We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 FIRST QUARTER 2015 RESULTS |
Dated: April 24, 2015 | 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 FIRST QUARTER 2015 RESULTS | X |
Quarter | ||||||
EUR million | Q1 2014 | Q4 2014 | Q1 2015 | |||
New orders | 172.1 | 154.4 | 158.3 | |||
Net sales | 150.7 | 124.3 | 162.0 | |||
Gross profit margin % | 43.7 | % | 43.0 | % | 43.3 | % |
Operating result | 32.5 | 13.4 | 28.5 | |||
Result from investments (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) | 5.7 | 8.9 | 13.4 | |||
Amortization intangible assets resulting from the sale of the 12% stake of ASMPT | (5.4 | ) | (6.0 | ) | (6.6 | ) |
Net earnings | 27.1 | 21.0 | 60.0 | |||
Normalized net earnings (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) | 32.5 | 27.0 | 66.6 |
• | Net sales for the first quarter 2015 were €162 million, an increase with 30% compared to the previous quarter. Year-on-year net sales increased with 7%. |
• | New orders at €158 million were 3% above the Q4 2014 level. |
• | Normalized net earnings for the first quarter 2015 increased by €40 million compared to the fourth quarter 2014, mainly due to a more than doubling of the operating result and a €20 million higher currency effect on cash held in foreign currencies, especially US dollar. The result from investments increased with €4 million. |
• | United States: +1 646 254 3363 |
• | International: + 44 (0)20 3427 1917 |
• | The Netherlands: + 31 (0)20 721 9158 |
• | Access Code: 5913769 |
EUR million | Q1 2014 | Q4 2014 | Q1 2015 | Change Q4 2014 to Q1 2015 | Change Q1 2014 to Q1 2015 | ||||||||||
New orders | 172.1 | 154.4 | 158.3 | 3 | % | (8 | )% | ||||||||
Backlog | 135.9 | 176.1 | 190.3 | 8 | % | 40 | % | ||||||||
Book-to-bill | 1.1 | 1.2 | 1.0 | ||||||||||||
Net sales | 150.7 | 124.3 | 162.0 | 30 | % | 7 | % | ||||||||
Gross profit | 65.9 | 53.5 | 70.1 | 31 | % | 6 | % | ||||||||
Gross profit margin % | 43.7 | % | 43.0 | % | 43.3 | % | |||||||||
Selling, general and administrative expenses | (19.2 | ) | (21.5 | ) | (21.3 | ) | (1 | )% | 11 | % | |||||
Research and development expenses | (14.1 | ) | (18.5 | ) | (20.4 | ) | 10 | % | 45 | % | |||||
Restructuring expenses | — | — | — | n/a | n/a | ||||||||||
Operating result | 32.5 | 13.4 | 28.5 | 15.1 | (4.0 | ) | |||||||||
Operating margin % | 21.6 | % | 10.8 | % | 17.6 | % | |||||||||
Financing costs | (1.3 | ) | 8.3 | 28.1 | 19.8 | 29.4 | |||||||||
Income tax | (4.4 | ) | (3.6 | ) | (3.3 | ) | 0.3 | 1.1 | |||||||
Result from investments (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) | 5.7 | 8.9 | 13.4 | 4.5 | 7.7 | ||||||||||
Amortization intangible assets resulting from the sale of the 12% stake of ASMPT | (5.4 | ) | (6.0 | ) | (6.6 | ) | (0.6 | ) | (1.2 | ) | |||||
Net earnings | 27.1 | 21.0 | 60.0 | 39.0 | 32.9 | ||||||||||
Normalized net earnings (excl. Amortization intangible assets resulting from the sale of the 12% stake of ASMPT) | 32.5 | 27.0 | 66.6 | 39.6 | 34.1 | ||||||||||
Net earnings per share, diluted | € | 0.42 | € | 0.33 | € | 0.94 | € | 0.61 | € | 0.52 | |||||
Normalized net earnings per share, diluted | € | 0.50 | € | 0.42 | € | 1.05 | € | 0.63 | € | 0.55 |
EUR million | Q1 2014 | Q4 2014 | Q1 2015 | Change Q4 2014 to Q1 2015 | Change Q1 2014 to Q1 2015 | |||||
Backlog at the beginning of the quarter | 114.8 | 146.9 | 176.1 | 20 | % | 53 | % | |||
