BE Semiconductor Industries N.V. (the “Company” or “Besi”)
(Euronext Amsterdam: BESI; OTC markets: BESIY), 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, 2022.
Key Highlights Q2-22
- Revenue of € 214.0 million rose
5.7% vs. Q1-22 due primarily to increased shipments for high-end
mobile applications. Down 5.4% vs. Q2-21 due to lower demand for
high-end smartphones and from Chinese subcontractors partially
offset by strength in automotive and computing applications
- Orders of € 153.1 million down
25.2% vs. Q1-22 principally as a result of lower orders for
high-end mobile and high performance computing applications and by
Asian subcontractors partially offset by continued strength for
automotive end-user markets. Down 23.5% vs. Q2-21 primarily due to
lower bookings by Chinese subcontractors and, to a lesser extent,
decreased orders for high performance computing applications
- Gross margin of 61.0% grew 0.9
points vs. Q1-22 due to favorable forex influences and more
favorable product mix. Down 1.1 points vs. Q2-21
- Net income of € 75.6 million rose
12.0% vs. Q1-22 while net margins increased to 35.4% vs. 33.4% due
to higher revenue and gross margins and lower than anticipated
expense development. Vs. Q2-21, net income declined 19.1% due to
lower revenue and gross margins combined with higher R&D
spending
Key Highlights H1-22
- Revenue of € 416.4 million rose
12.8% vs. H1-21 reflecting strong demand for Besi’s computing and
automotive end-user markets. Growth partially offset by reduced
demand for high-end smartphones as well as lower shipments for
mobile handsets and mainstream electronics by Chinese
subcontractors
- Orders of € 357.9 million declined
32.1% vs. H1-21 due to less favorable market conditions, lower
orders for high-end smartphones post new introductions in 2021 and
decreased demand from Chinese subcontractors
- Gross margin of 60.5% equal to
H1-21
- Net income of € 143.2 million
increased € 12.1 million, or 9.2%, vs. H1-21 primarily due to
higher revenue levels despite 46.8% increase in R&D
spending
- Net cash grew 37.4% vs. Q2-21 to
reach € 284.0 million. Total cash of € 601.6 million at end of
Q2-22
- Current € 185 million share
repurchase program to be completed by July 31, 2022. New € 300
million program to begin August 1, 2022, representing approximately
7.5% of shares outstanding
Outlook
- Q3-22 revenue estimated to decrease
by approximately 20-30% vs. Q2-22 reflecting weaker market
conditions and seasonal trends. Gross margin anticipated to remain
between 60-62%
(€
millions, except EPS) |
Q2-2022 |
Q1-2022 |
Δ |
Q2-2021 |
Δ |
H1-2022 |
H1-2021 |
Δ |
Revenue |
214.0 |
202.4 |
+5.7 |
% |
226.1 |
-5.4 |
% |
416.4 |
369.3 |
+12.8 |
% |
Orders |
153.1 |
204.8 |
-25.2 |
% |
200.2 |
-23.5 |
% |
357.9 |
527.3 |
-32.1 |
% |
Operating
Income |
92.5 |
81.7 |
+13.2 |
% |
106.7 |
-13.3 |
% |
174.2 |
155.0 |
+12.4 |
% |
EBITDA |
98.0 |
87.2 |
+12.4 |
% |
110.9 |
-11.6 |
% |
185.2 |
163.5 |
+13.3 |
% |
Net
Income |
75.6 |
67.5 |
+12.0 |
% |
93.5 |
-19.1 |
% |
143.2 |
131.1 |
+9.2 |
% |
EPS
(basic) |
0.94 |
0.87 |
+8.0 |
% |
1.23 |
-23.6 |
% |
1.81 |
1.76 |
+2.8 |
% |
EPS
(diluted) |
0.90 |
0.81 |
+11.1 |
% |
1.12 |
-19.6 |
% |
1.71 |
1.58 |
+8.2 |
% |
Net Cash and
Deposits |
284.0* |
407.0 |
-30.2 |
% |
206.7* |
+37.4 |
% |
284.0 |
206.7 |
+37.4 |
% |
*Reflects cash dividend payments of € 269.5
million and € 129.4 million in Q2-22 and Q2-21, respectively.
