BE Semiconductor Industries N.V. Announces Q2-22 and H1-22


Q2-22 Revenue of € 214.0 Million and Net Income of € 75.6 Million Up 5.7% and 12.0%, Respectively, vs. Q1-22

H1-22 Revenue and Net Income Up 12.8% and 9.2%, Respectively, vs. H1-21

New € 300 Million Share Repurchase Program

DUIVEN, The Netherlands, July 21, 2022 (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 second quarter and first half year ended June 30, 2022.

Key Highlights Q2-22

  • Revenue of € 214.0 million rose 5.7% vs. Q1-22 due primarily to increased shipments for high-end mobile applications. Down 5.4% vs. Q2-21 due to lower demand for high-end smartphones and from Chinese subcontractors partially offset by strength in automotive and computing applications
  • Orders of € 153.1 million down 25.2% vs. Q1-22 principally as a result of lower orders for high-end mobile and high performance computing applications and by Asian subcontractors partially offset by continued strength for automotive end-user markets. Down 23.5% vs. Q2-21 primarily due to lower bookings by Chinese subcontractors and, to a lesser extent, decreased orders for high performance computing applications
  • Gross margin of 61.0% grew 0.9 points vs. Q1-22 due to favorable forex influences and more favorable product mix. Down 1.1 points vs. Q2-21
  • Net income of € 75.6 million rose 12.0% vs. Q1-22 while net margins increased to 35.4% vs. 33.4% due to higher revenue and gross margins and lower than anticipated expense development. Vs. Q2-21, net income declined 19.1% due to lower revenue and gross margins combined with higher R&D spending

Key Highlights H1-22

  • Revenue of € 416.4 million rose 12.8% vs. H1-21 reflecting strong demand for Besi’s computing and automotive end-user markets. Growth partially offset by reduced demand for high-end smartphones as well as lower shipments for mobile handsets and mainstream electronics by Chinese subcontractors
  • Orders of € 357.9 million declined 32.1% vs. H1-21 due to less favorable market conditions, lower orders for high-end smartphones post new introductions in 2021 and decreased demand from Chinese subcontractors
  • Gross margin of 60.5% equal to H1-21
  • Net income of € 143.2 million increased € 12.1 million, or 9.2%, vs. H1-21 primarily due to higher revenue levels despite 46.8% increase in R&D spending
  • Net cash grew 37.4% vs. Q2-21 to reach € 284.0 million. Total cash of € 601.6 million at end of Q2-22
  • Current € 185 million share repurchase program to be completed by July 31, 2022. New € 300 million program to begin August 1, 2022, representing approximately 7.5% of shares outstanding

Outlook

  • Q3-22 revenue estimated to decrease by approximately 20-30% vs. Q2-22 reflecting weaker market conditions and seasonal trends. Gross margin anticipated to remain between 60-62%
(€ millions, except EPS) Q2-2022 Q1-2022 Δ Q2-2021

Δ

H1-2022 H1-2021

Δ

Revenue 214.0 202.4 +5.7 % 226.1 -5.4 % 416.4 369.3 +12.8 %
Orders 153.1 204.8 -25.2 % 200.2 -23.5 % 357.9 527.3 -32.1 %
Operating Income 92.5 81.7 +13.2 % 106.7 -13.3 % 174.2 155.0 +12.4 %
EBITDA 98.0 87.2 +12.4 % 110.9 -11.6 % 185.2 163.5 +13.3 %
Net Income 75.6 67.5 +12.0 % 93.5 -19.1 % 143.2 131.1 +9.2 %
EPS (basic) 0.94 0.87 +8.0 % 1.23 -23.6 % 1.81 1.76 +2.8 %
EPS (diluted) 0.90 0.81 +11.1 % 1.12 -19.6 % 1.71 1.58 +8.2 %
Net Cash and Deposits 284.0* 407.0 -30.2 % 206.7* +37.4
% 284.0 206.7 +37.4 %

