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Besi Reports Strong Q4-16 Revenue and Net Income of € 93.1 Million and € 16.7 Million

Results Exceed Expectations

Solid 2016 Performance with Revenue and Net Income Up 7.5% and 33.3% vs. 2015

Proposed 2016 Dividend of € 1.74 per Share. Up 45% over 2015

DUIVEN, the Netherlands, Feb. 23, 2017 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam:BESI) (OTC markets:BESIY) (Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2016.

Key Highlights Q4-16

  • Revenue of € 93.1 million, down 1.3% vs. Q3-16 but up 19.7% vs. Q4-15. Better than guidance due to higher epoxy and flip chip die bonding shipments for mobile and automotive applications
  • Orders of € 91.4 million, up 17.0% vs. Q3-16 and 18.2% vs. Q4-15 as a result of broad based demand for Besi’s advanced packaging portfolio and improved industry conditions
  • Gross margin reaches 53.2%. Up vs. 50.5% in Q3-16 and 50.0% in Q4-15 due primarily to material cost efficiencies and forex benefits
  • Net income of € 16.7 million is up € 0.1 million vs. Q3-16 and € 7.0 million vs. Q4-15
  • Net margin reaches 18.0% in Q4-16 vs. 17.6% in Q3-16. Up significantly vs Q4-15 (12.4%) due primarily to revenue growth, operating leverage and cost control efforts
  • Financial position enhanced. Net cash up € 31.6 million (23.2%) vs. Q4-15 to reach € 168.1 million
  • € 125 million 2.5% Senior Unsecured Convertible Notes placed to help fund, amongst others, future growth

Key Highlights 2016/2015

  • Revenue of € 375.4 million, up 7.5% primarily as a result of increased demand by Asian customers for Besi’s high end and mainstream assembly solutions and improved industry conditions
  • Orders up 7.3% primarily due to higher demand for new advanced packaging capacity, smart phone features and automotive electronics
  • Gross margin rose to 51.0% vs. 48.8% principally as a result of increased material and labor cost efficiencies, market position and forex benefits
  • Net income of € 65.3 million, up € 16.3 million. Net margin increased to 17.4% vs. 14.0% in 2015
  • 2016 dividend of € 1.74 proposed for May AGM (includes € 0.35 special dividend). Up 45% vs. 2015

Outlook

  • Q1-17 revenue expected to increase 15-20% vs. Q4-16. Industry upturn continues. Orders to date in Q1-17 significantly exceed Q4-16 levels

(€ millions, except EPS)Q4-
2016
Q3-
2016
ΔQ4-
2015
Δ20162015Δ
Revenue93.194.3-1.3%77.8+19.7%375.4349.2+7.5%
Orders 91.478.1+17.0%77.3+18.2%373.8348.3+7.3%
EBITDA23.323.0+1.3%16.9+37.9%89.873.0+23.0%
Net Income16.716.6+0.6%9.7+72.2%65.349.0+33.3%
Adjusted Net Income*16.716.7+0.0%10.9+53.2%65.246.9+39.0%
EPS (basic)0.45 0.44+2.3%0.26+73.1%1.741.29+34.9%
EPS (diluted)0.430.43+0.0%0.25+72.0%1.701.27+33.9%
Net Cash168.1131.9+27.4%136.5+23.2%168.1136.5+23.2%

* Adjusted net income excludes certain tax benefits/charges and restructuring charges/benefits, net.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
2016 was a year of unexpected industry growth, strong financial performance and strategic positioning for the future. Besi generated revenue of € 375.4 million and net income of € 65.3 million, increases of 7.5% and 33.3%, respectively, vs. 2015. Net income grew even more rapidly than sales this year as gross margins reached 51.0% and cost control initiatives kept expense growth in check. In addition, our financial position continued to strengthen with net cash at year end reaching € 168.1 million, an increase of 23.2% vs. year end 2015.

