Media Outreach English



  • Written by Reporters

ASMPT Achieved Another Record Year in 2018

 

Highlights

2018

  • Record Group revenue of US$2.49 billion, representing an increase of 11.6% over the preceding year
  • Net profit of HK$2.21 billion, representing a decrease of 20.9% over the preceding year and a decrease of 14.7% when the non-cash gain of HK$202.1 million in 2017 was excluded
  • Earnings per share of HK$5.47
  • Record Back-end equipment revenue of US$1.18 billion, representing an increase of 7.3% over 2017
  • Record Materials revenue of US$287.8 million, representing an increase of 5.2% over 2017
  • Record SMT solutions revenue of US$1.03 billion, representing an increase of 19.1% over 2017
  • Record new order bookings of US$2.57 billion, representing an increase of 10.0% over 2017
  • Book to bill ratio was 1.03
  • Cash and bank deposits of HK$2.25 billion at the end of December 2018

Second Half of 2018

  • Record half-year Group revenue of US$1.27 billion, representing increases of 6.4% and 3.3% over the second half of 2017 and the first half of 2018, respectively
  • Net profit of HK$814.3 million and earnings per share of HK$2.01, representing decreases of 38.1% and 41.7% over the second half of 2017 and the first half of 2018, respectively
  • Half-year Back-end equipment revenue of US$536.2 million, representing decreases of 0.2% and 16.9% over the second half of 2017 and the first half of 2018, respectively
  • Half-year Materials revenue of US$136.8 million, representing decreases of 1.5% and 9.3% over the second half of 2017 and first half of 2018, respectively
  • Record half-year SMT solutions revenue of US$594.3 million, representing increases of 15.3% and 37.9% over the second half of 2017 and the first half of 2018, respectively
  • New order bookings of US$1.09 billion, representing an increase of 2.1% as compared with the second half of 2017 and a decrease of 26.3% over the first half of 2018

Fourth Quarter of 2018

  • Group revenue of US$608.9 million, representing an increase of 12.8% over the fourth quarter of 2017 and a decrease of 7.7% over the preceding quarter
  • Net profit of HK$212.2 million and earnings per share of HK$0.52, representing decreases of 53.2% and 64.8% over the fourth quarter of 2017 and the preceding quarter, respectively
  • Group bookings decreased by 4.5% and 23.3% as compared with the fourth quarter of 2017 and the preceding quarter respectively
  • Backlog amounted to US$654.9 million as of end 2018, an increase of 21.6% compared with a year ago

 

HONG KONG, CHINA - Media OutReach - 22 February 2019 - The world's No.1 semiconductor assembly and packaging solutions supplier ASM Pacific Technology Limited ("ASMPT" / the "Group") (Stock code: 0522) today announced its annual results for the year ended 31 December 2018. Building on the momentum and achievements of the past two years, 2018 was yet another solid year for the Group. Both Group booking and billing attained new records. Group revenue grew 11.6% year-on-year to US$2.49 billion. Group revenue has in fact, consecutively set new records over the past three years.

 

ASMPT reported a revenue of HK$19.55 billion in the year ended 31 December, 2018, representing an increase of 11.6% as compared with HK$17.52 billion in the previous year. The Group's consolidated profit after taxation for the year was HK$2.21 billion, which was 20.9% lower than the previous year. Basic earnings per share for the year amounted to HK$5.47 (2017: HK$6.90). Gross margin of the Group was 38.0%.

 

The Board of Directors recommends a final dividend of HK$1.40 (2017: final dividend of HK$1.30) per share. The total dividend payout for 2018 is HK$2.70 (2017: HK$2.50) per share, with a payout ratio of 49.4%.

 

Group bookings grew 10.0% year-on-year to US$2.57 billion in 2018, setting a new record. Book-to-bill ratio was 1.03. Backlog as of end of the year was US$654.9 million, which was a growth of 21.6% year-on-year. Booking of both the Back-end Equipment Segment and the SMT Solutions Segment achieved year-on-year double-digit growth rates with booking of the SMT Solutions Segment having attained a new record.

