Quarterly Report • Apr 28, 2009
Quarterly Report
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FOR: BE SEMICONDUCTOR INDUSTRIES N.V. Ratio 6 6921 RW Duiven The Netherlands
Duiven, the Netherlands, April 28, 2009, 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, 2009 and provided more detailed information about its Esec acquisition.
| (€ millions) | Q1-2009* | Q4-2008* | Change | Q1-2008 | Change |
|---|---|---|---|---|---|
| Revenue | € 15.6 | € 30.6 | (49.0%) | € 37.1 | (58.0%) |
| Gross margin (pro forma) | 20.9% | 28.1% | (7.2) | 33.6% | (12.7) |
| Operating loss (pro forma) | (€ 7.0) | (€ 4.3) | (62.3%) | (€ 1.8) | n/m |
| Net loss (pro forma) | (€ 7.3) | (€ 3.9) | (87.2%) | (€ 2.1) | n/m |
| EPS (basic, diluted) (pro forma) | (€ 0.30) | (€ 0.13) | n/m | (€ 0.07) | n/m |
| Orders | € 12.8 | € 18.2 | (29.7%) | € 39.4 | (67.5%) |
| Backlog | € 22.6 | € 25.4 | (11.0%) | € 50.6 | (55.3%) |
| Book to bill ratio | 0.82 | 0.60 | 36.7% | 1.06 | (22.6%) |
| Cash flow (deficit) from operations | (€ 7.9) | € 12.1 | n/m | € 3.3 | n/m |
| Cash | € 59.2 | € 74.0 | (20.0%) | € 74.3 | (20.3%) |
| Total Debt | € 55.8 | € 61.6 | (9.4%) | € 69.9 | (20.2%) |
* Q1-2009 results prior to after-tax restructuring charges of € 2.0 million. (See accompanying table). Q4-2008 results prior to restructuring charges, goodwill impairment and asset write-downs.
Richard W. Blickman, President and Chief Executive Officer of the Company, commented: "Our revenue development and profitability continue to be adversely affected by the global recession as customers have responded to the economic crisis by delaying, foregoing or cancelling bookings until a clearer picture of the economy develops. As such, our revenue and orders declined by 49.0% and 29.7%, respectively, as compared to the fourth quarter of 2008 which led to a net loss of € 7.3 million in the first quarter of 2009 prior to any restructuring charges. To address the ongoing industry downturn, we continue to make progress in the implementation of our Dragon II program. During the first quarter, we reduced our aggregate headcount by approximately 10%, completed the downsizing of our Meco plating unit and restructured our product groups as a result of the Esec acquisition in order to achieve incremental cost reduction opportunities in the One Besi organizational structure. We are on target to achieve our Dragon II headcount reduction targets by the second quarter of 2009 including the closure of our Hungarian operation.
We are pleased to report the closing of the Esec acquisition on schedule. We believe that the addition of Esec will make us the leading player in the die bonding and flip chip die bonding markets, the most rapidly growing segments of the assembly equipment business. It also expands our market penetration of many global key accounts including ST Microelectronics, STATS Chip PAC, Infineon, ASE, SPIL, UTAC and Fairchild. Finally, the combination with Esec and the scale resulting therefrom will enable us to further leverage our One Besi concept as a means of achieving incremental cost reductions within the global organization.
In order to realize potential synergies as rapidly as possible, we have hit the ground running to integrate Esec into Besi. Esec is in the process of reducing its headcount by 35% from 515 at December 31, 2008 to approximately 350 by the end of Q2 in order to achieve approximately € 10 million of annualized cost savings. In addition, we have identified potential synergies to realize € 10-12 million of annualized cost savings from the combination of the two firms. Toward this end, we have combined Esec's operations with our Datacon subsidiary and merged the sales and service operations of the Besi and Esec organizations.
Our liquidity position remains solid with which to weather the current industry storm. At March 31, 2009, we had approximately € 38 million of cash in excess of our bank debt and capital leases and a net cash position of € 3.4 million. We anticipate that our cash position will increase in the second quarter of 2009 as a result of working capital acquired in the Esec acquisition. This liquidity cushion should help us absorb near term anticipated losses.
Besi's 49.0% revenue decrease in the first quarter of 2009 as compared to the fourth quarter of 2008 was due to lower shipments and due to customer push-outs of orders and shipments originally scheduled for the quarter.
