For the full year, Besi’s cash and deposits were roughly comparable to 2021 year-end balances (-€ 0.5 million) and reflected (i) a capital allocation of € 416.3 million to shareholders and (ii) € 172.2 million of net proceeds received from the issuance of Besi’s 2022 Convertible Notes due 2029. Besi’s year-end net cash position of € 346.5 million decreased by € 23.9 million versus year end 2021 which also included the conversion into equity of € 139.9 million of our 2017 Convertible Notes.
Share Repurchase Activity
During the quarter, Besi repurchased approximately 1.2 million of its ordinary shares at an average price of € 55.41 per share for a total of € 65.0 million. For the full year, a total of approximately 2.7 million shares were repurchased at an average price of € 54.38 per share for a total of € 146.8 million. At year end 2022, Besi held approximately 3.3% of its shares outstanding in treasury.
Dividend for 2022
Given its earnings, cash flow generation and prospects, Besi’s Board of Management has proposed a cash dividend for 2022 equal to € 2.85 per share for approval at its AGM on April 26, 2023. The proposed dividend reflects a pay-out ratio of 93% and will be payable from May 4, 2023.
Outlook
Based on its December 31, 2022 backlog and feedback from customers, Besi forecasts for Q1-23 that:
- Revenue will decrease by 0-10% versus the € 137.7 million reported in Q4-22.
- Gross margin will range between 61%-63% versus the 62.3% realized in Q4-22.
- Baseline operating expenses are expected to decrease by 0%-5% from € 34.3 million in Q4-22
- Total operating expenses are expected to increase by approximately 15%-20% versus Q4-22 primarily due to approximately € 7 million of incremental non-cash, share based compensation expense.
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Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com. |
Important Dates 2023
| • | Publication Annual Report 2022 | March 1, 2023 |
| • | Publication Q1 results | April 26, 2023 |
| • | Annual General Meeting of Shareholders | April 26, 2023 |
| • | Publication Q2/Semi-annual results | July 27, 2023 |
| • | Publication Q3/Nine-month results | October 26, 2023 |
| • | Publication Q4/Full year results | February 2024 |
Dividend Information *
| • | Proposed ex-dividend date | April 28, 2023 |
| • | Proposed record date | May 2, 2023 |
| • | Proposed payment of 2022 dividend | Starting May 4, 2023 |
| *Subject to approval at Besi’s AGM on April 26, 2023 |
About Besi
Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.
Contacts:
Richard W. Blickman, President & CEO
Leon Verweijen, SVP Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com
Statement of Compliance
The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2022 and were authorized for issuance by the Board of Management and Supervisory Board on February 21, 2023. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, Ernst & Young Accountants LLP has issued an unqualified auditor’s opinion on the Annual Report 2022. The Annual Report 2022 will be published on our website on March 1, 2023 and proposed for adoption by the Annual General Meeting on April 26, 2023.
The condensed financial statements included in this press release have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.
