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ANALYST PRESENTATIONJune 2014
2
Safe Harbor Statement
This presentation contains statements about management's future expectations, plans and prospects of our business thatconstitute forward-looking statements, which are found in various places throughout the press release, including , but notlimited to, statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing ofpurchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use ofwords 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 lookingstatements contain these identifying words. The financial guidance set forth under the heading “Outlook” constitutes forwardlooking statements. While these forward looking statements represent our judgments and expectations concerning thedevelopment of our business, a number of risks, uncertainties and other important factors could cause actual developmentsand results to differ materially from those contained in forward looking statements, including the discovery of weaknesses inour internal controls and procedures, our inability to maintain continued demand for our products; the impact on ourbusiness of potential disruptions to European economies from euro zone sovereign credit issues; failure of anticipatedorders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand forsemiconductors and our products and services; failure to adequately decrease costs and expenses as revenues decline,loss of significant customers, lengthening of the sales cycle, incurring additional restructuring charges in the future, acts ofterrorism and violence; inability to forecast demand and inventory levels for our products, the integrity of product pricing andprotect 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; thoseadditional risk factors set forth in Besi's annual report for the year ended December 31, 2013 and other key factors thatcould adversely affect our businesses and financial performance contained in our filings and reports, including our statutoryconsolidated statements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter ourforward-looking statements whether as a result of new information, future events or otherwise.
June 2014
3
Agenda
I. Company Overview
II. Market
III. Technology Update
IV. Operations Review
V. Financial Review
June 2014
4
I. COMPANY OVERVIEW
June 2014
5
Company Overview
• Leading assembly equipment supplier with #1 and #2 positions in key products. 27% addressable market share
• Broad portfolio: die attach, packaging, plating, wire bond • Strategic positioning in wafer level and substrate packaging • Global mfg. operations in 7 countries; 1,569 employees
worldwide. HQ in Duiven, the Netherlands
Corporate Profile
• 2013 revenue and net income of € 254.9 and € 16.1 million• Cash at 3/31/14: € 91.9 million• Total debt at 3/31/14: € 19.1 million• € 45 million of dividends and share repurchases since 2011
Financial Highlights
• Growth of advanced packaging, smart phone/tablets and market share offer revenue upside
• Significant unrealized earnings potential from optimization of Asian production model and common platforms
• Stock market valuation at discount to peers
Investment Considerations
June 2014
6
Stock Price Information
• Market cap € 456.2 million: 37.3 million shares x € 12.23 price (May 30)
• Shares listed on Euronext Amsterdam (BESI) and OTCQX International (BESIY). Average daily volume of 164,000
• Trading at discount to industry multiples:
Besi Industry (a) Peers (b)
TTM EV/S 1.6x 1.8x 1.3x
TTM EV/EBITDA 15.1x 12.5x 16.6x
2014E EV/S 1.4x 1.6x 1.2x
2014E EV/EBITDA 7.8x 10.8x 11.6x
