ASMI Annual Meeting of Shareholders May 20 2010 · 2014-11-05 · Body text: 26pt Arial Bold, black...

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Release date: April 2005

For questions, please contact: Central Marketing

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ASMI Annual Meeting of Shareholders

May 20 2010

Chuck del Prado

President & CEO

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2

Safe Harbor Statements

All matters discussed in this presentation, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholder and other issues, outlooks, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, epidemics and other risks indicated in the Company's filings from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's reports on Form 20-F and Form 6-K. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

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Outline

• Semiconductor Equipment Market

• ASMI Results in 2009

• Status ASMI Back-end

• Market dynamics

• Product update

• Status ASMI Front-end

• Restructuring Program

• Technology & Penetration update

• ASMI Financing

• Market Outlook and Conclusions

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4

Our Industry experienced Steep Drop and is now

in Fast Recovery

• In 1H08 market moved into slowdown, as part of typical cyclicality after record 2007

• Global recession in 2H08, leading to 2009 Semi Equipment to be down by 64% relative to 2007

• In 2010 Semi Equipment spending expected to be up, but still significantly below the 2007 level

0

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35

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45

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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Se

mi C

ap

ita

l E

qu

ip (

$B

)

Gartner Apr '08

Gartner Mar '10

Semi Capital Equipment Year to Year Growth

April ’08 FC March ’10 FC

2007-2008 -17.1% -31.6%

2008-2009 +12.2% -45.6%

2009-2010 +13.8% +76.0%

2010-2011 -8.7% +23.8%

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5

In Front-end the Key Market Drivers of the

recovery are…..

• Spending in 2009 down compared to 2008 (-46%)

• Foundry only segment with growth in 2009

• 2010 WFE spending is expected to be up, but still significantly below the 2007 level

• Growth in 2010 led by foundry and memory

Gartner Mar. 12, 2010

Wafer Fab Equipment Capex by device

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010

WF

E $

B

Other

Memory

Logic

Foundry

-46%

+77%-33%

+10%

+64%

+87%

+41%

+118%

-54%

-58%

-45%

+8%

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Outline

• Semiconductor Equipment Market



• Market dynamics

• Product update




• ASMI Financing


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7

ASMI Revenue climbed out of trough in 2H of 2009

• Company-wide

• FY09: down 21 % versus FY08

• 1H09: down 49 % versus 1H08

• 2H09: up 12 % versus 2H08 and up 83% versus 1H09

• 1Q10: up 146% versus 1Q09

• For Back-end:

• Recovery started as of Q2 2009

• For Front-end:

• Recovery started as of Q3 2009

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8

Consolidated Results ASMI M€

FY

09

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Sales* 591

89

120

180

202

219

Gross Margin %* 34.8 23.9 28.2 38.3 40.4 42.2

R&D and SG&A* 170

42

40

43

45

44

EBIT* 34

(21)

(7)

26

36

48

Net result** (107) (23) (56) (16) (12) 4

Cash Flow from operations 63

6

(6)

32

31

26

* Before impairment inventories and restructuring expenses

** Allocated to shareholders of the parent

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ASMI Working Capital M€

0

50

100

150

200

250

300

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10

Working capital ASMI

Working capital Front-end

Working capital Back-end

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10

2009 Highlights for Back-end and Front-End are….

• Back-end

• Bookings reached new records in 2H 2009

• Strong growth in LED besides IC

• Front-end

• Achieved significant reduction in cost base

• Strategic additional ALD-customer penetrations made

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11

ASMI Share Price in 2009

May 14 2010: ASMI € 17.83 ($ 22.51)

• ASMI share price increases 2.5x in 2009

• Comparison same sector companies

• ASMI received Euronext award for best performing

Midcap-company in 2009

ASML

NVLS

AMAT

ASMI

Source: Yahoo!

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12

ASMI Share Price last 5 years

ASMI share price increases 50% over 5 year period

ASMI

ASML

AMAT

NVLS

Source: Yahoo!

May 14 2010: ASMI € 17.83 ($ 22.51)

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13

Global Sustainability

• ASMI is committed to

• High standards for employee and product safety

• High standards for energy conservation and environmental quality

This commitment is part of ASMI’s Code of Ethics

• ASMI Global Health & Safety program

• Pro-active Management of Safety

• Use of global Key Performance Indicators

• Recordable incidents in 2009 per 100 FTEs:

• for Front-End: 0.52

• for Back-End: 0.47

• Environment

• In 2009 focused on

• increase of Recycling & Reduction of Hazardous waste (local programs)

• energy savings efforts (i.e. all LED lighting in new FEMS cleanroom)

• In 2010 start of aligning Global Environmental program 13

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14

Outline

• Semiconductor Equipment Market in 2009


• Status ASM Back-end

• Market dynamics

• Product update

• Status ASM Front-end



• ASMI Financing


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15

Operations Back-end M€

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Sales

43

92

142

153

165

Gross Margin % 21.2 36.2 43.8 44.5 45.1

OPEX*

16

17

21

23

25

EBIT

(7)