Orders for the first quarter of 2009 were € 12.8 million, a decrease of € 5.4 million, or 29.7%, as compared to the fourth quarter of 2008 and € 26.6 million, or 67.5%, as compared to the first quarter of 2008 as customers deferred new purchases due to the uncertain economic environment. On a customer basis, bookings in the first quarter of 2009 as compared to the fourth quarter of 2008 reflected a 54% decrease in orders by IDMs and a 28% increase in orders by subcontractors. Approximately 55% and 45% of backlog at March 31, 2009 was represented by array connect and leadframe assembly applications, respectively.
Besi's gross margin excluding restructuring charges for the first quarter of 2009 declined to 20.9% as compared to 28.1% in the fourth quarter of 2008 and 33.6% in the first quarter of 2008. Gross margins decreased in comparison to the fourth quarter of 2008 primarily due to an under absorption of production overhead as a result of significantly lower revenue levels.
Besi's total operating expenses were € 11.8 million in the first quarter of 2009 as compared to € 36.6 million in the fourth quarter of 2008 and € 14.2 million in the first quarter of 2008. Besi's operating expenses were € 10.3 million in the first quarter of 2009 (excluding restructuring charges) as compared to € 12.9 million in the fourth quarter of 2008 (excluding restructuring and impairment charges) and € 14.2 million in the first quarter of 2008. Lower sequential operating expenses were primarily due to reduced headcount levels and cost benefits of a reduced work week program for a portion of the Company's staff.
Besi had € 59.2 million and € 74.0 million of cash and cash equivalents at March 31, 2009 and December 31, 2008, respectively. The Company had a cash deficit from operations of € 7.9 million in the first quarter of 2009 due to net losses incurred during the period. Cash was also utilized during the first quarter to reduce indebtedness by € 5.8 million and to fund capitalized development of € 1.3 million. As a result, at March 31, 2009, total debt and capital lease obligations declined to € 55.8 million as compared to € 71.5 million at December 31, 2008. At March 31, 2009, Besi had € 38.0 million of cash and cash equivalents in excess of its bank borrowings and capital lease obligations outstanding and net cash and cash equivalents of € 3.4 million.
On April 1, 2009, Besi completed its acquisition of the Esec business unit from OC Oerlikon Corporation AG ("Oerlikon"). As consideration for the acquisition, Besi transferred to Oerlikon 2.8 million of its ordinary shares held in treasury, representing 8.3% of its total shares outstanding. The Esec unit was transferred free of bank debt, at a purchase price for its net assets below their estimated book value and with sufficient working capital to fund estimated restructuring costs remaining and near term operating losses. As a result, Besi expects to record a one-time gain in the second quarter of 2009 upon completion of the valuation of Esec's tangible and intangible assets.
Set forth below is selected unaudited financial information for the Esec business unit according to IFRS:
| Year Ended December 31, | 2008 | 2007 | 2006 |
|---|---|---|---|
| (€ millions) | Unaudited | Unaudited | Unaudited |
| Revenue | 79.3 | 137.2 | 150.1 |
| Gross profit | 16.1 | 50.0 | 59.9 |
| % of revenue | 20.3% | 36.5% | 39.9% |
| Operating expenses* | 33.3 | 33.7 | 37.9 |
| Operating income (loss)* | (17.2) | 16.4 | 22.0 |
| % of revenue | (21.7%) | 11.9% | 14.7% |
| Headcount (at end of period) | 515 | 609 | 601 |
* Before management and trademark fees of the prior owner, restructuring charges and the write down of capitalized research and development costs
At the date of acquisition, Esec had a product backlog of approximately € 10 million.
Besi has identified initial potential synergies from the transaction which could generate annualized cost savings of between € 10-12 million. Potential synergies include (i) utilizing Besi's Asian manufacturing operations and global supply chain network, (ii) integrating and coordinating research and development activities with Besi's Datacon die bonding activities, (iii) leveraging the respective resources of the combined sales and customer support networks and (iv) sharing and coordinating global IT and general and administrative functions.
Current analyst forecasts for the assembly equipment industry in 2009 vary significantly but generally forecast a substantial contraction in demand for semiconductors and related equipment in comparison to 2008. Based on its March 31, 2009 backlog, feedback from customers and the inclusion of preliminary data from Esec, Besi forecasts for Q2-2009 that:
As a result, the Company will report a net loss for the second quarter of 2009 in excess of that reported in the first quarter of 2009 (excluding the anticipated one-time gain related to the Esec acquisition). However, Besi anticipates that its cash outstanding will increase at June 30, 2009 as a result of working capital acquired in connection with the Esec transaction. It will continue to align its cost structure to current market realities by means of its Dragon restructuring plan and Esec integration activities.
