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BE Semiconductor Industries N.V. Announces Q4-22 and Full Year 2022 Results

Q4-22 Revenue and Net Income of € 137.7 Million and € 40.2 Million, Respectively
Orders of € 180.5 Million Up 44.1% vs. Q3-22

FY-22 Revenue and Net Income of € 722.9 Million and € 240.6 Million, Respectively
Proposed Dividend of € 2.85 per Share for Fiscal 2022. 93% Pay-Out Ratio

DUIVEN, the Netherlands, Feb. 22, 2023 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2022.

Key Highlights Q4-22

  • Revenue of € 137.7 million down 18.4% vs. Q3-22 and 19.8% vs. Q4-21 due primarily to lower shipments for high performance computing, mainstream electronics applications from Asian subcontractors and ongoing weakness in mobile end-user markets
  • Orders of € 180.5 million up 44.1% vs. Q3-22 due primarily to increased bookings for high-end smartphone applications and hybrid bonding systems. Down 10.9% vs. Q4-21 principally from lower bookings for mainstream computing and automotive end-user markets
  • Gross margin of 62.3% was equal to Q3-22 and above prior guidance. Up 5.6 points vs. Q4-21
  • Net income of € 40.2 million declined 29.8% vs. Q3-22 primarily due to lower revenue and increased R&D spending for wafer level assembly activities. Similarly, down 40.1% vs. Q4-21 which included € 8.9 million deferred tax benefits
  • Q4-22 net margin of 29.2% realized despite industry downturn vs. 34.0% in Q3-22 and 39.1% in Q4-21
  • Net cash increased 1.2% vs. Q3-22 to reach € 346.5 million. Declined 6.5% vs. year-end 2021 due primarily to € 416.3 million capital allocation to shareholders

Key Highlights FY 2022

  • Revenue of € 722.9 million decreased 3.5% primarily due to lower shipments for smartphone and Chinese end-user markets after two years of strong capacity growth. Partially offset by continued strength in automotive end-user markets and initial sales of hybrid bonding systems
  • Orders of € 663.7 million declined 29.3% principally due to decreased demand for high-end smartphone applications post new product cycle in 2021 and reduced bookings from Chinese subcontractors for mobile and mainstream computing applications
  • Gross margin rose to 61.3% vs. 59.6% in 2021 primarily as a result of lower temporary headcount levels, favorable forex influences and absence of inventory impairment charge recorded in 2021
  • Net income of € 240.6 million decreased 14.8% primarily due to lower revenue, increased R&D spending and absence of € 15.0 million deferred tax benefits vs. 2021
  • Net margin 33.3% vs. 37.7% in 2021.
  • Proposed dividend of € 2.85 per share. Represents pay-out ratio of 93%

Outlook   

  • Q1-23 revenue anticipated to decrease 0-10% vs. Q4-22 as industry downturn continues. Gross margin expected to range between 61%-63%
(€ millions, except EPS) Q4-2022   Q3-2022   Δ Q4-2021  

Δ

FY
2022
  FY
2021
 

Δ

Revenue 137.7   168.8   -18.4 % 171.7   -19.8 % 722.9   749.3   -3.5 %
Orders 180.5   125.3   +44.1 % 202.6   -10.9 % 663.7   939.1   -29.3 %
Operating Income 48.7   71.2   -31.6 % 67.2   -27.5 % 294.1   317.6   -7.4 %
EBITDA 54.8   77.1   -28.9 % 72.0   -23.9 % 317.1   335.1   -5.4 %
Net Income 40.2   57.3   -29.8 % 67.1   -40.1 % 240.6   282.4   -14.8 %
Net Margin 29.2 % 34.0 % -4.8   39.1 % -9.9   33.3 % 37.7 % -4.4  
EPS (basic) 0.51   0.71   -28.2 % 0.86   -40.7 % 3.03   3.70   -18.1 %
EPS (diluted) 0.50   0.69   -27.5 % 0.80   -37.5 % 2.90   3.39   -14.5 %
Net Cash and Deposits 346.5   342.5   +1.2 % 370.4   -6.5 % 346.5   370.4   -6.5 %


Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“This year marked an important inflection point in our strategic development as we position Besi for sustainable growth over the next decade. Our business model generated revenue and profitability levels substantially higher than our peers as we effectively responded to an assembly equipment downturn which began in the spring following large capacity additions over the past two years.

