ASMPT：ANNOUNCEMENTOF2023AUDITEDRESULTSFORTHEYEARENDED31DECEMBER2023.pdf

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1、Page 1 of 40 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from

2、 or in reliance upon the whole or any part of the contents of this announcement.ASMPT LIMITED(Incorporated in the Cayman Islands with limited liability)(Stock Code:0522)Announcement Of 2023 Audited Results For The Year Ended 31 December 2023 Solid Performance for Advanced Packaging Group Financial H

3、ighlights for Q4 2023 Revenue of HK$3.40 billion(US$435.4 million),-21.4%YoY and-2.0%QoQ Bookings of HK$2.74 billion(US$349.8 million),-12.2%YoY and-7.6%QoQ Gross margin of 42.3%,+87 bps YoY and+812 bps QoQ Operating margin of 5.5%,-825 bps YoY and+356 bps QoQ Net profit of HK$75.7 million,-71.6%YoY

4、 and+493.4%QoQ Basic earnings per share of HK$0.18,-72.3%YoY and+350.0%QoQ Group Financial Highlights for FY 2023 Revenue of HK$14.70 billion(US$1.88 billion),-24.1%YoY Bookings of HK$12.26 billion(US$1.57 billion),-33.5%YoY Gross margin of 39.3%,-186 bps YoY Operating margin of 7.5%,-920 bps YoY Ne

5、t profit of HK$711.5 million,-72.8%YoY Basic earnings per share of HK$1.73,-72.8%YoY Order backlog of HK$6.61 billion(US$846.1 million)as of 31 December 2023 Full Year 2023 dividend per share(including special dividend)of HK$1.39 Non-HKFRS Measures1 Adjusted Net profit of HK$745 million for FY 2023(

6、-71.5%YoY),and of HK$76 million for Q4 2023(+68.4%QoQ and-71.3%YoY)Adjusted Basic earnings per share of HK$1.82 for FY 2023(-71.4%YoY),and of HK$0.18 for Q4 2023(+63.6%QoQ and-72.3%YoY)Revenue Guidance for Q1 2024 US$370 million to US$430 million,-20.0%YoY and-8.1%QoQ at mid-point 1 For more informa

7、tion about the Non-HKFRS Measures,please refer to the section under“Reconciliation of HKFRS Measures to the non-HKFRS Measures”.Page 2 of 40 The Directors of ASMPT Limited are pleased to deliver the following announcement of audited results for the year ended 31 December 2023:RESULTS SUMMARY ASMPT L

8、imited and its subsidiaries(the“Group”or“ASMPT”)delivered revenue of HK$14.70 billion(US$1.88 billion)for the fiscal year ended 31 December 2023,which was 24.1%lower year-on-year(“YoY”).The Groups consolidated profit after taxation for the year was HK$711.5 million(HK$744.9 million after adjustments

9、 under non-HKFRS Measures),a decrease of 72.8%YoY.Basic earnings per share(“EPS”)for the year amounted to HK$1.73(HK$1.82 after adjustments under non-HKFRS Measures)compared with EPS of HK$6.36 for the preceding year.DIVIDENDS AND CLOSURES OF REGISTER OF MEMBERS The Group has a dividend policy of di

10、stributing around 50%of its annual profits as dividends and firmly believes in returning excess cash to its shareholders.After considering its short-term needs and cash on hand,the Board of Directors has resolved to recommend to shareholders the payment of a final dividend of HK$0.26(2022:final divi

11、dend of HK$1.90)per share.In addition,the Board has also recommended a special cash dividend of HK$0.52 per share to shareholders.Together with the interim dividend of HK$0.61(2022:HK$1.30)per share paid in August 2023,the total dividend payment for year 2023 will be HK$1.39(2022:HK$3.20)per share.T

12、he proposed final dividend and special dividend of HK$0.78 per share in total,the payment of which is subject to approval by the shareholders at the forthcoming annual general meeting of the Company to be held on Wednesday,8 May 2024(“2024 AGM”),is payable on 31 May 2024 to shareholders whose names

13、appear on the Register of Members of the Company on 17 May 2024.The Register of the Members of the Company will be closed during the following periods:(i)from 6 to 8 May 2024,both days inclusive,during which period no transfer of shares will be registered for the purpose of ascertaining shareholders

14、 entitlement to attend and vote at the 2024 AGM.In order to be eligible to attend and vote at the 2024 AGM,all transfers accompanied by the relevant share certificates must be lodged with the Companys Share Registrar in Hong Kong,Tricor Secretaries Limited at 17/F,Far East Finance Centre,16 Harcourt

15、 Road,Hong Kong,not later than 4:00 p.m.on 3 May 2024;and (ii)from 16 to 17 May 2024,both days inclusive,during which period no transfer of shares will be registered for the purpose of ascertaining shareholders entitlement to the proposed final dividend and special dividend.In order to qualify for t

16、he proposed final dividend and special dividend,all transfers accompanied by the relevant share certificates must be lodged with the Companys Share Registrar in Hong Kong,Tricor Secretaries Limited at the abovementioned address,not later than 4:00 p.m.on 14 May 2024.Page 3 of 40 MANAGEMENT DISCUSSIO

17、N AND ANALYSIS Group Business Review Our review of 2023 will begin with an overall commentary on notable business highlights,followed by a financial review of the Group and its Segments:the Semiconductor Solutions Segment(“SEMI”)and SMT Solutions Segment(“SMT”).Overall,2023 was a tough year for the

18、semiconductor industry.The impact of a challenging macroeconomic environment including persistent inflationary pressure,interest rate impact,coupled with geopolitical tensions,and a slower than anticipated recovery of the Chinese economy weakened overall consumer sentiment and electronics demand.The

19、 Groups management team deeply appreciates the professionalism,dedication and commitment of the entire global ASMPT team which deftly navigated a difficult landscape in 2023.Unique Broad-based Portfolio Cushioned Impact of Downcycle Year The Groups unique broad-based portfolio encompasses two distin

20、ct businesses-SEMI and SMT.While the prolonged industry downturn adversely impacted the SEMI business-with its revenue contracting significantly in 2023 due to a substantial fall in demand for personal computers,smartphones,and other consumer electronic devices-SMT remained resilient mainly due to c

21、ontinued demand from Automotive and Industrial end markets.In fact,SMT contributed more of overall Group revenue in 2023,delivering higher revenue than SEMI for a sixth consecutive quarter in Q4 2023.Another aspect of the Groups unique broad-based portfolio is the diversified end markets the Group s

22、erves.Automotive applications continued their strong momentum,contributing the most to Group revenue in 2023,followed by Industrial applications.An obvious bright spot was its Advanced Packaging(“AP”)solutions that experienced growing demand from generative AI and High Performance Computing(“HPC”)ap

23、plications.SMT:Resilient Performance with Largest Market Share Powered by Automotive and Industrial end-market applications during the year,SMT delivered a comparatively buoyant revenue performance even in the semiconductor downcycle and strengthened its position as market leader.Much of this perfor

24、mance was due to robust demand for SMTs high-end placement and printing tools,which came mostly from Europe and the Americas.SMT bookings started to soften in the second half of 2023 mainly due to automotive and industrial end-markets normalising.Even as Automotive and Industrial end markets continu

25、ed to dominate segment bookings for 2023,there has also been growing demand for the Groups placement tools from AI-related server applications due to their flexibility in handling varied board sizes with high placement accuracy.The Groups SMT placement tools received orders from AI server customers

26、and a leading foundry player in 2023.More recently,there was also demand from smartphone and wearable applications players,specifically for SMTs Systems-in-Package(SiP)AP tools.Page 4 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued Automotive:Maintaining Pole Position for Revenue Contribution The

27、 Groups Automotive end-market applications contributed the highest proportion of 2023 Group revenue at about 22%or approximately US$410 million.This was primarily fuelled by growth in engagements with Automotive players,particularly Electric Vehicle(“EV”)players,enabling more of the Groups solutions

28、 to becoming the process of record(“POR”)for these companies.The Groups comprehensive range of Automotive solutions are a distinctive competitive differentiator,and momentum is particularly notable in the growing EV market that is being supported by the entry of new automakers and more EV model laun

29、ches.Demand for Silicon Carbide(“SiC”)related applications is also on the rise and the Groups total solutions for these include laser dicing for wafers,die attach,pressure sintering,molding,and SMT placement.These value-added solutions have helped the Group to be a preferred co-development partner f

30、or its customers.Looking forward,the Group estimates the addressable market for Automotive end-market applications to grow from approximately US$1.8 billion in 2024 to US$2.6 billion in 2028,at a compounded annual growth rate(“CAGR”)of about 10%.Advanced Packaging:Expanding Customer Base in High Gro

