BE Semiconductor Industries N.V. Announces Q2-23 and H1-23 Results
Q2-23 Revenue of
H1-23 Revenue and Net Income Down
DUIVEN, the Netherlands, July 27, 2023 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2023.
Key Highlights Q2-23
- Revenue of
€ 162.5 million rose21.8% vs. Q1-23 due primarily to increased smartphone demand for both high-end and mainstream applications. Down24.1% vs. Q2-22 due to significantly lower demand for broad range of computing applications - Orders of
€ 112.6 million down20.7% vs. Q1-23 principally due to lower orders for mobile applications post H1-23 ramp partially offset by increased automotive bookings from Asian subcontractors. Down26.5% vs. Q2-22 primarily due to adverse impact of industry downturn on Besi’s end-user markets - Gross margin of
65.6% rose 1.4 points vs. Q1-23 and 4.6 points vs. Q2-22 due to more favorable product mix, net forex benefits and cost control efforts - Net income of
€ 52.6 million increased52.5% vs. Q1-23 while net margins rose to32.4% vs.25.9% due primarily to higher revenue and gross margins. Vs. Q2-22, net income declined30.4% due primarily to lower revenue levels - Total cash reached
€ 378.3 million at end of Q2-23 post capital allocation of€ 289.1 million during quarter
Key Highlights H1-23
- Revenue of
€ 295.9 million declined28.9% vs. H1-22 principally due to lower demand for computing applications partially offset by increased shipments for high-end mobile end-user markets - Orders of
€ 254.6 million also declined28.9% vs. H1-22 due primarily to general market weakness and lower orders for computing applications from IDMs and Asian subcontractors - Gross margin of
65.0% rose 4.5 points vs. H1-22 principally as a result of more favorable product mix, net forex benefits and overhead alignment with current market conditions - Net income of
€ 87.1 million decreased€ 56.1 million , or39.2% , vs. H1-22 primarily due to lower revenue, higher R&D spending and increased strategic consulting costs. Similarly, net margin decreased to29.5% from34.4% in H1-22
Outlook
Q3-23 revenue anticipated to decrease 20
| (€ millions, except EPS) | Q2- 2023 | Q1- 2023 | Δ | Q2- 2022 | Δ | H1- 2023 | H1- 2022 | Δ | |||
| Revenue | 162.5 | 133.4 | +21.8 | % | 214.0 | -24.1 | % | 295.9 | 416.4 | -28.9 | % |
| Orders | 112.6 | 142.0 | -20.7 | % | 153.1 | -26.5 | % | 254.6 | 357.9 | -28.9 | % |
| Operating Income | 62.9 | 41.7 | +50.8 | % | 92.5 | -32.0 | % | 104.6 | 174.2 | -40.0 | % |
| EBITDA | 69.3 | 48.2 | +43.8 | % | 98.0 | -29.3 | % | 117.5 | 185.2 | -36.6 | % |
| Net Income | 52.6 | 34.5 | +52.5 | % | 75.6 | -30.4 | % | 87.1 | 143.2 | -39.2 | % |
| Net Margin | 32.4% | +6.5 | -3.0 | 29.5% | -4.9 | ||||||
| EPS (basic) | 0.68 | 0.44 | +54.5 | % | 0.94 | -27.7 | % | 1.12 | 1.81 | -38.1 | % |
| EPS (diluted) | 0.66 | 0.44 | +50.0 | % | 0.90 | -26.7 | % | 1.09 | 1.71 | -36.3 | % |
| Net Cash and Deposits | 74.0* | 325.8 | -77.3 | % | 284.0* | -73.9 | % | 74.0* | 284.0* | -73.9 | % |
* Reflects cash dividend payments of
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi reported solid Q2-23 results with revenue and operating profit above the midpoint of prior guidance in a challenging industry environment. For the quarter, revenue of
“We ended the quarter with a strong liquidity position including cash and deposits of
“Revenue and profit development in H1-23 also reflected the impact of current adverse market conditions on Besi’s business this year with revenue and orders each declining by
“We are pleased with our profit performance in H1-23 despite industry challenges with peer leading gross and net margins of approximately
“Progress continues on Besi’s hybrid bonding and wafer level assembly roadmap. Activity associated with hybrid bonding adoption has increased significantly over the past six months with the primary focus on customer qualification and testing of processes for next generation architectures and new market applications. We believe that the prospects for wafer level assembly growth have increased successively each quarter. This belief is based on the high-level of interest expressed by, significant resources committed to, and sampling work done by leading front-end customers, OSATs and the development community particularly for data center, AI, mobile and high bandwidth memory applications. The favorable outlook also reflects Besi’s first mover advantage, successful move to volume production, improved yields and ongoing progress in developing integrated hybrid bonding production lines with Applied Materials. We are also encouraged by the shipment of Besi’s next generation TCB system for qualification in high volume production. Further, the Singapore cleanroom facility was completed recently to support process development for hybrid bonding adoption.
