BE Semiconductor Industries NV (the "Company" or "Besi") (Euronext
Amsterdam: BESI; OTC markets: BESIY, Nasdaq International
Designation), a leading manufacturer of assembly equipment for the
semiconductor industry, today announced its results for the second
quarter and first half year ended June 30, 2020.
Key Highlights Q2-20
- Revenue of € 124.3 million, up
36.1% vs. Q1-20 and 34.1% vs. Q2-19 primarily due to higher
shipments for mobile and, to a lesser extent, high-end logic
applications and increased demand from Chinese customers. Exceeded
high end of guidance range
- Orders of € 101.3 million, down
14.6% vs. Q1-20 but up 22.5% vs. Q2-19. The sequential order
decrease was primarily due to lower demand for high end mobile
applications generally, partially offset by increased orders from
Chinese subcontractors for mobile and other electronics
applications
- Gross margin reached 62.0%, up 5.3
points vs. Q1-20 and 6.0 points vs. Q2-19 primarily due to a more
favorable product mix, increased labor efficiencies and, to a
lesser extent, forex benefits
- Net income of € 39.8 million grew €
25.9 million (186.3%) vs. Q1-20 and € 20.9 million (110.6%) vs.
Q2-19 primarily due to significantly higher revenue and gross
margins. Net margin more than doubled to 32.0% vs. 15.2% in Q1-20
and 13.5% in Q2-19
- Share buyback program extended
until October 2021 and increased by € 50 million to € 125
million
Key Highlights H1-20
- Revenue of € 215.6 million, up
23.8% vs. H1-19 reflecting improved market conditions and higher
demand for mobile and, to a lesser extent, high end logic
applications
- Orders of € 219.9 million grew €
53.9 million (+ 32.5%) primarily due to higher demand for mobile
applications
- Gross margin reached 59.7%, up 3.8
points vs. H1-19 primarily due to Besi's strong advanced packaging
market position, more favorable product mix and increased labor
efficiencies
- Net income of € 53.7 million
increased € 25.3 million (+ 89.1%) vs. H1-19. Net margin grew
strongly to 24.9% vs. 16.3% in H1-19
- Net cash of € 93.6 million rose €
7.5 million (+ 8.7%) vs. June 30, 2019
Outlook
- Q3-20 revenue estimated to decrease
by approximately 10-25% vs. Q2-20 due to typical seasonal
influences, lower demand for mobile applications post H1-20 build
and ongoing uncertainty as to the development of the COVID-19
pandemic. Gross margin anticipated to range between 58% -60%
(€ million, excluding EPS) |
Q2- 2020 |
Q1- 2020 |
Δ |
Q2- 2019 |
Δ |
H1- 2020 |
H1- 2019 |
Δ |
Revenue |
124.3 |
91.3 |
+36.1% |
92.7 |
+34.1% |
215.6 |
174.1 |
+23.8% |
Orders |
101.3 |
118.6 |
-14.6% |
82.7 |
+22.5% |
219.9 |
166.0 |
+32.5% |
Operating
Income |
48.4 |
18.8 |
+157.4% |
25.1 |
+92.8% |
67.2 |
39.9 |
+68.4% |
EBITDA |
53.1 |
24.0 |
+121.3% |
30.0 |
+77.0% |
77.1 |
49.7 |
+55.1% |
Net
Income |
39.8 |
13.9 |
+186.3% |
18.9 |
+110.6% |
53.7 |
28.4 |
+89.1% |
EPS
(basic) |
0.55 |
0.19 |
+189.5% |
0.26 |
+111.5% |
0.74 |
0.39 |
+89.7% |
EPS
(diluted) |
0.50 |
0.19 |
+163.2% |
0.25 |
+100.0% |
0.69 |
0.38 |
+81.6% |
Net Cash & Deposits |
93.6 * |
148.3 |
-36.9% |
86.1 * |
+8.7% |
93.6 |
86.1 |
+ 8.7% |
* Reflects cash dividend payments of € 73.5
million and € 122.4 million in Q2-20 and Q2-19, respectively
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented: “Besi reported
strong Q2-20 and first half year results in an improving industry
environment. Revenue and net income for Q2-20 were € 124.3 million
and € 39.8 million, respectively, increases of 34.1% and 110.6%
versus Q2-19. Besi exceeded the high end of revenue guidance as we
resumed full operations globally despite the COVID-19 pandemic,
achieved higher than anticipated shipments for mobile applications
and benefited from increased demand by Chinese subcontractors for
mobile and other electronics applications, continuing a trend
starting in H2 -19.