31、wth Market The Groups AP solutions percentage share of Group revenue for 2023 increased YoY to around 22%,or about US$410 million.Looking ahead,the Group estimates that its addressable market for AP will progressively increase from about US$1.7 billion in 2024 to US$3.3 billion in 2028,a CAGR of abo

32、ut 18%.This increase in both addressable market size and CAGR is mainly driven by the fast-growing global generative AI market.As more of the Groups AP solutions are gaining traction,it is further deepening its already strong,entrenched positions with major AI players.This provides the Group with co

33、nfidence to steadily grow its AP market share.Here are some notable developments within the Groups AP solutions:Thermo-Compression Bonding(“TCB”):Market Leader with Increased Customer Adoption On the back of a robust backlog,the Groups TCB solutions delivered their highest yearly revenue and contrib

34、uted the most to the Groups overall AP revenue in 2023.With an early mover advantage,the Groups TCB solutions are a market leader,with the largest installed base of tools globally.Overall,its TCB customer base has expanded beyond logic IDMs into high bandwidth memory(“HBM”),leading foundry,and OSAT

35、players,and it is deeply embedded in these customers generative AI supply chains.The Group has a solid foundation serving the logic IDM market.Here,its TCB solutions have a commanding position in both chip to substrate(“C2S”)and chip to wafer(“C2W”)applications for HPC and AI.Page 5 of 40 MANAGEMENT

36、 DISCUSSION AND ANALYSIS-continued In addition,for logic requirements fuelled by generative AI demand,the Group has already won meaningful TCB orders for C2S applications from a leading foundry in Q3 and Q4 2023.The Group is also deeply engaged with this customer with its next generation ultrafine p

37、itch C2W solution.It also won orders from OSATs for both C2S and C2W applications as they expand capacity to support multiple AI players growth.In the HBM market,the Groups TCB tools are already in production at a leading HBM player,and it continues to have meaningful engagements with multiple HBM p

38、layers.These provide the confidence of more order flow over the next few quarters.Moreover,as HBM packaging requirements become more demanding,they will increasingly require TCB processes,where ASMPT is the technology leader.The Group is ready for 12H/16H HBM with its next generation ultrafine pitch

39、 TCB.With accelerating TCB adoption,ASMPT is in the best position to capitalize on the generative AI boom.Its first mover position,proven track record and extensive industry learning over the past decade enable it to offer the most comprehensive and scalable TCB solutions.It will continue to expand

40、its production capacity in 2024 and beyond.Flip Chip(“FC”)High Precision Die-bonding Gains Traction in AI Generative AI and HPC applications require varying degrees of pitch and placement accuracy across cloud and data centres.Besides TCB,the Groups high-precision FC bonding tools have also gained t

41、raction due to demand from generative AI requirements with a consistent order momentum throughout 2023 that is expected to continue in 2024.It is engaging leading foundry,HBM and OSAT customers for both C2W and C2S applications.In addition,its FC tools are capable of panel level pick-and-place fan-o

42、ut applications with lower form factors that are well-suited for AI edge devices.Taken together,the Groups TCB and FC tools are already catering to AI players at cloud and datacentre levels and are well poised to take advantage of the huge potential in edge devices when demand for these surges.Hybri

43、d Bonding(“HB”):A Breakthrough Year In 2023,the Groups HB solutions received its first orders for two tools for 3D integration which will be delivered in the second half of 2024.It is confident of securing more orders for its HB tools in Q1 2024 and beyond.Engagements with key customers for its next

44、-generation HB tools are progressing well in various end-market applications,including the memory market.These give the Group confidence that it will intercept the HVM ramp for HB in time to come.Page 6 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued Photonics:Market Leading Solutions Rapid gener

45、ative AI growth demands higher bandwidth and datacentres are expanding and upgrading to support this.Consequently,demand for higher bandwidth optical transceivers and Co-Packaged Optics(“CPO”)applications has been growing.For transceivers,the Groups market leading range of Photonics solutions can ca

46、ter to bandwidths from 100G to 800G and beyond.In particular,it has a comprehensive range of solutions for 400G and higher bandwidth transceivers and commands a dominant market share in the transceiver segment.For CPO applications,its Silicon Photonics(“SiPh”)solutions have best-in-class placement a

47、ccuracy and a highly flexible system capable of handling multiple bonding processes.This combination of demand growth,and both market and technology leadership saw its Photonics solutions win repeat orders from leading AI players in 2023.This order momentum is expected to continue in 2024.Advanced D

48、isplay:Seeing Green Shoots The Groups advanced display tools encompass both Mini and Micro LED applications.While 2023 began slowly for its Mini LED solutions as customers held back investments due to weak consumer sentiment,there was some traction and order flow later in the year.This momentum is e

49、xpected to continue into 2024 with improving sentiment and HVM potential of RGB displays for seamless,high-resolution indoor video walls.Its Mini LED solutions are well-positioned to capitalise on this demand growth with their ultrafine pitch capabilities.Its Micro LED solutions have been progressin

50、g steadily toward mass market adoption across diverse applications including smartwatch and automotive.ASMPT is the first tool provider to win orders in Micro LED for smartwatch applications.It also won orders in automotive smart headlamps for high-end vehicles,and is engaging top automotive players

51、 as demand for such headlamps continues to grow.SMT Placement:Traction with Next Generation AP Tools The Group is engaging customers with its next generation AP tools that have higher placement accuracy,multi-die picking capabilities,and the ability to pick dies directly from the wafer for better pe

52、rformance.These tools are gaining traction for SiP,wafer level fan-out and embedded substrate applications,and SMT expects more orders for these AP tools in 2024.Page 7 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued Investing for the Future Despite the downturn,the Group continued to prioritise

53、investment in areas of key strategic importance,such as R&D and infrastructure,so as to prepare well for future opportunities.These are expected to incur additional operating expenditure of around HK$250 million for 2024.With the wealth of AP developments described above,it firmly believes that AP i

54、s a strategic growth area with significant potential and has prioritised R&D resources and capacity investments to strengthen its leading position.It also embarked on large scale system rollouts globally that are focused on people development,IT,ERP and other operational areas,and it expects to step

55、 up its investments in these areas in 2024.Over time,these will make the company more productive and agile as it navigates a more dynamic external operating environment.Group Financial Review(in HK$million)Q4 2023 QoQ YoY FY 2023 YoY Bookings 2,736.1(US$349.8 million)-7.6%-12.2%12,259.7(US$1,565.9 m

56、illion)-33.5%Revenue 3,404.7(US$435.4 million)-2.0%-21.4%14,697.5(US$1,876.8 million)-24.1%Gross Margin 42.3%+812 bps+87 bps 39.3%-186 bps Operating Margin 5.5%+356 bps-825 bps 7.5%-920 bps Adjusted Net Profit 76.5+68.4%-71.3%744.9-71.5%Adjusted Net Profit Margin 2.2%+94 bps-391 bps 5.1%-845 bps FY

57、2023 Group Financial Review The Groups performance was impacted by SEMI in a challenging downcycle year.It delivered full-year revenue of HK$14.70 billion(US$1.88 billion),a decline of 24.1%YoY.SEMIs revenue declined 37.0%YoY,while SMT declined 10.0%and SMT contributed about 57%of Group revenue.This

58、 highlights the advantage of its broad-based portfolio as its two segments follow different business cycles and shielded it to a certain extent in downcycles.Here are some highlights from an end-market perspective:(i)The Automotive market continued to be the highest contributor to Group revenue at a

59、pproximately 22%.Even in the face of some market softness,the Groups comprehensive range of Automotive solutions and its engagements with a growing base of customers helped this end market maintain its strong contribution.(ii)The Industrial market also witnessed some weakness,but its percentage cont

60、ribution remained stable,contributing to about 16%of Group revenue.It was also the highest contributor to SMTs performance,benefitting from structural trends towards intelligent factories,greener infrastructure,enhanced automation,and digitalization.(iii)The Consumer,Communication and Computing mark

61、ets continued to experience softness owing to weak consumer sentiment.Page 8 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued In terms of geographical breakdown,China(including Hong Kong)continued to witness a YoY decline in revenue and share of Group revenue dropped from 42%to 31%.This decline wa

62、s partially offset by YoY revenue growth from Europe and the Americas,with Europes share of Group revenue increasing from 18%to 28%,and from 12%to 18%for the Americas.In 2023,the Group continued to experience a low degree of customer revenue concentration,with its top five customers accounting for a

63、bout 17%of total revenue.In line with weak industry conditions,Group bookings declined by 33.5%YoY to HK$12.26 billion(US$1.57 billion).SEMI witnessed a decline of 39.7%YoY in bookings due to the semiconductor downcycle.As SMT normalised in the second half of the year,segment bookings for the second