Data source: Bloomberg (a) Industry: 36 companies selected from Bloomberg & Reuters Semiconductor Equipment categories(b) Peers: ASMPT, Disco Corp, Tokyo Seimitsu, Shinkawa, Süss MicroTec and K&S
June 2014
Shareholder Returns
7June 2014
1.6%
13.1%
42.0%
48.8%
4.0%
4.3%
5.2%
4.0%
5.6%
17.4%
47.2%
52.8%
0%
10%
20%
30%
40%
50%
60%
2011 2012 2013 YTD 2014
Besi Shareholder Total Return 2011 - 2014*
Price
Dividend178.6%
52.5%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
200.0%
Total Cumulative Shareholder Return 2011-2014*Besi vs. SOX Index
Besi
PHLX Semiconductor(SOX)
* Through May 30, 2014
8
II. MARKET
June 2014
147.9
351.1 326.9
273.7 254.9
136.5 168 – 175
-1.0%
137.4%
-6.9%-16.3%
-6.9%
25.7%
-50%
0%
50%
100%
150%
-
100.0
200.0
300.0
400.0
2009 2010 2011 2012 2013 H1 2013 H1 2014
(€m
illio
ns)
Besi RevenueRevenue YoY Growth Rate
Assembly Equipment Market Trends
9
* Source: VLSI April 2014
2.1
4.7 4.3
3.9
3.0 3.2 3.4
-27.1%
124.0%
-7.7% -9.6%-23.1%
5.8% 7.1%
-50%
0%
50%
100%
150%
-
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014E 2015E
(US
$ bi
llion
s)
Assembly Equipment*
Market Size YoY Growth Rate
• VLSI forecasts renewed growth of assembly market in 2014 and 2015• Besi revenue growth exceeding assembly market in 4 of past 5 years
June 2014
2014 Industry Outlook
10
Global Market Environment Improving
VLSI sees assembly system growth in 2014/2015 driven by advanced packaging apps
New tech/device buys and capacity
additions
Renewed strength in tablets, smart
phones and automotive
Die bonding and flip chip are positive. TCB flip chip is
emerging
Companies with thin package
capabilities are winning
June 2014
11
Die Bonding36.9%
Flip Chip17.1%
Die Sorting4.3%
Singulation8.4%
Presses8.7%
Molds15.8%
Lead Trim & Form7.2%
Plating1.6%
Assembly Equipment Market Composition
• Half of assembly market 2013 represented by die attach and wire bonding equipment
• Die Attach represents Besi’s largest addressable market
Die Attach 58%
Packaging 40%
Plating2%
Assembly Equipment Market * (2013: $3.0 billion)
Besi Addressable Market *(2013: $1.2 billion)
* Source: VLSI April 2014
Wire Bonding26.8%
Die Attach20.1%
Packaging23.1%
Plating0.6%
Other Assembly
(Inspection, Dicing)29.4%
June 2014
Advanced Packaging Unit Volume and MarketShare Are Increasing
12
8%9%
10%
13%
19%
26%
31%32%
34%
36%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
5
10
15
20
25
30
35
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
AP
Mar
ket S
hare
%
M w
afer
s, 3
00M
M E
q.
Advanced Packaging Wafers
Advanced Packaging Unit Market Share (%)
CAGR 2008-2017: 22.7%
• Advanced Packaging (Flip Chip/WLP) is fastest growing assembly process
• In growth phase with move to <20 nano driven by smart phones, tablets, autos and Internet of Things
Source: VLSI January 2014
June 2014
13
Advanced Packaging Growth Favors Besi
Greater Miniaturization
Greater Complexity
Increased Density
Higher Performance
Lower Power Consumption
Higher Accuracy
• High growth applications require ever smaller, denser and more complex chips with increased performance, all at lower power usage
• <40 nanometer geometry will be the standard chip design over the next 3-5 years
• System on Chip or System in Package via substrate and wafer level packaging process is the only answer
• Besi has full range of AP systems. 2013E revenue: 70% substrate/wafer level vs. 30% leadframe
Die Attach• Die Sorting : DS 9000• Die Bonding : ES 2009, 2100• Flip Chip : DC 8800, 8800 TCB,
2100• Multi Module : DC evo 2200
Packaging• Molding : AMS-LM 95• Singulation : FSL
High Growth EndUser Areas:
Mobile internet devices, Autos,
MEMS, Internet of Things
Datacon Esec Fico
June 2014
14
Computer,
PCs
50%
Mobile
Internet
Devices
22%
Auto
13%
Industrial
10%
LED
3%
Service