New orders for the quarter | 172.1 | 154.4 | 158.3 | 3 | % | (8 | )% | |||
Net sales for the quarter | (150.7 | ) | (124.3 | ) | (162.0 | ) | 30 | % | 7 | % |
FX-effect for the quarter | (0.3 | ) | (0.9 | ) | 17.8 | |||||
Backlog at the end of the quarter | 135.9 | 176.1 | 190.3 | 8 | % | 40 | % | |||
Book-to-bill ratio (new orders divided by net sales) | 1.1 | 1.2 | 1.0 |
EUR million | Q1 2014 | Q4 2014 | Q1 2015 | |||
Net earnings | 32.5 | 27.0 | 66.6 | |||
Adjustments to cash from operating activities | ||||||
Depreciation and amortization | 5.1 | 5.8 | 5.9 | |||
Income tax | 2.0 | 3.4 | (1.0 | ) | ||
Result from investments | (5.7 | ) | (8.9 | ) | (13.4 | ) |
Other adjustments | 1.6 | (5.7 | ) | (21.3 | ) | |
Changes in other assets and liabilities | ||||||
Accounts receivable | 5.0 | (3.3 | ) | (4.8 | ) | |
Inventories | (7.3 | ) | (16.9 | ) | (7.7 | ) |
Accounts payable | 16.0 | 8.0 | 9.3 | |||
Other assets and liabilities | 13.4 | (2.4 | ) | 2.9 | ||
Net cash provided (used) by operating activities | 62.6 | 7.1 | 36.3 | |||
Capital expenditures | (4.0 | ) | (10.2 | ) | (7.7 | ) |
Other | — | (1.3 | ) | (0.4 | ) | |
Net cash provided (used) in investing activities | (4.0 | ) | (11.5 | ) | (8.2 | ) |
Debt issuance fees paid | (0.1 | ) | — | — | ||
Share buy back | — | (29.3 | ) | (30.6 | ) | |
Shares issued | 0.8 | 1.7 | 6.2 | |||
Net cash provided (used) in financing activities | 0.7 | (27.6 | ) | (24.5 | ) | |
Net cash (used) provided | 59.3 | (32.0 | ) | 3.7 |
EUR million | December 31, 2014 | March 31, 2015 | ||
Cash and cash equivalents | 385.8 | 422.8 | ||
Accounts receivable | 82.0 | 95.0 | ||
Inventories | 123.5 | 142.4 | ||
Other current assets | 26.8 | 32.3 | ||
Total current assets | 618.0 | 692.5 | ||
Investments and associates | 1,092.1 | 1,227.3 | ||
Property, plant and equipment | 79.2 | 90.9 | ||
Goodwill | 12.1 | 13.1 | ||
Other non-current assets | 25.5 | 29.9 | ||
Total non-current assets | 1,208.9 | 1,361.2 | ||
Total assets | 1,826.9 | 2,053.7 | ||
Accounts payable | 61.1 | 76.7 | ||
Other current liabilities | 73.9 | 80.9 | ||
Total current liabilities | 134.9 | 157.6 | ||
Pension liabilities | 1.8 | 1.8 | ||
Total non-current liabilities | 1.8 | 1.8 | ||
Shareholders' equity | 1,690.2 | 1,894.3 | ||
Total liabilities and shareholders' equity | 1,826.9 | 2,053.7 |
Three months ended March 31, | ||||
2014 | 2015 | |||
EUR thousand, except earnings per share | (unaudited) | (unaudited) | ||
Net sales | 150,725 | 161,987 | ||
Cost of sales | (84,865 | ) | (91,839 | ) |
Gross profit | 65,860 | 70,149 | ||
Operating expenses: | ||||
Selling, general and administrative | (19,185 | ) | (21,282 | ) |
Research and development | (14,147 | ) | (20,392 | ) |
Restructuring expenses | (25 | ) | — | |
Total operating expenses | (33,358 | ) | (41,674 | ) |
Operating result | 32,502 | 28,475 | ||
Net interest expense | (413 | ) | (346 | ) |
Foreign currency exchange gains (losses) | (855 | ) | 28,416 | |
Result from investments | 311 | 6,786 | ||
Earnings before income taxes | 31,545 | 63,330 | ||
Income tax expense | (4,408 | ) | (3,342 | ) |
Net earnings | 27,137 | 59,988 | ||
Net earnings per share: | ||||
Basic net earnings | 0.43 | 0.96 | ||
Diluted net earnings (1) | 0.42 | 0.94 | ||
Weighted average number of shares used in | ||||
computing per share amounts (in thousand): | ||||
