Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q1 2016 Earnings Presentation
19 slides from Be Semiconductor Industries's earnings presentation, Apr 29, 2016
Slide 1: Investor Presentation Q1-2016 Results
INVESTOR PRESENTATION Q1-2016 RESULTS APRIL 29, 2016 April 29, 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 April 29, 2016 Page 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS I. KEY HIGHLIGHTS April 29, 2016 Page 4
Slide 5: Key Financial Highlights Q1-2016
Key Financial Highlights Q1-2016 Besi Reports Q1-16 Revenue and Net Income of € 79.0 Million and € 8.0 Million, Respectively. Results Meet Expectations. Q1-16 Orders Increase by 34.4% Sequentially Revenue • € 79.0 million: • +1.5% vs. Q4-15 • -16.8% vs. Q1-15 Orders • € 103.9 million: • +34.4% vs. Q
Slide 6: Quarterly Sequential Financial Highlights
Quarterly Sequential Financial Highlights Q1-16/Q4-15 Revenue Net Income ex. NR Non Recurring € 95 95% 85% +1.5% € 79.0 € 77.8 € 75 75% Gross Margin 65% 50.0% -0.8 points 49.2% € 55 OPEX Net margin % 55% € millions € 26.5 MM +10.2% € 29.2 MM Headcount 45% +51 1,539 1,590 € 35 Effective Tax Rate 35%
Slide 7: II. Financial Review
II. FINANCIAL REVIEW April 29, 2016 Page 7
Slide 8: Revenue/Order Trends
Revenue/Order Trends Q1-16 vs. Q4-15 • Revenue: € 79.0 million (+1.5%) Revenue Orders • Slightly above mid point of guidance 120 • Industry conditions firmed 104.2 104.3 103.9 • +Die attach/packaging sales for smart phones • Partial offset: lower sales for high end memory 100 94.9 and PC/tablet rela
Slide 9: Gross Margin Trends
Gross Margin Trends Revenue Gross Margin Adjusted Gross Margin 160 60% Q1-16 vs. Q4-15 • 49.2% vs. 50.0% 140 55% • Exceeded high end of guidance • € 0.3 million European restructuring charges 50.0% 120 49.0% 48.7% 49.2% 50% • Higher personnel costs/higher orders 47.9% 100 45% 104.3 (euro in millions
Slide 10: Base Line Operating Expense Trends
Base Line Operating Expense Trends 35 32.0 28.7 29.2 30 26.5 6.3 25.3 5.1 5.7 25 4.1 3.5 20 Other Operating Expenses Base Opex 15 25.7 23.6 22.4 23.5 21.8 10 5 0 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Baseline Opex 21.8 25.7 23.6 22.4 23.5 Other Operating Expenses Capitalization of R&D (1.5) (1.4) (1.2) (1.5
Slide 11: Net Income Trends
Net Income Trends Net Income ex. NR Non Recurring Net Margin ex. NR 24 40% Q1-16 vs. Q4-15 21 35% • -€ 1.7 million (-€ 2.2 million as adjusted) € 17.5 • +1.5% revenue 18 30% • -0.8% gross margin € € 15.5 € 3.3 15.5 • +10.2% operating expenses 15 25% • Lower effective tax rate (euro in millions) • Ne
Slide 12: Liquidity Trends
Liquidity Trends Cash Debt Net Cash 180 169.8 161.6 157.8 160 148.4 Q1-16 vs. Q4-15 140 • Net cash +€ 11.9 million (8.7%) to € 148.4 132.8 136.5 133.1 million 120 113.7 109.0 Q1-16 cash movements (euro in millions) 100 91.4 Principal sources of cash 80 • € 20.0 million cash from operations Principal
Slide 13: III. Strategic Highlights
III. STRATEGIC HIGHLIGHTS April 29, 2016 Page 13
Slide 14: Assembly Equipment Market Trends
Assembly Equipment Market Trends Assembly Equipment Market Market Size YoY Growth Rate 5.0 3.9 40% 3.1 4.1 30% 3.8 4.0 3.4 (US$ billions) 28.1% 3.3 20% 3.0 10% 14.9% 8.6% 0% 2.0 -3.9% -10% 1.0 -13.6% -20% -22.4% 0.0 -30% 2013 2014 2015E 2016E 2017E 2018E Source: VLSI January 2016 Besi Revenue Revenu
Slide 15: Besi Share of Wallet
Besi Share of Wallet 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% • Strong c
Slide 16: Key Development & Operational Initiatives
Key Development & Operational Initiatives 2015 2016 Development Initiatives Advanced TCB & eWLB die bonding equipment Introduction of next generation systems Expand solar and battery plating applications Common parts/platform activities Operational Initiatives Transfer certain Die Attach functions t
Slide 17: IV. Outlook
IV. OUTLOOK April 29, 2016 Page 17
Slide 18: Q2-16 Guidance
Q2-16 Guidance Revenue Gross Margin Operating Expenses € 79.0 49.2% € 29.2 +20% 0% 50% to to - +25% +3% 48% Q1 Q2 Q1 Q2 Q1 Q2 • Revenue +20-25% vs. Q1-16 • Gross margins 48-50% • Opex up 0-3% vs. Q1-16 • Significant sequential operating growth forecast based on revenue growth and cost/expense develo
Slide 19: Financial Calendar
Financial Calendar 20-May-16 Rabobank Investor Conference, Milan 25-May-16 Benelux Equities Conference, ABN AMRO, Amsterdam 7/8/9-June-16 Pan European Days ABN AMRO, New York, Boston 22-Jun-16 Rabobank Investor Conference, London 29/30-Jun-16 European Midcap Event, Paris 28-Jul-16 2016 Second Quarte
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