Earnings Release • Feb 24, 2011
Earnings Release
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Duiven, the Netherlands, February 24, 2011 - 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 fourth quarter and year ended December 31, 2010.
| Q4- | Q3- | Q4- | ||||||
|---|---|---|---|---|---|---|---|---|
| (€ millions) | 2010 | 2010 | Δ | 2009 | Δ | 2010 | 2009 | Δ |
| Revenue | 104.4 | 100.6 | 3.8% | 53.2 | 96.2% | 351.1 | 147.9 | 137.4% |
| Operating income (loss) | 17.4 | 19.5 | -10.8% | (13.0) | NM | 49.9 | 8.3 | 501.2% |
| EBITDA | 20.9 | 22.2 | -5.9% | (10.6) | NM | 60.5 | 17.9 | 238.0% |
| Net income (loss) | 19.4 | 15.0 | 29.3% | (13.5) | NM | 47.3 | 5.4 | 775.9% |
| EPS (diluted) | 0.50 | 0.39 | 28.2% | (0.40) | NM | 1.25 | 0.16 | 618.3% |
| Orders | 57.4 | 88.1 | -34.8% | 59.2 | -3.0% | 376.5 | 162.5 | 131.7% |
| Backlog | 76.4 | 123.6 | -38.2% | 51.0 | 49.8% | 76.4 | 51.0 | 49.8% |
| Cash flow (deficit) from ops. | 19.0 | 10.5 | 81.0% | 7.4 | 156.8% | 12.2 | (3.9) | NM |
| Cash | 69.3 | 55.0 | 26.1% | 73.1 | 5.2% | 69.3 | 73.1 | -5.2% |
| Total Debt | 46.4 | 49.9 | -7.0% | 53.5 | 13.3% | 46.4 | 53.5 | -13.3% |
Richard W. Blickman, President and Chief Executive Officer of Besi, commented: "2010 marked the most successful year in our history as a public company. Our ability to scale our business with an expanded portfolio of advanced packaging systems in the most recent industry upturn combined with our ongoing cost reduction efforts resulted in record revenue and net income of € 351.1 million and € 47.3 million, respectively.
Our growth in 2010 represents the most visible evidence of the strategic progress we've made in transforming Besi into a broad based assembly equipment supplier efficiently serving both mainstream and niche assembly markets. Our focus on developing a leading edge portfolio for use in array connect and wafer level packaging applications has positioned us to capitalize on opportunities resulting from increased demand currently for smart phones, tablets, personal productivity devices and automotive electronics. In addition, our restructuring efforts and ongoing transfer of production from Europe to Asia has significantly reduced our manufacturing costs and improved margins.
In Q4-10, revenue and operating profit exceeded guidance due to higher than anticipated die attach shipments as certain customers deployed capacity earlier than anticipated. The industry outlook for 2011 is increasingly more optimistic based on higher incoming order trends to date in Q1-11. Our customers are now seeking capacity for advanced packaging applications after a temporary slowdown in the second half of 2010. Given Besi's earnings and cash flow generation in 2010, the Board of Management has recommended the payment of a dividend to shareholders equal to € 0.20 per share for approval at our AGM on April 28, 2011."
The quarterly sequential financial performance reflects our earnings turnaround since 2009. Set forth below is a summary of Besi's quarterly combined revenue, net income (loss) and adjusted net income (loss) for 2009 and 2010 as if the Esec acquisition (April 1, 2009) had occurred on January 1, 2009.
| (€ millions) | 2009 | 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proforma* | |||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||
| Revenue | 21.1 | 30.5 | 48.7 | 53.2 | 56.6 | 89.5 | 100.6 | 104.4 | |||
| Net income (loss) | (21.3) | 31.5 | (3.2) | (13.5) | (2.6) | 15.4 | 15.0 | 19.4 | |||
| Adjusted net income (loss) | (19.2) | (10.9) | (6.0) | (3.8) | 1.2 | 11.0 | 15.0 | 14.4 |
* Assumes Esec acquisition as of January 1, 2009. Adjusted net income excludes restructuring and other non recurring or special charges. See accompanying tables.
Besi's fourth quarter 2010 sequential revenue increase of € 3.8 million (3.8%) was broad based across its assembly equipment product portfolio. The increase was above prior guidance (decrease of 5%-10%) due to higher than anticipated die attach shipments. Revenue in the fourth quarter of 2010 nearly doubled as compared to the € 53.2 million reported in the fourth quarter of 2009 due to improved industry conditions and significantly higher die attach system shipments.
