Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | ASM INTERNATIONAL N V |
Entity Central Index Key | 351483 |
Trading Symbol | asmi |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 20-F |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Amendment Flag | FALSE |
Entity Common Stock, Shares Outstanding | 62,968,184 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Consolidated_balance_sheets
Consolidated balance sheets (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | € 385,777 | € 312,437 |
Accounts receivable, net | 81,971 | 83,016 |
Inventories, net | 123,463 | 104,467 |
Income taxes receivable | 2,868 | 1,226 |
Deferred tax assets | 1,558 | 3,739 |
Other current assets | 22,363 | 13,155 |
Total current assets | 618,000 | 518,040 |
Debt issuance costs | 1,236 | 276 |
Deferred tax assets | 1,809 | 1,320 |
Goodwill, net | 12,104 | 11,421 |
Other intangible assets, net | 3,960 | 5,637 |
Evaluation tools at customers | 17,767 | 13,332 |
Investments and associates | 1,092,097 | 943,954 |
Property, plant and equipment, net | 79,236 | 56,531 |
Assets held for sale | 724 | 738 |
Total assets | 1,826,933 | 1,551,249 |
Liabilities and shareholders’ equity | ||
Accounts payable | 61,053 | 44,837 |
Provision for warranty | 9,910 | 7,966 |
Accrued expenses and other payables | 47,993 | 38,561 |
Income taxes payable | 15,952 | 10,087 |
Total current liabilities | 134,908 | 101,451 |
Pension liabilities | 1,825 | 2,514 |
Deferred tax liabilities | 0 | 35 |
Total liabilities | 136,733 | 104,000 |
Commitments and contingencies | ||
Common shares: | ||
Authorized 110,000,000 shares, par value €0.04, issued and outstanding 63,468,390 and 62,968,184 shares | 2,553 | 2,539 |
Preferred shares: | ||
Preferred shares | 0 | 0 |
Capital in excess of par value | 261,586 | 250,971 |
Treasury shares | -27,733 | 0 |
Retained earnings | 1,400,849 | 1,281,861 |
Accumulated other comprehensive loss | 52,945 | -88,122 |
Total shareholders’ equity | 1,690,200 | 1,447,249 |
Total liabilities and shareholders’ equity | 1,826,933 | 1,551,249 |
Financing Preferred Shares [Member] | ||
Preferred shares: | ||
Preferred shares | € 0 | € 0 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 |
Common shares, authorized (in shares) | 110,000,000 | 110,000,000 |
Common shares, par value (in euro per share) | € 0.04 | € 0.04 |
Common shares, issued (in shares) | 62,968,184 | 63,468,390 |
Common shares, outstanding (in shares) | 62,968,184 | 63,468,390 |
Preferred shares, authorized (in shares) | 118,000 | 118,000 |
Preferred shares, par value (in euro per share) | € 40 | € 40 |
Preferred shares, issued (in shares) | 0 | 0 |
Financing Preferred Shares [Member] | ||
Preferred shares, authorized (in shares) | 8,000 | 8,000 |
Preferred shares, par value (in euro per share) | € 40 | € 40 |
Preferred shares, issued (in shares) | 0 | 0 |
Consolidated_statements_of_ope
Consolidated statements of operations (EUR €) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | € 545,604 | € 612,277 | € 1,418,067 |
Cost of sales | -310,605 | -397,727 | -977,638 |
Gross profit | 234,999 | 214,550 | 440,429 |
Operating expenses | |||
Selling, general and administrative expenses | -79,982 | -94,776 | -200,799 |
Research and development expenses, net | -63,858 | -75,391 | -149,219 |
Amortization of other intangible assets | -4,728 | -4,189 | |
Amortization of Intangible Assets, Excluding Portion in Selling General and Administrative and Research and Development | 544 | 696 | 1,264 |
Impairment charge property, plant and equipment and assets held for sale | 0 | -796 | 0 |
Restructuring expenses | -80 | -2,473 | -891 |
Total operating expenses | -144,464 | -174,132 | -352,173 |
Result from operations | 90,535 | 40,418 | 88,256 |
Interest income | 1,583 | 972 | 1,989 |
Interest expense | -2,312 | -2,943 | -12,113 |
Loss resulting from early extinguishment of debt | 0 | 0 | -2,209 |
Accretion interest expense convertible notes | 0 | 0 | -4,469 |
Foreign currency exchange gain (loss), net | 26,439 | -8,158 | -3,957 |
Share in income of investments and associates | 38,632 | 1,030,132 | -766 |
Income before income taxes | 154,877 | 1,060,421 | 66,731 |
Income taxes | -17,569 | -11,121 | -26,300 |
Net income | 137,308 | 1,049,300 | 40,431 |
Allocation of net income: | |||
Shareholders of the parent | 137,308 | 1,051,893 | 7,149 |
Non-controlling interest | € 0 | -€ 2,593 | € 33,282 |
Per share data: | |||
Basic (in euro per share) | € 2.16 | € 16.64 | € 0.13 |
Diluted (in euro per share) | € 2.14 | € 16.39 | € 0.13 |
Weighted average number of shares used in computing per share amounts (thousand): | |||
Basic (in shares) | 63,510 | 63,202 | 56,108 |
Diluted (in shares) | 64,209 | 64,196 | 56,767 |
Consolidated_statements_of_com
Consolidated statements of comprehensive income (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | € 137,308 | € 1,049,300 | € 40,431 |
Other comprehensive income (loss), items that may be subsequently reclassified to profit or loss, net of tax | |||
Foreign currency translation effect | 143,270 | -83,087 | -10,110 |
Actuarial loss | -24 | -224 | -3,716 |
Proportionate share in other comprehensive income investments and associates | -2,179 | 480 | 0 |
Reclassification of deferred accumulative translation result to income following the sale of the 12% share of ASMPT | 0 | 23,053 | 0 |
Total other comprehensive income (loss) | 141,067 | -59,778 | -13,826 |
Comprehensive income | 278,375 | 989,522 | 26,605 |
Allocation of comprehensive income (loss): | |||
Common shareholders | 278,375 | 991,116 | -1,642 |
Non-controlling interest | € 0 | -€ 1,594 | € 28,247 |
Consolidated_statements_of_com1
Consolidated statements of comprehensive income (Parenthetical) (Asm Pacific Technology Ltd [Member]) | Mar. 15, 2013 |
Asm Pacific Technology Ltd [Member] | |
Percentage of stake sold | 11.88% |
Consolidated_statements_of_tot
Consolidated statements of total equity (EUR €) | Total | Common Shares [Member] | Capital In Excess Of Par Value [Member] | Treasury Shares At Cost [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Non-Controlling Interest [Member] | |
In Thousands, except Share data, unless otherwise specified | |||||||||
Beginning balance at Dec. 31, 2011 | € 957,714 | € 2,215 | € 376,217 | € 0 | € 301,515 | -€ 20,151 | € 659,796 | € 297,918 | |
Beginning balance (in shares) at Dec. 31, 2011 | 55,377,020 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 40,431 | 7,149 | 7,149 | 33,282 | |||||
Other comprehensive income | -13,826 | -8,791 | -8,791 | -5,035 | |||||
Comprehensive income | 26,605 | 7,149 | -8,791 | -1,642 | 28,247 | ||||
Dividend paid to common shareholders | -27,519 | -27,519 | -27,519 | ||||||
Compensation expense stock options | 3,242 | 3,242 | 3,242 | ||||||
Exercise stock options by issue of common shares (in shares) | 144,570 | ||||||||
Exercise stock options by issue of common shares | 2,209 | 6 | 2,203 | 2,209 | |||||
Purchase of common shares (in shares) | -1,500,000 | ||||||||
Purchase of common shares | -40,554 | -40,554 | -40,554 | ||||||
Conversion of debt into common shares (in shares) | 9,074,396 | ||||||||
Conversion of debt into newly issued common shares | 139,407 | 363 | 98,490 | 40,554 | 139,407 | ||||
Other movements in non-controlling interest | |||||||||
Dividend paid | -27,024 | -27,024 | |||||||
Dilution | 15,908 | 6,937 | 6,937 | 8,971 | |||||
Ending balance at Dec. 31, 2012 | 1,049,988 | 2,584 | 480,152 | 0 | 288,082 | -28,942 | 741,876 | 308,112 | |
Ending balance (in shares) at Dec. 31, 2012 | 63,095,986 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,049,300 | 1,051,893 | 1,051,893 | -2,593 | |||||
Other comprehensive income | -59,778 | -60,777 | -60,777 | 999 | |||||
Comprehensive income | 989,522 | 1,051,893 | -60,777 | 991,116 | -1,594 | ||||
Dividend paid to common shareholders | -31,666 | -31,666 | -31,666 | ||||||
Capital repayment | -269,542 | -239,507 | -30,035 | -269,542 | |||||
Compensation expense stock options | 4,440 | 4,440 | 4,440 | ||||||
Reclassification | 0 | -60 | 60 | ||||||
Exercise stock options by issue of common shares (in shares) | 125,402 | ||||||||
Exercise stock options by issue of common shares | 1,651 | 5 | 1,646 | 1,651 | |||||
Re-issued shares following the settlement of the Lehman treasury shares (in shares) | 247,002 | ||||||||
Re-issued shares following the settlement of the Lehman treasury shares | 4,190 | 10 | 4,180 | 4,190 | |||||
Other movements in non-controlling interest | |||||||||
Deconsolidation ASMPT | -304,921 | 1,597 | 1,597 | -306,518 | |||||
Dilution | 3,587 | 3,587 | 3,587 | ||||||
Ending balance at Dec. 31, 2013 | 1,447,249 | 2,539 | 250,971 | 0 | 1,281,861 | -88,122 | 1,447,249 | 0 | |
Ending balance (in shares) at Dec. 31, 2013 | 63,468,390 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 137,308 | 137,308 | 137,308 | ||||||
Other comprehensive income | 141,067 | 141,067 | 141,067 | ||||||
Comprehensive income | 278,375 | 137,308 | 141,067 | 278,375 | |||||
Dividend paid to common shareholders | -31,828 | -31,828 | -31,828 | ||||||
Compensation expense stock options | 7,476 | 7,476 | 7,476 | ||||||
Exercise stock options by issue of common shares (in shares) | 354,650 | ||||||||
Exercise stock options by issue of common shares | 5,412 | 14 | 5,398 | 5,412 | |||||
Exercise stock options out of treasury shares (in shares) | 124,339 | ||||||||
Exercise stock options out of treasury shares | 1,899 | -497 | 4,158 | -1,762 | 1,899 | ||||
Re-issued shares following the settlement of the Lehman treasury shares (in shares) | -25,643 | ||||||||
Re-issued shares following the settlement of the Lehman treasury shares | 0 | ||||||||
Purchase of common shares (in shares) | -953,552 | ||||||||
Purchase of common shares | -31,891 | -31,891 | -31,891 | ||||||
Other movements in non-controlling interest | |||||||||
Dilution | 3,561 | 3,561 | 3,561 | ||||||
Movements in Investments in Subsidiaries [Abstract] | |||||||||
Allocation equity component convertible bond | [1] | 9,947 | 9,947 | 9,947 | |||||
Ending balance at Dec. 31, 2014 | € 1,690,200 | € 2,553 | € 263,348 | -€ 27,733 | € 1,399,087 | € 52,945 | € 1,690,200 | € 0 | |
Ending balance (in shares) at Dec. 31, 2014 | 62,968,184 | ||||||||
[1] | In 2014 convertible bonds were issued by ASMPT that containing both liability and conversion option components. These components are classified separately into respective items on initial recognition in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised. |
Consolidated_statements_of_cas
Consolidated statements of cash flows (EUR €) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | € 137,308 | € 1,049,300 | € 40,431 |
Adjustments to reconcile net income to net cash from operating activities | |||
Depreciation, amortization and impairments | 21,222 | 29,262 | 58,460 |
Share-based payments | 7,476 | 4,703 | 23,065 |
Non-cash result financing costs | -23,225 | 687 | 6,678 |
Result investments and associates | -38,632 | -1,030,132 | 766 |
Deferred income taxes | 3,042 | -296 | -147 |
Changes in assets and liabilities: | |||
Accounts receivable | 6,756 | -8,477 | 17,905 |
Inventories | -19,743 | -20,220 | -39,920 |
Other current assets | -7,531 | 8,831 | -6,713 |
Accounts payable and accrued expenses | 20,979 | 9,963 | -32,077 |
Current income taxes | 2,738 | 4,924 | -25,968 |
Net cash provided by operating activities | 110,390 | 48,545 | 42,480 |
Cash flows from investing activities | |||
Capital expenditures | -30,647 | -17,063 | -68,162 |
Purchase of intangible assets | -1,496 | -470 | -4,630 |
Disposal of 12% ASMPT share | 0 | 298,254 | 0 |
Proceeds from sale of property, plant and equipment | 359 | 3,969 | 901 |
Net cash (used in)/provided by investing activities | -31,784 | 284,690 | -71,891 |
Cash flows from financing activities | |||
Debt redemption | 0 | -40,889 | -24,726 |
Debt proceeds | 0 | 18,980 | 47,677 |
Debt issuance fees paid | -1,416 | 0 | 0 |
Proceeds from issuance of shares and exercise of stock options | 4,758 | 5,841 | 2,209 |
Dividends from associate ASMPT | 19,974 | 10,171 | 0 |
Dividends to common shareholders of ASMI | -31,828 | -31,666 | -27,519 |
Capital repayment | 0 | -269,542 | 0 |
Dividends to minority shareholders ASMPT | 0 | 0 | -27,024 |
Net cash used in financing activities | -37,850 | -307,105 | -73,489 |
Foreign currency translation effect on cash and cash equivalents | 32,584 | -4,168 | 3,125 |
Net (decrease)/increase in cash and cash equivalents | 73,340 | 21,962 | -99,775 |
Cash and cash equivalents at beginning of year | 312,437 | 290,475 | 390,250 |
Cash and cash equivalents at end of year | 385,777 | 312,437 | 290,475 |
Supplemental disclosures of cash flow information | |||
Interest | 0 | 2,933 | 10,124 |
Income taxes | 11,789 | 6,493 | 52,425 |
Supplemental on cash investing and financing activities | |||
Subordinated debt converted | 0 | 0 | 150,000 |
Subordinated debt converted into number of shares | 0 | 0 | 9,074,396 |
ASM International N.V. [Member] | |||
Cash flows from operating activities | |||
Net income | 137,308 | 1,049,300 | 40,431 |
Adjustments to reconcile net income to net cash from operating activities | |||
Depreciation, amortization and impairments | 21,222 | 28,466 | 58,460 |
Result investments and associates | -38,632 | -1,030,132 | 766 |
Cash flows from financing activities | |||
Purchase of treasury shares | -29,338 | 0 | -40,554 |
Cash and cash equivalents at beginning of year | 312,437 | 290,475 | |
Cash and cash equivalents at end of year | 385,777 | 312,437 | 290,475 |
Asm Pacific Technology Ltd [Member] | |||
Cash flows from financing activities | |||
Purchase of treasury shares | € 0 | € 0 | -€ 3,552 |
Consolidated_statements_of_cas1
Consolidated statements of cash flows Consolidated statements of cash flows (Parentheticals) (Asm Pacific Technology Ltd [Member]) | Mar. 15, 2013 |
Asm Pacific Technology Ltd [Member] | |
Percentage of stake sold | 11.88% |
General_information_Summary_of
General information / Summary of significant accounting policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
General information / Summary of significant accounting policies | General information / Summary of significant accounting policies | |
General information | ||
ASM International NV (“ASMI” or “the Company”) is a Dutch public liability company domiciled in the Netherlands with its principal operations in Europe, the United States and Asia. The Company dedicates its resources to the research, development, manufacturing, marketing and servicing of equipment and materials used to produce mainly semiconductor devices. | ||
The Company’s shares are listed for trading on the Nasdaq (symbol ASMI) and the Euronext Amsterdam Stock Exchange (symbol ASM). | ||
The accompanying consolidated financial statements include the financial statements of ASM International NV headquartered in Almere, the Netherlands, and its consolidated subsidiaries (together referred to as ASMI or the Company). | ||
Basis of preparation | ||
The Company follows accounting principles generally accepted in the United States (“US GAAP”) and applies the going concern basis in preparing its consolidated financial statements. Historical cost is used as the measurement basis unless otherwise indicated. | ||
The accompanying consolidated financial statements are stated in euro thousand (“EUR”) unless indicated otherwise. Amounts in these financial statements are rounded to the nearest thousand euro, therefore amounts may not equal (sub) totals due to rounding. | ||
Use of estimates | ||
The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, ASMI evaluates its estimates. ASMI bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. | ||
Summary of significant accounting policies | ||
Consolidation | ||
The consolidated financial statements include the accounts of ASMI NV and all of its subsidiaries where ASMI holds a controlling interest. The non-controlling interest is disclosed separately in the consolidated financial statements. All intercompany profits, transactions and balances have been eliminated in consolidation. | ||
Subsidiaries are all entities over which ASMI has the power to govern the financial and operating policies. | ||
Subsidiaries are fully consolidated from the date on which control is transferred to ASMI and are deconsolidated from the date on which ASMI's control ceases. | ||
Loss of control | ||
Upon the loss of control, ASMI derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If ASMI retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. | ||
Segment reporting | ||
The Company organizes its activities in two operating segments, Front-end and Back-end. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer (“CEO”), which is the chief operating decision maker (according to ASC 280). | ||
The Back-end segment is still reported as a separate segment after the Company ceased control on March 15, 2013, since the full results of the Back-end segment are continued to be reviewed by our CODM. | ||
Accordingly, the asset and profit/loss information regarding the operations that comprise the segment are disclosed. The full financial results are reviewed by the CODM, the external reporting of the segment are on an equity method investment basis. The total of all segments' financial amounts are reconciled to the corresponding amounts reported in the consolidated financial statements, eliminations are reflected in the reconciling column for amounts reported in excess of those amounts reflected in the consolidated financial statements. | ||
The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. The segment is a product driven organizational unit comprised of manufacturing, service, and sales operations in Europe, the United States of America, Japan and South East Asia. | ||
The Back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested. In January 2011 ASM Pacific Technology Ltd ("ASMPT") acquired the surface-mount technology from Siemens. The segment is organized in ASM Pacific Technology Ltd, in which the Company holds a 39.75% interest, whilst the remaining shares are listed on the Stock Exchange of Hong Kong. | ||
Foreign currency translation | ||
Items included in the financial statements of each ASMI’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial information is presented in euro (EUR), which is the functional currency of the Company and the group’s presentation currency. | ||
In the preparation of ASMI’s consolidated financial statements, assets and liabilities of foreign subsidiaries of which the functional currency is not the euro, are translated into euros at the exchange rate in effect on the respective balance sheet dates. Income and expenses are translated into euros based on the average exchange rates for the corresponding period. Resulting translation adjustments are directly recorded in shareholders’ equity. Currency differences on intercompany loans that have the nature of a long-term investment are also accounted for directly in shareholders’ equity. | ||
Derivative financial instruments | ||
ASMI and its subsidiaries conduct business in a number of foreign countries, with certain transactions denominated in currencies other than the functional currency of the Company (euro) or one of its subsidiaries conducting the business. The purpose of the Company’s foreign currency management is to manage the effect of exchange rate fluctuations on income, expenses, cash flows and assets and liabilities denominated in selected foreign currencies, in particular denominated in US dollar. | ||
The Company may use forward exchange contracts to hedge its foreign exchange risk of anticipated sales or purchase transactions in the normal course of business, which occur within the next twelve months, for which the Company has a firm commitment from a customer or to a supplier. The terms of these contracts are consistent with the timing of the transactions being hedged. The hedges related to forecasted transactions are designated and documented at the inception of the hedge as cash flow hedges, and are evaluated for effectiveness quarterly. The effective portion of the gain or loss on these hedges is reported as a component of accumulated other comprehensive income (loss) net of taxes in shareholders’ equity, and is reclassified into earnings when the hedged transaction affects earnings. | ||
Changes in the fair value of derivatives that do not qualify for hedge treatment, as well as the ineffective portion of any hedges, are recognized in earnings. The Company records all derivatives, including forward exchange contracts, on the balance sheet at fair value in other current assets or accrued expenses and other. | ||
Substantially all amounts, which are net of taxes, included in accumulated other comprehensive loss at December 31, of any year, will be reclassified to net earnings within the next twelve months, upon completion of the underlying transactions. If the underlying transaction being hedged fails to occur, or if a portion of any derivative is ineffective, the gain or loss is immediately recognized in earnings under foreign currency exchange gains (losses) in the consolidated statement of operations. | ||
Furthermore, the Company might manage the currency exposure of certain receivables and payables using derivative instruments, such as forward exchange contracts (fair value hedges) and currency swaps, and non-derivative instruments, such as debt borrowings in foreign currencies. The gains or losses on these instruments provide an offset to the gains or losses recorded on receivables and payables denominated in foreign currencies. The derivative instruments are recorded at fair value and changes in fair value are recorded in earnings under foreign currency exchange gains (losses) in the consolidated statement of operations. Receivables and payables denominated in foreign currencies are recorded at the exchange rate at the balance sheet date and gains and losses as a result of changes in exchange rates are recorded in earnings under foreign currency exchange gains (losses) in the consolidated statement of operations. | ||
The Company does not use forward exchange contracts for trading or speculative purposes. | ||
Cash and cash equivalents | ||
Cash and cash equivalents comprise deposits held at call with banks and other short-term highly liquid investments with original maturity of three months or less. Bank overdrafts, if any, are included in notes payable to banks in current liabilities. | ||
Accounts receivable | ||
Accounts receivable are stated at nominal value less an allowance for doubtful accounts. | ||
A significant percentage of our accounts receivable is derived from sales to a limited number of large multinational semiconductor device manufacturers located throughout the world. In order to monitor potential credit losses, we perform ongoing credit evaluations of our customers’ financial condition. An allowance for doubtful accounts is maintained for potential credit losses based upon management’s assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts receivable is reviewed periodically to assess the adequacy of the allowance. In making this assessment, management takes into consideration any circumstances of which we are aware regarding a customer’s inability to meet its financial obligations; and our judgments as to potential prevailing economic conditions in the industry and their potential impact on the Company’s customers. | ||
The allowance is based on historical experience, credit evaluations, specific customer collection history and any customer-specific issues ASMI has identified. Changes in circumstances, such as an unexpected adverse material change in a major customer’s ability to meet its financial obligation to ASMI or its payment trends, may require us to further adjust our estimates of the recoverability of amounts due to ASMI, which could have an adverse material effect on ASMI’s financial condition and results of operations. On December 31, 2014 the allowance for doubtful accounts amounted to €19 compared to total accounts receivable of €81,971. | ||
Inventories | ||
Inventories are stated at the lower of cost (first-in, first-out method) or market value. Costs include net prices paid for materials purchased, charges for freight and custom duties, production labor cost and factory overhead. Allowances are made for slow moving, obsolete or unsellable inventory. | ||
Allowances for obsolescence of inventory are determined based on the expected demand as well as the expected market value of the inventory. We regularly evaluate the value of our inventory of components and raw materials, work in progress and finished goods, based on a combination of factors including the following: forecasted sales, historical usage, product end of life cycle, estimated current and future market values, service inventory requirements and new product introductions, as well as other factors. Purchasing requirements and alternative uses for the inventory are explored within these processes to mitigate inventory exposure. We record write downs for inventory based on the above factors and take into account worldwide quantities and demand into our analysis. | ||
On December 31, 2014 our allowance for inventory obsolescence amounted to €21,350, which is 14.7% of total inventory. If circumstances related to our inventories change, our estimate of the values of inventories could materially change. On December 31, 2014, an increase of our overall estimate for obsolescence and lower market value by 10% of our total inventory balance would result in an additional charge to cost of sales of €14.5 million. | ||
Evaluation tools at customers | ||
Evaluation tools at customers (“evaluation tools”) are systems generally delivered to customers under evaluation or a conditional purchase order and include substantial customization by our engineers and R&D staff in the field. Evaluation tools are recorded at cost and depreciated over their useful life (5 years). The depreciation period may be shorter, depending on circumstances. The depreciation expenses are reported as cost of sales. | ||
On final acceptance of the system the purchase consideration is recognized as revenue. The carrying value of the evaluation tool at that point in time is recognized as cost of sales. In the circumstance that the system is returned, at the end of the evaluation period, a detailed impairment review takes place, and future sales opportunities and additional costs are identified. Only when the fair value is below the carrying value of the evaluation tool an additional depreciation is recognized. The remaining carrying value is recognized as finished goods (inventory). | ||
Long-lived assets | ||
Long-lived assets include goodwill, other intangible assets and property, plant and equipment. Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Capital leased assets are recorded at the present value of future lease obligations. Depreciation is calculated using the straight-line method over the estimated useful lives. Leasehold improvements are depreciated over the lesser of the estimated useful life of the leasehold improvement or the term of the underlying lease. | ||
Business combinations are accounted for under the purchase acquisition method. The Company tests its recorded goodwill and other intangible assets with indefinite lives for impairment each year on December 31 and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Goodwill is allocated to reporting units for purposes of impairment testing and tested for impairment on a two-step approach. The implied fair value of goodwill is determined. First the recoverability is tested by comparing the carrying amount of the goodwill with the fair value being the sum of the discounted future cash flows. If the carrying amount of the goodwill at reporting unit level is higher than the fair value of the goodwill, the second step should be performed. The goodwill impairment is measured as the excess of the carrying amount of the goodwill over its fair value. | ||
The calculation of fair value involves certain management judgments, and was based on our best estimates and projections at the time of our review. The value may be different if other assumptions are used. In future periods we may be required to record an impairment loss based on the impairment test performed, which may significantly affect our results of operations at that time. On December 31, 2014, we determined that a decrease in estimated cash flows of 10% and an increase of 10% of the discount rate used in calculating the fair value would not result in an impairment of the carrying value of goodwill. | ||
Other intangible assets with finite lives are amortized over the estimated useful lives using the straight-line method. Other intangible assets and property, plant and equipment are reviewed by us for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, we estimate the future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The cash flow estimates that we use include certain management judgments and are based on our best estimates and projections at the time of our review, these may be different if other assumptions are used. In future periods, however, we may be required to record impairment losses, which may significantly affect our results of operations at that time. On December 31, 2014, we determined that a decrease in estimated cash flows of 10% would not result in an impairment of the carrying value of long-lived assets. | ||
Assets held for sale | ||
A long-lived asset to be sold is classified as held for sale in the period in which all of the following criteria are met: | ||
• | Management, having the authority to approve the action, commits to a plan to sell the asset; | |
• | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; | |
• | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; | |
• | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; and | |
• | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | |
If at any time these criteria are no longer met a long-lived asset classified as held for sale will be reclassified as held and used. | ||
If during the initial one-year period, circumstances arise that previously were considered unlikely and, as a result, a long-lived asset previously classified as held for sale is not sold by the end of that period and all of the following conditions are met: | ||
◦ | During the initial one-year period the entity initiated actions necessary to respond to the change in circumstances; | |
◦ | The asset is being actively marketed at a price that is reasonable given the change in circumstances. | |
The period required to complete the sale of a long-lived asset may be extended beyond one year. | ||
If at any time the criteria for classification as held for sale are no longer met, the entity shall cease to classify the asset as held for sale. The entity shall measure a non-current asset that ceases to be classified as held for sale at the lower of: | ||
◦ | Its carrying amount before the asset was classified as held for sale, adjusted for any depreciation that would have been recognized had the asset not been classified as held for sale; and | |
◦ | Its recoverable amount at the date of the subsequent decision not to sell. | |
A long-lived asset classified as held for sale shall be presented separately in the statement of financial position. | ||
Recoverability of long-lived assets | ||
Long-lived assets (except those not being amortized) to be held and used by the Company are reviewed by the Company for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, the Company estimates the future undiscounted cash flows expected to result from the use of the asset. If the undiscounted future cash flow is less than the carrying amount of the asset, the asset is deemed impaired. The amount of the impairment is measured as the difference between the carrying value and the fair value of the asset. Long-lived assets and other intangibles (except those not being amortized) to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | ||
Business combinations | ||
ASC Topic 805 (“Business Combinations”) requires that companies record acquisitions under the purchase method of accounting. Accordingly, the purchase price is allocated to the tangible assets and liabilities and intangible assets acquired, based on their estimated fair values. The excess purchase price over the fair value is recorded as goodwill. Purchased intangibles with definite lives are amortized over their respective useful lives. When a bargain purchase incurs, which is the case when the fair value of the acquired business exceeds the purchase price, this surplus in fair value is recognized as a gain from bargain purchase. | ||
Investments and Associated companies | ||
Investments associated companies are accounted for under the equity method on a go forward basis. Dividend income from the Company’s subsidiaries and associated companies is recognized when the right to receive payment is established. | ||
Impairment of Investments and Associated companies | ||
ASMI does not separately test investment's underlying assets for impairment. However, ASMI recognizes its share of any impairment charge recorded by an investee and consider the effect, if any, of the impairment on the basis difference in the assets giving rise to the investee’s impairment charge. A loss in value of an investment which is other than a temporary decline will be recognized. | ||
The ASMPT investment is accounted for under the equity method on a go forward basis. Equity method investments are tested for other than temporary impairment (OTTI). An investment is considered impaired if the fair value of the investment is less than its amortized cost. The determination of whether an investment is impaired is made at the individual security level in each reporting period. | ||
If the fair value of an investment is less than its cost or amortized cost at the balance sheet date, the Company determines whether the impairment is temporary or other than temporary. The Company considers the following facts and guidelines when determining whether an OTTI exists: | ||
• | Positive factors as the reasons that an OTTI does not exist must be more objectively verifiable; | |
• | With respect to measuring an OTTI, an investment's fair value as of the balance sheet date should be used to determine the new carrying value. | |
An OTTI is measured as of a balance sheet reporting date. | ||
Revenue recognition | ||
The Company recognizes revenue when all four revenue recognition criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; seller’s price to buyer is fixed or determinable; and collectability is reasonably assured. | ||
Each sale arrangement may contain commercial terms that differ from other arrangements. In addition, we frequently enter into contracts that contain multiple deliverables. Judgment is required to properly identify the accounting units of the multiple deliverable transactions and to determine the manner in which revenue should be allocated among the accounting units. Moreover, judgment is used in interpreting the commercial terms and determining when all criteria of revenue recognition have been met, in order for revenue recognition to occur in the appropriate accounting period. While changes in the allocation of the estimated sales price between the units of accounting will not affect the amount of total revenue recognized for a particular sales arrangement, any material changes in these allocations could impact the timing of revenue recognition. | ||
Our Front-end sales frequently involve sales of complex equipment, which may include customer-specific criteria, sales to new customers or sales of equipment with new technology. For each sale, the decision whether to recognize revenue is, in addition to shipment and factory acceptance, based on: the contractual agreement with a customer; the experience with a particular customer; the technology and the number of similarly configured equipment previously delivered. Based on these criteria we may decide to defer revenue until completion of installation at the customer’s site and obtaining final acceptance from the customer. | ||
A major portion of our revenue is derived from contractual arrangements with customers that have multiple deliverables, such as equipment and installation. When a sales arrangement contains multiple elements, such as equipment and installation, ASMI allocates revenue to each element based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (VSOE) if available, third party evidence (TPE) if VSOE is not available, or best estimated selling price (BESP) if neither VSOE nor TPE is available. ASMI generally utilizes the BESP due to the nature of our products. The total arrangement consideration is allocated at inception of the arrangement to all deliverables on the basis of their relative selling price. The revenue relating to the undelivered elements of the arrangements is deferred at their relative selling prices until delivery of these elements. At December 31, 2012, December 31, 2013 and December 31, 2014 we have deferred revenues from installations in the amount of €3.5 million, €3.9 million and €7.8 million respectively. | ||
In general, we recognize revenue from sales of equipment upon transfer of title, which is upon shipment of the equipment, only if testing at the factory has proved that the equipment has met substantially all of the customer’s criteria and specifications. | ||
The Company recognizes revenue from installation of equipment upon completion of installation at the customer’s site. At the time of shipment, the Company defers that portion of the sales price related to the relative selling price of installation. The relative selling price of the installation process is measured based upon the per-hour amounts charged to clients parties for similar installation services. Installation is completed when testing at the customer’s site proved that the equipment has met all of the customer’s criteria and specifications. The completion of installation is signed-off by the customer (“final acceptance”). | ||
We provide training and technical support service to customers. Revenue related to such services is recognized when the service is rendered. Revenue from the sale of spare parts and materials is recognized when transfer of title took place, in general upon shipment of the goods. Freight charges billed to customers are recognized as revenue, the related costs are recognized as cost of sales. Revenues are recognized excluding the taxes levied on revenues. | ||
Cost of sales | ||
Cost of sales comprise direct costs such as labor, materials, cost of warranty, depreciation, shipping and handling costs and related overhead costs. Cost of sales also includes third party commission, depreciation expenses of evaluation tools at customers, royalty payments and costs relating to prototype and experimental products, which the Company may subsequently sell to customers. Costs of warranty include the cost of labor, material and related overhead necessary to repair a product during the warranty period. | ||
Warranty | ||
We provide maintenance on our systems during the warranty period, usually one to two years. Costs of warranty include the cost of labor, material and related overhead necessary to repair a product during the warranty period. We accrue for the estimated cost of the warranty on products shipped in a provision for warranty, upon recognition of the sale of the product. The costs are estimated based on actual historical expenses incurred and on estimated future expenses related to current sales, and are updated periodically. Actual warranty costs are charged against the provision for warranty. The actual warranty costs may differ from estimated warranty costs, and we adjust our provision for warranty accordingly. Future warranty costs may exceed our estimates, which could result in an increase of our cost of sales. | ||
Research and development costs | ||
Research and development costs are expensed as incurred. Costs, which relate to prototype and experimental models and are sold to customers, are charged to cost of sales. Subsidies and other governmental credits to cover research and development costs relating to approved projects are recorded as research and development credits in the period when such project costs occur. The research and development expenses are presented net of the development credits. | ||
Share-based compensation expenses | ||
The cost relating to employee stock options and shares (compensation expense) are recognized based upon the grant date fair value of the stock options or the shares. The fair value at grant date of employee stock options is estimated using a Black-Scholes option valuation model. This model requires the use of assumptions including expected stock price volatility, the estimated life of each award and the estimated dividend yield. The risk-free interest rate used in the model is determined, based on a euro government bond with a life equal to the expected life of the options. The estimated fair value at grant date of shares is based on the share price of the ASMI share at grant date minus the discounted value of expected dividends during the vesting period. | ||
The grant date fair value of the stock options and shares is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of stock options and shares that will eventually vest. The impact of the true up of the estimates is recognized in the consolidated statement of operations in the period in which the revision is determined. | ||
For further information on ASMI’s employee stock option plans reference is made to Note 17. | ||
Restructuring costs | ||
Restructuring expenses are recognized for exit or disposal activities when the liability arising from restructuring plans is incurred. Reference is made to Note 22. Distinction is made in one-time employee termination expenses, contract termination expenses and other associated expenses. For the accounting on the distinguished elements of restructuring expenses we apply to the policy as mentioned below. The expenses have been charged to “restructuring expenses”. | ||
One-time termination expenses represent the payments provided to employees that have become redundant and are terminated under the terms and conditions of a restructuring plan. A restructuring plan exists at the date the plan meets all of the following criteria and has been communicated to employees: | ||
• | Management commits to the plan; | |
• | The plan identifies the number of employees that become redundant and the expected completion date; | |
• | The plan sets out the terms and conditions of the arrangement in sufficient detail to enable employees to determine the type and amount of benefits they will receive; and | |
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | |
The timing of the recognition and measurement of a liability for one-time termination expenses depends on whether employees will be retained to render service beyond a minimum retention period. | ||
