BE Semiconductor Industries N.V.

Earnings Release • Apr 24, 2008

FOR: BE SEMICONDUCTOR INDUSTRIES N.V. Ratio 6 6921 RW Duiven, The Netherlands

PRESS RELEASE

BE Semiconductor Industries Reports 2008 First Quarter Results

Duiven, the Netherlands, April 24, 2008, BE Semiconductor Industries N.V. ("the Company" or "Besi") (Euronext: BESI), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its financial results for the first quarter ended March 31, 2008.

Key Highlights for First Quarter 2008

• Revenues of € 37.1 million, down from € 43.9 million in Q4-2007 due primarily to € 5.7 million of shipments rescheduled by customers from March until April 2008
• Orders of € 39.4 million, down 9.4% from Q4-2007 due to industry downturn and negative development of US dollar versus euro
• Backlog of € 50.6 million up from € 48.3 million at December 31, 2007
• Gross margins of 33.6%, down from 37.1% in Q4-2007 due to revenue push-out and 7% decline of US dollar versus euro
• Operating expenses of € 14.2 million versus € 15.1 million in Q4-2007 as cost reduction efforts continue
• Net loss of € 2.1 million versus net profit of € 0.4 million in Q4-2007
• Shipment delays by customers and US dollar decline versus euro reduced pre-tax profits by approximately € 2.3 million and € 1.1 million, respectively, more than offsetting cost reduction activities
• Significant RFID and thin film solar orders obtained recently

Results of Operations First Quarter 2008

Revenue for the first quarter of 2008 was € 37.1 million, representing a decrease of 15.5% as compared to revenue of € 43.9 million in the fourth quarter of 2007 and 18.5% as compared to revenue of € 45.5 million in the first quarter of 2007.

Besi's net loss for the first quarter of 2008 was € 2.1 million or € 0.07 per basic and diluted share, compared to net income of € 0.4 million or € 0.01 per basic and diluted share in the fourth quarter of 2007 and € 1.6 million, or € 0.05 per basic and diluted share in the comparable 2007 period.

The revenue decrease in the first quarter of 2008 as compared to the fourth quarter of 2007 was due to delays in delivery per customer request of € 5.7 million of packaging equipment shipments scheduled for quarter end as well as lower die bonding shipments as per expectations. Customer push-outs are consistent with current adverse trends affecting the semiconductor and semiconductor equipment industries related to a global economic slowdown which accelerated during the first quarter of 2008. Guidance for the first quarter was for a revenue decrease of 5-10%.

Orders for the first quarter of 2008 were € 39.4 million, a decrease of € 4.1 million, or 9.4%, as compared to the fourth quarter of 2007 and € 2.4 million, or 5.7%, as compared to the first quarter of 2007. The order levels in the first quarter of 2008 were at the low end of guidance (a decline of 5-10%).

Orders decreased as compared to the fourth quarter of 2007 as a result of lower bookings for molding and plating systems by Asian subcontractors for conventional leadframe applications, reflecting (i) the deferral of purchases of incremental assembly capacity in the face of reduced demand for semiconductors and slower economic growth generally and (ii) the loss of orders due to aggressive price competition from US dollar and Japanese yen based producers. Such decline was partially offset by an 12.4% increase in orders for array connect applications, principally singulation and die bonding systems. On a customer basis, bookings in the first quarter of 2008 as compared to the fourth quarter of 2007 reflected a 25.8% decrease in orders by subcontractors and a 8.7% increase in orders by IDMs.

Backlog at March 31, 2008 was € 50.6 million as compared to € 48.3 million at December 31, 2007, representing an increase of 4.8%. Approximately 54% and 46% of backlog at March 31, 2008 was represented by array connect and leadframe assembly applications, respectively. The Company's book-to-bill ratio was 1.06 in the first quarter of 2008 as compared to 0.92 in the first quarter of 2007 and 0.99 in the fourth quarter of 2007.

