BE Semiconductor Industries N.V. (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, 2019.
Key Highlights Q2-19
- Revenue of € 92.7 million up 13.9%
vs. Q1-19. Above guidance due to higher than anticipated shipments
to Asian subcontractors. Down 42.5% vs. Q2-18 principally as a
result of adverse industry environment and customer caution in the
face of global trade tensions
- Orders of € 82.7 million,
approximately flat vs. Q1-19, reflecting stable customer demand
levels. Down 4.2% vs. Q2-18
- Gross margin of 56.0% at midpoint
of guidance. Up slightly vs. Q1-19 (0.1 point) and down slightly
vs. Q2-18 (0.5 points) despite the significant year over year
revenue decrease
- Net income increases by 98.9% vs.
Q1-19 to reach € 18.9 million driven primarily by increased revenue
and a 12.7% decrease in operating expenses. Down € 28.3 million
(-60.0%) vs. Q2-18
- Net margin rose strongly to 20.4%
vs. 11.7% in Q1-19. Down compared to 29.3% in Q2-18
Key Highlights H1-19
- Revenue of € 174.1 million, down
44.9% vs. H1-18 consistent with ongoing weakness in assembly
equipment market. Decrease broad based across Besi’s product
portfolio and end markets.
- Gross margin reached 55.9% vs.
56.5% in H1-18. Attractive levels maintained resulting from Besi’s
timely re-alignment of production and supply chain activities to
customer demand
- Net income of € 28.4 million
decreased by € 55.9 million vs. H1-18 (-66.3%). Net margin of 16.3%
vs. 26.7% in H1-18
Outlook
- Q3-19 revenue estimated to decrease by approximately 10% vs.
Q2-19 as market weakness extends into H2-19. Gross margin
anticipated to stay in 55%-57% range.
(€ millions, except EPS) |
Q2-2019 |
Q1-2019 |
Δ |
Q2-2018 |
Δ |
H1-2019 |
H1-2018 |
Δ |
Revenue |
92.7 |
81.4 |
+13.9 |
% |
161.1 |
-42.5 |
% |
174.1 |
316.0 |
-44.9 |
% |
Orders |
82.7 |
83.4 |
-0.8 |
% |
86.3 |
-4.2 |
% |
166.0 |
292.1 |
-43.2 |
% |
Operating Income |
25.1 |
14.7 |
+70.7 |
% |
59.3 |
-57.7 |
% |
39.9 |
107.8 |
-63.0 |
% |
EBITDA |
30.0 |
19.7 |
+52.3 |
% |
62.8 |
-52.2 |
% |
49.7 |
114.8 |
-56.7 |
% |
Net Income |
18.9 |
9.5 |
+98.9 |
% |
47.2 |
-60.0 |
% |
28.4 |
84.3 |
-66.3 |
% |
EPS (basic) |
0.26 |
0.13 |
+100 |
% |
0.63 |
-58.7 |
% |
0.39 |
1.13 |
-65.5 |
% |
EPS (diluted) |
0.25 |
0.13 |
+92.3 |
% |
0.58 |
-56.9 |
% |
0.38 |
1.03 |
-63.1 |
% |
Net Cash & Deposits |
86.1* |
229.7 |
-62.5 |
% |
110.2* |
-21.9 |
% |
86.1* |
110.2* |
-21.9 |
% |
*Reflects cash dividend payments of € 122.4
million and € 174.0 million in Q2-19 and Q2-18, respectively
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented: “Besi reported solid
results in Q2-19 with revenue of € 92.7 million and net income of €
18.9 million increasing sequentially by 13.9% and 98.9%,
respectively, vs. Q1-19. The better than anticipated performance
resulted primarily from higher shipments of die bonding systems to
Chinese and Asian subcontractors. In addition, profit levels also
benefited from steady gross margins and better than forecasted
reductions in sequential operating expenses as we carefully manage
costs. As such, we reached a net margin in excess of 20% in Q2-19
in the face of a significant market downturn. We have been able to
achieve attractive returns on revenue and equity in this
challenging assembly equipment market by means of Besi’s flexible
production model, pricing discipline and timely execution of
headcount and cost reduction initiatives.
