4%

Besi's 36.5% revenue increase in H1-14 was broad based across its assembly equipment portfolio principally for smart phone, tablet and automotive applications with a particular emphasis on sales of multi module and flip chip die attach systems. The 60.6% order increase vs. H1-13 was broad based and reflected improved global economic conditions, an expansion of customer capacity, new device introductions and market share gains realized in advanced packaging applications. Orders by subcontractors and IDMs represented 53% and 47%, respectively, of Besi's total H1-14 orders vs. 61% and 39%, respectively, in H1-13.

Besi's net income in H1-14 reached € 29.9 million, an increase of € 19.6 million vs. H1-13 with net margins reaching 16.1% as the profit potential of its business model became more visible in the current upturn. Specifically, net income increased in H1-14 primarily due to (i) a € 49.7 million year over year revenue increase, (ii) a 2.9% gross margin improvement due to higher revenue and increased labor and production overhead efficiencies and (iii) a 12.4% reduction in its effective tax rate partially offset by increased operating expenses due primarily to increased share based compensation and increased variable expenses related to higher sales levels.

Financial Condition

	Q2-	Q1-		Q2-
	2014	2014	Δ	2013	Δ
Net Cash	62.5	72.8	-14.1%	56.2	+11.1%
Cash flow from Ops.	4.4	5.7	-22.8%	7.9	-44.3%

At the end of Q2-14, Besi's cash and cash equivalents decreased by € 8.1 million vs. Q1-14 to € 83.8 million and net cash decreased by € 10.3 million to € 62.5 million. Operating income generated during Q2-14 of € 25.7 million was principally utilized to fund working capital requirements of € 25.2 million, primarily a € 47.2 million increase in accounts receivable. As such, cash flow from operations in Q2-14 was € 4.4 million which together with cash on hand and € 2.0 million of bank borrowings was used to fund (i) € 12.4 million of cash dividends to shareholders, (ii) € 2.4 million of capitalized development spending and (iii) € 1.0 million of capital expenditures. As compared to Q2-13, Besi's net cash position increased by € 6.3 million due to increased profit generation.

Outlook

Based on its June 30, 2014 backlog and feedback from customers, Besi forecasts for Q3-14 that:

• Revenue will increase by approximately 50-60% vs. the € 65.4 million reported in Q3-13 and decrease by approximately 10-15% vs. the € 116.2 million reported in Q2-14.
• Gross margins will range between 42-44% vs. the 43.7% (ex restructuring) realized in Q2-14.
• Operating expenses will increase by 0-5% vs. the € 23.8 million (ex restructuring) reported in Q2- 14.
• Capital expenditures will be approximately € 2.0 million vs. € 1.0 million in Q2-14.

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, please visit www.besi.com.

About Besi

Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries. 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, RFID, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi's ordinary shares are listed on NYSE Euronext Amsterdam (symbol: BESI) and OTCQX International (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Contacts:

Richard W. Blickman, President & CEO Citigate First Financial Cor te Hennepe, SVP Finance Uneke Dekkers/Frank Jansen Tel. (31) 26 319 4500 Tel. (31) 20 575 4021 / 24 investor.relations@besi.com Uneke.Dekkers@citigateff.nl

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" constitutes 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 the discovery of weaknesses in our internal controls and procedures, our inability to maintain continued demand for our products; the impact on our business of potential disruptions to European economies from euro zone sovereign credit issues; 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, incurring additional restructuring charges

in the future, acts of terrorism and violence; inability to forecast demand and inventory levels for our products, the integrity of product pricing and to protect 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, 2013 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 are under no obligation to (and expressly disclaim any such 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 share data)

		Three Months Ended		Six Months Ended
		June 30,		June 30,
		(unaudited)		(unaudited)
	2014	2013	2014	2013
Revenue	116,230	72,421	186,224	136,456
Cost of sales	65,971	43,146	106,323	81,811
Gross profit	50,259	29,275	79,901	54,645
Selling, general and administrative expenses	17,517	14,170	32,994	28,386
Research and development expenses	7,067	6,785	13,125	13,620
Total operating expenses	24,584	20,955	46,119	42,006
Operating income (loss)	25,675	8,320	33,782	12,639
Financial expense (income), net	454	43	616	(561)
Income (loss) before taxes	25,221	8,277	33,166	13,200
Income tax expense (benefit)	2,358	1,785	3,276	2,945
Net income (loss)	22,863	6,492	29,890	10,255
Net income (loss) per share – basic Net income (loss) per share – diluted	0.60 0.59	0.17 0.17	0.80 0.79	0.27 0.27
Number of shares used in computing per share amounts: - basic	37,475,893	37,193,537	37,391,896	37,366,454
- diluted a	37,924,600	37,433,148	37,790,904	37,581,927

