INVESTOR PRESENTATION February 2018
Safe Harbor Statement This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2016; and other key factors that could
adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise. February 2018
2
Agenda
I.
Company Overview
II.
Market
III.
Strategy
IV. Financial Review
V.
Outlook & Summary
February 2018
3
I. COMPANY OVERVIEW
February 2018
4
Besi Overview
Corporate Profile
Financial Highlights
Investment Considerations
• Leading assembly equipment supplier with #1 and #2 positions in key markets. 35% addressable market share • Broad portfolio: die attach, packaging and plating • Strategic positioning in substrate and wafer level packaging • Global mfg. operations in 6 countries; 2,040 employees worldwide. HQ in Duiven, the Netherlands
• LTM revenue and net income of € 592.8 and € 173.2 million • Cash and deposits at Q4-17: € 527.8 million • Net cash and deposits at Q4-17: € 247.6 million • € 449.9 million of dividends and share repurchases since 2011*
• Growth of TSMC
8800CHM, MMS-LM
Hynix/Micron/Sams Hynix/Micron/Hanamicro 2100sD, FSL ung Hynix/Toshiba Hynix/Amkor/Toshiba 8800FCQ, AMS-W/LM
DRAM Memory
X
X
NAND Flash Power Management Apple PM IC PMIC M3 Microcontroller Accelerometer/Gyroscope/Barometric Gyroscope 3-ax accelerometer barometric sensor
X
X X X None
Dialog Qualcomm
Dialog
X
2100sD N/A
X X X
Invensense Bosch Bosch
Amkor/ASE/STM Bosch Bosch
2100xP, 2100sD, AMS-W/LM, FCL evo evo
IDM/OSAT
Besi system Utilized
Communications Wifi/NFC Wifi module NFC NFC Booster IC LTE LTE Modem Low Band LTE PAD Mid Band PAD High Band PAD Receiver/Transceiver RF Transceiver RF Receiver Envelop Tracking IC Antenna Switch PA PA PA Module Video/Audio Camera Back side 12M (OSI) Front 7M Finger print sensor Audio 2+4 microphones Audio Codec Touch screen control Touch screen control Touch Transmitter
X
Generation 2012 X
X X X X
Generation 2012 X X
X X
Generation Manufacturer 2016 X X X
Murata NXP AMS
Murata Amkor Daca
Murata's equipment 8800FCQ, AMS-W/LM N/A
X X X X
Qualcomm Skyworks Skyworks Avago
Amkor/Stats/Spil/ASE Skyworks Skyworks ASE/Amkor
8800FCQ, AMS-W/LM 2200evo, FSL 2200evo, FSL 2100xP, 2100sD, AMS-W/LM
X X X X
Qualcomm/Intel Qualcomm/Intel Qualcomm RFMD
Amkor/ASE Amkor/ASE TSMC ->Amkor/Stats/ASE Amkor/ASE,/RFMD
2100xP, 2100sD, AMS-W/LM N/A 8800FCQ, AMS-W/LM 2100xP, 2100sD
X X
Boradcom(Avago) Boradcom(Avago)
ASE/Amkor ASE/Amkor
2100xP, 2100sD, AMS-W/LM 2200evo, 2100sD
IDM/OSAT
Besi system Utilized
Generation Manufacturer 2016 X X X
Apple Apple Apple
LG, Sharp, Mitsumi Cowell, Sony ASE
2200evo 2200evo 2200evo
X X
ST Cirrus Logic
ST Amkor
2100 xp 2100xP, 2100sD, AMS-W/LM
X X
Broadcom TI
Signetics TI
2100sD FCL
• Besi systems can assemble 50% of 2012 generation components and 70% of 2016 generation components February 2018
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Flip Chip/Wire Bond Process Shift Is Another Revenue Opportunity 2017 Wire Bonding
2022
Flip Chip Bonding Flip Chip $283 22%
Flip Chip Advantages Reduces board area by up to 95%. Requires far less height
Greater I/O connection flexibility
Wire Bonding $1,018 78%
Offers higher speed electrical performance
More durable interconnection method
Lower cost for high volume production, with costs below $0.01 per connection
Flip Chip $370 23%
Wire Bonding $1,226 77%
CAGR 2017 - 2022 Flip Chip 5.5% Wire Bond 3.8%
• Move to