Besi’s bookings of € 82.7 million in Q2-19
confirmed an order book which has stabilized over the past three
quarters after falling significantly from peak 2017 and Q1-2018
levels. Current order rates reflect continued softness in high end
mobile and automotive applications partially offset by more stable
demand for logic applications in cloud computing end markets.
In addition, Besi returned € 135.1 million to
shareholders in Q2-19 in the form of dividends and share
repurchases, underscoring our ongoing commitment to enhance
shareholder value. We also entered into a five year € 80 million,
multi-currency revolving credit facility. This facility can be
expanded to € 136 million and its maturity extended to seven
years. We are very pleased to add this flexible financing layer to
our capital structure, replacing and centralizing various credit
facilities at subsidiary levels.
At present, customers are actively engaged in
developing new products and applications for the next investment
round, particularly in the areas of 5G, enhanced 3D and facial
recognition, cloud computing, artificial intelligence and high end
memory applications. However, customer order patterns in the
current environment have been influenced by continued low capacity
utilization as well as uncertainty created by ongoing trade
tensions between the US and China. During the quarter, we noted
order weakness from foreign IDMs with operations in China as they
reconsider their Asian supply chain strategies and production
footprint. This decline was offset by increased business from
Chinese and Taiwanese subcontractors adding capacity to satisfy
increased Chinese domestic production requirements. As a result of
shifting Asian supply chain dynamics, Besi is moving some
production from its Chinese operations to its principal Malaysian
facilities.
For Q3-19, Besi estimates that revenue will
decrease by approximately 10% vs. Q2-19 as market weakness extends
into H2-19, for gross margins to remain in the 55-57% range and for
operating expenses to reduce further sequentially. We are very
excited about our prospects for the next industry upturn given
Besi’s performance in the current downturn and highly scalable
production model. In addition, we recognize the strong secular
trends driving our business as advanced packaging becomes an ever
more important process step in the semiconductor manufacturing
industry. As such, Besi is increasing research investment this year
for next generation customer road maps and applications to enhance
its leadership position.”
Second Quarter Results of
Operations
|
Q2-2019 |
Q1-2019 |
Δ |
Q2-2018 |
Δ |
Revenue |
92.7 |
81.4 |
+13.9% |
161.1 |
-42.5% |
Orders |
82.7 |
83.4 |
-0.8% |
86.3 |
-4.2% |
Book to Bill Ratio |
0.9x |
1.0x |
-0.1 |
0.5x |
+0.4 |
Besi’s Q2-19 revenue increased by 13.9% vs.
Q1-19 and exceeded prior guidance (+5%). Increased revenue was
primarily due to higher than anticipated die bonding shipments to
Asian subcontractors as a consequence of disruptions in global
semiconductor supply chains from trade tensions between the US and
China. On a year over year basis, revenue decreased by 42.5% due
primarily to lower shipments of die bonding systems for high end
mobile applications following significant capacity upgrades in 2017
and 2018.
Orders of € 82.7 million were roughly comparable
to Q1-19 and Q4-18 as customer demand levels stabilized in the
current environment. Per customer type, subcontractor orders
increased sequentially by € 1.4 million, or 5.4%, vs. Q1-19, mainly
driven by orders from Asian subcontractors. IDM orders decreased by
€ 2.1 million, or 3.7%, vs. Q1-19.
|
Q2-2019 |
Q1-2019 |
Δ |
Q2-2018 |
Δ |
Gross Margin |
56.0% |
55.9% |
+0.1 |
56.5% |
-0.5 |
Operating Expenses |
26.8 |
30.7 |
-12.7% |
31.8 |
-15.7% |
Financial Expense/(Income), net |
3.2 |
3.9 |
-17.9% |
5.1 |
-37.3% |
EBITDA |
30.0 |
19.7 |
+52.3% |
62.8 |
-52.2% |
Besi’s gross margin of 56.0% in Q2-19 increased
by 0.1 point vs. Q1-19. As compared to Q2-18, gross margin
decreased by 0.5 points as a result of the significant year over
year revenue decrease partially offset by reductions in production
personnel and supply chain activities and, to a lesser extent,
favorable forex influences from an increase in the USD vs. the
euro.
