ASMPACIFIC：ANNOUNCEMENTOFUNAUDITED2020FIRSTQUARTERRESULTSFORTHETHREEMONTHSENDED31MARCH2020.pdf

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1、1 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 or in reli

2、ance upon the whole or any part of the contents of this announcement.ASM PACIFIC TECHNOLOGY LIMITED(Incorporated in the Cayman Islands with limited liability)(Stock Code:0522)ANNOUNCEMENT OF UNAUDITED 2020 FIRST QUARTER RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2020 Grasping Opportunities in Crise

3、s,Forging Ahead Group revenue of US$434.2 million decreased 7.6%and 24.0%over the same period of last year and the preceding three months,respectively Net profit of HK$25.4 million decreased 76.6%and 88.6%over the same period of last year and the preceding three months,respectively Earnings per shar

4、e of HK$0.06 decreased HK$0.21 and HK$0.47 over the same period of last year and the preceding three months,respectively Semiconductor Solutions Segment revenue of US$194.3 million decreased 1.6%and 25.3%over the same period of last year and the preceding three months,respectively Materials Segment

5、revenue of US$51.6 million increased 1.3%over the same period of last year but decreased 22.3%over the preceding three months SMT Solutions Segment revenue of US$188.3 million decreased 15.1%and 23.1%over the same period of last year and the preceding three months,respectively Group bookings of US$6

6、68.9 million increased 45.3%and 50.2%over the same period of last year and the preceding three months,respectively Cash and bank deposits of HK$3.25 billion at the end of March 2020,as compared with HK$2.33 billion at the end of 2019 Book to bill ratio was 1.54 2 The Directors of ASM Pacific Technol

7、ogy Limited are pleased to make the following announcement of unaudited results for the three months ended 31 March 2020:RESULTS ASM Pacific Technology Limited and its subsidiaries(the“Group”or“ASMPT”)achieved revenue amounting to HK$3.38 billion(US$434.2 million)for the three months ended 31 March

8、2020,which decreased 7.6%and 24.0%as compared with HK$3.66 billion(US$466.6 million)for the first quarter of 2019 and HK$4.45 billion(US$568.0 million)for the preceding quarter,respectively.The Groups consolidated profit after taxation for the first quarter of 2020 was HK$25.4 million as compared wi

9、th a profit of HK$108.2 million in the corresponding period in 2019,and a profit of HK$221.9 million in the previous quarter.Basic earnings per share for the first quarter of 2020 amounted to HK$0.06(first quarter of 2019:HK$0.27,fourth quarter of 2019:HK$0.53).FINANCIAL HIGHLIGHTS CONDENSED CONSOLI

10、DATED STATEMENT OF PROFIT OR LOSS Three months ended 31 March 31 December 31 March 2020 2019 2019 (unaudited)(unaudited)(unaudited)HK$000 HK$000 HK$000 Notes Revenue 2 3,380,288 4,448,899 3,660,015 Cost of sales (2,247,378)(2,902,133)(2,419,791)Gross profit 1,132,910 1,546,766 1,240,224 Other income

11、 55,710 14,551 14,088 Selling and distribution expenses (367,564)(417,914)(368,421)General and administrative expenses (224,919)(262,885)(223,458)Research and development expenses (395,091)(445,905)(409,056)Other gains and losses (11,726)(17,631)16,208 Other expenses 3(61,270)(109,540)-Finance costs

12、 (39,530)(45,146)(86,807)Profit before taxation 88,520 262,296 182,778 Income tax expense (63,170)(40,434)(74,541)Profit for the period 25,350 221,862 108,237 Profit(loss)for the period attributable to:Owners of the Company 23,596 216,458 110,058 Non-controlling interests 1,754 5,404(1,821)25,350 22

13、1,862 108,237 Earnings per share 4 -Basic HK$0.06 HK$0.53 HK$0.27-Diluted HK$0.06 HK$0.53 HK$0.27 3 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Three months ended 31 March 31 December 31 March 2020 2019 2019 (unaudited)(unaudited)(unaudited)HK$000 HK$000 HK$000