“We also made a number of important R&D and business investments in 2022 to better position ourselves for anticipated growth over the next industry cycle. Development spending was increased by 48% to ramp hybrid bonding for commercial production, to introduce two new wafer level assembly systems and to upgrade our existing product portfolio. Operational resources were utilized to increase cleanroom production and service/support capacity in Malaysia and Singapore as we prepare for anticipated hybrid bonding growth over the next five years. Strong cash flow from operations was used to increase our capital allocation by 132% versus 2021 including the initiation of a new € 300 million share repurchase program. Progress also continued on Besi’s ESG agenda where approximately 80% of our 2022 targets were met or significantly exceeded in key carbon emissions categories as well as in the areas of waste, hazardous materials and renewable energy.

“For the year, revenue and net income of € 722.9 million and € 240.6 million declined by 3.5% and 14.8%, respectively, versus 2021. Orders of € 663.7 million declined by 29.3% principally due to decreased demand for high-end smartphone applications post new product introductions in 2021. The decrease also reflected reduced bookings from Chinese subcontractors for mobile and mainstream computing applications linked to softening economic conditions in China. Of note, revenue from Chinese customers declined by 33.5% and represented 25.9% of revenue in 2022 versus 37.6% in 2021. Revenue and order weakness in smartphone applications was partially offset by continued strength in Besi’s computing/hybrid bonding and automotive end-user markets as well as increased revenue from spares/service activities which grew by 25.7% year over year.

“We achieved peer leading operating and net margins of 40.7% and 33.3% in a difficult environment as we successfully aligned production to changing market conditions. In fact, gross margins increased to 61.3% this year due primarily to a 77% reduction of temporary headcount from peak first quarter levels, effective management of our supply chain and price increases implemented to help offset inflationary cost pressures.

“Besi ended the year with a solid liquidity base consisting of cash, cash equivalents and deposits aggregating € 671.7 million, or € 8.56 per basic share and net cash of € 346.5 million. Our net cash position reflected strong cash flow from operations of € 271.9 million equal to 37.6% of revenue, the conversion into equity of € 139.9 million of Convertible Notes due 2027 and the capital allocation of € 416.3 million to shareholders. Given Besi’s earnings, cash flow and solid financial position, we propose to pay a cash dividend of € 2.85 per share for approval at our 2023 AGM. The proposed distribution is the thirteenth consecutive annual dividend paid and reflects a pay-out ratio of 93%. Including such dividend, Besi will have returned approximately € 1.6 billion to shareholders over the past 13 years, or approximately 25% of cumulative revenue during this period.

“In addition, substantial progress was achieved to help hybrid bonding become a market reality. Significant improvements in placement accuracy, throughput, yield and lead times for delivery all contributed to its commercial viability. Full scale production by a customer began in the second half of 2022. In total, Besi has shipped 35 hybrid bonding systems since the fourth quarter of 2021 of which 10 were demonstration units. In addition, we received orders for an incremental 14 units from multiple customers subsequent to Q3-22 of which 3 were received to date in Q1-23. Orders received in Q4-22 are not anticipated to be shipped until Q2-23 of which several are to be incorporated into integrated hybrid bonding production lines. Of note, the first hybrid bonding integrated production line was shipped in the fourth quarter.

“Besi’s fourth quarter operating results were better than expected in an ongoing industry downturn. Revenue of € 137.7 million decreased by 18.4% versus Q3-22 reflecting a number of headwinds including weakness in high performance computing and mainstream electronics applications and ongoing weakness in mobile end-user markets. However, our backlog rose by 12.2% to reach € 270 million at year-end due to a € 55.2 million, or 44.1% sequential order increase versus Q3-22. Such increase resulted primarily from higher bookings for high-end smartphones and hybrid bonding systems. Current order trends reflect customers’ continued investment in high-end versus mainstream assembly applications as well as ongoing weakness in demand by Chinese customers. Besi’s profitability and efficiency remained at attractive levels in Q4-22 despite the downturn with gross margins reaching 62.3%, net income of € 40.2 million and a net margin realized of 29.2%.