64、 half of the year were impacted,thus bookings for 2023 declined 27.7%YoY.In terms of end markets,combined bookings from AP,Automotive and Industrial remained stable at about 60%of Group bookings for 2023.The Group ended the year with a backlog of HK$6.61 billion(US$846.1 million),and a book-to-bill

65、ratio of 0.83.Group gross margin was 39.3%,down 186 bps,mainly due to SEMI,while SMT witnessed gross margin growth due to a favourable product mix.In a downcycle year,the Group continued its cost control and efficiency-enhancing initiatives,which included the reduction of non-essential travel and en

66、tertainment,sensible hiring measures,and targeted headcount reduction.Group operating margin declined by 920 bps YoY to 7.5%due to lower sales volumes and reduced gross margin.In line with reduced revenue and operating margin,the Groups adjusted net profit declined 71.5%YoY to HK$744.9 million.The G

67、roup continued to have a robust balance sheet and recorded strong cash and bank deposits of HK$4.80 billion at end 2023(2022 end:HK$4.42 billion).Net cash was at a record level of HK$2.80 billion at the end of 2023(2022 end:HK$2.17 billion).Q4 2023 Group Financial Review Group revenue of HK$3.40 bil

68、lion(US$435.4 million)was marginally higher than the mid-point of revenue guidance previously issued.It was a decline of 2.0%QoQ and 21.4%YoY.It delivered bookings of HK$2.74 billion(US$349.8 million),down 7.6%QoQ due to general seasonality.Bookings declined 12.2%YoY mainly due to SMT.Group gross ma

69、rgin increased 812 bps QoQ to 42.3%due to Q3s exceptionally low gross margin and a better product mix for both SEMI and SMT.It improved 87 bps YoY,mainly driven by SMT.Group operating margin improved 356 bps QoQ to 5.5%as Q3s operating margin was impacted by low Q3 gross margin.Operating margin decl

70、ined 825 bps YoY,mainly due to lower sales volume and lower gross profit.In line with improved operating margin,Group adjusted net profit was HK$76.5 million,up 68.4%QoQ but down 71.3%YoY.Page 9 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued Semiconductor Solutions Segment Financial Review(in HK

71、$million)Q4 2023 QoQ YoY FY 2023 YoY Bookings 1,243.1(US$158.9 million)-6.2%+10.5%5,340.4(US$682.1 million)-39.7%Revenue 1,594.2(US$203.9 million)+1.2%-15.3%6,365.1(US$812.9 million)-37.0%Gross Margin 43.8%+1,187 bps-66 bps 40.9%-375 bps Segment Profit/(Loss)0.9 NM-99.2%(44.1)NM Segment Profit Margi

72、n 0.1%+708 bps-600 bps-0.7%-1,705 bps NM:Not meaningful SEMI registered a slight increase in revenue of 1.2%QoQ to HK$1.59 billion(US$203.9 million)in Q4 2023.Revenue was down 15.3%YoY in line with industry weakness.Revenue performance for each of SEMIs Business Units(“BU”s)was driven by the followi

73、ng developments within each of the BUs:(i)IC/Discrete BU had a stable revenue contribution QoQ,with the highest contribution from TCB.(ii)Optoelectronics BU registered a small QoQ revenue growth.Its advanced tools serving SiPh and Photonics applications combined grew in revenue and contributed the m

74、ost to BU revenue.(iii)CIS BU revenue continued to be adversely impacted by ongoing weakness in the global smartphone market.SEMI recorded Q4 2023 bookings of HK$1.24 billion(US$158.9 million),down 6.2%QoQ mainly due to seasonality.However,quarterly bookings in 2023 declined at a slower rate YoY for

75、 the first three quarters,turning positive in Q4 2023.Bookings improved 10.5%YoY in Q4 2023 mainly fuelled by growth in AP bookings.SEMIs gross margin performance of 43.8%for Q4 2023 was mainly due to a favourable product mix,with AP and Automotive contributing the most to revenue.Gross margin incre

76、ased 1,187 bps QoQ due to Q3 2023 gross margin being exceptionally low.It was down marginally by 66 bps YoY.Segment profit was HK$0.9 million in Q4 2023.Page 10 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued SMT Solutions Segment Financial Review(in HK$million)Q4 2023 QoQ YoY FY 2023 YoY Booking

77、s 1,493.1(US$190.9 million)-8.7%-25.0%6,919.3(US$883.8 million)-27.7%Revenue 1,810.5(US$231.5 million)-4.7%-26.0%8,332.4(US$1,063.9 million)-10.0%Gross Margin 41.0%+493 bps+188 bps 38.1%+73 bps Segment Profit 266.6+3.3%-49.4%1,432.9-21.5%Segment Profit Margin 14.7%+115 bps-679 bps 17.2%-252 bps SMT

78、continued to deliver higher revenue than SEMI for a sixth consecutive quarter in Q4 2023,making up 53.2%of Group revenue.Revenue of HK$1.81 billion(US$231.5 million)was a decline of 4.7%QoQ and 26.0%YoY.Even though the Industrial and Automotive end markets saw some weakness towards the second half,b

79、oth combined still contributed the most to segment revenue for the quarter.As automotive and industrial end-markets normalised,segment bookings declined 8.7%QoQ and 25.0%YoY in Q4 2023 to HK$1.49 billion(US$190.9 million).Segment gross margin improved to 41.0%in Q4 2023,up 493 bps QoQ and 188 bps Yo

80、Y,with this improvement mainly due to a favourable product mix.Segment profit was HK$266.6 million in Q4 2023,a slight improvement of 3.3%QoQ,and down 49.4%YoY mainly due to lower sales volume.OUTLOOK The Group expects Q1 2024 revenue to be between US$370 million to US$430 million,representing a dec

81、line of 20.0%YoY and 8.1%QoQ at mid-point.The decline is mainly due to lower revenue from SMT as its bookings began softening in the second half of 2023.Many experts have anticipated the semiconductor industry to recover in 2024.This could in turn fuel the next multi-year industry upcycle and the Gr

82、oup remains optimistic about its prospects as it taps this longer-term industry optimism with its unique broad-based portfolio.The Groups confidence is further supported by long-term structural trends from automotive electrification,smart factories,green infrastructure,5G/6G,IoT,and AI growth across

83、 cloud,datacentre,and AI edge devices.On a broader level,these structural trends are also moving in tandem with a sustained increase in two key areas:increased capex spend from nations securing their supply chains via more onshoring,and organisations preparing themselves to deal with more dynamic gl

84、obal supply chains to support an increasingly digitally-connected world.Page 11 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued COMMITMENT TO RESEARCH AND DEVELOPMENT(“R&D”)With a global workforce of more than 2,500,the Group operates several R&D centres worldwide across Asia,Europe and the Ameri

85、cas.It has a longstanding practice of annually allocating a significant portion of its financial resources for R&D.In 2023,it invested about HK$2.05 billion(2022:HK$2.03 billion)in R&D.As of 31 December 2023,the Group has delivered over 2,000 patents and patent applications.This continued commitment

86、 to investing in R&D across industry cycles is critical in enabling ASMPT to remain at the forefront of technology development,positioning it well to capitalize on the technological breakthroughs required to tap secular growth opportunities and create value for customers and shareholders.A Unique Co

87、mpetitive Advantage The Groups R&D framework consists of developing robust R&D infrastructure and capabilities to effectively enable and support innovation across the whole Group,providing it with a unique competitive advantage.The R&D team is able to rapidly harness the potential of dynamic technol

88、ogy developments,its technology experts efficiently connecting and collaborating with other technology leaders on advanced developments for the Groups applications.This provides some significant capabilities for the Group,such as timely delivery of innovative solutions for both mainstream and advanc

89、ed packaging,and the ability to regularly bring cutting-edge solutions to customers at a much faster pace than the competition.One of the R&D teams key focus is on building core competencies in five key areas:mechanical,motion,electrical,software,and vision capabilities.These drive technology develo

90、pment and support product development in the design and manufacturing stages.They collectively address a broad array of critical technologies that include advanced motor,advanced process&platform,metrology,motion system&control,precision design,AI&software systems,thermal&fluid control,vibration con

91、trol,and vision&optical technology.Pathfinding is another key R&D role that helps reduce the number of viable design options available in the face of increasingly complex semiconductor device structures and shrinking structural dimensions that are making design of next-generation components ever mor

92、e complex,challenging and time-consuming.One example of this is the current focus on R&D in advanced motion control and AI vision to enhance the impact of AI on overall machine performance.Developments in such pathfinding technology done in collaboration with renowned universities are helping improv

