Semiconductor Equipment - Berenberg Bank

ASM International NV
Small/Mid-Cap: Technology Hardware
Balance sheet
Year-end December (EUR m) 2011 2012 2013E 2014E 2015E
Intangible assets 52.1 51.9 11.5 11.5 11.5
Property, plant and equipment 260.2 275.4 39.0 10.3 -18.4
Other assets 74.1 56.1 1,423.2 1,508.9 1,597.4
Fixed Assets 386.4 383.5 1,473.7 1,530.8 1,590.6
Liquid assets 390.3 290.5 255.6 367.6 480.3
Accounts receivable 330.9 304.8 89.0 76.1 79.5
Inventories 376.7 403.4 116.6 90.4 92.9
Other current assets 82.7 80.0 6.3 5.4 5.6
Deferred taxes 14.4 18.0 5.3 5.3 5.3
Current income tax assets 0.9 0.9 0.5 0.5 0.5
Current Assets 1,195.8 1,097.6 473.3 545.2 664.0
TOTAL 1,582.2 1,481.0 1,947.0 2,076.0 2,254.6
Shareholders' equity 659.8 738.4 1,851.9 1,997.7 2,173.6
Minority interest 297.9 308.1 0.0 0.0 0.0
Long-term debt 15.3 12.6 0.0 0.0 0.0
Subordinated capital 135.1 0.0 0.0 0.0 0.0
Provisions 6.8 5.3 0.0 0.0 0.0
Deferred taxes 0.9 1.0 0.0 0.0 0.0
Pensions provisions 9.9 -6.0 3.4 3.4 3.4
Other liabilities 0.0 0.0 0.4 0.9 1.3
Non-current liabilities 659.8 738.4 1,851.9 1,997.7 2,173.6
Short-term debt 40.7 61.7 0.0 0.0 0.0
Accounts payable 157.5 151.8 62.2 48.2 49.5
Other accruals 152.9 170.7 22.9 19.6 20.4
Advance payments 42.7 0.0 0.0 0.0 0.0
Deferred income 0.0 0.0 0.0 0.0 0.0
Other liabilities 54.9 27.7 2.8 2.8 2.8
Current portion of long term debt 4.3 6.3 0.0 0.0 0.0
Current liabilities 456.5 421.6 91.4 74.1 76.3
TOTAL 1,582.2 1,481.0 1,947.0 2,076.0 2,254.6
Source: Company data, Berenberg estimates
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