“There is a high degree of uncertainty as to the outlook for 2023. The assembly equipment market is in a classic downturn after two strong years of growth. However, we believe there are a variety of potential outcomes for Besi’s business prospects this year in the context of the current downcycle including the outlook for smartphone and hybrid bonding demand as well as the impact of the re-opening of the Chinese economy. The headwinds we face are many including higher inflation and interest rates, decelerating economic growth, geo-political tensions and ongoing weakness in mainstream electronics, computing and mobile handset end-user markets.

“For Q1-23, we forecast that revenue will decrease by 0-10% versus Q4-22 as many orders received in Q4-22 are scheduled for delivery in Q2-23 and Q3-23. In addition, we estimate that Besi’s gross margin will range between 61%-63% and for baseline operating expenses to decrease by 0-5% versus Q4-22. Total operating expenses are expected to increase by 15%-20% due to an incremental € 7 million of non-cash, share based compensation expense.”

Fourth Quarter Results of Operations

€ millions Q4-2022 Q3-2022 Δ Q4-2021 Δ
Revenue 137.7 168.8 -18.4 % 171.7 -19.8 %
Orders 180.5 125.3 +44.1 % 202.6 -10.9 %
Book to Bill Ratio 1.3x 0.7x +0.6   1.2x +0.1  

Q4-22 revenue of € 137.7 million decreased by 18.4% versus Q3-22 and 19.8% versus Q4-21 due primarily to lower shipments for high performance computing, reduced revenue from Asian subcontractors for mainstream electronics applications and ongoing weakness in mobile end-user markets. The Q4-22 revenue decrease versus each of such periods also reflected general market softness and was partially offset by continued strength in shipments for automotive applications.

Orders of € 180.5 million increased by 44.1% versus Q3-22 due to increased orders for high-end smartphone applications from Asian subcontractors and new orders for hybrid bonding systems from multiple IDM customers. Versus Q4-21, orders decreased by 10.9% primarily due to lower bookings for mainstream computing and automotive applications. Per customer type, IDM orders increased € 17.5 million, or 21.7%, versus Q3-22 and represented 54% of total orders for the period. Subcontractor orders increased by € 37.7 million, or 84.5%, versus Q3-22 and represented 46% of total orders.

€ millions Q4-2022   Q3-2022   Δ Q4-2021 Δ
Gross Margin 62.3 % 62.3 %   56.7%* +5.6  
Operating Expenses 37.1   34.0   +9.1 % 30.3 +22.4 %
Financial Expense, net 3.6   5.5   -34.5 % 3.0 +20.0 %
EBITDA 54.8   77.1   -28.9 % 72.0 -23.9 %

* Gross margin in Q4-21 included a one-time, € 7.4 million inventory impairment charge. Ex such charges, gross margin would have been 61.0%

Besi’s gross margin of 62.3% in Q4-22 was equal to Q3-22 and above guidance primarily due to favorable forex influences. Versus Q4-21, gross margin increased by 5.6 points primarily due to the absence of a one-time, € 7.4 million inventory impairment charge recorded in Q4-21. Excluding such charge, Besi’s gross margin rose by 1.3% versus Q4-21.

Q4-22 operating expenses increased by € 3.1 million, or 9.1%, versus Q3-22 due primarily to a € 1.0 million increase in R&D spending and higher share-based compensation expense. Versus Q4-21, operating expenses increased by € 6.8 million, or 22.4%, due primarily to € 4.6 million of higher R&D spending for next generation wafer level assembly systems as well as higher marketing and technical support costs related thereto and increased travel expenses post the pandemic. As a percentage of revenue, operating expenses increased to 26.9% in Q4-22 versus 20.2% in Q3-22.

Financial expense, net, decreased by € 1.9 million versus Q3-22 primarily as a result of increased interest income earned on cash balances outstanding.