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented: “Besi reported solid
first half year results with revenue and net income of € 416.4
million and € 143.2 million increasing by 12.8% and 9.2%,
respectively, versus H1-21. Revenue development this first half
year was influenced by a number of important market trends. On the
positive side, it reflected ongoing strength for Besi’s computing
and automotive end-user markets continuing favorable trends from
H2-21. Such strength was partially offset by reduced demand for
high-end smartphones following a large capacity build in 2021. It
also reflected a 31.4% decrease in revenue from Chinese customers
primarily associated with reduced shipments to subcontractors for
mobile handsets and mainstream electronics applications due to
overcapacity and Covid-19 related lockdowns. Net income growth in
H1-22 benefitted from higher revenue levels, stable gross margins
of 60.5% and cost control efforts which enabled us to keep
operating expense margins relatively flat despite funding a 46.8%
increase in R&D spending associated with new wafer level
product development.
Our liquidity position continued to improve at
June 30, 2022 with net cash of € 284.0 million and total cash and
deposits of € 601.6 million increasing 37.4% and 17.6%,
respectively, versus June 30, 2021. Such increases occurred despite
the distribution of € 305.7 million to shareholders in H1-22 in the
form of dividends and share repurchases. Given continued strong
cash flow generation and current market conditions, we intend to
complete the current € 185 million share repurchase program by July
31, 2022. Beginning August 1, 2022, we intend to initiate a new €
300 million program representing approximately 7.5% of current
shares outstanding with a completion date of October 2023.
Repurchases under this new program will help reduce dilution
related to Besi’s Convertible Notes outstanding and issuances under
employee stock plans.
For the quarter, Besi’s revenue of € 214.0
million and net income of € 75.6 million grew by 5.7% and 12.0%,
respectively, versus Q1-22. Sequential revenue and profit growth
were primarily due to increased shipments for high-end smartphones,
an increase of gross margins to 61.0% due to a more favorable
product mix, a stronger dollar and a 5.0% reduction in operating
expenses. However, orders of € 153.1 million decreased by 25.2%
versus Q1-22 as industry conditions weakened, global GDP growth
rates decelerated and customer caution increased. In particular,
they reflected lower bookings for high-end mobile and high
performance computing applications as well as lower orders by Asian
subcontractors partially offset by continued strength in demand for
automotive end-user markets. Of note, we received three orders for
Besi’s new embedded bridge die attach system in H1-22 reflecting
progress in the build out of our wafer level assembly portfolio. In
addition, Besi’s backlog of € 275 million at June 30, 2022 remained
at higher than typical levels reflecting ongoing supply chain
issues, selective pre ordering by customers and, to a lesser
extent, pushouts by some Asian subcontractors given changing market
conditions.
Whether current market softness is a
temporary pause or more prolonged in duration is difficult to
tell at present given the many conflicting economic,
geopolitical and industry cross currents. For Q3-22, we estimate
that revenue will decrease by 20-30% versus Q2-22 reflecting
current market conditions and seasonal trends. However, Besi’s
gross margin is expected to remain in the 60-62% range due to the
flexibility of our production model and timely operational actions
taken. In this regard, we reduced temporary production headcount
approximately 16% in the latter half of the quarter to better align
production with order trends. Further, operating expenses are
anticipated to decrease by 10-15% versus Q2-22 principally related
to lower revenue levels.
We are accelerating investment in Besi’s future,
particularly for our hybrid bonding and wafer level assembly
portfolio as the long-term drivers of our business remain intact
and sub 10 nanometer device innovation continues apace. As such, we
are deploying greater resources to meet hybrid bonding goals,
introducing new wafer level assembly systems, adding development
and support personnel and taking occupancy of a new 125,000 square
foot leased facility in Malaysia in Q3-22 which should lessen
capacity constraints for our most advanced systems.”
Second Quarter Results of
Operations
€ millions |
Q2-2022 |
Q1-2022 |
Δ |
|
Q2-2021 |
Δ |
|
Revenue |
214.0 |
202.4 |
+5.7% |
|
226.1 |
-5.4% |
|
Orders |
153.1 |
204.8 |
-25.2% |
|
200.2 |
-23.5% |
|
Book to Bill Ratio |
0.7x |
1.0x |
-0.3 |
|
0.9 |
-0.2 |
|
Q2-22 revenue of € 214.0 million increased 5.7%
versus Q1-22 primarily due to increased shipments for high-end
mobile applications. Versus Q2-21, revenue decreased by 5.4% as a
result of significantly lower demand for high-end smartphones post
new product introductions in 2021 as well as lower demand for
Chinese handset and mainstream electronics applications due to
overcapacity and Covid-19 related lockdowns. This decrease was
partially offset by strong revenue growth for both Besi’s computing
and automotive end-user markets including shipments of hybrid
bonding systems to multiple customers.
