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INVESTOR PRESENTATIONSEPTEMBER 2015
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, 2014 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.
2September 2015
Agenda
I. Company Overview
II. Market
III. Strategy
IV. Financial Review
V. Outlook & Summary
3September 2015
I. COMPANY OVERVIEW
4September 2015
Besi Overview
• Leading assembly equipment supplier with #1 and #2 positions in key products. 28.5% addressable market share
• Broad portfolio: die attach, packaging and plating• Strategic positioning in substrate and wafer level packaging • Global mfg. operations in 7 countries; 1,684 employees
worldwide. HQ in Duiven, the Netherlands
Corporate Profile
• LTM revenue and net income of € 391.7 and € 74.2 million• Cash at 6/30/15: € 113.7 million• Total debt at 6/30/15: € 22.3 million• € 114 million of dividends and share repurchases since 2011
Financial Highlights
• Growth of <20 nano advanced packaging, smart phones, wearable devices, auto electronics, IoT, wire bond/flip chip conversion and market share gains offer revenue upside
• Significant unrealized earnings potential from optimization of Asian production, supply chain efficiencies and development of common parts/platforms
Investment Considerations
5September 2015
€ 85.5
€ 391.7
25.9%
46.5%
20%
25%
30%
35%
40%
45%
50%
55%
0
100
200
300
400
2003 LTM
Gro
ss M
argi
n (%
)
Rev
enue
(€
mill
ions
)
Revenue Gross Margin
Company History
•2000 2002 2005 2009
Die Attach Acquisitions
•2006 Dragon I complete: € 6 million cost savings•2008 Dragon II complete: € 15 million cost savings•2010 Plan: € 7.0 million cost savings. Headcount and product line restructuring
•2012 : € 8.3 million cost savings. Headcount reduction. Plating unit rationalized
•2014: US die sorting operations rationalized. Transferred to Besi Austria•2015: 10% headcount reduction announced. € 12 – 14 million costsavings and partly transfer.
Restructuring
•2006-09 Standard packaging and certain die bonding systems transferred to Malaysia
•2007-09 Dutch tooling & Hungarian die bonding transferred to Asia•2009-11 Epoxy die bonder transferred to Malaysia•2003-12 Malaysian system and Chinese tooling capacity expansion. •2013 Soft solder die bonder transferred to Malaysia•2006-14 Asian headcount increased from 34% to 59%•2015: Transfer of certain software engineering, logistics and related administrative functions from Switzerland to Singapore
•2015: Transfer of plating production from NL to Malaysia
Asian Production Transfer
6September 2015
Best in Class Product Portfolio
• Molding- AMS series- AMS LM 95- MMS series- FML
• Die Bonding- 2100 xPplus
- 2100 sDplus
- 2100 sD PPPplus
- 2100 hS- 2009 SSI- 2100 DS- 2100 SC
Die Attach Packaging & Plating
• Multi Module Die Attach- 2200 evo- 2200 evo plus
• Flip Chip- 8800 FCQ Sigma- 8800 CHAMEO- 8800 TCB - 2100 FC
• Trim & Form- Compact series- Power series- Compact Line XHD New
• Plating- Leadframe- Solar- Film & Foil
In Development
•Next generation Die Attach
•Next generation Packaging
•Common modules
Datacon/Esec
Datacon
Esec
Fico
Meco
Fico
New
Fico
• Singulation- FSL
New
New
• Die Sorting- DS 9000E- WTT- TTR- DLA
Datacon
NewNew
New
New
7
New
New
September 2015
Dicing
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
Product Positioning
8
Semiconductor Manufacturing Equipment (2014: $40.1B)
Front end: $32.2B (80%) Assembly: $3.9B (10%) Test: $3.9B (10%)
September 2015
Customers OEMs End Products
Customer Ecosystem
• Blue chip customer base, top 10 = 60% of 2014 revenue • Leading IDMs and subcontractors. 60/40% split in 2014• Equipment utilized to produce chips for leading fabless companies: Qualcomm,
Broadcom, MediaTek• Long term relationships, some exceeding 45 years
IDMs
Subcontractors
9September 2015
Current Operational Profile
as of 30 June 2015
Europe/NA Asia
Revenue (MMs) € 59.3 30.0% € 139.9 70.0%
Headcount 681 40.4% 1,003 59.6%
• Development activities in Europe