Our strong profit and cash flow generation in recent years has enabled Besi to enhance shareholder returns. In 2016, we utilized € 67.8 million in cash for dividends and share repurchases, an increase of 11.3% vs. 2015. Cumulatively, since 2011, we have utilized € 186.0 million of cash for such purposes. Given our favorable 2016 performance and prospects, we have proposed a dividend of € 1.74 per share, a 45% increase vs. 2015, of which € 0.35 represents a special dividend for the year. The proposed dividend represents a pay-out ratio relative to net income of 100% for 2016 vs. 93% for 2015.

Revenue growth built progressively during 2016 stimulated by expanded investment by Chinese and Taiwanese subcontractors for new, state of the art advanced packaging capacity, accelerating demand for flash memory devices and the continued proliferation of intelligent automotive electronics. In addition, growth was aided by a new technology cycle which encouraged capital spending for next generation <20 nano applications. In the smart phone arena, there was expanded customer investment in more advanced features and functionality such as fingerprint sensors and advanced dual camera and flashlight modules.

The second half of 2016 witnessed much stronger than anticipated order, revenue and profit levels with particular strength in Q4-16. During a traditionally weak period, revenue and net income reached € 93.1 million and € 16.7 million, respectively, while gross and net margins rose to 53.2% and 18.0%, respectively. Besi’s results significantly exceeded guidance due primarily to much stronger than anticipated shipments of epoxy and flip chip die bonding systems for mobile and automotive applications and shorter delivery times to customers. Order patterns to date in 2017 confirm a continued industry upswing well into the first half year with bookings to date in Q1-17 significantly exceeding levels realized in all of Q4-16. As such, we guide for a sequential Q1-17 revenue increase of 15-20% and are scaling our Asian supply chains and production capabilities to meet anticipated demand.

Longer term, there still remains much unrealized potential to increase Besi’s market position and profitability in the years ahead. In this regard, we completed in Q4-16 a comprehensive review of our business, strategic positioning and cost structure with an independent consulting firm. Revenue and cost initiatives were agreed for implementation over the next five years. To help us capitalize on future growth opportunities, Besi also successfully placed in December 2016 € 125 million of 2.5% Convertible Notes due 2023 which provides funding on highly attractive terms for our next growth phase.

Fourth Quarter Results of Operations

Q4-2016Q3-2016ΔQ4-2015Δ
Revenue93.194.3-1.3%77.8+19.7%
Orders91.478.1+17.0%77.3+18.2%
Backlog76.378.0-2.2%77.8-1.9%
Book to Bill Ratio1.0x0.8x+0.2 1.0x-

Besi’s Q4-16 revenue decreased by 1.3% vs. Q3-16 but significantly exceeded guidance (-10-15%) due to much stronger than anticipated shipments of epoxy, multi module and flip chip die bonding systems and shorter cycle times. In Q4-16, there was particularly strong demand by both IDMs and Asian subcontractors for mobile and automotive applications. Revenue increased by 19.7% vs. Q4-15 due primarily to higher demand by Chinese and Taiwanese subcontractors for new advanced packaging capacity and improved industry conditions.

Orders increased by 17.0% vs. Q3-16 and by 18.2% vs. Q4-15 primarily due to broad based strength in demand by both IDMs and Asian subcontractors for Besi’s high end and mainstream advanced packaging solutions and improved industry conditions. Per customer type, subcontractor orders increased sequentially in Q4-16 by € 5.8 million, or 16.9%, while IDM orders increased by € 7.5 million, or 17.2%.

Q4-2016Q3-2016ΔQ4-2015Δ
Gross Margin53.2%50.5%+2.7 50.0%+3.2
Operating Expenses29.8 28.2 +5.7%26.5 +12.5%
Financial Expense/ (Income), net0.0 0.9 NM 0.2 NM
EBITDA23.3 23.0 +1.3%16.9 +37.9%

Besi’s gross margin in Q4-16 increased by 2.7% vs. Q3-16 primarily as a result of increased material and freight efficiencies and forex benefits due principally to an increase in the US dollar vs. the euro. As compared to Q4-15, the 3.2% increase was primarily due to material and labor cost efficiencies and forex benefits.

