Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q1 2017 Earnings Presentation
18 slides from Be Semiconductor Industries's earnings presentation, Apr 25, 2017
Slide 1: Investor Presentation Q1-2017 Results
INVESTOR PRESENTATION Q1-2017 RESULTS APRIL 25, 2017 April 25, 2017 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 April 25, 2017 Page 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS April 25, 2017 Page 4
Slide 5: Key Financial Highlights Q1-2017
Key Financial Highlights Q1-2017 Besi Reports Significant Q1-17 Revenue and Net Income Growth Orders Increase by 162.4% vs. Q4-16 Strong H1-17 Business Outlook Revenue • € 110.2 million: • +18.4% vs. Q4-16 • +39.5% vs. Q1-16 Orders • € 239.8 million: • +162.4% vs. Q4-16 • +130.9% vs. Q1-16 Net Incom
Slide 6: Q1-17 Revenue In Line with Guidance, Profit Significantly Exceeds Expectations
Q1-17 Revenue In Line with Guidance. Profit Significantly Exceeds Expectations Q1-17/Q1-16 Q1-17/Q4-16 Revenue Net Income Revenue Net Income 100% 100% € 110.2 € 110.2 +18.4% +39.5% 90% 90% € 100 € 100 € 93.1 80% 80% € 79.0 Gross Margin Gross Margin € 80 49.2% +6.5 points 55.7% 70% € 80 53.2% +2.5 po
Slide 7: II. Financial Review
II. FINANCIAL REVIEW April 25, 2017 Page 7
Slide 8: Revenue/Order Trends
Revenue/Order Trends Revenue Orders 260 240 Q1-17 vs. Q4-16 240 • Revenue: € 110.2 million (+18.4%) 220 • Improved industry conditions • Higher die bonding demand for smart phone 200 applications 180 • Orders: € 239.8 million (+162.4%) 160 • Large die bonding capacity build by IDMs for (euro in mill
Slide 9: Gross Margin Trends
Gross Margin Trends Revenue Gross Margin 120 70% Q1-17 vs. Q4-16 109.0 110.2 • 55.7% vs. 53.2% 65% • Leading market position in advanced packaging 100 94.3 applications 93.1 • +Material cost efficiencies 60% • Forex benefits: -MYR vs. EUR 79.0 55.7% 80 53.2% 55% (euro in millions) 50.9% 50.5% 60 49.
Slide 10: Base Line Operating Expense Trends
Base Line Operating Expense Trends Base Opex Other Opex 35 29.8 30.5 29.2 29.1 28.2 30 4.9 4.3 5.5 5.7 4.1 25 20 15 24.8 24.1 24.3 25.6 23.5 10 5 0 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Baseline Opex 23.5 24.8 24.1 24.3 25.6 Other Operating Expenses Capitalization of R&D (1.8) (1.5) (1.6) (1.9) (1.9) Amorti
Slide 11: Net Income Trends
Net Income Trends Net Income Net Margin 27 40% Q1-17 vs. Q4-16 € 24.0 € 24.3 • +€ 7.6 million 24 • Net margin reaches 22.0% vs. 18.0% • Strong revenue development, gross margin 21 improvement and overhead control 30% 18 € 16.7 € 16.6 (euro in millions) 15 22.0% 22.0% Q1-17 vs. Q1-16 20% • +€ 16.3 mi
Slide 12: Liquidity Trends
Liquidity Trends Cash and Deposits Debt Net Cash 350 Q1-17 vs. Q4-16 304.8 309.0 • Net cash +€ 7.6 million (+4.5%) to 300 € 175.7 million • Despite € 18 million working capital investment and € 7.5 million cash for 250 share repurchases € 45.4 MM Dividend Q1-17 cash movements (euro in millions) 2015
Slide 13: III. Strategic Highlights
III. STRATEGIC HIGHLIGHTS April 25, 2017 Page 13
Slide 14: Strategic Agenda
Strategic Agenda Revenue Initiatives Cost Initiatives • Grow in excess of assembly • Reduce structural costs and equipment market: break-even levels further: • Expand share of mainstream • Continue West-East personnel assembly market transfer • Increase % of global • Target 75% Asian headcount semic
Slide 15: IV. Outlook
IV. OUTLOOK April 25, 2017 Page 15
Slide 16: Assembly Equipment Market Trends
Assembly Equipment Market Trends Assembly Equipment Market Market Size YoY Growth Rate 5.0 40% 3.9 4.1 4.2 30% 4.0 3.7 (US$ billions) 3.1 27.8% 3.3 20% 3.0 10% 12.5% 9.3% 0% 2.0 3.5% -10% 1.0 -16.3% -20% -21.9% 0.0 -30% 2013 2014 2015 2016E 2017E 2018E Source: VLSI January 2017 Besi Revenue Revenue
Slide 17: Q2-17 Guidance
Q2-17 Guidance Revenue Gross Margin € 110.2 55.7% 40% 54% to - 50% 56% Q1-17 Q2-17 Q1-17 Q2-17 Operating Expenses € 30.5 10% to 15% Q1-17 Q2-17 April 25, 2017 Page 17
Slide 18: Financial Calendar
Financial Calendar 1-May-17 Annual General Meeting of Shareholders 8-May-17 Roadshow New York organized by Morgan Stanley 24-May-17 ABN AMRO Benelux Equities Conference, Amsterdam 15-Jun-17 Besi Analyst Meeting, Amsterdam 27-Jul-17 2017 Second Quarter Results 7/8-Sep-17 Deutsche Bank TMT Conference,
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