Besi will host a conference call on Tuesday April 28, 2009, at 4 p.m. CET (3 p.m. London time, 10 a.m. New York time) to discuss the 2009 first quarter results and the Esec acquisition. The dial-in number for the teleconference is (31) 70 304 3324. A live audio webcast of the conference call will be available at Besi's website: www.besi.com. A recording of the audio webcast will remain available at Besi's website.
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.
Richard W. Blickman Jan Willem Ruinemans President & CEO Chief Financial Officer Tel. (31) 26 319 4500 Tel. (31) 26 319 4500
Uneke Dekkers / Frank Jansen Citigate First Financial Tel. (31) 20 575 4021 / 24
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, 2007 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.
| Three Months Ended March 31, (unaudited) |
|||||
|---|---|---|---|---|---|
| 2009 | 2008 | ||||
| Revenue Cost of sales |
15,566 13,006 |
37,096 24,620 |
|||
| Gross profit | 2,560 | 12,476 | |||
| Selling, general and administrative expenses Research and development expenses |
8,672 3,171 |
9,560 4,681 |
|||
| Total operating expenses | 11,843 | 14,241 | |||
| Operating income (loss) | (9,283) | (1,765) | |||
| Financial expense, net | (647) | (1,175) | |||
| Income (loss) before taxes | (9,930) | (2,940) | |||
| Income tax expense (benefit) | (566) | (813) | |||
| Net income (loss) | (9,364) | (2,127) | |||
| Net income (loss) per share – basic Net income (loss) per share – diluted 1) |
(0.30) (0.30) |
(0.07) (0.07) |
|||
| Number of shares used in computing per share amounts: - basic - diluted |
30,815,311 30,815,311 1) |
30,713,529 30,713,5292) |
(euro in thousands, except share and per share data)
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 (7,082,927 weighted average equivalent number of ordinary shares). 2) 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, except share and per share data)
| Three Months Ended March 31, 2009 | ||||||
|---|---|---|---|---|---|---|
| As reported | Restructuring Charges |
As Adjusted | ||||
| Revenue Cost of sales |
15,566 13,006 |
- 690(a) |
15,566 12,316 |
|||
| Gross profit | 2,560 | 690 | 3,250 | |||
| Selling, general and administrative expenses |
8,672 | 1,372(b) | 7,300 | |||
| Research and development expenses | 3,171 | 212(c) | 2,959 | |||
| Total operating expenses | 11,843 | 1,584 | 10,259 | |||
| Operating income (loss) | (9,283) | 2,274 | (7,009) | |||
| Financial expenses, net | (647) | - | (647) | |||
| Income (loss) before taxes | (9,930) | 2,274 | (7,656) | |||
| Income tax expense (benefit) | (566) | (230) | (336) | |||
| Net income (loss) before minority interest | (9,364) | 2,044 | (7,320) | |||
| Net income (loss) per share – basic Net income (loss) per share – diluted |
(0.30) (0.30) |
0.06 0.06 |
(0.24) (0.24) |
|||
| Number of shares used in computing per share amounts: |
||||||
| - basic - diluted (d) |
30,815,311 30,815,311 |
30,815,311 30,815,311 |
30,815,311 30,815,311 |
(a) Includes severance and social charges related to the restructuring of Datacon's Hungarian operations (€ 0.4 million), and severance and social charges of € 0.3 million.
(b) Includes consulting expenses of € 1.1 million and severance and social charges of € 0.3 million.
(c) Include severance and social charges of € 0.2 million.
(d) 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 weighted average equivalent number of ordinary shares).
| (euro in thousands) | March 31, | December 31, |
|---|---|---|
| 2009 | 2008 | |
| (unaudited) | (audited) | |
| ASSETS | ||
| Cash and cash equivalents | 59,246 | 74,008 |
| Accounts receivable | 17,303 | 23,824 |
| Inventories | 44,969 | 47,053 |
| Income tax receivable | 598 | 598 |
| Other current assets | 5,688 | 5,773 |
| Total current assets | 127,804 | 151,256 |
| Property, plant and equipment | 26,204 | 27,307 |
| Goodwill | 43,766 | 43,394 |
| Other intangible assets | 13,482 | 12,965 |
| Deferred tax assets | 6,660 | 5,677 |
| Other non-current assets | 2,464 | 2,280 |
| Total non-current assets | 92,576 | 91,623 |
| Total assets | 220,380 | 242,879 |
| Notes payable to banks | 14,712 | 16,711 |
| Current portion of long-term debt and financial leases | 3,270 | 4,591 |
| Accounts payable | 6,044 | 11,028 |
| Accrued liabilities | 17,806 | 20,699 |
| Total current liabilities | 41,832 | 53,029 |
| Convertible notes | 34,636 | 34,492 |
| Other long-term debt and financial leases | 3,244 | 5,830 |
| Deferred tax liabilities | 529 | 622 |
| Other non-current liabilities | 2,693 | 2,622 |
| Total non-current liabilities | 41,102 | 43,566 |
| Total equity | 137,446 | 146,284 |
| Total liabilities and equity | 220,380 | 242,879 |
The financial information has been prepared in accordance with IFRS.