Q4-16 operating expenses increased by € 1.6 million (5.7%) vs. Q3-16 primarily as a result of higher performance based compensation and one-time consulting costs. Operating expenses increased by € 3.3 million (12.5%) vs. Q4-15 due to similar factors as well as increased warranty expense related to higher sales levels. Total headcount at December 31, 2016 increased by 3.0% vs. September 30, 2016 as ongoing decreases in European headcount were more than offset by higher Asian fixed and temporary production personnel associated primarily with the Q4-16 order ramp.

Q4-2016Q3-2016ΔQ4-2015Δ
As Reported
Net Income16.7 16.6 +0.6%9.7 +72.2%
Net Margin18.0%17.6%+0.4 12.4%+5.6
Tax Rate15.1%11.1%+4.0 20.6%-5.5
As Adjusted*
Net Income16.7 16.7 - 10.9 +53.2%
Net Margin18.0%17.7%+0.3 14.0%+4.0
Tax Rate15.1%11.1%+4.0 10.7%+4.4

* Adjusted net income excludes € 0.1 million of restructuring charges in Q3-16 and € 1.2 million in Q4-15 related to deferred taxes.

Besi’s Q4-16 net income was up € 0.1 million vs. Q3-16. As compared to Q4-15, net income increased by € 7.0 million (72.2%) primarily as a result of (i) 19.7% revenue growth, (ii) gross margin improvement of 3.2% and (iii) a lower effective tax rate partially offset by increased operating expenses.

Full Year Results of Operations 2016/2015

As ReportedAs Adjusted*
2016 2015 Δ
2016/2015
2016 2015 Δ
2016/2015
Revenue375.4 349.2 +7.5%375.4 349.2 +7.5%
Orders373.8 348.3 +7.3%373.8 348.3 +7.3%
Net Income65.3 49.0 +33.3%65.2 46.9 +39.0%
Net Margin17.4%14.0%+3.4 17.4%13.4%+4.0
Tax Rate11.2%14.3%-3.1 12.5%12.9%-0.4

* Adjusted net income excludes certain tax benefits/charges and restructuring charges/benefits, net.

Besi’s revenue increased by € 26.2 million (7.5%) in 2016 primarily due to increased demand by Chinese and Taiwanese subcontractors for its range of high end and mainstream assembly solutions, more favourable industry conditions and the benefits of a new technology cycle. In general, customers increased advanced packaging capacity for mobile handsets, upgraded smart phone features and continued investments in automotive applications. In particular, Besi experienced strong growth for its epoxy, multi module and eWLB die bonders and ultra-thin molding equipment for such applications. Similarly, orders in 2016 increased by 7.3% vs. 2015. Orders by IDMs and subcontractors represented approximately 51% and 49%, respectively, of Besi’s total orders in 2016 versus 60% and 40%, respectively, in 2015.

Net income increased by € 16.3 million (33.3%) vs. 2015 primarily due to a (i) 7.5% revenue increase, (ii) 2.2% gross margin improvement and (iii) 3.1% reduction in Besi’s effective tax rate partially offset by € 3.8 million of increased operating expenses primarily due to the absence of net restructuring benefits recognized in 2015.

Financial Condition

Q4-2016Q3-2016ΔQ4-2015Δ
Net Cash168.1131.9+27.4%136.5+23.2%
Cash flow from Ops.33.430.1+11.0%32.5+2.8%

At year end 2016, Besi’s cash and deposits increased by € 151.5 million vs. Q3-16 to reach € 304.8 million primarily due to the net proceeds received from the issuance of € 125 million of Convertible Notes in December. In addition, net cash increased by € 36.2 million to reach € 168.1 million. Besi generated cash flow from operations of € 33.4 million in Q4-16 which was utilized primarily to fund (i) € 4.5 million of share repurchases, (ii) € 2.2 million of capital expenditures and (iii) € 1.9 million of capitalized development spending.

