ASM INTERNATIONAL N.V. REPORTS FIRST QUARTER 2021 RESULTS

Almere, The Netherlands

April 20, 2021, 6 p.m. CET

ASM International N.V. (Euronext Amsterdam: ASM) today reports its first quarter 2021 operating results (unaudited) in accordance with IFRS.

Continued strong logic/foundry demand fuels record quarterly orders.

FINANCIAL HIGHLIGHTS

• New orders at €411 million were 8% above the level of last quarter.
• Revenue for the first quarter 2021 was €394 million and increased 14% compared to the previous quarter due to strong market demand.
• Gross profit margin was 49.5% in Q1 2021 compared to 45.2% in the previous quarter, mainly due to favorable mix.
• Operating result was €125 million compared to €78 million in the previous quarter.
• Normalized net earnings for the first quarter 2021 were €125 million, €43 million higher compared to Q4 2020. 

COMMENT

“2021 started very strong for ASM,” said Benjamin Loh, President and Chief Executive Officer of ASM International. “In the first quarter, we realized revenue of €394 million, well within our guidance of €380-400 million and up 14% from the level in Q4. The revenue level was again driven by continuous high demand in the logic/foundry segment. Our Q1 order intake, at €411 million, was up 8% from an already high level in Q4 and ahead of our guidance of €380-400 million, driven by solid demand in logic/foundry. Our gross margin was at a high level of 49.5%, caused by a favorable mix, while our operational cash flow showed a record high level in Q1. Based upon the strong cash position at the end of March, we plan to start a new €100 million share buyback program.”

OUTLOOK

For Q2, on a currency comparable level, we expect revenue of €390-€410 million. Q2 bookings, on a currency comparable level, are expected to be in the range of €420-€440 million.

Based upon the current market developments, the wafer fab equipment (WFE) market is expected to grow by a high-teens to low twenties percentage in 2021. 2021 is expected to develop in another year of solid growth for ASM. Based upon our current view, we expect our sales in the second half to be at least at the same level as in the first half.

SHARE BUYBACK PROGRAM

On February 25, 2020, ASMI announced the authorization of a share buyback program for up to €100 million. The program started on June 2, 2020, and was completed on March 2, 2021. In total, we repurchased 646,180 shares at an average price of €154.76, under the 2020-2021 program.

ASMI announces today the authorization of a new repurchase program of up to €100 million of the Company’s common shares within the 2021/2022 time frame. This buyback program will be executed by intermediaries and will end as soon as the aggregate purchase price of the common shares acquired by ASMI has reached €100 million.

This repurchase program is part of ASMI’s commitment to use excess cash for the benefit of its shareholders.

ANNUAL GENERAL MEETING OF SHAREHOLDERS

On March 31, 2021, ASMI published the agenda for the 2021 Annual General Meeting of Shareholders (AGM), to be held on May 17, 2021, which, as also earlier announced, includes amongst others the following matters:

• proposal to appoint Mr. Paul Verhagen as member of the Management Board;
• proposal to re-appoint Mrs. Stefanie Kahle-Galonske as member of the Supervisory Board;
• proposal to declare a regular dividend of €2.00 per common share over 2020; and
• proposal to withdraw 500,000 treasury shares.

Please refer to the AGM documents available on our website for more detailed information.
  

About ASM International

ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI’s website at www.asm.com.

Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, 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, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics and other risks indicated in the Company’s reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

ASM International will host an investor conference call and webcast on Wednesday April 21, 2021, at 14:00 Continental European Time (8:00 a.m. – US Eastern Time).

The teleconference dial-in numbers are as follows:

• United States: +1 646 7413 167
• International: +44 (0) 8444 819 752
• The Netherlands: +31 (0)20 79 566 14
• Access Code: 6352838

A simultaneous audio web cast and replay will be accessible at www.asm.com.

CONTACT

Investor and media contact:

Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com