Capital allocation policy
Find out the details of our capital allocation policy
At ASM, we have set four priorities for our capital allocation:
1. Invest in growth
ASM's first priority remains investing in the growth of our business, both organically – investing in capex and R&D – and also scanning the market for potential M&A opportunities. In 2023, we increased gross R&D spending by 36%, reflecting our strong pipeline of opportunities such as in next-generation GAA technologies. We spent €154 million on capex.
2. Maintain a strong balance sheet
Second, it is key for us to maintain a strong balance sheet. At the Investor Day in September 2023, we communicated our goal of maintaining a minimum cash position of €600 million.
3. Pay a sustainable dividend
Third, we are committed to paying a sustainable dividend. With the publication of our Q4 2023 results on February 27, 2024, we announced a proposed dividend of €2.75 per share to be paid over 2023.
4. Return excess cash through share buybacks
Finally, our policy regarding excess cash is unchanged: we continue to return excess cash to our shareholders. With the publication of the Q4 2023 results on February 27, 2024, we announced a new €150 million share buyback program. In 2023 we executed a buyback program of €100 million, that was completed in September 2023.