BE Semiconductor Industries N.V. Announces Q2-18 and H1-18 Results

Financial expense, net increased by € 0.8 million vs. Q1-18 due primarily to higher forex hedging costs related to higher revenue levels. As compared to Q2-17, such expenses increased by € 2.5 million inclusive of higher interest expense associated with Besi’s issuance of € 175 million of Convertible Notes in December 2017 as well as higher hedging costs.


 
Q2-2018Q1-2018Δ Q2-2017 Δ 
       
Net Income 47.2 37.1 +27.2% 52.4 -9.9% 
Net Margin 29.3% 23.9% +5.4 30.8% -1.5 
Tax Rate 12.9% 16.3% -3.4 13.7% -0.8 

Besi’s net income grew to € 47.2 million in Q2-18, an increase of € 10.1 million, or 27.2%, vs. Q1-18. Similarly, net margins rose to 29.3% vs. 23.9% in Q1-18. Net income growth was principally due to higher revenue levels, lower operating expenses and a 3.4 point reduction in the effective tax rate related to lower non-deductible share based compensation expense. Net income decreased € 5.2 million, or 9.9%, vs. Q2-17 due to reduced revenue and gross margin levels partially offset by lower operating expenses and a 0.8 point reduction in the effective tax rate.

Half Year Results of Operations

  2018 2017 Δ 
Revenue 316.0 280.2 +12.8% 
Orders 292.1 369.9 -21.0% 
Gross Margin 56.5 % 56.7% -0.2 
Operating Income 107.8 94.1 +14.6% 
Net Income 84.3 76.7 +9.9% 
Net Margin 26.7 % 27.4% -0.7 
Tax Rate 14.4 % 14.4% - 

For the first half year, Besi’s revenue increased by 12.8% reflecting broad based growth across all product groups and end user application markets. However, H1-18 orders decreased by 21.0% vs. H1-17 primarily due principally to lower die bonding bookings for high end smart phone applications after a significant 2017 capacity build and, to a lesser extent, lower bookings for high end server applications. Orders by IDMs and subcontractors represented 62% and 38%, respectively, of Besi’s total H1-18 orders vs. 76% and 24%, respectively, in H1-17.

Similarly, Besi’s H1-18 net income of € 84.3 million increased by € 7.6 million, or 9.9% vs. H1-17 due primarily to its 12.8% year over year revenue increase partially offset by (i) € 6.1 million of increased operating expenses principally related to increased Asian personnel costs and higher share based compensation expense as well as (ii) a gross margin decrease of 0.2 points.

Financial Condition

  Q2
2018
Q1
2018
Δ Q2
2017
Δ  H1
2018
H1
2017
Δ 
Net Cash and Deposits 110.2290.1-62.0% 131.5 -16.2%   110.2 131.5 -16.2%  
Cash flow from Ops. 7.0 54.9 -87.2%   29.5 -76.3%   61.9 48.1 +28.7%  

Besi Q2-18 cash flow from operations of € 7.0 million decreased by € 22.5 million vs. Q2-17. The decline was primarily due to increased working capital needed to support a € 34 million increase in receivables as well as € 8 million of higher inventory levels. In Q2-18, Besi used cash flow from operations, along with cash on hand, to fund (i) € 174.0 million of dividend payments, (ii) € 6.0 million of share repurchases, (iii) € 3.4 million of capitalized development spending and (iv) € 2.0 million of capital expenditures.

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