Revenue and Net Income Up by 30.7% and
163.5%, Respectively, vs. Q3-15
BE Semiconductor Industries N.V. (the “Company" or "Besi")
(Euronext Amsterdam:BESI) (OTC:BESIY), (Nasdaq International
Designation), a leading manufacturer of assembly equipment for the
semiconductor industry, today announced its results for the third
quarter and nine months ended September 30, 2016.
Key Highlights Q3-16
- Revenue of € 94.3 million, down 13.5% vs. Q2-16 but above
guidance. Decrease primarily due to lower demand by Asian
subcontractors after first half capacity build. Up 30.7% vs. Q3-15
primarily due to higher die attach demand for mobile
applications
- Orders of € 78.1 million, down 22.3% vs. Q2-16 due to lower
demand for mobile, automotive and high end server applications and
typical seasonal factors but up 4.2% vs. Q3-15
- Gross margin of 50.5% vs. 50.9% in Q2-16 at upper end of
guidance. Up 1.8% vs Q3-15 (48.7%)
- Net income of € 16.6 million down € 7.4 million vs. Q2-16 but
up € 10.3 million vs. Q3-15. Net margin of 17.6% vs. 8.7% in Q3-15
due to revenue growth and increased efficiency of business
model
- Net cash increased by € 22.9 million (+21.0%) vs. Q3-15
- September 2015 buyback program completed. New 1.0 million share
buy-back program initiated
Key Highlights YTD-16
- Revenue of € 282.3 million, up 4.0% vs. YTD-15 primarily as a
result of higher die attach system demand by Asian customers for
new advanced packaging capacity
- Orders up 4.2% primarily due to increased demand by Chinese and
Taiwanese subcontractors and more favourable industry
conditions
- Gross margin rose to 50.3% vs. 48.5% principally as a result of
market position and increased material and labor cost
efficiencies
- Net income of € 48.6 million up € 9.3 million vs. YTD-15. Net
margins increased to 17.2% vs. 14.5% YTD-15. Adjusted net income up
€ 12.5 million vs. YTD-15
Outlook
- Q4-16 revenue expected to decrease 10-15% vs. Q3-16 reflecting
typical seasonal patterns
(€ millions, except EPS) |
Q3-2016 |
|
Q2-2016 |
|
Δ |
Q3-2015 |
Δ |
YTD-2016 |
|
YTD-2015 |
Δ |
Revenue |
94.3 |
|
109.0 |
|
|
-13.5 |
% |
72.1 |
|
+30.7 |
% |
282.3 |
|
271.4 |
|
+4.0 |
% |
Orders |
78.1 |
|
100.5 |
|
|
-22.3 |
% |
74.9 |
|
+4.2 |
% |
282.4 |
|
271.0 |
|
+4.2 |
% |
EBITDA |
23.0 |
|
30.1 |
|
|
-23.6 |
% |
10.2 |
|
+125.5 |
% |
66.4 |
|
56.1 |
|
+18.4 |
% |
Net
Income |
16.6 |
|
24.0 |
|
|
-30.8 |
% |
6.3 |
|
+163.5 |
% |
48.6 |
|
39.3 |
|
+23.7 |
% |
Adjusted Net
Income* |
16.7 |
|
23.1 |
|
|
-27.7 |
% |
6.5 |
|
+156.9 |
% |
48.5 |
|
36.0 |
|
+34.7 |
% |
EPS
(diluted) |
0.43 |
|
0.63 |
|
|
-31.7 |
% |
0.16 |
|
+168.8 |
% |
1.27 |
|
1.02 |
|
+24.5 |
% |
Net Cash |
131.9 |
|
110.7 |
|
|
+19.2 |
% |
109.0 |
|
+21.0 |
% |
131.9 |
|
109.0 |
|
+21.0 |
% |
* Adjusted net income excludes € 1.0 million
upward revaluation of tax loss carry forwards in Q2-16, € 0.1
million, € 0.1 million and € 0.7 million of restructuring charges
in Q3-16, Q2-16 and Q1-16, respectively and € 0.2 million and € 3.3
million of net restructuring benefits in Q2-15 and Q1-15,
respectively.
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented:
“Besi reported another solid quarter with Q3-16
revenue and profit exceeding expectations and strong cash flow
generation. Revenue increased by 30.7% vs. Q3-15 primarily due to
increased investment by customers in mobile and automotive advanced
packaging capacity in a market environment more favorable than a
year ago. Similarly, Besi’s seasonal 13.5% quarterly revenue
decrease vs. Q2-16 improved significantly from last year’s 30.9%
sequential quarterly revenue decrease. Net income of € 16.6
million increased by 163.5% vs. Q3-15 as revenue expanded and we
realized increased efficiencies from our business model due to our
strong market position and ongoing strategic initiatives. In
addition, net margins more than doubled to reach 17.6% vs. Q3-15.
Further, net cash grew to € 131.9 million in Q3-16 due to strong
profit generation and enhanced working capital management efforts
particularly in the areas of supply chain management and inventory
control.