Basic | 63,500 | 62,704 | ||
Diluted (1) | 64,320 | 63,574 | ||
Outstanding shares: | 63,544 | 62,607 | ||
(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 March 31, 2015 with 870,027 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, | March 31, | |||
2014 | 2015 | |||
EUR thousand | (unaudited) | |||
Assets | ||||
Cash and cash equivalents | 385,777 | 422,811 | ||
Accounts receivable, net | 81,971 | 94,950 | ||
Inventories, net | 123,463 | 142,389 | ||
Income taxes receivable | 2,868 | 2,495 | ||
Deferred tax assets | 1,558 | 1,679 | ||
Other current assets | 21,647 | 27,374 | ||
Total current assets | 617,284 | 691,698 | ||
Deferred tax assets | 1,809 | 2,154 | ||
Other intangible assets | 3,960 | 4,412 | ||
Goodwill, net | 12,104 | 13,129 | ||
Investments and associates | 1,092,097 | 1,227,259 | ||
Other non current assets | 2,677 | 2,736 | ||
Evaluation tools at customers | 17,767 | 21,391 | ||
Property, plant and equipment, net | 79,236 | 90,931 | ||
Total Assets | 1,826,932 | 2,053,711 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable | 61,053 | 76,698 | ||
Other current payables | 57,903 | 65,533 | ||
Income taxes payable | 15,952 | 15,349 | ||
Total current liabilities | 134,908 | 157,580 | ||
Pension liabilities | 1,825 | 1,837 | ||
Total Liabilities | 136,732 | 159,417 | ||
Total Shareholders' Equity | 1,690,200 | 1,894,294 | ||
Total Liabilities and Equity | 1,826,932 | 2,053,711 | ||
Amounts are rounded to the nearest thousand euro; therefore amounts may not equal (sub) totals due to rounding. |
Three months ended March 31, | ||||
2014 | 2015 | |||
EUR thousand | (unaudited) | (unaudited) | ||
Cash flows from operating activities: | ||||
Net earnings | 27,137 | 59,988 | ||
Adjustments to reconcile net earnings to net cash from operating activities: | ||||
Depreciation and amortization | 5,089 | 5,861 | ||
Other adjustments | 1,610 | (21,338 | ) | |
Associates | (311 | ) | (6,786 | ) |
Income taxes | 2,011 | (1,045 | ) | |
Changes in other assets and liabilities: | ||||
Accounts receivable | 4,975 | (4,807 | ) | |
Inventories | (7,280 | ) | (7,739 | ) |
Accounts payable | 15,956 | 9,338 | ||
Other assets and liabilities | 13,369 | 2,856 | ||
Net cash provided (used) by operating activities | 62,556 | 36,328 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (3,952 | ) | (7,725 | ) |
Purchase of intangible assets | — | (445 | ) | |
Net cash used in investing activities | (3,952 | ) | (8,170 | ) |
Cash flows from financing activities: | ||||
Debt issuance fees paid | (58 | ) | — | |
Purchase of treasury shares | — | (30,647 | ) | |
Proceeds from issuance of common shares | 777 | 6,172 | ||
Net cash provided (used) in financing activities | 718 | (24,475 | ) | |
Exchange rate effects | (976 | ) | 33,351 | |
Net increase (decrease) in cash and cash equivalents | 58,346 | 37,034 | ||
Cash and cash equivalents at beginning of period | 312,437 | 385,777 | ||
Cash and cash equivalents at end of period | 370,784 | 422,811 | ||
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, Korea, Singapore and other countries in 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 approximately 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 March 31, 2015 the interest in ASMPT amounts to 39.75%. | ||||||
Three months ended March 31, 2014 | ||||||
Front-end | Back-end | Total | ||||
EUR thousand | (unaudited) | (unaudited) | (unaudited) | |||