Orders for the fourth quarter of 2010 were € 57.4 million, a decrease of € 30.7 million, or 34.8%, as compared to the third quarter of 2010. However, orders were only slightly lower than the € 59.2 million received in the fourth quarter of 2009. The quarterly sequential order decline was across the product portfolio, but primarily focused on die attach systems. Orders declined sequentially in the second half of 2010 as customers deployed substantial incremental capacity purchased in the first half of 2010 and paused in placing new orders until better visibility appeared as to the pace of global growth. On a customer basis, the sequential order decrease in the fourth quarter of 2010 reflected a € 13.6 million (37.8%) decrease by subcontractors and a € 17.2 million (33.0%) decrease by IDMs. Backlog at December 31, 2010, was € 76.4 million, an increase of € 25.4 million, or 49.8% as compared to the year earlier period but a decrease of € 47.2 million, or 38.2%, as compared to September 30, 2010.
Besi's gross margin for the fourth quarter of 2010 was 40.2% as compared to 40.1% in the third quarter of 2010 and 20.1% (30.3% as adjusted) in the fourth quarter of 2009 and was at the high end of prior guidance (38.5%-40.5%). The gross margin increase as compared to the fourth quarter of 2009 was due primarily to higher sales volume, an increased proportion of higher margin die attach systems in the Company's product mix and increased manufacturing efficiencies as a result of Besi's product line restructuring and Asian manufacturing efforts.
Besi's operating expenses were € 24.6 million in the fourth quarter of 2010 as compared to € 20.9 million in the third quarter of 2010 and slightly above the € 23.8 million in the fourth quarter of 2009. The sequential operating expense increase was slightly above guidance and was primarily due to higher selling expenses as a result of increased bonus commissions associated with record revenue levels. To a lesser extent, sequential operating expenses increased due to higher development expenses related to the die bonding common platform development and higher warranty expenses. In the fourth quarter of 2010, Besi capitalized € 1.6 million of development expenses as compared to € 1.3 million in the third quarter of 2010. As a % of revenue, total operating expenses were 23.5% in the fourth quarter of 2010 as compared to 20.8% in the third quarter of 2010 and 45.0% in the fourth quarter of 2009.
Besi recorded a tax benefit of € 2.0 million in the fourth quarter of 2010 as compared to a provision of € 3.4 million in the third quarter of 2010 due to a re-assessment of the recoverability of net operating losses at its Esec subsidiary.
For the full year 2010, Besi's revenue increased to € 351.1 million as compared to € 147.9 million in 2009. Increased revenue growth was due to: (i) an industry recovery which commenced in the second quarter of 2009 and expanded in 2010, (ii) increased revenue contributed by its full line of die attach systems and, to a lesser extent, packaging systems, and (iii) Besi's ability to align its production capacity sufficiently to meet elevated industry demand. Similarly, orders in 2010 were € 376.5 million, up 231.5% as compared to € 162.6 million recorded in 2009. Customer orders in 2010 were divided equally between IDMs and subcontractors.
In 2010, Besi recorded net income of € 47.3 million (€ 1.25 per share diluted) as compared to € 5.4 million (€ 0.16 per share diluted) in 2009. On an adjusted basis, net income was € 41.6 million (€ 1.11 per share diluted) in 2010 as compared to an adjusted net loss of € 28.0 million, or (€ 0.85) per share diluted, in 2009. The year over year net income improvement was due primarily to (i) significantly higher revenue, (ii) significantly improved gross margins as a result of an increased % of higher margin die attach systems in its product mix, increased production and supply chain efficiencies and benefits from its product line restructuring and (iii) substantially reduced operating expense as % of revenue as Besi was able to ramp revenue with only a limited increase in overhead levels due to its restructuring and Esec integration efforts. Set forth below is a reconciliation of Besi's reported and adjusted net income (loss) for each of the respective annual periods.