“Based on independent industry data, it appears that the assembly equipment market formed a bottom for this downcycle in Q2-23. In addition, customer utilization rates have increased recently although it is too early to say whether such increase represents a seasonal or structural trend. As such, the near-term market outlook remains uncertain and varies per end-user market. Accordingly, we anticipate that revenue in Q3-23 will decline by 20
Second Quarter Results of Operations
| € millions | Q2-2023 | Q1-2023 | Δ | Q2-2022 | Δ | ||
| Revenue | 162.5 | 133.4 | +21.8 | % | 214.0 | -24.1 | % |
| Orders | 112.6 | 142.0 | -20.7 | % | 153.1 | -26.5 | % |
| Book to Bill Ratio | 0.7x | 1.1x | -0.4 | 0.7x | - | ||
Besi’s Q2-23 revenue increased by
Orders of
| € millions | Q2-2023 | Q1-2023 | Δ | Q2-2022 | Δ | ||
| Gross Margin | 65.6% | +1.4 | +4.6 | ||||
| Operating Expenses | 43.7 | 44.0 | -0.7 | % | 37.9 | +15.3 | % |
| Financial Expense/(Income), net | 1.7 | 1.5 | +13.3 | % | 5.8 | -70.7 | % |
| EBITDA | 69.3 | 48.2 | +43.8 | % | 98.0 | -29.3 | % |
Besi’s gross margin rose to
Q2-23 operating expenses declined by
Q2-23 financial expense, net, slightly increased versus Q1-23 but decreased by
| € millions | Q2-2023 | Q1-2023 | Δ | Q2-2022 | Δ | |||||
| Net Income | 52.6 | 34.5 | +52.5 | % | 75.6 | -30.4 | % | |||
| Net Margin | 32.4 | % | 25.9 | % | +6.5 | 35.4 | % | -3.0 | ||
| Tax Rate | 14.0 | % | 14.0 | % | - | 12.7 | % | +1.3 | ||
Besi’s net income increased by
Half Year Results of Operations
| € millions | H1-2023 | H1-2022 | Δ |
| Revenue | 295.9 | 416.4 | - |
| Orders | 254.6 | 357.9 | - |
| Gross Margin | 65.0% | +4.5 | |
| Operating Income | 104.6 | 174.2 | - |
| Net Income | 87.1 | 143.2 | - |
| Net Margin | 29.5% | -4.9 | |
| Tax Rate | 14.0% | +0.9 |
H1-23 revenue of
Similarly, orders of
Besi’s H1-23 net income of
Financial Condition
| € millions | Q2 2023 | Q1 2023 | Δ | Q2 2022 | Δ | H1 2023 | H1 2022 | Δ | |||
| Total Cash and Deposits | 378.3 | 644.9 | -41.3 | % | 601.6 | -37.1 | % | 378.3 | 601.6 | -37.1 | % |
| Net Cash and Deposits | 74.0 | 325.8 | -77.3 | % | 284.0 | -73.9 | % | 74.0 | 284.0 | -73.9 | % |
| Cash flow from Ops. | 28.7 | 61.4 | -53.3 | % | 27.6 | +4.0 | % | 90.1 | 72.5 | +24.3 | % |
| Capital allocation* | 289.1 | 77.8 | +271.6 | % | 291.6 | -0.9 | % | 366.8 | 305.7 | +20.0 | % |
* Includes dividends and share repurchases.