Besi's gross margin for the first quarter of 2008 was 33.6% as compared to 37.1% in the fourth quarter of 2007 and 36.6% in the first quarter of 2007 due primarily to (i) lower gross margins realized for molding and trim and form systems as a result of shipment delays which reduced gross profit by € 2.3 million and (ii) the decline in the US dollar versus the euro which reduced gross profits by approximately € 0.4 million and increased price competition on selected die bonding orders for certain Asian based customers. Gross margin in the first quarter of 2008 was below guidance (35-37%).

Besi's operating expenses were € 14.2 million in the first quarter of 2008 as compared to € 15.1 million in the fourth quarter of 2007 and € 15.7 million in the first quarter of 2007. The decline in quarterly operating expenses as compared to the fourth quarter of 2007 was due to lower warranty expenses partially offset by increased development spending in support of RFID die bonding applications. The operating expense reduction was at the low end of guidance (decline of 5-10%).

Financial income (expense), net increased from expense of € 0.5 million in the fourth quarter of 2007 to € 1.2 million in the first quarter of 2008 due to foreign exchange losses incurred on existing hedging contracts in connection with the depreciation of the US dollar versus the euro during the quarter.

Financial Condition

At March 31, 2008, cash and cash equivalents were € 74.3 million as compared to € 74.8 million at December 31, 2007. Total debt and capital leases decreased from € 71.5 million at December 31, 2007 to € 69.9 million at March 31, 2008. In spite of net losses reported in the first quarter, net cash increased from € 3.3 million at December 31, 2007 to € 4.4 million at March 31, 2008 primarily due to a reduction in working capital levels outstanding.

Comments

Richard W. Blickman, President and Chief Executive Officer of the Company, commented: "We faced significant external headwinds this quarter that delayed our earnings progress in the form of a deceleration of general economic conditions and continued deterioration of the US dollar versus the euro. Our revenues and earnings were below quarterly guidance in spite of continued progress in reducing our operating expenses (down 6.0% compared to the fourth quarter) due primarily to push-outs by customers of shipment deliveries from March until April as end users very cautiously add incremental assembly capacity. Substantially all such shipments were delivered in April 2008. Absent such push-outs, we would have been within the range of our quarterly revenue and profit guidance.

Our incoming order rate was at the low end of guidance due to current adverse trends affecting the semiconductor and semiconductor equipment industries related to a global economic slowdown which accelerated during the first quarter of 2008 as well as the adverse development of the US dollar versus the euro as we have lost, in certain circumstances, orders due to aggressive pricing by US dollar and Japanese yen based competitors.

During the quarter, Besi received orders aggregating US\$ 2.8 million and additional letters of intent of US\$ 1.6 million for its 8800 Flip chip Smart Line die bonding system for use in RFID applications. In addition, Besi's Meco subsidiary received in April € 1.2 million in orders and purchase commitments of € 4 million for thin film plating systems for use in solar cell production that are expected to be delivered in the fourth quarter of 2008. RFID and solar cell applications are two important areas of future growth for the company

Although we continue to execute our Dragon cost cutting program and Asian production transfer, we have been negatively influenced by an 18% decline in the US dollar versus the euro since January 2007 and a 7% decline just this past quarter. To put this in perspective, approximately 68% of our revenues in the first quarter of 2008 were denominated in US dollar whereas approximately 65% of our costs and expenses were denominated in euro. As such, each 1% decline in this exchange rate affects our operating profit on an annualized basis by € 300,000.

We continue to monitor the current market and will take all appropriate actions to further reduce our overhead and structural cost levels to meet our profit targets. In particular, we will accelerate our 2008 Asian production transfer objectives to more rapidly align the currency denomination of our revenues with our cost base. "

Outlook

At present, analyst forecasts for the assembly equipment industry in 2008 have been revised downwards as compared to the start of 2008 based on declining fundamentals in the global economy and electronics industry. These estimates are confirmed by recent negative pronouncements made by our peer group in the assembly equipment and subcontracting markets.

