Semiconductor Equipment - Berenberg Bank

ASM International NV
Small/Mid-Cap: Technology Hardware
Financials
Profit and loss account
Year-end December (EUR m) 2011 2012 2013E 2014E 2015E
Sales 1,634.4 1,418.0 558.6 477.5 498.7
Cost of sales 1,052.3 977.6 369.3 286.5 294.3
Gross profit 582.1 440.4 189.3 191.0 204.5
Selling, General and Administrative Expense 176.4 202.0 87.4 65.0 68.0
Research and development 129.4 149.2 76.3 65.0 68.0
Other operating expenses 0.0 0.0 0.0 0.0 0.0
Amortisation of intangible assets 0.0 0.0 0.0 0.0 0.0
Restructuring expenses -89.8 0.9 0.0 0.0 0.0
EBIT 366.1 88.3 25.3 61.0 68.5
Net interest expenses 15.0 14.6 0.7 0.0 0.0
Other financial result 1.8 -6.9 3.9 0.0 0.0
Extraordinary income/loss 0.0 0.0 1,409.8 0.0 0.0
EBT 353.0 66.7 1,438.3 61.0 68.5
Taxes 36.7 26.3 6.5 9.1 10.3
Net income from continuing operations 316.3 40.4 1,431.8 51.8 58.2
Income from discontinued operations (net of tax) - - - - -
Net income 316.3 40.4 1,431.8 51.8 58.2
Minority interest 129.4 33.3 -2.7 0.0 0.0
Share of profit of associates 56.9 24.6 34.0 72.9 75.3
Net income (net of minority interest) 186.9 7.2 1,470.0 124.7 133.5
Source: Company data, Berenberg estimates
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