€ millions Q4-2022   Q3-2022   Δ Q4-2021   Δ
Net Income 40.2   57.3   -29.8 % 67.1   -40.1 %
Net Margin 29.2 % 34.0 % -4.8   39.1 % -9.9  
Tax Rate 10.9 % 12.8 % -1.9   -4.6 % +15.5 %

Besi’s Q4-22 net income of € 40.2 million decreased € 17.1 million, or 29.8%, versus Q3-22. The profit reduction was primarily due to an 18.4% sequential revenue decrease and a 9.1% increase in operating expenses associated primarily with higher R&D spending levels partially offset by higher interest income earned and a lower effective tax rate. Versus Q4-21, net income decreased by € 26.9 million, or 40.1%, principally as a result of (i) a 19.8% revenue decrease, (ii) increased R&D spending and (iii) a higher effective tax due to the absence of € 8.9 million in tax benefits recognized in the prior year period partially offset by a 5.6 point gross margin increase. As a result, Besi’s net margin decreased to 29.2% in Q4-22 versus 34.0% in Q3-22 and 39.1% in Q4-21.

Full Year Results of Operations

€ millions FY 2022   FY 2021*   Δ
Revenue 722.9   749.3   -3.5 %
Orders 663.7   939.1   -29.3 %
Gross Margin 61.3 % 59.6 % +1.7  
Operating Income 294.1   317.6   -7.4 %
Net Income* 240.6   282.4   -14.8 %
Net Margin* 33.3 % 37.7 % -4.4  
Tax Rate * 12.6   7.1 % +5.5  

* Excluding inventory impairment charge in Q4-21 and tax benefits recorded during the year, Besi’s net income, net margin and effective tax rate in 2021 would have been € 273.9 million, 36.6% and 12.0%, respectively.

Besi’s revenue in 2022 declined by € 26.4 million, or 3.5%, versus 2021 primarily due to a variety of trends affecting its end-user markets. Significant revenue decreases were reported for smartphone and Chinese end-user markets. Such adverse headwinds were partially offset by continued strength in (i) automotive end-user markets as supply chain issues began to recede and (ii) computing applications as hybrid bonding shipments increased for commercial production in the second half of the year.

Orders of € 663.7 million declined by 29.3% in comparison to 2021 principally due to significantly decreased demand for high-end smartphone applications post new product introductions in 2021 and reduced bookings from Chinese subcontractors for mobile and computing applications linked to softening economic conditions. In both 2022 and 2021, bookings by IDMs and subcontractors represented approximately 55% and 45% of total orders. Revenue and orders in 2022 were not adversely affected by trade restrictions and regulations resulting from geo-political tensions between the US and China.

Besi maintained its financial efficiency at elevated levels this year despite the adverse impact of weakening market conditions. Our gross margin increased from 59.6% in 2021 to 61.3% and operating margins remained above 40%. Operating income of € 294.1 million declined by 7.4% versus 2021 primarily due to a 48% increase in R&D spending for next generation wafer level assembly systems.

Besi’s net income of € 240.6 million decreased by € 41.8 million, or 14.8%, versus 2021 and resulted in a net margin of 33.3%. Decreased profitability was primarily due to lower spending for smartphones and in Chinese end-user markets, increased R&D spending and the absence of € 15.0 million deferred tax benefits recognized in 2021.

Financial Condition

€ millions Q4
2022
Q3
2022
Δ Q4
2021
Δ FY 2022 FY
2021

Δ

Total Cash and Deposits 671.7 661.8 +1.5 % 672.2 -0.1 % 671.7 672.2 -0.1 %
Net Cash and Deposits 346.5 342.5 +1.2 % 370.4 -6.5 % 346.5 370.4 -6.5 %
Cash flow from Ops. 86.6 112.7 -23.2 % 101.8 -14.9 % 271.9 277.9 -2.2 %

At year-end 2022, Besi had a strong liquidity position with total cash and deposits aggregating € 671.7 million, or an increase of € 9.9 million (+1.5%), versus Q3-22. Growth was primarily due to € 86.6 million of cash flow from operations which was used to fund (i) € 65.0 million of share repurchases, (ii) € 5.5 million of capitalized development spending and (iii) € 2.1 million of capital expenditures. Similarly, net cash of € 346.5 million at quarter end increased by 1.2% versus Q3-22.

