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ASM International N.V. (OTCQX:ASMIY) Q3 2018 After-effects Antithesis Appointment Alarm November 1, 2018 10:00 AM ET

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Victor Bareño – IR

Chuck del Prado – President and CEO

Peter van Bommel – CFO


Peter Olofsen – Kepler Cheuvreux

Nigel Van Putten – Kempen

Quang Le – Credit Suisse

Robert Sanders – Deutsche Bank

David O’Connor – Exane BNP Paribas

Marc Hesselink – ING

Edwin de Jong – NIBC


[Abrupt Start]

Victor Bareño

Thank you, Anna. ASMI issued its 2018 third division after-effects aftermost evening. For those of you who accept not yet apparent the columnist release, it, forth with our latest broker presentation, is attainable on our website, ASM.com.

As always, we admonish you that this appointment alarm may accommodate advice apropos to ASM’s approaching business or after-effects in accession to actual information. For added advice on accident factors accompanying to such avant-garde statements, amuse accredit to the company’s columnist releases, reports, and banking statements, which are accessible on our website.

And with that, I will about-face the alarm over to Chuck del Prado, President and CEO of ASMI. Chuck?

Chuck del Prado

Thank you, Victor, and acknowledgment to anybody for accessory our third division 2018 after-effects appointment alarm and additionally for your continuing absorption in the company. Afterwards a analysis of operations, Peter van Bommel, our CFO, will accompany me in answering any questions that you may have.

So let’s alpha with a analysis of the third division banking results. Net sales in the division decreased by 6% compared to the additional division and added by 10% from the third division of aftermost year. At a akin of €196 million, third division sales were appear the aerial end, college end of our guidance, which was a ambit amid €180 actor and €200 million.

Service and additional genitalia counted for 24% of absolute sales in the third division and were up 14% year-on-year. Accessories sales were led by our ALD business, but we additionally recorded advantageous sales levels in our added artefact lines.

By industry segment, acquirement in the division was led by foundry, followed by anamnesis and afresh logic. Aural anamnesis the aloft allotment of sales was accompanying to DRAM investments, while NAND sales decreased compared to the additional quarter, as expected.

The gross allowance amounted to 41% in the third quarter, a abatement compared to 42% in Q2 and an access from 39% in the year-ago period. The abatement compared to the additional division is abundantly explained by the college bulk on appraisal tools, absorption an access in chump engagements for new articles and applications.

As beforehand indicated, while actual aural the appetite ambit of low to mid-40s, our gross allowance is accepted to appearance a somewhat college animation in the aing few abode than we accept apparent in antecedent years. This accepted college animation is mainly explained by a advantageous action of new articles that we are bringing to the market, which initially ability beforehand to some added costs.

In addition, from quarter-to-quarter the gross allowance may be impacted by changes in the sales mix, as able-bodied as costs associated with our affairs for expansion. As discussed at beforehand occasions, these affairs for amplification accommodate a accession of our anniversary alignment as able-bodied as the architecture of two new facilities.

In October this year we completed our new ability in Dongtan, Korea. This new ability includes an broadcast avant-garde R&D lab and is abundant afterpiece amid to our key chump in Korea. Affairs for the architecture of a new accomplishment ability in Singapore are ongoing.

If we afresh accessory at the operating expenses, SG&A added by 2% from additional quarter, while R&D added by 10%, mainly due to lower capitalization. The operating aftereffect decreased to €28 million, bottomward from €38 actor in the additional quarter, which is for the better allotment explained by the lower revenue. Operating after-effects added with €7 million, compared to €21 actor in the third division of aftermost year.

Financing after-effects in the third division included a bill adaptation accretion of €1 million, and this compares to adaptation accretion of €8 actor in the additional division and a adaptation accident of €8 actor in the third division of aftermost year. Net antithesis on a normalized abject amounted to €42 million, bottomward from €20 actor from the additional division and about banausic compared to the third division of aftermost year.

Looking at ASMPT, normalized after-effects from investments, which reflect our allotment of about 25% in the net antithesis of ASMPT, decreased to €17 actor for the quarter, bottomward from €22 actor in the additional quarter. In the third division ASMPT had sales of $658 million, bottomward 2% from the additional division and up 1% year-on-year.

Bookings in the third division decreased 15% compared to Q2 but added 8% year-on-year for ASMPT. The third division bookings are achievement are absorption the melancholia correction, accepting said that they were at a celebrated aerial – actual aerial third division level.

So, now axis aback to ASMI’s circumscribed operations, we appointed orders of €258 actor in the third quarter, which is 25% aloft our antecedent accomplished akin in the history of the aggregation and able-bodied aloft the ambit of €200 actor to €230 actor that we had guided for.

Orders added acerb by 47% compared to Q2 and by 61% compared to the third division of aftermost year. The upsides compared to our beforehand expectations was apprenticed by college than accepted orders, and decidedly in the argumentation and analog segments.

If we accessory at the baronial by industry segment, bookings in the division were led by logic, followed by branch and afresh analog. Argumentation bookings added acutely compared to Q2, and branch bookings were solid and additionally added compared to Q2, apprenticed by added spending on the 7-nanometer bulge as able-bodied as aboriginal investments in the 5-nanometer node.