Q2-19 operating expenses declined by € 3.9
million, or 12.7%, vs. Q1-19 primarily as a result of a € 2.9
million decrease in variable compensation expense, lower warranty
costs and active cost control efforts. Operating expenses decreased
by € 5.0 million (-15.7%) vs. Q2-18 primarily due to reduced
personnel costs associated with an 18.2% decrease in headcount
levels between the end of Q2-18 and the end of Q2-19 (381 people)
and lower variable costs such as warranty, freight and
commissions.
Financial expense, net decreased by € 0.7
million vs. Q1-19 due to lower forex hedging costs. As compared to
Q2-18, such expenses decreased by € 1.9 million due primarily to
lower hedging costs related to decreased sales volume.
|
Q2-2019 |
Q1-2019 |
Δ |
Q2-2018 |
Δ |
Net Income |
18.9 |
9.5 |
+98.9% |
47.2 |
-60.0% |
Net Margin |
20.4% |
11.7% |
+8.7 |
29.3% |
-8.9 |
Tax Rate |
13.5% |
12.5% |
+1.0 |
12.9% |
+0.6 |
Besi’s net income increased to € 18.9 million in
Q2-19, an increase of € 9.4 million, or 98.9%, vs. Q1-19.
Similarly, net margins rose to 20.4% vs. 11.7% in Q1-19. Net income
growth was principally due to higher revenue and lower operating
expenses. Versus Q2-18, net income decreased by € 28.3 million
(-60.0%) due primarily to a 42.5% year over year revenue decrease
partially offset by lower operating and net financial expenses.
Half Year Results of
Operations
|
H1-2019 |
H1-2018 |
Δ |
Revenue |
174.1 |
316.0 |
-44.9% |
Orders |
166.0 |
292.1 |
-43.2% |
Gross Margin |
55.9% |
56.5% |
-0.6 |
Operating Income |
39.9 |
107.8 |
-63.0% |
Net Income |
28.4 |
84.3 |
-66.3% |
Net Margin |
16.3% |
26.7% |
-10.4 |
Tax Rate |
13.2% |
14.4% |
-1.2 |
For H1-19, Besi’s revenue decreased by 44.9% vs.
H1-18. The decrease was broad based across Besi’s product portfolio
and end markets in an ongoing industry downturn. Similarly, orders
decreased by 43.2% with particular weakness in high end mobile and
automotive applications. Orders by IDMs and subcontractors
represented 68% and 32%, respectively, of Besi’s total H1-19 orders
vs. 62% and 38%, respectively, in H1-18.
Similarly, Besi’s H1-19 net income of € 28.4
million decreased by € 55.9 million, or 66.3% vs. H1-18 due
primarily to its 44.9% year over year revenue decrease and slightly
lower gross margins partially offset by a € 13.3 million reduction
in operating expenses and a lower effective tax rate.
Financial Condition
|
Q22019 |
Q12019 |
Δ |
Q22018 |
Δ |
H12019 |
H12018 |
Δ |
Net Cash and Deposits |
86.1 |
229.7 |
-62.5% |
110.2 |
-21.9% |
86.1 |
110.2 |
-21.9% |
Cash flow from Ops. |
(2.7) |
47.8 |
n.m. |
7.0 |
n.m |
45.1 |
61.9 |
-27.1% |
At the end of Q2-19, cash and deposits
aggregated € 361.7 million and net cash was € 86.1 million. As
compared to Q1-19, Besi’s net cash and deposits decreased by
€ 143.6 million mainly due to (i) € 122.4 million of cash
dividend payments and (ii) € 12.7 million of share repurchases. To
a lesser extent, net cash also decreased due to (i) € 3.0 million
of capitalized development spending and (ii) a € 2.7 million
working capital deficit from operations incurred principally to
finance a reduction in accrued liabilities and increased
receivables related to higher quarterly sequential sales
levels.
During the quarter, Besi repurchased 547,753 of
its ordinary shares at an average price of € 23.10 per share for a
total of € 12.7 million. Cumulatively, as of June 30, 2019, a total
of 2.4 million shares have been purchased under the current € 75
million share repurchase program (which started July 26, 2018) at
an average price of € 20.23 per share for a total of
€ 48.0 million.