For the full year, Besi’s cash and deposits were roughly comparable to 2021 year-end balances (-€ 0.5 million) and reflected (i) a capital allocation of € 416.3 million to shareholders and (ii) € 172.2 million of net proceeds received from the issuance of Besi’s 2022 Convertible Notes due 2029. Besi’s year-end net cash position of € 346.5 million decreased by € 23.9 million versus year end 2021 which also included the conversion into equity of € 139.9 million of our 2017 Convertible Notes.

Share Repurchase Activity
During the quarter, Besi repurchased approximately 1.2 million of its ordinary shares at an average price of € 55.41 per share for a total of € 65.0 million. For the full year, a total of approximately 2.7 million shares were repurchased at an average price of € 54.38 per share for a total of € 146.8 million. At year end 2022, Besi held approximately 3.3% of its shares outstanding in treasury.

Dividend for 2022

Given its earnings, cash flow generation and prospects, Besi’s Board of Management has proposed a cash dividend for 2022 equal to € 2.85 per share for approval at its AGM on April 26, 2023. The proposed dividend reflects a pay-out ratio of 93% and will be payable from May 4, 2023.

Outlook

Based on its December 31, 2022 backlog and feedback from customers, Besi forecasts for Q1-23 that:

  • Revenue will decrease by 0-10% versus the € 137.7 million reported in Q4-22.
  • Gross margin will range between 61%-63% versus the 62.3% realized in Q4-22.
  • Baseline operating expenses are expected to decrease by 0%-5% from € 34.3 million in Q4-22
  • Total operating expenses are expected to increase by approximately 15%-20% versus Q4-22 primarily due to approximately € 7 million of incremental non-cash, share based compensation expense.
Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

Important Dates 2023

Publication Annual Report 2022    March 1, 2023
Publication Q1 results  April 26, 2023
Annual General Meeting of Shareholders April 26, 2023
Publication Q2/Semi-annual results  July 27, 2023
Publication Q3/Nine-month results  October 26, 2023
Publication Q4/Full year results  February 2024

Dividend Information*

Proposed ex-dividend date April 28, 2023
Proposed record date May 2, 2023
Proposed payment of 2022 dividend  Starting May 4, 2023
  *Subject to approval at Besi’s AGM on April 26, 2023  

About Besi

Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Contacts:
Richard W. Blickman, President & CEO        
Leon Verweijen, SVP Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500                
[email protected]   

Statement of Compliance

The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2022 and were authorized for issuance by the Board of Management and Supervisory Board on February 21, 2023. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, Ernst & Young Accountants LLP has issued an unqualified auditor’s opinion on the Annual Report 2022. The Annual Report 2022 will be published on our website on March 1, 2023 and proposed for adoption by the Annual General Meeting on April 26, 2023.

The condensed financial statements included in this press release have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.

Caution Concerning Forward Looking Statements

This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2021 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

 

Consolidated Statements of Operations
 
(€ thousands, except share and per share data)

Three Months Ended
December 31,
(unaudited)
Year Ended
December 31,
(audited)
  2022 2021   2022 2021
         
Revenue 137,721 171,732   722,870 749,297
Cost of sales 51,940 74,287   279,797 302,475
         
Gross profit 85,781 97,445   443,073 446,822
         
Selling, general and administrative expenses 22,582 20,387   95,012 92,859
Research and development expenses 14,494 9,906   53,945 36,380
         
Total operating expenses 37,076 30,293   148,957 129,239
         
Operating income 48,705 67,152   294,116 317,583
         
Financial expense, net 3,625 3,023   18,626 13,743
         
Income before taxes 45,080 64,129   275,490 303,840
         
Income tax expense (benefit) 4,927 (2,980 ) 34,843 21,421
         
Net income 40,153 67,109   240,647 282,419
         
Net income per share – basic 0.51 0.86   3.03 3.70
Net income per share – diluted 0.50 0.80   2.90 3.39