| (euro in thousands) | Three Months Ended March 31, | ||
|---|---|---|---|
| (unaudited) | |||
| 2009 | 2008 | ||
| Cash flows from operating activities: | |||
| Net income (loss) | (9,364) | (2,127) | |
| Depreciation and amortization Deferred income taxes (benefits) Other non-cash items |
1,957 (1,177) 285 |
1,734 (383) (60) |
|
| Changes in working capital | 411 | 4,153 | |
| Net cash provided by (used in) operating activities | (7,888) | 3,317 | |
| Cash flows from investing activities: Capital expenditures Capitalized development expenses Proceeds from sale of equipment |
(164) (1,346) 222 |
(1,375) (670) - |
|
| Net cash used in investing activities | (1,288) | (2,045) | |
| Cash flows from financing activities: Payment of (proceeds from) bank lines of credit Payments of debt and financial leases |
(1,885) | (335) | |
| Proceeds from exercised stock options | (3,754) - |
(1,162) - |
|
| Net cash provided by (used in) financing activities | (5,639) | (1,497) | |
| Net decrease in cash and cash equivalents | (14,815) | (225) | |
| Effect of changes in exchange rates on cash and cash equivalents |
53 | (300) | |
| Cash and cash equivalents at beginning of the period |
74,008 | 74,781 | |
| Cash and cash equivalents at end of the period | 59,246 | 74,256 | |
The financial information has been prepared in accordance with IFRS.
(euro in millions, unless stated otherwise)
| REVENUE | Q1-2008 | Q2-2008 | Q3-2008 | Q4-2008 | Q1-2009 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Per product: | ||||||||||
| Array connect Leadframe |
21.6 15.5 |
58% 42% |
30.2 16.3 |
65% 35% |
25.5 9.7 |
72% 28% |
23.8 6.8 |
78% 22% |
9.9 5.7 |
63% 37% |
| Total | 37.1 | 100% | 46.5 | 100% | 35.2 | 100% | 30.6 | 100% | 15.6 | 100% |
| Per geography: | ||||||||||
| Asia Pacific | 24.4 | 66% | 30.2 | 65% | 22.3 | 64% | 14.5 | 48% | 8.3 | 53% |
| Europe and ROW | 9.2 | 25% | 14.6 | 31% | 10.3 | 29% | 12.4 | 41% | 5.1 | 33% |
| USA | 3.5 | 9% | 1.7 | 4% | 2.6 | 7% | 3.7 | 12% | 2.2 | 14% |
| Total | 37.1 | 100% | 46.5 | 100% | 35.2 | 100% | 30.6 | 100% | 15.6 | 100% |
| ORDERS | Q1-2008 | Q2-2008 | Q3-2008 | Q4-2008 | Q1-2009 | |||||
| Per product: | ||||||||||
| Array connect | 26.3 | 67% | 36.6 | 82% | 15.1 | 62% | 13.7 | 75% | 9.5 | 74% |
| Leadframe | 13.1 | 33% | 8.2 | 18% | 9.1 | 38% | 4.5 | 25% | 3.3 | 26% |
| Total | 39.4 | 100% | 44.8 | 100% | 24.2 | 100% | 18.2 | 100% | 12.8 | 100% |
| Per geography: | ||||||||||
| Asia Pacific | 23.9 | 61% | 30.1 | 67% | 14.2 | 59% | 11 | 60% | 6.8 | 53% |
| Europe and ROW | 12.4 | 31% | 12.9 | 29% | 7.0 | 29% | 3.6 | 20% | 4.0 | 31% |
| USA | 3.1 | 8% | 1.8 | 4% | 3.0 | 12% | 3.6 | 20% | 2.0 | 16% |
| Total | 39.4 | 100% | 44.8 | 100% | 24.2 | 100% | 18.2 | 100% | 12.8 | 100% |
| Per customer type: | ||||||||||
| IDM | 22.4 | 57% | 21.4 | 48% | 14.8 | 61% | 12.8 | 70% | 5.9 | 46% |
| Subcontractors | 17.0 | 43% | 23.4 | 52% | 9.4 | 39% | 5.4 | 30% | 6.9 | 54% |