Contract termination expenses are related to the termination of an operating lease or another contract. These expenses are distinguished in: | ||
• | Expenses related to the termination of the contract before the end of its term. These expenses are recognized when the contract is terminated. The liability is measured at its fair value in accordance with the contract terms; and | |
• | Expenses related to contracts that will last for its remaining term without economic benefit to the entity. This is the case when a lease contract for premises is not terminated while the premises are not (completely) in use anymore. The liability is accrued for at the cease-use date, the date the company determined that it would no longer occupy the premises, which is conveyed to it under the contractual operating lease. The liability is measured at its fair value in accordance with the contract terms. | |
Other costs related to restructuring include costs to consolidate or close facilities and relocate employees. A liability for other expenses related to a restructuring such as transition costs is recognized and measured in the period in which the liability is incurred. The costs incurred are directly related to the restructuring activity. The definition of exit costs excludes expected future operating losses. | ||
Income taxes | ||
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for tax effect of incurred net operating losses and for tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the Consolidated Statement of Operations in the period in which the enacted rate changes. Deferred tax assets are reduced through a valuation allowance at such time as, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. | ||
The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. We regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes, and adjust the tax position in the period in which the fact that gives rise to a revision becomes known. | ||
In case of expected interest and penalties related to income tax liabilities these will be accrued for and included in the provision for income taxes. | ||
Currently we have significant deferred tax assets, which resulted primarily from operating losses incurred in prior years as well as other temporary differences. We have established a valuation allowance to reflect the likelihood of the realization of deferred tax assets. Based on available evidence, we regularly evaluate whether it is more likely than not that the deferred tax assets will not be realized. This evaluation includes our judgment on the future profitability and our ability to generate taxable income, changes in market conditions and other factors. On December 31, 2014, we believe that there is insufficient evidence to substantiate recognition of substantially all net deferred tax assets with respect to net operating loss carry forwards, and we have established a valuation allowance in the amount of €53.8 million. Future changes in facts and circumstances, if any, may result in a change of the valuation allowance to these deferred tax asset balances which may significantly influence our results of operations at that time. If our evaluation of the realization of deferred tax assets would indicate that an additional 10% of the net deferred tax assets as of December 31, 2014 is not realizable, this would result in an additional valuation allowance and an income tax expense of €0.3 million. | ||
Unrecognized tax benefits mainly relate to transfer pricing positions, operational activities in countries where we are not tax registered and tax deductible costs. We estimate that no interest and penalties are related to these unrecognized tax benefits. Unrecognized tax benefits would, if recognized, impact the Company’s effective tax rate. | ||
The calculation of our tax positions involves dealing with uncertainties in the application of complex tax laws. Our estimate for the potential outcome of any uncertain tax position is highly judgmental. Settlement of uncertain tax positions in a manner inconsistent with our estimates could have a material impact on our earnings, financial position and cash flows. | ||
Pension plans and similar commitments | ||
The Company has retirement plans covering substantially all employees. The principal plans are defined contribution plans, except for the plans of the Company’s operations in the Netherlands and Japan. The Company’s employees in the Netherlands participate in a multi-employer plan. Payment to defined contribution plans and the multi-employer plan are recognized as an expense in the Consolidated Statement of Operations as they fall due. | ||
The Company’s employees in Japan participate in a defined benefit plan. Pension costs in respect of these defined benefit plans are determined using the projected unit credit method. These costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of the expected return on plan assets. Obligations for retirement benefit and related net periodic pension costs are determined in accordance with actuarial valuations. These valuations rely on key assumptions including discount rates, expected return on plan assets, expected salary increases, mortality rates and health care trend rates. The discount rate assumptions are determined by reference to yields on high-quality corporate bonds of appropriate duration and currency at the end of the reporting period. In case such yields are not available, discount rates are based on government bonds yields. The expected returns on plan asset assumptions are determined on a uniform methodology, considering long-term historical returns and asset allocations. Due to changing market and economic conditions, the underlying key assumptions may differ from actual development and may lead to significant changes in retirement benefit obligations. | ||
In accordance with ASC 715, “Employers’ Accounting for Defined Benefit Pension and Other Post-retirement Plans" the Company recognizes in its Consolidated Balance Sheet an asset or a liability for the plan’s overfunded status or underfunded status respectively. The unfunded status is recognized as a liability. Actuarial gains and losses are recognized in other comprehensive income when incurred. Reference is made to Note 16 and Note 17. | ||
Commitments and contingencies | ||
The Company has various contractual obligations, some of which are required to be recorded as liabilities in the Company’s consolidated financial statements, including long- and short-term debt. Others, namely operating lease commitments, purchase commitments and commitments for capital expenditure, are generally not required to be recognized as liabilities on the Company’s balance sheet but are required to be disclosed. Reference is made to Note 18. | ||
Comprehensive income | ||
Comprehensive income consists of net earnings (loss) and other comprehensive income. Other comprehensive income includes gains and losses that are not included in net earnings, but are recorded directly in Shareholders’ Equity. | ||
New accounting pronouncements | ||
In May 2014, the Financial Accounting Standards Board (FASB) issued authoritative guidance that requires revenue recognition to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new standard will supersede most current revenue recognition guidance, including industry-specific guidance. The guidance becomes effective for ASMI in the fiscal year 2017, and can be applied either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Early adoption is prohibited. ASMI is currently evaluating the impact of this new guidance on the Company's financial position and results of operations. | ||
In April 2014, the FASB issued authoritative guidance that raises the threshold for a disposal transaction to qualify as a discontinued operation and requires additional disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations. The authoritative guidance becomes effective prospectively for ASMI in the fiscal year 2015. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. |
List_of_significant_subsidiari
List of significant subsidiaries and associates | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Segment Reporting [Abstract] | |||||||
List of significant subsidiaries and associates | List of significant subsidiaries and associates | ||||||
% Ownership | |||||||
December 31, | |||||||
2013 | 2014 | ||||||
Subsidiaries (consolidated) | Location | ||||||
ASM Europe BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM United Kingdom Sales BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM Germany Sales BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM Pacific Holding BV -1- -3- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM France SARL | Montpellier, France | 100 | % | 100 | % | ||
ASM Belgium NV | Leuven, Belgium | 100 | % | 100 | % | ||
ASM Italia Srl | Agrate, Italy | 100 | % | 100 | % | ||
ASM Microchemistry Oy | Helsinki, Finland | 100 | % | 100 | % | ||
ASM Services and Support Ireland Ltd | Dublin, Ireland | 100 | % | 100 | % | ||
ASM Services and Support Israel Ltd | Tel Aviv, Israel | 100 | % | 100 | % | ||
ASM America, Inc | Phoenix, Arizona, United States of America | 100 | % | 100 | % | ||
ASM Japan KK | Tokyo, Japan | 100 | % | 100 | % | ||
ASM Wafer Process Equipment Ltd | Quarry Bay, Hong Kong, People’s | 100 | % | 100 | % | ||
Republic of China | |||||||
ASM China Ltd | Shanghai, People’s Republic of China | 100 | % | 100 | % | ||
ASM Wafer Process Equipment Singapore Pte Ltd | Singapore | 100 | % | 100 | % | ||
ASM Front-End Sales & Services Taiwan Co, Ltd | Hsin-Chu, Taiwan | 100 | % | 100 | % | ||
ASM Services & Support Malaysia SDN BDH | Kuala Lumpur, Malaysia | 100 | % | 100 | % | ||
ASM Front-End Manufacturing Singapore Pte Ltd | Singapore | 100 | % | 100 | % | ||
ASM Genitech Korea Ltd | Cheonan, South Korea | 100 | % | 100 | % | ||
ASM IP Holding BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
Associates (non-consolidated) | |||||||
ASM Pacific Technology Ltd -2- | Kwai Chung, Hong Kong, People’s | 39.94 | % | 39.75 | % | ||
Republic of China | |||||||
1) | For these subsidiaries ASM International NV has filed statements at the Dutch Chamber of Commerce assuming joint and several liability in accordance with Article 403 of Book 2, Part 9 of the Netherlands Civil Code. | ||||||
2) | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. | ||||||
3) | Established in 2008, ASM Pacific Holding BV holds 39.75% of the shares in ASM Pacific Technology Ltd |
Divestment
Divestment | 12 Months Ended | ||
Dec. 31, 2014 | |||
Equity Method Investments and Joint Ventures [Abstract] | |||
Divestment | Divestment | ||
On March 13, 2013, the Company announced that it divested a controlling stake in its subsidiary ASM Pacific Technology Ltd. (ASMPT). The sale of the shares officially closed on March 15, 2013. The Company sold 47,424,500 ordinary shares of ASMPT at a price of HK$90 per share to institutional or other professional investors through a partial secondary share placement, representing an 11.88% stake in ASMPT. The placement generated cash proceeds for the Company of HK$4,192 million (approximately €413 million). | |||
The table below reconciles the cash proceeds from the divested stake in ASMPT: | |||
Gross proceeds | 420,409 | ||
Paid fees, stamp duty and other expenses | (7,213 | ) | |
Net proceeds | 413,196 | ||
Currency translation differences | 1,232 | ||
Cash balance ASMPT upon sale | (116,174 | ) | |
Net cash on disposal ASMPT | 298,254 | ||
The sale of the 11.88% stake caused ASMI to cease control of ASMPT. According to US GAAP the accounting of this sale consists of two separate transactions: | |||
• | A sale of a 51.96% subsidiary; and | ||
• | A purchase of a 40.08% associate. | ||
These transactions resulted in a substantial gain and the deconsolidation of ASMPT. This gain consisted of two elements, the realized gain on the sale of the 11.88% stake amounting to $243 million and an unrealized re-measurement gain on the remaining 40.08% of the retained interest in ASMPT approximating €1,156 million. The purchase of the associate resulted in the recognition of the associate at fair value. | |||
After the initial accounting of the sale transaction and related gains, subsequent accounting under ASC 323, “Investments”, requires that future income from ASMPT will need to be adjusted for the fair value adjustments arising the "basis differences" as if a business combination had occurred under ASC 805, "Business Combinations", i.e. a purchase price allocation (“PPA”). | |||
The purchase of the associate has been recognized at fair value, being the value of the ASMPT shares on the day of closing of the purchase transaction. US GAAP requires that the composition of such a fair value needs to be determined through a PPA. This process took place in the remaining period of 2013. The PPA resulted in the recognition of intangible assets for customer relationship, technology, trade name and product names. For inventories and property, plant and equipment a fair value adjustment was recognized. | |||
Under US GAAP, the "disposal" of the ASMPT business does not classify as discontinued operations. | |||
Reporting ASMI share in net earnings of ASMPT in the consolidated statement of operations: | |||
Year ended December 31, 2013 | |||
Result investments and associates | |||
ASMI share net earnings March 16 - December 31, 2013 | 23,727 | ||
Realized gain on sale 11.88% ASMPT shares | 242,838 | ||
Unrealized remeasurement gain on retained 40.08% ASMPT shares | 1,155,625 | ||
Impairment loss | (335,406 | ) | |
Amortization other intangible assets and fair value changes from PPA | (56,652 | ) | |
Reported on line result investments and associates | 1,030,132 | ||
Cash_and_cash_equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents |
Cash and cash equivalents include deposits with high-rated financial institutions of €385,777. Our cash and cash equivalents are predominantly denominated in US$ and partly in euro and Korean won. | |
Cash and cash equivalents have insignificant interest rate risk and deposits have a remaining maturity of three months or less at the date of acquisition. |
Accounts_receivable
Accounts receivable | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounts Receivable, Net, Current [Abstract] | ||||||
Accounts receivable | Accounts receivable | |||||
A significant percentage of our accounts receivable is derived from sales to a limited number of large multinational semiconductor device manufacturers located throughout the world. In order to monitor potential credit losses, we perform ongoing credit evaluations of our customers’ financial condition. | ||||||
The carrying amount of accounts receivable is as follows: | ||||||
December 31, | ||||||
2013 | 2014 | |||||
Current | 54,614 | 65,985 | ||||
Overdue <30 days | 18,787 | 5,949 | ||||
Overdue 31-60 days | 783 | 2,142 | ||||
Overdue 61-120 days | 2,527 | 1,785 | ||||
Overdue >120 days | 6,305 | 6,110 | ||||
Total | 83,016 | 81,971 | ||||
In the total amount of accounts receivable for both the year ended December 31, 2014 and 2013 no notes receivable are included. | ||||||
An allowance for doubtful accounts receivable is maintained for potential credit losses based upon management’s assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed periodically to assess the adequacy of the allowance. In making this assessment, management takes into consideration any circumstances of which we are aware regarding a customer’s inability to meet its financial obligations; and our judgments as to potential prevailing economic conditions in the industry and their potential impact on the Company’s customers. | ||||||
The changes in the allowance for doubtful accounts receivable are as follows: | ||||||
2013 | 2014 | |||||
Balance at beginning of year | (8,551 | ) | (73 | ) | ||
Deconsolidation ASMPT | 6,191 | — | ||||
Charged to selling, general and administrative expenses | 756 | 57 | ||||
Utilization | 1,469 | — | ||||
Foreign currency translation effect | 62 | (3 | ) | |||
Balance at end of year | (73 | ) | (19 | ) | ||
Accounts receivable are stated at nominal value less an allowance for doubtful accounts. The carrying amount of the accounts receivable approximates their fair value. |
Inventories
Inventories | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ||||||
Inventories | Inventories | |||||
Inventories consist of the following: | ||||||
December 31, | ||||||
2013 | 2014 | |||||
Components and raw materials | 78,579 | 69,709 | ||||
Work in process | 31,442 | 30,040 | ||||
Finished goods | 20,073 | 45,064 | ||||
Total inventories, gross | 130,094 | 144,813 | ||||
Allowance for obsolescence | (25,627 | ) | (21,350 | ) | ||
Total inventories, net | 104,467 | 123,463 | ||||
The changes in the allowance for obsolescence and/or lower market value are as follows: | ||||||
2013 | 2014 | |||||
Balance at beginning of year | (65,287 | ) | (25,627 | ) | ||
Deconsolidation ASMPT | 39,146 | — | ||||
Charged to cost of sales | (8,648 | ) | (2,282 | ) | ||
Utilization | 6,464 | 8,514 | ||||
Foreign currency translation effect | 2,698 | (1,955 | ) | |||
Balance at end of year | (25,627 | ) | (21,350 | ) | ||
The addition for the years 2013 and 2014 mainly relate to inventory items which were ceased to be used due to technological developments and design changes which resulted in in obsolescence of certain parts. | ||||||
On December 31, 2014, an increase of our overall estimate for obsolescence and lower market value by 10% of our total inventory balance would result in an additional charge to cost of sales of €15 million. | ||||||
The cost of inventories recognized as costs and included in cost of sales amounted to €246.0 million (2013: €207.9 million). |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill | Goodwill | ||||||||
The changes in the carrying amount of goodwill are as follows: | |||||||||
Front-end | Back-end | Total | |||||||
Balance January 1, 2013 | 11,649 | 40,239 | 51,888 | ||||||
Deconsolidation ASMPT | — | (38,482 | ) | (38,482 | ) | ||||
Foreign currency translation effect | (228 | ) | (1,757 | ) | (1,985 | ) | |||
Balance December 31, 2013 | 11,421 | — | 11,421 | ||||||
Foreign currency translation effect | 683 | — | 683 | ||||||
Balance December 31, 2014 | 12,104 | — | 12,104 | ||||||
The carrying amount of the goodwill is related to the acquisitions of the following entities: | |||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
ASM Microchemistry Oy (Thermal products business unit) | 3,560 | 3,560 | |||||||
ASM Genitech Korea Ltd (Plasma products business unit) | 7,861 | 8,544 | |||||||
Total | 11,421 | 12,104 | |||||||
We perform an annual impairment test at December 31 of each year or if events or changes in circumstances indicate that the carrying amount of goodwill exceeds its fair value. Our Front-end impairment test and the determination of the fair value is based on a discounted future cash flow approach that uses our estimates of future revenues, driven by assumed market growth and estimated costs as well as appropriate discount rates. | |||||||||
The material assumptions used for the fair value calculation of the reporting units are: | |||||||||
• | An average discount rate of 13.0% (2013: 16.0%) representing the pre-tax weighted average cost of capital; | ||||||||
• | External market segment data, historical data and strategic plans to estimate cash flow growth per product line have been used; and | ||||||||
• | Cash flow calculations are limited to five years of cash flow; after these five years perpetuity growth rates are set based on market maturity of the products. For maturing product the perpetuity growth rates used are 1% or less and for enabling technology products the rate used is 3% or less. | ||||||||
These estimates are consistent with the plans and estimated costs we use to manage the underlying business. Based on this analysis management believes that as per December 31, 2014 the fair value of the reporting units exceeded the carrying value. |
Other_intangible_assets
Other intangible assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||
Other intangible assets | Other intangible assets | ||||||||
Other intangible assets include purchased technology from third parties and software developed or purchased (including licenses) for internal use. The changes in the amount of other intangible assets are as follows: | |||||||||
Software | Purchased | Total | |||||||
technology | |||||||||
and other | |||||||||
intangible | |||||||||
assets | |||||||||
At cost | |||||||||
Balance January 1, 2013 | 20,346 | 14,393 | 34,739 | ||||||
Deconsolidation ASMPT | (4,931 | ) | (7,215 | ) | (12,146 | ) | |||
Additions | 437 | 33 | 470 | ||||||
Disposals | (1 | ) | — | (1 | ) | ||||
Foreign currency translation effect | (248 | ) | (169 | ) | (417 | ) | |||
Balance December 31, 2013 | 15,603 | 7,042 | 22,645 | ||||||
Additions | 1,496 | — | 1,496 | ||||||
Reclassification from evaluation tools | — | 2,269 | 2,269 | ||||||
Disposals | (414 | ) | (1,202 | ) | (1,616 | ) | |||
Foreign currency translation effect | 216 | 680 | 896 | ||||||
Balance December 31, 2014 | 16,901 | 8,789 | 25,690 | ||||||
Accumulated amortization | |||||||||
Balance January 1, 2013 | 13,446 | 7,378 | 20,824 | ||||||
Deconsolidation ASMPT | (3,744 | ) | (3,895 | ) | (7,639 | ) | |||
Amortization for the year | 2,118 | 2,071 | 4,189 | ||||||
Disposals | (1 | ) | — | (1 | ) | ||||
Foreign currency translation effect | (211 | ) | (154 | ) | (365 | ) | |||
Balance December 31, 2013 | 11,608 | 5,400 | 17,008 | ||||||
Amortization for the year | 3,695 | 1,033 | 4,728 | ||||||
Reclassification from evaluation tools | — | 878 | 878 | ||||||
Disposals | (414 | ) | (1,202 | ) | (1,616 | ) | |||
Foreign currency translation effect | 193 | 539 | 732 | ||||||
Balance December 31, 2014 | 15,082 | 6,648 | 21,730 | ||||||
Other intangible assets, net | |||||||||
31-Dec-13 | 3,995 | 1,642 | 5,637 | ||||||
31-Dec-14 | 1,819 | 2,141 | 3,960 | ||||||
Other intangible assets are amortized over their useful lives of 3 to 7 years. Estimated amortization expenses relating to other intangible assets are as follows: | |||||||||
2015 | 2,266 | ||||||||
2016 | 1,192 | ||||||||
2017 | 481 | ||||||||
2018 | 14 | ||||||||
2019 | 7 | ||||||||
3,960 | |||||||||
Property_plant_and_equipment
Property, plant and equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, plant and equipment | Property, plant and equipment | ||||||||
The changes in the amount of property, plant and equipment are as follows: | |||||||||
Land, | Machinery, | Total | |||||||
buildings and | equipment, | ||||||||
leasehold | furniture | ||||||||
improvements | and | ||||||||
fixtures | |||||||||
At cost | |||||||||
Balance January 1, 2013 | 187,880 | 475,629 | 663,509 | ||||||
Capital expenditures | 1,580 | 15,483 | 17,063 | ||||||
Deconsolidation ASMPT | (145,290 | ) | (322,398 | ) | (467,688 | ) | |||
Retirements and sales | (13,792 | ) | (10,966 | ) | (24,758 | ) | |||
Reclassification from held for sale | 3,393 | — | 3,393 | ||||||
Reclassification | — | (66 | ) | (66 | ) | ||||
Foreign currency translation effect | (4,824 | ) | (15,823 | ) | (20,647 | ) | |||
Balance December 31, 2013 | 28,947 | 141,859 | 170,806 | ||||||
Capital expenditures | 619 | 30,028 | 30,647 | ||||||
Retirements and sales | (813 | ) | (17,092 | ) | (17,905 | ) | |||
Reclassification | 402 | (402 | ) | — | |||||
Foreign currency translation effect | 1,757 | 11,033 | 12,790 | ||||||
Balance December 31, 2014 | 30,912 | 165,426 | 196,338 | ||||||
Accumulated depreciation | |||||||||
Balance January 1, 2013 | 87,377 | 300,696 | 388,073 | ||||||
Depreciation for the year | 4,502 | 15,545 | 20,047 | ||||||
Deconsolidation ASMPT | (64,699 | ) | (192,581 | ) | (257,280 | ) | |||
Retirements and sales | (13,700 | ) | (7,089 | ) | (20,789 | ) | |||
Reclassification | — | (66 | ) | (66 | ) | ||||
Foreign currency translation effect | (2,751 | ) | (12,959 | ) | (15,710 | ) | |||
Balance December 31, 2013 | 10,729 | 103,546 | 114,275 | ||||||
Depreciation for the year | 2,001 | 10,576 | 12,577 | ||||||
Retirements and sales | (732 | ) | (16,814 | ) | (17,546 | ) | |||
Reclassification | 9 | (9 | ) | — | |||||
Foreign currency translation effect | 1,031 | 6,765 | 7,796 | ||||||
Balance December 31, 2014 | 13,038 | 104,064 | 117,102 | ||||||
Property, plant and equipment, net | |||||||||
31-Dec-13 | 18,218 | 38,313 | 56,531 | ||||||
31-Dec-14 | 17,874 | 61,362 | 79,236 | ||||||
Useful lives in years | |||||||||
Buildings and leasehold improvements | 25-Oct | ||||||||
Machinery and equipment | 10-Feb | ||||||||
Furniture and fixtures | 10-Feb | ||||||||
As per December 31, 2014, the carrying amount includes assets under construction for machinery, equipment, furnitures and fixtures of €18,042 (2013: €11,483). |
Assets_held_for_sale
Assets held for sale | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |||||||||
Assets held for sale | Assets held for sale | ||||||||
The changes in the carrying value of assets held for sale are as follows: | |||||||||
Japan | The Netherlands | Total | |||||||
Balance January 1, 2013 | 5,721 | 277 | 5,998 | ||||||
Impairment | (796 | ) | — | (796 | ) | ||||
Reclassification to assets in use | (3,393 | ) | — | (3,393 | ) | ||||
Foreign currency translation effect | (1,071 | ) | — | (1,071 | ) | ||||
Balance December 31, 2013 | 461 | 277 | 738 | ||||||
Impairment | (12 | ) | — | (12 | ) | ||||
Reclassification to assets in use | — | — | — | ||||||
Foreign currency translation effect | (2 | ) | — | (2 | ) | ||||
Balance December 31, 2014 | 447 | 277 | 724 | ||||||
In 2009 the decision was made to dispose certain items of property, plant and equipment located in Japan and the Netherlands. | |||||||||
In Japan (Tama) a building that was used for research and development activities was ceased to be used in December 2009. Due to the economic circumstances and the effects of the earthquake of 2011 in Japan we think it is not reasonable to expect this building to be sold within a reasonable period of time. Therefore in 2013 we ceased to classify this building as held for sale and measured it at the lower of its carrying amount before it was classified as held for sale, adjusted for any depreciation that would have been recognized had the asset not been classified as held for sale, and its recoverable amount at the date of the subsequent decision not to sell. This resulted in an impairment charge of €796 in 2013. | |||||||||
Also in Japan, a piece of land purchased to build a research and development center is regarded as held for sale. The carrying value of €447 approximates the fair value less cost to sell. The expected selling prices were determined, based on various inputs and considerations. | |||||||||
In the Netherlands the former ASMI head office located in Bilthoven has been regarded as held for sale. The carrying value of €277 is lower than the fair value less cost to sell. The expected selling prices were determined, based on various inputs and considerations. |
Evaluation_tools_at_customers
Evaluation tools at customers | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Inventory, Gross [Abstract] | ||||||
Evaluation tools at customers | Evaluation tools at customers | |||||
The changes in the amount of evaluation tools are as follows: | ||||||
December 31, | ||||||
2013 | 2014 | |||||
Balance at beginning of year | 16,922 | 13,332 | ||||
Evaluation tools shipped | 8,329 | 12,845 | ||||
Depreciation | (3,771 | ) | (3,448 | ) | ||
Evaluation tools sold | (6,221 | ) | (4,814 | ) | ||
Reclassification | — | (1,391 | ) | |||
Foreign currency translation effect | (1,927 | ) | 1,243 | |||
Balance at end of year | 13,332 | 17,767 | ||||
Useful lives in years: | 5 | |||||
The gross carrying amount of the evaluation tools at customers per December 31, 2014 was €23,133 (2013: €18,082), accumulated depreciation per December 31, 2014 was €5,366 (2013: €4,750). | ||||||
Evaluation tools are systems delivered to customers under evaluation agreements. Evaluation tools are recorded at cost and depreciated over their useful life (5 years). The depreciation period may be shorter, depending on circumstances. The depreciation expenses are reported as cost of sales. |
Investments_and_associates
Investments and associates | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||
Investments and associates | Investments and associates | ||||||||||||||||||
The changes in the investment and associates are as follows: | |||||||||||||||||||
Investments -2- | Associates | Total | |||||||||||||||||
Net equity share | Other( In)tangible assets and fair value changes | Goodwill | Total associates | ||||||||||||||||
Balance January 1, 2013 | 278 | — | — | — | — | 278 | |||||||||||||
40.08% investment in ASMPT March 15, 2013 | — | 255,701 | 227,010 | 898,599 | 1,381,310 | 1,381,310 | |||||||||||||
Result investments and associates | — | 23,727 | — | — | 23,727 | 23,727 | |||||||||||||
Other comprehensive income investments and associates | — | 480 | — | — | 480 | 480 | |||||||||||||
Amortization recognized (in)tangible assets | — | — | (16,848 | ) | — | (16,848 | ) | (16,848 | ) | ||||||||||
Fair value changes related to inventories and tax losses | — | — | (39,807 | ) | — | (39,807 | ) | (39,807 | ) | ||||||||||
Impairment | — | — | — | (335,406 | ) | (335,406 | ) | (335,406 | ) | ||||||||||
Dividends | — | (10,171 | ) | — | — | (10,171 | ) | (10,171 | ) | ||||||||||
Dilution ASMPT share to 39.94% | — | 3,587 | — | — | 3,587 | 3,587 | |||||||||||||
Foreign currency translation effect | — | (8,940 | ) | (8,824 | ) | (45,432 | ) | (63,196 | ) | (63,196 | ) | ||||||||
Balance December 31, 2013 | 278 | 264,384 | 161,531 | 517,761 | 943,676 | 943,954 | |||||||||||||
Result investments and associates | (278 | ) | 61,428 | — | — | 61,428 | 61,150 | ||||||||||||
Other comprehensive income investments and associates | — | (2,179 | ) | — | — | (2,179 | ) | (2,179 | ) | ||||||||||
Amortization recognized (in)tangible assets | — | — | (22,517 | ) | — | (22,517 | ) | (22,517 | ) | ||||||||||
Dividends | — | (19,974 | ) | — | — | (19,974 | ) | (19,974 | ) | ||||||||||
Dilution ASMPT share to 39.75% | — | 3,561 | — | — | 3,561 | 3,561 | |||||||||||||
Allocation equity component convertible bonds -1- | — | 9,947 | — | — | 9,947 | 9,947 | |||||||||||||
Foreign currency translation effect | — | 28,179 | 19,830 | 70,146 | 118,155 | 118,155 | |||||||||||||
Balance December 31, 2014 | — | 345,346 | 158,844 | 587,907 | 1,092,097 | 1,092,097 | |||||||||||||
1 | In 2014 convertible bonds were issued by ASMPT that containing both liability and conversion option components. These components are classified separately into respective items on initial recognition in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised. | ||||||||||||||||||
2 | Investments reflects the net equity value of the interest in Levitech BV resulting from the management buy-out in 2009 of the RTP business. ASM International NV obtained a 20% interest in Levitech BV. This value has been reduced in 2014 due to (start-up) losses of Levitech caused by the introduction of their advanced products in the market. | ||||||||||||||||||
On March 13, 2013, the Company announced that it divested a controlling stake in its subsidiary ASM Pacific Technology Ltd (ASMPT). The sale of the shares officially closed on March 15, 2013. The Company sold 47,424,500 ordinary shares of ASMPT at a price of HK$90 per share to institutional or other professional investors through a partial secondary share placement, representing an 11.88% stake in ASMPT. The placement generated cash proceeds for the Company of HK$4,192 million (approximately €413 million). | |||||||||||||||||||
The sale of the 11.88% stake caused ASMI to cease control of ASMPT. According to US GAAP the accounting of this sale consists of two separate transactions: | |||||||||||||||||||
• | A sale of a 51.96% subsidiary; and | ||||||||||||||||||
• | A purchase of a 40.08% associate. | ||||||||||||||||||
These transactions resulted in a substantial gain and the deconsolidation of ASMPT. This gain consisted of two elements, (1) the realized gain on the sale of the 11.88% stake amounting to €243 million and (2) an unrealized re-measurement gain on the remaining 40.08% of the retained interest in ASMPT approximating €1,156 million. The "purchase" of the associate resulted in the recognition of the associate at fair value. | |||||||||||||||||||
After the initial accounting of the sale transaction and related gains, subsequent accounting under ASC 323, “Investments”, requires that future income from ASMPT will need to be adjusted for the fair value adjustments arising the "basis differences" as if a business combination had occurred under ASC 805, "Business Combinations", i.e. a purchase price allocation (“PPA”). | |||||||||||||||||||
The purchase of the associate has been recognized at fair value, being the value of the ASMPT shares on the day of closing of the purchase transaction. US GAAP requires that the composition of such a fair value needs to be determined through a PPA. This process took place in the remaining period of 2013. The PPA resulted in the recognition of intangible assets for customer relationship, technology, trade name and product names. For inventories and property, plant & equipment a fair value adjustment was recognized. | |||||||||||||||||||
The ASMPT investment is accounted for under the equity method on a go forward basis. Equity method investments are tested for other than temporary impairment (“OTTI”). An investment is considered impaired if the fair value of the investment is less than its amortized cost. The determination of whether an investment is impaired is made at the individual security level in each reporting period. | |||||||||||||||||||
If the fair value of an investment is less than its cost or amortized cost at the balance sheet date, the Company determines whether the impairment is temporary or other than temporary. The Company considers the following facts and guidelines when determining whether an OTTI exists: | |||||||||||||||||||
• | Positive factors as the reasons that an OTTI does not exist must be more objectively verifiable; and | ||||||||||||||||||
• | With respect to measuring an OTTI, an investment's fair value as of the balance sheet date should be used to determine the new carrying value. | ||||||||||||||||||
At each balance sheet date, the Company reviews whether there is an indication that its investments associated companies are impaired. An indication for impairment of the investments and associated companies may include a severe and other than temporary decrease in the share price of ASMPT. During the period after March 15, 2013 the ASMPT share traded for a longer period below the price at the close of sale. Considering the extent to which in the last quarter of 2013 the market price of the ASM PT shares was below cost management did a further investigation to evaluate whether this results in an impairment other than temporary. In its assessment management evaluated other factors based on its knowledge of the business and of ASM PT specifically. Such factors include the development of ASMPT’s backlog, market share and developments of the different market shares ASMPT operates in. Management did not identify persuasive factors that the diminution of the value would be other-than-temporary and accordingly recorded an impairment charge, in which the value was adjusted to the share price on December 31, 2013 of HK$64.90. The impairment charge amounted to €335 million. | |||||||||||||||||||
In December 2014, 1,885,000 common shares of ASMPT were issued, for cash at par value of HK$0.10 per share, pursuant to the Employee Share Incentive Scheme of ASMPT. The shares issued under the plan in 2014 have diluted ASMI's ownership in ASMPT to 39.75% as of December 31, 2014. | |||||||||||||||||||
At December 31, 2014, the book value of our equity method investment after the aforementioned impairment in ASMPT was €1,092 million. The historical cost basis of our 39.75% share of net assets on the books of ASMPT under US GAAP was €345 million as of December 31, 2014, resulting in a basis difference of €747 million. €159 million of this basis difference has been allocated property, plant and equipment and intangibles assets. The remaining amount was allocated to equity method goodwill. Each individual, identifiable asset will periodically be reviewed for any indicators of potential impairment which, if required, would result in acceleration of basis difference amortization. We amortize the basis differences allocated to the assets on a straight-line basis, and include the impact within the results of our equity method investments. Amortization and depreciation are adjusted for related deferred tax impacts. Included in net income attributable to ASMI for 2014 after-tax was an expense of €23 million, representing the depreciation and amortization of the basis differences. | |||||||||||||||||||
The market value of our 39.75% investment ASMPT at December 31, 2014 approximates €1,257 million. The information required under S-X Rule 4-08 is included in the segment information note 24. | |||||||||||||||||||
Summarized 100% earnings information for ASMPT equity method investment excluding basis adjustments. The foreign currency exchange rate per December 31, 2014 is 1 HK$: €0.106 (for December 31, 2013: 1HK$: €0.097). | |||||||||||||||||||
(HK$ million) | 2013 | 2014 | |||||||||||||||||
Net sales | 10,841 | 14,229 | |||||||||||||||||
Income before income tax | 673 | 2,028 | |||||||||||||||||
Net earnings | 549 | 1,580 | |||||||||||||||||
Summarized 100% balance sheet information for ASMPT equity method investment excluding basis adjustments. The foreign currency exchange rate average 2014 is 1 HK$: €0.097 (2013: 1 HK$: €0.097). | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
(HK$ million) | 2013 | 2014 | |||||||||||||||||
Current assets | 8,019 | 10,840 | |||||||||||||||||
Non-current assets | 2,720 | 3,632 | |||||||||||||||||
Current liabilities | 3,304 | 3,759 | |||||||||||||||||
Non-current liabilities | 356 | 2,532 | |||||||||||||||||
Equity | 7,079 | 8,181 | |||||||||||||||||
The ASMPT Board is responsible for ongoing monitoring of the performance of the Back-end activities. The actual results of the Back-end operating unit are discussed with the ASMPT Audit Committee, which includes the representative of ASMI. The ASMI representative reports to the ASMI Management Board and the Audit Committee of ASMI on a quarterly basis. | |||||||||||||||||||
Dividends from ASMPT have been paid out to ASMI shareholders and such, have been classified as financing cash flows for all periods presented. | |||||||||||||||||||
Our share of income taxes incurred directly by the equity companies is reported in result from investments and associates and as such is not included in income taxes in our consolidated financial statements. |
Notes_payable_to_banks
Notes payable to banks | 12 Months Ended | |
Dec. 31, 2014 | ||
Notes Payable [Abstract] | ||
Notes payable to banks | Notes payable to banks | |
As per December 31, 2014 ASMI is debt free. ASMI may borrow under separate short-term lines of credit with banks. The lines contain general provisions concerning renewal and continuance at the option of the banks. | ||
Total short-term lines of credit amounted to €150 million at December 31, 2014. The amount outstanding at December 31, 2014 was nil so the undrawn portion totaled €150 million. The undrawn portion represents the Company’s standby revolving credit facility of €150 million with a consortium of banks. The facility was extended in 2013 and will be available through December 31, 2018. Once the facility is used, this usage is secured by a portion of the Company’s shareholding in ASMPT or accounts receivable. | ||
The credit facility of €150 million includes two financial covenants: | ||
• | minimum consolidated tangible net worth; and | |
• | consolidated total net debt/total shareholders' equity ratio. | |
These financial covenants are measured twice each year, at June 30 and December 31. | ||
The minimum level of consolidated tangible net worth for the year ended December 31, 2014 required was €320 million, the consolidated tangible net worth as per that date was €937 million. | ||
Consolidated tangible net worth is defined as the net assets, deducting any amount shown in respect of goodwill or other intangible assets (including any value arising from any valuation of ASMPT). | ||
Total shareholders' equity is defined as the aggregate of : | ||
• | the amounts paid up on the issued common shares; | |
• | share capital in excess of par value; | |
• | retained earnings; | |
• | accumulated other comprehensive income and loss; and | |
• | deducting any amount shown in respect of goodwill or other intangible assets (including any value arising from any valuation of ASMPT). | |
The net debt/total shareholders' equity ratio should not exceed 1.5. For the year ended December 31, 2014 net cash was €386 million and total shareholders' equity amounted to €937 million. The Company is in compliance with these financial covenants as of June 30, 2014 and as of December 31, 2014. | ||
ASMI does not provide guarantees for borrowings of ASMPT and there are no guarantees from ASMPT to secure indebtedness of ASMI. Under the rules of the Stock Exchange of Hong Kong, ASMPT is precluded from providing loans and advances other than trade receivables in the normal course of business, to ASMI or its non ASMPT subsidiaries. |
Provision_for_warranty
Provision for warranty | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Standard Product Warranty Disclosure [Abstract] | ||||||
Provision for warranty | Provision for warranty | |||||
The changes in the amount of provision for warranty are as follows: | ||||||
2013 | 2014 | |||||
Balance at beginning of year | 43,921 | 7,966 | ||||
Charged to cost of sales | 8,491 | 11,779 | ||||
Deconsolidation ASMPT | (34,290 | ) | — | |||
Deductions | (9,850 | ) | (10,549 | ) | ||
Foreign currency translation effect | (306 | ) | 714 | |||
Balance at end of year | 7,966 | 9,910 | ||||
Costs of warranty include the cost of labor, material and related overhead necessary to repair a product during the warranty period. The warranty period is usually one to two years. The Company accrues for the estimated cost of the warranty on its products shipped in the provision for warranty, upon recognition of the sale of the product. The costs are estimated based on actual historical expenses incurred and on estimated future expenses related to current sales, and are updated periodically. Actual warranty costs are charged against the provision for warranty. |
Accrued_expenses_and_other_pay
Accrued expenses and other payables | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Payables and Accruals [Abstract] | ||||||
Accrued expenses and other payables | Accrued expenses and other payables | |||||
Accrued expenses and other payables consist of the following: | ||||||
December 31, | ||||||
2013 | 2014 | |||||