Besi’s solid profit and cash flow generation
have enabled us to significantly enhance shareholder value in
recent years. In October 2016, we completed a 1.0 million share
buyback aggregating € 22.5 million. Since 2012, Besi has spent a
total of € 157 million on dividends and share repurchases using
excess cash resources. Given our outlook and prospects, we have
initiated a new share buyback program up to a maximum of 1.0
million shares (2.7% of shares outstanding) through October
2017.
Besi’s nine month 2016 results also demonstrate
solid financial and strategic progress and the operating leverage
in our business model. While revenue grew by 4.0% vs. the 2015
period, net income of € 48.6 million grew by 23.7% vs. YTD-15 and
was roughly equal to our net income for all of 2015. Revenue growth
this year has benefited from increased investment by Chinese and
Taiwanese subcontractors to expand advanced packaging capacity, the
favourable influence of a new technology cycle to further shrink
device geometries and the expansion of Besi’s market position in
the major supply chains. Net income development has benefited from
top line growth, higher gross margins from increased labor and
material cost efficiencies and the execution of strategic
initiatives to control operating expenses.
The industry outlook for the second half and
full year 2016 has improved significantly versus initial estimates
for the year. Leading industry analysts estimate that the current
upturn will continue into 2017 assuming stable global
macro-economic conditions and further capacity upgrades by leading
IDMs and Asian subcontractors. Based on current backlog
levels, Q4-16 revenue is anticipated to decline by 10-15% vs. Q3-16
which is in line with Besi’s sequential patterns in recent
years.”
Third Quarter Results of
Operations
|
Q3-2016 |
Q2-2016 |
Δ |
Q3-2015 |
Δ |
Revenue |
94.3 |
109.0 |
|
-13.5 |
% |
72.1 |
|
+30.7 |
% |
Orders |
78.1 |
100.5 |
|
-22.3 |
% |
74.9 |
|
+4.2 |
% |
Backlog |
78.0 |
94.2 |
|
-17.2 |
% |
78.4 |
|
-0.5 |
% |
Book to Bill Ratio |
0.8x |
0.9x |
|
-0.1 |
|
1.0x |
|
-0.2 |
|
Besi’s 13.5% sequential revenue decrease was
primarily due to lower die attach demand by Asian subcontractors
for mobile applications after a large first half capacity build and
typical seasonal factors partially offset by strength in automotive
applications. Q3-16 revenue was above prior guidance (-15-20% vs.
Q2-16) and increased by 30.7% vs. Q3-15. Growth vs. Q3-15 was
primarily due to significantly higher demand for die attach systems
by Taiwanese and Chinese subcontractors for mobile applications,
with particular strength in sales of epoxy die bonding systems for
fingerprint sensor applications.
Orders decreased by 22.3% vs. Q2-16 primarily as
a result of lower customer demand for mobile, automotive and high
end server applications and typical seasonal influences. Per
customer type, subcontractor orders decreased sequentially in Q3-16
by € 15.5 million, or 31.1%, while IDM orders decreased by €
6.9 million, or 13.6%. However, orders increased by 4.2% vs. Q3-15
reflecting general strength in both die attach and packaging
systems although order growth varied per individual product.
|
Q3-2016 |
Q2-2016 |
Δ |
Q3-2015 |
Δ |
Gross Margin |
|
50.5 |
% |
|
50.9 |
% |
|
-0.4 |
|
|
48.7 |
% |
|
+1.8 |
|
Operating Expenses |
|
28.2 |
|
|
29.1 |
|
|
-3.1 |
% |
|
28.7 |
|
|
-1.7 |
% |
Financial Expense/ (Income), net |
|
0.9 |
|
|
0.5 |
|
|
+80.0 |
% |
|
(0.8 |
) |
NM |
EBITDA |
|
23.0 |
|
|
30.1 |
|
|
-23.6 |
% |
|
10.2 |
|
|
+125.5 |
% |
Besi’s gross margin in Q3-16 decreased
sequentially by 0.4% primarily as a result of higher labor and
freight costs partially offset by increased material cost
efficiencies. As compared to Q3-15, the 1.8% gross margin increase
was primarily due to labor and material cost efficiencies as well
as foreign exchange benefits from the decrease of the MYR vs. the
euro.
Besi’s Q3-16 operating expenses decreased by €
0.9 million vs. Q2-16 and were within prior guidance (0 to -5%)
primarily as a result of € 2.1 million lower personnel related
expenses partially offset by higher advisory and consulting costs.