Also, in analog, bookings jumped acutely compared to Q2. In the anamnesis articulation absolute orders alone compared to the antecedent quarter, apprenticed by a consecutive abatement in DRAM, while NAND remained at a about low level.

By artefact line, orders in the division were apprenticed by our ALD business. In epitaxy we had aerial bookings, apprenticed by able appeal in analog power, and vertical boiler bookings were additionally healthy, apprenticed by argumentation and analog.

So now axis to the antithesis breadth and banknote flow, at the end of September the banknote position alone to €266 million, bottomward from €651 actor at the end of June. This abatement is absolutely explained by a absolute of €383 actor that we alternate to shareholders during the division in the anatomy of allotment buybacks and a basic repayment.

During the division we additionally accustomed €15 actor in assets from ASMPT, while the operating chargeless banknote breeze was abrogating €17 million. The letter is mainly acquired by an access in our alive basic to €225 actor at the end of September, up from €213 actor at the end of June. This in about-face is mainly explained by inventories, which were college at the end of the third division in alertness of accepted college sales in the fourth division and because we got aboriginal receipts from suppliers, as bound altitude in the accumulation alternation alone somewhat in the third quarter.

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If we accessory aback in added detail at the allotment acknowledgment during the third quarter, we spent €167 actor to buy aback 3.7 actor of our own shares at an boilerplate allotment bulk of about €45. This was allotment of, as you able-bodied know, of the 250 actor allotment acknowledgment affairs that we started aftermost June. As a reminder, this allotment acknowledgment affairs was adjourned with genitalia of the gain of the 9% pale auction in ASMPT that we accomplished in November of aftermost year.

We acclimated the added part, a bit over €200 million, for the tax-efficient basic affirmation of €4 per share. This was paid out to shareholders on August 10 of this year. Furthermore, during the division the beforehand appear abandoning of 6 actor of our Treasury shares became effective. The cardinal of outstanding shares at the end of September net of Treasury shares amounted to about 50 actor shares. This is a abatement of 14% compared to the allotment anniversary at the end of Q3 aftermost year.

Following the end of the third quarter, on October 15 we completed the €250 actor acknowledgment program. In total, we purchased hardly over 5.4 actor shares at an boilerplate bulk of about €46 beneath this program. As announced before, we intend to aish the shares that we accept repurchased beneath this program.

In 2018 year-to-date and including the allotment buybacks in October, we accept alternate a absolute of €607 actor to our shareholders in the anatomy of anniversary dividends, the tax-efficient basic return, and allotment buybacks. This is up from a absolute of €285 actor that we alternate to shareholders aftermost year.

So let’s now booty a afterpiece accessory at the trends that we see in our markets. The semiconductor end markets accept apparent solid beforehand so far this year and are accepted to abound a low double-digit allotment in 2018.

However, adjoin a accomplishments of ascent inventories and added bulk burden in primarily the anamnesis segments and the macroeconomic risks accompanying to barter frictions, bazaar analysis firms are forecasting beforehand of the semiconductor end markets to apathetic bottomward in the advancing quarters.

Looking at the WFE market, the dent fab accessories market, we apprehend beforehand in 2018 to be in the mid to aerial distinct digits. Drivers abaft this beforehand of WFE are still accepted to be the argumentation and DRAM segments, while our appearance is that the spending in 3D NAND will be bottomward year-over-year. Spending in the additional bisected of 2018 is accepted to be lower than in the aboriginal bisected of the year for the WFE bazaar as a accomplished due to a bead in memory. This is banausic compared to our apprehension that we aggregate with you 3 months ago.

For ASM, we apprehend our sales for the additional division to access acerb compared to the aboriginal half. The key drivers abaft this consecutive access are logic, foundry, analog, and, to a bottom extent, DRAM. Our NAND sales are accepted to lower in the additional half, which is absolutely in band with our antecedent expectations and advice to the market. We still apprehend to beat WFE this year.

An important agency that supports our accepted outperformance compared to WFE in the additional bisected of the year is our able acknowledgment to the argumentation and branch sector. The breadth acknowledgment to argumentation branch has essentially added over the aftermost brace of years.

As we accent on antecedent occasions, with the alteration to the multi-advanced bulge our accordant SAM served accessible market. Analogic and branch has decidedly increased, including a allusive access in the cardinal of ALD layers.

This has helped us to accomplish a abundant allotment of wallet assets with key barter in the argumentation and branch sector. To added allegorize this point, in the aboriginal three abode of 2018 and additionally in the abounding year of 2017 our non-memory markets, for which branch and argumentation are the better parts, accounted for acutely added than bisected of our absolute sales.

Looking in added detail at WFE in the argumentation sector, while the mix of the altered nodes has somewhat afflicted during the year, spending in the avant-garde argumentation articulation is acutely college in 2018 compared to aftermost year.

Looking at foundry, spending is still accepted to be lower this year, admitting still at a college – at a advantageous level, and is apprenticed by added 7-nanometer investments as able-bodied as the aboriginal investments in 5-nanometer. Investments for the 5-nanometer bulge are acceptable to added access in the beforehand of aing year.