14、Profit for the period 25,350 221,862 108,237 Other comprehensive(expense)income Items that may be reclassified subsequently to profit or loss:-exchange differences arising on translation of foreign operations (226,264)104,750 18,218 -fair value loss on hedging instruments designated as cash flow hed

15、ges (13,665)-(239,929)104,750 18,218 Items that will not be reclassified to profit or loss:-remeasurement of defined benefit retirement plans,net of tax -(55,916)-fair value gain on investments in equity instruments at fair value through other comprehensive income -8,020-(47,896)-Other comprehensive

16、(expense)income for the period (239,929)56,854 18,218 Total comprehensive(expense)income for the period (214,579)278,716 126,455 Total comprehensive(expense)income for the period attributable to:Owners of the Company (213,558)270,770 129,666 Non-controlling interests (1,021)7,946(3,211)(214,579)278,

17、716 126,455 4 Notes:1.Principal Accounting Policies The financial highlights have been prepared under the historical cost basis except for the derivative financial instruments,other investments(classified as financial equity instruments at fair value through other comprehensive income)and certain fi

18、nancial liabilities which are measured at fair value at the end of each reporting period.2.Segment Information An analysis of the Groups revenue and results by operating and reportable segment is as follows:Three months ended 31 March 31 December 31 March 2020 2019 2019 (unaudited)(unaudited)(unaudi

19、ted)HK$000 HK$000 HK$000 Segment revenue from external customers Semiconductor Solutions*1,512,867 2,026,073 1,537,196 SMT Solutions 1,466,151 1,906,260 1,726,887 Materials 401,270 516,566 395,932 3,380,288 4,448,899 3,660,015 Segment profit Semiconductor Solutions*84,519 178,182 52,875 SMT Solution

20、s 126,364 278,032 213,398 Materials 15,844 9,816 10,472 226,727 466,030 276,745 Interest income 4,285 5,179 5,883 Finance costs(39,530)(45,146)(86,807)Unallocated other(expenses)income (2,709)12,026-Unallocated net foreign exchange(losses)gain and fair value change of foreign currency forward contra

21、cts (7,740)(37,232)7,205 Unallocated general and administrative expenses(31,243)(35,696)(28,424)Unallocated adjustment on contingent consideration for acquisitions-6,675 8,176 Other expenses(61,270)(109,540)-Profit before taxation 88,520 262,296 182,778 Segment profit%Semiconductor Solutions*5.6%8.8

22、%3.4%SMT Solutions 8.6%14.6%12.4%Materials 3.9%1.9%2.6%*Effective from 1 January 2020,the Back-end Equipment Segment has been renamed Semiconductor Solutions Segment.5 3.Other expenses Three months ended 31 March 31 December 31 March 2020 2019 2019 (unaudited)(unaudited)(unaudited)HK$000 HK$000 HK$0

23、00 Restructuring costs -109,540-Other expenses(Note)61,270-61,270 109,540-Note:For a like-to-like comparison with prior quarter results,we have re-classified certain expenses of HK$61.3 million in the cost of sales and operating expenses which were directly related and attributable to COVID-19 event

24、 to a separate line item under other expenses.Of these,HK$47.7 million were attributable to manufacturing-related costs,such as staff,space and depreciation expenses which the Group had to bear even though the affected plants were not operational in compliance with the respective government mandated

25、 closure of the plants and another HK$13.6 million were incremental costs incurred such as additional transport arrangements,higher freight costs and costs of procuring personal protective equipment to ensure the safety and health of our staff.4.Earnings per share The calculation of the basic and di

26、luted earnings per share attributable to the owners of the Company is based on the following data:Three months ended 31 March 31 December 31 March 2020 2019 2019 (unaudited)(unaudited)(unaudited)HK$000 HK$000 HK$000 Earnings for the purpose of calculating basic and diluted earnings per share (Profit