 

Mr. Lee Wai Kwong, Chief Executive Officer of ASMPT, said, "The strong performance of the Group was largely driven by the strong demand of IC/Discrete equipment, lead frames and SMT solutions. All the three business segments achieved new revenue records in both 2017 and 2018.  Also, we are pleased to see good progress from businesses that it had acquired over the past few years as the SMT Solutions Segment and ALSI continued to deliver outstanding results. The SMT Solutions Segment saw its revenue exceeded US$1 billion in 2018, with a record segment profit of HK$1.27 billion. ALSI, the laser business that was acquired in 2014, achieved a new record in revenue in 2018 that was around fivefold that of 2014."

 

ASMPT's Back-end Equipment Segment attained consecutive new billing records in 2017 and 2018. In 2018, revenue of our Back-end equipment business grew 7.3% to US$1.18 billion, contributing 47.4% of the Group's total revenue. The segment continued to retain the No. 1 position in the global market, a position it first attained in 2002.  In fact, over the past 17 years, the Group had lost the No. 1 position only once - in 2012.  It further widened the revenue gap with its closest rival.

 

The IC/discrete market led the growth of ASMPT's Back-end equipment business in the year. It was the largest market by revenue for the segment and delivered a year-on-year growth of over 24% in 2018. Automotive electronics, IoT (Internet of Things), power management, radio frequency (RF) filters and Advanced Packaging were the drivers of growth in this market segment.

 

Artificial intelligence (AI) is widely expected to experience fast growth and will boost the semiconductor industry and the world GDP, the Group's TCB (Thermo-Compression Bonding) solution is now widely adopted by many customers for their development and production of advanced logic chips. It is also working with customers to develop the next-generation production process for HBM (high bandwidth memory).

 

For Advanced Packaging, the acquisition of the ASM NEXX business in the fourth quarter further strengthened the Group's position in Advanced Packaging as evident in its significant contribution to the booking of our Back-end Equipment Segment in the last quarter of 2018. The Group is confident that its investment in Advanced Packaging over the past few years has put ASMPT well ahead of its peers and anticipates that contribution from Advanced Packaging will further increase in 2019, helping the Group to sail through industry low cycles like the one that has been expected for 2019 by many industry analysts and participants.

 

In summary, the Group believes that it has put in place a right product and technology portfolio to take advantage of the continuous technology transition and to capture the new growth opportunities for this segment.

 

In 2018, the SMT Solutions Segment did exceptionally well. The segment achieved new records in billing, booking and segment profit consecutively for the past two years. In 2018, its revenue grew 19.1% to US$1.03 billion, contributing 41.1% to the Group's revenue.

 

During the second half of the year, revenue of ASMPT's SMT Solutions Segment amounted to US$594.3 million, representing growths of 15.3% and 37.9% compared with the same period in 2017 and the preceding six months, respectively, which is a new record.

 

In the fourth quarter, the Segment set yet another new revenue record with an amount of US$315.5 million, representing growths of 40.3% and 12.9% against the same period of the previous year and the preceding quarter, respectively. Booking of the SMT Solutions Segment grew 16.7% in 2018 to US$1.07 billion, attaining yet another new record.

 

Tremendous demand for automotive electronics, industrial and IoT contributed to the strong growth of the Group's SMT Solutions business. The Group also expanded its market share in the supply chain for China branded smartphones and made a significant penetration into the India market. Industry 4.0 is yet another huge business growth opportunity for our SMT Solutions Segment as customers are looking for smart factory solutions.

 

ASMPT's Materials Segment continued to set new billing records in 2018. Both revenue for the year and revenue for the first half of the year attained new records. Revenue of the segment amounted to US$287.8 million, representing a growth of 5.2% from the previous year.

 

"While the first three quarters of 2018 had been strong, the Group ended the year with some uncertainties ahead. Both indicators, booking of lead frames and Group booking in the fourth quarter, pointed to a possible slowdown of the market in 2019.

 

However, fundamental drivers for the long term growth of the global semiconductor industry remain unchanged. Many new technologies and applications such as AI, big data analysis, HPC, data centers, 5G communications, IoT, Industry 4.0, ADAS, VR and AR, to name a few, are driving demand for semiconductor devices. ASMPT is prepared to take advantage of all these new developments as it has created an unparalleled product and solution portfolio through internal development and acquisitions over the past few years. We believe ASMPT has entered into a high growth period." Mr. Lee concluded.