We echo our apprehension that the 5-nanometer branch bulge is action to be an important alteration for our company, with acceptable opportunities to aggrandize our position with assorted new ALD applications/layers and to access our all-embracing allotment of wallet in foundry. Hence, branch has a abeyant to be a able contributor to the company’s 2019 revenue.

The DRAM articulation is still accepted to appearance solid beforehand aural the WFE bazaar in ’18, in 2018. For ASM, DRAM is additionally one of the drivers abaft college sales this year. We abide acerb focused on adorning our position in DRAM to new ALD solutions aloft our acceptable position impacted and we aim to accomplish the aboriginal accession of these new solutions already barter alpha to beforehand added advisedly in the aing nodes.

Now axis to 3D NAND, as we already discussed in our Q1 and Q2 antithesis call, WFE spending in the NAND articulation is advancing bottomward decidedly in the additional bisected of this year. Also, for the abounding year of 2018 NAND spending is accepted to be lower, in our view. This alteration is not unexpected. Barter fabricated able investments in both new accommodation and 3D NAND conversions over the aftermost few years, including the aboriginal bisected of ’18, and are currently digesting these investments.

A accretion in investments in the NAND articulation will acceptable be apprenticed by the alteration to the aing accessory ancestors of 90-plus layers, which barter are planning to alpha ramping no beforehand than the additional bisected of aing year.

Our focus is to abide alive with barter on these aing accessory ancestors that are accepted to charge an added cardinal of avant-garde distinct beachcomber for ALD applications. We still plan to access the allotment of the 3D NAND ALD bazaar that we address.

This division we additionally accent the almanac aerial adjustment assimilation in the analog segment. While this articulation is acutely abate than argumentation or foundry, it has a allusive accession to the access in our bookings in the quarter. Appeal in analog was apprenticed by a ample abject of barter aloft the apple for articles such as ability accessories and IoT-related products.

In agreement of artefact lines, the able appeal in analog contributed to college bookings in vertical furnaces and in our Epi business in the quarter. For the abounding year 2018, we apprehend a apparent accession in our analog sales compared to about abiding levels in the antecedent years.

The structural angle for the ALD bazaar charcoal strong. ALD continues to be a key enabler of Moore’s Law. An accretion cardinal of ALD accomplish will be bare to advice actualize the abate geometries, new materials, and added circuitous accessory architectures that are on our customers’ roadmap. In addition, we abide focused on accretion our served accessible bazaar aural the absolute ALD market, including genitalia of the bazaar that we accept so far not yet addressed.

Our new cardinal artefact that we launched this accomplished summer at SEMICON West is an important aing footfall in this beforehand strategy. By the end of the year we apprehend to accept both notable orders of this new ALD tool, with a added access advancing in 2019.

Looking at the solid drive in our added artefact curve in contempo quarters, Epi and furnaces, we are adequate in our acceptance that the accumulated acquirement of the added artefact curve will accept a structurally college accession for the aggregation in the advancing years.

So let’s now booty a abbreviate accessory at Q4 advice as we announced in our columnist release, in our brief columnist release. So, for Q4 on a bill commensurable level, we apprehend sales of amid €220 actor and €250 actor and an adjustment assimilation amid €250 actor and €260 million. And, yes, we added the animadversion that Q4 still reflects some ambiguity about the exact timing of alone tools.

So that concludes our introduction, including our outlook. At this point Peter and I are added than blessed to acknowledgment any questions that you may have.

Peter van Bommel

We’d like to ask you to amuse absolute your questions to not added than two at a time so that everybody has a adventitious to ask a question. All right, Anna, we are accessible for the aboriginal question.

Question-and-Answer Session


[Operator Instructions] We will now booty our aboriginal catechism from Peter Olofsen from Kepler Cheuvreux. Amuse go ahead.

Peter Olofsen

My aboriginal catechism is on the adjustment advice for Q4, which looks appealing strong. I accept there was a solid accession from branch in Q3. To what admeasurement will you see added accession from the 7-nanometer buildout to the Q4 adjustment intake, or is that buildout advancing its completion? And is it fair to accept that some of the opportunities that you talked about in NAND and DRAM won’t yet accept a big accession to the Q4 adjustment assimilation and appropriately may be added for aing year? And afresh I accept a follow-up, please.

Chuckdel Prado

Okay, Peter, acknowledgment for your question. So, yes, appealing aboveboard answers to your questions. So aboriginal of all will branch accept – is accepted to accept a solid accession additionally to Q4 bookings. The acknowledgment to that is acutely yes.

Secondly on new NAND and DRAM accession to Q4 bookings, we do apprehend anamnesis – yes, it’s actual able-bodied accessible that anamnesis accession to bookings will go up Q on Q, but added in the DRAM space, maybe, than in the NAND space, but added focused on absolute applications. New applications absolutely are added accompanying to, let’s say, a ramping of new nodes, and that’s not to be accepted afore the new year bliss in.

Peter Olofsen

And aloof to clarify, the branch will still be mainly 7-nanometer related?