Orders of € 153.1 million decreased 25.2% versus
Q1-22 due primarily to lower orders for high-end mobile and high
performance computing applications as well as lower orders by Asian
subcontractors partially offset by continued strength in demand for
automotive end-user markets. Versus Q2-21, orders decreased by
23.5% primarily due to significantly lower demand by Chinese
subcontractors and, to a lesser extent, decreased orders for high
performance computing applications. Per customer type, IDM orders
decreased € 10.3 million, or 10.6%, versus Q1-22 and represented
57% of total orders for the period. Subcontractor orders decreased
by € 41.4 million, or 38.4%, versus Q1-22 and represented 43% of
total orders.
€ millions |
Q2-2022 |
|
Q1-2022 |
|
Δ |
|
Q2-2021 |
|
Δ |
|
Gross Margin |
61.0% |
|
60.1% |
|
+0.9 |
|
62.1% |
|
-1.1 |
|
Operating Expenses |
37.9 |
|
39.9 |
|
-5.0% |
|
33.6 |
|
+12.8% |
|
Financial Expense/(Income), net |
5.8 |
|
3.7 |
|
+56.8% |
|
2.8 |
|
+107.1% |
|
EBITDA |
98.0 |
|
87.2 |
|
+12.4% |
|
110.9 |
|
-11.6% |
|
Besi’s gross margin increased to 61.0% in Q2-22,
an increase of 0.9 points versus Q1-22 primarily due to forex
benefits from an increase in the USD versus the euro and a more
favorable product mix. Gross margin decreased by 1.1 points as
compared to Q2-21 due to a less favorable product mix.
Q2-22 operating expenses declined by € 2.0
million, or 5.0%, versus Q1-22 principally due to a € 5.0 million
reduction in share-based compensation expense partially offset by
increased variable sales related, travel and R&D personnel
costs. Operating expenses increased by € 4.3 million, or 12.8%
versus Q2-21 primarily due to increased R&D spending for next
generation wafer level assembly systems. As a percentage of
revenue, operating expenses were 17.7% in Q2-22 versus 19.7% in
Q1-22 and 14.9% in Q2-21.
Q2-22 financial expense, net increased by € 2.1
million versus Q1-22 due to increased interest expense from the
issuance of € 175 million of 1.875% Convertible Notes due 2029 in
March 2022, increased hedging expenses and negative forex
effects.
€ millions |
Q2-2022 |
|
Q1-2022 |
|
Δ |
|
Q2-2021 |
|
Δ |
|
Net Income |
75.6 |
|
67.5 |
|
+12.0% |
|
93.5 |
|
-19.1% |
|
Net Margin |
35.4% |
|
33.4% |
|
+2.0 |
|
41.3% |
|
-5.9 |
|
Tax Rate |
12.7% |
|
13.4% |
|
-0.7 |
|
10.0% |
|
+2.7 |
|
Besi’s net income increased 12.0% versus Q1-22
primarily due to increased revenue and gross margins combined with
a 5.0% reduction in sequential operating expenses. As a result,
Besi’s net margin increased to 35.4% versus 33.4%. As compared to
Q2-21, Besi’s net income decreased by 19.1% principally as a result
of decreased revenue and gross margin levels combined with higher
development spending in support of wafer level assembly programs
and a higher effective tax rate.
Half Year Results of
Operations
€ millions |
H1-2022 |
|
H1-2021 |
|
Δ |
|
Revenue |
416.4 |
|
369.3 |
|
+12.8% |
|
Orders |
357.9 |
|
527.3 |
|
-32.1% |
|
Gross Margin |
60.5% |
|
60.5% |
|
- |
|
Operating Income |
174.2 |
|
155.0 |
|
+12.4% |
|
Net Income |
143.2 |
|
131.1 |
|
+9.2% |
|
Net Margin |
34.4% |
|
35.5% |
|
-1.1 |
|
Tax Rate |
13.1% |
|
11.3% |
|
+1.8 |
|
H1-22 revenue of € 416.4 million rose 12.8%
reflecting strong demand for Besi’s computing and automotive
end-user markets including increased shipments of hybrid bonding
systems. Growth was partially offset by significantly decreased
demand for high-end smartphones, decreased shipments for mobile
handsets and mainstream electronics applications to Chinese
subcontractors and some pushouts of system deliveries due to
softening industry conditions. Of note, revenue from Chinese
customers decreased by € 42.1 million, or 31.4%, year-over-year and
decreased as a percentage of revenue from 36.3% in H1-21 to 22.1%
in H1-22.