2%
2008
And Is Reflected in BesiEnd User Application Trends
Computer,
PCs
20%
Mobile
Internet
Devices
35%
Auto
17%
Industrial
10%
LED
3%
Spares/
Service
15%
2013
Source: 2013 Company Estimates
• Mobile internet devices now equal 35% of Besi’s end user revenue
• Automotive has also increased significantly in recent years
• Service/spare parts have grown to 15%. Less cyclical revenue stream
June 2014
15
Customers OEMs End Products
Customer Ecosystem
• Blue chip customer base, top 10 customers represented 51% of 2013 revenue • Leading Asian Subcontractors and IDMs. 50/50% split in 2013• Equipment utilized to produce chips for leading fabless companies: Qualcomm,
Broadcom, MediaTek• Long term relationships, some exceeding 45 years
IDMs
Subcontractors
June 2014
2010 2011 2012 2013 2014 2015 2016 2017
Units 15 60 120 184 263 331 398 463
-
100
200
300
400
500
Uni
ts (
mill
ions
)
Tablet Units
16
Source: Gartner
Growth Primarily Driven by Mobile Internet Devices
• Rapid unit growth in smart phones and tablets forecast over next 5 years
• Estimated unit growth rates:
• Smart phones:• 2014: 25%• 2017: 1.8x
• Tablets:• 2014: 43%• 2017: 2.5x
• Significant potential revenue growth driver
2010 2011 2012 2013 2014 2015 2016 2017
Units 300 473 680 1,015 1,269 1,458 1,633 1,780
-
400
800
1,200
1,600
2,000
Uni
ts (
mill
ions
)
Smart Phone Units
49.2%
25.1%14.9%
12.0%
8.9%
43.8%57.8%
53.4%
42.7%25.9%
20.1%16.2%
100.5%311.2%
June 2014
Flip Chip/Wire Bond Process Shift Is Another Revenue Opportunity
17
• Move to <40 nanometer can only be accomplished by use of flip chip die bonding vs. wire bonding process
• Flip chip revenue represents only 26% currently of total potential market of $1.2 billion
• Expected to gain share rapidly over next 5 years vs. wire bonding (3.5% CAGR delta) as per VLSI
• Growth rates could accelerate depending on adoption rates by key IDMs/subcons
CAGR 2013 – 18Flip Chip 6.6%Wire Bond 3.1%
Wire Bonding Flip Chip Bonding
Reduces board area by up to 95%.
Requires far less height
Offers higher speed electrical
performance
Greater I/O connection flexibility
More durable interconnection
method
Lower cost for high volume production,
with costs below $0.01 per connection
Flip Chip Advantages
Source: VLSI April 2014
Flip Chip$250 26%
Wire Bonding
$695 74%
2013
Flip Chip$345 30%
Wire Bonding
$809 70%
2018
June 2014
Besi Is Gaining Market Share
18
-
50
100
150
200
250
2008 2009 2010 2011 2012 2013
Cumulative Growth: Besi vs. Assembly Equipment Mark et
Besi Assembly Equipment
Besi +71%
• Besi had 66% cumulative positive revenue variance vs. assembly market over past 5 years
Assembly Equipment +5%
June 2014
Particularly In Its Addressable Markets
19
• Gaining share in fastest growing segments of the assembly equipment market:• Flip chip die bonding, multi module die attach and ultra thin molding for
advanced packaging applications
Besi Market Share
Source: VLSI, April 2014 and Besi estimates 2012 2013
Total Assembly Equipment Sales 8.6% 10.8%
Besi Addressable Market 21.8% 27.0%
Total Die Attach Equipment 27.7% 33.1%
Die Bonding 29.7% 39.6%
Flip Chip 22.2% 25.4%
Other 25.9% 7.5%
Total Packaging Equipment 11.1% 16.0%
Molds 12.0% 19.2%
Lead Trim & Form 15.0% 17.6%
Singulation 5.3% 5.1%
Total Plating 75.8% 83.8%
June 2014
20
• Customers are largest producers. • Most advanced packaging applications
• Strong customer market shares:• ≈ 50 – 100% of die attach requirements
• ≈ 35 – 50% of packaging requirements
• Customer market shares p.a. vary based on capacity needs and purchasing cycles
• Primary competition:• Die Attach: ASM-PT, Hitachi,
Panasonic• Packaging: Towa, Hanmi,
ASM-PT
And With Leading Edge Technology Customers