Profitability and efficiency also increased
significantly in Q2-20 and for the first half year. Gross and
operating margins in Q2-20 increased to 62.0% and 39.0%,
respectively, increases of 6.0 and 11.9 points, respectively,
versus the comparable period of the prior year. Besi's solid
financial performance primarily reflected improved industry
conditions, our strong advanced packaging market position and a
favorable product mix. On the operational front, it reflected
strategic execution in a difficult production environment, labor
efficiencies associated with a 5.2% decrease in year over year
fixed headcount levels and lower travel, service and other overhead
costs associated with the shift to a work at home business
environment . Similarly, H1-20 revenue of € 215.6 million and net
income of € 53.7 million grew by 23.8% and 89.1%, respectively.
Orders for the first half year were € 219.9
million, an increase of 32.5% versus H1-19 as industry overcapacity
lessened and mobile customers increased demand in anticipation of
new handset introductions later this year with advanced features
and functionality. To a lesser extent, orders also benefited from
continued demand growth for high end logic applications such as
cloud infrastructure, artificial intelligence and high-performance
computing as we move more rapidly into the digital society.
Automotive end market demand remained at depressed levels as
consumers react to the economic fall-out from the pandemic. For the
quarter, orders were € 101.3 million, a 22.5% increase versus Q2-19
but a decrease of 14.6% versus Q1-20 primarily as a result of
reduced spending by high end mobile customers after their H1-20
capacity build.
Besi ended the first half year with a strong
balance sheet and continues to return excess capital to
shareholders. At June 30, 2020, cash and deposits totaled € 366.6
million after the payment of € 76.6 million in the form of cash
dividends and share repurchases. Net cash and deposits of € 93.6
million at quarter end grew by 8.7% versus the end of Q2-19. Given
continued strong profitability and cash flow generation this year,
Besi will extend its current share buyback program until October
30, 2021 and increase its size by € 50 million to € 125
million.
Looking ahead, we estimate that Q3-20 revenue
will decrease by approximately 10-25% due to typical seasonal
influences, lower demand for mobile applications post the H1-20
build and customer caution as to the development of the COVID-19
pandemic. Gross margin is estimated to range between 58-60% based
on the forecasted product mix. Operating expenses are expected to
decrease by 10-15% versus Q2-20 as we carefully control costs in an
uncertain environment. We are cautiously optimistic about Besi’s
prospects for the remainder of 2020 given our better than
anticipated first half results and Q3-20 guidance. We temper this
optimism, however, given the current unpredictable course,
recurrence and severity of the pandemic and its implications for
semiconductor demand.
Longer-term, we are encouraged about Besi’s
prospects in the next investment cycle given our strong performance
in a difficult environment and by strong secular growth drivers for
our business. Further, we have a leading position in advanced
packaging which is an important enabler of the digital society and
the new applications to be generated along with it. ”
Second Quarter Results of
Operations
|
Q2-2020 |
Q1-2020 |
Δ |
Q2-2019 |
Δ |
Revenue |
124.3 |
91.3 |
+ 36.1% |
92.7 |
+ 34.1% |
Orders |
101.3 |
118.6 |
-14.6% |
82.7 |
+ 22.5% |
Book to Bill Ratio |
0.8 |
1.3 |
-0.5 |
0.9 |
-0.1 |
Q2-20 revenue of € 124.3 million increased by
36.1% and 34.1% versus Q1-20 and Q2-19, respectively, primarily due
to higher shipments for mobile and, to a lesser extent, high-end
logic and cloud infrastructure applications. In addition, shipments
to Chinese customers increased relative to each respective period,
continuing a favorable trend which began in H2-19. Q2-20 revenue
growth exceeded the high end of guidance (+ 5% to + 25%) primarily
due to higher than anticipated shipments for mobile applications as
Besi and its main customers resumed full operations amidst the
global pandemic.
