Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q2 2016 Earnings Presentation
19 slides from Be Semiconductor Industries's earnings presentation, Jul 28, 2016
Slide 1: Investor Presentation Q2-2016 Results
INVESTOR PRESENTATION Q2-2016 RESULTS JULY 28, 2016 July 28, 2016 Page 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to ex
Slide 3: Table of Contents
Table of Contents I. Key Highlights II. Financial Review III. Strategic Highlights IV. Outlook July 28, 2016 Page 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS July 28, 2016 Page 4
Slide 5: Key Financial Highlights
Key Financial Highlights Besi Reports Q2-16 Revenue of € 109.0 Million, Up 38% vs. Q1-16 and Net Income of € 24.0 Million, Up 200% vs. Prior Quarter. Results Exceed Expectations Q2-16 H1-16 Revenue Revenue • € 109.0 million: • +38.0% vs. Q1-16 • € 188.0 million: • +4.5% vs. Q2-15 • -5.6% vs. 2015 Or
Slide 6: Strong Q2-16 Revenue Growth and Peer Leading Margins
Strong Q2-16 Revenue Growth and Peer Leading Margins Q2-16/Q1-16 H1-16/H1-15* Revenue Net Income Revenue Net Income € 140 250 € 90% 90% € 120 -5.6% 80% € 199.2 80% +38.0% € 109.0 200 € € 188.0 € 79.0 70% 70% € 100 Gross Margin Gross Margin 49.2% +1.7 points 50.9% 60% 48.1% +2.1 points 50.2% 60% 150
Slide 7: II. Financial Review
II. FINANCIAL REVIEW July 28, 2016 Page 7
Slide 8: Revenue/Order Trends
Revenue/Order Trends Quarterly Trends Revenue Orders 120 104.2 104.3 103.9 109.0 Q2-16 vs. Q1-16 100.5 • Revenue: € 109.0 million (+38.0%) 100 94.9 91.9 • Broad based. Above prior guidance 77.8 77.3 79.0 • Strength in epoxy and fan out (euro in millions) 80 72.1 74.9 • Asian capacity build, auto gro
Slide 9: Gross Margin Trends
Gross Margin Trends Quarterly Trends Revenue Gross Margin Adjusted Gross Margin 160 60% Q2-16 vs. Q1-16 140 50.9% 55% • 50.9% vs. 49.2% 49.0% 50.0% 49.2% 120 47.9% 48.7% 50% • Above guidance 48.2%* • Market position, labor efficiencies, reduced 100 104.3 109.0 45% restructuring costs (euro in millio
Slide 10: Base Line Operating Expense Trends
Base Line Operating Expense Trends 35 32.0 28.7 29.2 29.1 30 26.5 6.3 25.3 4.3 Other Opex 5.1 5.7 25 4.1 3.5 Base Opex 20 15 25.7 24.8 23.6 22.4 23.5 21.8 10 5 0 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Baseline Opex 21.8 25.7 23.6 22.4 23.5 24.8 Other Operating Expenses Capitalization of R&D (1.5) (1.4)
Slide 11: Net Income Trends
Net Income Trends Quarterly Trends Adjusted Net Income Adjustments Adjusted Net Margin 27 € 24.0 40% € 0.9 24 35% 21 30% € 17.5 € 15.5 (euro in millions) 18 € 0.2 25% Q2-16 vs. Q1-16 15 € 3.3 21.2% • Net income tripled 20% 12 € 9.7 € 23.1 • Net margin of 22.0% (21.2% as adjusted) 15.0% 14.6% 14.0% €
Slide 12: Liquidity Trends
Liquidity Trends Cash Debt Net Cash 180 169.8 161.6 € 45.4 MM 157.8 Q2-16 vs. Q1-16 160 Dividend € 56.9 MM • Net cash -€ 37.7 million (-25.4%) to Dividend 148.4 € 110.7 million 140 132.8 132.1 136.5 133.1 Q2-16 cash movements 120 113.7 109.0 110.7 Principal sources of cash (euro in millions) • € 15.
Slide 13: III. Strategic Highlights
III. STRATEGIC HIGHLIGHTS July 28, 2016 Page 13
Slide 14: Assembly Equipment Market Trends
Assembly Equipment Market Trends Assembly Equipment Market Market Size YoY Growth Rate 5.0 4.0 40% 3.1 4.2 3.8 30% 4.0 3.4 (US$ billions) 29.7% 3.5 20% 3.0 10% 11.0% 9.0% 2.0 0% 1.1% -10% 1.0 -14.1% -20% -22.3% 0.0 -30% 2013 2014 2015E 2016E 2017E 2018E Source: VLSI June 2016 Besi Revenue Revenue Yo
Slide 15: Besi Share of Wallet Increasing
Besi Share of Wallet Increasing Die Attach Packaging In USD 2012 2013 2014 2015 2012 2013 2014 2015 • Customers are largest semi mfrs. Subcontractors • Most advanced packaging applications ASE 65% 60% 70% 80% 35% 65% 35% 25% Amkor 75% 85% 90% 95% 45% 10% 20% 25% JCET (a) 75% 50% 70% 30% 0% 10% 0% 5%
Slide 16: Increased Asian Production Capacity and Market Presence
Increased Asian Production Capacity and Market Presence Besi Apac, KL Malaysia • Founded 1990 • System Production since 1999 • Production of complete product portfolio • Headcount: 521 FTE Besi Leshan, China • Founded 2002 • Headcount: 279 FTE Current production capabilities • 2100 epoxy and evo mul
Slide 17: IV. Outlook
IV. OUTLOOK July 28, 2016 Page 17
Slide 18: Q3-16 Guidance
Q3-16 Guidance Revenue Gross Margin € 109.0 50.9% -15% 51% to - 20% 49% Q2 Q3 Q2 Q3 Operating Expenses € 29.1 0% to -5% Q2 Q3 July 28, 2016 Page 18
Slide 19: Financial Calendar
Financial Calendar 7-Sep-16 ING Benelux Conference, London 14-Sep-16 ABN AMRO conference, Amsterdam 16-Sep-16 Autumn Conference Kepler Cheuvreux, Paris 27-Oct-16 2016 Third Quarter Results 16/18-Nov-16 Morgan Stanley TMT Conference, Barcelona 23/24-Nov-16 Benelux Conference Kempen, London 8-Dec-16 I
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