Operating expenses decreased by € 0.5 million vs. Q3-15 due
primarily to lower temporary personnel and R&D costs partially
offset by higher advisory and consulting costs. Total headcount at
September 30, 2016 decreased by 0.5% vs. September 30, 2015 as
higher Asian fixed and temporary production and administrative
personnel were more than offset by continued decreases in European
headcount.
|
Q3-2016 |
Q2-2016 |
Δ |
Q3-2015 |
Δ |
As Reported |
|
|
|
|
|
Net Income |
|
16.6 |
|
|
24.0 |
|
|
-30.8 |
% |
|
6.3 |
|
|
+163.5 |
% |
Net Margin |
|
17.6 |
% |
|
22.0 |
% |
|
-4.4 |
|
|
8.7 |
% |
|
+8.9 |
|
Tax Rate |
|
11.1 |
% |
|
6.9 |
% |
|
+4.2 |
|
|
13.3 |
% |
|
-2.2 |
|
|
|
|
|
|
|
As Adjusted* |
|
|
|
|
|
Net Income |
|
16.7 |
|
|
23.1 |
|
|
-27.7 |
% |
|
6.5 |
|
|
+156.9 |
% |
Net Margin |
|
17.7 |
% |
|
21.2 |
% |
|
-3.5 |
|
|
9.0 |
% |
|
+8.7 |
|
Tax Rate |
|
11.1 |
% |
|
10.8 |
% |
|
+0.3 |
|
|
13.3 |
% |
|
-2.2 |
|
* Adjusted net income excludes € 1.0 million
upward revaluation of tax loss carry forwards in Q2-16 and € 0.1
million of restructuring charges in each of Q2-16 and Q3-16.
Besi’s Q3-16 net income decreased by € 7.4
million sequentially due primarily to (i) a 13.5% revenue decrease,
(ii) slightly lower gross margins and (iii) an increased effective
tax rate partially offset by lower operating expenses. As compared
to Q3-15, net income increased by € 10.3 million primarily as a
result of a 30.7% revenue increase, improved gross margins, reduced
operating expenses and a lower effective tax rate. Besi’s effective
tax rate was 11.1%, 6.9% (10.8% as adjusted) and 13.3% in Q3-16,
Q2-16 and Q3-15, respectively. In Q2-16, the effective tax rate was
favorably influenced by a € 1.0 million upward revaluation of net
operating loss carry forwards at Besi Switzerland.
Nine Month Results of
Operations
|
|
2016 |
|
|
2015 |
|
Δ |
Revenue |
|
282.3 |
|
|
271.4 |
|
|
+4.0 |
% |
Orders |
|
282.4 |
|
|
271.0 |
|
|
+4.2 |
% |
Gross Margin |
|
50.3 |
% |
|
48.5 |
% |
|
+1.8 |
|
As Reported |
|
|
|
Net Income |
|
48.6 |
|
|
39.3 |
|
|
+23.7 |
% |
Net Margin |
|
17.2 |
% |
|
14.5 |
% |
|
+2.7 |
|
Tax Rate |
|
9.8 |
% |
|
12.6 |
% |
|
-2.8 |
|
|
|
|
|
As Adjusted* |
|
|
|
Net Income |
|
48.5 |
|
|
36.0 |
|
|
+34.7 |
% |
Net Margin |
|
17.2 |
% |
|
13.3 |
% |
|
+3.9 |
|
Tax Rate |
|
11.6 |
% |
|
13.5 |
% |
|
-1.9 |
|
*Adjusted net income excludes € 1.0 million
upward revaluation of tax loss carry forwards and € 0.9 million of
restructuring charges in YTD-16 and € 3.3 million of net
restructuring benefits in YTD-15.
For the first nine months, Besi’s revenue and
orders increased by 4.0% and 4.2%, respectively, vs. YTD-15
primarily due to increased demand by Chinese and Taiwanese
subcontractors for Besi’s range of high end and mainstream assembly
solutions and more favourable industry conditions. Orders by
subcontractors and IDMs each represented 50% of Besi’s total YTD-16
orders vs. 39% and 61%, respectively, in YTD-15.
Besi’s net income increased by € 9.3 million vs.
YTD-15 due primarily to a (i) 4% revenue increase, (ii) 1.8% gross
margin improvement and (iii) 2.8% reduction in its effective tax
rate partially offset by the absence of restructuring benefits of €
3.3 million recorded in YTD-15. On an adjusted basis, Besi’s YTD-16
net income increased by €12.5 million vs.YTD-15 and adjusted net
margins increased to 17.2% vs. 13.3%.
Financial Condition
|
Q3-2016 |
|
Q2-2016 |
|
Δ |
|
Q3-2015 |
Δ |
|
YTD-2016 |
|
YTD-2015 |
|
Δ |
Net
Cash |
131.9 |
|
110.7 |
|
|
+19.2 |
% |
|
109.0 |
|
+21.0 |
% |
|
131.9 |
|
109.0 |
|
|
+21.0 |
% |
Cash flow from Ops. |
30.1 |
|
15.1 |
|
|
+99.3 |
% |
|
20.3 |
|
+48.3 |
% |
|
65.3 |
|
54.0 |
|
|
20.9 |
% |
At the end of Q3-16, Besi’s cash and cash
equivalents increased by € 21.2 million vs. Q2-16 to reach
€ 153.3 million and net cash increased by € 21.2 million to
reach € 131.9 million. As compared to Q3-15, Besi’s net cash
increased by € 22.9 million, or 21.0%. Besi generated cash
flow from operations of € 30.1 million in Q3-16 which was
utilized to fund (i) € 6.0 million of share repurchases, (ii)
€ 1.6 million of capitalized development spending and (iii) €
1.2 million of net capital expenditures. For the nine month 2016
period, Besi generated € 65.3 million of cash flow from operations,
an increase of 20.9% vs.YTD-15 primarily as a result of higher
profitability and a reduction in working capital needs to support
sales growth.