93、e performance,accuracy,learning,adaptive AI usage,anomaly detection,and model-based system engineering competency.The Group remains confident that its R&D team will continue to master the intricacies of the technology used in its products for further innovation and breakthrough,while balancing this

94、with cost of ownership and other key operational criteria.Page 12 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued LIQUIDITY AND FINANCIAL RESOURCES Cash and bank deposits as of 31 December 2023 was HK$4.80 billion(2022:HK$4.42 billion).During 2023,HK$1.04 billion was paid as dividends(2022:HK$1.6

95、1 billion).Capital additions during the year amounted to HK$444.1 million(2022:HK$463.1 million),which was fully funded by Companys operating cash flow.As of 31 December 2023,the debt-to-equity ratio was 0.127(2022:0.142).Debts include all bank borrowings.The Group had available banking facilities o

96、f HK$5.92 billion(US$758.0 million)(2022:HK$3.41 billion(US$437.1 million)in the form of bank loans and overdraft facilities,of which HK$3.58 billion(US$458.5 million)(2022:HK$1.86 billion(US$238.5 million)were committed borrowing facilities.Bank borrowings,which are mainly arranged to support day-t

97、o-day operations and capital expenditure,are denominated in Hong Kong dollars.The Group had unsecured bank borrowings of HK$2.00 billion as of 31 December 2023(2022:HK$2.25 billion),consisting of variable-rate syndicated loan.The syndicated loan is repayable by instalments till March 2024.The Group

98、uses interest rate swaps to mitigate its exposure of the cash flow changes of the variable-rate syndicated loan by swapping HK$1.75 billion(2022:HK$1.75 billion)of the syndicated loan from variable rates to fixed rates.The Group has successfully re-financed its outstanding syndicated loan in Februar

99、y 2024.The Groups equity attributable to owners of the Company was HK$15.69 billion(2022:HK$15.74 billion)as at 31 December 2023.As of 31 December 2023,cash holdings of the Group were mainly in US dollars,Euros and Chinese RMB.The Group entered into HK dollar and Euro hedging contracts to mitigate f

100、oreign currency exposure of the inter-company loans denominated in Euro.SMT Solutions Segment entered into US dollar and Euro hedging contracts to mitigate foreign currency risks,as a significant portion of the production of SMT equipment and its suppliers are located in Europe,while a substantial p

101、art of the Groups revenue for SMT equipment is denominated in US dollars.In terms of currency exposure,the majority of the Groups sales and disbursements in respect of operating expenses and purchases were mainly in US dollars,Euros and Chinese RMB.Page 13 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-co

102、ntinued SIGNIFICANT INVESTMENT As of 31 December 2023,AAMI was regarded as a significant investment of the Group as the value of the Groups investment in AAMI comprised 5%or more of the Groups total assets.Information pursuant to paragraph 32(4A)of Appendix D2 to the Rules Governing the Listing of S

103、ecurities on The Stock Exchange of Hong Kong Limited(“Listing Rules”)in relation to the Groups investment in AAMI is as follows:(i)Details of the investment in AAMI:4,444 ordinary shares in AAMI,representing 44.44%equity interests in AAMI.The carrying value of the Groups investment in AAMI is HK$1,5

104、21 million(ii)Fair value of the investment in AAMI:HK$1,731 million(iii)The investments size relative to the Groups total assets:6.3%(iv)The performance of the investment in AAMI:For the year ended 31 December 2023,the share of results of AAMI was HK$11 million,and no dividend was received from AAMI

105、(v)Principal activity of AAMI and its subsidiaries:Manufacturing and trading of materials products(vi)The Groups investment strategy:Long-term investment in the materials business HUMAN RESOURCES The Group places significant value on its global workforce and consistently introduces and enhances a ra

106、nge of human resource(“HR”)initiatives to foster a positive and inclusive work culture and employee experience.These include areas such as employee engagement and recognition;talent development and succession planning;employee digital experience;and diversity,equity&inclusion(DEI),for the growth and

107、 well-being of its employees.Here are the highlights of key initiatives for 2023:Employee Engagement&Recognition To gain deeper insights into employee needs,the Company conducted its inaugural Global Employee Engagement Survey,named ENGAGE.The survey achieved an impressive participation rate of appr

108、oximately 90%worldwide.It has analysed the survey results and will put in place action plans for 2024.These underscore ASMPTs commitment to develop an engaging and high-performing organization.It also introduced the Companys first Global Employee Recognition Program called SPARK that features four d

109、istinct categories covering Business Performance,Engineering Innovation,Quality Excellence,and the Companys POWER values.SPARK will serve as a platform to recognize and celebrate the diverse talents and achievements within ASMPT.Page 14 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued Talent Devel

110、opment&Succession Planning Efforts here highlight ASMPTs strategic vision to ensure its future growth and sustainability.Following a structured review of succession planning for Director-level employees and above,ASMPT has partnered with an external consulting company to establish an ASMPT Developme

111、nt Centre to provide future leaders with a rigorous assessment of their leadership development needs.The HR team worked with internal stakeholders to systematically identify and assess a potential talent pool of future ASMPT leaders.This initial cohort successfully completed the required assessments

112、 at the Development Centre,marking a significant milestone in systematically nurturing ASMPTs future leaders.Digital Experience ASMPT successfully rolled out its first Global People System(GPS)to greatly improve productivity and the overall digital experience for its employees worldwide.The GPS has

113、a particular emphasis on enhancing self-service management,engagement,growth,and development.GPS rollout has been completed for Asia and the Americas in 2023,and plans are underway to extend its deployment to Europe and enhance the systems functionalities in 2024.Diversity,Equity&Inclusion(“DEI”)The

114、 Companys emphasis on DEI initiatives took a further step forward with the launch of various ASMPT Womens Chapters across the world,where female employees can connect,share,and support one another in their professional journeys.These Chapters are a significant step towards promoting gender diversity

115、 and inclusion within the Company.ASMPT firmly believes that empowering women and fostering inclusivity will create a more diverse,equitable and dynamic work environment that can contribute to the Companys success.These various developments highlight ASMPTs continued commitment to bring out the best

116、 in people and to create a best place to work.As of 31 December 2023,the total headcount for the Group was about 10,800,excluding about 500 flexi workers and outsourced workers.Of the 10,800,approximately 900 were based in Hong Kong,5,100 in mainland China,1,000 in Singapore,1,100 in Germany,800 in

117、Malaysia,400 in Portugal,400 in the United Kingdom,400 in the United States,and the rest in other parts of the world.Total manpower costs for the Group for 2023 was HK$5.02 billion(2022:HK$5.22 billion).ASMPT continues its commitment to fairly remunerate its employees and adopts a prudent and calibr

118、ated approach towards managing overall manpower costs.Page 15 of 40 MANAGEMENT DISCUSSION AND ANALYSIS-continued ENVIRONMENTAL,SOCIAL&GOVERNANCE(“ESG”)The Group is working towards being an industry leader in reducing its carbon footprint and has dedicated itself to achieving net zero Scope 1&2 emiss

119、ions by 2035.Additionally,to reduce emissions throughout the semiconductor value chain,ASMPT is a Leadership Level Founding Member of the Semiconductor Climate Consortium(“SCC”),leading SCCs working group focused on increasing low-carbon energy access and availability globally.DEI is ASMPTs top soci

120、al priority,with a current focus on increasing gender diversity.As part of the Companys governance framework,effective climate risk identification and management protocols safeguard the interests and long-term sustainability of its business.More details on the ASMPTs sustainability efforts and achie

121、vements will be highlighted in the 2023 ESG Report that will be released simultaneously with the Companys 2023 Annual Report.COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS The Group has a diversified portfolio of business operations across the world.Any failure to address or cope with relevant requir

122、ements may result in non-compliance with local laws or regulations,leading to not only financial loss but also reputational damage to ASMPT.In order to mitigate any relevant risks,it actively assesses the effects of global trends and developments.It also engages closely with regulatory authorities a

123、nd external advisors on new laws and regulations as well as trending legislations,to ensure that the relevant requirements are properly complied with in a timely and effective manner.Page 16 of 40 FINANCIAL HIGHLIGHTS CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three months ended 31 Dec Year ended 31 D

124、ec 2023 2022 2023 2022 HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(audited)(audited)Notes Revenue 2 3,404,694 4,330,434 14,697,489 19,363,495 Cost of sales (1,965,491)(2,537,471)(8,923,861)(11,397,547)Gross profit 1,439,203 1,792,963 5,773,628 7,965,948 Other income 57,810 27,833 183,001 122,

