Duiven, the Netherlands, February 22, 2023 - 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 fourth quarter and year ended December 31, 2022.

Key Highlights Q4-22

• Revenue of € 137.7 million down 18.4% vs. Q3-22 and 19.8% vs. Q4-21 due primarily to lower shipments for high performance computing, mainstream electronics applications from Asian subcontractors and ongoing weakness in mobile end-user markets

• Orders of € 180.5 million up 44.1% vs. Q3-22 due primarily to increased bookings for high-end smartphone applications and hybrid bonding systems. Down 10.9% vs. Q4-21 principally from lower bookings for mainstream computing and automotive end-user markets

• Gross margin of 62.3% was equal to Q3-22 and above prior guidance. Up 5.6 points vs. Q4-21

• Net income of € 40.2 million declined 29.8% vs. Q3-22 primarily due to lower revenue and increased R&D spending for wafer level assembly activities. Similarly, down 40.1% vs. Q4-21 which included € 8.9 million deferred tax benefits

• Q4-22 net margin of 29.2% realized despite industry downturn vs. 34.0% in Q3-22 and 39.1% in Q4-21

• Net cash increased 1.2% vs. Q3-22 to reach € 346.5 million. Declined 6.5% vs. year-end 2021 due primarily to € 416.3 million capital allocation to shareholders

Key Highlights FY 2022

• Revenue of € 722.9 million decreased 3.5% primarily due to lower shipments for smartphone and Chinese end-user markets after two years of strong capacity growth. Partially offset by continued strength in automotive end-user markets and initial sales of hybrid bonding systems

• Orders of € 663.7 million declined 29.3% principally due to decreased demand for high-end smartphone applications post new product cycle in 2021 and reduced bookings from Chinese subcontractors for mobile and mainstream computing applications

• Gross margin rose to 61.3% vs. 59.6% in 2021 primarily as a result of lower temporary headcount levels, favorable forex influences and absence of inventory impairment charge recorded in 2021

• Net income of € 240.6 million decreased 14.8% primarily due to lower revenue, increased R&D spending and absence of € 15.0 million deferred tax benefits vs. 2021

• Net margin 33.3% vs. 37.7% in 2021.

• Proposed dividend of € 2.85 per share. Represents pay-out ratio of 93%

Outlook

• Q1-23 revenue anticipated to decrease 0-10% vs. Q4-22 as industry downturn continues. Gross margin expected to range between 61%-63%

 

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