Orders of € 357.9 million decreased by 32.1%
versus H1-21 due to less favorable market conditions post the
significant assembly capacity build over the past two years. In
particular, the decrease reflected lower orders for high-end
smartphones post new product introductions in 2021 and decreased
demand from Chinese subcontractors. IDM and subcontractor orders
represented 51% and 49%, respectively, of H1-22 orders versus 46%
and 54%, respectively, in H1-21.
Besi’s H1-22 net income of € 143.2 million grew
by € 12.1 million, or 9.2%, versus H1-21 due primarily to higher
revenue levels. Operating and net margins were roughly equal in
each respective period as we successfully controlled overhead
growth while increasing development spending by 46.8% in support of
wafer level R&D programs.
Financial Condition
€
millions |
Q22022 |
Q12022 |
Δ |
|
Q22021 |
Δ |
|
H12022 |
H12021 |
Δ |
|
Total Cash and Deposits |
601.6 |
696.6 |
-13.6% |
|
511.4 |
+17.6% |
|
601.6 |
511.4 |
+17.6% |
|
Net Cash and Deposits |
284.0 |
407.0 |
-30.2% |
|
206.7 |
+37.4% |
|
284.0 |
206.7 |
+37.4% |
|
Cash flow from Ops. |
27.6 |
45.0 |
-38.7% |
|
51.2 |
-46.1% |
|
72.5 |
77.4 |
-6.3% |
|
At the end of Q2-22, Besi had a strong liquidity
position with total cash and deposits aggregating € 601.6 million,
an increase of 17.6% versus Q2-21. Versus Q1-22, total cash and
deposits decreased by € 95.0 million versus Q1-22 due
primarily to (i) the payment of € 269.5 million in cash dividends
to shareholders, (ii) € 22.2 million of share repurchases and (iii)
€ 5.2 million of capitalized development spending which was
partially offset by (i) € 172.2 million net proceeds received from
the issuance of Besi’s 1.875% Convertible Notes due 2029 and (ii)
cash flow from operations of € 27.6 million. Net cash of
€ 284.0 million at quarter end increased by € 77.3 million, or
37.4%, versus June 30, 2021.
During Q2-22, € 125.6 million of Besi’s 0.50%
Convertible Notes due 2024 were converted into shares. As a result,
total shares outstanding increased to approximately 80.6 million at
quarter end, net of treasury shares held. At June 30, 2022, the
total principal amount of Besi’s Convertible Notes was € 359.9
million.
Share Repurchase Activity
During the quarter, Besi repurchased 401,806 of its ordinary shares
at an average price of € 55.04 per share for a total of € 22.2
million. Cumulatively, as of June 30, 2022, approximately 4.8
million shares have been purchased under the current € 185 million
share repurchase program at an average price of € 35.38 per
share for a total of € 171.0 million. As of such date, Besi
held approximately 550,000 shares in treasury, equal to 0.7% of its
shares outstanding. Besi intends to fully complete the current
program by July 31, 2022.
New € 300 Million Share
Repurchase ProgramA new € 300 million share repurchase
program will be initiated effective August 1, 2022. The program is
aimed at general capital reduction purposes and to help offset
dilution related to Besi’s Convertible Notes and shares issued
under employee stock plans. It will be funded using Besi’s
available cash resources, is expected to be completed by October
2023 and will represent approximately 7.5% of Besi’s outstanding
shares based on Besi’s closing share price on July 20, 2022. At
present, Besi has authority until October 29, 2023 to purchase up
to 10% of its shares issued, or 8.1 million shares.
The new 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. The program will be managed
by an independent brokerage firm. All purchases will be executed
through Euronext Amsterdam and Multilateral Trading Facilities as
defined by the Directive 2014/65/EU of the European Parliament and
of the Council of May 15, 2014 on markets in financial instruments
and subject to the rules of the relevant Exchange.