Revolving credit facilityOn
July 24, 2019 Besi entered into an € 80 million, multi-currency
revolving credit facility. The credit facility has a five-year term
with two one-year extension options and can be expanded to a total
of € 136 million principal amount. Borrowings under the credit
facility can be repaid at any time at 100% of principal amount and
can be used for working capital and other corporate purposes.
OutlookBased on its June 30, 2019 order backlog
and feedback from customers, Besi forecasts for Q3-19 that:
- Revenue will decrease by
approximately 10% vs. the € 92.7 million reported in Q2-19.
- Gross margin will range between
55-57% vs. the 56.0% realized in Q2-19.
- Operating expenses will decrease by
0-5% vs. the € 26.8 million reported in Q2-19.
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
EST). 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 PresentationThe
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 2018
Annual Report, which is available on www.besi.com
Besi has adopted IFRS 16 “Leases” as of January
1, 2019, using the modified retrospective approach and therefore
did not restate prior years presented upon adoption in 2019. The
most significant change in our accounting policy is the recognition
of right of use assets and lease liabilities for operating leases.
As of January 1, 2019 we recognized € 14.2 million of right of use
assets (€ 12.5 million as at June 30, 2019) and € 14.2 million
of lease liabilities (€ 12.6 million as at June 30, 2019 of which €
9.2 million was recorded under lease liabilities and € 3.4 million
under other current liabilities).
The adoption of IFRS 16 had a positive impact on
our cash flows from operating activities and EBITDA of
approximately € 1.8 million in H1-19 with an offsetting negative
cash flow effect under financing activities.
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. For more
information, please visit our website at www.besi.com.
Contacts: |
|
Richard W. Blickman, President
& CEO |
CFF Communications |
Cor te Hennepe, 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; 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,
2018 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 EndedJune
30,(unaudited) |
Six Months EndedJune
30,(unaudited) |
|
2019 |
2018 |
2019 |
2018 |
|
|
|
|
|
Revenue |
92,708 |
161,099 |
174,107 |
316,036 |
Cost of sales |
40,805 |
70,041 |
76,733 |
137,368 |
|
|
|
|
|
Gross profit |
51,903 |
91,058 |
97,374 |
178,668 |
|
|
|
|
|
Selling, general and
administrative expenses |
17,499 |
22,742 |
39,184 |
51,984 |
Research and development
expenses |
9,277 |
9,024 |
18,321 |
18,836 |
|
|
|
|
|
Total operating expenses |
26,776 |
31,766 |
57,505 |
70,820 |
|
|
|
|
|
Operating income |
25,127 |
59,292 |
39,869 |
107,848 |
|
|
|
|
|
Financial expense, net |
3,222 |
5,108 |
7,139 |
9,380 |
|
|
|
|
|
Income before taxes |
21,905 |
54,184 |
32,730 |
98,468 |
|
|
|
|
|
Income tax expense |
2,961 |
7,004 |
4,319 |
14,209 |
|
|
|
|
|
Net
income |
18,944 |
47,180 |
28,411 |
84,259 |
|
|
|
|
|
Net income per share –
basic |
0.26 |
0.63 |
0.39 |
1.13 |
Net income per share –
diluted |
0.25 |
0.58 |
0.38 |
1.03 |
|
|
|
|
|
Number of shares used in
computing per share amounts1 |
|
|
|
|
- basic |