Personnel related items | 20,967 | 22,319 | ||||
Deferred revenue | 7,346 | 8,409 | ||||
Financing related items | 344 | 3,106 | ||||
Other | 9,904 | 14,159 | ||||
Total accrued expenses and other payables | 38,561 | 47,993 | ||||
Personnel related items comprise accrued management bonuses, accrued vacation days, accrued wage tax, social securities and pension premiums. Deferred revenue consists of the revenue relating to the undelivered elements of the arrangements. This part of revenue is deferred at their relative selling prices until delivery of these elements. Financing related items as of December 31, 2014 comprises the accrual for settlement of shares repurchased. Other include accruals for VAT and other taxes and down payments from customers. |
Shareholders_equity
Shareholders' equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Shareholders' equity | Shareholders’ equity | ||||||||
Common shares, preferred and financing preferred shares | |||||||||
The authorized capital of the Company amounts to 110,000,000 shares of €0.04 par value common shares, 118,000 shares of €40 par value preferred shares and 8,000 shares of €40 par value financing preferred shares, of which 62,968,184 common shares, no preferred and no financing preferred shares were outstanding as at December 31, 2014. All common shares outstanding as per December 31, 2014 were fully paid. All shares have one vote per €0.04 par value. Treasury shares held by the Company cannot be voted on. | |||||||||
Financing preferred shares are designed to allow ASMI to finance equity with an instrument paying a preferred dividend, linked to EURIBOR loans and government loans, without the dilutive effects of issuing additional common shares. | |||||||||
Preferred and financing preferred shares are issued in registered form only and are subject to transfer restrictions. Essentially, a preferred or financing preferred shareholder must obtain the approval of the Company’s Supervisory Board to transfer shares. If the approval is denied, the Supervisory Board will provide a list of acceptable prospective buyers who are willing to purchase the shares at a cash price to be fixed by consent of the Supervisory Board and seller within two months after the approval is denied. If the transfer is approved, the shareholder must complete the transfer within three months, at which time the approval expires. | |||||||||
Preferred shares are entitled to a cumulative preferred dividend based on the amount paid-up on such shares. Financing preferred shares are entitled to a cumulative dividend based on the par value and share premium paid on such shares. The preferred dividend on the amount paid-up was €5 for the year 2009, since 2009 no preferred dividend was paid. | |||||||||
In the event preferred shares are issued, the Management Board must, within two years after such preferred shares were issued, submit to the general meeting a proposal to annul the preferred shares. | |||||||||
During 2008, ASMI engaged Lehman Brothers (“Lehman”). to repurchase ordinary ASMI shares on the Euronext and Nasdaq markets on behalf of ASMI. As of September 15, 2008, at the time it went into bankruptcy administration, Lehman reported that it had purchased and held on our behalf 2,552,071 shares, which were accounted for as treasury shares accordingly. ASMI filed a submission with the Lehman administrators giving notice of the shares held in custody by Lehman. At ASMI’s May 2009 Annual General Meeting, our shareholders resolved to cancel all of these treasury shares which, accordingly, was accounted for in our 2009 Annual Report as a reduction of the number of outstanding shares. Lehman was notified of the cancellation of shares at the time. | |||||||||
In 2013 the Lehman administrators have cooperated to effect the cancellation of 2,305,069 shares through the relevant book entry systems and in 2014 have cooperated to effect the cancellation of 25,643 shares which were held by a Lehman affiliate in the Unites States. This leaves 221,359 shares unaccounted which is in line with the notification received from the Lehman administrator's in September 2010 that a shortfall in the number of shares held for the Company's account in this order of magnitude was likely to exist. | |||||||||
Under the terms of a settlement agreement with the Lehman administrators entered into in 2013 the Company has received full compensation in cash of US$6,251 in 2013 and US$529 in 2014. In 2014 the Company further received €273 as a compensation for dividends paid on the unaccounted shares. Depending on the outcome of the Lehman bankruptcy the Company may receive further payments since the Company is entitled to the payment of interest over the principal of its claims. | |||||||||
The 221,359 shares unaccounted for by the Lehman administrators are and remain outstanding and have not been canceled by the resolution adopted by the AGM in 2009. As a result of the settlement agreement the Company recorded €4,190 as paid in capital to account for the compensation received in 2013. | |||||||||
Retained earnings | |||||||||
Distributions to common shareholders are limited to the extent the total amount of shareholders’ equity exceeds the amounts of nominal paid-in share capital (exclusive any share premium) and any reserves to be formed pursuant to law or the Company’s articles of association. The amounts are derived from the Statutory Financial Statements of ASM International NV. | |||||||||
Results on dilution of investments in subsidiaries and associates are accounted for directly in equity. For 2014 and 2013 these dilution results were €3,561 and €3,587 respectively. | |||||||||
Accumulated other comprehensive loss | |||||||||
The changes in the amount of accumulated other comprehensive loss are as follows: | |||||||||
Foreign currency translation effects net of tax -1- | Unrecognized pension obligations, net of tax -1- | Total | |||||||
Balance January 1, 2013 | (27,324 | ) | (1,618 | ) | (28,942 | ) | |||
Realization deferred accumulative translation result following the sale of the 12% share of ASMPT | 23,053 | — | 23,053 | ||||||
Deconsolidation ASMPT | — | 1,597 | 1,597 | ||||||
Proportionate share other comprehensive income investments and associates | — | 480 | 480 | ||||||
Foreign currency translation effect on translation of foreign operations | (84,086 | ) | — | (84,086 | ) | ||||
Actuarial loss | — | (224 | ) | (224 | ) | ||||
Balance December 31, 2013 | (88,357 | ) | 235 | (88,122 | ) | ||||
Foreign currency translation effect on translation of foreign operations | 143,270 | — | 143,270 | ||||||
Actuarial loss | — | (24 | ) | (24 | ) | ||||
Proportionate share other comprehensive income investments and associates | — | (2,179 | ) | (2,179 | ) | ||||
Balance December 31, 2014 | 54,913 | (1,968 | ) | 52,945 | |||||
1-Other comprehensive income (loss) items may be subsequently reclassified to profit or loss. | |||||||||
Purchases of Equity Securities by the Issuer and Affiliated Purchasers | |||||||||
On May 21, 2014, the General Meeting of Shareholders authorized the Company, for an 18-month period, to be calculated from the date of the General Meeting, to repurchase its own shares up to the statutory maximum, at a price at least equal to the shares’ nominal value and at most a price equal to 110% of the share’s average closing price according to the listing on the Euronext Amsterdam stock exchange during the five trading days preceding the purchase date. | |||||||||
The maximum number of shares that may yet be purchased under the program takes into account the treasury shares held by the Company (at December 31, 2014 there were 829,213 treasury shares held) and the maximum number of common shares which the Company can hold according to its Articles of Association. This maximum is 10% of the number of common shares issued. | |||||||||
On October 29, 2014, ASMI announced a share buyback program, to purchase up to an amount of €100 million of its own shares within the 2014-2015 time frame. The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders. | |||||||||
ASMI intends to use part of the shares for commitments under employee share-based compensation schemes. | |||||||||
The buyback program is executed by intermediaries through on-exchange purchases or through off-exchange trades. The program started on November 24, 2014, and will end on completion of the program but ultimately on November 20, 2015. | |||||||||
The maximum number of shares to be repurchased on any given day will not exceed 25% of the average daily trading volume on the regulated market on which purchases are made, calculated over the last 20 trading days before the date of repurchase. In the year 2014 we repurchased 953,552 shares at an average price of €33.45. On December 31, 2014 of the total program, 31.9% has been repurchased. |
Employee_benefits
Employee benefits | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | |||||||||||||||
Employee benefits | Employee benefits | ||||||||||||||
Pension plans | |||||||||||||||
The Company has retirement plans covering substantially all employees. The principal plans are defined contribution plans, except for the plans of the Company’s operations in the Netherlands and Japan. | |||||||||||||||
Multi-employer plan | |||||||||||||||
The Company’s employees in the Netherlands, approximately 143 employees, participate in a multi-employer union plan, “Pensioenfonds van de Metalektro” (PME), determined in accordance with the collective bargaining agreements effective for the industry in which ASMI operates. This collective bargaining agreement has no expiration date. This multi-employer union plan covers approximately 1,260 companies and 145,000 contributing members. ASMI’s contribution to the multi-employer union plan is less than 5% of the total contribution to the plan as per the annual report for the year ended December 31, 2013. The plan monitors its risks on a global basis, not by company or employee, and is subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a multi-employer union plan must be monitored against specific criteria, including the coverage ratio of the plan assets to its obligations. This coverage ratio must exceed 104.3% for the total plan. Every company participating in a Dutch multi-employer union plan contributes a premium calculated as a percentage of its total pensionable salaries, with each company subject to the same percentage contribution rate. The premium can fluctuate yearly based on the coverage ratio of the multi-employer union plan. The pension rights of each employee are based upon the employee’s average salary during employment. | |||||||||||||||
ASMI’s net periodic pension cost for this multi-employer union plan for any period is the amount of the required contribution for that period. A contingent liability may arise from, for example, possible actuarial losses relating to other participating entities because each entity that participates in a multi-employer union plan shares in the actuarial risks of every other participating entity or any responsibility under the terms of a plan to finance any shortfall in the plan if other entities cease to participate. | |||||||||||||||
The coverage ratio of the multi-employer union plan decreased to 102.0% as of December 31, 2014 (December 31, 2013: 103.4%). Because of the low coverage ratio PME prepared and executed a so-called Recovery Plan which was approved by De Nederlandsche Bank, the Dutch central bank, which is the supervisor of all pension companies in the Netherlands. Due to the low coverage ratio and according the obligation of the “Recovery Plan” the pension premium percentage is 23.6% in 2014 (2013: 24.1%). The coverage ratio is calculated by dividing the plan assets by the total sum of pension liabilities and is based on actual market interest. | |||||||||||||||
The Company accounts for the multi-employer plan as if it were a defined contribution plan as the manager of the plan, PME, stated that its internal administrative systems do not enable PME to provide the Company with the required Company-specific information in order to account for the plan as a defined benefit plan. The Company's net periodic pension cost for the multi-employer plan for a fiscal period is equal to the required contribution for that period. | |||||||||||||||
Defined benefit plan | |||||||||||||||
The Company’s employees in Japan participate in a defined benefit plan. The Company makes contributions to defined benefit plans in Japan that provide pension benefits for employees upon retirement. These are average-pay plans, based on the employees' years of service and compensation near retirement. | |||||||||||||||
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at December 31, 2014. The present value of the defined benefit obligation and the related current service cost and passed service cost were measured using the Projected Unit Credit Method. | |||||||||||||||
The funded status of the plan and the amounts not yet recognized in the Consolidated Statement of Operations and the amounts recognized in the Consolidated Balance Sheet are as follows: | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Defined benefit obligations | (7,604 | ) | (8,079 | ) | |||||||||||
Fair value of plan assets | 5,127 | 6,297 | |||||||||||||
Funded status/(deficit) | (2,477 | ) | (1,782 | ) | |||||||||||
The changes in defined benefit obligations and fair value of plan assets are as follows: | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Defined benefit obligations | |||||||||||||||
Balance January 1 | 8,357 | 7,604 | |||||||||||||
Current service cost | 529 | 515 | |||||||||||||
Interest on obligation | 113 | 69 | |||||||||||||
Actuarial losses (gains) | 660 | 98 | |||||||||||||
Benefits paid | (128 | ) | (164 | ) | |||||||||||
Foreign currency translation effect | (1,927 | ) | (43 | ) | |||||||||||
Balance December 31 | 7,604 | 8,079 | |||||||||||||
Fair value of plan assets | |||||||||||||||
Balance January 1 | 4,794 | 5,127 | |||||||||||||
Expected return on plan assets | 142 | 165 | |||||||||||||
Actuarial (losses) gains | 289 | 64 | |||||||||||||
Company contribution | 1,233 | 1,162 | |||||||||||||
Benefits paid | (128 | ) | (164 | ) | |||||||||||
Foreign currency translation effect | (1,203 | ) | (57 | ) | |||||||||||
Balance December 31 | 5,127 | 6,297 | |||||||||||||
The net periodic benefit cost consists of the following: | |||||||||||||||
December 31, | |||||||||||||||
2012 | 2013 | 2014 | |||||||||||||
Current service cost | 731 | 529 | 515 | ||||||||||||
Interest on obligation | 121 | 113 | 69 | ||||||||||||
Expected return on plan assets | (144 | ) | (142 | ) | (165 | ) | |||||||||
Amortization deferred actuarial loss | 46 | — | — | ||||||||||||
Amortization of past service cost | (55 | ) | (44 | ) | (40 | ) | |||||||||
Net periodic pension benefit cost | 699 | 456 | 379 | ||||||||||||
The actual return on plan assets was €431 and €229 for the years ended December 31, 2013 and 2014 respectively. | |||||||||||||||
The assumptions in calculating the actuarial present value of benefit obligations and net periodic benefit cost are as follows: | |||||||||||||||
2012 | 2013 | 2014 | |||||||||||||
Discount rate for obligations | 1.55 | % | 1.5 | % | 0.9 | % | |||||||||
Expected return on plan assets | 3 | % | 3 | % | 1.4 | % | |||||||||
Expected rate of compensation increase | 2.93 | % | 2.93 | % | 2.93 | % | |||||||||
The allocation of plan assets is as follows: | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Equity | 1,351 | 26 | % | 1,655 | 26 | % | |||||||||
Bonds | 3,019 | 59 | % | 3,639 | 58 | % | |||||||||
Loans | 453 | 9 | % | 674 | 11 | % | |||||||||
Real estate | 89 | 2 | % | 78 | 1 | % | |||||||||
Other | 215 | 4 | % | 251 | 4 | % | |||||||||
5,127 | 100 | % | 6,297 | 100 | % | ||||||||||
The investment strategy is determined based on an asset-liability study in consultation with investment advisers and within the boundaries given by regulatory bodies for pension funds. Equity securities consist primarily of publicly traded Japanese companies and common collective funds. Publicly traded equities are valued at the closing prices reported in the active market in which the individual securities are traded (level 1). Common collective funds are valued at the published price (level 1) per share multiplied by the number of shares held as of the measurement date. | |||||||||||||||
Fixed income (bonds and loans) consists of corporate bonds, government securities and common collective funds. Corporate and government securities are valued by third-party pricing sources (level 2). Common collective funds are valued at the net asset value per share (level 2) multiplied by the number of shares held as of the measurement date. | |||||||||||||||
Real estate fund and other values are primarily reported by the fund manager and are based on valuation of the underlying investments (level 3) which include inputs such as cost, discounted cash flows, independent appraisals and market based comparable data. | |||||||||||||||
The plan assets do not include any of the Company’s shares. | |||||||||||||||
Retirement plan costs | |||||||||||||||
ASMI contributed €1,162 to the defined benefit plan in 2014. The Company expects to pay benefits for years subsequent to December 31, 2014 as follows: | |||||||||||||||
2015 | 318 | ||||||||||||||
2016 | 208 | ||||||||||||||
2017 | 506 | ||||||||||||||
2018 | 653 | ||||||||||||||
2019 | 608 | ||||||||||||||
Aggregate for the years 2020-2024 | 2,860 | ||||||||||||||
Total | 5,153 | ||||||||||||||
Retirement plan costs consist of the following: | |||||||||||||||
December 31, | |||||||||||||||
2012 | 2013 | 2014 | |||||||||||||
Defined contribution plans | 16,952 | 5,277 | 2,563 | ||||||||||||
Multi-employer plans | 1,420 | 1,274 | 1,220 | ||||||||||||
Defined benefit plans | 2,779 | 988 | 379 | ||||||||||||
Total retirement plan costs | 21,151 | 7,539 | 4,162 | ||||||||||||
The Company does not provide for any significant post-retirement benefits other than pensions. | |||||||||||||||
Employee and Executive Long-Term Incentive Plan | |||||||||||||||
The Company has adopted various stock option plans and has entered into stock option agreements with various employees. Under these plans, employees may purchase a specific number of shares of the Company’s common stock. Options are priced at market value in euro or US dollars on the date of grant. | |||||||||||||||
2011 Long-term Incentive Plan | |||||||||||||||
In 2011 a Stock Option Plan was adopted. In this plan to limit potential dilution, the amount of outstanding (vested and non-vested) options granted to the Management Board and to other employees will not exceed 7.5% of the issued ordinary share capital of ASMI. The Stock Option Plan 2011 consists of two sub-plans: the ASMI Stock Option Plan for employees (ESOP) and the ASMI Stock Option for members of the Management Board (MSOP). | |||||||||||||||
For employees and existing Management Board members the Grant Date for all options granted is December 31 of the relevant year. In each of these situations the three year Vesting Period starts at the Grant Date. The exercise price in euro of all options issued under the SOPS is determined on the basis of the market value of the ASMI shares at (i.e. immediately prior to) the Grant Date. | |||||||||||||||
The exercise period is 4 years starting at the 3rd anniversary of the vesting date. | |||||||||||||||
2014 Long-Term Incentive Plan | |||||||||||||||
In 2014 a new Long-Term Incentive Plan was adopted. In the new plan to limit potential dilution, the amount of outstanding (vested and non-vested) options and shares granted to the Management Board and to other employees will not exceed 5.0% of the issued ordinary share capital of ASMI. The new Long-Term Incentive Plan 2014 consists of two sub-plans: the ASM International N.V. 2014 Long Term Incentive Plan for Employees (ELTI) and the ASM International N.V. 2014 Long Term Incentive Plan for members of the Management Board (MLTI). | |||||||||||||||
Options and performance shares are issued to Management Board members and restricted shares are issued to employees once per annum on the date following the publication of the first quarter results of the relevant year. Possible grant to newly hired employees can be issued once a quarter, on the date following the publication of the financial results of the relevant quarter. The number of options and shares outstanding under the Long-Term Incentive plans or under any other plan or arrangement in aggregate may never exceed 5.0% of ASMI’s share capital. In accordance with the ASMI Remuneration Policy an exception is made for a transition period of four years, during which the dilution may exceed 5% but will not exceed 7.5%. | |||||||||||||||
Authority to issue options and shares | |||||||||||||||
By resolution of the AGM of May 21, 2014 the formal authority to issue options and shares was allocated to the Management Board subject to the approval of the Supervisory Board. This authority is valid for 18 months and needs to be refreshed annually by the AGM to allow the continued application of the LTI plans beyond November 20, 2015. The ELTI is principally administered by the Management Board and the MLTI is principally administered by the Supervisory Board. This complies with applicable corporate governance standards. However, the Supervisory Board has no power to represent the Company. For external purposes the Management Board remains the competent body under both LTI plans. The LTI plans envisage that the Supervisory Board, or - in the case of the ELTI - the Management Board with the approval of the Supervisory Board, will determine the number of options and shares to be granted to the Management Board members and to employees. | |||||||||||||||
Outstanding options and shares | |||||||||||||||
At December 31, 2014, options to purchase 2,172,455 shares have been issued under the 2011 Stock Option Plan representing 4.4% of the shares outstanding per December 31, 2014. Under previous plans no more options to purchase shares can be issued. Under the various stock option plans a total of 2,789,561 options to purchase common stock were outstanding at December 31, 2014, expiring at various dates through 2020. The number of options outstanding at December 31, 2013 and 2014 were 3,308,502 and 2,789,561 respectively. The number of restricted shares outstanding at December 31, 2014 was 10,215. | |||||||||||||||
Capital distribution | |||||||||||||||
Following the sale of a 12% share of ASMPT on March 15, 2013, a capital distribution of €4.25 per common share was effectuated on July 25, 2013. As a result of this capital distribution the underlying value of ASMI option holders was diluted. The Management Board of ASMI and the Supervisory Board of ASMI decided to apply a theoretical adjustment ratio of 0.84794 to the outstanding options granted to employees including members of the Management Board as determined based on the specific rules issued and applied by NYSE Liffe. These specific rules issued by NYSE Liffe are similar to the adjustment ratio as applied to traded securities that are also not entitled to receive the capital distribution. Under these rules a theoretical adjustment ratio was determined based on the value and the effective date of the capital distribution and this ratio was applied to adjust the original number of the options and the original exercise price of the outstanding options. | |||||||||||||||
Options outstanding | |||||||||||||||
The following is a summary of changes in options outstanding: | |||||||||||||||
Euro-plans | US dollar-plans | ||||||||||||||
Number | Weighted | Number of | Weighted | ||||||||||||
of | average | options | average | ||||||||||||
options | exercise | exercise | |||||||||||||
price in € | price in | ||||||||||||||
US$ | |||||||||||||||
Balance January 1, 2012 | 1,319,957 | 19.08 | 515,110 | 20.83 | |||||||||||
Options granted | 708,891 | 27.04 | — | — | |||||||||||
Options forfeited | (44,500 | ) | 15.49 | (29,400 | ) | 20.63 | |||||||||
Options exercised | (59,660 | ) | 15.08 | (85,310 | ) | 20.42 | |||||||||
Balance December 31, 2012 | 1,924,688 | 22.22 | 400,400 | 20.94 | |||||||||||
Options forfeited | (25,050 | ) | 24.72 | (1,220 | ) | 13.65 | |||||||||
Options exercised | (23,550 | ) | 15.91 | (52,670 | ) | 15.97 | |||||||||
Balance July 25, 2013 | 1,876,088 | 22.26 | 346,510 | 21.72 | |||||||||||
Adjustment following capital distribution | 336,446 | 18.88 | 62,145 | 18.42 | |||||||||||
Options granted | 776,450 | 23.73 | — | — | |||||||||||
Options forfeited | (39,271 | ) | 20.93 | (2,830 | ) | 9.06 | |||||||||
Options exercised | (29,361 | ) | 10.7 | (17,675 | ) | 12.66 | |||||||||
Balance December 31, 2013 | 2,920,352 | 20.22 | 388,150 | 18.75 | |||||||||||
Options forfeited | (41,366 | ) | 22 | (1,416 | ) | 18.08 | |||||||||
Options exercised | (175,650 | ) | 15.68 | (300,509 | ) | 12.53 | |||||||||
Balance December 31, 2014 | 2,703,336 | 20.49 | 86,225 | 21.18 | |||||||||||
The weighted average fair values of employee stock option granted in euro were €12.27 in 2012 and €10.22 in 2013. | |||||||||||||||
As a result of the newly adopted 2014 Long-term Incentive Plan under which restricted shares, performance shares and employee stock options may be granted in the period following the publication of the first quarterly results no stock options were granted in 2014. | |||||||||||||||
The total intrinsic value of options exercised was €2,209, €1,651 and €7,311 for the years ended December 31, 2012, 2013 and 2014 respectively. In 2012, 2013 and 2014 new shares have been issued for the exercise of 144,570 options, 125,402 options and 354,650 options respectively. | |||||||||||||||
On December 31, 2014 options outstanding and options exercisable classified by range of exercise prices are: | |||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||
Range of | Number | Weighted average | Weighted | Number | Weighted | ||||||||||
exercise | outstanding | remaining | average | exercisable | average | ||||||||||
prices | contractual life | exercise price | exercise price | ||||||||||||
In US$ | In years | In US$ | In US$ | ||||||||||||
1.00-10.00 | 10,098 | 4 | 7.6 | 10,098 | 7.6 | ||||||||||
10.00-20.00 | 42,565 | 1.7 | 17.82 | 42,565 | 17.82 | ||||||||||
20.00-30.00 | 33,562 | 2 | 29.52 | 23,658 | 29.45 | ||||||||||
US$1.00-30.00 | 86,225 | 2.1 | 21.18 | 76,321 | 20.07 | ||||||||||
In EUR | In years | In EUR | In EUR | ||||||||||||
10.00-15.00 | 349,415 | 1.8 | 12.03 | 349,415 | 12.03 | ||||||||||
15.00-20.00 | 780,827 | 3.5 | 18.59 | 780,826 | 18.59 | ||||||||||
20.00-25.00 | 1,573,094 | 5.5 | 23.31 | 10,380 | 22.47 | ||||||||||
€1.00-25.00 | 2,703,336 | 4.4 | 20.49 | 1,140,621 | 16.61 | ||||||||||
At December 31, 2014, the aggregate intrinsic value of all options outstanding and all options exercisable is €41,019 and €22,504 respectively. | |||||||||||||||
The cost relating to employee stock options is measured at fair value on the grant date. The fair value was determined using the Black-Scholes option valuation model with the following weighted average assumptions: | |||||||||||||||
December 31, | |||||||||||||||
2012 | 2013 | ||||||||||||||
Expected life (years) | 7 | 7 | |||||||||||||
Risk free interest rate | 3.28 | % | 2.93 | % | |||||||||||
Dividend yield | 0.64 | % | 0.9 | % | |||||||||||
Expected volatility | 41.98 | % | 41.52 | % | |||||||||||
No employee stock options were granted during 2014. | |||||||||||||||
The grant date fair value of the stock options is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of stock options that will eventually vest. The impact of the true up of the estimates is recognized in the consolidated statement of operations in the period in which the revision is determined. We recorded compensation expenses of €3,242, €4,440 and €7,417 for 2012, 2013 and 2014 respectively. The compensation expenses for 2014 include a true up for a lower non-vesting assessment of €971 . | |||||||||||||||
Restricted shares outstanding | |||||||||||||||
As a result of the newly adopted 2014 Long-term Incentive Plan under which restricted shares, performance shares and employee options may be granted in the period following the publication of the first quarterly results no shares were granted in 2014. During the year 2014 restricted shares were granted to new hired employees only. The number of restricted shares outstanding at December 31, 2014 was 10,215. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Commitments and contingencies | Commitments and contingencies | |||||
Capital leases included in property, plant and equipment are as follows: | ||||||
December 31, | ||||||
2013 | 2014 | |||||
Machinery and equipment | 2,737 | 2,729 | ||||
Furniture and fixtures | 269 | 269 | ||||
Total capital leases, gross | 3,006 | 2,998 | ||||
Less accumulated depreciation | (3,006 | ) | (2,998 | ) | ||
Total capital leases, net | — | — | ||||
At December 31, 2014 operating leases having initial or remaining non-cancelable terms in excess of one year are as follows: | ||||||
2015 | 5,821 | |||||
2016 | 4,398 | |||||
2017 | 3,771 | |||||
2018 | 2,951 | |||||
2019 | 2,370 | |||||
Years thereafter | 2,653 | |||||
Total | 21,964 | |||||
Aggregate rental expense for operating leases was €24,661 in 2012, €9,529 in 2013 and €5,964 in 2014. On December 31, 2014 the Company had entered into purchase commitments with suppliers in the amount of €69,720 for purchases, all for purchases within the next 12 months. Commitments for capital expenditures and other per December 31, 2014 were €3,198. | ||||||
Change of Control Transaction | ||||||
Pursuant to our 1997 settlement agreement with Applied Materials, as amended and restated in 1998, if we desire to effect a change of control transaction, as defined in the settlement agreement which generally involves our operations and not our investment in ASMPT, with a competitor of Applied Materials, we must first offer the change of control transaction to Applied Materials on the same terms as we would be willing to accept from that competitor pursuant to a bona fide arm’s-length offer made by that competitor. |
Litigation_and_environmental_m
Litigation and environmental matters | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Litigation and environmental matters | Litigation and environmental matters |
The Company is a party to various legal proceedings incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company’s management that the outcome of any claim which is pending or threatened, either individually or on a combined basis, will not have a material effect on the financial position of the Company, its cash flows and result of operations. |
Financial_instruments_and_risk
Financial instruments and risk management | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Summary of Derivative Instruments by Risk Exposure [Abstract] | |||||||||||||||
Financial instruments and risk management | Financial instruments and risk management | ||||||||||||||
Financial Instruments | |||||||||||||||
Financial instrument include: | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | 312,437 | 385,777 | |||||||||||||
Accounts receivable | 83,016 | 81,971 | |||||||||||||
Financial liabilities: | |||||||||||||||
Accounts payable | 44,837 | 61,053 | |||||||||||||
Gains or losses related to financial instruments are as follows: | |||||||||||||||
Year ended December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Interest income | 972 | 1,583 | |||||||||||||
Interest expense | (2,943 | ) | (2,312 | ) | |||||||||||
Results foreign currency exchange, net | (8,158 | ) | 26,439 | ||||||||||||
Addition to allowance for doubtful accounts receivable | (377 | ) | — | ||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASMI uses the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||||
Level 1 | |||||||||||||||
Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. | |||||||||||||||
Level 2 | |||||||||||||||
Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
Level 3 | |||||||||||||||
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
There were no transfers between levels during the years ended December 31, 2014 and December 31, 2013. | |||||||||||||||
Financial Risk Factors | |||||||||||||||
ASMI is exposed to a number of risk factors: market risks (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Company may use forward exchange contracts to hedge its foreign exchange risk. The Company does not enter into financial instrument transactions for trading or speculative purposes. | |||||||||||||||
Foreign Exchange Risk | |||||||||||||||
ASMI and its subsidiaries conduct business in a number of foreign countries, with certain transactions denominated in currencies other than the functional currency of the Company (euro) or one of its subsidiaries conducting the business. The purpose of the Company’s foreign currency management is to manage the effect of exchange rate fluctuations on revenues, costs and cash flows and assets and liabilities denominated in selected foreign currencies, in particular denominated in US dollar. | |||||||||||||||
We may use forward exchange contracts to hedge foreign exchange risk of anticipated sales or purchase transactions in the normal course of business, which occur within the next twelve months, for which the Company has a firm commitment from a customer or to a supplier. The terms of these contracts are consistent with the timing of the transactions being hedged. The hedges related to forecasted transactions are designated and documented at the inception of the hedge as cash flow hedges, and are evaluated for effectiveness quarterly. The effective portion of the gain or loss on these hedges is reported as a component of accumulated other comprehensive loss in Shareholders’ Equity, and is reclassified into earnings when the hedged transaction affects earnings. | |||||||||||||||
Changes in the fair value of derivatives that do not qualify for hedge treatment, as well as the ineffective portion of any hedges, are recognized in earnings. The Company records all derivatives, including forward exchange contracts, on the balance sheet at fair value in other current assets or accrued expenses. If the underlying transaction being hedged fails to occur, or if a portion of any derivative is ineffective, the gain or loss is immediately recognized in earnings under foreign currency exchange gains (losses) in the Consolidated Statement of Operations. Hedge ineffectiveness was insignificant for the years ended December 31, 2013 and December 31, 2014. | |||||||||||||||
Furthermore, the Company might manage the currency exposure of certain receivables and payables using derivative instruments, such as forward exchange contracts (fair value hedges) and currency swaps, and non-derivative instruments, such as debt borrowings in foreign currencies. The gains or losses on these instruments provide an offset to the gains or losses recorded on receivables and payables denominated in foreign currencies. The derivative instruments are recorded at fair value and changes in fair value are recorded in earnings under foreign currency exchange gains (losses) in the Consolidated Statement of Operations. Receivables and payables denominated in foreign currencies are recorded at the exchange rate at the balance sheet date and gains and losses as a result of changes in exchange rates are recorded in earnings under foreign currency exchange gains (losses) in the Consolidated Statement of Operations. | |||||||||||||||
To the extent that exchange rate fluctuations impact the value of the Company’s investments in its foreign subsidiaries, they are not hedged. The cumulative effect of these fluctuations is separately reported in Consolidated Shareholders’ Equity. Reference is made to Note 16. | |||||||||||||||
Per December 31, 2013 and per December 31, 2014 there were no forward exchange contracts outstanding. | |||||||||||||||
The following table analyzes the Company’s sensitivity to a hypothetical 10% strengthening and 10% weakening of the US dollar, Singapore dollar, Hong Kong dollar, Korean won and Japanese yen against the euro as of December 31, 2013 and December 31, 2014. This analysis includes foreign currency denominated monetary items and adjusts their translation at year end for a 10% increase and 10% decrease against the euro. A positive amount indicates an increase in equity. Recognized in equity is the revaluation effect of subsidiaries denominated in US dollar, Singapore dollar, Hong Kong dollar, Korean won and Japanese yen. | |||||||||||||||
Impact on equity | |||||||||||||||
2013 | 2014 | ||||||||||||||
10% increase of US dollar versus euro | 4,938 | 6,672 | |||||||||||||
10% decrease of US dollar versus euro | (4,938 | ) | (6,672 | ) | |||||||||||
10% increase of Singapore dollar versus euro | 6,088 | 7,870 | |||||||||||||
10% decrease of Singapore dollar versus euro | (6,088 | ) | (7,870 | ) | |||||||||||
10% increase of Hong Kong dollar versus euro | 94,396 | 109,211 | |||||||||||||
10% decrease of Hong Kong dollar versus euro | (94,396 | ) | (109,211 | ) | |||||||||||
10% increase of Korean won versus euro | 5,840 | 7,817 | |||||||||||||
10% decrease of Korean won versus euro | (5,840 | ) | (7,817 | ) | |||||||||||
10% increase of Japanese yen versus euro | 4,561 | 5,371 | |||||||||||||
10% decrease of Japanese yen versus euro | (4,561 | ) | (5,371 | ) | |||||||||||
A hypothetical 10% strengthening or 10% weakening of any other currency against the euro as of December 31, 2013 and December 31, 2014 would not result in a material impact on equity. The revaluation effect of subsidiaries denominated in other currencies than euro are recognized in equity. | |||||||||||||||
The following table analyzes the Company’s sensitivity to a hypothetical 10% strengthening and 10% weakening of the US dollar, Singapore dollar, Hong Kong dollar, Korean won and Japanese yen against the euro at average exchange rates for the years 2013 and 2014. A positive amount indicates an increase in net earnings. | |||||||||||||||
Impact on net earnings | |||||||||||||||
2013 | 2014 | ||||||||||||||
10% increase of US dollar versus euro | 601 | 954 | |||||||||||||
10% decrease of US dollar versus euro | (601 | ) | (954 | ) | |||||||||||
10% increase of Singapore dollar versus euro | 671 | 1,213 | |||||||||||||
10% decrease of Singapore dollar versus euro | (671 | ) | (1,213 | ) | |||||||||||
10% increase of Hong Kong dollar versus euro | 100,072 | 3,891 | |||||||||||||
10% decrease of Hong Kong dollar versus euro | (100,072 | ) | (3,891 | ) | |||||||||||
10% increase of Korean won versus euro | 1,962 | 1,333 | |||||||||||||
10% decrease of Korean won versus euro | (1,962 | ) | (1,333 | ) | |||||||||||
10% increase of Japanese yen versus euro | 485 | 861 | |||||||||||||
10% decrease of Japanese yen versus euro | (485 | ) | (861 | ) | |||||||||||
A hypothetical 10% strengthening or 10% weakening of any other currency against the euro at average exchange rates for the years 2013 and 2014 would not result in a material impact on net earnings. The significant possible impact on net earnings for 2013 results from the realized and unrealized gain following the sale of the 12% stake in ASMPT. | |||||||||||||||
Interest Risk | |||||||||||||||
We are not exposed to interest rate risk through our borrowing activities. The Company does not enter into financial instrument transactions for trading or speculative purposes or to manage interest rate exposure. As per December 31, 2014 the Company had no debt. | |||||||||||||||
Credit Risk | |||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and derivative instruments. These instruments contain a risk of counterparties failing to discharge their obligations. We monitor credit risk and manages credit risk exposure by type of financial instrument by assessing the creditworthiness of counterparties. We do not anticipate nonperformance by counterparties given their high creditworthiness. | |||||||||||||||
The Company’s customers are semiconductor device manufacturers located throughout the world. We perform ongoing credit evaluations of our customers' financial condition. We take additional measures to mitigate credit risk when considered appropriate by means of down payments, letters of credit. We generally do not require collateral or other security to support financial instruments with credit risk. | |||||||||||||||
Concentrations of credit risk (whether on- or off-balance sheet) that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. | |||||||||||||||
The Company derives a significant percentage of its revenue from a small number of large customers. On a comparable basis, excluding the sales of the Back-end segment, the largest customer accounted for approximately 26.7% of net sales in 2014 (2013: 28.3%; 2012: 33.6%) and the ten largest customers accounted for approximately 84.1% of net sales in 2014 (2013: 85.6%; 2012: 75.3%). Sales to these large customers also may fluctuate significantly from time to time depending on the timing and level of purchases by these customers. Significant orders from such customers may expose the Company to a concentration of credit risk and difficulties in collecting amounts due, which could harm the Company’s financial results. At December 31, 2014 one customer accounted for 20.1% of the outstanding balance in accounts receivable (2013: 28.1%; 2012: 20.6%). | |||||||||||||||
We invest our cash and cash equivalents in short-term deposits and derivative instruments with high-rated financial institutions. We only enter into transactions with a limited number of major financial institutions that have high credit ratings and we closely monitor the creditworthiness of our counterparties. Concentration risk is mitigated by limiting the exposure to a single counter party. | |||||||||||||||
The maximum credit exposure is equal to the carrying values of cash and cash equivalent and accounts receivable. | |||||||||||||||
Liquidity Risk | |||||||||||||||
The following table summarizes the Company’s contractual obligations as at December 31, 2014 aggregated by type of contractual obligation: | |||||||||||||||
Total | Less than | 3-Jan | 5-Mar | More than | |||||||||||
1 year | years | years | 5 years | ||||||||||||
Operating leases | 21,964 | 5,821 | 8,169 | 5,321 | 2,653 | ||||||||||
Pension liabilities | 5,153 | 318 | 714 | 1,261 | 2,860 | ||||||||||
Purchase obligations: | |||||||||||||||
Purchase commitments to suppliers | 69,720 | 69,720 | — | — | — | ||||||||||
Capital expenditure and other commitments | 3,198 | 3,198 | — | — | — | ||||||||||
Unrecognized tax benefits | 1,875 | 1,875 | — | — | — | ||||||||||
Total contractual obligations | 101,910 | 80,932 | 8,883 | 6,582 | 5,513 | ||||||||||
Total short-term lines of credit amounted to €150,000 at December 31, 2014. The amount outstanding at December 31, 2014 was nil and the undrawn portion totaled €150,000. The standby revolving credit facility of €150,000 with a consortium of banks will be available through December 20, 2018 is secured by a portion of the Company’s shareholding in ASMPT and certain accounts receivable. | |||||||||||||||