As compared to year end 2015, net cash increased by € 31.6 million, or 23.2%. Besi generated cash flow from operations during the year of € 98.7 million which was utilized primarily to fund (i) cash dividends of € 45.4 million, (ii) share repurchases of € 22.0 million, (iii) € 6.7 million of capitalized development spending and (iv) € 4.5 million of capital expenditures.

Convertible Bond Offering
On December 2, 2016, Besi issued € 125 million principal amount of 2.5% Senior Unsecured Convertible Notes due December 2023 (the “Notes”). The Notes convert into approximately 2.9 million Besi ordinary shares at a conversion price of € 43.51 (subject to adjustment). The Company may redeem the Notes after December 2020, provided that the price of its ordinary shares exceeds 130% of the then effective conversion price for a specified period of time. The net proceeds from the offering totalled € 122.7 million and were added to Besi’s cash and deposits. These proceeds will be used, amongst others, to finance Besi's growth.

Share Repurchase Program
In September 2015, Besi initiated a program to repurchase up to 1.0 million of its ordinary shares, or approximately 3% of its shares outstanding. The program was successfully completed in October 2016 under which the full 1.0 million shares were repurchased at an average price of € 22.50 for a total of € 22.5 million.

In October 2016, Besi initiated a new share repurchase program under which it may buy back up to 1.0 million ordinary shares (2.7% of its outstanding shares at October 27, 2016) from time to time on the open market and depending on market conditions. In 2016, Besi purchased 126,395 shares under this program at a weighted average price of € 31.30 per share for € 4.0 million. Through February 22, 2017, Besi had purchased an additional 101,512 shares at a weighted average price of € 33.62 for € 3.4 million. At such date, Besi held approximately 2.8 million shares in treasury at an average price of € 13.47 per share.

Dividend
Due to its earnings, cash flow generation and prospects, Besi’s Board of Management has proposed a cash dividend of € 1.74 per share for the 2016 year for approval at its AGM on May 1, 2017, of which € 0.35 represents a special dividend. The proposed dividend represents an increase of 45% over 2015 and will be payable from May 8, 2017. The dividend payments for the 2015 fiscal year and proposed for the 2016 fiscal year represent a pay-out ratio relative to net income of 93% and 100% (approximately 80% ex special dividend), respectively.

Outlook
Based on its December 31, 2016 backlog and feedback from customers, Besi forecasts for Q1-17 that:

  • Revenue will increase by 15-20% vs. the € 93.1 million reported in Q4-16.
  • Gross margin will range between 52-54% vs. the 53.2% realized in Q4-16.
  • Operating expenses will increase by approximately 5-10% vs. the € 29.7 million reported in Q4-16 due primarily to higher share based incentive 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). The dial-in for the conference call is (31) 20 531 5871. To access the audio webcast and webinar slides, please visit www.besi.com.

Important Investor Relations Dates 2017

- Publication Annual Report 2016
March 16, 2017
- Publication Q1 results
April 25, 2017
- Annual General Meeting of Shareholders
May 1, 2017
- Publication Q2/semi-annual results
July 27, 2017
- Publication Q3/nine month results
November 1, 2017
- Publication Q4/full year results
February 1, 2018

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, computer, 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 Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

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 2016 which will be published on March 16, 2017. These consolidated financial statements to be included in the Annual Report 2016 were authorized for issuance by the Board of Management and Supervisory Board on February 22, 2017. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, Deloitte Accountants B.V. has issued an unqualified auditor’s opinion on the Annual Report 2016. The Annual Report 2016 will be published on March 16, 2017 and still has to be adopted by the Annual General Meeting on May 1, 2017.