| (euro in millions) | 2010 | 2009 |
|---|---|---|
| Net income (loss) as reported | 47.3 | 5.4 |
| Restructuring charges | 4.8 | 6.9 |
| Intangible asset impairment charge | - | 0.2 |
| NOL revaluation | (10.2) | - |
| Gain on extinguishment of debt, net | (0.8) | - |
| Acquisition gain/other | - | (41.5) |
| Purchase obligations | - | (5.1) |
| Esec integration charges | - | 1.1 |
| Inventory write-down (product portfolio) | - | 5.4 |
| Taxes/other | 0.5 | (0.4) |
| Adjusted net income (loss) | 41.6 | (28.0) |
Cash and cash equivalents increased by € 14.3 million to € 69.3 million at December 31, 2010 as compared to € 55.0 million at September 30, 2010 while total debt and capital leases declined sequentially by € 3.5 million to € 46.4 million at December 31, 2010. The € 17.9 million sequential increase in Besi's net cash position at December 31, 2010 was primarily due to cash flow generated from operations of € 23 million and a favourable exchange rate benefit of € 2.1 million partially offset by an investment in working capital of € 3.9 million, net capital expenditures of € 1.8 million and € 1.6 million of capitalized development costs.
At year end 2010, Besi's net cash position increased to € 22.9 million from € 19.7 million at December 31, 2009. The increase was due primarily to € 60.5 million of cash flow from operations generated during the period plus a positive exchange rate benefit of € 4.3 million partially offset by (i) an investment in working capital of € 48.3 million necessary to support its 138% year over year revenue growth, (ii) € 6.0 million of capitalized development costs, and (iii) net capital expenditures of € 6.6 million.
In view of Besi's positive earnings, Besi intends to distribute 14.4% of its net income as a dividend. The choice of dividend form (either in cash or in shares) takes into account Besi's desired balance sheet structure and the interests of its shareholders. In light of this, Besi will propose to the Annual General Meeting of Shareholders intended to be held on April 28, 2011, that a dividend of € 0.20 per share be distributed in the form of ordinary shares, unless the shareholder opts for a distribution in cash. The dividend will be payable as from May 31, 2011.
Based on our December 31, 2010 backlog and feedback from customers, we forecast for Q1-11 that:
According to VLSI Research, a leading independent research analyst for the semiconductor equipment industry, the semiconductor assembly equipment industry reached \$ 4.5 billion in 2010, representing growth of 129% in 2010 versus 2009. VLSI and Gartner Group (another leading independent research analyst) now expect growth of 3% and 7%, respectively, in 2011, based on more optimistic capital spending forecasts by the leading semiconductor producers in Q1-11. Besi has experienced a broad based order increase in Q1-11 as customers seek to add capacity for smart phones, tablets, personal productivity devices and automotive electronics after a temporary slowdown in the second half of 2010.
A conference call and webcast for investors and media will be held today at 4 p.m. CET (10:00 a.m. New York time). The dial-in for the conference call is (31) 10 29 44 228. To access the audio webcast, please visit www.besi.com.
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, array connect and wafer level packaging applications in a wide range of end-user markets including electronics, 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.
Richard W. Blickman Cor te Hennepe Tel. (31) 26 319 4500 Tel. (31) 26 319 4500
Citigate First Financial Uneke Dekkers/Frank Jansen Tel. (31) 20 575 4021 / 24 [email protected] [email protected]
President & CEO Senior Vice President Finance [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" constitute 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 our inability to maintain continued demand for our products, the impact of the worldwide economic downturn on our business, 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; 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, 2009 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.
(euro in thousands, except share and per share data)
| Year Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| (unaudited) | ||||||
| 2010 | 2010 | 2009 | ||||
| 147,891 | ||||||
| 62,448 | 42,459 | 212,659 | 107,111 | |||
| 42,003 | 10,709 | 138,490 | 40,780 | |||
| - | 175 | - | 41,532 | |||
| 17,487 | 18,592 | 64,429 | 54,074 | |||
| 19,766 | ||||||
| 185 | ||||||
| 24,563 | 23,927 | 88,634 | 74,025 | |||
| 17,440 | (13,043) | 49,856 | 8,287 | |||
| (56) | (358) | (2,460) | (3,350) | |||
| 17,384 | (13,401) | 47,396 | 4,937 | |||
| (2,034) | 76 | 143 | (461) | |||
| 5,398 | ||||||
| 0.57 0.50 |
(0.40) (0.40) |
1.39 1.25 |
0.16 0.16 |
|||
| 33,936,075 39,370,221a |
33,631,311 33,631,311b |
33,894,418 39,328,565a |
32,930,523 33,286,878 b |
|||
| 104,451 7,076 - 19,418 |
Three Months Ended December 31, (unaudited) 2009 53,168 5,150 185 (13,477) |
351,149 24,205 - 47,253 |
a The calculation of the diluted income (loss) per share assumes conversion of the Company's 5.5% convertible notes due 2012 as such conversion would have a dilutive effect (5,434,146 ordinary shares). b
The calculation of the diluted income (loss) per share does not assume conversion of the Company's 5.5% convertible notes due 2012 as such conversion would have an anti-dilutive effect (7,082,927 ordinary shares).
