ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2022 RESULTS

Almere, The Netherlands
October 25, 2022, 6 p.m. CET

ASM World N.V. (Euronext Amsterdam: ASM) nowadays stories its 0.33 quarter 2022 working effects (unaudited).

Q3 revenues at a brand new list excessive, Q3 orders impacted by means of new US export regulate rules

FINANCIAL HIGHLIGHTS

EUR million Q3 2021 Q2 2022 Q3 2022
New orders 624.5 942.7 675.5
YoY alternate % as reported / at consistent currencies 206% / 209% 83% / 73% 8% / 1%
Income 432.9 559.5 609.8
YoY alternate % as reported / at consistent currencies 38% / 38% 36% / 30% 41% / 33%
Gross benefit margin % 47.2% 47.5% 48.1%
Running outcome 117.3 147.6 159.9
Running outcome margin % 27.1% 26.4% 26.2%
Proportion in source of revenue of investments in friends (apart from amortization intangible belongings due to the sale of ASMPT stake in 2013) 27.6 26.9 19.6
Amortization intangible belongings (due to the sale of ASMPT stake in 2013) (3.1) (3.4) (3.6)
Impairment of investments in friends (321.4)
Web income (losses) 128.9 160.4 (150.5)
Normalized internet income (apart from amortization intangible belongings due to the sale of ASMPT stake in 2013 and impairment) 132.0 163.8 174.6
  • New orders of €676 million for the 0.33 quarter 2022 had been adjusted to mirror the anticipated unfavorable affect of the hot US export restrictions to China. The brand new orders larger by means of 1% at consistent currencies in comparison to the similar length ultimate 12 months (8% as reported).
  • Yr-on-year earnings expansion for the 0.33 quarter 2022 used to be 33% at consistent currencies (41% as reported).
  • Gross benefit margin of 48.1% within the 0.33 quarter 2022 used to be reasonably upper in comparison to 47.2% in the similar quarter ultimate 12 months led to by means of a more potent combine.
  • Running outcome for the 0.33 quarter 2022 advanced from €117 million ultimate 12 months to €160 million this 12 months pushed once more by means of robust earnings expansion, which used to be in part offset by means of an build up in working bills.
  • Web income integrated a non-cash impairment price of €321 million to account for the decreased marketplace valuation of the stake in ASMPT.
  • Normalized internet income for the 0.33 quarter 2022 have been €175 million, up from €132 million in Q3 ultimate 12 months, and integrated a translation acquire of €25 million in comparison to a translation acquire of €13 million in Q3 2021 and a translation acquire of €26 million in Q2 2022.


COMMENT

“ASM persisted its robust efficiency within the 0.33 quarter with once more record-high earnings,” stated Benjamin Loh, President and Leader Government Officer of ASM World. “Income larger by means of 33% at consistent currencies to €610 million in Q3 2022, reasonably above the guided vary of €570-600 million. Provide chain prerequisites remained difficult in Q3 and are anticipated to turn average growth in This autumn. I need to thank the ASM group and our providers for his or her persisted dedication and cast execution. Supported by means of a 36% build up in working benefit, we generated once more a robust loose coins go with the flow of €122 million.

We predict the brand new export rules that have been introduced by means of america executive on October 7, 2022, to negatively affect our trade in China. Our apparatus gross sales in China, at 16% of our general earnings within the first 9 months of 2022, had been a rising a part of our trade with a robust contribution to crew profitability. In line with a conservative situation, we predict the brand new export restrictions will impact greater than 40% of our gross sales in China.

Taking a prudent view, we made up our minds to scale back the Q3 bookings and comparable backlog with the impacted orders from China that have been gained in Q3 and prior quarters and nonetheless to be shipped within the coming quarters. Our general bookings dropped to €676 million in Q3 in comparison to a list stage of €943 million in Q2. Apart from the aid of impacted orders from China, the lower in our Q3 orders in comparison to Q2 would had been a lot more average. The unfavorable affect from new export rules may be mirrored in our steering for This autumn gross sales.”

Making an allowance for the steering for This autumn, ASM is not off course for robust expansion in 2022, its 6th consecutive 12 months of double-digit expansion, and is predicted to obviously outperform the wafer fab apparatus (WFE) marketplace in 2022. Right through the 0.33 quarter, the semiconductor end-market additional bogged down, with important declines within the PC and smartphone segments. Blended with an anticipated deceleration in world financial expansion WFE spending is forecasted to be down in 2023, specifically the reminiscence section. Whilst it’s too early to supply steering for 2023, we imagine our corporate is in excellent form, at the again of an anticipated tough backlog by means of year-end, our robust place within the modern common sense/foundry section, and cast traction with newly presented merchandise and programs.”

OUTLOOK

For This autumn, at consistent currencies, we predict gross sales of €600-630 million, which incorporates a unfavorable affect from the brand new US export rules, as defined above. The earnings steering for This autumn additionally contains the earnings contribution from LPE, following the closure of the purchase on October 3, 2022. Our expectation that we can end the 12 months with a persisted increased backlog is unchanged. WFE spending is now anticipated to extend by means of a excessive single-digit proportion in 2022.

About ASM World

ASM World N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture apparatus and procedure answers to provide semiconductor gadgets for wafer processing, and feature amenities in the USA, Europe, and Asia. ASM World’s commonplace inventory trades at the Euronext Amsterdam Inventory Trade (image ASM). For more info, consult with ASMI’s web page at www.asm.com.

Cautionary Word Referring to Ahead-Having a look Statements: All issues mentioned on this press liberate, apart from for any ancient information, are forward-looking statements. Ahead-looking statements contain dangers and uncertainties that would reason precise effects to fluctuate materially from the ones within the forward-looking statements. Those come with, however aren’t restricted to, financial prerequisites and traits within the semiconductor business most often and the timing of the business cycles in particular, forex fluctuations, company transactions, financing and liquidity issues, the good fortune of restructurings, the timing of vital orders, marketplace acceptance of recent merchandise, aggressive components, litigation involving highbrow belongings, shareholders or different problems, industrial and financial disruption because of herbal failures, terrorist task, armed struggle or political instability, adjustments in import/export rules, epidemics and different dangers indicated within the Corporate’s stories and monetary statements. The Corporate assumes no legal responsibility nor intends to replace or revise any forward-looking statements to mirror long run tendencies or cases.

This press liberate comprises inside of data inside the which means of Article 7(1) of the EU Marketplace Abuse Legislation.

ASM will host the quarterly income convention name and webcast on Wednesday, October 26, 2022, at 3:00 p.m. CET.

Convention name members will have to pre-register the use of this hyperlink to obtain the dial-in numbers and a non-public PIN, which might be required to get right of entry to the convention name.

A simultaneous audio webcast, and replay will probably be out there at https://www.asm.com/buyers/webcasts-presentations/2022/third-quarter-earnings.

CONTACT

Investor and media touch:

Victor Bareño
T: +31 88 100 8500
E: [email protected]

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