ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its second quarter 2014 operating results (unaudited) in accordance with US GAAP.
FINANCIAL HIGHLIGHTS
Quarter
EUR million
Q2 2013 Q1 2014 Q2 2014
New orders 128.4 172.1 119.5
Net sales 128.6 150.7 148.4
Gross profit margin % 39.3 % 43.7 % 42.3 %
Operating results 16.2 32.5 27.4
Result from investments (excl. amortization and fair value purchase price allocation)
9.2 5.7 15.8
Remeasurement gain, realized gain on sale of ASMPT shares, amortization and fair value adjustments1)
(40.6 ) (5.4 ) (5.5 )
Net earnings (23.4 ) 27.1 34.6

Normalized net earnings (excl. remeasurement gain realized gain on sale of ASMPT shares, amortization and fair value adjustments) 17.2 32.5 40.1

Net sales for the second quarter 2014 decreased with 2% compared to the first quarter and increased with 15% year-on-year, mainly driven by ALD and PEALD sales which were substantially higher than in the comparable period last year.

Normalized net earnings for the second quarter 2014 increased compared to the first quarter mainly due to a higher result from investments. Compared to the same quarter last year, besides the effect of higher results from investments, the improvement was due to higher sales and positive mix effects.

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:

"The second quarter of 2014 showed again strong financial results. Sales were at EUR 148m only 2% below the record level in Q1. ALD and PEALD were the main drivers. Gross margin remained above 42%, even though the mix was not as favorable as in Q1. Order intake decreased by strong double digits in Q2, which was in line with our guidance and followed on the very high level of orders in Q1. We have seen that some of our customers are absorbing the investments that they have made in the last quarters, which drove the lower order intake in Q2."



OUTLOOK

For Q3 we expect a strong double digit sales decrease compared to Q2, on a currency comparable basis. The Q3 2014 order intake is expected to be around the same level as Q2, also on a currency comparable basis.





INTERIM FINANCIAL REPORT

On August 29, 2014 ASM International will publish its Interim Financial report for the six months ended June 30, 2014. This report comprises regulated information within the meaning of articles 1:1 and 5:25d of the Dutch Financial Markets Supervision Act (Wet op het Financieel Toezicht) and includes consolidated condensed interim financial statements prepared in accordance with IAS 34, "Interim Financial Reporting", an interim management board report and a management board responsibility statement. The interim financial report for the six months ended June 30, 2014 will be available online at www.asm.com as from August 29, 2014.

tijd 09.07
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