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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:ASMI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.53 | 0 | 01:00:00 |
Exhibits | ||
Exhibit 99.1 | ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2014 RESULTS |
Dated: October 30, 2014 | ASM INTERNATIONAL N.V. | |||
/S/ HANS ZWEERS | ||||
Hans Zweers | ||||
Director External Reporting and Treasury |
Exhibit No. | Exhibit Description | Filed Herewith | |||
99.1 | ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2014 RESULTS | X |
Quarter | ||||||
EUR million | Q3 2013 | Q2 2014 | Q3 2014 | |||
New orders | 112.2 | 119.5 | 156.2 | |||
Net sales | 116.4 | 148.4 | 122.2 | |||
Gross profit margin % | 39.1 | % | 42.3 | % | 43.2 | % |
Operating result | 11.6 | 27.4 | 17.2 | |||
Result from investments (excl. amortization and fair value purchase price allocation) | 10.8 | 15.8 | 30.7 | |||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments1) | (17.2 | ) | (5.5 | ) | (5.7 | ) |
Net earnings | (0.9 | ) | 34.6 | 54.6 | ||
Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 16.3 | 40.1 | 60.2 |
• | Net sales for the third quarter 2014 decreased with 18% compared to the second quarter. Year-on-year net sales increased with 5%. |
• | New orders at €156 million were 31% above the Q2 level. The upward deviation with our guidance of stable order intake compared to Q2 was caused by specific orders for ALD and PEALD products which came in earlier than anticipated. |
• | Normalized net earnings for the third quarter 2014 increased compared to the second quarter mainly due to a higher result from investments and positive currency effects on cash we hold in foreign currencies (especially US$) fully compensating for the lower operating result due to a lower activity level. Compared to the same quarter last year, besides the effect of higher results from investments and currencies, the improvement was mainly due to higher sales in combination with effects of changes in our manufacturing operations and supply chain. |
• | United States: +1 212 444 0896 |
• | International: +44 (0)20 3427 1912 |
• | The Netherlands: +31 (0)20 716 8257 |
• | Access Code: 2301108 |
EUR million | Q3 2013 | Q2 2014 | Q3 2014 | Change Q2 2014 to Q3 2014 | Change Q3 2013 to Q3 2014 | ||||||||||
New orders | 112.2 | 119.5 | 156.2 | 31 | % | 39 | % | ||||||||
Backlog | 111.4 | 109.1 | 146.9 | 35 | % | 32 | % | ||||||||
Book-to-bill | 1.0 | 0.8 | 1.3 | ||||||||||||
Net sales | 116.4 | 148.4 | 122.2 | (18 | )% | 5 | % | ||||||||
Gross profit | 45.6 | 62.8 | 52.9 | (16 | )% | 16 | % | ||||||||
Gross profit margin % | 39.1 | % | 42.3 | % | 43.2 | % | |||||||||
Selling, general and administrative expenses | (18.2 | ) | (19.9 | ) | (19.9 | ) | — | % | 9 | % | |||||
Research and development expenses | (14.8 | ) | (15.4 | ) | (15.7 | ) | 2 | % | 6 | % | |||||
Restructuring expenses | (1.0 | ) | (0.1 | ) | — | n/a | n/a | ||||||||
Operating result | 11.6 | 27.4 | 17.2 | (10.2 | ) | 5.6 | |||||||||
Operating margin % | 9.9 | % | 18.5 | % | 14.1 | % | |||||||||
Financing costs | (4.0 | ) | 2.5 | 16.1 | 13.6 | 20.1 | |||||||||
Income tax | (2.0 | ) | (5.7 | ) | (3.9 | ) | 1.8 | (1.9 | ) | ||||||
Result from investments | 10.8 | 15.8 | 30.7 | 14.9 | 19.9 | ||||||||||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments | (17.2 | ) | (5.5 | ) | (5.7 | ) | (0.2 | ) | 11.5 | ||||||