*Reflects cash dividend payments of € 269.5 million and € 129.4 million in Q2-22 and Q2-21, respectively.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi reported solid first half year results with revenue and net income of € 416.4 million and € 143.2 million increasing by 12.8% and 9.2%, respectively, versus H1-21. Revenue development this first half year was influenced by a number of important market trends. On the positive side, it reflected ongoing strength for Besi’s computing and automotive end-user markets continuing favorable trends from H2-21. Such strength was partially offset by reduced demand for high-end smartphones following a large capacity build in 2021. It also reflected a 31.4% decrease in revenue from Chinese customers primarily associated with reduced shipments to subcontractors for mobile handsets and mainstream electronics applications due to overcapacity and Covid-19 related lockdowns. Net income growth in H1-22 benefitted from higher revenue levels, stable gross margins of 60.5% and cost control efforts which enabled us to keep operating expense margins relatively flat despite funding a 46.8% increase in R&D spending associated with new wafer level product development.

Our liquidity position continued to improve at June 30, 2022 with net cash of € 284.0 million and total cash and deposits of € 601.6 million increasing 37.4% and 17.6%, respectively, versus June 30, 2021. Such increases occurred despite the distribution of € 305.7 million to shareholders in H1-22 in the form of dividends and share repurchases. Given continued strong cash flow generation and current market conditions, we intend to complete the current € 185 million share repurchase program by July 31, 2022. Beginning August 1, 2022, we intend to initiate a new € 300 million program representing approximately 7.5% of current shares outstanding with a completion date of October 2023. Repurchases under this new program will help reduce dilution related to Besi’s Convertible Notes outstanding and issuances under employee stock plans.

For the quarter, Besi’s revenue of € 214.0 million and net income of € 75.6 million grew by 5.7% and 12.0%, respectively, versus Q1-22. Sequential revenue and profit growth were primarily due to increased shipments for high-end smartphones, an increase of gross margins to 61.0% due to a more favorable product mix, a stronger dollar and a 5.0% reduction in operating expenses. However, orders of € 153.1 million decreased by 25.2% versus Q1-22 as industry conditions weakened, global GDP growth rates decelerated and customer caution increased. In particular, they reflected lower bookings for high-end mobile and high performance computing applications as well as lower orders by Asian subcontractors partially offset by continued strength in demand for automotive end-user markets. Of note, we received three orders for Besi’s new embedded bridge die attach system in H1-22 reflecting progress in the build out of our wafer level assembly portfolio. In addition, Besi’s backlog of € 275 million at June 30, 2022 remained at higher than typical levels reflecting ongoing supply chain issues, selective pre ordering by customers and, to a lesser extent, pushouts by some Asian subcontractors given changing market conditions.

Whether ​current market​ softness is a temporary pause or more prolonged in duration is difficult to tell ​at present ​given the many conflicting economic, geopolitical and industry cross currents. For Q3-22, we estimate that revenue will decrease by 20-30% versus Q2-22 reflecting current market conditions and seasonal trends. However, Besi’s gross margin is expected to remain in the 60-62% range due to the flexibility of our production model and timely operational actions taken. In this regard, we reduced temporary production headcount approximately 16% in the latter half of the quarter to better align production with order trends. Further, operating expenses are anticipated to decrease by 10-15% versus Q2-22 principally related to lower revenue levels.

We are accelerating investment in Besi’s future, particularly for our hybrid bonding and wafer level assembly portfolio as the long-term drivers of our business remain intact and sub 10 nanometer device innovation continues apace. As such, we are deploying greater resources to meet hybrid bonding goals, introducing new wafer level assembly systems, adding development and support personnel and taking occupancy of a new 125,000 square foot leased facility in Malaysia in Q3-22 which should lessen capacity constraints for our most advanced systems.”