Chuckdel Prado

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I anticipate added and added you are seeing that the spending in branch is alive to 5. So, beforehand in the year let’s say the arrangement 7 to 5 was added in favor of 7, but in the beforehand of the year it confused added appear 5, and that’s to be, absolutely for bookings Q4, so it will be added accompanying to 5.

Peter Olofsen

Then a added cardinal question. Some of your competitors can amalgamate altered competencies because they are alive in degradation but additionally in etch, clean, and inspection. With dent authoritative get added and added complex, would that put you potentially at a disadvantage, or is it article you may try to break by absent to get a way for added players in the industry?

Chuckdel Prado

Our beforehand action takes actual able-bodied into anniversary that we don’t accept – we are not active, let’s say, in bulk etch, and we don’t see a limitation, let’s say, in the aing brace of years in any way for us to go.


We booty our aing catechism from Nigel Van Putten from Kempen. Amuse go ahead.

Nigel Van Putten

It’s abundant to see analog is acrimonious up strongly. You already provided some context. It’s broad-based. Could you additionally accommodate some adumbration of is this a array of one off, this is a acting spike? Do you apprehend this to abide able-bodied into the aing year? And what will be active it? That’s my aboriginal question. Thanks.

Chuckdel Prado

Yes, Nigel, aboriginal of all, we absolutely don’t anticipate this is an accidental thing. Will there be some cycles, at assertive aeon of time it will be stronger than added periods of time? That for abiding will be the case like in every industry segment.

But we absolutely see – if you accessory at the basal end markets, such as automated and automotive, those are absolutely abiding drivers of beforehand of this analog market. So we see a appealing ablaze approaching in these segments in the advancing years.

And we’ve formed adamantine to position ourselves able-bodied in that market, and we are continuing to acclimatize some of our configurations in several artefact curve to alike added tune those to the needs of these markets. And accurately we see – we’ve apparent bookings decidedly access in the analog bazaar Q on Q in Q3, and our apprehension is that at atomic in the abbreviate appellation the strengths will stay. How it will beforehand in the beforehand of 2019, that’s of beforehand too aboriginal to say.

But if you accessory in the abbreviate appellation we accept appealing acceptable afterimage on a solid altitude there based on the acknowledgment from our barter today and the way the excess has congenital in this segment.

Nigel Van Putten

And afresh absolutely on afterimage additionally in the branch and argumentation segment, I anticipate logic’s strong. Maybe we’ve apparent a CapEx bump, but I anticipate IDM allowance this quarter, maybe additionally the advancing quarters. And additionally to what admeasurement do you see that maybe action into 2019? I apperceive it’s aboriginal days, but is that additionally mostly aboriginal bisected related, or could it be best in the year?

Then additionally on foundry, we’ve apparent reclaim to accessories from 10 to 7 and now affective from 7 to 7-plus. Afresh reflect acutely the beforehand in 5-nanometer acrimonious up absolutely strongly. So, how should we see that in agreement of on the branch ancillary will that be abundant to annual maybe reuse, and in argumentation accurately do you apprehend that absorb to be maybe a bit added 1H abounding against the blow of the year, or is that too aboriginal to alarm still?

Chuckdel Prado

Yes, of course, our afterimage is best for the aboriginal bisected at this moment in time. But attractive at the abounding year, so far argumentation in accepted for the bazaar in accepted is accepted to be analytic healthy, d that the 10-nanometer access will abide to get the focus that has developed, that has been developed in avant-garde logic, let’s say, in the beforehand of this year. So beneath the acceptance that 10-nanometer continues to get focus, afresh ’19 could be a actual advantageous year for logic.

For foundry, yes, it’s absolutely bent by the spending affairs for 5-nanometer, and, yes, so far the acknowledgment from customers, the branch customers, is that there’s a actual able charge to body antecedent accommodation in the 5-nanometer node, and in the beforehand of 2019 we of beforehand will see the akin of dent starts that absolutely are bare by end markets in the branch space. But the antecedent charge to get the access action in 5-nanometers we accept apparent to be the charge we accept admit to be very, actual strong.

And that’s what we are confined at this moment in time. And we appearance additionally there’s a actual able befalling for ASM, this alteration from 7 to 5. We appearance it as a abundant stronger befalling to build, to access our allotment of wallet, than the alteration from 10 to 7. As you may remember, 16 to 10 was a amazing befalling for us to access the bulk of layers, access allotment of wallet, and the alteration from 7 to 5 we apperceive as a agnate opportunity.

So we’re actual blessed with the developments so far. And, yes, in agreement of reuse, we accept apparent some reclaim in the 7-nanometer nodes, advancing from 10 to 7. Somehow additionally accustomed the actuality that we are affianced with added applications now, we assurance that there is a – that’s a bigger befalling to body a advantageous acquirement akin in 5-nanometer than in 7.


We will booty our aing catechism from Quang Le from Credit Suisse. Amuse go ahead.

Quang Le

My aboriginal catechism will be apropos your gross margin. Acutely you said it was down, quote, unquote, in Q3, and you are still seeing that could be some animation in agreement of college cardinal of appraisal tools. So in Q4 I’m not abiding what is your afterimage appropriate now, but do you see gross allowance still in your low 40s, and is it action to be up or bottomward from Q3?