| Total | 39.4 | 100% | 44.8 | 100% | 24.2 | 100% | 18.2 | 100% | 12.8 | 100% |
| BACKLOG | Mar 31, 2008 | Jun 30, 2008 | Sep 30, 2008 | Dec 31, 2008 | Mar 31, 2009 | |||||
| Per product: | ||||||||||
| Array connect | 27.1 | 54% | 33.5 | 69% | 23.0 | 61% | 12.9 | 51% | 12.5 | 55% |
| Leadframe | 23.5 | 46% | 15.4 | 31% | 14.8 | 39% | 12.5 | 49% | 10.1 | 45% |
| Total | 50.6 | 100% | 48.9 | 100% | 37.8 | 100% | 25.4 | 100% | 22.6 | 100% |
| HEADCOUNT 1) | Mar 31, 2008 | Jun 30, 2008 | Sep 30, 2008 | Dec 31, 2008 | Mar 31, 2009 | |||||
| Europe | 633 | 55% | 651 | 55% | 660 | 55% | 650 | 55% | 583 | 54% |
| Asia Pacific | 475 | 41% | 477 | 41% | 490 | 41% | 485 | 41% | 463 | 43% |
| USA | 51 | 4% | 48 | 4% | 46 | 4% | 47 | 4% | 42 | 3% |
| Total | 1,159 | 100% | 1,176 | 100% | 1,196 | 100% | 1,182 | 100% | 1,088 | 100% |
| 1) Excluding temporary staff |
(euro in millions, unless stated otherwise)
| OTHER FINANCIAL DATA | Q1-2008 | Q2-2008 | Q3-2008 | Q4-2008 | Q1-2009 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit: | ||||||||||
| Array connect | 7.7 | 35.6% | 11.3 | 37.4% | 9.3 | 36.4% | 7.0 | 29.4% | 2.5 | 25.3% |
| Leadframe | 5.1 | 32.9% | 5.3 | 32.5% | 3.8 | 39.2% | 2.0 | 29.4% | 1.0 | 17.5% |
| Subtotal | 12.8 | 34.5% | 16.6 | 35.7% | 13.1 | 37.2% | 9.0 | 29.4% | 3.5 | 22.4% |
| Amortization of intangibles | (0.3) | -0.9% | (0.3) | -0.7% | (0.3) | -0.8% | (0.4) | -2.3% | (0.3) | -5.9% |
| Restructuring charges | - | - | - | (0.3) | (0.7) | |||||
| Total | 12.5 | 33.6% | 16.3 | 35.0% | 12.8 | 36.4% | 8.3 | 27.1% | 2.5 | 16.5% |
| Selling, general and administrative expenses: | ||||||||||
| SG&A expenses | 9.5 | 25.6% | 9.4 | 20.2% | 9.2 | 26.1% | 9.3 | 30.4% | 7.2 | 46.2% |
| Amortization of intangibles | 0.1 | 0.3% | 0.1 | 0.2% | 0.1 | 0.3% | 0.2 | 0.7% | 0.1 | 0.6% |
| Restructuring charges | - | - | - | - | 0.4 | 1.1% | 3.4 | 11.1% | 1.4 | 9.0% |
| Impairment charges | - | - | - | 20.2 | 66.0% | - | - | |||
| Total | 9.6 | 25.9% | 9.5 | 20.4% | 9.7 | 27.5% | 33.1 | 108.2% | 8.7 | 55.8% |
| Research and development expenses: | ||||||||||
| R&D expenses | 5.1 | 13.7% | 4.7 | 10.1% | 3.9 | 11.1% | 4.5 | 14.7% | 4.0 | 25.6% |
| Capitalization of R&D charges | (0.7) | -1.9% | (0.7) | -1.5% | (0.7) | -2.0% | (1.4) | -4.6% | (1.3) | -8.3% |
| Amortization of intangibles | 0.3 | 0.8% | 0.3 | 0.6% | 0.4 | 1.1% | 0.3 | 1.0% | 0.3 | 1.9% |
| Restructuring charges | - | - | - | 0.1 | 0.3% | 0.2 | 1.3% | |||
| Total | 4.7 | 12.7% | 4.3 | 9.2% | 3.6 | 10.2% | 3.5 | 11.4% | 3.2 | 20.5% |
| Financial expense (income), net: | ||||||||||
| Interest expense (income), net | 0.5 | 0.5 | (0.9) | 0.5 | 0.6 | |||||
| Foreign exchange (gains) \ losses | 0.7 | (0.5) | - | 0.1 | 0.1 | |||||
| Non recurring charge related to statutory tax review | - | (0.4) | - | - | - | |||||
| Total | 1.2 | (0.4) | (0.9) | 0.6 | 0.7 | |||||
| Operating income (loss) | ||||||||||
| as % of net sales | (1.8) | -4.9% | 2.5 | 5.4% | (0.5) | -1.5% | (28.4) | -92.8% | (9.3) | -59.6% |