125、528 Selling and distribution expenses (423,276)(415,940)(1,606,563)(1,705,253)General and administrative expenses (276,712)(259,208)(1,014,868)(997,654)Research and development expenses (553,438)(524,467)(2,047,802)(2,026,478)Other gains and losses,net 4(24,279)(196,762)(29,767)86,546 Other expenses

126、 5(22,289)(31,695)(94,976)(76,048)Finance costs 6(52,261)(29,555)(137,888)(119,936)Share of result of a joint venture (18,856)13,367 11,246 163,338 Profit before taxation 125,902 376,536 1,036,011 3,412,991 Income tax expense 7(50,223)(109,970)(324,510)(794,924)Profit for the period 75,679 266,566 7

127、11,501 2,618,067 Profit(loss)for the period,attributable to:Owners of the Company 75,351 266,876 715,353 2,620,251 Non-controlling interests 328(310)(3,852)(2,184)75,679 266,566 711,501 2,618,067 Earnings per share 9 -Basic HK$0.18 HK$0.65 HK$1.73 HK$6.36 -Diluted HK$0.18 HK$0.65 HK$1.73 HK$6.33 Pag

128、e 17 of 40 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Three months ended 31 Dec Year ended 31 Dec 2023 2022 2023 2022 HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(audited)(audited)Profit for the period 75,679 266,566 711,501 2,618,067 Other comprehensive income(exp

129、ense)Items that will not be reclassified to profit or loss:-remeasurement of defined benefit retirement plans,net of income tax 16,630 75,403 16,630 75,403-net fair value gain(loss)on investments in equity instruments at fair value through other comprehensive income 535(35,279)2,736(35,279)Items tha

130、t may be reclassified subsequently to profit or loss:-exchange differences on translation of foreign operations -subsidiaries 319,023 514,819 145,181(657,999)-a joint venture 3,991 1,319(5,967)(33,576)-fair value(loss)gain on hedging instruments designated as cash flow hedges(14,622)(9,735)(43,064)7

131、7,513 Other comprehensive income(expense)for the period 325,557 546,527 115,516(573,938)Total comprehensive income for the period 401,236 813,093 827,017 2,044,129 Total comprehensive income(expense)for the period attributable to:Owners of the Company 398,989 811,364 833,131 2,061,367 Non-controllin

132、g interests 2,247 1,729(6,114)(17,238)401,236 813,093 827,017 2,044,129 Page 18 of 40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2023 2022 HK$000 HK$000 Notes Non-current assets Property,plant and equipment 2,189,566 2,230,635 Right-of-use assets 2,046,422 1,553,341 Investment prope

133、rties 63,260 69,485 Goodwill 974,918 928,313 Intangible assets 1,020,457 1,041,763 Other investments 84,746 38,051 Interest in a joint venture 1,521,245 1,515,966 Other financial assets -39,765 Deposits paid for acquisition of property,plant and equipment 13,745 31,529 Rental deposits paid 31,360 30

134、,798 Derivative financial instruments 177,000 215,020 Deferred tax assets 590,140 529,223 Long-term bank deposits 2,158 14,450 Other non-current assets 7,030 22,762 8,722,047 8,261,101 Current assets Inventories 6,315,473 7,450,163 Trade and other receivables 10 3,972,865 4,543,672 Amounts due from

135、a joint venture and its affiliates 20,641 21,111 Derivative financial instruments 41,556 49,479 Income tax recoverable 51,107 39,989 Other financial assets 39,837-Pledged bank deposits -570 Bank deposits with original maturity of more than three months 365,261 147,560 Cash and cash equivalents 4,434

136、,057 4,262,886 15,240,797 16,515,430 Current liabilities Trade liabilities and other payables 11 2,364,029 2,879,409 Advance payments from customers 881,374 1,093,944 Amounts due to a joint venture and its affiliates 43,061 13,431 Derivative financial instruments 1,246 14,253 Lease liabilities 188,0

137、95 188,807 Provisions 270,487 333,537 Income tax payable 264,664 473,212 Bank borrowings 2,000,000 250,000 6,012,956 5,246,593 Net current assets 9,227,841 11,268,837 17,949,888 19,529,938 Page 19 of 40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION-continued At 31 December 2023 2022 HK$000 HK$000 Cap

138、ital and reserves Share capital 41,451 41,287 Dividend reserve 323,314 783,758 Other reserves 15,326,282 14,913,461 Equity attributable to owners of the Company 15,691,047 15,738,506 Non-controlling interests 112,911 119,025 Total equity 15,803,958 15,857,531 Non-current liabilities Bank borrowings

139、-2,000,000 Lease liabilities 1,841,509 1,320,395 Retirement benefit obligations 65,190 98,787 Provisions 47,183 54,453 Deferred tax liabilities 120,946 148,188 Other liabilities and accruals 71,102 50,584 2,145,930 3,672,407 17,949,888 19,529,938 Page 20 of 40 Notes:1.PRINCIPAL ACCOUNTING POLICIES T

140、he consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards(“HKFRSs”)issued by the Hong Kong Institute of Certified Public Accountants(the“HKICPA”).In addition,the consolidated financial statements include applicable disclosures required by the

141、Rules Governing the Listing of Securities on The Stock Exchange(“Listing Rules”)and by the Hong Kong Companies Ordinance.The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments which are measured at fair value at the end of each

142、reporting period.Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.New and amendments to HKFRSs that are mandatorily effective for the current year In the current year,the Group has applied the following new and amendments to HKFRSs is

143、sued by the HKICPA for the first time,which are mandatorily effective for the Groups annual period beginning on 1 January 2023 for the preparation of the consolidated financial statements:HKFRS 17(including the October 2020 and February 2022 Amendments to HKFRS 17)Insurance Contracts Amendments to H

144、KAS 8 Definition of Accounting Estimates Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to HKAS 12 International Tax Reform-Pillar Two model Rules Amendments to HKAS 1 and HKFRS Practice Statement 2 Disclosure of Accounting Policies

145、Except as described below,the application of the new and amendments to HKFRSs in the current year has had no material impact on the Groups financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.Impacts on appli

146、cation of Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a single Transaction The Group has applied the amendments for the first time in the current year.The amendments narrow the scope of the recognition exemption of deferred tax liabilities and deferred tax asset

147、s in paragraphs 15 and 24 of HKAS 12 Income Taxes(“HKAS 12”)so that it no longer applies to transactions that,on initial recognition,give rise to equal taxable and deductible temporary differences.Page 21 of 40 1.PRINCIPAL ACCOUNTING POLICIES continued Impacts on application of Amendments to HKAS 12

148、 Income Taxes International Tax Reform-Pillar Two model Rules The Group has applied the amendments for the first time in the current year.HKAS 12 is amended to add the exception to recognizing and disclosing information about deferred tax assets and liabilities that are related to tax law enacted or

149、 substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development(the“Pillar Two legislation”).The amendments require that entities apply the amendments immediately upon issuance and retrospectively.The amendments also require that

150、 entities to disclose separately its current tax expense/income related to Pillar Two income taxes in periods which the Pillar Two legislation is in effect,and the qualitative and quantitative information about its exposure to Pillar Two income taxes in periods in which the Pillar Two legislation is

151、 enacted or substantially enacted but not yet in effect in annual reporting periods beginning on or after 1 January 2023.The Group has applied the temporary exception immediately upon issue of these amendments and retrospectively,i.e.applying the exception from the date the Pillar Two legislation is

152、 enacted or substantially enacted.Accordingly,the Group neither recognize nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.The application of the amendments has had no material impact on the Groups financial positions and financial performance fo

153、r the year ended 31 December 2023.As at 31 December 2023,the government of certain European countries such as Germany,Portugal and United Kingdom,Japan,Korea,Malaysia and Vietnam,where the group entities are incorporated,enacted the Pillar Two income tax legislation effective on or after 1 January 2

154、024.There is no impact on profit and tax expense of the Group for the year ended 31 December 2023.Under the legislation,the Group will be required to pay top-up tax on profits of subsidiaries that are taxed at an effective tax rate of less than 15 per cent calculated based on the specific adjustment

155、s envisaged in the Pillar Two legislation,which may give rise to different effective tax rates compared to those calculated based on accounting profit.Accordingly,the impact that the Pillar Two income taxes legislation would have had on the Groups results if it had been in effect for the year ended

156、31 December 2023 may have been significantly different.The Group is continuing to assess the impact of the Pillar Two income taxes legislation on its future financial performance.Page 22 of 40 1.PRINCIPAL ACCOUNTING POLICIES continued Impacts on application of Amendments to HKAS 1 and HKFRS Practice

157、 Statement 2 Disclosure of Accounting Policies The Group has applied the amendments for the first time in the current year.HKAS 1 Presentation of Financial Statements is amended to replace all instances of the term“significant accounting policies”with“material accounting policy information”.Accounti