Based on our current backlog, feedback from customers and the movement of certain shipments from Q1 to Q2 2008, Besi expects that its revenues will increase by 10-15% in the second quarter of 2008 as compared to the € 37.1 million achieved in the first quarter of 2008. Orders are expected to increase by approximately 5% in comparison to the € 39.1 million reached in the first quarter of 2008. Besi expects that its gross margins will range between 35-37% (assuming no further deterioration in the value of the US dollar versus the euro) as compared to 33.6% realized in the first quarter of 2008. In addition, operating expenses are expected to be approximately equal to the € 14.2 million reported in the first quarter of 2008. Capital expenditures are forecast to be approximately € 1.0 million as compared to € 1.4 million in the first quarter of 2008.

Investor Conference Call

Besi will host a conference call to discuss its operating results for the first quarter ended March 31, 2008 on Thursday, April 24, 2008 at 4:00 p.m. Continental European Time (3:00 p.m. London Time, 10:00 a.m. New York Time). Interested participants may call (31) 20 531 5856 for the teleconference. A replay of the call will be available approximately one hour after the end of the call through Thursday, May 1, 2008. To access the replay, please dial (31) 70 315 4300 and use the pass code 145 658#.

About BE Semiconductor Industries N.V.

BE Semiconductor Industries N.V. designs, develops, manufactures, markets and services die sorting, flip chip and multi-chip die bonding, packaging and plating equipment for the semiconductor industry's assembly operations. Its customers consist primarily of leading U.S., European and Asian semiconductor manufacturers, assembly subcontractors and industrial companies which utilize its products for both array connect and conventional leadframe manufacturing processes. For more information about Besi, please visit our website at www.besi.com.

Caution Concerning Forward Looking Statements

This press release contains forward-looking statements, which are found in various places throughout the press release, including 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 words "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 future 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 our expectations. These factors include, but are not limited to, those listed or discussed in Besi's Annual Report for the year ended December 31, 2007, as well as the risk that anticipated orders may not materialize or that orders received may be postponed or canceled, generally without charges; the volatility in the demand for semiconductors and our products and services; acts of terrorism and violence; overall global economic conditions; 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 expanding and more diverse operations; 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.

Contacts:

Richard W. Blickman Cor te Hennepe President & CEO Director of Finance Tel. (31) 26 319 4500 Tel. (31) 26 319 4500

investor.relations@besi.nl investor.relations@besi.nl

(tables to follow)

(euro in thousands, except share and per share data)	Three Months Ended March 31,
	(unaudited)
	2008	2007
Revenue	37,096	45,500
Cost of sales	24,620	28,866
Gross profit	12,476	16,634
Selling, general and administrative expenses	9,560	9,841
Research and development expenses	4,681	5,904
Total operating expenses	14,241	15,745
Operating income (loss)	(1,765)	889
Financial expense, net	(1,175)	(871)
Income (loss) before taxes	(2,940)	18
Income tax expense (benefit)	(813)	(1,559)
Net income (loss)	(2,127)	1,577
Net income (loss) per share – basic	(0.07)	0.05
Net income (loss) per share – diluted 1)	(0.07)	0.05
Number of shares used in computing per share
amounts:
- basic	30,713,529	32,779,700
- diluted 1)	30,713,529	32,931,980

Consolidated Statements of Operations

1) 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 (8,975,610 weighted average equivalent number of ordinary shares).

The financial information has been prepared in accordance with IFRS.

(euro in thousands)	March 31,	December 31,
	2008	2007
	(unaudited)	(audited)
ASSETS
Cash and cash equivalents	74,256	74,781
Accounts receivable	41,773	41,738
Inventories	50,670	46,824
Income tax receivable	2,858	8,172
Other current assets	9,151	6,773
Total current assets	178,708	178,288
Assets held for sale	1,575	1,575
Property, plant and equipment	21,367	21,210
Goodwill	62,729	63,218
Other intangible assets	10,027	10,162
Deferred tax assets	8,175	8,172
Other non-current assets	2,538	2,380
Total non-current assets	104,836	105,142
Total assets	285,119	285,005
Notes payable to banks	14,118	14,581
Current portion of long-term debt and financial leases	6,372	6,364
Accounts payable	18,446	13,724
Accrued liabilities	18,094	17,698
Total current liabilities	57,030	52,367
Convertible notes Other long-term debt and financial leases	43,134	42,961 7,608
Deferred tax liabilities	6,229 271	234
Other non-current liabilities	2,899	3,117
Total non-current liabilities	52,533	53,920
Total equity	175,556	178,718
Total liabilities and equity	285,119	285,005

Consolidated Balance Sheets

The financial information has been prepared in accordance with IFRS.

