Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q1 2018 Earnings Presentation
20 slides from Be Semiconductor Industries's earnings presentation, Apr 26, 2018
Slide 1: Investor Presentation Q1-2018 Results
INVESTOR PRESENTATION Q1-2018 RESULTS APRIL 26, 2018
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. Strategic Review III. Market/Outlook IV. Financial Appendix April 26, 2018 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS April 26, 2018 4
Slide 5: Besi Posts Q1-18 Results In Line with Expectations
Besi Posts Q1-18 Results In Line with Expectations € millions Q1-18 ∆ Q4-17 ∆ Q1-17 Revenue 154.9 +1.1% +40.5% Orders 205.8 +37.8% -14.2% Gross Margin 56.5% +0.2 +0.8 Net Income 37.1 -14.9% +52.7% EPS Basic 1.00 -14.5% +53.9% EPS Diluted 0.91 -16.5% +51.7% Net Cash 290.1 +17.2% +65.1% April 26, 2018
Slide 6: Strong Year Over Year Revenue and Profit Comparisons
Strong Year Over Year Revenue and Profit Comparisons Q1-18/Q1-17 Q1-18/Q4-17 Revenue Net Margin Revenue Net Margin 160 100% 180 100% € 154.9 +40.5% +1.1% • Q1-18 profit comparisons 90% 160 € 153.2 € 154.9 90% 140 influenced by variable items: • Higher share based comp from € 110.2 80% 80% 2017 outpe
Slide 7: Liquidity Trends
Liquidity Trends Cash and Deposits Net Cash 600 571.0 Q1-18 vs. Q4-17 527.8 • Net cash +€ 42.5 million (+17.2%) to 500 € 290.1 million € 65.3 MM Q1-18 cash movements Dividend • +€ 54.9 million cash from operations 400 2016 • -€ 6.0 million share repurchases • -€ 2.6 million capitalized R&D euro in m
Slide 8: Dividend Yield vs. Peers
Dividend Yield vs. Peers 7.0% 6.0% 6.0% 5.0% 4.0% 3.0% 2.1% 2.0% 2.0% 1.5% 1.5% 1.3% 1.1% 1.0% 0.0% Dividend yield = Current dividend/current stock price. As of April 23, 2018. Source: Morningstar * Assumes € 4.64 dividend for approval at 2018 AGM/ € 77.50 stock price April 26, 2018 8
Slide 9: Key 2018 AGM Agenda Items
Key 2018 AGM Agenda Items Dividend 2017 • Cash dividend payment of € 4.64 per ordinary share • Ex dividend date: April 30, 2018 • Record date: May 2, 2018. Payment starting May 4, 2018 Two-for-one Stock Split • Each ordinary share split into two ordinary shares • Record date: May 7, 2018. Trading on
Slide 10: II. Strategic Review
II. STRATEGIC REVIEW April 26, 2018 10
Slide 11: Strategic Priorities
Strategic Priorities Increase share of electronics supply chains Further Continue reduce investment in European WLP overhead Strategic agenda 2018 Packaging Common production in platform China development Chinese capacity expansion April 26, 2018 11
Slide 12: III. Market/Outlook
III. MARKET/OUTLOOK April 26, 2018 12
Slide 13: Assembly Equipment Market Trends
Assembly Equipment Market Trends Assembly Equipment Market Market Size YoY Growth Rate 6.0 30% 4.4 4.9 5.0 3.9 20% (US$ billions) 26.8% 3.6 21.4% 4.0 3.0 3.2 13.5% 10% 12.5% 3.0 0% 2.0 -10% 1.0 -20% -22.0% -17.5% 0.0 -30% 2013 2014 2015 2016 2017E 2018E Source: VLSI April 2018, “The Chip Insider” Be
Slide 14: Q2-18 Guidance
Q2-18 Guidance Q2-18/Q1-18 HY1-18/HY1-17 Revenue Revenue € 154.9 € 280.2 +10% +16% - - +15% +19% Q1-18 Q2-18 HY1-17 HY1-18 Gross Margin Gross Margin 56.5% 56.7% 55% 56% - - 57% 57% Q1-18 Q2-18 HY1-17 HY1-18 Operating Expenses Operating Expenses € 39.1 5% € 64.7 +15% - - 10% +18% Q1-18 Q2-18 HY1-17 H
Slide 15: Financial Calendar
Financial Calendar 26-Apr-18 Annual General Meeting of Shareholders, Duiven 23-May-18 ABN AMRO Benelux Conference, Amsterdam 23-May-18 Roadshow New York, organized by Morgan Stanley 24-May-18 Berenburg Small Cap Conference, Tarrytown, New York 14-Jun-18 Analyst Meeting, Amsterdam 20-Jun-18 Kempen’s
Slide 16: IV. Financial Appendix
IV. FINANCIAL APPENDIX April 26, 2018 16
Slide 17: Revenue/Order Trends
Revenue/Order Trends Revenue Orders 280 Q1-18 vs. Q4-17 240 240 • Revenue: € 154.9 million (+1.1%) • As per guidance (-5% to +5%) 206 euro in millions 200 • Orders: € 205.8 million (+37.8%) 170 162 • Primarily capacity additions for smart phone 159 155 160 153 applications 149 130 • Both IDMs and As
Slide 18: Gross Margin Trends
Gross Margin Trends Revenue Gross Margin 200 70% 180 170.0 159.3 160 153.2 154.9 65% Q1-18 vs. Q4-17 140 • 56.5% vs. 56.3% • Within guidance (55-57%) 120 110.2 58.7% 60% • Net forex negative: Revenue -USD vs. EUR euro in millions 57.3% 100 56.3% 56.5% Costs +MYR vs. EUR 55.7% 80 55% 60 Q1-18 vs. Q1-
Slide 19: Base Line Operating Expense Trends
Base Line Operating Expense Trends Base Opex Other Opex 45 39.1 40 34.1 34.2 35 7.4 30.5 30.4 3.0 4.4 30 3.3 4.9 25 20 15 29.7 31.2 31.7 25.6 27.1 10 5 0 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Baseline Opex 25.6 29.7 27.1 31.2 31.7 As % of Revenue 23.2% 17.5% 17.0% 20.4% 20.5% Other Operating Expenses Capita
Slide 20: Net Income Trends
Net Income Trends Q1-18 vs. Q4-17 Net Income Net Margin • € 37.1 million (-€ 6.5 million) 60 70% • Relatively stable revenue and gross margin • + 4.9 million higher opex due to increased share based € 52.4 € 52.9 compensation (non tax deductible) 60% 50 • +5.7 points effective tax rate € 43.6 • + 0.
Be Semiconductor Industries — Q1 2018 Earnings Presentation on 6ix