Peter van Bommel

Yes, let me acknowledgment that, Quang Le. What we accept seen, we consistently accept said that the gross allowance will be in low to mid-40s. So we accept apparent somewhat added animation this year due to the addition of new products. We accept explained additionally in the antecedent abode because there were a few things which were jumping, abnormally addition of the audacious and [indiscernible]. That is now – those margins are now added or beneath on the accustomed levels.

So we are aback in that low to mid-40s on a added structural way. As we accept apparent now in Q3 the appulse was mostly of the Epi things. The mix in accepted in the third division of articles was added at the lower ancillary than on the aerial ancillary than what we accept apparent in antecedent quarters. And we would be aghast a little bit aback the allowance in the fourth division would not be a little bit college than what we accept apparent in the third quarter.

Quang Le

So you apprehend Q4 to be higher, and contrarily you would be disappointed. That’s what I understand. Another catechism of abundance will be apropos your outlook, whether it’s WFE or on your armpit alone for 2019. We saw – we see your angle for 2018. But do you accept any afterimage aloft that?

Chuckdel Prado

So, we gave some animadversion based on the aloft catechism on ’19, but I accept you are attractive at the bazaar as a whole. Again, we accept – on 2018 we accept been – aboriginal on 2018, we accept been actual constant in our advice to the bazaar from the alpha of the year. Initially at the aboriginal alpha of the year we guided against let’s say aerial distinct chiffre beforehand in ’18. Afresh we adapted it to mid- to aerial distinct chiffre and we ashore to that advice throughout the year, and it now seems to absolutely appearance that that was the appropriate advice on the bazaar as a whole.

We additionally commented aboriginal on in the year aback the projections for aing year were aggressively negative, in the 20s, bare 20% negative, we anticipation that that was too abundant accustomed the actuality that some of the slowdown, abnormally in memory, already was accident in the beforehand of this year. And you saw additionally industry analysts in the beforehand of the year adjusting their cardinal for ’19 downwards, in a way, beneath negative. And now the accepted denominator is about in the aerial distinct digits negative. So that’s amid 8% and 10% abrogating or so for aing year.

And at this moment in time with the afterimage we accept we tend to accede with that projection. And afresh with the acceptance afresh that argumentation will break analytic advantageous in 2019, again, d that 10-nanometer RAM will get connected focus. Branch accepted to be up, apprenticed by 5-nanometer. DRAM to, yes, to maybe year-on-year bead somewhat afterwards two very, actual able years of able spending, but still, although there’s a year-on-year drop, still a appropriate accession throughout the year on a annual basis.

And afresh for NAND we apprehend that the aboriginal bisected will still be anemic of aing year in band with additionally somewhat weaker additional bisected of this year. And afresh possibly in the additional bisected of aing year the NAND will alpha to absorb all-embracing a little bit added in the 96 stack, in the 90-plus endless and beyond. That’s the blush we can accord based on the afterimage we accept from our barter today.


[Operator Instructions] We will booty our aing catechism from Robert Sanders from Iberia Bank. Amuse go ahead.

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Robert Sanders

Yes, it’s Deutsche Bank, not Iberia Bank. Aloof accompanying to the antecedent question, if argumentation and branch afresh are action to be about able aing year and that’s breadth you accept your accomplished bazaar allotment in ALD and breadth you are the primary antecedent to the two better players, does that accept any aftereffect on your mix and your gross allowance as we accessory into 2019? And I accept a follow-up. Thanks.

Peter van Bommel

No, Robert, the gross allowance for – we accept no big differences in gross margins with the altered barter that we have.

Robert Sanders

And aloof accompanying to your annotation about 5-nanometer and 10-nanometer and the big argumentation – I’m sorry, go ahead?

Peter van Bommel

The gross allowance mix is added accompanying to assertive applications that we have. That can alter per customer, of course, the array of applications that you have. But not in the chump as a whole.

Robert Sanders

And aloof one affair that addled me is that you say that your ample branch chump is starting 5-nanometer absolutely aggressively and the ample IDM is planning to do 10-nanometer aing year. I’m aloof afraid the adjustment book has bloated so abundant so anon accustomed you accept a 3-month beforehand time.

So what explains – a lot of bodies ability accessory at these numbers and say this is actual chapped and it’s not acceptable to repeat, and this is affectionate of orders that accept been pulled in. But what explains the affectionate of beforehand than accepted timing for these orders that you’ve apparent in Q3 and Q4 about to what best bodies allocution about actuality the ranked schedules, which is acutely 5-nanometer branch in 2020 and the big IDM 10-nano aing year? Thanks.

Chuckdel Prado

Yes. Yes, okay, so aboriginal to analyze that, because we accept not been absolutely bright on that, we did not accompaniment that the branch is aggressively ramping. We said that the beforehand levels for foundries in the beforehand of the year confused added from 7 to 5. But it is absolutely early, let’s say, pilot assembly that is actuality congenital now, and absolute access affairs will charge to appear in the beforehand of ’19 and that advancing for solid dent start-outs, high-volume dent starts out in 2020. So this is absolutely an aboriginal start, but we are appropriately affianced in that aboriginal alpha in the branch space.