During the quarter, Besi repurchased 231,000 of
its ordinary shares at an average price of € 27.06 per share for a
total of € 6.3 million. Post quarter-end, Besi repurchased 46,169
additional shares at an average price of € 31.21 to successfully
conclude its September 2015 share repurchase program. Since program
inception, Besi purchased a total of 1.0 million shares for a total
of € 22.5 million.
New Share Repurchase
ProgramBesi announced the initiation of a new program to
repurchase up to a maximum of 1.0 million of its ordinary shares
(2.7% of its shares outstanding at October 27, 2016) from time to
time on the open market. At present, Besi has authority until
October 30, 2017 to purchase up to 10% of its shares outstanding
(approximately 3.7 million shares). The repurchase program was
initiated for capital reduction purposes and to help offset
dilution associated with share issuance under employee stock plans
and will be funded using Besi’s available cash resources.
The repurchase program will be implemented in
accordance with industry best practices and in compliance with
European buyback rules and regulations and may be suspended or
discontinued at any time. Besi has engaged an independent broker
for the program and all purchases will be executed through Euronext
Amsterdam. The timing and amount of any shares repurchased under
this program will be determined by the independent broker
independently of, and without influence by, Besi. The maximum
purchase price to be paid per share under the program will not
exceed the higher of the last independent trade price of the shares
and the highest current independent bid price of the shares on
Euronext Amsterdam. Furthermore, such price will not exceed 110% of
the average of the highest quoted price for the shares on the five
trading days prior to the date of purchase, as published in the
Daily Official List of Euronext Amsterdam. Any repurchased shares
will be available in the future for use in connection with its
stock plans and other general corporate purposes, including
acquisitions. The information included in this press release is
made public under the Market Abuse Regulation (No.
596/2014/EU).
Outlook Based on its September 30, 2016
backlog and feedback from customers, Besi forecasts for Q4-16
that:
- Revenue will decrease by 10-15% vs. the € 94.3 million reported
in Q3-16.
- Gross margins will range between 49-51% vs. the 50.5% realized
in Q3-16.
- Operating expenses will increase by 0-5% vs. the € 28.2 million
reported in Q3-16.
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). The dial-in for
the conference call is (31) 20 531 5871. To access the audio
webcast and webinar slides, please visit 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, computer, 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 (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.
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, backlog, 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 adequately decrease costs and expenses as
revenues decline; loss of significant
customers; lengthening of the sales cycle; acts of
terrorism and violence; 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;
potential instability in foreign capital markets; the risk of
failure to successfully manage our diverse operations; those
additional risk factors set forth in Besi's annual report for the
year ended December 31, 2015; any inability to attract and
retain skilled personnel; 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 EndedSeptember
30,(unaudited) |
|
Nine Months EndedSeptember
30,(unaudited) |
|
2016 |
|
|
2015 |
|
|
2016 |
|
2015 |
Revenue |
94,312 |
|
|
72,137 |
|
|
282,294 |
|
271,368 |
Cost of sales |
46,678 |
|
|
37,033 |
|
|
140,330 |
|
139,837 |
|
|
|
|
|
|
|
|
Gross profit |
47,634 |
|
|
35,104 |
|
|
141,964 |
|
131,531 |
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
19,288 |
|
|
18,609 |
|
|
59,404 |
|
56,592 |
Research and development
expenses |
8,870 |
|
|
10,097 |
|
|
27,122 |
|
29,447 |
|
|
|
|
|
|
|
|
Total operating
expenses |
28,158 |
|
|
28,706 |
|
|
86,526 |
|
86,039 |
|
|
|
|
|
|
|
|
Operating income |
19,476 |
|
|
6,398 |
|
|
55,438 |
|
45,492 |
|
|
|
|
|
|
|
|
Financial expense
(income), net |
856 |
|
|
(847 |
) |
|
1,579 |
|
584 |
|
|
|
|
|
|
|
|
Income before taxes |
18,620 |
|
|
7,245 |
|
|
53,859 |
|
44,908 |
|
|
|
|
|
|
|
|
Income tax expense |
2,064 |
|
|
966 |
|
|
5,295 |
|
5,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
16,556 |
|
|
6,279 |
|
|
48,564 |
|
39,271 |
|
|
|
|
|
|
|
|
Net income (loss) per
share – basic |
0.44 |
|
|
0.16 |
|
|
1.29 |
|
1.04 |
Net income (loss) per
share – diluted |
0.43 |
|
|
0.16 |
|
|
1.27 |
|
1.02 |
Number of shares used in
computing per share amounts: |
|
|
|
|
|
|
|
|
|
- basic |
37,587,607 |
|
|
38,088,996 |
|
|
37,671,558 |
|
37,917,041 |
-diluted (1) |
38,245,761 |
|
|
38,543,616 |
|
|
38,326,728 |
|
38,451,823 |
(1) The calculation of diluted income per share assumes the
exercise of equity settled share based payments.