(For Analysis Purposes Only)
(euro in thousands, except share and per share data)
| Three Months Ended December 31, 2010 | |||
|---|---|---|---|
| As reported | Adjustments | As Adjusted | |
| Revenue | 104,451 | - - |
104,451 62,448 |
| Cost of sales | 62,448 | ||
| Gross profit | 42,003 | - | 42,003 |
| Selling, general and administrative expenses Research and development expenses |
17,487 7,076 |
(366)a - |
17,121 7,076 |
| Total operating expenses | 24,563 | (366) | 24,197 |
| Operating income (loss) | 17,440 | (366) | 17,806 |
| Financial expenses, net | (56) | - | (56) |
| Income (loss) before taxes Income tax expense (benefit) |
17,384 (2,034) |
(366) 5,400b |
17,750 3,366 |
| Net income (loss) before minority interest | 19,418 | (5,034) | 14,384 |
| Net income (loss) per share – basic Net income (loss) per share – diluted |
0.57 0.50 |
(0.15) (0.13) |
0.42 0.37 |
| Number of shares used in computing per share amounts: - basic - dilutedc |
33,936,075 39,370,221 |
33,936,075 39,370,221 |
33,936,075 39,370,221 |
a Primarily relates to the impairment of land at Besi's Dutch facilities.
b Net tax benefit of € 5.4 million primarily related to a re-assessment of the recoverability of net operating losses at Esec subsidiary due to its improved profitability and prospects. c
The calculation of the diluted income (loss) per share assumes conversion of the Company's 5.5% convertible notes due 2012 as such conversion would have a dilutive effect (5,434,146 ordinary shares).
(euro in thousands, except share and per share data)
| Year Ended December 31, 2010 | |||||||
|---|---|---|---|---|---|---|---|
| As Reported | Adjustments | As Adjusted | |||||
| Revenue | 351,149 | 351,149 | |||||
| Cost of sales | 212,659 | (2,388)a | 210,271 | ||||
| Gross profit | 138,490 | 2,388 | 140,878 | ||||
| Selling, general and administrative | |||||||
| expenses | 64,429 | (2,120)b (779)a |
62,309 | ||||
| Research and development expenses | 24,205 | 23,426 | |||||
| Total operating expenses | 88,634 | (2,899) | 85,735 | ||||
| Operating income (loss) | 49,856 | 5,287 | 55,143 | ||||
| Financial expenses, net | (2,460) | (759)c | (3,219) | ||||
| Income (loss) before taxes | 47,396 | 4,528 | 51,924 | ||||
| Income tax expense (benefit) | 143 | 10,200d | 10,343 | ||||
| Net income (loss) before minority interest | 47,253 | (5,672) | 41,581 | ||||
| Net income (loss) per share – basic Net income (loss) per share – dilutedb |
1.39 1.25 |
(0.17) (0.14) |
1.22 1.11 |
||||
| Number of shares used in computing per share amounts: - basic |
33,894,418 | 33,894,418 | 33,894,418 | ||||
| - dilutede | 39,328,565 | 39,328,565 | 39,328,565 |
a Restructuring charges related to December 2009 headcount reduction plan
b Includes (i) restructuring charges related to December 2009 headcount reduction plan, (ii) severance and facility charges related to the restructuring of Besi's wire bonding operations and (iii) the impairment of land at Besi's Dutch facilities. c
Gain related to the repurchase of € 8.5 million of 5.5% Convertible Notes due January 2012 at a discount.
d Net tax benefit of € 10.2 million primarily related to a re-assessment of the recoverability of net operating losses at Esec subsidiary due to its improved profitability and prospects. e
The calculation of the diluted income (loss) per share assumes conversion of the Company's 5.5% convertible notes due 2012 as such conversion would have a dilutive effect (5,434,146 ordinary shares).