27、 for the period attributable to owners of the Company)23,596 216,458 110,058 Three months ended 31 March 31 December 31 March 2020 2019 2019 (unaudited)(unaudited)(unaudited)Number of Shares(in thousands)Weighted average number of ordinary shares for the purpose of calculating basic earnings per sha

28、re 408,895 406,739 406,671 Effect of dilutive potential shares:-Employee Share Incentive Scheme 6 2,195 400 Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 408,901 408,934 407,071 6 REVIEW GROUP RESULTS Group Q1 2020 YoY QoQ Bookings(US$m)668.9+45

29、.3%+50.2%Revenue(US$m)434.2-7.6%-24.0%Gross Margin 33.5%-37 bps-125 bps Operating Profit(HK$m)145.3-39.3%-65.4%Net Profit(HK$m)25.4-76.6%-88.6%Net Profit Margin 0.7%-221 bps-424 bps Despite a challenging quarter with the COVID-19 outbreak,the Group managed to register a very strong double-digit%year

30、-on-year(“YoY”)and quarter-on-quarter(“QoQ”)growth in bookings.In fact,the bookings for this quarter was the 2nd highest first quarter bookings after the record booking performance in Q1 2018.All 3 business segments registered double-digit%bookings growth,QoQ and YoY.The Group started the year with

31、very strong bookings in January.The momentum was disrupted in February due to the COVID-19 outbreak in China.However,bookings in March returned to normal,with immaterial amount of order cancellation.The Group achieved strong double-digit%YoY booking growth in Q1 this year,led by customers in China,T

32、aiwan and Korea.Multiple factors drove the strong booking performance of the Group,including 5G infrastructure built up,localization of the China semiconductor supply chain,recovery of the Optoelectronic market and the Groups strong position in Advanced Packaging.The Group achieved a revenue of US$4

33、34.2 million,which was at the higher end of our guidance and a net profit of HK$25.4 million which was better than our guidance of a loss for this quarter.Q1 2020 Group gross margin at 33.5%was lower YoY and QoQ mainly attributed to SMT Solutions Segment revenues geographical mix.Diverse Customer Ba

34、se Having a diverse customer base continues to add value to the Groups business.In Q1 2020,no single customer accounted for over 10%of the Groups revenue.Our top five customers combined contributed 15.4%of the Groups revenue and 80%of the Groups revenue came from 112 customers.The Groups top 20 cust

35、omers came from different market segments including the worlds leading telecommunication and information technology provider,Integrated Device Manufacturers,Tier-1 Outsourced Semiconductor Assembly and Test Companies(“OSATs”),major OSATs in China,camera modules manufacturers,top Electronics and Manu

36、facturing Services providers,automotive components suppliers and leading substrate makers.Among them,seven were SMT Solutions Segment customers and six were common for the Semiconductor Solutions and SMT Solutions Segments.Geographically,China(inclusive of Hong Kong),Europe,the Americas,Taiwan and M

37、alaysia were the top five markets for the Group in Q1 of 2020.7 REVIEW continued In terms of end-application market,the Mobility,Communications and IT segment remains the largest by revenue in Q1 2020 underpinned by the continued momentum in China and 5G infrastructure demand.A surge in demand for g

38、eneral lighting tools drove the Optoelectronics segment to register the largest growth,both YoY and QoQ,in percentage terms to form the 3rd largest revenue contributor after the Automotive segment which retained the 2nd spot despite a slowdown of the automotive industry.COVID-19 Situation Update Sin

39、ce the outbreak of COVID-19,we have taken every effort to protect the safety and health of our employees which is the utmost priority.The Group has implemented various measures like work-from-home arrangement for certain employees and enhanced social distancing measures at our workplace.These preven