For the majority of purchase commitments, the Company has flexible delivery schedules depending on the market conditions, which allows the Company, to a certain extent, to delay delivery beyond originally planned delivery schedules. |
Research_and_development
Research and development | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Research and Development Expense [Abstract] | |||||||||
Research and development | Research and development | ||||||||
Research and Development consists of the following: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Research and development expenses | 150,118 | 76,427 | 64,763 | ||||||
Research and development grants and credits | (899 | ) | (1,036 | ) | (905 | ) | |||
Total research and development | 149,219 | 75,391 | 63,858 | ||||||
The Company’s operations in the Netherlands, Germany and the United States receive research and development grants and credits from various sources. |
Restructuring_expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring Charges [Abstract] | |
Restructuring expenses | Restructuring expenses |
In the fourth quarter of 2012 we started a cost reduction program in our Front-end operation. We have reduced headcount in our manufacturing organization in Singapore and our product management organization in Europe and the US with approximately 100 full time equivalent positions. Related to these actions, an amount of €0.9 million and an amount of €2.5 million in restructuring expenses was recorded in 2012 and 2013 respectively. |
Income_taxes
Income taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income taxes | Income taxes | ||||||||||||||||||||
The components of earnings (loss) before income taxes and non-controlling interest consist of: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
The Netherlands | (70,263 | ) | 1,018,554 | 92,307 | |||||||||||||||||
Other countries | 136,994 | 41,867 | 62,570 | ||||||||||||||||||
Earnings before income taxes and Non-controlling interest | 66,731 | 1,060,421 | 154,877 | ||||||||||||||||||
The income tax expense consists of: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Current: | |||||||||||||||||||||
The Netherlands | (110 | ) | (1,938 | ) | (4,539 | ) | |||||||||||||||
Other countries | (26,337 | ) | (9,479 | ) | (9,988 | ) | |||||||||||||||
(26,447 | ) | (11,417 | ) | (14,527 | ) | ||||||||||||||||
Deferred: | |||||||||||||||||||||
The Netherlands | — | — | — | ||||||||||||||||||
Other countries | 147 | 296 | (3,042 | ) | |||||||||||||||||
Income tax expense | (26,300 | ) | (11,121 | ) | (17,569 | ) | |||||||||||||||
The provisions for income taxes as shown in the Consolidated Statements of Operations differ from the amounts computed by applying the Dutch statutory income tax rate to earnings before taxes. A reconciliation of the provisions for income taxes and the amounts that would be computed using the Dutch statutory income tax rate is set forth as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Earnings before income taxes and Non-controlling interest | 66,731 | 1,060,421 | 154,877 | ||||||||||||||||||
Dutch statutory income tax rate | 25 | % | 25 | % | 25 | % | |||||||||||||||
Income tax provision at statutory rate | (16,683 | ) | (265,105 | ) | (38,719 | ) | |||||||||||||||
Non-deductible expenses | (6,508 | ) | (1,957 | ) | (4,681 | ) | |||||||||||||||
Foreign taxes at a rate other than the Dutch statutory rate | (2,699 | ) | (556 | ) | (1,732 | ) | |||||||||||||||
Valuation allowance | (14,876 | ) | (3,960 | ) | 16,937 | ||||||||||||||||
Non-taxable income -1- | 4,887 | 260,425 | 11,888 | ||||||||||||||||||
Other -2- | 9,579 | 32 | (1,262 | ) | |||||||||||||||||
Income tax expense | (26,300 | ) | (11,121 | ) | (17,569 | ) | |||||||||||||||
1) | Non-taxable income for 2014 mainly consist of revenues deriving from the share in income of investments and associates which are exempt under the Dutch participation exemption. For 2013 non-taxable income mainly consist of revenues deriving from the disposal of the 12% shareholding in ASMPT in March 2013 which are exempt under the Dutch participation exemption. | ||||||||||||||||||||
2) | Other in 2014 mainly consists of tax credits, adjustments to prior years, changes in (enacted) tax laws and revaluation of certain assets. | ||||||||||||||||||||
Included in Other for 2014 is €1,944 regarding the Company’s manufacturing operations in Singapore and other countries where income covering certain products is non-taxable or subject to concessional tax rates under tax incentive schemes granted by the local tax authority. The majority of these tax incentive schemes have terms ending by July 1, 2018. | |||||||||||||||||||||
On June 8, 2009 the Singapore Economic Development Board (“EDB”) granted a Pioneer Certificate to ASM Front-End Manufacturing Singapore Pte Ltd (“FEMS”, a principal subsidiary of the Group) to the effect that profits arising from certain manufacturing activities by FEMS of Front-end equipment will in principle be exempted from tax for a period of 10 years effective from July 1, 2008, subject to fulfillment of certain criteria during the period. | |||||||||||||||||||||
In Korea a High Technology Tax Exemption has been granted to the effect that profits arising from certain equipment sales will in principle be partly exempted from tax in the period ending by 2016, subject to fulfillment of certain criteria during the period. | |||||||||||||||||||||
Since 2011 the Dutch statutory tax rate amounted to 25.0%. Taxation for other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions. The Company’s deferred tax assets and liabilities have been determined in accordance with these statutory income tax rates. | |||||||||||||||||||||
Deferred income taxes developed as follows: | |||||||||||||||||||||
January 1, 2013 | Deconsolidation ASMPT | Change income tax rate | Consolidated statement of operations | Equity | Exchange differences | December 31, 2013 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Reserves and allowances | 20,322 | (15,199 | ) | (258 | ) | (814 | ) | 255 | (1,152 | ) | 3,154 | ||||||||||
Net operating losses | 83,478 | (11,905 | ) | — | (1,664 | ) | — | 49 | 69,958 | ||||||||||||
Depreciation | 2,260 | (2,121 | ) | (88 | ) | 1,603 | — | (319 | ) | 1,335 | |||||||||||
Other | 1,112 | (194 | ) | (38 | ) | (146 | ) | — | (164 | ) | 570 | ||||||||||
Gross deferred tax assets | 107,172 | (29,419 | ) | (384 | ) | (1,021 | ) | 255 | (1,586 | ) | 75,017 | ||||||||||
Less: valuation allowance | (83,250 | ) | 11,675 | — | 1,664 | — | (47 | ) | (69,958 | ) | |||||||||||
Net deferred tax assets | 23,922 | (17,744 | ) | (384 | ) | 643 | 255 | (1,633 | ) | 5,059 | |||||||||||
Deferred tax liabilities | (988 | ) | 921 | — | 37 | — | (5 | ) | (35 | ) | |||||||||||
Net deferred income taxes | 22,934 | (16,823 | ) | (384 | ) | 680 | 255 | (1,638 | ) | 5,024 | |||||||||||
January 1, 2014 | Realization | Change income tax rate | Consolidated statement of operations | Equity | Exchange differences | December 31, 2014 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Reserves and allowances | 3,154 | — | (133 | ) | (849 | ) | 11 | 76 | 2,259 | ||||||||||||
Net operating losses | 69,958 | — | — | (16,937 | ) | — | 729 | 53,750 | |||||||||||||
Depreciation | 1,335 | — | (87 | ) | (657 | ) | — | 37 | 628 | ||||||||||||
Other | 570 | 1,102 | (15 | ) | (1,339 | ) | — | 162 | 480 | ||||||||||||
Gross deferred tax assets | 75,017 | 1,102 | (235 | ) | (19,782 | ) | 11 | 1,004 | 57,117 | ||||||||||||
Less: valuation allowance | (69,958 | ) | — | — | 16,937 | — | (729 | ) | (53,750 | ) | |||||||||||
Net deferred tax assets | 5,059 | 1,102 | (235 | ) | (2,845 | ) | 11 | 275 | 3,367 | ||||||||||||
Deferred tax liabilities | (35 | ) | — | — | 38 | — | (3 | ) | — | ||||||||||||
Net deferred income taxes | 5,024 | 1,102 | (235 | ) | (2,807 | ) | 11 | 272 | 3,367 | ||||||||||||
Deferred tax assets and liabilities are classified in the consolidated balance sheet as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Deferred tax assets - current | 3,739 | 1,558 | |||||||||||||||||||
Deferred tax assets - non-current | 1,320 | 1,809 | |||||||||||||||||||
Deferred tax liabilities - current | — | — | |||||||||||||||||||
Deferred tax liabilities - non-current | (35 | ) | — | ||||||||||||||||||
5,024 | 3,367 | ||||||||||||||||||||
Based on tax filings, ASMI and its individual subsidiaries have net operating losses available at December 31, 2014 of €210,461 for tax return purposes to reduce future income taxes, mainly in Europe. The Company believes that realization of its net deferred tax assets is dependent on the ability of the Company to generate taxable income in the future. Given the volatile nature of the semiconductor equipment industry, past experience, and the tax jurisdictions where the Company has net operating losses, the Company believes that there is currently insufficient evidence to substantiate recognition of substantially all net deferred tax assets with respect to net operating losses. Accordingly, a valuation allowance of €69,958 in 2013 and €53,750 in 2014 has been recorded. | |||||||||||||||||||||
The amounts and expiration dates of net operating losses for tax purposes are as follows: | |||||||||||||||||||||
Expiration year | Total of net operating losses for tax purposes -1- | ||||||||||||||||||||
2017 | 29,270 | ||||||||||||||||||||
2018 | 44,664 | ||||||||||||||||||||
2019 | 35,905 | ||||||||||||||||||||
2020 | 266 | ||||||||||||||||||||
2021 | 60,198 | ||||||||||||||||||||
2022 | 28,556 | ||||||||||||||||||||
2023 | 16 | ||||||||||||||||||||
2029 | 7,178 | ||||||||||||||||||||
2030 | 4,293 | ||||||||||||||||||||
Unlimited | 115 | ||||||||||||||||||||
Total | 210,461 | ||||||||||||||||||||
-1- No deferred tax assets were recognized for these operating losses. | |||||||||||||||||||||
The Company has not provided for deferred foreign withholding taxes, if any, on undistributed earnings of its foreign subsidiaries. At December 31, 2014 the undistributed earnings of subsidiaries, subject to withholding taxes, were approximately €45,621. These earnings could become subject to foreign (withholding) taxes if they were remitted as dividends and / or if the Company should sell its interest in the subsidiaries. | |||||||||||||||||||||
Consistent with the provisions of ASC 740, as of December 31, 2014, ASMI has a liability for unrecognized tax benefits. A reconciliation of the beginning and ending balance of the liability for unrecognized tax benefits is as follows: | |||||||||||||||||||||
Balance January 1, 2012 | 21,749 | ||||||||||||||||||||
Gross increases - tax positions in current year | 1,157 | ||||||||||||||||||||
Foreign currency translation effect | (395 | ) | |||||||||||||||||||
Balance December 31, 2012 | 22,511 | ||||||||||||||||||||
Deconsolidation ASMPT | (22,325 | ) | |||||||||||||||||||
Foreign currency translation effect | (186 | ) | |||||||||||||||||||
Balance December 31, 2013 | — | ||||||||||||||||||||
Gross increases - tax positions in current year | 1,800 | ||||||||||||||||||||
Foreign currency translation effect | 75 | ||||||||||||||||||||
Balance December 31, 2014 | 1,875 | ||||||||||||||||||||
Unrecognized tax benefits mainly relate to transfer pricing positions, tax credits and tax deductible costs. The Company estimates that no interest and penalties are related to these unrecognized tax benefits. In the year ended December 31, 2014, no settlement with tax authorities and no reduction as a result of a lapse of statute of limitations occurred. | |||||||||||||||||||||
Unrecognized tax benefits would, if recognized, impact the Company’s effective tax rate. The Company provided for an amount of €1,875 reflecting managements best estimate to mitigate possible impact in case of an unfavorable outcome. | |||||||||||||||||||||
A summary of open tax years by major jurisdiction is as follows: | |||||||||||||||||||||
Jurisdiction | |||||||||||||||||||||
Japan | 2009-2014 | ||||||||||||||||||||
The Netherlands | 2010-2014 | ||||||||||||||||||||
Singapore | 2010-2014 | ||||||||||||||||||||
United States of America | 1997-2014 | ||||||||||||||||||||
South Korea | 2009-2014 | ||||||||||||||||||||
The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws.The Company’s estimate for the potential outcome of any unrecognized tax benefits is highly judgmental. Settlement of unrecognized tax benefits in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s financial position, net earnings and cash flows. The Company is subject to tax audits in its major tax jurisdictions, local tax authorities may challenge the positions taken by the Company. |
Disclosures_about_segments_and
Disclosures about segments and related information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Disclosures about segments and related information | Disclosures about segments and related information | |||||||||||||||||||||||
The Company organizes its activities in two operating segments, Front-end and Back-end. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer (“CEO”), which is the chief operating decision maker (according to ASC 280). | ||||||||||||||||||||||||
The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. The segment is a product driven organizational unit comprised of manufacturing, service, and sales operations in Europe, the United States of America, Japan and South East Asia. | ||||||||||||||||||||||||
The Back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested. The segment is organized in ASM Pacific Technology Ltd, in which the Company holds a substantial share of 39.75% interest, whilst the remaining shares are listed on the Stock Exchange of Hong Kong. The segment’s main operations are located in Hong Kong, the People’s Republic of China, Singapore, Malaysia and Germany. | ||||||||||||||||||||||||
The Back-end segment remains reported as a separate segment since the cease of control per March 15, 2013. Since that date the segment is reported as an equity method investment as the CEO reviews this information as part of his CODM package. | ||||||||||||||||||||||||
Accordingly, the asset and profit/loss information regarding the operations that comprise the segment are disclosed. The full financial results are reviewed by the CODM, the external reporting of the segment are on an equity method investment basis. The total of all segments' financial amounts are reconciled to the corresponding amounts reported in the consolidated financial statements, eliminations are reflected in the reconciling column for amounts reported in excess of those amounts reflected in the consolidated financial statements. | ||||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Front-end | Back-end | Total | ||||||||||||||||||||||
Net sales to unaffiliated customers | 370,409 | 1,047,658 | 1,418,067 | |||||||||||||||||||||
Gross profit | 124,531 | 315,898 | 440,429 | |||||||||||||||||||||
Result from operations | 539 | 87,717 | 88,256 | |||||||||||||||||||||
Interest income | 1,015 | 974 | 1,989 | |||||||||||||||||||||
Interest expense | (11,381 | ) | (732 | ) | (12,113 | ) | ||||||||||||||||||
Loss resulting from early extinguishment of debt | (2,209 | ) | — | (2,209 | ) | |||||||||||||||||||
Accretion interest expense convertible notes | (4,329 | ) | (140 | ) | (4,469 | ) | ||||||||||||||||||
Foreign currency exchange gains (losses), net | (3,050 | ) | (907 | ) | (3,957 | ) | ||||||||||||||||||
Result on investments | (766 | ) | — | (766 | ) | |||||||||||||||||||
Income tax expense | (8,965 | ) | (17,335 | ) | (26,300 | ) | ||||||||||||||||||
Net earnings (loss) | (29,146 | ) | 69,577 | 40,431 | ||||||||||||||||||||
Allocation of net earnings (loss) | ||||||||||||||||||||||||
Shareholders of the parent | 7,149 | |||||||||||||||||||||||
Non-controlling interest | 33,282 | |||||||||||||||||||||||
Capital expenditures and purchase of intangible assets | 24,015 | 48,777 | 72,792 | |||||||||||||||||||||
Depreciation and amortization | 18,838 | 39,622 | 58,460 | |||||||||||||||||||||
Cash and cash equivalents | 145,061 | 145,414 | 290,475 | |||||||||||||||||||||
Capitalized goodwill | 11,649 | 40,239 | 51,888 | |||||||||||||||||||||
Other intangible assets | 9,049 | 4,866 | 13,915 | |||||||||||||||||||||
Other identifiable assets | 334,399 | 808,829 | 1,143,228 | |||||||||||||||||||||
Total assets | 500,158 | 999,348 | 1,499,506 | |||||||||||||||||||||
Total debt | — | 80,623 | 80,623 | |||||||||||||||||||||
Headcount in full-time equivalents -1- | 1,636 | 15,768 | 17,404 | |||||||||||||||||||||
-1 | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | |||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Front-end | Back-end 100% | Elimination non consolidated | Total | |||||||||||||||||||||
Net sales to unaffiliated customers | 451,992 | 1,051,376 | (891,091 | ) | 612,277 | |||||||||||||||||||
Gross profit | 176,160 | 307,618 | (269,228 | ) | 214,550 | |||||||||||||||||||
Result from operations | 44,704 | 66,352 | (70,638 | ) | 40,418 | |||||||||||||||||||
Interest income | 904 | 272 | (204 | ) | 972 | |||||||||||||||||||
Interest expense | (2,553 | ) | (2,082 | ) | 1,693 | (2,942 | ) | |||||||||||||||||
Foreign currency exchange gains (losses), net | (9,005 | ) | 847 | — | (8,158 | ) | ||||||||||||||||||
Result from investments | — | — | 1,030,132 | 1,030,132 | ||||||||||||||||||||
Income tax expense | (9,484 | ) | (11,308 | ) | 9,671 | (11,121 | ) | |||||||||||||||||
Net earnings (loss) | 24,565 | 54,081 | 970,654 | 1,049,300 | ||||||||||||||||||||
Allocation of net earnings (loss) | ||||||||||||||||||||||||
Shareholders of the parent | 1,051,893 | |||||||||||||||||||||||
Non-controlling interest | (2,593 | ) | ||||||||||||||||||||||
Capital expenditures and purchase of intangible assets | 11,072 | 34,003 | (27,542 | ) | 17,533 | |||||||||||||||||||
Depreciation and amortization | 19,415 | 41,066 | (32,015 | ) | 28,466 | |||||||||||||||||||
Cash and cash equivalents | 312,437 | 149,313 | (149,313 | ) | 312,437 | |||||||||||||||||||
Capitalized goodwill | 11,421 | — | — | 11,421 | ||||||||||||||||||||
Other intangible assets | 5,637 | 902 | (902 | ) | 5,637 | |||||||||||||||||||
Investments and associates | 278 | — | 943,676 | 943,954 | ||||||||||||||||||||
Other identifiable assets | 277,800 | 599,709 | (599,709 | ) | 277,800 | |||||||||||||||||||
Total assets | 607,573 | 749,924 | 193,752 | 1,551,249 | ||||||||||||||||||||
Total debt | — | 65,105 | (65,105 | ) | — | |||||||||||||||||||
Headcount in full-time equivalents -1- | 1,503 | 14,400 | (14,400 | ) | 1,503 | |||||||||||||||||||
-1 | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | |||||||||||||||||||||||
The table for the year ended December 31, 2013, shows the full results for ASMPT under the column heading, "Back-end 100%". The information reported in the reconciling column under the heading, "Elimination non-consolidated", represents the amounts included in the Back-end 100% column in excess of the amounts reported in the consolidated financial statements. As such, the information in this reconciling column reflects the summarized financial information for ASMPT for the period March 15, 2013 through December 31, 2013 and the ASMPT balance sheet items as of December 31, 2013, which are the amounts that were eliminated in the consolidation. | ||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
Front-end | Back-end 100% | Elimination non consolidated | Total | |||||||||||||||||||||
Net sales to unaffiliated customers | 545,604 | 1,386,776 | (1,386,776 | ) | 545,604 | |||||||||||||||||||
Gross profit | 234,999 | 492,137 | (492,137 | ) | 234,999 | |||||||||||||||||||
Result from operations | 90,535 | 209,439 | (209,439 | ) | 90,535 | |||||||||||||||||||
Interest income | 1,583 | — | — | 1,583 | ||||||||||||||||||||
Interest expense | (2,312 | ) | (11,745 | ) | 11,745 | (2,312 | ) | |||||||||||||||||
Foreign currency exchange gains (losses), net | 26,439 | — | — | 26,439 | ||||||||||||||||||||
Result from investments and associates | (278 | ) | — | 38,910 | 38,632 | |||||||||||||||||||
Income tax expense | (17,569 | ) | (43,728 | ) | 43,728 | (17,569 | ) | |||||||||||||||||
Net earnings (loss) | 98,398 | 153,966 | (115,056 | ) | 137,308 | |||||||||||||||||||
Allocation of net earnings (loss) | ||||||||||||||||||||||||
Shareholders of the parent | 137,308 | |||||||||||||||||||||||
Non-controlling interest | — | |||||||||||||||||||||||
Capital expenditures and purchase of intangible assets | 32,143 | 30,992 | (30,992 | ) | 32,143 | |||||||||||||||||||
Depreciation and amortization | 21,222 | 40,416 | (40,416 | ) | 21,222 | |||||||||||||||||||
Cash and cash equivalents | 385,777 | 275,431 | (275,431 | ) | 385,777 | |||||||||||||||||||
Capitalized goodwill | 12,104 | 43,076 | (43,076 | ) | 12,104 | |||||||||||||||||||
Other intangible assets | 3,960 | 66,617 | (66,617 | ) | 3,960 | |||||||||||||||||||
Investments and associates | — | — | 1,092,097 | 1,092,097 | ||||||||||||||||||||
Other identifiable assets | 332,995 | 755,106 | (755,106 | ) | 332,995 | |||||||||||||||||||
Total assets | 734,836 | 1,140,230 | (48,133 | ) | 1,826,933 | |||||||||||||||||||
Total debt | — | 247,608 | (247,608 | ) | — | |||||||||||||||||||
Headcount in full-time equivalents -1- | 1,635 | 15,946 | (15,946 | ) | 1,635 | |||||||||||||||||||
-1 | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | |||||||||||||||||||||||
The table for the year ended December 31, 2014, shows the full results for ASMPT under the column heading, Back-end 100%. The information reported in the reconciling column under the heading, Elimination non-consolidated, represents the amounts included in the Back-end 100% column in excess of the amounts reported in the consolidated financial statements. As such, the information in this reconciling column reflects the summarized financial information for ASMPT for the fiscal year 2014 and the ASMPT balance sheet items as of December 31, 2014, which are the amounts that were eliminated in the consolidation. | ||||||||||||||||||||||||
There are no inter-segment transactions, other than charges for management services, which are based on actual cost. The accounting policies used to measure the net earnings and total assets in each segment are consistent to those used in the Consolidated Financial Statements. The measurement methods used to determine reported segment earnings are consistently applied for all periods presented. There were no asymmetrical allocations to segments. | ||||||||||||||||||||||||
Geographical information is summarized as follows: | ||||||||||||||||||||||||
Europe | United | Japan | South Korea | Taiwan | Other | Corporate | Consolidated | |||||||||||||||||
States of | Asia | |||||||||||||||||||||||
America | ||||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Net sales | 255,795 | 197,566 | 59,385 | 85,272 | 110,797 | 709,252 | — | 1,418,067 | ||||||||||||||||
Long-lived assets | 17,587 | 22,567 | 17,313 | 5,314 | 127 | 212,408 | 120 | 275,436 | ||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Net sales | 97,777 | 147,036 | 36,623 | 119,097 | 85,545 | 126,199 | — | 612,277 | ||||||||||||||||
Long-lived assets | 2,871 | 24,429 | 15,112 | 3,868 | 63 | 10,144 | 44 | 56,531 | ||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
Net sales | 94,518 | 177,006 | 62,482 | 93,595 | 81,143 | 36,860 | — | 545,604 | ||||||||||||||||
Long-lived assets | 6,762 | 33,881 | 15,598 | 11,667 | 51 | 11,253 | 24 | 79,236 | ||||||||||||||||
Long-lived assets for the years ended December 31, 2012, 2013 and 2014 consist of the Company’s property, plant and equipment. |
Selected_operating_expenses_an
Selected operating expenses and additional information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Compensation Related Costs [Abstract] | |||||||||
Selected operating expenses and additional information | Selected operating expenses and additional information | ||||||||
Personnel expenses for employees were as follows: | |||||||||
December 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Wages and salaries | 353,437 | 136,936 | 96,468 | ||||||
Social security | 47,124 | 16,049 | 11,342 | ||||||
Pension expenses | 21,151 | 7,539 | 4,162 | ||||||
421,712 | 160,524 | 111,972 | |||||||
The average number of employees, exclusive of temporary workers, by geographic area during the year was as follows: | |||||||||
Year average | |||||||||
2012 | 2013 | 2014 | |||||||
The Netherlands | 178 | 156 | 138 | ||||||
Other European countries | 1,057 | 448 | 167 | ||||||
United States of America | 594 | 556 | 569 | ||||||
Other Asia | 15,300 | 5,050 | 504 | ||||||
Japan | 203 | 181 | 180 | ||||||
17,332 | 6,391 | 1,558 | |||||||
The average number of employees for the year 2013 includes the weighted average of the ASMPT employees for the period January 1 - March 15. |
Earnings_per_share
Earnings per share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings per share | Earnings per share | ||||||||
Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercised (or issuances) would have a dilutive effect. The calculation of diluted net income per share does not assume exercise of options (or issuance of shares) when such exercises (or issuances) would be anti-dilutive. | |||||||||
The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: | |||||||||
December 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Net income used for purpose of calculating basic earnings per common share | 7,149 | 1,051,893 | 137,308 | ||||||
Basic weighted average number of shares outstanding during the year (thousands) | 56,108 | 63,202 | 63,510 | ||||||
Effect of dilutive potential common shares from stock options | 659 | 994 | 699 | ||||||
Dilutive weighted average number of shares outstanding | 56,767 | 64,196 | 64,209 | ||||||
Net income from continuing operations per share: | |||||||||
Basic | 0.13 | 16.64 | 2.16 | ||||||
Diluted | 0.13 | 16.39 | 2.14 | ||||||
Board_remuneration
Board remuneration | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Board Remuneration [Abstract] | ||||||||||||||||||||
Board remuneration | Board remuneration | |||||||||||||||||||
The remuneration of members of the Management Board has been determined by the Supervisory Board. | ||||||||||||||||||||
During 2014, the Company considered the members of the Management Board and the Supervisory Board to be the key management personnel. | ||||||||||||||||||||
In 2014, the Annual General Meeting of shareholders approved the revision of the Remuneration Policy for the Management Board proposed by the Supervisory Board. | ||||||||||||||||||||
The following table sets forth as to all current members of the Management Board of the Company, information concerning all remuneration from the Company (including its subsidiaries) for services in all capacities: | ||||||||||||||||||||
Base | Bonuses | Pensions | Share based payment expenses -1- | Fringe benefits | Total | |||||||||||||||
compensation -2- | ||||||||||||||||||||
Management Board: | ||||||||||||||||||||
C.D. del Prado | ||||||||||||||||||||
2014 | 520 | 663 | 78 | 762 | 60 | 2,083 | ||||||||||||||
2013 | 520 | 527 | 92 | 506 | 60 | 1,705 | ||||||||||||||
2012 | 510 | 177 | 76 | 398 | 59 | 1,220 | ||||||||||||||
P.A.M. van Bommel | ||||||||||||||||||||
2014 | 386 | 412 | 69 | 528 | 46 | 1,441 | ||||||||||||||
2013 | 375 | 391 | 79 | 418 | 45 | 1,308 | ||||||||||||||
2012 | 367 | 144 | 88 | 325 | 59 | 983 | ||||||||||||||
1. | These amounts represent the vesting expenses related to the financial year. | |||||||||||||||||||
2. | An incidental crisis levy of 16% as imposed by the Dutch government amounted to €145 for 2013 and €175 for 2012. This crisis tax levy is payable by the employer and is charged over income of employees exceeding a €150 threshold for both years. These expenses do not form part of the remuneration costs mentioned. | |||||||||||||||||||
Short-term incentive (cash bonus) | ||||||||||||||||||||
Each year, a short-term incentive can be earned, based on achievement of specific challenging targets. These targets are for 75% based on company financial targets and for 25% based on non-financial targets. The on-target bonus percentage for the CEO is 100% of base salary, with a maximum pay-out of 150% of base salary. The on-target bonus percentage for the other members of the Management Board is 75% of base salary, with a maximum pay-out of 125% of base salary. | ||||||||||||||||||||
Long-term incentive (stock options / performance shares) | ||||||||||||||||||||
The members of the Management Board are eligible to receive stock options and performance shares under the ASM International NV 2014 Long-Term Incentive plan for members of the Management Board (plan) in order to focus on the long term interest of the company. Stock options vest after three years subject to continued employment and expire after seven years. Performance shares vest after 3 years subject to meeting certain conditions. The members of the Management Board are required to hold the vested performance shares for an additional two years however they are allowed to sell a part of the unconditional shares after three years for tax purposes. The next grant of stock options and/or performance shares will take place in April 2015. | ||||||||||||||||||||
Pension arrangement | ||||||||||||||||||||
The members of the Management Board are offered participation of the pension plan of the industry wide pension fund (Pensioenfonds van de Metalektro) for the base salary up to the predetermined ceiling. For the base salary above the ceiling, the members of the Management Board are offered participation of a defined contribution plan, insured by Nationale Nederlanden. Due to the changes in Dutch pension legislation, the pension arrangement for members of the Management Board will change in 2015. | ||||||||||||||||||||
Fringe benefits | ||||||||||||||||||||
Fringe benefits are covering compensation relative to use of a (company) car, a representation and expense allowance, social security premium and premium for health and disability insurance. | ||||||||||||||||||||
Outstanding options | ||||||||||||||||||||
The following table shows the outstanding options to purchase ASM International NV common shares held by members of the Management Board. There were no changes in such holdings during 2014: | ||||||||||||||||||||
Year | Outstanding January 1, 2014 | Granted | Exercised | Outstanding December 31, 2014 | Exercise | End date | ||||||||||||||
of | in 2014 | in 2014 | price | |||||||||||||||||
grant | ||||||||||||||||||||
C.D. del Prado -1- | 2007 | 23,168 | — | — | 23,168 | € | 16.51 | May 23, 2015 | ||||||||||||
C.D. del Prado -1- | 2008 | 147,416 | — | — | 147,416 | € | 10.78 | Mar 1, 2016 | ||||||||||||
C.D. del Prado -2- | 2009 | 58,967 | — | — | 58,967 | € | 12.79 | Nov 30, 2017 | ||||||||||||
C.D. del Prado -3- | 2011 | 88,450 | — | — | 88,450 | € | 18.93 | Dec 31, 2018 | ||||||||||||
C.D. del Prado -3- | 2012 | 70,760 | — | 70,760 | € | 22.93 | Dec 31, 2019 | |||||||||||||
C.D. del Prado -3- | 2013 | 75,000 | — | — | 75,000 | € | 23.73 | Dec 31, 2020 | ||||||||||||
P.A.M. van Bommel -2- | 2010 | 29,483 | — | — | 29,483 | € | 13.8 | 1-Jul-17 | ||||||||||||
P.A.M. van Bommel -3- | 2011 | 62,504 | — | — | 62,504 | € | 18.93 | Dec 31, 2018 | ||||||||||||
P.A.M. van Bommel -3- | 2012 | 47,173 | — | — | 47,173 | € | 22.93 | Dec 31, 2019 | ||||||||||||
P.A.M. van Bommel -3- | 2013 | 53,000 | — | — | 53,000 | € | 23.73 | Dec 31, 2020 | ||||||||||||
655,921 | — | — | 655,921 | |||||||||||||||||
1 | The vesting of these options was conditional. A percentage, not exceeding 150%, of the options which have been granted conditionally will become unconditional after three years, based on the total return of the Company's shares for the three years after the options are granted compared to the average total return of the shares of a relevant number of companies which are similar to the Company during the same three-year period. The options are granted for a term of eight years | |||||||||||||||||||
2 | These options are granted for a term of eight years and become exercisable after a three years vesting period. | |||||||||||||||||||
3 | These options are granted for a term of seven years and become exercisable after a three years vesting period. | |||||||||||||||||||
The fair value per option of options granted to current members of the Management Board was €10.40 in 2012 and €10.22 in 2013. | ||||||||||||||||||||
The following table sets forth as to all current and former members of the Supervisory Board of the Company information concerning all remuneration (base compensation, no bonuses or pensions were paid) from the Company (including its subsidiaries) for services in all capacities: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Supervisory Board: | ||||||||||||||||||||
J.C. Lobbezoo | 53 | 61 | 70 | |||||||||||||||||
J.M.R. Danneels | 50 | 50 | 50 | |||||||||||||||||
H.W. Kreutzer | 50 | 51 | 53 | |||||||||||||||||
M.C.J. van Pernis | 50 | 51 | 53 | |||||||||||||||||
U.H.R. Schumacher | 50 | 50 | 50 | |||||||||||||||||
G.J. Kramer -1- | 68 | 25 | — | |||||||||||||||||
321 | 288 | 276 | ||||||||||||||||||
1. | Mr Kramer resigned from the Supervisory Board on May 16, 2013. | |||||||||||||||||||
The remuneration of members of the Supervisory Board has been determined by the General Meeting of Shareholders. | ||||||||||||||||||||
No stock options or performance shares have been granted to members of the Supervisory Board. |
Share_ownership_and_related_pa
Share ownership and related party transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Share ownership and related party transactions | Share ownership and related party transactions | |||||||||||
The ownership or controlling interest of outstanding common shares of ASM International NV by members of the Management Board and Supervisory Board or members of their immediate family are as follows: | ||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||
Shares | Percentage of | Shares | Percentage of | |||||||||
owned | Common shares | owned | Common shares | |||||||||
outstanding | outstanding | |||||||||||
A.H. del Prado | 9,204,284 | 14.5 | % | 9,204,284 | 14.62 | % | ||||||
C.D. del Prado (member of the Management Board) | 132,945 | 0.21 | % | 132,945 | 0.21 | % | ||||||
Stichting Administratiekantoor ASMI | 2,142,039 | 3.37 | % | 2,142,039 | 3.4 | % | ||||||
Stichting Administratiekantoor ASMI is a trust controlled by Mr A.H. del Prado. The number of shares owned by Stichting Administratiekantoor ASMI includes 713,000 common shares which are beneficially owned by Mr C.D. del Prado. | ||||||||||||
The Company has a related party relationship with its subsidiaries, equity accounted investees and members of the Supervisory Board and the Management Board. Related party transactions are conducted on an at arm’s length basis with terms comparable to transactions with third parties. For transactions with the Supervisory Board and the Management Board see note 27 Board Remuneration. | ||||||||||||
The Group has no significant transactions or outstanding balances with its equity-accounted investees other than its equity-interest holdings. |
Subsequent_events
Subsequent events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events |
Subsequent events were evaluated up to April 9, 2015, which is the issuance date of this Annual Report 2014. There are no subsequent events to report. |
General_information_Summary_of1
General information / Summary of significant accounting policies (Policy) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of preparation | Basis of preparation | |
The Company follows accounting principles generally accepted in the United States (“US GAAP”) and applies the going concern basis in preparing its consolidated financial statements. Historical cost is used as the measurement basis unless otherwise indicated. | ||
The accompanying consolidated financial statements are stated in euro thousand (“EUR”) unless indicated otherwise. Amounts in these financial statements are rounded to the nearest thousand euro, therefore amounts may not equal (sub) totals due to rounding. | ||
Use of estimates | Use of estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, ASMI evaluates its estimates. ASMI bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. | ||
Consolidation | Consolidation | |
The consolidated financial statements include the accounts of ASMI NV and all of its subsidiaries where ASMI holds a controlling interest. The non-controlling interest is disclosed separately in the consolidated financial statements. All intercompany profits, transactions and balances have been eliminated in consolidation. | ||
Subsidiaries are all entities over which ASMI has the power to govern the financial and operating policies. | ||
Subsidiaries are fully consolidated from the date on which control is transferred to ASMI and are deconsolidated from the date on which ASMI's control ceases. | ||
Loss of control | Loss of control | |
Upon the loss of control, ASMI derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. If ASMI retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. | ||
Segment reporting | Segment reporting | |
The Company organizes its activities in two operating segments, Front-end and Back-end. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer (“CEO”), which is the chief operating decision maker (according to ASC 280). | ||
The Back-end segment is still reported as a separate segment after the Company ceased control on March 15, 2013, since the full results of the Back-end segment are continued to be reviewed by our CODM. | ||
Accordingly, the asset and profit/loss information regarding the operations that comprise the segment are disclosed. The full financial results are reviewed by the CODM, the external reporting of the segment are on an equity method investment basis. The total of all segments' financial amounts are reconciled to the corresponding amounts reported in the consolidated financial statements, eliminations are reflected in the reconciling column for amounts reported in excess of those amounts reflected in the consolidated financial statements. | ||
The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. The segment is a product driven organizational unit comprised of manufacturing, service, and sales operations in Europe, the United States of America, Japan and South East Asia. | ||
The Back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested. In January 2011 ASM Pacific Technology Ltd ("ASMPT") acquired the surface-mount technology from Siemens. The segment is organized in ASM Pacific Technology Ltd, in which the Company holds a 39.75% interest, whilst the remaining shares are listed on the Stock Exchange of Hong Kong. | ||
Foreign currency translation | Foreign currency translation | |
Items included in the financial statements of each ASMI’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial information is presented in euro (EUR), which is the functional currency of the Company and the group’s presentation currency. | ||
In the preparation of ASMI’s consolidated financial statements, assets and liabilities of foreign subsidiaries of which the functional currency is not the euro, are translated into euros at the exchange rate in effect on the respective balance sheet dates. Income and expenses are translated into euros based on the average exchange rates for the corresponding period. Resulting translation adjustments are directly recorded in shareholders’ equity. Currency differences on intercompany loans that have the nature of a long-term investment are also accounted for directly in shareholders’ equity. | ||
Derivative financial instruments | Derivative financial instruments | |
ASMI and its subsidiaries conduct business in a number of foreign countries, with certain transactions denominated in currencies other than the functional currency of the Company (euro) or one of its subsidiaries conducting the business. The purpose of the Company’s foreign currency management is to manage the effect of exchange rate fluctuations on income, expenses, cash flows and assets and liabilities denominated in selected foreign currencies, in particular denominated in US dollar. | ||
The Company may use forward exchange contracts to hedge its foreign exchange risk of anticipated sales or purchase transactions in the normal course of business, which occur within the next twelve months, for which the Company has a firm commitment from a customer or to a supplier. The terms of these contracts are consistent with the timing of the transactions being hedged. The hedges related to forecasted transactions are designated and documented at the inception of the hedge as cash flow hedges, and are evaluated for effectiveness quarterly. The effective portion of the gain or loss on these hedges is reported as a component of accumulated other comprehensive income (loss) net of taxes in shareholders’ equity, and is reclassified into earnings when the hedged transaction affects earnings. | ||
Changes in the fair value of derivatives that do not qualify for hedge treatment, as well as the ineffective portion of any hedges, are recognized in earnings. The Company records all derivatives, including forward exchange contracts, on the balance sheet at fair value in other current assets or accrued expenses and other. | ||
Substantially all amounts, which are net of taxes, included in accumulated other comprehensive loss at December 31, of any year, will be reclassified to net earnings within the next twelve months, upon completion of the underlying transactions. If the underlying transaction being hedged fails to occur, or if a portion of any derivative is ineffective, the gain or loss is immediately recognized in earnings under foreign currency exchange gains (losses) in the consolidated statement of operations. | ||
Furthermore, the Company might manage the currency exposure of certain receivables and payables using derivative instruments, such as forward exchange contracts (fair value hedges) and currency swaps, and non-derivative instruments, such as debt borrowings in foreign currencies. The gains or losses on these instruments provide an offset to the gains or losses recorded on receivables and payables denominated in foreign currencies. The derivative instruments are recorded at fair value and changes in fair value are recorded in earnings under foreign currency exchange gains (losses) in the consolidated statement of operations. Receivables and payables denominated in foreign currencies are recorded at the exchange rate at the balance sheet date and gains and losses as a result of changes in exchange rates are recorded in earnings under foreign currency exchange gains (losses) in the consolidated statement of operations. | ||
The Company does not use forward exchange contracts for trading or speculative purposes. | ||
Cash and cash equivalents | Cash and cash equivalents | |
