Quarter Q4 2016 Q3 2017 Q4 2017
New orders 176.9 160.4 203.2
Net sales 172.6 185.3 205.6
Gross profit margin % 44.9 % 40.0 % 39.3 %
Operating result 29.9 25.7 34.9
Result from investments (excluding amortization intangible assets resulting from the sale of the 12% stake of ASMPT) 18.4 32.1 14.0
Amortization intangible assets resulting from the sale of the 12% stake of ASMPT
(7.0 ) (5.4 ) (4.6 )
Result from sale of ASMPT stake - - 183.9
Net earnings 61.5 42.2 224.8
Normalized net earnings (excluding amortization intangible assets resulting from the sale of the 12% stake of ASMPT and result from sale and dilution of ASMPT stake) 68.5 47.6 45.5
· New orders at €203 million were 27% above the Q3 2017 level and 15% above the level of Q4 2016.
· Net sales for the fourth quarter 2017 were €206 million, an increase of 11% compared to the previous quarter. Year-on-year net sales increased with 19%.
· Operating result increased to €35 million. This increase is mainly the result of higher sales.
· Normalized net earnings for the fourth quarter 2017 decreased by €2 million compared to the third quarter 2017. The €18 million decrease of the result of investment is partly offset by the better operating result of ASMI (+€9 million), lower negative effects of currencies (+€3 million), and the recognition of net losses, mainly in the USA (+€4 million).
Commenting on the results Chuck del Prado said: "In Q4 we realized sales of €206 million and an order intake of €203 million. Our sales were well in line with our guidance while order intake was substantially higher. Our sales included again several deliveries of Intrepid Epitaxy and PECVD systems. As earlier mentioned these products show initially lower margins. The margin on those products showed a clear improvement within the quarter, however this improvement was offset by some incidental results. We expect our gross margin to normalize again in the course of 2018."
For Q1 and Q2, on a currency comparable level, we expect sales respectively of €155-175 million and €200-230 million. The broader range for Q2 reflects some uncertainty around the exact timing of individual tool shipments.
For Q1, on a currency comparable level, we expect an order intake of €190-210 million.
For 2018, market watchers currently expect the wafer fab equipment market to increase with, on average, a high single digit percentage. We aim to outgrow the wafer fab equipment market in 2018.
SHARE BUYBACK PROGRAM AND CAPITAL REPAYMENT
During the Annual General Meeting of Shareholders of May 22, 2017, the Board was authorized to acquire up to 10% of ASMI shares for a period of 18 months.
On April 24, 2017, ASMI announced a partial sale of a stake of approximately 5% of in ASMPT, whereby ASMI indicated to use the proceeds of approximately €245 million for a new share buyback program. The start of this new program for a total amount of €250 million was announced on September 22, 2017. At that time, ASMI also announced that it had the intention to reduce its capital by withdrawing the repurchased shares after having received the approval from its shareholders. The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders. On December 31, 2017, 60.0% of the program was completed at an average share price of €56.77, while as per February 23, 2018, 96% of the program was completed.
On November 2, 2017, ASMI announced a partial sale of a stake of approximately 9% in ASMPT, whereby ASMI received proceeds of approximately €445 million. ASMI intends to propose to the 2018 Annual General Meeting to distribute €4.00 per common share free of any withholding tax. To this end it is proposed that the distribution is effected as a repayment of capital to the shareholders by way of a reduction of the par value of the common shares. Moreover ASMI plans to use €250 million for a new share buyback program.
As of February 23, 2018, ASMI held 7.8 million treasury shares (at the end of 2017: 6.16 million), which is more than sufficient to cover our outstanding options and restricted/performance shares. Hence ASMI will propose to the Annual General Meeting, to be held on May 28, 2018, the cancellation of 6 million treasury shares.
ASMI will propose to the forthcoming 2018 Annual General Meeting Shareholders, to declare a dividend of €0.80 per common share.
tijd 09.02 d.d. 1 maart 2018
De Midcap 818,61 -0,35 -0,04% ASMI EUR 60,28 +1,36 vol. 21.000