Outlook
Based on its June 30, 2022 order backlog and
feedback from customers, Besi forecasts for Q3-22 that:
- Revenue will decrease by
approximately 20-30% vs. the € 214.0 million reported in Q2-22
reflecting current market conditions and seasonal trends
- Gross margin will range between
60-62% vs. the 61.0% realized in Q2-22
- Operating expenses will decrease by
10-15% vs. the € 37.9 million reported in Q2-22
Investor and media conference callA conference
call and webcast for investors and media will be held today at 4:00
pm CET (10:00 am EDT). To register for the conference call and/or
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 2021 Annual Report, which is
available on www.besi.com.
About Besi
Besi 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) and its headquarters are located in Duiven, the Netherlands.
For more information, please visit our website at www.besi.com.
Contacts:Richard W. Blickman,
President & CEOHetwig van Kerkhof, SVP FinanceLeon Verweijen,
VP FinanceClaudia Vissers, Executive Secretary/IR coordinatorEdmond
Franco, VP Corporate Development/US IR coordinatorTel. (31) 26 319
4500investor.relations@besi.com
Caution Concerning Forward Looking Statements
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, 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, global supply chains 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; consolidation activity and industry alliances in the
semiconductor industry that may result in further increased
customer concentration, 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,
conflict minerals 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 where we have a
substantial portion of our production facilities; our ability to
mitigate the dislocations caused by the flood at one of our
Malaysian production facilities, potential instability in foreign
capital markets; the risk of failure to successfully manage our
diverse operations; any inability to attract and retain skilled
personnel, including as a result of restrictions on immigration,
travel or the availability of visas for skilled technology workers
as a result of the COVID-19 pandemic; those additional risk factors
set forth in Besi's annual report for the year ended December
31, 2021 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
(€
thousands, except share and per share data) |
Three Months EndedJune
30,(unaudited) |
Six Months EndedJune
30,(unaudited) |
|
2022 |
2021 |
2022 |
2021 |
|
|
|
|
|
Revenue |
213,958 |
226,056 |
416,365 |
369,259 |
Cost of sales |
83,549 |
85,750 |
164,307 |
145,674 |
|
|
|
|
|
Gross profit |
130,409 |
140,306 |
252,058 |
223,585 |
|
|
|
|
|
Selling, general and
administrative expenses |
24,600 |
24,225 |
51,913 |
50,891 |
Research and development
expenses |
13,316 |
9,410 |
25,938 |
17,668 |
|
|
|
|
|
Total operating expenses |
37,916 |
33,635 |
77,851 |
68,559 |
|
|
|
|
|
Operating income |
92,493 |
106,671 |
174,207 |
155,026 |
|
|
|
|
|
Financial expense, net |
5,809 |
2,842 |
9,525 |
7,319 |
|
|
|
|
|
Income before taxes |
86,684 |
103,829 |
164,682 |
147,707 |
|
|
|
|
|
Income tax expense |
11,041 |
10,369 |
21,501 |
16,640 |
|
|
|
|
|
Net
income |
75,643 |
93,460 |
143,181 |
131,067 |
|
|
|
|
|
Net income per share – basic |
0.94 |