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. However, these condensed financial statements do not include all of the information required for a complete set of IFRS financial statements. Selected explanatory notes are included in this press release to explain events and transactions that are significant to an understanding of the change in the Group’s financial position and performance since the annual consolidated financial statements for the year ended December 31, 2015.

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, backlog, 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; 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; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; 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, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2015 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
(euro in thousands, except share and per share data)
Three Months Ended
December 31,
(unaudited)
Year Ended
December 31,
(audited)
2016 201520162015
Revenue93,08177,838375,375349,206
Cost of sales43,56438,929183,894178,766
Gross profit49,51738,909191,481170,440
Selling, general and administrative expenses21,05017,49680,45474,088
Research and development expenses8,7379,01035,85938,457
Total operating expenses29,78726,506116,313112,545
Operating income19,73012,40375,16857,895
Financial expense (income), net352091,614793
Income before taxes19,69512,19473,55457,102
Income tax expense2,9642,5108,2598,147
Net income16,7319,68465,29548,955
Net income per share – basic0.450.261.741.29
Net income per share – diluted0.430.251.701.27
Number of shares used in computing per share amounts:
- basic37,390,55137,863,45637,600,85537,931,201
- diluted139,020,18038,493,44338,508,08038,503,706
1 The calculation of diluted income per share assumes the exercise of equity settled share based payments.


Consolidated Balance Sheets
(euro in thousands)December 31,
2016
(audited)
September 30,
2016
(unaudited)
June 30,
2016
(unaudited)
March 31,
2016
(unaudited)
December 31,
2015
(audited)
ASSETS
Cash and cash equivalents224,790153,264132,075169,756157,818
Deposits80,000----
Accounts receivable89,84594,189106,20979,62480,640
Inventories55,05456,57960,82561,05653,877
Income tax receivable395371279686446
Other current assets9,99512,22510,13410,9576,055
Total current assets460,079316,628309,522322,079298,836
Property, plant and equipment26,99324,41925,01626,35526,718
Goodwill45,86745,26145,36243,46145,542
Other intangible assets37,84437,95038,69641,30940,374
Deferred tax assets14,26516,21317,44117,68418,545
Other non-current assets2,5212,5002,7212,6962,711
Total non-current assets127,490126,343129,236131,505133,890
Total assets587,569442,971438,758453,584432,726
LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes payable to banks11,8558,0048,0008,0008,000
Current portion of long-term debt and financial leases2,2402,240---
Accounts payable38,94936,27946,81937,67727,529
Accrued liabilities44,49440,48935,72436,33031,850
Total current liabilities97,53887,01290,54382,00767,379
Other long-term debt and financial leases122,60311,11213,35213,35213,352
Deferred tax liabilities6,7166,1256,1586,1806,201
Other non-current liabilities15,67516,54216,24513,35513,574
Total non-current liabilities144,99433,77935,75532,88733,127
Total equity345,037322,180312,460338,690332,220
Total liabilities and equity587,569442,971438,758453,584432,726


Consolidated Cash Flow Statements
(euro in thousands)