(euro in thousands)	Three Months Ended March 31,
	(unaudited)
	2008	2007
Cash flows from operating activities:
Net income (loss)	(2,127)	1,577
Depreciation and amortization Deferred income taxes (benefits) Other non-cash items	1,734 (383) (60)	2,305 (1,433) 376
Changes in working capital	4,153	(6,303)
Net cash provided by (used in) operating activities	3,317	(3,478)
Cash flows from investing activities: Capital expenditures Capitalized development expenses Proceeds from sale of equipment	(1,375) (670) -	(884) - (5)
Net cash used in investing activities	(2,045)	(889)
Cash flows from financing activities: Payment of (proceeds from) bank lines of credit Payments of debt and financial leases	(335)	3,395
Proceeds from exercised stock options	(1,162) -	(3,109) 27
Net cash provided by (used in) financing activities	(1,497)	313
Net decrease in cash and cash equivalents	(225)	(4,054)
Effect of changes in exchange rates on cash and cash equivalents	(300)	(58)
Cash and cash equivalents at beginning of the period	74,781	98,012
Cash and cash equivalents at end of the period	74,256	93,900

Consolidated Cash Flow Statements

The financial information has been prepared in accordance with IFRS.

Supplemental Information (unaudited)

(euro in millions, unless stated otherwise)

REVENUE	Q1-2007 Q2-2007			Q3-2007		Q4-2007		Q1-2008
Per product: Array connect	33.8	74%	29.6	72%	26.9	75%	31.2	71%	21.6	58%
Leadframe	11.7	26%	11.6	28%	9.0	25%	12.7	29%	15.5	42%
Total	45.5	100%	41.2	100%	35.9	100%	43.9	100%	37.1	100%
Per geography:
Asia Pacific	26.7	59%	27.5	67%	21.8	61%	28.3	64%	24.4	66%
Europe and ROW	12.5	27%	10.1	25%	11.3	31%	12.2	28%	9.2	25%
USA	6.3	14%	3.6	9%	2.8	8%	3.4	8%	3.5	9%
Total	45.5	100%	41.2	100%	35.9	100%	43.9	100%	37.1	100%
ORDERS		Q1-2007 Q2-2007		Q3-2007		Q4-2007		Q1-2008
Per product:
Array connect	29.5	71%	27.3	65%	24.8	74%	23.4	54%	26.3	67%
Leadframe	12.3	29%	14.8	35%	8.6	26%	20.1	46%	13.1	33%
Total	41.8	100%	42.1	100%	33.4	100%	43.5	100%	39.4	100%
Per geography:
Asia Pacific	26.3	63%	28.2	67%	18.2	55%	28.3	65%	23.9	61%
Europe and ROW	10.3	25%	10.9	26%	12.4	37%	12.6	29%	12.4	31%
USA	5.2	12%	3.0	7%	2.8	8%	2.6	6%	3.1	8%
Total	41.8	100%	42.1	100%	33.4	100%	43.5	100%	39.4	100%
Per customer type:
IDM	24.1	58%	24.8	59%	19.5	58%	20.6	47%	22.4	57%
Subcontractors	17.7	42%	17.3	41%	13.9	42%	22.9	53%	17.0	43%
Total	41.8	100%	42.1	100%	33.4	100%	43.5	100%	39.4	100%
BACKLOG	Mar 31, 2007		Jun 30, 2007		Sep 30, 2007		Dec 31, 2007		Mar 31, 2008
Per product:
Array connect Leadframe	34.6 15.7	69% 31%	32.3 18.9	63% 37%	30.2 18.5	62% 38%	22.4 25.9	46% 54%	27.1 23.5	54% 46%
Total	50.3	100%	51.2	100%	48.7	100%	48.3	100%	50.6	100%
HEADCOUNT 1)	Mar 31, 2007		Jun 30, 2007		Sep 30, 2007		Dec 31, 2007		Mar 31, 2008
Europe	657	55%	635	54%	641	55%	630	55%	633	55%
Asia Pacific USA	471 76	39% 6%	471 76	40% 6%	460 64	40% 5%	461 50	41% 4%	475 51	41% 4%
Total	1,204	100%	1,182	100%	1,165	100%	1,141	100%	1,159	100%

