INVESTOR PRESENTATION
March 2024
Safe Harbor Statement
This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the presentation, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as "anticipate", "estimate", "expect", "can", "intend", "believes", "may", "plan", "predict", "project", "forecast", "will", "would", and similar expressions are intended to identify forward looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading "Outlook" contains such forward-looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities, potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2023 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
March 2024 | 2 |
Agenda
- Company Overview
- Market Overview
III. End-User Market Trends
IV. Strategy
- Financial Update and Summary VI. Appendix
March 2024 | 3 |
I. COMPANY OVERVIEW
March 2024 | 4 |
Besi Overview
Corporate Profile
Financial Highlights*
Investment
Considerations
March 2024
- Leading assembly equipment supplier with #1 and #2 positions in key markets
- ~30%+ addressable market share
- Broad portfolio: die attach, packaging and plating
- Strategic positioning in substrate and wafer level packaging
- ~75% of systems used for advanced packaging applications
- Global operations in 7 countries; 1,736 employees. HQ in the Netherlands
- 2023 revenue and net income of € 578.9 million and € 177.1 million
- Cash/deposits: € 413.5 million
- Net cash/deposits: € 113.0 million
- € 1.9 billion dividends/share repurchases since 2011 including 2023 dividend
- Leading position in advanced packaging. Ever more critical part of semi value chain
- Peer leading financial metrics
- Multiple growth drivers: Digital and cloud infrastructure build, smart everything, AI, 5G, vehicle electrification and autonomous driving
- Hybrid bonding and wafer level assembly can significantly expand revenue and profit potential
- As of December 31, 2023
5
Company History
700
600
500
millions) | 400 |
(€ | |
Revenue | 300 |
200
€ 85.5
100
25.9%
0
2003
Consistent focus on Advanced Packaging has created an industry leader
- Focus on most rapidly growing segments of assembly market
- Growth organically and via acquisitions
- Expanded share of wallet with key industry leaders each cycle
- Expansion of customer base, particularly in Asia
- Development of hybrid bonding/wafer level assembly portfolio can expand addressable market and share
Successful Die Attach acquisitions aided growth
•
Strategic plan initiatives enhanced business model
- Asian production transfer enhanced efficiency, revenue and profits
- Asian production hubs (MY, CN and VN), Singapore development/support center and Asian supply chain expanded global reach
- Scalability improved. Break even revenue levels reduced
Peer leading financial metrics achieved
- Step function revenue growth through cycles
- Financial returns in upper quartile of all semi equipment companies
- Attractive capital allocation policy
Revenue | Gross Margin | |
€ 578.9
64.9%
2023
70%
60%
50%
40%
30%
20%
March 2024
6
History of Superior Long-Term Value Creation
Capital Allocation
Attractive capital
allocation program
- 1.9 billion of dividends and share repurchases since 2011*
Represents ~30% of total
revenue
Strategic/Financial
Disciplined execution has
created leader in
advanced packaging
Best in class financial
metrics
Superior through cycle financial performance versus peers
Shareholder Return
Superior Total Returns**:
150% (1 year)
210% (3 year)
812% (5 year)
Consistent TSR
outperformance versus
peers
Upper quartile ranking for
all semi-equipment
companies
- Includes share repurchases through December 31, 2023, and proposed 2023 dividend for approval at 2024 AGM
- Through December 31, 2023
March 2024 | 7 |
Industry Leading Equipment Portfolio
Die Attach (77% of 2023 Revenue)
Multi-Module Attach | Epoxy / Soft Solder | Direct Lid | Embedded | Thermo | Hybrid | |
Flip-chip | ||||||
Compression | ||||||
Attach | Bridge Attach | Bonding | ||||
• 2200 evo | • 2100 hS | • 2009 SSI | • 8800 CHAMEO advanced / PLP | ||||||||||||||||
New | |||||||||||||||||||
• 2200 evo plus | • 2100 hS i | • 2100 SSI | • 8800 CHAMEO | ultra | • 8800 TC advanced | ||||||||||||||
New | |||||||||||||||||||
• 2200 evo hS | • 2100 sD advanced i | • 8800 FC Quantum adv / sigma | • DLA | (Chip to Substrate) | • 8800 CHAMEO ultra plus | ||||||||||||||
• 8800 FC Quantum hs | • TGB 2.0 | New | • DBA | New | |||||||||||||||
• 2200 evo advanced | • 2100 hS ix | • 9800 TC NEXT | • 8800 CHAMEO ultra plus AC | ||||||||||||||||
• 2100 FC hS | |||||||||||||||||||
(Chip to Wafer) | New | ||||||||||||||||||
• 2200 evo hf | Q1-23 | ||||||||||||||||||
New | |||||||||||||||||||
Packaging & Plating (23% of 2023 Revenue)
Leadframe Molding | Substrate Molding | Wafer & Panel Molding |
AMS-i | AMS-X | New | AMS-LM | FML | |||
• MEMS | • HD Leadframe | ||||||
• Substrate strip format | • Wafer molding | ||||||
• Sensors | • Power Devices | • Exposed die | • Panel molding | ||||
• SIP packages | New | ||||||
March 2024 |
Trim and Form | Singulation |
FCL-X/P | FSL | |
• Leadframe trim & form | • Substrate strip | |
• Sorting | singulation | |
• AGV handling | • Sorting | |
• IGBT handling | • Stepcut | New |
Plating
- Leadframe
- Power Modules New
- Film & Foil
- Chemical Deflash
- Wettable Flank New
- Flux cleaning New
8
Customer Ecosystem
Customers | OEMs | End Products |
IDMs |
Subcontractors
- Diversified, blue chip customer base, top 10 = ~52% of 2023 revenue
- Leading IDMs and subcontractors. 52%/48% order split in 2023
- Also supply leading fabless companies: Qualcomm, AMD, Nvidia, Broadcom, MediaTek via subcontractors
- Long term relationships, some exceeding 50 years
March 2024 | 9 |
From Processed Wafer to Assembled Chip
Semiconductor Manufacturing Equipment
2023E: $109.0B*
Front end: $98.0B | Assembly: $4.1B | Test: $6.9B |
(90%) | (4%) | (6%) |
Assembly Process
Dicing | Die Attach | Wire Bond | Packaging | Plating |
* Source: TechInsights, December 2023
March 2024
Leadframe
Wire Bond
Substrate
Wire bond
Substrate
Flip chip/TCB
Wafer Level
Hybrid, EMIB, TCB, Flip Chip, FOWLP
10
Attachments
- Original Link
- Original Document
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Disclaimer
BE Semiconductor Industries NV published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 10:28:06 UTC.