Three Months Ended
December 31,

(unaudited)
Year Ended
December 31,
(unaudited)
2016 2015 2016 2015
Cash flows from operating activities:
Operating income19,730 12,403 75,168 57,895
Depreciation and amortization3,606 4,456 14,616 15,107
Share based compensation expense1,014 685 7,247 5,193
Other non-cash items- (396)- (16)
(Gain) loss on curtailment- (106)- (5,626)
Change in working capital10,001 16,743 3,879 16,829
Income tax received (paid)(1,003)(1,178)(2,482)(3,146)
Interest received (paid)96 (129)303 271
Net cash provided by operating activities33,444 32,478 98,731 86,507
Cash flows from investing activities:
Capital expenditures(2,188)(614)(4,488)(4,168)
Capitalized development expenses(1,886)(1,526)(6,737)(5,627)
Proceeds from sale of equipment- 15 7 15
Net cash used in investing activities(4,074)(2,125)(11,218)(9,780)
Cash flows from financing activities:
Proceeds from (payments of) bank lines of credit3,851 (12,589)3,855 (5,679)
Proceeds from (payments of) debt and financial leases122,670 10,144 122,670 9,559
Dividends paid to shareholders- - (45,420)(56,877)
Proceeds from reissuance (purchase) of treasury shares(4,520)(3,499)(21,979)(3,100)
Investment in deposits(80,000)- (80,000)-
Other financing activities(63)- (63)-
Net cash provided by (used in) financing activities41,938 (5,944)(20,937)(56,097)
Net increase (decrease) in cash and cash equivalents71,308 24,409 66,576 20,630
Effect of changes in exchange rates on cash and cash equivalents218 575 396 1,866
Cash and cash equivalents at beginning of the period153,264 132,834 157,818 135,322
Cash and cash equivalents at end of the period224,790 157,818 224,790 157,818