* As of April 2014** No customer purchases indicated*** Fabless semiconductor companies such as Qualcomm, Broadcom and Mediatek have assembly
production done by subcontractors**** In general, Samsung satisfies approximately 50% of its equipment needs internally
Through April 30, 2014
Die Attach PackagingIn USD FY11 FY12 FY13 YTD14 FY11 FY12 FY13 YTD14*SubcontractorsASE 76% 67% 59% 42% 34% 36% 65% 44%Amkor 36% 75% 84% 84% 63% 45% 11% 19%STATSChippac 100% 95% 100% 91% 61% 28% 100% 79%SPIL 63% 47% 93% 100% 35% 37% 76% 43%Unisem 100% 92% 84% 100% 68% 0%** 0%** 0%**Cowell/Foxconn(Camera Modules) 0%** 100% 0%** 100%
IDMs ***Skyworks 78% 100% 96% 100% 0% 13% 24% 22%ST Micro 92% 91% 72% 100% 51% 44% 76% 29%Infineon 93% 81% 97% 100% 37% 0%** 24% 86%Samsung**** 17% 5% 0%** 0%** 37% 0%** 100% 0%**
% of Besi Die Attach and Packaging systems revenue 30% 47% 43% 62% 67% 53% 64% 71%
June 2014
21
III. TECHNOLOGY UPDATE
June 2014
22
Dicing
Back-end Semiconductor Assembly Process
Die Attach Wire Bond Packaging Plating
Leadframe Assembly
SubstrateWire Bond Assembly
SubstrateFlip Chip Assembly
Wafer Level PackagingFlip Chip Assembly
Wire BondDie Bond
FC Die Bond
FC Die Bond
Molding
Molding
Molding
Trim & Form
Singulation
Singulation
Singulation
Plating
Ball Grid Array
Ball Grid Array
Die Sort
Die Sort
Die Sort
Die Attach Packaging Ball Attach
Besi Product Positioning
June 2014
Key Development Objectives
23
Development Objectives
Advanced TCB die bonding development
Introduction of next generation die attach and wafer molding systems
Common platform/parts activities
2013 2014 2015
June 2014
Key Drivers of Technology
We are all connected
Source: ITU
Internet users per 100 inhabitants.
Source Cisco
Source Intel
More connected devices
More data
More users
24June 2014
Besi‘s Key Technology Drivers
We are in a system integration era
25June 2014
IC and PackagingTechnology Development Is Becoming More Critical
Source IBM
On IC level On packaging level
Source SPIL
• Increased functionality
• Higher speeds
• Less power consumption
• Smaller geometries
• Lower cost of ownership
26June 2014
Besi Assembly Process Technology Steps
• Sorting and mounting chipson substrate materials
• Molding/encapsulation ofchips in packages
• Singulation/trim and form of packages
• Electrochemical andmaterials plating
• Flip chip, TCB and ultra thinmolding are key technologiescurrently
27June 2014
Flip Chip and TCB Die Attach Portfolio
Besi Product Strengths :
• Highly Accurate• Highly Reliable• High System to System Repeatability
28June 2014
Flip Chip Market Trends
will be biggestFC segment
in 2018 (30%)
In 2018 „handsets“will be biggestFC segment(about 30%)
In 2012 „computingwas the biggest
FC segment
(about 50%)
29June 2014
Flip Chip Technology Trends
30June 2014
Flip Chip on LFcoarse pitch ≥ 200µ
C2 Flip Chip **)
fine pitch ≥ 50µ
TC Flip Chipultra fine pitch ≤40µ
10µ@3σ Cu-pillarFlip Chip
C4 Flip Chip *)
standard pitch ≥ 130µ
Mass Reflow FC Processes*) C4: Controlled Collapse Chip Connect (IBM)
**) C2: Chip Connect (IBM)
LowProductivity
Mass reflow
Highproductivity
0
5
10
15
20
25
FC-LF C4 C2 -Fpitch TCB
More Process Alternatives Available
• In past, C4 was standard
• Copper Pillar and ThermalCompression now available
• Accuracy Moving to < 3um
• Different technologies will runin parallel
Besi develops solutions for alladvanced FC technologies
140 um
STANDARD C4 ADVANCED CU PILLAR Accuracy um
Localreflow
Thermo Compression Bonding
• Besi has most advanced bondhead in industry:• 7-Axis Control• Active Height Control during melting with
dynamic force control• Extremely fast Heat Up and Cool Down
capabilities• Superior placement accuracy< 2UM• Up to 25 stacks shown!