| EBITDA | ||||||||||
| as % of net sales | 0.0 | 0.0% | 4.3 | 9.2% | 1.2 | 3.5% | (5.9) | -19.3% | (7.3) | -47.0% |
| Net income (loss) | ||||||||||
| as % of net sales | (2.1) | -5.7% | 2.2 | 4.8% | 0.4 | 1.0% | (34.0) | -111.1% | (9.4) | -60.3% |
| Income per share | ||||||||||
| Basic | (0.069) | 0.072 | 0.013 | (1.103) | (0.304) | |||||
| Diluted | (0.069) | 0.071 | 0.013 | (1.103) | (0.304) |
BE SEMICONDUCTOR INDUSTRIES N.V. Ratio 6 6921 RW Duiven
Duiven, 28 april 2009, BE Semiconductor Industries N.V. (""Besi") (Euronext: BESI), een toonaangevende leverancier van assemblagemachines voor de halfgeleiderindustrie, heeft vandaag haar eerste kwartaalresultaten 2009 bekendgemaakt en nadere informatie verstrekt over de Esec acquisitie.
| (€ mio) | Q1-2009* | Q4-2008* | Delta | Q1-2008 | Delta |
|---|---|---|---|---|---|
| Omzet | € 15.6 | € 30.6 | (49.0%) | € 37.1 | (58.0%) |
| Brutomarge (pro forma) | 20.9% | 28.1% | (7.2) | 33.6% | (12.7) |
| Bedrijfsresultaat (pro forma) | (€ 7.0) | (€ 4.3) | (62.3%) | (€ 1.8) | n/m |
| Nettoverlies (pro forma) | (€ 7.3) | (€ 3.9) | (87.2%) | (€ 2.1) | n/m |
| Winst per aandeel (basic, diluted) (pro | |||||
| forma) | (€ 0.30) | (€ 0.13) | n/m | (€ 0.07) | n/m |
| Orders | € 12.8 | € 18.2 | (29.7%) | € 39.4 | (67.5%) |
| Orderportefeuille (per einde periode) | € 22.6 | € 25.4 | (11.0%) | € 50.6 | (55.3%) |
| Book to bill ratio | 0.82 | 0.60 | 36.7% | 1.06 | (22.6%) |
| Kasstroom uit bedrijfsactiviteiten | (€ 7.9) | € 12.1 | n/m | € 3.3 | n/m |
| Liquide middelen | € 59.2 | € 74.0 | (20.0%) | € 74.3 | (20.3%) |
| Totaal schulden | € 55.8 | € 61.6 | (9.4%) | € 69.9 | (20.2%) |
* Q1-2009 resultaten exclusief reorganisatiekosten van € 2.0 mio voor belastingen. (Zie bijgaande tabel).
Q4-2008 resultaten exclusief reorganisatiekosten, afwaardering van goodwill en afwaarderingen op activa.
Richard W. Blickman, President en Chief Executive Officer van Besi, lichtte toe: "Onze omzetontwikkeling en winstgevendheid worden nog steeds negatief beïnvloed door de wereldwijde economische crisis, waardoor klanten hun orders vertragen of uitstellen totdat er een beter beeld ontstaat van de economie. Tengevolge hiervan daalden de omzet en orders met respectievelijk 49.0% en 29.7% ten opzichte van het vierde kwartaal 2008, hetgeen resulteerde in een nettoverlies van € 7.3 mio in het eerste kwartaal 2009 exclusief reorganisatiekosten. Om de slechte marktomstandigheden het hoofd te bieden, gaan we verder met de implementatie van ons Dragon II plan. In het eerste kwartaal hebben we ons personeelsbestand met ongeveer 10% verlaagd, de herstructurering binnen Meco afgerond en onze productgroepen gereorganiseerd als gevolg van de Esec acquisitie, met als doel kostenbesparingen te bereiken binnen de "One Besi" organisatiestructuur. Met betrekking tot de realisatie van de Dragon II personeelsreductie in het tweede kwartaal van 2009 liggen we op schema, inclusief de sluiting van de fabriek in Hongarije.