Consolidated
Balance Sheets |
|
(euro in thousands) |
September 30,
2016(unaudited) |
|
June 30,2016 (unaudited) |
|
March 31,2016(unaudited) |
|
December 31,2015(audited) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
153,264 |
|
132,075 |
|
169,756 |
|
157,818 |
Accounts receivable |
94,189 |
|
106,209 |
|
79,624 |
|
80,640 |
Inventories |
56,579 |
|
60,825 |
|
61,056 |
|
53,877 |
Income tax receivable |
371 |
|
279 |
|
686 |
|
446 |
Other current assets |
12,225 |
|
10,134 |
|
10,957 |
|
6,055 |
|
|
|
|
|
|
|
|
Total current
assets |
316,628 |
|
309,522 |
|
322,079 |
|
298,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment |
24,419 |
|
25,016 |
|
26,355 |
|
26,718 |
Goodwill |
45,261 |
|
45,362 |
|
43,461 |
|
45,542 |
Other intangible
assets |
37,950 |
|
38,696 |
|
41,309 |
|
40,374 |
Deferred tax assets |
16,213 |
|
17,441 |
|
17,684 |
|
18,545 |
Other non-current
assets |
2,500 |
|
2,721 |
|
2,696 |
|
2,711 |
|
|
|
|
|
|
|
|
Total non-current
assets |
126,343 |
|
129,236 |
|
131,505 |
|
133,890 |
|
|
|
|
|
|
|
|
Total assets |
442,971 |
|
438,758 |
|
453,584 |
|
432,726 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Notes payable to
banks |
8,004 |
|
8,000 |
|
8,000 |
|
8,000 |
Current portion of
long-term debt and financial leases |
2,240 |
|
- |
|
- |
|
- |
Accounts payable |
36,279 |
|
46,819 |
|
37,677 |
|
27,529 |
Accrued liabilities |
40,489 |
|
35,724 |
|
36,330 |
|
31,850 |
|
|
|
|
|
|
|
|
Total current
liabilities |
87,012 |
|
90,543 |
|
82,007 |
|
67,379 |
|
|
|
|
|
|
|
|
Other long-term debt
and financial leases |
11,112 |
|
13,352 |
|
13,352 |
|
13,352 |
Deferred tax
liabilities |
6,125 |
|
6,158 |
|
6,180 |
|
6,201 |
Other non-current
liabilities |
16,542 |
|
16,245 |
|
13,355 |
|
13,574 |
|
|
|
|
|
|
|
|
Total non-current
liabilities |
33,779 |
|
35,755 |
|
32,887 |
|
33,127 |
|
|
|
|
|
|
|
|
Total
equity |
322,180 |
|
312,460 |
|
338,690 |
|
332,220 |
|
|
|
|
|
|
|
|
Total liabilities and equity |
442,971 |
|
438,758 |
|
453,584 |
|
432,726 |
Consolidated Cash Flow Statements |
|
|
|
(euro
in thousands) |
Three Months Ended September
30,(unaudited) |
|
Nine Months Ended September
30,(unaudited) |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Operating income |
|
19,476 |
|
|
6,398 |
|
|
55,438 |
|
|
45,492 |
|
|
|
|
|
|
Depreciation and
amortization |
|
3,526 |
|
|
3,774 |
|
|
11,010 |
|
|
10,651 |
|
Share based compensation
expense |
|
1,160 |
|
|
801 |
|
|
6,233 |
|
|
4,508 |
|
Other non-cash items |
|
(3 |
) |
|
- |
|
|
- |
|
|
380 |
|
Gain on curtailment |
|
- |
|
|
- |
|
|
- |
|
|
(5,520 |
) |
|
|
|
|
|
Changes in working
capital |
|
7,190 |
|
|
10,187 |
|
|
(6,122 |
) |
|
86 |
|
Income tax received
(paid) |
|
(1,336 |
) |
|
(991 |
) |
|
(1,479 |
) |
|
(1,968 |
) |
Interest received
(paid) |
|
88 |
|
|
105 |
|
|
207 |
|
|
400 |
|
|
|
|
|
|
Net cash provided by
operating activities |
|
30,101 |
|
|
20,274 |
|
|
65,287 |
|
|
54,029 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures |
|
(1,239 |
) |
|
(1,040 |
) |
|
(2,300 |
) |
|
(3,554 |
) |
