ASM INTERNATIONAL N.V. REPORTS FOURTH QUARTER 2014 RESULTS - Seite 2

 

New orders at €154 million were slightly above our guidance of a €130-150 million range.
 

Normalized net earnings for the fourth quarter 2014 decreased compared to the third quarter, mainly due to a lower result from investments which includes a provision for a tax settlement of ASMPT in Hong Kong for the period 2001-2010 with an impact of €9 million, and less positive currency effects on cash we hold in foreign currencies (especially US$). 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.

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.

COMMENT

Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:
"2014 was a strong year for ASM. We realized, excluding ASMPT, the highest sales level ever with a stable gross margin during the year of approximately 43%. (PE)ALD demand was strong and we extended our customer base. This creates a solid base and has led to the decision to propose in the coming AGM an increase of our dividend with 20% to €0.60 per share. Q4 showed relatively stable sales as compared to Q3, while our order intake at €154 million was slightly above the range as indicated. This established a strong backlog of €176 million at the beginning of 2015."

OUTLOOK

For Q1 we expect sales between €150 and €160 million. For Q2 we expect a double digit sales increase as compared to Q1. For the second half of 2015 the current visibility is limited. The Q1 order intake is expected to be in the range of €145-165 million.

SHARE BUYBACK PROGRAM

On October 29, 2014, ASMI announced a share buyback program, to purchase up to an amount of €100 million of its own shares within the 2014-2015 time frame. The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.