73,025,754 |
74,764,168 |
73,142,645 |
74,620,489 |
-
diluted 2 |
83,287,497 |
84,628,477 |
83,568,974 |
84,654,881 |
|
|
|
|
|
Consolidated Balance Sheets
(euro in thousands) |
June 30,2019(unaudited) |
March 31,2019(unaudited) |
December 31,2018(audited) |
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
231,729 |
327,503 |
295,539 |
Deposits |
130,000 |
130,000 |
130,000 |
Trade receivables |
92,526 |
82,591 |
106,347 |
Inventories |
59,517 |
60,929 |
60,237 |
Other current assets |
9,616 |
10,440 |
11,496 |
|
|
|
|
Total current
assets |
523,388 |
611,463 |
603,619 |
|
|
|
|
|
|
|
|
Property, plant and
equipment |
26,478 |
28,074 |
28,551 |
Right of use assets |
12,535 |
13,414 |
- |
Goodwill |
45,157 |
45,279 |
45,099 |
Other intangible assets |
39,439 |
38,899 |
38,334 |
Deferred tax assets |
4,208 |
5,579 |
4,769 |
Deposits |
- |
50,000 |
50,000 |
Other non-current assets |
2,313 |
2,302 |
2,317 |
|
|
|
|
Total non-current
assets |
130,130 |
183,547 |
169,070 |
|
|
|
|
Total assets |
653,518 |
795,010 |
772,689 |
|
|
|
|
|
|
|
|
|
Notes payable to banks |
- |
3,307 |
2,812 |
Current portion of long-term
debt |
1,472 |
1,525 |
1,502 |
Accounts payable |
32,054 |
35,573 |
33,158 |
Accrued liabilities |
49,458 |
68,769 |
63,454 |
|
|
|
|
Total current
liabilities |
82,984 |
109,174 |
100,926 |
|
|
|
|
Long-term debt |
274,165 |
272,978 |
271,824 |
Lease liabilities |
9,154 |
10,035 |
- |
Deferred tax liabilities |
10,591 |
10,273 |
10,244 |
Other non-current
liabilities |
15,699 |
17,730 |
17,507 |
|
|
|
|
Total non-current
liabilities |
309,609 |
311,016 |
299,575 |
|
|
|
|
Total
equity |
260,925 |
374,820 |
372,188 |
|
|
|
|
Total liabilities and equity |
653,518 |
795,010 |
772,689 |
|
|
|
|
Consolidated Cash Flow
Statements
(euro in thousands) |
Three Months EndedJune
30,(unaudited) |
Six Months EndedJune
30,(unaudited) |
|
2019 |
2018 |
2019 |
2018 |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Income before income tax |
21,905 |
54,184 |
32,730 |
98,468 |
|
|
|
|
|
Depreciation and
amortization |
4,851 |
3,526 |
9,773 |
6,940 |
Share based payment
expense |
1,630 |
1,298 |
5,341 |
8,459 |
Financial expense, net |
3,222 |
5,108 |
7,139 |
9,380 |
|
|
|
|
|
Changes in working
capital |
(17,757) |
(40,199) |
7,616 |
(42,221) |
Income tax paid |
(14,179) |
(14,746) |
(15,107) |
(16,623) |
Interest paid |
(2,385) |
(2,215) |
(2,434) |
(2,524) |
|
|
|
|
|
Net cash provided by (used in)
operating activities |
(2,713) |
6,956 |
45,058 |
61,879 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures |
(235) |
(2,000) |
(863) |
(3,926) |
Capitalized development
expenses |
(2,986) |
(3,448) |
(5,913) |
(6,088) |
Repayments of (investments in)
deposits |
50,000 |
(50,000) |
50,000 |
(180,000) |
|
|
|
|
|
Net cash provided by (used in)
investing activities |
46,779 |
(55,448) |
43,224 |
(190,014) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from (payments of)
bank lines of credit |
(3,175) |
2,835 |
(2,812) |
2,372 |
Proceeds from (payments of)
debt |
22 |
(6) |
11 |
301 |
Payments of lease
liabilities |
(891) |
- |
(1,781) |
- |
Dividends paid to
shareholders |
(122,419) |
(174,018) |
(122,419) |
(174,018) |
Purchase of treasury
shares |
(12,682) |
(6,000) |
(25,520) |
(12,000) |
|