Net earnings | (0.9 | ) | 34.6 | 54.6 | 20.0 | 55.5 | |||||||||
Normalized net earnings (excl. remeasurement gain, subsequent impairment charge, realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 16.3 | 40.1 | 60.2 | 20.1 | 43.9 | ||||||||||
Net earnings per share, diluted | € | (0.01 | ) | € | 0.53 | € | 0.84 | € | 0.31 | € | 0.85 | ||||
Normalized net earnings per share, diluted | € | 0.26 | € | 0.62 | € | 0.93 | € | 0.31 | € | 0.67 |
EUR million | Q3 2013 | Q2 2014 | Q3 2014 | Change Q2 2014 to Q3 2014 | Change Q3 2013 to Q3 2014 | |||||
Backlog at the beginning of the quarter | 117.0 | 135.9 | 109.1 | (20 | )% | (7 | )% | |||
New orders for the quarter | 112.2 | 119.5 | 156.2 | 31 | % | 39 | % | |||
Net sales for the quarter | (116.4 | ) | (148.4 | ) | (122.2 | ) | (18 | )% | 5 | % |
FX-effect for the quarter | (1.3 | ) | 2.1 | 3.8 | ||||||
Backlog at the end of the quarter | 111.4 | 109.1 | 146.9 | 35 | % | 32 | % | |||
Book-to-bill ratio (new orders divided by net sales) | 1.0 | 0.8 | 1.3 |
EUR million | Q3 2013 | Q2 2014 | Q3 2014 | |||
Net earnings | (0.9 | ) | 34.6 | 54.6 | ||
Adjustments to cash from operating activities | ||||||
Depreciation and amortization | 5.1 | 5.0 | 5.3 | |||
Income tax | 0.7 | 1.9 | (1.6 | ) | ||
Amortization PPA intangibles and fair value adjustments | 17.2 | 5.5 | 5.7 | |||
Result from investments | (10.8 | ) | (15.8 | ) | (30.7 | ) |
Other adjustments | 1.2 | 1.6 | (13.5 | ) | ||
Changes in other assets and liabilities | ||||||
Accounts receivable | 19.7 | 4.5 | 0.6 | |||
Inventories | 3.3 | 11.5 | (4.6 | ) | ||
Accounts payable | (1.1 | ) | (14.7 | ) | 3.5 | |
Other assets and liabilities | (0.1 | ) | (15.8 | ) | 3.1 | |
Net cash provided (used) by operating activities | 34.4 | 18.3 | 22.4 | |||
Capital expenditures | (2.0 | ) | (6.5 | ) | (9.6 | ) |
Other | 1.6 | (0.2 | ) | — | ||
Net cash provided (used) in investing activities | (0.4 | ) | (6.7 | ) | (9.6 | ) |
Loans proceeds and debt issuance fees (paid) | — | (1.3 | ) | (0.1 | ) | |
Shares issued | 0.2 | 2.1 | 0.2 | |||
Dividend paid and capital repaid to shareholders ASMI | (269.7 | ) | (27.7 | ) | (4.1 | ) |
Dividend received from investments | 5.6 | 7.5 | 12.5 | |||
Net cash provided (used) in financing activities | (263.9 | ) | (19.4 | ) | 8.5 | |
Net cash (used) provided | (229.9 | ) | (7.8 | ) | 21.3 |
EUR million | December 31, 2013 | September 30, 2014 | ||
Cash and cash equivalents | 312.4 | 409.6 | ||
Accounts receivable | 83.0 | 78.0 | ||
Inventories | 104.5 | 110.6 | ||
Other current assets | 18.1 | 22.6 | ||
Total current assets | 517.9 | 620.9 | ||
Investments and associates | 944.0 | 1,055.5 | ||
Property, plant and equipment | 56.5 | 72.4 | ||
Goodwill | 11.4 | 12.1 | ||
Other non-current assets | 21.3 | 22.5 | ||
Total non-current assets | 1,033.2 | 1,162.6 | ||
Total assets | 1,551.2 | 1,783.4 | ||
Accounts payable | 44.8 | 53.1 | ||
Other current liabilities | 56.6 | 66.8 | ||
Total current liabilities | 101.5 | 120.0 | ||
Pension liabilities | 2.5 | 2.6 | ||
Total non-current liabilities | 2.5 | 2.6 | ||
Shareholders' equity | 1,447.2 | 1,660.8 | ||
Total liabilities and shareholders' equity | 1,551.2 | 1,783.4 |
Nine months ended September 30, | |||||||||