1.23 |
1.81 |
1.76 |
Net income per share –
diluted |
0.90 |
1.12 |
1.71 |
1.58 |
Number of shares used in
computing per share amounts:- basic- diluted 1 |
80,070,83586,385,229 |
75,802,63085,430,297 |
78,981,05685,745,051 |
74,540,69285,439,676 |
Consolidated Balance Sheets
(€ thousands) |
June 30,2022(unaudited) |
March 31,2022(unaudited) |
December 31,2021(audited) |
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
376,581 |
489,700 |
451,395 |
Deposits |
200,000 |
181,920 |
195,789 |
Trade receivables |
243,713 |
215,693 |
174,942 |
Inventories |
102,549 |
103,738 |
94,399 |
Other current assets |
23,348 |
18,390 |
19,623 |
|
|
|
|
Total current
assets |
946,191 |
1,009,441 |
936,148 |
|
|
|
|
|
|
|
|
Property, plant and
equipment |
29,815 |
29,573 |
29,884 |
Right of use assets |
18,299 |
9,872 |
10,606 |
Goodwill |
46,012 |
45,358 |
45,170 |
Other intangible assets |
76,141 |
71,963 |
68,746 |
Deferred tax assets |
23,407 |
25,475 |
27,436 |
Deposits |
25,000 |
25,000 |
25,000 |
Other non-current assets |
1,076 |
1,023 |
1,051 |
|
|
|
|
Total non-current
assets |
219,750 |
208,264 |
207,893 |
|
|
|
|
Total assets |
1,165,941 |
1,217,705 |
1,144,041 |
|
|
|
|
|
|
|
|
|
Trade payables |
68,819 |
79,398 |
74,711 |
Other current liabilities |
100,628 |
119,341 |
112,867 |
|
|
|
|
Total current
liabilities |
169,447 |
198,739 |
187,578 |
|
|
|
|
Long-term debt |
317,595 |
289,614 |
301,802 |
Lease liabilities |
14,564 |
6,464 |
7,198 |
Deferred tax liabilities |
15,719 |
10,154 |
10,970 |
Other non-current
liabilities |
14,924 |
17,839 |
17,219 |
|
|
|
|
Total non-current
liabilities |
362,802 |
324,071 |
337,189 |
|
|
|
|
Total
equity |
633,692 |
694,895 |
619,274 |
|
|
|
|
Total liabilities and equity |
1,165,941 |
1,217,705 |
1,144,041 |
Consolidated Cash Flow
Statements
(€
thousands) |
Three Months EndedJune
30,(unaudited) |
Six Months EndedJune
30,(unaudited) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Income before income tax |
86,684 |
|
103,829 |
|
164,682 |
|
147,707 |
|
|
|
|
|
|
Depreciation and
amortization |
5,523 |
|
4,223 |
|
10,988 |
|
8,432 |
|
Share-based payment expense |
3,622 |
|
3,603 |
|
12,239 |
|
13,397 |
|
Financial expense, net |
5,809 |
|
2,842 |
|
9,525 |
|
7,319 |
|
|
|
|
|
|
Changes in working capital |
(49,250 |
) |
(51,330 |
) |
(91,751 |
) |
(86,897 |
) |
Income tax paid |
(23,910 |
) |
(10,120 |
) |
(31,182 |
) |
(10,421 |
) |
Interest paid |
(907 |
) |
(1,844 |
) |
(1,964 |
) |
(2,106 |
) |
|
|
|
|
|
Net cash provided by operating
activities |
27,571 |
|
51,203 |
|
72,537 |
|
77,431 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Capital expenditures |
(784 |
) |
(1,477 |
) |
(2,007 |
) |
(2,865 |
) |
Proceeds from sale of
property |
- |
|
- |
|
- |
|
54 |
|
Capitalized development
expenses |
(5,236 |
) |
(4,875 |
) |
(10,890 |
) |
(10,780 |
) |
Repayments of (investments in)
deposits |
(14,575 |
) |
45,723 |
|
(289 |
) |
9,953 |
|
|
|
|
|
|
Net cash provided by (used in)
investing activities |
(20,595 |
) |
39,371 |
|
(13,186 |
) |
(3,638 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from (payments of)
debt |
- |
|
494 |
|
- |
|
1,021 |
|
Proceeds from convertible
notes |
172,176 |
|
- |
|
172,176 |
|
- |
|
Payments on lease
liabilities |
(927 |
) |