ASM PACIFIC TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

 

 

 

Three months ended 31 Dec

 

   Year ended 31 Dec

 

 

 

2018

2017

 

2018

2017

 

 

 

(unaudited)

(unaudited)

 

(audited)

(audited)

 

 

 

HK$'000

HK$'000

 

HK$'000

HK$'000

 

 

 

 

 

 

 

Revenue

 

 

4,767,696

4,227,229

 

19,550,590

17,522,713

Cost of sales

 

 

(3,196,406)

(2,568,194)

 

(12,113,813)

(10,471,339)

Gross profit

 

 

1,571,290

1,659,035

 

7,436,777

7,051,374

Other income

 

 

11,648

16,754

 

96,126

88,410

Selling and distribution expenses

 

 

(478,461)

(432,485)

 

(1,660,893)

(1,497,944)

General and administrative expenses

 

 

(251,290)

(276,180)

 

(1,013,345)

(937,624)

Research and development expenses

 

 

(424,060)

(381,639)

 

(1,610,225)

(1,436,191)

Other gains and losses

 

 

(1,174)

(19,849)

 

(78,455)

(33,360)

Restructuring costs

 

 

(19,067)

-

 

(19,067)

-

Adjustment of liability component of

  convertible bonds

 

 

-

-

 

-

202,104

Finance costs

 

 

(51,065)

(36,913)

 

(177,762)

(162,489)

Profit before taxation

 

 

357,821

528,723

 

2,973,156

3,274,280

Income tax expense

 

 

(145,606)

(75,747)

 

(761,428)

(478,578)

Profit for the period

 

 

212,215

452,976

 

2,211,728

2,795,702

 

 

 

 

 

 

 

 

Profit (loss) for the period attributable to:

 

 

 

 

 

 

 

  Owners of the Company

 

 

211,161

457,941

 

2,216,062

2,815,473

  Non-controlling interests

 

 

1,054

(4,965)

 

(4,334)

(19,771)

 

 

 

212,215

452,976

 

2,211,728

2,795,702

Earnings per share

 

 

 

 

 

 

 

- Basic

 

 

HK$0.52 

HK$1.12

 

HK$5.47

HK$6.90

- Diluted

 

 

HK$0.52

HK$1.12

 

HK$5.44  

HK$6.35  

 

 

 

 

 

 

 

 

 


 

ASM PACIFIC TECHNOLOGY LIMITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

 

Three months ended 31 Dec

 

     Year ended 31 Dec

 

 

2018

2017

 

2018

2017

 

 

(unaudited)

(unaudited)

 

(audited)

(audited)

 

 

HK$'000

HK$'000

 

HK$'000

HK$'000

 

 

 

 

 

 

 

Profit for the period

 

212,215

452,976

 

2,211,728

2,795,702

 

 

 

 

 

 

 

Other comprehensive (expense) income

 

 

 

 

 

 

   - exchange differences on translation

 

 

 

 

 

 

       of foreign operations, which may be

 

 

 

 

 

 

       reclassified subsequently to profit or

 

 

 

 

 

 

       loss

 

(29,632)

104,846

 

(273,227)

575,484

   - remeasurement of defined benefit

 

 

 

 

 

 

       retirement plans, net of tax, which will

 

 

 

 

 

 

       not be reclassified to profit or loss

 

3,400

3,023

 

3,400          

3,023          

Other comprehensive (expense) income for

 

 

 

 

 

 

   the period

 

(26,232)

107,869

 

(269,827)

578,507

 

 

 

 

 

 

 

Total comprehensive income for the period

 

185,983

560,845

 

1,941,901

3,374,209

 

 

 

 

 

 

 

Total comprehensive income (expense) for

 

 

 

 

 

 

  the period attributable to:

 

 

 

 

 

 

  Owners of the Company

 

186,904

565,813

 

1,948,645

3,393,984

  Non-controlling interests

 

(921)

(4,968)

 

(6,744)

(19,775)

 

 

185,983

560,845

 

1,941,901

3,374,209

 

 

 

 

 

 

 

 


 

