ASM International N.V. (Euronext Amsterdam: ASM) today reports its first quarter 2020 operating results (unaudited) in accordance with IFRS.

FINANCIAL HIGHLIGHTS

EUR million Q1 2019 Q4 2019 Q1 2020
New orders 235.0 429.0 333.5
Net sales 248.8 400.6 325.1
Gross profit margin % 41.3% 51.5% 44.5%
Operating result 47.0 130.9 78.1
Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) 3.1 6.4 0.7
Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) (3.4) (3.5) (3.5)
Net earnings 49.4 104.5 74.1
Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) 52.8 108.0 77.6
•New orders received of €334 million, driven in particular by foundry.
•Net sales for the first quarter 2020 were €325 million, a decrease of 6% compared to the previous quarter (€345 million excluding patent arbitration settlement).
•Gross profit margin was 44.5% in Q1 2020 compared to 51.5% in the previous quarter (43.6% excluding patent arbitration settlement).
•Operating result of €78 million, up €3 million compared to the previous quarter (€75 million excluding patent arbitration settlement).
•Normalized net earnings for the first quarter 2020 decreased by €30 million compared to Q4 2019. Excluding the patent arbitration settlement, normalized net earnings in Q1 showed an increase.

COMMENT

“Our top priority is the health and safety of our employees and their families, and our customers and partners. Since the global outbreak of the COVID-19 pandemic we took all appropriate actions to protect our staff and to maintain business operations for customers in a safe manner. I’m extremely proud of all the efforts and dedication shown by ASM’s employees in this regard. While measures taken across the world in the form of lockdowns and transport restrictions to contain the COVID-19 outbreak created a number of challenges in our supply chain and in our logistical operations, our company continued to deliver a solid performance,” said Chuck del Prado, President and Chief Executive Officer of ASM International. “In Q1 we realized sales of €325 million, 6% below the Q4 level excluding the proceeds of the arbitration settlement, however at the high end of the guidance of €310-330 million and 31% above the level in the same period of last year. The sales level was driven by continuous high demand in the logic/foundry segment. Our Q1 order intake, at €334 million, was slightly above our guidance of €310-330 million. Our cash position in the quarter further strengthened and stood at nearly €530 million at the end of the quarter.”

OUTLOOK

For Q2 on a currency comparable level we now expect sales of €300-350 million. We slightly widened the range by reducing the lower end compared to the earlier indicated range of €330-350 million. The widening of the range is fully attributable to risks related to possible disruptions in our supply chain and logistical operations as a result of additional COVID-19 related actions taken by governments so far. Q2 bookings, on a currency comparable level, are expected to be in the range of €280-310 million. Providing a forecast for the WFE market for the year as a whole is very difficult given the current market uncertainties, but we expect ASMI to start the second half of the year with a strong order book.

ANNUAL GENERAL MEETING OF SHAREHOLDERS

On April 6, 2020, ASMI published the agenda for the 2020 Annual General Meeting of Shareholders (AGM), to be held on May 18, 2020, which, as also earlier announced, includes amongst others the following matters:
•proposal to appoint Mr. Benjamin Loh as member of the Management Board;
•proposal to appoint Mrs. Monica de Virgiliis and Mr. Didier Lamouche as members of the Supervisory Board, to re-appoint Mr. Martin van Pernis as member of the Supervisory Board;
•proposal to declare a regular dividend of €1.50 per common share and an extraordinary dividend of €1.50 per common share. As €1.00 per common share was already paid as an interim dividend on November 12, 2019, the remaining dividends amount to €2.00 per common share; and
•proposal to cancel 1.5 million treasury shares.

Please refer to the AGM documents available on our website for more detailed information.

Given the COVID-19 outbreak and the related health risks, ASMI aims to act responsibly to protect the safety of its personnel, shareholders, customers and any other stakeholders. Today the Dutch House of Representatives and Senate have adopted emergency legislation that temporarily will facilitate Annual General Meetings of Shareholders without physical attendance of shareholders (or others). The new legislation will likely enter into force within the coming days. In anticipation hereof, ASMI will not allow its shareholders to attend the AGM in person. Any changes will be made available through our website (www.asm.com/investors/corporate-governance/agm)

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