Second Quarter Results of Operations

€ millions Q2-2022 Q1-2022 Δ   Q2-2021 Δ  
Revenue 214.0 202.4 +5.7%   226.1 -5.4%  
Orders 153.1 204.8 -25.2%   200.2 -23.5%  
Book to Bill Ratio 0.7x 1.0x -0.3   0.9 -0.2  

Q2-22 revenue of € 214.0 million increased 5.7% versus Q1-22 primarily due to increased shipments for high-end mobile applications. Versus Q2-21, revenue decreased by 5.4% as a result of significantly lower demand for high-end smartphones post new product introductions in 2021 as well as lower demand for Chinese handset and mainstream electronics applications due to overcapacity and Covid-19 related lockdowns. This decrease was partially offset by strong revenue growth for both Besi’s computing and automotive end-user markets including shipments of hybrid bonding systems to multiple customers.

Orders of € 153.1 million decreased 25.2% versus Q1-22 due primarily to lower orders for high-end mobile and high performance computing applications as well as lower orders by Asian subcontractors partially offset by continued strength in demand for automotive end-user markets. Versus Q2-21, orders decreased by 23.5% primarily due to significantly lower demand by Chinese subcontractors and, to a lesser extent, decreased orders for high performance computing applications. Per customer type, IDM orders decreased € 10.3 million, or 10.6%, versus Q1-22 and represented 57% of total orders for the period. Subcontractor orders decreased by € 41.4 million, or 38.4%, versus Q1-22 and represented 43% of total orders.

€ millions Q2-2022   Q1-2022   Δ   Q2-2021   Δ  
Gross Margin 61.0%   60.1%   +0.9   62.1%   -1.1  
Operating Expenses 37.9   39.9   -5.0%   33.6   +12.8%  
Financial Expense/(Income), net 5.8   3.7   +56.8%   2.8   +107.1%  
EBITDA 98.0   87.2   +12.4%   110.9   -11.6%  

Besi’s gross margin increased to 61.0% in Q2-22, an increase of 0.9 points versus Q1-22 primarily due to forex benefits from an increase in the USD versus the euro and a more favorable product mix. Gross margin decreased by 1.1 points as compared to Q2-21 due to a less favorable product mix.

Q2-22 operating expenses declined by € 2.0 million, or 5.0%, versus Q1-22 principally due to a € 5.0 million reduction in share-based compensation expense partially offset by increased variable sales related, travel and R&D personnel costs. Operating expenses increased by € 4.3 million, or 12.8% versus Q2-21 primarily due to increased R&D spending for next generation wafer level assembly systems. As a percentage of revenue, operating expenses were 17.7% in Q2-22 versus 19.7% in Q1-22 and 14.9% in Q2-21.

Q2-22 financial expense, net increased by € 2.1 million versus Q1-22 due to increased interest expense from the issuance of € 175 million of 1.875% Convertible Notes due 2029 in March 2022, increased hedging expenses and negative forex effects.

€ millions Q2-2022   Q1-2022   Δ   Q2-2021   Δ  
Net Income 75.6   67.5   +12.0%   93.5   -19.1%  
Net Margin 35.4%   33.4%   +2.0   41.3%   -5.9  
Tax Rate 12.7%   13.4%   -0.7   10.0%   +2.7  

Besi’s net income increased 12.0% versus Q1-22 primarily due to increased revenue and gross margins combined with a 5.0% reduction in sequential operating expenses. As a result, Besi’s net margin increased to 35.4% versus 33.4%. As compared to Q2-21, Besi’s net income decreased by 19.1% principally as a result of decreased revenue and gross margin levels combined with higher development spending in support of wafer level assembly programs and a higher effective tax rate.