 

Number of shares used in computing per share amounts:
– basic
– diluted 1

79,111,438
84,777,360

77,978,090
85,148,148

79,311,366
85,526,157

76,309,749
85,358,296

 _____________________________________
1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding  
    

 
Consolidated Balance Sheets
 
(€ thousands) December
31, 2022
(audited)
September 30, 2022
(unaudited)
June 30,
2022
(unaudited)
March 31, 2022
(unaudited)
December 31, 2021
(audited)
ASSETS          
           
Cash and cash equivalents 491,686 406,759 376,581 489,700 451,395
Deposits 180,000 230,000 200,000 181,920 195,789
Trade receivables 148,333 202,945 243,713 215,693 174,942
Inventories 92,117 102,026 102,549 103,738 94,399
Other current assets 24,562 18,725 23,348 18,390 19,623
           
Total current assets 936,698 960,455 946,191 1,009,441 936,148
           
           
Property, plant and equipment 33,272 31,774 29,815 29,573 29,884
Right of use assets 17,480 17,739 18,299 9,872 10,606
Goodwill 45,746 46,677 46,012 45,358 45,170
Other intangible assets 81,218 80,838 76,141 71,963 68,746
Deferred tax assets 19,563 22,723 23,407 25,475 27,436
Deposits 25,000 25,000 25,000 25,000
Other non-current assets 1,213 1,243 1,076 1,023 1,051
           
Total non-current assets 198,492 225,994 219,750 208,264 207,893
           
Total assets 1,135,190 1,186,449 1,165,941 1,217,705 1,144,041
           
     
           
Current portion of long-term debt 2,361
Trade payables 41,431 52,803 68,819 79,398 74,711
Other current liabilities 100,099 111,726 100,628 119,341 112,867
           
Total current liabilities 143,891 164,529 169,447 198,739 187,578
           
Long-term debt 322,815 319,309 317,595 289,614 301,802
Lease liabilities 14,372 14,311 14,564 6,464 7,198
Deferred tax liabilities 13,303 15,365 15,719 10,154 10,970
Other non-current liabilities 12,274 14,876 14,924 17,839 17,219
           
Total non-current liabilities 362,764 363,861 362,802 324,071 337,189
           
Total equity 628,535 658,059 633,692 694,895 619,274
           
Total liabilities and equity 1,135,190 1,186,449 1,165,941 1,217,705 1,144,041

 
Consolidated Cash Flow Statements
 
(€ thousands)

Three Months Ended December 31,
(unaudited)
Year Ended
December 31,
(audited)
  2022   2021   2022   2021  
         
Cash flows from operating activities:        
Income before income tax 45,080   64,129   275,490   303,840  
         
Depreciation and amortization 6,082   4,847   22,992   17,564  
Share based payment expense 2,116   1,617   15,259   16,409  
Financial expense, net 3,625   3,023   18,626   13,743  
         
Changes in working capital 32,588   26,938   (21,553 ) (59,733 )
Income tax (paid) received (2,014 ) 2,429   (35,353 ) (9,651 )
Interest paid (848 ) (1,148 ) (3,590 ) (4,318 )
         
Net cash provided by operating activities 86,629   101,835   271,871   277,854  
         
Cash flows from investing activities:        
Capital expenditures (2,138 ) (1,266 ) (6,780 ) (5,337 )
Proceeds from sale of property       54  
Capitalized development expenses (5,522 ) (6,738 ) (21,613 ) (23,015 )
Repayments of (investments in) deposits 75,000   (85,791 ) 44,711   3,453  
         
Net cash provided by (used in) investing activities 67,340   (93,795 ) 16,318   (24,845 )
         
Cash flows from financing activities:        
Proceeds from (payments of) debt 494     494   1,021  
Proceeds from convertible notes     172,176    
Payments of lease liabilities (1,215 ) (899 ) (4,101 ) (3,638 )
Dividends paid to shareholders     (269,467 ) (129,357 )
Purchase of treasury shares (64,969 ) (15,724 ) (146,781 ) (50,096 )
         