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

(euro in thousands)	June 30,	March 31,	December 31,
	2014	2014	2013
	(unaudited)	(unaudited)	(audited)
ASSETS
Cash and cash equivalents	83,794	91,931	89,586
Accounts receivable	117,598	70,414	53,697
Inventories	73,241	73,832	65,167
Income tax receivable	1,033	1,744	1,228
Other current assets	9,070	8,572	9,328
Total current assets	284,736	246,493	219,006
Property, plant and equipment	24,682	24,486	24,649
Goodwill	43,537	43,403	43,541
Other intangible assets	38,493	37,480	35,594
Deferred tax assets	14,887	15,847	16,485
Other non-current assets	1,530	1,500	1,435
Total non-current assets	123,129	122,716	121,704
Total assets	407,865	369,209	340,710
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to banks	17,720	16,079	15,574
Current portion of long-term debt
and financial leases	344	309	-
Accounts payable	51,768	35,072	21,056
Accrued liabilities	34,052	28,895	23,157
Total current liabilities	103,884	80,355	59,787
Other long-term debt and
financial leases	3,231	2,750	3,059
Deferred tax liabilities	5,386	5,413	5,444
Other non-current liabilities	8,663	8,465	8,262
Total non-current liabilities	17,280	16,628	16,765
Total equity	286,701	272,226	264,158
Total liabilities and equity	407,865	369,209	340,710

Consolidated Balance Sheets

(euro in thousands)		Three Months Ended	Six Months Ended
		June 30, (unaudited)		June 30, (unaudited)
	2014	2013	2014	2013
Cash flows from operating activities:
Operating income	25,675	8,320	33,782	12,639
Depreciation and amortization Share based compensation expense Other non-cash items	2,385 1,595 117	2,148 180 (18)	4,749 2,330 232	4,815 681 (56)
Changes in working capital Income tax received (paid) Interest received (paid)	(25,162) (314) 55	(2,564) (324) 143	(30,796) (486) 275	(21,144) (713) 375
Net cash provided by (used in) operating activities	4,351	7,885	10,086	(3,403)
Cash flows from investing activities: Capital expenditures Capitalized development expenses Proceeds from sale of equipment	(955) (2,439) 18	(1,106) (2,163) 118	(1,997) (5,234) 18	(1,476) (4,240) 120
Net cash used in investing activities	(3,376)	(3,151)	(7,213)	(5,596)
Cash flows from financing activities: Proceeds from (payments of) bank lines of credit Proceeds from (payments of) debt and financial	1,532	(2,617)	2,340	(2,438)
leases Dividend paid to shareholders Reissuance (purchase) of treasury shares	481 (12,402) 1,123	- (11,168) (1,617)	172 (12,402) 1,123	696 (11,168) (2,737)
Other financing activities	-	437	-	-
Net cash provided by (used in) financing activities	(9,266)	(14,965)	(8,767)	(15,647)
Net increase/(decrease) in cash and cash equivalents Effect of changes in exchange rates on cash and	(8,291)	(10,231)	(5,894)	(24,646)
cash equivalents	154	(515)	102	(572)
Cash and cash equivalents at beginning of the period	91,931	91,886	89,586	106,358
Cash and cash equivalents at end of the period	83,794	81,140	83,794	81,140

Consolidated Cash Flow Statements

Supplemental Information (unaudited)

(euro in millions, unless stated otherwise)