Total cash and deposits of
Besi’s net cash of
Share Repurchase Activity
Besi repurchased 761,937 of its ordinary shares in Q2-23 at an average price of
Outlook
Based on its June 30, 2023 order backlog and feedback from customers, Besi forecasts for Q3-23 that:
- Revenue will decrease by approximately 20
-30% vs. the€ 162.5 million reported in Q2-23 due to seasonal trends and ongoing market weakness - Gross margin will range between 62
-64% vs. the65.6% realized in Q2-23 - Operating expenses will decrease by 10
-15% vs. the€ 43.7 million reported in Q2-23
| 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 EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com. |
Important Dates 2023
| • Publication Q3/Nine-month results | October 26, 2023 |
| • Publication Q4/Full year results | February 2024 |
Basis of Presentation
The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2022 Annual Report, which is available on www.besi.com.
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, cloud server, computing, 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) and its headquarters are in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.
Contacts:
Richard W. Blickman, President & CEO
Leon Verweijen, SVP Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com
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, 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; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; 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, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, 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, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2022 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 | ||||
| (€ thousands, except share and per share data) | Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | ||
| 2023 | 2022 | 2023 | 2022 | |
| Revenue | 162,501 | 213,958 | 295,907 | 416,365 |
| Cost of sales | 55,947 | 83,549 | 103,665 | 164,307 |
| Gross profit | 106,554 | 130,409 | 192,242 | 252,058 |
| Selling, general and administrative expenses | 29,387 | 24,600 | 58,369 | 51,913 |
| Research and development expenses | 14,298 | 13,316 | 29,293 | 25,938 |
| Total operating expenses | 43,685 | 37,916 | 87,662 | 77,851 |
| Operating income | 62,869 | 92,493 | 104,580 | 174,207 |
| Financial expense, net | 1,671 | 5,809 | 3,216 | 9,525 |
| Income before taxes | 61,198 | 86,684 | 101,364 | 164,682 |
| Income tax expense | 8,597 | 11,041 | 14,215 | 21,501 |
| Net income | 52,601 | 75,643 | 87,149 | 143,181 |
| Net income per share – basic | 0.68 | 0.94 | 1.12 | 1.81 |
| Net income per share – diluted | 0.66 | 0.90 | 1.09 | 1.71 |
| Number of shares used in computing per share amounts: - basic - diluted 1 | 77,654,106 82,916,642 | 80,070,835 86,385,229 | 77,799,681 83,346,349 | 78,981,056 85,745,051 |
| Consolidated Balance Sheets | |||
| (€ thousands) | June 30, 2023 (unaudited) | March 31, 2023 (unaudited) | December 31, 2022 (audited) |