Net cash used in financing activities (65,690 ) (16,623 ) (247,679 ) (182,070 )
         
Net increase (decrease) in cash and cash equivalents

88,279

 

(8,583

)

40,510

 

70,939

 
Effect of changes in exchange rates on cash and
cash equivalents

(3,352

)

4,711

 

(219

)

5,050

 
Cash and cash equivalents at beginning of the
period

406,759

 

455,267

 

415,395

 

375,406

 
         
Cash and cash equivalents at end of the period 491,686   451,395   491,686   451,395  

     
  Supplemental Information (unaudited)  
  (€ millions, unless stated otherwise)  
     
                                     
  REVENUE Q4-2022 Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 Q2-2021 Q1-2021  
                                     
  Per geography:                                  
  Asia Pacific 98.2   71 % 126.9   75 % 164.1   77 % 159.3   79 % 129.1   75 % 164.3   79 % 175.7   78 % 113.4   79 %  
  EU / USA / Other 39.5   29 % 41.9   25 % 49.9   23 % 43.1   21 % 42.6   25 % 44.0   21 % 50.4   22 % 29.8   21 %  
                                     
  Total 137.7   100 % 168.8   100 % 214.0   100 % 202.4   100 % 171.7   100 % 208.3   100 % 226.1   100 % 143.2   100 %  
                                     
  ORDERS Q4-2022 Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 Q2-2021 Q1-2021  
                                     
  Per geography:                                  
  Asia Pacific 127.4   71 % 93.3   74 % 104.3   68 % 161.8   79 % 147.3   73 % 170.5   82 % 155.0   77 % 253.2   77 %  
  EU / USA / Other 53.1   29 % 32.0   26 % 48.8   32 % 43.0   21 % 55.3   27 % 38.7   18 % 45.2   23 % 73.9   23 %  
                                     
  Total 180.5   100 % 125.3   100 % 153.1   100 % 204.8   100 % 202.6   100 % 209.2   100 % 200.2   100 % 327.1   100 %  
                                     
  Per customer type:                                  
  IDM 98.2   54 % 80.7   64 % 86.8   57 % 97.1   47 % 138.4   68 % 133.7   64 % 111.3   56 % 130.8   40 %  
  Subcontractors 82.3   46 % 44.6   36 % 66.3   43 % 107.7   53 % 64.2   32 % 75.5   36 % 88.9   44 % 196.3   60 %  
                                     
  Total 180.5   100 % 125.3   100 % 153.1   100 % 204.8   100 % 202.6   100 % 209.2   100 % 200.2   100 % 327.1   100 %  
                                     
  HEADCOUNT Sep 30, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021  
                                     
  Fixed staff (FTE)                                  
  Asia Pacific 1,162   69 % 1,176   69 % 1,203   70 % 1,186   70 % 1,154   70 % 1,132   70 % 1,096   70 % 1,070   70 %  
  EU / USA 513   31 % 518   31 % 511   30 % 500   30 % 491   30 % 483   30 % 473   30 % 468   30 %  
                                     
  Total 1,675   100 % 1,694   100 % 1,714   100 % 1,686   100 % 1,645   100 % 1,615   100 % 1,569   100 % 1,538   100 %  
                                     
  Temporary staff (FTE)                                  
  Asia Pacific 60   42 % 237   74 % 433   83 % 536   86 % 412   83 % 559   87 % 581   90 % 299   82 %  
  EU / USA 84   58 % 84   26 % 91   17 % 86   14 % 84   17 % 80   13 % 68   10 % 64   18 %  
                                     
  Total 144   100 % 321   100 % 524   100 % 622   100 % 496   100 % 639   100 % 649   100 % 363   100 %  
                                     
  Total fixed and temporary staff (FTE) 1,819     2,015     2,238     2,308     2,141     2,254     2,218     1,901      
                                     