(euro in thousands, except share and per share data)
| Year Ended December 31, 2009 | |||
|---|---|---|---|
| As Reported | Adjustments | As Adjusted | |
| Revenue | 147,891 | - | 147,891 |
| Cost of sales | 107,111 | (997) a | 106,114 |
| Gross profit | 40,780 | 997 | 41,777 |
| Acquisition gain | 41,532 | (41,532) b | - |
| Selling, general and administrative | |||
| expenses | 54,074 | (7,185) c | 46,889 |
| Research and development expenses | 19,766 | (212) | 19,554 |
| Impairment charges | 185 | (185)d | - |
| Total operating expenses | 74,025 | (7,582) | 66,443 |
| Operating income (loss) | 8,287 | (32,953) | (24,666) |
| Financial expenses, net | (3,350) | - | (3,350) |
| Income (loss) before taxes | 4,937 | (32,953) | (28,016) |
| Income tax expense (benefit) | (461) | 450 | (11) |
| Net income (loss) before minority interest | 5,398 | (33,403) | (28,005) |
| Net income (loss) per share – basic | 0.16 | (1.01) | (0.85) |
| Net income (loss) per share – dilutedd | 0.16 | (1.01) | (0.85) |
| Number of shares used in computing per share amounts: |
|||
| - basic | 32,930,523 33,286,878 |
32,930,523 32,930,523 |
32,930,523 32,930,523 |
| - dilutede |
a Includes € 5.2 million gain on settlement of certain Esec purchase obligations, € 5.4 million non-cash inventory write-downs, € 0.7 million Dragon related restructuring charges and Esec purchase accounting adjustment (€ 0.1 million).
b Gain from badwill related to Esec acquisition and other income related to sale of Hungarian die bonding operations.
c Includes restructuring charges of € 7.2 million, net, related to (i) the value of remaining lease obligations for excess production capacity at
Besi's Dutch facilities, (ii) the sale of its Hungarian operations, (iii) Dragon II charges and (iv) other severance charges. d Write-off of capitalized research & development costs e The calculation of the diluted income (loss) per share does not assume conversion of the Company's 5.5% outstanding convertible notes due 2012 as such conversion would have an anti-dilutive effect (7,082,927 ordinary shares).
| (euro in thousands) | December 31, | September 30, | June 30, | March 31, | December 31, |
|---|---|---|---|---|---|
| 2010 | 2010 | 2010 | 2010 | 2009 | |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | |
| ASSETS | |||||
| Cash and cash equivalents | 69,305 | 54,965 | 48,092 | 47,714 | 73,125 |
| Accounts receivable | 86,889 | 77,870 | 75,423 | 52,391 | 36,341 |
| Inventories | 79,269 | 80,069 | 72,860 | 65,158 | 55,133 |
| Income tax receivable | 205 | 698 | 698 | 515 | 487 |
| Other current assets | 8,620 | 12,418 | 9,384 | 9,296 | 7,714 |
| Total current assets | 244,288 | 226,020 | 206,457 | 175,074 | 172,800 |
| Property, plant and equipment | 26,032 | 26,064 | 26,316 | 24,863 | 24,312 |
| Goodwill | 43,823 | 43,596 | 44,435 | 43,686 | 43,162 |
| Other intangible assets | 22,919 | 22,129 | 22,114 | 21,244 | 19,696 |