1) Excluding temporary staff

Supplemental Information (unaudited)

(euro in millions, unless stated otherwise)

OTHER FINANCIAL DATA	Q1-2007		Q2-2007		Q3-2007		Q4-2007		Q1-2008
Gross profit:
Array connect Leadframe	12.7 4.4	37.6% 37.6%	10.2 4.3	34.5% 37.1%	10.1 3.3	37.5% 36.7%	11.6 4.8	37.2% 37.8%	7.7 5.1	35.6% 32.9%
Subtotal	17.1	37.6%	14.5	35.2%	13.4	37.3%	16.4	37.4%	12.8	34.5%
Amortization of intangibles	(0.5)	-1.0%	(0.5)	-1.1%	(0.5)	-1.4%	(0.1)	-0.3%	(0.3)	-0.9%
Restructuring charges	-		(2.0)	-4.9%	(0.4)	-1.1%	-		-
Total	16.6	36.6%	12.0	29.2%	12.5	34.8%	16.3	37.1%	12.5	33.6%
Selling, general and administrative expenses:
SG&A expenses	9.7	21.3%	10.0	24.3%	9.6	26.7%	10.3	23.5%	9.5	25.6%
Amortization of intangibles	0.1	0.2%	0.1	0.2%	0.1	0.3%	0.1	0.2%	0.1	0.3%
Restructuring charges	-		1.2	2.9%	0.3	0.8%	0.3	0.7%	-	-
Total	9.8	21.6%	11.3	27.4%	10.0	27.8%	10.7	24.4%	9.6	25.9%
Research and development expenses:
R&D expenses	5.4	11.9%	5.0	12.1%	4.7	13.1%	4.2	9.6%	5.1	13.7%
Capitalization of R&D charges	-		-		-		(0.3)	-0.7%	(0.7)	-1.9%
Amortization of intangibles	0.5	1.1%	0.5	1.2%	0.5	1.4%	0.5	1.1%	0.3	0.8%
Restructuring charges	-		0.1	0.2%	0.2	0.6%	-		-
Total	5.9	13.0%	5.6	13.6%	5.4	15.1%	4.4	10.0%	4.7	12.7%
Financial income (expense), net:
Interest expense, net	0.5		0.5		0.5		0.5		0.5
Foreign exchange (gains) \ losses Non recurring charge related to statutory tax review	(0.1) 0.5		0.1 -		(0.1) -		- -		0.7 -
Total	0.9		0.6		0.4		0.5		1.2
Operating income (loss)
as % of net sales	0.9	2.0%	(4.9)	-11.9%	(2.9)	-8.1%	1.2	2.7%	(1.8)	-4.9%
EBITDA
as % of net sales	3.2	7.0%	(1.9)	-4.7%	(0.6)	-1.8%	3.1	7.2%	0.0	0.0%
Net income (loss)
as % of net sales	1.6	3.5%	(4.7)	-11.4%	(2.7)	-7.5%	0.4	0.9%	(2.1)	-5.7%
Income per share
Basic	0.05		(0.14)		(0.08)		0.01		(0.07)
Diluted	0.05		(0.14)		(0.08)		0.01		(0.07)

Nederlandse toelichting bij Engelstalig persbericht d.d. 24 april 2008, waarbij de Engelse tekst leidend is. Zie het Engelstalig persbericht voor "Caution Concerning Forward Looking Statements".