Cash and cash equivalents comprise deposits held at call with banks and other short-term highly liquid investments with original maturity of three months or less. Bank overdrafts, if any, are included in notes payable to banks in current liabilities. | ||
Accounts receivable | Accounts receivable | |
Accounts receivable are stated at nominal value less an allowance for doubtful accounts. | ||
A significant percentage of our accounts receivable is derived from sales to a limited number of large multinational semiconductor device manufacturers located throughout the world. In order to monitor potential credit losses, we perform ongoing credit evaluations of our customers’ financial condition. An allowance for doubtful accounts is maintained for potential credit losses based upon management’s assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts receivable is reviewed periodically to assess the adequacy of the allowance. In making this assessment, management takes into consideration any circumstances of which we are aware regarding a customer’s inability to meet its financial obligations; and our judgments as to potential prevailing economic conditions in the industry and their potential impact on the Company’s customers. | ||
Inventories | Inventories | |
Inventories are stated at the lower of cost (first-in, first-out method) or market value. Costs include net prices paid for materials purchased, charges for freight and custom duties, production labor cost and factory overhead. Allowances are made for slow moving, obsolete or unsellable inventory. | ||
Allowances for obsolescence of inventory are determined based on the expected demand as well as the expected market value of the inventory. We regularly evaluate the value of our inventory of components and raw materials, work in progress and finished goods, based on a combination of factors including the following: forecasted sales, historical usage, product end of life cycle, estimated current and future market values, service inventory requirements and new product introductions, as well as other factors. Purchasing requirements and alternative uses for the inventory are explored within these processes to mitigate inventory exposure. We record write downs for inventory based on the above factors and take into account worldwide quantities and demand into our analysis. | ||
Evaluation tools at customers | Evaluation tools at customers | |
Evaluation tools at customers (“evaluation tools”) are systems generally delivered to customers under evaluation or a conditional purchase order and include substantial customization by our engineers and R&D staff in the field. Evaluation tools are recorded at cost and depreciated over their useful life (5 years). The depreciation period may be shorter, depending on circumstances. The depreciation expenses are reported as cost of sales. | ||
On final acceptance of the system the purchase consideration is recognized as revenue. The carrying value of the evaluation tool at that point in time is recognized as cost of sales. In the circumstance that the system is returned, at the end of the evaluation period, a detailed impairment review takes place, and future sales opportunities and additional costs are identified. Only when the fair value is below the carrying value of the evaluation tool an additional depreciation is recognized. The remaining carrying value is recognized as finished goods (inventory). | ||
Long-lived assets | Long-lived assets | |
Long-lived assets include goodwill, other intangible assets and property, plant and equipment. Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Capital leased assets are recorded at the present value of future lease obligations. Depreciation is calculated using the straight-line method over the estimated useful lives. Leasehold improvements are depreciated over the lesser of the estimated useful life of the leasehold improvement or the term of the underlying lease. | ||
Business combinations are accounted for under the purchase acquisition method. The Company tests its recorded goodwill and other intangible assets with indefinite lives for impairment each year on December 31 and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Goodwill is allocated to reporting units for purposes of impairment testing and tested for impairment on a two-step approach. The implied fair value of goodwill is determined. First the recoverability is tested by comparing the carrying amount of the goodwill with the fair value being the sum of the discounted future cash flows. If the carrying amount of the goodwill at reporting unit level is higher than the fair value of the goodwill, the second step should be performed. The goodwill impairment is measured as the excess of the carrying amount of the goodwill over its fair value. | ||
The calculation of fair value involves certain management judgments, and was based on our best estimates and projections at the time of our review. The value may be different if other assumptions are used. In future periods we may be required to record an impairment loss based on the impairment test performed, which may significantly affect our results of operations at that time. On December 31, 2014, we determined that a decrease in estimated cash flows of 10% and an increase of 10% of the discount rate used in calculating the fair value would not result in an impairment of the carrying value of goodwill. | ||
Other intangible assets with finite lives are amortized over the estimated useful lives using the straight-line method. Other intangible assets and property, plant and equipment are reviewed by us for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, we estimate the future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The cash flow estimates that we use include certain management judgments and are based on our best estimates and projections at the time of our review, these may be different if other assumptions are used. In future periods, however, we may be required to record impairment losses, which may significantly affect our results of operations at that time. | ||
Assets held for sale | Assets held for sale | |
A long-lived asset to be sold is classified as held for sale in the period in which all of the following criteria are met: | ||
• | Management, having the authority to approve the action, commits to a plan to sell the asset; | |
• | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; | |
• | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; | |
• | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; and | |
• | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | |
If at any time these criteria are no longer met a long-lived asset classified as held for sale will be reclassified as held and used. | ||
If during the initial one-year period, circumstances arise that previously were considered unlikely and, as a result, a long-lived asset previously classified as held for sale is not sold by the end of that period and all of the following conditions are met: | ||
◦ | During the initial one-year period the entity initiated actions necessary to respond to the change in circumstances; | |
◦ | The asset is being actively marketed at a price that is reasonable given the change in circumstances. | |
The period required to complete the sale of a long-lived asset may be extended beyond one year. | ||
If at any time the criteria for classification as held for sale are no longer met, the entity shall cease to classify the asset as held for sale. The entity shall measure a non-current asset that ceases to be classified as held for sale at the lower of: | ||
◦ | Its carrying amount before the asset was classified as held for sale, adjusted for any depreciation that would have been recognized had the asset not been classified as held for sale; and | |
◦ | Its recoverable amount at the date of the subsequent decision not to sell. | |
A long-lived asset classified as held for sale shall be presented separately in the statement of financial position. | ||
Recoverability of long-lived assets | ||
Long-lived assets (except those not being amortized) to be held and used by the Company are reviewed by the Company for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, the Company estimates the future undiscounted cash flows expected to result from the use of the asset. If the undiscounted future cash flow is less than the carrying amount of the asset, the asset is deemed impaired. The amount of the impairment is measured as the difference between the carrying value and the fair value of the asset. Long-lived assets and other intangibles (except those not being amortized) to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | ||
Business combinations | Business combinations | |
ASC Topic 805 (“Business Combinations”) requires that companies record acquisitions under the purchase method of accounting. Accordingly, the purchase price is allocated to the tangible assets and liabilities and intangible assets acquired, based on their estimated fair values. The excess purchase price over the fair value is recorded as goodwill. Purchased intangibles with definite lives are amortized over their respective useful lives. When a bargain purchase incurs, which is the case when the fair value of the acquired business exceeds the purchase price, this surplus in fair value is recognized as a gain from bargain purchase. | ||
Investments and associated companies | Investments and Associated companies | |
Investments associated companies are accounted for under the equity method on a go forward basis. Dividend income from the Company’s subsidiaries and associated companies is recognized when the right to receive payment is established. | ||
Impairment of Investments and Associated companies | ||
ASMI does not separately test investment's underlying assets for impairment. However, ASMI recognizes its share of any impairment charge recorded by an investee and consider the effect, if any, of the impairment on the basis difference in the assets giving rise to the investee’s impairment charge. A loss in value of an investment which is other than a temporary decline will be recognized. | ||
The ASMPT investment is accounted for under the equity method on a go forward basis. Equity method investments are tested for other than temporary impairment (OTTI). An investment is considered impaired if the fair value of the investment is less than its amortized cost. The determination of whether an investment is impaired is made at the individual security level in each reporting period. | ||
If the fair value of an investment is less than its cost or amortized cost at the balance sheet date, the Company determines whether the impairment is temporary or other than temporary. The Company considers the following facts and guidelines when determining whether an OTTI exists: | ||
• | Positive factors as the reasons that an OTTI does not exist must be more objectively verifiable; | |
• | With respect to measuring an OTTI, an investment's fair value as of the balance sheet date should be used to determine the new carrying value. | |
An OTTI is measured as of a balance sheet reporting date. | ||
Revenue recognition | Revenue recognition | |
The Company recognizes revenue when all four revenue recognition criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; seller’s price to buyer is fixed or determinable; and collectability is reasonably assured. | ||
Each sale arrangement may contain commercial terms that differ from other arrangements. In addition, we frequently enter into contracts that contain multiple deliverables. Judgment is required to properly identify the accounting units of the multiple deliverable transactions and to determine the manner in which revenue should be allocated among the accounting units. Moreover, judgment is used in interpreting the commercial terms and determining when all criteria of revenue recognition have been met, in order for revenue recognition to occur in the appropriate accounting period. While changes in the allocation of the estimated sales price between the units of accounting will not affect the amount of total revenue recognized for a particular sales arrangement, any material changes in these allocations could impact the timing of revenue recognition. | ||
Our Front-end sales frequently involve sales of complex equipment, which may include customer-specific criteria, sales to new customers or sales of equipment with new technology. For each sale, the decision whether to recognize revenue is, in addition to shipment and factory acceptance, based on: the contractual agreement with a customer; the experience with a particular customer; the technology and the number of similarly configured equipment previously delivered. Based on these criteria we may decide to defer revenue until completion of installation at the customer’s site and obtaining final acceptance from the customer. | ||
A major portion of our revenue is derived from contractual arrangements with customers that have multiple deliverables, such as equipment and installation. When a sales arrangement contains multiple elements, such as equipment and installation, ASMI allocates revenue to each element based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (VSOE) if available, third party evidence (TPE) if VSOE is not available, or best estimated selling price (BESP) if neither VSOE nor TPE is available. ASMI generally utilizes the BESP due to the nature of our products. The total arrangement consideration is allocated at inception of the arrangement to all deliverables on the basis of their relative selling price. The revenue relating to the undelivered elements of the arrangements is deferred at their relative selling prices until delivery of these elements. At December 31, 2012, December 31, 2013 and December 31, 2014 we have deferred revenues from installations in the amount of €3.5 million, €3.9 million and €7.8 million respectively. | ||
In general, we recognize revenue from sales of equipment upon transfer of title, which is upon shipment of the equipment, only if testing at the factory has proved that the equipment has met substantially all of the customer’s criteria and specifications. | ||
The Company recognizes revenue from installation of equipment upon completion of installation at the customer’s site. At the time of shipment, the Company defers that portion of the sales price related to the relative selling price of installation. The relative selling price of the installation process is measured based upon the per-hour amounts charged to clients parties for similar installation services. Installation is completed when testing at the customer’s site proved that the equipment has met all of the customer’s criteria and specifications. The completion of installation is signed-off by the customer (“final acceptance”). | ||
We provide training and technical support service to customers. Revenue related to such services is recognized when the service is rendered. Revenue from the sale of spare parts and materials is recognized when transfer of title took place, in general upon shipment of the goods. Freight charges billed to customers are recognized as revenue, the related costs are recognized as cost of sales. Revenues are recognized excluding the taxes levied on revenues. | ||
Cost of sales | Cost of sales | |
Cost of sales comprise direct costs such as labor, materials, cost of warranty, depreciation, shipping and handling costs and related overhead costs. Cost of sales also includes third party commission, depreciation expenses of evaluation tools at customers, royalty payments and costs relating to prototype and experimental products, which the Company may subsequently sell to customers. Costs of warranty include the cost of labor, material and related overhead necessary to repair a product during the warranty period. | ||
Warranty | Warranty | |
We provide maintenance on our systems during the warranty period, usually one to two years. Costs of warranty include the cost of labor, material and related overhead necessary to repair a product during the warranty period. We accrue for the estimated cost of the warranty on products shipped in a provision for warranty, upon recognition of the sale of the product. The costs are estimated based on actual historical expenses incurred and on estimated future expenses related to current sales, and are updated periodically. Actual warranty costs are charged against the provision for warranty. The actual warranty costs may differ from estimated warranty costs, and we adjust our provision for warranty accordingly. Future warranty costs may exceed our estimates, which could result in an increase of our cost of sales. | ||
Research and development costs | Research and development costs | |
Research and development costs are expensed as incurred. Costs, which relate to prototype and experimental models and are sold to customers, are charged to cost of sales. Subsidies and other governmental credits to cover research and development costs relating to approved projects are recorded as research and development credits in the period when such project costs occur. The research and development expenses are presented net of the development credits. | ||
Share-based compensation expenses | Share-based compensation expenses | |
The cost relating to employee stock options and shares (compensation expense) are recognized based upon the grant date fair value of the stock options or the shares. The fair value at grant date of employee stock options is estimated using a Black-Scholes option valuation model. This model requires the use of assumptions including expected stock price volatility, the estimated life of each award and the estimated dividend yield. The risk-free interest rate used in the model is determined, based on a euro government bond with a life equal to the expected life of the options. The estimated fair value at grant date of shares is based on the share price of the ASMI share at grant date minus the discounted value of expected dividends during the vesting period. | ||
The grant date fair value of the stock options and shares is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of stock options and shares that will eventually vest. The impact of the true up of the estimates is recognized in the consolidated statement of operations in the period in which the revision is determined. | ||
Restructuring costs | Restructuring costs | |
Restructuring expenses are recognized for exit or disposal activities when the liability arising from restructuring plans is incurred. Reference is made to Note 22. Distinction is made in one-time employee termination expenses, contract termination expenses and other associated expenses. For the accounting on the distinguished elements of restructuring expenses we apply to the policy as mentioned below. The expenses have been charged to “restructuring expenses”. | ||
One-time termination expenses represent the payments provided to employees that have become redundant and are terminated under the terms and conditions of a restructuring plan. A restructuring plan exists at the date the plan meets all of the following criteria and has been communicated to employees: | ||
• | Management commits to the plan; | |
• | The plan identifies the number of employees that become redundant and the expected completion date; | |
• | The plan sets out the terms and conditions of the arrangement in sufficient detail to enable employees to determine the type and amount of benefits they will receive; and | |
• | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | |
The timing of the recognition and measurement of a liability for one-time termination expenses depends on whether employees will be retained to render service beyond a minimum retention period. | ||
Contract termination expenses are related to the termination of an operating lease or another contract. These expenses are distinguished in: | ||
• | Expenses related to the termination of the contract before the end of its term. These expenses are recognized when the contract is terminated. The liability is measured at its fair value in accordance with the contract terms; and | |
• | Expenses related to contracts that will last for its remaining term without economic benefit to the entity. This is the case when a lease contract for premises is not terminated while the premises are not (completely) in use anymore. The liability is accrued for at the cease-use date, the date the company determined that it would no longer occupy the premises, which is conveyed to it under the contractual operating lease. The liability is measured at its fair value in accordance with the contract terms. | |
Other costs related to restructuring include costs to consolidate or close facilities and relocate employees. A liability for other expenses related to a restructuring such as transition costs is recognized and measured in the period in which the liability is incurred. The costs incurred are directly related to the restructuring activity. The definition of exit costs excludes expected future operating losses. | ||
Income taxes | Income taxes | |
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for tax effect of incurred net operating losses and for tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the Consolidated Statement of Operations in the period in which the enacted rate changes. Deferred tax assets are reduced through a valuation allowance at such time as, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. | ||
The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. We regularly assess the potential outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes, and adjust the tax position in the period in which the fact that gives rise to a revision becomes known. | ||
In case of expected interest and penalties related to income tax liabilities these will be accrued for and included in the provision for income taxes. | ||
Pension plans and similar commitments | Pension plans and similar commitments | |
The Company has retirement plans covering substantially all employees. The principal plans are defined contribution plans, except for the plans of the Company’s operations in the Netherlands and Japan. The Company’s employees in the Netherlands participate in a multi-employer plan. Payment to defined contribution plans and the multi-employer plan are recognized as an expense in the Consolidated Statement of Operations as they fall due. | ||
The Company’s employees in Japan participate in a defined benefit plan. Pension costs in respect of these defined benefit plans are determined using the projected unit credit method. These costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of the expected return on plan assets. Obligations for retirement benefit and related net periodic pension costs are determined in accordance with actuarial valuations. These valuations rely on key assumptions including discount rates, expected return on plan assets, expected salary increases, mortality rates and health care trend rates. The discount rate assumptions are determined by reference to yields on high-quality corporate bonds of appropriate duration and currency at the end of the reporting period. In case such yields are not available, discount rates are based on government bonds yields. The expected returns on plan asset assumptions are determined on a uniform methodology, considering long-term historical returns and asset allocations. Due to changing market and economic conditions, the underlying key assumptions may differ from actual development and may lead to significant changes in retirement benefit obligations. | ||
In accordance with ASC 715, “Employers’ Accounting for Defined Benefit Pension and Other Post-retirement Plans" the Company recognizes in its Consolidated Balance Sheet an asset or a liability for the plan’s overfunded status or underfunded status respectively. The unfunded status is recognized as a liability. Actuarial gains and losses are recognized in other comprehensive income when incurred. | ||
Commitments and contingencies | Commitments and contingencies | |
The Company has various contractual obligations, some of which are required to be recorded as liabilities in the Company’s consolidated financial statements, including long- and short-term debt. Others, namely operating lease commitments, purchase commitments and commitments for capital expenditure, are generally not required to be recognized as liabilities on the Company’s balance sheet but are required to be disclosed. | ||
Comprehensive income | Comprehensive income | |
Comprehensive income consists of net earnings (loss) and other comprehensive income. Other comprehensive income includes gains and losses that are not included in net earnings, but are recorded directly in Shareholders’ Equity. | ||
New accounting pronouncements | New accounting pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued authoritative guidance that requires revenue recognition to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new standard will supersede most current revenue recognition guidance, including industry-specific guidance. The guidance becomes effective for ASMI in the fiscal year 2017, and can be applied either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Early adoption is prohibited. ASMI is currently evaluating the impact of this new guidance on the Company's financial position and results of operations. | ||
In April 2014, the FASB issued authoritative guidance that raises the threshold for a disposal transaction to qualify as a discontinued operation and requires additional disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations. The authoritative guidance becomes effective prospectively for ASMI in the fiscal year 2015. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. |
List_of_significant_subsidiari1
List of significant subsidiaries and associates (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Segment Reporting [Abstract] | |||||||
List of Significant Subsidiaries | |||||||
% Ownership | |||||||
December 31, | |||||||
2013 | 2014 | ||||||
Subsidiaries (consolidated) | Location | ||||||
ASM Europe BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM United Kingdom Sales BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM Germany Sales BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM Pacific Holding BV -1- -3- | Almere, the Netherlands | 100 | % | 100 | % | ||
ASM France SARL | Montpellier, France | 100 | % | 100 | % | ||
ASM Belgium NV | Leuven, Belgium | 100 | % | 100 | % | ||
ASM Italia Srl | Agrate, Italy | 100 | % | 100 | % | ||
ASM Microchemistry Oy | Helsinki, Finland | 100 | % | 100 | % | ||
ASM Services and Support Ireland Ltd | Dublin, Ireland | 100 | % | 100 | % | ||
ASM Services and Support Israel Ltd | Tel Aviv, Israel | 100 | % | 100 | % | ||
ASM America, Inc | Phoenix, Arizona, United States of America | 100 | % | 100 | % | ||
ASM Japan KK | Tokyo, Japan | 100 | % | 100 | % | ||
ASM Wafer Process Equipment Ltd | Quarry Bay, Hong Kong, People’s | 100 | % | 100 | % | ||
Republic of China | |||||||
ASM China Ltd | Shanghai, People’s Republic of China | 100 | % | 100 | % | ||
ASM Wafer Process Equipment Singapore Pte Ltd | Singapore | 100 | % | 100 | % | ||
ASM Front-End Sales & Services Taiwan Co, Ltd | Hsin-Chu, Taiwan | 100 | % | 100 | % | ||
ASM Services & Support Malaysia SDN BDH | Kuala Lumpur, Malaysia | 100 | % | 100 | % | ||
ASM Front-End Manufacturing Singapore Pte Ltd | Singapore | 100 | % | 100 | % | ||
ASM Genitech Korea Ltd | Cheonan, South Korea | 100 | % | 100 | % | ||
ASM IP Holding BV -1- | Almere, the Netherlands | 100 | % | 100 | % | ||
Associates (non-consolidated) | |||||||
ASM Pacific Technology Ltd -2- | Kwai Chung, Hong Kong, People’s | 39.94 | % | 39.75 | % | ||
Republic of China | |||||||
1) | For these subsidiaries ASM International NV has filed statements at the Dutch Chamber of Commerce assuming joint and several liability in accordance with Article 403 of Book 2, Part 9 of the Netherlands Civil Code. | ||||||
2) | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. | ||||||
3) | Established in 2008, ASM Pacific Holding BV holds 39.75% of the shares in ASM Pacific Technology Ltd |
Divestment_Tables
Divestment (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||
Reconciliation of Cash Proceeds from Disposition of Stock in Subsidiary | The table below reconciles the cash proceeds from the divested stake in ASMPT: | |||||
Gross proceeds | 420,409 | |||||
Paid fees, stamp duty and other expenses | (7,213 | ) | ||||
Net proceeds | 413,196 | |||||
Currency translation differences | 1,232 | |||||
Cash balance ASMPT upon sale | (116,174 | ) | ||||
Net cash on disposal ASMPT | 298,254 | |||||
Equity Method Investments | Reporting ASMI share in net earnings of ASMPT in the consolidated statement of operations: | |||||
Year ended December 31, 2013 | ||||||
Result investments and associates | ||||||
ASMI share net earnings March 16 - December 31, 2013 | 23,727 | |||||
Realized gain on sale 11.88% ASMPT shares | 242,838 | |||||
Unrealized remeasurement gain on retained 40.08% ASMPT shares | 1,155,625 | |||||
Impairment loss | (335,406 | ) | ||||
Amortization other intangible assets and fair value changes from PPA | (56,652 | ) | ||||
Reported on line result investments and associates | 1,030,132 | |||||
Summarized 100% earnings information for ASMPT equity method investment excluding basis adjustments. The foreign currency exchange rate per December 31, 2014 is 1 HK$: €0.106 (for December 31, 2013: 1HK$: €0.097). | ||||||
(HK$ million) | 2013 | 2014 | ||||
Net sales | 10,841 | 14,229 | ||||
Income before income tax | 673 | 2,028 | ||||
Net earnings | 549 | 1,580 | ||||
Summarized 100% balance sheet information for ASMPT equity method investment excluding basis adjustments. The foreign currency exchange rate average 2014 is 1 HK$: €0.097 (2013: 1 HK$: €0.097). | ||||||
Year ended December 31, | ||||||
(HK$ million) | 2013 | 2014 | ||||
Current assets | 8,019 | 10,840 | ||||
Non-current assets | 2,720 | 3,632 | ||||
Current liabilities | 3,304 | 3,759 | ||||
Non-current liabilities | 356 | 2,532 | ||||
Equity | 7,079 | 8,181 | ||||
Accounts_receivable_Tables
Accounts receivable (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounts Receivable, Net, Current [Abstract] | ||||||
Schedule of Carrying Amount Of Accounts Receivable | The carrying amount of accounts receivable is as follows: | |||||
December 31, | ||||||
2013 | 2014 | |||||
Current | 54,614 | 65,985 | ||||
Overdue <30 days | 18,787 | 5,949 | ||||
Overdue 31-60 days | 783 | 2,142 | ||||
Overdue 61-120 days | 2,527 | 1,785 | ||||
Overdue >120 days | 6,305 | 6,110 | ||||
Total | 83,016 | 81,971 | ||||
Schedule of Changes In Allowance For Doubtful Accounts Receivable | The changes in the allowance for doubtful accounts receivable are as follows: | |||||
2013 | 2014 | |||||
Balance at beginning of year | (8,551 | ) | (73 | ) | ||
Deconsolidation ASMPT | 6,191 | — | ||||
Charged to selling, general and administrative expenses | 756 | 57 | ||||
Utilization | 1,469 | — | ||||
Foreign currency translation effect | 62 | (3 | ) | |||
Balance at end of year | (73 | ) | (19 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventory Disclosure [Abstract] | ||||||
Schedule of Inventories | Inventories consist of the following: | |||||
December 31, | ||||||
2013 | 2014 | |||||
Components and raw materials | 78,579 | 69,709 | ||||
Work in process | 31,442 | 30,040 | ||||
Finished goods | 20,073 | 45,064 | ||||
Total inventories, gross | 130,094 | 144,813 | ||||
Allowance for obsolescence | (25,627 | ) | (21,350 | ) | ||
Total inventories, net | 104,467 | 123,463 | ||||
Schedule of Changes In Allowance For Obsolescence | The changes in the allowance for obsolescence and/or lower market value are as follows: | |||||
2013 | 2014 | |||||
Balance at beginning of year | (65,287 | ) | (25,627 | ) | ||
Deconsolidation ASMPT | 39,146 | — | ||||
Charged to cost of sales | (8,648 | ) | (2,282 | ) | ||
Utilization | 6,464 | 8,514 | ||||
Foreign currency translation effect | 2,698 | (1,955 | ) | |||
Balance at end of year | (25,627 | ) | (21,350 | ) |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Allocation of the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: | ||||||||
Front-end | Back-end | Total | |||||||
Balance January 1, 2013 | 11,649 | 40,239 | 51,888 | ||||||
Deconsolidation ASMPT | — | (38,482 | ) | (38,482 | ) | ||||
Foreign currency translation effect | (228 | ) | (1,757 | ) | (1,985 | ) | |||
Balance December 31, 2013 | 11,421 | — | 11,421 | ||||||
Foreign currency translation effect | 683 | — | 683 | ||||||
Balance December 31, 2014 | 12,104 | — | 12,104 | ||||||
The carrying amount of the goodwill is related to the acquisitions of the following entities: | |||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
ASM Microchemistry Oy (Thermal products business unit) | 3,560 | 3,560 | |||||||
ASM Genitech Korea Ltd (Plasma products business unit) | 7,861 | 8,544 | |||||||
Total | 11,421 | 12,104 | |||||||
Other_intangible_assets_Tables
Other intangible assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||
Schedule of Change In The Amount Of Intangible Assets | The changes in the amount of other intangible assets are as follows: | ||||||||
Software | Purchased | Total | |||||||
technology | |||||||||
and other | |||||||||
intangible | |||||||||
assets | |||||||||
At cost | |||||||||
Balance January 1, 2013 | 20,346 | 14,393 | 34,739 | ||||||
Deconsolidation ASMPT | (4,931 | ) | (7,215 | ) | (12,146 | ) | |||
Additions | 437 | 33 | 470 | ||||||
Disposals | (1 | ) | — | (1 | ) | ||||
Foreign currency translation effect | (248 | ) | (169 | ) | (417 | ) | |||
Balance December 31, 2013 | 15,603 | 7,042 | 22,645 | ||||||
Additions | 1,496 | — | 1,496 | ||||||
Reclassification from evaluation tools | — | 2,269 | 2,269 | ||||||
Disposals | (414 | ) | (1,202 | ) | (1,616 | ) | |||
Foreign currency translation effect | 216 | 680 | 896 | ||||||
Balance December 31, 2014 | 16,901 | 8,789 | 25,690 | ||||||
Accumulated amortization | |||||||||
Balance January 1, 2013 | 13,446 | 7,378 | 20,824 | ||||||
Deconsolidation ASMPT | (3,744 | ) | (3,895 | ) | (7,639 | ) | |||
Amortization for the year | 2,118 | 2,071 | 4,189 | ||||||
Disposals | (1 | ) | — | (1 | ) | ||||
Foreign currency translation effect | (211 | ) | (154 | ) | (365 | ) | |||
Balance December 31, 2013 | 11,608 | 5,400 | 17,008 | ||||||
Amortization for the year | 3,695 | 1,033 | 4,728 | ||||||
Reclassification from evaluation tools | — | 878 | 878 | ||||||
Disposals | (414 | ) | (1,202 | ) | (1,616 | ) | |||
Foreign currency translation effect | 193 | 539 | 732 | ||||||
Balance December 31, 2014 | 15,082 | 6,648 | 21,730 | ||||||
Other intangible assets, net | |||||||||
31-Dec-13 | 3,995 | 1,642 | 5,637 | ||||||
31-Dec-14 | 1,819 | 2,141 | 3,960 | ||||||
Schedule of Estimated Amortization Expenses | Estimated amortization expenses relating to other intangible assets are as follows: | ||||||||
2015 | 2,266 | ||||||||
2016 | 1,192 | ||||||||
2017 | 481 | ||||||||
2018 | 14 | ||||||||
2019 | 7 | ||||||||
3,960 | |||||||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Changes in the Amount of Property, Plant And Equipment | The changes in the amount of property, plant and equipment are as follows: | ||||||||
Land, | Machinery, | Total | |||||||
buildings and | equipment, | ||||||||
leasehold | furniture | ||||||||
improvements | and | ||||||||
fixtures | |||||||||
At cost | |||||||||
Balance January 1, 2013 | 187,880 | 475,629 | 663,509 | ||||||
Capital expenditures | 1,580 | 15,483 | 17,063 | ||||||
Deconsolidation ASMPT | (145,290 | ) | (322,398 | ) | (467,688 | ) | |||
Retirements and sales | (13,792 | ) | (10,966 | ) | (24,758 | ) | |||
Reclassification from held for sale | 3,393 | — | 3,393 | ||||||
Reclassification | — | (66 | ) | (66 | ) | ||||
Foreign currency translation effect | (4,824 | ) | (15,823 | ) | (20,647 | ) | |||
Balance December 31, 2013 | 28,947 | 141,859 | 170,806 | ||||||
Capital expenditures | 619 | 30,028 | 30,647 | ||||||
Retirements and sales | (813 | ) | (17,092 | ) | (17,905 | ) | |||
Reclassification | 402 | (402 | ) | — | |||||
Foreign currency translation effect | 1,757 | 11,033 | 12,790 | ||||||
Balance December 31, 2014 | 30,912 | 165,426 | 196,338 | ||||||
Accumulated depreciation | |||||||||
Balance January 1, 2013 | 87,377 | 300,696 | 388,073 | ||||||
Depreciation for the year | 4,502 | 15,545 | 20,047 | ||||||
Deconsolidation ASMPT | (64,699 | ) | (192,581 | ) | (257,280 | ) | |||
Retirements and sales | (13,700 | ) | (7,089 | ) | (20,789 | ) | |||
Reclassification | — | (66 | ) | (66 | ) | ||||
Foreign currency translation effect | (2,751 | ) | (12,959 | ) | (15,710 | ) | |||
Balance December 31, 2013 | 10,729 | 103,546 | 114,275 | ||||||
Depreciation for the year | 2,001 | 10,576 | 12,577 | ||||||
Retirements and sales | (732 | ) | (16,814 | ) | (17,546 | ) | |||
Reclassification | 9 | (9 | ) | — | |||||
Foreign currency translation effect | 1,031 | 6,765 | 7,796 | ||||||
Balance December 31, 2014 | 13,038 | 104,064 | 117,102 | ||||||
Property, plant and equipment, net | |||||||||
31-Dec-13 | 18,218 | 38,313 | 56,531 | ||||||
31-Dec-14 | 17,874 | 61,362 | 79,236 | ||||||
Useful lives in years | |||||||||
Buildings and leasehold improvements | 25-Oct | ||||||||
Machinery and equipment | 10-Feb | ||||||||
Furniture and fixtures | 10-Feb |
Assets_held_for_sale_Tables
Assets held for sale (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |||||||||
Schedule of Changes in the Carrying Value of Assets Held For Sale | The changes in the carrying value of assets held for sale are as follows: | ||||||||
Japan | The Netherlands | Total | |||||||
Balance January 1, 2013 | 5,721 | 277 | 5,998 | ||||||
Impairment | (796 | ) | — | (796 | ) | ||||
Reclassification to assets in use | (3,393 | ) | — | (3,393 | ) | ||||
Foreign currency translation effect | (1,071 | ) | — | (1,071 | ) | ||||
Balance December 31, 2013 | 461 | 277 | 738 | ||||||
Impairment | (12 | ) | — | (12 | ) | ||||
Reclassification to assets in use | — | — | — | ||||||
Foreign currency translation effect | (2 | ) | — | (2 | ) | ||||
Balance December 31, 2014 | 447 | 277 | 724 | ||||||
Evaluation_tools_at_customers_
Evaluation tools at customers (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Inventory, Gross [Abstract] | ||||||
Schedule of changes in the Amount of Evaluation Tools | The changes in the amount of evaluation tools are as follows: | |||||
December 31, | ||||||
2013 | 2014 | |||||
Balance at beginning of year | 16,922 | 13,332 | ||||
Evaluation tools shipped | 8,329 | 12,845 | ||||
Depreciation | (3,771 | ) | (3,448 | ) | ||
Evaluation tools sold | (6,221 | ) | (4,814 | ) | ||
Reclassification | — | (1,391 | ) | |||
Foreign currency translation effect | (1,927 | ) | 1,243 | |||
Balance at end of year | 13,332 | 17,767 | ||||
Useful lives in years: | 5 |
Investments_and_associates_Tab
Investments and associates (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||
Schedule of Changes in Investment | The changes in the investment and associates are as follows: | ||||||||||||||||||
Investments -2- | Associates | Total | |||||||||||||||||
Net equity share | Other( In)tangible assets and fair value changes | Goodwill | Total associates | ||||||||||||||||
Balance January 1, 2013 | 278 | — | — | — | — | 278 | |||||||||||||
40.08% investment in ASMPT March 15, 2013 | — | 255,701 | 227,010 | 898,599 | 1,381,310 | 1,381,310 | |||||||||||||
Result investments and associates | — | 23,727 | — | — | 23,727 | 23,727 | |||||||||||||
Other comprehensive income investments and associates | — | 480 | — | — | 480 | 480 | |||||||||||||
Amortization recognized (in)tangible assets | — | — | (16,848 | ) | — | (16,848 | ) | (16,848 | ) | ||||||||||
Fair value changes related to inventories and tax losses | — | — | (39,807 | ) | — | (39,807 | ) | (39,807 | ) | ||||||||||
Impairment | — | — | — | (335,406 | ) | (335,406 | ) | (335,406 | ) | ||||||||||
Dividends | — | (10,171 | ) | — | — | (10,171 | ) | (10,171 | ) | ||||||||||
Dilution ASMPT share to 39.94% | — | 3,587 | — | — | 3,587 | 3,587 | |||||||||||||
Foreign currency translation effect | — | (8,940 | ) | (8,824 | ) | (45,432 | ) | (63,196 | ) | (63,196 | ) | ||||||||
Balance December 31, 2013 | 278 | 264,384 | 161,531 | 517,761 | 943,676 | 943,954 | |||||||||||||
Result investments and associates | (278 | ) | 61,428 | — | — | 61,428 | 61,150 | ||||||||||||
Other comprehensive income investments and associates | — | (2,179 | ) | — | — | (2,179 | ) | (2,179 | ) | ||||||||||
Amortization recognized (in)tangible assets | — | — | (22,517 | ) | — | (22,517 | ) | (22,517 | ) | ||||||||||
Dividends | — | (19,974 | ) | — | — | (19,974 | ) | (19,974 | ) | ||||||||||
Dilution ASMPT share to 39.75% | — | 3,561 | — | — | 3,561 | 3,561 | |||||||||||||
Allocation equity component convertible bonds -1- | — | 9,947 | — | — | 9,947 | 9,947 | |||||||||||||
Foreign currency translation effect | — | 28,179 | 19,830 | 70,146 | 118,155 | 118,155 | |||||||||||||
Balance December 31, 2014 | — | 345,346 | 158,844 | 587,907 | 1,092,097 | 1,092,097 | |||||||||||||
1 | In 2014 convertible bonds were issued by ASMPT that containing both liability and conversion option components. These components are classified separately into respective items on initial recognition in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised. | ||||||||||||||||||
2 | Investments reflects the net equity value of the interest in Levitech BV resulting from the management buy-out in 2009 of the RTP business. ASM International NV obtained a 20% interest in Levitech BV. This value has been reduced in 2014 due to (start-up) losses of Levitech caused by the introduction of their advanced products in the market. | ||||||||||||||||||
Summarized Financial Information for Equity Method Investments | Reporting ASMI share in net earnings of ASMPT in the consolidated statement of operations: | ||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||
Result investments and associates | |||||||||||||||||||
ASMI share net earnings March 16 - December 31, 2013 | 23,727 | ||||||||||||||||||
Realized gain on sale 11.88% ASMPT shares | 242,838 | ||||||||||||||||||
Unrealized remeasurement gain on retained 40.08% ASMPT shares | 1,155,625 | ||||||||||||||||||
Impairment loss | (335,406 | ) | |||||||||||||||||
Amortization other intangible assets and fair value changes from PPA | (56,652 | ) | |||||||||||||||||
Reported on line result investments and associates | 1,030,132 | ||||||||||||||||||
Summarized 100% earnings information for ASMPT equity method investment excluding basis adjustments. The foreign currency exchange rate per December 31, 2014 is 1 HK$: €0.106 (for December 31, 2013: 1HK$: €0.097). | |||||||||||||||||||
(HK$ million) | 2013 | 2014 | |||||||||||||||||
Net sales | 10,841 | 14,229 | |||||||||||||||||
Income before income tax | 673 | 2,028 | |||||||||||||||||
Net earnings | 549 | 1,580 | |||||||||||||||||
