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BE Semiconductor Industries N.V. — Earnings Release 2009
Jul 6, 2009
3819_iss_2009-07-06_70f288fc-ae63-4a61-9ec3-bd6b963e3df5.pdf
Earnings Release
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FOR: BE SEMICONDUCTOR INDUSTRIES N.V. Ratio 6 6921 RW Duiven The Netherlands
PRESS RELEASE
BE Semiconductor Industries Reports Provisional Accounting for Esec Acquisition
Duiven, the Netherlands, July 6, 2009. BE Semiconductor Industries N.V. ("the Company" or "Besi") (Euronext: BESI), a leading manufacturer of assembly equipment for the semiconductor industry, today announced that it completed the provisional accounting for the consolidated acquisition balance sheet of its Esec business unit as of April 1, 2009 per IFRS requirements. The valuation resulted in a one-time negative goodwill gain of approximately € 41 million. A summary of the purchase price accounting for the Esec transaction is approximately as follows (€ millions):
| Fair value of net assets acquired Purchase price consideration |
€ 46 (5) |
|---|---|
| Excess fair value of net assets acquired ("negative goodwill") |
_____ € 41 |
As per IFRS, negative goodwill resulting from the transaction will be reported as a gain in Besi's operating results for the second quarter ending June 30, 2009.
Based in Cham, Switzerland, Esec is a leading global manufacturer of die bonding and wire bonding equipment with sales of approximately € 80 million in 2008 and an estimated installed base in excess of 9,000 systems worldwide.
Comment
Richard W. Blickman, Chief Executive Officer of Besi commented: "The acquisition of Esec is an important milestone in the development of our company. The funds received in the acquisition represent a financial cushion for operational losses, supplier obligations and incoming restructuring costs resulting from the transaction. In addition, our balance sheet position has strengthened as stockholders' equity increased significantly due to the negative goodwill gain and additional paid in capital from the transfer of shares in the acquisition. Furthermore, the transaction has significantly increased the breadth and scope of our product portfolio and our penetration of important global customer accounts. We are also pleased with the progress of the Esec business as measured by recent order activity for both die bonders and wire bonders affirming the market acceptance of its leading edge products and technology."
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, wire 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.
Contacts: Richard W. Blickman Jan Willem Ruinemans President & CEO Chief Financial Officer Tel. (31) 26 319 4500 Tel. (31) 26 319 4500 [email protected] [email protected]
European IR contact:
Uneke Dekkers / Frank Jansen Citigate First Financial Tel. (31) 20 575 4021 / 24
(table to follow)
| (euro in thousands) | April 1, 2009 |
|---|---|
| ASSETS | |
| Cash and cash equivalents | 19,462 |
| Accounts receivable | 5,362 |
| Inventories | 24,984 |
| Receivable OC Oerlikon | 8,196 |
| Other current assets | 4,102 |
| Total current assets | 62,106 |
| Property, plant and equipment | 2,007 |
| In Process Research & Development | 2,891 |
| Deferred tax assets | 1,053 |
| Total non-current assets | 5,951 |
| Total assets | 68,057 |
| Liabilities | |
| Accounts payable | 2,993 |
| Provisions Accrued liabilities |
11,765 7,278 |
| Total liabilities | 22,036 |
| Net Assets Acquired | 46,021 |
Consolidated Esec Acquisition Balance Sheet
The acquisition balance has been prepared in accordance with the measurement and recognition principles of IFRS 3 Business Combinations (2004).