Capitalized development
expenses |
|
(1,572 |
) |
|
(1,229 |
) |
|
(4,851 |
) |
|
(4,101 |
) |
Proceeds from sale of
equipment |
|
7 |
|
|
- |
|
|
7 |
|
|
- |
|
|
|
|
|
|
Net cash used in investing
activities |
|
(2,804 |
) |
|
(2,269 |
) |
|
(7,144 |
) |
|
(7,655 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from (payments
of) bank lines of credit |
|
4 |
|
|
1,811 |
|
|
4 |
|
|
6,910 |
|
Proceeds from (payments
of) debt and financial leases |
|
- |
|
|
(337 |
) |
|
- |
|
|
(585 |
) |
Dividends paid to
shareholders |
|
- |
|
|
- |
|
|
(45,420 |
) |
|
(56,877 |
) |
Reissuance (purchase) of
treasury shares |
|
(6,000 |
) |
|
- |
|
|
(17,459 |
) |
|
399 |
|
|
|
|
|
|
Net cash provided by (used
in) financing activities |
|
(5,996 |
) |
|
1,474 |
|
|
(62,875 |
) |
|
(50,153 |
) |
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
21,301 |
|
|
19,479 |
|
|
(4,732 |
) |
|
(3,779 |
) |
Effect of changes in
exchange rates on cash and cash equivalents |
|
(112 |
) |
|
(339 |
) |
|
178 |
|
|
1,291 |
|
Cash and cash equivalents
at beginning of the period |
|
132,075 |
|
|
113,694 |
|
|
157,818 |
|
|
135,322 |
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
|
153,264 |
|
|
132,834 |
|
|
153,264 |
|
|
132,834 |
|
Supplemental Information (unaudited) |
(euro in millions,
unless stated otherwise) |
|
REVENUE |
Q1-2015 |
Q2-2015 |
Q3-2015 |
Q4-2015 |
Q1-2016 |
Q2-2016 |
Q3-2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
61.7 |
|
|
65 |
% |
|
78.2 |
|
|
75 |
% |
|
41.1 |
|
|
57 |
% |
|
50.8 |
|
|
65 |
% |
|
60.0 |
|
|
76 |
% |
|
88.3 |
|
|
81 |
% |
|
69.8 |
|
|
74 |
% |
EU / USA |
|
33.2 |
|
|
35 |
% |
|
26.1 |
|
|
25 |
% |
|
31.0 |
|
|
43 |
% |
|
27.0 |
|
|
35 |
% |
|
19.0 |
|
|
24 |
% |
|
20.7 |
|
|
19 |
% |
|
24.5 |
|
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
94.9 |
|
|
100 |
% |
|
104.3 |
|
|
100 |
% |
|
72.1 |
|
|
100 |
% |
|
77.8 |
|
|
100 |
% |
|
79.0 |
|
|
100 |
% |
|
109.0 |
|
|
100 |
% |
|
94.3 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDERS |
Q1-2015 |
Q2-2015 |
Q3-2015 |
Q4-2015 |
Q1-2016 |
Q2-2016 |
Q3-2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
69.8 |
|
|
67 |
% |
|
68.0 |
|
|
74 |
% |
|
44.2 |
|
|
59 |
% |
|
56.1 |
|
|
73 |
% |
|
77.9 |
|
|
75 |
% |
|
84.4 |
|
|
84 |
% |
|
61.7 |
|
|
79 |
% |
EU / USA |
|
34.4 |
|
|
33 |
% |
|
23.9 |
|
|
26 |
% |
|
30.7 |
|
|
41 |
% |
|
21.2 |
|
|
27 |
% |
|
26.0 |
|
|
25 |
% |
|
16.1 |
|
|
16 |
% |
|
16.4 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
104.2 |
|
|
100 |
% |
|
91.9 |
|
|
100 |
% |
|
74.9 |
|
|
100 |
% |
|
77.3 |
|
|
100 |
% |
|
103.9 |
|
|
100 |
% |
|
100.5 |
|
|
100 |
% |
|
78.1 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per customer type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDM |
|
58.4 |
|
|
56 |
% |
|
49.6 |
|
|
54 |
% |
|
56.2 |
|
|
75 |
% |
|
44.8 |
|
|
58 |
% |
|
45.7 |
|
|
44 |
% |
|
50.6 |
|
|
50 |
% |
|
43.7 |
|
|
56 |
% |
Subcontractors |
|
45.8 |
|
|
44 |
% |
|
42.3 |
|
|
46 |
% |
|
18.7 |
|
|
25 |
% |
|
32.5 |
|
|
42 |
% |
|
58.2 |
|
|
56 |
% |
|
49.9 |
|
|
50 |
% |
|
34.4 |
|
|
44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
104.2 |
|
|
100 |
% |
|
91.9 |
|
|
100 |
% |
|
74.9 |
|
|
100 |
% |
|
77.3 |
|
|
100 |
% |
|
103.9 |
|
|
100 |
% |
|
100.5 |
|
|
100 |
% |
|
78.1 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG |
Mar 31,
2015 |
Jun 30,
2015 |
Sep 30,
2015 |
Dec 31,
2015 |
Mar 31,
2016 |
Jun 30,
2016 |
Sep 30,
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
87.9 |
|
|
75.6 |
|
|
78.4 |
|
|
77.8 |
|
|
102.7 |
|
|
94.2 |
|
|
78.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEADCOUNT |
Mar 31,
2015 |
Jun 30,
2015 |
Sep 30,
2015 |
Dec 31,
2015 |
Mar 31,
2016 |
Jun 30,
2016 |
Sep 30,
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
933 |
|
|
61 |
% |
|
967 |
|
|
62 |
% |
|
975 |
|
|
63 |
% |
|
950 |
|
|
63 |
% |
|
951 |
|
|
64 |
% |
|
1,007 |
|
|
66 |
% |
|
1,025 |
|
|
66 |
% |
EU / USA |
|
597 |
|
|
39 |
% |
|
597 |
|
|
38 |
% |
|
566 |
|
|
37 |
% |
|
549 |
|
|
37 |
% |
|
533 |
|
|
36 |
% |
|
519 |
|
|
34 |
% |
|
522 |
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
1,530 |
|
|
100 |
% |
|
1,564 |
|
|
100 |
% |
|
1,541 |
|
|
100 |
% |
|
1,499 |
|
|
100 |
% |
|
1,484 |
|
|
100 |
% |
|
1,526 |
|
|
100 |
% |
|
1,547 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary staff (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific |
|
83 |
|
|
55 |
% |
|
36 |
|
|
30 |
% |
|
23 |
|
|
26 |
% |
|
0 |
|
|
0 |
% |
|
59 |
|
|
56 |
% |
|
59 |
|
|
53 |
% |
|
34 |
|
|
47 |
% |
EU / USA |
|
67 |
|
|
45 |
% |
|
84 |
|
|
70 |
% |
|
64 |
|
|
74 |
% |
|
40 |
|
|
100 |
% |
|
47 |
|
|
44 |
% |
|
53 |
|
|
47 |
% |
|
39 |
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
150 |
|
|
100 |
% |
|
120 |
|
|
100 |
% |
|
87 |
|
|
100 |
% |
|
40 |
|
|
100 |
% |
|
106 |
|
|
100 |
% |
|
112 |
|
|
100 |
% |
|
73 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed and temporary staff (FTE) |
|
1,680 |
|
|
|
1,684 |
|
|
|
1,628 |
|
|
|
1,539 |
|
|
|
1,590 |
|
|
|
1,638 |
|
|
|
1,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA |
Q1-2015 |
Q2-2015 |
Q3-2015 |
Q4-2015 |
Q1-2016 |
Q2-2016 |
Q3-2016 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
|
46.5 |
|
|
49.0 |
% |
|
49.9 |
|
|
47.8 |
% |
|
35.1 |
|
|
48.7 |
% |
|
38.9 |
|
|
50.0 |
% |
|
38.9 |
|
|
49.2 |
% |
|
55.5 |
|
|
50.9 |
% |
|
47.6 |
|
|
50.5 |
% |
Restructuring charges / (gains) |
|
(0.7 |
) |
|
-0.8 |
% |
|
0.1 |
|
|
0.1 |
% |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.3 |
|
|
0.4 |
% |
|
(0.0 |
) |
|
-0.0 |
% |
|
0.0 |
|
|
0.0 |
% |
Gross profit as adjusted |
|
45.8 |
|
|
48.2 |
% |
|
50.0 |
|
|
47.9 |
% |
|
35.1 |
|
|
48.7 |
% |
|
38.9 |
|
|
50.0 |
% |
|
39.2 |
|
|
49.6 |
% |
|
55.5 |
|
|
50.9 |
% |
|
47.6 |
|
|
50.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and admin expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
|
17.4 |
|
|
18.3 |
% |
|
20.6 |
|
|
19.7 |
% |
|
18.6 |
|
|
25.8 |
% |
|
17.5 |
|
|
22.5 |
% |
|
20.5 |
|
|
25.9 |
% |
|
19.6 |
|
|
18.0 |
% |
|
19.3 |
|
|
20.5 |
% |
Amortization of intangibles |
|
(0.2 |
) |
|
-0.2 |
% |
|
(0.3 |