ASM PACIFIC TECHNOLOGY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

             At 31 December

 

 

 

2018

2017

 

 

 

HK$'000

HK$'000

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

 

2,850,450

2,426,005

Investment property

 

 

56,206

60,340

Goodwill

 

 

1,057,816

408,696

  Intangible assets

 

 

1,305,622

542,101

  Prepaid lease payments

 

 

126,732

115,046

  Other investments

 

 

56,355

18,502

  Pledged bank deposits

 

 

-

2,153

  Deposits paid for acquisition of property,

 

 

 

 

plant and equipment

 

 

40,672

33,263

  Rental deposits paid

 

 

42,033

36,120

  Deferred tax assets

 

 

355,210

361,673

  Other non-current assets

 

 

16,343

24,761

 

 

 

5,907,439

4,028,660

 

 

 

 

 

Current assets

 

 

 

 

  Inventories

 

 

6,541,939

5,368,889

  Trade and other receivables

 

 

6,324,901

6,058,686

  Prepaid lease payments

 

 

3,863

3,849

Derivative financial instruments

 

 

1,852

13,289

  Income tax recoverable

 

 

44,134

66,553

  Pledged bank deposits

 

 

2,054

3,351

  Bank deposits with original maturity of more

 

 

 

 

    than three months

 

 

9,198

691,018

  Bank balances and cash

 

 

2,240,022

2,365,911

 

 

 

15,167,963

14,571,546

 

 

 

 

 

Current liabilities

 

 

 

 

  Trade liabilities and other payables

 

 

3,165,478

3,378,260

  Advance payments from customers

 

 

718,694

642,595

  Derivative financial instruments

 

 

32,697

234

  Obligations under finance leases

 

 

410

-

  Provisions

 

 

330,933

295,825

  Income tax payable

 

 

533,701

349,999

  Convertible bonds

 

 

2,224,652

-

  Bank borrowings

 

 

786,021

117,219

 

 

 

7,792,586

4,784,132

Net current assets

 

 

7,375,377

9,787,414

 

 

 

13,282,816

13,816,074

 

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

  Share capital

 

 

40,667

40,908

  Dividend reserve

 

 

569,340

528,175

  Other reserves

 

 

11,557,541

10,808,542

Equity attributable to owners of the Company

 

 

12,167,548

11,377,625

Non-controlling interests

 

 

   (6,893)

   (149)

Total equity

 

 

12,160,655

11,377,476

 

 

 

 

 

Non-current liabilities

 

 

 

 

  Convertible bonds

 

 

-

2,121,830

  Obligations under finance leases

 

 

736

-

  Retirement benefit obligations

 

 

171,515

183,277

  Provisions

 

 

48,528

50,242

Bank borrowings

 

 

473,740

-

  Deferred tax liabilities

 

 

250,783

39,996

  Other liabilities and accruals

 

 

176,859

43,253

 

 

 

1,122,161

2,438,598

 

 

 

13,282,816

13,816,074

About ASM Pacific Technology Limited

As a global technology and market leader, ASMPT (HKEX stock code: 0522), develops and provides leading edge solutions in surface mount technology, equipment and materials for the semiconductor assembly and packaging industries. Its surface mount technology solutions are deployed in a wide range of end-user markets including electronics, mobile communications, automotive, industrial and LED. Our continuous investment in research and development help to provide our customers with innovative and cost-efficient solutions and systems that enable them to achieve higher productivity, greater reliability and enhanced quality.

 

Listed on the Hong Kong Stock Exchange since 1989, ASMPT is currently one of the constituent stocks on the Hang Seng Composite MidCap Index under the Hang Seng Composite Size Indexes, the Hang Seng Composite Information Technology Industry Index under Hang Seng Composite Industry Indexes, the Hang Seng Hong Kong 35 Index and the Hang Seng Global Composite Index. To learn more about ASMPT, please visit our website at www.asmpacific.com.

 

(N.B.: Enclosed please find the Consolidated Statement of Profit or Loss, Consolidated Statement of Profit or Loss and Other Comprehensive Income and Consolidated Statement of Financial Position of ASM Pacific Technology Limited.)

/>

Source http://www.media-outreach.com/release.php/View/8018#Contact