Orders of € 101.3 million were down 14.6% versus
Q1-20 primarily due to lower demand for high end mobile
applications generally, partially offset by increased orders by
Chinese subcontractors for mobile and other electronics
applications. In contrast, orders grew by 22.5% versus Q2-19
primarily due to improved market conditions and higher bookings for
mobile and computing applications. Per customer type, IDM orders
decreased € 2.8 million, or 5.9%, versus Q1-20 and represented 44%
of total orders for the period. Subcontractor orders decreased by €
14.5 million, or 20.4%, versus Q1-20 and represented 56% of total
orders.
|
Q2-2020 |
Q1-2020 |
Δ |
Q2-2019 |
Δ |
Gross Margin |
62.0% |
56.7% |
+5.3 |
56.0% |
+6.0 |
Operating Expenses |
28.6 |
33.0 |
-13.3% |
26.8 |
+ 6.7% |
Financial Expense / (Income), net |
2.7 |
2.6 |
+ 3.8% |
3.2 |
-15.6% |
EBITDA |
53.1 |
24.0 |
+ 121.3% |
30.0 |
+ 77.0% |
Besi's gross margin reached 62.0% in Q2-20, an
increase of 5.3 points vs Q1-20 and 6.0 points versus Q2-19
primarily due to a more favorable product mix, increased labor
efficiencies from lower fixed Asian production headcount, and, to a
lesser extent, forex benefits from favorable changes in the euro
versus the USD, MYR and CHN currencies. The Q2-20 gross margin
significantly exceeded guidance (56% -58%) due to higher than
anticipated shipments for mobile applications during the
period.
Q2-20 operating expenses declined by € 4.4
million (-13.3%) versus Q1-20 and was in-line with guidance. The
decrease was primarily due to (i) a € 2.5 million reduction in
variable compensation expense, (ii) € 1.0 million lower development
expense due to higher R&D capitalization, net in the quarter
and (iii) lower consulting expenses. Operating expenses increased
by € 1.8 million (+ 6.7%) versus Q2-19 due to increased variable
compensation expense of € 2.4 million.
|
Q2-2020 |
Q1-2020 |
Δ |
Q2-2019 |
Δ |
Net Income |
39.8 |
13.9 |
+ 186.3% |
18.9 |
+ 110.6% |
Net Margin |
32.0% |
15.2% |
+16.8 |
20.4% |
+11.6 |
Tax Rate |
12.9% |
14.4% |
-1.5 |
13.5% |
-0.6 |
Net income of € 39.8 million grew by € 25.9
million (186.3%) versus Q1-20 and € 20.9 million (110.6%) versus
Q2-19 primarily due to higher revenue and gross margin levels
realized along with operating leverage from tight controls of fixed
overhead levels relative to revenue growth. Similarly, Besi’s net
margin increased to 32.0% in Q2-20, a significant increase versus
the 15.2% and 20.4% realized in Q1-20 and Q2-19, respectively.
Half Year Results of
Operations
|
H1-2020 |
H1-2019 |
Δ |
Revenue |
215.6 |
174.1 |
+ 23.8% |
Orders |
219.9 |
166.0 |
+ 32.5% |
Gross Margin |
59.7% |
55.9% |
+3.8 |
Operating Income |
67.2 |
39.9 |
+ 68.4% |
Net Income |
53.7 |
28.4 |
+ 89.1% |
Net Margin |
24.9% |
16.3% |
+8.6 |
Tax Rate |
13.3% |
13.2% |
+0.1 |
H1-20 revenue reached € 215.6 million, up 23.8%
versus H1-19 reflecting improved industry conditions and higher
demand for mobile and, to a lesser extent, high end logic and cloud
infrastructure applications . Similarly, orders of
€ 219.9 million grew € 53.9 million (+ 32.5%) versus H1-19. Revenue
and order growth were partially offset by reduced demand for
automotive applications due to the adverse impact on consumer
demand from the pandemic.
Besi’s gross margin rose 3.8 points versus H1-19
to reach 59.7% primarily due to its strong advanced packaging
market position, more favorable product mix and increased labor
efficiencies. In addition, Besi’s net income of € 53.7 million and
net margin of 24.9% increased by 89.1% and 8.6 points,
respectively, versus H1-19 as increased revenue and gross margin
more than offset € 4.0 million of higher operating expenses,
principally associated with increased share-based compensation
expense.
Financial Condition
|
Q2 2020 |
Q1 2020 |
Δ |
Q2 2019 |
Δ |
H1 2020 |
H1 2019 |
Δ |
Total Cash and
Deposits |
366.6 |
427.6 |
-14.3% |
361.7 |
+ 1.4% |
366.6 |
361.7 |
+ 1.4% |
Net Cash and
Deposits |
93.6 |
148.3 |
-36.9% |
86.1 |
+ 8.7% |
93.6 |
86.1 |
+ 8.7% |
Cash flow from Ops. |
22.9 |
26.6 |
-13.9% |
(2.7) |
nm |
49.4 |
45.1 |
+ 9.5% |
At the end of Q2-20, cash and deposits
aggregated € 366.6 million. As compared to Q1-20, Besi’s net cash
and deposits decreased by € 54.7 million due primarily to the
payment of (i) € 73.5 million in cash dividends to shareholders,
(ii) € 4.3 million of capitalized development spending and (ii) €
3.1 million of share repurchases which was partially offset by cash
flow from operations of € 22.9 million. Net cash of € 93.6 million
at quarter end grew € 7.5 million (+ 8.7%) versus June 30, 2019.
