ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2014 RESULTS
Almere, The Netherlands
October 29, 2014
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its third quarter 2014 operating results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
Quarter | ||||||
EUR million | Q3 2013 | Q2 2014 | Q3 2014 | |||
New orders | 112.2 | 119.5 | 156.2 | |||
Net sales | 116.4 | 148.4 | 122.2 | |||
Gross profit margin % | 39.1 | % | 42.3 | % | 43.2 | % |
Operating result | 11.6 | 27.4 | 17.2 | |||
Result from investments (excl. amortization and fair value purchase price allocation) | 10.8 | 15.8 | 30.7 | |||
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments1) | (17.2 | ) | (5.5 | ) | (5.7 | ) |
Net earnings | (0.9 | ) | 34.6 | 54.6 | ||
Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments) | 16.3 | 40.1 | 60.2 |
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Net sales for the third quarter 2014 decreased with 18% compared to the second quarter. Year-on-year net sales increased with 5%.
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New orders at €156 million were 31% above the Q2 level. The upward deviation with our guidance of stable order intake compared to Q2 was caused by specific orders for ALD and PEALD products which came in earlier than anticipated.
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Normalized net earnings for the third quarter 2014 increased compared to the second quarter mainly due to a higher result from investments and positive currency effects on cash we hold in foreign currencies (especially US$) fully compensating for the lower operating result due to a lower activity level. Compared to the same quarter last year, besides the effect of higher results from investments and currencies, the improvement was mainly due to higher sales in combination with effects of changes in our manufacturing operations and supply chain.
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1) Following the close of the sale on March 15, 2013 of a 12% share in ASMPT, the entity in which the Back-end segment is organized, ASMI's shareholding is reduced to 40%. As a consequence, as from March 15, 2013 the results of ASMPT are deconsolidated. From that date onwards the net result of ASMPT is reported on the line 'result from investments'. In 2013 a purchase price allocation took place, which was finalized in the fourth quarter, resulting in the recognition and subsequent amortization of certain intangible assets.