Summarized 100% balance sheet information for ASMPT equity method investment excluding basis adjustments. The foreign currency exchange rate average 2014 is 1 HK$: €0.097 (2013: 1 HK$: €0.097). | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
(HK$ million) | 2013 | 2014 | |||||||||||||||||
Current assets | 8,019 | 10,840 | |||||||||||||||||
Non-current assets | 2,720 | 3,632 | |||||||||||||||||
Current liabilities | 3,304 | 3,759 | |||||||||||||||||
Non-current liabilities | 356 | 2,532 | |||||||||||||||||
Equity | 7,079 | 8,181 | |||||||||||||||||
Provision_for_warranty_Tables
Provision for warranty (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Standard Product Warranty Disclosure [Abstract] | ||||||
Schedule of Changes in the Amount of Provision for Warranty | The changes in the amount of provision for warranty are as follows: | |||||
2013 | 2014 | |||||
Balance at beginning of year | 43,921 | 7,966 | ||||
Charged to cost of sales | 8,491 | 11,779 | ||||
Deconsolidation ASMPT | (34,290 | ) | — | |||
Deductions | (9,850 | ) | (10,549 | ) | ||
Foreign currency translation effect | (306 | ) | 714 | |||
Balance at end of year | 7,966 | 9,910 | ||||
Accrued_expenses_and_other_pay1
Accrued expenses and other payables (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Payables and Accruals [Abstract] | ||||||
Schedule of Accrued Expenses and Other | Accrued expenses and other payables consist of the following: | |||||
December 31, | ||||||
2013 | 2014 | |||||
Personnel related items | 20,967 | 22,319 | ||||
Deferred revenue | 7,346 | 8,409 | ||||
Financing related items | 344 | 3,106 | ||||
Other | 9,904 | 14,159 | ||||
Total accrued expenses and other payables | 38,561 | 47,993 | ||||
Shareholders_equity_Tables
Shareholders' equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Schedule Of Changes In The Amount Of Accumulated Other Comprehensive Loss | The changes in the amount of accumulated other comprehensive loss are as follows: | ||||||||
Foreign currency translation effects net of tax -1- | Unrecognized pension obligations, net of tax -1- | Total | |||||||
Balance January 1, 2013 | (27,324 | ) | (1,618 | ) | (28,942 | ) | |||
Realization deferred accumulative translation result following the sale of the 12% share of ASMPT | 23,053 | — | 23,053 | ||||||
Deconsolidation ASMPT | — | 1,597 | 1,597 | ||||||
Proportionate share other comprehensive income investments and associates | — | 480 | 480 | ||||||
Foreign currency translation effect on translation of foreign operations | (84,086 | ) | — | (84,086 | ) | ||||
Actuarial loss | — | (224 | ) | (224 | ) | ||||
Balance December 31, 2013 | (88,357 | ) | 235 | (88,122 | ) | ||||
Foreign currency translation effect on translation of foreign operations | 143,270 | — | 143,270 | ||||||
Actuarial loss | — | (24 | ) | (24 | ) | ||||
Proportionate share other comprehensive income investments and associates | — | (2,179 | ) | (2,179 | ) | ||||
Balance December 31, 2014 | 54,913 | (1,968 | ) | 52,945 | |||||
1-Other comprehensive income (loss) items may be subsequently reclassified to profit or loss. |
Employee_benefits_Tables
Employee benefits (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ||||||||||||||||||||
Schedule Of The Funded Status Of The Plan | The funded status of the plan and the amounts not yet recognized in the Consolidated Statement of Operations and the amounts recognized in the Consolidated Balance Sheet are as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||
Defined benefit obligations | (7,604 | ) | (8,079 | ) | ||||||||||||||||
Fair value of plan assets | 5,127 | 6,297 | ||||||||||||||||||
Funded status/(deficit) | (2,477 | ) | (1,782 | ) | ||||||||||||||||
Schedule Of Changes In Defined Benefit Obligations And Fair Value Of Plan Assets | The changes in defined benefit obligations and fair value of plan assets are as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||
Defined benefit obligations | ||||||||||||||||||||
Balance January 1 | 8,357 | 7,604 | ||||||||||||||||||
Current service cost | 529 | 515 | ||||||||||||||||||
Interest on obligation | 113 | 69 | ||||||||||||||||||
Actuarial losses (gains) | 660 | 98 | ||||||||||||||||||
Benefits paid | (128 | ) | (164 | ) | ||||||||||||||||
Foreign currency translation effect | (1,927 | ) | (43 | ) | ||||||||||||||||
Balance December 31 | 7,604 | 8,079 | ||||||||||||||||||
Fair value of plan assets | ||||||||||||||||||||
Balance January 1 | 4,794 | 5,127 | ||||||||||||||||||
Expected return on plan assets | 142 | 165 | ||||||||||||||||||
Actuarial (losses) gains | 289 | 64 | ||||||||||||||||||
Company contribution | 1,233 | 1,162 | ||||||||||||||||||
Benefits paid | (128 | ) | (164 | ) | ||||||||||||||||
Foreign currency translation effect | (1,203 | ) | (57 | ) | ||||||||||||||||
Balance December 31 | 5,127 | 6,297 | ||||||||||||||||||
Schedule Of Net Periodic Benefit Cost | The net periodic benefit cost consists of the following: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Current service cost | 731 | 529 | 515 | |||||||||||||||||
Interest on obligation | 121 | 113 | 69 | |||||||||||||||||
Expected return on plan assets | (144 | ) | (142 | ) | (165 | ) | ||||||||||||||
Amortization deferred actuarial loss | 46 | — | — | |||||||||||||||||
Amortization of past service cost | (55 | ) | (44 | ) | (40 | ) | ||||||||||||||
Net periodic pension benefit cost | 699 | 456 | 379 | |||||||||||||||||
Schedule Of Actuarial Present Value Of Benefit Obligations And Net Periodic Benefit Cost | The assumptions in calculating the actuarial present value of benefit obligations and net periodic benefit cost are as follows: | |||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Discount rate for obligations | 1.55 | % | 1.5 | % | 0.9 | % | ||||||||||||||
Expected return on plan assets | 3 | % | 3 | % | 1.4 | % | ||||||||||||||
Expected rate of compensation increase | 2.93 | % | 2.93 | % | 2.93 | % | ||||||||||||||
Schedule Of Allocation Of Plan Assets | The allocation of plan assets is as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||
Equity | 1,351 | 26 | % | 1,655 | 26 | % | ||||||||||||||
Bonds | 3,019 | 59 | % | 3,639 | 58 | % | ||||||||||||||
Loans | 453 | 9 | % | 674 | 11 | % | ||||||||||||||
Real estate | 89 | 2 | % | 78 | 1 | % | ||||||||||||||
Other | 215 | 4 | % | 251 | 4 | % | ||||||||||||||
5,127 | 100 | % | 6,297 | 100 | % | |||||||||||||||
Schedule Of Expected To Pay Benefits For Subsequent Years | The Company expects to pay benefits for years subsequent to December 31, 2014 as follows: | |||||||||||||||||||
2015 | 318 | |||||||||||||||||||
2016 | 208 | |||||||||||||||||||
2017 | 506 | |||||||||||||||||||
2018 | 653 | |||||||||||||||||||
2019 | 608 | |||||||||||||||||||
Aggregate for the years 2020-2024 | 2,860 | |||||||||||||||||||
Total | 5,153 | |||||||||||||||||||
Schedule Of Retirement Plan Costs | Retirement plan costs consist of the following: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Defined contribution plans | 16,952 | 5,277 | 2,563 | |||||||||||||||||
Multi-employer plans | 1,420 | 1,274 | 1,220 | |||||||||||||||||
Defined benefit plans | 2,779 | 988 | 379 | |||||||||||||||||
Total retirement plan costs | 21,151 | 7,539 | 4,162 | |||||||||||||||||
Schedule of Changes in Options Outstanding | The following is a summary of changes in options outstanding: | |||||||||||||||||||
Euro-plans | US dollar-plans | |||||||||||||||||||
Number | Weighted | Number of | Weighted | |||||||||||||||||
of | average | options | average | |||||||||||||||||
options | exercise | exercise | ||||||||||||||||||
price in € | price in | |||||||||||||||||||
US$ | ||||||||||||||||||||
Balance January 1, 2012 | 1,319,957 | 19.08 | 515,110 | 20.83 | ||||||||||||||||
Options granted | 708,891 | 27.04 | — | — | ||||||||||||||||
Options forfeited | (44,500 | ) | 15.49 | (29,400 | ) | 20.63 | ||||||||||||||
Options exercised | (59,660 | ) | 15.08 | (85,310 | ) | 20.42 | ||||||||||||||
Balance December 31, 2012 | 1,924,688 | 22.22 | 400,400 | 20.94 | ||||||||||||||||
Options forfeited | (25,050 | ) | 24.72 | (1,220 | ) | 13.65 | ||||||||||||||
Options exercised | (23,550 | ) | 15.91 | (52,670 | ) | 15.97 | ||||||||||||||
Balance July 25, 2013 | 1,876,088 | 22.26 | 346,510 | 21.72 | ||||||||||||||||
Adjustment following capital distribution | 336,446 | 18.88 | 62,145 | 18.42 | ||||||||||||||||
Options granted | 776,450 | 23.73 | — | — | ||||||||||||||||
Options forfeited | (39,271 | ) | 20.93 | (2,830 | ) | 9.06 | ||||||||||||||
Options exercised | (29,361 | ) | 10.7 | (17,675 | ) | 12.66 | ||||||||||||||
Balance December 31, 2013 | 2,920,352 | 20.22 | 388,150 | 18.75 | ||||||||||||||||
Options forfeited | (41,366 | ) | 22 | (1,416 | ) | 18.08 | ||||||||||||||
Options exercised | (175,650 | ) | 15.68 | (300,509 | ) | 12.53 | ||||||||||||||
Balance December 31, 2014 | 2,703,336 | 20.49 | 86,225 | 21.18 | ||||||||||||||||
The following table shows the outstanding options to purchase ASM International NV common shares held by members of the Management Board. There were no changes in such holdings during 2014: | ||||||||||||||||||||
Year | Outstanding January 1, 2014 | Granted | Exercised | Outstanding December 31, 2014 | Exercise | End date | ||||||||||||||
of | in 2014 | in 2014 | price | |||||||||||||||||
grant | ||||||||||||||||||||
C.D. del Prado -1- | 2007 | 23,168 | — | — | 23,168 | € | 16.51 | May 23, 2015 | ||||||||||||
C.D. del Prado -1- | 2008 | 147,416 | — | — | 147,416 | € | 10.78 | Mar 1, 2016 | ||||||||||||
C.D. del Prado -2- | 2009 | 58,967 | — | — | 58,967 | € | 12.79 | Nov 30, 2017 | ||||||||||||
C.D. del Prado -3- | 2011 | 88,450 | — | — | 88,450 | € | 18.93 | Dec 31, 2018 | ||||||||||||
C.D. del Prado -3- | 2012 | 70,760 | — | 70,760 | € | 22.93 | Dec 31, 2019 | |||||||||||||
C.D. del Prado -3- | 2013 | 75,000 | — | — | 75,000 | € | 23.73 | Dec 31, 2020 | ||||||||||||
P.A.M. van Bommel -2- | 2010 | 29,483 | — | — | 29,483 | € | 13.8 | 1-Jul-17 | ||||||||||||
P.A.M. van Bommel -3- | 2011 | 62,504 | — | — | 62,504 | € | 18.93 | Dec 31, 2018 | ||||||||||||
P.A.M. van Bommel -3- | 2012 | 47,173 | — | — | 47,173 | € | 22.93 | Dec 31, 2019 | ||||||||||||
P.A.M. van Bommel -3- | 2013 | 53,000 | — | — | 53,000 | € | 23.73 | Dec 31, 2020 | ||||||||||||
655,921 | — | — | 655,921 | |||||||||||||||||
1 | The vesting of these options was conditional. A percentage, not exceeding 150%, of the options which have been granted conditionally will become unconditional after three years, based on the total return of the Company's shares for the three years after the options are granted compared to the average total return of the shares of a relevant number of companies which are similar to the Company during the same three-year period. The options are granted for a term of eight years | |||||||||||||||||||
2 | These options are granted for a term of eight years and become exercisable after a three years vesting period. | |||||||||||||||||||
3 | These options are granted for a term of seven years and become exercisable after a three years vesting period. | |||||||||||||||||||
Schedule Of Options Outstanding And Options Exercisable Classified By Range Of Exercise Prices | On December 31, 2014 options outstanding and options exercisable classified by range of exercise prices are: | |||||||||||||||||||
Options outstanding | Options exercisable | |||||||||||||||||||
Range of | Number | Weighted average | Weighted | Number | Weighted | |||||||||||||||
exercise | outstanding | remaining | average | exercisable | average | |||||||||||||||
prices | contractual life | exercise price | exercise price | |||||||||||||||||
In US$ | In years | In US$ | In US$ | |||||||||||||||||
1.00-10.00 | 10,098 | 4 | 7.6 | 10,098 | 7.6 | |||||||||||||||
10.00-20.00 | 42,565 | 1.7 | 17.82 | 42,565 | 17.82 | |||||||||||||||
20.00-30.00 | 33,562 | 2 | 29.52 | 23,658 | 29.45 | |||||||||||||||
US$1.00-30.00 | 86,225 | 2.1 | 21.18 | 76,321 | 20.07 | |||||||||||||||
In EUR | In years | In EUR | In EUR | |||||||||||||||||
10.00-15.00 | 349,415 | 1.8 | 12.03 | 349,415 | 12.03 | |||||||||||||||
15.00-20.00 | 780,827 | 3.5 | 18.59 | 780,826 | 18.59 | |||||||||||||||
20.00-25.00 | 1,573,094 | 5.5 | 23.31 | 10,380 | 22.47 | |||||||||||||||
€1.00-25.00 | 2,703,336 | 4.4 | 20.49 | 1,140,621 | 16.61 | |||||||||||||||
Schedule Of Black-Scholes Weighted Average Assumptions | The cost relating to employee stock options is measured at fair value on the grant date. The fair value was determined using the Black-Scholes option valuation model with the following weighted average assumptions: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||
Expected life (years) | 7 | 7 | ||||||||||||||||||
Risk free interest rate | 3.28 | % | 2.93 | % | ||||||||||||||||
Dividend yield | 0.64 | % | 0.9 | % | ||||||||||||||||
Expected volatility | 41.98 | % | 41.52 | % |
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Schedule of Capital Leases Included in Property, Plant and Equipment | Capital leases included in property, plant and equipment are as follows: | |||||
December 31, | ||||||
2013 | 2014 | |||||
Machinery and equipment | 2,737 | 2,729 | ||||
Furniture and fixtures | 269 | 269 | ||||
Total capital leases, gross | 3,006 | 2,998 | ||||
Less accumulated depreciation | (3,006 | ) | (2,998 | ) | ||
Total capital leases, net | — | — | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2014 operating leases having initial or remaining non-cancelable terms in excess of one year are as follows: | |||||
2015 | 5,821 | |||||
2016 | 4,398 | |||||
2017 | 3,771 | |||||
2018 | 2,951 | |||||
2019 | 2,370 | |||||
Years thereafter | 2,653 | |||||
Total | 21,964 | |||||
Financial_instruments_and_risk1
Financial instruments and risk management (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Summary of Derivative Instruments by Risk Exposure [Abstract] | |||||||||||||||
Schedule of Financial Instruments | Financial instrument include: | ||||||||||||||
December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | 312,437 | 385,777 | |||||||||||||
Accounts receivable | 83,016 | 81,971 | |||||||||||||
Financial liabilities: | |||||||||||||||
Accounts payable | 44,837 | 61,053 | |||||||||||||
Schedule of Gains or Losses Related to Financial Instruments | Gains or losses related to financial instruments are as follows: | ||||||||||||||
Year ended December 31, | |||||||||||||||
2013 | 2014 | ||||||||||||||
Interest income | 972 | 1,583 | |||||||||||||
Interest expense | (2,943 | ) | (2,312 | ) | |||||||||||
Results foreign currency exchange, net | (8,158 | ) | 26,439 | ||||||||||||
Addition to allowance for doubtful accounts receivable | (377 | ) | — | ||||||||||||
Schedule of Company's Price Sensitivity Impact on Equity | The following table analyzes the Company’s sensitivity to a hypothetical 10% strengthening and 10% weakening of the US dollar, Singapore dollar, Hong Kong dollar, Korean won and Japanese yen against the euro as of December 31, 2013 and December 31, 2014. This analysis includes foreign currency denominated monetary items and adjusts their translation at year end for a 10% increase and 10% decrease against the euro. A positive amount indicates an increase in equity. Recognized in equity is the revaluation effect of subsidiaries denominated in US dollar, Singapore dollar, Hong Kong dollar, Korean won and Japanese yen. | ||||||||||||||
Impact on equity | |||||||||||||||
2013 | 2014 | ||||||||||||||
10% increase of US dollar versus euro | 4,938 | 6,672 | |||||||||||||
10% decrease of US dollar versus euro | (4,938 | ) | (6,672 | ) | |||||||||||
10% increase of Singapore dollar versus euro | 6,088 | 7,870 | |||||||||||||
10% decrease of Singapore dollar versus euro | (6,088 | ) | (7,870 | ) | |||||||||||
10% increase of Hong Kong dollar versus euro | 94,396 | 109,211 | |||||||||||||
10% decrease of Hong Kong dollar versus euro | (94,396 | ) | (109,211 | ) | |||||||||||
10% increase of Korean won versus euro | 5,840 | 7,817 | |||||||||||||
10% decrease of Korean won versus euro | (5,840 | ) | (7,817 | ) | |||||||||||
10% increase of Japanese yen versus euro | 4,561 | 5,371 | |||||||||||||
10% decrease of Japanese yen versus euro | (4,561 | ) | (5,371 | ) | |||||||||||
Schedule of Company's Price Sensitivity Impact on Net Earnings | The following table analyzes the Company’s sensitivity to a hypothetical 10% strengthening and 10% weakening of the US dollar, Singapore dollar, Hong Kong dollar, Korean won and Japanese yen against the euro at average exchange rates for the years 2013 and 2014. A positive amount indicates an increase in net earnings. | ||||||||||||||
Impact on net earnings | |||||||||||||||
2013 | 2014 | ||||||||||||||
10% increase of US dollar versus euro | 601 | 954 | |||||||||||||
10% decrease of US dollar versus euro | (601 | ) | (954 | ) | |||||||||||
10% increase of Singapore dollar versus euro | 671 | 1,213 | |||||||||||||
10% decrease of Singapore dollar versus euro | (671 | ) | (1,213 | ) | |||||||||||
10% increase of Hong Kong dollar versus euro | 100,072 | 3,891 | |||||||||||||
10% decrease of Hong Kong dollar versus euro | (100,072 | ) | (3,891 | ) | |||||||||||
10% increase of Korean won versus euro | 1,962 | 1,333 | |||||||||||||
10% decrease of Korean won versus euro | (1,962 | ) | (1,333 | ) | |||||||||||
10% increase of Japanese yen versus euro | 485 | 861 | |||||||||||||
10% decrease of Japanese yen versus euro | (485 | ) | (861 | ) | |||||||||||
Summary of Company's Contractual Obligations | The following table summarizes the Company’s contractual obligations as at December 31, 2014 aggregated by type of contractual obligation: | ||||||||||||||
Total | Less than | 3-Jan | 5-Mar | More than | |||||||||||
1 year | years | years | 5 years | ||||||||||||
Operating leases | 21,964 | 5,821 | 8,169 | 5,321 | 2,653 | ||||||||||
Pension liabilities | 5,153 | 318 | 714 | 1,261 | 2,860 | ||||||||||
Purchase obligations: | |||||||||||||||
Purchase commitments to suppliers | 69,720 | 69,720 | — | — | — | ||||||||||
Capital expenditure and other commitments | 3,198 | 3,198 | — | — | — | ||||||||||
Unrecognized tax benefits | 1,875 | 1,875 | — | — | — | ||||||||||
Total contractual obligations | 101,910 | 80,932 | 8,883 | 6,582 | 5,513 | ||||||||||
Research_and_development_Table
Research and development (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Research and Development Expense [Abstract] | |||||||||
Schedule of Research and Development | Research and Development consists of the following: | ||||||||
Year ended December 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Research and development expenses | 150,118 | 76,427 | 64,763 | ||||||
Research and development grants and credits | (899 | ) | (1,036 | ) | (905 | ) | |||
Total research and development | 149,219 | 75,391 | 63,858 | ||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Components Of Earnings (Loss) Before Income Taxes And Non-Controlling Interest | The components of earnings (loss) before income taxes and non-controlling interest consist of: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
The Netherlands | (70,263 | ) | 1,018,554 | 92,307 | |||||||||||||||||
Other countries | 136,994 | 41,867 | 62,570 | ||||||||||||||||||
Earnings before income taxes and Non-controlling interest | 66,731 | 1,060,421 | 154,877 | ||||||||||||||||||
Schedule Of Income Tax Expense | The income tax expense consists of: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Current: | |||||||||||||||||||||
The Netherlands | (110 | ) | (1,938 | ) | (4,539 | ) | |||||||||||||||
Other countries | (26,337 | ) | (9,479 | ) | (9,988 | ) | |||||||||||||||
(26,447 | ) | (11,417 | ) | (14,527 | ) | ||||||||||||||||
Deferred: | |||||||||||||||||||||
The Netherlands | — | — | — | ||||||||||||||||||
Other countries | 147 | 296 | (3,042 | ) | |||||||||||||||||
Income tax expense | (26,300 | ) | (11,121 | ) | (17,569 | ) | |||||||||||||||
Schedule Of Reconciliation Of The Provisions For Income Taxes And The Amounts That Would Be Computed Using Statutory Income Tax Rates | A reconciliation of the provisions for income taxes and the amounts that would be computed using the Dutch statutory income tax rate is set forth as follows: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||
Earnings before income taxes and Non-controlling interest | 66,731 | 1,060,421 | 154,877 | ||||||||||||||||||
Dutch statutory income tax rate | 25 | % | 25 | % | 25 | % | |||||||||||||||
Income tax provision at statutory rate | (16,683 | ) | (265,105 | ) | (38,719 | ) | |||||||||||||||
Non-deductible expenses | (6,508 | ) | (1,957 | ) | (4,681 | ) | |||||||||||||||
Foreign taxes at a rate other than the Dutch statutory rate | (2,699 | ) | (556 | ) | (1,732 | ) | |||||||||||||||
Valuation allowance | (14,876 | ) | (3,960 | ) | 16,937 | ||||||||||||||||
Non-taxable income -1- | 4,887 | 260,425 | 11,888 | ||||||||||||||||||
Other -2- | 9,579 | 32 | (1,262 | ) | |||||||||||||||||
Income tax expense | (26,300 | ) | (11,121 | ) | (17,569 | ) | |||||||||||||||
1) | Non-taxable income for 2014 mainly consist of revenues deriving from the share in income of investments and associates which are exempt under the Dutch participation exemption. For 2013 non-taxable income mainly consist of revenues deriving from the disposal of the 12% shareholding in ASMPT in March 2013 which are exempt under the Dutch participation exemption. | ||||||||||||||||||||
2) | Other in 2014 mainly consists of tax credits, adjustments to prior years, changes in (enacted) tax laws and revaluation of certain assets. | ||||||||||||||||||||
Schedule Of Deferred Income Taxes | Deferred income taxes developed as follows: | ||||||||||||||||||||
January 1, 2013 | Deconsolidation ASMPT | Change income tax rate | Consolidated statement of operations | Equity | Exchange differences | December 31, 2013 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Reserves and allowances | 20,322 | (15,199 | ) | (258 | ) | (814 | ) | 255 | (1,152 | ) | 3,154 | ||||||||||
Net operating losses | 83,478 | (11,905 | ) | — | (1,664 | ) | — | 49 | 69,958 | ||||||||||||
Depreciation | 2,260 | (2,121 | ) | (88 | ) | 1,603 | — | (319 | ) | 1,335 | |||||||||||
Other | 1,112 | (194 | ) | (38 | ) | (146 | ) | — | (164 | ) | 570 | ||||||||||
Gross deferred tax assets | 107,172 | (29,419 | ) | (384 | ) | (1,021 | ) | 255 | (1,586 | ) | 75,017 | ||||||||||
Less: valuation allowance | (83,250 | ) | 11,675 | — | 1,664 | — | (47 | ) | (69,958 | ) | |||||||||||
Net deferred tax assets | 23,922 | (17,744 | ) | (384 | ) | 643 | 255 | (1,633 | ) | 5,059 | |||||||||||
Deferred tax liabilities | (988 | ) | 921 | — | 37 | — | (5 | ) | (35 | ) | |||||||||||
Net deferred income taxes | 22,934 | (16,823 | ) | (384 | ) | 680 | 255 | (1,638 | ) | 5,024 | |||||||||||
January 1, 2014 | Realization | Change income tax rate | Consolidated statement of operations | Equity | Exchange differences | December 31, 2014 | |||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Reserves and allowances | 3,154 | — | (133 | ) | (849 | ) | 11 | 76 | 2,259 | ||||||||||||
Net operating losses | 69,958 | — | — | (16,937 | ) | — | 729 | 53,750 | |||||||||||||
Depreciation | 1,335 | — | (87 | ) | (657 | ) | — | 37 | 628 | ||||||||||||
Other | 570 | 1,102 | (15 | ) | (1,339 | ) | — | 162 | 480 | ||||||||||||
Gross deferred tax assets | 75,017 | 1,102 | (235 | ) | (19,782 | ) | 11 | 1,004 | 57,117 | ||||||||||||
Less: valuation allowance | (69,958 | ) | — | — | 16,937 | — | (729 | ) | (53,750 | ) | |||||||||||
Net deferred tax assets | 5,059 | 1,102 | (235 | ) | (2,845 | ) | 11 | 275 | 3,367 | ||||||||||||
Deferred tax liabilities | (35 | ) | — | — | 38 | — | (3 | ) | — | ||||||||||||
Net deferred income taxes | 5,024 | 1,102 | (235 | ) | (2,807 | ) | 11 | 272 | 3,367 | ||||||||||||
Schedule Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities are classified in the consolidated balance sheet as follows: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Deferred tax assets - current | 3,739 | 1,558 | |||||||||||||||||||
Deferred tax assets - non-current | 1,320 | 1,809 | |||||||||||||||||||
Deferred tax liabilities - current | — | — | |||||||||||||||||||
Deferred tax liabilities - non-current | (35 | ) | — | ||||||||||||||||||
5,024 | 3,367 | ||||||||||||||||||||
Schedule Of Amounts And Expiration Dates Of Net Operating Losses For Tax Purposes | The amounts and expiration dates of net operating losses for tax purposes are as follows: | ||||||||||||||||||||
Expiration year | Total of net operating losses for tax purposes -1- | ||||||||||||||||||||
2017 | 29,270 | ||||||||||||||||||||
2018 | 44,664 | ||||||||||||||||||||
2019 | 35,905 | ||||||||||||||||||||
2020 | 266 | ||||||||||||||||||||
2021 | 60,198 | ||||||||||||||||||||
2022 | 28,556 | ||||||||||||||||||||
2023 | 16 | ||||||||||||||||||||
2029 | 7,178 | ||||||||||||||||||||
2030 | 4,293 | ||||||||||||||||||||
Unlimited | 115 | ||||||||||||||||||||
Total | 210,461 | ||||||||||||||||||||
Schedule Of Reconciliation Of The Beginning And Ending Balance Of The Liability For Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of the liability for unrecognized tax benefits is as follows: | ||||||||||||||||||||
Balance January 1, 2012 | 21,749 | ||||||||||||||||||||
Gross increases - tax positions in current year | 1,157 | ||||||||||||||||||||
Foreign currency translation effect | (395 | ) | |||||||||||||||||||
Balance December 31, 2012 | 22,511 | ||||||||||||||||||||
Deconsolidation ASMPT | (22,325 | ) | |||||||||||||||||||
Foreign currency translation effect | (186 | ) | |||||||||||||||||||
Balance December 31, 2013 | — | ||||||||||||||||||||
Gross increases - tax positions in current year | 1,800 | ||||||||||||||||||||
Foreign currency translation effect | 75 | ||||||||||||||||||||
Balance December 31, 2014 | 1,875 | ||||||||||||||||||||
Summary Of Open Tax Years By Major Jurisdiction | A summary of open tax years by major jurisdiction is as follows: | ||||||||||||||||||||
Jurisdiction | |||||||||||||||||||||
Japan | 2009-2014 | ||||||||||||||||||||
The Netherlands | 2010-2014 | ||||||||||||||||||||
Singapore | 2010-2014 | ||||||||||||||||||||
United States of America | 1997-2014 | ||||||||||||||||||||
South Korea | 2009-2014 |
Disclosures_about_segments_and1
Disclosures about segments and related information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of Segment Reporting Information by Segment | The total of all segments' financial amounts are reconciled to the corresponding amounts reported in the consolidated financial statements, eliminations are reflected in the reconciling column for amounts reported in excess of those amounts reflected in the consolidated financial statements. | |||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Front-end | Back-end | Total | ||||||||||||||||||||||
Net sales to unaffiliated customers | 370,409 | 1,047,658 | 1,418,067 | |||||||||||||||||||||
Gross profit | 124,531 | 315,898 | 440,429 | |||||||||||||||||||||
Result from operations | 539 | 87,717 | 88,256 | |||||||||||||||||||||
Interest income | 1,015 | 974 | 1,989 | |||||||||||||||||||||
Interest expense | (11,381 | ) | (732 | ) | (12,113 | ) | ||||||||||||||||||
Loss resulting from early extinguishment of debt | (2,209 | ) | — | (2,209 | ) | |||||||||||||||||||
Accretion interest expense convertible notes | (4,329 | ) | (140 | ) | (4,469 | ) | ||||||||||||||||||
Foreign currency exchange gains (losses), net | (3,050 | ) | (907 | ) | (3,957 | ) | ||||||||||||||||||
Result on investments | (766 | ) | — | (766 | ) | |||||||||||||||||||
Income tax expense | (8,965 | ) | (17,335 | ) | (26,300 | ) | ||||||||||||||||||
Net earnings (loss) | (29,146 | ) | 69,577 | 40,431 | ||||||||||||||||||||
Allocation of net earnings (loss) | ||||||||||||||||||||||||
Shareholders of the parent | 7,149 | |||||||||||||||||||||||
Non-controlling interest | 33,282 | |||||||||||||||||||||||
Capital expenditures and purchase of intangible assets | 24,015 | 48,777 | 72,792 | |||||||||||||||||||||
Depreciation and amortization | 18,838 | 39,622 | 58,460 | |||||||||||||||||||||
Cash and cash equivalents | 145,061 | 145,414 | 290,475 | |||||||||||||||||||||
Capitalized goodwill | 11,649 | 40,239 | 51,888 | |||||||||||||||||||||
Other intangible assets | 9,049 | 4,866 | 13,915 | |||||||||||||||||||||
Other identifiable assets | 334,399 | 808,829 | 1,143,228 | |||||||||||||||||||||
Total assets | 500,158 | 999,348 | 1,499,506 | |||||||||||||||||||||
Total debt | — | 80,623 | 80,623 | |||||||||||||||||||||
Headcount in full-time equivalents -1- | 1,636 | 15,768 | 17,404 | |||||||||||||||||||||
-1 | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | |||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Front-end | Back-end 100% | Elimination non consolidated | Total | |||||||||||||||||||||
Net sales to unaffiliated customers | 451,992 | 1,051,376 | (891,091 | ) | 612,277 | |||||||||||||||||||
Gross profit | 176,160 | 307,618 | (269,228 | ) | 214,550 | |||||||||||||||||||
Result from operations | 44,704 | 66,352 | (70,638 | ) | 40,418 | |||||||||||||||||||
Interest income | 904 | 272 | (204 | ) | 972 | |||||||||||||||||||
Interest expense | (2,553 | ) | (2,082 | ) | 1,693 | (2,942 | ) | |||||||||||||||||
Foreign currency exchange gains (losses), net | (9,005 | ) | 847 | — | (8,158 | ) | ||||||||||||||||||
Result from investments | — | — | 1,030,132 | 1,030,132 | ||||||||||||||||||||
Income tax expense | (9,484 | ) | (11,308 | ) | 9,671 | (11,121 | ) | |||||||||||||||||
Net earnings (loss) | 24,565 | 54,081 | 970,654 | 1,049,300 | ||||||||||||||||||||
Allocation of net earnings (loss) | ||||||||||||||||||||||||
Shareholders of the parent | 1,051,893 | |||||||||||||||||||||||
Non-controlling interest | (2,593 | ) | ||||||||||||||||||||||
Capital expenditures and purchase of intangible assets | 11,072 | 34,003 | (27,542 | ) | 17,533 | |||||||||||||||||||
Depreciation and amortization | 19,415 | 41,066 | (32,015 | ) | 28,466 | |||||||||||||||||||
Cash and cash equivalents | 312,437 | 149,313 | (149,313 | ) | 312,437 | |||||||||||||||||||
Capitalized goodwill | 11,421 | — | — | 11,421 | ||||||||||||||||||||
Other intangible assets | 5,637 | 902 | (902 | ) | 5,637 | |||||||||||||||||||
Investments and associates | 278 | — | 943,676 | 943,954 | ||||||||||||||||||||
Other identifiable assets | 277,800 | 599,709 | (599,709 | ) | 277,800 | |||||||||||||||||||
Total assets | 607,573 | 749,924 | 193,752 | 1,551,249 | ||||||||||||||||||||
Total debt | — | 65,105 | (65,105 | ) | — | |||||||||||||||||||
Headcount in full-time equivalents -1- | 1,503 | 14,400 | (14,400 | ) | 1,503 | |||||||||||||||||||
-1 | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | |||||||||||||||||||||||
The table for the year ended December 31, 2013, shows the full results for ASMPT under the column heading, "Back-end 100%". The information reported in the reconciling column under the heading, "Elimination non-consolidated", represents the amounts included in the Back-end 100% column in excess of the amounts reported in the consolidated financial statements. As such, the information in this reconciling column reflects the summarized financial information for ASMPT for the period March 15, 2013 through December 31, 2013 and the ASMPT balance sheet items as of December 31, 2013, which are the amounts that were eliminated in the consolidation. | ||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
Front-end | Back-end 100% | Elimination non consolidated | Total | |||||||||||||||||||||
Net sales to unaffiliated customers | 545,604 | 1,386,776 | (1,386,776 | ) | 545,604 | |||||||||||||||||||
Gross profit | 234,999 | 492,137 | (492,137 | ) | 234,999 | |||||||||||||||||||
Result from operations | 90,535 | 209,439 | (209,439 | ) | 90,535 | |||||||||||||||||||
Interest income | 1,583 | — | — | 1,583 | ||||||||||||||||||||
Interest expense | (2,312 | ) | (11,745 | ) | 11,745 | (2,312 | ) | |||||||||||||||||
Foreign currency exchange gains (losses), net | 26,439 | — | — | 26,439 | ||||||||||||||||||||
Result from investments and associates | (278 | ) | — | 38,910 | 38,632 | |||||||||||||||||||
Income tax expense | (17,569 | ) | (43,728 | ) | 43,728 | (17,569 | ) | |||||||||||||||||
Net earnings (loss) | 98,398 | 153,966 | (115,056 | ) | 137,308 | |||||||||||||||||||
Allocation of net earnings (loss) | ||||||||||||||||||||||||
Shareholders of the parent | 137,308 | |||||||||||||||||||||||
Non-controlling interest | — | |||||||||||||||||||||||
Capital expenditures and purchase of intangible assets | 32,143 | 30,992 | (30,992 | ) | 32,143 | |||||||||||||||||||
Depreciation and amortization | 21,222 | 40,416 | (40,416 | ) | 21,222 | |||||||||||||||||||
Cash and cash equivalents | 385,777 | 275,431 | (275,431 | ) | 385,777 | |||||||||||||||||||
Capitalized goodwill | 12,104 | 43,076 | (43,076 | ) | 12,104 | |||||||||||||||||||
Other intangible assets | 3,960 | 66,617 | (66,617 | ) | 3,960 | |||||||||||||||||||
Investments and associates | — | — | 1,092,097 | 1,092,097 | ||||||||||||||||||||
Other identifiable assets | 332,995 | 755,106 | (755,106 | ) | 332,995 | |||||||||||||||||||
Total assets | 734,836 | 1,140,230 | (48,133 | ) | 1,826,933 | |||||||||||||||||||
Total debt | — | 247,608 | (247,608 | ) | — | |||||||||||||||||||
Headcount in full-time equivalents -1- | 1,635 | 15,946 | (15,946 | ) | 1,635 | |||||||||||||||||||
-1 | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | |||||||||||||||||||||||
Schedule of Geographical Information | Geographical information is summarized as follows: | |||||||||||||||||||||||
Europe | United | Japan | South Korea | Taiwan | Other | Corporate | Consolidated | |||||||||||||||||
States of | Asia | |||||||||||||||||||||||
America | ||||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Net sales | 255,795 | 197,566 | 59,385 | 85,272 | 110,797 | 709,252 | — | 1,418,067 | ||||||||||||||||
Long-lived assets | 17,587 | 22,567 | 17,313 | 5,314 | 127 | 212,408 | 120 | 275,436 | ||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Net sales | 97,777 | 147,036 | 36,623 | 119,097 | 85,545 | 126,199 | — | 612,277 | ||||||||||||||||
Long-lived assets | 2,871 | 24,429 | 15,112 | 3,868 | 63 | 10,144 | 44 | 56,531 | ||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
Net sales | 94,518 | 177,006 | 62,482 | 93,595 | 81,143 | 36,860 | — | 545,604 | ||||||||||||||||
Long-lived assets | 6,762 | 33,881 | 15,598 | 11,667 | 51 | 11,253 | 24 | 79,236 | ||||||||||||||||
Selected_operating_expenses_an1
Selected operating expenses and additional information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Compensation Related Costs [Abstract] | |||||||||
Schedule of Personnel Expenses for Employees | Personnel expenses for employees were as follows: | ||||||||
December 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Wages and salaries | 353,437 | 136,936 | 96,468 | ||||||
Social security | 47,124 | 16,049 | 11,342 | ||||||
Pension expenses | 21,151 | 7,539 | 4,162 | ||||||
421,712 | 160,524 | 111,972 | |||||||
Schedule of Average Number of Employees, Exclusive of Temporary Workers, by Geographic Area | The average number of employees, exclusive of temporary workers, by geographic area during the year was as follows: | ||||||||
Year average | |||||||||
2012 | 2013 | 2014 | |||||||
The Netherlands | 178 | 156 | 138 | ||||||
Other European countries | 1,057 | 448 | 167 | ||||||
United States of America | 594 | 556 | 569 | ||||||
Other Asia | 15,300 | 5,050 | 504 | ||||||
Japan | 203 | 181 | 180 | ||||||
17,332 | 6,391 | 1,558 | |||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Net Earnings (Loss) and Weighted Average Number of Shares Outstanding | The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: | ||||||||
December 31, | |||||||||
2012 | 2013 | 2014 | |||||||
Net income used for purpose of calculating basic earnings per common share | 7,149 | 1,051,893 | 137,308 | ||||||
Basic weighted average number of shares outstanding during the year (thousands) | 56,108 | 63,202 | 63,510 | ||||||
Effect of dilutive potential common shares from stock options | 659 | 994 | 699 | ||||||
Dilutive weighted average number of shares outstanding | 56,767 | 64,196 | 64,209 | ||||||
Net income from continuing operations per share: | |||||||||
Basic | 0.13 | 16.64 | 2.16 | ||||||
Diluted | 0.13 | 16.39 | 2.14 | ||||||
Board_remuneration_Tables
Board remuneration (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Board Remuneration [Abstract] | ||||||||||||||||||||
Schedule Of Board Remuneration | The following table sets forth as to all current members of the Management Board of the Company, information concerning all remuneration from the Company (including its subsidiaries) for services in all capacities: | |||||||||||||||||||
Base | Bonuses | Pensions | Share based payment expenses -1- | Fringe benefits | Total | |||||||||||||||
compensation -2- | ||||||||||||||||||||
Management Board: | ||||||||||||||||||||
C.D. del Prado | ||||||||||||||||||||
2014 | 520 | 663 | 78 | 762 | 60 | 2,083 | ||||||||||||||
2013 | 520 | 527 | 92 | 506 | 60 | 1,705 | ||||||||||||||
2012 | 510 | 177 | 76 | 398 | 59 | 1,220 | ||||||||||||||
P.A.M. van Bommel | ||||||||||||||||||||
2014 | 386 | 412 | 69 | 528 | 46 | 1,441 | ||||||||||||||
2013 | 375 | 391 | 79 | 418 | 45 | 1,308 | ||||||||||||||
2012 | 367 | 144 | 88 | 325 | 59 | 983 | ||||||||||||||
1. | These amounts represent the vesting expenses related to the financial year. | |||||||||||||||||||
2. | An incidental crisis levy of 16% as imposed by the Dutch government amounted to €145 for 2013 and €175 for 2012. This crisis tax levy is payable by the employer and is charged over income of employees exceeding a €150 threshold for both years. These expenses do not form part of the remuneration costs mentioned. | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following is a summary of changes in options outstanding: | |||||||||||||||||||
Euro-plans | US dollar-plans | |||||||||||||||||||
Number | Weighted | Number of | Weighted | |||||||||||||||||
of | average | options | average | |||||||||||||||||
options | exercise | exercise | ||||||||||||||||||
price in € | price in | |||||||||||||||||||
US$ | ||||||||||||||||||||
Balance January 1, 2012 | 1,319,957 | 19.08 | 515,110 | 20.83 | ||||||||||||||||
Options granted | 708,891 | 27.04 | — | — | ||||||||||||||||
Options forfeited | (44,500 | ) | 15.49 | (29,400 | ) | 20.63 | ||||||||||||||
Options exercised | (59,660 | ) | 15.08 | (85,310 | ) | 20.42 | ||||||||||||||
Balance December 31, 2012 | 1,924,688 | 22.22 | 400,400 | 20.94 | ||||||||||||||||
Options forfeited | (25,050 | ) | 24.72 | (1,220 | ) | 13.65 | ||||||||||||||
Options exercised | (23,550 | ) | 15.91 | (52,670 | ) | 15.97 | ||||||||||||||
Balance July 25, 2013 | 1,876,088 | 22.26 | 346,510 | 21.72 | ||||||||||||||||
Adjustment following capital distribution | 336,446 | 18.88 | 62,145 | 18.42 | ||||||||||||||||
Options granted | 776,450 | 23.73 | — | — | ||||||||||||||||
Options forfeited | (39,271 | ) | 20.93 | (2,830 | ) | 9.06 | ||||||||||||||
Options exercised | (29,361 | ) | 10.7 | (17,675 | ) | 12.66 | ||||||||||||||
Balance December 31, 2013 | 2,920,352 | 20.22 | 388,150 | 18.75 | ||||||||||||||||
Options forfeited | (41,366 | ) | 22 | (1,416 | ) | 18.08 | ||||||||||||||
Options exercised | (175,650 | ) | 15.68 | (300,509 | ) | 12.53 | ||||||||||||||
Balance December 31, 2014 | 2,703,336 | 20.49 | 86,225 | 21.18 | ||||||||||||||||
The following table shows the outstanding options to purchase ASM International NV common shares held by members of the Management Board. There were no changes in such holdings during 2014: | ||||||||||||||||||||
Year | Outstanding January 1, 2014 | Granted | Exercised | Outstanding December 31, 2014 | Exercise | End date | ||||||||||||||
of | in 2014 | in 2014 | price | |||||||||||||||||
grant | ||||||||||||||||||||
C.D. del Prado -1- | 2007 | 23,168 | — | — | 23,168 | € | 16.51 | May 23, 2015 | ||||||||||||
C.D. del Prado -1- | 2008 | 147,416 | — | — | 147,416 | € | 10.78 | Mar 1, 2016 | ||||||||||||
C.D. del Prado -2- | 2009 | 58,967 | — | — | 58,967 | € | 12.79 | Nov 30, 2017 | ||||||||||||
C.D. del Prado -3- | 2011 | 88,450 | — | — | 88,450 | € | 18.93 | Dec 31, 2018 | ||||||||||||
C.D. del Prado -3- | 2012 | 70,760 | — | 70,760 | € | 22.93 | Dec 31, 2019 | |||||||||||||
C.D. del Prado -3- | 2013 | 75,000 | — | — | 75,000 | € | 23.73 | Dec 31, 2020 | ||||||||||||
P.A.M. van Bommel -2- | 2010 | 29,483 | — | — | 29,483 | € | 13.8 | 1-Jul-17 | ||||||||||||
P.A.M. van Bommel -3- | 2011 | 62,504 | — | — | 62,504 | € | 18.93 | Dec 31, 2018 | ||||||||||||
P.A.M. van Bommel -3- | 2012 | 47,173 | — | — | 47,173 | € | 22.93 | Dec 31, 2019 | ||||||||||||
P.A.M. van Bommel -3- | 2013 | 53,000 | — | — | 53,000 | € | 23.73 | Dec 31, 2020 | ||||||||||||
655,921 | — | — | 655,921 | |||||||||||||||||
1 | The vesting of these options was conditional. A percentage, not exceeding 150%, of the options which have been granted conditionally will become unconditional after three years, based on the total return of the Company's shares for the three years after the options are granted compared to the average total return of the shares of a relevant number of companies which are similar to the Company during the same three-year period. The options are granted for a term of eight years | |||||||||||||||||||
2 | These options are granted for a term of eight years and become exercisable after a three years vesting period. | |||||||||||||||||||
3 | These options are granted for a term of seven years and become exercisable after a three years vesting period. | |||||||||||||||||||
Schedule of Supervisory Board Compensation | The following table sets forth as to all current and former members of the Supervisory Board of the Company information concerning all remuneration (base compensation, no bonuses or pensions were paid) from the Company (including its subsidiaries) for services in all capacities: | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||
Supervisory Board: | ||||||||||||||||||||
J.C. Lobbezoo | 53 | 61 | 70 | |||||||||||||||||
J.M.R. Danneels | 50 | 50 | 50 | |||||||||||||||||
H.W. Kreutzer | 50 | 51 | 53 | |||||||||||||||||
M.C.J. van Pernis | 50 | 51 | 53 | |||||||||||||||||
U.H.R. Schumacher | 50 | 50 | 50 | |||||||||||||||||
G.J. Kramer -1- | 68 | 25 | — | |||||||||||||||||
321 | 288 | 276 | ||||||||||||||||||
1. | Mr Kramer resigned from the Supervisory Board on May 16, 2013. |
Share_ownership_and_related_pa1
Share ownership and related party transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of Ownership or Controlling Interest of Outstanding Common Shares | The ownership or controlling interest of outstanding common shares of ASM International NV by members of the Management Board and Supervisory Board or members of their immediate family are as follows: | |||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||
Shares | Percentage of | Shares | Percentage of | |||||||||
owned | Common shares | owned | Common shares | |||||||||
outstanding | outstanding | |||||||||||
A.H. del Prado | 9,204,284 | 14.5 | % | 9,204,284 | 14.62 | % | ||||||
C.D. del Prado (member of the Management Board) | 132,945 | 0.21 | % | 132,945 | 0.21 | % | ||||||
