ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2016 RESULTS
(Thomson Reuters ONE) -
Almere, The Netherlands
October 26, 2016
ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter
2016 operating results (unaudited) in accordance with IFRS.
REPORTING 2016
With the 2015 Q4 earnings release, published on February 23, 2016, ASMI
announced that as of January 1, 2016, it will report its financial results in
accordance with IFRS. Up until the last reporting regarding 2015, ASMI's primary
external and internal reporting has been based on US GAAP. In addition ASMI
issued quarterly reconciliations of net earnings and shareholders' equity and
(semi) annual financial statements prepared in accordance with International
Financial Reporting Standards (IFRS). Following the voluntary delisting from
NASDAQ, August 2015, ASMI migrated to IFRS as its only internal and external
reporting standard from January 1, 2016 and discontinued the use of US GAAP as
of the same date. During 2016 comparable results based on US GAAP will be
presented, as from 2017 results based on IFRS only will be reported.
The main deviations between IFRS and US GAAP are explained in Annex 2.
FINANCIAL HIGHLIGHTS
ASMI results based on IFRS.
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Quarter
EUR million Q3 2015 Q2 2016 Q3 2016
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New orders 148.1 159.1 122.6
Net sales 162.0 138.7 144.2
Gross profit margin % 43.4 % 43.8 % 44.2 %
Operating result 30.6 16.7 16.8
Result from investments (excl. Amortization
intangible assets resulting from the sale of the
12% stake of ASMPT) 8.6 16.4 26.7
Amortization intangible assets resulting from the
sale of the 12% stake of ASMPT (6.7 ) (6.7 ) (6.7 )
Net earnings 42.8 35.6 33.1
Normalized net earnings (excl. Amortization
intangible assets resulting from the sale of the
12% stake of ASMPT) 49.5 42.3 39.8
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* Net sales for the third quarter 2016 were ?144 million, an increase of 4%
compared to the previous quarter. Year-on-year net sales decreased with 11%.
* New orders at ?123 million were 23% below the Q2 2016 level.
* Normalized net earnings for the third quarter 2016 decreased by ?2 million
compared to the second quarter 2016. Operating result was stable at ?17
million. The financing result included ?3 million negative effects from
currencies compared to ?8 million positive effects in the second quarter.
The result from investments increased with ?8 million.
COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive
Officer of ASM international said: "Both Q3 revenues at ?144 million, and order
intake at ?123 million came in within our guidance of respectively ?135-150
million and ?100-130 million. Gross margin remained stable at around the 44%.
Net result in Q3 was ?40 million and decreased slightly, due to unfavorable
currency developments on cash held in foreign currencies, partly compensated by
the strong performance of ASMPT."
OUTLOOK
After its strong growth in the previous years, and as also communicated with our
Q2-results in July, the single wafer ALD market is expected to show a double-
digit decline in 2016, driven by the Memory business:
* In Memory, the NAND market is shifting from Planar NAND to 3D NAND. This
shift has significantly reduced the demand in NAND for additional multi
patterning-related single wafer ALD capacity. Non-patterning related single
wafer ALD demand is increasing as next generation 3D NAND gradually ramps
into high volume. We expect that this will lead to a double digit increase
of the 3D NAND single wafer ALD market in 2017 as compared to 2016.
* In Memory, DRAM industry capacity demand was high in 2015 and has declined
strongly in 2016. Based on current visibility the demand for new DRAM-
related single wafer ALD capacity is believed to recover in 2017 but not
before the middle of the year.
In Logic/Foundry the transition to the 10 nm technology node has started in
2016 and fuels substantially higher single wafer ALD-equipment demand than the
previous nodes. It is expected that this demand will remain high in 2017.
The above-mentioned market developments will lead to a contraction of the single
wafer ALD market in 2016. This market is expected to clearly improve again in
2017.
For Q4 we expect sales between ?150 - 170 million, while we expect an order
intake of ?130-160 million, both on a currency comparable level.
SHARE BUYBACK PROGRAM
October 28, 2015 ASMI announced that its Management Board authorized the
repurchase of up to ?100 million of the Company's common shares within the
2015-2016 time frame. This buyback program will be executed by intermediaries
and will end as soon as the aggregate purchase price of the common shares
acquired by ASMI has reached ?100 million, but ultimately on November 20, 2016.
On May 25, 2016 the General Meeting of Shareholders authorized ASMI to acquire
shares for a period of 18 months. The repurchase program is part of ASMI's
commitment to use excess cash for the benefit of its shareholders.
The program started on November 26, 2015. On September 30, 2016, 94% of the
program was completed at an average share price of ?35.87.
Since we are now approaching the finalization of this program, the Management
Board, as part of its commitment to use excess cash for the benefit of its
shareholders, has authorized the repurchase of up to ?50 million of the
Company's common shares within the 2016-2017 time frame under the same
conditions as the share buyback program announced at October 28, 2015.
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.
ASM International will host an investor conference call and web cast on
Thursday, October 27, 2016 at 15:00 Continental European Time (9:00 a.m. - US
Eastern Time).
The teleconference dial-in numbers are as follows:
* United States: +1 646 254 3367
* International: +44 (0)20 3427 1900
* The Netherlands: +31 (0)20 716 8256
* Access Code: 2990659
A simultaneous audio webcast and replay will be accessible at www.asm.com.
CONTACT
Investor contact:
Victor Bareño
T: +31 88 100 8500
E: victor.bareno(at)asm.com
Media contact:
Ian Bickerton
T: +31 625 018 512
Press Release Third Quarter 2016 Results:
http://hugin.info/132090/R/2051713/767686.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ASM International NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2016 - 17:58 Uhr
Sprache: Deutsch
News-ID 503022
Anzahl Zeichen: 10508
contact information:
Town:
Almere
Kategorie:
Business News
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