158、ng policy information is material if,when considered together with other information included in an entitys financial statements,it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.The ame

159、ndments also clarify that accounting policy information may be material because of the nature of the related transactions,other events or conditions,even if the amounts are immaterial.However,not all accounting policy information relating to material transactions,other events or conditions is itself

160、 material.If an entity chooses to disclose immaterial accounting policy information,such information must not obscure material accounting policy information.HKFRS Practice Statement 2 Making Materiality Judgements(the“Practice Statement”)is also amended to illustrate how an entity applies the“four-s

161、tep materiality process”to accounting policy disclosures and to judge whether information about an accounting policy is material to its financial statements.Guidance and examples are added to the Practice Statement.The application of the amendments has had no material impact on the Groups financial

162、positions and performance but has affected the disclosure of the Groups accounting policies of the consolidated financial statements.Page 23 of 40 2.SEGMENT INFORMATION The Group has two(2022:two)operating segments:development,production and sales of(1)semiconductor solutions and(2)surface mount tec

163、hnology solutions.They represent two(2022:two)major types of products manufactured by the Group.The operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by Companys Chief Executive Officer,the chief operating decision maker(“COD

164、M”),for the purpose of allocating resources to segments and assessing their performance.The Group is organized and managed around the two(2022:two)major types of products manufactured by the Group.No operating segments have been aggregated in arriving at reportable segments of the Group.Segment reve

165、nues and results An analysis of the Groups revenue and results by operating and reportable segment is as follows:Three months ended 31 Dec Year ended 31 Dec 2023 2022 2023 2022 HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(audited)(audited)Segment revenue from external customers Semiconductor s

166、olutions 1,594,198 1,882,683 6,365,130 10,104,838 Surface mount technology solutions 1,810,496 2,447,751 8,332,359 9,258,657 3,404,694 4,330,434 14,697,489 19,363,495 Segment profit(loss)Semiconductor solutions 939 114,127(44,058)1,652,629 Surface mount technology solutions 266,635 526,794 1,432,928

167、 1,825,566 267,574 640,921 1,388,870 3,478,195 Interest income 28,425 15,156 82,816 32,248 Finance costs(52,261)(29,555)(137,888)(119,936)Share of result of a joint venture(18,856)13,367 11,246 163,338 Unallocated other income 4,416 5,257 20,261 24,162 Unallocated net foreign exchange(loss)gain and

168、fair value change of foreign currency forward contracts(45,435)(197,666)(63,103)84,995 Unallocated general and administrative expenses(56,334)(41,815)(200,752)(177,185)Unallocated other gains 20,662 2,566 29,537 3,222 Other expenses(22,289)(31,695)(94,976)(76,048)Profit before taxation 125,902 376,5

169、36 1,036,011 3,412,991 Segment profit(loss)%Semiconductor solutions 0.1%6.1%-0.7%16.4%Surface mount technology solutions 14.7%21.5%17.2%19.7%Page 24 of 40 2.SEGMENT INFORMATION continued Segment revenues and results continued No analysis of the Groups assets and liabilities(except for additions to p

170、roperty,plant and equipment,right-of-use assets and intangible assets)by operating segments is disclosed as they are not regularly provided to the CODM for review.The accounting policies of the operating segments are the same as the Groups accounting policies.Segment results represent the profit bef

171、ore taxation earned by each segment without allocation of interest income,finance costs,share of result of a joint venture,unallocated other income,unallocated net foreign exchange(loss)gain and fair value change of foreign currency forward contracts,unallocated general and administrative expenses,u

172、nallocated other gains,and other expenses.All of the segment revenue derived by the segments is from external customers.Other segment information(included in the segment profit or loss or regularly provided to the CODM)Year ended 31 December 2023 Semiconductor solutions Surface mount technology solu

173、tions Unallocated general and administrative expenses Total HK$000 HK$000 HK$000 HK$000 Amounts regularly provided to CODM:Additions of property,plant and equipment and right-of-use assets 283,829 784,990-1,068,819 Additions of intangible assets 73,738 3,876-77,614 Amounts included in the measure of

174、 segment profit or loss:Amortization for intangible assets 55,764 55,277-111,041 Depreciation for property,plant and equipment and right-of-use assets 390,819 205,253 1,278 597,350 Depreciation for investment properties-4,790 4,790(Gains)losses on disposal/write-off of property,plant and equipment(4

175、,138)391(52)(3,799)Gain on derecognition and modification of leases-(9,163)(9,163)Research and development expenses 1,254,772 793,030-2,047,802 Share-based payments 128,745 25,164 23,726 177,635 Page 25 of 40 2.SEGMENT INFORMATION continued Other segment information(included in the segment profit or

176、 loss or regularly provided to the CODM)continued Year ended 31 December 2022 Semiconductor solutions Surface mount technology solutions Unallocated general and administrative expenses Total HK$000 HK$000 HK$000 HK$000 Amounts regularly provided to CODM:Additions of property,plant and equipment and

177、right-of-use assets 329,695 313,072-642,767 Additions of intangible assets 40,469 597-41,066 Amounts included in the measure of segment profit:Amortization for intangible assets 57,406 56,606-114,012 Depreciation for property,plant and equipment and right-of-use assets 414,911 203,403 1,283 619,597

178、Depreciation for investment properties-4,990 4,990(Gains)losses on disposal/write-off of property,plant and equipment(676)347(1,016)(1,345)Research and development expenses 1,327,404 699,074-2,026,478 Share-based payments 157,357 22,977 32,409 212,743 Page 26 of 40 2.SEGMENT INFORMATION continued Ge

179、ographical information The information of the Groups non-current assets by geographical location of assets are detailed below:Non-current assets At 31 December 2023 2022 HK$000 HK$000 China(including Hong Kong)1,955,840 2,084,052 Europe 1,586,194 1,027,253 -Germany 1,155,737 704,322 -United Kingdom

180、152,401 151,684 -Portugal 150,896 121,520 -Hungary 92,394 15,700 -Others 34,766 34,027 Singapore 912,316 894,186 Malaysia 391,756 451,455 Americas 456,105 439,248 -United States of America(“USA”)445,976 431,349 -Others 10,129 7,899 Others 38,269 53,321 5,340,480 4,949,515 Note:Non-current assets exc

181、luded goodwill,interest in a joint venture,financial instruments and deferred tax assets.Page 27 of 40 2.SEGMENT INFORMATION continued Geographical information-continued The Groups revenue from external customers by location of customers are detailed below:Revenue from external customers Year ended

182、31 December 2023 2022 HK$000 HK$000 China(including Hong Kong)4,486,377 8,081,678 Europe 4,187,402 3,441,866 -Germany 1,340,782 1,110,151-Austria 470,146 174,481 -Hungary 319,899 355,720 -Romania 315,882 251,451 -France 190,538 210,425-Czech Republic 149,104 99,351 -Poland 126,840 191,294-Netherland

183、 125,736 175,272 -Others 1,148,475 873,721 Americas 2,700,069 2,242,479 -USA 2,065,446 1,585,292 -Mexico 233,397 271,310 -Canada 171,297 93,901 -Others 229,929 291,976 Malaysia 905,359 1,763,446 Taiwan 503,945 1,171,404 Korea 484,603 581,579 Thailand 377,771 487,428 Japan 301,982 652,903 India 258,0

184、57 185,843 Vietnam 198,714 307,701 Singapore 153,184 116,571 Philippines 109,823 278,765 Others 30,203 51,832 14,697,489 19,363,495 No individual customer contributes to more than 10%of the total revenue of the Group for both years.Page 28 of 40 3.ANALYSIS OF QUARTERLY SEGMENT REVENUE AND RESULTS Th

185、ree months ended 31 December 2023 30 September 2023 30 June 2023 31 March 2023 HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(unaudited)(unaudited)Segment revenue from external customers Semiconductor solutions 1,594,198 1,574,647 1,655,186 1,541,099 Surface mount technology solutions 1,810,496

186、1,899,789 2,245,680 2,376,394 3,404,694 3,474,436 3,900,866 3,917,493 Segment profit(loss)Semiconductor solutions 939(110,592)27,499 38,096 Surface mount technology solutions 266,635 258,028 428,151 480,114 267,574 147,436 455,650 518,210 Segment profit(loss)%Semiconductor solutions 0.1%-7.0%1.7%2.5

187、%Surface mount technology solutions 14.7%13.6%19.1%20.2%Page 29 of 40 3.ANALYSIS OF QUARTERLY SEGMENT REVENUE AND RESULTS-continued Three months ended 31 December 2022 30 September 2022 30 June 2022 31 March 2022 HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(unaudited)(unaudited)Segment revenue