• Production and sales/service activities in Asia
Sales Office
Production Site
Sales & Production Site
* R&D Site
Leshan
ChengduShanghai
Korea
Taiwan
PhilippinesMalaysia
Singapore*
Suzhou
Radfeld, (Austria)*Cham,(Switzerland)*
Duiven & Drunen,(The Netherlands)*
Chandler
Shenzhen
10September 2015
Year Ended December 31, (€ millions, except share data) 2012 2013 2014
H1 2014
H1 2015
Revenue 273.7 254.9 378.8 186.2 199.2
Orders 276.1 251.9 407.6 235.3 196.1
Gross margin 40% 40% 44% 43% 48%
EBITDA 32.4 27.9 82.1 38.5 46.3
Pretax income 19.5 19.2 71.3 33.2 37.7
Net income 15.8 16.1 71.1 29.9 33.0
EPS (diluted) 0.42 0.43 1.87 0.79 0.86
Net margin 6% 6% 19% 16% 17%
Net cash 79.5 71.0 118.0 62.5 91.4
Summary Historical Financials
• Record 2014 Results:• Revenue and orders +48.6% and 61.8%• Gross Margin +4.0% to 43.8%• Net Income +341% to € 71.1 million • Net cash +€ 47.0 million
• Primary drivers:• Industry rebound• Strategic positioning in advanced packaging
has accelerated market share gains• Enhanced profit potential of business model
• Operating initiatives have supported gross and net margin development
• Solid liquidity base to finance growth and shareholder returns
11September 2015
Stock Price Information
• € 940 million ($1.04 billion) market capitalization as of June 30, 2015• Upgraded to Euronext AMX mid cap index in March 2015
Market profile improving:
• Average daily volume:• 2013: 99,811• 2014: 117,084• 2015: 238,312
Liquidity has increased significantly over past three years:
• Top 10 shareholders ≈ 30% of shares outstanding. Down from ≈ 60% in 2011• Largest shareholder less than 7% currently
Share concentration has reduced:
• 40% NL• 30% US• 30% Europe ex NL
Geographic ownership has diversified:
• 6.0% as of June 30, 2015• Dividend payout ratio of between 40-80% net income per annum
Highest dividend yield among peers
12September 2015
Dividend Trends
0.20 0.22 0.30 0.33
1.50
1.25
0.73
0.42 0.43
1.87
4.0%4.3%
5.2%
4.0%
8.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2010 2011 2012 2013 2014
Div
iden
d yi
eld
Div
iden
d (€
)
Dividend EPS (diluted) Total Dividend Yield (a)
a) Based on year end stock price
16% 30% 71% 77% 80%Payout Ratio:
13September 2015
II. MARKET
14September 2015
Assembly Equipment Market Trends
15September 2015
• VLSI forecasts flat growth in 2015 and 2016 after big 2014 increase as capacity digested• Growth reaccelerates in 2017 and 2018• Besi revenue growth exceeding assembly market in 5 of past 6 years
326.9
273.7 254.9
378.8
186.2 199.2
-16.3%-6.9%
48.6%
7.0%
-50%
0%
50%
100%
150%
-
100.0
200.0
300.0
400.0
2011 2012 2013 2014 YTD 2014 YTD 2015
(€m
illio
ns)
Besi Revenue Revenue YoY Growth Rate
4.44.0
3.1
3.9 4.03.6
3.94.5
4.1
-9.2%
-22.4%
28.1%
1.5%
-9.8%
9.6%
12.9%
-8.2%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0.0
1.0
2.0
3.0
4.0
5.0
2011 2012 2013 2014 2015F 2016F 2017F 2018F 2019F
(US
$ bi
llion
s)
Assembly Equipment Market Size YoY Growth Rate
Source: VLSI August 2015
Die Bonding39.7%
Flip Chip15.8%
Die Sorting3.0%
Singulation9.3%
Presses11.2%
Molds13.5%
Lead Trim & Form5.5%
Plating2.0%
Assembly Equipment Market Composition
• Half of assembly market represented by die attach and packaging equipment
• Die Attach represents Besi’s largest addressable market
Die Attach 59%
Packaging 39%
Plating2%
Assembly Equipment Market * (2014: $3.9 billion)
Besi Addressable Market *(2014: $1.7 billion)
* Source: VLSI August 2015
Wire Bonding21.7%
Die Attach29.7%Packaging
21.8%
Plating0.9%
Other Assembly
(Inspection, Dicing)25.9%
16September 2015
Advanced Packaging Unit Volume and MarketShare Are Increasing
• Advanced Packaging (Flip Chip/WLP) is fastest growing assembly process
• In growth phase with move to <20 nano internet device applications
Source: VLSI February 2015
10%13%
19%
26%
31%32%
34%35% 37% 38%
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
5
10
15
20
25
30
35
40
45
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
AP
Mar
ket S
hare
%
M w
afer
s, 3
00M
M E
q.