| Deferred tax assets | 12,131 | 8,074 | 10,646 | 8,717 | 8,429 |
| Other non-current assets | 1,291 | 1,224 | 1,239 | 1,215 | 1,141 |
| Total non-current assets | 106,196 | 101,087 | 104,750 | 99,725 | 96,740 |
| Total assets | 350,484 | 327,107 | 311,207 | 274,799 | 269,540 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| Notes payable to banks | 16,038 | 19,305 | 17,962 | 15,526 | 13,908 |
| Current portion of long-term debt | |||||
| and financial leases | 2,186 | 2,621 | 2,376 | 1,962 | 1,911 |
| Accounts payable | 42,626 | 40,883 | 39,171 | 31,334 | 27,290 |
| Accrued liabilities | 37,892 | 38,966 | 37,371 | 35,844 | 30,247 |
| Total current liabilities | 98,742 | 101,775 | 96,880 | 84,666 | 73,356 |
| Convertible notes | 27,386 | 27,271 | 27,155 | 27,021 | 35,068 |
| Other long-term debt and | |||||
| financial leases | 766 | 752 | 1,879 | 2,258 | 2,570 |
| Deferred tax liabilities | 656 | 620 | 656 | 518 | 530 |
| Other non-current liabilities | 3,922 | 1,949 | 1,471 | 1,322 | 1,740 |
| Total non-current liabilities | 32,730 | 30,592 | 31,161 | 31,119 | 39,908 |
| Total equity | 219,012 | 194,740 | 183,166 | 159,014 | 156,276 |
| Total liabilities and equity | 350,484 | 327,107 | 311,207 | 274,799 | 269,540 |
| (euro in thousands) | Three Months Ended December 31, (unaudited) |
Year Ended December 31, (unaudited) |
|||||
|---|---|---|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | ||||
| Cash flows from operating activities: | |||||||
| Operating income (loss) | 17,440 | (13,043) | 49,856 | 8,287 | |||
| Depreciation and amortization Other non-cash items Badwill arising from acquisition Changes in working capital |
3,502 2,003 - (3,891) |
2,817 (1,597) - 19,194 |
10,614 41 - (48,283) |
9,637 (3,257) (41,207) 22,592 |
|||
| Net cash provided by (used in) operating activities |
19,054 | 7,371 | 12,228 | (3,948) | |||
| Cash flows from investing activities: Capital expenditures Capitalized development expenses Cash inflow on acquisition Proceeds from sale of equipment |
(1,930) (1,599) - 153 |
(905) (2,094) (5) 235 |
(7,013) (5,987) - 387 |
(2,354) (6,958) 19,462 279 |
|||
| Net cash used in investing activities | (3,376) | (2,769) | (12,613) | 10,429 | |||
| Cash flows from financing activities: (Payments of) proceeds from bank lines of credit Capital tax on capital received Repurchase of convertible notes Payments of debt and financial leases Other financing activities |
(4,030) - - 642 (36) |
792 (1,174) - - 130 |
1,696 (434) (7,352) (1,570) (81) |
(2,717) (5,404) - - 130 |
|||
| Net cash provided by (used in) financing activities | (3,424) | (252) | (7,741) | (7,991) | |||
| Net increase/(decrease) in cash and cash equivalents Effect of changes in exchange rates on cash and |
12,254 | 4,350 | (8,126) | (1,510) | |||
| cash equivalents Cash and cash equivalents at beginning of the period |
2,086 54,965 |
780 67,995 |
4,306 73,125 |
627 74,008 |
|||
| Cash and cash equivalents at end of the period | 69,305 | 73,125 | 69,305 | 73,125 |
(euro in millions, unless stated otherwise)
| REVENUE | Q1-2009 | Q2-2009 | Q3-2009 | Q4-2009 | Q1-2010 | Q2-2010 | Q3-2010 | Q4-2010 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per geography: | ||||||||||||||||
| Asia Pacific | 8.3 | 53% | 24.0 | 79% | 36.7 | 76% | 40.0 | 75% | 44.6 | 79% | 73.1 | 82% | 81.0 | 81% | 78.2 | 75% |
| Europe and ROW | 5.1 | 33% | 4.2 | 14% | 8.2 | 17% | 7.1 | 13% | 8.2 | 14% | 9.7 | 11% | 12 | 12% | 17.1 | 16% |
| USA | 2.2 | 14% | 2.3 | 8% | 3.8 | 8% | 6.1 | 11% | 3.8 | 7% | 6.7 | 7% | 7.6 | 8% | 9.1 | 9% |
| Total | 15.6 | 100% | 30.5 | 100% | 48.7 | 100% | 53.2 | 100% | 56.6 | 100% | 89.5 | 100% | 100.6 | 100% | 104.4 | 100% |
| ORDERS | Q1-2009 | Q2-2009 | Q3-2009 | Q4-2009 | Q1-2010 | Q2-2010 | Q3-2010 | Q4-2010 | ||||||||
| Per geography: | ||||||||||||||||
| Asia Pacific | 6.8 | 53% | 28.6 | 76% | 42.1 | 80% | 47.9 | 81% | 80.6 | 83% | 108.3 | 81% | 68.7 | 78% | 36.8 | 64% |
| Europe and ROW | 4.0 | 31% | 5.0 | 13% | 7.7 | 15% | 7.2 | 12% | 9.8 | 10% | 16.8 | 13% | 12.9 | 15% | 10.9 | 19% |
| USA | 2.0 | 16% | 3.9 | 10% | 3.1 | 6% | 4.1 | 7% | 6.9 | 7% | 8.6 | 6% | 6.5 | 7% | 9.7 | 17% |
| Total | 12.8 | 100% | 37.5 | 100% | 52.9 | 100% | 59.2 | 100% | 97.3 | 100% | 133.7 | 100% | 88.1 | 100% | 57.4 | 100% |
| Per customer type: | ||||||||||||||||
| IDM | 5.9 | 46% | 16 | 43% | 18.4 | 35% | 27.7 | 47% | 39.8 | 41% | 61.5 | 46% | 52.1 | 59% | 35.0 | 61% |
| Subcontractors | 6.9 | 54% | 21.5 | 57% | 34.5 | 65% | 31.5 | 53% | 57.5 | 59% | 72.2 | 54% | 36.0 | 41% | 22.4 | 39% |
| Total | 12.8 | 100% | 37.5 | 100% | 52.9 | 100% | 59.2 | 100% | 97.3 | 100% | 133.7 | 100% | 88.1 | 100% | 57.4 | 100% |
| BACKLOG | Mar 31, 2009 | Jun 30, 2009 1) | Sep 30, 2009 1) | Dec 31, 2009 1) | Mar 31, 2010 | June 30, 2010 | Sep 30, 2010 | Dec 31, 2010 | ||||||||
| Backlog | 22.6 | 40.6 | 44.8 | 51.0 | 91.7 | 136 | 123.5 | 76.4 | ||||||||
| 1) Including opening backlog Esec | ||||||||||||||||
| HEADCOUNT 2) | Mar 31, 2009 | Jun 30, 2009 | Sep 30, 2009 | Dec 31, 2009 | Mar 31, 2010 | June 30, 2010 | Sep 30, 2010 | Dec 31, 2010 | ||||||||
| Europe | 583 | 54% | 766 | 54% | 750 | 54% | 728 | 53% | 684 | 49% | 683 | 47% | 695 | 46% | 694 | 46% |
| Asia Pacific | 463 | 43% | 613 | 43% | 601 | 43% | 614 | 44% | 665 | 48% | 724 | 50% | 760 | 51% | 772 | 51% |
| USA | 42 | 4% | 41 | 3% | 42 | 3% | 42 | 3% | 43 | 3% | 44 | 3% | 46 | 3% | 44 | 3% |
| Total | 1,088 | 100% | 1,420 | 100% | 1,393 | 100% | 1,384 | 100% | 1,392 | 100% | 1,451 | 100% | 1,501 | 100% | 1,510 | 100% |
| 2) Excluding temporary staff | ||||||||||||||||
| OTHER FINANCIAL DATA | Q1-2009 | Q2-2009 | Q3-2009 | Q4-2009 | Q1-2010 | Q2-2010 | Q3-2010 | Q4-2010 | ||||||||
| Gross profit: | 3.5 | 22.4% | 9.6 | 31.5% | 13.5 | 27.7% | 16.3 | 30.6% | 21.7 | 38.3% | 34.8 | 38.9% | 40.5 | 40.3% | 42.1 | 40.3% |