| ASSETS | |||
| Cash and cash equivalents | 192,977 | 489,927 | 491,686 |
| Deposits | 185,370 | 155,000 | 180,000 |
| Trade receivables | 158,543 | 145,921 | 148,333 |
| Inventories | 93,863 | 101,024 | 92,117 |
| Other current assets | 24,143 | 24,126 | 24,562 |
| Total current assets | 654,896 | 915,998 | 936,698 |
| Property, plant and equipment | 33,438 | 32,278 | 33,272 |
| Right of use assets | 19,083 | 16,512 | 17,480 |
| Goodwill | 45,564 | 45,556 | 45,746 |
| Other intangible assets | 85,409 | 82,191 | 81,218 |
| Deferred tax assets | 17,158 | 18,397 | 19,563 |
| Other non-current assets | 1,163 | 1,170 | 1,213 |
| Total non-current assets | 201,815 | 196,104 | 198,492 |
| Total assets | 856,711 | 1,112,102 | 1,135,190 |
| Current portion of long-term debt | 298 | 2,372 | 2,361 |
| Trade payables | 47,371 | 48,877 | 41,431 |
| Other current liabilities | 86,217 | 109,761 | 100,099 |
| Total current liabilities | 133,886 | 161,010 | 143,891 |
| Long-term debt | 304,027 | 316,779 | 322,815 |
| Lease liabilities | 15,907 | 13,837 | 14,372 |
| Deferred tax liabilities | 12,567 | 12,882 | 13,303 |
| Other non-current liabilities | 11,827 | 12,001 | 12,274 |
| Total non-current liabilities | 344,328 | 355,499 | 362,764 |
| Total equity | 378,497 | 595,593 | 628,535 |
| Total liabilities and equity | 856,711 | 1,112,102 | 1,135,190 |
| Consolidated Cash Flow Statements | ||||||||
| (€ thousands) | Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | ||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Cash flows from operating activities: | ||||||||
| Income before income tax | 61,198 | 86,684 | 101,364 | 164,682 | ||||
| Depreciation and amortization | 6,414 | 5,523 | 12,907 | 10,988 | ||||
| Share-based payment expense | 5,452 | 3,622 | 14,725 | 12,239 | ||||
| Financial expense, net | 1,671 | 5,809 | 3,216 | 9,525 | ||||
| Changes in working capital | (22,732 | ) | (49,250 | ) | (18,278 | ) | (91,751 | ) |
| Income tax paid | (23,912 | ) | (23,910 | ) | (25,299 | ) | (31,182 | ) |
| Interest (paid) received | 644 | (907 | ) | 1,493 | (1,964 | ) | ||
| Net cash provided by operating activities | 28,735 | 27,571 | 90,128 | 72,537 | ||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (2,323 | ) | (784 | ) | (3,458 | ) | (2,007 | ) |
| Capitalized development expenses | (5,251 | ) | (5,236 | ) | (10,641 | ) | (10,890 | ) |
| Repayments of (investments in) deposits | (30,268 | ) | (14,575 | ) | (5,268 | ) | (289 | ) |
| Net cash used in investing activities | (37,842 | ) | (20,595 | ) | (19,367 | ) | (13,186 | ) |
| Cash flows from financing activities: | ||||||||
| Proceeds from convertible notes | - | 172,176 | - | 172,176 | ||||
| Payments on lease liabilities | (1,112 | ) | (927 | ) | (2,212 | ) | (1,835 | ) |
| Dividends paid to shareholders | (222,109 | ) | (269,467 | ) | (222,109 | ) | (269,467 | ) |
| Purchase of treasury shares | (66,948 | ) | (22,160 | ) | (144,727 | ) | (36,275 | ) |
