Almere, The Netherlands
July 24, 2018
ASM International N.V. (Euronext Amsterdam: ASM) today reports its second quarter 2018 operating results (unaudited) in accordance with IFRS.
|EUR million||Q2 2017 (restated)||Q1 2018||Q2 2018|
|Gross profit margin %||43.4||%||37.8||%||42.1||%|
|Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013)||30.9||16.3||21.6|
|Amortization intangible assets (resulting from the sale of ASMPT stake in 2013)||(7.1||)||(3.8||)||(3.0||)|
|Result from sale of ASMPT shares||101.0||-||-|
|Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares)||60.6||18.8||62.4|
2017 results were restated for the effects of IFRS 15.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"In Q2 we realized sales of EUR209 million and an order intake of EUR176 million. Both sales and order intake were within our guidance, despite the uncertainty around the exact timing of individual tools as mentioned in the Q1 earnings release. The gross margin in Q2 at 42% returned back again in the range of low to mid 40`s. This month at Semicon West, we introduced the Synergis, the latest addition to ASM`s industry-leading line of ALD tools, which addresses a wide range of advanced applications and will drive expansion of our Served Available Market within single-wafer ALD."
For Q3, on a currency comparable level, we expect sales of EUR180-200 million and an order intake of EUR 200-230 million. Q3 reflects still some uncertainty around the exact timing of individual tools.
For 2018, general expectations for growth of the wafer fab equipment market are currently mid to high single digits. Based upon the current market developments we expect our sales in the second half to be stronger than in the first half. We expect to outgrow the wafer fab equipment market in 2018.
SHARE BUYBACK PROGRAM AND CAPITAL REPAYMENT
On June 5, 2018, ASMI announced the start of a share buyback program of ASMI`s common shares up to EUR250 million. This program follows on ASMI`s announcement on February 28, 2018, that it intended to use EUR250 million of the proceeds of the partial sale of a stake of approximately 9% in ASMPT for a new share buyback program. The repurchase program is part of ASMI`s commitment to use excess cash for the benefit of its shareholders. On June 30, 2018, 16.6% of the program was completed at an average share price of EUR51.20.
On May 28, 2018, the 2018 Annual General Meeting of Shareholders (AGM), approved the proposal to distribute EUR4.00 per common share through a tax efficient repayment of capital. Following a statutory period under Dutch law of two months for opposition by creditors, the indicative ex-date for the distribution of EUR4.00 per common share is August 7, 2018, and the indicative payment date is August 10, 2018.
The 2018 AGM also approved the proposed withdrawal of 6 million treasury shares which is expected to become effective and administered on August 1, 2018, subject to the finalization of the mandatory legal procedures.
About ASM International
ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International`s common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI`s website at www.asm.com.
Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, epidemics and other risks indicated in the Company`s reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
ASM International will host an investor conference call and web cast on Wednesday, July 25, 2018 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are as follows:
A simultaneous audio webcast and replay will be accessible at www.asm.com.
T: +31 88 100 8500
T: +31 625 018 512