ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its fourth quarter 2013 operating results (unaudited) in accordance with US GAAP.
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.

FINANCIAL HIGHLIGHTS
The pro-forma figures show ASMI numbers whereby ASMPT is deconsolidated. Quarter Full Year
EUR million
Pro-formaQ4 2012 Q3 2013 Q4 2013 Pro-forma 2012 Pro-forma 2013
New orders 129.5 112.2 133.1 360.1 479.6
Net sales 93.1 116.4 126.9 370.4 452.0
Gross profit margin % 37.1 % 39.1 % 39.3 % 33.6 % 39.0 %
Operating results 1.2 11.6 15.8 0.5 44.7
Result from investments (excl. amortization and fair value purchase price allocation) (3.0) 10.8 1.5 35.5 20.9
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments - (17.2)(369.8) - 979.8
Net earnings (21.7) (0.9) (360.6) 7.1 1,025.3
Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments)
(21.7 ) 16.3 9.3 7.1 45.5

Net sales for the fourth quarter 2013 increased with 9% compared to the third quarter and increased with 36% year-on-year, mainly driven by (PE)ALD sales which were substantially higher than in the comparable period last year.

Result from operations for the fourth quarter 2013 includes restructuring costs of €0.5 million compared to €1.0 million included in the third quarter, while the result from investments included €4.0 million restructuring charges related to our 40% share in ASMPT.

COMMENT
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International said:

"Q4 was again a very strong quarter for ASMI. Order intake was 19% higher than in the previous quarter, while sales increased with 9%. Both came in on the high side of our guidance for the quarter. ALD and PEALD were again the main drivers for the order intake and for sales. In our market which declined from 2012 to 2013, ASMI showed a sales increase of 22%. 2013 also showed a strong gross margin improvement. For the last three quarters, our gross margins were back in the 39% range, leading to double digit EBIT margins. The 2013 free cash flow was over €40 million."

OUTLOOK
For Q1 2014 we expect a double digit sales increase compared to Q4 2013, on a currency comparable base. For Q2 2014 we also expect a double digit sales increase compared to Q4 2013, on a currency comparable basis. For the second half of 2014, the current visibility is limited. Q1 2014 order intake is expected to show a double digit increase as compared to Q4 2013, on a currency comparable base.

tijd 09.54 d.d. 27/2/2014
ASMI EUR 27,10 +1,06 vol. 203.000