ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2014 RESULTS
05 3월 2015 - 8:03AM
ASM International N.V. (NASDAQ: ASMI and Euronext
Amsterdam: ASM) reports today its fourth quarter 2014 operating
results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
|
Quarter |
Full Year |
EUR
million |
Q4 2013 |
Q3 2014 |
Q4 2014 |
Pro-forma 1) 2013 |
2014 |
|
New orders |
133.1 |
|
156.2 |
|
154.4 |
|
479.6 |
|
602.1 |
|
Net sales |
126.9 |
|
122.2 |
|
124.3 |
|
452.0 |
|
545.6 |
|
Gross profit margin
% |
39.3 |
% |
43.2 |
% |
43.0 |
% |
39.0 |
% |
43.1 |
% |
Operating result |
15.8 |
|
17.2 |
|
13.4 |
|
44.7 |
|
90.5 |
|
Result from investments
(excl. amortization and fair value purchase price allocation) |
1.5 |
|
30.7 |
|
8.9 |
|
20.9 |
|
61.1 |
|
Remeasurement gain,
realized gain on sale of ASMPT shares, amortization and fair value
adjustments1) |
(343.2 |
) |
(5.7 |
) |
(6.0 |
) |
1,006.4 |
|
(22.5 |
) |
Net earnings |
(334.0 |
) |
54.6 |
|
21.0 |
|
1,051.9 |
|
137.3 |
|
Normalized net earnings (excl. remeasurement gain realized gain on
sale of ASMPT shares, amortization and fair value adjustments) |
9.3 |
|
60.2 |
|
26.9 |
|
45.5 |
|
159.8 |
|
- Net sales for the fourth quarter 2014 increased with 2%
compared to the third quarter. Year-on-year net sales decreased
with 2%.
- New orders at €154 million were slightly above our guidance of
a €130-150 million range.
- Normalized net earnings for the fourth quarter 2014 decreased
compared to the third quarter, mainly due to a lower result from
investments which includes a provision for a tax settlement of
ASMPT in Hong Kong for the period 2001-2010 with an impact of €9
million, and less positive currency effects on cash we hold in
foreign currencies (especially US$). Compared to the same quarter
last year, besides the effect of higher results from investments
and currencies, the improvement was mainly due to higher sales in
combination with effects of changes in our manufacturing operations
and supply chain.
1) Following the close of the sale on
March 15, 2013 of a 12% share in ASMPT, the entity in which the
Back-end segment is organized, ASMI's shareholding is reduced to
40%. As a consequence, as from March 15, 2013 the results of ASMPT
are deconsolidated. From that date onwards the net result of ASMPT
is reported on the line 'result from investments'. In 2013 a
purchase price allocation took place, which was finalized in the
fourth quarter, resulting in the recognition and subsequent
amortization of certain intangible assets.
COMMENT
Commenting on the results, Chuck del Prado,
President and Chief Executive Officer of ASM International said:
"2014 was a strong year for ASM. We realized, excluding ASMPT, the
highest sales level ever with a stable gross margin during the year
of approximately 43%. (PE)ALD demand was strong and we extended our
customer base. This creates a solid base and has led to the
decision to propose in the coming AGM an increase of our dividend
with 20% to €0.60 per share. Q4 showed relatively stable sales as
compared to Q3, while our order intake at €154 million was slightly
above the range as indicated. This established a strong backlog of
€176 million at the beginning of 2015."
OUTLOOK
For Q1 we expect sales between €150 and €160
million. For Q2 we expect a double digit sales increase as compared
to Q1. For the second half of 2015 the current visibility is
limited. The Q1 order intake is expected to be in the range of
€145-165 million.
SHARE BUYBACK
PROGRAM
On October 29, 2014, ASMI announced a share
buyback program, to purchase up to an amount of €100 million of its
own shares within the 2014-2015 time frame. The repurchase program
is part of ASMI's commitment to use excess cash for the benefit of
its shareholders.
ASMI intends to use part of the shares for
commitments under employee share-based compensation
schemes.
The buyback program is executed by
intermediaries through on-exchange purchases or through
off-exchange trades. The program started on November 24, 2014, and
will end on completion of the program but ultimately on November
20, 2015.
The maximum number of shares to be
repurchased on any given day will not exceed 25% of the average
daily trading volume on the regulated market on which purchases are
made, calculated over the last 20 trading days before the date of
repurchase. The program does not include the repurchase of ASMI's
New York Registry Share program. On March 3, 2015 of the total
program 47% has been repurchased of which 32% was repurchased in Q4
2014.
2014 ANNUAL REPORTS
On April 9, 2015 ASMI will publish its 2014
Annual Report on Form 20-F and Statutory Annual Report. The reports
will be published on our website at www.asm.com.
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 NASDAQ (symbol ASMI) and the Euronext
Amsterdam Stock Exchange (symbol ASM). For more information, visit
ASMI's website at www.asm.com.
Safe Harbor Statement under the U.S. Private
Securities Litigation Reform Act of 1995: All matters discussed in
this statement, 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,
shareholder and 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 filings from time to time with the U.S. Securities and
Exchange Commission, including, but not limited to, the Company's
reports on Form 20-F and Form 6-K. 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, March 5, 2015 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
3361
- International: + 44
(0)20 3427 1917
- The Netherlands: + 31 (0)20 716 8257
- Access Code: 7221867
A simultaneous audio web cast will be accessible at
www.asm.com.
CONTACT
Investor contact:
Victor Bareño T: +31 88 100 8500 E:
victor.bareno@asm.com
Mary Jo Dieckhaus T: +1 212 986 2900 E:
maryjo.dieckhaus@asm.com
Media contact:
Ian Bickerton T: +31 625 018 512
Press Release Fourth Quarter 2014 Results
http://hugin.info/132090/R/1899576/674892.pdf
HUG#1899576
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