REVENUE	Q1-2013		Q2-2013		Q3-2013		Q4-2013		Q1-2014		Q2-2014
Per geography:
Asia Pacific	49.9	78%	60.1	83%	48.4	74%	33.1	62%	49.8	71%	74.1	64%
EU / USA	14.1	22%	12.3	17%	17.0	26%	20.0	38%	20.2	29%	42.1	36%
Total	64.0	100%	72.4	100%	65.4	100%	53.1	100%	70.0	100%	116.2	100%
ORDERS	Q1-2013		Q2-2013		Q3-2013		Q4-2013		Q1-2014		Q2-2014
Per geography:
Asia Pacific	49.8	78%	64.5	78%	33.3	69%	36.9	64%	76.6	69%	88.4	71%
EU / USA	14.0	22%	18.2	22%	14.9	31%	20.3	36%	34.5	31%	35.8	29%
Total	63.9	100%	82.7	100%	48.2	100%	57.2	100%	111.1	100%	124.2	100%
Per customer type:
IDM	28.1	44%	29.8	36%	30.8	64%	39.0	68%	49.4	45%	60.0	48%
Subcontractors	35.8	56%	52.9	64%	17.4	36%	18.2	32%	61.7	56%	64.2	52%
Total	63.9	100%	82.7	100%	48.2	100%	57.2	100%	111.1	100%	124.2	100%
BACKLOG	March 31, 2013		June 30, 2013		Sep 30, 2013		Dec 31, 2013		Mar 31, 2014		Jun 30, 2014
Backlog	52.8		63.1		45.8		50.0		91.1		99.0
HEADCOUNT	March 31, 2013		June 30, 2013		Sep 30, 2013		Dec 31, 2013		Mar 31, 2014		Jun 30, 2014
Fixed staff (FTE)
Asia Pacific	820	56%	825	57%	820	57%	810	56%	839	57%	897	60%
EU / USA	644	44%	634	43%	630	43%	624	44%	623	43%	610	40%
Total	1,464	100%	1,458	100%	1,449	100%	1,434	100%	1,462	100%	1,507	100%
Temporary staff (FTE)
Asia Pacific	2 9	48%	2 7	44%	1 6	37%	2	8%	7 5	70%	109	66%
EU / USA	3 1	52%	3 4	56%	2 8	63%	2 2	92%	3 2	30%	5 6	34%
Total	6 0	100%	6 1	100%	4 4	100%	2 4	100%	107	100%	165	100%
Total fixed and temporary staff (FTE)	1,524		1,520		1,493		1,458		1,569		1,672
OTHER FINANCIAL DATA	Q1-2013		Q2-2013		Q3-2013		Q4-2013		Q1-2014		Q2-2014
Gross profit:	25.4	39.6%	29.2	40.3%	25.6	39.1%	21.3	40.2%	29.7	42.4%	50.7
Restructuring charges	0.0		(0.1)	0.1%	(0.0)	0.1%	0.0	0.1%	0.1	0.1%	0.5	43.7% 0.5%
Total	25.4	39.6%	29.3	40.4%	25.6	39.2%	21.3	40.1%	29.6	42.3%	50.3	43.2%
Selling, general and admin expenses:
SG&A expenses	13.6	21.2%	13.2	18.2%	13.7	20.9%	14.7	27.7%	15.0	21.5%	16.8	14.5%
Amortization of intangibles	0.5	0.8%	0.5	0.7%	0.5	0.8%	0.5	1.0%	0.3	0.4%	0.3	0.2%
Restructuring charges	0.1	0.2%	0.5	0.7%	0.0	0.1%	0.1	0.2%	0.2	0.2%	0.4
												0.3%
Total	14.2	22.2%	14.2	19.6%	14.2	21.8%	15.3	28.8%	15.5	22.1%	17.5	15.1%
Research and development expenses:
R&D expenses	7.8	12.2%	8.3	11.4%	7.1	10.8%	6.5	12.3%	7.7	11.1%	7.9	6.8%
Capitalization of R&D charges Amortization of intangibles	(2.1) 1.0	-3.2% 1.6%	(2.2) 0.6	-3.0% 0.8%	(1.7) 0.5	-2.5% 0.8%	(2.0) 0.7	-3.8% 1.3%	(2.8) 1.1	-4.0% 1.6%	(2.4) 1.2	-2.1% 1.1%
Restructuring charges	0.1	0.2%	0.1	0.2%	0.0	-	0.0	-	0.0	-	0.4	0.3%
Total	6.8	10.7%	6.8	9.4%	5.9	9.0%	5.2	9.9%	6.1	8.7%	7.1	6.1%
Financial expense (income), net:
Interest expense (income), net	(0.2) (0.4)		(0.0) (0.0)		(0.1) 0.3		(0.0) 0.1		(0.1) 0.2		(0.0) 0.5
Foreign exchange (gains) \ losses
Total	(0.6)		(0.0)		0.2		0.0		0.2		0.5
Operating income (loss)
as % of net sales	4.3	6.7%	8.3	11.5%	5.5	8.4%	0.7	1.4%	8.1	11.6%	25.7
												22.1%
EBITDA
as % of net sales	7.0	10.9%	10.5	14.4%	7.5	11.5%	3.0	5.6%	10.5	15.0%	27.9	24.0%
Net income (loss)
as % of net sales	3.8	5.9%	6.5	9.0%	4.4	6.8%	1.4	2.7%	7.0	10.1%	22.9	19.7%
Income per share
Basic	0.10		0.17		0.12		0.04		0.20		0.60