| Net cash used in financing activities | (290,169 | ) | (120,378 | ) | (369,048 | ) | (135,401 | ) |
| Net decrease in cash and cash equivalents | (299,276 | ) | (113,402 | ) | (298,287 | ) | (76,050 | ) |
| Effect of changes in exchange rates on cash and cash equivalents | 2,326 | 283 | (422 | ) | 1,236 | |||
| Cash and cash equivalents at beginning of the period | 489,927 | 489,700 | 491,686 | 451,395 | ||||
| Cash and cash equivalents at end of the period | 192,977 | 376,581 | 192,977 | 376,581 | ||||
| Supplemental Information (unaudited) | ||||||||||||||||||||||||||
| (€ millions, unless stated otherwise) | ||||||||||||||||||||||||||
| REVENUE | Q2-2023 | Q1-2023 | Q4-2022 | Q3-2022 | Q2-2022 | Q1-2022 | ||||||||||||||||||||
| Per geography: | ||||||||||||||||||||||||||
| Asia Pacific | 124.1 | 76 | % | 95.8 | 72 | % | 98.2 | 71 | % | 126.9 | 75 | % | 164.1 | 77 | % | 159.3 | 79 | % | ||||||||
| EU / USA / Other | 38.4 | 24 | % | 37.6 | 28 | % | 39.5 | 29 | % | 41.9 | 25 | % | 49.9 | 23 | % | 43.1 | 21 | % | ||||||||
| Total | 162.5 | 100 | % | 133.4 | 100 | % | 137.7 | 100 | % | 168.8 | 100 | % | 214.0 | 100 | % | 202.4 | 100 | % | ||||||||
| ORDERS | Q2-2023 | Q1-2023 | Q4-2022 | Q3-2022 | Q2-2022 | Q1-2022 | ||||||||||||||||||||
| Per geography: | ||||||||||||||||||||||||||
| Asia Pacific | 84.6 | 75 | % | 106.8 | 75 | % | 127.4 | 71 | % | 93.3 | 74 | % | 104.3 | 68 | % | 161.8 | 79 | % | ||||||||
| EU / USA / Other | 28.0 | 25 | % | 35.2 | 25 | % | 53.1 | 29 | % | 32.0 | 26 | % | 48.8 | 32 | % | 43.0 | 21 | % | ||||||||
| Total | 112.6 | 100 | % | 142.0 | 100 | % | 180.5 | 100 | % | 125.3 | 100 | % | 153.1 | 100 | % | 204.8 | 100 | % | ||||||||
| Per customer type: | ||||||||||||||||||||||||||
| IDM | 60.5 | 54 | % | 74.0 | 52 | % | 98.2 | 54 | % | 80.7 | 64 | % | 86.8 | 57 | % | 97.1 | 47 | % | ||||||||
| Subcontractors | 52.1 | 46 | % | 68.0 | 48 | % | 82.3 | 46 | % | 44.6 | 36 | % | 66.3 | 43 | % | 107.7 | 53 | % | ||||||||
| Total | 112.6 | 100 | % | 142.0 | 100 | % | 180.5 | 100 | % | 125.3 | 100 | % | 153.1 | 100 | % | 204.8 | 100 | % | ||||||||
| HEADCOUNT | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||
| Fixed staff (FTE) | ||||||||||||||||||||||||||
| Asia Pacific | 1,169 | 69 | % | 1,163 | 69 | % | 1,162 | 69 | % | 1,176 | 69 | % | 1,203 | 70 | % | 1,186 | 70 | % | ||||||||
| EU / USA | 520 | 31 | % | 519 | 31 | % | 513 | 31 | % | 518 | 31 | % | 511 | 30 | % | 500 | 30 | % | ||||||||
| Total | 1,689 | 100 | % | 1,682 | 100 | % | 1,675 | 100 | % | 1,694 | 100 | % | 1,714 | 100 | % | 1,686 | 100 | % | ||||||||
| Temporary staff (FTE) | ||||||||||||||||||||||||||
| Asia Pacific | 198 | 71 | % | 232 | 74 | % | 60 | 42 | % | 237 | 74 | % | 433 | 83 | % | 536 | 86 | % | ||||||||
| EU / USA | 81 | 29 | % | 80 | 26 | % | 84 | 58 | % | 84 | 26 | % | 91 | 17 | % | 86 | 14 | % | ||||||||
| Total | 279 | 100 | % | 312 | 100 | % | 144 | 100 | % | 321 | 100 | % | 524 | 100 | % | 622 | 100 | % | ||||||||
| Total fixed and temporary staff (FTE) | 1,968 | 1,994 | 1,819 | 2,015 | 2,238 | 2,308 | ||||||||||||||||||||