Advanced Packaging Silicon Demand Growth & Market S hare 2010 - 2019
Advanced Packaging Wafers
Advanced Packaging Unit Market Share (%)
CAGR 2010-2019: 21.1%CAGR 2014-2019: 10.3%
17September 2015
Driven Primarily by Growth in Internet Connected Devices
• Key End Use Applications:• Mobile internet devices, connectivity, computing power, Big Data analytics, automotive
• 35% CAGR device growth forecast over next 5 years
• Powered primarily by devices used for IoT
• Positive trajectory for smart phones, tablets, wearables, and automotive
18September 2015
Requiring Changes in Process/Equipment Development
19
Today=> TomorrowFront End
Transistor Scaling
Lithography
New Structures 3D
Back End Assembly
More Contacts
Smaller Pitches
Thinner/densermore complex packages
Stacked Structures 3DFrom Simple Wire Bond to BGA/Flip Chip to Complex 3D structures with TSVs,
Microbumps and thin dies
September 2015
• Spending on <25 nano nodes has increased from ~15% in 2011 to an estimated 70% of total spending in 2015
• Node shift below 25 nano = new assembly equipment capacity
Which Has Significantly Increased Equipment Spending for < 25 Nano Nodes
20September 2015
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
• <20 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. 2014E revenue: 70% substrate/wafer level vs. 30% leadframe
Die Attach• Die Sorting : DS 9000• Die Bonding : ES 2009, ES2100• Flip Chip : DC 8800, ES2100• TCB: DC 8800 TCB• Multi Module : DC evo 2200
Packaging• Molding : AMS-LM 95• Singulation : FSL
High Growth EndUser Areas:
Mobile internet devices, Autos,
MEMS, Big Data, Cloud Servers, IoT, Wearable devices
Datacon Esec Fico
21September 2015
Computer,
PCs
50%
Mobile
Internet
Devices
22%
Auto
13%
Industrial
10%
LED
3%
Service
2%
2008
And Is Reflected in Besi End User Application Trends
Computer,
PCs
20%
Mobile
Internet
Devices
35%
Auto
17%
Industrial
10%
LED
3%
Spares/
Service
15%
2014
Source: 2014 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
22September 2015
New Smart Phone Designs Increase Besi’s Addressable Market Potential
• Besi systems can assemble 50% of 2012 generation components and 70% of 2014 generation components
- NewMain Components
Generation
2012
Generation
2014Manufacturer IDM/OSAT Besi system Utilized
Processor X X Apple TSMC ->Amkor/Stats/ASE 8800FCQ, AMS-W/LM
DRAM Memory X X Hynix/Micron Hynix/Micron 2100sD, FSL
NAND Flash X X Hynix/Toshiba Hynix/Amkor/Toshiba 8800FCQ, AMS-W/LM
Power Management
Apple PM IC X Dialog Dialog 2100sD
PMIC X X Qualcomm N/A
M3 Microcontroller X NXP Amkor/NXP 8800FCQ, AMS-W/LM
Accelerometer/Gyroscope/Barometric
Gyroscope X X Invensense Amkor/ASE/STM 2100xP, 2100sD, AMS-W/LM, FCL
3-ax accelerometer X Bosch Bosch evo
barometric sensor X Bosch Bosch evo
CommunicationsGeneration
2012
Generation
2014Manufacturer IDM/OSAT Besi system Utilized
Wifi/NFC
Wifi module X X Murata Murata Murata's equipment
NFC X NXP Amkor 8800FCQ, AMS-W/LM
NFC Booster IC X AMS Daca N/A
LTE
LTE Modem X Qualcomm Amkor/Stats/Spil/ASE 8800FCQ, AMS-W/LM
Low Band LTE PAD X Skyworks Skyworks 2200evo, FSL
Mid Band PAD X Skyworks Skyworks 2200evo, FSL
High Band PAD X Avago ASE/Amkor 2100xP, 2100sD, AMS-W/LM
Receiver/TransceiverRF Transceiver X X Qualcomm Amkor 2100xP, 2100sD, AMS-W/LM
RF Receiver X X Qualcomm N/A
Envelop Tracking IC X Qualcomm TSMC ->Amkor/Stats/ASE 8800FCQ, AMS-W/LM
Antenna Switch X X RFMD Amkor/ASE,/RFMD 2100xP, 2100sD
PA
PA X X Avago ASE/Amkor 2100xP, 2100sD, AMS-W/LM