Half Year Results of Operations

€ millions H1-2022   H1-2021   Δ  
Revenue 416.4   369.3   +12.8%  
Orders 357.9   527.3   -32.1%  
Gross Margin 60.5%   60.5%    
Operating Income 174.2   155.0   +12.4%  
Net Income 143.2   131.1   +9.2%  
Net Margin 34.4%   35.5%   -1.1  
Tax Rate 13.1%   11.3%   +1.8  

H1-22 revenue of € 416.4 million rose 12.8% reflecting strong demand for Besi’s computing and automotive end-user markets including increased shipments of hybrid bonding systems. Growth was partially offset by significantly decreased demand for high-end smartphones, decreased shipments for mobile handsets and mainstream electronics applications to Chinese subcontractors and some pushouts of system deliveries due to softening industry conditions. Of note, revenue from Chinese customers decreased by € 42.1 million, or 31.4%, year-over-year and decreased as a percentage of revenue from 36.3% in H1-21 to 22.1% in H1-22.

Orders of € 357.9 million decreased by 32.1% versus H1-21 due to less favorable market conditions post the significant assembly capacity build over the past two years. In particular, the decrease reflected lower orders for high-end smartphones post new product introductions in 2021 and decreased demand from Chinese subcontractors. IDM and subcontractor orders represented 51% and 49%, respectively, of H1-22 orders versus 46% and 54%, respectively, in H1-21.

Besi’s H1-22 net income of € 143.2 million grew by € 12.1 million, or 9.2%, versus H1-21 due primarily to higher revenue levels. Operating and net margins were roughly equal in each respective period as we successfully controlled overhead growth while increasing development spending by 46.8% in support of wafer level R&D programs.

Financial Condition

€ millions Q2
2022
Q1
2022
Δ   Q2
2021
Δ   H1
2022
H1
2021
Δ  
Total Cash and Deposits 601.6 696.6 -13.6%   511.4 +17.6%   601.6 511.4 +17.6%  
Net Cash and Deposits 284.0 407.0 -30.2%   206.7 +37.4%   284.0 206.7 +37.4%  
Cash flow from Ops. 27.6 45.0 -38.7%   51.2 -46.1%   72.5 77.4 -6.3%  

At the end of Q2-22, Besi had a strong liquidity position with total cash and deposits aggregating € 601.6 million, an increase of 17.6% versus Q2-21. Versus Q1-22, total cash and deposits decreased by € 95.0 million versus Q1-22 due primarily to (i) the payment of € 269.5 million in cash dividends to shareholders, (ii) € 22.2 million of share repurchases and (iii) € 5.2 million of capitalized development spending which was partially offset by (i) € 172.2 million net proceeds received from the issuance of Besi’s 1.875% Convertible Notes due 2029 and (ii) cash flow from operations of € 27.6 million. Net cash of € 284.0 million at quarter end increased by € 77.3 million, or 37.4%, versus June 30, 2021.

During Q2-22, € 125.6 million of Besi’s 0.50% Convertible Notes due 2024 were converted into shares. As a result, total shares outstanding increased to approximately 80.6 million at quarter end, net of treasury shares held. At June 30, 2022, the total principal amount of Besi’s Convertible Notes was € 359.9 million.

Share Repurchase Activity
During the quarter, Besi repurchased 401,806 of its ordinary shares at an average price of € 55.04 per share for a total of € 22.2 million. Cumulatively, as of June 30, 2022, approximately 4.8 million shares have been purchased under the current € 185 million share repurchase program at an average price of € 35.38 per share for a total of € 171.0 million. As of such date, Besi held approximately 550,000 shares in treasury, equal to 0.7% of its shares outstanding. Besi intends to fully complete the current program by July 31, 2022.

New € 300 Million Share Repurchase Program
A new € 300 million share repurchase program will be initiated effective August 1, 2022. The program is aimed at general capital reduction purposes and to help offset dilution related to Besi’s Convertible Notes and shares issued under employee stock plans. It will be funded using Besi’s available cash resources, is expected to be completed by October 2023 and will represent approximately 7.5% of Besi’s outstanding shares based on Besi’s closing share price on July 20, 2022. At present, Besi has authority until October 29, 2023 to purchase up to 10% of its shares issued, or 8.1 million shares.