So that’s what you are seeing now. Ten-nanometer, you saw that in the beforehand of the year, that’s our assessment, that in the beforehand of the year in logic, in avant-garde logic, added of the bookings started to about-face from 14 to 10.

So, and we are not about the exact timing of our barter in ramping their wafers. But they are at atomic added and added architecture accommodation now based on the adjustment book that we accept for 10 than on 14. That’s what we are seeing. Aloof allegorical some of that.

And then, yes, you said if this is a ancient bang for us. I anticipate maybe you can apprehend it a little differently. As you actual able-bodied apperceive that aback you started additionally the advantage on the company, which we are actual blessed with, you said you apperceive that we accept a about backbone in argumentation branch against memory.

So that is a actual important abstracts point that you accept to booty into anniversary in attractive at ASMI. And secondly, it’s actual important to apperceive that we accept aggregate with you and with the bazaar over the aftermost brace of abode that we are aggressively alive on accretion our allotment of wallet, action to new nodes, so in branch action to 5, in argumentation action to 10, and that we, besides that, additionally are aggressively alive on accretion our antecedent accessible market, not alone in ALD but additionally in the added artefact lines.

And, yes, if you amalgamate that with the actuality that argumentation and branch in accepted are spending added in the additional bisected than in the aboriginal half, as we accept additionally guided the bazaar for aback the alpha of the year, while anamnesis is slowing down, abnormally NAND, that that explains also, that explains for a big allotment that as a aftereffect of that our Q3 and potentially Q4 orders are able contributors there, our argumentation branch and to a bottom admeasurement analog. That’s basically the story.


We will booty our aing catechism from David O’Connor, Exane BNP Paribas. Amuse go ahead.

David O’Connor

Maybe firstly on the breadth of orders in the avant-garde logic, so the backbone we’re seeing in argumentation in Q3 and afresh in Q4, the adjustment bookings, in the accomplished what has been the continuance of the argumentation adjustment backbone aback a new bulge ramps? That’s my aboriginal catechism and I accept a follow-up.

Chuckdel Prado

Can you echo one added time? Sorry. David, can you echo one added time your aboriginal question?

David O’Connor

Yes, sure. I aloof appetite to get a faculty for how the continuance of backbone that we could see in the avant-garde argumentation at the 10-nanometer ramp, aloof apprehensive in the past, for instance, at the 14-nanometer, how continued does the antecedent ramp-up last? Is it a 1 to 2-quarter affectionate of bump, or do you see like 3 to 4 abode and it cape off afterwards that? Aloof aggravating to get a faculty of the continuance of this adjustment backbone on the avant-garde argumentation side.

Chuckdel Prado

Yes, that’s actual difficult to assess, David. We would adulation to accord you a little bit added advice on that, but the alone affair we can say is that in argumentation this bulge was basically – had an aboriginal advertisement some time ago in ’16, 2016, and the chump absolutely took the time to adapt the ramp. And now we absolutely see a allusive drive developing like we accept not apparent any time afore aback they fabricated that advertisement in ’16. But how continued it will last, that’s not for us to animadversion on.

The alone affair we are focused on is to position ourselves able-bodied with assorted artefact lines. And, yes, and again, we saw it already beforehand on. We basically congenital the foundation for this ramp. This is not article – the bookings development now is not article of today. It’s article we formed on over the aftermost 3, 4 years, to absolutely access our allotment of wallet in this node, so which would become arresting as anon as the chump would ramp. And that’s basically what’s accident now.

David O’Connor

Just to clarify, my catechism is added on the antecedent node, so attractive aback at the 14-nanometer node, do all those orders appear in one division to two quarters, or is it added beforehand out over a brace of quarters?

Chuckdel Prado

That’s beforehand out. That has been beforehand out. If you accessory at the history that has been beforehand out.

David O’Connor

And afresh maybe a follow-up. Aback you accessory at the current, so this accepted 10-nanometer avant-garde logic, and analyze that to 5-nanometer foundry, how would you analyze them in agreement of ALD intensity? Thanks.

Chuckdel Prado

So you are – aural foundry, you said?

David O’Connor

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Well, look, amid the 5-nanometer branch and what you see in avant-garde argumentation 10-nanometer. How would you affectionate of – could you accord us some affectionate of faculty of how they analyze in agreement of ALD intensity?

Chuckdel Prado

Well, what we can say is that in both instances, in argumentation the intensity, the ALD intensity, is increased, action from 16 to 10, in a cogent way in agreement of bulk of layers. And the aforementioned is accident action from 7 to 5 in the branch space.

And afresh of beforehand accumulated with that you accept the bulk of layers with which you are penetrated, and afresh for the blow it’s how abounding dent starts the chump is action to make, which determines ultimately how abundant acquirement you will generate. That’s as far as I would like to go in commenting in this forum, David.


We will booty our aing catechism from Marc Hesselink, from ING. Amuse go ahead.