PA Module X Triquint ASE 2200evo, 2100sD
Video/AudioGeneration
2012
Generation
2014Manufacturer IDM/OSAT Besi system Utilized
Camera
Back side 8M (OSI) X X Apple LG, Sharp, Mitsumi 2200evo
Front 1.2M X X Apple Cowell, Sony 2200evo
Finger print sensor X Apple ASE 2200evo
Audio
2+4 microphones X ST ST 2100 xp
Audio Codec X X Cirrus Logic Amkor 2100xP, 2100sD, AMS-W/LM
Touch screen control
Touch screen control X X Broadcom Signetics 2100sD
Touch Transmitter X TI TI FCL
23September 2015
Flip Chip/Wire Bond Process Shift Is Another Revenue Opportunity
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 August 2015
24
• Move to <20 nanometer can only be accomplished by use of flip chip die bonding vs. wire bonding process
• Flip chip revenue represents only 29% currently of total potential market of $1.2 billion
• Flip chip expected to gain share over next 5 years
• Growth could accelerate depending on adoption rates by key IDMs/subcons
CAGR 2014 - 2019*Flip Chip 3.8%Wire Bond 0.3%
Flip Chip$428 33%Wire
Bonding$875 67%
2019*
Flip Chip$356 29%
Wire Bonding
$861 71%
2014*
September 2015
Thermo Compression Bonding Is An Emerging Assembly Technology
TCB: Next Die Bonding Process Evolution:
• Besi has most advanced industry concept• 7 Axis bondhead, 2 bond heads/system• High throughput => 2x competition• User friendly compact design
• Principal competition: ASM PT, KLIC (in development) • Orders significantly expanded in 2015• Production transferred to Besi APac to reduce cost
• Memory producers first TCB adopters• Issue: Memory performance lags CPU performance • Solution: Advanced stacking design using TCB/TSV • 15x Higher transfer speeds• 70% Less energy per bit• 90% Less space• Wire bonding process eliminated
25September 2015
Wire Bonded BGA Stacked Die Memory Device
TSV TCB Memory Cube
Wire Bond connections replaced by direct connection
Besi TCB System
Besi Has Gained Share In Its Addressable Markets
• Gaining share in fastest growing segments of the assembly equipment market:• Flip chip and multi module die attach and ultra thin molding for advanced
packaging applications
Besi Market Share
Source: VLSI, May 2015 and Besi estimates 2012 2013 2014
Total Assembly Equipment Sales 8.6% 10.6% 12.7%
Besi Addressable Market 21.4% 26.0% 28.4%
Total Die Attach Equipment 26.8% 31.2% 34.7%
Die Bonding 29.7% 39.2% 38.7%
Flip Chip 22.2% 24.4% 31.8%
Other 17.1% 4.8% 9.1%
Total Packaging Equipment 11.1% 15.9% 16.4%
Molds 12.0% 19.1% 19.5%
Lead Trim & Form 15.0% 17.6% 19.0%
Singulation 5.3% 5.1% 6.8%
Total Plating 75.8% 82.3% 75.4%
26September 2015
• Customers are largest semi mfrs. • Engaged in most advanced packaging applications
• Strong customer market shares:• ≈ 50 - 100% of die attach requirements
• ≈ 25 - 100% of packaging requirements
• Customer market shares p.a. vary based on capacity needs and purchasing cycles
• Primary competition:• Die Attach: ASM-PT, Hitachi,
Shinkawa, Panasonic, Toray• Packaging: Towa, Hanmi,
ASM-PT
And With Leading Edge Technology Customers
N/B No reported bookings for Besi or its competitorsa) Year to date through April 30, 2015b) Merger pendingc) Fabless semiconductor companies such as Qualcomm, Broadcom and Mediatek have assembly
production done by subcontractorsd) In general, Samsung satisfies approximately 50% of its equipment needs internally
Die Attach PackagingIn USD 2012 2013 2014 2015 (a) 2012 2013 2014 2015 (a)