Stichting Administratiekantoor ASMI | 2,142,039 | 3.37 | % | 2,142,039 | 3.4 | % | ||||||
General_information_Summary_of2
General information / Summary of significant accounting policies (Details) (EUR €) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | ||
segment | |||||
Accounting Policies [Line Items] | |||||
Number of operating segments (in segments) | 2 | ||||
Allowance for doubtful accounts receivable | € 19,000 | € 73,000 | € 8,551,000 | ||
Accounts receivable, gross | 81,971,000 | ||||
Inventory valuation reserve | 21,350,000 | 25,627,000 | 65,287,000 | ||
Inventory valuation reserve, percent of inventory | 14.70% | ||||
Increase in COGS if inventory reserve increased by 10 percent of total inventory balance | 14,500,000 | ||||
Evaluation tools useful lives in years | 5 years | ||||
Sale period to qualify as asset held-for-sale | 1 year | ||||
Assets held-for-sale, period if circumstances prevent sale within one year (beyond one year) | 1 year | ||||
Deferred revenues from installations | 7,800,000 | 3,900,000 | 3,500,000 | ||
Valuation allowance | 53,750,000 | 69,958,000 | 83,250,000 | ||
Increase if additional 10 percent of deferred tax asset is not realizable | € 300,000 | ||||
Minimum [Member] | |||||
Accounting Policies [Line Items] | |||||
Warranty period | 1 year | ||||
Maximum [Member] | |||||
Accounting Policies [Line Items] | |||||
Warranty period | 2 years | ||||
Asm Pacific Technology Ltd [Member] | |||||
Accounting Policies [Line Items] | |||||
Non-consolidated ownership percentage | 39.75% | 39.94% | 40.08% | [1] | |
[1] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. |
List_of_significant_subsidiari2
List of significant subsidiaries and associates (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 15, 2013 | |||
Asm Pacific Technology Ltd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Percentage of stake sold | 11.88% | |||||
Asm Pacific Technology Ltd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Non-consolidated ownership percentage | 39.75% | 39.94% | 40.08% | [1] | ||
Asm Pacific Technology Ltd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Percentage of stake sold | 11.88% | |||||
Almere, The Netherlands [Member] | ASM Europe B.V. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | [2] | 100.00% | [2] | ||
Almere, The Netherlands [Member] | ASM United Kingdom Sales B.V. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | [2] | 100.00% | [2] | ||
Almere, The Netherlands [Member] | ASM Germany Sales B.V. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | [2] | 100.00% | [2] | ||
Almere, The Netherlands [Member] | ASM Pacific Holding B.V. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | [2],[3] | 100.00% | [2],[3] | ||
Almere, The Netherlands [Member] | ASM IP Holding BV [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | [2] | 100.00% | [2] | ||
Montpellier, France [Member] | ASM France SARL [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Leuven, Belgium [Member] | ASM Belgium N.V. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Agrate, Italy [Member] | ASM Italia S.r.l. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Helsinki, Finland [Member] | ASM Microchemistry Oy [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Dublin, Ireland [Member] | ASM Services And Support Ireland Ltd. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Tel Aviv, Israel [Member] | ASM Services And Support Israel Ltd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Phoenix, Arizona, United States of America [Member] | ASM America, Inc. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Tokyo, Japan [Member] | ASM Japan K.K. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Quarry Bay, Hong Kong, People's Republic Of China [Member] | ASM Wafer Process Equipment Ltd. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Shanghai, People's Republic Of China [Member] | ASM China Ltd. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Singapore [Member] | ASM Wafer Process Equipment Singapore Pte Ltd. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Singapore [Member] | ASM Front-End Manufacturing Singapore Pte Ltd. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Hsin-Chu, Taiwan [Member] | ASM Front-End Sales & Services Taiwan Co., Ltd. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Kuala Lumpur, Malaysia [Member] | ASM Services And Support Malaysia SDN. BDH. [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Cheonan, South Korea [Member] | ASM Genitech Korea Ltd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Ownership Percentage | 100.00% | 100.00% | ||||
Kwai Chung Hong Kong Peoples Republic Of China [Member] | Asm Pacific Technology Ltd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Non-consolidated ownership percentage | 39.75% | 39.94% | [1] | |||
[1] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. | |||||
[2] | For these subsidiaries ASM International NV has filed statements at the Dutch Chamber of Commerce assuming joint and several liability in accordance with Article 403 of Book 2, Part 9 of the Netherlands Civil Code. | |||||
[3] | Established in 2008, ASM Pacific Holding BV holds 39.75% of the shares in ASM Pacific Technology Ltd |
Divestment_Details
Divestment (Details) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 15, 2013 | Mar. 15, 2013 | Mar. 15, 2013 | Mar. 15, 2013 | |
Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | ||
EUR (€) | EUR (€) | HKD | EUR (€) | HKD | HKD | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of subsidiary shares sold (in shares) | 47,424,500 | |||||||
Equity method investment, common stock, par value (in HK dollars per share) | 0.1 | 90 | ||||||
Percentage of stake sold | 11.88% | |||||||
Cash proceeds | € 413,196 | 4,191,980 | ||||||
Percent of subsidiary sold | 51.96% | 51.96% | ||||||
Percent of associate purchased | 40.08% | 40.08% | ||||||
Realized gain on sale 11.88% ASMPT shares | 242,838 | 243,000 | ||||||
Non-consolidated ownership percentage | 39.94% | 39.75% | 40.08% | [1] | ||||
Unrealized re-measurement gain on retained interest | € 1,156,000 | € 1,155,625 | ||||||
[1] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. |
Divestment_Reconcile_Cash_Proc
Divestment - Reconcile Cash Proceeds (Details) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | Mar. 15, 2013 |
EUR (€) | EUR (€) | EUR (€) | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | |
EUR (€) | HKD | ||||
Disposition of Stock in Subsidiary [Abstract] | |||||
Gross proceeds | € 420,409 | ||||
Paid fees, stamp duty and other expenses | -7,213 | ||||
Net proceeds | 413,196 | 4,191,980 | |||
Currency translation differences | 1,232 | ||||
Cash balance ASMPT upon sale | -116,174 | ||||
Net cash on disposal ASMPT | € 0 | € 298,254 | € 0 | € 298,254 |
Divestment_Equity_Method_Inves
Divestment - Equity Method Investment in Consolidated Statement of Operations (Details) (EUR €) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | |
Result investments and associates | |||||
ASMI share net earnings March 16 - December 31, 2013 | € 61,150 | € 23,727 | |||
Impairment loss | -335,406 | ||||
Reported on line result investments and associates | 38,632 | 1,030,132 | -766 | ||
Asm Pacific Technology Ltd [Member] | |||||
Result investments and associates | |||||
Realized gain on sale 11.88% ASMPT shares | 243,000 | ||||
Percentage of stake sold | 11.88% | ||||
Asm Pacific Technology Ltd [Member] | |||||
Result investments and associates | |||||
ASMI share net earnings March 16 - December 31, 2013 | 61,428 | 23,727 | |||
Realized gain on sale 11.88% ASMPT shares | 242,838 | ||||
Unrealized remeasurement gain on retained 40.08% ASMPT shares | 1,155,625 | 1,156,000 | |||
Impairment loss | -335,406 | ||||
Amortization other intangible assets and fair value changes from PPA | -56,652 | ||||
Reported on line result investments and associates | € 1,030,132 | ||||
Non-consolidated ownership percentage | 39.75% | 39.94% | 40.08% | [1] | |
[1] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. |
Cash_and_cash_equivalents_Deta
Cash and cash equivalents (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||||
Cash and cash equivalents | € 385,777 | € 312,437 | € 290,475 | € 390,250 |
Accounts_receivable_Schedule_o
Accounts receivable (Schedule of Carrying Amount Of Accounts Receivable) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable, Net, Current [Abstract] | ||
Current | € 65,985,000 | € 54,614,000 |
Overdue 30 days or less | 5,949,000 | 18,787,000 |
Overdue 31 – 60 days | 2,142,000 | 783,000 |
Overdue 61 – 120 days | 1,785,000 | 2,527,000 |
Overdue greater than 120 days | 6,110,000 | 6,305,000 |
Total | 81,971,000 | 83,016,000 |
Notes receivable included in total accounts receivable | 0 | 0 |
Accounts receivable, gross | € 81,971,000 |
Accounts_receivable_Schedule_o1
Accounts receivable (Schedule of Changes In Allowance For Doubtful Accounts Receivable) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance at beginning of year | -€ 73 | -€ 8,551 |
Deconsolidation ASMPT | 0 | 6,191 |
Charged to selling, general and administrative expenses | 57 | 756 |
Utilization | 0 | 1,469 |
Foreign currency translation effect | -3 | 62 |
Balance at end of year | -€ 19 | -€ 73 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Components and raw materials | € 69,709 | € 78,579 | |
Work in process | 30,040 | 31,442 | |
Finished goods | 45,064 | 20,073 | |
Total inventories, gross | 144,813 | 130,094 | |
Allowance for obsolescence | -21,350 | -25,627 | -65,287 |
Total inventories, net | € 123,463 | € 104,467 |
Inventories_Schedule_Of_Change
Inventories (Schedule Of Changes In Allowance For Obsolescence) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in Allowance for Obsolesence, Inventories [Roll Forward] | ||
Balance at beginning of year | -€ 25,627 | -€ 65,287 |
Deconsolidation ASMPT | 0 | 39,146 |
Charged to cost of sales | -2,282 | -8,648 |
Utilization | 8,514 | 6,464 |
Foreign currency translation effect | -1,955 | 2,698 |
Balance at end of year | -€ 21,350 | -€ 25,627 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (EUR €) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | ||
Costs of inventories recognized | € 8,514,000 | € 6,464,000 |
Increase in COGS if inventory reserve increased by 10 percent of total inventory balance | 14,500,000 | |
Cost of Sales [Member] | ||
Inventory [Line Items] | ||
Costs of inventories recognized | € 246,000,000 | € 207,900,000 |
Goodwill_Schedule_of_Changes_I
Goodwill (Schedule of Changes In the Carrying Amount of Goodwill) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | € 11,421 | € 51,888 |
Deconsolidation ASMPT | -38,482 | |
Foreign currency translation effect | 683 | -1,985 |
Goodwill, Ending balance | 12,104 | 11,421 |
Front End Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 11,421 | 11,649 |
Deconsolidation ASMPT | 0 | |
Foreign currency translation effect | 683 | -228 |
Goodwill, Ending balance | 12,104 | 11,421 |
Back End Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning balance | 0 | 40,239 |
Deconsolidation ASMPT | -38,482 | |
Foreign currency translation effect | 0 | -1,757 |
Goodwill, Ending balance | € 0 | € 0 |
Goodwill_Schedule_of_Allocatio
Goodwill (Schedule of Allocation of the Carrying Amount of Goodwill) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill [Line Items] | |||
Goodwill | € 12,104 | € 11,421 | € 51,888 |
ASM Microchemistry Oy (Thermal products business unit) [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 3,560 | 3,560 | |
ASM Genitech Korea Ltd (Plasma products business unit) [Member] | |||
Goodwill [Line Items] | |||
Goodwill | € 8,544 | € 7,861 |
Goodwill_Narrative_Details
Goodwill (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ||
Discount rate of pre-tax weighted average cost of capital | 13.00% | 16.00% |
Maximum term of cash flow calculations | 5 years | |
Perpetuity [Member] | ||
Goodwill [Line Items] | ||
Enabling technology products rate used | 1.00% | |
Technology Products [Member] | ||
Goodwill [Line Items] | ||
Enabling technology products rate used | 3.00% |
Other_intangible_assets_Schedu
Other intangible assets (Schedule of Change In The Amount of Intangible Assets) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
At cost | ||
Beginning balance | € 22,645 | € 34,739 |
Deconsolidation ASMPT | -12,146 | |
Additions | 1,496 | 470 |
Reclassification from evaluation tools | 2,269 | |
Disposals | -1,616 | -1 |
Foreign currency translation effect | 896 | -417 |
Ending balance | 25,690 | 22,645 |
Accumulated amortization: | ||
Beginning balance | 17,008 | 20,824 |
Deconsolidation ASMPT | -7,639 | |
Amortization of Intangible Assets | 4,728 | 4,189 |
Reclassification from evaluation tools | 878 | |
Disposals | -1,616 | -1 |
Foreign currency translation effect | 732 | -365 |
Ending balance | 21,730 | 17,008 |
Other intangible assets, net: | 3,960 | 5,637 |
Software [Member] | ||
At cost | ||
Beginning balance | 15,603 | 20,346 |
Deconsolidation ASMPT | -4,931 | |
Additions | 1,496 | 437 |
Reclassification from evaluation tools | 0 | |
Disposals | -414 | -1 |
Foreign currency translation effect | 216 | -248 |
Ending balance | 16,901 | 15,603 |
Accumulated amortization: | ||
Beginning balance | 11,608 | 13,446 |
Deconsolidation ASMPT | -3,744 | |
Amortization of Intangible Assets | 3,695 | 2,118 |
Reclassification from evaluation tools | 0 | |
Disposals | -414 | -1 |
Foreign currency translation effect | 193 | -211 |
Ending balance | 15,082 | 11,608 |
Other intangible assets, net: | 1,819 | 3,995 |
Purchased Technology And Other Intangible Assets [Member] | ||
At cost | ||
Beginning balance | 7,042 | 14,393 |
Deconsolidation ASMPT | -7,215 | |
Additions | 0 | 33 |
Reclassification from evaluation tools | 2,269 | |
Disposals | -1,202 | 0 |
Foreign currency translation effect | 680 | -169 |
Ending balance | 8,789 | 7,042 |
Accumulated amortization: | ||
Beginning balance | 5,400 | 7,378 |
Deconsolidation ASMPT | -3,895 | |
Amortization of Intangible Assets | 1,033 | 2,071 |
Reclassification from evaluation tools | 878 | |
Disposals | -1,202 | 0 |
Foreign currency translation effect | 539 | -154 |
Ending balance | 6,648 | 5,400 |
Other intangible assets, net: | € 2,141 | € 1,642 |
Minimum [Member] | ||
Accumulated amortization: | ||
Amortization period of other intangible assets | 3 years | |
Maximum [Member] | ||
Accumulated amortization: | ||
Amortization period of other intangible assets | 7 years |
Other_intangible_assets_Schedu1
Other intangible assets (Schedule of Estimated Amortization Expenses) (Details) (EUR €) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2015 | € 2,266 |
2016 | 1,192 |
2017 | 481 |
2018 | 14 |
2019 | 7 |
Total | € 3,960 |
Property_plant_and_equipment_S
Property, plant and equipment (Schedule of Changes in the Amount of Property, Plant And Equipment) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
At cost: | |||
Beginning balance | € 170,806 | € 663,509 | |
Capital expenditures | 30,647 | 17,063 | |
Deconsolidation ASMPT | -467,688 | ||
Retirements and sales | -17,905 | -24,758 | |
Reclassification from held for sale | 3,393 | ||
Reclassification | 0 | -66 | |
Foreign currency translation effect | 12,790 | -20,647 | |
Ending balance | 196,338 | 170,806 | |
Accumulated depreciation: | |||
Beginning balance | 114,275 | 388,073 | |
Depreciation for the year | 12,577 | 20,047 | |
Deconsolidation ASMPT | -257,280 | ||
Retirements and sales | -17,546 | -20,789 | |
Reclassification | 0 | -66 | |
Foreign currency translation effect | 7,796 | -15,710 | |
Ending balance | 117,102 | 114,275 | |
Property, plant and equipment, net | 79,236 | 56,531 | 275,436 |
Land, buildings and leasehold improvements [Member] | |||
At cost: | |||
Beginning balance | 28,947 | 187,880 | |
Capital expenditures | 619 | 1,580 | |
Deconsolidation ASMPT | -145,290 | ||
Retirements and sales | -813 | -13,792 | |
Reclassification from held for sale | 3,393 | ||
Reclassification | 402 | 0 | |
Foreign currency translation effect | 1,757 | -4,824 | |
Ending balance | 30,912 | 28,947 | |
Accumulated depreciation: | |||
Beginning balance | 10,729 | 87,377 | |
Depreciation for the year | 2,001 | 4,502 | |
Deconsolidation ASMPT | -64,699 | ||
Retirements and sales | -732 | -13,700 | |
Reclassification | 9 | 0 | |
Foreign currency translation effect | 1,031 | -2,751 | |
Ending balance | 13,038 | 10,729 | |
Property, plant and equipment, net | 17,874 | 18,218 | |
Machinery, equipment, furniture and fixtures [Member] | |||
At cost: | |||
Beginning balance | 141,859 | 475,629 | |
Capital expenditures | 30,028 | 15,483 | |
Deconsolidation ASMPT | -322,398 | ||
Retirements and sales | -17,092 | -10,966 | |
Reclassification from held for sale | 0 | ||
Reclassification | -402 | -66 | |
Foreign currency translation effect | 11,033 | -15,823 | |
Ending balance | 165,426 | 141,859 | |
Accumulated depreciation: | |||
Beginning balance | 103,546 | 300,696 | |
Depreciation for the year | 10,576 | 15,545 | |
Deconsolidation ASMPT | -192,581 | ||
Retirements and sales | -16,814 | -7,089 | |
Reclassification | -9 | -66 | |
Foreign currency translation effect | 6,765 | -12,959 | |
Ending balance | 104,064 | 103,546 | |
Property, plant and equipment, net | € 61,362 | € 38,313 |
Property_plant_and_equipment_S1
Property, plant and equipment (Schedule of Useful Lives of Property, Plant And Equipment) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Machinery, equipment, furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress, gross | 18,042 | € 11,483 |
Minimum [Member] | Buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives in years | 10 years | |
Minimum [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives in years | 2 years | |
Minimum [Member] | Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives in years | 2 years | |
Maximum [Member] | Buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives in years | 25 years | |
Maximum [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives in years | 10 years | |
Maximum [Member] | Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives in years | 10 years |
Assets_held_for_sale_Schedule_
Assets held for sale (Schedule Of Changes In The Carrying Value Of Assets Held For Sale) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Assets Held For Sale [Roll Forward] | ||
Beginning balance | € 738 | € 5,998 |
Impairment | -12 | -796 |
Reclassification to assets held in use | 0 | -3,393 |
Foreign currency translation effect | -2 | -1,071 |
Ending balance | 724 | 738 |
Japan [Member] | ||
Assets Held For Sale [Roll Forward] | ||
Beginning balance | 461 | 5,721 |
Impairment | -12 | -796 |
Reclassification to assets held in use | 0 | -3,393 |
Foreign currency translation effect | -2 | -1,071 |
Ending balance | 447 | 461 |
The Netherlands [Member] | ||
Assets Held For Sale [Roll Forward] | ||
Beginning balance | 277 | 277 |
Impairment | 0 | 0 |
Reclassification to assets held in use | 0 | 0 |
Foreign currency translation effect | 0 | 0 |
Ending balance | € 277 | € 277 |
Assets_held_for_sale_Narrative
Assets held for sale (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment charge of building | € 12 | € 796 | |
Assets held for sale | 724 | 738 | 5,998 |
Japan Building [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment charge of building | 796 | ||
Japan Land [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Assets held for sale | 447 | ||
The Netherlands [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment charge of building | 0 | 0 | |
Assets held for sale | € 277 | € 277 | € 277 |
Evaluation_tools_at_customers_1
Evaluation tools at customers (Schedule Of Changes In The Amount Of Evaluation Tools) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Evaluation Tools at Customers [Roll Forward] | ||
Beginning Balance | € 13,332 | € 16,922 |
Evaluation tools shipped | 12,845 | 8,329 |
Depreciation | -3,448 | -3,771 |
Evaluation tools sold | -4,814 | -6,221 |
Reclassification | -1,391 | 0 |
Foreign currency translation effect | 1,243 | -1,927 |
Ending Balance | 17,767 | 13,332 |
Evaluation tools useful lives in years | 5 years | |
Gross carrying amount of evaluation tools at customers | 23,133 | 18,082 |
Accumulated depreciation of evaluation tools at customers | € 5,366 | € 4,750 |
Investments_and_associates_Sch
Investments and associates (Schedule of Changes in Investment) (Details) (EUR €) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | |||
Changes in Investment [Roll Forward] | |||||||
Beginning balance | € 943,954 | € 278 | |||||
40.08% investment in ASMPT March 15, 2013 | 1,381,310 | ||||||
Result investments and associates | 61,150 | 23,727 | |||||
Other comprehensive income investments and associates | -2,179 | 480 | |||||
Amortization recognized (in)tangible assets | -22,517 | -16,848 | |||||
Fair value changes related to inventories and tax losses | -39,807 | ||||||
Impairment | -335,406 | ||||||
Dividends | -19,974 | -10,171 | |||||
Dilution ASMPT share | 3,561 | 3,587 | |||||
Allocation equity component convertible bonds | 9,947 | [1] | |||||
Foreign currency translation effect | 118,155 | -63,196 | |||||
Ending balance | 1,092,097 | 943,954 | |||||
Levitech B V [Member] | |||||||
Changes in Investment [Roll Forward] | |||||||
Beginning balance | 278 | [2] | 278 | [2] | |||
Result investments and associates | -278 | [2] | |||||
Ending balance | 0 | [2] | 278 | [2] | |||
Non-consolidated ownership percentage | 20.00% | ||||||
Asm Pacific Technology Ltd [Member] | |||||||
Changes in Investment [Roll Forward] | |||||||
Beginning balance | 943,676 | 0 | |||||
40.08% investment in ASMPT March 15, 2013 | 1,381,310 | ||||||
Result investments and associates | 61,428 | 23,727 | |||||
Other comprehensive income investments and associates | -2,179 | 480 | |||||
Amortization recognized (in)tangible assets | -22,517 | -16,848 | |||||
Fair value changes related to inventories and tax losses | -39,807 | ||||||
Impairment | -335,406 | ||||||
Dividends | -19,974 | -10,171 | |||||
Dilution ASMPT share | 3,561 | 3,587 | |||||
Allocation equity component convertible bonds | 9,947 | [1] | |||||
Foreign currency translation effect | 118,155 | -63,196 | |||||
Ending balance | 1,092,097 | 943,676 | |||||
Non-consolidated ownership percentage | 39.75% | 39.94% | 40.08% | [3] | |||
Net Equity Share [Member] | Asm Pacific Technology Ltd [Member] | |||||||
Changes in Investment [Roll Forward] | |||||||
Beginning balance | 264,384 | 0 | |||||
40.08% investment in ASMPT March 15, 2013 | 255,701 | ||||||
Result investments and associates | 61,428 | 23,727 | |||||
Other comprehensive income investments and associates | -2,179 | 480 | |||||
Dividends | -19,974 | -10,171 | |||||
Dilution ASMPT share | 3,561 | 3,587 | |||||
Allocation equity component convertible bonds | 9,947 | [1] | |||||
Foreign currency translation effect | 28,179 | -8,940 | |||||
Ending balance | 345,346 | 264,384 | |||||
Other Intangible Assets and Fair Value Changes [Member] | Asm Pacific Technology Ltd [Member] | |||||||
Changes in Investment [Roll Forward] | |||||||
Beginning balance | 161,531 | 0 | |||||
40.08% investment in ASMPT March 15, 2013 | 227,010 | ||||||
Amortization recognized (in)tangible assets | -22,517 | -16,848 | |||||
Fair value changes related to inventories and tax losses | -39,807 | ||||||
Foreign currency translation effect | 19,830 | -8,824 | |||||
Ending balance | 158,844 | 161,531 | |||||
Goodwill [Member] | Asm Pacific Technology Ltd [Member] | |||||||
Changes in Investment [Roll Forward] | |||||||
Beginning balance | 517,761 | 0 | |||||
40.08% investment in ASMPT March 15, 2013 | 898,599 | ||||||
Impairment | -335,406 | ||||||
Foreign currency translation effect | 70,146 | -45,432 | |||||
Ending balance | € 587,907 | € 517,761 | |||||
[1] | In 2014 convertible bonds were issued by ASMPT that containing both liability and conversion option components. These components are classified separately into respective items on initial recognition in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised. | ||||||
[2] | Investments reflects the net equity value of the interest in Levitech BV resulting from the management buy-out in 2009 of the RTP business. ASM International NV obtained a 20% interest in Levitech BV. This value has been reduced in 2014 due to (start-up) losses of Levitech caused by the introduction of their advanced products in the market. | ||||||
[3] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. |
Investments_and_associates_Nar
Investments and associates (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 15, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | Mar. 15, 2013 | Mar. 15, 2013 | |||||
EUR (€) | EUR (€) | EUR (€) | Hong Kong, Dollars | Hong Kong, Dollars | Weighted Average [Member] | Weighted Average [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Levitech B V [Member] | Levitech B V [Member] | Levitech B V [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | Asm Pacific Technology Ltd [Member] | |||||
Hong Kong, Dollars | Hong Kong, Dollars | EUR (€) | EUR (€) | HKD | EUR (€) | EUR (€) | HKD | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | HKD | HKD | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||
Equity method investment | € 943,954,000 | € 1,092,097,000 | € 278,000 | € 1,092,097,000 | € 1,092,097,000 | € 943,676,000 | € 0 | € 0 | [1] | € 278,000 | [1] | € 278,000 | [1] | ||||||||||||
Non-consolidated ownership percentage | 39.75% | 39.75% | 39.75% | 39.94% | 40.08% | [2] | 20.00% | ||||||||||||||||||
Number of subsidiary shares sold (in shares) | 47,424,500 | ||||||||||||||||||||||||
Equity method investment, common stock, par value (in HK dollars per share) | 0.1 | 90 | |||||||||||||||||||||||
Percentage of stake sold | 11.88% | ||||||||||||||||||||||||
Cash proceeds | 413,196,000 | 4,191,980,000 | |||||||||||||||||||||||
Percent of subsidiary sold | 51.96% | 51.96% | |||||||||||||||||||||||
Percent of associate purchased | 40.08% | 40.08% | |||||||||||||||||||||||
Realized gain on sale 11.88% ASMPT shares | 242,838,000 | 243,000,000 | |||||||||||||||||||||||
Unrealized re-measurement gain on retained interest | 1,156,000,000 | 1,155,625,000 | |||||||||||||||||||||||
Share Price | 64.9 | ||||||||||||||||||||||||
Equity method investment, impairment charge | 335,406,000 | 335,406,000 | |||||||||||||||||||||||
Common shares of ASMPT issued | 1,885,000 | 1,885,000 | |||||||||||||||||||||||
Historical cost basis of investment | 345,000,000 | 345,000,000 | |||||||||||||||||||||||
Basis difference | 747,000,000 | 747,000,000 | |||||||||||||||||||||||
Basis difference allocated to property, plant and equipment and intangible assets | 159,000,000 | 159,000,000 | |||||||||||||||||||||||
Basis difference, amortization, net of tax | 23,000,000 | ||||||||||||||||||||||||
Market value of equity investment | € 1,257,000,000 | ||||||||||||||||||||||||
Foreign currency exchange rate | 0.106 | 0.097 | 0.097 | 0.097 | |||||||||||||||||||||
[1] | Investments reflects the net equity value of the interest in Levitech BV resulting from the management buy-out in 2009 of the RTP business. ASM International NV obtained a 20% interest in Levitech BV. This value has been reduced in 2014 due to (start-up) losses of Levitech caused by the introduction of their advanced products in the market. | ||||||||||||||||||||||||
[2] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. |
Investments_and_associates_Sch1
Investments and associates (Schedule of Equity Method Investment Earnings, Excluding Basis Adjustments) (Details) (Asm Pacific Technology Ltd [Member], HKD) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asm Pacific Technology Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net sales | 14,229 | 10,841 |
Income before income tax | 2,028 | 673 |
Net earnings | 1,580 | 549 |
Investments_and_associates_Sch2
Investments and associates (Schedule of Equity Method Investment Balance Sheet Information, Excluding Basis Adjustments) (Details) (Asm Pacific Technology Ltd [Member], HKD) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Asm Pacific Technology Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 10,840 | 8,019 |
Non-current assets | 3,632 | 2,720 |
Current liabilities | 3,759 | 3,304 |
Non-current liabilities | 2,532 | 356 |
Equity | 8,181 | 7,079 |
Notes_payable_to_banks_Narrati
Notes payable to banks (Narrative) (Details) (EUR €) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
covenant | ||||
Notes Payable [Abstract] | ||||
Short-term lines of credit, amount | € 150,000,000 | |||
Short-term debt outstanding | 0 | |||
Undrawn portion of lines of credit | 150,000,000 | |||
Undrawn portion includes revolving credit facility | 150,000,000 | |||
Number of financial covenants in credit facility | 2 | |||
Minimum level of long-term committed capital | 320,000,000 | |||
Long-term committed capital | 937,000,000 | |||
Net debt/equity ratio, maximum | 1.5 | |||
Net cash | € 385,777,000 | € 312,437,000 | € 290,475,000 | € 390,250,000 |
Provision_for_warranty_Schedul
Provision for warranty (Schedule of Product Warranty Liability) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | € 7,966 | € 43,921 |
Charged to cost of sales | 11,779 | 8,491 |
Deconsolidation ASMPT | 0 | -34,290 |
Deductions | -10,549 | -9,850 |
Foreign currency translation effect | 714 | -306 |
Ending balance | € 9,910 | € 7,966 |
Minimum [Member] | ||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty period | 1 year | |
Maximum [Member] | ||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty period | 2 years |
Accrued_expenses_and_other_pay2
Accrued expenses and other payables (Schedule of Accrued Expenses and Other) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Personnel related items | € 22,319 | € 20,967 |
Deferred revenue | 8,409 | 7,346 |
Financing related items | 3,106 | 344 |
Other | 14,159 | 9,904 |
Total accrued expenses and other payables | € 47,993 | € 38,561 |
Shareholders_equity_Narrative_
Shareholders' equity (Narrative) (Details) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Oct. 29, 2014 | 21-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Oct. 29, 2014 | 21-May-14 | Sep. 15, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
EUR (€) | EUR (€) | EUR (€) | EUR (€) | Lehman Brothers [Member] | Lehman Brothers [Member] | Lehman Brothers [Member] | Lehman Brothers [Member] | Common Shares [Member] | Financing Preferred Shares [Member] | Financing Preferred Shares [Member] | Preferred Shares [Member] | ||||
USD ($) | USD ($) | EUR (€) | vote | EUR (€) | EUR (€) | ||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||
Common shares, authorized (in shares) | 110,000,000 | 110,000,000 | |||||||||||||
Common shares, par value (in euro per share) | € 0.04 | € 0.04 | |||||||||||||
Preferred shares, authorized (in shares) | 118,000 | 118,000 | 8,000 | 8,000 | |||||||||||
Preferred shares, par value (in euro per share) | € 40 | € 40 | € 40 | € 40 | |||||||||||
Common shares, outstanding (in shares) | 62,968,184 | 63,468,390 | |||||||||||||
Preferred shares, outstanding | 0 | 0 | |||||||||||||
Voting rights per share | one vote per €0.04 par value | ||||||||||||||
Number of votes per share | 1 | ||||||||||||||
Period after denial of preferred share transfer to provide list of acceptable buyers | 2 months | 2 months | |||||||||||||
Period after approval of preferred share transfer for shareholder to complete transfer | 3 months | 3 months | |||||||||||||
Preferred dividend paid-up amount | € 5 | ||||||||||||||
Period after approval of preferred share transfer for management board to submit proposal to annul preferred shares | 2 years | ||||||||||||||
Shares purchased and held which were accounted for as treasury shares (in shares) | 953,552 | 2,552,071 | |||||||||||||
Shares bought back under the authorization (in shares) | 25,643 | 2,305,069 | |||||||||||||
Shortfall in the number of shares held (in shares) | 221,359 | ||||||||||||||
Cash compensation received in lieu of treasury stock | 529,000 | 6,251,000 | |||||||||||||
Cash compensation receivable for dividends paid on unaccounted treasury stock | 273,000 | ||||||||||||||
Adjustment to paid in capital as result of settlement of the Lehman treasury shares | 0 | 4,190,000 | |||||||||||||
Gain on dilution of investments in subsidiaries accounted in equity | 3,561,000 | 3,587,000 | |||||||||||||
Number of months to repurchase shares | 18 months | ||||||||||||||
Maximum percentage of share's average closing price | 110.00% | ||||||||||||||
Purchased and held shares accounted as treasury shares (in shares) | 829,213 | ||||||||||||||
Maximum percentage of common shares issued which the company can hold in treasury | 10.00% | ||||||||||||||
Stock repurchase program authorized amount | € 100,000,000 | ||||||||||||||
Share repurchase program percent maximum of average daily trading volume | 25.00% | ||||||||||||||
Stock repurchase program threshold consecutive trading days | 20 days | ||||||||||||||
Treasury stock acquired average cost per share | € 33.45 | ||||||||||||||
Stock repurchase program, percent of authorized shares acquired | 31.90% |
Shareholders_equity_Schedule_O
Shareholders' equity (Schedule Of Changes In The Amount Of Accumulated Other Comprehensive Loss) (Details) (EUR €) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | ||
Changes In The Amount Of Accumulated Other Comprehensive Loss [Roll Forward] | ||||||
Beginning Balance | -€ 88,122 | -€ 28,942 | ||||
Reclassification of deferred accumulative translation result to income following the sale of the 12% share of ASMPT | 0 | 23,053 | 0 | |||
Deconsolidation ASMPT | 1,597 | |||||
Proportionate share in other comprehensive income investments and associates | -2,179 | 480 | ||||
Foreign currency translation effect on translation of foreign operations | 143,270 | -84,086 | ||||
Actuarial loss | -24 | -224 | -3,716 | |||
Ending Balance | 52,945 | -88,122 | -28,942 | |||
Foreign Currency Translation Effects [Member] | ||||||
Changes In The Amount Of Accumulated Other Comprehensive Loss [Roll Forward] | ||||||
Beginning Balance | -88,357 | [1] | -27,324 | [1] | ||
Reclassification of deferred accumulative translation result to income following the sale of the 12% share of ASMPT | 23,053 | [1] | ||||
Deconsolidation ASMPT | 0 | [1] | ||||
Proportionate share in other comprehensive income investments and associates | 0 | [1] | 0 | [1] | ||
Foreign currency translation effect on translation of foreign operations | 143,270 | [1] | -84,086 | [1] | ||
Actuarial loss | 0 | [1] | 0 | [1] | ||
Ending Balance | 54,913 | [1] | -88,357 | [1] | ||
Unrecognized Pension Obligations Net Of Tax [Member] | ||||||
Changes In The Amount Of Accumulated Other Comprehensive Loss [Roll Forward] | ||||||
Beginning Balance | 235 | [1] | -1,618 | [1] | ||
Reclassification of deferred accumulative translation result to income following the sale of the 12% share of ASMPT | 0 | [1] | ||||
Deconsolidation ASMPT | 1,597 | [1] | ||||
Proportionate share in other comprehensive income investments and associates | -2,179 | [1] | 480 | |||
Foreign currency translation effect on translation of foreign operations | 0 | [1] | 0 | [1] | ||
Actuarial loss | -24 | [1] | -224 | [1] | ||
Ending Balance | -€ 1,968 | [1] | € 235 | [1] | ||
Asm Pacific Technology Ltd [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Percentage of stake sold | 11.88% | |||||
[1] | Other comprehensive income (loss) items may be subsequently reclassified to profit or loss. |
Employee_benefits_Narrative_De
Employee benefits (Narrative) (Details) (EUR €) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 48 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2013 | Dec. 31, 2011 | Dec. 31, 2014 | Mar. 15, 2013 |
member | plan | ||||||
company | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of contributing members covered by multiemployer union plan | 145,000 | ||||||
Number of companies covered by multiemployer union plan | 1,260 | ||||||
Maximum percentage of total contribution by entity to multiemployer union plan (less than 5%) | 5.00% | ||||||
Percentage of minimum coverage ratio | 104.30% | ||||||
Percentage of coverage ratio of the multiemployer union plan | 102.00% | 103.40% | |||||
Pension premium percentage | 23.60% | 24.10% | |||||
Actual return on plan assets | € 229 | € 431 | |||||
Company contribution | 1,162 | 1,233 | |||||
Options vesting period | 3 years | ||||||
Options granted | 0 | ||||||
Options outstanding (in shares) | 2,789,561 | 3,308,502 | 2,789,561 | ||||
Weighted average fair values of employee stock options granted (in euro per share) | € 10.22 | € 12.27 | |||||
Total intrinsic value of options exercised | 7,311 | 1,651 | 2,209 | ||||
Shares sold upon exercise of options by employees (in shares) | 354,650 | ||||||
Aggregate intrinsic value of all options outstanding | 41,019 | 41,019 | |||||
Aggregate intrinsic value of all options exercisable | 22,504 | 22,504 | |||||
Compensation expenses for stock options | 7,417 | 4,440 | 3,242 | ||||
Compensation expense true up for lower non-vesting assessment | € 971 | ||||||
ASM International N.V. [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of contributing members covered by multiemployer union plan | 143 | ||||||
Options granted | 0 | ||||||
Options outstanding (in shares) | 655,921 | 655,921 | 655,921 | ||||
Shares sold upon exercise of options by employees (in shares) | 0 | ||||||
Asm Pacific Technology Ltd [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of stake sold | 11.88% | ||||||
Capital distribution | € 4.25 | ||||||
Theoretical adjustment ratio | 0.84794 | ||||||
2011 Long-Term Incentive Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of outstanding stock maximum | 7.50% | ||||||
Number of sub-plans included in stock option plan | 2 | ||||||
Options vesting period | 3 years | ||||||
Expiration period | 4 years | ||||||
Options granted | 2,172,455 | ||||||
Percentage of shares outstanding during Stock Option Plan | 4.40% | 4.40% | |||||
2014 Long-Term Incentive Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of outstanding stock maximum | 7.50% | ||||||
Number of sub-plans included in stock option plan | 2 | ||||||
Maximum percentage of limited shares on issued ordinary share capital | 5.00% | ||||||
Transition period | 4 years | ||||||
Percentage of outstanding stock allowed | 5.00% | ||||||
Options granted | 0 | ||||||
New Share Issues [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Shares sold upon exercise of options by employees (in shares) | 354,650 | 125,402 | 144,570 | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Restricted shares outstanding | 10,215 | 10,215 |
Employee_benefits_Schedule_Of_
Employee benefits (Schedule Of The Funded Status Of The Plan) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Employee Benefits and Share-based Compensation [Abstract] | |||
Defined benefit obligations | -€ 8,079 | -€ 7,604 | -€ 8,357 |
Fair value of plan assets | 6,297 | 5,127 | 4,794 |
Funded status/(deficit) | -€ 1,782 | -€ 2,477 |
Employee_benefits_Schedule_Of_1
Employee benefits (Schedule Of Changes In Defined Benefit Obligations And Fair Value Of Plan Assets) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance January 1 | € 7,604 | € 8,357 | |
Current service cost | 515 | 529 | 731 |
Interest on obligation | 69 | 113 | 121 |
Actuarial losses (gains) | 98 | 660 | |
Benefits paid | -164 | -128 | |
Foreign currency translation effect | -43 | -1,927 | |
Balance December 31 | 8,079 | 7,604 | 8,357 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Balance January 1 | 5,127 | 4,794 | |
Expected return on plan assets | 165 | 142 | 144 |
Actuarial (losses) gains | 64 | 289 | |
Company contribution | 1,162 | 1,233 | |
Benefits paid | -164 | -128 | |
Foreign currency translation effect | -57 | -1,203 | |
Balance December 31 | € 6,297 | € 5,127 | € 4,794 |
Employee_benefits_Schedule_Of_2
Employee benefits (Schedule Of Net Periodic Benefit Cost) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefits and Share-based Compensation [Abstract] | |||
Current service cost | € 515 | € 529 | € 731 |
Interest on obligation | 69 | 113 | 121 |
Expected return on plan assets | -165 | -142 | -144 |
Amortization deferred actuarial loss | 0 | 0 | 46 |
Amortization of past service cost | -40 | -44 | -55 |
Net periodic pension benefit cost | € 379 | € 456 | € 699 |
Employee_benefits_Schedule_Of_3
Employee benefits (Schedule Of Actuarial Present Value Of Benefit Obligations And Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits and Share-based Compensation [Abstract] | |||
Discount rate for net periodic benefit cost | 0.90% | 1.50% | 1.55% |
Expected return on plan assets for net periodic benefit cost | 1.40% | 3.00% | 3.00% |
Expected rate of compensation increase for net periodic benefit cost | 2.93% | 2.93% | 2.93% |
Employee_benefits_Allocation_O
Employee benefits (Allocation Of Plan Assets) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocation of plan assets | € 6,297 | € 5,127 |
Total allocation of plan assets, percentage | 100.00% | 100.00% |
Equity [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocation of plan assets | 1,655 | 1,351 |
Total allocation of plan assets, percentage | 26.00% | 26.00% |
Bonds [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocation of plan assets | 3,639 | 3,019 |
Total allocation of plan assets, percentage | 58.00% | 59.00% |
Loans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocation of plan assets | 674 | 453 |
Total allocation of plan assets, percentage | 11.00% | 9.00% |
Real Estate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocation of plan assets | 78 | 89 |
Total allocation of plan assets, percentage | 1.00% | 2.00% |
Other [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total allocation of plan assets | € 251 | € 215 |
Total allocation of plan assets, percentage | 4.00% | 4.00% |
Employee_benefits_Schedule_Of_4
Employee benefits (Schedule Of Expected To Pay Benefits For Subsequent Years) (Details) (Pension Plan [Member], EUR €) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | € 318 |
2016 | 208 |
2017 | 506 |
2018 | 653 |
2019 | 608 |
Aggregate for the years 2020-2024 | 2,860 |
Total | € 5,153 |
Employee_benefits_Schedule_Of_5
Employee benefits (Schedule Of Retirement Plan Costs) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefits and Share-based Compensation [Abstract] | |||
Defined contribution plans | € 2,563 | € 5,277 | € 16,952 |
Multi-employer plans | 1,220 | 1,274 | 1,420 |
Defined benefit plans | 379 | 988 | 2,779 |
Total retirement plan costs | € 4,162 | € 7,539 | € 21,151 |
Employee_benefits_Schedule_Of_6
Employee benefits (Schedule Of Changes In Options Outstanding) (Details) | 12 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 25, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 25, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
US Dollar [Member] | US Dollar [Member] | US Dollar [Member] | US Dollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | ||
Number of Options (in shares): | |||||||||
Beginning of period | 3,308,502 | 346,510 | 400,400 | 388,150 | 515,110 | 1,876,088 | 1,924,688 | 2,920,352 | 1,319,957 |