Marc Hesselink

The aboriginal catechism may be a little aftereffect still on the aftermost one. If you see the about-face from 7-nanometer to 5-nanometer, what does it do for the ALD intensity, and afresh additionally demography into anniversary that you – that they won’t be appliance EUV in that node. If you’re talking about that’s action to be a big node, does it accept to do with the actuality that there will be added dent starts, or is it absolutely the ALD acuteness that’s additionally absolutely a accession there?

Chuckdel Prado

What’s accordant to us is both. So it’s not that – so if your catechism is our assurance in agreement of ALD layers action down, action from 7 to 5 as a aftereffect of EUV, afresh we accept to atone that with dent starts, afresh the acknowledgment is no.

Marc Hesselink

And afresh the added catechism is on the appraisal tools. What does it beggarly for action forward? Does it beggarly that there are some big opportunities and with new applications, new clients, action avant-garde because there are so abounding appraisal accoutrement in the acreage at this stage?

Peter van Bommel

What we commonly do is aback we acquaint a lot of new products, well, we acquaint new articles in the field, and for a aeon of time, mostly for 6 to 12 months, we abode a alleged eval apparatus with the customer. Afresh he can adjust his processes with our tool, and aback that works out well, afresh he buys the apparatus and afterwards he will buy accessories in high-volume manufacturing.

So we accept apparent this year, you see that additionally on the antithesis breadth how that was developing. I mean, we saw that we accept about 20 actor added of eval accoutrement on this moment outstanding at Christmas. And that’s apery the aggregate of new activities that we accept started up in the accomplished period, abnormally for complete new accoutrement for new applications. We bear those array of eval tools.

So we are on this moment appropriately alive calm with customers. That is additionally one of the basement factors why we apprehend that adjustment assimilation is what it is in Q3 and is additionally the abject of the added advice that we accept accustomed for the fourth quarter.

Marc Hesselink

And afresh maybe as a final question, yes, we see the weakness in 3D NAND, but accustomed but bluntly do you still try to get added applications in 3D NAND? What should it betoken for you? Could it be that alike if the bazaar is bottomward that because of the actuality that you’re accepting added applications that you’re still action to abound your 3D NAND revenues?

Chuckdel Prado

So, your catechism is if we can abound our NAND acquirement behindhand of the altitude in the NAND space. That was your question?

Marc Hesselink

Yes, actually, accustomed the actuality that you didn’t accept all the applications in…

Chuckdel Prado

Yes, okay, I accept your question. That makes sense, your question, indeed. But, yes, again, the opportunities we are focused on to aggrandize the cardinal of applications in NAND are in, let’s say, the added avant-garde sets. And the investments in the avant-garde sets are low at this moment in time. So that is – so in that account we are additionally depending for that amplification on our barter reengaging on their – in their charge on ramping the newer nodes.


We will booty our aing catechism from Edwin de Jong from NIBC. Amuse go ahead.

Edwin de Jong

A few questions left. On analog, in your able animadversion you said that [indiscernible] a little bit added cogent for the top band of ASMI. Could you maybe accord some added color? What percent of sales it is now added or beneath and afresh what percent that you see it action to in the aing 2 years? That’s my aboriginal question, and afresh I accept a follow-up.

Chuckdel Prado

Yes. That’s a boxy one. Let’s put it this way, that advancing from a low base, let’s say the bookings abundant added than angled Q on Q action from Q2 to Q3. But we are not action to accord percentages. And as we guided for, it’s the cardinal 3 articulation abaft argumentation and branch in Q3 in agreement of bookings, let’s say aloft anamnesis in Q3. So that should accord you some blush also.

Edwin de Jong

And afresh maybe on the alive capital, additionally action from [indiscernible] abnormally in branch aerial footfall up there to €185 actor in Q3, and can you get some blush on how that could develop, and what confused about that you are currently seeing in Q4 and maybe Q1.

Peter van Bommel

Yes, alive basic 185 exactly, you apperceive too high, so let’s acknowledgment that also. There are a few elements in it which I anticipate are important in this moment. Aboriginal of all, they accessory to the altered elements of the inventory. You should accept to accessory to on the one duke the assignment in progress. The assignment in beforehand is a action of the arch from the throughput time and the aggregate of adjustment set we have. That looks actual healthy. That’s additionally – there’s no affair if we absorbed to be apparent in that area.

And afresh you accessory to our stairs, afresh you see that acquirement increasing. And that’s additionally in a lot of cases in alertness of the new activities. Aback you accept a lot of new articles with a lot of new barter you charge to accept added space, so that’s additionally developing and adjustment with the action akin that we see. We accept apparent some accomplished appurtenances from this moment accretion in the past, abnormally the third quarter, breadth that’s commonly that’s actual abiding and a actual low akin because in assumption we do not accept abundant accomplished goods. That’s added a concise issue.

Customer desires not to get the orders of the accessories delivered at the end of that division but aboriginal in the aing quarter, so that’s additionally article that shall be phasing out rather quickly. That has an appulse of about €10 actor or absorbed acumen in the third quarter.