SubcontractorsASE 67% 59% 69% 74% 36% 65% 36% 28%Amkor 75% 84% 89% 100% 45% 11% 22% 38%JCET (b) 75% 48% 67% N/B 0% 8% 0% N/BSTATSChippac (b) 95% 100% 85% N/B 28% 100% 100% N/BSPIL 47% 93% 89% 100% 37% 76% 19% 38%Nantong Fujitsu N/B 72% 100% 100% N/B 14% 0% 100%UTAC N/B N/B 100% 100% N/B 100% N/B 100%Unisem 92% 84% 100% 100% N/B N/B N/B N/BCowell/Foxconn
100% N/B 100% 100%(Camera Modules) N/B N/B N/B N/B
IDMs (c)Skyworks 100% 96% 100% N/B 13% 24% 38% 100%ST Micro 91% 72% 78% 94% 44% 76% 42% 46%Infineon 81% 97% 100% 100% 0% 24% 90% 100%Micron 86% 100% 43% 42% 50% N/B 100% 100%NXP N/B 100% 100% 100% N/B 7% 100% 86%Samsung (d) 5% 0% N/B N/B 0% 100% N/B N/B
% of product revenue 49% 52% 64% 51% 54% 70% 65% 70%
27September 2015
III. STRATEGY
28September 2015
Summary Strategy
• Maintain best in class tech leadership in advanced packaging• Expand tech capabilities and applications for TCB, thin die, eWLB die bonding; large area,
ultra thin and wafer level molding
Develop new products and markets
• Leverage lead in core competencies at expense of Japanese and Asian competitors• Capitalize on <20 nano expertise to exploit new device introductions, further penetrate largest
smart phone supply chains and expand in Chinese handset market• Apply TCB tech advantage to more mainstream applications
Increase market share in addressable markets
• Expand Asian materials sourcing and direct shipments• Expand Malaysian, Singapore and Chinese operations. Target more local production and
shorter cycle times• Develop common platforms, common modules and common parts • Continue to reduce euro based costs. Better align currency exposures
Achieve a more scalable, flexible and lower cost manufacturing model
• Expand tech leadership in advanced packaging including wafer level assembly
Acquire companies with complementary technologies and products
29September 2015
Besi Revenue Growth Drivers
30September 2015
Revenue Growth Drivers
World tooling up for new
tech cycle <20 nano
Increased smart phone functionality
New device introductions: IoT, wearables
Wire bond/flip chip
conversion
Solar cell plating
transition from copper to
silver
Increased share of
Japanese supply chain and China handsets
TCB expansion to memory and logic devices
Key Development and Operational Objectives
Development Objectives
Advanced TCB die bonding development
Introduction of next generation packaging systems
Common parts/platform activities
Operational Objectives
Transfer of certain Swiss Die Attach software, logistics and administrative functions to Singapore
Transfer of certain die bonding production from Malaysia to China
Transfer of Plating Production from NL to Malaysia
10% fixed & temporary headcount reduction and partly transfer
Further reduction of European based costs
Expansion of Asian supply chain. System module outsourcing
2015 2016
September 2015 31
Asian Production Transfer Has Helped Reduce Break Even Revenue Levels
32
Asian Production Has Significantly Expanded
Leading to Lower European Headcount
And Reduced Break Even Revenue Levels
396 487
658 673
963
170
331
553 579
927
43%
68%
84% 86%
96%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
200
400
600
800
1,000
1,200
2010 2011 2012 2013 2014
% D
irect
Shi
pmen
ts
Shi
pmen
ts
Total Asian ShipmentsDirect Asian Shipments% Direct
741 680 624 602 597 597
802 799 810 908 933 967
1,543 1,479 1,434
1,510 1,530 1,564
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2011 2012 2013 2014 Q12015
Q22015
Hea
dcou
nt