The new share repurchase program will be executed in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. The program will be managed by an independent brokerage firm. All purchases will be executed through Euronext Amsterdam and Multilateral Trading Facilities as defined by the Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments and subject to the rules of the relevant Exchange.

Outlook

Based on its June 30, 2022 order backlog and feedback from customers, Besi forecasts for Q3-22 that:

  • Revenue will decrease by approximately 20-30% vs. the € 214.0 million reported in Q2-22 reflecting current market conditions and seasonal trends
  • Gross margin will range between 60-62% vs. the 61.0% realized in Q2-22
  • Operating expenses will decrease by 10-15% vs. the € 37.9 million reported in Q2-22
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 EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

Basis of Presentation

The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2021 Annual Report, which is available on www.besi.com.

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
Hetwig van Kerkhof, SVP Finance
Leon Verweijen, VP Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com

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; our ability to mitigate the dislocations caused by the flood at one of our Malaysian 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
June 30,
(unaudited)
Six Months Ended
June 30,
(unaudited)
  2022 2021 2022 2021
         
Revenue 213,958 226,056 416,365 369,259
Cost of sales 83,549 85,750 164,307 145,674
         
Gross profit 130,409 140,306 252,058 223,585
         
Selling, general and administrative expenses 24,600 24,225 51,913 50,891
Research and development expenses 13,316 9,410 25,938 17,668
         
Total operating expenses 37,916 33,635 77,851 68,559
         
Operating income 92,493 106,671 174,207 155,026
         
Financial expense, net 5,809 2,842 9,525 7,319
         
Income before taxes 86,684 103,829 164,682 147,707
         
Income tax expense 11,041 10,369 21,501 16,640
         
Net income 75,643 93,460 143,181 131,067
         
Net income per share – basic 0.94 1.23 1.81 1.76
Net income per share – diluted 0.90 1.12 1.71 1.58
Number of shares used in computing per share amounts:
– basic
– diluted 1

80,070,835
86,385,229
75,802,630
85,430,297

78,981,056
85,745,051
74,540,692
85,439,676


Consolidated Balance Sheets

(€ thousands) June 30,
2022

(unaudited)
March 31,
2022

(unaudited)
December 31,
2021

(audited)
ASSETS      
       
Cash and cash equivalents 376,581 489,700 451,395
Deposits 200,000 181,920 195,789
Trade receivables 243,713 215,693 174,942
Inventories 102,549 103,738 94,399
Other current assets 23,348 18,390 19,623
       
Total current assets 946,191 1,009,441 936,148
       
       
Property, plant and equipment 29,815 29,573 29,884
Right of use assets 18,299 9,872 10,606
Goodwill 46,012 45,358 45,170
Other intangible assets 76,141 71,963 68,746
Deferred tax assets 23,407 25,475 27,436
Deposits 25,000 25,000 25,000
Other non-current assets 1,076 1,023 1,051
       
Total non-current assets 219,750 208,264 207,893
       
Total assets 1,165,941 1,217,705 1,144,041
       
 
       
Trade payables 68,819 79,398 74,711
Other current liabilities 100,628 119,341 112,867
       
Total current liabilities 169,447 198,739 187,578
       
Long-term debt 317,595 289,614 301,802
Lease liabilities 14,564 6,464 7,198
Deferred tax liabilities 15,719 10,154 10,970
Other non-current liabilities 14,924 17,839 17,219
       
Total non-current liabilities 362,802 324,071 337,189
       
Total equity 633,692 694,895 619,274
       
Total liabilities and equity 1,165,941 1,217,705 1,144,041


Consolidated Cash Flow Statements

(€ thousands) Three Months Ended
June 30,

(unaudited)
Six Months Ended
June 30,

(unaudited)
  2022   2021   2022   2021  
         
Cash flows from operating activities:        
Income before income tax 86,684   103,829   164,682   147,707  
         