40、tion control procedures have worked out well so far with minimal disruption to operations.Besides focusing on employee safety and business continuity,our focus is also to ensure compliance with local authorities guidelines and restrictions and helping the community to fight the outbreak as a respons

41、ible corporate citizen.As at the date of this announcement,close to 100%of our employees in our China manufacturing plants had returned back to work.We lost some production capacities during the extended Chinese New Year holiday period and subsequent travel disruptions.The Groups manufacturing team

42、in China demonstrated great resilience when our plants were re-opened after the prolonged shutdown due to the COVID-19 outbreak.The Group is also grateful to our suppliers who had supported us.We are working towards recovering a big portion of lost capacity over next few months through productivity

43、improvement and working overtime.The other two primary production facilities in Malaysia and Singapore are also affected.Malaysia government has imposed a Movement Control Order closing all factories from 18 March 2020 until 28 April 2020.Our factory,as part of essential supply chain,has been grante

44、d approval to run production with a reduced workforce.On 3 April 2020,Singapore government also announced a set of tightened measures effective from 7 April 2020 until 4 May 2020,including suspending all non-essential workplace.Our business is classified as a key economic sector and allowed to remai

45、n open but with certain restrictions.While it is inevitable that such restrictions would have an impact on our production capacities and efficiencies,we are able to cushion some of these adverse impacts because of our diversified manufacturing base.In order to facilitate a like-to-like comparison wi

46、th prior quarter results,we have re-classified certain expenses of HK$61.3 million in the Cost of Sales and Operating Expenses which were directly related and attributable to COVID-19 event to a separate line item under Other Expenses.Of these,HK$47.7 million were attributable to manufacturing-relat

47、ed costs,such as staff,space and depreciation expenses which the Group had to bear even though the affected plants were not operational in compliance with the respective government mandated closure of the plants and another HK$13.6 million were incremental costs incurred such as additional transport

48、 arrangements,higher freight costs and costs of procuring personal protective equipment to ensure the safety and health of our staff.8 REVIEW continued SEMICONDUCTOR SOLUTIONS SEGMENT(FORMERLY BACK-END EQUIPMENT SEGMENT)Semiconductor Solutions Segment:Q1 2020 YoY QoQ Bookings(US$m)309.5+39.0%+73.3%R

49、evenue(US$m)194.3-1.6%-25.3%Gross Margin 41.3%+202 bps+45 bps Segment Profit(HK$m)84.5+59.8%-52.6%Segment Profit Margin 5.6%+215 bps-321 bps At the start of this year,we have renamed our Back-end Equipment Segment to Semiconductor Solutions(“SEMI”)Segment to better reflect the contribution by ASM NE

50、XX for the mid-end deposition tools,as well as the Groups transition to an integrated hardware and software solutions provider in the semiconductor packaging market.Demand for traditional tools like Wire and Die Bonders,and tools for Advanced Packaging contributed to the strong booking performance f

51、or this quarter.China semiconductor supply chain localization effect,5G infrastructure and general lighting demand contributed to the increase in bookings for IC/Discrete and Optoelectronics businesses.On the other hand,we registered relatively weaker than expected orders for CIS tools due to an ant

52、icipated softness in smartphone demand brought about by the COVID-19 outbreak.For Q1 2020,the SEMI Segment contributed to 44.7%of the Groups revenue.Revenue from Advanced Packaging tools continued to be strong exceeding that of CIS this quarter.Collectively,both AP and CIS contributed close to half

53、of SEMI Segments billing.Gross margin increased by 202 bps YoY and 45 bps QoQ to 41.3%,mainly due to product mix and positive results from our productivity drive in manufacturing activities.MATERIALS SEGMENT Materials Segment:Q1 2020 YoY QoQ Bookings(US$m)88.9+93.4%+26.9%Revenue(US$m)51.6+1.3%-22.3%