Europe/NA Fixed HC Asia Fixed HC
270
235
212 207
-
50
100
150
200
250
300
2011 2012 2013 2014
(€m
illio
ns)
September 2015
Workforce Has Become More Scalable and Flexible
• Significant revenue ramps achieved using primarily Asian production temps
• Aggregate headcount varies with cyclicality and seasonality of business
741 680 624 602 597 597
802 799
810 908 933 967
64 60
24
122 150 120 1,607
1,5391,458
1,6321,680 1,684
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
500
1,000
1,500
2,000
2,500
2011 2012 2013 2014 Q1 2015 Q2 2015T
emp
% o
f Tot
al
Hea
dcou
nt
Europe/NA Fixed HC Asia Fixed HC
Temporary HC Temp % of Total
33September 2015
Materials Cost Reduction Is Also a Key Priority
• Qualify and Select Asian Vendors• 75% of material is now purchased in Asia• Significant potential cost savings
Supply Chain Actions
• Redesign products• Increase standardization of systems
Development Actions
45-50% thru cycle Gross
Margin
• Material costs represent largest single expense: approximately 45% of revenue• Management Board reviews progress weekly component by component• Shift to Asia centric supply chain reduces personnel, transport, logistics and inventory costs
• Also improves cycle time and ramping flexibility
34
Estimated savings 2014 2015E 2016/17E
Headcount € 0.9 MM € 2.8 MM € 1.0 MM
Materials Cost € 2.7 MM € 1.6 MM € 1.5 MM
Subtotal € 3.6 MM € 4.4 MM € 2.5 MM
September 2015
Partially Achieved Through Common Parts Product Redesign
• 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%)
35
• Development efforts underway to redesign die attach and packaging systems to increasecommon parts utilized per system
• Benefits: Lower unit cost, design and maintenance hours, improved working capital mgt, shorter cycle times
September 2015
IV. FINANCIAL REVIEW
36September 2015
37September 2015
€ 116.2
€ 104.3
19.7%14.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
€ 0
€ 20
€ 40
€ 60
€ 80
€ 100
€ 120
€ 140
Q2 2014 Q2 2015
Net
mar
gin
%
€m
illio
ns
Revenue Net Income
Gross Margin
OPEX
Headcount
Effective Tax Rate
9.4% 11.8%
1,672 1,684
€ 24.6 MM
€ 32.0 MM
+12
+2.4%
+30.1%
43.2% 47.9%
-10.2%
-4.9 points
Q2-14/Q2-15 H1-14/H1-15*
+4.7 points
€ 15.5
€ 186.2
€ 199.2
16.1% 15.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0 €
50 €
100 €
150 €
200 €
250 €
2014 2015*
Net
mar
gin
%
€m
illio
ns
Revenue Net Income
Gross Margin
OPEX
Headcount
Effective Tax Rate
9.9% 12.7%
1,672 1,684
€ 46.1 MM
€ 60.2 MM
42.9% 48.1%
+12
+2.8 points
+30.6%
+5.2 points
+7.0%
-1.1 points
€ 29.8€ 29.9€ 22.9
* Excluding net restructuring benefit
Solid Revenue and Profit Development in 2015 in Less Favorable Industry Environment
Mar11
Jun11
Sept11
Dec11
Mar12
Jun12
Sept12
Dec12
Mar13
Jun13
Sept13
Dec13
Mar14
Jun14
Sept14
Dec14
Mar15
Jun15
Jul 15 Aug15
Total Equipment 0.95 0.94 0.71 0.85 1.12 0.93 0.78 0.92 1.11 1.10 0.97 1.02 1.06 1.10 0.94 0.99 1.10 0.98 1.02 1.06
Assembly Market 1.01 0.92 0.81 1.02 1.28 1.11 0.53 0.92 1.08 1.26 0.68 1.06 1.25 1.25 0.69 0.84 1.34 0.92 0.83 0.72
0.95
0.71
1.12
1.100.97
0.94
1.10 1.06
1.01
0.81
1.281.26
0.68 0.69
1.34
0.72
0.50
0.75
1.00
1.25
1.50
Quarterly Book to Bill Trends Reflect Quarterly Seasonality and Volatility
• Strong industry growth in H1 followed by weaker H2 has been the trend• Assembly market more volatile than general semi equipment business
Source: Semi September 2015
Assembly Market
Total Semi Equipment
38September 2015
• Cyclical quarterly revenue/order patterns :• Three cycles past 3 years