Het verheugt ons te kunnen meedelen dat de Esec acquisitie, zoals verwacht, is afgerond per 1 april 2009. Wij zijn van mening dat Esec en Besi samen de toonaangevende leverancier van die bonding en flip chip machines zullen worden; een van de sterkst groeiende marktsegmenten. Tevens zal onze positie bij een aantal klanten zoals STMicroelectronics, STATS ChipPAC, Infineon, ASE, SPIL, UTAC en Fairchild aanzienlijk verbeteren. Ten slotte, de combinatie van Besi met Esec zal schaalvoordelen opleveren die ons in staat stellen het "One Besi" concept verder invulling te geven met als resultaat additionele kostenbesparingen.
Om zo snel mogelijk potentiële synergieën te realiseren, zijn we direct van start gegaan met de integratie van Esec in Besi. Bij Esec wordt het personeelsbestand van 515 medewerkers per 31 december 2008 met 35% verlaagd tot ongeveer 350 medewerkers per einde tweede kwartaal 2009 met als doel jaarlijks ongeveer € 10 mio aan kostenbesparingen te realiseren. Tevens, hebben we mogelijke synergieën vastgesteld die jaarlijks € 10-12 mio aan kostenbesparingen zouden kunnen opleveren door de combinatie van de twee bedrijven. Op dit moment hebben we de bedrijfsactiviteiten van Esec en Datacon samengevoegd, evenals de sales en service activiteiten van Besi en Esec.
De liquiditeitspositie blijft solide, waardoor Besi in staat is het hoofd te bieden aan de slechte marktomstandigheden. Per 31 maart 2009 heeft Besi een surplus aan liquide middelen van ongeveer € 38 mio vrij van bankschulden en een netto kaspositie van € 3.4 mio. We verwachten dat de netto kaspositie zal toenemen in het tweede kwartaal 2009 als gevolg van het verworven werkkapitaal tengevolge van de Esec acquisitie. Deze sterke liquiditeitspositie helpt Besi de - op korte termijn - te verwachten verliezen op te vangen.
De 49.0% omzetdaling in het eerste kwartaal 2009 ten opzichte van het vierde kwartaal 2008 werd veroorzaakt door minder omzet van alle productgroepen en door uitstel van leveringen, die oorspronkelijk gepland waren in het eerste kwartaal.
Orders in het eerste kwartaal 2009 bedroegen € 12.8 mio, een daling van € 5.4 mio, oftewel 29.7%, ten opzichte van het vierde kwartaal 2008 en € 26.6 mio, oftewel 67.5%, vergeleken met het eerste kwartaal 2008, doordat klanten hun orders uitstelden vanwege de onzekere economische omstandigheden. Orders geplaatst door subcontractors namen toe met 28% en orders geplaatst door IDM's namen af met 54% in het eerste kwartaal 2009 in vergelijking met het vierde kwartaal 2008. Ongeveer 55% van de orderportefeuille bestond uit machines voor array connect toepassingen en 45% voor leadframe toepassingen per 31 maart 2009.
De brutomarge van Besi (exclusief reorganisatiekosten) in het eerste kwartaal 2009 daalde tot 20.9% ten opzichte van 28.1% in het vierde kwartaal 2008 en 33.6% in het eerste kwartaal 2008. De brutomarge daalde in vergelijking met het vierde kwartaal 2008 vanwege onderbezettingsresultaten tengevolge van een significant lagere omzet.
Besi's totale exploitatiekosten bedroegen € 11.8 mio in het eerste kwartaal 2009 ten opzichte van € 36.6 mio in het vierde kwartaal 2008 en € 14.2 mio in het eerste kwartaal 2008. Besi's exploitatiekosten bedroegen € 10.3 mio (exclusief reorganisatiekosten) in het eerste kwartaal 2009 in vergelijking met € 12.9 mio (exclusief reorganisatie- en impairmentkosten) in het vierde kwartaal 2008 en € 14.2 mio in het eerste kwartaal 2008. Lagere exploitatiekosten ten opzichte van Q4-2008 werden met name veroorzaakt door verlaging van het personeelsbestand en kostenbesparingen door werktijdverkorting voor een deel van Besi's medewerkers.
Per 31 maart 2009 bedroeg de kaspositie € 59.2 mio in vergelijking met € 74.0 mio per 31 december 2008. Besi had een negatieve cashflow uit bedrijfsactiviteiten van € 7.9 mio in het eerste kwartaal 2009 vanwege een nettoverlies gedurende de periode. In het eerste kwartaal 2009 is de netto kaspositie met name aangewend om de schuld te verlagen met € 5.8 mio en geactiveerde ontwikkelingskosten van € 1.3 mio te financieren. De totale schuld nam af van € 71.5 mio per 31 december 2008 naar € 55.8 mio per 31 maart 2009. Per 31 maart 2009 bedroeg de netto kaspositie van Besi € 3.4 mio en had Besi een surplus aan liquide middelen van € 38.0 mio vrij van bankschulden.