188、 from external customers Semiconductor solutions 1,882,683 2,207,835 3,071,737 2,942,583 Surface mount technology solutions 2,447,751 2,354,121 2,131,954 2,324,831 4,330,434 4,561,956 5,203,691 5,267,414 Segment profit Semiconductor solutions 114,127 297,000 616,840 624,662 Surface mount technology

189、solutions 526,794 460,885 400,057 437,830 640,921 757,885 1,016,897 1,062,492 Segment profit%Semiconductor solutions 6.1%13.5%20.1%21.2%Surface mount technology solutions 21.5%19.6%18.8%18.8%Page 30 of 40 4.OTHER GAINS AND LOSSES,NET Year ended 31 December 2023 2022 HK$000 HK$000 The gains and losse

190、s,net comprise:Net foreign exchange(loss)gain (71,824)167,261 Gain(loss)on fair value change of foreign currency forward contracts 8,721(82,266)Gain on disposal/write-off of property,plant and equipment 3,799 1,345 Gain on derecognition and modification of leases 9,163 123 Gain on fair value change

191、of derivative relating to share adjustment on earn-out clause in a joint venture 20,415 11,953 Others (41)(11,870)(29,767)86,546 5.OTHER EXPENSES Year ended 31 December 2023 2022 HK$000 HK$000 Restructuring costs(Note a)41,554-Other expenses(Note b)53,422 76,048 94,976 76,048 Notes:(a)During the yea

192、r ended 31 December 2023,related to compensation to employees due to targeted headcount reduction of HK$41,554,000(2022:nil)was charged to restructuring costs.(b)During the year ended 31 December 2023,consultancy costs of HK$27.8 million(2022:HK$49.6 million)relating to the progressive implementatio

193、n of several strategic initiatives across the Group were charged to other expenses.The key objective of these strategic initiatives is to drive the Groups long term organizational efficiency,along with strengthening its overall agility,resilience,and sustainability.As such,the Group is confident tha

194、t these strategic initiatives will deliver long term value creation.These consultancy costs were assessed by the management as incurred outside of core operations of the Group and not related to other function of expenses in the consolidated statement of profit or loss.Page 31 of 40 6.FINANCE COSTS

195、Year ended 31 December 2023 2022 HK$000 HK$000 Interest on bank borrowings 112,415 61,123 Interest on lease liabilities 51,283 49,664 Loans arrangement fees 28,503 8,878 Others 605 563 192,806 120,228 Net gain on interest rate swaps designated as cash flow hedges (54,918)(292)137,888 119,936 7.INCOM

196、E TAX EXPENSE Year ended 31 December 2023 2022 HK$000 HK$00 The charge(credit)comprises:Current tax:Hong Kong 19,893 43,728 Peoples Republic of China(“PRC”)Enterprise Income Tax 23,638 97,149 Germany 267,387 409,901 Other jurisdictions 130,006 214,273 440,924 765,051(Over)under-provision in prior ye

197、ars:Hong Kong (24)(781)PRC Enterprise Income Tax (37,465)18,310 Germany (3,873)2,692 Other jurisdictions 16,158 64,002 (25,204)84,223 Deferred tax credit (91,210)(54,350)324,510 794,924 (a)Under the two-tiered profits tax rates regime of Hong Kong Profits Tax,the first HK$2 million of profits of the

198、 qualifying group entity will be taxed at 8.25%,and profits above HK$2 million will be taxed at 16.5%.The profits of group entities in Hong Kong not qualifying for the two-tiered profits tax rates regime will continue to be taxed at the flat rate of 16.5%.The Hong Kong profits tax is calculated at 8

199、.25%on the first HK$2 million of the estimated assessable profits for the qualifying group entity and at 16.5%on the estimated assessable profits above HK$2 million for the years ended 31 December 2023 and 2022.Page 32 of 40 7.INCOME TAX EXPENSE continued (b)Under the Law of the PRC on Enterprise In

200、come Tax(the“EIT Law”)and Implementation Regulations of the EIT Law,the Enterprise Income Tax rate of the Groups subsidiaries in the PRC is 25%(2022:25%),except for ASMPT Technology(China)Co.,Ltd.(“ATC”).ATC obtained a new advanced technology service enterprise(“ATSE”)Certificate in July 2018.Accord

201、ing to the tax circular Caishui 2017 No.79,ATC,as an ATSE,is subject to Enterprise Income Tax at a reduced income tax rate of 15%.Based on local regulations,starting from 2022,ATCs ATSE recognition is subject to annual review and re-accreditation every three years.ATCs re-accreditation of ATSE recog

202、nition has been approved in October 2022 and the renewed ATSE certificate is obtained with validation till October 2025.(c)ASMPT Singapore Pte.Ltd.(“ATS”)has been granted a Pioneer Certificate(“PC”)to the effect that profits arising from the manufacture of certain semiconductor products are exempted

203、 from tax for a period of 10 years effective from 1 January 2022 to 31 December 2031 across specified products,subject to fulfillment of certain criteria during the relevant periods.ATS has also been granted a Development and Expansion Incentive(“DEI”)to the effect that certain income arising from q

204、ualifying activities conducted by ATS,are subject to a concessionary tax rate for a period of 10 years from 1 January 2021 to 31 December 2030,subject to fulfillment of certain criteria during the relevant period.Income of ATS arising from activities not covered under the PC or DEI are taxed at the

205、prevailing corporate tax rate in Singapore of 17%(2022:17%).(d)The calculation of current tax of the Groups subsidiaries in Germany is based on a corporate income tax rate of 15.00%(2022:15.00%)plus 5.50%(2022:5.50%)solidarity surcharge on the corporate income tax for the assessable profit for the y

206、ear,which derives at a tax rate of 15.825%(2022:15.825%).In addition to corporate income tax,trade tax is levied on taxable income.The applicable German trade tax(local income tax)rates for the Groups subsidiaries in Germany vary from 11.177%to 17.150%(2022:12.013%to 17.150%)according to the municip

207、al in which the entity resides.Thus the aggregate tax rates are between 27.002%and 32.975%(2022:between 27.838%and 32.975%).(e)The Group has applied the temporary exception issued by the HKICPA in July 2023 from the accounting requirements for deferred taxes in HKAS 12.Accordingly,the Group neither

208、recognizes nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.(f)Taxation for other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.Page 33 of 40 8.DIVIDENDS Year ended 31 December 2023 2022 HK$000 HK$000 Dividends

209、 recognized as distribution during the year Interim dividend for 2023 paid of HK$0.61(2022:HK$1.30)per share on 412,504,333(2022:412,705,333)shares 251,628 536,517 Final dividend for 2022 paid of HK$1.90(2022:final dividend for 2021 paid of HK$2.60)per share on 412,504,333(2022:412,705,333)shares 78

210、3,758 1,073,034 1,035,386 1,609,551 Subsequent to the end of the reporting period,a final dividend of HK$0.26(2022:final dividend of HK$1.90)per share and a special dividend of HK$0.52 per share(2022:nil)in respect of the year ended 31 December 2023 has been proposed by the directors of the Company

211、and is subject to approval by the shareholders in the forthcoming annual general meeting.Year ended 31 December 2023 2022 HK$000 HK$000 Dividends proposed subsequent to the end of the reporting period Proposed final dividend for 2023 of HK$0.26 (2022:HK$1.90)per share on 414,505,433 (2022:412,504,33

212、3)shares 107,771 783,758 Proposed special dividend for 2023 of HK$0.52 per share on 414,505,433 shares(2022:nil)215,543-Page 34 of 40 9.EARNINGS PER SHARE The calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data:Three months end

213、ed 31 Dec Year ended 31 Dec 2023 2022 2023 2022 HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(audited)(audited)Earnings for the purpose of calculating basic and diluted earnings per share(Profit for the period attributable to owners of the Company)75,351 266,876 715,353 2,620,251 Three months e

214、nded 31 Dec Year ended 31 Dec 2023 2022 2023 2022 Number of shares Number of shares (in thousands)(in thousands)(unaudited)(unaudited)(audited)(audited)Weighted average number of ordinary shares for the purpose of calculating basic earnings per share 412,554 410,126 412,372 411,667 Effect of dilutiv

215、e potential shares:-Employee Share Incentive Scheme 1,982 2,555 1,746 2,369 Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 414,536 412,681 414,118 414,036 Page 35 of 40 10.TRADE AND OTHER RECEIVABLES At 31 December 2023 2022 HK$000 HK$000 Trade r

216、eceivables(Note)3,585,695 4,114,370 Value-added tax recoverable 171,577 225,657 Other receivables,deposits and prepayments 215,593 203,645 3,972,865 4,543,672 The following is an aging analysis of trade receivables net of allowance for credit losses presented based on the due date at the end of the