Depreciation and amortization 5,523   4,223   10,988   8,432  
Share-based payment expense 3,622   3,603   12,239   13,397  
Financial expense, net 5,809   2,842   9,525   7,319  
         
Changes in working capital (49,250 ) (51,330 ) (91,751 ) (86,897 )
Income tax paid (23,910 ) (10,120 ) (31,182 ) (10,421 )
Interest paid (907 ) (1,844 ) (1,964 ) (2,106 )
         
Net cash provided by operating activities 27,571   51,203   72,537   77,431  
         
Cash flows from investing activities:        
Capital expenditures (784 ) (1,477 ) (2,007 ) (2,865 )
Proceeds from sale of property       54  
Capitalized development expenses (5,236 ) (4,875 ) (10,890 ) (10,780 )
Repayments of (investments in) deposits (14,575 ) 45,723   (289 ) 9,953  
         
Net cash provided by (used in) investing activities (20,595 ) 39,371   (13,186 ) (3,638 )
         
Cash flows from financing activities:        
Proceeds from (payments of) debt   494     1,021  
Proceeds from convertible notes 172,176     172,176    
Payments on lease liabilities (927 ) (960 ) (1,835 ) (1,850 )
Dividends paid to shareholders (269,467 ) (129,357 ) (269,467 ) (129,357 )
Purchase of treasury shares (22,160 ) (10,100 ) (36,275 ) (20,197 )
         
Net cash used in financing activities (120,378 ) (139,923 ) (135,401 ) (150,383 )
         
Net decrease in cash and cash equivalents (113,402 ) (49,349 ) (76,050 ) (76,590 )
Effect of changes in exchange rates on cash and cash equivalents 283   172   1,236   (14 )
Cash and cash equivalents at beginning of the period 489,700   347,979   451,395   375,406  
         
Cash and cash equivalents at end of the period 376,581   298,802   376,581   298,802  


Supplemental Information (unaudited)

(€ millions, unless stated otherwise)

  REVENUE Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022  
                             
  Per geography:                          
  Asia Pacific 113.4   79 % 175.7   78 % 164.3   79 % 129.1   75 % 159.3   79 % 164.1   77 %  
  EU / USA / Other 29.8   21 % 50.4   22 % 44.0   21 % 42.6   25 % 43.1   21 % 49.9   23 %  
                             
  Total 143.2   100 % 226.1   100 % 208.3   100 % 171.7   100 % 202.4   100 % 214.0   100 %  
                             
  ORDERS Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022  
                             
  Per geography:                          
  Asia Pacific 253.2   77 % 155.0   77 % 170.5   82 % 147.3   73 % 161.8   79 % 104.3   68 %  
  EU / USA / Other 73.9   23 % 45.2   23 % 38.7   18 % 55.3   27 % 43.0   21 % 48.8   32 %  
                             
  Total 327.1   100 % 200.2   100 % 209.2   100 % 202.6   100 % 204.8   100 % 153.1   100 %  
                             
  Per customer type:                          
  IDM 130.8   40 % 111.3   56 % 133.7   64 % 138.4   68 % 97.1   47 % 86.8   57 %  
  Subcontractors 196.3   60 % 88.9   44 % 75.5   36 % 64.2   32 % 107.7   53 % 66.3   43 %  
                             
  Total 327.1   100 % 200.2   100 % 209.2   100 % 202.6   100 % 204.8   100 % 153.1   100 %  
                             
  HEADCOUNT Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Dec 31, 2021 March 31, 2022 June 30, 2022  
                             
  Fixed staff (FTE)                          
  Asia Pacific 1,070   70 % 1,096   70 % 1,132   70 % 1,154   70 % 1,186   70 % 1,203   70 %  
  EU / USA 468   30 % 473   30 % 483   30 % 491   30 % 500   30 % 511   30 %  
                             