BE SEMICONDUCTOR INDUSTRIES N.V. Ratio 6 6921 RW Duiven

PERSBERICHT

BE Semiconductor Industries rapporteert eerste kwartaalresultaten 2008

Duiven, 24 april 2008, BE Semiconductor Industries N.V. ("Besi") (Euronext: BESI), een toonaangevende leverancier van machines voor de assemblage van halfgeleiders heeft vandaag haar eerste kwartaalresultaten 2008 bekend gemaakt.

Highlights eerste kwartaal 2008

• Omzet € 37,1 mio, een daling ten opzichte van € 43,9 mio in Q4-2007, met name vanwege € 5,7 mio aan leveringen die door klanten van maart naar april 2008 verschoven zijn.
• Orderontvangst € 39,4 mio, een daling van 9,4% in vergelijking met Q4-2007, vanwege een negatieve kentering in de industrie en een negatieve koersontwikkeling van de US dollar ten opzichte van de euro.
• Orderportefeuille € 50,6 mio ten opzichte van € 48,3 mio per 31 december 2007.
• Brutomarge 33,6%, een daling ten opzichte van 37,1% in Q4-2007 vanwege verschuiving van omzet en een 7% daling van de US dollar ten opzichte van de euro.
• Exploitatiekosten € 14,2 mio ten opzichte van € 15,1 mio in Q4-2007, bereikt met name door verdere kostenbesparingen.
• Nettoverlies € 2,1 mio in vergelijking met een nettowinst van € 0, 4 mio in Q4-2007.
• Uitstel van leveringen door klanten en een dalende US dollar ten opzichte van de euro hebben de winst vóór belasting met respectievelijk € 2,3 mio en € 1,1 mio verlaagd, hetgeen niet gecompenseerd kon worden door de kostenbesparingen.
• Onlangs werden significante orders voor RFID en 'thin film solar" ontvangen.

Bedrijfsresultaat eerste kwartaal 2008

De omzet in het eerste kwartaal 2008 bedroeg € 37,1 mio, een daling van 15,5% in vergelijking met een omzet van € 43,9 mio in het vierde kwartaal 2007 en een daling van 18,5% in vergelijking met een omzet van € 45,5 mio in het eerste kwartaal 2007.

Besi's nettoverlies in het eerste kwartaal 2008 bedroeg € 2,1 mio, oftewel € 0,07 per aandeel, ten opzichte van een nettowinst van € 0,4 mio oftewel € 0,01 per aandeel in het vierde kwartaal 2007 en € 1,6 mio, oftewel € 0,05 per aandeel, in het vergelijkbare kwartaal 2007.

De omzetdaling in het eerste kwartaal 2008 ten opzichte van het vierde kwartaal 2007 werd veroorzaakt door het uitstel van leveringen - op verzoek van de klant - van € 5,7 mio aan verpakkingsmachines, gepland voor levering aan het einde van het kwartaal, en minder leveringen van die bonding machines dan verwacht. Het uitstellen van leveringen door klanten komt overeen met het huidige negatieve sentiment van de halfgeleider- en halfgeleider equipment industrie veroorzaakt door een wereldwijde economische terugval, die in het eerste kwartaal 2008 versnelde. De omzetverwachting voor het eerste kwartaal was een daling van 5 tot 10% ten opzichte van het vierde kwartaal 2007.