During the quarter, € 7.0 million principal amount of the 2016
Convertible Notes were converted into 351,186 ordinary shares. As a
result, the principal outstanding amount of the 2016 Convertible
Notes declined from € 125.0 million to € 118.0 million.
Share Repurchase Activity /
Extension and Increase of Share Repurchase Program
During the quarter, Besi repurchased 90,844 of its ordinary shares
at an average price of € 33.54 per share for a total of € 3.1
million. Cumulatively, as of June 30, 2020, 3.2 million shares have
been purchased under the current € 75 million share repurchase
program at an average price of € 22.58 per share for a total of €
73.3 million. As of such date, Besi held approximately 7.3 million
shares in treasury at an average cost of € 15.48, equal to 9.1% of
its outstanding shares.
Besi will extend the duration of its current
share buyback program until October 30, 2021 and increase the total
amount from € 75 million to € 125 million. The share repurchase
program was initiated for capital reduction purposes and to help
offset dilution related to Besi's 2016 and 2017 Convertible Notes
and shares issued under employee stock plans. It will be funded
using Besi's available cash resources and be effective immediately.
At present, Besi has authority until October 30, 2021 to purchase
up to 10% of its outstanding shares (approximately 8.0 million
shares).
The share repurchase program will be executed in
accordance with industry best practices and in compliance with
European buyback rules and regulations and may be suspended or
discontinued at any time. Besi has engaged an independent broker
for the program and all purchases will be executed through Euronext
Amsterdam (the “Main Exchange”) and Multilateral Trading Facilities
as defined by Directive 2014/65 / EU of the European Parliament and
of the Council of 15 May 2014 on markets in financial instruments
(each being referred to as “Exchanges”) and subject to the rules of
the relevant Exchange. The timing and amount of any shares
repurchased under this program will be determined by the
independent broker independently of, and without influence by,
Besi. The maximum purchase price to be paid per share under the
program will not exceed the higher of the last independent trade
price of the shares and the highest current independent bid price
of the shares on the venue to which the purchase was carried out.
Any repurchased shares will be available in the future for use in
connection with Besi's stock plans and other general corporate
purposes, including acquisitions. The information included in this
press release is made public under the Market Abuse Regulation (No.
596/2014 / EU).
Prospective Member of the Supervisory
BoardEffective August 1, 2020, Dr. Laura Oliphant will
join Besi's Supervisory Board as a prospective member. It is the
Board’s intention to nominate her for appointment as a member of
the Supervisory Board at Besi’s 2021 AGM (April 2021). Dr. Oliphant
(57) has extensive experience in the semiconductor, semiconductor
equipment and other technology industries as a senior manager,
investor and board director. Currently, she is an independent
consultant with Serendibite Partners, where she provides expertise
to early stage businesses, Fortune 500 companies and venture
capital firms. Previously, Dr. Oliphant served as CEO of
Translarity, Inc., a venture backed, advanced probe card startup
focused on RF applications. Prior thereto, she was with Intel
Corporation for almost 25 years including as an Investment Director
of Intel Capital and as a Supply Chain Program Manager in Intel's
supplier management organization. Dr. Oliphant currently serves on
the board of directors of the following US and European
corporations: Aehr Test Systems (NASDAQ: AEHR, Fremont, CA),
Feasible Inc. (Emeryville, CA), Novelda AS (Oslo, Norway) and
Numascale AS (Oslo, Norway). She has a PhD in Chemical Engineering
from the University of California, Berkeley and is a holder of the
National Association of Corporate Directors Board Leadership
Fellowship. Novelda AS (Oslo, Norway) and Numascale AS (Oslo,
Norway). She has a PhD in Chemical Engineering from the University
of California, Berkeley and is a holder of the National Association
of Corporate Directors Board Leadership Fellowship. Novelda AS
(Oslo, Norway) and Numascale AS (Oslo, Norway). She has a PhD in
Chemical Engineering from the University of California, Berkeley
and is a holder of the National Association of Corporate Directors
Board Leadership Fellowship.
Outlook
Based on its June 30, 2020 order backlog and
feedback from customers, Besi forecasts for Q3-20 that:
- Revenue will decrease by approximately 10-25% vs. € 124.3
million reported in Q2-20.