Per 1 april 2009 heeft Besi de acquisitie van de business unit Esec van OC Oerlikon Corporation AG ("Oerlikon") afgerond. Besi heeft als koopprijs aan Oerlikon, 2.8 mio van haar ingekochte aandelen, t.w. 8.3% van de totaal uitstaande Besi aandelen, betaald. Besi heeft Esec vrij van bankschulden overgenomen voor een aankoopprijs van de totale activa welke onder de geschatte boekwaarde ligt en met voldoende werkkapitaal om de verwachte reorganisatiekosten en korte termijn exploitatieverliezen te financieren. Tengevolge hiervan verwacht Besi een eenmalig positief resultaat in het tweede kwartaal 2009 te boeken, nadat de waardering van de materiële en immateriële activa zijn afgerond.
Onderstaand de financiële informatie (waarop geen accountantscontrole is toegepast) van de business unit Esec conform IFRS:
| Jaar eindigend op 31 december, | 2008 | 2007 | 2006 | ||||
|---|---|---|---|---|---|---|---|
| (€ mio) | Geen accountantscontrole toegepast | ||||||
| Omzet | 79.3 | 137.2 | 150.1 | ||||
| Brutomarge | 16.1 | 50.0 | 59.9 | ||||
| % van omzet | 20.3% | 36.5% | 39.9% | ||||
| Operationele kosten* | 33.3 | 33.7 | 37.9 | ||||
| Operationeel resultaat (verlies)* | (17.2) | 16.4 | 22.0 | ||||
| % van omzet | (21.7%) | 11.9% | 14.7% | ||||
| Aantal medewerkers (per einde periode) | 515 | 609 | 601 |
* Exclusief management- en handelsnaamlicentiebijdragen van de vorige eigenaar, reorganisatiekosten en de afschrijvingen van geactiveerde R&D kosten.
Per 1 april 2009 bedroeg de orderportefeuille van Esec ongeveer € 10 mio.
Ten gevolge van de acquisitie heeft Besi een aantal initiële synergieën vastgesteld, die jaarlijks € 10-12 mio aan kostenbesparingen zouden kunnen opleveren. Mogelijke synergieën zijn (i) gebruikmaken van Besi's Aziatische productievestigingen en wereldwijde netwerk van toeleveranciers, (ii) integreren en coördineren van R&D en productontwikkelingsinspanningen voornamelijk met de Datacon die bonding organisatie, (iii) kosten besparen en effectiviteit te verhogen door de combinatie van de Esec en Besi sales- en service organisaties en (iv) het samenvoegen en coördineren van wereldwijd IT en algemene en administratieve taken.
De huidige analistenvoorspellingen voor investeringen in de assemblage equipment industrie in 2009 variëren aanzienlijk. In het algemeen wordt voorspeld dat de vraag naar halfgeleiders en halfgeleider gerelateerde apparatuur in vergelijking met 2008 aanzienlijk zal verminderen. Gebaseerd op de orderportefeuille per 31 maart 2009, feedback van klanten en inclusief de voorlopige cijfers van Esec verwacht Besi voor het tweede kwartaal 2009 dat:
Tengevolge hiervan zal Besi een groter nettoverlies rapporteren in het tweede kwartaal 2009 in vergelijking met het eerste kwartaal 2009 (exclusief een eenmalig positief resultaat met betrekking tot de Esec acquisitie). Echter, Besi verwacht dat haar kaspositie per 30 juni 2009 zal toenemen als gevolg van het verworven werkkapitaal van de Esec acquisitie. Besi gaat door met het aanpassen van haar kostenstructuur aan de huidige marktomstandigheden middels de realisatie van het Dragon herstructureringsplan en de Esec integratie activiteiten.
Besi zal een conference call houden op dinsdag 28 april 2009 om 16.00 uur Nederlandse tijd (15.00 uur Londen tijd, 10.00 uur New York tijd) om de eerste kwartaal 2009 en de Esec acquisitie te bespreken. Het inbelnummer voor de conference call is 070 - 3043324. Een live audio webcast van de conference call zal beschikbaar zijn via Besi's website: www.besi.com. Een opname van de audio webcast blijft beschikbaar op Besi's website.
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