De orderontvangst in het eerste kwartaal 2008 bedroeg € 39,4 mio, een daling van € 4,1 mio, oftewel 9,4%, vergeleken met het vierde kwartaal 2007 en € 2,4 mio, oftewel 5,7%, vergeleken met het eerste kwartaal 2007. De orderontvangst in het eerste kwartaal 2008 lag aan de onderkant van onze verwachting (een daling van 5 tot 10%). De orderontvangst nam af in vergelijking met het vierde kwartaal 2007 vanwege minder orders voor molding en plating machines door Aziatische subcontractors voor conventionele leadframe toepassingen, hetgeen tot uitdrukking komt in (i) uitstel van orders voor het vergroten van assemblagecapaciteit door verminderde vraag naar semiconductors en minder economische groei in het algemeen en (ii) minder orders vanwege agressieve prijsconcurrentie door fabrikanten die hun prijs op US dollars en de Japanse yen baseren. Deze daling werd gedeeltelijk gecompenseerd door een stijging van 12,4% aan orders voor array connect toepassingen, voornamelijk singulation en die bonding machines. De orders in het eerste kwartaal 2008, vergeleken met het vierde kwartaal 2007, lieten een daling zien van 25,8% aan orders geplaatst door subcontractors en een toename van 8,7% van orders geplaatst door IDM's.

De orderportefeuille bedroeg per 31 maart 2008 € 50,6 mio ten opzichte van € 48,3 mio per 31 december 2007, een stijging van € 4,8%. Per 31 maart 2008 bestond ongeveer 54% van de orderportefeuille uit machines voor array connect toepassingen en 46% uit machines voor leadframe assemblage toepassingen. De book-to-bill ratio was 1,06 in het eerste kwartaal 2008 vergeleken met 0,92 in het eerste kwartaal 2007 en 0,99 in het vierde kwartaal 2007.

Besi's brutomarge in het eerste kwartaal 2008 bedroeg 33,6% vergeleken met 37,1% in het vierde kwartaal 2007 en 36,6% in het eerste kwartaal 2007 vanwege met name (i) lagere brutomarges voor molding en trim en form systemen als gevolg van verschuiving van leveringen, waardoor de brutowinst met € 2,3 mio verminderde en (ii) de daling van de US dollar ten opzichte van de euro, waardoor de brutowinst met ongeveer € 0,4 mio verminderde, en toegenomen prijsconcurrentie voor specifieke die bonding orders voor bepaalde Aziatische klanten. De brutomarge in het eerste kwartaal 2008 was beneden verwachting (35-37%).

De exploitatiekosten bedroegen € 14,2 mio in het eerste kwartaal 2008 vergeleken met € 15,1 mio in het vierde kwartaal 2007 en € 15,7 mio in het eerste kwartaal 2007. De daling in exploitatiekosten ten opzichte van het vierde kwartaal 2007 werd veroorzaakt door lagere garantiekosten, welke gedeeltelijk gecompenseerd werden door hogere ontwikkelingskosten ten behoeve van RFID die bonding toepassingen. De daling in exploitatiekosten lag aan de onderkant van onze verwachting (daling van 5 tot 10%).

De netto financiële lasten stegen van € 0,5 mio in het vierde kwartaal 2007 naar € 1,2 mio in het eerste kwartaal 2008 vanwege buitenlandse valutaverliezen op bestaande termijncontracten in verband met de waardedaling van de US dollar ten opzichte van de euro in dit kwartaal.

Financiële positie

Per 31 maart 2008 bedroeg de kaspositie € 74,3 mio ten opzichte van € 74.8 mio per 31 december 2007. De totale schuld daalde van € 71,5 mio per 31 december 2007 naar € 69,9 mio per 31 maart 2008. Ondanks een nettoverlies in het eerste kwartaal steeg de nettokaspositie van € 3,3 mio per 31 december 2007 naar € 4,4 mio per 31 maart 2008 met name vanwege een daling van het uitstaande werkkapitaal.

Toelichting

Richard W. Blickman, Chief Executive Officer, lichtte toe: "Dit kwartaal kregen we te maken met aanzienlijke externe negatieve invloeden, waardoor de resultaten aanzienlijk achterbleven hoofdzakelijk veroorzaakt door verslechtering van de economische omstandigheden in het algemeen en een voortdurende waardedaling van de US dollar ten opzichte van de euro. De omzet en het resultaat waren aanzienlijk beneden verwachting, ondanks de gerealiseerde verlaging van de exploitatiekosten (6,0% lager vergeleken met het vierde kwartaal), met name vanwege het - door klanten - verschuiven van leveringen van maart naar april, aangezien klanten zeer terughoudend zijn met het vergroten van hun productiecapaciteit. Inmiddels zijn deze specifieke orders uitgeleverd in april 2008. Zonder dit uitstel zouden de resultaten in dit kwartaal in lijn zijn geweest met de oorspronkelijke omzet- en winstverwachting .