• Short term patterns due to customer caution and increased seasonality
• 2014 year end shows higher base line order levels than prior years
• Gross margins have improved despite cyclicality :• Increased scalability of production model and shorter cycle times
• Shift to higher margin advanced packaging systems
• Lower unit costs due to:• Asian production transfer• More direct shipments• Reduction in European personnel
• Favorable USD/euro starting in H2-14
Revenue/Order/Gross Margin Trends
65
53
70
116
104
8994.9
104.3
48
57
111
124
91
81
104.2
91.9
39.2%40.1%
42.3%43.2%
45.3%
43.8%
49.0%47.9%
48.2%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
-
20
40
60
80
100
120
140
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15G
ross
Mar
gin
%
euro
in m
illio
ns
Revenue Orders
Gross Margin Adjusted Gross Margin
39September 2015
Net Income Trends
3.4
12.2
14.2
(2.0)
7.5 3.3
4.41.4
7.0
22.9
21.5
19.7
17.5
15.5
6.8% 6.4%
10.0%
19.7%20.8%
13.7%15.0% 14.8%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
(3)
0
3
6
9
12
15
18
21
24
Q3-13 Q4-13(a)
Q1-14 Q2-14 Q3-14 Q4-14(a)
Q1-15(a)
Q2-15
(eur
o in
mill
ions
)
Net Margin ex. NR Net Income ex. NR
Non Recurring Net Margin
40
• € 15.5 million Q2-15 net income• +€ 1.3 million vs. €14.2 million (ex-
restructuring) in Q1-15 • -€ 7.4 million vs. Q2-14
• Sequential quarterly profit growth since Q4-14 ex non recurring items • Less volatile trajectory than prior years • Reflects absence of H1-14 smart phone
capacity spike• Higher base line profits and margins than prior
years
• Tax rate up slightly in 2015 due to absence of Q2-14 tax benefit ($700k)• 9.9% in H1-14 (12.0% ex. deferred tax benefit)
vs. 12.4% in H1-15
(a) Adjusted to exclude:• After tax net restructuring (Q1-15) (€ 3.3 million)• Deferred tax benefits (Q4-14) (€ 7.5 million)• € 0.5 million and € 2.0 million non recurring charges in Q2-13 and Q4-13, respectively
September 2015
Liquidity Trends
• Solid liquidity position• € 113.7 million cash at 6/30/15• € 3.02 per share vs. € 24.96 price (as of June 30, 2015)
• Net cash of € 91.4 million at end of Q2 2015
• Has Been Utilized to Enhance Shareholder Value• € 114 million spent on cash dividends and
share repurchases 2011-2015• Includes May dividend payment
• Strong balance sheet helps support future organic growth and acquisition opportunities
41
78.5
89.6 91.9 83.8
105.4
135.3
161.6
113.7
22.5 18.6 19.1 21.3 19.3 17.3
28.5 22.3
56.0
71.0 72.8
62.5
86.1
118.0
133.1
91.4
0
20
40
60
80
100
120
140
160
180
Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15
(eur
o in
mill
ions
)
Cash Debt Net Cash
41September 2015
V. OUTLOOK & SUMMARY
42September 2015
43September 2015
Q3-15 Guidance
Revenue
Q2 Q3 (Original)
€ 104.3
Down15-20%
Q3 (Revised)
Down28-33%
Gross Margin
Q2 Q3 (Original)
47.9%
Q3 (Revised)
N/A47%
-45%
Operating Expenses
Q2 Q3 (Original)
€ 32.0
Q3 (Revised)
N/ADown ~10%
Summary
Leading semi assembly equipment supplier with #1
or #2 positions in fastest growing assembly
segments
Technology leader. Best in class product portfolio
Gaining market share in advanced packaging
Scalability and profitability of business model greatly
enhanced in cyclical industry
Significant upside potential.Advanced packaging
growth from new technology cycle, operating initiatives and optimization of Asian production model
Committed to enhancing shareholder value.
Attractive dividend yield relative to peers
44September 2015