|
|
|
|
Net cash used in financing
activities |
(139,145) |
(177,189) |
(152,521) |
(183,345) |
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
(95,079) |
(225,681) |
(64,239) |
(311,480) |
Effect of changes in exchange
rates on cash and cash equivalents |
(695) |
155 |
429 |
(869) |
Cash and cash equivalents at
beginning of the period |
327,503 |
440,983 |
295,539 |
527,806 |
|
|
|
|
|
Cash
and cash equivalents at end of the period |
231,729 |
215,457 |
231,729 |
215,457 |
|
|
|
|
|
Supplemental Information
(unaudited) (euro in millions, unless stated
otherwise)
REVENUE |
Q1-2018 |
Q2-2018 |
Q3-2018 |
Q4-2018 |
Q1-2019 |
Q2-2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
120.5 |
|
78 |
% |
88.6 |
|
55 |
% |
71.2 |
|
61 |
% |
66.6 |
|
72 |
% |
58.6 |
|
72 |
% |
68.6 |
|
74 |
% |
EU / USA |
34.4 |
|
22 |
% |
72.5 |
|
45 |
% |
45.5 |
|
39 |
% |
25.9 |
|
28 |
% |
22.8 |
|
28 |
% |
24.1 |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
154.9 |
|
100 |
% |
161.1 |
|
100 |
% |
116.7 |
|
100 |
% |
92.5 |
|
100 |
% |
81.4 |
|
100 |
% |
92.7 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2018 |
Q2-2018 |
Q3-2018 |
Q4-2018 |
Q1-2019 |
Q2-2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
120.8 |
|
59 |
% |
47.5 |
|
55 |
% |
70.1 |
|
65 |
% |
61.5 |
|
74 |
% |
55.9 |
|
67 |
% |
61.2 |
|
74 |
% |
EU / USA |
85.0 |
|
41 |
% |
38.8 |
|
45 |
% |
37.8 |
|
35 |
% |
21.6 |
|
26 |
% |
27.5 |
|
33 |
% |
21.5 |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
205.8 |
|
100 |
% |
86.3 |
|
100 |
% |
107.9 |
|
100 |
% |
83.1 |
|
100 |
% |
83.4 |
|
100 |
% |
82.7 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per customer type: |
|
|
|
|
|
|
|
|
|
|
|
|
IDM |
111.1 |
|
54 |
% |
70.8 |
|
82 |
% |
82.0 |
|
76 |
% |
64.8 |
|
78 |
% |
57.5 |
|
69 |
% |
55.4 |
|
67 |
% |
Subcontractors |
94.7 |
|
46 |
% |
15.5 |
|
18 |
% |
25.9 |
|
24 |
% |
18.3 |
|
22 |
% |
25.9 |
|
31 |
% |
27.3 |
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
205.8 |
|
100 |
% |
86.3 |
|
100 |
% |
107.9 |
|
100 |
% |
83.1 |
|
100 |
% |
83.4 |
|
100 |
% |
82.7 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31, 2018 |
Jun 30, 2018 |
Sep 30, 2018 |
Dec 31, 2018 |
Mar 31, 2019 |
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
1,254 |
|
71 |
% |
1,259 |
|
72 |
% |
1,255 |
|
72 |
% |
1,230 |
|
73 |
% |
1,174 |
|
72 |
% |
1,155 |
|
72 |
% |
EU / USA |
500 |
|
29 |
% |
495 |
|
28 |
% |
483 |
|
28 |
% |
462 |
|
27 |
% |
452 |
|
28 |
% |
450 |
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1,754 |
|
100 |
% |
1,754 |
|
100 |
% |
1,738 |
|
100 |
% |
1,692 |
|
100 |
% |
1,626 |
|
100 |
% |
1,605 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
290 |
|
76 |
% |
257 |
|
75 |
% |
108 |
|
61 |
% |
6 |
|
9 |
% |
11 |
|
16 |
% |
54 |
|
49 |
% |
EU / USA |
93 |
|
24 |
% |
86 |
|
25 |
% |
68 |
|
39 |
% |
61 |
|
91 |
% |
58 |
|
84 |
% |
57 |
|
51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
383 |
|
100 |
% |
343 |
|
100 |
% |
176 |
|
100 |
% |
67 |
|
100 |
% |
69 |
|
100 |
% |
111 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff (FTE) |
2,137 |
|
|
2,097 |
|
|
1,914 |
|
|
1,759 |
|
|
1,695 |
|
|
1,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2018 |
Q2-2018 |
Q3-2018 |
Q4-2018 |
Q1-2019 |