• Initial focus-memory applications. Expandingto other high volume applications
• Competition: ASM PT, KLIC (in development)
31June 2014
Thin Packaging Trends
Thinner and more varied package types
• In past, PoP Wire Bond was standard
• Now exposed/non-exposed die Flip Chip using Molded Underfill
• Thin Moldcap moving to < 120 µM
• Underfill moving to < 30µM
Different technologies will run in parrallel
Besi develops molding solutionsfor all advanced FC technologies
32June 2014
Ultra Thin Molding
• Shift to <28 nano geometry has caused large market opportunity for Besi’s AMS-LM
• Only system which can deliver these specs• Currently qualified for ALL 2014/2015 tablet
and smart phone platforms
• Revenue has grown by over 100% during past two years
Key Features:
• Can reach .12MM overall package thickness
• One shot molding of molded underfill and bleed free products
• Flash and bleed free product
• No warping
• Mold cap polarities of +/- 5 um
33June 2014
Wafer and Large Area Molding
Besi has most advanced molding capabilities inthe industry:
• Large area molding up 340mm x 340mm
• eWLB and C2 wafer applications
• Overmolded and exposed capabilities
• Glass and silicon interposer molding
• Thin moldcap moving to <250 mm
34June 2014
Common Parts Product Redesign
• Development efforts underway to redesign die attach and packaging systems to increasecommon parts utilized per system
• Benefits: Lower unit cost, improved working capital mgt, shorter cycle times
• Anticipated completion date: Winter 2015/16
• Magazine handler• Wafer gripper• Dispenser• Wafer table• Wafer Cassette Handler• Die Ejector• Control Platform
Areas of focus:
Potential Unit Cost Savings
DB2100 (7%)
2200evo (11%)
8800FCQ (11%)
Average (9%)
35June 2014
Summary
• Semiconductors play an increasingly more important role in electronics and in our world
• Advanced Packaging has become an important technology enabler as IC devicesget smaller, denser and more complex with increased functionality
• Besi product portfolio and technology is at forefront of advanced packaging trends
• Common parts/common platform product redesign to lower productioncosts and increase manufacturing efficiency
36June 2014
37
IV. OPERATIONS REVIEW
June 2014
Key Operational Objectives
38
Operational Objectives
Asian production transfer completed
European Die attach integration activities
Expansion of Asian supply chain. System module outsourcing
2013 2014 2015
June 2014
Asian Production Transfer Completed
39
396
487
658 673
370
567
170
331
553 579
42.9%
68.0%
84.0% 86.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
-
100
200
300
400
500
600
700
800
2010 2011 2012 2013 H1 2013 H1 2014
% D
irect
Shi
pmen
ts
Shi
pmen
ts
Total Asian Shipments Direct Asian Shipments % Direct
+53%
June 2014
Has Led to Lower European and Aggregate Headcount
40
• Fixed European/North American headcount reducing:• Down 16% since 2011• Declined from 56% of total in 2009 to
43% at end of Q1-14
• Aggregate of 1,569 headcount at Q1-14 (including temps):• Up 3.0% vs. Q1-13• Asian production temps support Q1-14
order ramp (+73% YOY)738 741 680 624 623
772 802 799
810 839
1,510 1,543 1,479
1,434 1,462
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2010 2011 2012 2013 Q1 2014
Hea
dcou
nt
Europe/NA Fixed HC Asia Fixed HC Total
51%
49%
52%
48%
54%
46%
56%
44%
57%
43%
June 2014
And Also Reduced Break Even Revenue Levels
41
270
235
212
-