EUR million | 2013, Pro-Forma | 2014 | Change | ||||||
New orders | 346.5 | 447.7 | 29 | % | |||||
Backlog | 111.4 | 146.9 | 32 | % | |||||
Book-to-bill | 1.1 | 1.1 | |||||||
Net sales | 325.0 | 421.3 | 30 | % | |||||
Gross profit | 126.2 | 181.5 | 44 | % | |||||
Gross profit margin % | 38.8 | % | 43.1 | % | |||||
Selling, general and administrative expenses | (52.1 | ) | (59.0 | ) | 13 | % | |||
Research and development expenses | (43.3 | ) | (45.3 | ) | 5 | % | |||
Restructuring expenses | (1.9 | ) | (0.1 | ) | n/a | ||||
Operating result | 28.9 | 77.1 | 48.2 | ||||||
Operating margin % | 8.9 | % | 18.3 | % | |||||
Financing costs | (6.2 | ) | 17.4 | 23.6 | |||||
Income tax | (5.9 | ) | (14.0 | ) | (8.1 | ) | |||
Result from investments | 19.4 | 52.3 | 32.9 | ||||||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments | 1,349.6 | (16.5 | ) | (1,366.1 | ) | ||||
Net earnings | 1,385.9 | 116.3 | (1,269.6 | ) | |||||
Normalized net earnings (excl. remeasurement gain, subsequent impairment charge, realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 36.3 | 132.8 | 96.5 | ||||||
Net earnings per share, diluted | € | 21.71 | € | 1.80 | € | (19.91 | ) | ||
Normalized net earnings per share, diluted | € | 0.57 | € | 2.05 | € | 1.48 |
Nine months ended September 30, | ||||||
EUR million | 2013 | 2014 | % Change | |||
Backlog at the beginning of the year | 91.7 | 114.8 | 25 | % | ||
New orders | 346.5 | 447.7 | 29 | % | ||
Net sales | (325.0 | ) | (421.3 | ) | 30 | % |
FX-effect | (1.7 | ) | 5.6 | |||
Backlog as per reporting date | 111.4 | 146.9 | 32 | % | ||
Book-to-bill ratio (new orders divided by net sales) | 1.1 | 1.1 |
Nine months ended September 30, | ||||||
EUR million, except earnings per share | 2013 | 2014 | % Change | |||
Net sales | 485.3 | 421.3 | (13 | )% | ||
Gross profit | 164.6 | 181.5 | 10 | % | ||
Gross profit margin % | 33.9 | % | 43.1 | % | ||
Selling, general and administrative expenses | (77.7 | ) | (59.0 | ) | (24 | )% |
Research and development expenses | (60.4 | ) | (45.3 | ) | (25 | )% |
Restructuring expenses | (1.9 | ) | (0.1 | ) | n/a | |
Result from operations | 24.6 | 77.1 | n/a | |||
Net earnings -1- | 1,385.9 | 116.3 | n/a | |||
Net earnings per share, diluted in euro -1- | €21.61 | €1.79 | n/a |
Nine months ended September 30, | ||||||
EUR million | 2013 | 2014 | % Change | |||
Front-end | 325.0 | 421.3 | 30 | % | ||
Back-end | 160.3 | — | n/a | |||
ASMI consolidated | 485.3 | 421.3 | (13 | )% |
Nine months ended September 30, | ||||||||||
EUR million | Gross profit | Gross profit margin | ||||||||
2013 | 2014 | 2013 | 2014 | Increase or (decrease) percentage points | ||||||
Front-end | 126.2 | 181.5 | 38.8 | % | 43.1 | % | 4.3 | ppt | ||
Back-end | 38.4 | — | 24.0 | % | — | % | (24.0 | )ppt | ||
ASMI consolidated | 164.6 | 181.5 | 33.9 | % | 43.1 | % | 9.2 | ppt |
Nine months ended September 30, | ||||||
EUR million | 2013 | 2014 | % Change | |||
Front-end | 52.1 | 59.0 | 13 | % | ||
Back-end | 25.6 | — | n/a | |||
ASMI consolidated | 77.7 | 59.0 | (24 | )% |
Nine months ended September 30, | ||||||
EUR million | 2013 | 2014 | % Change | |||
Front-end | 43.3 | 45.3 | 5 | % | ||
Back-end | 17.1 | — | n/a | |||
ASMI consolidated | 60.4 | 45.3 | (25 | )% |
Nine months ended September 30, | ||||||
EUR million | 2013 | 2014 | Change | |||