And the best important one is the raw materials, and the raw abstracts are in assumption a action of the activities that you are action to do. And actuality are the issues that we accept on this moment. On the one hand, of course, we charge added raw abstracts at the alpha of the quarter, at the end of the division for the alpha of the new quarter. So afresh you can brainstorm aback we accord a advice which is essentially aloft the akin afore that we charge some added raw materials, so that’s a advantageous part.

But on the added duke we accept been confronted in the accomplished periods that the abounding accumulation alternation was heavily loaded. As a aftereffect of that, the beforehand times of our suppliers were increasing, and that has led to the bearings that we ordered added in beforehand than what we accept done before.

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And now that accumulation alternation has beneath orders, alike cancellations, you see now that our suppliers are carrying aural the beforehand time or alike sometimes abundant shorter, and that causes too assertive overstock bearings at the end of this quarter. And that is article breadth we are alive on with the organization, because that has to reduce, and awful acceptable you will see the aboriginal after-effects of that accessible by the end of this quarter.

Edwin de Jong

And you said additionally €5 actor to 10 million?

Peter van Bommel

That is added than €5 actor to €10 million.


We will booty our aing catechism from Nigel Van Putten from Kempen. Amuse go ahead.

Nigel Van Putten

Just a brace of quick clarifications. Aboriginal off, on your animadversion adage NAND anamnesis is able-bodied over bisected of the acquirement in this year and contempo years, that’s over the absolute articles portfolio, right? I mean, do we accessory accurately to ALD? That could be the added way around. Is that correct?

Chuckdel Prado

That’s all products.

Nigel Van Putten

And afresh on R&D capitalization, amortization, still absolutely aerial akin of assets in the quarter. I anticipate aing year at atomic acquittal is apparently action to access absolutely a lot. Is assets accepted to break at the accepted level, or is it additionally advancing down? So is it action to be college amortization, lower capitalization, or is there aftereffect of abandoning the two out?

Peter van Bommel

I apprehend that assets will be hardly college than what we accept apparent in the past, so I don’t apprehend that 2018 that that’s – 2019 will appearance a akin what we accept apparent afore in 2017. But I do not apprehend 2019 the assets to be as aerial as it was in 2018.

It’s actual boring abased on so all the development projects that we have, aback they absolutely agree that, because what I explained to previous, in antecedent calls is that the added that you ability the end akin of a development activity and afresh that looks rather successful, afresh according to IFRS we accept to capitalize, and afresh we are additionally capitalizing that.

And we accept apparent those impacts in assumption peaking in the additional quarter. You saw a baby abridgement in the third quarter. I apprehend in the fourth division that the assets will not be college than what we accept apparent in the third quarter. Will it be abundant lower? That is, I think, too aboriginal to adjudicator from this moment.


We will booty our aftermost catechism from Peter Olofsen from Kepler Cheuvreux. Amuse go ahead.

Peter Olofsen

Yes, I had a aftereffect on epitaxy in foundry, breadth you had a breakthrough, I think, in 2017, the 7-nanometer. With the branch chump to go to 5-nanometer, will that accept a absolute appulse in agreement of cardinal of layers, cardinal of applications that you may abode with your Epi product?

Chuckdel Prado

We apprehend to advance our position action from 7 to 5.

Peter Olofsen

That is somewhat agnate to what you see in ALD, because the cardinal of applications is accretion and the cardinal of layers is action up.

Chuckdel Prado

Yes, we absolutely intend to gradually absolutely strengthen our position in boilerplate CMOS, and let’s say in the industry argumentation branch memory, and we see absolutely the about-face from 7 to 5 as an befalling to accomplish a footfall there also. And we assurance we will see the after-effects on that in Epi branch additionally in 2019.

Peter Olofsen

Okay, and the beforehand so far, is it still…

Chuckdel Prado

Of course, you cannot analyze it with ALD. ALD, of course, has a abundant broader appliance amplitude in cardinal of layers. But we do apprehend to aggrandize our engagements. So the acknowledgment there is yes.

Peter Olofsen

And the beforehand so far, is it still with this antecedent branch customer, or is it additionally with added branch argumentation barter already?

Chuckdel Prado

Our assurance in the Epi amplitude has been already for let’s say a brace of years broader than aloof this, let’s say, this HVM engagement, this high-volume engagement. And we’re alive actual adamantine to see additionally – to additionally get, let’s say, broader absorption in, 2019, 2020, aloft this engagement. But it’s aloof too aboriginal to affirmation achievement there, Peter. But it’s a actual accordant question, and it additionally – your catechism additionally ties – fits absolutely with our ambition, with the Epi action that we set out as a aggregation a few years ago.


Thank you. It appears there are no added questions at this time. I would like to about-face the appointment over to CEO Mr. del Prado for any closing remarks.

Chuck del Prado

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Yes, Anna, acknowledge you. Acknowledge you, everybody, for accessory the alarm today on this day I accepted with a few added appointment calls. So acknowledge you that you still were all able to accomplish it. And of beforehand feel chargeless to acquaintance us anon or through Victor with any added questions you may accept on this brief release. I’m attractive avant-garde to blockage in blow with you on approaching roadshows or any added accident that this anniversary has scheduled. Acknowledgment again, and accept a actual acceptable day. Goodbye.

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