16

41

45

50

Net result (8) 15 37 40 43

Cash Flow from operations

1

14

44 30

25

* Opex includes R&D and SG&A

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16

ASM Back-End

Record Quarterly Bookings as of Q3-09

0

50

100

150

200

250

300

350

400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2006 2007 2008 2009 2010

164180

124 120

150

197183

208

176

207

161

35

63

188

234

284

384US$ (M)

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17

ASM Back-End

2009 Market Dynamics

• Revenue • 1H 2009: growth in China market and LED

• 2H 2009: broad recovery from all application markets and

geographical areas

• Solid and diversified customer base

• Product offerings and market penetration • Total solution approach continues to help in winning new business

• Cu wire solutions enabling cost reduction for customers

• Extending total solution approach into LED

• Enhancing product offerings in power management market

• for applications such as LED lighting, automotive, electrical

appliances and handheld gadgets

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18

ASM Back-End

Introduced Eagle Xtreme

18

Eagle Xtreme - Wire Bonder

for highly Integrated Products

Ultra fine pitch capability of 30 µm

Bond placement control of 2 µm @ 3

sigma

Capable of process wires from 15 µm

to 50 µm in diameter

Qualified with gold, gold alloy,

insulated gold wire, and copper wire

Stacked Die

Multi-tier Looping

Cu Wire Bonding

Fine Pitch 30 µm QFN Capability

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19

ASM Back-End

Total Solution for LED Packaging Process

Material

- Leadframe & Wafer

Post Curing

Singulation

Die Sorting

Encapsulation /

Lens Attach /

Lens Molding

Testing, Sorting and Taping

Die Bonding

Phosphor Application

Jetting

Curing

Wire Bonding

Finished

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20

ASM Back-End

Power Applications

eClip

Automatic Clip Bonding System

HA501

Automatic Heavy Aluminum

Bonding System

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21

Outline




• Market dynamics

• Product update




• ASMI Financing


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22

ASM Front-End Restructuring Program PERFORM!

PERFORM! is about:

• Improving Front-End’s financial performance

through the cycles

• Changing organizational structure from Regional to

Global

• Strengthening Commercialization

• Execution & Operational Excellence

• Focus and stronger Accountability

• Enhancing Technology Leadership

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23

ASM Front-End

PERFORM! measures taken……..

• Established Global Sales and Service

• From Technical/Product focus to Customer focus

(“Commercialization”)

• Voice of the Customer now at the highest level of organization

• Accelerated penetration into Memory and Foundry development

lines in 2009

• Established Global Operations

• Transfer of Manufacturing to one location (Singapore)

• Almere-factory (NL) is closed

• Phoenix-factory (USA) planned for close by end of Q2 2010

• Nagaoko-factory (Japan) planned for close by end of Q4 2010

• Global Procurement has been set up

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ASM Front-End

PERFORM! measures taken……..

• R&D and Product Management

• Disciplined prioritization of R&D-programs

• All single wafer applications to one product platform by 2010

• New Platform Group that owns single wafer product platform

• Allows Product Lines to focus

• Merged product lines into 2 Business Units (Thermal & Plasma)

• Consolidated our Global Training facilities into one location

• G&A

• Standardized & consolidated G&A-functions

• e.g. global SAP and Shared Service Center for Finance

• Insourced number of Tax and HR-activities

• Consolidated Offices, Cleanrooms & Warehouses

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ASM Front-End

PERFORM! resulting into……

• Significant Reduction of Cost Base and Restructuring of the Company

• Significant Reduction of Working Capital by year end 2009

• On schedule in reducing our cost base by mid 2010 by 40% versus the Q4 2008 runrate

• At end of Q1 2010 Cost Base reduced by 33% compared to Q4 2008

• Key Customer Penetrations made

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Operations Front-end M€

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Sales*

46

28

38

49

54

Gross Margin %* 26.5 1.7 17.7 27.7 33.4

OPEX*/**

34

30

28

27

25

EBIT*

(14)

(22)

(15)

(8)

(1)

Net result (19) (64) (35) (34) (19)

Cash Flow from operations

7

(20)

(12) 1

1

* Before impairment inventories and restructuring expenses

** Opex includes indirect overhead operations, R&D and SG&A

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27

ASM Front-End

ASM Technologies focused on extending Moore’s Law

1995 2000 2005 2010 2015 1990 2025

Scaling enabled by Litho

Scaling enabled by Materials

Scaling enabled by 3D

2020

Low-k

Strained Si

High-k

FinFETs

3D SIC

SDDP

ASM Key Technologies are

required for device scaling

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28

ASM Front-End

ASM has broad ALD Portfolio

Thermal ALD

Batch Thermal ALD

Plasma Enhanced ALD (PEALD)

ASM is very well positioned and the only company

having all ALD technologies in-house

Original ASM

Innovations

Precise film control

for high-k metal gate

transistors

Lowest cost ALD

deposition method

Low temperature

conformal dielectric films

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29

ASM Front-End

We made Key Customer ALD Penetrations in 2009 and Q1-10

Customer Penetration

Site

• 12 Key customer penetrations in last 15 months

• All for 32nm, 22nm nodes and beyond

• Memory, Foundry and Logic segment

• Applications ALD high-k, ALD metal, PEALD SDDP, PEALD spacer

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30

Front-End Products

A412

Vertical Furnace

Highest

productivity

Epsilon® 3200

Epitaxy

Advanced

strain

layers

Pulsar®

ALD

High-k leader

Eagle® XP

PECVD

ALD

PEALD

Common

Platform

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Outline




• Market dynamics

• Product update




• ASMI Financing


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32

New Debt Financing

What

• Renewed € 50 mln standby facility, subsequently

raised to € 90 mln.