| OTHER FINANCIAL DATA | Q2-2023 | Q1-2023 | Q4-2022 | Q3-2022 | Q2-2022 | Q1-2022 | ||||||||||||||||||||
| Gross profit | 106.6 | 65.6 | % | 85.7 | 64.2 | % | 85.8 | 62.3 | % | 105.2 | 62.3 | % | 130.4 | 61.0 | % | 121.6 | 60.1 | % | ||||||||
| Gross profit as adjusted | 106.6 | 65.6 | % | 85.7 | 64.2 | % | 85.8 | 62.3 | % | 105.2 | 62.3 | % | 130.4 | 61.0 | % | 121.6 | 60.1 | % | ||||||||
| Selling, general and admin expenses: | ||||||||||||||||||||||||||
| As reported | 29.4 | 18.1 | % | 29.0 | 21.7 | % | 22.6 | 16.4 | % | 20.5 | 12.1 | % | 24.6 | 11.5 | % | 27.3 | 13.5 | % | ||||||||
| Share-based compensation expense | (5.5 | ) | -3.4 | % | (9.3 | ) | -7.0 | % | (2.1 | ) | -1.5 | % | (0.9 | ) | -0.5 | % | (3.6 | ) | -1.7 | % | (8.6 | ) | -4.3 | % | ||
| SG&A expenses as adjusted | 23.9 | 14.7 | % | 19.7 | 14.8 | % | 20.5 | 14.9 | % | 19.6 | 11.6 | % | 21.0 | 9.8 | % | 18.7 | 9.2 | % | ||||||||
| Research and development expenses: | ||||||||||||||||||||||||||
| As reported | 14.3 | 8.8 | % | 15.0 | 11.2 | % | 14.5 | 10.5 | % | 13.5 | 8.0 | % | 13.3 | 6.2 | % | 12.6 | 6.2 | % | ||||||||
| Capitalization of R&D charges | 5.3 | 3.3 | % | 5.4 | 4.0 | % | 5.5 | 4.0 | % | 5.2 | 3.1 | % | 5.2 | 2.4 | % | 5.7 | 2.8 | % | ||||||||
| Amortization of intangibles | (3.5 | ) | -2.2 | % | (3.5 | ) | -2.6 | % | (3.0 | ) | -2.2 | % | (2.9 | ) | -1.7 | % | (2.9 | ) | -1.3 | % | (2.9 | ) | -1.4 | % | ||
| R&D expenses as adjusted | 16.1 | 9.9 | % | 16.9 | 12.7 | % | 17.0 | 12.3 | % | 15.8 | 9.4 | % | 15.6 | 7.3 | % | 15.4 | 7.6 | % | ||||||||
| Financial expense (income), net: | ||||||||||||||||||||||||||
| Interest income | (3.1 | ) | (2.6 | ) | (1.2 | ) | (0.2 | ) | (0.2 | ) | 0.0 | |||||||||||||||
| Interest expense | 2.9 | 2.9 | 2.8 | 3.3 | 3.7 | 2.4 | ||||||||||||||||||||
| Net cost of hedging | 2.0 | 1.6 | 2.6 | 2.3 | 1.5 | 1.1 | ||||||||||||||||||||
| Foreign exchange effects, net | (0.1 | ) | (0.4 | ) | (0.6 | ) | 0.1 | 0.8 | 0.2 | |||||||||||||||||
| Total | 1.7 | 1.5 | 3.6 | 5.5 | 5.8 | 3.7 | ||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||
| as % of net sales | 62.9 | 38.7 | % | 41.7 | 31.3 | % | 48.7 | 35.4 | % | 71.2 | 42.2 | % | 92.5 | 43.2 | % | 81.7 | 40.4 | % | ||||||||
| EBITDA | ||||||||||||||||||||||||||
| as % of net sales | 69.3 | 42.6 | % | 48.2 | 36.1 | % | 54.8 | 39.8 | % | 77.1 | 45.7 | % | 98.0 | 45.8 | % | 87.2 | 43.1 | % | ||||||||
| Net income | ||||||||||||||||||||||||||
| as % of net sales | 52.6 | 32.4 | % | 34.5 | 25.9 | % | 40.2 | 29.2 | % | 57.3 | 34.0 | % | 75.6 | 35.4 | % | 67.5 | 33.4 | % | ||||||||
| Income per share | ||||||||||||||||||||||||||
| Basic | 0.68 | 0.44 | 0.51 | 0.71 | 0.94 | 0.87 | ||||||||||||||||||||
| Diluted | 0.66 | 0.44 | 0.50 | 0.69 | 0.90 | 0.81 | ||||||||||||||||||||
_____________________________________
1) The calculation of diluted income per share assumes the exercise of equity-settled share-based payments and the conversion of all Convertible Notes