217、reporting period:At 31 December 2023 2022 HK$000 HK$000 Not yet due(Note)2,838,005 2,951,052 Overdue within 30 days 223,539 450,613 Overdue 31 to 60 days 130,436 160,510 Overdue 61 to 90 days 80,436 212,935 Overdue over 90 days 313,279 339,260 3,585,695 4,114,370 Note:The amount included notes recei

218、vables amounting to HK$31,742,000(2022:HK$144,179,000)are held by the Group for future settlement of trade receivables.All notes receivables received by the Group are with a maturity period of less than one year.As at 1 January 2022,trade receivables amounted to HK$5,375,584,000.Credit policy:Before

219、 accepting any new customer,the Group assesses the potential customers credit quality and pre-sets maximum credit limit for each customer.Limits and credit quality attributed to customers are reviewed regularly.Payment terms with customers are mainly on credit together with deposits received in adva

220、nce.Invoices are normally payable within 30 days to 60 days of issuance,except for certain well established customers,where the terms are extended to 3 to 4 months or longer.As at 31 December 2023,included in the Groups trade receivables balance are debtors with aggregate carrying amount of HK$747,6

221、90,000(2022:HK$1,163,318,000)that are past due as at the reporting date.Out of the past due balances,HK$313,279,000(2022:HK$339,260,000)has been past due 90 days or more,and they are not considered as in default.The Group considers the information developed internally or obtained from external sourc

222、es and considered that the debtors are likely to make payment.Page 36 of 40 11.TRADE LIABILITIES AND OTHER PAYABLES At 31 December 2023 2022 HK$000 HK$000 Trade payables 1,152,276 1,400,310 Deferred income(Note a)144,277 166,677 Accrued salaries and wages 245,681 285,712 Other accrued charges 513,07

223、8 657,104 Payables arising from acquisition of property,plant and equipment 45,667 73,760 Gross obligation to acquire non-controlling interest 44,140 44,780 Other payables(Note b)218,910 251,066 2,364,029 2,879,409 Notes:(a)The amounts mainly represent the spare credits that grant customers the righ

224、t to purchase certain amounts of spare parts for free,which are contract liabilities.As at 1 January 2022,deferred income amounted to HK$155,719,000.The deferred income as at 1 January 2022 and 1 January 2023 were fully recognized as revenue during the year 31 December 2022 and 31 December 2023,resp

225、ectively.(b)The amounts mainly represent the value-added tax payable and sundry payables or accruals of operating expenses.The following is an aging analysis of trade payables presented based on the due date at the end of the reporting period:At 31 December 2023 2022 HK$000 HK$000 Not yet due 870,11

226、8 1,013,692 Overdue within 30 days 192,702 165,451 Overdue 31 to 60 days 49,999 82,488 Overdue 61 to 90 days 25,443 67,439 Overdue over 90 days 14,014 71,240 1,152,276 1,400,310 The average credit period on purchases of goods ranges from 30 to 90 days.The Group has financial risk management policies

227、 in place to ensure that all payables are settled within the credit timeframe.Page 37 of 40 RECONCILIATION OF HKFRS MEASURES TO THE NON-HKFRS MEASURES For review of financial performance,the Group has provided adjusted net profit and adjusted earnings per share which are supplementary to the Groups

228、consolidated results in accordance with HKFRS.The Group believes that these additional figures provide our shareholders and investors with useful supplementary information about our ongoing operating performance and facilitates the analysis and comparison of financial trends and results between peri

229、ods.The adjusted net profit and adjusted earnings per share exclude the impact of restructuring costs which were mainly related to employee severance and benefit arrangements.The use of these non-HKFRS measures may have certain limitations as a tool for analysis and comparison.Shareholders and inves

230、tors are advised not to consider these non-HKFRS measures in isolation from,or as a substitute for analysis of,the Groups financial performance as reported under HKFRS.Also,please note that these non-HKFRS measures may be defined differently from similar terms used by other companies.The following t

231、ables highlight the reconciliations of the Groups financial measures prepared in accordance with HKFRS for Q4 2023,Q3 2023 and FY 2023 to the non-HKFRS measures.Three months ended 31 December 2023 Non-HKFRS adjustments As reported Restructuring costs Income tax effect Adjusted HK$000 HK$000 HK$000 H

232、K$000 (unaudited)(unaudited)(unaudited)(unaudited)Profit for the period 75,679 1,110(334)76,455 Net Profit Margin 2.2%2.2%Profit attributable to owners of the Company 75,351 1,110(334)76,127 Basic earnings per share(HK$)0.18 0.18 Three months ended 30 September 2023 Non-HKFRS adjustments As reported

233、 Restructuring costs Income tax effect Adjusted HK$000 HK$000 HK$000 HK$000 (unaudited)(unaudited)(unaudited)(unaudited)Profit for the period 12,753 40,444(7,785)45,412 Net Profit Margin 0.4%1.3%Profit attributable to owners of the Company 14,626 40,444(7,785)47,285 Basic earnings per share(HK$)0.04

234、 0.11 Page 38 of 40 RECONCILIATION OF HKFRS MEASURES TO THE NON-HKFRS MEASURES-continued Year ended 31 December 2023 Non-HKFRS adjustments As reported Restructuring costs Income tax effect Adjusted HK$000 HK$000 HK$000 HK$000 (audited)(unaudited)(unaudited)(unaudited)Profit for the year 711,501 41,5

235、54(8,119)744,936 Net Profit Margin 4.8%5.1%Profit attributable to owners of the Company 715,353 41,554(8,119)748,788 Basic earnings per share(HK$)1.73 1.82 Note:There is no corresponding item to be adjusted for the non-HKFRS measures applicable to the Groups results for Q4 2022 and year ended 31 Dec

236、ember 2022.Page 39 of 40 CORPORATE GOVERNANCE The Company has complied with all the code provisions set out in the Corporate Governance Code(the“CG Code”)contained in Part 2 of Appendix C1 of the Listing Rules throughout the year ended 31 December 2023.The Company reviews its corporate governance pr

237、actices regularly to ensure compliance with the CG Code.AUDIT COMMITTEE The audit committee of the Company(the“Audit Committee”)comprises four Independent Non-Executive Directors and one Non-Executive Director who together have substantial experience in fields of auditing,legal matters,business,acco

238、unting,corporate internal control and regulatory affairs.REVIEW OF FINANCIAL STATEMENTS The Audit Committee has reviewed the Groups consolidated financial statements for the year ended 31 December 2023 in conjunction with the Companys external auditor.PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LIST

239、ED SECURITIES During the year ended 31 December 2023,neither the Company nor any of its subsidiaries purchased,sold or redeemed any of the Companys listed securities except that an independent professional trustee appointed by the Board under the Companys Employee Share Incentive Scheme,pursuant to

240、the terms of the rules and trust deed of the Employee Share Incentive Scheme,purchased on the Stock Exchange a total of 361,500 shares in the Company at a total consideration of approximately HK$22.8 million(excluding ancillary trading fees,costs and expenses directly attributable to the purchase).S

241、COPE OF WORK OF MESSRS.DELOITTE TOUCHE TOHMATSU The figures as set out in the preliminary announcement in respect of the Groups consolidated statement of financial position,consolidated statement of profit or loss,consolidated statement of profit or loss and other comprehensive income and the relate

242、d notes thereto for the year ended 31 December 2023 have been agreed by the Groups auditor,Messrs.Deloitte Touche Tohmatsu,to the amounts set out in the Groups audited consolidated financial statements for the year.The work performed by Messrs.Deloitte Touche Tohmatsu in this respect did not constit

243、ute an assurance engagement in accordance with the Hong Kong Standards on Auditing,Hong Kong Standards on Review Engagements or the Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants.Consequently,no assurance has been expressed by Messrs.De

244、loitte Touche Tohmatsu on the preliminary announcement.Page 40 of 40 BOARD OF DIRECTORS As at the date of this announcement,the Board comprises Miss Orasa Livasiri(Chairman),Mr.John Lok Kam Chong,Mr.Wong Hon Yee,Mr.Eric Tang Koon Hung,Mr.Andrew Chong Yang Hsueh and Ms.Hera Siu Kitwan as Independent

245、Non-Executive Directors,Mr.Benjamin Loh Gek Lim and Mr.Paulus Antonius Henricus Verhagen as Non-Executive Directors,and Mr.Robin Gerard Ng Cher Tat and Mr.Guenter Walter Lauber as Executive Directors.On behalf of the Board Robin Gerard Ng Cher Tat Director Hong Kong,27 February 2024 (In case of any inconsistency,the English version of this announcement shall prevail over the Chinese version.)