- Gross margin will range between 58-60% vs. the 62.0% realized
in Q2-20.
- Operating expenses will decrease by 10-15% vs. the € 28.6
million reported in Q2-20.
Investor and
media conference call A conference call and webcast for
investors and media will be held today at 4:00 pm CET (10:00 am
EDT). The dial-in for the conference call is (31) 20 531 5851. To
access the audio webcast and webinar slides, please visit
www.besi.com .
Basis of Presentation The
accompanying condensed Consolidated Financial Statements have been
prepared in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the European Union. Reference is
made to the Summary of Significant Accounting Policies to the Notes
to the Consolidated Financial Statements as included in our 2019
Annual Report, which is available on www.besi.com
About BesiBesi is a leading
supplier of semiconductor assembly equipment for the global
semiconductor and electronics industries offering high levels of
accuracy, productivity and reliability at a low cost of ownership.
The Company develops leading edge assembly processes and equipment
for leadframe, substrate and wafer level packaging applications in
a wide range of end-user markets including electronics, mobile
internet, cloud server, computing, automotive, industrial, LED and
solar energy. Customers are primarily leading semiconductor
manufacturers, assembly subcontractors and electronics and
industrial companies. Besi's ordinary shares are listed on Euronext
Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC
markets (symbol: BESIY Nasdaq International Designation) and its
headquarters are located in Duiven, the Netherlands.www.besi.com
.
Contacts: |
|
Richard W. Blickman, President & CEO |
SBB Communications |
Hetwig van Kerkhof, SVP Finance |
Frank Jansen |
Tel. (31) 26 319 4500 |
Tel. (31) 20 575 4024 |
investor.relations@besi.com |
besi@cffcommunications.nl |
Caution Concerning Forward Looking
StatementsThis 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, 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” contains such 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 any inability to
maintain continued demand for our products; 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; the extent and
duration of the COVID-19 pandemic and measures taken to contain the
outbreak, and the associated adverse impacts on the global economy,
financial markets, and our operations as well as those of our
customers and suppliers; failure to develop new and enhanced
products and introduce them at competitive price levels; failure to
adequately decrease costs and expenses as revenues decline; loss of
significant customers, including through industry consolidation or
the emergence of industry alliances; lengthening of the sales
cycle; acts of terrorism and violence; disruption or failure of our
information technology systems; inability to forecast demand and
inventory levels for our products; the integrity of product pricing
and protection of our intellectual property in foreign
jurisdictions; risks, such as changes in trade regulations,
currency fluctuations, political instability and war, associated
with substantial foreign customers, suppliers and foreign
manufacturing operations, particularly to the extent occurring in
the Asia Pacific region; potential instability in foreign capital
markets; the risk of failure to successfully manage our diverse
operations; any inability to attract and retain skilled personnel;
those additional risk factors set forth in Besi’s annual report for
the year ended December 31, 2019 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 expressly disclaim any obligation to update or alter
our forward-looking statements whether as a result of new
information, future events or otherwise. any inability to attract
and retain skilled personnel; those additional risk factors set
forth in Besi’s annual report for the year ended December 31, 2019
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 expressly
disclaim any obligation to update or alter our forward-looking
statements whether as a result of new information, future events or
otherwise. any inability to attract and retain skilled personnel;
those additional risk factors set forth in Besi’s annual report for
the year ended December 31, 2019 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 expressly disclaim any obligation to update or alter
our forward-looking statements whether as a result of new
information, future events or otherwise.
