ASMPT(HK:00522)2023-08-30 09:04Financial Performance - For the first half of 2023, ASMPT Limited reported sales revenue of HKD 7.82 billion (USD 998 million), a decrease of 25.3% year-on-year and 12.1% half-on-half [16]. - The total new orders amounted to HKD 6.56 billion (USD 838 million), down 43.9% year-on-year and 2.7% half-on-half [12]. - The gross profit margin was 40.3%, down 89 basis points year-on-year and 86 basis points half-on-half [12]. - The operating profit margin was 10.9%, down 804 basis points year-on-year and 318 basis points half-on-half [12]. - Net profit for the first half of 2023 was HKD 623 million, a decrease of 64.1% year-on-year and 29.5% half-on-half [16]. - The company declared an interim dividend of HKD 0.61 per share, down 53.1% from HKD 1.30 in the previous year [17]. - The group's sales revenue for the first half of 2023 was HKD 7,818.4 million, down 12.1% compared to the previous half and 25.3% year-on-year [27]. - The group reported a net profit of HKD 307.9 million in Q2 2023, down 2.3% quarter-on-quarter and 66.0% year-on-year [27]. - The company reported a total comprehensive income of HKD 591.04 million for the first half of 2023, compared to HKD 1.18 billion in the same period of 2022, reflecting a decline of 50.0% [62]. - For the six months ended June 30, 2023, the company reported a profit of HKD 625,376,000, compared to a profit of HKD 2,695,654,000 for the same period in 2022, representing a decrease of approximately 76.8% [70]. Market and Industry Outlook - The semiconductor industry remains weak, but the company is positioned to benefit from growth in generative AI, high-performance computing, and the automotive sector [19]. - In the first half of 2023, the automotive end market contributed approximately 23% to the group's total sales revenue, amounting to about $230 million [25]. - The group expects to receive more logic and memory TCB orders in the second half of 2023 due to increasing demand from wafer foundry and OSAT customers [23]. - The company expects Q3 2023 sales revenue to range between USD 410 million and USD 480 million, indicating a year-on-year and quarter-on-quarter decline of 23.4% and 10.5%, respectively [44]. Order and Backlog Information - As of June 30, 2023, the total backlog of orders was HKD 7.78 billion (USD 993 million) [12]. - The group's total unfulfilled orders as of the end of the first half of 2023 amounted to HKD 7,780 million (approximately $993 million), with an order-to-delivery ratio of 0.84 [28]. - The total new orders for the group in Q2 2023 were HKD 3,016.4 million, representing a decrease of 14.9% quarter-on-quarter and 35.1% year-on-year [27]. Research and Development - The company invested approximately HKD 1 billion in research and development in the first half of 2023, with over 2,500 R&D personnel globally [45]. - Research and development expenses for the first half of 2023 were HKD 999.99 million, slightly down from HKD 1.00 billion in the same period of 2022 [60]. Employee and Compensation - For the first half of 2023, the total employee cost of the group was HKD 2.49 billion, down from HKD 2.68 billion in the same period of 2022, reflecting prudent management despite a downturn in the semiconductor industry [52]. - The compensation for directors and other key management personnel during the period amounted to HKD 31,865,000, an increase from HKD 31,350,000 for the same period last year [132]. Financial Position and Liquidity - The group's cash and bank deposits totaled HKD 3,770 million as of June 30, 2023, while bank borrowings stood at HKD 2,000 million [31]. - As of June 30, 2023, the company's cash and bank deposits totaled HKD 3,770 million, down from HKD 4,420 million at the end of 2022 [47]. - The company's debt-to-equity ratio as of June 30, 2023, was 0.127, compared to 0.142 at the end of 2022 [47]. - Cash and cash equivalents decreased from HKD 4,262,886,000 to HKD 3,533,161,000, indicating a liquidity contraction [64]. - The company reported a significant reduction in bank loans, with current bank loans increasing to HKD 2,000,000,000 from HKD 250,000,000 [66]. Acquisitions and Goodwill - The acquisition of Beijing Borui Advanced Technology Co., Ltd. was completed for RMB 27,000,000 (approximately HKD 30,842,000) on April 28, 2023 [136]. - The goodwill generated from the acquisition of Borui is estimated at HKD 22,162,000, reflecting control premium and expected synergies [140]. - The acquisition of Soft Rock Technologies Sdn. Bhd. was completed for MYR 7,033,000 (approximately HKD 12,902,000) on February 16, 2023 [141]. - The goodwill generated from the acquisition of SRT is valued at HKD 10,907,000, reflecting the premium paid for control and expected synergies [145]. Shareholder Information - Major shareholders include ASM International N.V. and ASM Pacific Holding B.V., each holding 24.97% of the company's shares [161]. - The total number of shares issued as of June 30, 2023, was 412,504,333 [163]. - The total number of shares purchased in the market during the period was 362 shares at a cost of HKD 22,839,000 [130]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2023 [165]. - The company has adopted the standard code of corporate governance and confirmed compliance by all directors during the reporting period [166].