De orderontvangst lag aan de onderkant van onze verwachting zowel vanwege de huidige negatieve tendens die van invloed is op de halfgeleider- en halfgeleider equipment industrie gerelateerd aan een wereldwijde economische terugval, die in het eerste kwartaal 2008 versnelde, als een verdere daling van de US dollar ten opzichte van de euro, waarbij we in bepaalde gevallen orders zijn misgelopen vanwege agressieve prijsconcurrentie door concurrenten die hun prijs kunnen baseren op de US dollar en Japanse yen.

In het eerste kwartaal ontving Besi orders voor in totaal US\$ 2,8 mio en LOI's voor US\$ 1,6 mio voor 8800 Flip Chip Smart Line die bonding machines ten behoeve van RFID toepassingen. Bovendien ontving Besi's dochteronderneming Meco in april € 1,2 mio aan orders en voor € 4,0 mio toezeggingen aan orders voor 'thin film plating' machines ten behoeve van zonnecelproductie; verwacht wordt dat de orders in het vierde kwartaal 2008 zullen worden geleverd. RFID- en zonneceltoepassingen zijn twee belangrijke gebieden voor Besi's toekomstige groei.

Hoewel we doorgaan met het uitvoeren van ons Dragon kostenbesparingsprogramma en het verplaatsen van productie naar Azië, zijn de resultaten negatief beïnvloed door een 18% daling van de US dollar ten opzichte van de euro sinds januari 2007 en een 7% daling in het afgelopen kwartaal. Om dit in het juiste perspectief te plaatsen; ongeveer 68% van de omzet in het eerste kwartaal 2008 was in US dollars, terwijl ongeveer 65% van onze kosten in euro's zijn. Dit betekent dat bij ongeveer elke procent daling van de dollar ten opzichte van de euro de exploitatiewinst met € 300.000 op jaarbasis afneemt.

We blijven de huidige markt nauwlettend volgen en zullen alle mogelijke maatregelen nemen om onze overhead- en vaste kosten verder te verlagen om de winstdoelstellingen te kunnen behalen. In het bijzonder zullen we de doelstellingen voor 2008, het verder verplaatsen van productie en met name de euro componenten in de machines, om zo de afhankelijkheid van de euro te verminderen."

Verwachting

Op dit moment zijn de voorspellingen van analisten voor de assemblage equipment industrie voor 2008 naar beneden bijgesteld vergeleken met de verwachtingen in het begin van 2008, veroorzaakt door de negatieve ontwikkelingen in de wereldeconomie en de elektronische industrie. Deze negatieve verwachtingen zijn onlangs bevestigd door mededelingen van enkele bedrijven in onze peergroep, bestaande uit bedrijven uit de assemblage equipment industrie en ook door klanten.

Op basis van de huidige orderontvangst, de feedback van klanten en verschuivingen van orders van Q1 naar Q2 2008, verwacht Besi dat de omzet in Q2-2008 zal toenemen met 10 tot 15% ten opzichte van de € 37,1 mio in het eerste kwartaal 2008. Verwacht wordt dat de orderontvangst in het tweede kwartaal 2008 zal toenemen met ongeveer 5% ten opzichte van € 39,1 mio in het eerste kwartaal 2008. De brutomarge in het tweede kwartaal 2008 zal liggen tussen 35 en 37% (ervan uitgaande dat de US dollar ten opzichte van de euro niet verder zal afnemen) in vergelijking met 33,6% in het eerste kwartaal 2008. Bovendien wordt verwacht dat de exploitatiekosten ongeveer gelijk zullen zijn aan de € 14,2 mio in het eerste kwartaal 2008. De investeringen zullen ongeveer € 1,0 mio bedragen ten opzichte van € 1,4 mio in het eerste kwartaal 2008.