asmi annual meeting of shareholders may 20 2010 as title slide. 8pt arial regular, white, align...
TRANSCRIPT
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Release date: April 2005
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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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3
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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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%
© ASM
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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
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2007 2008 2009 2010
WF
E $
B
Other
Memory
Logic
Foundry
-46%
+77%-33%
+10%
+64%
+87%
+41%
+118%
-54%
-58%
-45%
+8%
© ASM
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6
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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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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9
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)
© ASM
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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
© ASM
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14
Outline
• Semiconductor Equipment Market in 2009
• ASMI Results in 2009
• Status ASM Back-end
• Market dynamics
• Product update
• Status ASM Front-end
• Restructuring Program
• Technology & Penetration update
• ASMI Financing
• Market Outlook and Conclusions
© ASM
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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
© ASM
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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)
© ASM
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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
© ASM
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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
© ASM
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20
ASM Back-End
Power Applications
eClip
Automatic Clip Bonding System
HA501
Automatic Heavy Aluminum
Bonding System
© ASM
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21
Outline
• Semiconductor Equipment Market in 2009
• 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
© ASM
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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
© ASM
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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
© ASM
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24
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
© ASM
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25
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
© ASM
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26
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
© ASM
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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
© ASM
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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
© ASM
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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
© ASM
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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
© ASM
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31
Outline
• Semiconductor Equipment Market in 2009
• 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
© ASM
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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
© ASM
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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)
© ASM
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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
© ASM
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35
Outline
• Semiconductor Equipment Market in 2009
• ASMI Results in 2009
• Status ASMI Back-end
• Market dynamics
• Product update
• Status ASMI Front-end
• Restructuring Program
• Technology & Penetration update
• Market Outlook and Conclusions
© ASM
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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 ($B)
Solid-State Drive
Mini-notebook — Professional
IP Set-Top Box
Smartphone
LCD TV
PC, Mobile — Home
PC, Mobile — Professional
Other DP
Mini-notebook — Home
Entry-Level Server
(%)
LED
Source: Gartner (February 2010), ASM
10% of high CAGR or high revenue apps outside
of the box drive >40% of semiconductor revenue
© ASM
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37
Applications Driving Growth Through 2014
• ASM new technologies are well positioned to supply the equipment to
manufacture the semiconductors in the high CAGR/high revenue segments
0
10
20
30
40
50
0 5 10 15 20 25 30 35 40
20
09
-20
14
CA
GR
2014 Semiconductor Revenue ($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
© ASM
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38
Gartner Mar. 12, 2010
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%
© ASM
Front-End Operations, should not be moved or changed. Arial Regular, 7pt white, center
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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%
Gartner Mar. 12, 2010
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41
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