ASM INTERNATIONAL N.V. REPORTS FIRST QUARTER 2013 OPERATING RESULTS
Almere, The Netherlands
April 23, 2013
ASM International N.V. reports
First Quarter 2013 Operating Results
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its first quarter 2013 operating results (unaudited) in accordance with US GAAP.
Following the close of the sale on March 15, 2013 of a 12% share in ASMPT, the entity in which our Back-end segment is organized, our shareholding is reduced to 40%. As a consequence as from March 15, 2013 the results of ASMPT are deconsolidated. Hence this overview shows the fully consolidated results from ASMPT until March 15, 2013. As from that date onwards the net result of ASMPT is reported on the line "result from investments".
Net sales for the first quarter 2013 were €240 million. Net sales of our Front-end segment of €80 million decreased 14% quarter-to-quarter. Back-end sales for the whole of Q1 decreased on a comparable level with 7%.
Result from operations for Q1 2013 was €(3) million. Result from operations in Q4 2012 was €(4) million while Q1 of 2012 showed a profit of €22 million.
The Front-end segment's operating profit was €1.1 million compared to €1.2 million in Q4, 2012. Q1 2012 showed an operating profit of €2.9 million;
The Back-end segment's operating loss was €4.3 million compared to a loss of €5.3 million in Q4, 2012. The first quarter of 2012 showed an operating profit of €19.0 million. Would we have consolidated the Back-end segment for the whole of Q1, result from operations of the Back-end segment would have been a profit of €1.2 million.
First quarter 2013 net earnings were €1,410 million compared to a net loss of €22 million for the fourth quarter of 2012 and a profit of €6 million for the first quarter of 2012. The gain on the sale of 12% of the total outstanding ASMPT shares consists of two elements, the realized gain on the sale of the 11.88% stake of €324 million and an unrealized remeasurement gain on the remaining 40.08% of the shares of approximately €1.1 billion. The current share price of ASMPT, which is below the price at the close of the sale, could lead to future unrealized remeasurement losses when lower price levels sustain.
Book to bill in the first quarter of 2013 for the Front-end was 1.3. The Backlog compared to the end of the fourth quarter 2012, increased from EUR 92 million to EUR 120 million.
"The first quarter of 2013 was important for ASMI. We announced the outcome of the valuation study and sold 12% of the total outstanding ASMPT shares which resulted in a deconsolidation of ASMPT. This led to the recognition of an extraordinary result of approximately €1.4 billion in Q1.
While our sales in the Front-end operations showed an expected double digit decrease, we again saw a strong order-intake in Q1. Front-end gross margin, after showing a strong improvement in Q4 last year, further improved."
Following the healthy book to bill ratio's in Q4 2012 and Q1 2013 our Front-end operations are expected to show a strong double digit sales increase in Q2 compared to Q1. We also expect a double digit increase of our order-intake in Q2 compared to Q1.
STATUTORY ANNUAL REPORT 2012
ASM International published its 2012 Statutory Annual Report on April 4, 2013. The content of Note 31-Share Ownership and Related Party transactions, should be extended with the following sentence:
"During 2012, we considered the members of the Management Board and the Supervisory Board to be the key management personnel as defined in IAS 24 "Related parties"."
The Statutory Annual Report is available 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 Wednesday, April 24, 2013 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 7136 2056
- Access Code: 5467183
A simultaneous audio web cast will be accessible at www.asm.com.
The teleconference will be available for replay, beginning one hour after completion of the live broadcast, through June 24, 2013.
The replay dial-in numbers are:
- United States: +1 347 366 9565
- England: + 44 (0)20 3427 0598
- The Netherlands: +31 (0)20 708 5013
- Access Code: 5467183
T: +31 88 100 8500
Mary Jo Dieckhaus
T: +1 212 986 2900
Ian Bickerton First Quarter 2013 Operating Results
T: +31 625 018 512