Adjustment following capital distribution | 62,145 | 336,446 | |||||||
Options granted | 0 | 0 | 0 | 776,450 | 708,891 | ||||
Options forfeited | -2,830 | -1,220 | -1,416 | -29,400 | -39,271 | -25,050 | -41,366 | -44,500 | |
Options exercised | -354,650 | -17,675 | -52,670 | -300,509 | -85,310 | -29,361 | -23,550 | -175,650 | -59,660 |
End of period | 2,789,561 | 388,150 | 346,510 | 86,225 | 400,400 | 2,920,352 | 1,876,088 | 2,703,336 | 1,924,688 |
Weighted Average Exercise Price (in euro/dollar per share) | |||||||||
Beginning balance of period | $21.72 | $20.94 | $18.75 | $20.83 | € 22.26 | € 22.22 | € 20.22 | € 19.08 | |
Adjustment following capital distribution | $18.42 | € 18.88 | |||||||
Options granted | $0 | $0 | € 23.73 | € 27.04 | |||||
Options forfeited | $9.06 | $13.65 | $18.08 | $20.63 | € 20.93 | € 24.72 | € 22 | € 15.49 | |
Options exercised | $12.66 | $15.97 | $12.53 | $20.42 | € 10.70 | € 15.91 | € 15.68 | € 15.08 | |
End of period | $18.75 | $21.72 | $21.18 | $20.94 | € 20.22 | € 22.26 | € 20.49 | € 22.22 |
Employee_benefits_Schedule_Of_7
Employee benefits (Schedule Of Options Outstanding And Options Exercisable Classified By Range Of Exercise Prices) (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
US Dollar [Member] | US Dollar [Member] | US Dollar [Member] | US Dollar [Member] | US Dollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | Eurodollar [Member] | US Dollar 1.00 - 10.00 [Member] | US Dollar 10.00 - 20.00 [Member] | US Dollar 20.00 - 30.00 [Member] | US Dollar 1.00 - 30.00 [Member] | Euro 10.00 - 15.00 [Member] | Euro 15.00 - 20.00 [Member] | Euro 20.00 - 25.00 [Member] | Euro 1.00 - 25.00 [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||
Range of exercise prices, Lower range (in dollar/euro per share) | $1 | $10 | $20 | $1 | € 10 | € 15 | € 20 | € 1 | ||||||||||||
Range of exercise prices, Upper range (in dollar/euro per share) | $10 | $20 | $30 | $30 | € 15 | € 20 | € 25 | € 25 | ||||||||||||
Options outstanding (in shares) | 2,789,561 | 3,308,502 | 86,225 | 388,150 | 346,510 | 400,400 | 515,110 | 2,703,336 | 2,920,352 | 1,876,088 | 1,924,688 | 1,319,957 | 10,098 | 42,565 | 33,562 | 86,225 | 349,415 | 780,827 | 1,573,094 | 2,703,336 |
Options outstanding, contractual life | 7 years | 4 years | 1 year 8 months 12 days | 2 years | 2 years 1 month 6 days | 1 year 9 months 18 days | 3 years 6 months | 5 years 6 months | 4 years 4 months 24 days | |||||||||||
Options outstanding, Weighted average exercise price (in euro/dollar per share) | $21.18 | $18.75 | $21.72 | $20.94 | $20.83 | € 20.49 | € 20.22 | € 22.26 | € 22.22 | € 19.08 | $7.60 | $17.82 | $29.52 | $21.18 | € 12.03 | € 18.59 | € 23.31 | € 20.49 | ||
Options exercisable, Number exercisable (in shares) | 10,098 | 42,565 | 23,658 | 76,321 | 349,415 | 780,826 | 10,380 | 1,140,621 | ||||||||||||
Options exercisable, Weighted average exercise price (in euro/dollar per share) | $7.60 | $17.82 | $29.45 | $20.07 | € 12.03 | € 18.59 | € 22.47 | € 16.61 |
Employee_benefits_Schedule_Of_8
Employee benefits (Schedule Of Black-Scholes Weighted Average Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits and Share-based Compensation [Abstract] | ||
Expected life (years) | 7 years | 7 years |
Risk free interest rate | 2.93% | 3.28% |
Dividend yield | 0.90% | 0.64% |
Expected volatility | 41.52% | 41.98% |
Commitments_and_contingencies_1
Commitments and contingencies (Schedule of Capital Leases in Property, Plant And Equipment) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | € 2,998 | € 3,006 |
Less accumulated depreciation | -2,998 | -3,006 |
Capital leased assets, net | 0 | 0 |
Machinery and equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | 2,729 | 2,737 |
Furniture and fixtures [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | € 269 | € 269 |
Commitments_and_contingencies_2
Commitments and contingencies (Schedule of Minimum Rental Commitments under Operating Leases) (Details) (EUR €) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | € 5,821 |
2016 | 4,398 |
2017 | 3,771 |
2018 | 2,951 |
2019 | 2,370 |
Years thereafter | 2,653 |
Total | € 21,964 |
Commitments_and_contingencies_3
Commitments and contingencies (Narrative) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Aggregate rental expense for operating leases | € 5,964 | € 9,529 | € 24,661 |
Purchase commitments with suppliers | 69,720 | ||
Commitments for capital expenditures | € 3,198 |
Financial_instruments_and_risk2
Financial instruments and risk management (Schedule of Financial Instruments) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents | € 385,777 | € 312,437 | € 290,475 | € 390,250 |
Accounts receivable | 81,971 | 83,016 | ||
Financial liabilities: | ||||
Accounts payable | € 61,053 | € 44,837 |
Financial_instruments_and_risk3
Financial instruments and risk management (Schedule of Gains or Losses Related to Financial Instruments) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Derivative Instruments by Risk Exposure [Abstract] | |||
Interest income | € 1,583 | € 972 | € 1,989 |
Interest expense | -2,312 | -2,943 | -12,113 |
Results foreign currency exchange, net | 26,439 | -8,158 | |
Addition to allowance for doubtful accounts receivable | € 0 | -€ 377 |
Financial_instruments_and_risk4
Financial instruments and risk management (Narrative) (Details) (EUR €) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | |
Financial Instruments And Risk Management [Line Items] | ||||
Hypothetical percentage of strengthening and weakening of currency | 10.00% | |||
Short-term lines of credit, amount | € 150,000,000 | |||
Lines of credit amount outstanding | 0 | |||
Line of credit facility amount undrawn | 150,000,000 | |||
Asm Pacific Technology Ltd [Member] | ||||
Financial Instruments And Risk Management [Line Items] | ||||
Percentage of stake sold | 11.88% | |||
ASM [Member] | ||||
Financial Instruments And Risk Management [Line Items] | ||||
Short-term lines of credit, amount | € 150,000,000 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Single Customer [Member] | ||||
Financial Instruments And Risk Management [Line Items] | ||||
Concentration risk percentage | 26.70% | 28.30% | 33.60% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Ten Largest Customers [Member] | ||||
Financial Instruments And Risk Management [Line Items] | ||||
Concentration risk percentage | 84.10% | 85.60% | 75.30% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Financial Instruments And Risk Management [Line Items] | ||||
Concentration risk percentage | 20.10% | 28.10% | 20.60% | |
Concentration risk number of customers | 1 | 1 | 1 |
Financial_instruments_and_risk5
Financial instruments and risk management (Schedule of Company's Price Sensitivity Impact on Equity) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments And Risk Management [Line Items] | ||
Hypothetical percentage of strengthening and weakening of currency | 10.00% | |
Percentage of increase in price | 10.00% | |
Percentage of decrease in price | 10.00% | |
10% Increase Of U.S. Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | € 6,672 | € 4,938 |
10% Decrease Of U.S. Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | -6,672 | -4,938 |
10% Increase Of Singapore Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | 7,870 | 6,088 |
10% Decrease Of Singapore Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | -7,870 | -6,088 |
10% Increase Of Hong Kong Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | 109,211 | 94,396 |
10% Decrease Of Hong Kong Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | -109,211 | -94,396 |
10% Increase of Korean Won Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | 7,817 | 5,840 |
10% Decrease Of Korean Won Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | -7,817 | -5,840 |
10% Increase Of Japanese Yen Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | 5,371 | 4,561 |
10% Decrease Of Japanese Yen Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Changes recognized in equity due to revaluation effect of foreign currency translation | -€ 5,371 | -€ 4,561 |
Financial_instruments_and_risk6
Financial instruments and risk management (Schedule of Company's Price Sensitivity Impact on Net Earnings) (Details) (EUR €) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financial Instruments And Risk Management [Line Items] | ||
Percentage of increase in price | 10.00% | |
Percentage of decrease in price | 10.00% | |
10% Increase Of U.S. Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | € 954 | € 601 |
10% Decrease Of U.S. Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | -954 | -601 |
10% Increase Of Singapore Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | 1,213 | 671 |
10% Decrease Of Singapore Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | -1,213 | -671 |
10% Increase Of Hong Kong Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | 3,891 | 100,072 |
10% Decrease Of Hong Kong Dollar Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | -3,891 | -100,072 |
10% Increase of Korean Won Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | 1,333 | 1,962 |
10% Decrease Of Korean Won Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | -1,333 | -1,962 |
10% Increase Of Japanese Yen Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | 861 | 485 |
10% Decrease Of Japanese Yen Versus Euro [Member] | ||
Financial Instruments And Risk Management [Line Items] | ||
Impact on net earnings due to changes in average exchange rates | -€ 861 | -€ 485 |
Financial_instruments_and_risk7
Financial instruments and risk management (Summary of Company's Contractual Obligations) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total | € 21,964 | |||
Operating leases, Less than 1 year | 5,821 | |||
Operating leases, 1-3 years | 8,169 | |||
Operating leases, 3-5 years | 5,321 | |||
Operating leases, More than 5 years | 2,653 | |||
Purchase obligations: | ||||
Purchase commitments to suppliers | 69,720 | |||
Purchase commitments to suppliers, Less than 1 year | 69,720 | |||
Capital expenditure and other commitments | 3,198 | |||
Capital expenditure commitments, Less than 1 year | 3,198 | |||
Unrecognized tax benefits | 1,875 | 0 | 22,511 | 21,749 |
Unrecognized tax benefits, Less than 1 year | 1,875 | |||
Total contractual obligations | 101,910 | |||
Total contractual obligations, Less than 1 year | 80,932 | |||
Total contractual obligations, 1-3 years | 8,883 | |||
Total contractual obligations, 3-5 years | 6,582 | |||
Total contractual obligations, More than 5 years | 5,513 | |||
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total | 5,153 | |||
Pension liabilities, Less than 1 year | 318 | |||
Pension liabilities, 1-3 years | 714 | |||
Pension liabilities, 3-5 years | 1,261 | |||
Pension liabilities, More than 5 years | € 2,860 |
Research_and_development_Sched
Research and development (Schedule of Research and Development) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Research and Development Expense [Abstract] | |||
Research and development expenses | € 64,763 | € 76,427 | € 150,118 |
Research and development grants and credits | -905 | -1,036 | -899 |
Total research and development | € 63,858 | € 75,391 | € 149,219 |
Restructuring_expenses_Narrati
Restructuring expenses (Narrative) (Details) (EUR €) | 12 Months Ended | 27 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
employee | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | € 80 | € 2,473 | € 891 | |
Cost Reduction Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of positions eliminated (in employees) | 100 | |||
Restructuring expenses | € 2,500 | € 900 |
Income_taxes_Components_Of_Ear
Income taxes (Components Of Earnings (Loss) Before Income Taxes And Non-Controlling Interest) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
The Netherlands | € 92,307 | € 1,018,554 | -€ 70,263 |
Other countries | 62,570 | 41,867 | 136,994 |
Income before income taxes | € 154,877 | € 1,060,421 | € 66,731 |
Income_taxes_Schedule_Of_Incom
Income taxes (Schedule Of Income Tax Expense) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
The Netherlands | -€ 4,539 | -€ 1,938 | -€ 110 |
Other countries | -9,988 | -9,479 | -26,337 |
Current | -14,527 | -11,417 | -26,447 |
Deferred: | |||
The Netherlands | 0 | 0 | 0 |
Other countries | -3,042 | 296 | 147 |
Income tax expense | -€ 17,569 | -€ 11,121 | -€ 26,300 |
Income_taxes_Schedule_Of_Recon
Income taxes (Schedule Of Reconciliation Of The Provisions For Income Taxes And The Amounts That Would Be Computed Using Statutory Income Tax Rates) (Details) (EUR €) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | |||||||
Earnings before income taxes and Non-controlling interest | € 154,877 | € 1,060,421 | € 66,731 | ||||
Dutch statutory income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |||
Income tax provision at statutory rate | -38,719 | -265,105 | -16,683 | ||||
Non-deductible expenses | -4,681 | -1,957 | -6,508 | ||||
Foreign taxes at a rate other than the Dutch statutory rate | -1,732 | -556 | -2,699 | ||||
Valuation allowance | 16,937 | -3,960 | -14,876 | ||||
Non-taxable income | 11,888 | [1] | 260,425 | [1] | 4,887 | [1] | |
Other | -1,262 | [2] | 32 | [2] | 9,579 | [2] | |
Income tax expense | -€ 17,569 | -€ 11,121 | -€ 26,300 | ||||
[1] | Non-taxable income for 2014 mainly consist of revenues deriving from the share in income of investments and associates which are exempt under the Dutch participation exemption. For 2013 non-taxable income mainly consist of revenues deriving from the disposal of the 12% shareholding in ASMPT in March 2013 which are exempt under the Dutch participation exemption. | ||||||
[2] | Other in 2014 mainly consists of tax credits, adjustments to prior years, changes in (enacted) tax laws and revaluation of certain assets. |
Income_taxes_Narrative_Details
Income taxes (Narrative) (Details) (EUR €) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 15, 2013 | ||||
Income Taxes [Line Items] | ||||||||
Non-taxable income | € 11,888,000 | [1] | € 260,425,000 | [1] | € 4,887,000 | [1] | ||
Netherlands statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% | ||||
Net operating losses | 210,461,000 | [2] | ||||||
Valuation allowance | 53,750,000 | 69,958,000 | 83,250,000 | |||||
Undistributed earnings of subsidiaries, subject to withholding taxes | 45,621,000 | |||||||
Estimated interest and penalties related to unrecognized tax benefits | 0 | |||||||
Settlement with tax authorities | 0 | |||||||
Reduction as a result of a lapse of statue of limitations | 0 | |||||||
Unrecognized tax benefits that would impact effective tax rate | 1,875,000 | |||||||
Asm Pacific Technology Ltd [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Percentage of stake sold | 11.88% | |||||||
Singapore And Other Countries [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Non-taxable income | € 1,944,000 | |||||||
Maximum [Member] | ASM Front-End Manufacturing Singapore Pte Ltd. [Member] | ||||||||
Income Taxes [Line Items] | ||||||||
Tax exemption period range, years | 10 years | |||||||
[1] | Non-taxable income for 2014 mainly consist of revenues deriving from the share in income of investments and associates which are exempt under the Dutch participation exemption. For 2013 non-taxable income mainly consist of revenues deriving from the disposal of the 12% shareholding in ASMPT in March 2013 which are exempt under the Dutch participation exemption. | |||||||
[2] | No deferred tax assets were recognized for these operating losses. |
Income_taxes_Schedule_Of_Defer
Income taxes (Schedule Of Deferred Income Taxes) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Reserves and allowances | € 2,259 | € 3,154 | € 20,322 |
Net operating losses | 53,750 | 69,958 | 83,478 |
Depreciation | 628 | 1,335 | 2,260 |
Other | 480 | 570 | 1,112 |
Gross deferred tax assets | 57,117 | 75,017 | 107,172 |
Less: valuation allowance | -53,750 | -69,958 | -83,250 |
Net deferred tax assets | 3,367 | 5,059 | 23,922 |
Deferred tax liabilities | 0 | -35 | -988 |
Net deferred income taxes | 3,367 | 5,024 | 22,934 |
Deconsolidation ASMPT | |||
Deferred tax assets: | |||
Reserves and allowances | -15,199 | ||
Net operating losses | -11,905 | ||
Depreciation | -2,121 | ||
Other | -194 | ||
Gross deferred tax assets | -29,419 | ||
Less: valuation allowance | 11,675 | ||
Net deferred tax assets | -17,744 | ||
Deferred tax liabilities | 921 | ||
Net deferred income taxes | -16,823 | ||
Realization | |||
Deferred tax assets: | |||
Reserves and allowances | 0 | ||
Net operating losses | 0 | ||
Depreciation | 0 | ||
Other | 1,102 | ||
Gross deferred tax assets | 1,102 | ||
Less: valuation allowance | 0 | ||
Net deferred tax assets | 1,102 | ||
Deferred tax liabilities | 0 | ||
Net deferred income taxes | 1,102 | ||
Change income tax rate | |||
Deferred tax assets: | |||
Reserves and allowances | -133 | -258 | |
Net operating losses | 0 | 0 | |
Depreciation | -87 | -88 | |
Other | -15 | -38 | |
Gross deferred tax assets | -235 | -384 | |
Less: valuation allowance | 0 | 0 | |
Net deferred tax assets | -235 | -384 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred income taxes | -235 | -384 | |
Consolidated statement of operations | |||
Deferred tax assets: | |||
Reserves and allowances | -849 | -814 | |
Net operating losses | -16,937 | -1,664 | |
Depreciation | -657 | 1,603 | |
Other | -1,339 | -146 | |
Gross deferred tax assets | -19,782 | -1,021 | |
Less: valuation allowance | 16,937 | 1,664 | |
Net deferred tax assets | -2,845 | 643 | |
Deferred tax liabilities | 38 | 37 | |
Net deferred income taxes | -2,807 | 680 | |
Equity | |||
Deferred tax assets: | |||
Reserves and allowances | 11 | 255 | |
Net operating losses | 0 | 0 | |
Depreciation | 0 | 0 | |
Other | 0 | 0 | |
Gross deferred tax assets | 11 | 255 | |
Less: valuation allowance | 0 | 0 | |
Net deferred tax assets | 11 | 255 | |
Deferred tax liabilities | 0 | 0 | |
Net deferred income taxes | 11 | 255 | |
Exchange differences | |||
Deferred tax assets: | |||
Reserves and allowances | 76 | -1,152 | |
Net operating losses | 729 | 49 | |
Depreciation | 37 | -319 | |
Other | 162 | -164 | |
Gross deferred tax assets | 1,004 | -1,586 | |
Less: valuation allowance | -729 | -47 | |
Net deferred tax assets | 275 | -1,633 | |
Deferred tax liabilities | -3 | -5 | |
Net deferred income taxes | € 272 | -€ 1,638 |
Income_taxes_Schedule_Of_Defer1
Income taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (EUR €) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | |||
Deferred tax assets—current | € 1,558 | € 3,739 | |
Deferred tax assets—non-current | 1,809 | 1,320 | |
Deferred tax liabilities—current | 0 | 0 | |
Deferred tax liabilities—non-current | 0 | -35 | |
Net deferred income taxes | € 3,367 | € 5,024 | € 22,934 |
Income_taxes_Schedule_Of_Amoun
Income taxes (Schedule Of Amounts And Expiration Dates Of Net Operating Losses For Tax Purposes) (Details) (EUR €) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | € 210,461 | [1] |
Expiration Year: 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 29,270 | [1] |
Expiration Year: 2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 44,664 | [1] |
Expiration Year: 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 35,905 | [1] |
Expiration Year: 2020 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 266 | [1] |
Expiration Year: 2021 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 60,198 | [1] |
Expiration Year: 2022 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 28,556 | [1] |
Expiration Year: 2023 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 16 | [1] |
Expiration Year: 2029 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 7,178 | [1] |
Expiration Year: 2030 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | 4,293 | [1] |
Unlimited (No Expiration) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total of net operating losses for tax purposes -1- | € 115 | [1] |
[1] | No deferred tax assets were recognized for these operating losses. |
Income_taxes_Schedule_Of_Recon1
Income taxes (Schedule Of Reconciliation Of The Beginning And Ending Balance Of The Liability For Unrecognized Tax Benefits) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | € 0 | € 22,511 | € 21,749 |
Gross increases - tax positions in current year | 1,800 | 1,157 | |
Deconsolidation ASMPT | -22,325 | ||
Foreign currency translation effect | 75 | -186 | -395 |
Unrecognized tax benefits, ending balance | € 1,875 | € 0 | € 22,511 |
Disclosures_about_segments_and2
Disclosures about segments and related information (Schedule of Segment Reporting Information by Segment) (Details) (EUR €) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 15, 2013 | |||||
segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Number of operating segments | 2 | ||||||||
Net sales to unaffiliated customers | € 545,604,000 | € 612,277,000 | € 1,418,067,000 | ||||||
Gross profit | 234,999,000 | 214,550,000 | 440,429,000 | ||||||
Result from operations | 90,535,000 | 40,418,000 | 88,256,000 | ||||||
Interest income | 1,583,000 | 972,000 | 1,989,000 | ||||||
Interest expense | -2,312,000 | -2,943,000 | -12,113,000 | ||||||
Loss resulting from early extinguishment of debt | 0 | 0 | -2,209,000 | ||||||
Accretion interest expense convertible notes | 0 | 0 | -4,469,000 | ||||||
Foreign currency exchange gain (loss), net | 26,439,000 | -8,158,000 | -3,957,000 | ||||||
Result from investments and associates | 38,632,000 | 1,030,132,000 | -766,000 | ||||||
Income tax expense | -17,569,000 | -11,121,000 | -26,300,000 | ||||||
Net income | 137,308,000 | 1,049,300,000 | 40,431,000 | ||||||
Allocation of net earnings (loss): | |||||||||
Shareholders of the parent | 137,308,000 | 1,051,893,000 | 7,149,000 | ||||||
Non-controlling interest | 0 | -2,593,000 | 33,282,000 | ||||||
Depreciation and amortization | 21,222,000 | 29,262,000 | 58,460,000 | ||||||
Cash and cash equivalents | 385,777,000 | 312,437,000 | 290,475,000 | 390,250,000 | |||||
Capitalized goodwill | 12,104,000 | 11,421,000 | 51,888,000 | ||||||
Other intangible assets | 3,960,000 | 5,637,000 | |||||||
Investments and associates | 1,092,097,000 | 943,954,000 | 278,000 | ||||||
Total assets | 1,826,933,000 | 1,551,249,000 | |||||||
ASM International N.V. [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales to unaffiliated customers | 545,604,000 | 612,277,000 | 1,418,067,000 | ||||||
Gross profit | 234,999,000 | 214,550,000 | 440,429,000 | ||||||
Result from operations | 90,535,000 | 40,418,000 | 88,256,000 | ||||||
Interest income | 1,583,000 | 972,000 | 1,989,000 | ||||||
Interest expense | -2,312,000 | -2,942,000 | -12,113,000 | ||||||
Loss resulting from early extinguishment of debt | -2,209,000 | ||||||||
Accretion interest expense convertible notes | -4,469,000 | ||||||||
Foreign currency exchange gain (loss), net | 26,439,000 | -8,158,000 | -3,957,000 | ||||||
Result from investments and associates | 38,632,000 | 1,030,132,000 | -766,000 | ||||||
Income tax expense | -17,569,000 | -11,121,000 | -26,300,000 | ||||||
Net income | 137,308,000 | 1,049,300,000 | 40,431,000 | ||||||
Allocation of net earnings (loss): | |||||||||
Shareholders of the parent | 137,308,000 | 1,051,893,000 | 7,149,000 | ||||||
Non-controlling interest | 0 | -2,593,000 | 33,282,000 | ||||||
Capital expenditures and purchase of intangible assets | 32,143,000 | 17,533,000 | 72,792,000 | ||||||
Depreciation and amortization | 21,222,000 | 28,466,000 | 58,460,000 | ||||||
Cash and cash equivalents | 385,777,000 | 312,437,000 | 290,475,000 | ||||||
Capitalized goodwill | 12,104,000 | 11,421,000 | 51,888,000 | ||||||
Other intangible assets | 3,960,000 | 5,637,000 | 13,915,000 | ||||||
Investments and associates | 1,092,097,000 | 943,954,000 | |||||||
Other identifiable assets | 332,995,000 | 277,800,000 | 1,143,228,000 | ||||||
Total assets | 1,826,933,000 | 1,551,249,000 | 1,499,506,000 | ||||||
Total debt | 0 | 0 | 80,623,000 | ||||||
Headcount in full-time equivalents (number of employees) | 1,635 | [1] | 1,503 | [1] | 17,404 | [1] | |||
Front-End [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales to unaffiliated customers | 545,604,000 | 451,992,000 | 370,409,000 | ||||||
Gross profit | 234,999,000 | 176,160,000 | 124,531,000 | ||||||
Result from operations | 90,535,000 | 44,704,000 | 539,000 | ||||||
Interest income | 1,583,000 | 904,000 | 1,015,000 | ||||||
Interest expense | -2,312,000 | -2,553,000 | -11,381,000 | ||||||
Loss resulting from early extinguishment of debt | -2,209,000 | ||||||||
Accretion interest expense convertible notes | -4,329,000 | ||||||||
Foreign currency exchange gain (loss), net | 26,439,000 | -9,005,000 | -3,050,000 | ||||||
Result from investments and associates | -278,000 | 0 | -766,000 | ||||||
Income tax expense | -17,569,000 | -9,484,000 | -8,965,000 | ||||||
Net income | 98,398,000 | 24,565,000 | -29,146,000 | ||||||
Allocation of net earnings (loss): | |||||||||
Capital expenditures and purchase of intangible assets | 32,143,000 | 11,072,000 | 24,015,000 | ||||||
Depreciation and amortization | 21,222,000 | 19,415,000 | 18,838,000 | ||||||
Cash and cash equivalents | 385,777,000 | 312,437,000 | 145,061,000 | ||||||
Capitalized goodwill | 12,104,000 | 11,421,000 | 11,649,000 | ||||||
Other intangible assets | 3,960,000 | 5,637,000 | 9,049,000 | ||||||
Investments and associates | 0 | 278,000 | |||||||
Other identifiable assets | 332,995,000 | 277,800,000 | 334,399,000 | ||||||
Total assets | 734,836,000 | 607,573,000 | 500,158,000 | ||||||
Total debt | 0 | 0 | 0 | ||||||
Headcount in full-time equivalents (number of employees) | 1,635 | [1] | 1,503 | [1] | 1,636 | [1] | |||
Back-End [Member] | Asm Pacific Technology Ltd [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales to unaffiliated customers | 1,047,658,000 | ||||||||
Gross profit | 315,898,000 | ||||||||
Result from operations | 87,717,000 | ||||||||
Interest income | 974,000 | ||||||||
Interest expense | -732,000 | ||||||||
Loss resulting from early extinguishment of debt | 0 | ||||||||
Accretion interest expense convertible notes | -140,000 | ||||||||
Foreign currency exchange gain (loss), net | -907,000 | ||||||||
Result from investments and associates | 0 | ||||||||
Income tax expense | -17,335,000 | ||||||||
Net income | 69,577,000 | ||||||||
Allocation of net earnings (loss): | |||||||||
Capital expenditures and purchase of intangible assets | 48,777,000 | ||||||||
Depreciation and amortization | 39,622,000 | ||||||||
Cash and cash equivalents | 145,414,000 | ||||||||
Capitalized goodwill | 40,239,000 | ||||||||
Other intangible assets | 4,866,000 | ||||||||
Other identifiable assets | 808,829,000 | ||||||||
Total assets | 999,348,000 | ||||||||
Total debt | 80,623,000 | ||||||||
Headcount in full-time equivalents (number of employees) | 15,768 | [1] | |||||||
Back-End 100% [Member] | Asm Pacific Technology Ltd [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales to unaffiliated customers | 1,386,776,000 | 1,051,376,000 | |||||||
Gross profit | 492,137,000 | 307,618,000 | |||||||
Result from operations | 209,439,000 | 66,352,000 | |||||||
Interest income | 0 | 272,000 | |||||||
Interest expense | -11,745,000 | -2,082,000 | |||||||
Foreign currency exchange gain (loss), net | 0 | 847,000 | |||||||
Result from investments and associates | 0 | 0 | |||||||
Income tax expense | -43,728,000 | -11,308,000 | |||||||
Net income | 153,966,000 | 54,081,000 | |||||||
Allocation of net earnings (loss): | |||||||||
Capital expenditures and purchase of intangible assets | 30,992,000 | 34,003,000 | |||||||
Depreciation and amortization | 40,416,000 | 41,066,000 | |||||||
Cash and cash equivalents | 275,431,000 | 149,313,000 | |||||||
Capitalized goodwill | 43,076,000 | 0 | |||||||
Other intangible assets | 66,617,000 | 902,000 | |||||||
Investments and associates | 0 | 0 | |||||||
Other identifiable assets | 755,106,000 | 599,709,000 | |||||||
Total assets | 1,140,230,000 | 749,924,000 | |||||||
Total debt | 247,608,000 | 65,105,000 | |||||||
Headcount in full-time equivalents (number of employees) | 15,946 | [1] | 14,400 | [1] | |||||
Elimination, Non-Consolidated [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales to unaffiliated customers | -1,386,776,000 | -891,091,000 | |||||||
Gross profit | -492,137,000 | -269,228,000 | |||||||
Result from operations | -209,439,000 | -70,638,000 | |||||||
Interest income | 0 | -204,000 | |||||||
Interest expense | 11,745,000 | 1,693,000 | |||||||
Foreign currency exchange gain (loss), net | 0 | 0 | |||||||
Result from investments and associates | 38,910,000 | 1,030,132,000 | |||||||
Income tax expense | 43,728,000 | 9,671,000 | |||||||
Net income | -115,056,000 | 970,654,000 | |||||||
Allocation of net earnings (loss): | |||||||||
Capital expenditures and purchase of intangible assets | -30,992,000 | -27,542,000 | |||||||
Depreciation and amortization | -40,416,000 | -32,015,000 | |||||||
Cash and cash equivalents | -275,431,000 | -149,313,000 | |||||||
Capitalized goodwill | -43,076,000 | 0 | |||||||
Other intangible assets | -66,617,000 | -902,000 | |||||||
Investments and associates | 1,092,097,000 | 943,676,000 | |||||||
Other identifiable assets | -755,106,000 | -599,709,000 | |||||||
Total assets | -48,133,000 | 193,752,000 | |||||||
Total debt | -247,608,000 | -65,105,000 | |||||||
Headcount in full-time equivalents (number of employees) | -15,946 | [1] | -14,400 | [1] | |||||
Asm Pacific Technology Ltd [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of interest acquired in subsidiary | 39.75% | 39.94% | 40.08% | [2] | |||||
Result from investments and associates | 1,030,132,000 | ||||||||
Allocation of net earnings (loss): | |||||||||
Investments and associates | € 1,092,097,000 | € 943,676,000 | € 0 | ||||||
[1] | Headcount includes those employees with a fixed contract, and is exclusive of temporary workers. | ||||||||
[2] | The accounts of ASM Pacific Technology Ltd were consolidated till March 15, 2013. On that date ASM International sold a 11.88% share in ASM Pacific Technology Ltd resulting in a cease of its control and a subsequent deconsolidation of its 40.08% associate. This shareholding diluted in December 2013 as a result of the issuance of shares to 39.94%, and in 2014 to 39.75%. |
Disclosures_about_segments_and3
Disclosures about segments and related information (Schedule of Geographical Information) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | € 545,604 | € 612,277 | € 1,418,067 |
Long-lived assets | 79,236 | 56,531 | 275,436 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 94,518 | 97,777 | 255,795 |
Long-lived assets | 6,762 | 2,871 | 17,587 |
United States of America | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 177,006 | 147,036 | 197,566 |
Long-lived assets | 33,881 | 24,429 | 22,567 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 62,482 | 36,623 | 59,385 |
Long-lived assets | 15,598 | 15,112 | 17,313 |
South Korea | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 93,595 | 119,097 | 85,272 |
Long-lived assets | 11,667 | 3,868 | 5,314 |
Taiwan | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 81,143 | 85,545 | 110,797 |
Long-lived assets | 51 | 63 | 127 |
Other Asia | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 36,860 | 126,199 | 709,252 |
Long-lived assets | 11,253 | 10,144 | 212,408 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net sales to unaffiliated customers | 0 | 0 | 0 |
Long-lived assets | € 24 | € 44 | € 120 |
Selected_operating_expenses_an2
Selected operating expenses and additional information Selected operating expenses and additional information (Schedule of Personnel Expenses) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation Related Costs [Abstract] | |||
Wages and salaries | € 96,468 | € 136,936 | € 353,437 |
Social security | 11,342 | 16,049 | 47,124 |
Pension expenses | 4,162 | 7,539 | 21,151 |
Personnel expenses | € 111,972 | € 160,524 | € 421,712 |
Selected_operating_expenses_an3
Selected operating expenses and additional information (Schedule of Average Number Of Employees, Exclusive Of Temporary Workers, By Geographic Area) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
employee | employee | employee | |
Schedule Of Selected Operating Expenses And Additional Information [Line Items] | |||
Number of employees (in employees) | 1,558 | 6,391 | 17,332 |
The Netherlands [Member] | |||
Schedule Of Selected Operating Expenses And Additional Information [Line Items] | |||
Number of employees (in employees) | 138 | 156 | 178 |
Other European Countries [Member] | |||
Schedule Of Selected Operating Expenses And Additional Information [Line Items] | |||
Number of employees (in employees) | 167 | 448 | 1,057 |
United States [Member] | |||
Schedule Of Selected Operating Expenses And Additional Information [Line Items] | |||
Number of employees (in employees) | 569 | 556 | 594 |
Southeast Asia [Member] | |||
Schedule Of Selected Operating Expenses And Additional Information [Line Items] | |||
Number of employees (in employees) | 504 | 5,050 | 15,300 |
Japan [Member] | |||
Schedule Of Selected Operating Expenses And Additional Information [Line Items] | |||
Number of employees (in employees) | 180 | 181 | 203 |
Earnings_per_share_Reconciliat
Earnings per share (Reconciliation of Net Earnings (Loss) and Weighted Average Number of Shares Outstanding) (Details) (EUR €) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Net income used for purpose of calculating basic earnings per common share | € 137,308 | € 1,051,893 | € 7,149 |
Basic weighted average number of shares outstanding during the year (thousands) (in shares) | 63,510 | 63,202 | 56,108 |
Effect of dilutive potential common shares from stock options (in shares) | 699 | 994 | 659 |
Dilutive weighted average number of shares outstanding (in shares) | 64,209 | 64,196 | 56,767 |
Net income from continuing operations per share: | |||
Basic (in euro per share) | € 2.16 | € 16.64 | € 0.13 |
Diluted (in euro per share) | € 2.14 | € 16.39 | € 0.13 |
Board_remuneration_Schedule_Of
Board remuneration (Schedule Of Information Concerning All Remuneration From The Company For Services In All Capacities) (Details) (EUR €) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Pensions | € 379 | € 988 | € 2,779 | |||
Share based payment expenses | 7,476 | 4,703 | 23,065 | |||
One-time crisis levy, percentage | 16.00% | 16.00% | ||||
One-time crisis levy, amount | 145 | 175 | ||||
One-time crisis levy, threshold | 150 | 150 | ||||
Management Board [Member] | C.D. del Prado [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Base compensation | 520 | [1] | 520 | [1] | 510 | [1] |
Bonuses | 663 | 527 | 177 | |||
Pensions | 78 | 92 | 76 | |||
Share based payment expenses | 762 | [2] | 506 | [2] | 398 | [2] |
Fringe benefits | 60 | 60 | 59 | |||
Board remuneration, Total | 2,083 | 1,705 | 1,220 | |||
Management Board [Member] | P.A.M. van Bommel [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Base compensation | 386 | [1] | 375 | [1] | 367 | [1] |
Bonuses | 412 | 391 | 144 | |||
Pensions | 69 | 79 | 88 | |||
Share based payment expenses | 528 | [2] | 418 | [2] | 325 | [2] |
Fringe benefits | 46 | 45 | 59 | |||
Board remuneration, Total | € 1,441 | € 1,308 | € 983 | |||
[1] | An incidental crisis levy of 16% as imposed by the Dutch government amounted to €145 for 2013 and €175 for 2012. This crisis tax levy is payable by the employer and is charged over income of employees exceeding a €150 threshold for both years. These expenses do not form part of the remuneration costs mentioned. | |||||
[2] | These amounts represent the vesting expenses related to the financial year. |
Board_remuneration_Narrative_D
Board remuneration (Narrative) (Details) (EUR €) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Bonus, financial target | 75.00% | ||
Bonus, non-financial target | 25.00% | ||
Bonus, maximum pay-out of base salary | 125.00% | ||
Options vesting period | 3 years | ||
Options outstanding, contractual life | 7 years | ||
Fair value per option of options granted (in euro per share) | € 10.22 | € 12.27 | |
Management Board [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Fair value per option of options granted (in euro per share) | € 10.22 | € 10.40 | |
Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Bonus, Percentage of Base Salary | 100.00% | ||
Bonus, maximum pay-out of base salary | 150.00% | ||
Performance Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Options vesting period | 3 years | ||
Performance Shares [Member] | Management Board [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Additional holding period | 2 years | ||
Period after vesting for partial sale of unconditional shares | 3 years |
Board_remuneration_Schedule_Of1
Board remuneration (Schedule Of Outstanding Options To Purchase ASM International N.V. Common Shares) (Details) (EUR €) | 12 Months Ended | |
Dec. 31, 2014 | ||
Number of Options (in shares): | ||
Beginning of period | 3,308,502 | |
Options granted | 0 | |
Exercised (in shares) | -354,650 | |
End of period | 2,789,561 | |
Options outstanding, contractual life | 7 years | |
Options vesting period | 3 years | |
ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 655,921 | |
Options granted | 0 | |
Exercised (in shares) | 0 | |
End of period | 655,921 | |
2007 [Member] | C.D. del Prado [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 23,168 | [1] |
Options granted | 0 | [1] |
Exercised (in shares) | 0 | [1] |
End of period | 23,168 | [1] |
Exercise price (in euro/dollar per share) | 16.51 | [1] |
2008 [Member] | C.D. del Prado [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 147,416 | [1] |
Options granted | 0 | [1] |
Exercised (in shares) | 0 | [1] |
End of period | 147,416 | [1] |
Exercise price (in euro/dollar per share) | 10.78 | [1] |
2009 [Member] | C.D. del Prado [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 58,967 | [2] |
Options granted | 0 | [2] |
Exercised (in shares) | 0 | [2] |
End of period | 58,967 | [2] |
Exercise price (in euro/dollar per share) | 12.79 | [2] |
2010 [Member] | P.A.M. van Bommel [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 29,483 | [2] |
Options granted | 0 | [2] |
Exercised (in shares) | 0 | [2] |
End of period | 29,483 | [2] |
Exercise price (in euro/dollar per share) | 13.8 | [2] |
2011 [Member] | C.D. del Prado [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 88,450 | [3] |
Options granted | 0 | [3] |
Exercised (in shares) | 0 | [3] |
End of period | 88,450 | [3] |
Exercise price (in euro/dollar per share) | 18.93 | [3] |
2011 [Member] | P.A.M. van Bommel [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 62,504 | [3] |
Options granted | 0 | [3] |
Exercised (in shares) | 0 | [3] |
End of period | 62,504 | [3] |
Exercise price (in euro/dollar per share) | 18.93 | [3] |
2012 [Member] | C.D. del Prado [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 70,760 | [3] |
Options granted | 0 | [3] |
End of period | 70,760 | [3] |
Exercise price (in euro/dollar per share) | 22.93 | [3] |
2012 [Member] | P.A.M. van Bommel [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 47,173 | [3] |
Options granted | 0 | [3] |
Exercised (in shares) | 0 | [3] |
End of period | 47,173 | [3] |
Exercise price (in euro/dollar per share) | 22.93 | [3] |
2013 [Member] | C.D. del Prado [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 75,000 | [3] |
Options granted | 0 | [3] |
Exercised (in shares) | 0 | [3] |
End of period | 75,000 | [3] |
Exercise price (in euro/dollar per share) | 23.73 | [3] |
2013 [Member] | P.A.M. van Bommel [Member] | ASM International N.V. [Member] | ||
Number of Options (in shares): | ||
Beginning of period | 53,000 | [3] |
Options granted | 0 | [3] |
Exercised (in shares) | 0 | [3] |
End of period | 53,000 | [3] |
Exercise price (in euro/dollar per share) | 23.73 | [3] |
2007 and 2008 [Member] | ||
Number of Options (in shares): | ||
Maximum percentage of options granted | 150.00% | |
Options exercisable, contractual life | 3 years | |
Options outstanding, contractual life | 8 years | |
2009 and 2010 [Member] | ||
Number of Options (in shares): | ||
Options outstanding, contractual life | 8 years | |
Options vesting period | 3 years | |
2011 and 2012 [Member] | ||
Number of Options (in shares): | ||
Options outstanding, contractual life | 7 years | |
Options vesting period | 3 years | |
[1] | The vesting of these options was conditional. A percentage, not exceeding 150%, of the options which have been granted conditionally will become unconditional after three years, based on the total return of the Company's shares for the three years after the options are granted compared to the average total return of the shares of a relevant number of companies which are similar to the Company during the same three-year period. The options are granted for a term of eight years | |
[2] | These options are granted for a term of eight years and become exercisable after a three years vesting period. | |
[3] | These options are granted for a term of seven years and become exercisable after a three years vesting period. |
Board_remuneration_Schedule_Of2
Board remuneration (Schedule Of Company Information Concerning All Remuneration Excluding Bonuses Or Pensions Paid From The Company) (Details) (Supervisory Board [Member], EUR €) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | € 276 | € 288 | € 321 | |||
J.C. Lobbezoo [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | 70 | 61 | 53 | |||
J.M.R. Danneels [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | 50 | 50 | 50 | |||
H.W. Kreutzer [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | 53 | 51 | 50 | |||
M.C.J. van Pernis [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | 53 | 51 | 50 | |||
U.H.R. Schumacher [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | 50 | 50 | 50 | |||
G.J. Kramer [Member] | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Supervisory board remuneration | € 0 | [1] | € 25 | [1] | € 68 | [1] |
[1] | Mr Kramer resigned from the Supervisory Board on May 16, 2013. |
Share_ownership_and_related_pa2
Share ownership and related party transactions (Schedule of Ownership or Controlling Interest of Outstanding Common Shares) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Shares owned (in shares) | 62,968,184 | 63,468,390 |
A.H. del Prado [Member] | ||
Related Party Transaction [Line Items] | ||
Shares owned (in shares) | 9,204,284 | 9,204,284 |
Percentage of common shares outstanding | 14.62% | 14.50% |
C.D. del Prado [Member] | ||
Related Party Transaction [Line Items] | ||
Shares owned (in shares) | 132,945 | 132,945 |
Percentage of common shares outstanding | 0.21% | 0.21% |
Stichting Administratiekantoor ASMI [Member] | ||
Related Party Transaction [Line Items] | ||
Shares owned (in shares) | 2,142,039 | 2,142,039 |
Percentage of common shares outstanding | 3.40% | 3.37% |
Share_ownership_and_related_pa3
Share ownership and related party transactions (Narrative) (Details) | Dec. 31, 2014 |
Related Party Transactions [Abstract] | |
Number of shares owned beneficially by trust (in shares) | 713,000 |