Q2-2019 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
87.6 |
|
56.5 |
% |
91.1 |
|
56.5 |
% |
67.6 |
|
57.9 |
% |
52.1 |
|
56.4 |
% |
45.5 |
|
55.9 |
% |
51.9 |
|
56.0 |
% |
Restructuring charges / (gains) |
- |
|
|
- |
0.4 |
|
0.2 |
% |
(0.0 |
) |
-0.0 |
% |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
Gross profit as adjusted |
87.6 |
|
56.5 |
% |
91.5 |
|
56.8 |
% |
67.6 |
|
57.9 |
% |
52.1 |
|
56.4 |
% |
45.5 |
|
55.9 |
% |
51.9 |
|
56.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and admin expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
29.2 |
|
18.8 |
% |
22.7 |
|
14.1 |
% |
20.3 |
|
17.4 |
% |
18.0 |
|
19.5 |
% |
21.7 |
|
26.7 |
% |
17.5 |
|
18.9 |
% |
Amortization of intangibles |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
(0.2 |
) |
-0.2 |
% |
(0.1 |
) |
-0.1 |
% |
(0.1 |
) |
-0.1 |
% |
Impairment charges |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
(0.4 |
) |
-0.4 |
% |
- |
|
0.0 |
% |
- |
|
0.0 |
% |
Restructuring gains / (charges) |
0.0 |
|
0.0 |
% |
(0.1 |
) |
-0.1 |
% |
(0.4 |
) |
-0.3 |
% |
(0.2 |
) |
-0.2 |
% |
- |
|
0.0 |
% |
- |
|
0.0 |
% |
SG&A expenses as adjusted |
29.1 |
|
18.8 |
% |
22.5 |
|
14.0 |
% |
19.8 |
|
17.0 |
% |
17.2 |
|
18.6 |
% |
21.6 |
|
26.5 |
% |
17.4 |
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
9.8 |
|
6.3 |
% |
9.0 |
|
5.6 |
% |
8.7 |
|
7.5 |
% |
7.9 |
|
8.5 |
% |
9.0 |
|
11.1 |
% |
9.3 |
|
10.0 |
% |
Capitalization of R&D charges |
2.6 |
|
1.7 |
% |
3.4 |
|
2.1 |
% |
2.7 |
|
2.3 |
% |
2.7 |
|
2.9 |
% |
2.9 |
|
3.6 |
% |
3.0 |
|
3.2 |
% |
Amortization of intangibles |
(2.1 |
) |
-1.4 |
% |
(2.1 |
) |
-1.3 |
% |
(2.4 |
) |
-2.1 |
% |
(2.4 |
) |
-2.6 |
% |
(2.5 |
) |
-3.1 |
% |
(2.5 |
) |
-2.7 |
% |
R&D expenses as adjusted |
10.3 |
|
6.6 |
% |
10.3 |
|
6.4 |
% |
9.0 |
|
7.7 |
% |
8.2 |
|
8.9 |
% |
9.4 |
|
11.5 |
% |
9.8 |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
2.5 |
|
|
2.4 |
|
|
2.4 |
|
|
2.3 |
|
|
2.4 |
|
|
2.4 |
|
|
Hedging results |
1.3 |
|
|
2.7 |
|
|
1.6 |
|
|
2.0 |
|
|
1.3 |
|
|
0.7 |
|
|
Foreign exchange effects, net |
0.5 |
|
|
- |
|
|
0.2 |
|
|
(0.1 |
) |
|
0.2 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
4.3 |
|
|
5.1 |
|
|
4.2 |
|
|
4.2 |
|
|
3.9 |
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
48.6 |
|
31.4 |
% |
59.3 |
|
36.8 |
% |
38.6 |
|
33.1 |
% |
26.3 |
|
28.4 |
% |
14.7 |
|
18.1 |
% |
25.1 |
|
27.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
52.0 |
|
33.6 |
% |
62.8 |
|
39.0 |
% |
42.4 |
|
36.3 |
% |
30.5 |
|
33.0 |
% |
19.7 |
|
24.2 |
% |
30.0 |
|
32.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
37.1 |
|
23.9 |
% |
47.2 |
|
29.3 |
% |
29.3 |
|
25.1 |
% |
22.7 |
|
24.5 |
% |
9.5 |
|
11.7 |
% |
18.9 |
|
20.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.50 |
|
|
0.63 |
|
|
0.39 |
|
|
0.30 |
|
|
0.13 |
|
|
0.26 |
|
|
Diluted |
0.46 |
|
|
0.58 |
|
|
0.37 |
|
|
0.29 |
|
|
0.13 |
|
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________(1) Share
amounts in 2018 have been adjusted for the 2-for-1stock split
effective May 4, 2018(2) The calculation of diluted income per
share assumes the exercise of equity settled share based payments
and the full conversion of the Convertible Notes
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