(960 |
) |
(1,835 |
) |
(1,850 |
) |
Dividends paid to
shareholders |
(269,467 |
) |
(129,357 |
) |
(269,467 |
) |
(129,357 |
) |
Purchase of treasury shares |
(22,160 |
) |
(10,100 |
) |
(36,275 |
) |
(20,197 |
) |
|
|
|
|
|
Net cash used in financing
activities |
(120,378 |
) |
(139,923 |
) |
(135,401 |
) |
(150,383 |
) |
|
|
|
|
|
Net decrease in cash and cash
equivalents |
(113,402 |
) |
(49,349 |
) |
(76,050 |
) |
(76,590 |
) |
Effect of changes in exchange
rates on cash and cash equivalents |
283 |
|
172 |
|
1,236 |
|
(14 |
) |
Cash and cash equivalents at
beginning of the period |
489,700 |
|
347,979 |
|
451,395 |
|
375,406 |
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
376,581 |
|
298,802 |
|
376,581 |
|
298,802 |
|
Supplemental Information
(unaudited) (€ millions, unless stated otherwise)
|
REVENUE |
Q1-2021 |
Q2-2021 |
Q3-2021 |
Q4-2021 |
Q1-2022 |
Q2-2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
113.4 |
|
79 |
% |
175.7 |
|
78 |
% |
164.3 |
|
79 |
% |
129.1 |
|
75 |
% |
159.3 |
|
79 |
% |
164.1 |
|
77 |
% |
|
|
EU / USA / Other |
29.8 |
|
21 |
% |
50.4 |
|
22 |
% |
44.0 |
|
21 |
% |
42.6 |
|
25 |
% |
43.1 |
|
21 |
% |
49.9 |
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
143.2 |
|
100 |
% |
226.1 |
|
100 |
% |
208.3 |
|
100 |
% |
171.7 |
|
100 |
% |
202.4 |
|
100 |
% |
214.0 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2021 |
Q2-2021 |
Q3-2021 |
Q4-2021 |
Q1-2022 |
Q2-2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
253.2 |
|
77 |
% |
155.0 |
|
77 |
% |
170.5 |
|
82 |
% |
147.3 |
|
73 |
% |
161.8 |
|
79 |
% |
104.3 |
|
68 |
% |
|
|
EU / USA / Other |
73.9 |
|
23 |
% |
45.2 |
|
23 |
% |
38.7 |
|
18 |
% |
55.3 |
|
27 |
% |
43.0 |
|
21 |
% |
48.8 |
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
327.1 |
|
100 |
% |
200.2 |
|
100 |
% |
209.2 |
|
100 |
% |
202.6 |
|
100 |
% |
204.8 |
|
100 |
% |
153.1 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per customer type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDM |
130.8 |
|
40 |
% |
111.3 |
|
56 |
% |
133.7 |
|
64 |
% |
138.4 |
|
68 |
% |
97.1 |
|
47 |
% |
86.8 |
|
57 |
% |
|
|
Subcontractors |
196.3 |
|
60 |
% |
88.9 |
|
44 |
% |
75.5 |
|
36 |
% |
64.2 |
|
32 |
% |
107.7 |
|
53 |
% |
66.3 |
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
327.1 |
|
100 |
% |
200.2 |
|
100 |
% |
209.2 |
|
100 |
% |
202.6 |
|
100 |
% |
204.8 |
|
100 |
% |
153.1 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31, 2021 |
Jun 30, 2021 |
Sep 30, 2021 |
Dec 31, 2021 |
March 31, 2022 |
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
1,070 |
|
70 |
% |
1,096 |
|
70 |
% |
1,132 |
|
70 |
% |
1,154 |
|
70 |
% |
1,186 |
|
70 |
% |
1,203 |
|
70 |
% |
|
|
EU / USA |
468 |
|
30 |
% |
473 |
|
30 |
% |
483 |
|
30 |
% |
491 |
|
30 |
% |
500 |
|
30 |
% |
511 |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1,538 |
|
100 |
% |
1,569 |
|
100 |
% |
1,615 |
|
100 |
% |
1,645 |
|
100 |
% |
1,686 |
|
100 |
% |
1,714 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
299 |
|
82 |
% |
581 |
|
90 |
% |
559 |
|
87 |
% |
412 |
|
83 |
% |
536 |
|
86 |
% |
433 |
|
83 |
% |
|
|
EU / USA |
64 |
|
18 |
% |
68 |
|
10 |
% |
80 |
|
13 |
% |
84 |
|
17 |
% |
86 |
|
14 |
% |
91 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