Net sales to unaffiliated customers | 150,725 | — | 150,725 | |||
Gross profit | 65,860 | — | 65,860 | |||
Operating result | 32,502 | — | 32,502 | |||
Net interest expense | (413 | ) | — | (413 | ) | |
Foreign currency exchange losses | (855 | ) | — | (855 | ) | |
Result from investments | — | 311 | 311 | |||
Income tax expense | (4,408 | ) | — | (4,408 | ) | |
Net earnings | 26,826 | 311 | 27,137 | |||
Capital expenditures and purchase of intangible assets | 3,952 | — | 3,952 | |||
Depreciation and amortization | 5,089 | — | 5,089 | |||
Cash and cash equivalents | 370,784 | — | 370,784 | |||
Capitalized goodwill | 11,307 | — | 11,307 | |||
Other intangible assets | 4,398 | — | 4,398 | |||
Investments & Associates | 278 | 952,791 | 953,069 | |||
Other identifiable assets | 281,836 | — | 281,836 | |||
Total assets | 668,603 | 952,791 | 1,621,394 | |||
Headcount in full-time equivalents -1- | 1,516 | — | 1,516 | |||
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. | ||||||
Three months ended March 31, 2015 | ||||||
Front-end | Back-end | Total | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
Net sales to unaffiliated customers | 161,987 | — | 161,987 | |||
Gross profit | 70,149 | — | 70,149 | |||
Operating result | 28,475 | — | 28,475 | |||
Net interest expense | (346 | ) | — | (346 | ) | |
Foreign currency exchange gains | 28,416 | — | 28,416 | |||
Result from investments | — | 6,786 | 6,786 | |||
Income tax expense | (3,342 | ) | — | (3,342 | ) | |
Net earnings | 53,202 | 6,786 | 59,988 | |||
Capital expenditures and purchase of intangible assets | 8,170 | — | 8,170 | |||
Depreciation and amortization | 5,861 | — | 5,861 | |||
Cash and cash equivalents | 422,811 | — | 422,811 | |||
Capitalized goodwill | 13,129 | — | 13,129 | |||
Other intangible assets | 4,412 | — | 4,412 | |||
Investments & Associates | 0 | 1,227,259 | 1,227,259 | |||
Other identifiable assets | 386,099 | — | 386,099 | |||
Total assets | 826,452 | 1,227,259 | 2,053,711 | |||
Headcount in full-time equivalents -1- | 1,659 | — | 1,659 | |||
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 first quarter of 2015. |
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 March 31, | ||||
Net earnings | 2014 | 2015 | ||
EUR million, except per share date | (unaudited) | (unaudited) | ||
US GAAP | 27.1 | 60.0 | ||
Adjustments for IFRS: | ||||
Reversal inventory write downs | 0.2 | (0.3 | ) | |
GAAP differences investments | 0.1 | (0.4 | ) | |
Goodwill | — | — | ||
Development expenses | 0.8 | 2.4 | ||
Debt issuance fees | 0.1 | 0.1 | ||
Total adjustments | 1.1 | 1.8 | ||
IFRS | 28.3 | 61.8 | ||
Net earnings per share, diluted: | €0.44 | €0.97 | ||
Shareholders' equity | ||||
December 31, | March 31, | |||
2014 | 2015 | |||
EUR million | (unaudited) | |||
US GAAP | 1,690.2 | 1,894.3 | ||
Adjustments for IFRS: | ||||
Goodwill | (0.9 | ) | (0.9 | ) |
Debt issuance fees | (1.2 | ) | (1.2 | ) |
Reversal inventory write downs | 2.3 | 2.3 | ||
Development expenses | 51.4 | 59.6 | ||
GAAP differences investments | 0.9 | 0.4 | ||
Pension plans | 0.3 | 0.3 | ||
Total adjustments | 52.7 | 60.4 | ||
IFRS | 1,742.9 | 1,954.7 | ||
Amounts are rounded to the nearest million euro; therefore amounts may not equal (sub) totals due to rounding. |
1 Year Asm Chart |
1 Month Asm Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions