Results Exceed Expectations
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 fourth
quarter and year ended December 31, 2016.
Key Highlights Q4-16
- Revenue of € 93.1 million, down 1.3% vs. Q3-16 but up 19.7% vs.
Q4-15. Better than guidance due to higher epoxy and flip chip die
bonding shipments for mobile and automotive applications
- Orders of € 91.4 million, up 17.0% vs. Q3-16 and 18.2% vs.
Q4-15 as a result of broad based demand for Besi’s advanced
packaging portfolio and improved industry conditions
- Gross margin reaches 53.2%. Up vs. 50.5% in Q3-16 and 50.0% in
Q4-15 due primarily to material cost efficiencies and forex
benefits
- Net income of € 16.7 million is up € 0.1 million vs. Q3-16 and
€ 7.0 million vs. Q4-15
- Net margin reaches 18.0% in Q4-16 vs. 17.6% in Q3-16. Up
significantly vs Q4-15 (12.4%) due primarily to revenue growth,
operating leverage and cost control efforts
- Financial position enhanced. Net cash up € 31.6 million (23.2%)
vs. Q4-15 to reach € 168.1 million
- € 125 million 2.5% Senior Unsecured Convertible Notes placed to
help fund, amongst others, future growth
Key Highlights 2016/2015
- Revenue of € 375.4 million, up 7.5% primarily as a result of
increased demand by Asian customers for Besi’s high end and
mainstream assembly solutions and improved industry conditions
- Orders up 7.3% primarily due to higher demand for new advanced
packaging capacity, smart phone features and automotive
electronics
- Gross margin rose to 51.0% vs. 48.8% principally as a result of
increased material and labor cost efficiencies, market position and
forex benefits
- Net income of € 65.3 million, up € 16.3 million. Net margin
increased to 17.4% vs. 14.0% in 2015
- 2016 dividend of € 1.74 proposed for May AGM (includes € 0.35
special dividend). Up 45% vs. 2015
Outlook
- Q1-17 revenue expected to increase 15-20% vs. Q4-16. Industry
upturn continues. Orders to date in Q1-17 significantly exceed
Q4-16 levels
| |
|
|
|
|
|
|
|
|
|
(€ millions, except EPS) |
Q4-2016 |
Q3-2016 |
Δ |
Q4-2015 |
Δ |
2016 |
2015 |
Δ |
|
Revenue |
93.1 |
94.3 |
-1.3 |
% |
77.8 |
+19.7 |
% |
375.4 |
349.2 |
+7.5 |
% |
|
Orders |
91.4 |
78.1 |
+17.0 |
% |
77.3 |
+18.2 |
% |
373.8 |
348.3 |
+7.3 |
% |
|
EBITDA |
23.3 |
23.0 |
+1.3 |
% |
16.9 |
+37.9 |
% |
89.8 |
73.0 |
+23.0 |
% |
|
Net Income |
16.7 |
16.6 |
+0.6 |
% |
9.7 |
+72.2 |
% |
65.3 |
49.0 |
+33.3 |
% |
|
Adjusted Net Income* |
16.7 |
16.7 |
+0.0 |
% |
10.9 |
+53.2 |
% |
65.2 |
46.9 |
+39.0 |
% |
|
EPS (basic) |
0.45 |
0.44 |
+2.3 |
% |
0.26 |
+73.1 |
% |
1.74 |
1.29 |
+34.9 |
% |
|
EPS (diluted) |
0.43 |
0.43 |
+0.0 |
% |
0.25 |
+72.0 |
% |
1.70 |
1.27 |
+33.9 |
% |
|
Net Cash |
168.1 |
131.9 |
+27.4 |
% |
136.5 |
+23.2 |
% |
168.1 |
136.5 |
+23.2 |
% |
* Adjusted net income excludes certain tax
benefits/charges and restructuring charges/benefits, net.
Richard W. Blickman, President and Chief
Executive Officer of Besi, commented:2016 was a year of
unexpected industry growth, strong financial performance and
strategic positioning for the future. Besi generated revenue of €
375.4 million and net income of € 65.3 million, increases of 7.5%
and 33.3%, respectively, vs. 2015. Net income grew even more
rapidly than sales this year as gross margins reached 51.0% and
cost control initiatives kept expense growth in check. In addition,
our financial position continued to strengthen with net cash at
year end reaching € 168.1 million, an increase of 23.2% vs. year
end 2015.
Our strong profit and cash flow generation in
recent years has enabled Besi to enhance shareholder returns. In
2016, we utilized € 67.8 million in cash for dividends and share
repurchases, an increase of 11.3% vs. 2015. Cumulatively, since
2011, we have utilized € 186.0 million of cash for such purposes.
Given our favorable 2016 performance and prospects, we have
proposed a dividend of € 1.74 per share, a 45% increase vs. 2015,
of which € 0.35 represents a special dividend for the year. The
proposed dividend represents a pay-out ratio relative to net income
of 100% for 2016 vs. 93% for 2015.
Revenue growth built progressively during 2016
stimulated by expanded investment by Chinese and Taiwanese
subcontractors for new, state of the art advanced packaging
capacity, accelerating demand for flash memory devices and the
continued proliferation of intelligent automotive electronics. In
addition, growth was aided by a new technology cycle which
encouraged capital spending for next generation <20 nano
applications. In the smart phone arena, there was expanded customer
investment in more advanced features and functionality such as
fingerprint sensors and advanced dual camera and flashlight
modules.
The second half of 2016 witnessed much stronger
than anticipated order, revenue and profit levels with particular
strength in Q4-16. During a traditionally weak period, revenue and
net income reached € 93.1 million and € 16.7 million, respectively,
while gross and net margins rose to 53.2% and 18.0%, respectively.
Besi’s results significantly exceeded guidance due primarily to
much stronger than anticipated shipments of epoxy and flip chip die
bonding systems for mobile and automotive applications and shorter
delivery times to customers. Order patterns to date in 2017 confirm
a continued industry upswing well into the first half year with
bookings to date in Q1-17 significantly exceeding levels realized
in all of Q4-16. As such, we guide for a sequential Q1-17 revenue
increase of 15-20% and are scaling our Asian supply chains and
production capabilities to meet anticipated demand.
Longer term, there still remains much unrealized
potential to increase Besi’s market position and profitability in
the years ahead. In this regard, we completed in Q4-16 a
comprehensive review of our business, strategic positioning and
cost structure with an independent consulting firm. Revenue and
cost initiatives were agreed for implementation over the next five
years. To help us capitalize on future growth opportunities, Besi
also successfully placed in December 2016 € 125 million of 2.5%
Convertible Notes due 2023 which provides funding on highly
attractive terms for our next growth
phase.
Fourth Quarter Results of
Operations
|
|
Q4-2016 |
Q3-2016 |
Δ |
Q4-2015 |
Δ |
|
Revenue |
93.1 |
94.3 |
-1.3 |
% |
77.8 |
+19.7 |
% |
|
Orders |
91.4 |
78.1 |
+17.0 |
% |
77.3 |
+18.2 |
% |
|
Backlog |
76.3 |
78.0 |
-2.2 |
% |
77.8 |
-1.9 |
% |
|
Book to Bill Ratio |
1.0x |
0.8x |
+0.2 |
|
1.0x |
- |
|
Besi’s Q4-16 revenue decreased by 1.3% vs. Q3-16
but significantly exceeded guidance (-10-15%) due to much stronger
than anticipated shipments of epoxy, multi module and flip chip die
bonding systems and shorter cycle times. In Q4-16, there was
particularly strong demand by both IDMs and Asian subcontractors
for mobile and automotive applications. Revenue increased by 19.7%
vs. Q4-15 due primarily to higher demand by Chinese and Taiwanese
subcontractors for new advanced packaging capacity and improved
industry conditions.
Orders increased by 17.0% vs. Q3-16 and by 18.2%
vs. Q4-15 primarily due to broad based strength in demand by both
IDMs and Asian subcontractors for Besi’s high end and mainstream
advanced packaging solutions and improved industry conditions. Per
customer type, subcontractor orders increased sequentially in Q4-16
by € 5.8 million, or 16.9%, while IDM orders increased by € 7.5
million, or 17.2%.
|
|
Q4-2016 |
Q3-2016 |
Δ |
Q4-2015 |
Δ |
|
Gross Margin |
53.2 |
% |
50.5 |
% |
+2.7 |
|
50.0 |
% |
+3.2 |
|
|
Operating Expenses |
29.8 |
|
28.2 |
|
+5.7 |
% |
26.5 |
|
+12.5 |
% |
|
Financial Expense/ (Income),
net |
0.0 |
|
0.9 |
|
NM |
|
0.2 |
|
NM |
|
|
EBITDA |
23.3 |
|
23.0 |
|
+1.3 |
% |
16.9 |
|
+37.9 |
% |
Besi’s gross margin in Q4-16 increased by 2.7%
vs. Q3-16 primarily as a result of increased material and freight
efficiencies and forex benefits due principally to an increase in
the US dollar vs. the euro. As compared to Q4-15, the 3.2% increase
was primarily due to material and labor cost efficiencies and forex
benefits.
Q4-16 operating expenses increased by € 1.6
million (5.7%) vs. Q3-16 primarily as a result of higher
performance based compensation and one-time consulting costs.
Operating expenses increased by € 3.3 million (12.5%) vs.
Q4-15 due to similar factors as well as increased warranty expense
related to higher sales levels. Total headcount at December 31,
2016 increased by 3.0% vs. September 30, 2016 as ongoing decreases
in European headcount were more than offset by higher Asian fixed
and temporary production personnel associated primarily with the
Q4-16 order ramp.
|
|
Q4-2016 |
Q3-2016 |
Δ |
Q4-2015 |
Δ |
|
As Reported |
|
|
|
|
|
|
Net Income |
16.7 |
|
16.6 |
|
+0.6 |
% |
9.7 |
|
+72.2 |
% |
|
Net Margin |
18.0 |
% |
17.6 |
% |
+0.4 |
|
12.4 |
% |
+5.6 |
|
|
Tax Rate |
15.1 |
% |
11.1 |
% |
+4.0 |
|
20.6 |
% |
-5.5 |
|
|
|
|
|
|
|
|
|
As Adjusted* |
|
|
|
|
|
|
Net Income |
16.7 |
|
16.7 |
|
- |
|
10.9 |
|
+53.2 |
% |
|
Net Margin |
18.0 |
% |
17.7 |
% |
+0.3 |
|
14.0 |
% |
+4.0 |
|
|
Tax Rate |
15.1 |
% |
11.1 |
% |
+4.0 |
|
10.7 |
% |
+4.4 |
|
* Adjusted net income excludes € 0.1 million of
restructuring charges in Q3-16 and € 1.2 million in Q4-15 related
to deferred taxes.
Besi’s Q4-16 net income was up € 0.1 million vs.
Q3-16. As compared to Q4-15, net income increased by € 7.0 million
(72.2%) primarily as a result of (i) 19.7% revenue growth, (ii)
gross margin improvement of 3.2% and (iii) a lower effective tax
rate partially offset by increased operating expenses.
Full Year Results of Operations
2016/2015
|
|
As Reported |
As Adjusted* |
|
|
2016 |
|
2015 |
|
Δ2016/2015 |
2016 |
|
2015 |
|
Δ2016/2015 |
|
Revenue |
375.4 |
|
349.2 |
|
+7.5 |
% |
375.4 |
|
349.2 |
|
+7.5 |
% |
|
Orders |
373.8 |
|
348.3 |
|
+7.3 |
% |
373.8 |
|
348.3 |
|
+7.3 |
% |
|
Net Income |
65.3 |
|
49.0 |
|
+33.3 |
% |
65.2 |
|
46.9 |
|
+39.0 |
% |
|
Net Margin |
17.4 |
% |
14.0 |
% |
+3.4 |
|
17.4 |
% |
13.4 |
% |
+4.0 |
|
|
Tax Rate |
11.2 |
% |
14.3 |
% |
-3.1 |
|
12.5 |
% |
12.9 |
% |
-0.4 |
|
* Adjusted net income excludes certain tax
benefits/charges and restructuring charges/benefits, net.
Besi’s revenue increased by € 26.2 million
(7.5%) in 2016 primarily due to increased demand by Chinese and
Taiwanese subcontractors for its range of high end and mainstream
assembly solutions, more favourable industry conditions and the
benefits of a new technology cycle. In general, customers increased
advanced packaging capacity for mobile handsets, upgraded smart
phone features and continued investments in automotive
applications. In particular, Besi experienced strong growth for its
epoxy, multi module and eWLB die bonders and ultra-thin molding
equipment for such applications. Similarly, orders in 2016
increased by 7.3% vs. 2015. Orders by IDMs and subcontractors
represented approximately 51% and 49%, respectively, of Besi’s
total orders in 2016 versus 60% and 40%, respectively, in 2015.
Net income increased by € 16.3 million (33.3%)
vs. 2015 primarily due to a (i) 7.5% revenue increase, (ii) 2.2%
gross margin improvement and (iii) 3.1% reduction in Besi’s
effective tax rate partially offset by € 3.8 million of increased
operating expenses primarily due to the absence of net
restructuring benefits recognized in
2015. Financial Condition
|
|
Q4-2016 |
Q3-2016 |
Δ |
Q4-2015 |
Δ |
|
Net Cash |
168.1 |
131.9 |
+27.4 |
% |
136.5 |
+23.2 |
% |
|
Cash flow from Ops. |
33.4 |
30.1 |
+11.0 |
% |
32.5 |
+2.8 |
% |
At year end 2016, Besi’s cash and deposits
increased by € 151.5 million vs. Q3-16 to reach € 304.8
million primarily due to the net proceeds received from the
issuance of € 125 million of Convertible Notes in December. In
addition, net cash increased by € 36.2 million to reach € 168.1
million. Besi generated cash flow from operations of € 33.4 million
in Q4-16 which was utilized primarily to fund (i) € 4.5
million of share repurchases, (ii) € 2.2 million of capital
expenditures and (iii) € 1.9 million of capitalized
development spending.
As compared to year end 2015, net cash increased
by € 31.6 million, or 23.2%. Besi generated cash flow from
operations during the year of € 98.7 million which was utilized
primarily to fund (i) cash dividends of € 45.4 million, (ii) share
repurchases of € 22.0 million, (iii) € 6.7 million of capitalized
development spending and (iv) € 4.5 million of capital
expenditures.
Convertible Bond OfferingOn
December 2, 2016, Besi issued € 125 million principal amount of
2.5% Senior Unsecured Convertible Notes due December 2023 (the
“Notes”). The Notes convert into approximately 2.9 million Besi
ordinary shares at a conversion price of € 43.51 (subject to
adjustment). The Company may redeem the Notes after December 2020,
provided that the price of its ordinary shares exceeds 130% of the
then effective conversion price for a specified period of time. The
net proceeds from the offering totalled € 122.7 million and were
added to Besi’s cash and deposits. These proceeds will be used,
amongst others, to finance Besi's growth.
Share Repurchase ProgramIn
September 2015, Besi initiated a program to repurchase up to 1.0
million of its ordinary shares, or approximately 3% of its shares
outstanding. The program was successfully completed in October 2016
under which the full 1.0 million shares were repurchased at an
average price of € 22.50 for a total of € 22.5 million.
In October 2016, Besi initiated a new share
repurchase program under which it may buy back up to 1.0 million
ordinary shares (2.7% of its outstanding shares at October 27,
2016) from time to time on the open market and depending on market
conditions. In 2016, Besi purchased 126,395 shares under this
program at a weighted average price of € 31.30 per share for € 4.0
million. Through February 22, 2017, Besi had purchased an
additional 101,512 shares at a weighted average price of € 33.62
for € 3.4 million. At such date, Besi held approximately 2.8
million shares in treasury at an average price of € 13.47 per
share.
DividendDue to its earnings,
cash flow generation and prospects, Besi’s Board of Management has
proposed a cash dividend of € 1.74 per share for the 2016 year for
approval at its AGM on May 1, 2017, of which € 0.35 represents
a special dividend. The proposed dividend represents an increase of
45% over 2015 and will be payable from May 8, 2017. The dividend
payments for the 2015 fiscal year and proposed for the 2016 fiscal
year represent a pay-out ratio relative to net income of 93% and
100% (approximately 80% ex special dividend), respectively.
Outlook Based on its December 31, 2016
backlog and feedback from customers, Besi forecasts for Q1-17
that:
- Revenue will increase by 15-20% vs. the € 93.1 million reported
in Q4-16.
- Gross margin will range between 52-54% vs. the 53.2% realized
in Q4-16.
- Operating expenses will increase by approximately 5-10% vs. the
€ 29.7 million reported in Q4-16 due primarily to higher share
based incentive compensation expense.
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 5871. To access the audio
webcast and webinar slides, please visit www.besi.com.
Important Investor Relations Dates
2017
| - Publication
Annual Report 2016 |
March 16, 2017 |
| - Publication Q1
results |
April 25, 2017 |
| - Annual General
Meeting of Shareholders |
May 1, 2017 |
| - Publication
Q2/semi-annual results |
July 27, 2017 |
| - Publication
Q3/nine month results |
November 1, 2017 |
| - Publication
Q4/full year results |
February 1, 2018 |
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, 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 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.
Statement of ComplianceThe
accounting policies applied in the condensed consolidated financial
statements included in this press release are the same as those
applied in the Annual Report 2016 which will be published on March
16, 2017. These consolidated financial statements to be included in
the Annual Report 2016 were authorized for issuance by the Board of
Management and Supervisory Board on February 22, 2017. In
accordance with Article 393, Title 9, Book 2 of the Netherlands
Civil Code, Deloitte Accountants B.V. has issued an unqualified
auditor’s opinion on the Annual Report 2016. The Annual Report 2016
will be published on March 16, 2017 and still has to be adopted by
the Annual General Meeting on May 1, 2017.
The condensed financial statements included in
this press release have been prepared in accordance with
International Financial Reporting Standards (IFRS), as adopted by
the European Union. However, these condensed financial statements
do not include all of the information required for a complete set
of IFRS financial statements. Selected explanatory notes are
included in this press release to explain events and transactions
that are significant to an understanding of the change in the
Group’s financial position and performance since the annual
consolidated financial statements for the year ended December 31,
2015.
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 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;
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; 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,
2015 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 EndedDecember
31,(unaudited) |
Year EndedDecember
31,(audited) |
|
|
2016 |
2015 |
2016 |
2015 |
| Revenue |
93,081 |
77,838 |
375,375 |
349,206 |
| Cost of sales |
43,564 |
38,929 |
183,894 |
178,766 |
| |
|
|
|
|
| Gross profit |
49,517 |
38,909 |
191,481 |
170,440 |
| |
|
|
|
|
| Selling, general and
administrative expenses |
21,050 |
17,496 |
80,454 |
74,088 |
| Research and
development expenses |
8,737 |
9,010 |
35,859 |
38,457 |
| |
|
|
|
|
| Total operating
expenses |
29,787 |
26,506 |
116,313 |
112,545 |
| |
|
|
|
|
| Operating income |
19,730 |
12,403 |
75,168 |
57,895 |
| |
|
|
|
|
| Financial expense
(income), net |
35 |
209 |
1,614 |
793 |
| |
|
|
|
|
| Income before
taxes |
19,695 |
12,194 |
73,554 |
57,102 |
| |
|
|
|
|
| Income tax expense |
2,964 |
2,510 |
8,259 |
8,147 |
| |
|
|
|
|
| |
|
|
|
|
| Net
income |
16,731 |
9,684 |
65,295 |
48,955 |
| |
|
|
|
|
| Net income per share –
basic |
0.45 |
0.26 |
1.74 |
1.29 |
| Net income per share –
diluted |
0.43 |
0.25 |
1.70 |
1.27 |
| |
|
|
|
|
| Number of shares used
in computing per share amounts: |
|
|
|
|
| - basic |
37,390,551 |
37,863,456 |
37,600,855 |
37,931,201 |
| - diluted1 |
39,020,180 |
38,493,443 |
38,508,080 |
38,503,706 |
|
|
|
|
|
|
| |
|
|
|
|
| 1 The
calculation of diluted income per share assumes the exercise of
equity settled share based payments. |
| |
| Consolidated Balance Sheets |
| |
|
(euro in thousands) |
December 31,2016(audited) |
September 30,2016(unaudited) |
June 30,2016(unaudited) |
March 31,2016(unaudited) |
December 31,2015(audited) |
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
| Cash and cash
equivalents |
224,790 |
153,264 |
132,075 |
169,756 |
157,818 |
| Deposits |
80,000 |
- |
- |
- |
- |
| Accounts
receivable |
89,845 |
94,189 |
106,209 |
79,624 |
80,640 |
| Inventories |
55,054 |
56,579 |
60,825 |
61,056 |
53,877 |
| Income tax
receivable |
395 |
371 |
279 |
686 |
446 |
| Other current
assets |
9,995 |
12,225 |
10,134 |
10,957 |
6,055 |
| |
|
|
|
|
|
| Total current
assets |
460,079 |
316,628 |
309,522 |
322,079 |
298,836 |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Property, plant and
equipment |
26,993 |
24,419 |
25,016 |
26,355 |
26,718 |
| Goodwill |
45,867 |
45,261 |
45,362 |
43,461 |
45,542 |
| Other intangible
assets |
37,844 |
37,950 |
38,696 |
41,309 |
40,374 |
| Deferred tax
assets |
14,265 |
16,213 |
17,441 |
17,684 |
18,545 |
| Other non-current
assets |
2,521 |
2,500 |
2,721 |
2,696 |
2,711 |
| |
|
|
|
|
|
| Total
non-current assets |
127,490 |
126,343 |
129,236 |
131,505 |
133,890 |
| |
|
|
|
|
|
|
Total assets |
587,569 |
442,971 |
438,758 |
453,584 |
432,726 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Notes payable to
banks |
11,855 |
8,004 |
8,000 |
8,000 |
8,000 |
| Current portion of
long-term debt and financial leases |
2,240 |
2,240 |
- |
- |
- |
| Accounts payable |
38,949 |
36,279 |
46,819 |
37,677 |
27,529 |
| Accrued
liabilities |
44,494 |
40,489 |
35,724 |
36,330 |
31,850 |
| |
|
|
|
|
|
| Total current
liabilities |
97,538 |
87,012 |
90,543 |
82,007 |
67,379 |
| |
|
|
|
|
|
| Other long-term debt
and financial leases |
122,603 |
11,112 |
13,352 |
13,352 |
13,352 |
| Deferred tax
liabilities |
6,716 |
6,125 |
6,158 |
6,180 |
6,201 |
| Other non-current
liabilities |
15,675 |
16,542 |
16,245 |
13,355 |
13,574 |
| |
|
|
|
|
|
| Total
non-current liabilities |
144,994 |
33,779 |
35,755 |
32,887 |
33,127 |
| |
|
|
|
|
|
| Total
equity |
345,037 |
322,180 |
312,460 |
338,690 |
332,220 |
| |
|
|
|
|
|
|
Total liabilities and equity |
587,569 |
442,971 |
438,758 |
453,584 |
432,726 |
| |
|
|
|
|
|
| Consolidated Cash Flow Statements |
| |
| (euro
in thousands) |
Three Months EndedDecember
31,(unaudited) |
Year EndedDecember
31,(unaudited) |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
| |
|
|
|
|
| Cash flows from
operating activities: |
|
|
|
|
| Operating income |
19,730 |
|
12,403 |
|
75,168 |
|
57,895 |
|
| |
|
|
|
|
| Depreciation and
amortization |
3,606 |
|
4,456 |
|
14,616 |
|
15,107 |
|
| Share based
compensation expense |
1,014 |
|
685 |
|
7,247 |
|
5,193 |
|
| Other non-cash
items |
- |
|
(396 |
) |
- |
|
(16 |
) |
| (Gain) loss on
curtailment |
- |
|
(106 |
) |
- |
|
(5,626 |
) |
| |
|
|
|
|
| Change in working
capital |
10,001 |
|
16,743 |
|
3,879 |
|
16,829 |
|
| Income tax received
(paid) |
(1,003 |
) |
(1,178 |
) |
(2,482 |
) |
(3,146 |
) |
| Interest received
(paid) |
96 |
|
(129 |
) |
303 |
|
271 |
|
| |
|
|
|
|
| Net cash provided by
operating activities |
33,444 |
|
32,478 |
|
98,731 |
|
86,507 |
|
| |
|
|
|
|
| Cash flows from
investing activities: |
|
|
|
|
| Capital
expenditures |
(2,188 |
) |
(614 |
) |
(4,488 |
) |
(4,168 |
) |
| Capitalized development
expenses |
(1,886 |
) |
(1,526 |
) |
(6,737 |
) |
(5,627 |
) |
| Proceeds from sale of
equipment |
- |
|
15 |
|
7 |
|
15 |
|
| |
|
|
|
|
| Net cash used in
investing activities |
(4,074 |
) |
(2,125 |
) |
(11,218 |
) |
(9,780 |
) |
| |
|
|
|
|
| Cash flows from
financing activities: |
|
|
|
|
| Proceeds from (payments
of) bank lines of credit |
3,851 |
|
(12,589 |
) |
3,855 |
|
(5,679 |
) |
| Proceeds from (payments
of) debt and financial leases |
122,670 |
|
10,144 |
|
122,670 |
|
9,559 |
|
| Dividends paid to
shareholders |
- |
|
- |
|
(45,420 |
) |
(56,877 |
) |
| Proceeds from
reissuance (purchase) of treasury shares |
(4,520 |
) |
(3,499 |
) |
(21,979 |
) |
(3,100 |
) |
| Investment in
deposits |
(80,000 |
) |
- |
|
(80,000 |
) |
- |
|
| Other financing
activities |
(63 |
) |
- |
|
(63 |
) |
- |
|
| |
|
|
|
|
| Net cash provided by
(used in) financing activities |
41,938 |
|
(5,944 |
) |
(20,937 |
) |
(56,097 |
) |
| |
|
|
|
|
| Net increase (decrease)
in cash and cash equivalents |
71,308 |
|
24,409 |
|
66,576 |
|
20,630 |
|
| Effect of changes in
exchange rates on cash and cash equivalents |
218 |
|
575 |
|
396 |
|
1,866 |
|
| Cash and cash
equivalents at beginning of the period |
153,264 |
|
132,834 |
|
157,818 |
|
135,322 |
|
| |
|
|
|
|
| Cash and
cash equivalents at end of the period |
224,790 |
|
157,818 |
|
224,790 |
|
157,818 |
|
| |
|
|
|
|
|
|
|
|
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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