54、Gross Margin 8.5%-188 bps+7 bps Segment Profit(HK$m)15.8+51.3%+61.4%Segment Profit Margin 3.9%+130 bps+205 bps This quarter bookings of US$88.9 million was a record high and this is also the fifth consecutive QoQ growth that the Materials Segment has registered.Traditionally serving as a leading ind

55、icator to the semiconductor market,this trend would have overwhelmingly suggested a recovery of the market,if not for the current uncertainty introduced by the COVID-19 outbreak.For Q1 2020,billing of the Materials Segment declined 22.3%QoQ but expanded slightly 1.3%YoY,respectively to US$51.6 milli

56、on.The prolonged plants shutdown in China limited the delivery performance of the segment.This segment contributed to 11.9%of the Groups revenue.9 REVIEW continued Gross margin declined by 188 bps YoY due to an increase in cost of precious metals,but improved 7 bps QoQ to 8.5%.Profit for the segment

57、 improved by 51.3%YoY and 61.4%QoQ in absence of the Molded Interconnect Substrate business which was discontinued in 2020.SMT SOLUTIONS SEGMENT SMT Solutions Segment:Q1 2020 YoY QoQ Bookings(US$m)270.5+41.2%+37.6%Revenue(US$m)188.3-15.1%-23.1%Gross Margin 32.4%-214 bps-312 bps Segment Profit(HK$m)1

58、26.4-40.8%-54.6%Segment Profit Margin 8.6%-374 bps-597 bps Strong demand for 5G infrastructure and SiP packages contributed to the high booking similar to the level recorded in the first quarter of 2018.Billing of the SMT Solutions Segment amounted to US$188.3 million,representing a contraction of 1

59、5.1%YoY and 23.1%QoQ.SMT Solutions Segment contributed to 43.4%of the Groups revenue.Gross margin declined by 214 bps YoY and 312 bps QoQ to 32.4%,largely due to volume as well as geographical mix where there were a greater portion of customers from China with lower margin sales.Segment profit decli

60、ned by 40.8%YoY and 54.6%QoQ.PROSPECTS The pickup in demand from the Chinese manufacturers to localize their supply chains and the accelerated deployment of 5G infrastructure and the progress the Group is making on capturing new market opportunities such as Advanced Packaging,Silicon Photonics,Indus

61、trial Internet of Things,mini and micro LED solutions,Power semiconductors and Industry 4.0 solutions underpin the Groups confidence to deliver long term sustainable value to our shareholders.OUTLOOK Second quarter bookings tend to trend higher than first quarter in the past;however we are of the vi

62、ew that the booking for Q2 2020 would decline double-digit%QoQ due to the adverse impacts caused by the unprecedented COVID-19 pandemic.While we continue to experience strong booking momentum for our Materials Segment in April month to date,demand momentum for traditional tools in the SEMI Segment w

63、as not as strong.In terms of billings,we expect the demand from information technology and data center related applications to continue due to increased telecommuting and home-based working activities as a result of COVID-19 containment measures worldwide.However,customers are generally more cautiou

64、s than before as evidenced by some push out of deliveries to Q3 this year.While the Group ended Q1 2020 with a high backlog,some orders would take more than one quarter to be fulfilled due to production lead time and revenue recognition policy.In light of the above,we anticipate revenue in Q2 2020 t

65、o be in the range of US$500 million to US$580 million.We also expect the Groups gross margin to be in the range of 34.5%to 36.5%for Q2 2020.10 REVIEW OF FINANCIAL STATEMENTS The Audit Committee has reviewed the Groups unaudited condensed consolidated financial statements for the three months ended 3

66、1 March 2020.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 and Mr.Eric Tang Koon Hung as Independent Non-Executive Directors,Mr.Charles Dean del Prado and Mr.Petrus Antonius Maria van Bommel as Non-Executive Directors,and Mr.Lee Wai Kwong,Mr.Stanley Tsui Ching Man and Mr.Robin Gerard Ng Cher Tat as Executive Directors.On behalf of the Board Lee Wai Kwong Director Hong Kong,21 April 2020