Consolidated Statements of
Operations
(euro in thousands, except share and per share data) |
Three Months Ended June 30,
(unaudited) |
Six Months Ended June 30,
(unaudited) |
|
2020 |
2019 |
2020 |
2019 |
|
|
|
|
|
Revenue |
124,267 |
92,708 |
215,606 |
174,107 |
Cost of sales |
47,282 |
40,805 |
86,873 |
76,733 |
|
|
|
|
|
Gross profit |
76,985 |
51,903 |
128,733 |
97,374 |
|
|
|
|
|
Selling, general and
administrative expenses |
20,136 |
17,499 |
43,658 |
39,184 |
Research and development
expenses |
8,428 |
9,277 |
17,859 |
18,321 |
|
|
|
|
|
Total operating expenses |
28,564 |
26,776 |
61,517 |
57,505 |
|
|
|
|
|
Operating income |
48,421 |
25,127 |
67,216 |
39,869 |
|
|
|
|
|
Financial expense, net |
2,691 |
3,222 |
5,303 |
7,139 |
|
|
|
|
|
Income before taxes |
45,730 |
21,905 |
61,913 |
32,730 |
|
|
|
|
|
Income tax expense |
5,909 |
2,961 |
8,240 |
4,319 |
|
|
|
|
|
Net income |
39,821 |
18,944 |
53,673 |
28,411 |
|
|
|
|
|
Net income per share - basic |
0.55 |
0.26 |
0.74 |
0.39 |
Net income per share -
diluted |
0.50 |
0.25 |
0.69 |
0.38 |
|
|
|
|
|
|
|
|
|
|
Number of shares used in
computing per share amounts: |
|
|
|
|
- basic |
72,536,296 |
73,025,754 |
72,352,859 |
73,142,645 |
- diluted 1 |
82,563,062 |
83,287,497 |
82,631,951 |
83,568,974 |
Consolidated Balance Sheets
(euro in thousands) |
June 30, 2020 (unaudited) |
March 31, 2020 (unaudited) |
December 31, 2019 (audited) |
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
251,621 |
347,639 |
278,398 |
Deposits |
115,000 |
80,000 |
130,000 |
Trade receivables |
117,158 |
91,797 |
81,420 |
Inventories |
52,122 |
46,872 |
46,578 |
Other current assets |
12,768 |
14,598 |
13,854 |
|
|
|
|
Total current
assets |
548,669 |
580,906 |
550,250 |
|
|
|
|
|
|
|
|
Property, plant and
equipment |
27,142 |
29,067 |
30,383 |
Right of use assets |
9,678 |
10,264 |
11,132 |
Goodwill |
45,262 |
45,423 |
45,289 |
Other intangible assets |
46,101 |
44,380 |
42,593 |
Deferred tax assets |
13,225 |
14,607 |
14,978 |
Other non-current assets |
1,094 |
1,097 |
2,255 |
|
|
|
|
Total non-current
assets |
142,502 |
144,838 |
146,630 |
|
|
|
|
Total assets |
691,171 |
725,744 |
696,880 |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
- |
487 |
476 |
Current portion of long-term
debt |
91 |
513 |
515 |
Accounts payable |
45,939 |
34,310 |
30,278 |
Accrued liabilities |
51,382 |
61,769 |
55,359 |
|
|
|
|
Total current
liabilities |
97,412 |
97,079 |
86,628 |
|
|
|
|
Long-term debt |
272,932 |
278,299 |
277,067 |
Lease liabilities |
6,438 |
7,104 |
7,859 |
Deferred tax liabilities |
8,480 |
8,376 |
8,858 |
Other non-current
liabilities |
18,228 |
18,197 |
17,960 |
|
|
|
|
Total non-current
liabilities |
306,078 |
311,976 |
311,744 |
|
|
|
|
Total
equity |
287,681 |
316,689 |
298,508 |
|
|
|
|
Total liabilities and equity |
691,171 |
725,744 |
696,880 |
Consolidated Cash Flow
Statements
(euro in thousands) |
Three Months EndedJune
30,(unaudited) |
Six Months EndedJune
30,(unaudited) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
Income before income tax |
45,730 |
|
21,905 |
|
61,913 |
|
32,730 |
|
|
|
|
|
|
Depreciation and
amortization |
4,673 |
|
4,851 |
|
9,848 |
|
9,773 |
|
Share based payment expense |
2,189 |
|
1,630 |
|
8,033 |
|
5,341 |
|
Financial expense, net |
2,691 |
|
3,222 |
|
5,303 |
|
7,139 |
|
|
|
|
|
|
Changes in working capital |
(21,868 |
) |
(17,757 |
) |
(24,743 |
) |
7,616 |
|
Income tax paid |
(8,479 |
) |
(14,179 |
) |
(8,753 |
) |
(15,107 |
) |
Interest paid |
(2,074 |
) |
(2,385 |
) |
(2,180 |
) |
(2,434 |
) |
|
|
|
|
|
Net cash provided by (used in)
operating activities |
22,862 |
|
(2,713 |
) |
49,421 |
|
45,058 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Capital expenditures |
(478 |
) |
(235 |
) |
(1,350 |
) |
(863 |
) |
Capitalized development
expenses |
(4,285 |
) |
(2,986 |
) |
(7,982 |
) |
(5,913 |
) |
Repayments of (investments in)
deposits |
(35,000 |
) |
50,000 |
|
15,000 |
|
50,000 |
|
|
|
|
|
|
Net cash provided by (used in)
investing activities |
(39,763 |
) |
46,779 |
|
5,668 |
|
43,224 |
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from (payments of) bank
lines of credit |
(466 |
) |
(3,175 |
) |
(434 |
) |
(2,812 |
) |
Proceeds from (payments of)
debt |
(405 |
) |
22 |
|
(416 |
) |
11 |
|
Payments of lease
liabilities |
(896 |
) |
(891 |
) |
(1,769 |
) |
(1,781 |
) |
Dividends paid to
shareholders |
(73,486 |
) |
(122,419 |
) |
(73,486 |
) |
(122,419 |
) |
Purchase of treasury shares |
(3,053 |
) |
(12,682 |
) |
(6,198 |
) |
(25,520 |
) |
|
|
|
|
|
Net cash used in financing
activities |
(78,306 |
) |
(139,145 |
) |
(82,303 |
) |
(152,521 |
) |
|
|
|
|
|
Net increase (decrease) in cash
and cash equivalents |
(95,207 |
) |
(95,079 |
) |
(27,214 |
) |
(64,239 |
) |
Effect of changes in exchange
rates on cash and cash equivalents |
(811 |
) |
(695 |
) |
437 |
|
429 |
|
Cash and cash equivalents at
beginning of the period |
347,639 |
|
327,503 |
|
278,398 |
|
295,539 |
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
251,621 |
|
231,729 |
|
251,621 |
|
231,729 |
|
Supplemental Information
(unaudited) (euro in millions, unless stated
otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE |
Q1-2019 |
Q2-2019 |
Q3-2019 |
Q4-2019 |
Q1-2020 |
Q2-2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
58.6 |
|
72 |
% |
68.6 |
|
74 |
% |
67.3 |
|
75 |
% |
63.8 |
|
69 |
% |
77.6 |
|
85 |
% |
105.7 |
|
85 |
% |
|
EU / USA |
22.8 |
|
28 |
% |
24.1 |
|
26 |
% |
22.4 |
|
25 |
% |
28.6 |
|
31 |
% |
13.7 |
|
15 |
% |
18.6 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
81.4 |
|
100 |
% |
92.7 |
|
100 |
% |
89.7 |
|
100 |
% |
92.4 |
|
100 |
% |
91.3 |
|
100 |
% |
124.3 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2019 |
Q2-2019 |
Q3-2019 |
Q4-2019 |
Q1-2020 |
Q2-2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
55.9 |
|
67 |
% |
61.2 |
|
74 |
% |
59.2 |
|
72 |
% |
80.4 |
|
80 |
% |
102.0 |
|
86 |
% |
88.1 |
|
87 |
% |
|
EU / USA |
27.5 |
|
33 |
% |
21.5 |
|
26 |
% |
23.0 |
|
28 |
% |
20.1 |
|
20 |
% |
16.6 |
|
14 |
% |
13.2 |
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
83.4 |
|
100 |
% |
82.7 |
|
100 |
% |
82.2 |
|
100 |
% |
100.5 |
|
100 |
% |
118.6 |
|
100 |
% |
101.3 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per customer type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
IDM |
57.5 |
|
69 |
% |
55.4 |
|
67 |
% |
43.6 |
|
53 |
% |
58.3 |
|
58 |
% |
47.4 |
|
40 |
% |
44.6 |
|
44 |
% |
|
Subcontractors |
25.9 |
|
31 |
% |
27.3 |
|
33 |
% |
38.6 |
|
47 |
% |
42.2 |
|
42 |
% |
71.2 |
|
60 |
% |
56.7 |
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
83.4 |
|
100 |
% |
82.7 |
|
100 |
% |
82.2 |
|
100 |
% |
100.5 |
|
100 |
% |
118.6 |
|
100 |
% |
101.3 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31, 2019 |
Jun 30, 2019 |
Sep 30, 2019 |
Dec 31, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
1,174 |
|
72 |
% |
1,155 |
|
72 |
% |
1,093 |
|
71 |
% |
1,081 |
|
70 |
% |
1,071 |
|
70 |
% |
1,067 |
|
70 |
% |
|
EU / USA |
452 |
|
28 |
% |
450 |
|
28 |
% |
453 |
|
29 |
% |
453 |
|
30 |
% |
458 |
|
30 |
% |
455 |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1,626 |
|
100 |
% |
1,605 |
|
100 |
% |
1,546 |
|
100 |
% |
1,534 |
|
100 |
% |
1,529 |
|
100 |
% |
1,522 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
11 |
|
16 |
% |
54 |
|
49 |
% |
34 |
|
39 |
% |
8 |
|
13 |
% |
42 |
|
46 |
% |
121 |
|
72 |
% |
|
EU / USA |
58 |
|
84 |
% |
57 |
|
51 |
% |
54 |
|
61 |
% |
54 |
|
87 |
% |
50 |
|
54 |
% |
48 |
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
69 |
|
100 |
% |
111 |
|
100 |
% |
88 |
|
100 |
% |
62 |
|
100 |
% |
92 |
|
100 |
% |
169 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff (FTE) |
1,695 |
|
|
1,716 |
|
|
1,634 |
|
|
1,596 |
|
|
1,621 |
|
|
1,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2019 |
Q2-2019 |
Q3-2019 |
Q4-2019 |
Q1-2020 |
Q2-2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
45.5 |
|
55.9 |
% |
51.9 |
|
56.0 |
% |
49.4 |
|
55.1 |
% |
52.0 |
|
56.3 |
% |
51.7 |
|
56.7 |
% |
77.0 |
|
62.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and admin expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
21.7 |
|
26.7 |
% |
17.5 |
|
18.9 |
% |
15.6 |
|
17.4 |
% |
16.7 |
|
18.1 |
% |
23.5 |
|
25.7 |
% |
20.1 |
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
9.0 |
|
11.1 |
% |
9.3 |
|
10.0 |
% |
8.6 |
|
9.6 |
% |
8.5 |
|
9.2 |
% |
9.4 |
|
10.3 |
% |
8.4 |
|
6.8 |
% |
|
Capitalization of R&D charges |
2.9 |
|
3.6 |
% |
3.0 |
|
3.2 |
% |
3.2 |
|
3.6 |
% |
4.1 |
|
4.4 |
% |
3.7 |
|
4.1 |
% |
4.3 |
|
3.5 |
% |
|
Amortization of intangibles |
(2.5 |
) |
-3.1 |
% |
(2.5 |
) |
-2.7 |
% |
(2.6 |
) |
-2.9 |
% |
(2.6 |
) |
-2.8 |
% |
(2.6 |
) |
-2.8 |
% |
(2.1 |
) |
-1.7 |
% |
|
R&D expenses as adjusted |
9.4 |
|
11.5 |
% |
9.8 |
|
10.6 |
% |
9.2 |
|
10.3 |
% |
10.0 |
|
10.8 |
% |
10.5 |
|
11.5 |
% |
10.6 |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
2.4 |
|
|
2.4 |
|
|
2.7 |
|
|
2.5 |
|
|
2.5 |
|
|
2.5 |
|
|
|
Hedging results |
1.3 |
|
|
0.7 |
|
|
0.8 |
|
|
0.7 |
|
|
0.0 |
|
|
0.5 |
|
|
|
Foreign exchange effects, net |
0.2 |
|
|
0.1 |
|
|
(0.2 |
) |
|
0.1 |
|
|
0.1 |
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
3.9 |
|
|
3.2 |
|
|
3.3 |
|
|
3.3 |
|
|
2.6 |
|
|
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
as% of net sales |
14.7 |
|
18.1 |
% |
25.1 |
|
27.1 |
% |
25.3 |
|
28.2 |
% |
26.8 |
|
29.0 |
% |
18.8 |
|
20.6 |
% |
48.4 |
|
39.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
as% of net sales |
19.7 |
|
24.2 |
% |
30.0 |
|
32.4 |
% |
30.2 |
|
33.7 |
% |
31.9 |
|
34.5 |
% |
24.0 |
|
26.3 |
% |
53.1 |
|
42.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
as% of net sales |
9.5 |
|
11.6 |
% |
18.9 |
|
20.4 |
% |
19.2 |
|
21.4 |
% |
33.7 |
|
36.5 |
% |
13.9 |
|
15.2 |
% |
39.8 |
|
32.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.13 |
|
|
0.26 |
|
|
0.26 |
|
|
0.47 |
|
|
0.19 |
|
|
0.55 |
|
|
|
Diluted |
0.13 |
|
|
0.25 |
|
|
0.25 |
|
|
0.43 |
|
|
0.19 |
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
1 ) The calculation of diluted income per
share assumes the exercise of equity settled share based payments
and the full conversion of the Convertible Notes
Grafico Azioni Be Semiconductor Industr... (EU:BESI)
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Da Mar 2024 a Apr 2024
Grafico Azioni Be Semiconductor Industr... (EU:BESI)
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Da Apr 2023 a Apr 2024