• New issue of € 150 mln senior unsecured convertible

bonds due November 2014

Why

• To provide financial security to weather the cycle and

allow for the ongoing restructuring

• To have adequate level of Working Capital available to

finance recovery and growth

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33

Consolidated Cash Flow Statement M€

FY 2008 FY 2009

Net Cash Flow from Operations 137 63

Net Cash Flow from Investments (33) (15)

Net Cash Flow before Financing 104 48

Net Cash Flow used for Financing (121) 91

Net Change in Cash (11) 136

Ending Cash Balance 157 293

Net debt (3) (23)

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34

Use of ASMPT Dividends

• Received ASMPT dividend € 49 million

– Purchase of treasury shares ~ € 36 million (before

dividend withholding tax)

Buy back of convertible debt ~ € 30 million 2008

2009

• Received ASMPT dividend € 21 million

Surplus spending, 2008 ~ € 17 million

Buy back of convertible debt for remaining ~ € 4

million plus an excess buy back of ~ € 22 million

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35

Outline




• Market dynamics

• Product update





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36

Applications Driving Market Growth Through 2014

• Mobile applications drive most semiconductor revenue in the coming 5 yrs

•Low power, small form factor required

• LED’s driven by cost, thermal management, white light needs and brightness

0

10

20

30

40

50

0 5 10 15 20 25 30 35 40

20

09

-20

14

CA

GR

2014 Semiconductor Revenue ($B)

Solid-State Drive

Mini-notebook — Professional

IP Set-Top Box

Smartphone

LCD TV

PC, Mobile — Home

PC, Mobile — Professional

Other DP

Mini-notebook — Home

Entry-Level Server

(%)

LED

Source: Gartner (February 2010), ASM

10% of high CAGR or high revenue apps outside

of the box drive >40% of semiconductor revenue

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Applications Driving Growth Through 2014

• ASM new technologies are well positioned to supply the equipment to

manufacture the semiconductors in the high CAGR/high revenue segments

0

10

20

30

40

50

0 5 10 15 20 25 30 35 40

20

09

-20

14

CA

GR

2014 Semiconductor Revenue ($B)

Solid-State Drive

Mini-notebook — Professional

IP Set-Top Box

Smartphone

LCD TV

PC, Mobile — Home

PC, Mobile — Professional

Other DP

Mini-notebook — Home

Entry-Level Server

(%)

LED

Source: Gartner (February 2010), ASM

PEALD,

Back-end

Back-end

Back-end

ALD, Epi, Low-k

Back-end

ALD, Epi, low-k ALD, Epi, Low-k

ALD, Epi, Low-k

Back-end

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38


Back-End

Market Forecast looks healthy

• 2010 Packaging and Assembly Equipment spending is expected to be up

• Growth expected next 3 years

Packaging and Assembly Equipment

Forecast

0

1

2

3

4

5

6

2007 2008 2009 2010 2011 2012

$B

-2%

-25%

-40%

+76%

+20%

+14%

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39

Back-End

Our current outlook

• Very strong demand

• Across all segments, products and geographical areas

• Fundamentals: long term prospect of the market look promising despite concern on 2H 2010

• No immediate sign of slowing down yet

• Driver for growth

• LED

• Robust growth of Asian economy (will also trigger consumer demand)

• Increased business spending, especially in IT

• LED will continue to be a key driver for the market for the years to come

• LED backlit TV and displays, general lighting

• LED demand will also drive up demand for power packages and power management ICs

• Manufacturing plant in Huizhou, China, operational by Q4 2010

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40

Front End Market Forecast shows growth in new technology nodes

• Share of 32nm and 22nm of total Equipment spending is increasing in the coming years

Wafer Fab Equipment Forecast by node

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014

WFE

$B

≤22 nm

32 nm

45 nm

65 nm

≥90nm

-46%

+77%

+26%

+19%

-15% -2%

-33%

+10%


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Summarizing….

• Experienced strongest drop in history of our

industry

• Back-end 2009

• Bookings reached new records in 2H

• Strong growth in LED besides IC

• Front-end 2009

• Achieved significant reduction in cost base

• Strategic additional ALD-customer penetrations made

• Outlook

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42

THANK YOU

ASMI Annual Meeting of Shareholders May 20 2010 · 2014-11-05 · Body text: 26pt Arial Bold, black...

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