  Total 1,538   100 % 1,569   100 % 1,615   100 % 1,645   100 % 1,686   100 % 1,714   100 %  
                             
  Temporary staff (FTE)                          
  Asia Pacific 299   82 % 581   90 % 559   87 % 412   83 % 536   86 % 433   83 %  
  EU / USA 64   18 % 68   10 % 80   13 % 84   17 % 86   14 % 91   17 %  
                             
  Total 363   100 % 649   100 % 639   100 % 496   100 % 622   100 % 524   100 %  
                             
  Total fixed and temporary staff (FTE) 1,901     2,218     2,254     2,141     2,308     2,238      
                             
  OTHER FINANCIAL DATA Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022  
                             
  Gross profit                          
  As reported 83.3   58.2 % 140.3   62.1 % 125.8   60.4 % 97.4   56.7 % 121.6   60.1 % 130.4   61.0 %  
  Inventory impairment             7.4   4.3 %          
  Gross profit as adjusted 83.3   58.2 % 140.3   62.1 % 125.8   60.4 % 104.8   61.0 % 121.6   60.1 % 130.4   61.0 %  
                             
  Selling, general and admin expenses:                          
  As reported 26.7   18.6 % 24.2   10.7 % 21.6   10.4 % 20.4   11.9 % 27.3   13.5 % 24.6   11.5 %  
  Share-based compensation expense (9.8 ) -6.8 % (3.6 ) -1.6 % (1.4 ) -0.7 % (1.6 ) -1.0 % (8.6 ) -4.3 % (3.6 ) -1.7 %  
  SG&A expenses as adjusted 16.9   11.8 % 20.6   9.1 % 20.2   9.7 % 18.8   10.9 % 18.7   9.2 % 21.0   9.8 %  
                             
  Research and development expenses::                          
  As reported 8.3   5.8 % 9.4   4.2 % 8.8   4.2 % 9.9   5.8 % 12.6   6.2 % 13.3   6.2 %  
  Capitalization of R&D charges 5.9   4.1 % 4.9   2.2 % 5.5   2.6 % 6.7   3.9 % 5.7   2.8 % 5.2   2.4 %  
  Amortization of intangibles (1.7 ) -1.2 % (1.7 ) -0.8 % (1.8 ) -0.8 % (2.1 ) -1.2 % (2.9 ) -1.4 % (2.9 ) -1.3 %  
  R&D expenses as adjusted 12.5   8.7 % 12.6   5.6 % 12.5   6.0 % 14.5   8.5 % 15.4   7.6 % 15.6   7.3 %  
                             
  Financial expense (income), net:                          
  Interest expense (income), net 3.4     2.3     2.4     2.4     2.4     3.5      
  Hedging results 0.7     0.7     0.7     0.8     1.1     1.5      
  Foreign exchange effects, net 0.4     (0.2 )   0.3     (0.2 )   0.2     0.8      
  Total 4.5     2.8     3.4     3.0     3.7     5.8      
                             
  Operating income                          
    as % of net sales 48.4   33.8 % 106.7   47.2 % 95.4   45.8 % 67.2   39.1 % 81.7   40.4 % 92.5   43.2 %  
                             
  EBITDA                          
    as % of net sales 52.6   36.7 % 110.9   49.0 % 99.7   47.9 % 72.0   41.9 % 87.2   43.1 % 98.0   45.8 %  
                             
  Net income                          
    as % of net sales 37.6   26.3 % 93.5   41.3 % 84.2   40.4 % 67.1   39.1 % 67.5   33.4 % 75.6   35.4 %  
                             
  Income per share                          
  Basic 0.51     1.23     1.08     0.86     0.87     0.94      
  Diluted 0.47     1.12     1.00     0.80     0.81     0.90      

_____________________

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

BE Semiconductor Industries N



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