363 |
|
100 |
% |
649 |
|
100 |
% |
639 |
|
100 |
% |
496 |
|
100 |
% |
622 |
|
100 |
% |
524 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff (FTE) |
1,901 |
|
|
2,218 |
|
|
2,254 |
|
|
2,141 |
|
|
2,308 |
|
|
2,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2021 |
Q2-2021 |
Q3-2021 |
Q4-2021 |
Q1-2022 |
Q2-2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
83.3 |
|
58.2 |
% |
140.3 |
|
62.1 |
% |
125.8 |
|
60.4 |
% |
97.4 |
|
56.7 |
% |
121.6 |
|
60.1 |
% |
130.4 |
|
61.0 |
% |
|
|
Inventory impairment |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
7.4 |
|
4.3 |
% |
- |
|
- |
|
- |
|
- |
|
|
|
Gross profit as adjusted |
83.3 |
|
58.2 |
% |
140.3 |
|
62.1 |
% |
125.8 |
|
60.4 |
% |
104.8 |
|
61.0 |
% |
121.6 |
|
60.1 |
% |
130.4 |
|
61.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and admin expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
26.7 |
|
18.6 |
% |
24.2 |
|
10.7 |
% |
21.6 |
|
10.4 |
% |
20.4 |
|
11.9 |
% |
27.3 |
|
13.5 |
% |
24.6 |
|
11.5 |
% |
|
|
Share-based compensation expense |
(9.8 |
) |
-6.8 |
% |
(3.6 |
) |
-1.6 |
% |
(1.4 |
) |
-0.7 |
% |
(1.6 |
) |
-1.0 |
% |
(8.6 |
) |
-4.3 |
% |
(3.6 |
) |
-1.7 |
% |
|
|
SG&A expenses as adjusted |
16.9 |
|
11.8 |
% |
20.6 |
|
9.1 |
% |
20.2 |
|
9.7 |
% |
18.8 |
|
10.9 |
% |
18.7 |
|
9.2 |
% |
21.0 |
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses:: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
8.3 |
|
5.8 |
% |
9.4 |
|
4.2 |
% |
8.8 |
|
4.2 |
% |
9.9 |
|
5.8 |
% |
12.6 |
|
6.2 |
% |
13.3 |
|
6.2 |
% |
|
|
Capitalization of R&D charges |
5.9 |
|
4.1 |
% |
4.9 |
|
2.2 |
% |
5.5 |
|
2.6 |
% |
6.7 |
|
3.9 |
% |
5.7 |
|
2.8 |
% |
5.2 |
|
2.4 |
% |
|
|
Amortization of intangibles |
(1.7 |
) |
-1.2 |
% |
(1.7 |
) |
-0.8 |
% |
(1.8 |
) |
-0.8 |
% |
(2.1 |
) |
-1.2 |
% |
(2.9 |
) |
-1.4 |
% |
(2.9 |
) |
-1.3 |
% |
|
|
R&D expenses as adjusted |
12.5 |
|
8.7 |
% |
12.6 |
|
5.6 |
% |
12.5 |
|
6.0 |
% |
14.5 |
|
8.5 |
% |
15.4 |
|
7.6 |
% |
15.6 |
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
3.4 |
|
|
2.3 |
|
|
2.4 |
|
|
2.4 |
|
|
2.4 |
|
|
3.5 |
|
|
|
|
Hedging results |
0.7 |
|
|
0.7 |
|
|
0.7 |
|
|
0.8 |
|
|
1.1 |
|
|
1.5 |
|
|
|
|
Foreign exchange effects, net |
0.4 |
|
|
(0.2 |
) |
|
0.3 |
|
|
(0.2 |
) |
|
0.2 |
|
|
0.8 |
|
|
|
|
Total |
4.5 |
|
|
2.8 |
|
|
3.4 |
|
|
3.0 |
|
|
3.7 |
|
|
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
48.4 |
|
33.8 |
% |
106.7 |
|
47.2 |
% |
95.4 |
|
45.8 |
% |
67.2 |
|
39.1 |
% |
81.7 |
|
40.4 |
% |
92.5 |
|
43.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
52.6 |
|
36.7 |
% |
110.9 |
|
49.0 |
% |
99.7 |
|
47.9 |
% |
72.0 |
|
41.9 |
% |
87.2 |
|
43.1 |
% |
98.0 |
|
45.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
37.6 |
|
26.3 |
% |
93.5 |
|
41.3 |
% |
84.2 |
|
40.4 |
% |
67.1 |
|
39.1 |
% |
67.5 |
|
33.4 |
% |
75.6 |
|
35.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.51 |
|
|
1.23 |
|
|
1.08 |
|
|
0.86 |
|
|
0.87 |
|
|
0.94 |
|
|
|
|
Diluted |
0.47 |
|
|
1.12 |
|
|
1.00 |
|
|
0.80 |
|
|
0.81 |
|
|
0.90 |
|
|
|
_____________________
1) The calculation of diluted income per share assumes the
exercise of equity-settled share-based payments and the conversion
of all Convertible Notes
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