Front-end | ||||||
Before special items | 30.8 | 77.2 | 46.4 | |||
Restructuring expenses | (1.9 | ) | (0.1 | ) | 1.8 | |
After special items | 28.9 | 77.1 | 48.2 | |||
Back-end | (4.3 | ) | — | 4.3 | ||
ASMI consolidated | 24.6 | 77.1 | 52.5 |
Nine months ended September 30, | ||||||
EUR million | 2013 | 2014 | Change | |||
Front-end | ||||||
Before special items | 18.7 | 80.7 | 62.0 | |||
Restructuring expenses | (1.9 | ) | (0.1 | ) | 1.8 | |
After special items | 16.8 | 80.6 | 63.8 | |||
Back-end | ||||||
Until March 15, 2013 consolidated | (2.8 | ) | — | 2.8 | ||
As from March 15, 2013 as a 40% investment | 22.2 | 52.3 | 30.1 | |||
Total | 19.4 | 52.3 | 32.9 | |||
Realized gain on the sale of 11.88% of the ASMPT shares | 245.2 | — | (245.2 | ) | ||
Unrealized remeasurement gain on the remaining 40% of the ASMPT shares and amortization intangibles recognized in purchase price allocation | 1,104.5 | (16.5 | ) | (1,121.0 | ) | |
Total net earnings allocated to the shareholders of the parent | 1,385.9 | 116.3 | (1,269.6 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||
2013 | 2014 | 2013 | 2014 | |||||
EUR thousand, except earnings per share | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Net sales | 116,429 | 122,201 | 485,329 | 421,304 | ||||
Cost of sales | (70,878 | ) | (69,349 | ) | (320,712 | ) | (239,796 | ) |
Gross profit | 45,551 | 52,851 | 164,617 | 181,508 | ||||
Operating expenses: | ||||||||
Selling, general and administrative | (18,211 | ) | (19,907 | ) | (77,708 | ) | (58,995 | ) |
Research and development | (14,821 | ) | (15,744 | ) | (60,358 | ) | (45,324 | ) |
Restructuring expenses | (964 | ) | — | (1,949 | ) | (80 | ) | |
Total operating expenses | (33,996 | ) | (35,651 | ) | (140,015 | ) | (104,398 | ) |
Operating result | 11,555 | 17,200 | 24,602 | 77,109 | ||||
Net interest expense | (303 | ) | (468 | ) | (1,353 | ) | (855 | ) |
Accretion of interest | — | — | (10 | ) | — | |||
Foreign currency exchange gains (losses) | (3,705 | ) | 16,613 | (4,308 | ) | 18,274 | ||
Result from investments | (6,464 | ) | 25,082 | 1,371,895 | 35,731 | |||
Earnings before income taxes | 1,082 | 58,428 | 1,390,826 | 130,260 | ||||
Income tax expense | (1,957 | ) | (3,864 | ) | (7,552 | ) | (13,961 | ) |
Net earnings | (875 | ) | 54,564 | 1,383,275 | 116,299 | |||
Allocation of net earnings: | ||||||||
Shareholders of the parent | (875 | ) | 54,564 | 1,385,868 | 116,299 | |||
Minority interest | — | — | (2,593 | ) | — | |||
Net earnings per share, allocated to the shareholders of the parent: | ||||||||
Basic net earnings | (0.01 | ) | 0.86 | 21.94 | 1.83 | |||
Diluted net earnings (1) | (0.01 | ) | 0.84 | 21.61 | 1.80 | |||
Weighted average number of shares used in | ||||||||
computing per share amounts (in thousand): | ||||||||
Basic | 63,171 | 63,658 | 63,171 | 63,592 | ||||
Diluted (1) | 63,171 | 64,840 | 64,144 | 64,748 | ||||
Outstanding shares: | 63,195 | 63,659 | 63,195 | 63,659 | ||||
(1) The calculation of diluted net earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings of the Company. Only instruments that have a dilutive effect on net earnings are included in the calculation. The assumed conversion results in adjustment in the weighted average number of common shares and net earnings due to the related impact on interest expense. The calculation is done for each reporting period individually. The possible increase of common shares caused by employee stock options for the three month ended September 30, 2014 with 1,182,223 common shares and for the nine month ended September 30, 2014 with 1,156,382 common shares, adjustments have been reflected in the diluted weighted average number of shares and net earnings per share for this period. | ||||||||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
December 31, | September 30, | |||
2013 | 2014 | |||
EUR thousand | (unaudited) | |||
Assets | ||||
Cash and cash equivalents | 312,437 | 409,585 | ||
Accounts receivable, net | 83,017 | 78,045 | ||
Inventories, net | 104,467 | 110,640 | ||
Income taxes receivable | 1,226 | 2,851 | ||
Deferred tax assets | 3,739 | 2,122 | ||
Other current assets | 12,521 | 17,615 | ||
Total current assets | 517,408 | 620,858 | ||
Debt issuance costs | 276 | 1,313 | ||
Deferred tax assets | 1,320 | 1,456 | ||
Other intangible assets | 5,637 | 3,746 | ||
Goodwill, net | 11,421 | 12,104 | ||
Investments | 278 | 278 | ||
Associates | 943,676 | 1,055,268 | ||
Other non current assets | 634 | 708 | ||
Assets held for sale | 738 | 760 | ||
Evaluation tools at customers | 13,332 | 14,548 | ||
Property, plant and equipment, net | 56,531 | 72,368 | ||
Total Assets | 1,551,249 | 1,783,407 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable | 44,837 | 53,118 | ||
Other current payables | 46,526 | 54,074 | ||
Income taxes payable | 10,087 | 12,723 | ||
Total current liabilities | 101,450 | 119,915 | ||
Pension liabilities | 2,514 | 2,632 | ||
Deferred tax liabilities | 35 | 38 | ||
Total Liabilities | 103,999 | 122,585 | ||
Total Shareholders' Equity | 1,447,249 | 1,660,822 | ||
Total Liabilities and Equity | 1,551,249 | 1,783,407 | ||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
Three months ended September 30, | Nine months ended September 30, | |||||||
2013 | 2014 | 2013 | 2014 | |||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||
Cash flows from operating activities: | ||||||||
Net earnings | (875 | ) | 54,564 | 1,383,275 | 116,299 | |||
Adjustments to reconcile net earnings to net cash from operating activities: | ||||||||
Depreciation and amortization | 5,075 | 5,336 | 23,615 | 15,387 | ||||
Other | 1,197 | (13,469 | ) | 4,011 | (10,251 | ) | ||
Result investments | 6,464 | (25,082 | ) | (1,371,895 | ) | (35,731 | ) | |
Income taxes | 700 | (1,570 | ) | 675 | 2,386 | |||
Changes in other assets and liabilities: | ||||||||
Inventories | 3,289 | (4,608 | ) | (27,813 | ) | 1,226 | ||
Accounts receivable | 19,741 | 561 | 12,669 | 10,053 | ||||
Accounts payable | (1,082 | ) | 3,528 | 4,761 | 4,748 | |||
Other current assets | (137 | ) | 3,144 | 7,229 | (833 | ) | ||
Net cash provided (used) by operating activities | 34,373 | 22,404 | 36,526 | 103,285 | ||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (2,026 | ) | (9,745 | ) | (8,970 | ) | (20,322 | ) |
Purchase of intangible assets | — | (6 | ) | (433 | ) | (187 | ) | |
Disposal of investments | — | — | 298,307 | — | ||||
Proceeds from sale of property, plant and equipment | 1,611 | 123 | 2,663 | 254 | ||||
Net cash used in investing activities | (414 | ) | (9,627 | ) | 291,568 | (20,255 | ) | |
Cash flows from financing activities: | ||||||||
Debt redemption, net | — | — | (21,908 | ) | — | |||
Debt issuance fees paid | — | (54 | ) | — | (1,416 | ) | ||
Proceeds from issuance of common shares | 211 | 151 | 1,236 | 3,044 | ||||
Proceeds from non consolidated investments | 5,551 | 12,524 | 10,277 | 19,974 | ||||
Dividend to shareholders ASMI | — | (4,128 | ) | (31,681 | ) | (31,828 | ) | |
Capital distribution | (269,667 | ) | — | (269,667 | ) | — | ||
Net cash provided (used) in financing activities | (263,906 | ) | 8,494 | (311,742 | ) | (10,226 | ) | |
Exchange rate effects | (1,884 | ) | 19,977 | (3,215 | ) | 24,344 | ||
Net increase (decrease) in cash and cash equivalents | (231,831 | ) | 41,248 | 13,137 | 97,148 | |||
Cash and cash equivalents at beginning of period | 535,442 | 368,337 | 290,475 | 312,437 | ||||
Cash and cash equivalents at end of period | 303,611 | 409,585 | 303,611 | 409,585 | ||||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
The Company organizes its activities in two operating segments, Front-end and Back-end. | ||||||
The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. The segment is a product driven organizational unit comprised of manufacturing, service, and sales operations in Europe, the United States, Japan and Southeast Asia. | ||||||
The Back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested. The segment is organized in ASM Pacific Technology Ltd., in which the Company held a majority interest until March 15, 2013. As per March 15, 2013 the Company holds a 40.08% share in ASMPT. Per the same date control on ASMPT ceased and the numbers are deconsolidated. The remaining shares are listed on the Stock Exchange of Hong Kong. The segment's main operations are located in Hong Kong, Singapore, the People's Republic of China, Malaysia and Germany. As per September 30, 2014 the interest in ASMPT amounts to 40%. | ||||||
Three months ended September 30, 2013 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | |||
Net sales to unaffiliated customers | 116,429 | — | 116,429 | |||
Gross profit | 45,551 | — | 45,551 | |||
Operating result | 11,555 | — | 11,555 | |||
Net interest expense | (303 | ) | — | (303 | ) | |
Foreign currency exchange losses | (3,705 | ) | — | (3,705 | ) | |
Result from investments | — | (6,464 | ) | (6,464 | ) | |
Income tax expense | (1,957 | ) | — | (1,957 | ) | |
Net earnings | 5,589 | (6,464 | ) | (875 | ) | |
Net earnings allocated to: | ||||||
Shareholders of the parent | (875 | ) | ||||
Minority interest | — | |||||
Capital expenditures and purchase of intangible assets | 2,026 | — | 2,026 | |||
Depreciation and amortization | 5,075 | — | 5,075 | |||
Three months ended September 30, 2014 | ||||||
Front-end | Back-end | Total | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
Net sales to unaffiliated customers | 122,201 | — | 122,201 | |||
Gross profit | 52,851 | — | 52,851 | |||
Operating result | 17,200 | — | 17,200 | |||
Net interest expense | (468 | ) | — | (468 | ) | |
Foreign currency exchange gains | 16,613 | — | 16,613 | |||
Result from investments | — | 25,082 | 25,082 | |||
Income tax expense | (3,864 | ) | — | (3,864 | ) | |
Net earnings | 29,482 | 25,082 | 54,564 | |||
Net earnings allocated to: | ||||||
Shareholders of the parent | 54,564 | |||||
Minority interest | — | |||||
Capital expenditures and purchase of intangible assets | 9,750 | — | 9,750 | |||
Depreciation and amortization | 5,336 | — | 5,336 | |||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
Nine months ended September 30, 2013 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited)-2- | (unaudited) | |||
Net sales to unaffiliated customers | 325,043 | 160,286 | 485,329 | |||
Gross profit | 126,227 | 38,390 | 164,617 | |||
Operating result | 28,889 | (4,287 | ) | 24,602 | ||
Net interest expense | (1,041 | ) | (312 | ) | (1,353 | ) |
Accretion of interest | — | (10 | ) | (10 | ) | |
Foreign currency exchange gains (losses) | (5,156 | ) | 847 | (4,308 | ) | |
Result from investments | — | 1,371,895 | 1,371,895 | |||
Income tax expense | (5,915 | ) | (1,637 | ) | (7,552 | ) |
Net earnings | 16,778 | 1,366,497 | 1,383,275 | |||
Net earnings allocated to: | ||||||
Shareholders of the parent | 1,385,868 | |||||
Minority interest | (2,593 | ) | ||||
Capital expenditures and purchase of intangible assets | 2,942 | 6,460 | 9,402 | |||
Depreciation and amortization | 15,023 | 8,591 | 23,615 | |||
Cash and cash equivalents | 303,611 | — | 303,611 | |||
Capitalized goodwill | 11,421 | — | 11,421 | |||
Other intangible assets | 6,569 | — | 6,569 | |||
Investments and Associates | 278 | 1,339,090 | 1,339,368 | |||
Other identifiable assets | 273,961 | — | 273,961 | |||
Total assets | 595,840 | 1,339,090 | 1,934,930 | |||
Headcount in full-time equivalents -1- | 1,503 | — | 1,503 | |||
1) Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | ||||||
2) Operational results and cash flow numbers relate to the period January 1, 2013 - March 15, 2013. | ||||||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
Nine months ended September 30, 2014 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | |||
Net sales to unaffiliated customers | 421,304 | — | 421,304 | |||
Gross profit | 181,508 | — | 181,508 | |||
Operating result | 77,109 | — | 77,109 | |||
Net interest expense | (855 | ) | — | (855 | ) | |
Foreign currency exchange gains | 18,274 | — | 18,274 | |||
Result from investments | — | 35,731 | 35,731 | |||
Income tax expense | (13,961 | ) | — | (13,961 | ) | |
Net earnings | 80,568 | 35,731 | 116,299 | |||
Net earnings allocated to: | ||||||
Shareholders of the parent | 116,299 | |||||
Minority interest | — | |||||
Capital expenditures and purchase of intangible assets | 20,509 | — | 20,509 | |||
Depreciation and amortization | 15,387 | — | 15,387 | |||
Cash and cash equivalents | 409,585 | — | 409,585 | |||
Capitalized goodwill | 12,104 | — | 12,104 | |||
Other intangible assets | 3,746 | — | 3,746 | |||
Investments & Associates | 278 | 1,055,268 | 1,055,546 | |||
Other identifiable assets | 302,426 | — | 302,426 | |||
Total assets | 728,139 | 1,055,268 | 1,783,407 | |||
Headcount in full-time equivalents ¹ | 1,614 | — | 1,614 | |||
1) Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | ||||||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
ASM INTERNATIONAL N.V. | ||||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
Basis of Presentation | ||||||||
ASM International N.V, ("ASMI") follows accounting principles generally accepted in the United States of America ("US GAAP"). | ||||||||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. | ||||||||
Principles of Consolidation | ||||||||
The Consolidated Financial Statements include the accounts of ASMI and its subsidiaries, where ASMI holds a controlling interest. The non-controlling interest of third parties is disclosed separately in the Consolidated Financial Statements. All intercompany profits, transactions and balances have been eliminated in consolidation. | ||||||||
Change in accounting policies | ||||||||
No significant changes in accounting policies incurred during the third quarter of 2014. |
Accounting principles under IFRS | ||||||||||||
ASMI’s primary consolidated financial statements are and will continue to be prepared in accordance with US GAAP. However, ASMI is required under Dutch law to report its Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”). As a result of the differences between IFRS and US GAAP that are applicable to ASMI, the Consolidated Statement of Operations and Consolidated Balance Sheet reported in accordance with IFRS differ from those reported in accordance with US GAAP. The major differences relate to development costs, goodwill, inventory obsolescence reserve, debt issuance fees and pension plans. | ||||||||||||
The reconciliation between IFRS and US GAAP is as follows: | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
Net earnings | 2013 | 2014 | 2013 | 2014 | ||||||||
EUR million, except per share date | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
US GAAP, net earnings allocated to common shares | (0.9 | ) | 54.6 | 1,385.9 | 116.3 | |||||||
Adjustments for IFRS: | ||||||||||||
Reversal inventory write downs | — | (0.4 | ) | 0.4 | (0.2 | ) | ||||||
GAAP differences investments | — | (0.2 | ) | 0.2 | 0.1 | |||||||
Goodwill | — | — | 9.5 | — | ||||||||
Development expenses | 0.3 | 0.9 | 1.3 | 0.1 | ||||||||
Debt issuance fees | 0.1 | 0.1 | 0.3 | (1.0 | ) | |||||||
Total adjustments | 0.4 | 0.4 | 11.7 | (1.0 | ) | |||||||
IFRS | (0.5 | ) | 54.9 | 1,397.6 | 115.3 | |||||||
IFRS allocation of net earnings for common shares: | ||||||||||||
Continued operations | (0.5 | ) | 54.9 | (10.1 | ) | 115.3 | ||||||
Discontinued operations 1) | — | — | 1,407.7 | — | ||||||||
1) Discontinued operations include the ASMI share in net earnings of ASMPT until March 15, 2013, net result on the sale of ASMI's 12% share and the remeasurement gain on the remaining ASMI share. | ||||||||||||
Net earnings per share, diluted: | ||||||||||||
Continued operations | € | (0.01 | ) | € | 0.85 | € | (0.16 | ) | € | 1.78 | ||
Discontinued operations | € | — | € | — | € | 21.95 | € | — | ||||
Total operations | € | (0.01 | ) | € | 0.85 | € | 21.79 | € | 1.78 | |||
Shareholders' equity | ||||||||||||
December 31, | September 30, | |||||||||||
2013 | 2014 | |||||||||||
EUR million | (unaudited) | |||||||||||
US GAAP | 1,447.2 | 1,660.8 | ||||||||||
Adjustments for IFRS: | ||||||||||||
Goodwill | (0.9 | ) | (0.9 | ) | ||||||||
Debt issuance fees | (0.3 | ) | (1.3 | ) | ||||||||
Reversal inventory write downs | 1.8 | 2.1 | ||||||||||
Development expenses | 47.5 | 50.6 | ||||||||||
GAAP differences investments | — | 0.1 | ||||||||||
Pension plans | 0.2 | 0.2 | ||||||||||
Total adjustments | 48.4 | 50.7 | ||||||||||
IFRS | 1,495.6 | 1,711.6 | ||||||||||
Amounts are rounded to the nearest million euro; therefore amounts may not equal (sub) totals due to rounding. |
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