Duiven, the Netherlands, February 18, 2022 - 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, 2021.

Key Highlights Q4-21

• Revenue of € 171.7 million down 17.6% vs. Q3-21 primarily due to deferral of shipments caused by flood at one of Besi’s Malaysian production facilities and lower revenue from mobile applications as per typical Q4 seasonal patterns. Up 56.5% vs. Q4-20 primarily related to significantly increased demand for automotive and computing applications

• Orders of € 202.6 million down 3.2% vs. Q3-21 but above December guidance. Up 28.8% vs. Q4-20 due to broad based demand by IDM customers, particularly for mobile and automotive applications

• Gross margin of 56.7% declined 3.7 points vs. Q3-21 due to one-time, € 7.4 million inventory impairment charge related to the flood. Excluding such charge, gross margin rose to 61.0%, up 0.6 points vs. Q3-21 and up 2.7 points vs. Q4-20

• Net income of € 67.1 million declined 20.3% vs. Q3-21 principally due to adverse impact of flood. Net margins remained elevated at 39.1% vs. 40.4% in Q3-21. Net income up 50.4% vs. Q4-20

• Net cash continued to expand, rising +28.7% vs. Q3-21 and 86.4% vs. Q4-20 to reach € 370.4 million

Key Highlights FY 2021

• Revenue of € 749.3 million increased by € 315.7 million, or 72.8%, primarily due to increased demand for mobile applications from new 5G smartphone cycle, recovering automotive and computing end-user markets and increased investment by Chinese customers

• Orders of € 939.1 million grew € 467.0 million (+98.9%) as a result of broad-based demand across Besi’s principal end-user markets, customers and geographies

• Gross margin reached 59.6%, equal to 2020. Upward growth limited by inventory impairment charge and adverse forex movements of USD and Chinese yuan vs. euro

• Net income of € 282.4 million grew € 150.1 million (+113.5%). Net margin also rose to 37.7% vs. 30.5%

• Proposed dividend of € 3.33 per share, up 95.9% vs. 2020. Represents pay-out ratio of 92%

Outlook

• Q1-22 revenue estimated to rise 15% (+/- 5%) vs. Q4-21 and 38% vs. Q1-21 (at midpoint of guidance). Timing of Q1-22 quarterly shipments influenced by supply chain issues affecting production at Besi and customer manufacturing sites. Gross margin anticipated to range between 59%-61%

 

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