50
100
150
200
250
300
2011 2012 2013
(€m
illio
ns)
(13.0%)
(10.0%)
June 2014
Workforce Has Also Become More Flexible and Scalable
42June 2014
• Fixed HC levels have reduced and are stabilizing
• Revenue ramping primarily using Asian temp production labor
1,510 1,543 1,479 1,434 1,462
194 64 60
24 107
1,704 1,607
1,539 1,458
1,569
0%
2%
4%
6%
8%
10%
12%
-
500
1,000
1,500
2,000
2,500
2010 2011 2012 2013 Q1 14
Tem
p %
of T
otal
Hea
dcou
nt
Fixed Temp Temp % of Total
Materials Cost Reduction Is a Key Priority
43June 2014
• Qualify and Select Asian Vendors• Replace European Vendors• 50% of the way there
Supply Chain Actions
• Redesign products• Increase standardization of systems
• Component parts• Modules
Development Actions
+5% Gross Margin Upside
• Material costs represent approximately 50% of revenue• Shift to Asia centric supply chain:
• Reduces transport, inventory costs and obsolescence• Improves cycle time and ramping flexibility
• Mgt Board reviews progress weekly component by component
44
V. FINANCIAL REVIEW
June 2014
Operational Progress in 2013 Yielded Increased Efficiency
45
€ 273.7
€ 254.9
5.8%
6.3%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
€ 100.0
€ 125.0
€ 150.0
€ 175.0
€ 200.0
€ 225.0
€ 250.0
€ 275.0
€ 300.0
2012 FY 2013 FY
Net
Mar
gin
%
€m
illio
ns
Revenue Net Income Margin
Gross Margin
OPEX
Headcount
Effective Tax Rate
19.1% 15.8%
1,539 1,458
€ 87.9 MM € 82.7 MM
-5.3%
-3.3 points
-5.9%
39.7% 39.8%+0.1 points
-6.9%
June 2014
Q1-14 Revenue Growth and Operational Progress Translated Into Strong Profit Increase
€ 64.0
€ 70.0
5.9%
10.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
€ 0.0
€ 25.0
€ 50.0
€ 75.0
Q1 2013 Q1 2014
Net
Mar
gin
%
€m
illio
ns
Revenue Net Income Margin
Gross Margin
OPEX
Headcount
Effective Tax Rate
23.5% 11.6%
1,524 1,569
€ 21.1 MM € 21.5 MM
+3.0%
-11.9 points
+2.3%
39.6% 42.3%+2.7 points
+9.3%
46June 2014
Mar 10 Jun 10 Sept10
Dec10
Mar 11 Jun 11 Sept11
Dec11
Mar 12 Jun 12 Sept12
Dec12
Mar 13 Jun 13 Sept13
Dec13
Jan 14 Feb 14 Mar 14 Apr 14
Total Equipment 1.21 1.18 1.03 0.90 0.95 0.94 0.71 0.85 1.12 0.93 0.78 0.92 1.11 1.10 0.97 1.02 1.04 1.01 1.06 1.03
Assembly Market 1.51 1.35 0.81 0.86 1.01 0.92 0.81 1.02 1.28 1.11 0.53 0.92 1.08 1.26 0.68 1.06 1.29 1.18 1.25 1.27
Besi 1.72 1.49 0.88 0.55 0.97 0.92 0.99 0.78 1.51 1.05 0.65 0.92 1.00 1.14 0.74 1.07 1.59
1.21
0.90 1.12
0.78 1.04 1.03
1.51
0.81
1.28
0.53
1.26
0.68
1.29 1.27
0.50
0.75
1.00
1.25
1.50
1.752010-2014 Quarterly Book to Bill Ratio
Business Has Become More Cyclical and Seasonal With Shorter Cycles
47
• Besi order trends highly correlated to assembly equipment industry• Strong industry growth in H1 followed by weaker H2 is now the trend• Q3-13 was most recent trough. New order upturn starting in Q4-13
Source: Semi May 2014
Assembly Market
Total Semi Equipment
Besi
June 2014
1.59
48
• Quarterly revenue/order patterns show cyclicality of semiconductor business :• Three cycles past 3 years• Short term patterns due to customer
caution and increased seasonality • Q3-13 trough. Big Q1-14 rebound
• Gross margins have held up despite cyclicality :• Increased scalability of production model• Shift to higher margin systems• Lower unit costs due to:
• Asian production transfer• Reduction in European personnel
• Product mix shift to higher margin advanced packaging systems has aided gross margin development :• Multi module + flip chip die attach• Ultra thin molding systems• Drivers: mobile internet, intelligent auto