Supplemental Information (unaudited)
(euro in millions, unless stated otherwise)
REVENUEQ1-2015Q2-2015Q3-2015Q4-2015Q1-2016Q2-2016Q3-2016Q4-2016
Per geography:
Asia Pacific61.7 65%78.2 75%41.1 57%50.8 65%60.0 76%88.3 81%69.8 74%75.4 81%
EU / USA33.2 35%26.1 25%31.0 43%27.0 35%19.0 24%20.7 19%24.5 26%17.7 19%
Total94.9 100%104.3 100%72.1 100%77.8 100%79.0 100%109.0 100%94.3 100%93.1 100%
ORDERS Q1-2015Q2-2015Q3-2015Q4-2015Q1-2016Q2-2016Q3-2016Q4-2016
Per geography:
Asia Pacific69.8 67%68.0 74%44.2 59%56.1 73%77.9 75%84.4 84%61.7 79%69.5 76%
EU / USA34.4 33%23.9 26%30.7 41%21.2 27%26.0 25%16.1 16%16.4 21%21.9 24%
Total104.2 100%91.9 100%74.9 100%77.3 100%103.9 100%100.5 100%78.1 100%91.4 100%
Per customer type:
IDM58.4 56%49.6 54%56.2 75%44.8 58%45.7 44%50.6 50%43.7 56%51.2 56%
Subcontractors45.8 44%42.3 46%18.7 25%32.5 42%58.2 56%49.9 50%34.4 44%40.2 44%
Total104.2 100%91.9 100%74.9 100%77.3 100%103.9 100%100.5 100%78.1 100%91.4 100%
BACKLOG Mar 31, 2015 Jun 30, 2015 Sep 30, 2015 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
Backlog87.9 75.6 78.4 77.8 102.7 94.2 78.0 76.3
HEADCOUNT Mar 31, 2015 Jun 30, 2015 Sep 30, 2015 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016
Fixed staff (FTE)
Asia Pacific933 61%967 62%975 63%950 63%951 64%1,007 66%1,025 66%1,071 68%
EU / USA597 39%597 38%566 37%549 37%533 36%519 34%522 34%515 32%
Total1,530 100%1,564 100%1,541 100%1,499 100%1,484 100%1,526 100%1,547 100%1,586 100%
Temporary staff (FTE)
Asia Pacific83 55%36 30%23 26%0 0%59 56%59 53%34 47%43 52%
EU / USA67 45%84 70%64 74%40 100%47 44%53 47%39 53%40 48%
Total150 100%120 100%87 100%40 100%106 100%112 100%73 100%83 100%
Total fixed and temporary staff (FTE)1,680 1,684 1,628 1,539 1,590 1,638 1,620 1,669
OTHER FINANCIAL DATAQ1-2015Q2-2015Q3-2015Q4-2015Q1-2016Q2-2016Q3-2016Q4-2016
Gross profit
As reported 46.5 49.0% 49.9 47.8% 35.1 48.7% 38.9 50.0% 38.9 49.2% 55.5 50.9% 47.6 50.5% 49.5 53.2%
Restructuring charges / (gains) (0.7)-0.8% 0.1 0.1% - - - - 0.3 0.4% (0.0)-0.0% 0.0 0.0% 0.0 0.0%
Gross profit as adjusted 45.8 48.2% 50.0 47.9% 35.1 48.7% 38.9 50.0% 39.2 49.6% 55.5 50.9% 47.6 50.5% 49.5 53.2%
Selling, general and admin expenses:
As reported 17.4 18.3% 20.6 19.7% 18.6 25.8% 17.5 22.5% 20.5 25.9% 19.6 18.0% 19.3 20.5% 21.1 22.7%
Amortization of intangibles (0.2)-0.2% (0.3)-0.2% (0.2)-0.3% (0.6)-0.7% (0.2)-0.3% (0.3)-0.3% (0.3)-0.3% (0.3)-0.3%
Restructuring gains / (charges) 1.0 1.1% (0.0)-0.0% (0.2)-0.2% (0.1)-0.1% (0.3)-0.4% (0.1)-0.1% (0.1)-0.1% (0.0)0.0%
SG&A expenses as adjusted 18.2 19.1% 20.3 19.5% 18.2 25.2% 16.8 21.6% 20.0 25.3% 19.2 17.6% 18.9 20.1% 20.8 22.3%
Research and development expenses:
As reported 7.9 8.3% 11.4 11.0% 10.1 14.0% 9.0 11.6% 8.7 11.0% 9.5 8.7% 8.9 9.4% 8.7 9.3%
Capitalization of R&D charges 1.5 1.6% 1.4 1.3% 1.2 1.7% 1.5 2.0% 1.8 2.3% 1.5 1.4% 1.6 1.7% 1.9 2.0%
Amortization of intangibles (1.7)-1.8% (2.2)-2.1% (2.3)-3.1% (2.4)-3.1% (2.2)-2.8% (2.3)-2.1% (2.1)-2.2% (2.1)-2.3%
Restructuring gains / (charges) 2.0 2.1% (0.1)-0.1% (0.0)-0.0% 0.2 0.2% (0.0)-0.0% (0.0)-0.0% - - - -
R&D expenses as adjusted 9.7 10.2% 10.6 10.2% 9.0 12.5% 8.3 10.6% 8.3 10.5% 8.7 8.0% 8.4 8.9% 8.5 9.1%
Financial expense (income), net:
Interest expense (income), net(0.1) 0.1 (0.0) 0.0 (0.0) (0.0) 0.0 0.3
Foreign exchange (gains) \ losses1.1 0.3 (0.8) 0.2 0.2 0.5 0.9 (0.3)
Total1.1 0.4 (0.8) 0.2 0.2 0.5 0.9 0.0
Operating income (loss)
as % of net sales21.2 22.3%17.9 17.2%6.4 8.9%12.4 15.9%9.6 12.2%26.3 24.1%19.5 20.7%19.7 21.2%
EBITDA
as % of net sales24.4 25.7%21.6 20.7%10.2 14.1%16.9 21.7%13.4 17.0%30.1 27.6%23.0 24.4%23.3 25.0%
Net income (loss)
as % of net sales17.5 18.5%15.5 14.8%6.3 8.7%9.7 12.4%8.0 10.1%24.0 22.0%16.6 17.6%16.7 17.9%
Income per share
Basic0.46 0.41 0.16 0.26 0.21 0.64 0.44 0.45
Diluted0.46 0.40 0.16 0.25 0.21 0.63 0.43 0.43


Contacts: Richard W. Blickman, President & CEO Cor te Hennepe, SVP Finance Tel. (31) 26 319 4500 investor.relations@besi.com Citigate First Financial Frank Jansen Tel. (31) 20 575 4024 Frank.Jansen@citigateff.nl

Source:BE Semiconductor Industries N.V.