  OTHER FINANCIAL DATA Q4-2022 Q3-2022 Q2-2022 Q1-2022 Q4-2021 Q3-2021 Q2-2021 Q1-2021  
                                     
  Gross profit 85.8   62.3 % 105.2   62.3 % 130.4   61.0 % 121.6   60.1 % 97.4   56.7 % 125.8   60.4 % 140.3   62.1 % 83.3   58.2 %  
  Inventory impairment                 7.4   4.3 %              
  Gross profit as adjusted 85.8   62.3 % 105.2   62.3 % 130.4   61.0 % 121.6   60.1 % 104.8   61.0 % 125.8   60.4 % 140.3   62.1 % 83.3   58.2 %  
                                     
  Selling, general and admin expenses:                                  
  As reported 22.6   16.4 % 20.5   12.1 % 24.6   11.5 % 27.3   13.5 % 20.4   11.9 % 21.6   10.4 % 24.2   10.7 % 26.7   18.6 %  
  Share-based compensation expense (2.1 ) -1.5 % (0.9 ) -0.5 % (3.6 ) -1.7 % (8.6 ) -4.3 % (1.6 ) -1.0 % (1.4 ) -0.7 % (3.6 ) -1.6 % (9.8 ) -6.8 %  
  SG&A expenses as adjusted 20.5   14.9 % 19.6   11.6 % 21.0   9.8 % 18.7   9.2 % 18.8   10.9 % 20.2   9.7 % 20.6   9.1 % 16.9   11.8 %  
                                     
  Research and development expenses:                                  
  As reported 14.5   10.5 % 13.5   8.0 % 13.3   6.2 % 12.6   6.2 % 9.9   5.8 % 8.8   4.2 % 9.4   4.2 % 8.3   5.8 %  
  Capitalization of R&D charges 5.5   4.0 % 5.2   3.1 % 5.2   2.4 % 5.7   2.8 % 6.7   3.9 % 5.5   2.6 % 4.9   2.2 % 5.9   4.1 %  
  Amortization of intangibles (3.0 ) -2.2 % (2.9 ) -1.7 % (2.9 ) -1.3 % (2.9 ) -1.4 % (2.1 ) -1.2 % (1.8 ) -0.8 % (1.7 ) -0.8 % (1.7 ) -1.2 %  
  R&D expenses as adjusted 17.0   12.3 % 15.8   9.4 % 15.6   7.3 % 15.4   7.6 % 14.5   8.5 % 12.5   6.0 % 12.6   5.6 % 12.5   8.7 %  
                                     
  Financial expense (income), net:                                  
  Interest income (1.2 )   (0.2 )   (0.2 )   0.0     (0.1 )   (0.1 )   0.0     0.0      
  Interest expense 2.8     3.3     3.7     2.4     2.5     2.5     2.3     3.4      
  Net cost of hedging 2.6     2.3     1.5     1.1     0.8     0.7     0.7     0.7      
  Foreign exchange effects, net (0.6 )   0.1     0.8     0.2     (0.2 )   0.3     (0.2 )   0.4      
                                     
  Total 3.6     5.5     5.8     3.7     3.0     3.4     2.8     4.5      
                                     
  Operating income                                  
    as % of net sales 48.7   35.4 % 71.2   42.2 % 92.5   43.2 % 81.7   40.4 % 67.2   39.1 % 95.4   45.8 % 106.7   47.2 % 48.4   33.8 %  
                                     
  EBITDA                                  
    as % of net sales 54.8   39.8 % 77.1   45.7 % 98.0   45.8 % 87.2   43.1 % 72.0   41.9 % 99.7   47.9 % 110.9   49.0 % 52.6   36.7 %  
                                     
  Net income                                  
    as % of net sales 40.2   29.2 % 57.3   34.0 % 75.6   35.4 % 67.5   33.4 % 67.1   39.1 % 84.2   40.4 % 93.5   41.3 % 37.6   26.3 %  
                                     
  Income per share                                  
  Basic 0.51     0.71     0.94     0.87     0.86     1.08     1.23     0.51      
  Diluted 0.50     0.69     0.90     0.81     0.80     1.00     1.12     0.47      
                                     

 

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