components and new devices• Exit from lower margin plating, wire
bonding and packaging systems
Quarterly Revenue/Gross Margin Trends
64
72
65
53
70
64
83
48
57
111
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
44.0%
46.0%
48.0%
50.0%
-
20
40
60
80
100
120
Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14G
ross
Mar
gin
%
In M
illio
ns €
Revenue Orders Gross Margin
105-
98
44%
42%
June 2014
Net Income Trends
• Quarterly net income trends reflect industry and seasonal volatility
• YOY Margins expanding• Net margin of 10.0% in Q1-14 vs. 5.9% in
Q1-13 on 9% revenue growth
• Helped by steady gross margins and significant operating leverage• Quarterly opex have ranged between
€ 20-23 million over past 9 quarters• € 21.5 million in Q1-14
• As well as lower effective tax rate• 11.6% in Q1-14• 2012 European operational reorganization• Favorable profit mix of European
subsidiaries3.8
6.5
4.4
1.4
7.0
5.9%
9.0%
6.8%
2.7%
10.0%
6.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
2
4
6
8
10
12
Q1-13 Q2-13 Q3-13 Q4-13 Q1-14
(eur
o in
mill
ions
)
Net Income ex. NR Net IncomeNet Margin Net Margin ex. NR
3.4
49June 2014
50
Liquidity Trends
• Solid liquidity position• € 91.9 million cash at 3/31/14• € 2.46 per share vs. € 11.22 price • Net cash reached € 72.8 million in Q1-14:
• Has Been Utilized to Enhance Shareholder Value• € 45 million spent on share repurchases
and cash dividends 2011-2013• 2013 reflects € 6.1 million of higher cash
dividends and € 1.8 million increased share repurchases vs. 2012
• Strong balance sheet supports future organic growth and acquisition strategy
91.9
81.1 78.5
89.6 91.9
27.7 24.9
22.5 18.6 19.1
64.2
56.2 56.0
71.0 72.8
0
10
20
30
40
50
60
70
80
90
100
Q1-13 Q2-13 Q3-13 Q4-13 Q1-14
(eur
o in
mill
ions
)
Cash Debt Net Cash
June 2014
Q2-2014 Guidance as per April 30th, 2014
51
Revenue Gross Margin Operating Expenses Capex
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
€ 70.0 MM 42.3% € 21.5 MM € 1.0 MM
44%-
42%
Up40-50%
Up€ 0.6 MM
• 40-50% sequential revenue growth forecast based on backlog and order trends• Gross margins will range between 42-44% • Opex up approximately 10%• Revenue growth and operating leverage = Q2-14 profit and margin expansion• Capex of € 1.6 million
Up10%
June 2014
52
Summary
Leading semi assembly equipment supplier with #1
or #2 positions in fastest growing assembly
segments
Scalability and profitability of business model greatly
enhanced in cyclical industry
Strong H1-14 growth anticipated. Gaining market
share. Favorable outlook for 2014
Solid liquidity position. Committed to enhancing
shareholder value
Significant upside potential.Advanced packaging growth, ongoing cost
reduction and optimization of Asian production model
Attractive stock market valuation and dividend yield relative to peers
June 2014
Financial Calendar
12-Jun-14 Analyst Meeting, Amsterdam, the Netherlands
2-Jul-14 EnterNext Day, London, United Kingdom
31-Jul-14 2014 Second Quarter Results
13/14-Aug-14 Canaccord Growth Conference, Boston, USA
17-Sep-14 ABN AMRO Equities Autumn Conference, Amsterdam, the Netherlands
17/19-Sep-14 2014 Autumn Conference Kepler Cheuvreux, Paris, Franc e
2/3-Oct-14 Euronext Large & MidCap Event, Paris, France
30-Oct-14 2014 Third Quarter Results
19/21-Nov-14 Morgan Stanley European TMT Conference, Barcelona, Spain
June 2014