) |
|
-0.2 |
% |
|
(0.2 |
) |
|
-0.3 |
% |
|
(0.6 |
) |
|
-0.7 |
% |
|
(0.2 |
) |
|
-0.3 |
% |
|
(0.3 |
) |
|
-0.3 |
% |
|
(0.3 |
) |
|
-0.3 |
% |
Restructuring gains / (charges) |
|
1.0 |
|
|
1.1 |
% |
|
(0.0 |
) |
|
-0.0 |
% |
|
(0.2 |
) |
|
-0.2 |
% |
|
(0.1 |
) |
|
-0.1 |
% |
|
(0.3 |
) |
|
-0.4 |
% |
|
(0.1 |
) |
|
-0.1 |
% |
|
(0.1 |
) |
|
-0.1 |
% |
SG&A expenses as adjusted |
|
18.2 |
|
|
19.1 |
% |
|
20.3 |
|
|
19.5 |
% |
|
18.2 |
|
|
25.2 |
% |
|
16.8 |
|
|
21.6 |
% |
|
20.0 |
|
|
25.3 |
% |
|
19.2 |
|
|
17.6 |
% |
|
18.9 |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported |
|
7.9 |
|
|
8.3 |
% |
|
11.4 |
|
|
11.0 |
% |
|
10.1 |
|
|
14.0 |
% |
|
9.0 |
|
|
11.6 |
% |
|
8.7 |
|
|
11.0 |
% |
|
9.5 |
|
|
8.7 |
% |
|
8.9 |
|
|
9.4 |
% |
Capitalization of R&D charges |
|
1.5 |
|
|
1.6 |
% |
|
1.4 |
|
|
1.3 |
% |
|
1.2 |
|
|
1.7 |
% |
|
1.5 |
|
|
2.0 |
% |
|
1.8 |
|
|
2.3 |
% |
|
1.5 |
|
|
1.4 |
% |
|
1.6 |
|
|
1.7 |
% |
Amortization of intangibles |
|
(1.7 |
) |
|
-1.8 |
% |
|
(2.2 |
) |
|
-2.1 |
% |
|
(2.3 |
) |
|
-3.1 |
% |
|
(2.4 |
) |
|
-3.1 |
% |
|
(2.2 |
) |
|
-2.8 |
% |
|
(2.3 |
) |
|
-2.1 |
% |
|
(2.1 |
) |
|
-2.2 |
% |
Restructuring gains / (charges) |
|
2.0 |
|
|
2.1 |
% |
|
(0.1 |
) |
|
-0.1 |
% |
|
(0.0 |
) |
|
-0.0 |
% |
|
0.2 |
|
|
0.2 |
% |
|
(0.0 |
) |
|
-0.0 |
% |
|
(0.0 |
) |
|
-0.0 |
% |
|
- |
|
|
- |
|
R&D expenses as adjusted |
|
9.7 |
|
|
10.2 |
% |
|
10.6 |
|
|
10.2 |
% |
|
9.0 |
|
|
12.5 |
% |
|
8.3 |
|
|
10.6 |
% |
|
8.3 |
|
|
10.5 |
% |
|
8.7 |
|
|
8.0 |
% |
|
8.4 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense (income), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
|
(0.1 |
) |
|
|
0.1 |
|
|
|
(0.0 |
) |
|
|
0.0 |
|
|
|
(0.0 |
) |
|
|
(0.0 |
) |
|
|
0.0 |
|
|
Foreign exchange (gains) losses |
|
1.1 |
|
|
|
0.3 |
|
|
|
(0.8 |
) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
1.1 |
|
|
|
0.4 |
|
|
|
(0.8 |
) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
|
21.2 |
|
|
22.3 |
% |
|
17.9 |
|
|
17.2 |
% |
|
6.4 |
|
|
8.9 |
% |
|
12.4 |
|
|
15.9 |
% |
|
9.6 |
|
|
12.2 |
% |
|
26.3 |
|
|
24.1 |
% |
|
19.5 |
|
|
20.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
|
24.4 |
|
|
25.7 |
% |
|
21.6 |
|
|
20.7 |
% |
|
10.2 |
|
|
14.1 |
% |
|
16.9 |
|
|
21.7 |
% |
|
13.4 |
|
|
17.0 |
% |
|
30.1 |
|
|
27.6 |
% |
|
23.0 |
|
|
24.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as % of net sales |
|
17.5 |
|
|
18.5 |
% |
|
15.5 |
|
|
14.8 |
% |
|
6.3 |
|
|
8.7 |
% |
|
9.7 |
|
|
12.4 |
% |
|
8.0 |
|
|
10.1 |
% |
|
24.0 |
|
|
22.0 |
% |
|
16.6 |
|
|
17.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.46 |
|
|
|
0.41 |
|
|
|
0.16 |
|
|
|
0.26 |
|
|
|
0.21 |
|
|
|
0.64 |
|
|
|
0.44 |
|
|
Diluted |
|
0.46 |
|
|
|
0.40 |
|
|
|
0.16 |
|
|
|
0.25 |
|
|
|
0.21 |
|
|
|
0.63 |
|
|
|
0.43 |
|
|
Contacts:
Richard W. Blickman, President & CEO
Cor te Hennepe, SVP Finance
Tel. (31) 26 319 4500
investor.relations@besi.com
Citigate First Financial
Frank Jansen
Tel. (31) 20 575 4024
Frank.Jansen@citigateff.nl
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