| Amortization of intangibles | (0.3) | -1.4% | (0.3) | -0.8% | (0.3) | -0.6% | (0.2) | -0.3% | (0.2) | -0.3% | (0.1) | -0.2% | (0.1) | -0.2% | (0.1) | -0.1% |
| Restructuring charges | (0.7) | -4.5% | - | - | (5.4) | -10.2% | (2.6) | -4.6% | 0.0 | 0.0 | - | |||||
| Release purchase oblig/fair value adj. Esec | - | 1.6 | 5.2% | 3.4 | 7.0% | - | - | - | - | - | ||||||
| Total | 2.6 | 16.5% | 10.9 | 35.9% | 16.6 | 34.1% | 10.7 | 20.1% | 18.9 | 33.4% | 34.7 | 38.7% | 40.4 | 40.1% | 42.0 | 40.2% |
| Selling, general and admin expenses: | ||||||||||||||||
| SG&A expenses | 7.2 | 46.2% | 12.7 | 41.6% | 12.4 | 25.5% | 14.1 | 26.5% | 12.9 | 22.8% | 14.1 | 15.8% | 14.6 | 14.5% | 17.0 | 16.3% |
| Amortization of intangibles | 0.1 | 0.6% | 0.1 | 0.3% | 0.1 | 0.2% | 0.1 | 0.2% | 0.1 | 0.2% | 0.1 | 0.1% | 0.1 | 0.1% | 0.1 | 0.1% |
| Restructuring charges | 1.4 | 9.0% | 0.6 | 2.0% | 0.9 | 1.8% | 4.4 | 8.3% | 1.2 | 2.1% | 0.4 | 0.4% | 0.0 | - | 0.4 | 0.4% |
| Acquisition gain | - | (41.2) -135.1% | - | - | - | - | - | |||||||||
| 55.8% | -91.1% | 27.5% | 35.0% | 25.1% | 16.3% | 14.6% | 16.8% | |||||||||
| Total | 8.7 | (27.8) | 13.4 | 18.6 | 14.2 | 14.6 | 14.7 | 17.5 | ||||||||
| Research and development expenses: | ||||||||||||||||
| R&D expenses | 4.0 | 25.6% | 8.1 | 26.6% | 6.3 | 12.9% | 6.7 | 12.6% | 6.6 | 11.7% | 6.5 | 7.3% | 6.4 | 6.4% | 7.5 | 7.2% |
| Capitalization of R&D charges | (1.3) | -8.3% | (1.8) | -5.9% | (1.7) | -3.5% | (2.1) | -3.9% | (1.9) | -3.4% | (1.2) | -1.3% | (1.3) | -1.3% | (1.6) | -1.5% |
| Amortization of intangibles | 0.3 | 1.9% | 0.3 | 1.0% | 0.3 | 0.6% | 0.5 | 0.9% | 0.2 | 0.4% | 0.8 | 0.9% | 1.1 | 1.1% | 1.2 | 1.1% |
| Restructuring charges | 0.2 | 1.3% | - | - | - | 0.7 | 1.2% | - | - | - | ||||||
| Total | 3.2 | 20.5% | 6.6 | 21.6% | 4.9 | 10.1% | 5.1 | 9.6% | 5.6 | 9.9% | 6.1 | 6.8% | 6.2 | 6.2% | 7.1 | 6.8% |
| Financial expense (income), net: | ||||||||||||||||
| Interest expense (income), net Foreign exchange (gains) \ losses |
0.6 0.1 |
0.5 0.7 |
0.7 0.4 |
0.5 (0.1) |
0.6 0.7 |
0.6 0.3 |
0.6 0.5 |
0.7 (0.6) |
||||||||
| Gain on debt retirement | - | - | - | - | (0.8) | - | - | - | ||||||||
| Total | 0.7 | 1.2 | 1.1 | 0.4 | 0.5 | 0.9 | 1.1 | 0.1 | ||||||||
| Operating income (loss) | ||||||||||||||||
| as % of net sales | (9.3) | -59.6% | 32.2 | 105.6% | (1.6) | -3.3% | (13.0) | -24.4% | (1.0) | -1.8% | 13.9 | 15.5% | 19.5 | 19.4% | 17.4 | 16.7% |
| EBITDA | ||||||||||||||||
| as % of net sales | (7.3) | -47.0% | 34.4 | 112.8% | 1.1 | 2.3% | (10.1) | -19.0% | 1.0 | 1.8% | 16.2 | 18.1% | 22.2 | 22.1% | 20.9 | 20.0% |
| Net income (loss) | ||||||||||||||||
| as % of net sales | (9.4) | -60.3% | 31.5 | 103.3% | (3.2) | -6.6% | (13.5) | -25.4% | (2.6) | -4.6% | 15.4 | 17.2% | 15.0 | 14.9% | 19.4 | 18.6% |
| Income per share | ||||||||||||||||
| Basic | (0.30) | 0.94 | (0.11) | (0.40) | (0.08) | 0.45 | 0.44 | 0.57 | ||||||||
| Diluted | (0.30) | 0.78 | (0.11) | (0.40) | (0.08) | 0.40 | 0.39 | 0.50 |
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